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Construction shrinks again, Monzo names Walsh as US CEO, and why are amateurs still so valued?

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

Activity in the construction sector contracted again last month.

Peter Flanagan's face
Peter Flanagan
Mon Oct 9 2023 - 06:45

Activity in the construction sector softened once more in September, even as there were some signs of optimism for the industry in the latest Purchasing Managers Index. Overall, the headline figure in the BNP Paribas Real Estate Ireland Construction Activity Index in September was 48.6 – below the 50 level that marks the difference between contraction and expansion but up from a reading of 44.9 in August. Dominic Coyle has the story.

Staying with construction, In opinion, BNP Paribas Real Estate’s head of research John McCartney argues that the Dublin office market is in a downswing but the signs are the slide will is unlikely to be deep or long-lasting.

UK challenger bank Monzo named Irishman Conor Walsh to lead its US business as it plots a second attempt at expanding across the Atlantic. The UK neobank hired Walsh from Jack Dorsey’s Cash App, where he had been head of global product.

On Tuesday, Minister for Finance Michael McGrath – followed by Minister for Public Expenditure and Reform Paschal Donohoe – will be setting out the detail of what is, more than likely, the pre-election budget. Conn Ó Midheach has the details of how The Irish Times coverage of Budget 2024 will unfold.

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Business activity contracted again in Northern Ireland last month, with private sector output and new orders falling once more, although employment numbers continued to increase, contrasting with the trend seen across the UK. Laura Slattery reports.

Olympian turned wellness entrepreneur Derval O’Rourke wants to corner the market with her new workplace wellbeing app for SMEs, as her new venture builds on the success of her online community at Derval.ie. Ellen O’Regan reports.

As the trial of former FTX boss Sam Bankman-Fried ramps up, John Gapper assesses the myth of the visionary founder and asks where the line is between entrepreneurship and fraud.

Jamie Miller, who was appointed global chief financial officer of EY in January, quit the accounting firm after less than six months following the collapse of its plan to spin off its consulting business.

Chef Richard Corrigan saw revenues across his hospitality businesses jump to to £15.7 million (€18.5 million) last year, with turnover in the Republic more than doubling. But the cost of opening new restaurants like The Park Café in Dublin and general pressure on costs meant the group made an overall loss. Ellen has the details.

In her column, Pilita Clarke looks at the puzzling mindset that still values the amateur with no experience in their particular field. And why a first class degree doesn’t prepare you or every eventuality.

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