Saturday 20 January 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

*Aer Lingus will launch three new transatlantic routes on Wednesday including flights to Los Angeles and Hartford, Connecticut.

Miami has been suggested as a likely third destination by industry experts.

The new routes will require the airline to take on more staff, it is understood. Aer Lingus will be implementing some staff reductions in areas like finance and procurement as it merges with new owner IAG - but expects its net headcount to have increased by the end of 2015.

*Too much competition among buyers means purchasing a hotel in the capital is no longer a good investment, according to the head of one of the country's biggest hotel buyers.

Speaking at a Crowe Horwath/DTZ hotel industry briefing in Galway, Noel Creedon, head of Cork-based specialist investment firm iNua, said his firm will not buy any properties in the capital despite building up a €20m warchest for hotel acquisitions earlier this year.

However, there is still exceptional value to be found in hotel purchases outside of Dublin, Mr Creedon said.

The Irish Times

*A group of Irish traders based in London has set up a "virtual hedge fund" designed to allow investors to monitor the best-performing traders.

Coalface Capital has already signed partnership deals with online trading platforms including FX Pro.

Chief executive Declan McEvoy said the business was like an "Uber for the trading world".

*Uncertainty over a "Brexit" could give Ireland a competitive advantage, according to a leading economist.

Stirling University economics professor Liam Delaney said investors might see Ireland as a more stable entry point for the EU market.

However, he also said Britain might get an advantage from having a more flexible relationship with the EU.

*Finance Minister Michael Noonan is expected to recommend a new Central Bank Governor to cabinet tomorrow.

Department of Public Expenditure and Reform secretary general Robert Watt and TCD economics professor Philip Lane are the final two candidates.

Mr Watt is seen as the favourite but the race is thought to be close.

Irish Examiner

*Lifting investment in infrastructure is crucial to stabilising Chinese economic growth, according to a top state adviser in that country.

China's central bank should also lower the cost of borrowing for companies and make credit more easily available, said Yu Bin, who leads the micro economy research department at the Chinese State Council's Development Research Centre.

He also said China should speed up hydropower projects and lift spending on rural roads.

*The Irish arm of medtech giant Genzyme posted a 5pc increase in pre-tax profits last year - to €50.56m - with revenues topping €1.55bn.

Its corporate tax bill jumped to €5.9m from €75,000.

The company was established in Waterford in 2001.

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