Monday 27 March 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

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

Irish Independent

* The family behind one of Ireland's best-known brands - Barry's Tea - is understood to have won a battle to keep the business under their full control.

A claim secured by AIB over a 9pc stake in the company behind the tea brand, Barry's (Cork), has been discharged by the Commercial Court, ending the spectre of the holding being sold off by the State-owned bank.

In 2010, AIB secured a charge over 90,000 shares in the tea firm that are owned by Donagh Barry, due to money owed to the bank by him following a failed multi-million euro property venture that he was involved in with his brother-in-law, Michael McCarthy.

* Up to 100 jobs are to be created following announcements in both Cork and Offaly.

Eventbrite, the world's largest self-service ticketing platform, will open a new customer support centre in Cork, with the creation of up to 50 new jobs over the next three years.

The firm is looking to hire workers that speak various languages, including German, Dutch, Italian, French and English, to support its growing international consumer base.

* Planning rules should be changed to allow 20-storey hotels to be built in the capital, according to the chairman of Fáilte Ireland.

Michael Cawley, the former senior Ryanair executive who is chairman at the state agency, told the Irish Independent he sees no reason why, in certain parts of Dublin, in or closer to the city centre, that hoteliers shouldn't be allowed to make the most of limited available space in order to generate a better return on expensive sites and development costs.

This would also enable them to address a shortage of available rooms in the city, he argued.

The Irish Times

* Minister for finance, Michael Noonan, has claimed that Fianna Fáil have promised public pay increases without funding them in it election manifesto.

The finance minister said that he had caught the party out on a 'massive deception'.

Mr Noonan said the figures included in Fianna Fáil's manifesto makes now allowance for the Lansdowne Road agreement, which finished in 2018.

* Up to 1,080 jobs are to be lost at Bombardier Aerospace in Northern Ireland following a review of the firm's requirements.

According to a report in The Irish Times, 580 jobs are to be cut this year with a further 500 set to be cut in 2017.

Members of trade union, Unite, described the decision from Bombardier as a 'hammer blow' to the North.

* Ulster Bank employees have agreed to a 2pc increase both sides of the border, which will take effect in April of this year.

The proposals were accepted by the majority of Irish Bank Officials' Association (IBOA) members after a recommendation from mediator, Martin King.

Lower-earning staff in Ulster Bank will be able to earn wage increases of up to 8pc if performance-based targets are met.

Irish Examiner

* Accumulated profits at Enya's music business firm nearly topped €1m last year, new figures show.

According to accounts recently lodged with the Companies Office, accumulated profits at Enya's Aigle Music Company Ltd dropped marginally from €1m to €985,668 in the 12 months to the end of June 30 last.

The figures show that the cash pile during the year increased marginally from €619,809 to €620,229.

* Bank of Ireland has predicted the sterling to rise again in value against the euro after it slumped from mounting speculation of a British exit from the EU.

The bank says that Ireland will be able to weather any currency shocks from abroad and insists the sterling will strengthen to reach 70p by the end of the year.

The bank, which is partly owned by the State, projects a 5pc surge in gross domestic product this year, up from its original forecast of 5pc.

* Over 60pc of small and medium enterprise owners feel that the Government isn't doing enough to support their business, according to new research.

The new research, provided by Amárach Research on behalf of broadband provider, Magnet, revealed the widespread dissatisfaction.

Business groups have called for changes in the area of share options, capital gains tax, and access to funding.

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