Sterling slides, Joe Duffy Motors grows, and Larry Goodman’s latest moves

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

Sterling: about to get weaker? Photograph: Bloomberg

Sterling: about to get weaker? Photograph: Bloomberg

 

Irish exporters could be facing into further sterling weakness as the Brexit crisis drags on, writes Barry O’Halloran. The UK pound fell abruptly against the euro on Thursday on reports that Boris Johnson could hold a general election after the UK’s departure date from the EU on October 31st.

Oil and gas explorer Providence Resources has secured permission from the Government to carry out an important site survey at its Barryroe oil project off the Cork coast that would pave the way for drilling at the field. Joe Brennan reports that Providence will now be able to undertake a seabed debris clearance and habitat assessment site survey over the oil field.

The market value of Kerry Group soared to an all-time high of €19.4 billion yesterday after the food group reported better-than-expected earnings for the first half. Joe Brennan has the story on this, as well as chief executive Edmond Scanlon’s comments on the company being linked with a giant US acquisition.

Ryanair is taking legal action against outgoing chief operations officer, Peter Bellew, who is continuing to work out his notice at the Irish airline. Barry O’Halloran has the details. He also reports on what might happen today when some Irish-based pilots at the airline take part in a ballot on strike action.

The Joe Duffy Group, Ireland’s largest motor dealer network, recorded a 2.5 per cent rise in profits to €8.87 million last year, on turnover of €294 million. Michael McAleer reports on this, also speaking to Joe Duffy chief executive, Gavin Hydes in this week’s Business Interview. Originally from Glasgow, Hydes discusses how the business is facing up to Brexit after managing to grow since the recession. He also explains why the group has just invested €35 million three high-end motoring temples in Finglas, Dublin 11.

In his Caveat column, Mark Paul takes a look at Larry Goodman, the billionaire businessman who, at almost 82 years of age, appears to have an undiminished appetite for getting involved in the biggest of deals. From beef to hospitals to property, Goodman’s knack of making the right moves at the right time looks to still be very much at play.

In our in-depth Agenda feature, Amanda Ferguson considers the latest developments at Harland & Wolff in Belfast and asks what the fabled shipyard’s demise means for the wider Northern economy. Perhaps, she writes, it’s not all bad news.

Olive Keogh this week examines employee lateness, and the negative effects this can have on whole organisations. She offers some advice to employers grappling with the problem, and to the habitually tardy individuals themselves – how can they change their ways? Also in Work, Michael Skapinker asks whether or not you should admit to a potential new employer that you were fired from a previous role.

Cape Town-based Victoria Tully is this week’s Wild Goose. The Meath native tells Barbara McCarthy how she started life as a university student in the city before settling down into family life and a career with the government.

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