Friday 17 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

* A company whose directors include the chief executive of the Rose of Tralee festival, Anthony O'Gara, has been embroiled in allegations that it was liquidated this year only for the business to be effectively transferred the next day to another individual.

The Revenue Commissioners labels such activity as 'Phoenix Syndrome'.

* Retail footfall in Northern  Ireland grew 3.5pc in November, in a sign traders are benefiting from a cross-Border Brexit bounce.

There was growth across main streets, retail parks and shopping centres, according to information service Springboard. The North was the only UK region to experience growth across all three.

* Irish construction firms are taking on extra staff, pushing the sharpest rise in employment since February, according to Ulster Bank's latest Construction PMI.

Construction firms continued to record strong growth of activity last month, supported by a further sharp increase in new orders.

The Irish Times

* The EU committee of the House of Lords has recommended the British and Ireland governments should come to an agreement to minimise the effect of Brexit on cross-border and British and Irish trade.

According to a report from the committee, the deal should guarantee open land borders and sea boundaries. The agreement would be subject to EU approval.

* Permanent TSB has withdrawn from talk over buying €100m worth of mortgages from US group GE Capital.

The deal would have been the first since the crash for PTSB, who is now under pressure to rebuild its loan book.

* The Irish construction sector is appealing for builders that moved abroad to return home to help deal with the rising demand for newly built houses.

The Construction Industry Federation estimates it will need to find 112,000 workers to deal with projected demand over the coming years.

Irish Examiner

* Irish Water has cost the State in excess of €2bn over the past three years, and is expected to cost €844m in 2016, new figures have shown.

According to Government projections €678m and €621m was granted to the utility in 2014 and 2015 respectively with further capital contributions to the entity bringing the total spend on it to over €2bn.

* Irish employment levels are set to return to their pre-crash high by the end of the year despite the looming threat of Brexit, business group Ibec has said.

Ibec said spending increases and multinational expansion was leading to strong gains in the Irish economy.

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