Sunday 4 December 2016

What it says in the papers: business pages

Published 07/10/2016 | 06:59

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

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Irish Independent

* Preparations for the new EU General Data Protection Regulation are "well under way", according to the Data Protection Commissioner, Helen Dixon.

The regulatory boss was speaking at a seminar on Europe's upcoming data law which will introduce fines of up to €20m on companies which don't comply with tighter data protection rules, known as GDPR.

* The Central Bank's top economist has warned the UK economy will take a hit from the Brexit vote, despite it so far proving resilient.

Gabriel Fagan said no "serious" economist expected the effects to have been felt immediately. "I think it's far too early to say 'don't worry about Brexit, things are fine'," Mr Fagan said.

* A record 1.2 million passengers living in Northern Ireland used Dublin Airport last year - 37pc more than did in 2014.

Northern Ireland residents have been taking advantage of Dublin's significant route work as well as the fact there's no air passenger duty levied here any more.

The Irish Times

* The Government is to spend an extra €200m in next week's budget to expand the State's fiscal space, bringing the total estimated spend up to €1.2bn.

The extra cash is understood to be coming from "savings", which may be used to cut the USC more than previously expected.

* A Starbucks coffee shop has been closed down temporarily over fears for public safety by the Food Safety Authority of Ireland.

The US-originating firm's outlet at 21 Great Georges Street in Waterford was ordered by health chief to shut up shop on September 27.

* The Central Bank's chief economist has quizzed the Government's reported plan to introduce an extra €1bn in spending in the upcoming budget.

Gabriel Fagan said it is hard to argue a case for the economy needing extra fiscal stimulus.

Irish Examiner

* Profits at the commercial firm owned by Graeme McDowell soared to €12.7m last year in spite of the star golfer having patchy form on the course.

Profits at the commercial firm owned by Graeme McDowell soared to €12.7m last year in spite of the star golfer having patchy form on the course.

* AIB is to cut as many as 150 jobs from its local markets as part of a voluntary redundancy programme.

The job losses are likely to be in the bank's branch network and business banking network. The programme will only be available to those that have worked there longer than 15 years.

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