Rent challenge; relying on foreign workers; and top market rents on the docks

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

Ireland needs an influx for foreign workers if it is to have any hope of meeting the 30,000 target for new homes to be delivered every year says the ESRI.

Ireland needs an influx for foreign workers if it is to have any hope of meeting the 30,000 target for new homes to be delivered every year says the ESRI.

 

Dublin software company Aid:Tech, which has developed a secure way to deliver aid to people around the world using its blockchain-based platform, has won the overall Innovation of the Year Award 2018 at The Irish Times Innovation Awards.

Ireland needs an influx for foreign workers if it is to have any hope of meeting the 30,000 target for new homes to be delivered every year says the ESRI. And housing those workers could mean the rental crisis gets worse before it gets better. Eoin Burke-Kennedy has the details

Eoin also reports on Ireland’s bullish employment numbers from the quarterly Labour Force Survey. Employment is at a record 2.27 million. Also at a record is the impact of foreign nationals in the workforce: they now account for 16.2% of those in employment.

Kennedy Wilson is also setting new benchmarks, writes Fiona Reddan. Its Capital Docks development will charge rent of €3,300 for two-bedroom units, complete with concierge service.

Carlos Ghosn was arrested just as he was planning a full merger of Nissan and Renault, write Kana Inagaki and Peter Campbell, a move that the Nissan board he headed opposed strongly. Mr Ghosn is facing allegations that he abused his position to unfairly enrich himself.

US stock markets had a dog of a day with the S&P 500 and Dow slipped into negative territory for the year, and the Nasdaq falling to its lowest level in more than seven months as Apple led the way, sliding almost 5 per cent. It has now lost almost a quarter of the value at its recent high.

The demise in flat rate expenses allowed by the Revenue has attracted a lot of negative press, but Fiona Reddan argues that, for many workers, they are antiquated, unequal and not worth a lot in any case. Maybe it is time for a rethink.

Commercial property editor Jack Fagan reports on a 214-apartment complex under construction in Dún Laoghaire that is to be offered for sale as a single investment, with agent Hooke & MacDonald guiding €95 million for the scheme that is due to be completed by the end of next year.

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