Tuesday 22 October 2019

Dan White

Today's news headlines, directly to your inbox every morning.

The views of Central Bank Governor Philip Lane on the housing crisis, have been undermined by fresh evidence based on more accurate statistics from the CSO which revealed a 5,000 shortfall in the number of homes built last year

Housing crisis could yet sink our economic recovery 

Central Bank governor Philip Lane is confident that house prices, which rose by another 13pc in the year to April, will "cool off". Speaking to Bloomberg TV, Lane said "it is important to put it in context. We have an economy that is growing quite quickly, so employment is growing strongly, wages are picking up. So when we talk about house prices, there are some strong fundamentals there. It's also the case that we are far below peak prices but, of course, any central bank is going to keep a close eye on the housing market.

Dublin's hotel boom goes into overdrive 

Hyatt became the latest of the major international hotel groups to move into the Irish market when it announced plans for a new four-star Dublin hotel last week. With over 3,000 new rooms set to be added to the capital's supply over the next three years, is the market in danger of saturation? The new Hyatt, which will be located opposite St Patrick's Cathedral and have 234 rooms, will cost €50m, employ 240 people and open in May 2019. It will be operated under franchise by Irish hotelier John O'Sullivan, whose Hodson Bay group already has two hotels in Athlone and another one in Galway.

The price of Brent crude fell from $113 a barrel in June 2014 to just $26 by January 2016. Since then oil prices have been gradually recovering with Brent trading at $70 last week. Stock image

All's well again after the Tullow turnaround 

Tullow's gross revenues grew by 30pc in 2017 while its net debt fell by $1.3bn to $3.5bn (the company reports its results in dollars), according to the 2017 trading statement released last Wednesday. Both figures were ahead of analysts' forecasts. After almost $1.2bn of write-offs and an operating (pre-interest) loss of $755m in 2016, Tullow returned to profitability in 2017 with the group forecasting a gross profit of $800m and free cash flow of $500m. It's been a turbulent couple of years for Tullow. After peaking at almost £13 (its shares mostly traded in sterling in London)...