Wednesday 22 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

* Ireland remains especially exposed to another financial shock because of the high levels of public and private debt, the open nature of the economy, and Brexit, Central Bank Governor Philip Lane has said.

And he warned that the recent pan-European stress tests, which ranked both AIB and Bank of Ireland among the most vulnerable in Europe, showed the financial system also remains susceptible.

* Fears of a UK recession in the wake of the Brexit vote may be receding, a closely watched survey has found, with the services sector there recording its biggest monthly jump in activity in the gauge's 20-year history.

The pound surged to a seven-week high on the back of the data from the Purchasing Managers Index for the sector.

* Specialist insurance market Lloyd's of London could move some of its staff to Ireland should the UK lose its access to the Single European Market as part of the Brexit negotiations.

The umbrella group said it is looking at setting up 'onshore' businesses that would include the establishment of branches in European member states, a spokesman told the Irish Independent.

The Irish Times

* Central Bank governor Philip Lane has urged the finance minister not to base the budget around any temporary tax increases.

Mr Lane said in a pre-budget letter to Michael Noonan that the current surge in corporation tax coming in Ireland is likely to be temporary.

* The Irish services industry expanded again in August having slowed to its weakest level in nearly two and a half years back in July.

Financial services reported substantial expansion during the period according to the latest Purchasing Managers' Index from Investec.

* The Central Statistics Office will revise its property price index to include cash purchases to determine trends in property buying and selling.

The new, more accurate index was set to launch this week but has been put back to the end of September.

Irish Examiner

* Fitch Ratings has highlighted the exposed divisions in the Irish government after the European Commission ruled that Apple must repay the State €13bn in back taxes.

The ratings agency said taking the money would substantially reduce the national debt, but said it could be bad news if it discourages multinationals to come to Ireland.

* A number of Irish firm are finding it difficult to deal with the dramatic fall off in the value of sterling following the Brexit vote, a leading economist has said.

The news comes after the publication of industrial figures from the CSO that point to growth in the MNC sector.

* The total amount paid out in professional, management and receiver fees concerning the receivership of Treasury Holdings's main Spencer Dock firm now total €12.4m.

This followed €2.77m being incurred in the latest six-month period of the receivership that included €145,509 in receivership fees.

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