Friday 28 October 2016

What it says in the papers: business pages

Published 23/09/2016 | 06:56

Here are the main business stories from this morning's papers:

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Irish Independent

* Yahoo Inc said on Thursday information associated with at least 500 million user accounts was stolen from its network in 2014 by what it believed was a "state-sponsored actor."

The data stolen may have included names, email addresses, telephone numbers, dates of birth and hashed passwords but may not have included unprotected passwords, payment card data or bank account information, the company said.

* Ireland will escape being hit with an extra €280m in EU budget contributions due to the 26pc spike in the country's wealth which was dubbed "leprechaun economics".

The huge surge in Gross Domestic Product (GDP) caused by multinational companies' accounting changes was revealed in late July. What was expected to be a 7.8pc increase in GDP for the year 2015, was suddenly shown as a 26pc increase.

* UK property giant Hammerson still requires clearance from the European Commission for its deals to acquire stakes in both the Ilac Centre and Pavilions Shopping Centre in Dublin.

And the the group has also told investors that Dundrum Town Centre - of which it owns 50pc - has the potential to generate annual rent of €93m by 2021. That's 42pc more than the rent potential it currently has.

The Irish Times

* A number of multinational catering firms are benefiting from a temporary tax incentive introduced in 2011 to help the tourism industry.

According to a report in The Irish Times, the 9pc reduced VAT rate is being used by companies like Aramark, Google's Compass, and Sodexo.

* The Comptroller and Auditor General has said Nama was never designed to make a profit, despite the bad bank saying it has lost out on €220m on the sale of Norther Irish assets last week.

In documents seen by the Times the C&AG also defended its role as the only auditor of Nama.

* Three quarters of UK firms are considering Ireland as a gateway into Europe following the UK's decision to leave the European Union.

A survey from 200 business leaders in the UK also points to a lot of contingency planning, with nearly 60pc saying they have already began planning ahead of Brexit.

Irish Examiner

* Irish mobile security company Adaptive Mobile has uncovered an Apple hack that affected thousands worldwide.

Through work with North American clients the company revealed the hack after months of research.

* Ireland received a welcome jobs boost on Thursday after three company's announced the creation of 250 new roles.

The new jobs are based across Ireland with Glanbia, KN Network Services, and Biopharma Engineering.

* A large majority of UK firms are open to switching to Dublin once Article 50 is triggered and begins the process of the UK leaving the EU.

According to a new study from William Fry 75pc of respondents said they were considering Ireland as a gateway to Europe.

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