Sunday 23 October 2016

What it says in the papers: business pages

Published 07/04/2016 | 06:57

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

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Irish Independent

* Drug giant Pfizer and Ireland-based Allergan walked away from a $160bn merger deal yesterday in what is a major victory for President Barack Obama in his fight to block US companies shifting their tax liabilities abroad.

Pfizer admitted the decision to kill the deal - which would have created Ireland's biggest company - was a result of new US Treasury rules unveiled just this week.

* Staff at the Irish units of internet giant Amazon are set to reap a total of almost $50m (€44m) worth of share awards this year and in 2017.

The move comes as Jeff Bezos, the founder of the world's most valuable retailer, this week extolled Amazon as "the best place in the world to fail".

* Stalled infrastructural projects now threat to derail the recovery in the regions.

The warning came as the Construction Industry Federation (CIF) urged the new Government to set firm start dates for more than €1bn worth of investment schemes planned for outside Dublin.

The Irish Times

* Staff at Goodbody Stockbrokers have increased their stake in the firm to 49pc over the last five years, according to a report in The Irish Times.

Recovery in the stock market, paired with corporate transactions has helped the firm's staff get to its maximum stake target under the deal agreed with Kerry-based Fexco, which took it over in 2011.

* The BBC has acquired TV3 soap 'Red Rock' and is to air double episodes of the show in a daily lunchtime slop this summer.

The British national broadcaster purchased the first 80 episodes of the show through All3Media earlier this year.

* Irish consumer sentiment has recorded its largest monthly drop in 17 months following an inconclusive election in February, according to the latest KBC Bank Ireland/ ESRI survey.

The report showed a drop of its main index down to 100.6 from 105.8, bringing it down to a six-month low. Political instability was linked to the dip in confidence amongst consumers.

Irish Examiner

* Social media giant Facebook has brought forward its plans to build a second building at its data centre in Clonee Co Meath.

The move is in response to demand since Facebook's announcement about the data centre in January. As a result the second building will now be built concurrently with the first.

* The number of mortgages approved in the year to February fell by 15.1pc according to the latest monthly report from the Banking and Payments Federation Ireland.

The report shows an average of 1,951 mortgages were approved each month in the three month period that ended in February.

* Accounts filed by Bowe's Tommy Bowe Sports Ltd to Companies House in the UK show accumulated profits of £256,634 (€317,810) at the end of March 2015.

The firm's accumulated profits dropped from £274,992 during the period.

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