Saturday 10 December 2016

What it says in the papers: business pages

Published 12/02/2016 | 06:53

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

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Irish Independent

* Irish banks could be in for a ratings upgrade this year as they move from recovery to normality, Standard & Poor's has signalled.

The ratings giant said the prospects for Irish bank ratings could be positive.

"In many ways, we consider that the banking system has reached an inflection point as it transitions from post-crisis recovery to a phase where the sustainability of its recovery, and the resilience of banks' underlying business models, will be put to the test," S&P said.

* Investors dumped stocks and raced to buy so-called safe haven assets including gold and bonds yesterday, as this year's market rout continued to deepen.

In Britain an index tracking the value of UK banks plunged to a seven-year low.

In the US last night investors ditched American stocks across the board, pushing the S&P 500 and the Dow Jones industrial average down more than 10pc for the year.

* A long-awaited centralised credit register won't be up and running until next year, the Central Bank said.

This will mean it will have taken seven years to get it operational.

It will be March 2017 before the first phase of the register is introduced.

The Irish Times

* A large shareholder in Irish company, Prime Active, has wants the firm's board to step down.

According to a report in The Irish Times, Conor Martin, who has a 26.5pc stake in Prime Active, has written to the chairman of First Active, asking for existing directors to step down.

Mr Martin wants the firm to look at investments in the pub and leisure sector.

* Shares in both the US and Europe plummeted yesterday as fears about the health of the global economy continued to mount.

Permanent TSB fell by almost 6pc down to €2.78 while Bank of Ireland dropped by 0.6pc.

Concerns about the global economy have been founded on uncertainty around Central Banks' ability to support it.

* The National Treasury Management Agency (NTMA) has raised €1bn in 10-year borrowings at an interest rate of just under 1pc.

The agency auctioned €1bn of the 2026 bond raising funds at a yield of 0.999pc.

It is understood that the initial allocation was taken up by primary dealers and brokers with an interest in the Irish debt market.

Irish Examiner

* Chief executive of Irish Distillers, Anna Malmhake, is to leave her post in order to take on the same role at Absolut, which is also under the Pernod Ricard umbrella.

Ms Malmhake will be replaced by Jean-Christophe Coutures who joins up from Pernod Ricard Winemakers.

The announcement came with the firm's interim results for the period ending December 31, which saw a 7pc increase in reported sales.

* British MPs have criticised Google's transparency in its tax dealings.

The MPs said that Google was trying to fool Britons into thinking that it was a proponent of tax reform rather than a beneficiary if current loopholes.

Stewart Jackson, a member of the Public Accounts Committee in the UK, said that the company should be more open about its tax affairs.

* Enterprise Ireland is looking to Iran over the coming months as it plans two market visits over the coming months.

The move comes as the agency looks to tap into one of the biggest trade opportunities of the year.

The visits will centre on promoting Irish interests in healthcare and information technology.

The Financial Times

* Google's head of European operations has been accused of 'living in a different' world when MPs in the UK questioned him about the firm's tax settlement.

According to a report in The Financial Times, Google chief, Matt Brittin, was asked five times about how much he was paid, which he didn't reveal.

Mr Brittin said that he would provide the figure privately if it was relevant to the committee.

* The average first-time buyer in London will have spent £70,000 on rent before they are able to afford to buy a home.

According to a report in the FT the average first time homebuyer in London will have spent around £68,000 on rent.

The average first time buyer in London will also need to save a deposit of £91,000 to be in with a hope of buying a property.

* BNP Paribas is hauling back in its lending to the US energy sector.

The move has the potential to tighten a squeeze on cash-strapped producers in the US as they try to deal with the collapse of oil prices.

According to a report in the FT, the Paris-based bank is pulling out of the reserve-based lending business.

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