Newsround: what Monday's papers say

Renzi resigns after referendum loss and ESRI warns common tax base would damage economy

5th December, 2016
Wednesday's papers

The top stories in Monday's newspapers:


- The paper leads with a new report from the Economic and Social Research Institute which warns that the introduction across Europe of a common corporate tax base would seriously damage Irish investment flows, staunch the state's tax revenues and spark a swift rise in unemployment here.

- The front page also carries a story that pleas from the Construction Industry Federation for further state concessions for developers, including a radical reduction in apartment sizes, were firmly rejected by ministers at a meeting last week.

- Italian prime minister Matteo Renzi resigned last night after a sensational defeat in a constitutional reform referendum after the first definitive results indicated a 59.5 to 40.5 per cent victory for the No side.

- In its PriceWatch section, the paper reports on the 12 costs of Christmas and 12 ways to reduce them as it calculates that the cost of a dozen of the most common expenses comes to €2,300.

- On November 11 2016, in an online article headlined ‘What it says in the papers’, we reported that ‘the Dáil’s Public Accounts Committee (PAC)…heard about a letter sent by former Nama advisor Frank Cushnahan seeking £5 million in fees from a bidder on the Project Eagle loanbook’. However, we are happy to clarify that the PAC was actually told it was law firm Brown Rudnick that made the approach to Pimco with ‘a request for a proposed success fee’, and not Mr Cushnahan. We regret this error and apologise to Mr Cushnahan for any distress caused.


- The paper turns to Austria, not Italy, for its front page story, reporting that Europe's mainstream parties have voiced their relief after Austria voted against a far-right nationalist becoming president in an election that had been seen as the first of tow tests of populism on the continent yesterday.

- Donald Trump has targeted US companies in a series of early-morning tweets, warning they will be punished for shifting production overseas, as both China and vice-president elect Mike Pence, tried to play down the significance of a controversial phone call with Taiwan's president.

- Apple has acknowledged its plans to develop self-driving cars with a letter urging the US highways regulator to promote "fair competition" between new and traditional manufacturers.

- The FT Big Read focuses on corporate bonds, reporting that US companies have been on a debt binge but the proceeds often on dividends and share buybacks. If Donald Trump's stimulus boosts the economy, will they be able to raise enough money to expand, it asks.


- The paper also turns to the ESRI for its lead story, reporting that Irish banks will not be able to lend enough money to solve the housing crisis as demand for housing is likely to rise by almost a third over the next eight years to 30,000 homes a year in 2024.

- It also reports that a Dublin firm has been caught up in calls for an investigation into the financial affairs of Jose Mourinho as the Manchester United manager said last night that he had "nothing to hide".

- Fine Gael ministers have intensified their discussions surrounding the party leadership amid fears Leo Varadkar could be heading for an uncontested accession to the top job, the paper reports on its News and Politics pages.

- On the business pages, the paper reports that the government and IDA Ireland have moved to downplay the latest salvo from Donald Trump against US companies leaving the US after the president-elect summarised a plan to apply a punitive tariff of 35 per cent to companies shifting production to lower-cost countries.


- The paper opts to lead with the prospect of Taoiseach Enda Kenny's departure, reporting that he will not oversee another budget and will be have to be gone by next summer, citing senior Fine Gael ministers.

- Its front page also reports that more than 600 hospital staff are assaulted each year, with nurses bearing the brunt of the violence. Almost 70 per cent of assaults are against frontline staff, including nurses, midwives and psychiatric nurses.

- Pressure is mounting on Fianna Fáil leader Micheál Martin to re-admit Bertie Ahern to the party after a unanimous vote by Ahern's local Dublin branch fuelled speculation. However, Martin has said he does not expect Ahern to rejoin the party.

- Management at Cork Airport hope to have their first transatlantic routes -- to Boston and New York -- off the ground by the summer after the ground-breaking decision by the US Department of Transportation to grant a foreign carrier permit to Norwegian Air International, clearing it to fly between Ireland and the US.

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