Thursday 22 March 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

* Ryanair boss Michael O'Leary - who campaigned for UK voters to shun Brexit - insisted yesterday that the British government will be "screwed" in negotiations with the European Union.

"The European Union is not going to make it easy for the UK. All this kind of arrogant nonsense in London - 'we're the fifth biggest economy in the world, they'll give a good deal...they won't," he told an audience at a Confederation of British Industry (CBI) event in Belfast.

* Domestic spending has overtaken exports as the key driver of growth in the Irish economy, according to the latest research from the ESRI.

It's a shift compared to the earlier phase of the Irish recovery which was driven largely by a surge in exports.

* Businessman Denis O'Brien has revealed plans to personally invest as much as $450m (€403m) on a network of undersea telecoms cables linking dozens of countries in the Caribbean.

The Digicel founder outlined the plan in a wide-ranging interview with Bloomberg Television's Vonnie Quinn that also included harsh criticism of the European Commission's Apple tax ruling.

The Irish Times

* New mortgage rules introduced by the Central Bank are likely to curtail the delivery of new homes by up to 5pc over the next four years, according to a new report from the Economic and Social Research Institute.

The report suggest that over the coming years house prices will come down on average by 3.5pc due to introduction of the rules.

* Finance minister Michael Noonan has defended the Government's plan to ease the universal social charge out over the next five budgets.

Mr Noonan said the USC had been introduced as an emergency measure during the crisis and that it was now time to phase it out.

* Ryanair boss Michael O'Leary has said Britain will lose out on trade deals if article 50 is triggered, prompting the UK to leave the European Union.

Mr O'Leary also said the majority of the British cabinet wouldn't have an idea as to what Brexit would actually look like.

Irish Examiner

* The ESRI has said there is no rationale for any tax cuts in the upcoming budget and suggests it should focus on expenditure to improve economic growth.

The think tank has called for the Government to issue a neutral budget for next year.

* Ryanair's auxiliary revenue climbed to €1.57bn last year, despite the fact it was without a car rental vendor for part of the year.

Revenue from non-ticket sources rose by 13pc last year for the airline.

* Irish exploration company Clontarf Energy has raised around €460,000 from through a share placing.

The firm placed 80 million ordinary shares with new and existing shareholders, representing around 15pc of the company's new share capital.

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