Monday 20 November 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

Here are the main business stories fro this morning's papers:

Irish Independent

* Activate Capital, a €500m housebuilding fund that's a joint venture between the Ireland Strategic Investment Fund and US private equity giant KKR, is likely to have committed upwards of €120m in capital to projects here by the end of the year, the Irish Independent understands.

It's believed to have committed about €50m in capital to projects since the start of the year.

* The Small Firms Association (SFA) has painted a harsh picture of the realities facing Ireland's small businesses as attention turns to Budget 2017.

The SFA, in a pre-Budget submission, has told the Government that "many small business are still waiting to feel the upturn", eight years after the country lurched into recession.

* The amount Irish people spend on everyday grocery items, such as food, drinks and toiletries, has jumped year-on-year for the fifth consecutive quarter, according to industry data.

Nielsen retail performance data showed that in the three months to June, so-called fast-moving goods, which include milk and packaged goods, rose 1.3pc year-on-year, while the average prices paid for those goods also rose 1.3pc.

The Irish Times

* The Central Statistics Office is seeking a change to EU law that will allow it use the roaming data of mobile phones to allow it build more accurate tourism figures.

The CSO is looking for the law on the subject to change, meaning that users would not have to consent to give up their location when it's been used for stats.

* Profits at Canada Life, the Dublin-based reinsurer owned by the same company as Irish Life, increased by 47pc to €165m last year.

The company also noted that it is pursuing an acquisition in Ireland.

* Eddie O'Connor, the renewable energy entrepreneur, is looking to raise up to €300m through new investors into his company Mainstream.

It is understood Mr O'Connor will raise the funds even if it means giving up his majority stake in the firm.

Irish Examiner

* The Small Firms Association has warned that capital investment is currently dangerously low and is looking for a new 10pc capital gains tax.

The SFA chairman AJ Noonan said the Irish economy is starved of investment in a pre-budget submission.

* The drop off in the value of sterling against the euro remains a major headache for Irish exporters, international trade consultant John Whelan has said.

Mr Whelan highlighted the importance of the UK market to Ireland, saying it still remains Ireland's third largest market.

* Consumers are now spending more on their groceries with after researchers Nielsen Grocers achieved a 2.6pc increase in their takings.

Sales in the Irish market increased by the fifth highest in Europe during the last quarter.

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