‘Problematic’ Davy fine, Applegreen abandons UK sale, and a new visitor experience at Tullamore Dew distillery

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

Last Friday, Simon Carswell revealed in The Irish Times that a Garda review of the Davy bond deal that led to a €4.1 million fine by the Central Bank last year had been upgraded to a formal criminal investigation. In a newly released letter obtained by this paper under Freedom of Information, the Director of Corporate Enforcement Ian Drennan warned Tánaiste Leo Varadkar that the fine was "potentially problematic" in considering a criminal investigation into the matter. Read Simon Carswell's full report today.

Applegreen, the petrol forecourt retailer acquired 12 months ago by its co-founders and US private equity giant Blackstone, has backed away from a potential sale of its UK petrol filling stations business, according to sources who spoke to Joe Brennan.

The Government's planned rules to make it easier for regulators to hold senior managers in banks and other financial firms accountable for failings under their watch will improve behaviour across the industry, according to a survey of compliance officers. Some 79 per cent of 195 Compliance Institute members that took part in a survey on the incoming so-called senior executive accountability regime (Sear) said it will bring about "meaningful" behaviour change. Joe also has that story.

Meanwhile, a new consumer protection report published by the Central Bank this morning highlights how poor business practices and an absence of transparency across Ireland's financial institutions are among the risk factors working against consumers. In the Consumer Protection Outlook report, the regulator identifies five key risk areas facing customers of financial services and makes it clear what it expects firms to do to mitigate against those risks. Conor Pope reports.

Tullamore Dew will open a new visitor experience at their distillery this week, with a 105-minute tour giving visitors "the chance to see, smell, taste and touch every aspect" of how the second-largest Irish whiskey brand is produced. As part of the experience, visitors will be able to both blend and bottle their own whiskey, writes Laura Slattery.

In his column, Eoin Burke-Kennedy is focusing on how UK politicians including home secretary Priti Patel have misjudged the mood and played Brexit politics with the issue of refugees.

Has the pandemic changed the way we dress for work forever? Ahead of a recent climate conference in London, Pilita Clark writes, there was only one question occupying attendees: what should I wear?

And in Opinion, Christopher McMahon, adjunct assistant professor at the School of Law in Trinity College Dublin writes about how the invasion of Ukraine and the EU's consequent need for domestic energy and food production requires great urgency and decisiveness on industrial policy.

Cliff Taylor and Mark Paul of The Irish Times take a look at the impact of the Russian invasion of Ukraine on the global economy. They speak to Ciarán Hancock on our Inside Business podcast about rising energy costs and the implications for Irish consumers and businesses.

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