The Best of the Weekend Business Papers 7 June 2020

We help organisations big and small source, recruit, and retain the highly skilled talent you need to succeed and grow

Please get in touch if you would like to talk about your recruitment requirements across our specialist sectors:
  • Accountancy
  • Advisory & Business Change
  • Executive Search
  • Engineering
  • Financial Services
  • Healthcare
  • Legal
  • Retail  
  • Technology
 
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 a new programme for government may be agreed this week
  • The Sunday Independent reports that Mercury Engineering has won a key role in a €2.2bn contract
  • The Sunday Times says Ireland has among the highest proportions of people on the minimum wage in the EU
  • The Financial Times says a surge in hiring in the US has fuelled hopes of a recovery
  • The Wall Street Journal reports that the US labour market “snapped back to life” in May
QUOTE OF THE WEEK

 

 

“Time to break up Amazon. Monopolies are wrong!”

– Elon Musk take a shot at fellow billionaire Jeff Bezos by calling for Amazon to be broken up.
 

 

THE BUSINESS POST
 

 

 

The Business Post leads with news that a new programme for government could be agreed this week. Thursday is the day the paper says the deal will be made between Fianna Fail, Fine Gael and the Greens although Tanaiste Simon Coveney has said that “quite a number of issues” still remain to be resolved. It will then be put to a “Super Tuesday” style vote where the members of all three parties will vote on the deal.

Also on the front page, under the headline “More publicans come forward to complain about FBD assurances” it’s reported that FBD gave a number of publicans explicit guarantees that losses incurred as a result of the outbreak of Covid-19 would be covered by their business interruption policies. It comes as the paper said it had reviewed documents and statements belonging to several business owners. The issue is currently before the courts after the FBD declined to pay out on policies.

There’s a picture of well-known hotelier Francis Brennan on page three over the headline “Brennan brothers’ new TV show to help coronavirus-hit businesses”. Roisin Burke reports that the two brothers have decided to end their 11-year-old TV show “At Your Service” with a final series aimed at helping hospitality businesses survive Covid-19.

On page four, it’s reported that housebuilder Cairn Homes is trialling the use of GPS and facial recognition technology at its construction sites in a bid to reduce the risk of workers catching and spreading Covid-19. The London-quoted company will use GPS to ensure workers maintain physical distancing while facial recognition technology is being trialled at entrance turnstiles so workers don’t have to physically engage with the turnstile itself.

In Brief

  • Mainstay has had its plans to delist from the Irish stock market approved by the High Court
  • Hedge fund Capital Group has upped its stake in Ryanair from 2.8% to 4.3%
  • Amazon staff in Ireland were given nearly €40m worth of shares in company in 2019
  • Brookefield Asset Management has pumped €5m into Center Parcs Ireland
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
 

 

 

Cork-based company Mercury Engineering has won a key role in a €2.2bn data centre consortium according to this week’s top business story. Ferghal O’Connor reports that the company will provide design and construction capabilities to build “hyperscale” data centres across Europe.

In another top story Samantha McCaughren reports that over 300,000 kegs of expired beer, stout and cider are in the process of being collected from pubs around the country. Heineken Ireland is replacing 100,000 kegs – the equivalent of 10m pints, while Diageo is collecting 150,000 kegs. According to the story, the task is bigger than would otherwise had been due to the fact that stocks in pubs were particularly high for St. Patricks Day ahead of the Covid-19 lockdown.

Bank of Ireland customers received more than €145m in life, serious illness and general insurance claims in 2019, with the amount of life insurance claims representing its highest ever level. The average claim by individuals on their life cover was €53,203 while the average claim for specified illness was €76,244.

Aer Lingus has written to 100 of its newest cabin crew recruits to inform them that their contracts are being terminated before they had even started working for the company. The airline gave each new hire one week’s notice pay. As many as 900 people could lose their jobs at the airline.

