Friday 17 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

* The Irish computer chip design firm Movidius is being bought by Intel in a deal that is expected to be worth more than €300m.

The State holds a roughly 8pc stake in the company, held through a number of investment managers backed by the National Treasury Management Agency (NTMA).

* A national database of  insurance claims is likely to emerge as one of the key initiatives of a Government working group looking into spiralling motor insurance costs.

There is also likely to be a recommendation that we move in the next few years to paying for the care and treatment of accident victims rather than paying them a lump sum. Known as "care, not cash" this would cut legal costs and reduce spurious claims. The changes being considered have come to light ahead of an Oireachtas Committee which begins hearings today on the cost of motor cover.

* Ireland's largest hotel operator, Dalata, has seen revenue soar by 33pc in the first half of the year to €130.1m.

The company, which has recently entered exclusive discussion to acquire the operating interest at the former Burlington Hotel in Dublin, also announced it had purchased the freehold interest of the Maldron Hotel in Cork for €8.1m.

The Irish Times

* The Central Bank building in Dublin is to up for sale next month ahead of the bank's move to its new premises.

The tower is being sold by Lisney, which expects to sell if for around €65m when bids are to be in by October 19.

* Irish packaging firm Ardagh looks set to float on Wall Street next year and hopes to raise up to €270m in the process in a move that would value the company at €4.5bn.

The company is to borrow around €1.39bn through a bond issue in order to refinance its short term debt.

* Irish tech firm Movidius has been acquired by Intel for an undisclosed fee, however the company was said to be valued at around €200m early last year.

Movidius makes computer vision chips with the ambition of allowing machines to understand their surroundings and adapt to them.

Irish Examiner

* Ireland's largest hotel operator Dalata looks set to deliver its first dividend next year after company chief executive Pat McCann hinted at it yesterday.

The firm posted its interim results on Tuesday and Mr McCann said the Dublin hotel market remains very competitive.

* Pre-tax profits last year at the insurance firm where former Tánaiste Mary Harney serves as a director rose 16.5pc to €24m.

Ms Harney was appointed to the board of Dublin-based Euro Insurances in February 2012. New accounts show that the firm's revenues from gross premium revenues in the 12 months to the end of December rose from €157.6m to €165.98m.

* Pre-tax profits at the Irish arm of international distribution giant, DHL last year decreased by 7pc to €1.6m in spite of a jump in revenues.

New accounts lodged by DHL Express (Ireland) show that revenues increased from €80.24m to €84.32m in the 12 months to the end of December last.

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