Live news: Business as usual at Shelbourne hotel after fire
- by The Sunday Business Post
- Jun 12, 2024
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13.00 - BDO appoints five new partners
Dublin-based consultancy firm BDO has appointed five new partners to its firm, which it said would significantly enhance their expertise across taxation, auditing and cybersecurity fields.
The five people appointed are Áine McInerney, Eoghan Daly, Natalie Byrne, Chris Fogarty and Cian O’Sullivan and they come from a mix of backgrounds, from business advisory, business consulting, tax compliance, auditing and accountancy.
Brian McInerny, BDO Ireland managing partner, said: “Our new partners bring a wealth of experience, expertise, and innovative thinking that will drive the firm forward and support our long-term strategic goals.”
The Irish wing of BDO has offices across Dublin, Cork and Limerick, while the global BDO network parent firm has more than 115,000 staff across 1,776 offices in 166 countries and territories.
12.33 - Firms to face extra charge on electricity bill after PSO levy hike
Businesses are set to face additional charges on their electricity bills to subsidise the generation of renewable energy.
The Commission for Energy Regulation (CRU) is proposing that the public service obligation (PSO) levy should be set at €225 million to subsidise the generation of electricity from wind farms and solar panel operations in the coming year.
This year the PSO levy on electricity bills was set at zero.
The levy will be imposed from October when domestic and small commercial businesses will receive a monthly charge of €11.10, amounting to an annual fee of €133.20.
Customers in the medium and large commercial category will be subject to a monthly charge of €1.37/kVA.
The CRU also noted that the proposed figures are subject to change until August 2024.
12.05 - EU imposing hefty tariffs on Chinese EVs
The European Union will slap additional tariffs of as much as 38.1 per cent on electric vehicles shipped from China as of next month, escalating a global trade war and upping the cost of selling cars in Europe for companies ranging from China’s BYD to Tesla.
As reported by Bloomberg, the bloc formally notified carmakers of the levies due to be implemented around July 4, the European Commission said, following an investigation of subsidies that started last year.
China’s EV manufacturers have been pushing more aggressively into Europe amid a domestic price war and years of building a lead in the technology.
The individual duties on BYD will be 17.4 per cent, Geely 20 per cent and SAIC 38.1per cent, the commission said today.
11.35 - Greengate to bring biogas plants to Ireland
A raft of new biogas facilities are to be built across Ireland by a consortium of global players, consisting of Copenhagen Infrastructure Partners (CIP), Atlas Renewables and Energex Partners.
The companies have joined forces to create the Greengate Biogas brand, which will feature across the plants the firms will construct and operate in Ireland.
When fully established, Greengate says its plants will produce nearly 1.8 terawatt hours annually of biomethane across its projects here.
This is enough to provide 30 per cent of our target for the biogas by 2030, as laid out by our recently announced biomethane strategy, and meet 3.5 per cent of our total current natural gas demand.
11.10 - Value of services rose 1.7 per cent in April - CSO
The value of services in the Irish economy rose by 1.7 per cent in April, compared with March, and a significant 9 per cent compared with the same month last year.
The latest Central Statistics Office figures show that despite the slight rise, the volume of services dipped 0.6 per cent on a monthly basis, but were up 8 per cent on the year before.
The largest services increases on a monthly basis was in the professional, scientific and technical activity sector, which recorded a seasonally-adjusted value boost of 4.7 per cent.
Transportation and storage was the sector that experienced the largest drop on a monthly basis, falling 4.2 per cent in value terms, on a seasonally-adjusted basis.
10.40 - Aviation industry launches campaign to tackle passenger misconduct
The Irish aviation industry is launching a declaration to combat unruly passenger behaviour in airports and on flights as part of the #NotOnMyFlight campaign.
All Irish airlines and airports, An Garda Síochana, the Irish Aviation Authority, AirNav Ireland, ground handlers and international aviation organisations have come together to tackle the issue of disruptive and dangerous behaviour, which affects passengers and staff almost every day of the year, according to a joint statement from the groups.
There has been a “three-fold” increase in passenger “unruly behaviour” reported between 2019 versus 2023.
This behaviour can include intoxication, aggressive or inappropriate behaviour as well as not following the commands of flight crew, who are there to ensure passenger safety.
The declaration sets out how the aviation industry aims to combat the issue of unruly behaviour on flights. The vast majority of passengers comply with instructions and show respect to staff and other passengers, according to the statement.
“We all want to ensure that air travel is pleasant and most importantly safe for all users. While the vast majority of people that use air travel have the highest regard for fellow passengers, unfortunately there are a small minority whose behaviour at airports or on aircraft can have a significant impact on the experience and safety of other passengers or flight crew,” Angela Willis, Assistant Commissioner, DMR of An Garda Síochána, said.
“An Garda Síochána is delighted to sign this declaration and to work with our partners to combat disruptive and dangerous behaviour which will not be tolerated.”
09.45 - ‘Staggering’ glut of oil by end of the decade likely
The International Energy Agency has predicted that there will be a “staggering” surplus of oil by the end of the decade, as companies ramp up production.
The Financial Times reports that demand is forecast to peak before 2030, but continued investment by primarily US-based oil producers would result in a more than 8 million barrel a day surplus capacity.
The “massive cushion” of extra oil could “upend” efforts by Opec+ to manage the market and usher in an era of lower prices, the IEA said, adding that this level of spare capacity was unprecedented outside of the pandemic.
09.15 - Latest round of female entrepreneurial programme comes to a close
From left to right: Carley Donegan of Grey Dog Events and Communications, Sinead Lonergan of Enterprise Ireland, Helena McMahon of Seabody and Olivia Lynch of KPMG
Photo by
Orla Murray/Coalesce
KPMG’s sixteenth round of its Going for Growth programme, which supports female entrepreneurs, came to a close yesterday.
Fifty-five women took part in the six-month programme, with another 30 finishing the similar Starting Strong programme for more established businesses.
All the businesses involved in this round of Going for Growth had a collective turnover of more than €93 million and staff of over 800, and according to KPMG, all bumped these numbers up over the past six months.
The programme is supported by Enterprise Ireland, and so is free for participants to partake in.
08.50 UK economic growth flatlines
The UK economy recorded no growth in April, according to the Office for National Statistics.
Gross domestic product (GDP) was flat during the month, following growth of 0.4 per cent in March, the ONS said.
The figures present a headache for Rishi Sunak, the British prime minister, who has pegged much of his general election campaign on a recent record of economic improvement under his Conservative government.
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