Business Irish

Friday 20 April 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

* Banks are refusing to put homeowners back on tracker rates, even after admitting they were in the wrong - sparking calls for regulators to come down harder.

Cases have emerged where banks admitted that mortgage holders should not have lost their trackers. These people have been offered refunds and compensation, but not put back on a tracker rate.

* The Government has said the European Commission judgement on alleged illegal State aid to Apple may be postponed due to uncertainty arising from the Brexit referendum.

Finance Minister Michael Noonan has said there had been speculation that a determination could come next month.

* Digicel is under "no pressure" to undertake a stock market flotation after pulling a planned debut last year, according to group chief executive Colm Delves.

Digicel, which was founded and is owned by its chairman, billionaire Denis O'Brien, cancelled the initial public offering (IPO) plans last year because of international market volatility.

The Irish Times

* Ireland's oldest retail mall is getting a revamp. The Stillorgan Shopping centre is getting €15m pumped into it by Los Angeles-based property firm Kennedy Wilson.

According to a report in The Irish Times, the investment will add some 1,400 sq m of space. Kennedy Wilson acquired the centre three years ago in the midst of a €306m portfolio.

* Finance minister Michael Noonan has said Britain's shock decision to leave the EU will not affect the country's 2017 budget, but admits the long-term implications may be serious.

Mr Noonan said the Brexit outcome for Ireland relies heavily on the deal the UK government agrees with the EU in their exit negotiations.

* Fund management group Fidelity is expected to tell staff in the UK that a large number of its  staff based in Surrey is to move to Dublin.

According to a report in The Irish Times, 100 jobs are to be transferred initially with more to follow in the future.

Irish Examiner

* Rupert Murdoch's News Corp is to take over a number of Irish commercial radio stations after it agreed a €266m deal for Wireless Group, the company formerly known as UTV.

Radio stations including Dublin's FM104 and Q102 were involved in the deal for the company that recently sold its television assets to ITV.

* State-backed Carlyle Cardinal Ireland and Carlyle Global Financial Services are to buy the AA's Irish business for €156.6m in an all-cash deal.

The deal, which also includes consideration for cash left on the AA's balance sheet, is expected to be completed by the end of July.

* Former Ryanair executive Peter Bellew has been appointed as the chief executive of Malaysia Airlines.

Mr Bellew is currently with Malaysian Airlines and the role change represents a promotion from his current role. At Ryanair he held the position of director of flight operations.

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