Business Today Newsletter

Watchdog warning, DAA’s ‘good luck’ to airport land buyers and how to save on your mortgage

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

Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe on the morning of last year's Budget. IFAC assailed the Government's plans for this year's fiscal event. Photograph: Gareth Chaney/ Collins Photos

Peter Flanagan's face
Peter Flanagan
Wed Sep 6 2023 - 06:37

The State’s budgetary watchdog has warned that the Government risks undermining its credibility and “repeating Ireland’s past mistakes” if it presses ahead with plans to breach its own spending rules each year until 2026. Ian Curran has all the details, and also reports on IFAC’s criticism of the Government’s proposal to create a new investment fund, and said it risks further fuelling a ramp-up in capital expenditure at a time when it is difficult to get value for money.

DAA is “still interested” in buying land between the two runways at Dublin Airport but only at the right price, CEO Kenny Jacobs said, adding if someone else wants to pay a lot more, then “good luck to them.” Ellen O’Regan has the story.

Bank of Ireland has lured a senior London-based Irish banker to lead up property, project and asset-backed finance as part of a wider overhaul of the firm’s corporate and commercial lending division. Joe Brennan reports.

In Money Matters, Brianna Parkins looks at how you can save money in the long run by switching your mortgage provider.

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Joe also reports on Greencore’s new chief financial officer Catherine Gubbins who moves from the DAA.

In his column, Martin Sandbu argues the EU is poised to expand further, despite European Council president Charles Michel being slapped down for such a suggestion this week.

A former kitchen manager at coffee chain 3FE claims its management gave him just 80 minutes to decide whether he wanted to leave the company or take a €15,000 salary cut. Stephen Bourke was at the hearing.

Social media company TikTok has begun moving its European data to a new data centre in Dublin, as part of a previously announced plan to ringfence personal information from its users in the European Economic Area, the UK and Switzerland. Ciara O’Brien reports.

Cybersecurity company Integrity360 has invested €8 million in its new Security Operations Centre (SOC) in Dublin that will create up to 50 jobs in the next two years. Ciara has the story.

An Bord Pleanála has refused planning permission to a proposed 167 unit residential development for Carrickmines in South Dublin due to the scheme being “overly car-dependent” and having an insufficient number of three bedroom homes. Gordon Deegan reports.

Staying with planning issues, Gordon also reports that several multinationals operating in the State have had to locate new digital services outside of the Republic due to the lack of power capacity in Dublin, according to data centre developer Equinix.

The operator of the National Lottery was hit with what amounted to a fine of €150,000 last year for a system failing that allowed problem gamblers to access its online platform despite having been self-excluded from playing the lottery. Conor Pope has the story.

In commercial property, Ronald Quinlan reports that Ulster Bank has instructed agent Cushman & Wakefield to find a buyer for its landmark premises at number 33 College Green in Dublin city centre for about €13.5 million, while investors and developers involved in the delivery of accommodation for the capital’s prime residential market have a rare opportunity to secure a significant foothold capable of accommodating several hundred new homes on the waterfront in Dublin 4 with Merrion House for €10 million.

Also on former bank branches, Jones Investments, the property development group headed by Chris Jones, is seeking tenants through Agar Commercial Property for the landmark former AIB bank branch building at the junction of Morehampton Road and Marlborough Road in Donnybrook, Dublin 4.

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