Monday 23 October 2017

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 campaign is being launched in a bid to clamp down on 'financial elder abuse'. This is where older people have their savings taken, or are pressurised for money.

Age Action has launched a video and is issuing a leaflet to make young and older people aware of incidences of senior citizens being conned out of their money.

* Hundreds of jobs in Athlone and Dublin are in the spotlight as Swedish telecoms equipment maker Ericsson plans to lay off thousands of staff globally.

The job cuts are due this summer and the giant firm is considering further cost cuts due to slowing markets. Sweden's Svenska Dagbladet newspaper said the cuts are planned after quarterly profit and sales came in below expectations in April, citing unnamed sources.

* Banks here are ready for a Brexit, the deputy governor of the Central Bank said yesterday.

With just over a week to go until the crucial UK vote, Sharon Donnery said disruption and volatility in the financial markets is the chief short-term risk posed by a possible vote by the UK to withdraw from the EU.

The Irish Times

* British prime minister David Cameron has pulled out of a high-profile event in the UK with Taoiseach Enda Kenny to convince voters with Irish connections to side with the Remain campaign.

According to a report in The Irish Times, Mr Cameron pulled out after advice by Remain strategists that he has become a liability to the campaign.

* Increasing the minimum wage is an inefficient way of tackling poverty, new research has found.

According to a study by the Economic and Social Research Institute (ESRI), hiking the minimum wage doesn't actually help the majority of those living in poverty as relatively few living in that circumstance receive the minimum wage.

* The Irish government needs to introduce a support mechanism for solar energy, which is the only renewable energy technology that doesn't qualify for a subsidy in Ireland, the Irish Solar Energy Association (ISEA) has said.

The association also said the deployment of solar power in Ireland would lead to the creation of more than 7,300 high-value jobs across the nation as well as save the State from €300m worth of annual fines from 2020.

Irish Examiner

* The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O'Connor, has said that the €11.7m lent by Micro Finance Ireland (MFI) has helped sustain 2,000 jobs.

In a written Dáil reply to Fianna Fáil's Niall Collins, Minister O'Connor described the output by Micro Finance Ireland as "a very satisfactory performance in a difficult market at a very difficult time".

* Hiring intentions at Irish firms have reached their highest point in nearly ten years according to the latest ManpowerGroup Ireland survey.

The survey found a net employment outlook of plu 9pc for the third quarter of this year, up four percentage points on the previous three month period.

* Inflation in Dublin house prices was delayed rather than prevented by the Central Bank's new mortgage lending rules, an economist has claimed.

According to a report in the Irish Examiner, Savills director of research James McCartney said the introduction of the rules have had a temporary effect on the market rather than a permanent one.

Online Editors

Also in Business