Business Irish

Sunday 25 February 2018

What it says in the papers: business pages

The front page of this morning's Irish Independent business section
The front page of this morning's Irish Independent business section
Gavin McLoughlin

Gavin McLoughlin

Here are the business stories you need to know about this morning.

Irish Independent

*The Coalition will have put an extra week's wages in the pockets of every voter in the country before going to the polls in the New Year.

As the country finally moves away from the era of austerity, working families and the elderly were the big winners in Budget 2016.

Cuts to the hated Universal Social Charge (USC), a childcare package and a series of measures aimed at pensioners formed the centrepiece of the 'giveaway' Budget.

*The Revenue Commissioners have been allocated additional funding and staff to crack down on tax evasion and collect an additional €75m next year.

Finance Minister Michael Noonan has provided money for increased audit and investigation activities, which is expected to lead to improved compliance.

Some 50 additional staff will be employed at a cost of €3m, Budget documents show, to "continue to confront non-compliance".

*Former Anglo Irish Bank boss David Drumm is to make a bid for bail on Friday amid claims his extradition request to Ireland was for a "political purpose".

The 48-year-old, who appeared in a court in Boston yesterday, is wanted here on 33 charges in connection with the collapse of his former employer.

Mr Drumm was led into court by US marshals with his arms behind his back.

The Irish Times

*Irish airline Cityjet is poised to sign a €900m deal for up to 25 Sukhoi Superjet planes.

The airline, which plans to renew its fleet of aircraft, has signed a deal with aircraft financier Falko, whereby Falko will buy the planes and lease them to Cityjet.

Cityjet has placed a firm order for 15 aircraft, and has an option for another 10.

*Twitter is laying off about 8pc of its global workforce - 336 employees.

The social network wants to streamline its operations.

The layoffs come a week after co-founder Jack Dorsey was made Twitter's permanent chief executive.

*Drugmaker Mylan's hostile takeover bid for its Irish-based rival Perrigo is still lawful, the Irish Takeover Panel has ruled.

Perrigo had sought an order saying Mylan had broken Irish law by allegedly failing to make a valid offer to Perrigo's Israeli shareholders by September 14th.

The Takeover Panel said the offer was fully capable of being accepted by the Israeli shareholders.

Irish Examiner

*The rezoning of a former halting site near Apple's Cork headquarters has sparked hopes of a jobs boost.

The rezoning - from residential to business and technology use - was one of the last elements of a "masterplan" for the area.

Cork City Council senior planner Ann Bogan said the rezoning was designed to create jobs.

*British payments processor Worldpay has been valued at £4.8bn after pricing its upcoming IPO on the London Stock Exchange.

The IPO is the biggest on London's main market in 2015. Worldpay said the process would raise £2.16bn, and that it would get £948m.

*An oil glut will continue through next year as demand growth slows and key OPEC members maintain output at near-record levels, according to the International Energy Agency (IEA).

The IEA said world oil demand will grow by 1.2 million barrels a day next year, down 150,000 from a previous forecast.

"The anticipated arrival of additional Iranian barrels - should international sanctions be eased - are leikely to keep the market oversupplied through 2016", the IEA said.

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