BUSINESS - BREAKING NEWS

The housing crisis is threatening Dublin's economic development, according to the city's new Lord Mayor.

TODAY'S BUSINESS - IRISH EXAMINER

Russian tycoon to buy Holland & Barrett for €2bn

Russian billionaire, Mikhail Fridman’s L1 Retail investment vehicle has agreed to buy British retailer, Holland & Barrett, for £1.77bn (€2.01bn), in its first acquisition, betting on continued growth and expansion abroad for the health foods chain.

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UK financial markets not expected to increase

Financial markets are not expecting any increase in UK rates in the coming 12 months despite a pick-up in inflation to 2.9%.

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Airbag maker Takata file for bankruptcy protection

Japan’s Takata, at the centre of the auto industry’s biggest-ever product recall, filed for bankruptcy protection in the US and Japan, and said it had agreed to be largely acquired for $1.6bn (€1.42bn) by the Chinese-owned US-based Key Safety Systems (KSS).

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German business morale rises to a record high

German business confidence unexpectedly rose in June to a record high, as strong domestic consumption and robust exports combined to make company executives increasingly upbeat about the growth outlook for Europe’s largest economy.

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Famous confectioner loses appeal over rights of way

A family of confectioners who were the creators of ‘emeralds’ sweets has lost an appeal over whether there were rights-of-way over their former factory lands in Co Donegal.

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Cork IDA sites ‘lying idle’ and ‘growing grass’

A comprehensive plan is needed for two IDA-owned sites in Cork — one lying idle in Fermoy since 2002 and another in Kilbarry on Cork City’s northside that is “underutilised for years and growing grass”, according to two TDs.

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Wetherspoon to spend €15m on central Dublin site

British pub group JD Wetherspoon is to spend €15m on developing its controversial site on Dublin’s Camden Street.

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Lending levels in UK slow, data from banking industry shows

British consumers increased their borrowing at the slowest pace in more than a year-and-a-half in May and banks offered fewer mortgages, data from the country’s banking industry showed yesterday, adding to signs of a slowdown in the economy.

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Petrel fully funded for near-term activities

Irish oil and gas exploration company Petrel Resources said it has “sufficient” funds to cover activities for the “near future” despite seeing losses widen by nearly 13% over the past 12 months.

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‘No danger’ of economy overheating

The economy could grow by as much as an “above trend” 4.4% this year, one economic think-tank has said.

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Brexit caveat with positive forecast

Some 91,000 net additional jobs should be created by 2020 across a broad range of sectors if the current economic recovery continues — but all bets are off until Brexit becomes clearer.

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Better ‘password hygiene’ urged for safest way to protect yourself online

Attempts by cybercriminals to sell password credentials of British MPs is a timely reminder that ‘password hygiene’ is the safest way to protect yourself online, a leading cybersecurity expert has warned.

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Employee health and well-being increasingly relevant

As Irish employment numbers continue to rise and economic recovery continues to take hold, the issue of health and wellbeing in the workplace is increasingly in focus.

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The Monday Interview: Jennifer Richards, Standard Life - It is in our interest to save and earn as we do

Pádraig Hoare meets the boss of Standard Life Ireland which hopes to become the firm’s European base post Brexit and is seeking fairness and equality from Government in the treatment of all types of savers

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Breast cancer bra is a hit for Theya Healthcare

Consulting breast cancer survivors led to the development of post-operative bras, says Trish Dromey

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Dungarvan, global home of Panadol, gets €8m investment

Global healthcare giant GSK has opened an €8m biomass energy facility in Dungarvan, Co Waterford, that will reduce its carbon emissions by a third.

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AIB flotation could net €3.4bn for State

The flotation of AIB has proved to be more lucrative for the Government than had been thought earlier in the week, with shares rising up to 7% as an almost 29% stake of the bank was floated at €4.40 per share.

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Cork company partners to connect rural counties

A Cork IT company has come to the rescue of 3,000 homes in rural counties by providing high-speed broadband, as the Government comes under fire from opposition politicians for failing to connect the regions with its broadband policy.

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New tourism minister comes at ‘pivotal’ time

The new tourism minister faces a baptism of fire and must recognise the urgency of the problems being caused by Brexit, according to industry organisations.

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AIB IPO to raise €3.05bn

The State is set to recoup around €3.05bn when 25% of its near total ownership of AIB is sold off to stock market investors early next week. It is marginally more than was initially targeted.

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Perjury law could end ‘lies for cash’

A new perjury law is required to end the cultural tolerance among the judiciary and some sections of society for telling lies for cash, according to the Irish Small and Medium Enterprises Association (Isme).

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AIB IPO to raise €3.05bn

The State is set to recoup around €3.05bn when 25% of its near total ownership of AIB is sold off to stock market investors early next week. It is marginally more than was initially targeted.

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ECB upbeat on growth prospects

Economic data points to solid growth in the eurozone in the second quarter of the year and indicates a rebound in global growth after a rough patch, the European Central Bank (ECB) said in a regular economic bulletin published yesterday.

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Fifth of firms hit by online ransom demands

A fifth of Irish businesses have been the target of online ransom demands in the past year while more than half of top IT professionals don’t believe their firms understand their own security systems, according to a survey by a leading cybersecurity firm.

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Oil prices show marginal recovery from 10-month lows

Oil prices rose yesterday, a day after sliding to 10-month lows, but market sentiment remained negative due to ongoing pressure from a persistent supply glut despite OPEC-led efforts to balance the market.

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Qatar Airways targets 10% stake in American Airlines

American Airlines has said that Qatar Airways, the Gulf country’s state-owned airline, has expressed interest in buying as much as a 10% stake, worth at least €724m ($808m), in the US airline.

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Philip Hammond: Brexit uncertainty stalling corporate investment

Large amounts of business investment is being postponed because of uncertainty over the outcome of Brexit negotiations so Britain should seek clarity as early as possible over a transition arrangement, according to chancellor Philip Hammond.

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Royal Bank of Scotland in investor dispute offer

Royal Bank of Scotland pursued last-minute settlement talks with a group of investors to avoid a potentially embarrassing trial over allegations the lender misled them about a 2008 capital increase.

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EU data regulation ‘an opportunity’

Companies should embrace the changes coming with the implementation of the General Data Protection Regulation (GDPR) rather than fear them, a report by insurance broker and risk management firm Marsh UK & Ireland suggests.

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CRH: Construction sector needs to evolve

Construction needs to evolve as a matter of urgency if it is to meet modern infrastructure needs, global building materials giant CRH has said.

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