Opening Bell: Brexit's first casualty, Stripe's new product for Irish start-ups, corporation tax wars

Get up to speed with today's breaking Irish and international business news

Investors in Standard Life have been told that they cannot withdraw their money from the firm's property fund of £2.9bn.

Trading stopped at midday yesterday citing "exceptional market circumstances" - the fund will remain closed until it is "practicable" to do so. This will be reviewed at least once every 28 days.

The decision comes in the wake of the UK's Brexit decision and it is the first fund to suspend trading in London since the onset of the 2008 financial crisis.


A leading economist says we shouldn't be overly concerned by the UK's plans to cut its corporate tax rate to below 15%.

Eoin Fahy Chief Economist with Klienworth Benson Investors in Dublin does not think it will have a negative impact on foreign direct investment here.

He says talk of lowering the corporate tax rate across the water is just a sign the UK is panicking following the Brexit vote - but we should stay calm:


Mobile payment firm Stripe is launching Stripe Connect - it hopes to make it easier for Irish start-ups to expand into new markets.

In the past, if Irish companies wanted to move into new territories they needed to set up merchant accounts in each country, Stripe Connect allows companies to make and receive payments in the 25 regions that it operates in.

Don O’Leary, Stripe’s country lead for Ireland commented on the new product, "Going international is a big challenge for any start-up in Ireland today, and doing that is a question of building on the right infrastructure from an early stage, especially for the most tech-forward platforms."

"Stripe Connect gives Irish businesses instant access to a global market of over a billion potential buyers and sellers, helping a new generation of marketplaces and sharing economy achieve international scale faster than ever before," he continued.


Holiday-makers jetting off today may have to wait a little longer to get their holiday underway, as French Air Traffic Controllers are on strike again.

This is the thirteenth strike in fourteen weeks and is affecting flights into and out of France, as well as those that fly over French Airspace.

Ryanair says 18,000 of its customers are facing cancellations and over 100,000 will face severe delays.

It's calling on the EU to allow flights to pass over France during the strikes and to require unions to participate in binding arbitration to bring an end to the matter.

Ryanair's Kenny Jacobs, is also encouraging passengers to show the EU how they feel: