Glenveagh looks to build 15-storey tower as construction workers eye pay rise

Seen and Heard: Big four concerned over new grading system; Bon Secours merger

A computer-generated image of the planned Salesforce Tower. Johnny Ronan, who  is seeking permission to add two extra storeys to the office block, ha secured €478 million in development finance

A computer-generated image of the planned Salesforce Tower. Johnny Ronan, who is seeking permission to add two extra storeys to the office block, ha secured €478 million in development finance

 

The big four accountancy firms in the Republic have warned of a potential for confusion over the plans for public grades on the quality of their audit work, the Sunday Times Ireland edition reports.It says the four - Deloitte, EY, KPMG and PwC - have all expressed concerns over plans by the Irish Auditing and Accounting Supervisory Authority to group the shortcomings of individual audit firms into three tiers using a ‘traffic light’ warning system. The proposals are part of an EU-wide move to restore confidence in auditing.

The same newspaper reports that Bon Secours Health System, the largest private hospital group in the State, is in advanced talks with US company Bon Secours Mercy health over a possible merger. A statement from the latter’s chief executive, John Starcher Jnr, says a merger “would allow for best-practice sharing and economies of scale across the globe.”

Elsewhere, the Sunday Times says that French food co-op Terrena is seeking to renegotiate the terms of a partnership with Dawn Meats. Terrena subsidiary Elivia is 49 per cent owned by Dawn. It now reportedly wishes to “redefine the terms of their collaboration” with the Irish meat processor.

Glenveagh Properties is seeking to build a 15-storey tower in the Dublin Docklands in a project valued at more than €250 million, the Times reports. It says the proposed tower would be more than double the maximum height of 24 metres currently allowed for residential development in the capital.

Staying with high-rises, developer Johnny Ronan and his financial backer Colony Capital have secured €478 million in development finance for two office developments, according to the Sunday Independent. These include the Spencer Place development, which is to house Salesforce’s new Dublin headquarters. Mr Ronan is currently seeking permission to add two extra storeys to the Salesforce Tower.

The same paper reports that construction workers are expected to receive a pay rise of over 9 per cent with fears that this could push up the price of building a home by €10,000. The move could also impact the Government’s Project Ireland 2040 infrastructure plan.

The Sunday Independent writes that Energlaze, a retrofitting and installer of windows and conservatories, is to create 150 new jobs over the next three years as part of a €390 million plan.

Separately, the newspaper reports that Irish greeting card seller P&G has agreed a new distribution deal with Hallmark in a move that will see it distribute the company’s products across its network of over 500 shops in the Republic.

The Sunday Business Post says that Naya Capital Management, a company owned by Conservative party backer Masroor Siddiqui, has taken a nearly €25 million short bet against Glanbia. Mr Siddiqui has made several successful short trades in recent years, including against Aryzta.

Google’s Irish workforce has been tasked with working on a controversial drone warfare project for the US military, according to the same paper.

Elsewhere, the Business Post reports on comments made by former minister for communications, Denis Naughton that the €3 billion National Broadband Plan, which is expected to be signed off this week, will be justified due to the creation of more jobs and better public services.

The paper also reports that Fáilte Ireland may turn its city centre headquarters into the largest hotel in the country. The organisation’s chief executive Paul Kelly told The Irish Times last month that the body was in talks with developers over a 800 to 1,000-bedroom hotel in Dublin city centre.