Business Irish

Wednesday 26 April 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

*Belgian lender KBC will make a decision in February about the future of its Irish operations. There has been speculation in recent months about whether the bank would wind up its operation, or seek to expand its business further in the country.

*Lone Star, which has bought a major tranches of distressed Irish loans, is a front-runner to buy Portugese lender Novo Banco. Novo Banco was set up as a "good bank" after the collapse of Banco Espirito Santo in 2014.

*Dublin airport is to be served by yet another new hotel. UK hotel group Carlton plans to builds a 100-bedroom, five story hotel which is expected to to be completed in 2019.

*The number of new startup companies in Ireland rose for at the fastest rate for almost tow decades. Last year saw the highest number of newly registered companies since 1998. Almost half (44pc) of the new businesses were started in Dublin.

*The service sector in Ireland rose at the fastest rate in six months in December as an increase in activity in the UK spurred new orders. Sentiment amongst businesses also improved

*Padraig Drayne, the partner of renowned property developer Paddy McKillen, is hoping  to develop a multimillion apartment block in Malahide in Dublin. Mr Drayne has applied to Fingal Country Council for permission to develop the five story building, which would house 23 apaprtments.

The Irish Times

*Germany is calling for the ECB to raise interest rates after economic data pointed to improved inflation and consumer sentiment across the eurozone.

*Irish-based aircraft financier, Gecas, is seeking a partner to invest in future deals. The company currently own 1,500 aircraft with a value of $42bn which are leased to over 200 airlines.

*A crackdown by the revenue commissioners yielded €555m for the State last year. In addition, there were 20 convictions for serious tax and duty offences last year.

*Irish beef exports to Egypt have resumed following a ban of 17 years. Irish beef to the North African country was banned in the wake of the BSE scandal. Egypt is the largest market in the region.

*Tullow Oil cfo Ian Springett is to take an extended leave of absence from the company for medical reasons. The current vice chairman of finance,Les Wood, is set to replace Mr Springett during his absence.

*Vodafone Ireland recorded sales of €985m last year. However, the company said it had actually made a loss over the twelve month period due to major investments in its network.

Irish Examiner

*AIB has set aside €190m for possible compensation payments for customers whose tracker mortgages were incorrectly withdrawn. Over 3,000 customers were affected with 14 people losing their homes because of the error.

*Electronics giant Samsung is set to reveal what caused the firm's Galaxy 7 smartphone to catch fire. The Note 7 was recalled twice last year and eventually discontinued after numerous fire's believed to be linked to the device's battery were reported

*Residents in Little Island in Cork will object if any further land in the area is rezoned for industrial use.

*Pre tax profits at Sean Mulryan's Ballymore fell by 37pc to €103m last year.

*Almost one third of second hand vehicles sold in Ireland still have outstanding finance deals on them.

*Cork-based Kentech posted profits in excess of €10m in the twelve months to December 2015.

*A former Snapchat employee has accused the firm of misleading investors. The former employee claims the company said the company provided false information to investors and trading partners ahead of the company's IPO.

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