Tuesday 27 September 2016

What it says in the papers: business pages

Published 14/07/2016 | 06:56

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

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Irish Independent

* The Government should consider breaking strict EU fiscal rules which place "unnecessary" and "inappropriate" restrictions on investment, the country's biggest business body has said.

Ibec said the rules, which are laid down by the European Commission to ensure prudent and stable public finances, should be adhered to for day-to-day government spending and taxation. But the group claimed they don't make sense in the Irish case in terms of capital investment.

* The UK will be working on forging quick, bilateral trade deals with countries around the world to demonstrate that it can survive outside of the European Union, Britain's outgoing ambassador to Ireland has said.

But it will be barred from doing any special side deal with Ireland as we'll form part of the EU negotiations, Dominick Chilcott told a Brexit event organised by Dublin City Council.

* Eir is to spend €50m in the next nine months upgrading its mobile network and expanding coverage across the country.

The operator says this will add to the €300m it has already spent on the network in the last four years.

The Irish Times

* Turnover at Citywest Hotel in Saggart jumped by 14pc in the opening half of the year as an increase in events and conferences helped it to strong trading.

According to a report in The Irish Times, to increase comes after more solid gains last year, where revenue rose 20pc to over €20m.

* Ireland has been accused of not thinking far enough down the line when it comes to capital spending and tax rates by Central Bank deputy governor Stefan Gerlach.

According to a report in The Irish Times, Mr Gerlach is urging Ireland to postpone an increase in capital expenditure and tax cuts.

* Pub chain JD Wetherspoon's expansion in Ireland has been put on hold in Ireland due to rising property prices and planning permissions.

According to a report in The Irish Times, the expansion has been delayed despite strong performance from its five locations here already.

Irish Examiner

* Business group Ibec has urged the Government to consider cutting its already low 12.5pc corporate tax rate in a bid to deal with the fallout from Brexit.

In a policy document submitted to the State Ibec also urged for a temporary release on EU spending rules to spend €1bn on social housing.

* Oil project may be at risk of being scrapped as the low oil prices reduces the incentive to explore for more oil, according to consultancy group Wood Mackenzie.

According to a report in the Irish Examiner, stocks linked to Irish exploration wavered yesterday off the back of the warning from Wood Mackenzie.

* Ireland's best-selling children's author, Eoin Colfer added further to his fortune last year with accumulated profits at his firm topping €3m.

The former Wexford primary school teacher has sold over 25 million books translated into 44 languages around the globe about the adventures of his teenage criminal mastermind, Artemis Fowl.

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