Wednesday 7 December 2016

What it says in the papers: business pages

Published 02/11/2016 | 06:58

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

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Irish Independent

* Private debt in Ireland surged by more than 40pc last year, to stand at three times the size of the economy, according to official data. However, the statistics are again distorted by one or more multinationals restructuring balance sheets.

The figures released yesterday claim that private sector debt now stands at €776.1bn - or just over 300pc of the value of the economy - driven by a jump in the debt of non-financial corporations (NFCs).

* Ireland's manufacturing sector last month posted its largest improvement since June, signalling companies may be starting to shrug off the effect of the Brexit vote.

But the level of new export orders only grew marginally, as sterling weakness made securing new work in the UK more difficult, according to the latest Purchasing Managers' Index for the sector.

* First Derivatives is "well geographically diversified" to withstand the effects of Brexit, its chief financial officer Graham Ferguson said yesterday. However, he did not rule out moving its head office from Newry if the situation demanded it.

The financial technology services firm generates over 60pc of its revenue outside of the UK and Mr Ferguson doesn't expect Brexit to have a major effect on the business.

The Irish Times

* The looming implications for Ireland from Brexit is to be discussed today by representatives from all over the island of Ireland and will be hosted by Taoiseach Enda Kenny.

While the North's First Minister Arlene Foster declined the invitation, employer groups, trade unions, farmers, and NGOs are all expected to attend.

* Irish cyber security firm Integrity360 is to add 150 new jobs over the next two years as the company looks to expand into the US and the UK.

The business is expected to add 50 of the roles by the end of this year with the remainder to be added by the end of 2018.

* Ulster Bank Ireland has been fined €3.3m for breaching anti-money laundering and terrorist financing regulations, with the bank admitting the breaches.

The breaches occurred over a six-year period with regulators pointing to significant failures in the bank's procedures.

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