Monday 21 August 2017

What it says in the papers: business pages

Independent.ie Business Desk

Independent.ie Business Desk

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

Irish Independent

*Total employment at international companies in Ireland now stands at just shy of 200,000 - the highest on record.

But Martin Shanahan sounded a cautious note when showcasing the IDA's latest results.

We need to avoid complacency, be alert to the uncertain international backdrop and whether we're competitive enough to face it, he suggested.

*Manufacturing in Ireland rose to a 17-month high in December, according to the latest Investec PMI index.

Based on a survey of managers, it measures output on an index scale of 50, where a number above 50 shows growth.

*Head of multi-asset funds at Dublin-based Setanta Asset Management, David Ryan said the firm was a long-term investor, focusing on underlying value rather than risk being swayed by short-term surprises.

The UK's decision to exit the European Union and Donald Trump's election shocked the world - but David Ryan shrugged and carried on as usual.

*KPMG was paid fees and expenses of more than €770,000 for the administration of the five-star Lough Erne resort, new documents show.

The resort was put into administration in 2011 following a Belfast High Court application by Bank of Scotland and was sold to a group of US investors headed by financier Michael Saliba in 2015.

*A number of Irish companies will make announcements or demonstrate their technology at the world's biggest tech trade event, the Consumer Electronics Show (CES) in Las Vegas.

The Irish presence at the event, which kicks off tomorrow, is being led by Dublin-based Cubic Telecom.

*The growth of digital shopping across the EU continues unabated with an ever-increasing number of people now shopping online, according to a recent survey from Eurostat.

Two thirds of internet users made an online purchase in 2016, according to the data.

The Irish Times

*The sudden resignation of Britain's most senior diplomat in Brussels has raised feared among Irish officials and politicians that a hard Brexit is becoming more likely.

Mr Rogers resigned abruptly on Tuesday - just three months before the formal triggering of the exit mechanism by the British and the beginning of negotiations between the UK government and the EU on an exit agreement.

*The State’s debt agency plans to raise up to €3bn by selling its first ever 20-year bond through a group of banks and securities firms.

The National Treasury Management Agency said on Tuesday afternoon it had hired a syndicate of banks, comprising Barclays, Cantor Fitzgerald, Danske Bank, HSBC, JP Morgan and Morgan Stanley, to manage the bond sale.

*One hundred and twenty first-time buyers applied for the Government’s new Help-to-Buy scheme within the first few hours on Tuesday.

The home purchase incentive offers homebuyers the chance to get up to €20,000 to put against their deposit on a new home.

*The Tax Appeals Commission has ruled that two taxpayers cannot get refunds of tax overpayments dating back more than four years, even though the Revenue Commissioners have conceded that in both cases the taxpayers involved paid too much.

In one case, too much tax was wrongly deducted from a social welfare pension for a period of 15 years, but repayments were only made in respect of four of these years.

Irish Examiner

*Sterling has jumped against the euro on evidence the UK currency’s Brexit-driven slump had helped boost British factories, while Irish factories too appear to have weathered their Brexit troubles to post a strong rise in output last month.

*UK-based companies considering EU relocation in light of last year’s Brexit decision are expected to start making formal decisions on their future movements by the summer.

IDA Ireland chief executive Martin Shanahan yesterday said the agency has, since June 23, seen an intensification of inquiries being made about Ireland from firms considering a new EU home.

*Cyber criminals are set to demand higher ransoms for breaching company data in 2017, while also exploiting the growing complacency in the general public regarding online security.

That is the prediction of leading Irish information security company, Ward Solutions, which said that ‘ransomware’ attacks and data breaches are set to grow this year, leading to serious repercussions for information security.

*Ford Motor Co said it will cancel a planned $1.6bn factory in Mexico and invest $700m at a Michigan factory, after President-elect Donald Trump harshly criticised the Mexico investment plan.

Ford chief executive Mark Fields yesterday that said the decision to cancel the new Mexico factory was the result of sagging demand for small cars in North America and not because Mr Trump was elected president.

Online Editors

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