Inflation to hit 8.5%, Ganley plans satellite system and the lessons from P&O sackings

Inflation in the Irish economy is expected to surge to 8.5 per cent or even higher in the coming months, a level not seen since the early 1980s, as the war in Ukraine compounds existing price pressures in the global economy.

In its latest quarterly bulletin, the Economic and Social Research Institute warns that the cost-of-living squeeze will see incomes - in real terms - fall by an average of 2 per cent this year. That means a typical household will see its income decline by around €1,300 once the effects of inflation are accounted for. Eoin Burke-Kennedy reports.

Galway businessman Declan Ganley's Rivada Networks group plans to launch a major new system of 600 space satellites connected by lasers to provide a "pole to pole" global broadband network that it believes will rival Elon Musk's Starlink and Amazon's Kuiper space satellite systems.

Rivada has acquired majority control of Trion Space, a Liechtenstein company that owns a licence or “filing” for the spectrum needed for the project with the International Telecommunication Union, a United Nations agency. Mark Paul has the details.

Dublin 6 site with permission for 26 apartments seeks €3m

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Citi seeks €120m for Dublin docklands HQ

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Turk’s Head in Dublin's Temple Bar seeks reduced asking price of €20m

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Insuretech company Guidewire to create 150 new jobs

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The Irish economy is at risk of being dragged into a "wage-price spiral" if workers begin demanding higher wages to match the current cost-of-living increases, the Economic and Social Research Institute (ESRI) has warned.

In its spring economic bulletin the think tank also cautioned that more “untargeted” Government measures to combat inflation could add to existing price pressures and compound the problem. Eoin Burke-Kennedy reports.

Having failed to secure a buyer prior to the arrival of Covid-19 , the Paramount Hotel has returned to the market at a level that should prove attractive to investors looking to take advantage of the post-pandemic recovery in Dublin's tourism sector. The landmark hotel is being offered at a new guide price of €20 million, or €5 million less than the €25 million agent CBRE had been seeking when it first put the property up for sale in November 2019. Ronald Quinlan reports.

Cat Rutter Pooley wonders did P&O not fear UK political blowback over its mass sackings? With its search for a new office in the capital already underway, global banking giant Citi is seeking a buyer for its existing European headquarters in Dublin's north docklands. No 1 North Wall Quay is being offered to the market by agent Knight Frank at a guide price of €120 million. Ronald Quinlan reports.

Guidewire, which makes software products for the insurance industry, has announced plans to create 150 highly skilled jobs in Ireland in a move that will take headcount to over 600 people, writes Charlie Taylor.

Companies looking to locate their operations within a best-in-class and cost-effective office space may be interested in the latest offering from Henderson Park in south Dublin, writes Ronald Quinlan.

AIB is to offer discounted loans to developers who adhere to new green energy building standards. As part of an ongoing sustainability drive the bank said it would offer cheaper loans to residential developers who build to the new Irish Green Building Council building specification. Eoin Burke-Kennedy reports.

ICS Mortgages has increased its fixed interest rates for owner-occupier loans with immediate effect. On ourInside Business podcast presenter Ciarán Hancock speaks to Joe Brennan of The Irish Times about this development and whether other lenders might follow suit. Later on, Simon Carswell joins Ciarán again, to discuss the latest headaches for Irish aircraft lessors after the Kremlin passed a law re-registering foreign-owned aircraft in Russia.

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