Business Irish

Sunday 22 July 2018

What it says in the papers: business pages

The front page of this morning's Irish Independent business section
The front page of this morning's Irish Independent business section
Gavin McLoughlin

Gavin McLoughlin

Here are the business stories you need to know about this morning:

Irish Independent

*European data privacy agencies may be set to reject a treaty between the EU and the US on data privacy, a move that could cost Irish companies dearly.

According to leaked documents published by German data protection authorities, Europe's most influential privacy regulators are to say that the so-called 'Privacy Shield' accord agreed by the EU and the US falls short of standards set by the European Court of Justice.

The group of data privacy regulators said that it is "not yet in a position to confirm that the current draft adequacy decision does, indeed, ensure a level of protection that is essentially equivalent to that in the EU".

If data privacy authorities do not accept the new transatlantic agreement, it could mean that some data flows between EU and US companies would be classed as illegal under European law.

Earlier this year, US multinational companies in Ireland warned that a failure to produce an agreement would threaten jobs in Ireland.

*Merrion Capital has listed Cairn Homes and REITS among its top Irish stock picks for the second quarter, saying it is focusing on domestic Irish companies with limited exposure to the UK, amid uncertainty over the Brexit referendum.

Other picks include Smurfit Kappa and Independent News & Media, the publisher of this website.

In its quarterly investment outlook published yesterday, Merrion said it expects domestic demand to be a key driver of economic growth next year, projecting around 5pc GDP growth in 2015.

*The Dublin Port Company has paid an almost €11m dividend to the State as trade and profits surge at the semi-state business.

The dividend for 2015 is almost 24pc more than was paid by Dublin Port in respect of 2014.

The port is now even busier than it was during the boom, with an average of 20 ships a day arriving there during the first three months of 2016.

The Irish Times

*Analysts fear the National Treasury Management Agency could meet low demand when it looks to borrow €750m on the State's behalf later this week.

The amount on offer fell short of market expectations, the newspaper reports.

Danske Bank's chief analyst in Copenhagen Jens Peter Sorensen cited fears of a Brexit and the political uncertainty as reasons why demand might be lower.

*Irish Life is ruminating on a brand for its health insurance subsidiary to be formed from its amalgamation of recently purchased Glo Health and Aviva Ireland's health insurance arm.

It has hired research group Red C to help.

Irish Life boss Bill Kyle said small-scale focus groups had indicated that the company's own brand should be incorporated in some form.

*Deloitte has formally stepped down as Ulster Bank's auditors.

The role has been taken over by EY. The change had previously been flagged by Ulster Bank's parent RBS.

Deloitte was RBS's auditor from the year 2000 through the financial crisis.

Irish Examiner

*Irish companies and consumers won't be able to get 5G coverage for at least three years, according to Eir's chief technology officer.

Helene Graham told a telecoms conference yesterday that it will be three or four years before there any serious 5G pilot projects here.

The technology is seen as key to the internet-of-things revolution.

*Upheaval in the telecoms industry will see $300bn of revenue vaporised in the industry across the world in the next ten years, a conference has heard.

BT Ireland head of insight, innovation and policy Cathal O'Toole said products like WhatsApp had eaten into telecoms companies' turnover.

He said growth would come from entertainment products, and enterprise IT products.

*Greece is looking for an agreement on its next tranche of emergency loans by the end of May.

Troika officials have been meeting with the Greek government to discuss the policy terms attached to the loans.

Managing bad loans that are weighing on banks' balance sheets is the biggest sticking point.

Online Editors

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