The European Commission alleges that Kingspan, a major insulation company, may have intentionally or negligently misled competition regulators during their examination of its now discarded acquisition attempt of Slovenian competitor Trimo. The Irish firm could be facing fines of up to 1% of global sales, even though the Cavan-based company disagrees with the initial findings, according to Barry O’Halloran.
Last year, €750 million were given in undisclosed tax settlements to Revenue. Over €200 million of this amount was linked to the finance and insurance sectors, according to writer Ken Foxe. An average of €19.2 million was settled among the top 20 settlements out of the 57,873 cases covered by the data.
US banking trendsetter, Citigroup, has communicated its intention to reduce workforce to employees in Dublin, potentially jeopardising 168 Irish roles as part of a worldwide cost-reduction strategy. However, the bank reassures that Dublin, where approximately 3,000 people are employed, will continue to be a key location in their global framework, as reported by Joe Brennan and Ian Curran.
Developers Paddy McKillen jnr and Matt Ryan have tasked CBRE to locate a purchaser for three bars from their Press Up group in Dublin. They have put up Ashton’s in Clonskeagh and Thomas Rody Maher’s (previously Larry Murphy’s) on Baggot Street and the Foxhunter in Lucan, Co Dublin for a total of €13.5 million, Ronald Quinlan reports.
Reputed south Dublin bar owner, Charlie Chawke, faces opposition in his advance to establish a funeral home business near his Goat Bar and Grill in Goatstown. Gordon Deegan informs that Fanagans Funeral Directors, who operate nearby in Dundrum, have protested against his proposed use of the ground floor of an old Paddy Power betting shop to create a funeral home.
Digital insurance broker, Quote Devil, inadvertently shared confidential details of over 2,000 customers with other customers during policy renewal notifications, an error the company recognises as reported by Conor Pope.
The Federation of International banks in Ireland reveals that approximately 70% of international banking and investment firms are planning to expand their Irish functions in the coming year. However, sizable groups have reported facing difficulties due to staffing shortages and new regulatory requirements, Colin Gleeson reports.
Brianna Parkins from Australia proposes financial tips for the multitudes of young Irish individuals planning a working holiday there. Ian Curran reports that Ibec argues for a long-term plan to support Ireland’s hospitality and entertainment sectors as they struggle with surging expenses and talent deficiencies.
A past regional manager for Supermac alleges he was cast out and ultimately downgraded after a clash with proprietor Pat McDonagh over an alleged practice of withholding employees’ pay during the initial Covid-19 lockdown in 2020, as heard by the Workplace Relations Commission.
Ikea is set to unveil another planning and ordering outlet, this time situated in Sligo’s Canopy Shopping Centre, augmenting their number of stores across the state to ten.
As the trial over the sale of Mike Lynch’s Autonomy business to Hewlett Packard kicked off in San Francisco, US prosecutors portray the Irish tech tycoon as “an overbearing, menacing, coercive boss” and as “the mastermind behind a monumental scam.”
Lastly, Ronald Quinlan reports that the new, bespoke creche facility at the Kilcarbery Grange in Clondalkin, which is due to complete and occupy over 1,000 homes by next year, should be enticing to investors and childcare operators with a potential sale value of around €1.5 million.