Tuesday 12 December 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

* Ulster Bank is to introduce lower mortgage rates for those who have equity in their homes.

The move will put pressure on other lenders to continue to lower their variable and fixed rates, as most rates are still considered to be very high.

* Cook, taxi driver, childminder, gardener and teaching assistant - the work of a stay-at-home parent is varied and tough. But a new survey shows that most people undervalue homemakers.

This emerged when people were asked to put a monetary value on what they thought it would cost to replace a parent who works in the home.

* Irish solar energy firm Amarenco is tapping investors for up to €200m in equity to fund the development of solar farms in France and to fuel windfarm acquisitions.

Amarenco chief executive John Mullins - the former boss of Bord Gáis - told the Irish Independent that the firm has already sized up some potential windfarm purchases .

The Irish Times

* The cost of the work a parent that doesn't work outside of the home has been placed at between €20,000 and €30,000 by a new survey of 1,000 Irish people.

However, estimates from Royal London, an insurance group, place the value of the work up at around €42,000 a year.

* The Jameson Distillery in Smithfield, Dublin, is to undergo an €11m refurbishment with 100 people expected to be employed during the fit-out.

The project will be led by BRC Imagination Arts, an experience design company, along with TOTP Architects and Flynn Management and Contractors.

* The Construction Industry Federation has warned the Government that poor infrastructure is slowing the building of new homes.

In a pre-budget submission the CIF called on the State to invest further into housing, roads, water treatment and schools in the next budget.

Irish Examiner

* Public expenditure minister Paschal Donohoe has warned the upcoming budget won't be a giveaway and that the main focus now is protecting the Irish economy.

The minister said that world events such as Brexit and the US election could have major impacts on the Irish economy.

* Transport minister Shane Ross has deemed a €70m increase in the cost of building a second parallel runway at Dublin Airport as unjustified.

When announced two years ago the runway was set to cost €250m, however since then Dublin Airport Authority had announced the cost would jump to €320m.

* X-ray technology firm SiriusXT has secured €3m in Horizon 2020 funding that will allow it to build first-of-its-kind micro-telescopes. SiriusXT is a UCD spinout company.

The new telescopes will allow researchers to illuminate whole single cells giving them an insight into how drugs and disease can affect cells.

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