Weekend Business Papers

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The 1% Podcast

Paul Hughes is an individual whose unconventional life journey has been marked by numerous successes in various fields. 

From his early days as a promising young athlete to becoming an entrepreneur and co-founder of the renowned, multi-Cannes-winning creative agency Rothco, which was later acquired by Accenture in 2017, Paul has consistently demonstrated a unique and innovative approach to life. Today, he is an internationally acclaimed artist.  

Paul’s artwork is characterised by a fusion of the post-World War II New York City abstract art movement and his own uniquely expressive techniques, showcasing his adaptability and creative prowess.

With an ever-growing international reputation and a series of successful exhibitions in cities like London, Hong Kong, and Dublin, Paul is now preparing for his upcoming show in New York. This exciting event promises to be yet another significant milestone in his remarkable artistic journey.

Business Papers – The Main Talking Points

·   The Business Post reveals why Claire Byrne walked away from the Late Late Show

·   The Sunday Independent reports that Permanent TSB is to create 400 jobs 

·   The Sunday Times says Appeals over the residential-zoned land tax are swamping an Bord Pleanal

·   The Financial Times says US interest rates may be higher for longer 

·   The Wall Street Journal says the US labour market remains resilient

“I won’t answer that question in your country…but a lot of people would say yes.” 

— Donald Trump’s response when asked during his visit to Ireland if US multinationals should pay more tax at home rather than in Ireland.

Business Post

“Revealed: Why Claire Byrne walked away from Late Late” is the cover splash on this week’s Business Post. Donal MacNamee and Killian Woods report that RTE was willing to cut the show’s length, revamp its format and even reduce the number of episodes per season to convince Byrne to be its new presenter. However, it’s claimed that broken promises over her previous Monday night show and concerns over the impact presenting the show would have on her family life made her decide to withdraw from the race. 

“ESB error sees Meta data centre escape millions in energy bills” headlines this week’s other cover story. Lorcan Allen reports that US tech giant Meta has not been charged tens of millions of euros in electricity charges for its Irish data centre over an 18-month period because of an ESB error. ESB Networks said it was resolving the issue, adding that it would recover the funds from Meta. 

The Rio version of Paddy Cosgrave’s Web Summit, which took place last week, is the subject of both stories on page two of this week’s paper. First, Charlie Taylor reports that due to the “antagonistic relationship” between Cosgrave and official Ireland, there was little sight of the IDA or Enterprise Ireland at the event. Separately, Taylor reports that “sound problems, language issues and a transgender incident” blighted the conference. 

In brief
Farmers may get an exemption from the new landing hoarding tax
Supermacs boss and hotelier Pat McDonagh is to provide accommodation for a quarter of his staff due to the housing crisis
The Irish Heart Foundation has called for higher taxes on sugar-saturated energy drinks
Staff at Accenture have been warned not to leak details of their severance packages to the media
Sterling Pharma Solutions plans to invest €30m at its Ringaskiddy facility in Cork
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

“Permanent TSB to create 400 jobs as it shores up ambitious growth plans” headlines the top business story in the Sunday Independent. Sean Pollock reports that Ireland’s third-largest bank is adding 400 new roles in retail, technology, operations and finance.

“Global fund bids to take Spain assets” headlines another of this week’s top stories. Mark Tighe reports that Attestor Capital, an international investment fund with operations in the UK and Ireland, is attempting to seize assets from the Spanish government, claiming Spain has defaulted on its national debt repayments.

Turning to the inside pages, Fearghal O’Connor reports that investment firm Solar 21 is due in the High Court this week to ask a judge to approve a scheme it claims can deliver Irish investors 80% of what it owes them. The company says that unless the High Court approves the plan, it will be forced into liquidation, and investors will only get 12% of their money back.

In brief
Cilter Technologies, which makes child protection software, has raised €1.67m in funding
Ulster Bank’s withdrawal cost its parent company NatWest £49m in the first quarter
Blacklane, the taxi app backed by Mercedes-Benz, is rolling out intercity chauffeur services in Ireland.
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

“Creaking planning system swamped by flood of tax appeals” headlines the top business story in the Sunday Times. Laura Roddy reports An Bord Pleanala is being overrun with objections from landowners, farmers and developers over the inclusion of their lands under the government’s residential-zoned land tax.

“Fall in foreign workers after tech cull” headlines another top story. Linda Daly reports the number of non-EU work permits granted over the last 12 months has slumped by almost a quarter due to hiring cutbacks at the big tech companies including Meta, Google, Amazon and Twitter.

Some retail news and Castore, the UK sportswear brand that supplies kit to the FAI, is planning to open its first Irish store on Grafton Street. Linda Daly writes that the retailer has secured the lease of the old Seasons of Ireland store at 34 Grafton Street.
In brief
Travel software company Datalex is expected to launch a €20m funding round
Tetrarch Capital is planning to develop a €5m solar farm at Citywest
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

“Surge in US jobs damps fed rate cut expectations” headlines one of the top stories in the Financial Times. With the news that the US economy added a higher-than-expected 253,000 new jobs in April, the paper reports that the Fed may now wait longer before deciding to cut interest rates. 

The value of gold is closing at an all-time high due to fears over banks’ health and a resurgent demand from consumers in China. The gold spot price hit $2,072.00 an ounce last week, a whisker away from its all-time high of $2,072.49.

Meanwhile, shares in German sportswear company Adidas jumped last week after it said its struggling Chinese business had “turned a corner”. Shares in the company rose nearly 9% on foot of the news.
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

“Jobs market remains hot despite headwinds” is the top headline in the Wall Street Journal. The paper says that despite fears over the economy’s health, the US labour market has remained resilient, with employers adding 253,000 jobs in April and the unemployment rate falling to 3.4%.

Apple reported its second straight quarter of declining revenue but said sales of iPhones were surging due to strong demand in emerging markets. The tech giant reported a 3% dip in revenues for the first quarter to $94.8bn, but strong sales of iPhones helped it to beat analysts’ expectations.

And finally, do you fancy a trip into space? Virgin Galactic is set to launch its long-awaited monthly space tourism service at the end of June. The company said it already had around 800 reservations charging $450,000 per seat. 
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. 

Shay Dalton 

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.