Business Irish

Wednesday 22 November 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 pace of growth in new manufacturing orders here has slackened to its lowest level since late 2013, prompting fears that the global manufacturing slump has finally reached Ireland.

The overall pace of growth in the sector in Ireland was the weakest in two years last month, while in the UK, it slowed to a 34-month low.

In the Eurozone, manufacturing expanded at the slowest pace for a year, with France and Germany, the two biggest economies, hovering close to stagnation. Greece has slipped back into contraction territory.

* Retaining the 9pc VAT rate is essential if the tourism sector is to remain competitive, the newly-elected president of the Irish Hotels Federation (IHF) said yesterday.

Joe Dolan claimed the reduction in VAT was the "single biggest job creation strategy since the foundation of the State".

"Our competitiveness, of which VAT is a significant part, is the difference between some hotels staying open that otherwise would have closed, and raising it would be hugely counter productive.

* Dublin Institute of Technology is seeking between €15m and €20m for its catering college and related property beside O'Connell Street.

The college, which is set to be moved to the new campus at Grangegorman, will vacate its long-standing base at 21 Cathal Brugha Street at the corner of Marlborough Street.

The property, which will be marketed by agent WK Nowlan, has about 10,000 sq m of space, and can be converted to offices or apartments. The shortage of office space in central Dublin may make this property an attractive one to investors.

The Irish Times

* Six Irish citizens were included in the annual Forbes ranking of global billionaires with a combined net worth of over $30bn.

The richest Irish-born billionaire is INM owner and Digicel founder, Denis O'Brien. Mr O'Brien's fortune is estimated by Forbes as being $5.7bn.

Financier Dermot Desmond is said to be worth $1.9bn by the magazine, citing a slight increase on his value in 2015.

* Moody's, the rating agency, has remained low-key following an inconclusive election, saying that the result was unlikely to incur any noteworthy change in Irish fiscal policy.

Moody's also said that there will be little change for domestic banks once the next government is formed.

Market response to the election has been subdued despite concern about the cost of Irish borrowing rising.

* Apple and the FBI will bring their battle to Capitol Hill after no compromise was made between the two bodies.

Both parties are arguing over whether or not to unlock an iPhone that belonged to one of the San Bernardino shooters.

However, neither side has backed down in the dispute which will now be taken to the next level.

Irish Examiner

* The firm behind the luxury Killashee House and Spa hotel booked pre-tax profits of €4.3m in 2014 that arose mainly from the hotel exiting examinership that year.

Accounts filed by Craigfort Taverns Ltd show that the firm booked a net €2.3m gain arising from the examinership process.

The firm emerged from a High Court examinership in August 2014 after Brehon Capital Partners and Midwest Holding acquired the 141-bedroom four star hotel for €13m.

* The Irish manufacturing industry expanded at its slowest pace in two years in February while employment levels in the sector continued to rise.

According to the Ivestec Purchasing Managers' Index (PMI) the industry continued to grow for the 33rd consecutive month.

The headline reading from the PMI for the month of February was 52.9, down from the January figure of 54.3.

* Under half of the proposed 5,000 hotel rooms that are awaiting planning permission in Dublin are unlikely to be built according to Aiden Murphy, a partner with business advisory firm, Crowe Horwarth.

Mr Murphy warned that poor planning and a lack of funding has left developers with many projects stuck in planning stages.

The increase in hotel rooms are required to meet a resurgent demand in the Capital.

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