BIBBY SEEKS IRISH FX LICENCE FOR EU MARKET POST-BREXIT - Specialist SME lender Bibby Financial Services has applied for an Irish licence to operate a foreign exchange (FX) service, with a view to passporting from here into the rest of the European Union.
Bibby is best known here as an invoice finance provider - a service that allows its client businesses to in effect borrow against the cash flow from issued but unpaid invoices. Operationally, an Irish-regulated FX business would be relatively small, but could point the way to other elements of the group's activities using Ireland as a base for future growth. Bibby Financial has operated in Ireland since 2006. Its UK-based parent originally emerged from Britain's Bibby Line shipping group, and much of its focus in the 16 countries where it operates includes import/export services. The financial services arm is based in the UK but is now looking to tap its Irish unit to counteract the potential impact of Brexit. Bibby Financial Services group chief executive David Postings told the Independent that the business is currently going through a process with the Central Bank of Ireland to become an FX provider. "The idea is we can then passport that into the rest of the EU after Brexit," he said. Bibby's European operations include France, Germany and Poland, where being on the ground makes it easier to collect on client invoices. It operates in 16 countries in all, including the US and Canada, Hong Kong and Singapore.
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RUGBY'S PRO14 CELEBRATES AS REVENUE DOUBLES TO €20m-PLUS IN TWO YEARS - Turnover at rugby’s Pro14 tournament has doubled to more than €20 million over the last two years as two South African franchises have joined the competition.
And it will seek further expansion next season. Leinster emerged victorious in the competition after beating Scarlets 40-32 in the final at the Aviva Stadium in Dublin on Saturday. Over the last nine months the league's 152 games drew 1.2 million fans. Its turnover from ticket sales, media rights and commercial deals, including headline sponsor Guinness, was more than €20 million, double what it was two years ago, says the Irish Times. It is about three years since the Pro14 became independent of the company that runs the Six Nations and Lions Tours. The league won’t say how profitable the business is. However, its commercial director Dermot Rigley points out the the surplus earned after costs is returned to the 14 clubs themselves. Broadcaster Eir Sport will be showing its games next season, making it a "one-stop shop" for Irish club rugby, according to Mr Rigley. The channel also has the rights to the 2019 Rugby World Cup. Un Britain, he is optimistic that a deal with Premier Sports - run by Irish man Michael O’Rourke - will boost its profile. "You are going to see marketing like never before," he said.
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CHINESE MARKET KEY TO IRISH GROWTH - Chinese foreign direct investment will be key for Irish economic growth in the future, as trade missions abroad increasingly concentrate on Asian markets.
That was the message from Tánaiste and Foreign Affairs Minister, Simon Coveney at the Asia Matters Business Summit, which took place in Cork. The two-day summit focused on the information technology (IT) sector, agriculture, food, life sciences, pharma and tourism. It was organised by Asia Matters, Ireland’s only think tank on Asia, led by Cork native Martin Murray. The Tánaiste said Irish diplomatic and trade missions abroad were increasingly focused on the Asia Pacific region, and that it was important IT companies from Asia were aware of what the Republic has to offer in terms of foreign direct investment, writes the Irish Examiner. "Foreign direct investment is a key contributor to Irish economic growth and employment, and has helped transform our enterprise base. The Asia Pacific region has become a key player in foreign direct investment, and China is now the largest foreign direct investor in the world after the US," he said.
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LACK OF 'NO-DEAL' PLAN WEAKENS MAY'S THREAT TO EXIT BREXIT TALKS - The UK government's preparations for a "no deal" Brexit in March 2019 have largely ground to a halt, making it almost impossible for Theresa May to walk out of negotiations with the EU in the next 10 months, according to people with close knowledge of the situation.
As the prime minister prepares for what is arguably the trickiest phase of the Brexit talks, the government’s official position is that it can reach an accord with the EU - but that it is also preparing contingencies for "no deal" if Brussels tries to strike too hard a bargain. However, Whitehall officials are privately conceding that preparations for a "cliff edge" Brexit next March are nowhere near the level they need to be if a threat by Mrs May to walk away from the talks were to be credible, says the Financial Times. "Our preparedness for no deal is virtually non-existent," said one senior British official working on Brexit. "Our ability to deliver a ‘no deal’ outcome recedes with every week that passes." Other officials preparing for the possibility of Britain leaving the EU without a deal say they are being discouraged from taking on projects that might only be needed should there be no agreement on customs and regulatory co-operation by next March. Sir Ivan Rogers, the UK’s former ambassador to the EU, observed in a speech in Glasgow last week that the UK had still not set up the independent regulatory bodies that would be needed in the event of a "no deal" Brexit next year.
