Tuesday 23 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

* It has happened to us all at some stage. While we stand in the scrum to board a Ryanair flight, we look across the airfield to see a Donald Trump type strolling leisurely to their private jet.

Within minutes, their plane is airborne, while our's waits miserably in a queue to take off.

Private jets have been a pipedream for most people but that could be about to change after Ryanair revealed plans to launch what it calls a corporate jet charter service.

* Irish Life is set to become a major force in the health insurance market after buying Aviva Health and GloHealth.

Medical insurance experts said the move is likely to lead to an intense price war and innovations in the market.

Irish Life is owned by Canada's Great-West Lifeco, one of the largest financial services groups in the world. It has $1.2tn in assets under administration.

* Permanent TSB can cement its position as a "real competitive force" in the Irish banking industry, chief executive Jeremy Masding has said.

As the bank recorded mortgage lending growth of just 2pc last year and lending growth overall of 6pc, Mr Masding accepted it should have done better but vowed that the bank will be able to improve its market share.

PTSB shares fell sharply after the bank's first annual pre-exceptional profit in almost a decade was marred by a lack of write back provisions and disappointment in the pace of mortgage lending. The bank reported a profit before exceptional items of €26m for 2015, versus a €39m loss a year earlier.

The Irish Times

* Following on from two acquisitions by Irish Life, the firm is set to become a major player in the health insurance market.

The firm acquired Aviva Health and bought out the remaining 51pc of GloHealth it didn't already own.

The deals were funded through the company's own resources, however how much each firm paid remains unclear.

* Shares in Permanent TSB dropped yesterday after the bank posted losses of €425m for last year.

Exceptional costs at the bank over the course of 2015 dragged the State-controlled bank into losses last year.

PTSB chief executive, Jeremy Masding, said the volatility was largely due to a lack of liquidity in stock at the bank.

* Hundreds of thousands of Irish people, living in the UK, are to be targeted by an anti-Brexit group set to be launched lated today.

The group, called Irish4Europe, will be unveiled at the House of Commons today and will work to get its message across to the Irish living in the UK.

Irish4Europe has been formed at a time when pro-EU campaigners are saying the implications of a Brexit for Ireland, aren't being discussed properly.

Irish Examiner

* New research from the Economic and Social Research Institute (ESRI) says that not enough houses are being built in the areas of high demand.

The ERSI says this could risk house buyers returning back to the commute belt.

The Institute believes that the trend will cause house buyers to revert back to buying properties outside of the cities, meaning they will have to commute unsustainable, long distances.

* Ireland's best known talent agency, which counts Pierce Brosnan and Laura Whitmore, inset, among its clients returned to profit last year.

New accounts lodged by Lisa Richards Ltd show that accumulated profits jumped from €231,991 to €273,975 in the 12 months to the end of June 30 last.

The Dublin and London-based agency represents some of Ireland's best known stars including 'Love/Hate' actors Robert Sheehan, Charlie Murphy and Aoibhinn McGinnity.

* A former British chancellor of the exchequer has warned of the massive economic effect a Brexit would have on Ireland.

Ken Clark, a prominent pro-EU Conservative Party member said that a Brext is fraught with uncertainties for both Ireland and the UK.

Mr Clark warned of huge uncertainties surrounding trade between Ireland and the UK if Britain decide to leave the EU.

Online Editors

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