Sunday 8 December 2019

Grafton St fully lit for first Christmas since 2007

Business Week in 60 Seconds

Christmas lights on Grafton Street, Dublin
Christmas lights on Grafton Street, Dublin

Paul O'Donoghue

The country's most famous shopping street is aiming to recapture its Celtic Tiger glory as it is now fully occupied for the first time in seven years.

Grafton Street's two remaing idle units, 57/58 and 23, were leased to Lifestyle Sports for roughly €675,000 a year and Claire's Accessories for around €200,000 per year. With both stores due to open in December, shoppers can enjoy a fully-lit Grafton Street during Christmas for the first time since 2007.

Mortgage deposit rules delayed

Poor Patrick Honohan. After facing no end of grief while trying to introduce new rules to encourage prudent spending on mortgages, the Central Bank's Governor has admitted that they may not get over the line by the January 1 target.

The proposals effectively mean that househunters will need a 20pc deposit. Mr Honohan said that the organisation "wants to have a proper consultation period on it" and was forced to admit that "we're not sure we'll be able to get them into effect by January 1".

EU parliament wants Google split

Google and the EU just do not get on. After already butting heads with the EU over the 'right to be forgotten' ruling, Google will not be pleased that the European Parliament passed a resolution calling on the EU Commission to order search engines to separate their commercial services from their businesses.

While the vote is largely symbolic and will be ignored for the most part by the internet search giant, it is more strain on the already tense relationship between Google and European officials.

Greencore hungry for growth

Dublin-based Greencore is looking to make a billion-dollar move for US eaters on the back of strong earnings results. The sandwich giant posted a 6.4pc jump in revenue to take in €1.6bn for the year ending September 26, and is now looking to expand to the US.

Ireland's tax rate vindicated

With pressure coming from the EU over the country's 12.5pc corporation tax rate, PwC's report on how countries manage their tax regimes will come as a relief to the Government.

Ireland's tax rate was found to be the "most effective" in Europe, with a real tax rate of 12.4pc comparing favourably to countries such as France and Belgium with real rates of 7.4pc and 6.5pc respectively.

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