Patrick Kielty would welcome Ryan Tubridy as Late Late Show guest

Patrick Kielty would welcome Ryan Tubridy as a guest on The Late Late Show but otherwise the RTÉ payments scandal is not his business, the incoming chatshow host has told the Business Post.

“Like any talkshow host in Ireland, of course you’d have Ryan on as a guest. Whether Ryan would come on as a guest, that’s a question for Ryan,” he told the title’s magazine.

The Co Down comedian said it had been “pretty easy to navigate” the controversy over the summer as he began preparing for his new role.

“All of this, it’s noise, it’s background noise. It’s important background noise, but I think you can only really look after your own stuff. I think if someone decides to come on The Late Late Show, sit in a chair and wants to talk about that, then it becomes my business. Until then, it’s not my business.”

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Mr Kielty made similar comments about the payments scandal not being his business in interviews with The Irish Times on Saturday, the Sunday Times and RTÉ's Sunday with Miriam.

Exports rise

Irish exports to countries linked to Russia have soared, creating a “risk of circumvention” of sanctions against the country, reports the Sunday Independent.

Exports to Kyrgyzstan, Armenia, Georgia, Kazakhstan, Azerbaijan, Turkmenistan and Uzbekistan have more than doubled since before the pandemic, it said, citing figures from the Central Statistics Office (CSO).

Outgoing trade to the seven countries increased to almost €165.2 million last year, up from €92.8 million in 2019.

According to the Department of Enterprise, Trade and Employment, the countries have been identified by the EU as states in which there is a “risk of circumvention of the sanctions against Russia”.

Budget 2024 moves

The Government is planning to implement the most significant cut to the Universal Social Charge (USC) since its introduction, according to the Business Post.

It will also raise the point at which people start paying the higher rate of tax as part of an expected €11 billion budget package next month, the newspaper said, citing conversations with six Government Ministers.

Cutting the USC has emerged as the preferred taxation option within the Coalition as Minister for Finance Michael McGrath prepares to deliver his first budget since inheriting the portfolio from Paschal Donohoe.

The Business Post said it had also learned that there is “considerable unrest” among Ministers as the scope for further budget measures has been threatened by the sizeable deficit at the HSE, with this situation worsening over the summer months.

ACMS valuation

ACMS International, a Limerick-headquartered global provider of environmental services software, has achieved a valuation of more than €1.3 billion after bumper fundraising last year, according to the Sunday Times.

Two US venture capital funds each committed more than $100 million, it said.

Newly filed accounts reveal that the company, headed by Co Tipperary entrepreneur Jimmy Martin, spent €470 million on three acquisitions last year: German environmental health and safety software developer Quentic, US asset management software developer Utility Cloud and Canadian payments company Merchant Broker.

Bank levy

More than doubling the bank levy would be “manageable” for Ireland’s two largest banks given their significant profitability, according to analysis from investment bank Barclays reported by the Sunday Independent.

Barclays has looked at a number of scenarios including the levy being increased from last year’s level of €87 million to €200 million. Historically, the levy was €150 million but the amount dropped as the number of banks operating in Ireland decreased.

“In light of significant profitability in 2024 (estimated), with ongoing net interest income benefits from higher rates, we think an increase in the levy would be manageable,” the note reads.

According to its forecasts, a higher levy would take 2-3 per cent off earnings per share at AIB and 1-2 per cent at Bank of Ireland.

Hotel loans

Signal Capital, a UK real estate investment fund, is charging interest of 15 per cent on loans given to a portfolio of hotels within the Press Up hospitality group, reports the Sunday Times.

At the end of 2022, Willow Impact, a subsidiary of the group, owed the Signal Alpha II fund €53.2 million, accounts just filed show.

The so-called mezzanine debt was raised as part of a refinancing package for six Press Up properties, including the Dean hotels in Galway and Cork, the Devlin in Dublin, the Glasson Lakehouse hotel and golf resort in Co Westmeath, the Mayson hotel in Dublin’s docklands and the new Leinster hotel being developed at the former Howl at the Moon site off Dublin’s Merrion Square.