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Medicine shortages; construction downturn; and a helping hand for developers

Business Today: the best news, analysis and comment from The Irish Times business desk

Paracetamol is just one of the medicines that is currently in short supply at Irish pharmacies. Photograph: iStock

Dominic Coyle's face
Dominic Coyle
Mon Dec 12 2022 - 06:30

Price is a significant factor in Ireland’s current medicines shortage, according to one industry executive, with the State paying significantly less than the average across Europe for vital drugs like penicillin.

Construction slowed again last month with inflation making builders more wary about taking on new work, writers Barry O’Halloran. House building and civil engineering projects were hardest hit with concern growing that while housing targets will likely be hit this year and next, the slowdown could hit supply in 2024 and beyond.

Shoppers in Northern Ireland are enjoying a last pre-Christmas hurrah, with retail being the one sector to buck the trend of a slowing economy, according to new purchasing managers index data. But, even there, retailers expect their sales to be lower 12 months from now.

Arachas, the largest insurance broker in the State, is set to buy Dublin-based marine insurance broker D&D Insurances for an undisclosed sum, as it continues to be a leading player in an ongoing consolidation of the sector. Joe Brennan reports.

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The move to align targets for renewable energy north and south of the Border will support lower energy system costs across the island, according to a new report by the Economic and Social Research Institute (ESRI), produced in partnership with the Shared Island unit in the Department of the Taoiseach. A proposed interconnector will make things even better, it says.

In his column, Eoin Burke-Kennedy assesses the prospects as developers seek a tax handout to boost their margins amid fast-rising costs. Politically, the move could be a difficult sell for the Government.

Pilita Clark takes a break from the world of business to cast a very critical eye at the jargon medical professionals use with their patients, much of which is confusing and some, downright dangerous.

The move to master trusts by most occupational pensions is the subject of this week’s opinion piece, with Lockton’s Ray McKenna arguing that there is worrying potential for conflicts of interest as most of the big pension advisory businesses are also setting up and actively promoting their own master trusts. Independent advice is critical, he says.

Finally, in Q&A, a reader wants to know if a friend is correct when he says accelerating mortgage payments could cut up to two years off his home loan.

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