Gas diplomacy; Europe must hold firm; and good times for accountants

Energy continues to be the top story with Gazprom blaming Siemens for its inability to supply Europe with gas, a claim at which Siemens has cast a jaundiced eye, not least as the Kremlin has already stated openly that the closing of the Nord Stream 1 pipeline is a move to force Europe’s hand over sanctions related to the invasion of Ukraine.

Meanwhile countries across Europe are introducing measures to reduce their usage of gas by up to 15 per cent. Ireland is still talking about how it intends to proceed but countries across the Continent are already turning off street lights, cutting night-time lighting around monuments and stores, and lowering the temperatures in buildings, swimming pools and public showers. Naomi O’Leary takes a look at different countries’ approaches.

And in a forthright column, Martin Wolf says Europe now has no choice but to resist as Russian president uses energy as a front in his war against Ukraine, a move that has assaulted the principles on which postwar Europe was built.

Closer to home, Davy’ head of capital markets, John Lydon has announced he is leaving the stockbroker for a role at CRH where he will be in charge of is M&A war chest. Joe Brennan has the details.

Joe also reports that Denis O’Brien’s Digicel says it is “confident it is well positioned” to deal with €933 million of bonds that fall due in less than six months, even as unfavourable foreign-exchange movements drag on earnings and Fitch issued a fresh warning of a potential debt default.

Good news for accountants, who, according to the Leinster branch of Chartered Accountants Ireland are now taking home an average of almost €120,000 a year, up 6 per cent on last year. New entrants aren’t faring too badly either, Eoin Burke-Kennedy reports, with salaries rising 3 per cent for newly qualified accountants to an average of €58,967.

An Bord Pleanála has turned down a request to hold an oral hearing into contentious plans by Dublin’s airport operator to install a tolling system for a new drop-off and pickup zone at the airport, and has said it won’t have a decision on the issue until the back end of next month, writes Gordon Deegan.

Sticking with An Bord Pleanála, it has approved plans for development at Aughinish Alumina over strong local opposition that will allow the plant to continue to operate until 2039.

The forestry industry says Government should boost forestry payments by up to 50 per cent in the budget to aid landowners in planting much-needed timber, with experts arguing that it is key to cutting farming’s greenhouse gas emissions. Barry O’Halloran reports.

Barry also has details of a review of Dublin’s office market by HWBC which is upbeat about prospects as rents rise despite an edging up of vacancy rates, with professional services and finance firms filling any void left b a retreating Big Tech sector.

In Commercial Property, Ronald Quinlan reports that a French Investor has snapped up an €8.49 million portfolio of five buildings let and occupied as branch premises by Bank of Ireland in Enniscorthy, Longford, Mallow, Roscrea and Loughrea.

A Swords business campus that is currently delivering rent of €3.2 million per annum has been put on the market, seeking offers at or over €50 million.

And with regional shopping centres in the headlines over recent months, developer Gerry Barrett has decided to seek a buyer for Scotch Hall in Drogheda. He’s looking for €21 million.

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