Tuesday 25 October 2016

What it says in the papers: business pages

Published 06/05/2016 | 06:54

Here are the main business stories from today's papers:

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Irish Independent

* Ryanair is likely to feed passengers to the Aer Lingus long-haul network as part of what would be an unprecedented formal agreement between the two former arch rivals, according to IAG chief executive Willie Walsh.

The two airlines have held high level talks at various stages over the past year or more on a so-called interlining model.

* Growth in Ireland's services sector has slowed to over a two-year low, with political instability at home and Britain's EU referendum being blamed.

And there are further signs of the impact of the crucial Europe vote in Britain, with UK services growth slowing to a three-year low.

* Pay packages for Kingspan executive directors were rejected by nearly a third of shareholder votes at the company's agm yesterday.

Chief executive Gene Murtagh said a mid-year change to a bonus scheme had been flagged with the company as a bone of contention.

The Irish Times

* Ibec chief executive Danny McCoy said a British exit from the EU (Brexit) is the biggest threat to Irish business in a generation.

According to a report in The Irish Times, the Ibec boss believes a deal between the UK and the EU means the world will change for businesses whether it's a yes or no.

* RSA Insurance Group has seen its capital commitment into its Irish arm exceed half a billion euros after it made some €90m available to it to strengthen its balance sheet.

The €90m was made available to the Irish arm under new insurance capital rules called Solvency II.

* The newly drafted Government programme suggests the next government will increase public spending by a further €3.18bn in the years to 2021.

According to a report in The Irish Times, the money will be set aside to deal with Ireland' ageing and growing population with an eye on health service, education and disability services.

Irish Examiner

* Fianna Fáil has pledged to reintroduce a bill to quickly allow mortgage lenders to cut their home loan rates following further government talks.

According to a report in the Irish Examiner, Fianna Fáil's finance spokesman Michael McGrath has indicated the bill will be tabled within weeks.

* Building products group Kingspan has invested €72m in two new firms as it continues to invest in the UK despite a looming Brexit vote.

According to a report in the Irish Examiner, the firm has bought two new firms over the past week or so with one of the companies based in the UK and the other rooted in Australia.

* Ireland is missing out on attracting financial technology (FinTech) firms here despite having a strong name internationally for being a technology hub.

According to a report in the Irish Examiner, Ireland is losing to other European countries in terms of attracting FinTech firms with London and Germany amongst the biggest European markets for it.

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