Central Bank report, mortgage switching. Twitter saga

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


Storm clouds may be gathering around the economy as inflation bites, but the Central Bank still sees employment growing this year. Joe Brennan has the story.

Almost nine out of 10 mortgage holders would save money if they switched to a different lender, a new report from Daft found. But barely 1 per cent will make that switch. Ian Curran reports.

The impact of rising energy prices will be an important story for months to come. Already that impact may be starting to be felt. Barry O’Halloran reports that Electric Ireland estimates about 125,000 of its customer are in arrears.

The so-called big switch continues, as customers move their business from the departing Ulster Bank and KBC. Amid the changes, Joe and Colin Gleeson report that Ulster Bank has extended the deadline it gave clients to move their accounts by a month.

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The Elon Musk/Twitter saga took another twist late on Tuesday, as it emerged that the Tesla boss has told Twitter he does, after all, plan to buy the company at the $44 billion price he offered earlier this year.

Martin Wolf gives his view on the turmoil that has gripped the UK economy since the British government’s budget in all but name 10 days ago.

The latest Exchequer Returns show more tax coming into the Government’s coffers, as Mark Paul reports. Cliff Taylor runs his eye over the returns and shows where it leaves the State’s spending plans for now.

Speaking of the tax take, the Irish unit of pharmaceuticals giant Regeneron paid more than €250 million in corporation tax last year as profits jumped. Gordon Deegan saw the accounts.

Gordon also reports on UFC fighter Conor McGregor’s efforts to copyright his name for business purposes.

Screen Ireland has announced new funding streams worth €3 million, including a pilot fund for gaming projects. Laura Slattery reports.

New data from AIB shows the services sector continues to take on more staff, but as Colin Gleeson reports, confidence is at its lowest level in nearly two years.

The Data Protection Commission has highlighted the possible impact of a “negative outcome” from potential court cases as a potential problem in its latest note of key risks to the DPC. Ken Foxe got his hands on the report.

Tourism to Ireland has not yet hit the heights of before the pandemic, according to Aer Lingus. Barry has the details.

A fascinating report from the ESRI looks at the main indicators that can see a person fall into long term unemployment, and how those indicators have changed since 2006. Colin Gleeson has been reading it.

The European boss of US insurance broker NFP told Joe Brennan he sees the Irish market slowing down, but he’ll continue to buy businesses here.

Cartrawler survived the pandemic and, as Ciara O’Brien reports, it has a new chief executive as Cormac Barry steps down.

In Commercial Property, Ronald Quinlan reports on the shortlist of bidders for what will soon be the former HQ of Citigroup in Dublin, while Paddy McKillen Jr’s Oakmount is looking to offload the Lucky Duck pub in the city centre.

There are some changes in the warehouse sector too, M7 Real Estate paid €7 million for a business park in Churchtown on Dublin’s southside, while on the northside Irish Life has sold three units at Airways Industrial Estate for €14 million.

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