What it says in the papers: business pages
HERE are the main business stories from this morning's papers:
***Courts will be given new powers to overrule banks that have vetoed debt deals, as part of the Government’s long-awaited mortgage package.
Senior ministers are close to finalising a detailed set of proposals which include an appeals process for homeowners whose debt deals have fallen through.
The so-called ‘examinership type’ model will be able to enforce debt deals, representing a major step towards ending the banks’ stranglehold on the personal insolvency service.
***The Irish Government’s borrowing costs have more than doubled since the last week in April to hit close to 1.5pc for 10 year debt at one stage yesterday.
Analysts have described the surge in borrowing costs for euro-area nations as a “market rout” with Ireland among the worst affected in a week-long shift in lender sentiment.
“From a fundamental perspective, nothing has changed on Ireland but the market was very one sided (in favour of low yields) and is now moving sharply the other way all at once,” according to Owen Callan of Cantor Fitzgerald in Dublin.
***Ireland beat competition from 18 other countries to secure Apple’s new €850m data centre which is due to begin operations in less than 18 months.
And the company has revealed it plans to build as many as eight massive buildings of almost 25,000 square metres each by 2031 to cater for the “rapid expansion in wireless electronic communications, entertainment and working”.
The tech giant has sought planning permission from Galway County Council for the first phase of its data centre which will result in up to 300 construction jobs and 150 full-time positions once operational.
***Revenue is currently reviewing the workings of Larry Goodman’s ABP Food Group as well as other businesses after details of the group’s tax arrangements in Luxembourg were revealed.
The Irish Times reports that the move comes after it emerged that a Larry Goodman company based in Luxembourg, Parlesse Investments Sarl, paid taxes of about €800,000 on profits of approximately €280m earned between 2010 and March 2013.
In a letter to the newspaper, Mr Goodman claimed that the paper’s earlier reports did not give a fair reflection of the taxes paid by ABP.
***The Office of the Director of Corporate Enforcement says it was not asked by the Irish Stock Exchange to investigate a spike in trading of Siteserv shares that occurred as the company was being sold.
The Irish Times reports that the body is currently considering a request to investigate the trading which took place between November 2011 and February 2012 by Independent TD Catherine Murphy.
Ms Murphy had suggested under Dail privilege that insider trading may have occurred during the period concerned.
***Goodbody stockbrokers has poached four senior staff from rival firm Davy, the Irish Times reports.
The new recruits are now set to form the core of a new retail management division at the firm which is set to go head to head with Davy’s asset management arm.
The four include director of distribution and investment solutions James Forbes and global fund manager Damien Meade.
***Ryanair has rubbished claims that its employment policies, especially for pilots, create safety risks.
The Irish Examiner reports that the European Parliament has been told a survey carried out by Ghent University found that, among other issues, “atypical” contracts were responsible for pilots taking risks, flying when they are ill and failing to report safety issues.
Ryanair has strongly rejected the claims made in the study, which was commissioned by the European Cockpit Association (ECA) and funded by the European Commission, describing the report as “total rubbish” and “false claims” with “no basis in fact or evidence” which are based on an anonymous internet survey.
***Fast food giant KFC has been refused planning permission to build a new outlet near two schools, it has emerged.
The Irish Examiner reports that in refusing the application permission An Bord Pleanala said that the siting of fast food outlets is a “significant public health issue” and said that refusing the plans would “provide for the needs of the local community and its most vulnerable.”
The news comes amid several reports this week of a growing obesity problem in Ireland.
***Irish building materials and energy giant Kingspan has seen a strong start to 2015 with total sales rising by over a quarter to €719m.
In a trading update issued yesterday, Kingspan said it had performed well in the key US and UK markets and added that its sales in the first four months of the year represented an improvement of 28pc compared to the same period in 2014.
Kingspan is also reaping the benefits of a weak euro, noting that its profitability has been “complemented” by “translations reflecting euro/Sterling and euro/USDollar exchange rates which are significantly better than the average rates of the last ten years”.