No-deal Brexit to cost 10,000 jobs, new housing for south Dublin, and Innovation awards finalists

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

Tanaiste and Minister for Foreign Affairs Simon Coveney briefed his Cabinet colleagues on impact of Brexit at a meeting which ran for four and half hours

Tanaiste and Minister for Foreign Affairs Simon Coveney briefed his Cabinet colleagues on impact of Brexit at a meeting which ran for four and half hours

 

Ministers now believe that a no-deal Brexit will be significantly worse than they previously expected, with predictions it will cost 10,000 jobs, after discusisons at a Cabinet on Tuesday night. Pat Leahy reports on a briefing by the Minister for Foreign Affairs Simon Coveney to his colleagues at the meeting which ran for four and half hours and included a lengthy discussion about no-deal planning.

Earlier in the day Mr Coveney addressed an Enterprise Ireland event where a report revealed Brexit has already had a significant impact on exporters’ business, with one in 10 saying it has cost them more than €100,000. In the North, Invest NI has confirmed it has “approved” £1.5 million (€1.6 million) worth of Brexit preparation grants to nearly 50 companies in Northern Ireland.

News on the housing front where Castlehaven Finance and Avenue Capital is to loan developer Michael Moran €20 million to fund the building of 71 new homes across two sites in the high-end Dublin neighbourhoods of Blackrock and Ranelagh.

Joe Brennan reports on two big corporate stories today. Greencore’s shares have jumped up to 8 per cent in the past three days, after it emerged that New York activist hedge fund, Coltrane Asset Management, had built up stake of more than 3 per cent through financial derivatives.

Meanwhile, beleaguered travel retail software group Datalex said on Wednesday that its auditor, Ernst & Young (EY), has reported it to the Registrar of Companies for failing to keep adequate accounts last year.

In her column Karlin Lillington explains why the Public Services Card debacle is headed for legal slapdown at taxpayers’ expense. “Ireland has been here before, and it seems the State took nothing from the lesson.”

This year’s innovation awards finalists have been chosen. The final 15 exemplify the wide and varied mix of inventive and original approaches being taken to the challenges facing society, consumers and businesses. From new ways to tackle climate change through to helpful health-beneficial peptides, home shopping delivery services to a new form of shower caddy, this year’s finalists demonstrates that Irish innovators are hard at work.

Finally, Ciara O’Brien meets the Microsoft executive tasked with delivering the benefits of the companies technology to the sporting world. As she reports, it has not always been an easy task.