About 90 per cent of inflation supports announced in recent months “were not targeted”, meaning they helped everybody rather than more so helping lower-income households “who spend more on energy and food”— Ireland’s budget watchdog has said. Ian Curran has the details.
The family-owned chain of building materials suppliers Dublin Providers Limited (DPL) received more than €1.8 million in taxpayer Covid supports over the last two years, despite making record profits and boosting the pay of its top executives by almost 60 per cent last year. DPL grew its annual profits last year by more than a fifth to almost €3.7 million, while its revenues also spiked by 22 per cent to almost €62.4 million, according to its most recent financial statements. Yet the company was still able to claim more than €454,000 last year alone in taxpayer supports to offset part of its wage bill. Mark Paul reports.
If the planned tightening of monetary policy is likely to generate a recession in the US, what might happen in Europe? The answer is that the recessions there are likely to be deep given that the energy price shock is so large, writes Martin Wolf. A storm has come from Europe’s east. It must be weathered.
The Irish competition watchdog has called for a more efficient use of suspended repossession orders by courts to resolve deep-in-arrears mortgage cases that have gone down the litigation route. Joe Brennan reports.
Having developed and let some 20,440 sq m (220,000 sq ft) of offices at the Waterside in Dublin’s Citywest Business Campus between 2009 and 2016, Iput and Davy Real Estate have decided to cash in on their respective interests in the scheme. The portfolio, which is guiding at a price of €71.5 million through agent Savills, offers the prospective purchaser a net initial yield of 7.3 per cent (after standard purchasers’ costs) along with the opportunity to develop a further 16,732 sq m (180,100 sq ft) of grade An office space. Ronald Quinlan reports.
Employer reluctance to move their staff pension schemes to master trusts is down to a lack of clarity on how they will work and concern that they will lose control of their employees’ retirement benefits, say some industry advisers. Dominic Coyle reports.
Having only recently secured tech entrepreneur Barry Napier’s Cubic Telecom as tenant for some 40 per cent of the office space at the Hive in Sandyford, US investor Colony Capital has placed the property on the market with agent HWBC at a guide price of €34.4 million, writes Ronald Quinlan.
Investors are worried about energy prices, with those worries reflected in a series of bad sessions for European stocks this week. To understand what’s happening, Ciaran Hancock is joined on the Inside Business podcast by Aidan Donnelly, associate director at Davy Global Fund Management. Eoin Burke-Kennedy looks at new analysis from the UK that suggests staggering inflation of over 18 per cent could be possible there. Could it happen here? Plus, Laura Slattery on moves by big streaming services like Netflix and Disney to run advertising on its services, with more expensive payment tiers for those who want to keep an ad-free experience. Will the move rub inflation-weary consumers up the wrong way?
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