Defending Facebook, Guinness home and what to do with strategic defaulters

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Facebook chief executive Mark Zuckerberg is surrounded by members of the media as he arrives to testify before a Senate Judiciary and Commerce Committees joint hearing regarding the company’s use and protection of user data. Photograph: Leah Millis/Reuters
Facebook chief executive Mark Zuckerberg is surrounded by members of the media as he arrives to testify before a Senate Judiciary and Commerce Committees joint hearing regarding the company’s use and protection of user data. Photograph: Leah Millis/Reuters

Mark Zuckerberg, the notoriously publicity shy co-founder of Facebook, was finally dragged into the full glare of a congressional hearing last night. As he tried to bat questions on Russian hacks, data breaches and the ability of his company to policy itself, Facebook shares notched their biggest one day gain in almost two years.

Back home, property players Harcourt, Hines, Quintain, Oxley and U&I are vying for a place on a shortlist to redevelop 12 acres of Diageo's Guinness complex at St James's Gate in central Dublin for housing, offices, shops and businesses. Barry O'Halloran has the details.

Barry also reports on a multi-pronged legal attack on low cost airline, Ryanair. The airline is still in talks with unions on terms and conditions but 37 pilots have now lodged claims in the High Court.

As the NTMA sold €4 billion in long-dated debt – more than expected – UBS economists had good news: Ireland and France are likely to be the two fast growing EU economies even after the current economic uptick ends.

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A report from the Central Bank says Ireland will likely have to look abroad for construction workers even though employment in the sector remains well below the level ahead do the crash in 2007, writes Ciara O'Brien

Separate Central Bank figures earlier this week on mortgage arrears highlighted those in danger of losing their homes. But Cliff Taylor was more taken with the incredible number who have refused to engage at all with lenders despite not having paid their mortgage for five years or more – and, to date, have got away with it.

Over in the UK, the investigation into the behaviour of Martin Sorrell at WPP is expected to conclude quickly but, Fiona Walsh writes, there is a growing belief that, regardless of the outcome, time is close to up for the advertising legend.

Dominic Coyle

Dominic Coyle

Dominic Coyle is Deputy Business Editor of The Irish Times