TODAY'S BUSINESS - IRISH EXAMINER

Kingspan ‘ready’ to conduct big acquisitions

Cavan-headquartered specialist building materials group Kingspan is “ready to do something big” on the acquisition front, its chief executive Gene Murtagh said yesterday.

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ECB: Ireland is largest base for SPVs in the eurozone

Ireland remains the eurozone’s largest centre for financial special purpose vehicles (SPVs), ECB data shows, placing it far ahead of closest rival Luxembourg.

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Cork business backs tourism stimulus

Cork businesses have backed calls for a €12m stimulus package for the tourism industry in the wake of falling UK visitors following sterling’s post-Brexit vote slump.

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Lobby group warns on trade

British manufacturers could rush to establish bases in the North to avoid customs tariffs after Brexit, a lobby group for the industry has claimed.

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Stocks slide after Barcelona attack

European stocks yesterday fell as Thursday’s terror attack in Barcelona weighed on investor sentiment, the Ftse 100 coming under pressure from falls among consumer giants, financials, and airline stocks.

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Pharmacy chain profits up 55% in year before sale

Pre-tax profits at the newly-acquired Sam McCauley Chemists group jumped 55% to €4.63m last year, new figures show.

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Kit Kat ad copied ‘Breakout’, says Atari in Nestle lawsuit

Nestle has said it will defend claims in a new lawsuit in which Atari accused the Swiss food company of pilfering its classic 1970s video game Breakout to help sell Kit Kat bars.

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ComReg wants overhaul of ‘lo-cost’ phone numbers

The telecommunications regulator has proposed that all 1850, 1890, and other non-geographic numbers should be charged at the same price as calls to a geographical number in future.

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Cybercrime is ‘bigger than global drug trade’

Cybercrime is now more lucrative than the drugs trade and Irish companies must treat it as an ongoing concern, an IT security expert has warned.

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Voxpro: The €150m firm that began life with six staff above a Cork pub

Cork outsourcing company Voxpro has given a boost to students in the county, saying it is eyeing the talent pool from the likes of CIT and UCC as it expands following a €150m takeover by Canadian firm Telus International.

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Shannon-based company buys Swedish firm for €7.9m

Shannon-based engineering and mining services group Mincon has acquired Swedish company Viqing Drilling Equipment for nearly €8m and is continuing to look for more acquisition opportunities.

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Brexit: UK-based firms in no rush to relocate

A majority of businesses are yet to change their strategic planning due to Britain’s decision to leave the EU, a survey of chief financial officers shows.

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Irish confidence on rise as UK consumers cut costs, according to research

Ireland is now the fourth most confident country in Europe with consumer sentiment here higher than in the UK for the first time in nearly nine years, according to market research firm Nielsen.

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Brexit forecast: More chaos and eroding value

Border firms must be braced for further sterling falls

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Lufthansa may buy bulk of Air Berlin fleet

Lufthansa is considering buying a majority of insolvent Air Berlin’s aircraft, sources have said, as the German government and rivals race to carve it up.

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ECB jitters send euro spiralling

The euro dropped yesterday to a three-week low of $1.1662 after minutes from the ECB’s July policy meeting showed policymakers were worried about a possible overshoot in the euro.

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Voxpro in jobs pledge after €150m takeover

Cork outsourcing company Voxpro said it has been taken over by Canadian IT giant Telus International in a deal estimated at €150m, and said that not only are jobs safe but it could expand its operations.

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Ireland key for US, says IDA

The IDA and business group Ibec reaffirmed Ireland’s importance to the US after President Donald Trump again questioned the reasons so many American companies have bases outside the US, and mentioned Ireland by name.

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Mix of games and social media boosts Chinese firm

Tencent is reaping the rewards of marrying social media with mobile gaming.

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Ryanair rules out bid for Air Berlin

Ryanair is unlikely to bid for any part of broke German carrier Air Berlin but Michael O’Leary has said the Irish airline will continue to expand in Germany.

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Fiat Chrysler joins the BMW-Intel driverless club

Fiat Chrysler will join an alliance led by BMW to develop self-driving cars, intensifying a race by carmakers and technology companies to develop ‘robotaxis’ which can be called up via smartphone and paid for by the minute.

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PwC hit with record £5.1m fine in UK

The UK’s accounting watchdog has fined audit firm PwC a record £5.1m (€5.6m) and given it a severe reprimand after it admitted misconduct when auditing collapsed accounting firm RSM Tenon.

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Iceland eyes more stores as losses halved in Republic

Food retailer Iceland has confirmed plans to expand the number of its stores in the Republic as its losses more than halved.

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Ryanair challenges Air Berlin ownership ‘conspiracy’

Ryanair has lodged formal complaints with the European Commission and Germany’s competition authority over what it calls a brewing “conspiracy” surrounding the future ownership of broke carrier Air Berlin.

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Chinese concern on bond market

Nearly two months after reports about Chinese regulators’ scrutiny of the country’s top dealmakers, the concerns have left a mark in the local bond market, where one of those companies is facing yields double the national average.

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German GDP powers ahead

Strong household spending, rising state expenditure and higher company investments have consolidated Germany’s role as the eurozone growth engine in the second quarter, although accelerating imports meant growth came in just below expectations.

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Food giants quietly turn natural sweetener into a €3.5bn industry

Over the past decade, a little-known herb 200 times sweeter than sugar has become a €3.5bn global industry, showing up in everything from Coca-Cola drinks to Heinz ketchup.

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Danone shares rise further as investor builds stake

Corvex Management, the activist fund run by Keith Meister, has built a stake in French yogurt maker Danone because it views the company as significantly undervalued, according to sources.

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Pharma faces its big tobacco moment

Big pharma is having a big tobacco moment as litigation over opioids attract star lawyers and a growing list of US states and local governments seeking their own multi-billion payout to deal with costs of a burgeoning US drug epidemic.

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