Adverse economic shock ‘inevitable’, Dublin Airport’s expansion and Five Guys expands

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

Adverse shock, anybody? Brexit is only one factor that could deliver it, according to the Irish Fiscal Advisory Council. Photograph: PA Wire

Adverse shock, anybody? Brexit is only one factor that could deliver it, according to the Irish Fiscal Advisory Council. Photograph: PA Wire

 

It is now inevitable that the economy will suffer an “adverse shock” from Brexit, US policies or changes to the international tax environment, the Irish Fiscal Advisory Council warns today. Eoin Burke-Kennedy reports on the budgetary watchdog’s latest update, which comes in its pre-budget advice to the Government.

Dublin Airport plans to spend ¤900 million on an expansion that will allow it to handle 40 million passengers every year. Barry O’Halloran has the story, which stems from an interview with Dalton Philips, DAA’s chief executive. Mr Philips explains why aviation, and Dublin Airport in particular, are very much in his blood.

Joe Brennan has details of a plan by Mainstream Renewable Energy to seek an equity partner for its interests in Chile. The company, founded by Eddie O’Connor, is also proceeding with setting up a grey market for its shares.

A new sale and leaseback product has been launched for home owners who have mortgages in distress but don’t want to move. Fiona Reddan reports that Quartech would buy such homes and then rent them back to the occupant, giving them the option to buy again after a period.

Paddy McKillen and a fellow investor stand to make at least ¤16 million by selling a shopping centre in Cork, having bought it from Nama in 2016. Barry O’Halloran has the details.

Ciarán Hancock has news of plans by Teeling Whiskey to double its sales to €30 million annually by 2020 by targeting the US and Irish markets, as well as airport retail sales, with the initial batch of its own whiskey from its Dublin distillery.

And in another family-based business, the sons of financier Dermot Desmond are hungry for the expansion of their Five Guys burger chain, eyeing up a possible new outlet in Liffey Valley in Dublin, writes Mark Paul.

Mark delves into Independent News & Media this week too, asking in a long read what exactly the appointment of inspectors by the High Court means for the company and its shareholders.

He also takes a lighter look at the world of business guff in his Caveat column, wondering why we love soft landings, strategic tie-ups and business behemoths anyway.

John FitzGerald meanwhile has documents on his mind, specifically how to preserve important records for future generations. He calls for an updated Copyright Act, the current version of which dates from 1911.

Finally, don’t forget to catch up on events of a decade ago with Joe Brennan’s diary of the countdown to the Irish bank guarantee. Today is Day Three.

Stay up to date: sign up to our business news alerts here and our Business Today daily email news digest here.