Wednesday November 25, 2020

What Wednesday's papers say

No redress scheme extension; deal on water; 'genius' must pay wife £72m

12th April, 2017
The main headlines from today's newspapers

IRISH TIMES

- The Irish Times says the Cabinet has been told that extending the institutional child abuse redress scheme to those who lived in mother and baby homes as unaccompanied children could cost as much as €1 billion. The Government has decided that it is "not possible" to implement this recommendation from the commission which looked at the issue.

- The paper says Fine Gael has secured a last-minute deal on the future of water charges after Fianna Fáil made several substantial concessions. The deal includes a charge for excessive use and a commitment to install water meters in new homes.

- In business, the Irish Times quotes sources as saying that Credit Suisse may apply for a full banking licence in Ireland as it prepares to move jobs from London after Brexit. The Swiss bank set up a European hub in Dublin last year to service hedge fund clients.

- The paper says updated Department of Finance calculations show that the room for tax cuts and spending increases in the next budget is likely yo be considerably smaller than the 2017 package because of new spending commitments entered into last year.

FINANCIAL TIMES

- The Financial Times says US secretary of state Rex Tillerson arrived in Moscow yesterday evening amid mounting tension between the Kremlin and White House, with Vladimir Putin warning the US that it was being duped into attacks against the Syrian regime.

- The FT says the Court of Appeal has rejected claims of "genius" by a former private equity executive, Randy Work, ordering him to pay his wife £72m - half of the couple's wealth - in one of the biggest divorce awards made by the English courts in recent years.

- The paper says British bank Barclays cut ties with a company that was set to provide it with anonymous whistleblowing services weeks before it revealed that chief executive Jes Staley had attempted to uncover the identity of an informant.

- The FT says Japanese industrial giant Toshiba has warned of "substantial doubt" over its ability to continue as a going concern after the struggling group failed to persuade its auditor to sign off its third-quarter accounts. Far-reaching problems at its US nuclear arm Westinghouse have sparked a financial crisis at Toshiba.

IRISH INDEPENDENT

- The Irish Independent leads with water, saying almost one in ten households will still be hit with "levies" for wasting water after Fine Gael and Fianna Fáil finally agreed a deal to end charges. The Oireachtas Water Committee decided to define a "waster" as somebody who uses 1.7 times the personal daily average of 133 litres.

- In business, the paper says influential governance firm Glass Lewis has raised concerns about PwC's 27-year tenure as sole auditor to Bank of Ireland, arguing that such lengthy contracts can erode independence and compromise quality.

- The Irish Independent says one of the North's biggest companies, Tyrone-based meat giant Dunbia, is considering moving some of its processing operations to England and Wales due to Brexit-related concerns.

- The paper reports on a warning from the head of hotel group Dalata about a looming supply crunch in the sector as high land valuations, rising construction costs and banks' reluctance to lend choke off new developments.

IRISH EXAMINER

- The Irish Examiner also leads with the Government's rejection of a redress scheme for thousands of women and unaccompanied children who were in mother and baby homes. The paper says the Mother and Baby Homes Commission report recommended an amnesty from prosecution for those involved in illegal adoptions.

- The paper says Transport Minister Shane Ross has been criticised by unions for being pictured draped in a feather boa with former Miss Ireland Amanda Brunker while talks to end weeks of strikes at Bus Eireann were continuing.

- The Examiner reports on accounts for DSG Retail Ireland - the operator of PC World and Currys in Ireland - which show that losses widened to €24.84m in the year to the end of April 2016 as the financial cost of the merger between parent Dixons and rival Carphone Warehouse hit the bottom line.

- The paper says construction supplies group Grafton is to create another 170 jobs in its Irish merchanting business in the next two years as it expands its operations in response to an upturn in business.

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