Monday 26 June 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

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

Irish Independent

* European Commission tax chief Pierre Moscovici has urged Ireland to support a corporate tax overhaul that he said would  avoid a repeat of the Apple case.

Speaking to the Irish Independent after the launch of his proposal for a common consolidated corporate tax base - a new standardised way for large multinationals to calculate and pay their EU taxes - Mr Moscovici (inset) said Ireland was moving away from its "previous reputation".

* British property company U+I (formerly Development Securities) has sought permission from Dublin City Council for the development of an additional 10,000 sq ft of office space at Donnybrook House in Donnybrook, Dublin 4.

The company purchased the 1970s office building for €9m in December 2014, along with the former Charlemont Clinic in Dublin, which it acquired for some €7.1m

* Britain's Clydesdale Bank has said it made an offer to buy Williams & Glyn, the business Royal Bank of Scotland (RBS) must sell under European state aid rules.

The move by Glasgow-based Clydesdale could end a costly seven-year process by RBS to offload Williams & Glyn, after it was ordered by the European Union to sell it as a condition of its taxpayer-funded rescue at the peak of the global financial crisis.

The Irish Times

* Cityjet and Aer Lingus Regional operator Stobart Air are set to announce a deal that should move the pair's merger closer to completion.

Cityjet is set to fly four European routes or Stobart from Southend in Airport with the aim of increasing traffic there by around 600,000 customers.

* Permanent TSB is looking to land up to €100m worth of performing home loans that come from GE Capital's ex-Irish portfolio.

PTSB's move comes as Irish banks look for areas of new growth.

* More than two-thirds of Irish businesses are expecting to give pay increases to their staff next year with a number of them also looking to take on extra staff, new research has shown.

According to a study from business group Ibec, 71pc of businesses will look to increase basic pay with the most common rise set to amount to around 2pc.

Irish Examiner

* The value of State-owned AIB is to be diminished by billions due to the hammering European bank shares have taken so far this year.

The drop off in value could delay further the long-touted sale of an initial stake in the bank.

* Men and women may not reach economic equality for another 170 years, new research from the World Economic Forum has shown.

The research has shown progress on the economic gap between the sexes has slowed, moving backward from the 118-year wait originally predicted.

* Pre-tax profits at drinks company Teeling Whiskey last year soared by 73pc to €2.95m.

New accounts show that the firm behind the Teeling Whiskey brand enjoyed a large hike in profits after revenues increased more than three-fold, going from €6.9m to €24.58m.

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