Tuesday 20 August 2019

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

*President of the Irish Farmers' Association (IFA) Eddie Downey has stepped back from the country's most powerful farm lobby group, as it moved to review pay packages at the organisation to try to staunch the haemorrhage of members.

IFA leaders have been flooded with angry calls from members threatening to leave the organisation after it emerged the former general secretary Pat Smith received a pay package of almost €1m over just two years.

Mr Downey, who has faced no-confidence motions in the wake of the revelations, apologised to members last night as he confirmed he would "step back" to allow a review of remuneration take place. The IFA confirmed the president has a salary of €147,000 a year.

*Fresh from inking a deal to sell Arnotts in Dublin to Selfridges, solicitor and developer Noel Smyth has applied for permission to build over 70 housing units beside a convent in the south of the city.

His Fitzwilliam Real Estate Construction vehicle has asked South Dublin County Council for permission to build a mix of 72 houses and apartments on the 2.3 hectare site in Firhouse.

*Retail investors have been warned about the risks of investing in contracts for difference.

The Central Bank produced a report on contracts for difference (CFDs) which estimates that up to 30,000 investors lost money investing in them through Irish-based stockbroking and investment houses. CFDs were the instruments used by former billionaire Sean Quinn to put money into Anglo Irish Bank, causing him to come financially unstuck.

The Irish Times

*The planned merger between Pfizer and Allergan could deliver a €620m boost to Ireland's finances.

The deal will see the Pfizer domiciled here, which will see it pay 12.5pc on international profits routed through Dublin.

Last year it posted around $5.3bn of international profit- which would have netted the exchequer €620m at yesterday's exchange rate of all those profits were taxed here.

*The Irish Stock Exchange (ISE) corporate entity is worth almost €115m, based on a valuation assigned to a 8.4pc stake in the ISE by Cantor Fitzgerald Ireland.

The exchange is owned by five Dublin stockbrokers. Davy, Goodbody, Investec, Campbell O'Connor, and Cantor.

*Property fund Iput has let Facebook's former HQ in the docklands to Accenture.

The lease on 7 Hanover Quay is worth €3.65m a year. It's one of the strongest prices in the 2015 commercial property market.

Irish Examiner

*Finance Minister Michael Noonan said the Pfizer-Allergan merger wouldn't throw a negative spotlight on Ireland's tax regime.

He said the IDA never promotes inversions and that the decision to invert has been made by the two companies. He said the Government's interest was that no jobs were lost and extra jobs were created.

*Irish-based chief financial officers (CFOs) are more confident about their companies' growth chances than those based in any other European country.

Almost six in ten Irish respondents to Deloitte's CFO survey said they were more optimistic than six months ago. The European average was 25pc.

*Ireland's only oil refinery is back on the sales block.

Phillips 66 - the owner of the Whitegate refinery in Cork - ended a previous sale process without a buyer but has now started looking again.

The company said it will continue to operate the business as normal until the process, which is expected to last a number of months, is complete.

Online Editors

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