Weekend Business Papers
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Business Papers – The Main Talking Points
· The Business Post leads with Micheal Martin’s comments on how small landlords are taxed
· The Sunday Independent says Tesco Ireland suppliers are facing a new fee for online sales
· The Sunday Times claims the sale of a big portfolio of shopping centres has come unstuck
· The Financial Times says banks are scrambling to reassure investors and regulators
· The Wall Street Journal leads with the news of UBS buying Credit Suisse for more than $3bn
“Whether we are Irish by birth, or Irish by choice, we are all part of a rich and vibrant global community that is bound together by a shared love of life, a shared love of our national heritage, language and culture.”— President Michael D. Higgins sums up what it means to be Irish in the 21st century.
|“Tánaiste: tax treatment of small landlords is ‘not fair’” is the splash on the cover of the Business Post. Killian Woods has the story, reporting on comments by Tánaiste Micheal Martin that the treatment of small landlords compared to large professional investors was “not fair”. Martin followed by saying the government was drawing up plans to “shift the balance” in the next budget in favour of small landlords. Currently, institutional landlords pay a 12.5% corporate tax on rental profits. This compares to the 52% income tax most small landlords pay.|
“Airport staff offered €2k bonuses in bid to avoid more holiday chaos” headlines this week’s second top story. With the busy summer season fast approaching, Donal MacNamee reports that Dublin Airport is offering security staff bonuses of up to €2k if they work overtime at the airport. The move is designed to avert a repeat of last year’s security delays which saw hundreds of people miss flights.
“Limit on new home parking spaces aims to cut private car use” rounds up this week’s cover headlines. Daniel Murray reports on new planning guidelines that will limit the number of parking spaces in new housing developments to curb car usage.
· A new EU directive will oblige companies to include salary ranges in job ads
· CurrencyFair, the Irish fintech firm, has secured more than $10m in venture debt
· Hotel group Dalata has granted its top executives shares worth nearly €2.5m
|The Business Post is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.|
The Sunday Independent
|“Tesco Ireland suppliers facing new ‘fulfilment fee’ charge for online sales” headlines the top business story in the Sunday Independent. Sean Pollock writes that Tesco has written to suppliers for its Irish business, telling them it intends to bring in an “Amazon-style fulfilment fee” for selling their products online. Unsurprisingly, news of the fee has been met with a backlash from suppliers.|
“Shein rival Temu plots Dublin base” headlines another of this week’s cover stories. Jonathan Keane reports that Temu, a Chinese e-commerce site that competes with online fast-fashion retailer Shein, is planning to set up a base in Ireland to enter the European market.
Turning to the inside pages, Samantha McCaughren reports that AIB has set carbon reduction targets for around €43.5bn of its customer loans. The bank also said it aims to source 100% of its energy from renewable sources by 2030.
· Irish snack company Manhattan plans to extend its production and warehouse facility in Finglas
· Louis Fitzgerald has received approval for a new bar/restaurant on the site of the Baggot Inn
· Gerry Devlin, Kilkenny Design’s former head of food, has acquired the Dublin Cookery School
|The Sunday Independent is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.|
The Sunday Times
|“Lender pulls plug on €75m shopping mall portfolio sale” leads the top business story in the Sunday Times. Brian Carey reports that Camgill Conway, a Canadian-Irish fund, has lost a chunk of funding from AIB, scuppering its plans to purchase two shopping centres in Galway and Letterkenny.|
Also, this week, it’s reported that payment company Stripe closed a massive $7bn funding round. Brian Carey again has the story, reporting that the funding round, which is believed to be the largest yet by a private company in America, values Stripe at €50bn.
The Brennan family, owners of the famous Irish bread brand, are making big inroads into the property market after securing a €100m debt facility with AIB. Having made their fortune in the bread business, the family are already among Ireland’s most active property investors, with properties on Grafton and Dawson streets in Dublin and Oxford Street in London.
· UK fund Henderson plans to build a 14,600sq m warehouse at Horizon Logistics Park in Swords
|The Sunday Times is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.|
The Financial Times
|“Banks scramble to reassure investors and regulators after flight of deposits” is the worrying splash on the cover of the Financial Times. With banks once more looking shaky, the paper says institutions on both sides of the Atlantic were racing to convince regulators and markets that they could withstand a flight of deposits.|
“Baidu shares fall after AI chatbot Ernie disappoints” headlines this week’s top company story. Shares in Chinese search engine Baidu fell by as much as 10% after the company showed only a pre-recorded video of its new chatbot Ernie rather than a live demonstration. The move made investors doubt whether Ernie could compete with Microsoft’s ChatGPT.
It was a good week for Rentokil, the pest-control company, which lifted its revenue forecasts, increasing its shares by more than 10%. Apparently, the $22bn pest-control industry has continued to deal with concerns over diseases brought about by Covid-19 and climate change driving the sector.
|The FT is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.|
The Wall Street Journal
|“UBS agrees to buy Credit Suisse for more than $3bn” headlines the top story in the Wall Street Journal. The paper reports on UBS Group buying out rival Credit Suisse for over $3bn in a deal “engineered by Swiss regulators to restore trust in the banking system.”|
Meanwhile, car giant Ford will have to recall as many as 1.5m vehicles in the US due to safety concerns. The National Highway Traffic Safety Administration said it had identified issues with the front brake hoses of Ford Fusion and Lincoln MZK vehicles.
And finally, it seems that ByteDance, maker of TikTok, has scored another hit with its new app CapCut. The new app, which helps people quickly create and edit online videos and memes, has been downloaded more times in recent weeks than its big brother TikTok.
|The WSJ is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.|
Thanks for reading and have a good week.
All views are strictly my own brief interpretation of the articles in the various publications and are not intended to be comprehensive. Please feel free to forward to friends or colleagues and get in touch if you wish to add contacts to the mailing list.