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THE 1% PODCAST – Kingsley Aikins
Kingsley is the CEO of The Networking Institute, a consultancy company that specialises in training in the areas of trade promotion, philanthropy, and diaspora engagement.
 
Kingsley is an ardent believer in the power of networking. He has spent his life striving to bring together people under the one umbrella of promoting Irish interests. Kingsley firmly believes that life is a game of inches, so tune in to hear his advice he has to share that will help move us all just a little further along our respective journeys.
BUSINESS PAPERS – THE MAIN TALKING POINTS

  • The Business Post reports that the new government is to launch a jobs stimulus plan in July
  • The Sunday Independent says IPL Plastics is in advanced discussions to go private
  • The Sunday Times says most shops intend to postpone third-quarter rent payments
  • The Financial Times claims EY failed to make basic checks in relation to the Wirecard fraud
  • The WSJ says a surge in coronavirus cases is forcing some US states to reimpose restrictions
Q
UOTE OF THE WEEK
 

 

“Our country has shown time and time again that we can overcome the toughest of challenges – and we will do so again.”

– New Taoiseach Micheál Martin
 

 

THE BUSINESS POST
 

 

This week’s Business Post leads with the formation of a new government that sees Micheál Martin elected Taoiseach and Leo Varadkar taking over as Táinaiste. It says a Covid-19 jobs stimulus plan is one of the top priorities of the new government. The stimulus package will be overseen by Varadkar, in his additional role as Minister for Enterprise, Trade, and Employment. “It will be targeted at the hospitality, tourism and retail sector most hit by Covid-19, with a strong emphasis on the regions,” said a Fine Gael source.

So what else can we expect to see from the new government? Unsurprisingly, green policies are high on the agenda with a new Climate Act to be passed within the next 100 days. The new bill will see €360m a year spent on cycling and pedestrian infrastructure. Transport infrastructure spending meanwhile will be split 2:1 in favour of public transport over roads.

Early investors in Workhuman, formerly known as Globoforce, have made “several hundred times” their money following a share deal announced last week, according to another front-page story. The employee rewards and performance software platform struck a deal to sell a 10% stake in the company for €106m, giving the business a €1.06bn total valuation.

Waterford Whispers, the popular satirical website, is to introduce a paywall according to a report by Aaron Rogan on page seven. Colm Williamson, the founder of the website, said the paywall was necessary after ad revenues dried up during the pandemic. The paywall will be erected in July and it will cost €5 a month to read more than three articles on the site.

As Ireland officially exits lockdown this week there are lots of column inches devoted to looking at how the business owners will navigate the new normal. Pubs, in particular, may have a hard time getting people through the doors after a CSO survey found that one in five people would feel “very uncomfortable” about the idea of going back into a pub. “There is still uncertainty in the air about how comfortable people will be to return to their old ways,” writes Aaron Rogan.

In Brief

  • Nord Anglia International School in Leopardstown lost €5.47m last year
  • Freight transport in Ireland will double by 2050 according to the ESRI

 

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
 

 


Publicly listed company IPL Plastics (formerly One 51) is in advanced discussions to go private according to this week’s top business story. Samantha McCaughren reports that IPL is in talks about a possible sale to US private equity firm Madison Dearborn. She says a “substantial premium” on IPL’s current share price of €3.36 would be required to get the deal over the line.

Also on the front of the business pages, Ferghal O’Connor reports that Irish bank tech company Leveris plans to raise at least €100m in the coming months. The report also says that Leveris is planning to apply for a full Irish banking licence and may set up its own digital bank.

Following last week’s revelation that €1.9bn was found to be missing from the accounts of payment firm Wirecard, Sean Pollack reports that the company used an Irish subsidiary – Wirecard Payment Solutions Holdings – as a guarantor for a €1.75bn revolving credit facility. The news comes as Wirecard filed for insolvency.

