Sunday 25 February 2018

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

* Global stocks and commodities rallied yesterday, as the weak GDP data in China spurred expectations that the world's second-biggest economy may introduce more aggressive stimulus measures.

However, the sell-off in sterling increased, threatening Irish exports to its biggest market, after Bank of England Governor Mark Carney signalled that he would keep interest rates at an all-time low for the foreseeable future.

While China's GDP growth slumped to under 7pc for the first time since 1990, that had the opposite effect to what might have been expected, with equity markets across Europe, the US and Asia all surging.

* Dalata Hotel Group, Ireland's largest hotel operator, has bought the Clarion Hotel in Sligo for €13.1m, €6.1m above its original guide price.

Dalata chief executive Pat McCann revealed that the company was interested in the Clarion, which sits on 5.5 acres, when it came to market in October.

The hotel, which will be rebranded as a Clayton hotel as part of a €750,000 refurbishment, was offered for sale on behalf of receiver Aiden Murphy of the accountancy firm Crowe Horwarth.

* Dunnes Stores is planning to make another acquisition following its recent purchase of the Café Sol business.

It has just notified the Competition and Consumer Protection Commission of its intention to buy Whelan Food and Meat Processors and Tipperary Sustainable Food Company.

Whelan Food and Meat Processors is owned by Pat Whelan, a renowned butcher in Tipperary, who also owns the award-winning James Whelan Butchers in Clonmel.

The Irish Times

* Fears for the global economy has cast a shadow over the start of the World Economic Forum in Davos this week as the IMF cut its growth estimates for next year.

The International Monetary Fund cut its estimates for economic growth next year amid signs of a slowdown in China's economy.

The IMF brought its estimates for global economic growth down from 3.6pc to 3.4pc.

* An Irish Water supplier is to create 300 jobs over the next five years. Veolia, which provides waste and energy management services to commercial companies announced the news yesterday.

The French company has seen demand for its services grow in line with a growing international desire to become a low-carbon economy.

Veolia said that it was targeting double digit growth in Ireland over the next five years.

* Tech start-up Boxever is to create 100 new jobs in Dublin after a  successful round of funding of $12m.

The news comes off the back of a very successful two years for the company that has seen compound revenue growth of 450pc.

Speaking about the roles, Boxever co-founder, Dave O'Flanagan, said that they would be 'high-value technical jobs'.

Irish Examiner

* The Irish state could miss out on a massive windfall if the European Commission rules against Apple in its ongoing tax battle.

It was understood that should Apple be believed to have been granted illegal state aid by Ireland, it would have to repay millions to the State.

However, it has been revealed that the State may not necessarily receive the money if a specific proposal is passed by ministers of the European Parliament.

* Minister for jobs, Ged Nash, has warned that Ireland could be stepping back into the days of 19th century hiring fares with workers taking jobs 'if and when' they can get them.

The Labour TD said he's battling against uncertain contracts that offer workers little to no rights after they were exposed in an independent report commissioned by the Government last year.

Mr Nash didn't give a timeline as to when a clampdown would be introduced but he did say he wanted a plan drawn up and brought before Cabinet in the coming weeks.

* Small and medium enterprises are becoming more and more at risk to cyber attacks as aging infrastructure and growing industrialisation contribute to SMEs' fragility.

Companies aren't as confident in their ability to handle threats to their online security as they used to be, according to an annual report from Cisco.

Business leaders have also accepted that they must provide greater transparency to its shareholders in relation to the threats they face.

Online Editors

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