In keeping with a heavy week for economic data, the Central Statistics Office (CSO) has reported third quarter growth at a rate faster than previously estimated. Eoin Burke-Kennedy looks at the numbers which show a rise in gross domestic product of 3.5 per cent, up considerably from previous estimates of 2 per cent. The economy, however, is still expected to contract in traditional GDP terms.
Energia Group, the electricity and gas utility, has delivered another €110 million of dividends to its owners I Squared Capital. Joe Brennan has the details including how the New York private equity firm is forging ahead with plans to sell the company. Total dividend distribution is now at over €490 million since the 2016 acquisition.
Barely a day goes by without some mention of Dublin Airport’s contentious 32 million annual passenger cap. And that’s just fine by Airlines for America, the US lobby, so long as it means politicians won’t forget the issue, or their promises to resolve it in favour of industry interests. It has written to James Lawless, Fianna Fáil’s outgoing Minister of State at the Department of Transport, and other senior politicians, reminding them of pledges to scrap the cap.
Ahead of receiving a business award in Dublin last night, Meta’s president of global affairs Nick Clegg stopped off for a chat with US ambassador to Ireland Claire Cronin, during which he rang the alarm bells over “stuck” European regulation of AI. Ciara O’Brien was there for the not-so-impartial views of the Big Tech exec, who opined that it may be well and good to lead the way in regulation, but at the expense of innovation?
A week is a long time in planning appeals, at least in legal terms. Ellen O’Riordan reports from the Supreme Court which found this specific unit of time can officially mean a period of more than seven days if the deadline for lodging a case falls on a weekend or public holiday. The timely ruling related to a decision permitting a local group to challenge a €175 million wind farm proposed for Co Kilkenny.
With much discussion this week about how the Apple tax money has further bolstered exchequer coffers, Ken Foxe reports how the €13 billion judgment was considered “not reputationally damaging, although unfortunate”, in a briefing document for the head of IDA Ireland, the foreign direct investment agency. Michael Lohan was advised that, “if pushed” on how the tax windfall should be used, he should recommend continued infrastructure investment to attract more business.
Norway’s much vaunted oil wealth has been strategically managed – revenues have been tucked away for a more challenging future. It is a success story that ought to capture the attention, and imagination, of Irish politicians. In his column, John FitzGerald argues that, in the wake of pre-election manifesto promises, would-be coalition parties need to be realistic about what they can afford, and what the economy can deliver. A plan for how to manage any dramatic reduction in windfall revenues from corporation taxes is required. With a nod to this week’s Fiscal Advisory Council report, he argues the next government should set sensible rules on spending and taxation – and then stick to them.
Despite opposition from Irish farmers and France, European Commission president Ursula von der Leyen has announced that the “finish line is in sight” for the long-delayed and divisive Mercosur trade deal, brokered between the EU and a number of South American countries. A summit is being held in Uruguay this week. Although Brussels is determined to open new markets, particularly given the threat of tariffs from US president-elect Donald Trump, there is much pushback against the deal, which has some way yet to go.
“It’s a pretty flexible partnership,” says Joe Scott-Lennon, one half of the brotherly duo who own and run the Fitzpatrick Castle Hotel in Dublin’s Killiney. “We have different strengths…and are always on the phone to each other.” Ciarán Hancock interviews the duo, also including Mark, whose family has been running the well known business for three generations. The four-star hotel was opened by grandparents Paddy and Eithne Fitzpatrick in 1971.
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