Business Irish

Tuesday 25 April 2017

What it says in the papers:business pages

Here's a look at what it says in the business pages of today's newspapers:

Irish Independent

  • IBRC has won a legal battle with the former owners of Camden Market in London’s Court of Appeal. Israeli billionaire Bebo Kobo had sought damages against the bank for breach of contract, but his claim was rejected by the court.
  • EirGrid is planning an upgrade of €2.9bn in a move that will enhance security and allow for the use of more renewable energy.
  • Penneys has announced it is to anchor a new €70m mall in Carlow town. The new mall is expected to provide around 800 jobs to the area and is earmarked to open by Christmas 2018.
  • The Government has said it will sell a 25pc in nationalized lender AIB in May or June of this year.
  • Telecoms firm Eir recorded revenue of €336m in the second quarter of its financial year, the seventh consecutive quarter of growth.
  • Consumers in Britain are continuing to confound concerns about Brexit. Continued spending by consumers was behind strong growth figures of 0.6pc which were announced yesterday.

Irish Times

  • Ticket sellers in Ireland are under investigation by the Competition and Consumer Protection Commission after “suspected breaches” in competition law were identified.
  • The Central Bank has downgraded forecasts for Irish growth by 0.3pc for this year. Irish GDP is now expected  to come in at 3.3pc for 2017.
  • Bookmaker Paddy Power has secured the sponsorship rights to major racing events on TV 3 in a deal that will run for 12 months.
  • Struggling food maker Aryzta has paid ceo Owen Killian €28m in remuneration since he became boss of the company almost a decade an a half ago.
  • Google’s parent company, Alphabet, posted fourth-quarter profits below analysts’ expectations, prompting a drop in the stock of 2.7pc.
  • Paddy McKillen jnr has purchased popular nightclub Howl at the Moon for a fee of €3.2m

Irish Examiner

  • Johnson and Johnson has bought Swiss biotech firm Actelion in a €28bn deal. The takeover will be the biggest in the European pharmaceutical sector for 13 years.
  • Sky is set to introduce a customer loyalty scheme in a bid to halt defections to other providers.
  • Microsoft is to spend around €937m annually of cybersecurity in the coming years, according to a senior executive.
  • Sales at Ralph Lauren’s Irish outlet at Kildare Village have hit €210,000 a week. Revenues at the firm rose to €10.9m up to April of last year.
  • Shares in recruitment firm CPL rose after the company announced it was to increase its dividend payment by 10pc.

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