BUSINESS - BREAKING NEWS

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TODAY'S BUSINESS - IRISH EXAMINER

Florida storm crops miss out

Government-backed insurance plans in the US help compensate farmers for losses after natural disasters. Unfortunately for the produce growers who were ravaged by recent hurricanes, a lot of the nation’s vegetable and fruit crops aren’t covered.

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Staff shortages and Brexit threaten hotels boom

International tourists brought in just under €6.5bn last year, up 8.5% from 2015 but a shortage of qualified staff could stall the momentum of the hotel industry, an AIB report has suggested.

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Expert: ‘Hybrid before electric’

Ireland has a long way to go before electric cars become a viable alternative — and the Government should prioritise the promotion of electric-hybrid alternatives, says a motoring expert.

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PJ Carroll profits hit by black market

The profits of cigarette firm, PJ Carroll, have been hit by the black market, it said.

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Tax incentives call for top IT talent

Tax for employees of IT start-ups should be considered in the budget to assist entrepreneurs retain the best talent, according to a venture capital group.

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Diageo sees brighter outlook after India liquor ban

Diageo, the maker of Johnnie Walker whisky and Smirnoff vodka, forecast stronger sales and profit growth in the second half of its financial year after a first half affected by negative factors in China and India and higher spending.

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Sterling gains ease some pressure on exporters

Sterling strengthened against both the euro and the dollar after UK retail sales rose more than forecast in August, boosting investor expectations that the Bank of England will raise borrowing costs in the coming months.

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Margins at Zara fashion owner, Inditex, hit by euro

Inditex, the world’s biggest clothes retailer and owner of Zara, reported a 9% rise in first-half profit, but its gross margin, as a percentage of sales, slipped, because of a stronger euro.

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Irish exporters tied to UK trade ‘need Brexit help’

More than nine in 10 Irish exporters trade with the UK and need some sort of help in the budget next month to cushion the effects of Brexit, according to the Irish Exporters’ Association.

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Global dairy prices set to rise in months ahead

Dairy market analysts are predicting a recovery as the latest Global Dairy Trade Price Index climbed 0.9%, the second successive auction to record a price rise.

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O’Leary will be judged on his handling of the crisis

Only time will tell if Ryanair gets over this current major dilemma, but its handling of the crisis may well be the defining moment for both Michael O’Leary and for Ryanair.

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Uber reviews its Asia operations

Uber Technologies, which is the subject of a US federal probe into whether it broke bribery laws, has started a review of its Asia operations and notified US authorities about payments made by staff to police officers in Indonesia, a person familiar with the matter told Reuters.

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Profits up 50% at Hayfield hotels firm

Pre-tax profits at the Kerry-based hotel group that operates the five-star Hayfield Manor in Cork city and the four-star Killarney Royal hotel climbed by over 50% to €5.43m last year.

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Boom in UK illegal TV streams

More than a million illegal TV set-top boxes which allow consumers to stream content illegally have been sold in the UK in the last two years, investigators have warned.

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Parties appeal court orders

Parties in a row between Deutsche Bank and a group of seven Galway firms, involving business debts just short of €700m, have appealed and cross-appealed High Court orders on the future of the companies.

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French Connection profits cut after store closures

British fashion retailer French Connection Group reported a drop in profit for the half-year due to the closure of some of its stores.

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Cork-San Francisco business links ‘will grow’ due to ties forged more than 30 years ago

Business links between Cork and San Francisco will continue to grow because the ties forged between the twin cities more than 30 years ago are even stronger now, the mayor of the Californian city has said.

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SME lending declines for 23rd consecutive quarter

Lending to SMEs has fallen for the 23rd consecutive quarter and is down 7.5% for the year, new Central Bank figures show.

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Costs may limit scope for personal tax cuts

The Irish exchequer raises large amounts of tax from income and USC but personal tax cuts may mean few windfalls, figures from the Irish Tax Institute show.

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UK could lose 10,000 financial jobs

Around 10,000 finance jobs will be shifted out of the UK or created overseas in the next few years if the UK is denied access to the single market, according to a survey of firms employing the bulk of workers in international finance.

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Burberry bets on bags to fashion sales turnaround

UK fashion company Burberry Group is betting on growth in its smaller handbag business and playing up its trademark colours as new chief executive Marco Gobbetti seeks to join the luxury industry’s turnaround.

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Owner explores options for ‘Rolling Stone’ magazine

The owner of Rolling Stone magazine said it’s exploring strategic options for its majority stake, signaling co-founder Jann Wenner is preparing to relinquish control of the half-century-old iconic music publication.

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‘Weak case’ for tax cuts, says economic report

The case for cutting taxes is “extremely weak”, an economic think-tank has said —while two groups have called for fuel taxes to be lowered in this year’s budget.

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Portugal boosts Irish bonds

Portuguese debt led a rally in eurozone peripheral bonds after S&P Global Ratings raised the country’s credit rating to investment grade.

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Powerscourt Hotel back in black on profits of €1.62m

The firm that operates the five-star Powerscourt Hotel in Co Wicklow has swung back into the black with net profits of €1.62m.

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Green REIT sees Cork office demand

The chief executive of Green REIT–the Dublin-focused commercial real estate developer — said the demand for top-grade office rentals in Cork will likely increase.

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UK business chiefs want three-year deal before Brexit

British business leaders from companies including BT and Centrica said they wanted a three-year Brexit transitional deal to protect jobs in Britain and Europe.

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Next risk for sterling: May’s key Brexit speech this week

The Bank of England is facing an increasingly difficult balancing act in setting an appropriate monetary policy for the UK. Inflation is overshooting its 2% target by quite a wide margin. 

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GM hit by rare Canada strike

General Motors workers went on strike at a Canadian plant for the first time in 21 years over jobs lost to Mexico, with the union’s president calling the situation “the poster child for what’s wrong with Nafta”.

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Google makes offer in EU case

Google has offered to display rival comparison shopping sites via an auction, as it aims to stave off further EU competition fines, four people familiar with the matter said.

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