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Dublin: 12°C Tuesday 20 October 2020

Here's everything you need to know about business this week

Everyone was talking about Greek dramas, house prices and UTV Ireland’s woes.

Pelican Storm IM2700 Go Box Source: NobleEagle68

EVERY WEEKEND, TheJournal.ie gives its readers the chance to put their feet up and take a look back at all the goings-on from the world of business.

Once again it’s time to delve deep inside The Briefcase for the important – and sometimes less-important – financial news that has come out this working week:

The Greek drama hit a crescendo. With the country’s next €1.5 billion loan repayment looming on Tuesday, there was a lot of talk from European leaders – including Irish politicians – over the best way to fix the country’s debt crisis. However Greece and the IMF in particular couldn’t agree on what spending cuts and tax hikes the new anti-austerity government would introduce, with the decisions now due to go to a referendum. But when it comes to debt defaults, Greece has form – going back more than 2,000 years, apparently

Greece Bailout Source: AP Photo/Thanassis Stavrakis

There was *some* good news for those trying to buy a house. House prices in Dublin fell on average in May, according to the latest figures from the CSO. But elsewhere in the country they went up as people seemingly took up the property hunt outside the capital. If you’re looking for more space, mind, there’s always the overseas market – like in Australia, where land bigger than the entire island of Ireland recently went on sale

UTV Ireland is slipping deeper and deeper into trouble. The station’s parent company again upped its expected losses on the new channel to £11.5 million this year as it emerged an anaemic audience share of 4,700 people watched UTV Ireland’s main news bulletin on Monday afternoon

UTV Source: UTV Ireland

Liberty Insurance slashed a lot of jobs. The company plans to shed 270 workers across its offices in Dublin, Cavan and Fermanagh to help it deal with “heavy losses” in the UK market. The US-owned firm, which has its roots in Quinn Insurance, previously rolled out major job cuts in 2012 and 2013

Drinks are going to get more expensive. An Oireachtas joint committee gave its tick of approval to government plans for a minimum unit price on alcohol, one of a string of measures targeted at reducing problem drinking. If costs come in at the top end of prices being considered, beer will have to be sold above €2 a can, wine at more than €8 a bottle and spirits at nearly €24

The Simpsons Animated GIF Source: Giphy

Apple is worth nearly $1 trillion, but it’s no match for Taylor Swift. The US tech giant backed down on its policy of not paying artists when their songs were streamed during the free, three-month trial period of its new Apple Music service. It came after Swift wrote an open letter calling the approach “shocking” and “disappointing”

Ireland could have its answer to Tesla Motors. County Louth-based Swift Composite Prototypes plans to make a small, electric car with parts sourced from both Ireland and overseas. The expected pricetag on the vehicle, which the company hopes to get on the road next year, will be about €30,000


Branding a caller ‘a jealous little bitch’ is OK on radio. That was one of the latest decisions handed out by the Broadcasting Authority of Ireland after a complaint about 4FM’s Niall Boylan at Night. In TV land, comedian Tommy Tiernan’s joke about Jesus being ‘in need of a pint’ was also given the all-clear

And one for the road…

The year is 2015 and, despite the glorious promises made in Back to the Future Part II, we are still living in a world without hoverboards.

…Or are we? Car-maker Lexus has released footage of what it describes as a “real, rideable hoverboard”.

But there’s a catch. While the technology works, it’s based on ground-based magnets, which sadly are yet to be fitted on your average urban street.

Source: Lexus International/YouTube

MORE: Have a look at our business wraps from previous weeks >

About the author:

Peter Bodkin  / Editor, Fora

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