Sunday 4 December 2016

What it says in the papers: business pages

Published 29/02/2016 | 06:44

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

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Irish Independent

* It will take a more prolonged period of political uncertainty to really rattle investors, but Irish government bonds are expected to be hit today when markets open for the first time since the election.

Friday's inconclusive vote carries strong echoes of Spain, where efforts to form a government have been unsuccessful since elections in December, and Portugal, where a weak minority government has been in power since October.

An unclear general election outcome in a third Eurozone country at the same time may well cause financial investors to sit up and take notice, and not in a good way.

* Cork is set to gain €30m from the European Investment Bank (EIB) to development the country's biggest natural harbour.

The project, with the Port of Cork as borrower, is currently going through an appraisal process with funding expected to be formally signed off later this year.

It will support an expansion of the Port of Cork's deep-water port in Ringaskiddy, which is expected to cost €88m in total.

* Medical technology firm Alere has begun recruiting 40 new staff, representing a three-fold increase of its Galway operations. The move will bring total employment at the Ballybrit facility to 150.

More than 150 million medical diagnostic tests will now be managed through Alere's Galway facility, the company said.

The Galway centre already oversees the processing and delivery of Alere's next generation healthcare tests in Europe and the Middle East.

Irish Examiner

* Former Bank of England governor, Mervyn King, has warned of a new global financial crisis that is likely to happen sooner rather than later.

Mr King warned that only a fundamental rethink of the banking and monetary systems will be enough to avoid another crisis.

The ex banking chief went on saying that Central Banks are in a "prisoner's dilemma" due to their inability to raise interest rates for fear of stifling the economic recovery.

* Irish hoteliers want the next government to reduce levies that they say is crimping on earnings made from the tourism industry,]

The Irish Hotels Federation (IHF) says that despite cutting larger amounts of overheads they still face large bills and other costs from local councils.

According to the IHF, hotels are charged rates of up to €3,000 for each bedroom.

* A new Swedish study has claimed that the EU will not reach its goal of a 20pc reduction in carbon emissions unless it cuts the consumption of beef, mutton and dairy in half.

A pair of Swedish scholars say that EU citizens should be pushed to eat poultry and pork.

That is due to the amount of greenhouse gases emitted by their husbandry produces being significantly less.

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