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Ireland awaits anti-money laundering agency vote

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

European Commissioner for Financial Stability, Financial Services and Capital Markets Union, Mairead McGuinness has led the creation of the new Anti-Money Laundering Agency.

Peter Flanagan's face
Peter Flanagan
Thu Feb 22 2024 - 06:21

Ireland has a somewhat chequered history securing offices of EU bodies, and that could continue with the bloc’s anti-money laundering agency. Naomi O’Leary reports it faces a difficult battle to win the headquarters of the new agency that would bring 400 jobs to Dublin, faced with scepticism in the European Parliament and heavy lobbying by France and Germany. The 27 EU member states and representatives of the parliament’s political groups vote together in a secret ballot on Thursday.

Planned curbs on short-term letting will tighten the squeeze on tourist accommodation by stripping the Republic of self-catering properties, tourism chiefs have warned. Proposed laws will require anyone offering short-term lets to tourists to register the property with Bord Fáilte, while they may also need planning permission to continue the practice. Barry O’Halloran has the details.

Irishman Padraig McDonnell has been named the new chief executive of Agilent Technologies, a €37 billion company that provides software and services to laboratories, making him the second Irish CEO of a Fortune 500 company. Karlin has the story.

Barry also reports that Aer Lingus pilots have pledged to continue seeking a pay increase of more than 20 per cent as their dispute with the airline looks destined for the Labour Court. The Irish Airline Pilots’ Association (Ialpa) and Aer Lingus agreed to refer the pay row to the court after talks at the Workplace Relations Commission (WRC) ended without resolution this week.

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House prices appear to be on the up again. Prices nationally rose by 4.4 per cent last year defying the impact of higher interest rates and a cost-of-living squeeze. The latest residential property price index for December showed annualised house price inflation has now risen for four consecutive months. Prices were also up by 1.5 per cent on a monthly basis, the fastest level of monthly growth seen in nearly two years. Eoin Burke-Kennedy has the story.

The State’s public debt has continued to fall since the peak of the pandemic but remains among the highest per capita in the developed world, according to the Department of Finance’s annual report on public debt. As Harry McGee reports, public debt stood at an estimated €223 billion at the end of 2023, down from a high of €236 billion in 2021 at the height of the Covid shutdown.

Cantillon notes the Government’s very different response to rising house prices compared to previous administrations, while also highlighting how startups are getting advice to look to the bright lights of global cities like London to expand their business.

In her column, Karlin Lillington assesses how ready Coimisuin na Mean is to implement the upcoming EU Digital Services Act. It is a daunting task.

Meta shares surged this month after it said it would pay its first dividend, but Chris Horn asks an important question? Does this signal innovation is over at Meta?

Despite recent controversy, data centres “are a good thing” and Ireland should accommodate them “as much as we can”, according to the IDA’s new chairman. Feargal O’Rourke told the Oireachtas enterprise, trade and employment committee on Wednesday that as long as the country hits targets for renewable energy production by 2030, more data centres could be accommodated here, although it may be a “bumpy” ride in the interim if data centre energy demand gets ahead of supply. Ellen O’Regan reports.

Accountancy firm Azets Ireland has agreed to merge with rival PKF O’Connor, Leddy & Holmes in a deal that almost doubles its workforce to 220 and marks an acceleration of consolidation in the sector. Joe Brennan has the story.

Former Permanent TSB (PTSB) chief executive David Guinane is being “singled out” and subjected to an “unfair” process as the Central Bank pursues him for his alleged role in the industrywide tracker mortgage issue, his lawyer told a public inquiry into the matter that opened on Wednesday. Joe was in the room.

What do you do with your old tech? And perhaps more importantly, how do you make your old tech last longer? Ciara O’Brien takes you through you can make your devices go further and save you money in the process.

Th High Court has ruled Bank of Ireland must disclose more information for a case taken by a company representing former J&E Davy investors who claim the bank still owes some €19.7 million for the purchase of the stockbrokers, a judge ruled. The case stems from the fallout from that deal which saw the bank buy Davy for €427 million.

Ahead of its €300 million takeover, pretax profits at the Co Galway-based Chanelle Pharma group decreased by 42 per cent to €13.7 million last year due to higher costs. Gordon Deegan has read the accounts.

Operating profits at the Irish arm of German travel company TUI jumped by 50 per cent last year to €4.9 million, as the company said it saw a “strong trading performance” despite challenges faced by the global travel industry. Ellen has the details.

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