Wednesday 26 October 2016

What it says in the papers: business pages

Published 10/10/2016 | 06:53

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

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Irish Independent

* Specialist lender Finance Ireland is rolling out a €100m fund it says will help Irish property owners refinance their property debts away from so-called vulture funds.

The company says it expects the new fund will be fully deployed over the next 12 months, financing commercial property-backed investments in the €1m to €6m range.

* The Governor of the Central Bank, Philip Lane, has called for “urgent” progress on the harmonisation of Europe’s Capital Markets Union as reliance on London as a location for euro-denominated capital markets activity weakens in the wake of Brexit.

Speaking at the Euro50 Group and Center for International Governance (CIGI) Breakfast meeting in Washington DC earlier today, Governor Lane said that further volatility in financial markets is expected as the UK and Europe seek to forge a new relationship in the wake of last June’s referendum.

* Arnotts, the Dublin department store, is to launch beauty brand Mac next month, the first time the international beauty label has been available outside of Brown Thomas in Ireland.

It represents the latest co-operation between Brown Thomas and Arnotts, which are now both owned by the Selfridges Group,

The Irish Times

* Banks may be limited in how they offer their fixed-rate mortgages due to concerns form European regulators over the risks associated with the loans, MEP Brian Hayes has warned.

The Basel Committee, which sets the standard for the prudential regulation of banks, is looking to propose regulatory changes in 2018.

* Central Bank governor Philip Lane has warned of further impact from volatility from Britain's exit from the European Union.

Ireland's GDP figures have already been revised but Mr Lane has said the mooted 'hard Brexit' will cause more changes to the State's growth prospects and asset prices.

* The value of the sterling against the euro is moving in or around the 90p mark as the flash crash on Friday may point to a  major shift in the view of the UK economy.

The Sterling plummeted in value last week, hitting a 31-year-low against the dollar as Britain continues to deal with the fallout of Brexit.

Irish Examiner

* The number of UK workers looking at jobs in Ireland has not slowed since the Brexit referendum as the country's English-speaking nature continues to attract people to move here, new data has shown.

According to a new report from recruitment site Indeed, the level of British people looking at positions in Ireland has risen by 20pc.

* The building sector ended the third quarter of the year in good stead as builders reported a six-month high in new business order growth, new research has shown.

According to the Ulster Bank construction PMI, the reading for the sector increased to 58.7 points for September, up by 0.3 points.

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