Gloomy outlook for homebuyers; hard hit aviation sector; and Bowie estate strikes gold

It may be a new year but some of the stories making the headlines show that we are still dealing with many of the issues that defined 2021.

Banks are lending more money to homebuyers than during the build-up to the 2008 property market crash, but there are fewer houses than ever available and little prospect of improved conditions for prospective buyers, MyHome.ie and Davy write in a noticeably gloomy start to the new year.

And figures from Eurocontrol, the European air navigation group, show that Irish aviation was hit worse than any other country in Europe by the fallout from Covid restrictions over the past year. While things improved towards the end of the year – especially for Ryanair Barry O'Halloran writes that we are still performing more poorly than the European average.

Shares in troubled Chinese developer Evergrande were suspended again yesterday as Chinese media reported that it would be forced to demolish a residential development in the southern province of Hainan.

Tesla shares surge after car-maker delivers record number of vehicles

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Eurocontrol says Irish air travel ‘worst affected’ in Europe last year

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Warner Music acquires David Bowie’s songbook for about €221m

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A decent boss can make the world of difference at work

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Having a much better time of it is Elon Musk's electric vehicle maker, Tesla, which saw its sales surge at the start of the first day of trading in the new year on news that it had broken records for car production and deliveries in the final months of last year.

Ken Foxe reports on advice to Minister for Finance Paschal Donohoe, who was advised to highlight the "wisdom" of imposing a salary cap on a controversial tax relief scheme even though the cap had been lifted just a few years before by his immediate predecessor Michael Noonan. That move, advisers said, had led to "significant unanticipated costs" due to aggressive advance tax planning by executive on multimillion euro salaries.

Cliff Taylor takes a look at the change in patterns of trade between Ireland, Northern Ireland and Britain over the years since the Brexit vote and argues that the rapid changes of recent year look long-lasting and fundamental.

And Morgan Stanley Investment Management's chief global strategist Ruchir Sharma outlines 10 issues he think will determine economic trends over the next 12 months and more.

Barry O'Halloran explains why last year's turbulence in gas markets will likely mean higher prices for customers for much of this year even if supplies improve.

Finally, on a positive note, Warner Music has paid about ¤220 million to acquire the songbook of David Bowie in a deal signed with the estate of the singer-songwriter who died in 2016. It is the latest mega-deal in a frenzy for music copyrights from industry legends – including Bruce Springsteen, Stevie Nicks and Bob Dylan – that has attracted billions of dollars from investors.

Happy new year to all.

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