The main source of energy in Ireland’s future may very well come from offshore wind farms, as suggested by Barry O’Halloran. However, this doesn’t come without a significant cost to homeowners and businesses alike. A recent report by the Commission for the Regulation of Utilities (CRU) approximates a hefty €5 billion in expenses for connecting offshore wind turbines to the grid, a cost that will ultimately be borne by consumers.
Eoin Burke-Kennedy reported a drop in new home completions by more than 12% within the first quarter of the year. Data from the Central Statistics Office (CSO) indicate 5,841 completed new dwellings, reflecting a broader decline in the sector’s activity.
During CRH’s annual general meeting, Chairman Richie Boucher expressed remorse to shareholders over issues concerning the management of the company’s US share register. Irish correspondent Joe Brennan elaborated on these complications, which have caused a degree of vexation among some investors, according to Boucher. To emphasize, the company’s main stock market listing was repositioned from London to Wall Street over the previous year, which led to the discontinuation of its Irish listing.
Meanwhile, tech firm Workday is changing its initial plan to establish its European headquarters in Dublin’s Grangegorman area. Instead, as Ian Curran reports, the US-based company prefers a central city location, largely for the faster turnaround time in comparison to the planning process. Regardless of its final location, the company has confirmed that it plans to increase its workforce in Ireland from roughly 2,000 to 2,300.
Sale of electric vehicles in China is outpacing Europe and the US, with an impressive 100 new models set to hit the market this year. John FitzGerald underscores the economic and industrial implications of climate change in his column. He emphasises that affluent nations need to prioritise investment in cost-effective solutions to combat global warming, thereby enabling less wealthy countries to do the same. However, concerns are growing in Europe over China’s successful production of affordable electric vehicles, wind turbines, and solar panels. Does the answer lie in the European skies?
The latest Savills report reveals that the surge in country home purchases is primarily driven by overseas buyers. In 2023, transactions amounted to €190.6 million, with Kildare topping the list.
Barry O’Halloran analyses the financial condition of Coillte, the national forestry corporation, which is grappling with declining timber prices, leading to a 50% drop in its profits, currently standing at €61 million. CEO Imelda Hurley contends that despite falling revenues and operating profits, the company performed admirably amidst substantial challenges. Coillte also paid the Exchequer a total of €17.7 million in dividends in the previous year, including an end-of-year payout of €7.7 million for 2022.
Meanwhile, Ardagh Group, a specialist in metal and glass packaging, observed a dip in its first-quarter revenue, from $2.27 billion compared to the previous year, to $2.11 billion (€2.02 billion). Its $12.3 billion (€11.5 billion) net debt has also been a concern, and it is considering strategies for managing this heavy financial load, according to Joe Brennan.
O’Donoghue’s pub in Merrion Row, Dublin, well-cherished for its music and tourism appeal, has managed to bounce back into profitability, following serious financial setbacks due to Covid-19 restrictions. New financial records show that the establishment, owned by the Barden family, saw an after-tax profit of €215,886 in the recent year, as reported by Gordon Deegan.
The Competition and Consumer Protection Commission (CCPC) asserts that current penalties for consumer protection breaches by large corporations are inadequately light, writes Ian Curran. Amidst growing prices, the regulatory authority has reminded pub owners of their responsibility to clearly advertise their drink prices. Vendors failing to meet this requirement have been confronted with fines of €300, with a total of 13 named culprits.