BUSINESS - BREAKING NEWS

US stocks closed slightly lower as drops in shares of energy companies and consumer goods makers outweighed gains in technology companies such as Apple.

TODAY'S BUSINESS - IRISH EXAMINER

Central Bank warns ‘Brexit will bring no good’

There is no good outcome for the Irish economy from the UK’s decision to exit the EU, the Central Bank has warned, with indigenous firms likely to be in the frontline for years to come.

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Spain and Portugal avoid EU fines over breaching budget rules

Spain and Portugal have escaped EU fines despite repeated breaches of the bloc’s budget rules.

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Michael O’Leary’s pay soars 33% on record Ryanair revenues

Ryanair chief executive Michael O’Leary last year enjoyed a 33% hike in pay to €3.16m — €8,657 a day.

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Facebook fails to show up for US taxman on Irish tax

Facebook officials failed to show up after getting seven summonses from the US Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing.

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Firms struggle to keep pace with cyber attacks

Businesses are struggling to combat the rise of cyber criminality which continues to grow increasingly sophisticated, according to a major new report.

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Agricultural Science Association to highlight Brexit fallout at conference

The Irish agrifood industry has found itself at the beginning of an unprecedented time of uncertainty as a direct result of Brexit.

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Quinns seek to amend orders

A dispute between members of Seán Quinn’s family and Irish Bank Resolution Corporation over the scope of orders freezing and monitoring their accounts and assets has been adjourned at the High Court.

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Farmers urged to join in agriculture crime survey

Farmers are being urged to take part in a survey as part of an independent study of agriculture crime in Ireland.

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Air France revenue warning

Air France-KLM joined other European airlines in warning of the impact on revenue this year of recent attacks in France and political upheaval elsewhere as it reported a drop in sales and braced for a strike by its staff.

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UK clears expansion of London City Airport

The UK government approved the expansion of London City Airport — a project held up by former mayor Boris Johnson — as new chancellor of the exchequer Philip Hammond looks to underline the city’s role in the global economy in the aftermath of Britain’s vote to exit the EU.

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Permanent TSB profit boosts shares

Shares in Permanent TSB, which have shed more than half their value this year, rose to their highest level since before the UK referendum, as pressure appeared to ease for it to quickly dispose of a large UK loan book worth £2.3bn (€2.74bn).

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After resting on its laurels, Apple’s tech lag is starting to show

A lack of ideas is a gloomy thing to behold in a tech leader.

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FTSE 100 shares climb 16% above Brexit trough

Britain’s top share index climbed to its highest level in nearly a year yesterday, led higher by miners, and with ITV soaring after a well-received trading update.

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Euro 2016 lift sees Puma profits top analysts’ estimates

Puma has reported second-quarter profits that topped analysts’ estimates as the German sportswear maker got a lift from Euro 2016 and a focus on the women’s market.

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Smurfit Kappa H1 profit climbs 28% to €312m

Shares in Irish packaging company Smurfit Kappa fell by more than 3% yesterday despite a significant uptick in profitability in the opening six months of the year.

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Court upholds racetrack’s appeal against injunction

An appeal by a Co Tipperary-based motor racing track owner against a High Court injunction granted to a nearby stud farm restricting the times the track can operate has been upheld by the Supreme Court.

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UK retailers see sharpest fall in sales in four years

British retailers suffered their sharpest fall in sales in four years after last month’s vote to leave the EU, raising doubts about the ability of consumers to stave off a Brexit recession.

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