Business Irish

Wednesday 28 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

* Traffic heading over the  Border has soared by almost 30pc on Saturday mornings since the Brexit vote.

But Sterling surged to a four-week high yesterday after England's High Court ruled Prime Minister Theresa May's government needed parliamentary approval to trigger Brexit.

* Completion of the sale of York Capital's 9.8pc stake in Eir means the telco's three largest shareholders now control more than 90pc of voting rights in the telecoms group, chief executive Richard Moat said yesterday.

A stock market flotation of Eir is "at least a couple of years away," and currently occupies "zero percent" of management time, he said.

* The State borrowed €750m on the markets yesterday, paying an interest rate of less than 1pc a year for bonds due to be repaid in 2030.

Minister for Finance Michael Noonan said the €1.9bn bid at an auction for the bonds showed investors' appetite for Irish debt remain high.

The Irish Times

* More than a fifth of Irish people are aware of someone that has exaggerated an insurance claim as discontent grows among motorists over rising premiums, new research has shown.

The majority of Irish people believe that an independent medical panel - that can see objective proof and evidence of injury - should be required in whiplash cases.

* The ESB pension scheme has bought the Ulysses and Millennium Park office portfolio in a €140m deal from Irish investment firm Tetrach and its joint ventrue partner Pimco.

The portfolio is understood to deliver a rent roll of around €10m.

* Over 11,500 houses are under construction here this year with a further 12,388 gaining planning permission in the opening nine months of 2016.

This marks a significant rise in the pace of housebuilding this year, but leaves Ireland some way off its 25,000 units per year annual target.

Irish Examiner

* It's been 'an exceptional year' so far for the five-star Ashford Castle hotel with earnings and revenues to increase significantly on last year.

That is according to the luxury property's general manager, Niall Rochford, who said yesterday that the hotel has enjoyed occupancy rates 'of the mid to high 90s' between mid-May and the end of September this year.

* The start date of the Government's National Broabband Plan may be delayed further. the Eir chief executive has said.

The State's largest telco praised its momentum in its quarterly earnings yesterday but Richard Moat said the Department's deadline of mid-2017 was looking optimistic.

* Insurer RSA posted a 5pc drop in net written premiums in the first nine months of 2016 due to the impact of asset disposals, the firm said on Thursday.

Tangible equity fell 4.5pc to £3.18bn as at September 30, from £3.32bn at the end of the June quarter, hit by negative pension fund movements, the firm said in a trading statement.

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