Thursday 22 March 2018

The week in Business

Penneys fashion - shares in Primark owner, ABF plunged by over 10pc
Penneys fashion - shares in Primark owner, ABF plunged by over 10pc
Ryanair boss Michael O'Leary

A look back at the main business stories of the week.


The high volume of cases and the slow pace of repossessions through the courts here are a challenge to efforts to resolve problem debt, according to a cross-country comparison of problem loans in the Eurozone.

Shares in Primark owner ABF plunge over 10pc after it reveals that weakened sterling has gouged a £200m (€237m) deficit in its pension scheme. But it says sales at Primark - which is based in Dublin and trades as Penneys here - are expected to be 9pc ahead of last year's figure on a constant currency basis.


A swathe of prime properties located just off Dublin's Grafton Street acquired by developer Bernard McNamara during the boom goes on the market with a guide price of more than €27m.

Customers of Irish banks, insurers and financial intermediaries are at risk from cyber attack, the Central Bank warns. Firms are told to increase resilience to IT failures and cyber security incidents.

The ruling from the European Commission on Apple may provide a new opportunity to reform the United States tax system, US Treasury Secretary Jack Lew says. In an article published in the 'Wall Street Journal', Mr Lew argues that America's corporate tax system is "broken".


Ryanair boss Michael O'Leary

Ryanair's ownership structure could come under pressure following Brexit if UK investors in the airline are considered non-European Union residents for the purposes of shareholding rules. Boss Michael O'Leary, above, warns that in a worst-case Brexit scenario, the carrier's UK shareholders could be considered non-EU residents and could be forced to sell their shares.

Irish businessman Declan Kelly will be propelled to the premier league of Ireland's rich list next year, if the New York-headquartered consulting company he co-founded, Teneo, proceeds with a rumoured $1bn (€890bn) flotation.


Smurfit brothers Michael and Dermot are set for multi-million euro cash windfalls after US private equity giant Madison Dearborn agrees to buy Finnish packaging firm Powerflute for £268m (€314m).

The €92m sale of the Gresham Hotel in Dublin to Spain's Riu group is finally completed.

Irish Independent

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