Wednesday November 25, 2020

What Thursday's papers say

Dairygold's Brexit warnings; INBS tracker customers set to lose out; British space industry to be cut adrift?

13th April, 2017
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times says tensions between Russia and the US deepened yesterday as US president Donald Trump said relations with Russia were at an "all-time low", with Moscow rejecting US calls to withdraw support for Syrian president Bashar al-Assed.

- The paper says Fianna Fáil has called on the Government to set aside money for water charges refunds in next October's budget, after the publication of the final report of the Oireachtas committee on water charges, which recommended that thousands who paid water bills receive their money back.

- In business, the Irish Times says former mortgage holders with Irish Nationwide Building Society who were denied a tracker rate over the past decade will not receive any compensation from the liquidators of IBRC as part of an industry-wide Central Bank review. The news emerged in a written answer from Finance Minister Michael Noonan to Sinn Féin's Pearse Doherty.

- The paper reports on a survey carried out by the Institute of Directors, in which almost half of the respondents said conflicts of interest were widespread within Irish boardrooms. One in five said their board did not have a conflict of interest policy.

FINANCIAL TIMES

- The Financial Times says British companies face being frozen out of lucrative European space contracts after the European Commission laid out new terms for the latest phase of work on the €10 billion Galileo satellite system, demanding the right to cancel existing contracts without penalty if a supplier is no longer based in the EU.

- In companies news, the FT says KPMG has fired six people, including the head of its US audit practice, after the professional services firm found they had improperly received advance warning of audits that the accounting watchdog planned to inspect.

- The paper says Italian luxury goods group Prada yesterday reported its lowest full-year profit since it floated in Hong Kong in June 2011, even though it said last year marked a turning point and that it was "on the pathway to sustainable growth".

- The FT says supermarket group Tesco made further strides in its turnaround efforts last year, recording its first full-year increase in underlying UK sales in seven years, but profits were dragged down by a record payment relating to its 2014 accounting scandal.

IRISH INDEPENDENT

- The Irish Independent leads with a warning from Dairygold chairman James Lynch that rural Ireland faces being decimated by a hard Brexit. The chairman of the farmer-owned co-op said that if Brexit led to tariffs and customs controls, it would hit the dairy sector in particular.

- The paper says Fine Gael has been told by general secretary Tom Curran that political reforms which could boost its chances ahead of a general election cannot be put in place until a new leader is appointed.

- In business, the Irish Independent says the Central Bank has issued a rebuke to a number of international lenders operating in Ireland for failing to meet regulatory obligations. While no enforcement proceedings are underway, the regulator has set a deadline for action by the banks.

- The paper says fast-growing technology firm Qualtrics has pledged to employ "hundreds more people" at its European headquarters in Dublin following a fresh $180m equity injection from its private equity backers. It already has more than 250 staff in Dublin.

IRISH EXAMINER

- The Irish Examiner leads with news that around 9,000 families will not receive childcare supports from September as promised in Budget 2017 because the Government has failed to pass the required legislation. It quotes Fianna Fáil's children's spokeswoman as saying that the "botched" scheme puts a squeeze on middle-income families.

- The paper also has a warning from Dairygold on Brexit, with chief executive Jim Woulfe saying it will have a "gigantic and profound" effect on rural Ireland's economy, which would not be offset by potential gains from financial services and IT.

- In business, the Examiner says accumulated profits at Sabra Management Ltd, a firm owned by former Irish rugby captain Jamie Heaslip, more than doubled to €135,235 last year.

- The paper says shares in Providence Resources jumped more than 7 per cent in Dublin yesterday on the back of the exploration company's reporting a near €4m narrowing of annual losses to €20.5m. Providence closed the year debt-free, with nearly €32m in available cash.

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