Vasileios Madouros, Deputy Governor of the Central Bank, has issued a warning to Eoin Burke-Kennedy regarding potential economical overheating and domestic imbalances as a result of significant tax reductions or spending enhancements beyond 5% in the forthcoming budget. This could lead to a confrontation with the Finance Minister Michael McGrath, who is allegedly planning a generous budget later this year.
Simultaneously, the Central Bank has reported lenders often neglect to interact sufficiently with borrowers facing early-stage mortgage arrears, according to their recent review. An examination of lender practices was conducted, revealing little support for borrowers in financial difficulty, particularly from nonbank lenders and so-called ‘vulture funds.
Meanwhile, An Bord Pleanála permitted the Dublin Airport operator to construct a new €200m tunnel beneath the airport’s crosswind runway. After a detailed review, it was decided that the project would bear no harmful impacts on local amenities or traffic safety.
In other news, skepticism around the potential revolutionising power of AI in the workforce has come to light in the Technology and Innovation sector. Simultaneously, the industry is witnessing disruptive innovations within the traditional wedding photo market.
Ryanair was forced to cancel 300 flights due to a French air traffic control strike, affecting services from Ireland to Italy and approximately 50,000 passengers.
Food delivery personnel for companies like Deliveroo and Just Eat may soon be considered direct employees rather than contractors with the passing of a new European Union law.
Share register of FD Technologies have seen new entries, as reported by Cantillon, who also examined delayed account lodging from companies for the past two years without penalisation from the Companies Registration Office.
Lastly, Japanese car manufacturers, including Nissan, require substantial investment to catch up with electrical vehicle innovation, following their late entry into this new technology field.
Canadian organisation, Descartes Systems Group, has acquired Aerospace Software Developments (ASD), an Irish company, in a transaction valued at €57 million, according to Barry J Whyte. Liverpool-based technology investment firm, William Currie Investments, has reportedly increased its ownership in Smarttech 247, an IT security establishment started by Ronan Murphy, a businessman from Cork.
Public members have suggested the government put emphasis on cash availability and its recognition as a lawful mode of payment for government services. This, they say, should be a major consideration in the formulation of the new national payment scheme. This was disclosed to the Department of Finance by Ian Curran.
Vantage, a worldwide data centre organisation, intends to operate its debut enterprise in Ireland by investing over €1 billion in an expansive new complex in Dublin. Ciara O’Brien states that the endeavour will cater to 52MW of IT capability in the preliminary two stages, shared between a 32MW unit and a 20MW one, with an optional third slot available on the 405,000 sq ft (37, 625 sq m) campus. This undertaking received approval during July 2022.
In a lawsuit it has filed against the Fortress Investment Group, the Commercial Court decided that an enterprise of the RGRE Group, owned by Johnny Ronan, will only need to secure a particular amount of money for legal expenses.
Ornua, the parent company of Kerrygold, reported that despite facing challenging market conditions in the Irish dairy sphere in 2023, their revenue remained steady. However, they witnessed a decrease in operating profit by over 8% compared to the previous year, with earnings before tax, interest, depreciation, and amortisation (EBITDA) reducing by 4%. Ciara gave an account of this situation.
Finally, Ciara conducts a review of Sony’s latest edition WF-1000XM5 earbuds.