Business Irish

Tuesday 23 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

*The entire multi-billion euro aircraft leasing industry here paid Irish corporation tax of only €23m last year.

That is according to figures provided by the Minister for Finance, Michael Noonan, who confirmed that the €23m paid in corporation tax last year was down from the €29m paid out by the sector, which controls billions of euro in assets, in tax in 2013.

Ireland is home to nine of the ten largest aircraft leasing firms in the world.

*Aer Lingus could have a so-called interlining agreement in place with Ryanair for next summer that would see its arch rival feed passengers to the Aer Lingus long-haul network.

Aer Lingus chief executive Stephen Kavanagh confirmed that talks have been under way with Ryanair, and that Aer Lingus, which was recently sold to British Airways owner IAG, is looking to expand its network reach.

"Those are commercial discussions and if we get the right price in terms of the capacity from Ryanair, then we'd be very interested in doing business," said Mr Kavanagh. "But at this point in time we remain in negotiation," he added.

*Irish teens' love affair with major US clothing brands Hollister and Abercrombie & Fitch cooled a little last year as sales dropped by more than €2.5m.

New accounts filed by A&F Hollister Ireland with the Companies Office show that pre-tax profits declined by 19pc going from €702,839 to €569,272.

Revenues declined by 15pc from €16.54m to €14.02m in the year to the end of January 31.

The Irish Times

*Draft laws increasing the maximum tax on Irish oil and gas fields to 55pc - from 40pc - will be unveiled today.

The laws will see an increased return to the State from future licences, at an earlier time.

The measure will be set out in the Finance Bill.

*Bank of England (BoE) Governor Mark Carney backed Britain's membership of the European Union but called for reforms.

The speech echoed Prime Minister David Cameron's praise for Britain's membership of a reformed bloc.

Mr Carney is understood to have been encouraged to set out issues a 'Brexit' would raise for the BoE by Mr Cameron, the newspaper reports.

*The Credit Union Restructuring Board said it only expects to spend €20m out of the €250m set aside for consolidating credit unions.

That would lead the Government to save €230m.

The board said many unions had been able to meet the costs themselves.

Irish Examiner

*Nama did not confirm whether it's paying bonuses to try and retain key staff.

Chairman Frank Daly flagged the possibility of so doing earlier this year.

A Nama spokesman referred the newspaper to a parliamentary reply by Finance Minister Michael Noonan, in which Mr Noonan said the cost of staff retention measures and Nama's redundancy scheme would not exceed €20m.

*Fyffes' closure of its Irish defined benefit pension scheme is set to boost the fruit company's annual operating profits by €1m.

The closure of the scheme follows a €20m payment to eliminate future liability.

The company also said it bought a Costa Rica banana farm for $15m.

*The European Commission has proposed to set up "competitiveness boards" in each Eurozone country.

The boards would be independent and examine areas like cost, productivity, skills, and the business environment.

It also said it wanted to set up a European Fiscal Board that would advise on policy for the Eurozone as a whole.

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