Monday 20 November 2017

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

* Fashion mainstays including Coast, Oasis and Warehouse are being put up for sale as part of an effort to recover money for creditors of failed Icelandic bank Kaupthing.

Administrators who control the bank are looking to sell off the portfolio of fashion retailers, four sources familiar with the matter said.

* Tyrone Productions, the television company founded by Riverdance creators Moya Doherty and John McColgan, made a loss of €128,947 in 2015, according to accounts just filed at the Companies Office.

John McColgan is sole owner of the business, and Moya Doherty stood down as a director in 2014 after her appointment as chairwoman of RTÉ. The latest abridged accounts show losses more than doubled from €62,000 and turnover dropped sharply last year. Tyrone Productions is a major producer of programming for RTÉ, TV3 and TG4 and BBC.

* Experts in complex international tax avoidance schemes are to be recruited by the Revenue Commissioners to inspect the books of big multinationals based here.

The new hires will carry out transfer pricing audits on large corporate firms, "compliance interventions" and manage the roll-out of country-by-country reporting.

The Irish Times

* A €1,000 State employee payment could be brought forward in a bid to ease tensions over public sector pay, it has been reported.

However, such a provision was not accounted for in the Budget and for every month it's brought forward it could set back the Government as much as €35m.

* Dublin has been ranked as the eight-best European cities for start-ups according to the new European Digital City Index.

The high ranking comes despite the capital looming near the bottom of the table for digital infrastructure.

* Joe and Her are both to drop the ".ie" as the pair from Maximum Media look to target the television market.

The firm has built a small broadcast studio at its Dublin headquarters with Joe.ie editor Paddy McKenna being promoted to broadcast director.

Irish Examiner

* Brexit campaign leaders have reportedly rejected a plan set out by Bank of England chief Mark Carney to give companies a buffer to ready themselves for their European departure.

Mr Carney tried to gain support for a plan that would allow British firms to remain in the single market for two years after the UK leaves.

* A lack of an online presence is seeing Irish firms lose out on €4.5bn in sales, a new report has found.

According to research by Virgin Media around €4.5bn worth of sales are leaking abroad due to firms here not appropriately servicing demand.

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