Thursday 27 October 2016

What it says in the papers: business pages

Published 22/07/2016 | 06:58

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

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Irish Independent

* Ireland's Knowledge Development Box is proving attractive to home-grown Irish businesses, the Department of Finance has revealed.

The Department has also revealed that plans to slash the rate of Capital Gains Tax (CGT) for new startups to 10pc from next year, bringing the environment more in line with the UK, would cost €65m in a full year.

* Tourists spent €6bn visiting Ireland last year - a rise of 16pc on 2014, latest figures reveal.

And tourist visits to Ireland grew by 13.1pc to eight million, according to the latest data from Fáilte Ireland.

* Enterprise Ireland has beefed up the number of international trade missions for the remainder of its year in the wake of Brexit, with 26 ministerial-led trips set to take place.

The full programme of events - 68 in total - includes ministerial-led trade missions, inward buyer visits, market study visits, international trade fairs, embassy events and knowledge seminars. They are all aimed at linking Irish companies with international buyers.

The Irish Times

* Cuts to the universal social charge are possible over the next three years if all of the money for tax cuts is used on this purpose, research from the Department of Finance has shown.

According to a report in The Irish Times, the reduction in USC would cost €300m next year with at least an overall cots of €1.7bn over the next three years.

* US real estate firm Hines is leading a group that will look to sell Liffey Valley shopping centre for €600m.

According to Bloomberg, the venture includes the Grosvenor Group and HSBC Alternative Investments with Easdil set to broker the sale of the centre.

* US real estate company Kennedy Wilson has appointed Sisk to build its landmark waterfront development on Grand Canal Dock in Dublin.

According to a report in The Irish Times, Sisk will build a 60,000 sq ft mixed-use development at Capital Dock in one of the biggest commercial development contracts seen in Ireland in recent years.

Irish Examiner

* A reducing of the universal social charge would cost the State a total of €1.86bn over four years, new documents have shown.

According to a report in the Irish Examiner, pre-budget documents from the Department of Finance point to hundreds of millions of lost income next year alone.

* The firms that operate LifeStyle Sports north and south enjoyed combined pre-tax profits last year of €4.18m as revenues topped the €103m mark.

New accounts just filed by the firm which operates the sports retail brand in the Republic, LifeStyle Sports (Ireland) Ltd, show it recorded pre-tax profits of €3.76m as revenues totalled €96.96m.

* Revenue at Britivic Ireland continued to grow in the three-month period to the start of July, rising 10.6pc thanks to sales growth in both its carbonated and still portfolios.

The company, which meaningfully entered the Irish market after its acquisition of C&C's soft drinks business, also said it sales arm Counterpoint performed strongly.

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