Wednesday 17 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

* RTÉ's new director general Dee Forbes tried to boost morale in Montrose after another senior member of staff announced they would be stepping down from the station.

Head of news and deputy director general Kevin Bakhurst told staff he was leaving the station yesterday morning.

* The tax take for the year so far is €644m ahead of expectations, but VAT - a key gauge of consumer spending - is coming in below target.

VAT receipts so far this year are €292m below projections. For July alone, they're €61m lower than targeted. Overall in July, the tax take is €98m lower than expected, with VAT receipts partly to blame.

* The Central Bank did not want Department of Finance officials attending meetings on financial supervision during an International Monetary Fund (IMF) visit earlier this year, the Irish Independent has learned.

Citing legal "confidentiality obligations", Central Bank Governor Philip Lane argued against the attendance by Departmental officials at as many as 17 meetings related largely to banking and insurance supervision.

The Irish Times

* A shortfall in the State tax take has threatened budget measures as the latest exchequer figures point to concern in consumer spending after Britain's exit from the EU.

The Government's intake from tax was €98m below target with both corporate tax and VAT receipts falling.

* German supermarket Lidl is to add an extra 600 employees over the next two years as it bids to secure its growing market share.

The new roles will be split up across its head office as well as its stores where new positions will be created for store workers and managers.

* Dublin homeowners are reaping the reward of the incredibly valuable property market at the moment as AirBnb rates continue to spiral.

According to a report in The Irish Times, Dublin hosts are looking at an average weekly rate of €168 for a shared room, €256 for a private room, or €508 for an entire property.

Irish Examiner

* Whitegate refinery's new owners have vowed to run it the facility as a refinery and aims to maintain its entire workforce of nearly 300 people.

The refinery was taken over by Canadian company Irving Oil, which said it would be making a long-term investment into it.

* The main Irish arm of security firm, G4S returned to operating profit last year as revenues jumped by 10pc to €37m.

New accounts just filed by G4S Cash Solutions Ireland Ltd show that the firm recorded an operating profit of €1.1m after sustaining operating losses of €7.2m in 2014 - a positive swing of €8.3m.

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