Saturday October 24, 2020

What Friday's papers say

May's gamble backfires; Bus Eireann facing EU probe?; Cork councils merger scrapped

9th June, 2017
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times says British prime minister Theresa May's gamble on an early election has gone spectacularly wrong after the Conservatives fell short of an overall majority.

- The paper says teachers and gardaí have criticised elements of a draft public service pay deal under which 300,000 state employees will see their pay increase by between 6.2 per cent and 10 per cent over a three-year period.

- In business, the Irish Times says Bus Eireann faces a possible EU investigation into its schools transport contract with the Department of Education, which is understood to be worth about €160m a year. It says the company's exclusive right to operate the services has been under pressure for several years from private coach operators.

- The paper says medtech company Boston Scientific is to invest €17m in endoscopy research at its European Innovation Centre in County Galway. The RoadRunner facility will welcome more than 300 international physicians a year to promote the development of metal stents used in the management of gastrointestinal obstructions.

FINANCIAL TIMES

- The Financial Times says Theresa May’s gamble on a snap election dramatically backfired today, as early results showed her quest for a stronger mandate to deliver Brexit had been rejected by voters, leaving her future as prime minister in doubt.

- The FT says ousted FBI chief James Comey has accused the White House of telling lies about him and the agency in gripping testimony to Congress that is likely to undermine President Donald Trump and fuel the investigation into alleged collusion between his team and Russia.

- The paper says Saudi state oil group Saudi Aramco will not join the FTSE 100 stock index if its lists its shares in Britain, averting confrontation with City institutions and strengthening London's status as front-runner for a slice of Aramco's initial public offering.

- The FT, quoting two people involved in the situation, says Spain's Banco Popular burnt through €3.6 billion of emergency central bank funding in the first two days of this week as the lender suffered the euro zone's first large-scale bank run.

IRISH INDEPENDENT

- The Irish Independent also says that Theresa May's election gamble backfired as exit polls suggested the Conservative majority had been wiped out, leaving Britain with a hung parliament.

- On the public service pay deal, the paper says more than half of the money universities got this year to employ extra staff to deal with rising student numbers was absorbed by a Government decision to bring forward the €1,000 pay rise in the public service to April.

- In business, the Irish Independent says ECB chief Mario Draghi has given the clearest indication yet that the era of record low borrowing costs is drawing to a close, ruling out further interest rate cuts in a sign it is moving towards the final chapter of a vast stimulus programme.

- The paper says state-owned Gas Networks Ireland is tapping the European Investment Bank for a €200m loan to help bankroll a €454m upgrade of its network and IT systems.

IRISH EXAMINER

- The Irish Examiner says a review of the proposed merger of Cork city and county councils has recommended that both authorities be maintained and the city boundary be extended for the first time in more than 50 years.

- The paper reports on yesterday's Central Bank figures on mortgage arrears, pointing out that they show a second successive quarterly increase in homeowners falling into early-stage arrears.

- The Examiner says the Teachers' Union of Ireland has already decided to recommend that its members reject the new public sector pay deal over its failure to address pay equalisation for new entrants.

- The paper says executive pay levels at Irish drinks group C&C fell nearly 15 per cent in its last financial year to just over €2.2m, after management missed yearly performance targets, resulting in non-payment of bonuses.

Related Stories

The state’s National Cyber Security Centre is constantly dealing with suspected attacks and urgently needs more resources

Michael Brennan | 1 month ago

We are far less reliant on the UK as a trading partner now than in previous decades — our focus needs to switch to the many challenges and opportunities of the future

Neale Richmond | 1 month ago

Covid-19 and an economic crisis are exacerbating the trauma of this month’s explosion, writes a Concern worker on the ground

Dom Hunt | 2 months ago