What it says in the papers: business pages
Published 08/07/2016 | 06:56
Here are the main business stories from this morning's papers:
* A DRAFT finding by the Irish Data Protection Commissioner relating to data transfers between the EU and the US could cost the European economy €143bn a year if upheld, Facebook has claimed.
The finding - that EU-US data transfer channels by Facebook are invalid on grounds of inadequate US legal protections for EU citizens' privacy rights - was made by Commissioner Helen Dixon, the High Court heard.
* The European Commission has began formal disciplinary procedures against Spain and Portugal for breaches of new budget rules introduced after the financial crisis.
The Commission opened proceedings yesterday over excessive deficits in 2014 and 2015. Under toughened-up powers fines could be levied as soon as the end of the months on the two countries.
* Drinks company C&C received a welcome boost from "decent" weather in March and May but warned currency fluctuations may wipe out any gains made at the start of the year.
Good weather helped the company to a 9pc increase in Bulmers sales in Ireland, which will come as relief to the firm that saw its business hampered by poor conditions in 2015.
The Irish Times
* Nama moved to take the sting out of any property blow incurred by Brexit as it conducted a number of asset sales brining its exposure to the Irish market down to €1.5bn.
According to a report in The Irish Times, at the end of last year Nama's exposure to the UK stood at €2.1bn, the equivalent of a fifth of its remaining portfolio.
* Beef processors have been accused by the IFA of using Brexit as an excuse to shorten the price offered to farmers despite being hedged against currency headwinds.
According to a report in The Irish Times, farmers have claimed they were being quoted between 5 and 10pc less than the current going rate for their produce.
* Cider-maker C&C sees some benefit from Brexit as a weakening sterling may help the company win new brewing contracts in the UK.
According to a report in The Irish Times, the fimr's chief executive Stephen Glancey said the weakened currency does offer opportunities in the UK.
* Cork welcomed over 100,000 passengers on cruise ships for the first time ever last year as new figures on port traffic point to a 22pc year on year growth in passengers.
According to a report in the Irish Examiner, CSO figures show 57 cruise liners docked in Cork over the course of 2015.
* Ex Bank of England governor Mervyn King said Brexit should be used to build up the relation between both Dublin and London.
Mr King remained optimistic on London's chances of remaining a major financial centre.
* Car park operators Nationwide Controlled Parking Systems reported a major boost in its profits last year as the climbed to €511,337.
According to a report in the Irish Examiner, the firms profits more than doubled last year thanks to a 23pc increase in revenue.