Business Irish

Thursday 22 February 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

* A Switzerland-based investor, who made a fortune after Limerick bioscience firm Gencell was sold for $150m, is backing a new company that aims to help Irish businesses target exports to the Middle East, India and former Soviet countries.

Richard Hubbard was among the investors in Gencell Biosystems when it was sold in 2014 to US firm Becton Dickinson.

* The boss of Ireland's biggest hotel group, Dalata, has warned that the company could divert more investment to the UK if the minimum wage here rises 25pc.

Speaking to the Irish Independent, Pat McCann said that if minimum wage rises to €11.50 an hour, that it would have a knock-on effect across the hotel group, and would ultimately affect future investment decisions.

* The pace of growth in Irish construction activity eased in May, but there was still a "marked increase" during the month, according to the Ulster Bank Construction Purchasing Managers' Index published this morning.

The index dipped to 55.9 in May from 56.4 in April. Any figure over 50 indicates expansion.

The Irish Times

* Exporters may face a long anxious wait on a deal with the European union should British citizens vote in favour of a Brexit.

According to a report in The Irish Times, European Council president Donald Tusk has said that the UK may have to wait up to seven years to secure a deal with the 28-nation bloc.

* Almost half of business leaders in the construction industry believe their business would be hit by a British exit from the EU, a new survey has found.

The result comes from the Ulster Bank construction purchasing managers index, which dropped to 55.9 in May, down from 56.4 in the previous month.

* Shannon Group chief executive Neil Pakey has said the firm has delivered €105m to the economy  since it exited the Dublin Airport Authority.

In a report in The Irish Times, Mr Pakey said the airport has been transformed. Mr Pakey was speaking after the conclusion of his three-year contract at the airport.

Irish Examiner

* All Ireland can do in the build up to the Brexit vote is plan a little bit, an economic expert has said.

In an interview in the Irish Examiner, associate research professor at the ESRI Edgar Morgenroth said there isn't an awful lot of preparation the Irish government can do if Britain does decide to leave.

* Over 40pc of business leaders in the construction industry are in favour of the establishment of a State Housing Bank, new research has found.

A report from PwC said the proposition has become one of the most popular solutions to the housing problem for those in the building sector.

* Bank of Ireland has launched its first current account that can be set up entirely online.

Users can set up an account by uploading photo identification and proof of address documents.

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