Tuesday 16 January 2018

SME payment woes

THE Small Firms Association (SFA) said late payments in Ireland were compounding a difficult financial environment for many small firms, with the average payment in Ireland taking 62 days.

"Late payment causes serious cash-flow problems, requires firms to extend overdraft facilities and consumes a great deal of management time," the SFA said.

FLEETMATICS EXPANDS

Fleetmatics is to enter the Dutch market as it expands.

The Dublin-headquarted tech firm, which recently listed on the Nasdaq, produces software that allows companies to track and manage their vehicles using satellites. Chief executive Jim Travers said the move into the Netherlands would allow it to provide its "innovative solutions to more businesses that choose to work smarter".

POUND FALLS AMID FEARS

THE pound fell from a one-week high against the euro amid speculation the Bank of England will reduce its threshold for reviewing when to start increasing interest rates.

Bank governor Mark Carney had said in August that policymakers won't consider raising borrowing costs until unemployment drops to 7pc. "There's little doubt in my mind that the 7pc rate will be moved," said Neil Mellor, a currency strategist at Bank of New York Mellon in London. "There's definitely scope for doubts about rates and once that is thrown into the market you are going to get a market very long of sterling and it's going to come right back again."

AB BUYS ORIENTAL

Anheuser-Busch agreed to pay $5.8bn (€4.2bn) for South Korea's Oriental Brewery, regaining control of a company that became the Asian nation's biggest brewer under KKR.

AB InBev will fund the acquisition with internal resources. The Belgium-based maker of Budweiser and Corona will receive about $320m in cash when the transaction is completed.

CUNA IN UK LOAN TALKS

A NEW type of loan insurance could help Britain's credit unions take on payday lenders charging sky-high rates and go some way to plugging a protection gap left by the country's worst-ever mis-selling scandal.

Cuna Mutual, the world's biggest credit union insurer, is working with UK lenders to provide a 'debt waiver' facility for borrowers which ensures they do not have to make repayments on loans if they fall ill or lose their jobs.

Irish Independent

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