Thursday 23 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

* Huge numbers of people who lost valuable tracker mortgages are likely to challenge Permanent TSB's compensation offers in the courts, a leading financial adviser has said.

The customers in question have been restored to tracker mortgages - but at interest rates far in excess of what they thought they would be getting.

PTSB has admitted it still has to restore around 1,400 property owners back to tracker rates.

* Irish firms selling into the UK market could be around 30pc less competitive by June than they were in January if Britain votes to pull out of the EU, due to the knock-on effect on sterling, Ireland's biggest business lobby group has claimed.

Sterling has already weakened over the course of recent months as uncertainty over the outcome of the June 23 referendum takes its toll on the UK currency.

One euro is worth around 78/79 pence, compared with 69 pence in November.

* Banking and capital markets CEOs see over-regulation, exchange range volatility and political uncertainty as the biggest risks facing the industry, a global survey has found.

The survey of 176 banking and capital markets chiefs across 62 countries by PwC highlights the challenges facing the sector.

They include the risks posed to the global economy, poor business performance, heightened risks in the cyber area and ongoing regulatory burdens.

The Irish Times

* Economic headwinds could cause Ireland's growth to deviate from the the predicted expansion of 4.6pc this year and 3.9pc in 2017.

According to Ibec a Brexit scenario is will create major competitors for Irish exporters into the UK.

The group also warned against spiralling wage growth here as well as the danger of a global economic slowdown.

* The impact of cyber crime and tightening of regulations has led to bank chief executives becoming worried about the prospects of global growth.

According to new research from Pricewaterhouse Coopers banks are also looking to change the way they manage risk.

In a survey of 176 global bank leaders, 71pc believe there are more threats to growth than there was three years ago.

* Profits at the Titanic Belfast visitor centre fell last year despite the fact that tourist numbers increased.

According to the operating firm behind the attraction tourist numbers increased 2pc to 625,000.

However, profit before tax fell by nearly a third to £800,697 with administrative expenses increasing significantly.

Irish Examiner

* Business representative body Ibec believes that economic growth will slow this year to 4.6pc.

The body suggests that external factors like a British exit from the EU and a troubled global economy may slow Ireland's growth.

The euro has continued to strengthen significantly against the sterling since the start of 2016.

* A large chunk of banking officials believe their sector is now over regulated just years after the last global financial crash occurred.

Just under 90pc of bank chiefs believe the sector is over regulated with bosses believing it's now a bigger hindrance than technological developments or geopolitical developments.

It is understood that European banks have become increasingly frustrated with a lack of clarity surrounding proposed additional reforms.

Online Editors

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business