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

* One51, the Irish plastics and environmental services group, is selling its Cork Metal recycling business and understood to be in advanced talks to offload its other metals recycling operations here, the Irish Independent has learned.

It's believed previous owners of the businesses - most of whom stayed with the firms to help run the operations as part of One51's ClearCircle division - are in line to buy them back for far less than they sold them.

* Digital solutions firm SoftwareOne has announced it is to add 100 jobs in Ireland in a €16m investment.

The company announced the move in Dublin yesterday, citing Ireland's reputation as a provider of top talent for software solutions and the country's business-friendly environment as the primary reasons behind the decision to expand operations here.

* Irish online spending will grow at a faster pace than the Irish economy over the next five years, new research has shown.

The value of Irish online spending is set to almost double to €14.1bn by 2021, according to the Virgin Media Digital Insights report.

The Irish Times

* The Irish property market was worse hit than originally estimated, new figures have shown. However, the recovery in house prices since 2013 has also been underestimated.

According to the Central Statistics Office's new Residential Property Price Index, cash buyers are paying less than other buys with the proportion of first-time buyers falling significantly.

* The first new office block to be developed in the IFSC in Dublin since 2003 will be built by the Cosgrave Property Group and Irish investment firm Iput.

The 105,000 sq ft building, called The Exchange, will require €60m to complete and it expected to open in October 2017.

* EU competition commissioner Margarethe Vestager has said there will be no new wave of investigations into the tax practices of US firms.

Ms Vestager was speaking during a three-day tour of the US where she said there were no imminent inquiries coming.

Irish Examiner

* Pre-tax profits at one of the largest independently owned car rental firms in the country, the Dan Dooley Group, soared by 64pc to €1.8m last year.

Revenues at the Limerick-based group rose by 41pc from €23.25m to €32.75m in the 12 months to the end of November last.

* Irish firms are losing out on billions each year to consumers shopping with overseas businesses online, new research has shown.

According to a new study from Virgin Media, the value of Ireland's online spend has grown by 13pc over the last two years to €7.5bn.

* Open access broadband provider SIRO is to invest €40m to expand its offering to six new towns across Ireland.

SIRO is Ireland's first 100pc fibre-optic broadband network and is available in 50 towns nationwide so far.

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