The Best of the Weekend Business Papers 20 September 2020

October 19

 

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THE 1% PODCAST – TIM HARKNESS – HEAD of SPORTS SCIENCE & PSYCHOLOGY-CHELSEA FC 

 

 

We had a very exciting guest to launch Season 6 of The 1% Podcast. Tim Harkness is an expert in maximising the #performance of elite athletes globally and for the last 11 years has held the title of Head of Sports Science & Psychology at Chelsea FC.

 

Across his career, Tim has worked with a diverse group of winning athletes including Indian Olympian Gold Medallist @Abhinav Bindra, the @Indian National Cricket Team and was Team Psychologist to the @Saudi Arabian National Football Team when they won the 2018 @FIFA World Cup.

Tim recently published his first book, ’10 Rules for Talking: An Expert’s Guide to Mastering Difficult Conversations’. It’s packed with great advice from someone who has coached in communication and high-performance culture across the globe.

Whether you’re an athlete or would like to communicate more effectively generally, this book is about so much more than communication and conversations. It addresses some of the essential themes around personal interaction, how we think, how we express ourselves and create meaning from these interactions.

During our conversation, Tim and I talk through a range of subjects including creating great conversations, leading decision-making, focus, communication across different cultures and Tim’s lessons from the book. The advice is both accessible and practicable.

 

 
BUSINESS PAPERS – THE MAIN TALKING POINTS
  • The Business Post has details of a report warning that 100k hospitality sector jobs are at risk
  • The Sunday Independent says 100’s of firms misused the Temporary Wage Subsidy Scheme
  • The Sunday Times says mortgage brokers want reassurance over the future of Ulster Bank
  • The FT reports that investment banks are considering providing traders with VR headsets
  • The Wall Street Journal says the Federal Reserve will hold interest rates near zero until 2023

 

QUOTE OF THE WEEK

 

 

 

 

 

 

 

A real life superhero.”

 

– Kate McKinnon, who played Ruth Bader Ginsburg on Saturday Night Live, pays tribute to the late Supreme Court Judge.

 

 

 

THE BUSINESS POST
 

 

As new coronavirus restrictions in Dublin force restaurants and hotels across the city to close the Business Post reveals details of a new report warning that over 100k jobs in the hospitality sector are at risk. The report, which was commissioned by the Drinks Industry Group of Ireland and carried out Anthony Foley, senior lecturer in DCU’s school of business, claims that 63% or 114k workers in pubs, restaurants and hotels are at risk of being lost permanently at the end of the year.

After a week which saw the government launch its “Living with Covid” plan amid a surge in cases, there is lots of comment and analysis on the ongoing impact on businesses from the pandemic. Danielle Baron writes that the government appears to have been “caught on the hop” and that it may have been a case of a “the right plan at the wrong time”. Tony O’Brien writes that the communication of the plan was a “fiasco” adding that the government had “squandered a great chance” to get its message across. Aaron Rogan talks to publicans and restaurateurs who say they fear that the new restrictions announced for Dublin are “the final nail in the coffin for the beleaguered industry.”

Returning to the front page and Facebook has warned that a preliminary ruling by Ireland’s Data Protection Commissioner DPC could force it to pull its social media platforms from Europe. The DPC ruled that Facebook cannot transfer personal data from EU citizens to servers in the US due to concerns about American intelligence agencies.

Woods has a less positive report on the jobs front on page four. He writes that the cinema group Odeon has told staff that there will be layoffs at its Irish operation. The company, which employs more than 300 people in Ireland, announced the planned redundancies across its UK and Irish operation last week.

In Brief

  • Lucy Nagle and Pippa O’Connor are collaborating to launch a new line of designer lounge-wear
  • Modmo, an Irish bike developer, has secured 800 pre-orders for its new electric bike
 
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
 

 

Hundreds of firms misused the state’s Temporary Wage Subsidy Scheme according to this week’s top business story. Samantha McCaughren reports that the Revenue Commissioners have identified a number of firms who engaged in payroll manipulation and invoice deferrals to make erroneous claims under the scheme.

