Business Irish

Monday 19 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

* Ireland is being asked to foot a €280m bill on the back of internationally ridiculed growth figures.

The so-called 'Leprechaun Economics' statistics, which claimed our economy surged by 26.3pc in 2015, mean we are forced to pay the EU the extra millions.

* The Central Bank is to put its headquarters on Dame Street and two other premises on Dublin's College Green on the market in the coming months, with sources estimating they could fetch upwards of €60m.

The bank expects to be able to start moving into its new purpose-built office accommodation on North Wall Quay by the end of this year.

* Irish shoe maker Dubarry could soon make the majority if its income from the UK, after opening its second British store in Cheltenham.

With one store in Ireland and two in Britain, the majority of the company's retail business is now in Britain which already accounted for 43pc of sales.

The Irish Times

* Property developer Greg Kavanagh threatened the Central Bank, saying he would spend millions on advertising the shortcomings of the State institution.

According to a report in The Irish Times, Mr Kavanagh said he would spend so much that he would have made the Governor's position untenable.

* The State looks set to fork out an extra €280m to the European Union due to Ireland's distorted gross domestic product growth figures.

Finance minister Michael Noonan confirmed the increase following the publication of the figures from the CSO, which pointed to 26pc growth in the Irish economy last year.

* Ireland's ambition to deliver a lasting recovery and full employment has fallen under threat according to a new study from the National Competitive Council.

The NCC has warned that Brexit required a determined response as it places risk around Ireland's recovery.

Irish Examiner

* Ryanair has generated the sixth highest level of income from non-flight ticket sales in the world.

According to the Irish Examiner, the airline pulled in $1.74bn from ancillary purchases, which can range from baggage fees to on-board refreshments.

* Providence Resources has placed itself in a stronger position to land partnership deals for its biggest assets after it paid of €23m worth of the debt.

The exploration firm repaid the debt it owed to Melody Finance as well as settling the outstanding amount from a dispute with Transocean.

* Cillian Murphy's entertainment firm has seen its cash pile rise to over €1m last year as the 40-year old enjoyed a strong year.

According to a report in the Irish Examiner, profits at the company, which he co-owns, jumped by €685,253 in 2015.

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