What it says in the papers

OCI members walked out; Coveney faces grant pressure; hedge funds pull out of Deutsche Bank

30th September, 2016
The main headlines from today's newspapers


- The Irish Times reports that a number of members of the Olympic Committee of Ireland staged a walk-out in late August before a meeting in Dublin because former president Pat Hickey was "live" from Rio de Janeiro on the phone of one of the members. The paper says the call from Mr Hickey came minutes before the meeting was about to begin.

- The paper says the Government's public sector pay policy is coming under mounting pressure due to the deal agreed yesterday for workers at Dublin Bus, with the National Bus and Rail Union saying it anticipated that the settlement would set a benchmark for workers in other parts of the State-owned transport sector.

- In business, the Irish Times says global insurer AmTrust International Underwriters Ltd has scrapped plans to provide motor cover in Ireland. The paper says AmTrust made the decision to avoid being saddled with part of the potential €95m bill needed to settle claims relating to Setanta Insurance, which collapsed in 2014.

- The paper say the International Monetary Fund has warned of "new imbalances" in the commercial property sector in its latest report on Ireland, saying foreign investment inflows could quickly easily reverse if market sentiment changed.


- The Financial Times says hedge funds have begun to pull some of their business from Deutsche Bank, setting up a potential showdown with German authorities over the future of the country's largest lender, whose shares fell sharply in New York last night.

- The FT says Japanese car maker Nissan is delaying new investment at its Sunderland plant in the north-east of England until Britain has concluded Brexit negotiations with the EU, quoting its chief executive Carlos Ghosn.

- The paper reports on data from Thomson Reuters which show that global deal-making has sunk to its lowest level in three years owing to a record value of withdrawn bids, a sharp drop in US activity and a 20-year low for British involvement in takeover deals.


- The Irish Independent reports that the Government's stance on public sector pay has hardened after gardaï threatened to go on strike, with the Taoiseach, Justice Minister and Public Expenditure Minister all warning that they will not stray from the Landsdowne one Road Agreement, which sets out a timetable for pay rises until September 2017.

- The paper reports that Celtic Linen Ltd, based in Drinagh, Co Wexford, has gone into examinership. The paper says the company, a market leader in the supply of linen to hospitals and hotels, employs 380 people.

- The Irish Independent says the Central Bank has not yet seen details of a scheme to help first-time home buyers due to be unveiled in the Budget – even though the Government says the plan will be approved by the regulator.

- In business, the City of London's special representative to the EU, Jeremy Browne, has told the paper the financial centre will be diminished as a result of Brexit, but that the argument that firms will look to re-locate is overstated.


- The Irish Examiner reports that Housing Minister Simon Coveney is under mounting pressure from the Department of Finance to give a first-time buyers' grant to all homes purchased and not just new builds. But it says Mr Coveney is adamant that the rebates should be given only to those who buy new homes.

- The paper says householders in Cork City will pay more local property tax next year after councillors voted to make no adjustment to the base rate for 2017. Councillors have the power to adjust the rate by plus or minus 15 per cent and cut by 10 per cent last year.

- The paper reports on a warning from the Construction Industry Federation that significantly increased infrastructure investment is needed in order to avoid much of the country outside Dublin being saddled with permanently low growth levels.

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