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Central Bank report, IMF warning, restaurants in crisis

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

An attendee walks outside the 2022 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington (Patrick Semansky/AP)

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Peter Flanagan
Wed Oct 12 2022 - 06:40

The economy is facing some pretty stiff headwinds and a lot of companies are already in trouble as it is. Indeed, the Central Bank estimates as many as 10,000 firms are already financially distressed as a result of the pandemic. Eoin Burke-Kennedy reports.

Eoin also reports on some harrowing commentary from the IMF: the fund says next year will feel like a recession around the world, as the global economy faces a perfect storm of threats.

Martin Wolf notes that the IMF’s warnings show war and disease are now shaping the world economy.

The UK’s financial turmoil continues. After the Bank of England intervened in the British government bond market again on Tuesday, the bank’s governor Andrew Bailey warned it won’t do it again.

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Closer to home, Mercer has warned on the long term sustainability of the State pension fund. Dominic Coyle has the details.

As the cost of living crisis bites, the restaurant sector in particular has come under significant pressure. Numerous venues have closed already, and as Ian Curran reports, there is likely more strife ahead.

Ulster Bank has gone to court to dispute rulings by the financial ombudsman tied to tracker mortgages. Joe Brennan was in the courtroom.

New York-based Cerberus Capital Management has bought millions of euro worth of mortgages here in the years since the crash. Barry O’Halloran has read the accounts of one of its subsidiaries here.

When designer Orla Kiely’s retail business collapsed in 2018 it seemed to take the sector by surprise. Now the administrators of the company have paid a dividend to some investors. Gordon Deegan reports.

In Germany, Derek Scally reports on the reported shift by chancellor Olaf Scholz in favour joint EU debt issuance amid the energy crisis.

About 230 objections have been submitted against the latest plans to build more than 500 apartments in Raheny on Dublin’s northside. Gordon Deegan has the details.

The Banking and Payments Federation of Ireland has warned temporary Government supports to ease the impact of high energy prices could end up becoming something akin to permanent. Colin Coyle has the story.

Sandwich maker Greencore saw its revenue rise in the past year as it continues to recover from the pandemic, Ciara O’Brien has the report.

Gordon Deegan reports on RTE’s commercial division, which saw its profits rise last year on the back of hits such as gangland drama Kin.

Microsoft is putting €3 million into its education and innovation hub Dream Space to expand it in the next three to four years. Ciara O’Brien reports.

Ciara also reports on Belfast-based MOF Tech, which has raised about €5 million and plans to double its headcount.

A dispute at the heart of the family that controls the Ward cinema group has been ordered for a rehearing. At stake: shares worth €31.5 million.

In what is unquestionably good news, Ciara reports on a new report that shows girls are more and more interested in careers in IT and STEM.

The Winklevoss’ twins are famous for contesting whether they had a role in founding Facebook. They’ve since moved into cryptoassets, and Ian Curran reports their Gemini exchange has opened an Irish office.

In commercial property, Ronald Quinlan reports on who is bidding for the former flagship Debenhams stores in Dublin and Cork, while Gorey Shopping Centre has changed hands.

And finally German investor Patrizia has paid €60 million for an office block in Dublin 8.

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