Business Irish

Saturday 7 December 2019

What it says in the papers: business pages

Michael Cogley

Here are the main business stories from this morning's papers:

Irish Independent

* European heavy-hitters have been warned not to come after Ireland's low corporation tax or we will leave the EU, too.

Our regime is expected to come under renewed scrutiny in the wake of Britain's exit as they were our strongest ally in fending off demands for tax harmonisation.

* Sterling is poised to plunge further, traders have warned, testing new lows against the dollar after the fall-out from last Thursday’s referendum sent shockwaves through the British political system.

A weak pound will heap pressure on Irish exporters, whose costs are in euro and who lose competitiveness selling into the UK when the currencies diverge.

* Calls for Ireland to try to sweep up high value banking jobs from Britain in the wake of the Brexit referendum are well meaning, but are getting ahead of the priority, which is to contain this major new economic threat.

The IDA here, and rivals in Frankfurt, Milan, Paris are all intent on attracting big banks that may now leave London if the vote locks them out of EU markets.

The Irish Times

* Bord na Mona has upped its dumping charges at its landfill site by 5pc at the start of the year as waste companies prepare for a payu by weight system.

According to a report in The Irish Times, the State-owned firm upped its charges to €45 a tonne at the start of the year.

* British life insurance firm Standard Life is closing the door on its "unclaimed assets trust" that could see thousands of Irish shareholders lose out on their stake in the firm.

According to a report in The Irish Times, some 3,400 people in Ireland haven't claimed their shares in the company with Standard Life making efforts to urge them to do so.

* Earnings at FBD Hotels and Resorts increased by 48pc in 2015 as revenue at the company climbed to €9.2m, the company has said.

The firm told its parent company Farmer Business Developments' agm that the hotel and leisure arm had grown strongly in a year of a recovering market.

Irish Examiner

* Ireland's economic growth is to be hit by a Brexit the minister for public expenditure has warned.

According to a report in the Irish Examiner, Paschal Donohoe said that Brexit could very much have an effect on Ireland's spending power after the next two years.

* FBD Hotels and Resorts have backed up a strong year for revenues with the appointment of two new non-executive directors.

Ian Graham and Peter Nugent have both been appointed to the company's board.

* Volkswagen has been urged to offer a deal to European customers similar to the compensation that is due to be offered to its US customers, Europe's industry commissioner has said.

Volkswagen was involved in a major emissions scandal that saw it use software to cheat tests that monitor the emissions coming from the car.

Online Editors

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