Tuesday 23 January 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

* Convenience food manufacturer Greencore has set aside an additional £4m (€5.1m) to remediate its former sugar site in Carlow, bringing the total bill for rehabilitating its two former plants to about £25m (€32m).

But chief executive Patrick Coveney said that he expected all the work will be completed by the end of the year - a decade after sugar production in Ireland dissolved.

* The number of contactless payments made on debit cards has doubled since the move to increase the payment limit.

The usage rate in petrol stations has quadrupled thanks to low fuel costs, with drivers able to buy enough petrol to drive from Dublin to Cork with a single Visa debit contactless transaction.

* An entrepreneur who first came to prominence on TV show 'Dragon's Den' has announced he's to create 100 jobs.

Smart Storage managing director Paul Jacob featured on the RTE show in 2012 with his stairs storage solutions.

The Irish Times

* Financial services firm Goodbody Stockbrokers is looking to lay off around 20 workers in a move that will directly affect those working in wealth management and related support and administrative staff.

According to a report in The Irish Times, the layoffs will be part of the biggest staff cut since it was bought over by Fexco.

* Revenue at Newry-based First Derivatives increased by 41pc in its last financial year with the firm's consulting and software businesses showing significant gains.

The company's increased revenues were some way ahead of initial expectations set at the start of the year.

* The UK-based retailer owned by Mike Ashley, Sports Direct, has bought the former Boyers department store in Dublin's city centre.

According to a report in The Irish Times, The sports seller acquired the property in a deal believed to be worth €12m.

Irish Examiner

* Revenue at telecom network Vodafone Ireland increased 2pc last year despite a large number of mobile customers departing the network in the final quarter.

According to a report in the Irish Examiner, the network said mobile data usage increased by more than 70pc year on year.

* The Irish Farmers Association has said that politicians need to focus on high interest lending rates facing both farmers and SMEs.

The call from the IFA follows a bill from Fianna Fáil, which said it would empower the Central Bank to bring in an interest rate cap.

* Bookmaker Paddy Power said the chances of a Brexit now stood at just 26pc after a new opinion poll suggested the remain side had gained ground in the build up to the referendum.

According to a report in the Irish Examiner, following three large bets, the probability of the UK staying increased to 80pc.

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