Wednesday 23 May 2018

What it says in the papers: business pages

Michael Cogley

Michael Cogley

Here are the main business stories from today's papers:

Irish Independent

* More than £120m (€141.2m) of gold could be mined annually from the Co Tyrone countryside within just three years, it has been claimed.

And the construction of the gold mine at Curraghinalt near Gortin could also create around 500 jobs for the duration of the build, according to the firm behind it, Dalradian Resources.

* The impact of Brexit will be felt worst in Ireland, according to a major survey of leading business and economic experts.

The study, by an influential German think-tank, found that Irish analysts were the most pessimistic in Europe about the effect of Britain's withdrawal from the European Union.

* Ulster Bank's new boss has said it will switch the loans of under-pressure dairy farmers to interest-only and advance extra working capital to customers affected by swings in milk prices. The move has been welcomed by the Irish Farmers' Association (IFA) .

The bank's chief executive, Gerry Mallon, told the Irish Independent that the lender wants to work with farm customers who have been affected by the slump in the price of milk to help them ride out the effect of short-term volatility.

The Irish Times

* The world's biggest food company JBS is to perform a major overhaul of its assets that will see it relocate its headquarters to Ireland.

The Brazilian firm will move €30bn worth of assets to Dublin's docklands.

* The Dublin Airport Authority sought bids for its €320m second runway project yesterday with work likely to begin on it towards the end of next June.

A tender document was issued yesterday that invited bids for the new north runway that was announced earlier in the year.

* Property investment firm IRES Reit is expecting its rent roll to rise further after the company posted a gross yield of 6.5pc.

Average rent at the company increased to €1,399 a month compared to the same period last year.

Irish Examiner

* Holidaymakers coming to Dublin will be expecting to spend around €120 a day, according to new research from Lonely Planet.

The publisher cites Dublin ahead of Madrid, Berlin, and Tokyo in terms of how expensive it is to visit here.

* Limerick-based firm Teckro has raised $6m in Series A funding to continue the expansion of its mobile platform for clinical trials.

The life sciences company saw the funding round led by Founders Fund, a Silicon Valley investment firm.

* The outsourcing firm Abtran, which operates the helpline for the State's Local Property Tax (LPT), has received fees of €11.7m (including VAT) since March of 2013 from the Revenue Commissioners.

This follows new figures from Revenue showing that Abtran received €1.14m from Revenue for providing the helpline service for the first six months of this year.

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