The Royal Irish Automobile Club and local investment group Tetrarch have abandoned a plan to develop their adjoining premises on Dawson Street and Anne's Lane in Dublin due to a rise of €14 million in the construction bill and uncertainty over the future of tourism in the city. Ciarán Hancock reports.
Irish authorities need to process 10,000 work visas over the next nine months if businesses in the tourism sector are not to face closure because of staff shortages, according to a recruitment agency that specialises in sourcing staff for the hospitality industry. Dominic Coyle has this news story, while Sarah O'Connor writes from the UK with a partial solution: allow asylum seekers who are waiting for a decision on their applications to work immediately, rather than making them wait at least 12 months (in Ireland, the wait is six months).
KBC Bank Ireland has been accused of showing "complete contempt" for staff and industrial relations processes in Ireland, following its refusal to attend a Labour Court hearing to discuss matters relating to its departure from the Irish market. Eoin Burke-Kennedy reports.
Revenues at the company behind the Five Guys restaurant franchise in Ireland "have been growing month on month" since indoor dining was allowed to resume last July, but new accounts show the business recorded post-tax losses of €949,205 in the 15 months to the end of June, reports Gordon Deegan. Meanwhile, accounts for Paddywagon show the tour bus operator suffered a €10.75 million or 77 per cent hit to revenues in 2020 due to the Covid-19 pandemic.
Creditors of Mallinckrodt, the Dublin-based but US-run drugmaker, would face a $5.24 billion (€4.6 billion) financial shortfall if the Irish High Court does not approve a debt restructuring plan and the company succumbs to liquidation, Joe Brennan reports.
Developer Johnny Ronan's Ronan Group Real Estate (RGRE) and US fund Fortress Investment have stepped up plans to bring three of Dublin's foremost properties to the market, which together could command a figure in excess of €1.3 billion, Ronald Quinlan reports.
In other commercial property news, the Dublin headquarters of leading Irish law firm Byrne Wallace have been brought to the market at a guide price of €45 million, while French investor Corum Asset Management has paid €23.5 million for the Marshalsea Building at Merchant's Quay in Dublin city centre. Fiona Reddan has the details.
Irish property company Iput Real Estate has entered into a partnership with A&L Goodbody with the aim of creating Ireland's most sustainable building, through the redevelopment of the law firm's headquarters in Dublin's IFSC. Ronald also has this story.
And finally, do you know what "responsible investing" is? If not, you are among the majority of Irish savers, who are a bit confused over what it, and the acronym ESG (environmental, social and governance) actually means, according to a new survey by the Irish arm of global investment firm Amundi. Eoin Burke-Kennedy reports.
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