Business Irish

Saturday 18 November 2017

What it says in the papers: business pages Business Desk Business Desk

Here's a look at what it says in this morning's business pages

Irish Independent

*House buyers are to be offered renovation grants to restore properties in small towns and villages as part of the Government's long-promised plan to revive rural Ireland.

The scheme is aimed at luring all house buyers, but specifically older people and first-time buyers, back into rural communities damaged by unemployment during the recession.

Meanwhile, figures from the Central Statistics Office show prices across the country were up 8.6pc in the year to November. The rises were strongest outside Dublin.

*One of the central planks of Donald Trump's economic policy was his intention to slash the US corporate tax rate from 35pc to 15pc, which could hamper the attractiveness of Ireland's low corporate tax regime.

Mr Trump has vowed to pursue a policy that will put American multinationals under pressure to keep their operations in the US, with the threat of heavy penalties weighing over those who are seen to send American jobs abroad.

*Fast food giant McDonald's has hit back in the brand war with Supermac's, by accusing the Irish firm of seeking to take unfair advantage of the US company's world-wide brand.

McDonald's has also accused the Galway firm of trying to benefit from McDonald's long-established brand by making the trademark application for Supermac's to the EU.

*SuperValu has regained the title of Ireland’s biggest grocery retailer, snatching the position from rival Dunnes Stores during what was a record Christmas for the grocery market, the latest figures for the sector show

Data from research group Kantar Worldpanel published this morning shows that SuperValu – controlled by the Cork-based Musgrave group - had a 22.8pc share of Ireland’s multi-billion euro grocery market during the 12 weeks to January 1.

Irish Times

*Shareholders voted overwhelmingly to sell Fyffes to Japanese investment giant Sumitomo Corporation at a meeting in Dublin yesterday.

A motion to back the €751m sale of the Irish company was backed by more than 99pc of Fyffes shareholders who voted at an extraordinary general meeting.

*Conor McGregor is one of a number of Irish people to have been included in the annual Forbes 30 Under 30 list for Europe this year.

Other Irish people name checked on this year's list include transgender rights campaigner, Sam Blanckensee, the co-founder of Foodcloud Iseult Ward, Patrick Carton, a designer with McLaren Automotive and tech brothers John and Patrick Collison.

*Some of the world’s top executives are shrugging off concerns about the global economy as new research shows that business confidence is up this year despite the threat of political instability across the world.

Some 38pc of those surveyed were confident about their company’s growth prospects compared with 35pc last year, according to the PwC survey.

*Ireland has performed better than Germany, France and the UK in an index that ranks employment opportunities, pay, living standards and social inclusion.

According to a new report from the World Economic Forum, ‘WEF Inclusive Growth and Development’, Ireland places 12th out of 30 advanced economies for inclusive development.

Irish Examiner

*The renewed slump in sterling is hurting key Irish businesses hard as the turmoil caused by the uncertainty of the UK’s new relationship with Europe will persist for a long time, analysts here have warned.

UK prime minister Theresa May later today outlines her government’s plans over the divorce talks with the EU.

*SuperValu has come out on top of the Christmas supermarket shopping league in the Republic, edging out rival Dunnes Stores.

The two Irish giants were level at the beginning of December at 22.5pc each.

*French lensmaker Essilor has agreed to buy Luxottica, the maker of Ray-Ban sunglasses, for about €22.8bn in shares, combining the largest manufacturer and retailer in eyewear.

Luxottica makes frames for luxury brands such as Armani, Chanel, and Prada, and is the biggest eyeglass retailer, with chains including Lenscrafters, Pearle Vision, and Sunglass Hut.

*AIB is pursuing a Dublin solicitor, Barry Lyons, for a €4.7m judgment over alleged unpaid loans. The case against Mr Lyons, of Garville Road, Rathgar, Dublin, was admitted to the Commercial Court yesterday.

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