According to Joe Brennan, French insurance company Axa received €270 million in dividends from its Irish operations over the previous four years. In the last year, the company’s Irish division experienced a triple growth in profit.
Meanwhile, Aviva, another insurance firm, is exclusively discussing the renewal of its naming rights sponsorship for the Aviva Stadium in Dublin with the Irish Rugby Football Union (IRFU) and the Football Association of Ireland (FAI). The most recent five-year deal, as reported by Ciarán Hancock, worth around €4 million per year, is due to expire next year.
In other news, as the Government holds its annual National Economic Dialogue at Dublin Castle today, Ibec has encouraged it to avoid a surplus budget before the elections and instead focus on strategic long-term plans. Eoin Burke-Kennedy and Martin Wall will provide live coverage throughout the day.
Elsewhere, Dublin’s Mainstream Renewable Power has secured a permit to investigate the development of a 500-megawatt onshore wind farm in Australia alongside a local partner. If the plans, which involve a site near Sydney, are successful, it would be the Irish company’s largest venture and could supply power to 300,000 homes.
Bank of Ireland, it is reported, is to designate the next CEO of Davy to its principal executive committee and have the New Ireland head of its life assurance business report to them. This reorganisation is expected to put the company at the heart of its wealth business. For more details, see Joe Brennan’s report.
In a recent survey, more than one in three individuals said that the continued medicine shortages have affected them or their families within the past year. Additionally, 60% of participants expressed their dissatisfaction with the Government, demanding better crisis management.
Finally, Eoin Burke-Kennedy highlights in his column the disappointing evolution of ESG, stating it has become less of an incentive for businesses and more of a token gesture for the corporate world.
In our usual weekly commentary, Ronan Brennan, from Delta Capital, warns that a drop in ECB interest rates might not be sufficient to stave off a surge in mortgage arrears later this year. This pertains particularly to the approximately 70,000, or one in ten, residential mortgage customers, who have moved from fixed rates in the past year, and are now dealing with a significant rise in their monthly payments.
Ken Mulkerrins, the head of innovation and sustainability at Kilsaran, shares his views on the importance of finance. His perspective was shaped by a life-threatening heart disease in his thirties which made him realise the contextual importance of money.
The decision of US presidential candidate, Robert F Kennedy Jr, to marry meme stock Gamestop is met with inevitable criticism from Proinsias O’Mahony. The notion of portraying ordinary retail investors battling against a manipulated market, as Kennedy promisingly aims to “punish predatory short selling” and “execute forceful Wall Street reforms”, is rather damaging, O’Mahony writes.
Lastly, Pilita Clark reflects on a fleeting workplace trend – employing email signoffs to express virtue or broadcast a message. Her lack of awareness, matched by my own, highlights the delightful futility of the entire concept. Nevertheless, some have found more useful applications for their email signoffs.