Tuesday June 2, 2020

What Thursday's papers say

800 public sites earmarked for homes; Trump's tax plans; Harris wants 'discussion' on health ownership

27th April, 2017
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times says the Trump administration has proposed one of the biggest reforms of the US tax system in decades, saying it will cut the corporate tax rate from 35 to 15 per cent. The paper says the package, if passed by Congress in its current form, could have a significant impact on US investment into Ireland.

- As the controversy over the proposed relocation of the National Maternity Hospital continues, the paper says Health Minister Simon Harris has called for a "discussion" on ownership of the health service, which could lead to hospitals moving from religious to state control.

- In business, the Irish Times says taxpayers with offshore assets have been warned not to try to avoid disclosure to Revenue ahead of a deadline next Monday, before which the tax body will accept voluntary disclosure of money or assets abroad on which tax should have been paid.

- The paper says CRH's chief executive Albert Manifold has been forced to defend the building materials group's €300m investment plans in the Philippines as its sales in the country slumped due to the flooding of the market with cheap cement imports.

FINANCIAL TIMES

- The Financial Times also leads with Trump's tax plans, which his economic team have called the biggest tax cut in US history, but it quotes Treasury Secretary Steven Mnuchin as acknowledging that there were few details of how the measures would be implemented ahead of talks with Congress.

- The FT reports that the managing director of Newcastle United, Lee Charnley, was among senior European football officials arrested as part of a cross-border investigation into the tax affairs of leading clubs. Newcastle United and West Ham United were raided yesterday in an operation that spread across Britain and France.

- In companies news, the paper says a senior Deutsche Bank executive has warned that nearly half the German lender's 9,000 staff in Britain could be forced to leave the country under pressure from regulators because of Brexit.

- The FT says PepsiCo's first-quarter profits beat expectations, boosted by sales of "guilt-free" snacks and drinks as the company seeks to appeal to more health-conscious consumers.

IRISH INDEPENDENT

- The Irish Independent reports that more than 800 sites owned by local authorities and public bodies will be offered to the private market to help tackle the housing crisis, in an effort to build at least 50,000 homes. It says land banks controlled by councils and other bodies including CIÉ, the IDA and the HSE have been earmarked.

- The paper says the Public Service Pay Commission is set to advise the Government to keep a pension levy that was imposed on public servants during the financial crisis, suggesting that it be converted into a pension contribution.

- In business, the Irish Independent says Bord na Móna and the ESB are joining forces to develop four huge solar farms that are likely to cost in the region of €500m and generate enough electricity to power 150,000 homes. There are no commercial solar farms in operation in the Republic of Ireland, though one opened in Northern Ireland last year.

- The paper says Saudi Arabia listed its biggest sharia-compliant bond, known as a sukuk, on the Irish Stock exchange yesterday, cementing Dublin's reputation as a centre for liquid securities.

IRISH EXAMINER

- The Irish Examiner reports on a study carried out by the Higher Education Authority which shows that students who get the lowest Leaving Certificate results - between 250 and 300 points - are at severely higher risk of dropping out of college.

- The paper says Cork soup kitchen charity Penny Dinners has called for an increase in the minimum wage after seeing people with jobs in the retail, building and legal sectors come through its doors in the last 12 months.

- In business, the Examiner says the Shannon Group last year set aside €1.33m to finance a group-wide voluntary redundancy scheme and expects to incur additional costs in a further phase of the scheme this year.

- The paper reports on new figures from Oracle EMEA Ltd which show that the technology giant's main Irish subsidiary went into the red last year in spite of an 8 per cent increase in revenues to €8.7 billion. It said increases in costs led to a pre-tax loss of €10m.

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