Mazars partner fined, uphill climb for Liffey Valley rezoning, and Donnybrook Fair in Dundrum

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

Des O’Mahony, MD of  Donnybrook Fair at their new Dundrum Store which opens in two weeks. Photograph: Nick Bradshaw for The Irish Times

Des O’Mahony, MD of Donnybrook Fair at their new Dundrum Store which opens in two weeks. Photograph: Nick Bradshaw for The Irish Times

 

The Irish accounting regulator has fined Mazars Ireland partner Michael Tuohy €10,500 over the quality of an audit carried out on a Nama vehicle five years ago, including “insufficient” work being done in challenging factors management used to value loans. Mr Tuohy is the third individual subjected to an Iaasa fine since it assumed direct responsibility in 2016 for inspecting audits of so-called public interest entities, such as banks, insurers, and companies whose shares or debt are listed on a stock exchange. Joe Brennan reports.

Businesses are facing increasingly complex challenges, exacerbated by the Covid-19 pandemic and the challenges presented by the increasing shift to digitisation, a new survey has found. Ciara O’Brien has examined the PwC survey which found the mismatch between the work environment demanded by employees and the one that exists within their organisation continues to widen.

It’s a steep climb from the banks of the Liffey to Luttrellstown Castle, but it’s nothing compared to the uphill struggle tycoons JP McManus and John Magnier face to get their west Dublin riverside lands rezoned for housing, writes Olivia Kelly, following the news that they, along with Michael O’Flynn, want to build more than 5,000 homes between Lucan and Castleknock, but some local politicians are not so keen on the idea.

The Zoom-induced demise of business travel may be greatly exaggerated, writes Mark Paul, as the evidence emerging from the airline industry suggests such travel is rebounding strongly. In an update on its performance on Tuesday, comments by Emirates’ country manager for Ireland, Enda Corneille, on the strength of business class sales suggest face-to-face meetings in far flung destinations still have their place.

In our Bottom Line column, Andrew Hill writes that too much choice is confusing and unsustainable and that Ford’s simple Model-T offering in black teaches much to the modern supply chain agents.

In Commercial Property, Ronald Quinlan reports that German investor Deka Immobilien is closing in on the purchase of the European Headquarters of Airbnb in Dublin’s south docklands. While the sale of 8 Hanover Quay has yet to be completed, it is understood that Deka has agreed to pay in excess of the €41.5 million joint agents BNP Paribas Real Estate and Savills had been guiding when they brought it to the market last September.

International investors and hotel brands looking to invest in Dublin will likely be interested in a hotel site, with full planning permission to develop a 100-bedroom hotel, which has come to the market seeking €7 million. The Usher’s Quay hotel site in Dublin 8 enjoys a high-profile location overlooking the River Liffey, and within walking distance of many of the city’s main attractions.

Meanwhile, it’s cocktails, camembert and cooking classes as Donnybrook Fair opens in Dundrum in two weeks time. Fiona Reddan writes that the new outlet is currently abuzz with builders laying the finishing touches to the artisan grocer’s sixth Irish store.

You can read all the rest of today’s Commercial Property news, here.

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

Business Today

Get the latest business news and commentarySIGN UP HERE