In Brief

  • C&C has launched an app to help pubs, clubs and restaurants sell food and drink online
  • Online car parts retailer MicksGarage it set to grow revenues to €18m due to Covid-19
  • US payments company Remitly plans to open an office in Cork
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
 

 


Ireland has one of the highest proportions of people on the minimum wage in the EU, according to this week’s Sunday Times. The paper reports on a survey by EU agency Eurofound which finds while at €10.10 an hour, Ireland has the third highest rate of minimum pay in Europe, around 6% of women and 5% of men earn that level. Only six member states – mostly in Eastern Europe – have a higher proportion of minimum wage workers.

Onto the business pages and the top story is that the government is actively considering a material increase in the level of state backing for a €2bn Covid-19 loan scheme. Brian Carey reports that government is proposing to drive down the cost of emergency credit to struggling SMEs and will dramatically improve access to liquidity supports from small businesses.

In a sign of the times, hospitality booking app Zazu is adding new features to help restaurants and bars to operate while observing Covid-19 restrictions. Upgrades to the app, which includes a table reservation system, will enable venues to send a WhatsApp or text message to let customers know when their table is ready.

In Brief

  • The FAI is to appoint Grant Thornton as auditors following the resignation of Deloitte
  • Irish start-up Naked Collective, which makes non-alcoholic drinks, launches next week
  • Craft brewer Five Lamps posted revenue growth of 32.7% in 2019
  • Nissan Ireland made pre-tax profits of €4m in 2018
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 
 

 


“US jobs surge fuels recovery hopes” leads this weekend’s Financial Times. The story comes after an encouraging US labour market report which showed that the US economy added 2.5m jobs in May. The paper says the report has “stunned investors and fuelled hopes that the biggest economy was beginning to recover from its coronavirus shock.”

On page four is some positive economic news on this side of the pond with a report from the Bundesbank that the German economy is expected to rebound by 3.2% next year after a 7.1% contraction this year. However, the prediction is based on an assumption that “an effective medical solution” to Covid-19 is found.

In a story that probably won’t surprise remote workers, video conference app Zoom has experienced a surge in business brought on by the pandemic. The company reported a 169% rise in revenue to $328m in the three months to the end of April as employers signed up to facilitate staff working from home.

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 also leads with the strong US jobs numbers saying the labour market had “snapped back to life” in May. It says that after two months of “carnage” hopes have been boosted that the US economy had moved beyond the worst of the Covid-19 outbreak.

Facebook employees staged a virtual walkout last week after CEO Mark Zuckerberg’s decided to leave up a post from Donald Trump about the recent social unrest in the US. It came after Trump posted: “When the looting starts, the shooting starts,” on his Facebook page.

Finally, casinos in Las Vegas have started to reopen alongside a raft of new safety measures designed to protect gamblers from Covid-19. They include limiting gambling floors to 50% occupancy, plexi-glass shields between players at table games and sinks beside slot machines.

 

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

 

FORWARDED THIS MESSAGE? SIGN UP.
 

 

© 2020 All Rights Reserved – Lincoln Recruitment Specialists

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.

The importance of Corporate Nursing in Healthcare 2020

Prior to 2020, Corporate Nursing was somewhat of an unknown phenomenon. While Corporate Nurses have been around for years, the pandemic has seen a surge in the requirement for these sorts of professionals to assist larger organisations to ensure they are taking the correct measures to prevent the spread of COVID-19. What exactly is Corporate … Continued

The 1% Podcast: Tim Harkness Communication and Mastering Conversation

Latest Episode: Tim Harkness Communication and Mastering Conversation     Tim Harkness has over 22 years of experience as a Psychologist and Sports Scientist and currently holds the position of Head of Sports Science and Psychology at Chelsea Football Club. In addition, Tim has worked closely with a diverse group of elite athletes from Abhinav … Continued

The continued rise and success of the Irish Fintech market in 2020

2020 is, has been and is set to continue to be a challenging and disruptive time across most sectors and industries. However, within the area of Fintech, there has been a continued rise in terms of financial activity and investment going on within the sector. According to recent figures from multinational professional services network KPMG, … Continued