Wednesday 7 December 2016

What it says in the papers: business pages

Paul O'Donoghue

Published 27/04/2015 | 07:04

HERE are the main business stories from this morning's papers:

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Irish Independent

***A register setting out who owned shares in Siteserv when the construction support company was sold in 2012 is likely to be available to review from today, the Irish Independent understands.

Siteserv liquidator Kieran Wallace is expected to be in a position to make the document available on request as early as this morning.

Share registers for stock market listed companies, which Siteserv was back in 2012, are public documents and are therefore normally available to be inspected under certain conditions as long as the company is trading.

***The head of Disney’s Irish division has said a lack of film studio space could see this country lose out on investment to the UK.

Trish Long, general manager of Walt Disney Studios’ distribution business here, told the Irish Independent that there was a “huge” need for additional film studio space in the country.

“As the industry picks up, it’s going to become more and more difficult, because if someone has a need for studio space and it can’t be filled here, right on our doorstep is the UK – which has the most amazing infrastructure of studio space,” she said.

***Ryanair expects to cut its fares by between 10pc and 15pc over the next two years as the benefits of lower oil prices are passed on to consumers, Michael O’Leary has said.

Asked by French newspaper ‘Le Journal Du Dimanche’ whether prices could fall from current levels, the Ryanair chief executive said: “Absolutely, by at least 10pc-15pc over the next two years. In 2016 our average air fare could be at €40.

“This will come as we pass on lower oil prices. We will also continue to grow passenger numbers and cut our costs.”

 

Irish Times

***The Government will have between €1.2bn and €1.4bn to spend on tax cuts and spending hikes in October’s upcoming budget, the Irish Times reports.

According to the newspaper, tomorrow’s spring economic statement will assume that the Irish economy will expand by 4pc this year, up from just under 3pc initially forecast in the 2015 budget.

The newspaper reports that Finance Minister Michael Noonan is set to indicate a plan to cut personal taxation and reform the tax system for self-employed workers, while Minister for Public Expenditure Brendan Howlin is expected to enter formal talks on pay with public sector unions.

***Irish listed company Tullow Oil is currently assessing an international ruling made over the weekend  which suspended new drilling at its operations in Ghana, the Irish Times reports.

The Ghanaian government has been ordered  to suspend new drilling at oil and gas fields that are located in an area that neighbour the Ivory Coast claims is at least somewhat located in its borders.

However, the decision may not badly hit Tullow, as the oil and gas exploration firm, as  the tribunal ruled that although new drilling may not take place, projects underway may proceed.

***A teacher who secured a High Court injunction delaying the selection of a new president for the Irish League of Credit Unions has himself been elected to head the league.

In a move that is expected to lead to a major overhaul of how the organisation runs, Brian McCrory yesterday defeated league vice-president Blanche Ronayne by 273 votes  to 267.

The election had to be delayed for a day at the weekend’s AGM in Killarney, Co. Kerry because of a High Court injunction preventing the casting of ballots.


Irish Examiner

***An informal meeting of EU ministers found Ireland in agreement with most other EU countries on the issue of corporate tax rates, the Irish Examiner reports.

According to the newspaper, Ireland was one of several other countries that favoured splitting a directive on minimum rates which was blocked recently by several countries and making progress on areas where there is a consensus.

The head of the Central Bank Patrick Honohan and several Government tax experts were present, although Finance Minister Michael Noonan did not attend the meeting.

***The amount of non-performing home loans is set to fall further over the rest of the year according to international credit ratings agency Fitch.

In its latest mortgage market index for Ireland the agency said that bad debt is continuing to fall as borrowers are looking enter into restructuring and renegotiation arrangements.

It added that the Central Bank's new mortgage rules should have a limited impact on house price recoveries and it also expects that it will lower credit growth.

***Deutsche Bank's earnings fell by half in the first quarter, a greater-than-expected drop as hefty legal charges eroded gains in investment banking revenue, while it prepares to unveil details of a strategic overhaul.

Quarterly net profit sank to 559 million euros ($608 million) versus a year ago, despite a 24 percent rise in revenue driven primarily by an increase in client trading activity.

Group revenue rose to a near record 10.4 billion euros. Almost half came from the investment bank, but its pre-tax contribution fell by more than half due to litigation and regulatory expenses and currency swings, according to the bank.

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