Wednesday 13 December 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

* Finance Minister Michael Noonan met with Europe's Competition Commissioner Margrethe Vestager yesterday, amid speculation that a decision on the state-aid case involving Apple is imminent.

If she decides against Ireland, Apple faces potentially huge bills for back taxes.

* Facebook, Google and other Irish-based tech multinationals will not face any block on data transfers to the US in the near future after the EU and US agreed a new transatlantic data accord.

The 'Privacy Shield' pact, which succeeds the struck-down 'Safe Harbour' agreement, ends months of uncertainty over cross-border data flows.

* The Irish-headquartered aircraft leasing firm Avolon reported strong growth in the second quarter of its financial year as it increased its owned, managed and committed fleet to 443.

During the three-month period the company delivered 11 aircraft to seven customers and sold a further five. Avolon also said it has letters of intent in place for 13 further sales due to be completed this year.

The Irish Times

* Central Bank governor Philip Lane is concerned over the latest figures around the country's economic growth after the CSO said GDP rose by 26pc in 2015.

According to a report in The Irish Times,  Mr Lane met with the statistics office to highlight his concerns that the GDP figure does not mirror the country's real economic growth.

* Multi-nationals have been put at the heart of the reason for Ireland's massively inflated economic growth figure for 2015 with a number of firms in aircraft leasing, tech, and pharma contributing.

The figure had been previously estimated at around 7.8pc but had to be reclassified due to a number of one-off factors.

* Finance minister Michael Noonan met with Margrethe Vestager on Tuesday to discuss the Apple tax case as a decision on the tech giant looms.

According to a report in The Irish Times, Mr Noonan reiterated the Government's stance that the tax allegations against Apple were unfounded.

Irish Examiner

* €1.6m in salary top-ups will have to be repaid by senior charity bosses as part of a crackdown by the Government.

According to a report in the Irish Examiner, minister for public expenditure Paschal Donohoe warned that unauthorised pay to charity bosses won't be tolerated.

* German chancellor Angela Merkel has ruled out any special trade deal for Ireland following Brexit saying that Ireland's voice will be heard as much as any other member state.

Ms Merkel was speaking at a press conference in Berlin with the Taoiseach where she gave no indication of a possible negotiation for Ireland post Brexit.

* The Shannon Group has kick-started plans to have in place a new flagship tourism attraction for the Midwest.

The group is seeking expressions of interest from firms to carry out a feasibility study into the development of a new tourism product.

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