Saturday 16 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

* The Irish subsidiary of a US real estate giant that part funded the €29m purchase of Clerys department store - leading to its controversial closure pending redevelopment - paid just €214 in tax on its Irish activities last year.

QREA Ireland Limited, which manages in excess of €35m of assets in Ireland, is one of more than 2,100 companies availing of S110 tax neutral status.

* Thousands of customers of mobile phone company Three Ireland have been double charged.

The mobile phone provider has promised to refund 8,000 customers after they had direct debits processed twice yesterday.

* The Central Bank has been accused of not caring if banks are fair to mortgage customers - because of its failure to do anything about sky-high variable rates.

Consumer advocate Brendan Burgess said the Central Bank must do more to tackle the issue.

The Irish Times

* Waste collection company Greyhound is lining up a move for the business Panda and Greenstar must sell in order to complete their merger.

According to a report in The Irish Times, Greyhound is first in line for the waste collection business in Dublin's Fingal and Dun Laoighre-Rathdown council areas.

* Profits at paper and packaging firm Powerflue edged up slightly last year despite revenue declining.

The company, which is part owned by Smurfit brothers Michael and Dermot, said sales in the first half of the year dipped by 2pc to €176.1m.

* Dublin Airport had its busiest month in its history in July, handling three million passengers during the period.

The strong performance has helped but the airport on track for another record year.

Irish Examiner

* Profits at Irish payment processing company Payzone increased to €5.3m last year despite an €8.1m dip in revenue in the same period.

The firm, which is expanding in retail services in the e-payments sector in Ireland, posted sales of €162.8m during the 12 months to the end of September 2015

* Uber's plans to launch its ride-sharing service in Ireland has hit a wall after the National Transport Authority said it does not envisage changing legislation to facilitate Uber.

The news comes after the San Francisco company said it was fully committed to its Limerick base.

* The racehorse training and bloodstock firm operated by the country's most successful horse trainer, Aidan O'Brien last year enjoyed a bumper year recording profits of over €625,000.

Showing that the Co Wexford native has the Midas touch on and off the racecourse, new figures lodged with the Companies Office show that Whisperview Trading Ltd boosted its accumulated profits from €5.99m to €6.61m in the 12 months to the end of January 31 last year

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