Thursday 29 September 2016

What it says in the papers: business pages

Published 29/06/2016 | 06:54

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

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Irish Independent

* Debenhams has emerged as the preferred bidder for its own business in Ireland, seeing off competition from UK billionaire Mike Ashley, who emerged as the only other serious contender for the chain's Irish arm, the Irish Independent understands.

Mr Ashley, who founded and heads the UK-headquartered Sports Direct chain, has been vying to secure a bigger foothold in Ireland.

* Airline bosses sought to reassure investors yesterday, saying the industry's fundamentals remained strong and the effects on demand from Britain's vote to leave the European Union would be short-lived.

Shares in European airlines such as IAG, Ryanair, Lufthansa, Wizz Air and easyJet have tumbled since the vote in favour of "Brexit" last Thursday, but recovered some ground yesterday.

* Volkswagen has agreed to spend $14.7bn (€13.3bn) to get hundreds of thousands of emissions-cheating diesel vehicles off US roads and placate regulators, in settlements that set a US motor industry record but still leave VW facing criminal and civil complaints on three continents.

Under the agreement announced yesterday, which still requires a judge's approval, car owners will have the choice of having Volkswagen buy back their vehicles or install whatever pollution-control retrofit is eventually accepted by regulators..

The Irish Times

* Minister for finance Michael Noonan has warned Britain's vote to leave the EU could see Ireland's economic growth fall by 0.5pc from what had been previously touted.

The department had tipped prior to the Brexit vote that the predicted 3.9pc growth in GDP would allow for increased spending and an ability to cut taxes.

* Irish owners of cars affected in the Volkswagen emissions scandal have called for a compensation programme similar to the one being implemented in the US.

The German manufacturer settled its US case for €13.9bn and as part of the settlement it is to establish a $10bn plus to buy back affected cars.

* California-based Beautycounter has splashed out Nude, the natural beauty line of products set up by Bono's wife - Ali Hewson.

According to a report from The New York Times, Bono is to become an investor in Beautycounter's parent company while Ms Hewson will join the board.

Irish Examiner

* Ratings agency Fitch has said that Ireland's current rating is safe despite the shock result of Friday's referendum, which will see Britain depart the EU.

According to a report in the Irish Examiner, the firm said that the country's debt rating would remain the same for the time being, despite increases political and economic risks.

* Irish health firm SilverCloud has been named by Accenture as one of the most innovative companies in the world for its provision of online therapeutic programmmes.

The company's programmes deal with a range of issues including the likes of stress and anxiety.

* The five star Dromoland Castle hotel is on course for a record year with revenues at the Co Clare business set to top €20m.

That is according to the long-serving hotel manager, Mark Nolan who pointed out that the business also includes the Inn at Dromoland, which it acquired in 2012 for €2.1m.

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