In a story which will worry the betting industry, Sean Pollack reports that the Tax Strategy Group, which is made up on senior civil servants and chaired by the Department of Finance, has explored increasing the betting tax to 2.25%. Last year, the betting tax was doubled from 1% to 2% and Sharon Byrne, chairwoman of the Irish Bookmakers Association said another increase could “wipe out a sector.”

Also on the front page, it’s reported that Beauparc Group, the Irish company behind waste management brands Panda and Greenstar, has acquired UK-based LSS Waste Management. The deal, which was signed earlier this month, is believed to be worth over £20m.

Business owners who think they might struggle to pay their tax bills should take note of a story on page two. Samantha McCaughren reports that businesses experiencing cash flow difficulties have an opportunity to reduce their tax burden if they act quickly. She reports on advice from the Irish Tax Institute which said that all business taxes – including corporation tax and income tax that arose before the Covid-19 outbreak can be deferred at a reduced interest rate of 3%. According to the story, business have until 30 September to enter into such an agreement with the Revenue.

In Brief

  • The Irish Hairdressers Federation has called for VAT to be reduced to 5% in the budget
  • Big Red Cloud has teamed up with US fintech firm Plaid to launch a new open banking module
  • Pre-tax profits at Teeling Whiskey were up by 60% to €1.6m last year
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THE SUNDAY TIMES
 

 


This weeks’ top story is that mortgage brokers are demanding that Ulster Bank immediately confirms whether it will be wound down after it emerged that Natwest, its UK parent company was considering its future in Ireland. Brokers Ireland, which represents over 1,200 brokers, said it wanted Ulster Bank to clarify its position saying the uncertainty was not good for the market.

As budget day fast approaches, finance minister Paschal Donohue has been advised to consider a temporary cut in capital gains tax (CGT). Niall Brady reports that the recommendation has been made by the Tax Strategy Group on the basis that a cut in CGT would help stimulate the economy. However the story is at odds with a report by Michael Brennan in the Business Post who writes that the prospect of a cut in capital gains tax in this year’s budget appear low due to opposition from the Green Party.

Some property stories and Lincor Properties has applied to fast-track the construction of 626 build-to-rent properties in Dundrum. London-based HIG Realty Partners has mopped up a portfolio of 272 build-to-rent residential units in Dublin. Meanwhile in the commercial space, industrial and logistics property developer Mountpark is selling two units in south Dublin as part of a €530m portfolio of parks in the UK and Europe.

In Brief

  • Irish Fuel distributor Amber Petroleum has been bought by UK fuels supplier Greenenergy

 

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 
 

 

Share dealers could soon be swapping the trading floor for their bedroom according to a story on the cover of this week’s FT. The paper reports that investment banks such as UBS are considering providing VR headsets to their London-based traders which would recreate the experience of working in a packed trading floor without ever leaving their home. “If people really can’t come to the office, maybe we can create a virtual presence,” says Breatriz Martin, chief executive of UBS UK.

In the US, Donald Trump has approved a deal under which Chinese short video app TikTok will partner with Oracle Corp and Walmart to become a US-based company. The deal comes as Trump had set a deadline of midnight on Sunday for TikTok to be removed from US app stores.

Also in this week’s paper is the latest instalment of the investigation into Boeing and the design failures of its 737 Max jet which led the deaths of 346 people in two separate crashes. In a shocking revelation, it’s reported that Boeing deliberately hid design flaws from pilots and regulators in a bid to have the plan certified fit to fly.

 

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 US Federal Reserve has signalled that intends to keep interest rates near zero until 2023, according to a top story in the Wall Street Journal. The paper reports that the Fed has said it will not consider raising rates again until it sees evidence of a tight labour market and an inflation rate of at least 2%.

Turning to Asia and China’s economic recovery accelerated in August with retail sales returning to pre-coronavirus levels. Other major economic indicators including factory production, investment and property activity also gathered paced as China’s economy continued to bounce back from the shock of Covid-19.

Finally, Amazon plans to take on 100,000 new workers in the US and Canada, continuing a rapid expansion in its workforce that began with the onset of Covid-19 and more people shopping online. Amazon’s hiring spree contrasts starkly with other companies across a range of industries which are being forced to slash workers and file for bankruptcy.

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 Specialists

 

E: sdalton@lincoln.ie

 

T: +353 1 661 0444/

086-8562176

 

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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