Business Irish

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

* An Irish unit of Apple made a Revenue settlement two years ago - including paying tax, interest and penalties to authorities here.

The European Commission has revealed the 2014 tax settlement was made by Apple Distribution International (ADI).

* Shares in London-listed exploration firm San Leon - headed by Irishman Oisin Fanning - soared more than 25pc yesterday after it confirmed that it had received a takeover approach.

The company had a market capitalisation of £240m (€285m) following the share surge.

* Dunnes Stores and SuperValu now hold an equal share of Ireland's multi-billion euro grocery market, as the pair battle it out for supremacy among consumers over Christmas.

New figures from research group Kantar Worldpanel show the retailers each have a 22.5pc share of the market.

The Irish Times

* The European Commission has accused Ireland of being inconsistent in applying its tax rules on multinationals meaning more implications could be on the way for overseas firms set up here.

The Commission accused the Government of offering selective treatment to Apple, a claim denied by both parties.

* Shares in San Leon Energy, the London-listed firm headed up by Oisin Fanning, soared by nearly 29pc yesterday on talk of a potential takeover bid.

It had been reported that a Chinese investor had approached the company about a potential bid but the company said an announcement on the situation would be made in due course.

* More than 8,200 mortgage customers have been denied a tracker rate by their lender, new figures from the Central Bank show.

The news comes as an update from the regulators investigation into 15 lenders across the country.

Irish Examiner

* Earnings at the Beacon Hospital in Dublin last year increased by 28pc to €9.2m, new figures show.

New accounts just filed by Beacon Medical Group Sandyford Ltd and subsidiaries confirm that the business enjoyed the boost in earnings after revenues increased by 53pc, going from €82.23m to €125.79m last year.

* A quarter of Irish shoppers plan to cross the Border to make the most of festive bargains due to weaker sterling.

New research shows that people will be flooding to shops in Northern Ireland, with those in the 25 to 34 age bracket the most likely to make the trip.

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