Job cuts at banks, Irish Life’s €764m dividend, and Johnny Ronan’s office deals

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

GAA broadcaster Marty Morrissey with Ksenia Zsikhotska dancing the quickstep during a live show of RTÉ’s Dancing with the Stars in 2018. Celebrities and their dance partners won’t be stepping out in 2021 as RTÉ has cancelled the fifth series of the popular show due to the impact of Covid-19. Photograph: Cyril Byrne

GAA broadcaster Marty Morrissey with Ksenia Zsikhotska dancing the quickstep during a live show of RTÉ’s Dancing with the Stars in 2018. Celebrities and their dance partners won’t be stepping out in 2021 as RTÉ has cancelled the fifth series of the popular show due to the impact of Covid-19. Photograph: Cyril Byrne

 

Irish retail banks are likely to cut as many as 30 per cent of jobs - the equivalent of 7,650 positions - in the next five years as the Covid-19 crisis shifts more transactions online and lenders seek to rein in costs, according to a report from Deloitte Ireland. Joe Brennan runs through the numbers.

Developer Johnny Ronan and US investment firm Colony Capital have hired Eastdil Secured to advise on the sale of a “majority interest” in the European headquarter offices they are developing for Facebook and Salesforce in Dublin.

Irish Life Group has paid its overseas parent €764 million in dividends since 2013, the year Canada’s Great-West Lifeco bought the business from the State for €1.3 billion. Joe Brennan has the details.

Popular television programme Dancing with the Stars will not step out in 2021 due to ongoing restrictions related to the coronavirus pandemic, RTÉ announced on Wednesday. Colin Gleeson reports.

Planning law confusion and a potential High Court challenge threaten to bog down future Bord na Móna efforts to harvest peat in the Republic. Barry O’Halloran has the details.

Irish travel tech company CarTrawler has seen a rise in bookings in recent months although it doesn’t expect business to fully recover until next summer at the earliest due to the impact of Covid-19. Charlie Taylor spoke to the company.

In her weekly column, Karlin Lillington says the “earth shattering” implications of the recent landmark Schrems 2 judgment on data transfers between the EU and the United States have yet to sink in with many in the industry.

In Tech Tools, Ciara O’Brien reviews Google Pixel Buds.

In innovation, Olive Keogh talks to an Irish company that is helping SMEs battle cybercrime.

And in New Innovators, we profile Ballyhubbock Farm, where they are trying to turn sheep’s milk into a tasty start-up.

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