Business Today Newsletter

Mortgage drawdowns slump, Michael O’Leary’s pay increase and the cost of moving to Australia

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

The volume of mortgage drawdowns slumped in the second quarter of this year.

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Peter Flanagan
Wed Jul 26 2023 - 06:58

The number of mortgages drawn down in the second quarter of 2023 slumped almost a fifth, the first time there has been a contraction since the onset of the Covid-19 crisis, new data shows. Colin Gleeson has the story.

The International Monetary Fund has slightly raised its forecasts for global growth this year but warned that the outlook remains “weak by historical standards” with inflation proving more persistent than previously anticipated. Ian Curran reports.

Ryanair group chief executive Michael O’Leary saw his base pay more than double to €1.2m – or just over €23,000 per week – in his latest pay deal with the airline. Gordon Deegan reports.

There has been a steady stream of emigrants from Ireland to Australia and that is set to continue. But what are the costs involved? Brianna Parkins outlines what you need to consider if making the move.

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It’s been a trend since the pandemic that looks set to continue: half of people in Ireland carry no more than €20 in cash in their wallet, while one in five people never carry cash, according to a recent survey by Royal London Ireland. Ellen O’Regan has the details.

Business groups have paid tribute to Liam Smyth, director of Irish-based multinational chain, Smyth’s Toys, who has died. Mr Smyth, of Brookhill and formerly Main Street, Claremorris, Co Mayo, passed away peacefully at the weekend. Barry O’Halloran reports.

In her column, Sarah O’Connor asks who is at fault for the UK being stuck in a spiral of low wage jobs and unaffordable housing.

Businesses have been warned to familiarise themselves with new rules for pan-European patents that have been brought in across a number of EU states. Ciara O’Brien has the details.

Gordon also reports that accumulated profits at the main firm owned by former Irish rugby international Brian O’Driscoll increased to €9.66 million last year, even as his earnings appeared to dip during 2022.

Greencore said its underlying sales for the third quarter of its financial year rose by 9.3 per cent, as the company continued to pass on its own rising costs and customers increasingly bought its sandwiches as part of supermarket meal deals. Joe Brennan reports.

Joe also has the details on Corre Energy, a Dublin-listed energy storage developer for renewable power firms, and its plans for international growth with its first US investment.

Carlow-based concrete and quarrying giant Dan Morrissey Ireland Ltd (DMIL) is to have its main asset put up for sale, Ronald Quinlan reports. The move comes just under nine years after it fell into receivership on foot of an undischarged debt of €25 million to AIB.

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