Tuesday 6 December 2016

What it says in the papers: business pages

Published 08/02/2016 | 06:37

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

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Irish Independent

* Google Ireland's employees earn less than half the wage of their UK counterparts, despite the fact the global search engine uses Dublin as its hub, it has been claimed.

Workers at the company's Grand Canal offices earn €94,590 on average (or £72,783), compared to around €207,884 (or £160,000) paid to their London colleagues.

However, Google's employees in the UK are generally tasked with supporting the work of the company's Irish team.

* Consumers have been splashing out on holidays and restaurants since Christmas as the feelgood factor of an improving economy filters through to their bank balances.

Figures from Visa Europe show that Irish people using the group's cards spent 7.5pc more last month on their plastic compared to January 2015. That reflects spending on both Visa credit cards and debit cards.

That was a bigger increase than was recorded during December as the Christmas buying frenzy hit its peak, and when expenditure on cards for the month rose 6.5pc year-on-year.

* Construction firms have reported seven-month highs in new orders and employment levels, according to new figures.

The Ulster Bank Construction Purchasing Managers' Index (PMI), a seasonally adjusted snapshot designed to track changes -- recorded a sharp rise in activity last month.

It is the second successive acceleration in the rate of growth of construction activity - and is the fastest since June 2015.

Irish Examiner

* Scrapping the USC is a step in the wrong direction according to business group, Ibec. In a major policy document the group outlined why removing the tax, which most parties are looking to reduce or scrap, is a bad idea.

In the document the group outlines the importance of the tax to country's pension provision.

The group says that it would make little sense to remove the tax if it ends up being replaced by a similar pension tax in the future.

* Bank of Ireland's enterprise arm said that in 2015 it approved €5.3bn in loans to big and small businesses.

The loans were approved from a total of 66,000 applications, which represents an increase of 8pc when compared to 2014.

Bank of Ireland's business bank's managing director, Mark Cunningham, said that lending to the motor market, retail, and the agricultural sector also all increased.

* Volkswagen is to offer generous compensation packages to 600,000 US owners of its diesel vehicles that became embroiled in its emissions scandal last year.

The head of VW's claims fund told a German newspaper that the firm has still not decided whether or not it was offer cash or car buy-backs.

Last week, Volkswagen postponed the publication of its financial results for 2015 and also postponed the its annual shareholders' meeting.

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