Tuesday 24 April 2018

What it says in the papers: business pages

Biz Front
Biz Front
Michael Cogley

Michael Cogley

Here are the main business stories from this morning's papers:

Irish Independent

* A tenth of the cost of bailing out the banks has been recovered by the former National Pension Reserve Fund (NPRF) to date, according to new figures.

During the crash the fund was raided to the tune of €20.7bn to help prop up the country's two biggest banks.

So far, €6.4bn of that has been recovered from the sale of stakes and assets linked to Bank of Ireland and AIB, according to a financial update from the Irish Strategic Investment Fund (ISIF) published yesterday.

* Irish international packaging giant Smurfit Kappa has confirmed its plan to move its primary stock market listing to London.

The €5.3bn company said it would increase its profile and attractiveness to a wider potential investor base.

It will maintain a secondary listing in Dublin, however.

* Irish newspaper buyers are charged some of the highest VAT rates in Europe, according to figures from the European Newspaper Publishers Association.

Newspaper buyers in Britain, Denmark and Norway pay no VAT, while reduced rates apply across most of the continent, according to the same figures.

In many countries lower tax rates apply in order to stimulate media diversity and support viability in the sector.

The Irish Times

* Allied Irish Bank and Bank of Ireland repaid 31pc of the bailout money they were given from the Ireland Strategic Investment Fund (Isif) by the end of 2015.

New figures from the Isif show the two banks had returned €6.4bn to the State agency.

Bank of Ireland had repaid €4.2m while AIB had paid back €2.2bn out of the €20.7bn they were granted between 2009 and 2011.

* Future Finance, a Dublin-based student loan platform, has raised €150m in its latest round of funding.

The latest round brings the total raised by the firm up to €234m since its launch under two years ago.

The firm said £100m of the newly raised money is to be used for lending capital.

* Glanbia has seen its milk supply contract with Tesco reduced after the supermarket chain reviewed its order.

Tesco has milk supplied to it by Glanbia, which it then sells under its own label.

The supermarket says it now uses both Glanbia and Tipperary-based Arrabawn and northwestern co-op Aurivo.

Irish Examiner

* The Teachers' Union of Ireland is calling for a 1pc levy on corporate profits to provide extra funding to the higher-education sector.

The Union says the charge would remove students' €3,000 registration fee as well as leading to thousands of extra academic staff.

Last month members of the TUI went on strike for a day over alleged underfunding and understaffing.

* An Bord Pleanála has given the go-ahead for a new nine-storey office block overlooking the River Liffey opposite the International Financial Services Centre (IFSC).

Last August, Dublin City Council gave Targeted Investments Opportunities (TIO) plc the go-ahead for the 15,479 sq metre office block at No 13-18 City Quay.

The scheme also contains plans for two retail or restaurant units and one café.

* Bumper sales of 'Grey: Fifty Shades of Grey as Told by Christian' and publishing phenomenon 'The Girl on the Train' helped bookseller WH Smith to a profits boost.

The Irish arms of WH Smith saw pre-tax profits rise by 20pc to €1.8m last year.

New accounts filed by WH Smith Ireland Ltd show that revenues rose from €19.29m to €23.69m in the 12 months to the end of August last.

Online Editors

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