Monday 23 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

* RTÉ's financial results for 2015 show the scale of the challenge facing newly appointed director general Dee Forbes.

The State-owned broadcaster made an overall loss, or deficit, last year of €2.8m, reversing a small surplus in 2014.

* Thousands of workers will end up paying more income tax if Finance Minister Michael Noonan goes ahead with plans to remove a key tax credit for middle and higher earners, a leading tax body has claimed.

Mr Noonan said recently he planned to restrict the PAYE tax credit for earnings over €70,000.

* The High Court has accepted the US government as a "friend of the court" or "amicus" in an ongoing case involving the Irish data protection authority and Facebook.

However, applications by employers group Ibec and the Irish Council for Civil Liberties to be joined to the case were rejected.

The Irish Times

* First time buyers look set to receive a €10,000 package as part of a State-backed help-to-buy scheme that will be unveiled at the budget announcement later this year.

According to a report in The Irish Times, part of Minister Coveney's housing plan is pointing out that the scheme must be valued at around €10,000 to have any tangible effect.

* High earners could be hit if the Government decides to proceed with a plan that will see them no receive a PAYE tax credit.

A report in The Irish Times, cites the Irish Tax Institute, which claims some workers could end up paying tax of almost 70pc on some of its income.

* Property developer Fitzwilliam Real Estate Capital has just gotten planning for its development in Sandyford, which the firm is looking to splash out €55m on.

According to a report in The Irish Times, Noel Smyth's firm will spend the money developing three interlinking six and seven storey blocks.

Irish Examiner

* A 10c increase in the minimum wage that was outlined to Government on Tuesday has been widely slammed by business groups.

According to a report in the Irish Examiner, the increase has been deemed anti-business and has the potential to reduce Ireland's competitiveness.

* The Dundalk Chamber of Commerce has moved to ease concerns that it may lose out on new jobs created by online marketplace eBay due to the firm's current base closing in on full capacity.

However, Dundalk chamber spokesman Paddy Malone said eBay would be accommodated at a new location in the town.

* Nintendo's market capitalisation has been more than  doubled in just seven sessions since the popular mobile game Pokemon Go was launched.

The success of the Pokemon game has seen the value of its company soar to 4.5 trillion yen or €38.5bn.

Online Editors

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