Sunday 19 January 2020

What it says in the papers: business pages

Michael Cogley

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

Irish Independent

* The Department of Finance warned that pressure on Irish banks to rapidly sell their non-performing loans (NPLs) could have "implications broader than purely financial".

There is growing political disquiet about the effects of a mass sell-off of tens of billions of euro of mainly NPLs by Nama, IBRC and other institutions in large tranches and in almost all cases to large US private equity and so-called "vulture" funds.

* Ireland's ambassadors and heads of mission meet in Dublin today and tomorrow for their annual departmental conference, having flown in from our embassies around the world.

The two-day event is an opportunity for Ireland's senior diplomats to discuss some of the foreign policy challenges facing Ireland, with Brexit obviously one of the big issues.

* A group of credit unions have come together in a bid to sign up millennials through Facebook.

The move by the 16 credit unions to offer loans through social media is set to be expanded as it has proved so successful.

The Irish Times

* Ireland won't be able to use its tax windfall to cut rates or increase public spending if the European Commission rules against Apple in its long-running revenue dispute.

According to a report in The Irish Times, the Irish State will have to use the extra capital to pay off its national debt, it is understood.

* Irish business and consumer sentiment has recovered slightly after Britain's shock decision to leave the European Union, new research has shown.

The Bank of Ireland Economic Pulse Monitor rose by 2.5 points to 93.7 in August making up for about a quarter of the pace it lost following the referendum.

* Galway firm JJ Rhatigan has been appointed as the main contractor for the high-end residential scheme planned for the Berkely Court site in Ballsbridge.

The firm was selected by Irish property firm Chartered Land, which decided on a contractor after a competitive tendering process.

Irish Examiner

* A third of Irish households are expecting their financial setup to improve over the next year as confidence begins to sneak back in amongst Irish consumers.

According to the latest Bank of Ireland Pulse economic index business sentiment improved off the back of a pick up in confidence amongst firms in the retail and construction sectors.

* Britain's decision to leave the European Union looks set to drive down farmland prices in England and Wales, a new report has shown.

According to a study conducted by the Royal Institution of Chartered Surveyors and the Royal Agricultural University, around 50pc of those quizzed are tipping the value of UK farms to fall over the next year.

* Talks on the TTIP trade deal between the US and the EU has failed according to Germany's economy minister Sigmar Gabriel.

Mr Gabriel said the talks failed as the EU did not want to subject itself to the demands of the Americans.

Online Editors

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