Saturday 26 May 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

* The need to squirrel away massive home buyer deposits to meet Central Bank rules has been blamed after retail sales dipped unexpectedly in March.

Big-ticket items, including car sales, electricals and spending in department stores were all down.

* Brexit is the "main challenge" to Ireland's economy and consumer confidence, the chief executive of Musgrave, the Cork-based retail group that controls the SuperValu brand, has warned.

Chris Martin predicted that if sterling continued to weaken against the euro on the back of a vote for the United Kingdom to leave, there could be a return to the exodus of shoppers to Northern Ireland that occurred in 2009 when the two currencies neared parity.

* CRH chief executive Albert Manifold has defended his remuneration package after over 40pc of shareholders voted against a motion to increase the capacity of his bonus.

The motion was to allow Mr Manifold to be awarded a maximum bonus payment of more than twice his base salary.

The Irish Times

* Hundreds of jobs at international tech giant Intel are to be cut in Ireland as the firm continues its global restructuring plan.

The company said it would issue voluntary redundancy packages to staff next week. Intel confirmed yesterday that some of its 12,000 global  would take place in Ireland.

* Bank of Ireland chairman Archie Kane has said it is the bank's ambition to pay its first dividend to shareholders since the financial crash next year.

Mr Kane was speaking at the bank's annual general meeting yesterday iterating the firm's intention to pay the dividend in the first half of next year.

* Former taoiseach John Bruton and former prime minister Gordon Brown have both warned of the dangers of a British exit from the EU.

Mr Burton said Britain would lose some of its influence on the global economy if it leaves while Mr Brown said that both Ireland and the UK would be hit by an exit.

Irish Examiner

* The recall of 117,000 Volkswagen vehicles is to get underway next week with the Golf 2lt Blue Motion models the first in line to get the fix.

The cars that are being recalled were fitted with defeat devices to reduce an engine's emissions when undergoing testing.

* Irish tech company Movidius is planning to double its workforce within the next 18 months and is planning a further seven major announcements.

According to a report in the Irish Examiner, the Dublin-based firm has industry leading names in its sites to be among its list of partners by 2017.

* Profits at An Post more than doubled last year to €8.6m last year with the firm's aggressive cost savings strategy paying dividends.

According to a report in the Irish Examiner, the group's revenue increased by €11m to €826m during 2015.

Online Editors

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