Irish Times Inside Business

An increase in office stock, the switch to hybrid working, as well as job losses in the tech sector have contributed to a slowdown in the Dublin commercial real estate market, according to industry expert, John Moran. The CEO of JLL joins Ciaran Hancock to discuss the 13% office vacancy rate driven partly by the increase in 'grey space.' The term is used to describe what is available for sub-leasing or assignment, more of which is being seen in the capital as Big Tech companies pull back to 2019 levels of employment. Meanwhile, Director of Technology Ireland, Una Fitzpatrick gives the industry view on the recent job losses. The Ibec branch wants to counter the narrative that the sector is in free-fall, noting these are the first redundancies of this level since 2010.With any subscription you'll get unlimited access to the very best in unique quality journalism from The Irish Times. Subscribe today. Hosted on Acast. See acast.com/privacy for more information.

Climate change is one of the themes of this year’s World Economic Forum in Switzerland. Markets Correspondent, Joe Brennan, reports from Davos where a recent winter heatwave means the highest town in Europe has significantly less snowfall than usual. The Taoiseach, Finance Minister and a delegation from the IDA are there as part of Ireland’s attempt to court FDI. All three parties are awaiting news from Microsoft on how many Irish jobs will be among the plans announced today to cut its workforce by 10,000, globally. Berlin Correspondent, Derek Scally, reports on how Europe’s most senior data regulatory body has ruled the Data Protection Commission in Dublin has failed to investigate, with due diligence, data collection and processing at Facebook and Instagram. Critics say that may have deprived the exchequer of a multibillion euro windfall. With any subscription you'll get unlimited access to the very best in unique quality journalism from The Irish Times. Subscribe today. Hosted on Acast. See

This week we got a look at two reports into economic activity in Ireland, one from Enterprise Ireland and the other from Bord Bia. Eoin Burke Kennedy explains what we learned about the performance of homegrown businesses and within the growing food sector.But first, Joe Brennan explains what the arrival of a new insurer, the South African company OUTsurance, into the Irish car insurance market means for the industry and for motorists. Will their presence drive down premiums? Hosted on Acast. See acast.com/privacy for more information.

What will 2023 have in store for the economy, the media landscape and the tech sector? Ciarán Hancock is joined by Irish Times business journalists Eoin Burke-Kennedy, Ciara O’Brien and Laura Slattery. Hosted on Acast. See acast.com/privacy for more information.

2022: It was a year of soaring inflation, bumper corporation tax and the cost of living crisis. In the first of two episodes looking back on the biggest business stories of the year, Ciarán Hancock is joined by Irish Times journalists Cliff Taylor and Joe Brennan. The panel discuss the knock on effect of rising interest rates, the 12 billion surplus in November and what the new year may have in store for the economy. Hosted on Acast. See acast.com/privacy for more information.

CEO of An Post David McRedmond joins Ciaran Hancock to discuss the ongoing row between An Post and the UK’s Post Office over the implementation of post-Brexit customs rules, which is resulting in thousands of online purchases being returned to British retailers. Later on, we hear from two Dublin city centre business owners, Stephen Kennedy of Copper+Straw cafe and Sean Crescenzi of Happy Endings restaurant. They speak about the impact that anti-social behaviour and drug dealing, in and around Aston Quay, is having on their businesses and the immediate and long-term solutions they would like to see implemented to address the issue. Hosted on Acast. See acast.com/privacy for more information.

Irish Times Current Affairs Editor Arthur Beesley joins Ciarán Hancock to discuss the recent spike in applications by wealthy Chinese citizens to the Immigrant Investor Programme. The scheme allows applicants, with a minimum net worth of €2 million, to obtain residency in the State, if they invest in the Irish economy. With the number of applications almost tripling in the first nine months of the year, speculation is mounting that the scheme could be closed off. Later on, we hear from Economics Correspondent Cliff Taylor who discusses how rising interest rates, coupled with a slowdown in construction are impacting the housing market. Hosted on Acast. See acast.com/privacy for more information.

After Finance Minister Paschal Donohoe's surprise move to ease restrictions on pay and bonuses in the banking sector, we look at what it might mean for the three domestic banks and their international competitors. Markets Correspondent, Joe Brennan, also takes us through the rest of the headline-grabbing details in the 220 page Retail Banking Review. Ciaran is also joined by the Irish Times' Karlin Lillington to discuss the €265m fine handed down to Meta this week over its data protection breach. With fines now totalling over €900m, will it have made Mark Zuckerberg sit up and notice? Hosted on Acast. See acast.com/privacy for more information.

The need is well above the government's policy targets and we're obsessed with married people who are just about to have children, according to the author of he latest Daft.ie report, economist Ronan Lyons. The latest figures show another quarter of extreme shortages in rental supply. Economics Correspondent, Eoin Burke Kennedy, also joins Ciaran to take a deep dive into the report. We also delve into World Cup sponsorship deals with London marketing expert and former head of the Copa90 football agency, James Kirkham. Are brands getting bang for their buck in one of the most controversial tournaments in decades? Hosted on Acast. See acast.com/privacy for more information.

On the podcast this week?: Ciara O'Brien on the troubles swirling around Twitter under the leadership of Elon Musk. The company this week met with the Irish Data Protection Commission to discuss concerns about upheaval at the company and how it could impact the safety of users and their data. Joe Brennan on the news that car insurers had a bumper year in 2021, enjoying the highest profits since 2009. The size of awards paid out plummeted but premiums only dipped slightly. Will cheaper premiums be on the way? Hosted on Acast. See acast.com/privacy for more information.

