Ibec cuts growth forecast, Davy hires AIB exec, and Ballymore’s new Irish MD

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

A man walking past Brown Thomas on Grafton Street in Dublin on March 18th. The store is closed due to  Level 5 lockdown restrictions. Ibec has reduced its growth forecasts for the Irish economy for this year due to the impact of the ongoing lockdown restrictions. Photograph: Brian Lawless/PA Wire

A man walking past Brown Thomas on Grafton Street in Dublin on March 18th. The store is closed due to Level 5 lockdown restrictions. Ibec has reduced its growth forecasts for the Irish economy for this year due to the impact of the ongoing lockdown restrictions. Photograph: Brian Lawless/PA Wire

 

Ibec has cut its growth forecast for the Irish economy by two percentage points on account of “the length and severity of the current restrictions”, and warned that global tax reform could impact our corporation tax receipts. Eoin Burke-Kennedy has the details.

Davy’s interim chief executive Bernard Byrne has hired a former colleague and head of customer care at AIB to help in his efforts to rebuild clients’ trust in the embattled stockbroker, writes Joe Brennan.

Property developer Ballymore has made two appointments to its senior leadership team to oversee the development of its Irish portfolio of residential and commercial projects. Ciarán Hancock has the details.

Irish tech companies raised more than €1 billion in funding for the first time last year despite the Covid-19 crisis, new figures show. Charlie Taylor reports.

Sticking with the topic of fundraising, Charlie reports on plans by healthy drinks company The Naked Collective to secure €2.5 million in investment through a crowdfunding campaign.

FT columnist Pilita Clarkexplains the reasons why we will never give up on office jargon - in spite of what we might say.

The recent Davy saga and Ulster Bank’s €38 million fine for its role in the tracker mortgage scandal are reminders of the toxic culture that still exits in the Irish financial services sector, writes Eoin Burke-Kennedy.

In our Opinion piece this week, Bernard Mallee of the Irish Pharmaceutical Healthcare Association outlines how much value innovative medicines could generate for the Irish economy?

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