Business Irish

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

* Investment in Irish oil and gas projects is tipped to shrink in the next two years, as the sector deals with rock bottom prices, new research has shown.

Around €1bn was invested into Irish schemes last year; however that figure is set to contract to €300m, according to the PwC Irish Oil and Gas Survey.

* Ulster Bank Ireland has agreed to pay a €3.325m fine to the Central Bank in respect of failures over anti-money laundering (AML) and terrorist financing - failures described by the regulator as "significant".

The penalty is the highest imposed by the Central Bank for anti-money laundering breaches.

* Smaller airlines operating in the UK will find it "increasingly tough" this winter as they feel the chill wind of sterling's slump coupled with the effects of the slower season, according to IAG chief executive Willie Walsh.

Stobart Air, which operates the Aer Lingus Regional service on a franchise basis for Aer Lingus, is likely to be among those affected.

The Irish Times

* People over 65 years old are paying considerable less tax than their younger counterparts, new research has shown.

According to a study from think tank, those aged over 65 pay nearly €5,000 less than younger people based on an average income of €36,000.

* Tech giant Apple has asked the High Court to fast track challenges to its €850m data centre as the company wants to avoid a delay of up to a year and a half.

Three objectors have asked fro a judicial review on environmental grounds for the company's new centre in Athenry Co Galway.

* Dublin-based lighting firm Urban Volt has secured a €30m funding deal with Swiss green energy equity company Susi Partners.

The Irish business, which counts Jamie Heaslip amongst its backers, has already had enquiries from US customers after appearing in the New Yorker magazine.

Irish Examiner

* Ulster Bank has been slapped with a  €3.3m fine by the Central Bank after the institution was found to have left itself vulnerable to money laundering.

The latest fine brings the Central Bank's total fines issued this year up to €7.5m.

* Business sentiment amongst Irish firms has eased after being hit by a sharp fall in the second quarter of the year. Pessimism about the Irish economy has softened since the Brexit vote, new research has shown.

According to a study from KBC Bank Ireland and Chartered Accountants Ireland has found companies across the country has seen a "less traumatic" immediate impact from Brexit than when first envisaged.

* Integrated services supplier Aramark has announced 100 new jobs through a new partnership with healthy restaurant chain Freshii.

The food firm is set to roll out 10 new stores, with initial outlets due to be based at Trinity College and Arnotts.

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