Thursday 22 March 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 slump in sterling since June's Brexit vote doesn't make the UK any more attractive for Glanbia's potential acquisition activity, according to group managing director Siobhán Talbot.

The pound has sunk about 12pc against the euro and nearly 15pc against the dollar since the day after the Brexit vote. That has bolstered interest in acquisition activity in the UK by foreign buyers.

* Irish exporters may be facing more pain on the currency front as global bank HSBC predicts the euro will reach parity with sterling within 18 months, arguing further weakness is required for the UK economy.

Swiss giant UBS and Spanish lender Santander have similar views, with the weakening in the pound set to remain for now as one of the biggest post-Brexit vote issues facing Irish business.

* Dublin will have to overcome a number of significant obstacles if it is to succeed in attracting businesses seeking to relocate from the UK in the wake of Brexit.

The availability of suitable office space, appropriate housing, adequate transport infrastructure and an attractive personal taxation regime will all need to be addressed if the capital city is to benefit from any post-Brexit jobs exodus, according to vice president at MSCI Colm Lauder.

The Irish Times

*  The country's biggest beef processor ABP has entered into a row with the Irish Farmers' Association over the collection of levies from farmers that help fund the IFA.

According to a report in The Irish Times, the company has told its suppliers that it must inform them if it wished to opt into the European Involvement fund levy instead of automatically collecting it.

* Shares in building materials group CRH rose sharply yesterday hitting a nine-year high amid speculation the Irish-listed company could join Europe's most influential stock market.

According to a report in The Irish Times, shares in the company rose by as much as 4.3pc yesterday up to €30.32, however shares closed the session up 0.9pc.

* Irish nutritional company Glanbia now dominates around 12pc of the global sports nutrition market, which is said to be worth in the region of €10bn.

Earnings at the company's performance nutrition arm increased by 35pc to €81.7m.

Irish Examiner

* Companies are stocking up on Bitcoin to pay off cybercriminals in the event of a hack, according to a tech expert from Malwarebytes.

According to a report in the Irish Examiner, companies are putting away up to €50,000.

* Irish fintech startup Rubicoin has raised €1.2m in funding as the company looks to expand into new markets.

The funding round was completed through new and existing investors and brings the total amount raised by the firm up to €3m.

* Glanbia's performance nutrition arm acted as its main area of growth as it became even more important for the firm in the first half of the year.

The company reported a 35pc increase in earnings in the sector as it continues to demand a larger portion of the sports nutrition global market.

Online Editors

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