Friday 21 October 2016

What it says in the papers: business pages

Published 28/09/2016 | 07:01

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

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Irish Independent

* Global trade this year will now grow at its slowest pace since 2009, according to the World Trade Organisation (WTO), with slowing trade growth in developing economies and the United States being blamed.

The body has dramatically downgraded its trade growth forecast for this year to just 1.7pc, well below its April forecast of 2.8pc.

* The DUP has once again poured cold water on plans by the Taoiseach to hold an all-island forum on Brexit, saying it wouldn't be taking part.

Despite previously being shot down by DUP First Minister Arlene Foster, the idea is back on the agenda with Mr Kenny indicating it is expected to take place in November.

* Central Bank Governor Professor Philip Lane has said he'll be able to boost staff at the regulator to deal with any increased demand as a result of the British vote to pull out of the European Union.

Prof Lane said banks were already holding discussions in Dublin about the future, but he said it was too early to say to what degree Ireland would benefit.

The Irish Times

* The number of Irish listings on room-renting website AirBnb has surged by 66pc, despite concerns over further taxes that may be implemented on the service.

Travellers coming here looking for accommodation through the site also increased year on year, up 136pc.

* Central Bank governor Philip Lane has said the fastest way for interest rates to return to a normal level is for central banks to stoke inflation.

Mr Lane said the banks should take forceful action to increase inflation, which would in turn see a normalising of policy rates.

* Overseas Irish professionals could be lured home through a proposed tax break that would see an income tax rate of just 30pc introduced.

The Government is exploring he option of opening up the applicability of the Special Assignee Relief Programme (Sarp) scheme.

Irish Examiner

* Ireland's motor insurers made a combined loss of €273m last year, meaning drivers could be facing further increases in their premiums.

The major losses come after months of intense scrutiny of the sector.

* Irish oil and gas firm Providence Resources has appointed Pat Plunkett as non-executive chairman, replacing James McCarthy who will stay on as a non-executive director.

Mr Plunkett, who will take up his new role on October 1, previously spent 11 years as a non-executive chairman in Tullow Oil. During his time there Tullow grew from a small firm to Africa's largest independent oil company.

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