Real estate funds made nearly € 3 billion in profits in the first three years after their introduction, according to the Business Post. He said operating profits of Irish real estate funds stood at 1.16 billion euros in 2019 alone, bringing total combined profits to 2.93 billion euros for the period since 2017. The government decided earlier this month to limit the ability of these funds to buy homes wholesale. in some cases. Such funds were introduced in 2017 with the aim of bringing groups of investors, who held Irish real estate assets in funds designed to reduce their tax burdens, into the tax net.
The Business Post reported that the number of alerts warning of possible power shortages on the national grid has increased dramatically, fearing that the Republic is showing signs of an electrical system threatened with blackouts. The immediate power shortage is due to two unplanned blackouts at the Huntstown power plants in Dublin and Whitegate in Cork. It is, however, exacerbated during periods of low wind and by the shutdown of peat power plants in the Midlands, as well as a number of generators performing scheduled maintenance, which had been delayed due to Covid-19.
PCH, the Irish manufacturing and supply giant founded by Liam Casey, recently released its data to the darknet after refusing to pay a ransom to the same group accused of targeting the Health Service Executive, according to the Business Post . The data was released by hacking group Conti, with PCH confirming the ransomware attack but claiming that no personal consumer information was disclosed.
A fund controlled by Macquarie, the Australian investment bank, will buy the Republic’s largest waste company, Beauparc Utilities, valuing the group at nearly a billion euros, reported the Sunday Times. He says the sale will create a big windfall for its founder, Eamon Waters, and US private equity firm Blackstone. Beauparc became the country’s largest waste company when it acquired Greenstar in 2016. It has since expanded into a number of other markets. The group is also present in the electricity and waste businesses through the Panda brand.
Pubs and restaurants supports
The government intends to make ‘lump sum payments’ of up to € 30,000 to pubs and restaurants that will reopen in the coming months to help strengthen their viability and as compensation to support a longer closure, a reported the Sunday Times. Tánaiste Leo Varadkar said on Friday that bars and restaurants would not be allowed to reopen for indoor dining until July 7 and, therefore, would be eligible for restart subsidies. Payments will not be available for hotels.
Appointment at the Bank of Ireland
Bank of Ireland has appointed senior executive Áine McCleary to the post of commercial director of ‘the KBC opportunity’ as she seeks to finalize a deal with the outgoing financial institution. Ms McCleary’s appointment is seen as a statement of the bank’s intention to complete the acquisition as soon as possible, according to the Sunday Times. Bank of Ireland filed for regulatory approval for the takeover of KBC last month with the Competition and Consumer Protection Commission.
Aer Lingus discounts
Older staff will suffer the brunt of the new cuts at Aer Lingus, according to the Sunday Independents, with old pay scales to be reduced and service pay reduced. Staff are also expected to face a pay freeze of up to five years. The airline lost 103 million euros in the first quarter due to the Covid crisis, in addition to a loss of 361 million euros in 2020.