Tuesday 20 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 man who lost his house, his partner and had to go bankrupt is considering suing Permanent TSB.

Joseph Wallace, of Mahon, in Cork, claims he was overcharged when he lost his tracker mortgage and was put on a much higher rate by the bank.

*  A $26.2bn (€23.3bn) takeover of LinkedIn by Microsoft will see the combined entity employ over 2,000 people in Ireland.

The two companies are unlikely to combine operations or shed jobs as a result of Microsoft's biggest ever acquisition, with both having just invested in major new buildings around Dublin.

* An Irish-born UK Conservative Party councillor has described the Irish government’s push to get out the Irish vote in Britain as “desperate”.

Taoiseach Enda Kenny and several ministers have been in UK cities engaging with the Irish community ahead of the EU referendum on June 23. The Taoiseach returns this week.

The Irish Times

* Taoiseach Enda Kenny has deemed Britain's decision on whether or not to remain within the EU as the most important for Ireland since the Belfast Agreement back in 1988.

Mr Kenny was speaking at Ulster University's Belfast campus on Monday where he encouraged Britain to vote to remain within the EU.

* Shares in online professional platform LinkedIn soared by 49pc on Monday after it was announced the company was to be acquired by Microsoft.

Microsoft announced yesterday that it would acquire LinkedIn in a deal worth $26.2bn in what is the firm's biggest acquisition to date.

* Irish shares have been hit by the continuing uncertainty surrounding a Brexit vote after hitting a four-month low in the midst of investor concern.

According to a report in The Irish Times, the Iseq was hit by a 2.3pc decline, which brings losses on the market to up €6.2bn over the last four sessions.

Irish Examiner

* Ireland's attraction of foreign direct investment is most from outside of the EU is very vulnerable to changes in corporation tax, new research has shown.

According to a report in the Irish Examiner, research from the ESRI points to Ireland being more vulnerable than any other member state to changes in corporation tax.

* Microsoft is to buy LinkedIn in a $26.2bn cash deal with the offer representing $196 per share, which in turn boosted LinkedIn's share price by just shy of 50pc.

The deal is seen as the most major acquisition of Microsoft's and the biggest tech deal of the year.

* Seventy-three movie productions that availed of State tax reliefs last year produced over 1,200 jobs.

That is based on an analysis by the Revenue Commissioners which show that the estimated expenditure on employment from the movies was €97m. Minister for Finance Michael Noonan said the estimated expenditure on goods and services from the productions was €70m.

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