Saturday 23 September 2017

What it says in the papers: business pages

Paul O'Donoghue

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

Irish Independent:

***The retail sector is showing signs of a sustained recovery for the first time since the crash, but the industry is still rife with problems, a trade group has warned.

In its report on the state of the sector between April and June this year, Retail Ireland said there were clear signs that a “change in mindset [among consumers] does appear to have taken hold this year”.

“Consumers appear more confident, with recent indicators putting consumer confidence at a 12-year high,” said the agency, which is a division of employers’ group Ibec.

***NTR is to split off its European wind energy business and offer a multi-million euro share redemption in a dramatic reorganisation of the company.

The conglomerate will dump the toll roads business which gave it its original name, along with its other interests into a holding company that will be named Altas Investments.

The wind energy division meanwhile will be transferred into a new company which will be named NTR Plc.

***The iconic Páirc Uí Chaoimh stadium, currently being redeveloped at a cost of €70m, could soon have a new name.

GAA bosses in Cork have proposed selling the naming rights for the ground, according to a business plan seen by the Irish Independent.

The document reveals they also plan to source €10m for the building cost from local GAA clubs and supporters.

Irish Times:

***Letters from the Director General sent out to 2,000 foreign traders seeking VAT payments of up to several million euro were sent out by mistake earlier this month, the Irish Times reports.

The letters included details of Revenue bank account into which the funds were to be paid, although one of the digits of the international bank account number was incorrect. No money was paid into the account.

A Revenue spokeswoman said that it has identified 2,000 customers who were issued the incorrect letters and is working to resolve the issue.

***Businesses in the capital may be entitled to thousands of euro of compensation after Luas cross city works allegedly caused flood damage to Georgian-era cellars, the Irish Times reports.

Many businesses in Dublin city centre have been hit with significant water damage in recent months, allegedly due to the installation work for the light rail transport system.

Luas Cross City confirmed that it had received legal proceedings, however any compensation that might need to be paid out as a result of the action will be incurred by the contractor responsible for the offending works.

***Irish owners of foreign properties are now able to decide who they wish to will them to under new EU succession regulations which came into effect yesterday.

The rules allow people to apply the succession laws of their native country in other EU laws which have signed up to the regulations.

Although Ireland did not sign up to the new rules Irish people are likely to still benefit from the rules if they own properties in one of the 24 other EU member countries.

Irish Examiner:

***The firm operating the State’s only oil refinery has received a cash injection of $200m.

The increase in authorised capital in the US-owned Phillips 66 Whitegate Refinery is confirmed in documents lodged with the Companies Office.

Phillips 66 is the fourth largest non-government refiner in the world and its Whitegate refinery has a capacity to produce 75,000 tonnes of oil per day and supplies around 40pc of Ireland’s fuel needs.

***Providence Resources yesterday moved to reassure investors that it is still in talks to “farm out” its prized asset, the Barryroe oil field, after a recent sharp slump in the company’s share price.

The company’s shares fell to as low as 17.5 cent at one point on Dublin’s junior ESM market yesterday, down by 7.9pc compared to Friday’s close.

The shares have now fallen by 84pc since the start of the year, prompting the company to say yesterday that it is not aware why the decline has occurred.

***The newspaper industry has reported increased ad revenue for the first time since the start of the recession, according to a new survey.

The latest figures from Newsbrands Ireland show that for the first six months of the year there was an increase spend of 4pc on advertising across the 16 national daily, Sunday and weekly titles.

A total of €80.6m was spent on print and online advertising during this period.

Online Editors

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