Saturday 23 June 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

* Paddy Power Betfair is looking to drop one of its media agencies as it continues its cost-cutting programme.

The company, whose headquarters is in Dublin, is looking to put its entire £40m (€51m) media spend for the UK and Ireland into a single entity.

* Financial results from Microsoft Corp and Intel last week brought into sharp relief the challenges the one-time PC partners face as they shift more of their emphasis to cloud computing.

Microsoft has seen strong long-term growth in parts of its cloud business, a combination of services and software catering to corporations moving computing functions to remote data centres run by outside providers.

* The world's top oil companies are set to report their worst quarterly results yet in the current downturn, though a recent recovery in crude prices is raising hopes the market has bottomed out.

Britain's BP will be the first of the 'oil majors' to report results on Tuesday. It recorded its worst-ever annual loss in 2015, while Shell posted its lowest annual income in over a decade, setting the scene for a poor start to 2016.

The Irish Times

* A decision by EU statistics agency Eurostat could put the next government under less pressure to keep public spending in line.

According to a report in The Irish Times, the next administration could be granted leeway by Europe that would allow it to increase spending by more than had been expected.

* A new conference, called the Dublin Tech Summit, is aiming to fill the void left by Paddy Cosgrave's Web Summit and attract 10,000 guests to the convention centre next February.

The summit is being organised by Ben English who wants to reaffirm Ireland's place as a tech hub. Mr English already has representatives from Uber, MongoDB, and Adblock lined up.

* President Michael D Higgins has informed the Irish League of Credit Unions that credit unions across the country are facing a time of radical change after the enactment of new regulations.

The president hopes the movement can further expand into the financial sector all the while keeping the community ethos.

Irish Examiner

* Volkswagen is looking to splash out €4bn in its Chinese joint ventures this year as it bids to continue positive sales growth into the second quarter of the year.

The automaker is also going to ramp up its local SUV production in the area as it looks to add 10 movels across its VW, Audi and Skoda brands.

* Cork has been added to the route of Danish shipping giant Maersk when travelling between Northern Europe and Cuba.

The deal may prove lucrative for the port after economic sanctions were removed from Cuba allowing trade between the two regions to commence.

* It is understood that the Double Tree by Hilton, which was formerly known as the Burlington Hotel has been put up for sale with a price of €140m.

According to a weekend report the hotel will not be put up on the open market.

Online Editors

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