Monday 26 September 2016

What it says in the papers: business pages

Paul O'Donoghue

Published 16/06/2015 | 07:00

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

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Irish Independent:

***Up to 100,000 people with loans from moneylenders could be in line to have their borrowings wiped out and to get compensation.

The development follows a case won by a Donegal couple who took on the State’s largest moneylender through the Financial Services Ombudsman.

They had loans from Provident Personal Credit, but were illegally offered new loans before they paid off the old ones.

***French group Veolia has bagged a €450m contract to operate Ireland's largest biomass power plant.

Plans for the facility, in Killala, Co Mayo, were officially unveiled last week by Taoiseach Enda Kenny.

The company behind the project is Mayo Renewable Power. It's backed by US investors including private equity group Weichert Enterprise.

***Stripe, the booming online payments startup set up by Limerick brothers Patrick and John Collison, has embarked on a major European expansion.

Co-founder John Collison told the Irish Independent that the company is launching services in Sweden, Norway, Denmark and Finland.

The move, which gives the company a presence in 22 countries including Ireland, will bolster Stripe’s increasing dominance in emerging online payments industries.


Irish Times:

***A group of Clerys concession holders have written to the company’s liquidators demanding that €3m worth of stock be released immediately, according to the Irish Times.

The holders are also looking for details of their May takings, which were due to be released yesterday. According  to the newspaper about 50 companies that operated concessions in Clerys are owed between €2m and €3m by OSC Operations LT, which operated the store but no funds were paid when due yesterday.

Several concession owners met in Dublin yesterday to form a group to pressurise liquidators KPMG for their money. They have hired  Lavelle Solicitors to represent them.

***Online takeaway service Just  East is investigating the practise of restaurants registering multiple accounts on their website so that they can shake off bad reviews or poor findings by health authorities, the Irish Times reports.

An analysis by the newspaper found that many restaurants were using multiple accounts and aliases on the website.

A spokeswoman for Just Eat said that a full audit is being carried out and the accounts potentially concerned have been suspended.

***The Irish construction sector is expected to record the strongest levels of growth up to 2017 out of 19 European countries analysed in a new survey, the Irish Times reports.

The report from Euroconstruct, a professional network of institutes in 19 countries, showed that Ireland recorded the strongest rate of growth among any country surveyed last year at 9.9pc.

The report forecasts that Ireland will grow at an average rate of 10.6pc between 2014 and 2017.


Irish Examiner:

***The head of the IDA has insisted that the European Commission’s probe into Apple’s tax affairs with the Irish state has not discouraged any inward investment in Ireland.

Brussels has accused Ireland of striking a tax arrangement with technology giant Apple that was based on keeping jobs here but which gave the company an advantage that amounted to state aid and went against international guidelines. The Government here has repeatedly said there is no case to answer.

Speaking to the Irish Examiner IDA chief executive Martin Shanahan said: “I do not believe that it has impacted on FDI. The commission announced an investigation, that’s what it is, an investigation. There has been no finding.”

***Shares in Irish-listed Dragon Oil hit a record high yesterday as the firm’s  board recommended an offer from Emirates National Oil Company valuing the oil explorer at €5.1bn.

ENOC, which holds a 54pc stake in Dragon, announced an improved bid of £7.50p per share for the stake of the company that it does not already own had been accepted by Dragon’s independent committee who were evaluating the proposal.

The new offer, which values Dragon at €5.1bn, must now be accepted by a majority of the minority shareholders for the deal to go ahead. Shares in Dragon jumped by almost 10pc to over €10 in Dublin yesterday.

***The EU needs to start making plans for a “state of emergency” in Greece from the start of next month if Athens fails to reach an agreement with its creditors, Germany’s EU Commissioner Guenther Oettinger said yesterday.

Oettinger said it was time to make concrete preparations for a crisis in Greece if no deal is reached, Greece defaults and exits the eurozone.

Greece and its creditors hardened their stances, yesterday, after the collapse of talks aimed at preventing a default and possible euro exit, prompting Germany’s EU commissioner to say the time had come to prepare for a “state of emergency”.

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