Friday 20 October 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

*KBC Bank has become the latest mainstream lender to sell loans to a third party.

The bank confirmed that it has sold what it said was a small portfolio of loans to another entity.

*Parliaments in six countries have opposed the European Commission's proposals for a common tax base across the European Union, according to Irish MEP Brian Hayes.

Mr Hayes believes the seven objections show that "governments have a stronger mandate from their elected representatives going into negotiations".

*US drug company Aerie Pharmaceuticals has signed a lease agreement with the IDA for a new factory in Athlone that will establish a manufacturing base in Ireland.

Aerie Pharmaceuticals said that it expects to invest $25m (€23.6m) in the new plant.

*Taoiseach Enda Kenny last night led tributes to the former secretary of the Department of Finance TK Whitaker, who died last night just a month after turning 100.

Mr Whitaker is widely regarded as the most influential public servant in the history of the State.

Irish Times

*The Minister for Finance, Michael Noonan, met the British chancellor of the exchequer, Philip Hammond, in Dublin to discuss the post-Brexit relationship between the Republic and the UK.

The chancellor also held meetings with the chief executives of AIB, Bank of Ireland and Ulster Bank, and at Dogpatch Labs, a working space for technology start-ups during his visit.

*Enterprise Ireland is advising firms here to prepare for a hard Brexit amid growing signs the British government may opt to quit the single market in order to regain full control over immigration.

The agency’s chief executive, Julie Sinnamon, was speaking in the wake of UK prime minister Theresa May’s suggestion that Britain would not attempt to cling on to “bits of EU membership” in its negotiations with Brussels.

*New rules making it much harder for parents to gift property to their children came into force over Christmas.

The exemption had allowed a person to be gifted ownership of a property without having to pay inheritance tax as long as they lived in the property for three years before the gift or inheritance was made and for a further six years thereafter.

Irish Examiner

*Sterling plunged against the euro and the dollar, as the UK once again appeared to be setting course for a hard Brexit in divorce talks with the EU.

British prime minister Theresa May said over the weekend that she was not interested in Britain keeping “bits” of its EU membership.

*More than 800 motorists have now contacted an Irish solicitor’s firm representing claimants over the Volkswagen emissions scandal.

According to the paper, O’Dwyer Solicitors in Ballyhaunis, Co Mayo has been contacted by over 800 motorists and the firm expects more in the future. The firm declined to comment.

*The Irish arm of security giant G4S cut its losses in 2015 after a restructuring.

New accounts show that finance costs at G4S Cash Solutions Ireland Ltd of €1.75m meant it had a pre-tax loss of €606,000. However, that is sharply down from the loss of €8.3m loss in 2014.

*Shares in Tullow Oil jumped yesterday on the back of the Irish-founded exploration company announcing that it is set to net $900m (€852m) from the disposal of a substantial amount of its Ugandan-based asset base.

France’s Total — the fourth-largest oil and gas company in the world — has agreed to buy just shy of 21.6% of Tullow’s share in three exploration areas in the eastern African country for a total consideration of $900m.

Online Editors

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