Intel’s Irish expansion, Microsoft’s Irish profits and banks’ cash for fossil fuels

Intel affirmed its plans to create 1,600 jobs at its Irish operation and double its manufacturing space as part of a global strategy to ramp up its chip manufacturing capabilities. New chief executive Pat Gelsinger's bid to turn the company's fortunes around could provide "additional opportunity for investment", said Intel Ireland general manager Eamonn Sinnott.

The world's largest 60 banks have pumped $3.8 trillion (¤3.2 trillion)into the fossil fuel industry in the five years since the Paris climate accord, according to a new report that reads as a damning indictment of global efforts to combat climate change.

Indeed, fossil fuel financing was higher in 2020 than it was in 2016, Eoin Burke-Kennedy reports.

Penneys, the Irish fast fashion retailer extraordinaire, is keeping its expansion plans for Dundrum Town Centre on hold as it deals with the impact of the Covid-19 pandemic, reports Fiona Reddan reports.

Intel to create 1,600 Irish jobs under global expansion plan

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World’s top 60 banks pump $3.8tn into fossil fuels since Paris accord

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Microsoft Ireland’s pretax profit rises to €2.2bn amid higher cloud demand

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Leon Black steps down from senior roles at Apollo Global Management

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Meanwhile in her column, Fiona explains why the online shopping model has long been rejected by the purveyors of pyjamas, leggings and fluffy cushions.

In our commercial property section, Ronald Quinlan reports that German investor Union Investment has paid over €200 million to acquire 435 apartments and a health centre being developed by Sean Mulryan's Ballymore Group at Royal Canal Park in Ashtown, Dublin 15.

Pretax profits and revenue at Dublin-based Microsoft Ireland Operations Limited both climbed in the year to the end of June 2020, as demand for cloud services – in part due to the working-from-home phenomenon – fuelled growth at the tech giant's Irish subsidiary. Ciara O'Brien has the details.

University College Dublin (UCD) agreed to run educational courses for regulatory officials in African and South American countries where Tullow Oil operates, as part of a previous €2 million agreement with the company. Jack Power reports.

And finally, anyone with €500,000 spare for a cat meme? How about €3.4 million to buy an, er, tweet? Welcome to the crazy world of non-fungible tokens (NFTs). In her technology Q&A, Ciara O'Brien explains it all.

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