Saturday 20 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

* Chinese President Xi Jinping pledged to open the country's economy further as leaders of Asia-Pacific countries sought new free-trade options following Donald Trump's election as US president on promises to scrap or renegotiate trade deals.

All eyes were on China at this year's Asia-Pacific Economic Cooperation (APEC) summit in Lima, Peru just over a week after Mr Trump's surprise victory in the United States dashed hopes of the largest-ever US-proposed trade deal, the Trans-Pacific Partnership (TPP), coming to fruition.

* The annual cost of owning and maintaining a family home has risen to more than €16,600 - which is almost half of the average national wage, a new study reveals.

And those who bought during the boom are even more hamstrung, according to AA Home Insurance. It found that this group need to earn extra €10,000 each year in income, just to have the same standard of living as someone buying their home this year.

* Irish businesses face a greater risk of having sensitive legal documents fall in to hackers’ hands.

There has been a near 50pc increase in the number of cyber-attacks reported by Irish law firms in the past year, according to research being published today.

The Irish Times

* Dublin City Council appears to have narrowed the hopes of Windmill Lane Studios, which is looking to build a new €80m studio in Poolbeg, after it revealed it would cut land for housing in the area by 60pc.

Windmill Lane founder James Morris and film producer Alan Moloney want to build the new studio on the former glass bottle site in Ringsend.

* Goodbody Stockbrokers has warned investors not to chase a global stock rally, following the election of Donald Trump as President of the United States.

The stockbroker said the President-elect's plans to incur growth in the US economy may have negative consequences for the rest of the world.

* Insulation giant Kingpsan has acquired California-based skylight firm Bristolite in a deal understood to be worth around €35m.

The new business will be added into Kingspan's 'light and air' division, which was established after the group splashed out on German company Essman this year.

Irish Examiner

* Just 38pc of the 20 largest legal firms in Ireland are tipping an improvement in business conditions next year, a new survey has shown. It is also predicted that Brexit will spur a round of merger and acquisition activity in Dublin.

The study, which was conducted by the international accountancy firm Smith & Williamson, also found that just over half of the entire legal sector here are optimistic about the business environment here next year.

* The IDA has provided more than €1.1m in employment grants in little over a year to the expanding Irish arm of game giant, Electronic Arts (EA).

EA, the firm behind the mega-selling Fifa 17 game, has a base in Galway with some of the most enviable jobs in the multinational sector, where the firm's quality assurance team tests the latest games before they go on general release.

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