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Thursday 26 January 2023 Dublin: 5°C

Business

This week
22nd January 2023 - 26th January 2023
# Astronomy
Rare green comet to be visible from Ireland for the first time in 50,000 years
Travelling as far as possible away from cities and bright lights will increase your odds of a good view.
# European Central Bank
Bank of Ireland increasing fixed mortgage rates again
The banks’s fixed interest rates will increase by 0.75% for all new mortgage loan drawdowns.
# Withdrawal
Ulster Bank announces final closure dates for 63 branches across Ireland
Ulster Bank Chief Executive Jane Howard described the withdrawal of their services from communities as “poignant”.
Last week
15th January 2023 - 21st January 2023
# Job Losses
Argos set to close all Irish outlets by June
The company employs around 580 people across 34 stores in Ireland.
This month
January 2023
# FTX
Co-founder of collapsed crypto exchange pleads not guilty to fraud
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
Last month
December 2022
Check out the must-see film of the year, The Banshees of Inisherin, on Disney+
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Check out the must-see film of the year, The Banshees of Inisherin, on Disney+
Streaming on Disney+, discover the 9-time Oscar-nominated ‘The Banshees of Inisherin’.
# with or without you
U2 members buy out partner company in group's 'world class' visitor centre proposal
Planning documents lodged with the scheme expect that the centre would attract around 390,000 U2 fans to the capital each year.
# Facebook
Facebook Marketplace breaches EU antitrust laws, says Commission
The Commission said it takes issue with Meta tying Facebook Marketplace to the Facebook social networking service.
# cut bank rules
UK to cut banking controls and axe EU rules in bid for growth
British Chancellor Jeremy Hunt will unveil the reforms in Scotland tomorrow.
# Morning Memo
Newsletter: What's going on with plans to give workers a better work-life balance?
There was fury in the Dáil last night as the government was accused of watering down legislation.
Last year
2022
# Fly Atlantic
A new transatlantic airline will begin flying from Belfast next summer
Flights will start to go on sale from the beginning of 2024.
# factcheck
FactCheck: Is the State the ‘biggest player in housing’?
The Taoiseach made this claim multiple times in the Dáil since 2021
Voices
Posting through it: The deepening absurdity of online billionaire behaviour
No amount of money can stop you from being cringe on the internet, writes Carl Kinsella.
# Interest Rates
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
# Facebook status
Government 'will be there to help' as Irish job losses at Meta expected to begin this morning
The Tánaiste says he is ‘confident’ Meta ‘will honour all their legal obligations in relation to redundancy information and consultation’.
# Bank Bailout
State to sell off further 8% stake in AIB, Donohoe announces
The State’s shareholding in AIB will reduce from 62% to 57%.
# Lay-offs
Tech companies expanded ‘a little too quickly’, Varadkar says
Minister for Enterprise Leo Varadkar said his sympathies were with Stripe and Twitter employees who had lost their jobs.
# Avian Flu
UK's 'largest ever outbreak of bird flu' prompts legal order to keep poultry indoors
Ireland’s Dept of Agriculture has asked birdkeepers to mitigate agains spread but no such legal order is in force here.
# Interest Rates
Expected interest rate hike may help 'contain' house prices, says Varadkar
The ECB’s 25-member governing council is likely to lift its key interest rates by 75 points for the second consecutive time.
# Reaction
Housing minister welcomes mortgage rule change but concerns raised about house price increases
Concerns have been raised about increasing borrowing limits when supply remains low.
# mortgage rules
Central Bank rule change: First-time buyers to be able to borrow four times gross income
A review into mortgage lending began last year.
# indepth
'Fraggle Rock, a father's tears and Lesley the Viking' - A weekend at Manchester City
The42 visited the Premier League champions to watch Ireland’s Gavin Bazunu face Erling Haaland up close with Southampton. But that was only part of the story.
