Multinationals seek more office space but warn on housing

Seen and heard: An Post to offer home loans undercutting market rates by 1%

Multinationals including Google, Facebook and Amazon are all targeting an expansion in Ireland, the Sunday Times reported. Photograph: Peter Muhly/AFP/Getty Images

Multinationals including Google, Facebook and Amazon are all targeting an expansion in Ireland, the Sunday Times reported. Photograph: Peter Muhly/AFP/Getty Images

 

A lobby group for US multinationals told the Department for Social Protection that there’s an impression that Ireland is full in respect of housing, the Sunday Business Post reports. It says a meeting between Minister Regina Doherty and the American Chamber of Commerce took place at which the Government was handed a stark warning.

Despite this, multinationals including Google, Facebook and Amazon are all targeting an expansion in Ireland, the Sunday Times reports. Figures compiled by Green Reit and commercial property agents show eight tech companies are seeking space that could accommodate about 20,000 workers, the newspaper says.

The Sunday Business Post also reports that a joint venture between Johnny Ronan and US investment group Colony Capital is to invest €1 billion in developing a site in Dublin’s north docklands. The investment will create 1,000 construction jobs and have capacity to house 5,000 workers, the Post says. The Sunday Independent reports that An Post if to offer home loans, and will undercut the current market rates by 1 per cent. The newspaper says that offering considerably cheaper rates to the offering from Ireland’s pillar banks AIB and Bank of Ireland is part of a strategy approved by An Post’s board.

VAT rate

In budget news, the Sunday Times reports that Minister for Finance Paschal Donohoe will increase the 9 per cent VAT rate on hotels and restaurants by at least 2 per cent to raise up to €260 million in extra revenue and increase spending power by about €400 million. The paper reports that VAT in the sector will return to 13.5 per cent over the course of two budgets. The paper also said that the Minister is to raise the carbon tax rate by between €5 and €10 a tonne, raising up to €200 million.

After retail group Musgrave completed its purchase of Donnybrook Fair earlier this week, the Sunday Business Post reports that the group is likely to turn some Centra outlets into Donnybrook Fair stores. The newspaper cites a source who said it is likely that Centra stores in well-off areas will be converted as the Donnybrook franchise is expected to be expanded.

Ryanair

Finally, the Sunday Telegraph reports that two of Ryanair’s biggest shareholders have added their voices to demands for an overhaul of corporate governance. Without naming the top 10 shareholders, the newspaper said the city is prepared to intervene if the airline failed to act. Another shareholder called for the appointment of a person with the right gravitas to challenge chief executive Michael O’Leary as senior independent director.