Ireland’s continuing efforts to roll out broadband connectivity across the State is set to cost an additional €80 million funding already provided in the last budget. The National Broadband Plan, if essential, has already been costly – €978 million of subsidy had been paid to National Broadband Ireland to date. But in briefing documents seen by Martin Wall, Minister for Communications Patrick O’Donovan has been made aware of the shortfall.
Investment group Cantor Fitzgerald’s Irish unit has been fined €452,790 over failures to report suspicious stock transactions to regulators. As Joe Brennan sets out, the company breached regulations by failing to put effective governance arrangements in place for suspicious transactions, according to the Central Bank. Cantor has admitted its failure to consistently escalate suspicious transactions internally for a period of more than six years.
Confusion and suspicion reigns around Meta’s controversial decision to scrap jobs in Ireland. Labour Party employment spokesman George Lawlor has pointed to apparent contradictions between what the Facebook owner has said and comments made by Minister for Enterprise Peter Burke. In short, interested parties are keen to assess whether it is a matter of redundancy or not – Meta has said its cuts are related to employee performance – and, indeed, whether it is all legal. Ian Curran reports.
Stripe, the mammoth fintech established by Limerick’s Collison brothers, has seen its valuation rise to a staggering $91.5 billion (€87.3 billion). The latest figure comes as the company reached an agreement with investors to allow it buy shares from current and former staff. Its last valuation was in the region of $70 billion. Ciara O’Brien has the detail.
National broadband project to need a further €80m funding boost
The Irish Times Business Person of the Month: Stephen Garvey, Glenveagh
Germany must integrate and upskill immigrants if economy is to once again prosper
‘Different currency, same people.’ All-island market offers opportunity and challenges on both sides of the Border
Ardagh Group, which rose into one of the world’s largest packaging companies at the hand of Irishman Paul Coulson, has signalled “substantial doubt” over its ability to continue as a going concern amid debt restructuring talks with bondholders. As reported by Joe Brennan, the company had net borrowings of €10 billion by the end of last year, while its parent company ARD Holdings had $12.5 billion of net debt.
Germany may have reunited 35 years ago but politically it remains two countries. However, much of the country is changing. In his column, John FitzGerald looks at the recent political and economic upheaval, how they are related, and how they might be addressed. A fierce German economy built its success on engineering, notably in cars, and despite emerging competition from Japan in the 1980s, its manufacturing skills adapted. In an uneasy age for the European giant, further evolution is required.
How much can you get for a €100 million-plus Dublin office development seven years on? Well, in the case of No 2 Dublin Landings, it seems not a lot. Ronald Quinlan reports that the 2018 sale value of €106.5 million looks like being reduced to about €50 million, a 53 per cent drop.
Mainstream Renewable Power, the energy company founded by Irishman Eddie O’Connor and which has been experiencing ongoing difficulties of late, is set to leave Ireland. News via Joe Brennan is that its chief executive Mary Quaney is stepping down and with her end, comes that of its Dublin office. The latter decision, part of a cost-cutting exercise, will affect about 20 remaining employees.
New data shows that the large majority of €15 billion in cross-Border trade is controlled by locally-owned small and medium-sized firms. Mark Hennessy, reporting on a Belfast conference aimed at encouraging growth along the Dublin/Belfast Economic Corridor, notes comments from of InterTrade Ireland chief executive Margaret Hearty that three-quarters of all companies on the island that start to export make their first sales either side of the border.
At the High Court, Web Summit’s three co-founders, entangled in ongoing litigation, have agreed “in principle” to enter mediation. Fiachra Gallagher reports on how evidence in five separate actions – brought by Paddy Cosgrave, Daire Hickey and David Kelly – are otherwise due to be heard over the course of a nine-week civil trial.
Cairn Homes chief executive Michael Stanley has said he can “absolutely guarantee” that its housing commencements are real, with units actually being built – “Sadly that’s not probably true of the broader industry.” Eoin Burke-Kennedy looks at the company, and Stanley’s comments, following its latest results for 2024 with 4,100 new home commencements in 2024.
Gannon Homes, meanwhile, which has reached a deal to exit the National Asset Management Agency, has seen its pretax profits fall 40 per cent to €3.39 million in 2023. New accounts, reported by Gordon Deegan, reflect a drop in revenues of 7 per cent to €51.97 million.
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