# tech company
Spotify acquires Dublin-based tech firm Kinzen to detect harmful content
The company was set up by Storyful founder Mark Little and ex-Facebook executive Áine Kerr.
# twitter takeover
Elon Musk offers to end legal fight and buy Twitter for original offer price of $44 billion
It comes just two weeks before Twitter’s lawsuit seeking to force the Tesla chief to go through with the deal goes to trial.
# factcheck
FactCheck: Is the renters' €500 tax credit just worth seven days' rent in Dublin?
The claim was made by a housing charity after the budget was announced.
# rental crisis
New tax credit worth €500 to be introduced for renters
The tax credit can be claimed for 2022.
# Bye bye BOI
Irish State no longer a shareholder in Bank of Ireland following sale of shares
Proceeds generated from the trade amount to approximately €841 million.
# Bills Bills Bills
'Absurd and frightening': How high could 'skyrocketing' energy prices go this winter?
Tough choices lie ahead in both the short and long term.
Experts agree that the energy price crisis is likely to get worse in the coming months and year ahead.
The UK's energy price cap nearly doubled last week and is an indicator of what consumers in Ireland are facing.
In the short-term, governments must intervene but in the long-term it's about renewable energy.
Price hikes: SSE Airtricity to increase gas bills by 39% and electricity by 35.4%
17,000 apply for emergency social welfare payments for food, fuel and clothing in July alone
# Transport
The Glider: Could Belfast's tram-like bendy bus be the model for other Irish cities?
The system has been suggested as a kind of gateway to light rail infrastructure.
# national car test
Revealed: The makes, models and test centres with the highest (and lowest) NCT pass rates
Three of the top four cars are SUVs.
# record high
Property prices have now reached the same level as the Celtic Tiger peak - CSO
The high follows a 14.1% price increase over the past year.
# Elon musk
Elon Musk accuses Twitter of fraud in countersuit over abandoned $44 billion takeover
In its own filing, Twitter rejected the billionaire’s argument, calling it “as implausible and contrary to fact as it sounds.”
# Defence Forces
Ex IBM manager: Pay, political neglect and public indifference all to blame for cyber failings
Paul Farrell retired as IBM Ireland’s General Manager last year but also was an officer in the Irish Defence Forces
# Northern Ireland
NI businesses experiencing a 'feast or famine' economy due to protocol - report
The report was released by a UK parliamentary committee.
# TAKE OFF
Michael O'Leary hits out at 'unprecedented handling delays' amid Ryanair summer recovery
The airline hit profits of €170 million for the three months to June.
# misinfo
Financial advisor warns against hoax crypto ads featuring Leo Varadkar and other public figures
Users of multiple websites reported encountering the false ad featuring the FG leader in recent weeks.
# Inflation
Tracker mortgage rates to rise after ECB hike interest rates by 0.5%
The bank is trying to respond to soaring inflation but those on tracker and variable rates will likely face an increase.
# Elon musk
Elon Musk says he is terminating $44 billion Twitter buyout deal
Twitter said it will sue Mr Musk to complete the merger he just rejected, and is “confident” it will prevail.
# Small businesses
New low-cost loan scheme for small businesses announced by Government
Loans will be made available to businesses whose turnover or profit was impacted by more than 15% due to Covid-19.
# Cost of Living
Price hikes: Electric Ireland to raise gas and electricity for second time in three months
The provider previously increased prices in May.
Electric Ireland has cited the war in Ukraine for the price rises.
The increase equate to an average of €164.55 extra per year an electricity and €311.54 extra per year on gas.
The supplier says it has 'flexible payment plans' for those struggling with bills and that a new 'Hardship Fund' would be established in the autumn.
Budget aims to help 'most vulnerable' and the 'squeezed middle', says McGrath
Varadkar says Ireland has contingency plans if fuel rationing comes into effect
# factfind
Explainer: What counts as EU funding and where does it go?
…And where has Ireland received – and given back to the whole process?