What it says in the papers

Hickey lawyers' passport application; OCI divided on changes; BoE wants Deutsche details; State's AIB valuation to be slashed

27th October, 2016
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times leads with news that lawyers acting for former Olympic Council of Ireland president Pat Hickey, who is facing ticket-touting charges in Rio de Janeiro following his arrest at the Olympic Games, have lodged an application for the return of his passport, in a move which could see him return to Ireland shortly.

- The paper reports that leaked e-mails reveal details about the role played by the New York-based Irish public relations consultant Declan Kelly in directing funds from his clients to former US President Bill Clinton. This follows the latest tranche of e-mails published by WikiLeaks.

- In business, the Irish Times says Belgian politicians have agreed to resume talks today on the troubled EU-Canada trade deal, in a sign that they may be nearing a consensus that would keep the deal alive before a scheduled summit between the two blocs. The Ceta deal was rejected by the French-speaking south of Belgium, meaning the country as a whole cannot sign it.

- The paper quotes sources as saying that agreement is close on a deal on "deepening co-operation" between Aer Lingus Regional operator Stobart Air and CityJet which would bring the anticipated merger of the two airlines a step closer.

FINANCIAL TIMES

- The Financial Times leads with a report that the Bank of England has asked big British lenders to detail their exposure to Deutsche Bank and some of the biggest Italian banks amid market jitters over the health of Europe's financial sector. The request was made in recent weeks as investors sold off Deutsche and Italy's Monte del Paschi amid scrutiny of their capital levels.

- The FT says the ousted chairman of India's Tata Group, Cyrus Mistry, has launched a blistering attack on his predecessor Ratan Tata, claiming that five of the conglomerate's largest businesses face asset writedowns of $18 billion. In an e-mail seen by the FT, Mistry accuses directors of sacking him without explanation.

- The paper says Lloyds Banking Group has signalled an end to a payment protection insurance scandal that has cost British banks about £35 billion after saying that its latest £1 billion provision will be its last.

- The FT says the world's leading oil field services companies have stopped making large-scale job cuts in recent months in the latest indication that the worst is over for the oil and gas industry following a crash in crude prices in the second half of 2014.

IRISH INDEPENDENT

- The Irish Independent says the board of the Olympic Council of Ireland is divided over the findings of a Deloitte report on corporate governance commissioned in the wake of the Rio ticketing scandal. The paper says some board members have reservations about a number of the recommended changes ahead of a meeting tonight.

- The paper quotes the head of RTÉ's 2FM Dan Healy as describing the latest industry ratings as "radio carnage" after JNLR figures showed that 27,000 have stopped listening to the radio in the past 12 months, with stations aimed at younger people, like 2FM and Today FM, taking the brunt of the hit.

- In an interview with the Irish Independent, European Commission tax chief Pierre Moscovici urges Ireland to support a corporate tax overhaul he says will avoid a repeat of the Apple tax case. He said Ireland had made progress towards a tax governance which was more transparent, and had tried to move away from its "previous reputation".

- The paper says the European Commission has confirmed that it is assessing a complaint in relation to the tax regime used by Ireland's Real Estate Investment Trusts (REITs) made by Independent TD Mick Wallace.

IRISH EXAMINER

- The Irish Examiner quotes analysts as saying that the Government is likely to slash its €12.2 billion valuation of AIB on the state's books by billions to reflect the torrid times facing European bank shares this year. The paper says this could delay any sale of an initial stake in AIB to 2018.

- The paper says junior finance minister Eoghan Murphy is proposing a review of the book of quantum - which sets out guidelines for personal injury awards - to help bring down the spiralling cost of motor insurance.

- The Examiner says Icelandic low-fares airline WOW has swooped in ahead of a competitor to offer cheap transatlantic flights from Cork Airport via Iceland. The service starts on May 19, and comes as Norwegian Air International awaits a decision from US authorities before starting direct services from Cork to Boston and New York.

- The paper reports on newly-filed accounts for the Teeling Whiskey Company, which show that its pre-tax profits soared by 73 per cent to €2.95m last year, as the popularity of Irish whiskey continued to grow. Last year, the company opened a €10m distillery and visitor centre in the Liberties area of Dublin.

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