Tuesday's business news review
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What are the key topics covered in today's business news?
Breakfast Business with Enterprise Ireland on Newstalk. Yes, indeed. This is Breakfast Business with me, Emmet Holler, on this Tuesday morning. It's great to have you along. And coming up later on in the show, we'll be talking about what's happening with flows of capital into the Irish fund industry. We'll have an update on how the year is ending quite nicely for that sector. And we'll also be talking about retail pay. As you heard from Shane there earlier, there's been a ratcheting up effect across the retail sector. We'll be delving into what exactly are the components of that. Of course, we'll have a market roundup as well. But we do start, as ever, as is tradition with what's on in this morning's newspapers, what they're serving up.
So let's start with the Irish Independent, who have a fascinating story talking about permanent TSB and its share price. So this story is based off a report and data from Goodbody stockbrokers, and they're saying it has overdone the drop in the permanent TSB share price over recent weeks.
How is the Irish fund industry performing this year?
And, good buddy, you're saying it's the media's fault. They say this drop in the share price is largely driven by negative press coverage surrounding the ongoing sales process. The shares are down to 280, they were at 320 a few weeks ago, and of course a lot of this is about... Sort of a bit of a glum feeling about the sale process. Who's out there? Who could the possible buyers be? Would a trade buyer emerge or is it more likely to be a private equity place? So teasing that out and good buddy saying it's somewhat unfairly the sales process has been maligned. So we'll have to see how it unfolds.
What trends are emerging in the retail pay sector?
People always ask me, is the Examiner still a truly cork newspaper? Well, they certainly from their choice of stories today, you'd have to say they are. Top of their business page, they say Murphy's Irish Stout is going to make huge inroads in the UK with year-on-year value sales growth of, wait for this, 666% and a volume increase of 607%.
This is in the UK, of course. It's owned by Heineken UK. So it seems to be going on the back of Guinness sales, which, of course, have also been doing well. And splitting the G and all that sort of stuff has been pushing up that particular brand. And finally, over in the Irish Times, they're talking about what's happening with the Dublin Airport Authority. They say the DAA board of the Dublin Airport Authority has told the chief executive, Kenny Jacobs, of its intention to suspend him on full pay in a move that raises the prospect of a possible high court conflict between the two parties. That's a story on the front page of the paper. Of course, we'll all know, those who've been paying attention, this has been a backward and forward type of saga for quite a few months, but that's the latest iteration of what's happening there on the front of the Irish Times.
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