Declining bankruptcies thanks to the support of the Covid
Many so-called “zombie” businesses that would otherwise have gone bankrupt are being kept alive thanks to backers from the Covid state, figures provided to the Sunday Times show. The document reports that financial firm PKF O’Connor, Leddy & Holmes estimates that there were less than 400 bankruptcies in the Irish market last year. He said around 600 would be expected in a normal business year. The practice warned that creditworthy firms would be damaged by competing with otherwise insolvent firms.
McKillen jnr hotels refinanced
The hotels controlled by developer Paddy McKillen jnr have been refinanced by US property investor Starwood Property Trust, reports the Sunday Times. He says hotels include the Glasson Lakehouse in Athlone and the Dean Hotel in Galway. The newspaper also reports that Oval Acorn, a holding company for McKillen’s hotels, received a € 30 million equity injection from London-based private equity firm Signal Capital.
Building permit for wind farm
The Sunday Independent reports that renewable energy developer EMPower plans to raise around € 250 million in new shares to help it grow its portfolio of wind farms in Ireland. The company says it expects to get building permits for about 60% of its projects here, which include seven projects that would provide a total of 375 MW of electricity. EMPower plans to raise most of the cash from its existing shareholders, which include pension funds in New Zealand and Australia.
Zoom board meetings abroad
The rise of the Omicron variant of the virus has prompted state tax authorities to extend a business concession for a month to facilitate Zoom board meetings with overseas directors, the Sunday Independent also writes. The concession was due to expire at the end of 2021 but was extended by the tax authorities until the end of January. This is important for companies with overseas directors who wish to retain their Irish tax domicile: previously they had to travel to Ireland to attend board meetings in person in order to meet the domicile criteria.
Ireland loses Intel factory
The Business Post says it will be confirmed in the coming weeks that Intel has decided not to set up a new € 80 billion chip factory in Ireland. The country was on a shortlist for the new investment along with Poland and Germany, where the Post says the investment will go. Ireland has never been considered a favorite for Intel’s investment, due to the company’s concerns over pressure on energy and water infrastructure here and delays in the planning process.
Desmond invests $ 50 million in Canadian miner
Dermot Desmond is bringing $ 50 million in new funding to Mountain Province Diamonds, a Canadian miner in which he is the largest shareholder, reports the Business Post. The company says part of the proceeds will be used to repay a previous $ 25 million loan made by one of Desmond’s companies to MPD, which owns 49% of the Gahcho Kue diamond mine in the Arctic.
Remote job seekers
The Business Post also reports that jobs for digital payments company Revolut and the owner of TikTok Bytedance were among the most viewed on LinkedIn in Ireland last year. Linkedin’s Irish operations manager Sharon McCooey said the fact that six of the top 10 ads contained an element of remote work should serve as a “warning” to employers. Only one in seven LinkedIn job postings were for remote working, which is now the most important factor for job seekers.