Tourism Ireland’s climate plan, Pfizer’s job cuts and the economic impact if Trump wins

We begin today with a warning from Tourism Ireland that the chase for growth in visitor numbers from far-flung markets such as Asia needs to be weighed against damage to the environment and the ability of the country to cope. Mark Paul has the story, after speaking to Tourism Ireland CEO Alice Mansergh in London.

Pharmaceuticals giant Pfizer is cutting 100 jobs at its Newbridge plant in Co Kildare as part of a global response to the collapse in sales of its Paxlovid Covid antiviral medicine. Staff at the plant, where around 1,200 people are currently employed, were given the news on Tuesday. Dominic Coyle reports.

The board of Web Summit has pulled funding for The Ditch website, effective immediately, as it seeks to refocus on its core business. Ciara O’Brien reports that the tech events company was the news website’s main backer, with editor Eoghan McNeil saying in April that it had committed to funding of approximately €1 million over five years.

In the latest sign of issues in the commercial property market, Intercom is delaying its move into its new offices, blaming the cost of fitting them out. Instead, as Ronald Quinlan reports, it intends to rent about 14,000 sq ft on St Stephen’s Green on a short to medium-term basis.

The outlook for interest rate cuts is changing - so should Irish borrowers be worried?

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Extend EV grant to second-hand purchases, says PwC

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Card data suggests it’s not all doom and gloom in the hospitality sector

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Latest euro zone inflation figures suggest ECB will move slowly on rates

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Oil and gas companies should consider whether they would deliver more shareholder value by winding down production or diversifying into renewables as the energy transition gathers pace, a new report has said. Eoin Burke-Kennedy reports.

A married couple has brought High Court proceedings claiming the financial fund that acquired their mortgage from a bank is now charging them an “unfair” 8.5 per cent interest rate. As Aodhan O’Faolain reports, the court heard the case brought by Darren Hennessy and Emer Barrett may have implications for thousands of other mortgage holders.

In Money Matters, Briana Parkins looks at how we care for our pets, and why insurance is arguably essential.

In his column, Martin Wolf looks at the potential economic impact if Donald Trump is elected president next year, and the picture is not pretty.

Staying with Trump, his legal woes have been mounting in the United States, but he has secured a rare win with his bid to erect fencing near his luxury Doonbeg hotel and golf resort in Co Clare.

The Government has raised almost €515 million from the sale of a further 5 per cent stake in AIB as the State continues to claw back the bank’s crisis-era bailout. Joe Brennan has the story.

Tánaiste Micheál Martin has told China’s foreign minister Wang Yi that Europe’s “de-risking” policy is not directed at Beijing but is a response to economic shocks including Brexit, Covid and the war in Ukraine. Denis Staunton has been following the Tánaiste.

Joe also reports that IBI Corporate Finance, one of the top deal advisers in the State, plans to double its annual revenue in the coming years after being sold to DC Advisory, an investment bank owned by Japan’s Daiwa Securities Group in a deal understood to be worth north of €25 million.

Environmental restrictions are hindering new forest planting, threatening to derail a €1.3 billion Government plan, industry figures warn. Barry O’Halloran has the story.

As WeWork goes bankrupt, where does it leave the Dublin office market, where it is one of the biggest tenants? Ian Curran runs the numbers.

Elsewhere in commercial property, Sretaw PE (Private Equity), the investment and property development company headed up by Eamon Waters, is understood to be closing in on the acquisition of the Chancery building in Dublin city centre for about €19 million, while a ready-to-go residential site in Mount Merrion is on the market for €1.28m

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