Wednesday 26 October 2016

What it says in the papers: business pages

Published 12/10/2016 | 06:57

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

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Irish Independent

* People who took out certain pensions and investments products with Equitable Life have been warned they may not get the terminal bonus they expect.

The company has written to policyholders, suggesting they might want to cash in their policies in light of the Brexit vote.

* London's FTSE100 hit a record high yesterday, as sterling remained under pressure against both the dollar and euro.

The bluechip index fell back before the close, but large UK-based companies on the FTSE 100 are enjoying a boost from the weak pound, as they earn significant revenues in dollars.

* Thousands of Irish mobile phone users are in line for a refund after Samsung finally pulled the plug on its disastrous Note7 smartphone.

The handset, which has been scrapped after two recalls and a series of explosions, will now be written off as a €10bn disaster by the world's biggest smartphone maker.

The Irish Times

* The budget announced by ministers Noonan and Donohoe is beyond prudent and set to breach EU rules, the Irish Fiscal Advisory Council has warned.

The measures announced yesterday bring an extra €1.3bn in costs to the exchequer, however the IFAC chairman has warned the package added to previous commitments could bring next year's spend to €3bn more than 2015.

* Samsung has scrapped its Note 7 smartphone less than two months after its release as the phone was continuously mired in a fire controversy.

Reports started to emerge online of the battery in the phone exploding, rendering the device useless. Samsung has stopped its production after starting a recall programme.

* Ryanair boss Michael O'Leary has told Government ministers that he would foot the bill for a third terminal at Dublin airport.

Mr O'Leary also said the airport's manager, the State-owned DAA, should have no hand in a new terminal if one is established to deal with growing passenger numbers.

Irish Examiner

* Transatlantic routes flying into Cork will provide the region with massive opportunities both in business and tourism, the head of Tourism Ireland has said.

Niall Gibbons said the region needs to look at brining in more overseas routes to Cork with the aim of attracting greater tourist numbers.

* Global life insurance company MetLife is to announce the creation of 150 new jobs before Christmas, it is understood. The asset management giant expanded its Dublin office in February 2015, bringing its total headcount in Ireland up to 300.

The announcement will increase MetLife’s staff count here by 50pc. MetLife’s choice to expand in Ireland was made prior to Britain’s decision to leave the European Union, it is understood.

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