Penneys to invest €250m; a tax on excess profits; and what’s happening at Avoca?

Fashion retailer Penneys is planning to invest ¤250 million in its store network in the Republic in a move that will increase its trading space by 20 per cent and add 700 jobs to its workforce. Ciarán Hancock reports that the investment will see the retailer opening at the Square shopping centre in Tallaght, Dublin for the first time.

A windfall tax on "excess profits" generated by multinationals during the pandemic could net the Irish exchequer up to €4 billion depending on the rate, according to a report commissioned by the Left group in the European Parliament. Eoin Burke-Kennedy reports on the study, which concludes that multinational corporations with subsidiaries in Europe made excess profits of €364 billion in 2020.

Dermot Desmond received a €27.5 million cash windfall last year from Intuition Publishing, his Dublin-headquartered e-learning company. It brings to about €42.5 million the amount of cash he has received from the business in dividends and loans over the last two years. Mark Paul has the story.

Tech giant Google Ireland agreed a €345 million tax settlement with Revenue this year, according to its latest accounts. This formed part of its total corporate tax bill of €622 million, writes Charlie Taylor.

Penneys to create 700 jobs in €250m Irish investment

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Mary Robinson receives EY award for dedication to addressing climate crisis

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Sculpted By Aimee founder named best emerging entrepreneur

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Dyson dumps Malaysian supplier ATA over labour concerns

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Eoin Burke-Kennedy has details of the Central Bank's latest position on the property market, which will see changes for on overseas property funds, but will leave mortgage rules more or less as they are.

Eoin also asks, what has gone wrong for foodie retailer Avoca and its parent Aramark? The Irish business's US owner insists it is committed to its 2015 investment, but industry observers are less certain.

John FitzGerald takes on the differences in emigration and labour trends between the Republic and the North, arguing that losing a third of your graduates to other places (as the North does) is a major economic and social loss.

Brian O'Sullivan, founder and chief executive of Zeus Packaging, was on Thursday evening named the international and overall 2021 EY Entrepreneur of The Year. Zeus is one of the largest privately owned packaging companies in Europe, employing more than 670 people.

His fellow award-winners were Aimee Connolly, founder and chief executive of Sculpted By Aimee, who topped the Emerging category, and David Henderson, managing director of Tobermore Concrete Limited, who was named Industry Entrepreneur of the Year.

Separately, Ornua chief executive John Jordan has been chosen as The Irish Times Business Person of the Month for October, an award run in association with Bank of Ireland.

In our Work section, Olive Keogh takes on the little-discussed topic of death in the workplace. The issue afects most people at some point in their working lives, but is rarely talked about in the office, she writes.

Mark Paul is bothered by embargoes, positing in his Caveat column that their "staggering prevalence" in business journalism risks chipping away at editorial independence and gives PR professionals and companies too much influence.

And finally, this week's Wild Goose is Conor McAnally, who has built up a successful career as a television producer in Austin, Texas. Mr McAnally, the eldest child of actor Ray McAnally, was raised in Artane and Sutton in Dublin. He is a graduate of the then School of Journalism in Rathmines in the city.

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