Saturday 17 March 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

* Domestic wind energy has saved Ireland around €70m in foreign energy imports since the start of the year, it has been claimed.

In the opening half of the year indigenous wind energy met over a fifth (22pc) of the country's entire electricity demand, according to new figures from the Irish Wind Energy Association (IWEA).

* Dublin fight star Conor McGregor was quick off the blocks yesterday to congratulate UFC owners on the $4bn sale of their brand.

McGregor thanked Lorenzo and Frank Fertitta for their support, after news broke of their sale of Ultimate Fighting Championship (UFC).

* Any impact on Aer Lingus passenger numbers from the UK into Ireland as a result of the weakening in sterling will be offset by greater demand between the US and Britain, chief executive Steven Kavanagh has said.

Mr Kavanagh told the Irish Independent that the vote in the UK to pull out of the European Union presents both opportunities and threats for the carrier.

The Irish Times

* Virgin Media has shelled out €10m for UTV Ireland in a deal that will put it under the same ownership as TV3.

According to a report in The Irish Times, the deal comes after ITV bought UTV Ireland last autumn and will see Virgin take over a 10-year supply deal for ITV-produced programmes.

* The European Union's economics chief has predicted the euro zone economy to tighten by between 0.2 and 0.5pc as a result of Britain's decision to leave the EU.

Mr Moscovici was speaking at the first meeting of finance ministers since the Brexit referendum where he outlined the potential effects it could have on the euro zone.

* The National Off License Association has called for a ban on below-cost selling of alcohol and urged Government to reduce excise duty.

The association said that hikes in taxes on alcohol during the crash has left a number of outlets at risk of going under.

Irish Examiner

* Uncertainty around jobs at both TV3 and UTV Ireland is looming after the latter was acquired by Virgin Media in a €10m deal.

The deal will see competition intensify around peak times for RTE, but TV3 said it is too early to determine the potential fallout in terms of jobs.

* Shares in CPL Resources dipped again yesterday after the firm released an update citing the uncertainty caused to its business as a result of Brexit.

According to a report in the Irish Examiner, the company's share price is down 20pc since June 23 as the company.

* Plans by Supermac's supremo Pat McDonagh to put in place a network of Barack Obama plaza-style service areas on the motorway network have been dealt a blow.

An Bord Pleanála refused planning permission to Mr McDonagh for a rest stop and drive-thru just off the motorway linking Limerick and Gort outside Ennis.

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business