What it says in the papers

OCI 'not transparent'; Nissan boost for Britain; schools look at partial openings; London firms eye Irish move

28th October, 2016
The main headlines from today's newspapers


- The Irish Times says bankrupt property developer Seán Dunne has told the official overseeing his bankruptcy that he and his wife, Gayle Killilea, did not visit a Dublin house before buying it for €58m in 2005. The purchase of Walford on Shrewsbury Road caused a sensation at the time as it was believed to have been the highest price ever paid for a Dublin home.

- The paper quotes a report into the Olympic Council of Ireland, carried out by consultants Deloitte, as saying that the body has inadequate audit functions, is not transparent and pays little or no attention to ethical functions. The report also found that the OCI has no strategic plan for what it is trying to achieve.

- In business, the Irish Times leads with the news that Eir's biggest shareholder Anchorage Capital plans to acquire part of rival US hedge fund York Capital's almost 10 per cent stake, which could tip its voting rights above 50 per cent, and would mean that the Irish company would have had eight controlling shareholders in the past 18 years.

- The paper reports that the EU is expected to sign a landmark trade deal with Canada in the coming days after Belgium overcame internal divisions and backed the deal.


- The Financial Times leads with news that Japanese car maker Nissan has decided to build two new models at its Sunderland plant, in what the paper calls a vote of confidence in Britain following the Brexit vote. The paper adds that the decision followed assurances from British Prime Minister Theresa May to chief executive Carlos Ghosn.

- A survey of FT readers has found that two-fifths of EU citizens living in Britain have concerns over job security as Brexit looms, with particular concerns in the construction, manufacturing, retail and hospitality sectors.

- In companies news, the paper reports that the world's largest mobile chip company, Qualcomm, has agreed to pay $47 billion for Europe's most valuable chip maker NXP. The paper says the deal is the latest sign of upheaval as the industry looks beyond the smartphone era.

- The FT says oil giant ExxonMobil is investigating building a full-scale oil trading division for the first time in its history, as the world's largest listed energy company searches for new ways to boost profits during the oil price slump.


- The Irish Independent leads with news that secondary schools are considering partial openings if teachers go ahead with a withdrawal from supervision and substitution duties after the mid-term break. It says schools have been looking at options such as opening for half-days or bringing in exam classes only.

- The paper reports that transport emissions are on the rise as congestion clogs the country's busiest roads and traffic returns to boom-time levels. New figures from the Sustainable Energy Authority of Ireland show that such emissions increased by almost 6 per cent last year and 14 per cent between 2012 and 2015.

- In business, the paper reports on accounts which show that the temporary closure of Zara's flagship store in Dundrum for a major revamp last year hit its Irish profits, which fell by 17 per cent to €3.96m.


- The Irish Examiner leads with news that more than 100 multinational companies are looking to move operations to Ireland in order to maintain an EU base after the Brexit vote in Britain. The paper understands that the IDA received a significant amount of interest from large London-based companies.

- The paper carries a warning from the chief executive of Cork County Council, Tim Lucey, who says metropolitan Cork could run out of serviced land to facilitate house building and population growth within 18 months.

- The Examiner says members of the Irish Management Institute will vote today on a proposed merger with UCC which was originally scheduled to go ahead seven years ago

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