It's reported today that the Central Bank will 'fast-track' applications from businesses to move to Ireland as Brexit preparations continue.
According to the The Irish Independent, paperwork will be 'reprioritised' if necessary to meet demand, in a bid to ensure Ireland is an attractive destination for companies leaving the UK.
The details are outlined in a new government plan for the financial services industry.
______________________________________________________
Engineering multinational 'Architecture, Engineering, Consulting, Operations, and Maintenance' (or AECOM) says Ireland’s construction industry grew by 15% in 2016 and further 20% growth in value of output expected in 2017.
The estimated value of construction output in 2016 was €14.6bn - up 15% on 2015. This was driven by commercial projects.
It adds that activity has picked up outside of Dublin, but growth remains "sluggish" compared to the capital.
John O’Regan, AECOM’s Head of Programme, Cost and Consultancy added, "It is clear that years of under investment by the private and public sectors in physical and social infrastructure will diminish the attractiveness of the island as an investment location if spending is not accelerated."
______________________________________________________
Samsung has confirmed problems with the design of lithium batteries in its Galaxy Note 7 smartphones caused them to overheat and catch fire.
The tech giant recalled more than 2.5 million devices in September because of the issue.
It says batteries were either made the wrong size for the phone, or had other production flaws.
The company examined more than 200,000 devices and 30,000 batteries to get to the bottom of the Note 7 fault.
______________________________________________________
The ECB is calling for there to be more - not less - supervision of London based euro-clearing business.
Benoît Coeuré, from the ECB’s executive board, said that it will be challenging for firms to carry-out these transaction processing operations in London after Brexit with sufficient supervision.
When the UK is free of European regulations, "We’ll have to know what are the new foundations, and whether this is good enough to ensure financial stability in the eurozone ... Is that possible? I don’t know," he added.
