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Monday 29 May 2023 Dublin: 11°C

Business

Last year
2022
# Cost of Living
Survey places Dublin among most expensive cities for international workers
Mercer’s 2022 Cost of Living Survey launched ranked Hong Kong as the most expensive city for expatriates.
# FEMPI
High-earning public servants to have pay restored, as Varadkar admits timing 'isn't the best'
The public servants due to have their pay restored include medical consultants, members of the judiciary and some CEOs.
# world's richest man
Elon Musk's €41 billion bid to buy Twitter gets unanimous approval from shareholders
The Tesla chief executive bought 9.2% of the social media company in early April.
# Takeover
Elon Musk addresses Twitter staff, targets 1 billion users and a website 'you can't live without'
According to multiple reports, Musk also addressed possible layoffs at the company
# watchful eye
Parents of Irish teenage Instagram users can now supervise their child's account
Parents can now send invitations to their teens to initiate supervision tools.
# social buy up
Musk accuses Twitter of withholding data and threatens to withdraw bid
The mercurial Musk agreed a deal in late April to purchase Twitter.
# Analysis
Not quite normal: Airport chaos mirrors post-Covid economy struggling to find its level
The airport isn’t the only business that hasn’t been able to cater for rapid increased demand.
# time to switch
KBC writes to customers giving them six months to close their accounts
The bank has 130,000 current accounts that are active or have a balance.
# Turbulent Times
Passengers who missed flights due to Dublin Airport chaos have 'no automatic right to redress'
Dublin Airport Authority may also face financial penalties, according to regulators.
# Final Call
DAA given until tomorrow morning to find solutions to airport chaos, ministers say
Around 1,000 people missed a flight yesterday because of lengthy queues.
# Energy
ESB to create 1,000 jobs over three years as part of net zero by 2040 pledge
The jobs will be across a diverse range of skills from HR to marine biology.
# swiss teesh
Taoiseach at Davos: 'Wind is Ireland's oil and that's how we're going to play it'
Micheál Martin was speaking to Bloomberg TV at the World Economic Forum.
# redundancies
Over 300 jobs to go at PayPal offices in Dundalk and Blanchardstown
135 jobs in Blanchardstown and 172 jobs in Dundalk will be affected.
# Probe
Watchdog clears Bank of Ireland €9 billion KBC deal despite 'significant' concerns
The sale would see Bank of Ireland acquire KBC’s performing loan assets.
# Davos
Billionaires’ wealth rose more during Covid-19 pandemic than in 23 years combined
A new billionaire was created every 30 hours during the pandemic, according to Oxfam.
# price pressures
Construction costs surge again in April as inflation continues to pump up wholesale prices
Structural steel and fabricated metal prices were up 42% and 38.5% respectively over 12 months.
# The Banks
Exiting Ulster Bank gives customers six-month 'deadline' to repay their overdrafts
But bank officials said the lender will remain flexible and urged customers having difficulties to come forward immediately.
# home work
Department to explore 'substantial' revisions to remote working bill after criticism
The draft bill has gone down like a “lead balloon” with workers, said Sinn Féin’s Louise O’Reilly.
# New Rules
Buy-now-pay-later firms offering 'indirect credit' must now be authorised by the Central Bank
The regulator has also placed an interest rate cap of 23% APR on all consumer credit agreements.
# Turbulent Times
Ryanair lost €355 million last year amid 'fragile' recovery in air travel from the pandemic
The low-cost airline said it hopes to return to profitability in the current financial year,
# twitter takeover
Elon Musk 'still committed' to $44 billion Twitter takeover despite putting deal 'on hold'
The Tesla chief executive tweeted the news this morning.
# Cost of Living
Despite prices falling at the pump, annual Irish consumer price inflation hit 7% in April — a 22-year high
Consumer price inflation has now been rising at an annual pace of 5% or more since October 2022.
# The Banks
Competition authority launches full probe into Permanent TSB's €7.6 billion Ulster Bank deal
The investigation will determine whether the proposed acquisition could lead to a substantial lessening of competition in the State.
