According to the Business Post, the government received news of around 1,800 proposed job cuts in the UK’s private sector in February. This figure is reportedly the third highest for any single month since 2021. Recent information has revealed that tech companies such as TikTok, Wayflyer, and Flutter have plans to decrease staff numbers this year. Despite previous statements from government officials suggesting extreme job reductions are over, these tech companies continue to enact cost-cutting measures.
In related news, data from the Dublin-based recruitment company, Sanderson, shows a decrease in job vacancies compared to last year. This decrease, combined with the proposed job cuts, points towards a weakening of the job market, with fewer workers searching for new positions.
Solar 12, a struggling Irish renewable energy company, is encountering further obstacles in its fundraising efforts, as reported by the Sunday Independent. As part of a High Court-approved restructuring plan, the company communicated to its investors that challenges with contractors at its decommissioned biomass plant in Yorkshire might arise. This situation has thwarted Solar 21’s intention to begin operations at the site by January 2024 and eventually sell the plant, as reported to investors.
The Sunday Times has reported a potential buyout of the Blanchardstown Centre in Dublin 15 by Northwood, a US investment firm. Although Goldman Sachs has received a bid of roughly €580 million, bidding is just beginning and other investors are still in contention. Originally purchased by Goldman Sachs for €750 million in 2020, the Blanchardstown Centre was put on the market with a guide price of between €650 million and €725 million.
Finally, Oakmount, a property firm owned by Paddy McKillen Jr., has recommenced development of an upscale apartment complex in Mount Merrion, as reported by the Business Post.
Formerly scheduled to be finalised in 2023, the construction project known as the Pinnacle has undergone multiple setbacks, which not only includes a change in contractor during the last year but has also provoked the irritation of the community nearby. A representative from Oakmount informed the Post that there is currently a full team of workers at the site and projected completion is now anticipated to occur by the conclusion of the summer season.
In other news, Irish visual effects firms are gaining recognition with high-ranking productions. Located in Dublin, a firm involved in the creation of Disney’s popular series Shogun, is keen to establish Ireland as a world “centre” for visual
effects, according to a report from the Mail on Sunday.
A division of Screen Scene known as SSVFX, which previously participated in renowned productions such as Game of Thrones and Stranger Things, expressed similar aspirations. The company’s managing director, Jake Walshe, asserts that while Irish firms are actively collaborating with premier US clients, the local government could provide further incentives to expand the Republic’s TV and film production industry. “We aspire for Ireland to emerge as a key player in the field of visual effects,” he shared with the news outlet.