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Musgrave franchisees face big bills, DAA penalty, court ruling’s implications for Irish living in US

Business Today: the best news, analysis and comment from The Irish Times business desk

A number of franchisees operate stores under the SuperValu brand

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Peter Flanagan
Wed Mar 1 2023 - 06:50

Swathes of small businesses operating Musgrave franchises were left facing huge energy bill hikes after supplier Energia ended a deal with the supermarket group last year, it has emerged. Barry O’Halloran has the story.

Barry also reports the Commission for Aviation Regulation has penalised the operators of Dublin Airport €3.1 million worth of passenger charges for the queues and poor hygiene at the hub last summer. Barry O’Halloran has the story.

The Kerry-based hotel group that operates the five-star Hayfield Manor in Cork City last year enjoyed a post-Covid-19 lockdown bounce as pretax profit jumped 21 per cent to €5.03 million. Gordon Deegan has read the accounts.

The head of Dalata, the biggest hotel operator in the state, has called accusations of price gouging by the hospitality industry “not fair,” as the company reported adjusted operating profit rose 10 per cent in a year to €183.4 million. Ian Curran and Ciara O’Brien have the story.

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Irish emigrants living in the US who retain bank accounts at home and fail to notify the US authorities run the risk of significant penalties. But a ruling in the US Supreme Court on Tuesday may reduce the financial pain. Dominic Coyle reports on the court’s ruling, and the implications for Irish in the US.

Ian also reports that business group Chambers Ireland claims the housing crisis is now so acute that some multinationals have even considered buying out entire housing estates to accommodate their workers.

The Irish manufacturing sector returned to expansion mode in February, with businesses reporting the first rise in new orders since May despite a further decline in global demand for Irish-made products, according to AIB.

In Money Matters, Brianna Parkins highlights the importance of maintaining your credit rating, and what you can do if you fall behind on your debts.

In her column, Sarah O’Connor investigates why workers are the sickest they have been in generations, and what can be done to help them.

More than half of Irish professionals plan on looking for a new job in the first six months of this year, according to a major report by global recruitment company Morgan McKinley. Colin Gleeson has the details.

Colin also reports that total spending on debit and credit cards rose by 16 per cent, or €1.1 billion, in January compared with the same period last year, according to data from the Central Bank. That report came as the CSO said retail sales rose fractionally in January as consumers spent more on clothing, footwear and furniture despite the cost-of-living squeeze. Eoin Burke-Kennedy has that story.

Eoin also reports that the Central Statistics Office found average weekly earnings in the Irish economy rose by 4.2 per cent to €900.26 last year.

Revolut has had two of its Irish companies struck off after it dropped its plan for an e-money licence in Ireland. Ian has the story.

In commercial property, Ronald Quinlan reports that the former Hibernia Reit is to seek a buyer for a portfolio of 293 rental apartments it owns in Dundrum in south Dublin, while The Barge, a Dublin-pub formerly owned by Sean Quinn, has been sold for close to €4 million.

Ronald also has the details of a portfolio of retail properties in Cork City on the market for more than €25 million, as well as the former home of the Green 19 restaurant in Dublin is also on the block.

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