# Travel
European Parliament votes to extend Digital Covid Certs for 12 months
The non-binding vote means member states can discuss extending the system past the end date of 30 June.
# tap tap tap
Contactless and smartphone payments on Dublin Bus may be possible 'late next year'
Dublin Bus CEO Ray Coyne also said that any decision to go fully cashless would be taken by government.
# inflation crisis
Cost of living: Price rises on electricity and gas to kick in from today
The contentious increase in Carbon Tax begins from today as part of the legislated gradual increase of the charge
# Energy Crisis
After Moscow follows through on gas cut threat, 'all bets are off' on Europe's Russian supply
Ireland imports no gas directly from Russia but a loss of supply to Europe could push up prices globally.
Russia may have 'crossed the Rubicon' by halting gas flows to Poland and Bulgaria this week, experts say.
The move by Gazprom throws into question assumptions about Russia's unwillingness to retaliate using its energy exports.
Ireland imports no gas directly from Russia but a loss of Russian supply to Europe could further push up global prices.
# The Banks
Flurry of announcements caps off noteworthy week for Irish banks and their customers
Stakeholders say the industry is staring down the barrel of one of the biggest logistical challenges in its history.
# Banking
Bank of Ireland announces CEO Francesca McDonagh to step down
McDonagh joined Bank of Ireland in October 2017 as Group Chief Executive Officer.
# known unknowns
Question marks hang over Elon Musk's plans after $44 billion Twitter takeover deal
What has Musk said about his vision for the social media platform and what do experts think is actually going to happen?
# Fossil Fuels
Dáil turf wars: Eamon Ryan seeks to unite coalition against Sinn Féin motion
Restrictions on the sale and burning of turf are being considered.
The government insists there is no outright ban and that there are exemptions to the regulations.
Several coalition TDs have expressed concern about what the rules would mean for rural areas.
Sinn Fein calls the new rules "unfair and unworkable".
'We won’t put your granny in prison for burning turf', says Ryan doubling down on no pause comments
# silly money
Twitter confirms sale of company to Elon Musk for $44 billion
Tesla CEO Musk said on Thursday he had secured funding to finance the purchase.
# Investment
€200m plan for wind energy hub at Rosslare 'could be the south-east's Silicon Docks'
Rosslare Europort wants to act as a base for the offshore renewable energy industry.
# Dublin town
City centre businesses vote to retain DublinTown organisation for another five years
Out of 2,500 eligible businesses, just over 1,200 took part in the plebiscite on the future of the scheme.
# Morning Memo
The Twittering classes: Elon Musk's $43 billion bid and Twitter's 'poison pill'
Twitter co-founder and board member Jack Dorsey has signalled his unhappiness with the board’s handling of the situation.
# Ballybrit
Boston Scientific to pump €100 million into Galway facility, adding 300 jobs
Opened in 2019, the facility is the firm’s second in Galway City where it has had a presence since 1994.
# The Banks
Ulster Bank gives current and deposit account customers six months' notice to switch providers
Separately, KBC Bank announced yesterday that from June, customers will get 90 days’ notice to move their accounts.
THE MORNING LEAD
Raise social welfare rates to shield struggling households from spiralling inflation, experts say
A report by
Ian Curran
The Government is set to unveil a new cost of living package this week.
Current social welfare rates were set last year when inflation was expected to peak at 4.5% annually.
But with prices on the march, household earnings are now expected to fall in real terms in 2022 for the first time since 2013.
Economists say raising core social welfare raise on a temporary basis could be the best way of protecting low-income households.
# Consumer Prices
Cost of living anxieties mount as inflation accelerates to 6.7% in March
It represents the largest annual change in prices since November 2000.
# Ferry nice
Brittany Ferries to operate 'huge' tourist-oriented vessel on Rosslare to Bilbao route
Unveiled in February 2020, originally as a freight route, the link from Wexford to the Basque city has proved popular.