Saturday 3 December 2016

What it says in the papers: business pages

Published 28/10/2016 | 06:55

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

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Irish Independent

* The idea of appointing a 'Brexit Minister' has been firmly ruled out by Taoiseach Enda Kenny, who said he wants to oversee Ireland's strategy himself.

A variety of business leaders and Opposition parties have called on the Government to create a new ministry to deal specifically with the threat posed by Brexit, but Mr Kenny said: "We cannot give this any higher political status than the office of the Taoiseach.

* One of Eir's biggest shareholders is selling its near 10pc stake in the telecoms business in a move which will see its largest investor, Anchorage Capital, gain sole voting control at the former state-owned company.

US hedge fund York Capital owns 9.8pc of Eir, formerly Eircom, while Anchorage Capital owns just under 40pc.

* Packaging giant Ardagh will plough ahead with a stock market flotation next year, executive chairman Paul Coulson has confirmed to investors.

The much-anticipated debut - which will be subject to market conditions at the time - will be a seminal moment for the company, which has previously pulled other planned flotations of both the group and its metals division.

The Irish Times

* Eir's largest shareholder Anchorage Capital looks set to secure majority voting rights at the country's largest telco as the US hedge fund is eyeing up a further stake in the company.

Anchorage plans to make a move for part of York Capital's near-10pc stake in the company.

* Profits at luxury retailer Brown Thomas rose by more than 60pc last year as the firm enjoyed a successful 2015 in which sales increased by 11pc.

The company touted sales of €172.5m last year and a profit after tax of €15.6m.

* The DAA is seeking expressions of interest for the development and operation of a new 402-bedroom four-star hotel at Terminal 2.

The new hotel, which will be the country's fourth-largest, will provide employment for 250 people. Another 150 jobs will be created during construction.

Irish Examiner

* The IDA has received interest from over 100 multi national corporations that are looking to keep a European base following the Brexit vote.

It is understood around half of the companies that have expressed interest are in the financial sector.

* Bulmers-maker C&C is well-placed for acquisitions despite Brexit concerns and currency headwinds eating into its balance sheet, the company has said.

Assets from the sale of brewing giant SABMiller may be on the cards for C&C, however the firm said it hasn't seen anything of interest recently.

* Bank of Ireland chief executive Richie Boucher has said the bank won't cut its variable mortgage rates.

Mr Boucher said the bank's policy of promoting fixed-rate mortgages ahead of home loans will not change for the moment.

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