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Central Bank inquiry, CIF warning and should you have a joint bank account?

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

Members of the US House of Representatives hard right Freedom Caucus at a press conference on Tuesday where they pledged to oppose the planned deal to avert a US default. Photograph: Chip Somodevilla/Getty Images

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Peter Flanagan
Wed May 31 2023 - 06:31

The Central Bank of Ireland is poised to set up a public inquiry in the coming weeks into RSA Insurance Ireland’s former chief executive Philip Smith for suspected regulatory breaches relating to accounting issues at the general insurer a decade ago. Joe Brennan has the scoop.

The Government’s proposed land value sharing tax on land rezoned for housing could add up to €35,000 to the cost of a home, lobby group the Construction Industry Federation has warned. Eoin Burke-Kennedy reports.

Thinking about setting up a joint bank account? In Money Matters, Brianna Parkins shows you what you need to consider before you do it.

Planning permission for a €40 million surf school, accommodation, restaurant and other facilities at Magheramore beach, Co Wicklow, has been rejected by Wicklow County Council. Tim O’Brien reports.

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Will the rise of AI mean more free time for workers? Don’t bet on it, says Sarah O’Connor.

As the June bank holiday approaches, the nation’s airports are bracing for a busy few days, with almost 525,000 people expected to travel through the Republic’s State-owned airports through the June bank holiday weekend. Barry O’Halloran reports.

The Government has been urged to reduce the tax paid on rental income in an attempt to halt the exodus of smaller landlords from the rental market. Eoin Burke-Kennedy has the story.

IT recycling company Vyta is to add 100 jobs in the next two years following its €6.4 million investment in the business. Ciara O’Brien has the details.

Businessman Brody Sweeney, the founder of the Camile Thai takeaway brand, has said he hopes to return to the UK market over the next couple of years and the group maintains a foothold there despite the closure of several restaurants in recent months. He tells Ian Curran of his future plans.

The High Court has appointed an interim examiner to the award-winning construction company Mac Interiors, as the fallout from the pandemic continues to hurt businesses. Aodhan O’Faolain reports.

Aodhan also reports the High Court will decide on Wednesday what next for two Russian leasing firms.

In the US, hardline conservatives in the House of Representatives said they will fight to oppose legislation aimed at avoiding a US debt default. Members of the so-called freedom caucus, or grouping, in the House of Representatives described it as “a bad Bill” which would add $4 trillion (€3.6 trillion) to the US debt. Martin wall was on the scene.

JD Wetherspoon plc is planning to erect a 43ft high sound barrier to reduce noise from its outside dining and beer garden space at its Keavan’s Port hotel in Dublin. Gordon Deegan reports.

Gordon also reports that plans to redevelop the former Irish Glass Bottle site at Poolbeg in Dublin for further housing have suffered a setback. Dublin City Council has refused planning permission to a Johnny Ronan RGRE-led consortium to construct 516 apartmentson the Glass Bottle site.

West Cork food producer Glenilen Farm has become the first Irish-owned company to bring yoghurt pouches to the market, with the family-owned company launching a range of on-the-go pouches.

Shares in Greencore rose in London on Tuesday as the sandwich maker surprised some investors by sticking to its full-year earnings guidance, even as it said that the consumer spending backdrop in the UK, its main market, remains “challenging”. Joe has the story.

In commercial property, Ronald Quinlan reports that SMBC Aviation Capital is looking to sublet a quarter of its new headquarters at Fitzwilliam 28 in Dublin less than six months after it assumed the lease from Slack for all 12,542 sq m (135,000 sq ft) of office space at the newly developed offices.

Ronald also reports that Agent Harvey is guiding a price of €3.75 million for an investment/development opportunity at Silverdale on Herberton Road in Rialto, Dublin 8. Offers for the property will be considered on a straight-sale basis, or subject to planning permission. Meanwhile, after conducting a review of its office-accommodation requirements following the introduction of hybrid working, Waystone has instructed agent CBRE to sublet the first floor of its headquarters at 35 Shelbourne Road in Ballsbridge, Dublin 4.

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