What it says in the papers

New childcare plan; Hinkley Point green light; Nama launches new loan sale

The main headlines from today's newspapers

IRISH TIMES

- The Irish Times has a report saying that a radical new system of subsidised childcare that would see the State pay a portion of a family's bills directly to childcare providers is under consideration for next month's budget. The paper says it is expected to be rolled out over a number of years, starting next September.

- On Nama, the paper says opposition leaders are to seek a broad inquiry into the agency's operations, extending beyond the sale o its Northern Ireland loans, though this is likely to be resisted by the Government.

- In business, the Irish Times says Dundrum Town Centre's new owners – British company Hammerson and German insurer Allianz – may ultimately sell an adjoining six acres or enter a joint venture to develop the site. Hammerson's Simon Betty tells the paper he sees the site as being attractive as a residential location.

- The paper says pre-Budget letters from late 2009 show that former Central Bank Governor Patrick Honohan suggested the introduction of a property tax, water charges and a carbon tax as ways of extending the State's revenue base without affecting the labour market.

FINANCIAL TIMES

- The Financial Times leads with news that British Prime Minister Theresa May has approved the £18 billion Hinkley Point nuclear power station in Somerset, Europe's biggest energy project, but the paper says the go-ahead for the Franco-Chinese scheme came with new conditions on foreign investment in the country's infrastructure.

- After yesterday's Bank of England meeting, the FT says a further cut to Britain's record-low interest rates is still on the table this year, despite the bank's saying that its stimulus package was beginning to show signs of success and that economic forecasts were improving.

- The paper reports on official figures which show that Britain's employers handed workers bonuses worth £44.4 billion in the last financial year, finally surpassing the sum they awarded in the boom year of 2007-08 before the economy crashed.

- The FT says Jim Yong Kim is heading for another five-year term as president of the World Bank after no other candidate emerged during what the paper called a "hurried" nomination process.

IRISH INDEPENDENT

- The Irish Independent says it has learned that Nama has shrugged off criticism from the Comptroller & Auditor General by launching a €3 billion loan sale yesterday. It quotes a spokesman as saying confirming that the Project Gem portfolio of hundreds of property loans had been launched, but had been planned for some time.

- The paper says the first of three planned strike actions at Dublin Bus had a significant impact on footfall and spending in the city centre, with a 9 per cent drop in footfall compared with the same two days of the previous week.

- In business, the Irish Independent reports a warning from EU competition commissioner Margrethe Vestager that it will no longer support telecoms mergers similar to the €780m deal struck between 3 Ireland and O2 Ireland, as she criticised the use of 'virtual' operators as a facilitator. She said a 'virtual' operator was dependent on the companies that carried its data and calls.

- The paper reports that the €92m sale of Dublin's Gresham Hotel to Spain's Rio Group has finally been completed. Nama put the O'Connell Street building up for sale earlier this year.

IRISH EXAMINER

- The Irish Examiner reports that all prisoners will be given a medical card on the day they leave prison as part of a new agreement between the HSE and the Irish Prison Service. It quotes IPS director general Michael Donnellan as saying that the move would not cost the State, as a lot of inmates were on a level of income that entitled them to medical cards anyway.

- The paper says the spiralling cost of claims, particularly public hospital claims, are being blamed by the VHI for its latest premium hike of an average of 3 per cent across a range of plans. The increases take effect from November 1.

- The Examiner reports on research from property consultants Knight Frank which shows that a rapid increase in Dublin office rents is beginning to ease as new capacity begins to trickle into the market.