On the subject of working from home, there is an interesting piece in the main paper about the effects of remote working on employees. Under the headline “Home office takes a toll on mental health” Niamh Horan reports on a survey which finds that while 44% of Irish professionals believe their productivity has improved since working from home began, 23% say their mental health has been negatively affected.

In Brief

  • Six in ten mortgage applicants received help from parents according to a new survey
  • Redundancies are likely at airport handling company Swissport’s Irish operation
  • Tullamore Dew is targeting new markets in Latin America and Australia
  • Revenue had upped its crackdown on Airbnb property owners before the Covid-19 lockdown
  • Peptalk, the employee software company, formed by Bernard and James Brogan has signed a deal with AIB to provide its wellbeing application across its 15,000 staff 
The Independent Group makes its digital revenue through advertising. We encourage you to support quality journalism by clicking the link below or by purchasing the physical newspaper. Click here >
 

 

 
THE SUNDAY TIMES
 

 


As the economy reopens, the majority of shops are to postpone their third-quarter rent payments according to this week’s top business story. Niall Brady reports on a survey of 50 leading retailers by industry body Retail Excellence which reveals that less than one in five will pay rent on their shops for the third quarter because of a collapse in trade. The paper says that the arrears crisis has “heightened tensions with landlords” who have generally refused to negotiate with tenants.

Eamonn Crowley, the new Permanent TSB chief, has said he believes banks cannot afford to forgive interest in addition to granting Covid-19 mortgage payment breaks. Crowley claimed this would be unfair to customers who continue to pay in full. “What about other customers?” he said. “We have to be fair to all customers.”

There is some good news for homeowners looking to take advantage of the equity in their homes. Grainne Rothery reports that a recent change to Central Bank of Ireland rules means that more people can now qualify for these products adding that the changes mean that new players are expected to launch offerings in Ireland.

In Brief

  • The government has spent €8m on media advertisements informing the public about Covid-19
  • RTE raised €5.4m from last week’s charity special RTE Does Comic Relief
  • The Irish arm of Belgian-owned backer of Le Pain Quotidien has been put into liquidation
  • Discounter Dealz is to open a 1,130 sq m store at the Rathfarnham Shopping Centre
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 
 

 

 
“EY failed on basic Wirecard checks” is the headline on the top of this week’s FT. The paper claims that auditor EY failed for more than three years to request crucial account information from a Singapore bank where Wirecard claimed it had more than €1bn in cash. According to the story, the “routine audit procedure” would have uncovered the vast fraud at the German payments company.

Also on the front page, it’s reported that consumer goods giant Unilever has joined a growing list of big companies in an advertising boycott of Facebook. Unilever joins Coca-Cola, The North Face, and Ben & Jerry’s ice cream to pull their ads citing concerns about the proliferation of hate speech on the site.

Ecommerce giant Amazon is spreading its tentacles into the driverless car market with the purchase of self-driving start-up Zoox for more than €1.2bn. The company plans to work with Zoox to create a fleet of self-driving taxis, competing with Alphabet’s Waymo.

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 Texas and Florida have been forced to reimpose restrictions amid a surge in coronavirus cases. Texas closed bars across the state and issued a stay-at-home order for the city of Houston while Florida also imposed new restrictions as it recorded almost 9,000 new cases in a single day.

 

US retailer Macy’s is to cut 3,900 corporate jobs as the coronavirus pandemic wiped out its profits in the most recent quarter. The cuts represent 3% of the company’s total workforce and come hot on the heels of 2,000 corporate layoffs announced in February.

Finally, sales of apparel in the US have rebounded as people discover that after spending months inside sheltering from coronavirus their old clothes no longer fit. Suzanne Kapner reports that while most people escaped Covid-19, some of us are having to deal with “COVID-15” i.e. the 15 extra pounds in weight gained during the lockdown. Quoted in the piece is Brett Downes as saying he spent the pandemic gorging on potato chips, chocolate and pizza. “I can’t fit into any of my clothes,” he says, “but I’m hoping the weight will come off before I have to buy a new wardrobe.” Aren’t we all?

 

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 it 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

 

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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