Business

Sunday 4 December 2016

The week in Business

Published 06/08/2016 | 02:30

An aerial view of Whitegate, Ireland’s only oil refinery
An aerial view of Whitegate, Ireland’s only oil refinery
Next fashion
US billionaire Bill Malone
ISE chief executive Deirdre Somers

A look back at the main business stories of the week.

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Monday

Shares in Bank of Ireland tumble 6.5pc in the first day of trading after European stress tests said it and AIB remain vulnerable to a future financial shock. But analysts are more upbeat on the health of the banks, saying the tests were harsh on Ireland and skewed against our banks.

Food exporters to the UK could be hit with losses of around €700m if sterling weakens towards the 90p mark against the euro, Ibec warns.

Tuesday

Grocery retailers got a boost from Ireland's efforts in Euro 2016, with sales in the multi-billion euro market rising 3.3pc as a result of the football tournament, says research group Kantar Worldpanel.

Ronan Dunne, the outgoing Irish chief executive of O2 UK, is named group president of America's biggest mobile operator, Verizon Wireless.

Film industry executives call for a household charge to replace the TV licence fee in a bid to provide extra funding to Ireland's producers.

Wednesday

The Central Bank did not want Department of Finance officials attending meetings on financial supervision during an International Monetary Fund (IMF) visit earlier this year, the Irish Independent learns.

The country's only oil refinery, at Whitegate in Co Cork, is set to continue supplying the Irish market following confirmation of its sale by US owner Phillips 66 to Canada's Irving Oil.

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Retailer Next warns it may have to hike prices in the face of soaring costs after the pound's plunge in value since the UK referendum vote. Chief executive Simon Wolfson - who backed Brexit - says the group may be forced to put up price tags next year, but adds that any rise was likely to be "less than 5pc".

Thursday

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A question mark has been thrown over plans by US billionaire John Malone, above, to add a new seven-storey 97-bedroom extension to his Hilton hotel in Dublin as appeals are lodged.

The Irish Stock Exchange, led by Deirdre Somers, below, lodges plans for a state-of-the-art financial services hub as part of a €10m expansion plan.

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Irish Independent

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