Sunday 15 December 2019

What it says in the papers: business pages

Michael Cogley

Here are the main business stories from this morning's papers:

Irish Independent

* US multinationals in Ireland say that a new transatlantic data deal has averted the threat of job losses here.

Yesterday's agreement between the EU and US on privacy is being hailed as a resolution to the standoff that threatened transatlantic trade.

The two trading blocs agreed to replace the struck-down 'Safe Harbour' data treaty with a new accord, to be called 'EU-US Privacy Shield'.

* The shutters have been pulled down on the Irish arm of Toys"R"Us just six months after local operators launched the business here.

Michael McAteer of Grant Thornton has been appointed as receiver to the business by the UK-based entity that franchised the operation here, and which is a creditor of the Irish company.

The two Irish stores, at the Westend Shopping Park in Blanchardstown and at the Parkway in Limerick, have now closed with the expected loss of 11 jobs in each store.

* Paddy Power Betfair Plc began trading for the first time as a single entity on the Irish and London stock exchanges yesterday.

The firm began trading yesterday morning after the €8bn merger between the two betting giants was completed.

Shares fell by 2pc by 2.30pm yesterday but Davy Stockbrokers analyst David Jennings said that the drop shouldn't come as too much of a concern to shareholders, saying that investing in the betting firm should be seen as a longer-term investment.

The Irish Times

* David Cameron has hailed a draft agreement from European Council president, Donald Tusk, as the 'best of both worlds' for Britain.

The British prime minister said that if the proposals are accepted at a summit in Brussels this month, he would lead the pro-Europe campaign.

Mr Cameron said that if they get the proposals agreed in  February or March the government would hold the pro-Europe view on the Brexit referendum.

* Four months after the Safe Harbour agreement was deemed invalid, the European Union and the US have reached a deal on a new pact to underpin transatlantic data transfers.

The deal was struck at the last minute as Eu data protection commissioners were looking to curb data transfers.

The new agreement will be known as the EU-US Privacy Shield, has been implemented in order to protect the fundamental rights of EU citizens.

* The European Commission has backed  moves to ease the State's budget targets by granting an extra €1.5bn in fiscal space over the coming years.

The Commission has agreed to relax Ireland's tax and spending objectives until 2019, meaning the next government can aim for a structural deficit of 0.5pc of GDP.

Ireland is set for new European targets from this year after the Government brought the headline deficit below the EU limit.

Irish Examiner

* The head of Heineken in Ireland has said that drinks companies have a moral obligation to make it 'uncool to be drunk'.

Heineken Ireland chief executive, Maggie Timoney, said that she doesn't 'give a shit' if her stance gets her fired from the company.

Ms Timoney said that she doesn't believe a blanket ban on advertising would work but rather a responsible drinking campaign should be put in place instead.

* Irish economists and stockbrokers have been telling their international clients that the coalition will fall short in the upcoming general election.

They have instead been advising clients that the next government could be made up with the support of smaller parties and a few independent deputies.

In a series of research notes, the economists have predicted that Fine Gael and Labour will fall short of the 79 seat majority.

* Shares in the newly merged betting giant Paddy Power Betfair closed down 1.4pc to €139 yesterday.

Yesterday was the first day of trading for the newly merged entity.

Paddy Power shareholders are set to share an €80m windfall early next month.

Online Editors

Also in Business