Tax defaulters, rich lists, Brexit fallout and Amazon’s new home
Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk
There were some high profile names on the latest Revenue tax defaulters list, led by Mr Brown’s Boys star Danny O’Carroll, a son of the show’s creator Brendan, and TV3 presenter Mark Cagney. Eoin Burke-Kennedy goes through the list.
And speaking of lists, the Forbes Rich List of global billionaires in 2019 has been published. Ryanair’s Michael O’Leary and Glen Dimplex’s Martin Naughton are out while Kingspan’s Eugene Murtagh is in, along with a UK hedge fund manager and Tory party donor who applied for an Irish passport after the Brexit vote.
Brexit continues to feature heavily. Joe Brennan reports that US investment magnate Warren Buffett’s Berkshire Hathaway Insurance Group has been granted approval to set up a unit in Ireland to allow it to continue to service clients in Ireland and the European Economic Area post Brexit.
And, as the Geneva Motor Show prepares to open to the public, both Toyota and BMW warned the UK that it risks imperilling the motor industry if it continues to put off decisions on Brexit or opts for a no-deal exit. Michael McAleer was in Geneva.
Closer to home, online retailing giant Amazon is believed to be close to signing up for a significant amount of space at the 18,580 square metre Charlemont Square scheme being developed by the McGarrell Reilly Group close to the Grand Canal in Dublin 2, writes Justin Comsikey.
He also reports that Danish home retail group Jysk plans to open 20 stores and create 200 jobs across Ireland over the next two to three years.
JP McManus’s luxury Adare Manor Hotel and Golf Resort is in the news as well, with a former senior staff member suing for wrongful dismissal over what the hotel says was gross misconduct and he alleges was a response to him making protected disclosures. Aodhan O’Faolain was in court for a case that looks set to run for a few days yet.
Two units of Denis O’Brien’s Digicel business are looking to raise as much as $550 million in the corporate debt to refinance existing borrowings and give the telecommunications group additional financial flexibility, writes Joe Brennan.
Also in the debt markets, Greece made a welcome and successful return to the debt market, attracting strong demand for its first 10-year bond issue since plunging into a debt crisis nine years ago.
Finally, JP Morgan, which is due to open its new offices next week, says that growth in information technology jobs will be a key driver of an expected doubling of its Irish workforce in the coming years. Joe Brennan reports.