The Best of the Weekend Business Papers 17 May 2020

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THE 1% PODCAST – Joey Boland
Joey Boland, a former Dublin hurler who has been at the centre of the game over the past 15  years, chatted to us today on The 1% Podcast.  Joey won a GAA League campaign and Leinster Championship in 2013,  while narrowly missing out on an All-Ireland final place that year.
 
We discuss his playing career under the likes of Tommy Naughton and Anthony Daly
as well his career as a Physiotherapist and founder of Sports Physio Ireland. In recent weeks Boland took the decision to move his physiotherapy clinic and his team to 
an online business model,
where through a variety of on-line, interactive platforms Joey and his team work with their clients.
BUSINESS PAPERS – THE MAIN TALKING POINTS
  • The Business Post reports on a call from ICTU for the public sector to get its October pay rise
  • The Sunday Independent leads with a warning that Covid-19 could lead to another bank bailout
  • The Sunday Times reports that UK fund Livingbridge is in talks to buy Chill Insurance
  • The Financial Times reports that Germany’s economy shrank by 2.2% in the last quarter
  • The Wall Street Journal says 3m more workers filed for unemployment in the US last week
QUOTE OF THE WEEK
 

 

“The cough was a bit irritating, that’s all.”

– Dublin woman Josephine Silo who at the age of 103 beat Covid-19

 
 

 

THE BUSINESS POST
 

 

 

“ICTU boss insists public sector workers must get their October pay rise” headlines this week’s top story. The paper quotes Patricia King, general secretary of the Irish Congress of Trade Unions (ICTU) as saying that despite the cost of the pandemic, public sector workers must get a pay rise in October as agreed under the current public sector pay deal. “Who is keeping the country moving and rolling?” said King.

Also on the front of this week’s paper is a report about digital publisher Maximum Media, which went into examinership last week. Under the headline “Maximum Media was dogged by poor financial management: backer” the paper quotes Maximum investor Beach Point Capital as saying there was poor financial management at the company including unpaid company taxes.

On page three is a picture of rugby stars Jamie Heaslip, Dave and Rob Kearney as well as incoming chairman of the Vintners Association, Noel Anderson. The four, all co-owners of the pub Lemon & Duke, are taking legal action against FBD for failure to pay a Covid-19 claim under their business disruption policy which specifically covers Covid-19. Anderson said they had been “stonewalled” by FBD and called the company’s behaviour “deplorable”.

With more publican related news, there’s a picture of well-known Dublin publican Charlie Chawke on page six. Chawke, who owns a raft of watering holes including Searsons and the Goat, has said his staff will wear masks, have temperature checks and carry out a sanitising routine every half hour when his establishments reopen. “People will have to trust us. We’ll be complying with the regulations and looking after our staff and our customers,” he says.

In Brief

  • Paschal O’Donohue says the state is unlikely to recoup the full cost of bailing out the Irish banks
  • Oisin Fanning, CEO of San Leon Energy, has spent €23m acquiring shares in the company
  • Pallas Foods, Ireland’s largest food service wholesaler, booked €3m in losses last year
  • Dunnes Stores has objected to a planned extension of the Square shopping centre in Tallaght

 

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
 

 

“Bank bailout risk in Covid threat to jobs” is the headline on this week’s Sunday Independent. The paper reports on a “grim economic assessment” presented to the government last week warning that unless retailers, crèches and other businesses are given a bailout of at least €10bn, the state faces another banking crisis. The report quotes John Moran, who was Department of Finance secretary general during the Troika bailout years as saying: “If we don’t rescue businesses and stabilise employment, we will end up bailing out the banks.”
The top story in the business pages is that three private equity firms have made bids for the Irish-Canadian company IPL Plastics, formerly One51. The bidders named by the paper are CapVest, Madison Dearborn and US private equity giant Apollo.In another top business story it’s reported that a number of Dublin-based tenants of WeWork, the shared workspace company, have formed an alliance to negotiate rental payments with the firm. According to the story, the members of the group became frustrated with WeWork’s handling of their individual rent concerns.

In Brief

  • Irish animation studio Giant Animation plans to create 70 new jobs in Dublin
  • Cork-based energy company Swyft Energy has launched a €5m funding round
  • The Premium Butcher, a division of Dawn Meats, has seen its online orders treble
  • Aer Lingus has said it is likely to take years for air travel to return to 2019 levels
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THE SUNDAY TIMES
 

 

 

Livingbridge, a UK private equity firm, leads the chase to buy leading broker Chill Insurance according to this week’s top story. The paper says that a number of private equity investors are interested in buying Chill but that Livingbridge is regarded as the lead candidate.

Niall Brady reports that AIB plans to introduce maintenance and transaction fees for all current account holders from the autumn. The move reverses a previous decision to give some customers a break because of the coronavirus pandemic.

Small businesses have tapped just €33m of a €200m state-backed fund since it opened six weeks ago. Just 189 loans have been approved under the scheme which is designed to provide working capital to businesses. The scheme is being managed by the Strategic Banking Corporation of Ireland.

In Brief

  • Vodafone has written down the carrying value of its Irish subsidiary by €630m
  • Dublin recruitment firm Opening.io has been sold to US recruitment software provider iCIMS
  • The Central Bank paid over €7m to accountants as part of the tracker mortgage examination
  • Footwear brand and retail chain Aldo has decided to exit the Irish market

 

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 German economy shrunk at the fastest pace since the financial crisis according to this week’s FT. The paper reports that German first quarter gross domestic product shrank 2.2% from the previous quarter, its biggest quarterly decline since 2009.Turning to the travel industry, and Ryanair CEO Michael O’Leary is suffering from a bout of air rage over the UK’s plan to quarantine passengers arriving from abroad for 14 days. Calling the plan “nonsense” with no scientific basis O’Leary said: “We can’t be imposing these entirely arbitrary and non-scientific 14-day isolations, which are entirely unenforceable and unpoliceable anyway.”

The UK’s farmers, meanwhile, have called on the British public to stuff themselves with strawberries after the cancellation of events such as Wimbledon have raised fears of a summer fruit glut. Under the headline “Brits urged to binge on strawberries” the story echoes a similar piece earlier in the month that Europeans should dine on “steak, cheese and french fries” to clear produce intended for restaurants.

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
 

 

 

Another 3m workers in the US applied for unemployment benefits last week according to this week’s Wall Street Journal. It means about 36.5m Americans have now filed unemployment applications in the last eight weeks.

As the rest of the world struggles to overcome Covid-19, things in China, where the virus first emerged, appear to be returning to normal. New figures show that industrial production in the world’s second largest economy was up 3.9% from a year earlier.

Finally, could the coronavirus pandemic spell the end of traditional retail? According to a feature piece in this week’s paper, roughly 100,000 stores in the US are expected to close over the next five years, with Covid-19 likely to finish off retailers who were already struggling to compete with the likes of Amazon. “If this isn’t the retail apocalypse I don’t know what would be,” said Sarah Wyeth, a leading retail analyst.

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.
 
Stay safe & well.
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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