Wednesday 18 July 2018

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 firm that operates the network of speed camera vans around the country for the Gardai received payments of €17.27m for the work last year.

The Go Safe consortium received the payments from the Gardai as the police body confirmed that the current contract expires in November of this year.

* Some firms advising struggling borrowers are failing to properly collect all of the information needed to give the best help and guidance, while others may not be fully communicating the potential consequences of debt deals to vulnerable clients, according to the Central Bank.

Nine firms looking to become authorised debt management agencies have had their applications refused, the Regulator said.

* Insurer FBD will pay its former chief executive Andrew Langford €16,300 a month to advise the business this year, despite paying him a six-figure sum in lieu of notice when he left the group last July.

The company's annual report, released to the market yesterday, says FBD paid Mr Langford €269,000 in lieu of six months' notice when he stood down suddenly at the end of July 2015.

The Irish Times

* Irish consumers withdrew over half a billion euro in deposits during February as poor returns continue, according to the latest figures from the Central Bank.

Banks are now holding €3.6bn more house hold deposits than loans according to the figures, which also show a 2.4pc decline in mortgage lending in the year to February.

* Profits at Dublin-based hedge fund investment firm Abbey Capital more than doubled last year while it posted assets under management of over $300m.

Pretax profits at the company, which was set up by ex-AIB executive Tony Gannon, were €52.4m, up significantly on the €19m it posted in the previous year.

* Michael Chadwick is to step down from the board of Grafton Group after building the company from the mid-80s onward.

Mr Chadwick, who was appointed to the board in 1979, is to be replaced by Michael Roney who will step down from his role as chief executive of Bunzl.

Irish Examiner

* University College Cork economist Seamus Coffey has warned the Department of Finance that Ireland is set to lose the Apple tax case brought by the European Commission.

The case alleges that Ireland cut a sweetheart deal with the tech giant and Mr Coffey also says Ireland will not collect anywhere close to the €8bn that has been touted in back taxes.

* Damien Duff is in line for a pre-tax €1.2m windfall arising from the wind-up of his UK commercial firm.

The Dubliner may no longer enjoy the massive weekly wage packets enjoyed by Premier League footballers after his retirement, but he can console himself with the cash pile that will be left over from his UK firm, Lightzest UK.

* Wireless Group, the company formerly known as UTV prior to the sale of its television assets, is expecting an increase in its Irish radio advertising spend this year as well as strong rises in profitability.

The firm said it was targeting double-digit growth in the medium-term that it says will deliver capital growth for shareholders.

Online Editors

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