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

* Dundrum Town Centre co-owner Hammerson is expected to receive the all-clear from the European Commission next month for its acquisition of a 50pc stake in Dublin's Ilac shopping centre.

The expected ruling comes after UK-based Hammerson said yesterday that it has raised £400m (€468.2m) via a private placement in the United States to repay short-term debt associated with its acquisitions this year in Dublin and Birmingham.

* Ryanair boss Michael O'Leary has accused the British government of "lunatic optimism" over Brexit.

He warned the country was on the verge of walking off a cliff by leaving the EU.

* Big banks are being discouraged from setting up in Ireland following the Brexit vote because they're seen by some officials here as too risky.

The international news agency Reuters reported the Central Bank had indicated to global investment banks they would face a tough time getting approval to shift operations here.

The Irish Times

* Bewley's renovated café on Grafton Street is set to seat 500 customers when it opens its doors in 2017, 21 months after closing.

When the café originally closed back in February 2015 it was with the intention of a limited six-month refurbishment, instead the Oriental Café will be much bigger, brighter, and more profitable, according to the company.

* Profits at Supermac's Holdings, the group owned by Galway entrepreneur Pat McDonagh and his wife Una, doubled last year to €14m.

The surge in profits comes after sales at the company rose by 24pc to €116m.

* CityJet will meet with Unite this week at the Workplace Relations Commission this week in a bid to stop a strike at the Irish airline.

Strike is planned for tomorrow and Friday by pilots of CityJet's Dublin base over a dispute about pay.

Irish Examiner

* Almost all chief executives in Ireland are planning to expand their business despite Britain voting to leave the European Union, according to new research from Deloitte.

Currency volatility and the availability of skilled staff remain the main threats to their growth plans.

* Supermac's supremo Pat McDonagh enjoyed a 'snack box bonanza' last year, with pre-tax profits at his fast-food business doubling to €14m.

The group broke the €100m barrier in revenues for the first time as income soared by 24.5pc to €116m in a record year.

* The country's largest privately-owned hospital group last year returned to profit to record profits of €2.3m.

New figures show Cork-based Bon Secours Health Systems Ltd (BSHS) returned to profit after revenues increased by 4pc to €230m.

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