We are wealthier than the boom, and is there a retail apocalypse?

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

 Gareth Lambe, head of Facebook Ireland, talks to Ciarán Hancock. Photograph: Dara Mac Dónaill /The Irish Times

Gareth Lambe, head of Facebook Ireland, talks to Ciarán Hancock. Photograph: Dara Mac Dónaill /The Irish Times

 

Irish households are, on paper at least, more than 75 per cent wealthier than they were at the low point of recession, writes Eoin Burke-Kennedy. According to Central Bank’s latest quarterly financial accounts, the net worth of Irish households hit a record €757 billion in the second quarter of this year, eclipsing the pre-crash peak of €719 billion reached in the second quarter of 2007.

US private equity giant Lone Star’s plans for the €300 million-plus initial public offering (IPO) of an Irish housebuilding firm have been put on hold until next year, following a ‘red October’ sell-off of equities globally last month, according to market sources. Joe Brennan reports.

Businessman Kevin Lagan is launching an investment fund with some of the cash from the €520 million sale of his building materials company earlier this year. Barry O’Halloran has the details.

Does the ever-swelling online shopping tide mean it’s a retail apocalypse for traditional store? Mark Paul takes some soundings.

Our Friday columnist John FitzGerald says that recovery is faster when the tough medicine is taken quickly. He also tells us that low interest rates had a part to play as well.

As the news broke that Facebook had acquired AIB’s campus in Ballsbridge Ciarán Hancock met Facebook Ireland chief Gareth Lambe and hears about the future for the social media company; the housing crisis in Dublin and the Cambridge Analytica fiasco.

In Wild Geese, we hear how Rosemary Dooley started her own legal business in New York and about “the work, hard, play hard” ethic of the city.

Caveat wonders whether Ireland’s relationship with Google is true love or a marriage of convenience.

Olive Keogh tells us that companies need to get succession races right, as a botched one generate a toxic atmosphere.

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