Monday 27 February 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

* Changes to mortgage lending rules are likely to spur price increases in the market for entry-level homes, the head of AIB has predicted.

AIB chief executive Bernard Byrne said that rising prices would have a positive impact because it would encourage more development.

* UDG Healthcare has a potential war chest of €500m for acquisitions after announcing a rise in profits in the year to the end of September.

The Irish drug sector services business has €130m in cash on the balance sheet and with additional debt could spend in the region of €500m, chief financial officer Alan Ralph said.

* A cut in the corporation tax rate in the United States could see US multinationals investing more overseas, not less - according to a UCD academic specialising in trade and FDI.

Professor Ron Davies said the notion that US firms will not go abroad if president-elect Donald Trump slashes the US rate of corporation tax to 15pc are not backed up by research.

The Irish Times

* Fourteen AIB mortgage account holders may have lost their homes due to not having the correct loan rate applied to their mortgages, AIB chief Bernard Byrne has said.

Mr Bryne was speaking before the Oireachtas finance committee yesterday where he said 2,600 customers had been written to after being overcharged on their premium.

* AIB has written off €1.3bn in  mortgage debt since the crash in a bid to help "right size" the debt owed by mortgage customers, Bernard Bryne has said.

The State-owned bank has offered 37,000 solutions to customers in arrears.

* Intel Ireland is to lodge a new application for a $4bn Leixlip plant with Kildare County Council.

It is understood that its US parent is strill uncertain on whether or not it will press ahead with the new plant.

Irish Examiner

* Losses doubled at TV3 last year, after it lost the rights to broadcast soaps Coronation Street and Emmerdale to UTV Ireland.

Exclusive rights to broadcasting the 2015 Rugby World Cup failed to halt a slide in pre-tax losses that more than doubled to €16.95m.

* The spotlight has been put back on the State's value of AIB after the British Government revised downward its bailed-out banks.

In an assessment carried out as part of its budget the UK government expects an almost €31bn loss from resecuring its failed banks between 2007 and 2009.

Online Editors

Read More

Promoted articles

Editors Choice

Also in Business