Business Irish

Thursday 26 April 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

* Bank of Ireland will continue to resist attempts to cut its variable rate.

This is despite TDs passing legislation that aims to give the Central Bank new powers to tackle high interest rates, in a move that will provide hope for 300,000 variable-rate customers.

* Over half of Irish businesses are stuck on sub-standard broadband services, new figures show.

The telecom regulator's latest statistics reveal that over 50pc of firms have broadband services advertised at under 10Mbs, which does not allow them to perform many work tasks.

* An Irish agency deemed eligible to benefit from the European Central Bank (ECB) bond-buying programme has no plans to return to the market to raise funds, its chief executive has told the Irish Independent.

The Housing Finance Agency (HFA), set up to provide loans to city and county councils and the housing sector, has been added to the list of Eurozone agency issuers whose paper is eligible for purchase under the ECB's public sector purchase programme (PSPP).

The Irish Times

* Former UK prime minister Tony Blair and John Major has warned that a British exit from the EU could pull the UK apart when the pair were campaigning for the remain side in Derry.

Mr Major said that a Brexit could place the peace process under threat while Mr Blair said that should the vote swing in favour of an exit, it could put the foundations of Northern Ireland at risk.

* UK-based Keefe, Buyette, and Woods has downgraded Permanent TSB to "underperform" with the analysts saying it does not see a new rating being attained in the short term.

The UK firm were amongst PTSB's advisers at the time of its initial public offering last year.

* Motor insurance has risen by over 35pc in the past twelve months as the insurance industry chalks the rises up to legal costs and the collapse of Setanta Insurance.

According to the latest figures from the Central Statistics Office, motorists paid on average 35.2pc more in May of this year than they did in the same month of the previous year.

Irish Examiner

* The S&P Global Ratings has placed Ireland as the most exposed nation to an economic fallout shout Britain vote in favour of leaving the European Union.

Outside of Ireland the ratings agency has placed Luxembourg, Malta, and Cyprus alongside it as on the frontline, facing the effects of a Brexit.

* Commercial property firm JCD Group is awaiting planning permission to develop a 32-acre site that will house a €200m data centre development on the outskirts of Cork City.

According to a report in the Irish Examiner, the development will create 150 new jobs on a permanent basis with hundreds more being created in its construction.

* The Ulster Bank chief executive is to meet with agricultural minister Michael Creed to discuss the controversial sale of €100m in farm loans last month.

Farmers became concerned after the bank announced last month its intentions to host a €300m loan sale.

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