Apple tax case begins, housing affordability, and budgeting without feeling miserable

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

Apple told the European Union’s highest court that it is paying €20 billion in tax to the United States on the same profits that the European Commission argues should be subject to back taxes of €13.1 billion in Ireland, as the commission appeals the case’s dismissal. Naomi O’Leary was in court for the hearing, and analyses how Ireland is not the only EU country with an interest in the case.

House price affordability is only going one way: the typical, or median, income of first-time buyers of new properties in Ireland is now over €90,000, according to a report by the Banking and Payments Federation Ireland. Eoin Burke-Kennedy has read the report.

In Money Matters, Brianna Parkins outlines why we all should be doing a household budget, but more importantly tells us how to do it.

The US debt ceiling saga continues: Republicans who control the House of Representatives in Washington and the Biden administration are not close to a deal on avoiding a potentially hugely damaging debt default, speaker Kevin McCarthy has said. Martin Wall reports.


Former Department of Finance official Neil Ryan has been tapped to lead a bid by Bloomberg and two other companies to dramatically boost the transparency of more than €100 trillion of annual trading in EU government and company bonds. Joe Brennan reports.

Bank of Ireland chief executive Myles O’Grady insisted on Tuesday the group needs to maintain the “right balance” when raising mortgage and savings rates, as moving too aggressively on loans could trigger affordability issues for borrowers. Joe has the story.

One thousand employers have signed up for an Irish Life master trust that will consolidate management of workplace pension schemes as new regulations come into effect. Dominic Coyle reports.

Local residents are opposing plans by Shannon Homes for a 402-unit apartment scheme at Taylor’s Lane, Ballyboden in South Dublin. Gordon Deegan has seen the plans.

Gordon also reports that TikTok is seeking to do away with a planned public cafe at its new Dublin HQ amid security concerns.

The Supreme Court has agreed to hear a further appeal in a dispute between two insurers over which must provide an indemnity for devastating injuries caused to a bin company worker. Ellen O’Riordan was in court.

Noel Smyth’s Fitzwilliam Real Estate has been given the green light for a nine-storey, 245-bedroom “lean luxury” hotel above Arnotts in Dublin. Gordon has the story.

In commercial property, Ronald Quinlan reports that Oakmount, the vehicle controlled by Paddy McKillen Jr and Matt Ryan, has pulled out of a deal for a block on St Stephen’s Green. Ronald also reports that Irish Water has begun to look for a new headquarters, while the man behind Elverys is a key investor in a deal for the former Debenhams in Cork.

Finally renowned deal-maker and former IBI Corporate Finance managing director Richard Hooper has died. As Colin Gleeson reports, Mr Hooper enjoyed a stellar career in corporate finance as one of the very first employees of IBI.

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