Friday 28 October 2016

What it says in the papers: business pages

Published 14/10/2016 | 07:00

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

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Irish Independent

* Outsourcing giant Capita has been hit with a €1.15m fine from the Central Bank for conducting some business here without proper authorisation.

In a statement, the Central Bank of Ireland said it has fined Capita Life and Pensions Services (Ireland) Limited €1,150,000 and reprimanded it for breaches of the Investment Intermediaries Act, 1995 (the "IIA") and the European Communities (Markets in Financial Instruments) Regulations 2007 (the "MiFID Regulations").

* Popular consumer brands like Lyons Tea and Hellmann's Mayonnaise could disappear off supermarket shelves in weeks after a dispute broke over out price hikes.

Retailers are resisting attempts by one of the largest producers of consumer goods to impose double-digit price increases. SuperValu, Centra and Dunnes Stores are holding out as Unilever attempts to raise prices by up to 19pc.

* European Union auditors say they have no way of knowing what the costs of Brexit will be for the bloc's budget, or what the UK will owe on exit.

"It's a black hole," said the president of the European Court of Auditors, Klaus-Heiner Lehne, adding that the EU and UK positions now are "so far away" from each other that a divorce settlement might not even be completed within two years, the legal time limit set in the EU treaty. The UK has indicated that it will trigger an EU exit before March 2017.

The Irish Times

* Irish wholesaler Musgraves is objecting to price increases of up to 19pc by supplier giant Unilever, which is looking to offset the effect of the weak sterling.

The dispute between the two parties will affect SuperValu and Centra stores across Ireland and comes shortly after a resolution of a similar battle between Unilever and Tesco.

* Irish hotel group Tifco is lining up a move for the Travelodge operation in Ireland, in a deal that would bring 12 new hotels into the Goldman Sachs-backed hospitality firm.

The deal would involve Tifco buying the company that owns the Travelodge franchise here, with none of the properties actually being owned but rather leased by the business.

* One of Ireland's biggest motor dealers Joe Duffy, which sells with the likes of BMW and Mini, has reported a 60pc rise in profits last year as the economic recovery continued to take effect in the car business.

The company's directors were very pleased by the performance and are remaining confident for its future prospects.

Irish Examiner

* Irish researchers at college spin-out company InfiniLED are set for a major multi-million euro windfall after virtual reality giant Oculus Rift acquired their company.

The size of the deal for the Cork-based firm, which conducts research in the area of low-power LEDs, has not been disclosed.

* Britain's exit from the EU is likely to have a significant impact on the EU's budget, according to Ireland's member of the Court of Auditors Kevin Cardiff.

Mr Cardiff said Brexit will have "significant implications" for the revenues of the European Union.

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