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Budget 2023, Ronan Group deal, and UK turmoil

Business Today: the best news, analysis and comment from The Irish Times business desk


Clearly the main story this morning is Budget 2023 and if the Government did enough to offset the cost of living crisis. Jack Horgan-Jones has the main points here, while Eoin Burke-Kennedy takes you through the overall package. Fiona Reddan runs the rule over who really came out on top after yesterday’s announcements, while Cliff Taylor gives his verdict on the measures.

You can find much more detail on the budget here.

Away from the budget, Johnny Ronan continues to make news. Ronald Quinlan reports he has struck a deal to take control of the Dublin Waterfront development in the capital’s docklands, clearing the way for his firm to start work on a new office for Citigroup.

The story in currency markets in recent days has been the drop off in the value of Sterling against the US dollar, and while the pound’s plunge is largely the product of the UK government’s so-called mini-budget last week, Martin Wolf explains why the greenback’s strength is impacting country’s around the world.

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While on the topic of the UK’s problems, the Bank of England’s chief economist Huw Pill has called for a “significant monetary response” to the turmoil in bond and currency markets. Traders are betting that means a chunky interest rate hike is coming.

With the energy crisis in full flow, conglomerate DCC has agreed terms to buy PVO International, a Dutch distributor of solar panels, batteries and other products. Joe Brennan has the story.

Joe also reports on Greencoat Renewables move to ask shareholders to sign off on plans that would allow it to invest more in overseas assets. Current rules cap its overseas investments at 40 per cent of its gross assets.

Charlie Chawke is one of the best known publicans in the country, and accounts for three of his pubs show the importance of the Government’s pandemic supports. Ian Curran reports.

Surging commodity prices buoyed Origin Enterprises, which saw revenue increase 41 per cent in a year. Ciara O’Brien has the story.

Ciara also reports that the European Commission has signed off on plans for a €20 million grant scheme to promote development of cultural video games.

The five star Ashford Castle is seeing business rebound after the struggles of the past two years. Gordon Deegan has the story.

Mediahuis Ireland, the publisher of Independent newspapers, is to close its last remaining print site on the island, with The Irish Times taking on printing of the Irish Independent and Sunday Independent among other titles. Laura Slattery has the details.

Finance Ireland profits almost tripled last year as it released part of a provision for bad loans, Joe Brennan writes, while mortgage lending doubled.

The good times keep rolling for Stripe: revenue at the Dublin unit of the online payments company last year jumped by 66 per cent. Gordon Deegan tells us more.

The Irish operation of PayPal increased profits nearly fourfold last year, but plans to cut staff in Ireland may cost it as much as €16 million. Gordon Deegan has seen their accounts.

In Commercial Property, Ronald also reports that Paddy McKillen Jr and Matt Ryan’s Oakmount are seeking a buyer for their Stella Cinema in Rathmines, while Credit Suisse is looking to sell its Chancery Building in Dublin six years after purchasing it.

Meanwhile the former Hibernian United Service Club is on the market for €20 million, while Knight Frank is seeking a final tenant for a newly built office block overlooking the Grand Canal.

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