Tuesday July 14, 2020

What it says in the papers

Motor insurance report reaction; AIB writes off €1.3 billion of mortgage debt; May pay backlash

25th November, 2016
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times leads with the report on motor insurance costs by an Oireachtas committee, which accused the insurance industry and the Central Bank of throwing consumers "to the wolves", saying the motor insurance industry had deliberately been hiding key information from public view and engaging in cartel-like behaviour.

- The paper says the president of the Circuit Court, Mr Justice Raymond Groarke, has sharply criticised the Government over a shortage of judges, adding that he cannot implement the law unless more are appointed.

- In business, the Irish Times says Intel Ireland is vying to stay in the race for an estimated $4 billion new chip-making facility at its headquarters in Leixlip by lodging a fresh planning application with Kildare County Council. The parent company has yet to make a final decision on the mooted new plant, and Ireland is competing with other locations.

- The paper says AIB chief executive Bernard Byrne has revealed that the bank has written off €1.3 billion in mortgage debt since the crash to help "right-size" the position of arrears customers who have engaged with the bank.

FINANCIAL TIMES

- The Financial Times says British Prime Minister Theresa May is facing a growing backlash over her flagship business reforms after company bosses and the Bank of England's chief economist urged her to reverse two key proposals on executive pay.

- The paper reports on a warning from Britain's Institute for Fiscal Studies that Britons face more than a decade of lost wage growth and will be earning no more by 2021 than they were in 2008 as the workforce endures the worst period for pay in at least 70 years.

- The FT says Iceland's government has confirmed that it has begun legal proceedings against British supermarket chain Iceland Foods over the trademark to the name "Iceland". Icelandic groups complain they are being held back from promoting their goods and services by the frozen foods specialist's ownership of the European trademark to the name.

IRISH INDEPENDENT

- The Irish Independent also gives prominence to AIB chief Bernard Byrne's appearance at an Oireachtas committee yesterday, focusing on his comments that changes in Central Bank mortgage lending rules are likely to spur price increases in the market for entry-level homes.

- The paper says fears are growing that popular soap Fair City could be moved out of RTÉ as the broadcaster considers "all output" for outsourcing cost-cutting measures. The paper understands that outsourcing the soap was under serious consideration in recent years and remains an option.

- The Irish Independent quotes trade specialist Professor Ron Davies of UCD as saying that the notion that US firms will not go abroad if Donald Trump slashes the US corporation tax rate are not backed up by research. He says countries with low tax send out more foreign direct investment, not less.

- The paper says new figures from the firm behind broadcaster TV3 show that losses at the station doubled last year to almost €17m after it lost the rights to broadcast soaps Coronation Street and Emmerdale.

IRISH EXAMINER

- The Irish Examiner also leads with the motor insurance report, saying car owners with clean driving records have been exploited by the insurance industry.

- The paper reports that former Northern Ireland first minister Peter Robinson has formally refused to face public questioning by the Public Accounts Committee on Nama's controversial Project Eagle sale.

- The Examiner says a huge downward revision by the British government of the value of its stakes in bailed-out banks has put the spotlight on the over-valuation of AIB and other banks on the state's books. Last month, the paper reported that the Government was likely to slash the current €12.2 billion valuation by billions to reflect lower bank share prices.

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