IFAC warning, Ryanair petition and the DPC’s attitude to Meta

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

The State’s concentration of the corporation tax take on a handful of firms is well known, but new research from the Irish Fiscal Advisory Council shows the concentration risk is much worse than feared. Just three companies accounted for a third of all corporate tax receipts between 2017 and 2021, the fiscal watchdog said. Eoin Burke-Kennedy reports.

Ryanair has handed in a petition to the EU calling for changes to how air traffic control on the Continent is administered, ahead of another strike by French air traffic controllers due next week. Barry O’Halloran has the details, while Cantillon asks if there is likely to be any change.

After the Irish Data Protection Commission initially decided not to fine Meta for breaches of European data regulations, only to be overruled by the European Data Protection Board, Karlin Lillington asks why did the DPC oppose a fine?

The US debt ceiling row might seem bizarre from afar, but it has very real fallout for the US and global economy. On Inside Business with Ciaran Hancock, Washington correspondent Martin Wall explains what exactly is going on.


Unemployment fell to 3.8 per cent last month, the lowest rate on record. Eoin Burke-Kennedy has the story, while Cantillon assesses what it means for the wider economy.

The rate of home ownership is falling, and the number of adults still living with their parents is increasing. Eoin has the report.

Despite the good news on unemployment, Ireland’s manufacturing sector downturn deepened in May, with conditions deteriorating at a pace not seen since the initial phase of the pandemic in 2020, new AIB research has highlighted. Ian Curran reports.

Staying with the economy, headline inflation in the Irish economy fell to 5.4 per cent in May on the back of falling energy prices, according to the latest harmonised index of consumer prices (HICP). This compares to 6.3 per cent in April and an annual increase of 7 per cent in the euro zone in the same period. Eoin has the story.

South Dublin County Council has given the green light to plans for a 402 unit apartment scheme for Taylor’s Lane in Ballyboden despite local opposition. Gordon Deegan has the details.

The High Court has made orders winding up two Russian state-owned aircraft and shipping leasing firms, GTLK Europe DAC and GTLK Europe Capital DAC, which are registered in Ireland. Aodhan O’Faolain was in court.

Offshore energy businesses could hire and retrain engineers who lost their jobs in recent big tech lay-offs to ease a labour squeeze in their industry, Barry reports, as specialist consultancy Gavin & Doherty Geosolutions said it would create 500 jobs in the Republic to cash in on growing momentum behind renewables development.

Staying with offshore energy, French energy firm EDF Renewables is to develop two significant offshore floating wind energy farms in Irish waters, replacing Shell, which pulled out of the schemes last year. Ian has the story.

Greyhound Racing Ireland (GRI) pleaded for a €27,000 hike in pay for its new chief executive along with the provision of a company car, Ken Foxe reports. GRI said the existing €132,920 salary for the role had not been reviewed in many years and was “no longer reflective” of the remuneration packages for senior management positions in the public or private sector.

In Innovation, Neil Briscoe reports on Volkswagen’s plans for its so-called gigafactory to manufacture EV batteries in Germany, while Olive Keogh meets a new innovator cashing in on the move to hybrid working.

In technology, Ciara O’Brien speaks to Fexco chief operating officer Karl Aherne on how the Kerry-based company is innovating as working life, and business changes.

Finally, Ciara reviews the Honor 70 Lite 5G and wonders about the Ember Travel Mug. UK prime minister Rishi Sunak is a fan, but is a mug to keep your coffee at the ideal temperature worth €220?

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