Top stories in the papers this week 26 November – 6 December 2010
Grocer and director top defaulter list; Retailers suffer big freeze in spending;Cigarettes with retail value of €1m seized at Rosslare
6 December 2010
1. Grocer and director top defaulter list
Grocer James Geoghegan of Pimlico, Dublin, has made a €1.5 million settlement with the Revenue Commissioners, according to the latest list of tax defaulters. The Irish Times reports the retailer had underdeclared income tax and VAT, resulting in a total outstanding tax amount of €688,462 with the rest of the settlement arising from interest and penalties. The paper also provides further details of 30 people who were fined or jailed for cigarette smuggling.
2. Retailers suffer big freeze in spending
The big freeze has left the retail sector nursing losses estimated at more than €60m a day. According to the Sunday Independent, an IBEC survey of 400 businesses has shown that snow-related losses in the retail sector will total €130m every seven days. Tesco also reported a 70% increase in online shopping orders last week. Meanwhile, the paper reported Dublin City Council used 10 mechanical diggers to clear ice from footpaths in the capital’s main shopping areas on Saturday.
3. Cigarettes with retail value of €1m seized at Rosslare
Cigarettes seized by Customs officers in Rosslare Harbour, Co Wexford on Saturday had an estimated retail value of €1 million with a potential loss to the exchequer of more than €500,000. The Irish Times reports a 49-year-old man has been charged under section 119 of the Finance Act, 2001. He has been remanded in custody and will appear before Cloverhill Court in Clondalkin, Dublin. In a separate operation, Customs officers based in Cork also seized 3,000 cigarettes on the north side of the city on Saturday.
4. Britvic’s €122.3m writedown pushes firm into loss
Drinks company Britvic wrote down its Irish business by £104.2m (€122.3m) last week amid a continuing deterioration of the Irish market. The Irish Independent quotes chief executive Paul Moody as stating "Both revenue and margin have come under severe pressure as retailers and manufacturers respond to the changing consumer environment," Despite not ruling out further pay cuts and job losses, Moody reiterated that the group remains committed to Ireland and has “no plans to leave.”
5. Test shows shopping in south cheaper
An experiment carried out by TV3’s Midweek programme found it was cheaper to shop at home, according to a report in the Irish Examiner. Patrick Kinsella, the show’s producer, compared a one-day shopping spree in Newry versus one at home. "We spent €137.94 up North and €119.01 here. Just €18 was the cost difference and the petrol was €23 which was factored in," said Kinsella. “If you take into consideration the time it takes to go there, wear and tear on the car, the saving is much more," the producer added.
Fears over stocks of perishable items (Irish Times)
No legal liability on people who clean snow (Irish Times)
Consumer rights to be reduced in EU move (Irish Times)
Fears over increase in cigarette burglaries (Belfast Telegraph)
VendorShop makes Facebook a retail affair (Irish Times)
Farmers protest outside Tesco (Roscommon People)
Weather costing firms €7m every day in lost business (Irish Independent)
Company insolvencies set to hit 1,500 by end of the year (Irish Examiner)
Christmas sprout shortage warning (Irish Independent)