Friday 21 October 2016

What it says in the papers: business pages

Published 29/01/2016 | 07:07

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

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Irish Independent

** Finance Minister Michael Noonan says "no direct threat" was made by the European Central Bank about the burning of bondholders.

Mr Noonan also says negotiating with the ECB on debt reduction was worth more to the country in the long run.

The Banking Inquiry's report finds the warning of a withdrawal of emergency bank funding was used as "an explicit threat" by then European Central Bank president Jean-Claude Trichet.

** The UK's Trade and Investment Minister called for calm surrounding the debate on Britain's EU referendum during a visit to Dublin yesterday.

Speaking to the Irish Independent, Lord Francis Maude said the issue barely came up when he spoke with investors at a breakfast briefing yesterday organised by accountancy group PwC.

British Prime Minister David Cameron will meet European Council President Donald Tusk in London on Sunday, as officials prepare to reveal details of reform negotiations next week.

** Dalata has dipped into its warchest to buy the leases on four hotels in a deal worth €40m.

The Pat McCann-led firm said it agreed terms to take over the leasehold of the Gibson Hotel in Dublin, the Clarion Hotel in Cork, the Clarion in Limerick, and the Croydon Park Hotel in London.

The firm is also taking over the management of the Clarion Hotel in Liffey Valley in Dublin.

The Irish Times

** The European Commission will examine Google's controversial £130m tax settlement with the British government.

The announcement comes as Google's supposed 'sweetheart' deal gathers more opposition in the UK and Europe.

The Scottish National Party said that had written to the competition commissioner, Margarethe Vestager, about the deal who confirmed she would investigate the deal.

** New Generation Homes, the Greg Kavanagh-led developer, is seeking permission for a €250m office and apartment block in the south docklands of Dublin from Dublin City Council.

The site that the firm will be seeking application covers the area along the front of Lime Street to Hannover Street East.

According to a report in The Irish Times, the application is for 400,000sq ft of offices and 200 apartments.

** The Data Protection's independence under EU law is to be questioned after the High Court was asked to make a referral to the European Union's highest court.

The action was brought by Digital Rights Ireland, which previously took a successful case to the Court of European Justice in 2014, which overturned the a regime that saw citizen's data information retained for up to two years.

Irish Examiner

** Rothschild, the investment bank, is continuing to advise the government on the sale of state-owned Allied Irish Bank as market uncertainty continues.

According to the Irish Examiner, the sale of AIB will be left to decide by the next Government.

Rothschild began advising the Government as its independent financial advisor last month.

** Aircoach operator, Last Passive, enjoyed a return to profits this year after recording a pre-tax profit of €3m.

Newly filed accounts show a jump of 20pc in annual revenues to €21.83m.

The firm's return to profits comes after two back-to-back loss-making years at the firm, which incurred a loss of €773,000 in 2014.

** Consultancy firm KingramRed has revealed that Irish firms are ill-prepared to navigate big changes coming their way.

According to new findings from the firm, only a few firms have a plan in place to cope with digital distribution.

Kingram Red's David Gunning said that 70pc of firms are aware they're facing issues with digital distribution in the next two years.

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