Media

Guessing game on the contents of Budget 2018

Seen & Heard: Warnings for Aer Lingus and DAA, Beats Medical funding, bank overcharging and Glenveagh IPO

Speculation is rife on which measures Minister for Finance Paschal Donohoe will adopt in Budget 2018 on Tuesday and which will be quietly dropped. Photograph: Brenda Fitzsimons

Sun Oct 8 2017 - 12:22

Budget 2018 is the preoccupation for business coverage in all the Irish Sunday papers, with consensus that stamp duty on commercial property sales will rise, and that the vacant site tax coming into force in 2019 could yet carry a higher rate than the 3 per cent proposed.

The Sunday Times and the Sunday Business Post both report that Minister for Finance Paschal Donohoe is going to adopt the Coffey Report recommendation by allowing multinationals relief against tax for only 80 per cent of the income from intellectual property transferred to the State, down from 100 per cent currently.

Small business might get some relief from Brexit with a low interest loan fund, according to the Post, as well as some tinkering with share options.

The Sunday Independent focuses on stealth taxes that might be included in Tuesday's budget, including increases in carbon taxes, the bank levy and tinkering with the VAT rate on certain products.

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Aer Lingus staff warned on pay agitation

Away from the budget, the Sunday Independent warns that Aer Lingus could lose out on investment of up to €1 billion from parent group IAG if staff continue to agitate for "substantial pay increases".

Bottlenecks at Dublin Airport

The Sunday Business Post returns to the issue of bottlenecks at Dublin Airport, with IAG chief executive Willie Walsh telling a Fine Gael fundraiser this week that Aer Lingus will expand its network elsewhere (ie, outside Ireland) if the issue is not tackled.

Beats Medical raises €3m

Beats Medical is looking to raise another €3 million in series A funding, according to the Sunday Independent. The money would be used to market the smartphone app for neurological conditions such as Parkinson's directly to hospital groups rather than individual patients.

Another bank overcharging issue

Another chief executive, another charging issue, this time for Bank of Ireland where customers this week received a letter offering recompense for new charges on credit card cash advances and unpaid direct debits that were not notified to them in advance, as required. The Sunday Times reports that the letters were being issued just as incoming chief executive Francesca McDonagh was settling in as successor to Richie Boucher.

Glenveagh IPO windfall for Davy

A number of the Sundays took a look at the upcoming IPO of Glenveagh Properties. The Sunday Times reports that adviser Davy is set to to make up to €20 million from Tuesday's flotation of the company which is being spun out by private equity group Oaktree Capital and includes the construction business assets of Maynooth-based builder Bridgedale.

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