Business Irish

Wednesday 22 November 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 Qatar Insurance Company is to enter the Irish motor insurance market in a major development for the embattled sector, the Irish Independent has learned.

It's understood that the Middle East heavyweight will provide millions of euros in capital to a new venture that's been established by Chill Insurance owners Padraig and Seamus Lynch.

* Apple chief executive Tim Cook has angrily dismissed Brussels' tax accusations as "political crap", suggesting that Ireland is being "picked on" and is a pawn in a wider European Commission agenda to harmonise taxes across the EU.

In an exclusive interview with the Irish Independent, Mr Cook also said that Apple will "go forward" with an expansion in Cork, despite misgivings over future investment across Europe.

* Developer Johnny Ronan has gone on the offensive in a bid to attract businesses seeking to relocate from London to Dublin in the wake of the UK's Brexit decision.

While others within the property industry have adopted a 'wait and see' approach on the potential influx to the capital of employers from London and elsewhere, Ronan has publicly declared the determination of his company, Ronan Group Real Estate (RGRE), to woo UK employers.

The Irish Times

* Almost 70oc if people in the market for a mortgage have put the idea of buying a new house on the back burner because of stricter lending rules introduced last year.

Those that have delayed their decision to move for a mortgage believe it won't happen in the short term.

* A new regime to be introduced by Britain's Civil Aviation Authority could mean that Irish passengers that are flying on from UK airports could have to pay to have their complaints processed.

The authority has given approval to a number of arbitrators  to deal with complaints, some of these charge for their services.

* Health technology company Fitbit has vowed to create 50 jobs with the opening of its European headquarters in Dublin.

Ireland's reputation for innovation and technology talent will enable the company to expand in the region, according to the firm.

Irish Examiner

* The stability of the Coalition has been thrown into question by the Apple tax row after the European Commission ordered Apple to repay €13bn in back taxes to Ireland.

According to a report in the Irish Examiner, Ireland has just 24 hours to put up a united front against the ruling.

* A mortgage advocate has urged the Central Bank not to ring in major changes to its current mortgage rules,  saying they are not punishing first-time buyers.

According to Brendan Burgess of the First Mortgage Rates Campaign, the rules that have been brought in are achieving their objectives.

* Grafton Group boss Gavin Slark has dismissed the threat of Britain's exit from the EU, saying the uncertainty poses a short-term threat.

Mr Slark said there is nothing to suggest medium-term issues in the company's interim results.

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