What Thursday's papers say

'Don't scrap USC' call; fears of EU farm spending cuts; customers wait for waste firms' prices

29th June, 2017
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times leads with a report it has seen from the European Commission, which advises the government against abolishing the universal social charge and warns that very high personal income tax rates might have to be imposed in its place.. The paper says the report also contains a stark warning that the economy is in danger of overheating.

- The paper reports that Kieran Hartley, the Fianna Fáil MEP substitute for Brian Crowley in Ireland South, has complained to party leader Micheál Martin that Crowley has not attended the European Parliament since he was re-elected in 2014.. The paper says the MEP has suffered from ill health in recent years.

- The Irish Times quotes sources as saying that South African conglomerate Bidvest is leading the race to acquire Noonan Services, the Dublin-based facilities management and contract cleaning group.

- The paper says the Irish division of the mobile operator ID Mobile - launched just two years ago - has been put up for sale by Dixons Carphone, its listed British parent group.

FINANCIAL TIMES

- The Financial Times leads with the volatile reaction of bond and currency markets yesterday as two of the world's most influential central bankers - the ECB's Mario Draghi and Bank of England's Mark Carney - struggled to communicate to investors how they would exit from years of crisis-era economic stimulus policies.

- The FT says tensions between British prime minister Theresa May and chancellor Philip Hammond intensified yesterday after Hammond reacted furiously to lunchtime briefings by May's officials which signalled that the government was about to end a 1 per cent public sector pay cap that was set to last until 2020. A Downing Street spokesman later said policy had "not changed".

- The paper says a shake-up of Britain's £7 trillion investment market has been ordered by the financial regulator in an attempt to stamp out conflicts of interest and restore savers' trust. The move follows a two-year investigation by the Financial Conduct Authority.

- The FT says aircraft engine maker Rolls Royce will make a substantial commitment to post-Brexit Britain today with plans for its biggest investment into the country in more than a decade. It will commit at least £150m to a new test facility for large civil turbines at its site in Derby.

IRISH INDEPENDENT

- The Irish Independent leads with a warning from EU Budget Commissioner Gunther Oettinger that spending cuts are coming across the board - including reductions in the Common Agricultural Policy - to deal with the black hole in the EU coffers caused by Brexit.

- The paper says Fine Gael ministers and TDs have hit out at problems in the schools bus network, warning Taoiseach Leo Varadkar at a party meeting that they will be "crucified" in September. The meeting heard that parents in some areas are being forced to hire buses because the state operation is not sufficient.

- In business, the Irish Independent says Danske Bank is considering a sale of more than €2 billion of performing home loans and buy-to-let mortgages as the Danish lender continues to manage down its Irish retail business to focus only on corporate and institutional clients.

- The paper says it has learned that Actavo - the industrial services group that emerged from the former Siteserv - has appointed outside corporate finance advisors, in a move which may be a precursor to a stock market listing or fund raising.

IRISH EXAMINER

- The Irish Examiner says waste collection companies are remaining tight-lipped on what exactly customers will have to pay once a new framework for bin charges begins on Saturday. Flat-rate payments for collections are set to be phased out in favour of pay-by-weight and "per lift" charges.

- The paper says Cork Institute of Technology has been asked by members of the Public Accounts Committee to clear up contradictions on a number of financial matters relating to expenses, directors' fees and private companies linked to the college in evidence given to the committee.

- The Examiner says hotels have been accused of price gouging a year ahead of singer Ed Sheeran's Irish tour, announced yesterday. Hotels were accused of profiteering after room rates on the nights of two of his gigs were between 200 per cent and 400 per cent higher than previous nights' rates.

- In business, the paper says a clarification to comments made by ECB chief Mario Draghi has eased fears that the costs of borrowing for businesses and homeowners would rise before 2019. The new comments came from bank vice-president Vitor Constancio, who said inflationary pressures remain subdued, and Draghi's remarks were in line with existing policy.

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