Apprehension regarding Ireland’s continued lure for inwards investments might prompt the government to pledge extra backing in the fiscal plan, as per a report in the Business Post. As a response to a drop in inward investments reflected in the half-yearly reports of IDA Ireland, the government is reported to be considering an augmentation in R&D income tax deductions, considerable enhancements to the existing programs, and extra backing for IDA Ireland.
In other news, Robert Moffett, the engineering genius behind the successful fork-lift manufacturing company, Combilift, has been pinpointed as a key player in a €1 billion data centre scheme near Nass in County Kildare. The Sunday Times reports that Moffett, along with financial consultant Michael Treanor, are outlined as directors of Hebata, which is petitioning for a cutting-edge project that will operate independently from the national power grid.
In property news, Eamon Waters, the entrepreneur who transformed Panda into a waste management titan, has outlined plans to construct almost 600 apartment units and student accommodations on Merrion Road, Dublin at the erstwhile Irish HQ of Jacobs Engineering. The site, overlooking Booterstown marsh, was purchased by Waters from developer Joe O’Reilly’s Castlethorn at a cost of €20 million.
In media news, coverage of the inspectors’ report into the Independent News & Media has been significantly highlighted, a process that carried a €5.67 million price tag. The Business Post report zeroes in on Denis O’Brien, the former primary shareowner, who in a column blames the corporate enforcement body for allowing potentially damaging claims to be made public prematurely. O’Brien predicts that the cost of this incident might rise to as much as €44 million. The Sunday Times centres its report on the lack of trust, miscommunication and breakdown of control within the top tier of what was then a publicly listed media corporation. The ongoing struggles, set amidst a bitter struggle for control, are attributed in the Independent as the trigger for a six-year enquiry into the potential breach of personal data within the media corporation.
It has been reported that Bewley’s, renowned for their Grafton Street café, is intending to reduce its annual rent by nearly two-thirds from €1.4 million to €518,000. A heated disagreement between the café operators and their landlord, real estate developer Johnny Ronan, persists. Receivers connected to Ronan’s RGRE Grafton Limited are proposing a reduced annual rent of €1 million.
Elsewhere, the Sunday Independent reports that the HSE is demanding developers, who were previously successful in tending to construct numerous primary care centres across the State, to meet their agreed tender terms or step away as new tenders are put in place for several projects. As construction costs continuously soar, developers argue the projects cannot feasibly proceed with the original terms.
In other news, the airport shuttle provider, Aircoach, has unexpectedly inflated ticket prices on many of its routes. The Sunday Independent reveals that fares have heightened by up to 50% in recent weeks. A single fare from Dublin Airport into the city centre, without previously booking, now costs passengers €12, a considerable increase from the earlier €8 cost.
Lastly, Engine Capital’s founder has encouraged C&C, the makers of Bulmers cider, to explore all options that would instigate a “value maximization” at the company. This suggestion, reported by the Irish Independent, includes the potential sale of company assets. This call to action comes as a result of concern for the company’s shareholders, who have reportedly “suffered enough”.