Wednesday 21 February 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

* A former partner at KPMG in Belfast who is being investigated by the UK's revenue and customs, and helped lead the way for devolving corporation tax in the North, has launched his own business consultancy firm.

The move comes as Eamonn Donaghy joins three fellow former partners at KPMG in Belfast in taking a judicial review against Her Majesty's Revenue and Customs (HMRC) next week.

* Pre-tax profits at one of the best known pubs in the country, the Temple Bar, soared by 31pc to €2.77m last year.

Temple Inns Ltd, which operates the pub in Dublin's Temple Bar area, saw gross profit at the business jump from €7.4m to €8.8m.

* Shares in Irish-Swiss food group Aryzta dipped yesterday as its pre-tax profits fell over 8pc to €365.5m and a full percentage point was sliced from its margin.

The Zurich-headquartered company, which has its roots former Irish agri group IAWS, saw its full-year revenue climb 1.5pc to €3.87bn.

The Irish Times

* The OECD tax boss Pascal Saint-Amans has said the build of Apple's profits from its Irish operations are meant to be in the United States.

Mr Saint Amans said that due to the fact the majority of the firm's R&D happened in the US, the profits should then be association with that country.

* The firm controlling the businesses worker in the Titanic Quarter in Belfast reported losses of €383,329 last year, narrowing from £1.16m of losses made two years ago.

Titanic Island Limited also said the UK's decision to leave the EU could adversely affect its prospects in the short to medium term.

* Shares in Deutsche Bank slipped to their lowest level since the 1980s yesterday amid speculation over the viability of Germany's biggest bank.

It is understood that Berlin would offer no support in helping the bank pay a €12.4bn find owed to the US for the mis-selling of mortgages.

Irish Examiner

* Finance minister Michael Noonan has said there is no threat to the country's low 12.5pc corporation tax, despite the ruling by the European Commission on Apple Tax.

Mr Noonan said the ruling had now become "an historic issue" and that the Commission is not putting any pressure on the Government to change the rate of tax paid by companies here.

* A pharma firm based in Shannon made a profit of €519m from the sale of the intellectual property (IP) of its main drug last year.

New accounts show that UCB Manufacturing Ireland recorded pre-tax profits of €461m that arose chiefly from the sale of the IP of its Parkinson's disease drug, Neupro. Revenues at the firm - formerly Schwarz Pharma - rose from €114.6m to €136.35m.

* Tesco's long standing position as Ireland's second largest supermarket has come under threat from Dunnes, which has tied with it in second place.

In the three months to mid-September Dunnes has managed to gain an equal share of the grocery market with 21.6pc of the overall marketplace.

Online Editors

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business