Friday 30 September 2016

What it says in the papers: business pages

Published 09/09/2016 | 07:04

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

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Irish Independent

* The Central Statistics Office (CSO) has insisted a "mix of factors" was behind the shock 26pc surge in the size of the economy reported earlier this year, after experts claimed the hike was triggered by Apple rejigging its global tax structures.

In July official CSO figures showed the Irish economy had grown by an unprecedented 26pc in 2015 - more than three times faster than first thought.

* AIB is eyeing investments in new technologies and joint ventures with third parties to help position itself for a new era in banking, chief executive Bernard Byrne said yesterday.

The head of the country's biggest lender said the bank needs to be capable of investing in new technologies, and even new sectors, in future as the nature of banking changes in response to disruptions from technological change and new types of competitor.

* Galway medical device firm Vivasure Medical has secured €16.2m in backing from investors as it starts to roll out its first product in Europe.

Vivasure, which was co-founded by chief executive Ger Brett, has developed a technology - PerQseal - that enables surgeons to quickly and easily repair puncture holes caused by arteriotomies for catheter-based procedures.

The Irish Times

* Ireland has prepared itself to oppose a European Union plan to harmonise tax rules across nation bloc, it has been reported.

The plan is due to be discussed at the two day meeting of European ministers in Bratislava later today.

*The Central Bank has started to look into the mortgage market, exploring the level of interest available to buyers and the level of switching activity in the market.

The news has emerged in a letter written to MEP Brian Hayes by the Central Bank governor, Philip Lane.

* AIB is ready to float on the stock exchange after it has been fixed, the company's chief executive Bernard Byrne has said.

Mr Byrne was speaking at the Leinster Society of Chartered Accountants dinner on Thursday where he said the Government can now look at regaining the capital invested into the bank.

Irish Examiner

* Just 12 companies got more than two-thirds of the €34m RTÉ paid out for independently produced TV shows commissioned last year.

New figures show 356 independent production companies last year made more than 1,400 different pitches to RTÉ to secure some of the €40.64m available to make TV and radio shows in 2015 - of which €9m was paid for shows commissioned in 2014.

* The Ryanair share price has been tipped to hit €25 by Davy Stockbrokers after it increased its 12-month price target to €16.

The stockbrokers believe there is significant room for growth in the airline's share price.

* Rental costs continued their rise in August, however the cost of insuring a car dipped slightly from their high levels, new figures have shown.

According to the Central Statistics Office the overall cost of all goods and services across the economy fell by 0.2pc.

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