Top stories in the papers this week 29 January – 4 February 2011

Oireachtas publishes report on new code of practice for retail sector; Joint Committee did not discuss high rents; Publication of 'Tribune' to cease during buyer search

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1. Oireachtas publishes report on new code of practice for retail sector

The outgoing Oireachtas Joint Committee on Enterprise, Trade and Innovation published a lengthy report on the retail trade earlier this week. The Irish Examiner reports the committee made nine recommendations, including a reduction in commercial utility costs, uniform planning regulations on both sides of the border, the retention of the current floor space cap and an improvement in the collection of retail data.

2. Joint committee on retail did not discuss high rents

Despite spending three years investigating the retail sector, the Oireachtas Joint Committee revealed it had never even discussed the issue of excessively high retail rents, despite admitting this was one of the biggest threats facing retailers. The Irish Times reports chairman Willie Penrose accepted the issue of upward-only rent reviews was a serious problem but claimed the committee had “run out of time” to discuss it.

3. Publication of Sunday Tribune to cease during buyer search

The Sunday Tribune will not be published for four weeks while it is in receivership. The Irish Independent reports Independent News & Media (INM), which owns 29.9% of Tribune Newspapers, appointed a receiver at the request of Tribune Newspapers on Tuesday. The group is currently searching for a buyer for the title and February salaries are being paid in order to retain the newspaper’s staff of 43 people.

4. Farmers seek pledges on code of practice from election candidates

The Irish Farmers Association (IFA) is seeking pledges from election candidates that they will introduce a statutory code of practice and an independent supermarket ombudsman to stop multiples ‘abusing’ their dominant position. The Irish Examiner states the group also wants candidates to commit to fighting any attempt to lift the floor space cap as it says the bigger the outlet, the greater the scope for manipulating prices.

5. Unilever’s net profits up 26% last year

Unilever has reported a 26% rise in net profit for 2010 and a better than expected fourth quarter result, mainly due to higher emerging market sales. RTE News reports the company claimed net profit for the year totalled €4.24 billon, while the result for the fourth quarter rose 15% from a year earlier to €955m. The fourth quarter result was higher than a figure of €918m predicted by analysts.

6. Consumers stay south but slow to spend

Experian figures published in the Irish Examiner show footfall in Ireland fell by 1.1% in the final quarter of 2010 compared to the same period last year. However in the North average footfall fell by 7.2% in the final quarter of 2010. Experian head of sales Mark Anderson said it was possible Southern shoppers had now stopped travelling north in search of better value due to increased VAT and fuel prices.

Also:

City traders to ask courts to cut rents (Irish Times)

GlaxoSmithKline reports quarterly loss (RTE News)

NI retailers ‘ripping off’ drivers over fuel prices (Belfast Telegraph)

Pall Mall cigarettes price cut (Irish Times)

Union: Retail staff entitled to pay rise (Business World)

Consumer spending to fall 2% in another tough year (Irish Examiner)

EU food business is dysfunctional, says French President Nicolas Sarkozy (Irish Examiner)

December footfall drops 2.6% for south’s shoppers (Irish Independent)

Asda reprimanded over price pledge (Belfast Telegraph)

January bargains help improve sentiment among consumers (Irish Times)

Labour jobs plan misses the point (Irish Examiner)

The best value is here in Cavan, say the retailers (Anglo Celt)

Calls to smoke out the smugglers (Dublin People)    

Petrol sales fell in big freeze (Evening Herald)

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