Business

Wednesday 28 September 2016

What it says in the papers: business pages

Published 08/06/2016 | 06:42

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

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Irish Independent

* The Government will need an extra €6bn over the next five years just to maintain current spending needs, the State's budgetary watchdog has said.

That's over half the projected amount of money the Government has estimated is available for extra spending out to 2021.

* Dublin builder Michael Murphy was stung with a €7m bill by the Revenue Commissioners in its latest haul from defaulters.

The Revenue's latest tax snare netted a total of €24.7m from doctors, sales people, publicans and even a private investigator.

* Eir has tapped the bond market for €500m - 42pc more than the €350m it originally sought - as investor demand boosted the size of the offer.

The telco has also slashed its interest bill as a result.

The Irish Times

* Sinn Féin MEP Matt Carthy has launched an attack on Ireland's tax regime and said the country's reputation for allowing tax avoidance to occur is deserved.

According to a report in The Irish Times, Mr Carthy criticised the last government for abolishing the double Irish tax structure, as larger companies had until 2021 to restructure their tax avoidance.

* The State will need to stump up an extra €6bn just to maintain its current level of spending over the next five years, according to the Government's budgetary watchdog.

The Irish Fiscal Advisory Council has based its estimate of expenditure on trends in inflation and changes to public sector pay, matched up with an ageing population.

* Troika representatives returned to Dublin on Tuesday for a review of the Irish economy amid concerns surrounding the new government's dedication to EU debt and deficit targets.

The review was meant to take place in May, however due to the long drawn out process involved in forming a government, it was delayed until June.

Irish Examiner

* Ailied Irish Banks is to cut its home loans interest rates twice more this year to below 2pc, Investec Ireland has predicted.

The financial services firm said that Permanents TSB will also implement a cut to its lending rates in the coming weeks while Bank of Ireland will hold firm against increased pressure from Government.

* Irish consumer spending on groceries enjoyed a third consecutive quarter of growth in the 12-week period up to May 22 as sales in the area increased by 4pc.

According to the latest figures from insights agency Kantar Worldpanel Tesco also began to close the gap on market leader Super Valu.

* Pre-tax profits at the flagship pub and restaurant business operated by one of the country's best known publicans, Declan O'Regan, increased by 5pc to €967,962 last year.

Accounts for the 12 months to the end of May 2015 filed by O'Regan's Telfer Ltd - which operates Hogan's bar and L'Gueuleton restaurant on Dublin's South Great George's Street - show that pre-tax profits rose from €919,507 to €967,962.

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