Saturday 24 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

* The Irish Data Protection Commissioner, Helen Dixon, is to commence a "substantive" privacy audit of Apple in relation to a "very specific risk" that all Apple device users are said to face.

"We've identified a very specific risk," said Ms Dixon. "This is something substantive that we want to look into. It's a type of area for audit that will affect lots of data subjects and probably any data subject that uses Apple devices in particular."

* The biggest private landlord in the country has had to retrofit many of its apartments to deal with fire safety and other issues since it bought them.

IRES Reit chief executive David Ehrlich said his company has had to do "a lot" of improvements after buying some of its apartments, and was critical of the build quality of the apartments overall.

* The top two officials in each of the Department of Finance, Central Bank and the National Treasury Management Agency (NTMA) meet every month to discuss risks facing the economy.

Today's UK vote is now the biggest and most pressing risk to the economy here.

The Irish Times

* Arnotts has secured a deal with John Lewis to bring the UK retailer to Ireland. From October onward John Lewis is to open within Arnotts Henry Street store.

According to a report in The Irish Times, the section will span across two floors covering around 2,000 sq ft.

* Irish shares increased last night as the Iseq increased in line with other global markets on the eve of today's Brexit referendum vote.

According to a report in The Irish Times, Irish shares increased by 0.6pc yesterday bringing its overall increase for the week up to 6.6pc.

* Morgan Stanley president Colm Kelleher has said the bank may re-locate its European headquarters from London to either Dublin or Frankfurt.

Mr Kelleher was speaking on Bloomberg TV where he said that a Brexit could be one of the most consequential post war thing the institution has seen.

Irish Examiner

* The Supreme Court has ruled in favour of the Revenue Commissioners to continue its pursuit of a number of wealthy taxpayers that may have engaged in technical processes that could potentially be described as tax avoidance.

The transactions are yet to be determined as tax avoidance by the Appeals Commissioners, however Revenue estimates total recoverable sums of around €110m.

* Shares in both Google and Microsoft were hit significantly yesterday as both firms posted results that disappointed analysts.

According to a report in the Irish Examiner, At different points through the day Google's parent company Alphabet, saw its shares fall as much as 5.6pc while Microsoft's share were hit by as much as 7.25pc.

* Profits at Ferrero's Cork-based subsidiary, which is responsible for making around half of the global supply of Tic Tacs, jumped by 35pc last year up to €2.76m.

The firm employs 238 here and racked up a wage bill of €12m over the last twelve months.

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