Bankers held to account; Big Tech wins again; and time for premium payback

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

Minister for Finance Paschal Donohoe said new laws  would put individual accountability “at the centre” of decision making in financial services organisations. However, it could be 18 months before the new rules are actually in force.  Photograph: Nick Bradshaw

Minister for Finance Paschal Donohoe said new laws would put individual accountability “at the centre” of decision making in financial services organisations. However, it could be 18 months before the new rules are actually in force. Photograph: Nick Bradshaw

 

New rules to hold senior bankers and other financial services executives accountable for their decisions in office were unveiled yesterday, writes Joe Brennan. But it could be 18 months before the new rules are actually in force.

Healthcare giant Abbott, which employs more than 4,000 people in the Republic, announced a €37.8 million investment in cardiovascular R&D at its Clonmel, Co Tipperary, facility, writes Charlie Taylor.

Tech giants Microsoft, Apple and Google parent, Alphabet, were confirmed as big pandemic winners with results after hours that beat even analysts heightened expectations.

EU regulators have approved Irish group Aercap’s ¤25 billion takeover of GE Capital Aviation Services(Gecas) to create the world’s biggest aircraft lessor. The deal includes about $24 billion in cash and $1 billion paid in Aercap notes or cash. It includes 111 million new shares and will give GE a stake of 46 per cent in the Aercap-controlled company. Barry O’Halloran has the details.

It’s been a decent year for former rugby internationals with former captain Brian O’Driscoll recording profit after tax of almost €900,000 from his corporate speaking and rugby punditry. Meanwhile former hooker Frankie Sheahan saw his Pendulum events business deliver a profit of over €100,000.

Not so good for the Irish operator of Costa Coffee which is in court battling its landlord, Aramark’s Campbell Catering over €367,000 in rent owing for its Dundrum Shopping Centre unit over the pandemic. Costa operator MBCC Foods is claiming the lease was frustrated by lockdowns.

Charlie Taylor reports that the ESB has signed a five-year deal for a new incubator programme for its employees that allows them to propose new sustainable business ideas that can be put into practice in areas such as transport, infrastructure and stimulating a hydrogen economy.

And as vaccination numbers rise in Ireland, theIMF has warned of divergent tracks for advanced and developing/emerging economies that will be determined by vaccination rates.

The number of claims made to the Personal Injuries Assessment Board (PIAB) declined by 16 per cent last year to 26,009 cases as pandemic restrictions led to a reduction in motor accidents and public liability injuries. Awards also dropped in aggregate, writes Joe Brennan.

In his column, Ciarán Hancock argues that recent figures from the Personal Injuries Assessment Board (PIAB) alongside guideline from the Judicial Council should point to significant falls in insurance premiums for customers.

Ronald Quinlan reports in Commercial Property that developer Johnny Ronan is closing in on the sale of 349 apartments and a 100-bed aparthotel at Spencer Place in Dublin’s north docklands to UK-headquartered property investor Round Hill Capital in a deal estimated to be worth €220 million.

The premises of former swanky Baggot St eatery, L’Ecrivain, is moving from one table to another. New owner J Flood has secured planning permission to convert the building to five office furniture showrooms that it intends to operate as part of their new city centre headquarters.

Finally, BAM Ireland has been named as the main contractor to build 413 apartments and 151-bed hotel at the €100 million Newmarket Square development in Dublin.

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