IFAC budget warning, ESB sees cheaper energy bills and managing your home insurance

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

Poll Budget Finance

The Government’s upcoming budgetary package has the potential to “destabilise the economy” and fuel further price increases, the Irish Fiscal Advisory Council, State’s fiscal watchdog, will warn on Wednesday when its leadership appears before the Oireachtas Committee on Budgetary Oversight. Eoin Burke-Kennedy has the scoop.

Eoin also reports that Irish consumers can expect to see cheaper energy bills in the coming months if the current wholesale price trends continue, ESB’s chief financial officer has said after the company reported a profit of €676 million.

Erratic policy shifts and a focus on national security are undermining China’s appeal as a place to do business, according to the group representing European firms in the country. The European Chamber of Commerce in China said Beijing’s mixed messages to foreign investors were fuelling uncertainty and eroding confidence. Denis Staunton reports.

Staying with China, in his column Martin Wolf warns why it is premature to call the end of the country’s economic growth, even if it has deep seated problems.


Global growth is expected to remain “sub-par” in 2023 and 2024 as tighter financial conditions curb demand, the Organisation for Economic Co-operation and Development (OECD) has said. Eoin has the details.

Vodafone is to continue as the principal sponsor of the Ireland men’s rugby team up to 2028, while its branding will also appear on the back of the women’s jerseys under the terms of a new deal it has signed with the Irish Rugby Football Union. Colin Gleeson has the story.

In Money Matters, Brianna Parkins shows how to save on your home insurance, but warns to avoid common pitfalls in the market.

The head of the euro-area agency that deals with bank failures has said he is “reasonably comfortable” with the recovery plans Irish banks have drawn up in the event of another crisis, in advance of the 15th anniversary of the controversial banking guarantee. Joe Brennan reports.

Amazon has been granted permission to build three data centres in Dublin, doubling the company’s capacity at its campus in the next couple of years. Ciara O’Brien has seen the plans.

Larry Goodman family owned property arm, Ternary, has secured planning permission for a new office scheme for Dublin’s Nassau Street and Kildare Street. Gordon Deegan has the story.

The banks behind the Synch mobile payments app, which is designed to rival Revolut, have said they are “exploring alternative” options or business models to bring the project to market in order to avoid having to go through Central Bank of Ireland authorisation. Joe has the story.

In Commercial Property, Ronald Quinlan reports that Larry Goodman’s son, Laurence Jr, looks to have benefited from the current correction in the Dublin office market and the market for older offices particularly, with a €30 million deal for 73 – 83 Lower Mount Street.

Ronald also reports that developers Paddy McKillen jnr and Matt Ryan have secured planning permission from An Bord Pleanála for the development of a luxurious wellness facility, spa and interpretative centre on the lands adjacent to Booterstown Marsh and bird sanctuary in South Dublin, while Richmond Homes, the house building arm of real estate investment firm Avestus Capital Partners, is seeking a buyer for the former St Mary’s nursing home at Pembroke Park in Ballsbridge for €7 million.

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