Saturday 3 December 2016

What it says in the papers: business pages

Published 08/08/2016 | 06:53

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

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Irish Independent

* Consumers have been warned not to let their contactless bank cards out of their sight in bars and restaurants over fears that they could be scammed.

It comes as AIB has decided to wait until the end of the year before charging customers for paying with a contactless card. It was due to impose charges from this month.

* A tribunal has ordered Allied Irish Banks to pay a sacked senior manager €138,384 after finding that he had been unfairly dismissed.

In making the award to Seán McHugh, the Employment Appeals Tribunal (EAT) described AIB's decision to dismiss him as "disproportionate".

* Irish renewable energy company Gaelectric has secured €38m in financing from AIB to build two wind farms in Co Kilkenny.

Gaelectric announced yesterday that it ­concluded ­agreements on a total of €38m in financing packages for ­construction of the wind farms at Ballybay and Foyle in the county.

The Irish Times

* US tourists may prefer to holiday in the UK due to the weakness in sterling, according to the Irish Tourism Industry Confederation.

The confederation is asking for action to be taken to reduce the effect on Ireland's tourism sector, which it says is already feeling the pinch from Brexit.

* A sugar tax of 10c per can of soft drink will do nothing other than increase the grocery bill of taxpayers and will not help tackle obesity, it has been claimed.

According to a new report developed by the Irish Beverage Council, sugar taxes to not help to achieve objectives set to reduce problems in public health.

* Ireland's domestic growth was around 6pc last year according to the National Treasury Management Agency.

A new document from the NTMA points out that 26pc GDP growth rate overestimates growth in activity in Ireland.

Irish Examiner

* The soft drinks industry has warned that the introduction of a sugar tax could threaten jobs, while costing them an extra €60m a year.

In a pre-budget submission the industry also warned the move would reduce revenue to the State.

* Growth in the construction industry hit a four-month high in July pointing towards no downturn to builders from Brexit yet.

The Ulster Bank Construction PMI showed a reading of 61 points, up from 59.7 points in June.

* A tribunal has ordered Allied Irish Banks to pay a sacked senior manager €138,384 after finding that he had been unfairly dismissed.

In making the award to Seán McHugh, the Employment Appeals Tribunal (EAT) described AIB's decision to dismiss him as "disproportionate".

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