The Best of the Weekend Business Papers 14 June 2020

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THE 1% PODCAST – Bryan Burnstein
Bryan spent over 12  years with Cirque du Soleil as the Head of Performance Science. While at Cirque, he was responsible for managing the integration of strength and conditioning, performance nutrition and mental performance, as well as overseeing assessment protocols and performance data platforms. In his role he worked alongside the coaching and performance medicine managers to ensure the durability of 1,800 performers all over the world. 

 

BUSINESS PAPERS – THE MAIN TALKING POINTS
  • The Business Post says data centres are using the same amount of water as big towns
  • The Sunday Independent reports on MongoDB signing a €24m lease for Dublin office space
  • The Sunday Times says the former MD of Custom House Capital is to be extradited to Ireland
  • The Financial Times reports that the UK economy suffered a record 20.4% collapse in April
  • The WSJ reports that the Federal Reserve will keep interest rates near zero for years
QUOTE OF THE WEEK
 

 

“I was constantly called the n-word, over and over again…I’ve lived in four countries and Ireland is the one where I felt the most racism.”

– Nigerian woman Seyilogo Braithwaite speaking about racial abuse in Ireland.

 

 

 

THE BUSINESS POST
 

 

Government formation talks on the ongoing coronavirus pandemic dominate this week’s lead headlines, however, one business story does make the front page. Killian Woods has a startling report showing that Ireland’s data centres owned by large multinationals are using as much water as big towns. Woods examines planning documents for data centres owned by companies such as Google, Amazon and Facebook which show that they require millions of litres of water every day to cool down their servers during the winter months – more than towns the size of Dundalk or Athlone.

On page three Peter O’Dwyer reports that the Attorney General has warned that any attempt to ban struggling businesses from being evicted would “run into significant legal difficulties”. It comes amid fears that commercial tenants could find themselves thrown out of their premises for failing to pay their rent due to the impact of Covid-19 on their business.

O’Dwyer has more bad news for the businesses community on page eight with the news that the government has ruled out providing an indemnity to firms against potential Covid-19 claims. It comes after Minister for Finance Paschal Donohue said such a scheme would be “financial unsustainable”.

Sales of Tesla’s electric cars surged in Ireland last year with the company recording over €15m in turnover here according to a story on page four. Tesla, which is owned by Elon Musk, moved into the Irish market in 2017, recording sales of €2.3m in its first year.

In Brief

  • Cairn Homes is to build a 308-unit development of houses and apartments in Rathgar
  • There is a backlog of €20m in uncollected Lotto prizes due to Covid-19
  • Irish soap firm Soap Story has raised €1.9m in financing to replenish stocks of its hand sanitsers
  • Eirgrid is seeking a 40% increase in its budget over the next five years
  • Dermot Desmond has loaned $50m of his own money to his company Mountain Province
The Sunday Business Post is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >
 

 

THE SUNDAY INDEPENDENT
 

 

A good news story leads this week’s paper with the news US tech firm MongoDB has signed a €24m deal to lease prime office space in the city. The 41,000 sq ft office is on Shelbourne Road in Ballsbridge and has the capacity to house up to 500 employees.

Also on the front of the business pages is an update on the €155m sale of Irish stockbroking firm Goodbody to Bank of China. Samantha McCaughren reports that Goodbody’s MD Roy Barrett told staff in a video call last week the deal is taking longer than expected. It comes amid rumours that the deal might not go ahead.

Buyme.ie, the Irish same-day grocery delivery platform, has raised €5.8m in funds from Wheatsheaf Group, the food and agriculture investment arm of the Grosvenor Estate. It takes the total amount of capital raised by the company this year to over €8m and comes as it targets rapid expansion in the UK.

In Brief

 
  • Galway delivery firm Supreme Deliveries has exited examinership saving 47 jobs
  • Dublin based firm FoodCloud doubled the amount of food it distributes in April and May
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THE SUNDAY TIMES
 

 


This week’s business section leads with the news that that the former managing director of Custom House Capital, which collapsed leaving investors with millions losses, is being held in Germany pending his extradition to Ireland. Harry Cassidy was arrested by the German authorities three weeks ago on foot of a European arrest warrant and if his extradition proceeds, will be flown to Dublin to stand trial for conspiracy to defraud clients of millions.

