Ireland’s tax revenue continues to rise, totalling €12 billion at the end of February, according to the latest Exchequer returns, and showing no signs of decline despite economic contraction. This resulted in the Exchequer delivering a deficit of a mere €100 million, in stark contrast to the €2.5 billion a year earlier. Eoin Burke-Kennedy further elaborates on what these figures mean for the local economy.
The Economic and Social Research Institute is set to inform the Oireachtas Committee on Budgetary Oversight that house prices and rents are likely to continue to increase in the foreseeable future. A few members of the think tank will be appearing before the committee to discuss the existing economic and fiscal scenario, as reported by Eoin.
In banking, a growing trend has emerged whereby consumers are switching from traditional to digital banking institutions, such as Revolut and N26. Brianna Parkins explores the advantages and drawbacks of these emerging digital banks, or ‘neobanks’.
Ireland has received advice from the UN’s top human rights monitor to enhance its corporate tax policies, as the present system is obstructing attempts to prevent wealthy individuals and corporations from using loopholes to conceal profits. Colin Gleeson shares that a report on this subject was published by the UN’s Economic, Social and Cultural Rights Committee following a two-day hearing in Geneva.
Simon Coveney, the Minister for Enterprise, has obtained Cabinet approval to push for legislation that allows employees to work until they reach 66, which is also the eligibility age for the State pension, as reported by Emmet Malone. He also states that business groups are seeking significant support for sectors hardest hit by cost inflations caused by actions such as the rise in minimum wage.
A recent survey has highlighted that women are over twice as likely as men to be predominantly dependent on the State pension during their retirement, as reported by Dominic Coyle.
Sex discrimination accusations have dogged Wall Street for a quarter-century, with leaders promising to make the sector more female-friendly. However, Brooke Masters questions whether the situation is deteriorating instead.
Entrepreneur Micheal O’Rourke, the owner of Shelbourne Rovers, Premier Sports and the investment firm TDL, is assuming control over a manufacturer known for its clothing and equipment in the equine and outdoor activities sector, as reported by Barry O’Halloran. Last year, a media company run by David McWilliams, an author and columnist for the Irish Times, saw its profits rise to €1.2 million, according to accounts read by Gordon Deegan.
Cellnex, the largest telecom towers and infrastructure group in Europe, is planning to offload its Irish division to Phoenix Tower International, a Florida-based company. The sale, worth €971 million, comes five years after Cellnex’s move into the Irish market, with the company aiming to decrease its debts. The Spanish firm marked its entry into the Irish market in 2019 with the purchase of Cignal, a tower company with 546 sites, 300 of which were previously owned by the State-owned forestry company Coillte, for €210 million. This news was brought forward by Joe Brennan.
Declan Doyle, the proprietor of a pub across from Trinity College, has taken legal action against Dublin City Council, alleging the council’s decisions relating to the removal of extension fit-out works to be “completely disproportionate”. Doyle bought an old betting shop on Fleet Street to link it with his pub and start a new venture, reportedly investing €1.26 million so far, as Ellen O’Riordan revealed.
In related news, Ronald Quinlan shared that Ulster Bank’s iconic property at 33 College Green is possibly going to be transformed into a boutique hotel following its purchase by a prominent hotelier in Dublin. In the meantime, the O’Flynn Group, owned by developer Michael O’Flynn, has invested €10m into a development site in Foxrock.
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