Wednesday 20 June 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

* Drones are becoming a growing threat to airport safety in Ireland and have already caused two serious incidents, according to new figures from the Irish Aviation Authority (IAA).

A day after a British Airways plane carrying 132 people was struck by a drone as it approached Heathrow Airport, the Irish air industry regulator revealed two safety incidents recently where drones affected aircraft or airport safety, as well as a further 13 unidentified runway incursions.

Irish pilots are now warning that the rise of drone use here is creating a "grey space" in aviation training where lives could be at risk.

* Ireland's tax treaties with poorer countries are some of the most restrictive in the world, limiting the taxing rights of those countries, an international NGO has claimed.

Action Aid said that globally, tax treaties cost developing countries billions every year.

In a report released yesterday, the body said it has ranked more than 500 treaties signed by lower income and lower to middle income countries, ranking them in terms of how restrictive they are to the poorer country's taxing rights.

* Cairn Homes expects to start construction work at its Adamstown site in west Dublin before the end of this year.

The home builder has bought up swathes of land banks around the capital over the past 18 months, but company chief executive Michael Stanley believes the company has effectively completed its buying for now.

"It's been a nine months with heavy activity with shareholders on fund raises and so on.

The Irish Times

* It may be impossible for Ireland to negotiate a special trade deal with Britain should it chose to leave the European Union.

The UK is one of Ireland's most important trade partners and work and pensions secretary Stephen Crabb said the UK may be unable to grant a special tariff to Ireland in the case of a Brexit.

Mr Crabb argues that if the UK wanted to offer a special rate to Ireland they would have to do so for all the other 160 countries in the World Trade Organisation.

* Oil prices dipped lower yesterday after a meeting between major exporters came to close without an agreement to freeze production.

Saudi Arabia changed its stance in Doha on Sunday night, insisting that Iran be part of any agreement as exporters looked to reach a global oil agreement for the first time in 15 years.

Traders and analysts said that despite failing to reach an agreement the oil market was in the process of re-balancing itself as low prices begin to cull high-cost production.

* Former Paddy Power chief executive Andy McCue was paid over €3.7m in salary, benefits and shares last year.

According to Paddy Power's annual results for 2015 Mr McCue was paid a salary of €700,000 as well as a bonus of €536,000.

Mr McCue became chief executive of Paddy Power last year before becoming chief operating officer of the newly merged Paddy Power Betfair.

Irish Examiner

* Irish firms are losing an average of €1.7m a year through fraud according to new research.

Businesses are increasingly being hit by both emerging fraud threats as well as traditional ones with some instances resulting in multi-million euro losses.

Theft of company assets remains the most common crime reported by Irish businesses amounting to over 50pc of all fraudulent reports by Irish businesses last year.

* Pre-tax profits at the uniform supply firm that counts the Gardai and the Irish Prison Service among its major customers declined by 34pc to €545,826 in 2014.

Figures lodged by James Boylan Safety (JBS) Ltd with the Companies Office show that the firm's pre-tax profits declined by €278,198 to €545,826 in spite of its gross profit increasing by 41pc going from €3.4m to €4.79m in the 12 months to the end of December 31 2014.

Established in 1944, the JBS Group is a market leader in the supply of safety, uniform, hygiene and specialist products and services to 300 companies in both the public and private sector in Ireland.

* Dublin-founded tech firm Movidius has announced its third major deal in 2015, this time with thermal imaging company, FLIR Systems.

Movidius is teaming with FLIR to develop intelligent thermal imaging solutions and may see artificial intelligence coalesce with thermal imaging.

Oregon-based FLIR is the largest commercial maker of thermal imaging cameras in the world.

Online Editors

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