Timber crisis; Revenue reliefs; and taking advantage of Brexit

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

Backlogs in the State’s forestry licensing and appeals system risk plunging the sector into crisis

Backlogs in the State’s forestry licensing and appeals system risk plunging the sector into crisis

 

Plans to address the housing crisis could be undone by backlogs in the State’s forestry licensing and appeals system, writes Barry O’Halloran. It risks plunging the industry into crisis, endangering timber supplies and up to 12,000 jobs.

Ireland’s reputation as a good place to do business has been bolstered by a Revenue U-turn on taxing foreign workers operating temporarily in the State, a leading tax adviser has said. Charlie Taylor has the details.

Staying with Revenue, businesses have been warned they will not be able to avail of special Covid-19 arrangements to “warehouse” debt to the tax authorities their affairs are in order. The reminder comes amid a temporary wage subsidy audit of 55,500 companies.

Brexit gives Ireland the chance to be a bridgebetween the United States and the European Union following the exit of Britain from the bloc, the former US ambassador to Nato and adviser to presidential hopeful Joe Biden, Nicholas Burns, has said. Suzanne Lynch files from Washington.

In our Wednesday Interview, Dubliner Eric Mosley tells Charlie Taylor that it might have taken a move to the US for him to turn Workhuman into a global success but it will be Europe that provides the next wave of growth.

Ferry operator Irish Continental Group (ICG) CEO Eamonn Rothwell says an extension to a Covid subsidy scheme would be a “waste of taxpayers’ money” and would further distort the market. Joe Brennan has the details.

And in his column, Eoin Burke-Kennedy asks why markets are booming as economies head for biggest crash in decades?

The markets may be volatile but manufacturing activity could a boost in June, rebounding sharply as lockdown measures were lifted, writes Colin Gleeson. But the picture on jobs in the sector was less encouraging.

Sticking with the Covid factor, household savings grew faster in May than at any time since 2007 as consumers shored up their finances amid the uncertainty triggered by the Government lockdown, reports Peter Hamilton.

And Datalex, the troubled airline software provider, disclosed that its main shareholder Dermot Desmond has eased the terms of €11 million of loans he has given the company and promised up to €10 million more in support if needed. Joe Brennan reports.

In Commercial Property, Colony Capital is believed to have appointed Eastdil to dispose of its Irish interests.

Elsewhere, Paddy McKillen jnr is seeking €65 per sq ft for offices at the former New Ireland HQ on Dawson St, which will be completed next year and will test the market in city’s core central business district.

Eoin Feeney from BNP Paribas says landlords will have to share retailers pain in the wake of coronavirus or they will face a raft of vacancies.

Stay up to date with all our business news: sign up to our business news alerts

and our Business Today daily email news digest