What it says in the papers: business pages
Here are the main business stories from this morning's papers:
***Ryanair investors gleefully ignored Michael O’Leary plea to avoid “irrational exuberance” yesterday, as shares in the airline were catapulted as much as 10pc higher as it boosted its profit outlook for the current financial year.
In an unplanned trading update, Ryanair said it now expects to make profits of between €1.17bn and €1.22bn in the 12 month period that ends next March. That compares to a previously guided range of between €940m and €970m, and marks a 25pc leap.
The early morning share surge added over €1.6bn to Ryanair’s market capitalisation. The shares hit an all-time high of €18.26.
***Dublin’s iconic Gresham Hotel – likely to have a €60m-plus price tag – is in Dalata’s sights as the group plans to raise up to €80m in debt on top of a €160m equity raising it confirmed yesterday.
Dalata chief executive Pat McCann said he expects the Gresham, currently owned by Precinct Investments and controlled by Nama, to be put on the market within three to four weeks.
“We haven’t seen numbers, but it will probably be somewhere north of €60m,” said Mr McCann, when asked to speculate as to what price the Gresham, located on O’Connell Street, might be put on the market for.
***Extensive notes from the infamous Druids Glen meeting, attended by Brian Cowen and former Anglo Irish Bank boss Sean FitzPatrick, have been offered to the Banking Inquiry.
Former Central Bank board member Alan Gray, who was also at the meeting, has offered 11 pages of detailed notes from the day.
The golf outing on July 28, 2008 was attended by Mr Cowen, Mr FitzPatrick and former Anglo non-executive director Fintan Drury.
***A new iPhone, a new iPad and an updated Apple TV were all unveiled last night at Apple’s event in San Francisco last night.
Apple started the event by unveiling its new iPad pro, which it claims is faster than 90pc of portable computers. The tablet has a 12.9 inch screen, much larger than previous iPad models.
New models of the iPhone, the 6s and the 6s Plus were also announced. Among the hardware changes are an upgrade to the phone’s front and rear facing camera and the ability to shoot video in higher resolution.
***Bank of Ireland is ending its 40 year link with Visa and has written to customers telling them to replace their existing Visa credit cards with an alternative from MasterCard.
Bank of Ireland did not say why it decided to end its association with Visa, however the Irish Times reports that Mastercard offered better terms in a recent round of negotiations.
as a result of the agreement 40pc of the bank’s credit cards will move from Visa on a phased basis between this month and June 2016.
***A US appeals court has warned that it could allow other countries to access emails in the US if it forces Microsoft to release details of emails on a server in Dublin.
lawyers for the tech giant made the argument in a New York Court yesterday. US authorities have been attempting to access the emails as part of a narcotics investigation.
Microsoft is appealing a previous ruling by the US courts which ruled that the company would comply with a warrant seeking emails from msn.com. The company says that an order from an Irish court is needed.
***Iconic Dublin department store Boyers is to close for good at the start of next year with the loss of as many as 83 jobs.
Owners Fitzwilliam Finance Partners, who recently completed the purchase of the much larger Arnotts store, had been seeking a management company for Boyers for some time.
However, it said yesterday that it had been unsuccessful and has decided to begin winding down operations at Boyers.
***Web Summit founder Paddy Cosgrave was unable to guarantee yesterday if the event will continue to be held in dublin from next year onwards.
The Web Summit is now the world’s largest startup gathering, having expanded from 400 startups last year to an expected 2,000 at this year’s event.
Mr Cosgrave did not rule out the possibility of relocating the summit in 2016. Mr Cosgrave said that several governments, including the Portuguese, have expressed interest in hosting the event.
***State-owned Shannon Group started a €21m redevelopment on the Shannon Free Zone yesterday in an effort to upgrade facilities to attract more international companies.
There are currently 120 companies at the free trade zone, the world’s first when it opened in 1959, who between them employ about 7,000 people.
The five-year redevelopment programme being undertaken by Shannon Group subsidiary Shannon Commercial Properties, will involve the construction of manufacturing units and office blocks.