What it says in the papers
Changes to first-time buyer plan; Saudi bond sale a record; EU has new tax proposals
- The Irish Times says the Government has been forced to make changes to its proposals to help first-time buyers on foot of conerns raised by the Central Bank, which feared the plans could encourage people to take on too much debt. It says the Finance Bill will mean those availing of the scheme will have to take out a mortgage of at least 70 per cent, rather than 80 per cent.
- The paper says a rulng prohibiting the use of a Dublin city apartment as an Airbnb letting without planning permission could have implications for the company's business in Ireland. An Bord Pleanála has upheld a decision that a two-bed property in Temple Bar had undergone a material change of use due to its Airbnb activity.
- In business, the Irish Times says Finance Minister Michael Noonan is poised to introduce a 20 per cent levy on money overseas investors receive from Irish property held in funds, as he clamps down on a device used by private equity firms to minimise tax bills.
- The paper reports that a merger of CityJet and Stobart Air, which runs the Aer Lingus Regional airline network, looks set to be completed shortly. CityJet was bougt by a group of investors led by chairman Pat Byrne earlier this year.
- The Financial Times leads with news that Saudi Arabia has raised $17.5 billion from its debut sovereign bond issue, eclipsing Argentina's bond sale this year to become the largest debt issue by an emerging economy.
- The FT says Airbnb faces a fight for its life in New York as Governor Andrew Cuomo prepares to sign a bill that would in effect end the home-sharing group's business in New York City. If the bill becomes law, it would impose fines of up to $7,500 on hosts who advertise short-term accommodation through Airbnb.
- The paper reports on data compiled by Dow Jones VentureSource, which show that venture capital investment in European companies fell sharply in the third quarter, fuelling concerns that uncertainty surrounding Britain's exit from the EU is dampening enthusiasm for start-ups across the region.
- The FT says Anglo-Australian mining group BHP Billiton has set a goal for women to make up half of its workforce by 2025 in one of the most ambitious gender targets at a global company.
- The Irish Independent leads with what it describes as a fresh assault on the tax regime in Ireland and other countries with rules favoured by big multi-nationals. It says radical plans to be unveiled next week include a proposed ban on transfer pricing, which allows big companies like Apple to cut bills by shifting profits through low-tax countries.
- The paper says unions have warned that widespread industrial action across the public transport network is "inevitable" unless Bus Éireann backs away from plans to separate the Expressway service from the rest of the company.
- Alan Cox, the chief executive of ireland's biggest media buying agency, Core Media, has told the Irish Independent it is looking at acquiring a public relations firm in Ireland as part of its push to become the first full-service agency in the country.
- The chief executive of fibre network Enet has warned that rolling out the Government's National Broadband Plan carries a risk of "re-monopolisation" of infrastructure if not handled correcctly. The company is one of three bidders still in the running for a tender to roll out the project.
- The Irish Examiner says an Irish researcher is using complex mathematics to help homeless people on the streets of Los Angeles. Mathematician Peter Fennell's work on how information, behaviour and trends spread through social networks could ultimately help influence positive human behaviour.
- The paper also reports that amendments to the Government's help-to-buy scheme announced in the Budget are planned in the Finance Bill. It says the threshold of homes eligible under the scheme is set to be reduced from €600,000.
- The Irish Examiner says British property developer U+I Group has said it remains committed to Dublin as one of its three core regions and is one the look-out for further opportunities to expand its commercial property portfolio in the city.