Friday 24 November 2017

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 is getting much more difficult to sell Irish loan portfolios to international investors as interest in the country wanes, according to one of the most important figures in the property industry.

Cushman & Wakefield head of European loan sales Federico Montero, said the market was "getting tougher and tougher" to sell Nama portfolios.

* Waterford Airport is still in line for millions of euro of taxpayers' money to extend its runway - despite having no scheduled air services any more.

Belgian airline VLM cancelled its Waterford-London Luton service this week, after pulling its route to Birmingham a couple of months ago.

* The High Court must reconsider a €26.2m valuation it placed on the buyout of a minority stake in a Monaghan-based mushroom business, the Court of Appeal ruled.

ELST, a company whose "driving force" was described by a judge as its manager and controller Ronnie Wilson, was ordered by the High Court just over a year ago to buy out the shareholding of Donegal Investment Group plc (DIG) without discount for €30.6m.

The Irish Times

* Minister for finance Michael Noonan has said some of the profits from the National Asset Management Agenct (Nama) could be used to solidify the State's rainy day fund from potential shocks.

According to a report in The Irish Times, the minister made the comments after the agency posted a net profit last year of €1.8bn.

* The Qatari royal family may be about to take a large stake in telecoms firm Eir as its investment fund eyes up the Irish firm.

According to a report in The Irish Times, the fund is looking to acquire a sizeable chunk in the firm ahead of its IPO, which is not expected for another two years.

* A merger with another bank mayt be the best solution for Permanent TSB, the minister for finance has been told.

According to a report in The Irish Times, a merger may drive the value of the bank and improve its long-term viability, the minister was told in official briefing notes.

Irish Examiner

* Finance minister Michael Nooan and Nama have both endorsed the selling-off process behind the loans attached to Project Eagle.

According to a report in the Irish Examiner, the minister said he had every confidence in the decisions taken by Nama.

* The State's investment in Irish banks has taken a significant hit in the opening half of the year as a challenging start to 2016 played havoc with bank shares.

According to a report in the Irish Examiner, the value of the State's investment fell by €3.3bn in the opening six months of the year.

* The failure by Thomond Park to repeat the revenue-generating success of the Bruce Springsteen concert contributed to operating profits at the stadium firm more than halving to €116,000 last year.

But revenues rose by 10pc from €2.13m to €2.35m as the full year income from the operation of the stadium bars was realised.

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