Niall Brady reports that just over 4,000 businesses received insurance rebates after they were forced to close during the coronavirus lockdown. The rebates were part of a package of forbearance measures agreed by the insurance industry following a meeting with the finance minister Paschal Donohoe.

The grip of the so-called big four accounting firms in Ireland slipped last year according to another report by Brady. He reports on new data from the Irish Auditing and Accounting Supervisory Authority showing that EY, KPMG, Deloitte and PwC audited 79% of large companies in Ireland, compared with 84% in 2018.

Insurance companies paid €85.4m in 2019 into the fund that compensates victims of accidents involving uninsured and stolen cars. This compares with contributions of €80m to the Motor Insurers’ Bureau of Ireland in 2018, according to its annual report, which was published last week. Payouts from the fund fell to €71.3m compared to €83.6m the previous year.

In Brief

  • The FAI’s new CEO will earn a maximum of €207k a year – 60% less than John Delaney’s pay
  • David Fitzsimons, CEO of lobby group Retail Excellence has resigned due to health concerns
The Sunday Times is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >
 

 

 
THE FINANCIAL TIMES 
 

 

 

The FT leads with the news that the UK economy suffered a record 20.4% collapse in April. The paper says the figures turn up the heat on Boris Johnson to relax the 2m social distancing rule over fears that the economy can’t fully recover with a proper reopening of the hospitality industry.

In another front page story it’s reported that the Bank of England is teaming up with ‘The Beano’ to help kids learn about money. The tie-up between two of the UK’s most well-known institutions will see Dennis the Menace, Minnie the Minx and Gnasher deployed to help children improve their financial literacy and make more sensible financial choices in life.

In Companies & Markets it’s reported that the oil company BP is to axe 10,000 jobs, or almost 15% of its 70,000-strong workforce. CEO of the company, Irishman Bernard Looney, cast the message in stark terms when he told staff: “We are spending much more than we make.”
The FT is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >
 

 

 
THE WALL STREET JOURNAL
 

 

 

The Wall Street Journal leads with the news that the Federal Reserve will keep interest rates near zero “for years”. “We’re not thinking about raising rates. We’re not even thinking about thinking about raising rates,” Fed chairman Jerome Powell is quoted as saying.

As covid-19 continues to ravage the retail sector, the owner of the fashion chain Zara has said it would permanently close as many as 1,200 stores, representing 16% of its global outlets opting instead to focus on growing its online business. Inditex SA, which also owns Massimo Dutti and Pull&Bear said its Asian and European stores would take the biggest hit.

Finally, coffee chain Starbucks has said it would make t-shirts bearing the slogan “Black Lives Matter” available to employees – reversing an earlier decision to staff not to display the slogan at work for fear of offending customers. Starbucks backtracked on its earlier decision saying that the slogan represented a “movement”.

 

The WSJ  is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >

 

All views are strictly my own brief interpretation of the articles in the various publications and not intended to be comprehensive. 
Please feel free to forward to friends or colleagues and get in touch if you wish to add contacts to the mailing list.
Have a good week. 
Shay

 

 
 
Shay Dalton 
 
Managing Director – Lincoln Recruitment
E: sdalton@lincoln.ie
A: 5 Fitzwilliam Square, Dublin 2

 

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About the Author

Shay Dalton

Shay Dalton

Managing Director

sdalton@lincoln.ie+353 16498583

Shay Dalton is the Managing Director of Lincoln Recruitment Group. Shay is a qualified ACCA Accountant with over 20 years’ experience specialising in the placement of senior positions across a broad spectrum of Accountancy and Finance positions within the industrial and financial services sectors. Having been involved in the establishment of some of the most respected financial recruitment brands in the Irish market, Shay subsequently set up Lincoln Recruitment Specialists in 2008. He also hold’s an MSc in Organisational Management and is a member of BPS, qualified to conduct and interpret psychometric testing as well an EQi testing.

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