Tuesday 12 December 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

* Thousands of homes will be included in a massive Nama sell-off of property loans worth nearly €5bn.

A host of international funds are set to swoop for the two portfolios of loans, which have a face value of €4.7bn.

The residential properties in the mammoth sale are understood to include apartment blocks, mostly around Dublin.

* The Irish Aviation Authority is deferring to the commercial and political aims of Scandinavian airline Norwegian and interfering in issues that don't concern it, the president of the Irish Airline Pilots' Association (IALPA) has claimed.

Evan Cullen, the president of IALPA has also accused both the Irish Aviation Authority (IAA), and Norwegian Air International (NAI) of personally attacking him in recent letters sent by both organisations to west Cork TD Jim Daly.

The correspondence between the parties comes as President Obama signalled yesterday in a meeting with acting Taoiseach Enda Kenny that he expects NAI will be in a position soon to start flying from Ireland to the United States.

* Sean Mulryan's property group Ballymore has secured €250m in funding from UK investment group M&G Real Estate to fund the construction of Three Snowhill, a 420,000 square foot office development in Birmingham city centre.

Ballymore said the scheme will be the largest ever speculative city centre development built outside of London.

The Snowhill area of the West Midlands city has been dubbed Birmingham's Canary Wharf. Three Snowhill consists of 385,000 square feet of office space and 35,000 square feet of retail and leisure, housing nearly 4,000 workers.

The Irish Times

* The number of Irish households in negative equity has fallen below 100,000 for the first time since 2008.

According to new research from the Economic and Social Research Institute, three years of property price growth has brought the number down from 314,000 in 2012.

The ESRI predicts that all houses will be free of negative equity by the end of 2019 if property prices continue to rise at 6pc per year.

* The European Commission is seeking more details of Apple's tax arrangements in Ireland from Irish tax authorities.

Representatives from the Commission wrote to Irish authorities last week looking for more details about the case.

The request for more information follows a submission by Revenue to the Commission in January.

* Consumers optimism was at a five-year high over Government policies on saving in the run up to the general election.

According the the Nationwide UK (Ireland)/ESRI Savings Index overall sentiment was unchanged in February month on month at 122 points.

There has also been a rise in the number of younger people that say Government policies are encouraging them to save.

Irish Examiner

* US management software firm Ipswitch will open a new Europe, Middle East, and Africa (EMEA) support centre in Galway, creating around 60 new jobs over five years.

Ipswitch's new office will house research and development, sales, and technical support teams.

Ipswitch head of customer services Rich Welch said the new Galway unit will improve his company's understanding of its customers.

* Allied Irish Banks has joined a number of objectors in opposition of a new €200m office block in Dublin 4.

According to a report in the Irish Examiner, the bank is objecting against property developer Johnny Ronan's new six storey office block close to AIB's Bankcentre building.

The four-acre site had been previously sold by a receiver for both Nama and Ulster Bank.

* Irish financial services firm Fexco has acquired UK rival CEC as part of its largest ever corporate transaction in the UK.

The deal will see CEC's 36 London branches become part of Fexco's operation.

The acquisition makes Fexco the owner of the UK's largest independent foreign exchange business.

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