Aer Lingus and the pilots’ union IALPA are set to reconvene talks to avoid industrial action. This comes as pilots’ ballots for a potential strike over the summer travel season, with the vote scheduled to conclude on Wednesday. The previous round of discussions, aimed at preventing any industrial disputes, ended on Tuesday when Aer Lingus announced no significant headway had been made.
Moreover, the Central Bank is predicting sharp rises in Dublin’s office vacancy rates, potentially hitting 26% over the next two years under dire conditions. These numbers stem from continued volatility in the market. In the bank’s central prediction, vacancy rates will jump from last year’s 17% to 18.5% by 2026, according to a special report rolled out alongside its semi-annual Financial Stability Report. Joe Brennan provides the specifics.
The Government is set to commission an evaluation of the economic impact of abolishing lower wage rates for teenage employees. This is in line with the Low Pay Commission (LPC)’s recommendation to terminate these lower rates. Further details are provided by Emmet Malone.
An analysis by two government departments indicates that women in the Republic may face greater exposure to the effects of AI on jobs due to the gender disproportion in industries and roles deemed less likely to be influenced by AI. The story is reported by Ian Curran.
On Tuesday, Apple’s shares experienced a surge following the announcement of numerous product updates. Ciara O’Brien provides a walkthrough of these changes.
In his piece, Martin Wolf underscores the overlooking of key matters in the UK general election campaign.
Lastly, the Government’s proposed increases to Pay-Related Social Insurance (PRSI) are deemed generally progressive, with the responsibility of higher contributions primarily on wealthier households, reveals new research. Nevertheless, further increments will be needed post-2028 due to forecasted State pension deficits. Ian Curran reviews the findings.
Joe also mentions Finance Minister Michael McGrath’s warning regarding Ireland’s necessity of becoming more inviting to foreign institutional investors to cover the estimated €20 billion expense of achieving the government’s new goal of constructing 50,000 houses annually.
The High Court has initiated legal proceedings expected to extend for several months regarding allegations by aviation leasing firms against insurers. These accusations surround the insurers’ alleged failure to provide compensation following the detention of billions of Euros’ worth of aircraft in Russia after Ukraine was invaded. The plaintiffs include the world’s 2nd and 3rd biggest lessors, SMBC and Avolon, as well as BOC Aviation, CDB Aviation, NAC Aviation and Hermes. They are suing numerous insurance and reinsurance companies, including Lloyds, Chubb, AIG and Fidelis.
In other news, the European Central Bank’s (ECB) chief economist, Philip Lane, indicated that future rate cuts should be approached cautiously, following the ECB’s unprecedented series of rate increases and a recent reduction – the first of its kind. This story comes to us courtesy of Joe.
Joe O’Reilly’s real estate company, Castlethorn, has submitted plans for a project valued at €192 million, which encompasses 479 residential units in Shanganagh, Shankill, in southern County Dublin. According to the Large Scale Residential Development plans presented to the Dún Laoghaire-Rathdown County Council, Castlethorn’s subsidiary, Aeval UC, is requesting a seven-year permission for the project. This development story has been reported by Gordon Deegan.
The Revenue has retrieved in excess of €4 million in settlements from 11 tax evaders in the initial quarter of 2024, with four settlements surpassing €500,000, as indicated in its most recent quarterly tax defaulters’ list. Laura Slattery shares this update.
In real estate news, Ronald Quinlan reports that 2 Dublin Landings, an office block in the docklands, is projected to be placed on the market at over 40 per cent below its latest sales price. Ronald also covers the Cosgrave family’s planned sale of a residential investment portfolio in Dublin, priced at €4.6 million.