Thursday 27 October 2016

What it says in the papers: business pages

Published 22/02/2016 | 06:53

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

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Irish Independent

* Irish executives' fear of the impact of a Brexit on this country has grown as the referendum draws near, but fewer than last year believe a Brexit will happen, a new survey indicates.

Of 330 senior executives surveyed by headhunters Merc Partners, 87pc said Brexit would have a negative overall impact on the economy of the Republic of Ireland, a four-point increase on a year ago.

But just 25pc thought it likely that the UK will leave the EU in the next five years, down from 36pc last year.

* Wholesale gas prices have almost halved in the last year, with Irish businesses benefiting significantly, says a new report.

So far this month, prices are 44pc lower than in February 2015, according to electricity and gas supplier Vayu Energy.

Vayu, headed by managing director Colm Kennedy, said the collapse is due to "an overwhelming supply of gas in Europe and a very robust storage position for this time of year.

* The owners of one of the largest fish exporting firms in the country shared a dividend windfall of €300,000 in 2014, new figures show.

But accounts recently filed with the Companies Office show that pre-tax profits dropped sharply at Sean Ward (Fish Exports) from €3m to €825,992 in the 12 months to the end of July 2014.

The Donegal-based firm recorded the drop in profits in spite of revenues increasing by 13pc, going from €41.9m to €47.2m.

The Irish Times

* British Prime Minister, David Cameron, has been dealt a blow by the Mayor of London, Boris Johnson, who says that he will throw his weight behind a 'leave' vote in the upcoming Brexit referendum.

The UK is to vote on whether or not to stay in the European Union in June with many uncertainties still looming about the terms of the exit.

Mr Johnson said that he had gone through 'a huge amount of heartache' before reaching a decision.

* Cereberus, the US private equity firm, is to wind up Mick Wallace's M&J Wallace firm just  weeks after winning a €2m judgement against him.

The Wexford TD was unable to prevent Cereberus from obtaining a High Court judgement for €2m arising from debt for the firm.

Mícheál Leydon has been appointed as a liquidator to the firm.

* Bank of Ireland is expected to pay its shareholders a dividend for the first time since 2008.

The bank is due to release its full year figures for 2015 on Monday and it is understood that it will pay a dividend to its shareholders in 2016.

According to a report in The Irish Times, the dividend will not be paid until the first half of next year following the bank's AGM.

Irish Examiner

* iMob Media, the location-based digital marketing platform, has struck a major deal with Three, which will allow it to target specific customers with offers and incentives.

The firm is headed up by former Eircell chief executive, Stephen Brewer, who said the team at iMob was very pleased with the new deal.

The Dublin-based start-up uses geo-fencing to identify when a customer is close to a particular shop or offer.

* China's national debt is set to continue increasing over the course of the next four years according to a report by Bloomberg.

Policymakers are looking to prevent a deeper slowdown without triggering a credit blowout.

In a survey conducted by Bloomberg, 70pc of analysts said they saw the debt ratio increasing for the next three years at the very least.

* The pressures currently facing Irish business have changed according to the latest quarterly Business Monitor Report.

In the final three months of last year, pressures facing Irish business resembled those that face firms in a growing economy.

Over half of the businesses surveyed cited competition and discounting by their competitors as a key issue.

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