Archer Hotel Capital, a European investor, has confirmed the purchase of the esteemed five-star Shelbourne Hotel in Dublin, which adds to their existing property portfolio that comprises the Conrad Hotel at the other side of St Stephen’s Green. The announcement of the sale was made by its former proprietor, Kennedy Wilson, through a filing in stock market, and the specifics have been shared by Ciarán Hancock.
Apple’s main subsidiary in Ireland, the Cork-registered Apple Operations International (AOI), reported an increase in profits last year. Despite a slight drop of 1.8% in revenue, dipping from $222.8 billion to $218.9 billion, both pre-tax and net income experienced an uptick. AOI, responsible for the operation of most non-US subsidiaries, oversees everything from iPhones to wearables. The financial specifics are provided by Ciara O’Brien.
Meanwhile, our correspondent in Beijing, Denis Staunton, highlights the dynamics between China and foreign investors in his weekly agenda, notably discussing ‘China’s Davos’. Elsewhere, Barry O’Halloran investigates the decision of Circle K, the well-esteemed service station, on abstaining from employing biofuels originating from the UK and Asia following increased apprehension about their actual components. An ongoing EU Commission examination into suppliers from Indonesia further intensifies scrutiny in the industry. Notably, there is speculation that reprocessed waste cooking oil from China and other Asian regions may, in reality, be palm oil. Circle K is staying on the safe side.
The Workplace Relations Commission has been called upon to help resolve a disagreement involving PTSB and workers under representation by Unite and the Financial Services Union over a proposed pay rise. Ian Curran has the story. At the same time, we report on the 25-year prison sentence delivered to Sam Bankman-Fried, the notorious founder of FTX. The downfall and subsequent prosecution of the 32-year-old have been a high-profile legal saga in the US business and tech sector.
Lastly, Dole Foods, headquartered in Dublin, has broken off negotiations to sell its fresh vegetables division subsequent to the US Department of Justice’s decision to launch litigation. The US authorities’ intervention prompted a halt in the prospective transaction, as reported by Peter Flanagan in an official statement.
John FitzGerald, an economist, highlights in his article the effort it has taken for Ireland to start constructing more than 30,000 homes annually. However, he raises a concern about the lingering impact of the persistent housing crisis on tenants. Most people can’t afford to purchase homes and strict regulations have further hampered the availability of rental houses.
Insights about property prices have never been so scrutinised, particularly due to the scarcity that has gone on for a considerable duration. Ian Curran provides an updated outlook on the second-hand homes market, according to a DNG report. The data demonstrates an increase in the rate of property inflation in Dublin during the first quarter of the year. The price of used homes in the capital has crossed the €540,000 mark on average for those on the lookout.
Gordon Deegan presents an account of a victorious appeal from Dunnes Stores. The appeal managed to cut down the essential planning contributions regarding the expansion of a shopping centre in Dublin by half.
Based on data from Central Statistics Office, about one-third of the 1.3 million people who left Ireland in February were tourists at the end of their journeys. Ciara O’Brien reports a detailed breakdown on the country’s inward and outward mobility, revealing that almost half a million individuals were overnight visitors in the Republic during the said period.
Future Ticketing, an Irish software business, has entered into an agreement with Scottish football club Dundee FC. The company, based in Tullamore, enables venues and event planners to bypass agents by facilitating digital ticket sales using their own platforms. Barry O’Halloran reports that the company is entering into a multi-year collaboration with the football club.