Sunday 17 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

* Workers have been warned they face a massive shortfall in the level of pensions they are set to get in retirement.

The warning came as it emerged the average worker has only enough in their private pension fund to give them a weekly income of €60 - that's €8.50 a day.

* A punt on Irish government debt by a US bond investor during the economic crash has paid off, reportedly netting a massive $5.6bn (€5.1bn) return on the investment.

As a top money manager with US investment house Franklin Templeton, California-based Michael Hasenstab bought up Irish government bonds, or IOUs, in the middle of 2011 when few others would touch them.

* Scandinavian airline Norwegian has paid a total of over $1m to a high-profile Washington lobby firm and a former senior civil servant with the US Department of State in its efforts to secure a US permit for its Dublin-based subsidiary, according to figures seen by the Irish Independent.

Norwegian Air Shuttle's Irish subsidiary, Norwegian Air International (NAI), has been pressing US authorities to issue it a permit to enable it to fly to America from Europe.

The Irish Times

* The value of sterling hit a three-year low against the euro yesterday as Britain's decision to leave the EU continues to negatively affect the currency.

The pound was trading above 87p to the euro yesterday with the new low coming ahead of reports on inflation, retail sales and unemployment.

* Irish exports increased by 5pc in June to €9.5bn while imports dropped by 8pc to €5.05bn.

The new figures point to a strong year for Irish exports, however the Brexit effect is likely to hit in the second half of the year.

* French drugs firm Flamel Technologies is set to move its headquarter to Dublin by the end of this year.

According to a report in The Irish Times, the company is moving its HQ to curb its effective tax rate.

Irish Examiner

* Audi will start using technology in some of its 2017 models that will allow its vehicles to talk to traffic lights to exchange safety information in a bid to reduce stress while driving.

The technology will be used in select Q7 and A4 models next year and will send information back and forth through the cloud.

* Exports of Irish goods increased in the weeks before Britain's decision to leave the European Union, new CSO figures have shown.

However, analysts predict the favourable conditions will be reversed over the coming months.

* Tech firm Dropbox is to meet with advisors over the possibility of an initial public offering in  2017.

The cloud-based company has made its name through online storage and may now look to float on the stock exchange.

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