Friday 19 January 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

* Ireland's largest exporter of dairy products believes its market access into the UK won't be hit in the event of a British exit from the European Union.

Anne Randles, a director and the company secretary at dairy giant Ornua, told the Irish Independent that the company's UK-bound exports would not be dented in the event of a so-called 'Brexit', and that it was not contingency planning.

Britain's economy has been growing in recent years, but economists worry that an EU exit could hurt its prospects if exporters face higher barriers, a weaker pound make imports into the UK more expensive and uncertainty over the shape of a Britain without the EU curbs investment. There is also concern over the impact that a possible withdrawal could have on trade flows between Ireland and Britain.

* Healthcare company MSD is to create 200 new jobs across three of its Irish manufacturing sites by the end of this year.

The company said that due to its continued growth and increase in supply of products internationally from Ireland, it would be recruiting staff for its operations in Carlow, Cork and Tipperary.

The new roles span operations, quality, engineering, supply chain and commercial operations.

* The oil-rich home of glitz, the United Arab Emirates, has appointed new ministers of "tolerance" and "happiness" as part of a cabinet reshuffle, as it attempts to cement its position as the Arab world's most eye-catching nation.

The announcement followed weeks of speculation over the nature of the well-signalled government shake-up.

The prime minister, Sheikh Mohammed bin Rashid al-Maktoum, who is also the ruler of Dubai, has appointed Ohood Al Roumi Minister for Happiness - believed to be the first ministry of its kind in the world.

The Irish Times

* The Dublin Port Company wants the city council to set aside its plans to build housing on the company's lands.

The company wishes to use the land, which is located on Poolbeg peninsula, to facilitate the future expansion of the port.

If the council does not alter its plans, the firm's CEO, Eamonn O'Reilly, has said that it may have to revisit plans to fill the 21 hectares of Dublin Bay.

* A lot of Irish firms have no strategy to deal with a British exit from the European Union.

According to the results of a new survey in The Irish Times, Irish firms will being to increase their scrutiny of Britain's upcoming referendum.

The firms believe that they would be better off if Britain stayed within the EU.

* Irish Life has entered into negotiations to acquire Aviva Health, which was put up for sale last year.

According to a report in The Irish Times, the two firms are in exclusive talks, which could see a major consolidation of the Irish health insurance market.

Last year, Irish life generated €204m in profit while in 2014 Aviva Health had gross written premiums of €330m but profits declined 12pc, down to €12m.

Irish Examiner

*The National Treasury Management Agency has started a rush for professional firm's to be part of the State's first phase of its €300m social house building Public Private Partnership programme.

Firms were offered to put forward their tenders to the NTMA after the agency issued an advertisement looking for a range of architectural and engineering consultants.

It is hoped that the programme will provide stimulus to the Irish housebuilding industry as well as shorten waiting lists for local authority housing.

* Cork, Carlow, and Tipperary are all to benefit from job creation incurred by healthcare company, MSD.

The firm announced 200 new jobs across the three counties, adding to its existing Irish workforce of over 2,000.

The majority of the new roles will be based at MSD's Carlow facility, with 110 of the jobs going there.

* Deutsche Bank investors, who bough up bonds sold by the bank last month, are trying to get better terms out of the bank from its $5.4bn share buyback plan.

The shareholders are pushing for improved terms as they believe the German lender failed to disclose its true financial position before the sale.

Some of the bondholders are saying that the bank should have released its fourth quarter earnings, which were announced two weeks after the bond sale, before the lender auctioned the bonds.

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