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Central Bank sees economy slowing, pensions row and a stellar year for Irish TV

The best news, analysis and comment from The Irish Times business desk

Roisin Gallagher as Shiv Sheridan in The Dry, one of the top TV shows of the year. Photograph: RTE

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Peter Flanagan
Tue Dec 19 2023 - 06:38

The trustees of an Irish pension scheme operated by packaging group Amcor are challenging the company’s decision to end contributions to the plan in the courts. Barry O’Halloran reports on a story that could have implications for pensions across the country.

The Irish economy has shifted on to “a slower growth path” reflecting the impact of higher interest rates and a slowdown in global economic activity, the Central Bank has warned. As Eoin Burke-Kennedy reports, the regulator said the economy as measured by gross domestic product (GDP) was likely to contract this year for the first time since 2012. GDP, the standard yardstick for economic growth, is expected to shrink by 1.3 per cent in 2023 after growing by 9.4 per cent last year.

In her column, Laura Slattery reflects on what has quietly been a stellar year for Irish TV drama.

The Ireland Funds America charity provided philanthropic grants worth $16.5 million (€15.1 million) to 239 Irish-based organisations last year, the group’s latest accounts show. However, this was down on the previous year from the $17.7 million distributed in 2021. Eoin has the details.

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In Your Money, Dominic Coyle answers a question on the tax implications of moving into a grandparent’s house, and also seeks more clarity on CRH’s payouts to shareholders.

In her end of year column, Fiona Reddan looks at the big themes for personal finance in 2023, and what lies ahead for 2024.

Almost 31,600 new houses have been built in the 12 months ended September, up from about 27,500 in the 12 months previous, according to a report by lobby group Banking & Payments Federation Ireland. Colin Gleeson has the details.

Cantillon assesses the Central Bank’s comments and asks where they fit in with other economic forecasts, while also looking at Permanent TSB’s path to greater profit and shareholder payouts.

Pretax profits at the Irish business of so-called football super agent Jorge Mendes last year surged by 40 per cent to €35.2 million. As Gordon Deegan reports, new accounts filed by the Dublin based Gestifute International Ltd show that it recorded the €10 million jump in pretax profits as revenues increased by 29 per cent from €30.03 million to €38.86 million.

A senior manager at a Chinese-owned personal protective equipment firm who had agreed to a 50 per cent pay cut only to get no pay at all for eight months, has won €88,000 for unfair dismissal and breaches of wages law. Stephen Bourke reports.

A Canadian activist investor in Ires Reit has called on the Republic’s largest private residential landlord to hold an extraordinary general meeting, at which it aims to replace five directors and push through a resolution for the business to be taken private, sold or broken up over two years. Joe Brennan reports.

Just five large multinational enterprises accounted for 43 per cent of Ireland’s goods exports last year, according to new data from the Central Statistics Office. Eoin has the story.

Eoin also reports that CSO data shows households paying a mortgage experienced a significantly higher rate of inflation in September.

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