BNY Mellon sets up Dublin AI hub, Revolut’s Irish business customers, and tax-free gains

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

BNY Mellon, one of the largest international financial services employers in Ireland, has set up a new digital R&D hub in Dublin to drive innovation in artificial intelligence and data analytics for its clients globally. It will employ 30 staff initially and marks an €8 million investment, supported by IDA Ireland. Joe Brennan reports.

In our personal finance feature, Fiona Reddan looks at how to make tax-free gains – from luxury goods to Lotto wins.

In our second Q&A this week, a reader asks how a Fair Deal application for his father, who is in a nursing home, will ultimately affect the family home. Dominic Coyle offers some guidance.

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Revolut continues to amass customers in Ireland with more than 5,000 Irish businesses joining the payments platform in the past year, a 50 per cent increase on the first quarter of 2022. Eoin Burke-Kennedy has the details.

In a development last night, Denis O’Brien’s Digicel said bondholders in the holding company at the top of the deeply distressed teleco have agreed to write down part of what they are owed, as the group continues talks on a wider restructuring that will see the businessman cede a 90 per cent stake. Joe Brennan has the details.

U2-backed accelerator Endeavor Ireland has joined forces with Big Four accounting firm KPMG and international law firm Maples to identify and mentor high-impact entrepreneurs across the country. Dominic Coyle reports.

Blocking cancer treatment for members when you are a private health insurer is not a good look, especially when your biggest rival - VHI - is name-checked as being more accommodating. Cantillon looks at the recent controversy that has put Laya and Irish Life Health in the spotlight.

British broadcaster ITV will be hoping that its popular Love Island reality show can distract from the controversy surrounding its daytime programme, This Morning, writes Laura Slattery.

In Me & My Money, Olivia Buckley, founder of Olivia Buckley International, a company that specialises in luxury destination events and weddings, tells Tony Clayton-Lea that the only gamble she has ever taken was “launching my business during a recession”.

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