Friday 21 October 2016

What it says in the papers: business pages

Published 13/05/2016 | 06:58

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

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Irish Independent

* Microsoft has been given the go-ahead to construct four huge data centres in Dublin that are likely to involve an investment of as much as €900m.

Almost 1,800 construction jobs will be supported by the three-year project, according to Microsoft. The data centres will also result in the creation of 140 full-time jobs.

* More than three-quarters of Irish businesses fear that the new Government will hike corporation tax from its current low rate of 12.5pc, a new report has shown.

According to the France Ireland Chamber of Commerce (FICC) Business Owner Index, 77pc of Irish business owners are wary of an increase in the tax.

* The future of KBC Bank Ireland is now unlikely to be decided by its Belgian parent until early 2017, its chief executive has told the Irish Independent.

The bank had flagged that a decision would be taken in 2016 - the target date for the Irish unit's return to profit.

The Irish Times

* The parent company of retail group Debenhams reportedly committed to provide adequate support to its Irish stores for not less than one year in December.

According to a report in The Irish Times, the parent firm made the commitment five months ago. Debenham's Irish stores went into examinership yesterday.

* Ratings agency Moody's is holding off on giving Ireland an A rating, despite the fact the country has raised most of its financing needs for the next year ahead of a potential Brexit.

According to a survey in The Irish Times, eight out of 11 economists quizzed expect the agency to keep its Baal rating for the country in its anticipated report.

* Smartphone ordering has driven Irish consumers' spending on takeaways to €1.45bn annually with the sector expected to expand further.

A new report into the sector expects the takeaway industry to increase by potentially as much as 60pc over the next four years.

Irish Examiner

* An interim examiner has been appointed to department store chain Debenhams  in a move that potentially affects the jobs of 2,265 people.

The High Court appointed the examiner to the store since the Irish arm of the firm made consistent losses since 2007.

* A surge in both car insurance and private rents were the stand out features from the latest monthly report from the Central Statistics Office.

Car insurance premiums soared 3.4pc in April, bringing them up to a level of 34.5pc higher that the same period in 2015.

* US firms moved $100bn (€88bn) in income to Ireland in 2012, reducing their tax bills in the process.

According to a report in the Irish Examiner, a new study commissioned by the Washington Center for Equitable Growth said inversion deals were just the beginning.

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