Business Irish

Sunday 11 December 2016

What it says in the papers: business pages

Published 18/10/2016 | 07:01

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

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Irish Independent

* There has been an explosion in the number of people renting as the housing crisis worsens. Some 850,000 people now live in rented accommodation.

Most of the rise is accounted for by Dublin, where the number of households renting privately has risen by 61pc since 2011.

* Cooking meals for movie star Jamie Dornan and other cast members of 'The Siege of Jadotville' helped boost profits and revenues at Fitzers Catering.

The Dublin firm today employs over 470 full-time and part-time employees. Chief executive Barry Storey yesterday confirmed that the group last year recorded a post tax profit of €446,632 as revenues exceeded company forecasts to top €15.3m.

* The UK will put an immigration border around Britain following Brexit, cutting off Northern Ireland, the leader of the Ulster Unionist party has predicted.

Mike Nesbitt, whose party opposed Brexit, said this would particularly disadvantage those from Northern Ireland travelling to other parts of the UK.

The Irish Times

* Government ministers are considering the option of opening a new school in Dublin central with the aim of teaching the international baccalaureate.

Minister for State for financial services Eoghan Murphy has put the idea to education minister Richard Bruton and officials at the Taoiseach's department.

* The Government's continued decision-making over the way in which it will tax vulture funds has caused investors to wait for a further two months.

It remains unclear whether or not further legislation on qualifying investor alternative investment funds (QIAIFs) and Irish collective asset management vehicles (ICAVs) would be included in an imminent finance bill.

* The cost of renting a home in Dublin could rise by as much as 25pc over the next two years as supply shortages and difficulties in buying continue to shackle the housing market.

A mix of increased housing prices, tighter lending rules, and slow wage growth have led to more people renting for longer periods.

Irish Examiner

* The Irish arm of financial services firm EY has reported a 16pc rise in revenues as the company looks towards anotherr strong year in 2017.

The company posted income for the last year of €220m, up from €190m on previous year.

* Irish better firm BoyleSports is to question the sale of Coral and Ladbrokes shops to Britain's Competition Authority.

More than 350 shops are being offloaded by the pair ahead of their merger.

* The main Irish arm of financial services firm, State Street last year recorded pre-tax profits of €140.4m.

New accounts filed by State Street International (Ireland) Ltd show the firm enjoyed the large hike in profits as a result of a €140m dividend received from subsidiaries.

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