What it says in the papers – business pages
Here's a look at what it says in the business papers of today's newspapers:
- Tesco has edged ahead of Dunnes to regain the position of the State's second-biggest supermarket chain.
- Britain's dominant services sector slowed more than expected last month and car sales fell with Thursday's general election partly blamed for making consumers and business nervous.
- The price of oil rose and Qatari stocks plunged yesterday after Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to Qatar.
- Builders here are capitalising on the Brexit-induced weak pound, with construction firms more than doubling their spending on imports from the UK during the first five months of this year.
- Societe Generale plans to raise as much as €1.6bn in an initial public offering of its ALD subsidiary, giving the car-leasing business funding for potential acquisitions.
- Staycity targets turnover of €300m, having shrugged off the threat of Airbnb and the challenges posed by construction costs in Dublin.
- Technology giant Apple upgraded most of its Mac computers on Monday, showing renewed commitment to a product line that critics say it neglected amid lacklustre growth.
- Eirgrid pays dividend of €4m to the State in spite of a profit slump of 80pc due to the return to electricity operators of charges from previous years.
- The Government has approved the transfer by Providence Resources of 30pc of an exploration licence off the southwest of Ireland to Cairn Energy.
- Roche’s hope of protecting its $7bn breast cancer franchise with a new drug cocktail were dealt a blow following clinical trial results.
- The recent scandals at some of our third-level institutions could not have come at a worse time for the third-level sector in the public debate around sustainable funding.
- Irish home repossessions will rise as banks show “improved willingness” to reduce the worst of their non-performing mortgage loans on their books, according to credit rating firm DBRS.