Media Bites

Sunday Independent

Shareholders at Valeo Foods have received a dividend as part of a €600m refinancing of the company’s debts.

Around €100m of the debt raised was allocated for a €10m dividend to shareholders, repaying original equity investors in the company, and paying off a range of other debt instruments.

Valeo Foods declined to comment on the transaction.

Sunday Telegraph

British shops suffered the first annual fall in retail sales since early 2013 last month as rising inflation and sluggish pay growth hit households in the pocket.

Retail sales are estimated to have fallen by 0.6pc compared with October 2016.

Sunday Times

Google is closing in on a deal to buy the Treasury Building in Dublin, one of the capital’s most high-profile office blocks.

The US search giant is understood to be finalising terms to acquire the building, in a deal worth about €120m.

The tenants in the 11,600sqm block include Nama and the National Treasury Management Agency, which are due to leave the property early next year for new headquarters in the Dublin Landings scheme on the north quays.

Sunday Business Post

The State has paid out almost €600m to multinationals to help them pay off tax settlements in other jurisdictions.

The sums, known as ‘correlative adjustments’, occur after a company reaches a tax settlement with another jurisdiction and revises its Irish profits downwards in order to meet its obligations in that country.