Fears growing over future of Credit Suisse’s Irish business

Fears are growing for Credit Suisse’s Irish business, the Sunday Times reported. The crisis-hit bank is preparing to shut its prime brokerage unit, the sole focus of its Dublin branch. The move will result in the loss of 50 jobs and comes amid a radical restructuring of the Zurich-based lender, the report said.

Credit Suisse reported its biggest loss since 2008 last week. The bank signalled in November 2021 that it intended closing its Irish prime brokerage desk, which serves hedge funds, but did not say when. The bank has also remained silent about the strategy for the Dublin branch, raising fears it does not intend to replace the prime brokerage business, which was set up in 2016 to much fanfare, the Sunday Times added.

Revenue eyes taxing Deliveroo drivers at source

Deliveroo drivers and other casual self-employed workers could be taxed at source if the Revenue gets its way, the Business Post said.

Gig economy workers, including the 1,000 or so Deliveroo drivers in the Republic, are self-employed so tax is not deducted from their pay. However, Business Post reported that Revenue documents briefing the Dáil’s Committee on Public Accounts showed that it wanted these workers charged a basic tax rate that would include “income tax, USC and PRSI”.

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Hotel group plans to build apartments in Dublin city

A company linked to the family behind the O’Callaghan Collection of hotels is planning to build apartments in Dublin city centre, the Sunday Independent reported.

Earlier this month, Gold Run Properties, which counts hotelier Noel O’Callaghan as a director alongside some of his family, applied to Dublin City Council seeking to build 87 apartments. The proposed development would take place on Fenian Street, not far from The Alex, one of the O’Callaghan Collection’s hotels.

The company is looking to demolish the buildings that are currently on the site, according to the report. O’Callaghan Collection is a group of five hotels in Dublin and Gibraltar.

BP-backed company weighs plan for refinery in Cork

A BP-backed biofuel supplier is weighing plans for a refinery in the country’s biggest harbour, the Sunday Independent reported. British-based GBF is spending €20 million on a biofuels terminal in Cork Harbour meant to serve as a hub for exports around Europe.

The company told the Sunday Independent that there was potential for more investment in Cork, including a biofuels refinery for the Irish market.

The report said the terminal would act both as an import point and as a blending and export facility for treated vegetable oil. It took its first delivery last month and should be operating fully by the end of March.