Sunday 23 October 2016

What it says in the papers: business pages

Published 17/10/2016 | 06:29

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

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Irish Independent

* Larry Goodman's ABP Food Group, the international meat, pet food and renewables business, has expanded its operations in Poland with the acquisition of a production facility in the east of the country.

The facility, acquired from Polish processor Sklodowsky, will increase ABP's production capacity in Poland to up to 250,000 cattle per year.

* Dublin-based Capitalflow, a commercial lender established last year, has committed to providing €300m in finance to small and medium-sized businesses.

It comes as the European Investment Bank is considering whether to part-finance the investments of eligible mid-cap companies, with fewer than 3,000 employees, from different sectors in Ireland and the UK.

* The State's forestry agency is looking to refinance its debt pile and is in talks with all of its commercial lenders under plans to slash costs.

Coillte is holding discussions with its banks and has also tapped the European Investment Bank (EIB) for a near €100m loan that it believes could save up to €5m per year over the next five years.

The Irish Times

* Motoring tech giant Tesla is to open its first Irish store next year, paving the way for Elon Musk's creations to hit our roads.

The company is also due to start rolling out supercharging stations for the electric cars across the country.

* Financial services firm EY has reported a 16.2pc rise in fee income over the last 12 months, rising to €220m.

Last year marked the third year in a row EY posted a 16pc or more rise in revenue as the company also recorded strong growth in its four business lines.

* Google has handed over detail on three Irish users or accounts after being requested to do so by law enforcement during the first six months of the year.

Nearly 20 requests were made to the tech giant for information on 62 users or accounts from Irish authorities during the first six months of the year.

Irish Examiner

* McDonald's is set to open its first Irish two-storey restaurant outside of Dublin as the company looks to build in Tralee, Co Kerry.

The firm's existing Tralee restaurant and drive-thru will be doubled in size as part of the flagship project.

* British foreign secretary Boris Johnson described a column he had written in which he backed staying in the EU was "semi-parodic".

However, Mr Johnson said he did wrestle with the decision to leave the EU despite the previously unseen column.

* Adidas has posted an Irish profit of €839,000 for its last financial year as the company reaped the rewards of selling Real Madrid and Manchester United shirts.

The firm's profits soared by 35pc in the 12 month period with revenues at its Irish arm climbing to just under €31.1m.

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