Wednesday 17 January 2018

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

* Aircraft lessors are benefiting from increased air travel, strong airline profitability, low interest rates and good access to funding markets, according to Fitch Ratings' latest assessment of the market.

However, the report warned that variables including interest rates, passenger numbers and airline profitabilty are cyclical or prone to temporary disruption, and said this limits the potential for positive rating actions in the sector.

* GE Healthcare is to ship in four pre-fabricated factories as part of €150m project that could lead to the creation of 500 manufacturing jobs.

The investment is to fund the construction of the GE BioPark in Ringaskiddy in Cork, which will house four KUBio facilities, the first of their kind in the EU.

* Former Paddy Power boss Andy McCue has taken a major pay cut since leaving Paddy Power after he started his new job yesterday.

Mr McCue spent 10 years at the betting giant before taking up his new role as chief executive of UK-based Restaurant Group.

The Irish Times

* The European competition commissioner Margarethe Verstager has claimed the Commission has no issue with Ireland's tax system and insists it has no intention to harmonise corporate tax systems.

Ms Vestager was speaking in the US after she ordered Apple to repay the Irish State €13bn in back taxes.

* Limerick is looking to capitalise on Britain's exit from the European Union by investing €500m to attract inward investment opportunities.

As part of the LimerickTwentyThirty strategy, the city will aim to become the best placed English-speaking city in Europe to nail down investment post-Brexit.

* Irish authorities have suggested that the public sale of AIB shares next year could be delayed if markets remain in their uncertain state.

According to the latest European Commission's latest surveillance report, Irish officials have hinted at a delay in the sale of the bank's shares due to unfavourable market developments.

Irish Examiner

* Irish companies are feeling a significant hit from crime every year with bad security standards leaving them open to exploitation by criminals.

On average businesses are losing around €55,000 a year according to a new survey from Netwatch Group.

* Operating profits at a four-star hotel business owned by one of the best known family names in the Irish hospitality industry increased by 16pc to €670,289 last year.

The 18th century Fitzpatrick's Castle Hotel in Killiney, Dublin, is owned by Eithne Scott-Lennon and her brother, John Fitzpatrick who runs two landmark Fitzpatrick hotels in New York.

* A group of D4 residents have said they 'have had enough' and were 'objecting most strongly' to a €26m plan for a revamped stand at the RDS.

Last month, the RDS lodged the plans seeking to increase the capacity of the RDS from 18,500 to 21,000 aimed at catering for Leinster Rugby games.

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