Ireland is home to 850 millionaires, says Revenue
Seen & Heard: 40% jump in millionaires, Tifco for sale, and DAA cancels airport hotel tender
The Sunday Business Post reports that telco Eir has “warned the Government that its shareholders may no longer support increased investment in the telecoms network”. It says the company is worried that the State may reduce regulated wholesale charges, limiting Eir’s ability to make a return.
The Post also reports that almost nine in 10 loans in a State subprime mortgage scheme are in arrears in come parts of the country. It says the loans, made as part of the State’s Shared Ownership Scheme for affordable housing, enter difficulties at a rate four times higher than ordinary mortgages.
Goldman Sachs has put Tifco, the State’s second-largest hotel company, up for sale, reports the Sunday Times. Tifco operates 2,600 rooms and was cofounded by DID Electrical owner Gerry Houlihan and businessman Aidan Crowe, who now own a minority position alongside Goldman’s majority share.
The Sunday Times also reports that Ireland is home to 850 millionaires, according to the latest figures from the Revenue Commissioners. The number is up 40 per cent in two years. The 850 declared combined incomes of €2.8 billion, or almost €3.4 million each in 2015.
The airport operator DAA has cancelled a tender to operate a 402-bedroom hotel at Dublin’s Terminal 2 after talks with its preferred bidder, Windward Management, ended, the Sunday Times says.
The Sunday Independent suggests that Ryanair will have to hire 3,300 pilots if it is to hit its growth targets, according to the newspaper’s sources. The airline, which is currently cancelling 50 flights a day because of a pilot shortage, is aiming to carry 200 million passengers annually by 2024. It may have to increase its fleet from 400 to 520 Boeings.
The Sunday Independent also says that Diageo “is poised to trigger” the development of land at its St James’s Gate brewery site in Dublin. The paper says it would “create a new quarter in the city” and lead to the transformation of Dublin 8. It says John Kennedy, a senior Diageo executive covering Europe, is involved in the plan.
Dunnes Stores is planning two new restaurants in Dublin, says the Sunday Independent. A Dunnes-linked company is seeking permission for the two restaurants on a site on George’s Street, near its headquarters.