The Governor of the Central Bank, Gabriel Makhlouf, has issued a request to Finance Minister Jack Chambers to respect spending guidelines ahead of the imminent budget. Journalists Joe Brennan and Pat Leahy disclose that Makhlouf indicated in a letter to Chambers that capping expenses to match the growth pace of the economy could act as a credible and suitable foundation for fiscal strategy. Despite frequent breaches, the principle, which targets a 5 per cent Exchequer spending growth, exists.
Ex Marsh Ireland insurance broker Liam Heffernan has been prohibited from executing any senior tasks in regulated financial firms, following an inquiry by the Central Bank. Brennan reported how Heffernan was caught under scrutiny due to issues during his period with Marsh Ireland, including unauthorised document creation and alteration. Currently, a prohibition order stops Mr Heffernan from undertaking any regulated functions within a regulated service provider, with no end date given.
Irish bank data processing group, CreditLogic, has generated €3.5 million to boost its growth, according to journalist Ciarán Hancock. Having been founded by Eddie Dillon and Gavin Bennett just over five years ago, the latest financing round includes contributions from US investor Riverside Acceleration Capital (RAC), its inaugural investment in Ireland. The firm boasts a SaaS platform that notably eases the processing of customer data for banks.
The new auto-enrolment (AE) pension scheme in Ireland is now set to get the president’s signature, with Indian Information Technology firm Tata Consultancy Services (TCS) to manage the system, as reported by Brennan. The Department of Social Protection has verified the selection of its favoured partner to establish and administer the system, a deal that could reach up to €150 million over a decade.
For a considerable period after the war, western Europe was divided on resource allocation, but a social democratic model has largely won out after years of discussion. Columnist John FitzGerald talks about global scenarios, noting that in most EU countries, tax and welfare systems are instrumental in the redistribution of wealth from the richest to the poorest. However, how economic inequality and poverty will be dealt with in the upcoming election manifestos remains to be seen.
Remember the grandeur of Taylor Swift’s latest three-consecutive-night bash at the Aviva, with talks of substantial revenues trailing in her wake? A Spending Pulse survey from the Bank of Ireland discloses a glimpse into the overall spending and its distribution. As relayed by Fiona Keeley, the capital’s expenditure saw a 17% rise over the weekend.
Blueprints have demonstrated Google’s projected new data centre in Southern Dublin is set to indirectly generate 224,250 tonnes of CO2 emissions annually. As Gordon Deegan records, Google confirms that the lack of project advancement could create difficulties in accommodating the growing service needs of their Irish clientele. This forms the third part of the Google Ireland data centre site at Grange Castle Business Park.
Stocks in Glenveagh Properties experienced a downturn as its profits encountered a fall from €172 million to €150 million for the first half of the year until June’s end. Despite this, the housebuilder assures that it remains on target to fulfill this year’s construction goals, as noted by Eoin Burke-Kennedy. The closing left its price at a decreased rate of 3.61% to €1.28.
Regarding EVs produced in China, there has been lingering western scepticism due to their conceivable threat to European automakers. The EU now plans to introduce varied tariffs expected to take effect between the upcoming Friday and next November. Following its anti-subsidy probe, the EU plans temporary duties on three Chinese manufacturing firms subjected to the investigation.
In related technology updates from China, chip-making titan Nvidia anticipates generating $12 billion (€11.1 billion) from its artificial intelligence technology sales within the nation. Nvidia stands out among tech firms recently due to advancements in chip manufacture, and the forthcoming months will see the Silicon Valley giant, worth $3 trillion, delivering over a million of its new H20 chips to Chinese buyers. These commodities have been crafted to evade US restrictions.