Shares in Bank of Ireland took a hit yesterday despite a solid trading statement, writes Joe Brennan. Investors are concerned over the likely impact of European Central Bank cuts to interest rates on the bank’s interest income next year and potential costs stemming from an ongoing regulatory investigation into the UK car finance industry.
Speaking of interest rates, flash figures yesterday show that inflation excluding items like mortgage repayments and building materials prices has fallen practically to zero in Ireland, adding to expectations of another ECB rate cut in December.
In the latest of our piece on Derek Quinlan’s bankruptcy, we publish parts of the transcript of his meeting with a UK bankruptcy trustee which Mr Quinlan didn’t want made public.
Meanwhile, in Britain, Rachel Reeves became the first woman to present a budget. Her tax-and-spend bonanza involves huge new outlays on health, transport and education financed by extra borrowing and £40 billion of new taxes, writes Mark Paul. Barry O’Halloran takes the pulse up North and finds that businesses are not best pleased with the package, which they fear will only increase their costs.
The company that operates the five-star Shelbourne Hotel in Dublin reported a sharp widening of losses after tax last year as Covid-related Government supports dried up and interest payments on loans from its parent company increased. Ian Curran has the details.
Belgian energy minister Tinne Van der Straeten has urged Europe not to rely solely on Chinese technologies to build wind and solar power infrastructure across the Continent, warning that it risks a repeat of the EU’s dependence on Russia for oil and gas that caused a crisis after the invasion of Ukraine. Jack Power reports.
Former rugby international Brendan Mullin, who is facing 15 charges at a Dublin trial, including an allegation that he stole over €570,000 from Bank of Ireland, told gardaí he arranged for €500,000 to be repaid to the bank in 2015 as he “could not leave allegations of that nature hanging”.
A hotel firm owned by businessman Eamon Waters has offered to reduce the scale of its planned Dublin city centre hotel in a bid to secure planning permission on appeal, writes Gordon Deegan. Dublin City Council rejected the plan after strong opposition from the nearby Merrion Hotel.
Merger costs of around $500 million dragged Smurfit Westrock to a $150 million loss in its first post-merger quarter but chief executive Tony Smurfit says the group’s performance provides “a strong foundation to build upon”. Joe Brennan reports.
Meanwhile Woodie’s DIY and Chadwicks owner Grafton Group will pay up to €132 million for Spanish air conditioning and heating products distributor Salvador Escoda, writes Laura Slattery. In a trading statement released with news of the acquisition, it said the Irish market “continues to see good performance and growth” but trading in Britain and Finland “remains challenging”.
In her column, Brooke Masters looks at the unravelling of the “revolutionary” Apple credit card offered by the tech giant in partnership with Goldman Sachs and the lessons it offers on the challenge of reshaping retail banking.
And in Technology, Ciara O’Brien notes that storing thousands of pics and videos, most of which you will never watch again, is slowing your phone and costing you money. But the mess can be tidied up and she has a number of tips to help you do just that.
Is Ireland’s construction sector ready for a Ryanair-type disruption? The Irish Times’ Inside Business podcast this week takes a slightly left-field look at potential solutions to Ireland’s enduring housing crisis. Paul Mitchell, director of construction consultancy Mitchell McDermott joins Ciaran Hancock.
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