Sunday June 7, 2020

What it says in the papers

Trump reaction and comment; Central Bank cyber attacks warning; BoI to exit shipping loans

10th November, 2016
The main headlines from today's newspapers

IRISH TIMES

- All newspapers lead with the election of Donald Trump as US president. The Irish Times says Americans woke up not to their first female president, but a candidate who has never before served a day in public office, sparking demonstrations across university campuses and clashes in New York between Trump supporters and protesters.

- In its editorial, the paper says Americans have voted for a man who is the most unprepared president in modern history, a racist and abuser of women who lies without compunction. "Is this really the American they want?" it concludes.

- In business, the Irish Times says Finance Minister Michael Noonan has downplayed speculation that Trump's election victory could trigger a major investment backlash on Ireland. Trump has pledged to cut US corporation tax from 35 per cent to 15 per cent.

- In other news, the paper reports that the High Court has appointed a provisional liquidator to the American Apparel clothing retailer in Dublin city centre after hearing that the company was insolvent and unable to pay its debts.

FINANCIAL TIMES

- The Financial Times says senior Republicans have sought to reassure the world that Donald Trump would oversee a smooth transition of power in Washington and bring in heavyweight figures to his administration after the political outsider's stunning victory roiled markets and shocked US allies.

- The FT's editorial says Trump's shift to a more positive tone since the result is a first step, but warns that "this remains a moment of great peril". It says Trump's win, coming after the Brexit vote, looks like another grievous blow to the liberal international order.

- In companies news, the paper reports that Rio Tinto has suspended Alan Davies, head of its energy and mineral unit, after an investigation into payments of $10.5m made to a consultant on Simandou, an iron ore project in Guinea.

- The FT says Tata Steel is planning to close its UK pension scheme before it has to make a £60m payment due next year to help plug a deficit in the fund, according to people briefed on the matter.

IRISH INDEPENDENT

- In a front-page editorial, the Irish Independent says Trump's win changes everything. Desperate for any change, it says, US voters opted to ignore the offensive behaviour of a candidate and take a gamble on him making America great again.

- In business, the paper reports on Irish stock market's gains after Trump's win, with a surge of more than 8 per cent in building materials group CRH's shares after Trump confirmed he intends to pump money into infrastructure projects.

- The Irish Independent reports on a warning from the Central Bank to top bankers that cyber attacks are becoming "more sophisticated, more targeted and progressively more difficult to detect".

- The paper says Bank of Ireland is winding down its shipping loan business, among a number of banks looking to cut non-core lending and and exposure to an industry suffering its worst downturn.

IRISH EXAMINER

- The Irish Examiner reports on the contrasting reactions to Trump's win in New York City. "This means everything," says an air conditioning and refrigeration worker from New Jersey, while an immigrant living in Manhattan for 35 years says "this is like the Twin Towers".

- In its editorial, the paper says the world has suddenly become more volatile, uncertain and anxious. It says the election of Trump could pose enormous challenges, not just for the US economy but also for other countries including Ireland.

- In business, the Examiner says an expert in a research paper commissioned by the IMF has warned about the "vulnerabilities" still facing debt-laden Irish firms eight years after the onset of the financial crisis. Nir Klein says Irish non-financial companies carry among the highest debt loads in Europe.

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