Monday 26 September 2016

US multinationals could face billions in extra costs if the Irish Data Protection Commissioner directs Facebook to suspend its data transfers from Europe to the US, a senior executive in Facebook has said.

Published 12/10/2015 | 02:30

US multinationals could face billions in extra costs if the Irish Data Protection Commissioner directs Facebook to suspend its data transfers from Europe to the US, a senior executive in Facebook has said.

  • Go To

"It would be very expensive to divide out data so that it's stored only in Europe," said the executive, who did not wish to be named. "We would have to build new data centres [in Europe]."

Facebook recently unveiled plans for a €200m data centre in Meath, its second European facility. Google has also announced plans for a new €150m data centre in Dublin.

Financial Times

David Cameron has urged Angela Merkel to help keep Britain in the EU.

There are concerns in senior Conservative circles that some hedge fund bosses may put their financial backing behind the Brexit campaign, despite the fact that several hedge fund managers have made large donations to the Tories.

Crispin Odey , a leading hedge fund manager, supports the "Vote Leave" Brexit campaign, launched several days ago.

Sunday Times

A $500m deal planned by Caribbean telecoms firm Digicel, which is owned by businessman Denis O'Brien, has been derailed after the company's IPO plans fell through during the week.

Sources close to the company said that two deals, priced at up to $500m each, had been planned. Following last week's events, which saw the firm pull its plans for a $2bn listing in New York, it is believed that just one of the deals may be concluded.

Sunday Business Post

Many businesses are facing higher water bills due to Irish Water's plan to move to a single national rate for companies.

There are currently over 500 different arrangements for firms across the country. Some companies made deals with local councils in return for locating in their area. Under the new plan the same rate will be charged for water for business customers. However, there will be scope for special deals on a case-by-case basis.

Sunday Telegraph

Tensions among SABMiller's top shareholders are rising, with investors in the FTSE 100 beer giant encouraging the company to open bid talks with its suitor Anheuser-Busch InBev about a potential £70bn takeover.

The London-listed brewer behind Peroni and Foster's is believed to have come under pressure from some major shareholders to start discussions with the world's biggest beer company, paving the way for what would be one of the biggest deals in history.

Tobacco company Altria, which is SAB's biggest shareholder with a 27pc stake and has three directors on its board, last week came out in support of a £65bn approach made by AB InBev.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business