IDA warning, Microsoft job cuts, and Dublin Airport charges

The interim head of IDA Ireland has warned there may be more job losses to come while the pipeline of inward investment to the country has weakened. Mary Buckley spoke to Joe Brennan at the World Economic Forum in Davos.

Ms Buckley’s comments came hours before it emerged that Microsoft is planning thousands of job cuts globally, a move which may have significant implications for Ireland.

Staying with Davos, Joe also reports on Ukraine First Lady Olena Zelenska’s appearance at the forum, where she warned that Russia will not stop at Ukraine if it wins the war. He was also in the room to hear China’s vice-premier, Liu He, claim his country has moved beyond the peak of a wave of Covid-19 infection that took hold after a policy of tough controls was abandoned early last month.

In his Davos diary, Joe reflects on the priorities of the forum this year and looks at the star power, or lack of it, in the village this time around.

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Away from the Swiss Alps, European Central Bank chief economist and former Irish central bank governor Philip Lane has warned the ECB will have to increase interest rates to a point where economic growth will be restricted across the euro area to throttle soaring inflation.

In Ireland, at least, inflation is showing signs of having peaked for now. Eoin Burke-Kennedy reports that consumer price rises continued to slow in December, data from the Central Statistics Office showed.

UK insurer Gallagher has added another Irish business to its expanding portfolio here. Ian Curran has the details.

Passenger charges at Dublin Airport have long been a sticking point for airlines. The new CEO of the Dublin Airport Authority, Kenny Jacobs, will warn an Oireachtas committee today that they need to increase for the airport to maintain services. Barry O’Halloran reports.

Barry also reports that Aengus Kelly, who heads AerCap – the world’s biggest aircraft lessor – sees a rebound in air travel as people prioritise it over physical goods after years of pandemic restrictions.

Permanent TSB has a new chairperson, with Julie O’Neill set to lead the board. Ciara O’Brien has the story.

Elon Musk took on billions of debt to finance his takeover of Twitter, and now he faces dwindling options as some of it becomes due for repayment. Musk also faces a lawsuit over his tweets in 2018 implying he was set to take Tesla private.

A PwC report warns that Ireland’s tech ecosystem needs huge investment to hit climate targets. Colin Gleeson reports.

Amid a slew of planning disputes holding up renewable energy projects, Paul Carson, the head of Strategic Power Projects, has warned vital infrastructure developments should not be held up because of objections by what he described as the “few.” Gordon Deegan has the story.

Gordon also reports that Goldman Sachs has won approval to build a slew of homes at the Blanchardstown Centre in Dublin.

Local Enterprise Offices supported more than 37,000 jobs in Ireland last year. As Ian writes, that’s an increase of 10 per cent year-on-year.

In her column, Sarah O’Connor looks at US regulator’s plans to ban non-compete clauses in contracts. What sort of impact may such a change have?

In Commercial Property, Ronald Quinlan reports that Tetrarch Capital plans to sell the Dawson Hotel after abandoning redevelopment plans, while Developer Charles O’Reilly Hyland has paid about €9 million to secure ownership of a prime 0.12-hectare (0.3-acre) site with development potential in Dublin city centre.

Finally, the answers to Ciaran Hancock’s Christmas Quiz along with its winners, can be found here. See if this was your lucky year.

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