Sunday 26 February 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

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

Irish Independent

* The minister responsible for responding to climate change has moved to dampen expectations from the solar industry that a flurry of development proposals currently in the works will be backed by the Government.

Denis Naughten warned last night that he will not see consumers hit with new levies in order to fund the rollout of solar projects, and even questioned the high number of schemes currently in development.

* One51 has confirmed the sale of its Irish metals recycling business, in what the Irish Independent understands are a series of disposals to the previous owners.

The Irish Independent revealed in September that One51 was in advanced talks to exit the Irish metals business, part of its ClearCircle division.

* The Government is "stupid" for not improving the tax rebate offered to car buyers who opt for electric models by Solar21, according to chief executive Michael Bradley.

The solar company described the provision of a State support for vehicles to change to natural gas as a "retrograde" step and also lamented the reduction in budget for cycle paths across the capital.

The Irish Times

* The State's tax take will have to meet targets in November and December in order for the Government to have funds to back additional spending commitments.

The exchequer deficit so far this year is nearly 11pc ahead of where it was in 2015.

* The UK is facing "vicious" negotiations with the EU after the Brexit vote according to Taoiseach Enda Kenny.

Mr Kenny was speaking at the all-island Brexit summit yesterday where he said a number of European countries have taken a poor view over Britain's decision to leave.

* Jobs at web company Yelp may be at risk after the business announced its intentions to cut 175 roles globally.

Yelp, which has its European headquarters in Dublin, told analysts that it would be shutting the majority of its international operations.

Irish Examiner

* Two of the country's biggest food firms have weathered the initial Brexit storm with analysts upgrading both Glanbia and Kerry Group.

Kerry posted a 0.4pc increase in revenue during the first nine months of the year while Glanbia reiterated its earnings per share growth target for the year.

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