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

* The debts of households continue to fall and are now at their lowest level in 10 years. New figures show that households in this country fell from being the third most indebted in the European Union to the fourth.

The debts work out at just over €31,000 per head, a calculation that includes children.

* Sterling has recovered some ground from its three-year low against the euro earlier this week, as UK retail sales surged in July, suggesting British consumers are unfazed by the vote to pull out of the EU.

Official data showed that retail sales increased more than expected, signalling that the vote on June 23 hasn't yet dented the confidence of shoppers. This is despite the fact that a separate survey announced late last month showed consumer morale had suffered a sharp drop.

* A global survey of 2,000 investment professionals has tipped Dublin to benefit from the UK's vote to pull out of the European Union.

The study by the CFA Institute - the global association of investment professionals - found that 62pc believe Dublin, as a financial services centre, will be a winner from the Brexit result.

The Irish Times

* The European Union is sending out a mission from its statistics agency to investigate Ireland's 26pc economic growth figures that were published by the CSO last month.

A Eurostat document confirmed the figures looked plausible but the Union is following it up with its own verification process.

* Bank of Ireland is set to become the first domestic financial institute to start charging customers for putting their money on deposit.

According to a report in The Irish Times, the decision by BoI comes after the European Central Bank began charging banks 0.4pc to hold their money.

* Over 60pc of investment professionals believe Dublin will gain from Britain's decision to leave the European Union.

According to a survey of 2,000 investment professionals around the world by the CFA Institute, 64pc believe Frankfurt will be better off as a result of Brexit.

Irish Examiner

* The Irish Beverage Council has called on finance minister to either scrap or delay his sugar drinks tax plan ahead of the October budget.

The Government made a commitment to bring in a tax on sugar-sweetened drinks due to public health concerns.

* Assets at the Irish arm of Atlantic Philanthropies have been brought down to as little as €293,650 as the fund looks to shut up shop by the end of the year.

According to a report in the Irish Examiner, the fund will close its operations here soon.

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