Saturday 16 December 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

* Brussels has interfered with Ireland's tax sovereignty and exceeded its powers in ordering Apple to pay €13bn in taxes to the Exchequer, according to the Government.

In a stinging rebuke to the European Commission, the Finance Department slammed the decision by competition commissioner Margrethe Vestager to hit Apple with the huge tax bill.

* The Central Bank is hiring extra staff who are being drafted in to supervise financial institutions planning to move to Ireland from the UK once it exits the European Union.

A spokeswoman for the Central Bank confirmed that it had just received approval to hire 28 staff who would be dedicated to Brexit-related activities. She said it was hoped that the roles would be filled as soon as possible.

* Tens of thousands of jobs will be created in sectors from construction to IT by 2020 as Ireland's economic growth continues to outpace the rest of the European Union, according to a report published this morning.

The Economic Eye Winter Forecast from financial services firm EY predicts that Ireland's economy will expand by 3.1pc this year and 2.9pc in 2017.

The Irish Times

* The European Commission has misinterpreted Ireland's tax laws causing it to make the wrong decision in the Apple tax case, the Government has said.

The commission ruled in August that Apple should repay €13bn in tax due to Ireland, which was deemed as illegal state aid.

* German pensions group Bayerische Versorgungskammer has completed its €630m acquisition of the Liffey Valley shopping centre.

The centre was owned by Hines, HSBC Alternative Investments, and the Grosvenor Group before being put up for sale in July.

* The Irish economy is set to grow by 2.7pc next year but will be tested by major economic factors such as Brexit in an uncertain year, the latest forecasts from EY have said.

Economic growth has been tipped to slow in the North next year with significant job losses on the way, according to EY.

Irish Examiner

* The Irish economy will continue to progress for the rest of the decade, despite facing a tougher year in 2017, accountancy giant EY has said.

Irish GDP is expected to grow by 3.1pc this year and a further 2.9pc in 2017 forecasts have shown.

* Some of the biggest foreign investment and commercial banks operating in Britain paid an average tax rate of just 6pc on the billions of dollars of profits they made in the country last year, a Reuters analysis of regulatory filings shows.

That is less than a third of Britain's corporate rate of 20pc. There is however nothing illegal about how they managed to reduce their taxes, and includes using losses built up during the financial crisis to offset current bills.

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