The job losses announced by Meta and Stripe may provide an indication of layoffs across the tech sector. Inside Business is analysing the impact of the redundancies, announced over the past week, across the wider Irish economy. After enjoying bumper profits and a surge in recruitment during the pandemic, interest rate rises and the cost of living crisis have finally caught up with the tech giants. But is the crunch merely a recalibration of the sector or a more foreboding warning of global recession? Ciaran Hancock, Cliff Taylor and Laura Slattery analyse how prepared we are to absorb the losses, what the impact on the commercial property market will be and does the IDA have a Plan B should the multinationals pare back significantly. Hosted on Acast. See acast.com/privacy for more information.

The Government is facing a potential threat to some of its corporation tax revenues because people who worked remotely from abroad for Irish-based firms during the pandemic are refusing to return to the State because of the housing crisis, senior business figures have warned. Arthur Beesley reports.Pubs will be allowed to remain open until 12.30am seven days a week, while nightclubs will be allowed to open until 6am, under a major new overhaul of licensing laws due to be considered by Cabinet on Tuesday. It's a welcome move but isn't a panacea for the problems facing the hospitality sector, says Mark Paul. Hosted on Acast. See acast.com/privacy for more information.

Calm was finally restored within the UK markets this week, as Rishi Sunak took up his post as the new British Prime Minister. Aidan Donnelly, Associate Director at Davy Global Fund Management explains why the recent political chaos led to a market meltdown and why Sunak’s appointment has steadied the ship. Later on, Ciaran Hancock is joined by Graham Clarke, CEO of Kylemore Cars, Ireland’s largest independent second-hand car sales company. They discuss the used-car business, which continues to see the price of second-hand cars rise as a result of “three major bumps in the road affecting the supply chain”. Clarke also speaks about the new carbon-neutral showrooms in Ballymount, recently opened by Kylemore Cars following a €6m investment. Hosted on Acast. See acast.com/privacy for more information.

Growing up in Youghal, Co Cork, Sean O’Driscoll first “caught the bug” for the hospitality industry, while working behind the bar in his local hotel. From there, he went on to study Hotel Management in Galway, with a stint in Switzerland to gain further experience. He has worked in many venues across Ireland and has spent 13 years as a hotel general manager, before finally taking up a group role in 2016. Today, he is the co-founder of Cliste Hospitality, one of the largest operators and managers of hospitality venues in Ireland. In this episode, he talks to Ciarán Hancock about how the hotel group has bounced back following the pandemic and his expectations for 2023 and beyond. He also gives an insight into how his company are managing rising costs across the board, from electricity prices to wage-increases. They also discuss accusations of price-gouging within the sector and what can be done about it. Hosted on Acast. See acast.com/privacy for more information.

All over the country, restaurants are being forced to close their doors, unable to function in the current economic climate. Fears are growing that closures within the industry could reach one per day, levels last seen during the recession in 2012. With energy costs continuing to rise and Covid-era supports due to end early next year, the worst may be yet to come. In today’s episode, chef and restaurateur JP McMahon tells Ciaran Hancock about his decision to close his Galway-based restaurant Tartare in August this year. We also hear from Adrian Cummins, chief executive of the Restaurants Association of Ireland, who believes the government could be doing a lot more to ease the pressure on the industry. Hosted on Acast. See acast.com/privacy for more information.

Although sterling has rallied since the British government’s mini-budget announcement, the bond market remains disturbed.  All eyes are now turning to the ECB and how it will react to the turbulence. The effect on interest rates will play out in the coming weeks, but could they peak sooner than expected?  To discuss the impact of the mini-budget on the global economy, Ciaran Hancock is joined by Joe Gill of Goodbody Stockbrokers.  Irish Times Economics Correspondent, Cliff Taylor, also takes a look at what it means from an Irish perspective.  We also examine the latest bumper exchequer returns, and whether they may help offset what looks like an impending consumer-recession.   Hosted on Acast. See acast.com/privacy for more information.

Ciaran Hancock is joined by guests to analyse Budget 2023.On the panel:Cliff Taylor, Managing Editor, The Irish TimesSven Spollen-Behrens, Director, Small Firms AssociationKevin McLoughlin, Head of Tax and Law, EY IrelandJennifer Bray, Political Correspondent, The Irish TimesInside Business is produced in association with EY Ireland. Hosted on Acast. See acast.com/privacy for more information.

In part one of today's podcast, Jack Horgan-Jones and Cliff Taylor discuss next week's budget when the government is expected to deliver a huge package of relief for households as well as the usual adjustments to taxes and new fiscal initiatives. In part two: Once again, the tourism sector will be hoping for an extension to the 9% VAT rate that was brought in to help businesses survive the pandemic. But there are indications the rate, which was extended by six months earlier this year, will not be extended again. Eoghan O'Mara Walsh is Chief Executive of the Irish Tourism Industry Confederation and he tells Ciaran why the rate should stay and how the sector is faring. Hosted on Acast. See acast.com/privacy for more information.

A new employment survey by ManpowerGroup has shown that hiring intentions in Ireland’s tech sector have fallen dramatically.  Rising interest rates, previous high volume hiring campaigns and an early post pandemic recovery have knocked confidence in the sector.So is this just a temporary blip or a sign of something more serious? John Galvin, managing director of ManpowerGroup and Una Fitzpatrick, director of Technology Ireland join Cliff Taylor to discuss. Hosted on Acast. See acast.com/privacy for more information.

As a result of Europe’s ongoing energy crisis, Irish businesses are experiencing rising costs across the board. In this episode, Cliff Taylor speaks to Tony Walker, general manager of the Slieve Russell hotel and golf resort in Co Cavan about how his hotel is dealing with runaway energy bills and increasing supplier costs. We also hear from Business Affairs Correspondent Mark Paul who explains what the Government might do to respond to the crisis. Hosted on Acast. See acast.com/privacy for more information.