EXPERT WARNS OF HOUSING SHORTAGE – The Irish Times reports on comments by Economic and Social Research Institute research professor John FitzGerald, who has said that young people will end up living with their parents until they are 35 unless the housing supply increases.
“We need to go back to building 25,000 houses per year or all the young people will end up living with their parents until they are 35,” he said at the Trinity Economic Forum at the weekend. Prof FitzGerald drew much laughter at the forum by adding “they might not mind this, but their parents will”.
He repeated calls made by Minister for Transport Leo Varadkar last December for more housing to meet pent-up demand, saying the number of new homes being built needs to treble. The 36 months from January 2011 to December 2013 saw barely 2,000 new dwellings started in Dublin, whereas estimates suggest the capital needs that number of new homes every four months.
Prof FitzGerald said recovery in the construction industry would have a positive impact on people on the dole, especially those who don’t have an educational level above than the Leaving Certificate.
MAJORITY STAKE IN SHOPPING CENTRE ACQUIRED - A majority stake in west Dublin's Liffey Valley shopping centre has been acquired by HSBC Alternative Investments (HAIL) for €250m, reports The Irish Independent.
As a result of the deal, Aviva Investors will hand their stake over to the fund and it is understood the deal will be confirmed as early as today.
The remaining stake in the shopping centre will be retained by British property giant Grosvenor Estates.
It is expected that as part of the deal, HAIL will sell on a small stake in Liffey Valley to US investment firm Hines.
The sale includes 17 acres, which will be used to expand the centre.
Already Liffey Valley's rent roll is about €28m from around 70 shops including Dunnes Stores and Marks & Spencer.
CEMENT REPORT PROMPTS BACKLASH FROM INDUSTRY - The Irish Examiner reports on a report compiled by the University of Stuttgart and commissioned by the Irish firm, Ecocem, which finds that cement causes massive environmental damage.
The report has prompted a furious backlash from the Cement Manufacturers of Ireland, according to the newspaper.
The highly contentious report, which has not been made available to the wider public, finds that the manufacture of cement caused €2.1bn of environmental and health costs in the decade up to 2012. The impact on human health amounted to €450m over that period.
“Although a large range of pollutants is emitted in cement manufacture, the main pollutants contributing to the negative impacts are carbon dioxide, nitrogen oxides, sulphur dioxides and particulate matter.
“The impacts on human health include chronic respiratory disease, reduced lung functions or lung cancer, heart disease, and even damage to the brain, nerves, liver, or kidneys, all leading to reduced life expectancy in those affected,” claimed the report.
Ecocem, which is a manufacturer of green cement, commissioned the Institute of Energy Economics and the Rational Use of Energy at the University of Stuttgart, to compile the study.
RETURN OF TOBACCO ADS TO BRITISH SCREENS - “Big Tobacco” is coming back to a screen near you, reports The Financial Times.
An advert from a large tobacco company will appear on British TV screens for the first time in more than two decades when British American Tobacco launches a campaign for its new e-cigarette.
Adverts for Vype – BAT’s first foray into the rapidly growing e-cigarette market – will be broadcast on national TV over the next two months, nearly 50 years after cigarette adverts were first banned in the UK.
E-cigarettes have grown from a prototype to a $3bn product category within a decade.
Some analysts say e-cigarette usage could overtake tobacco in developed markets within a decade.
But e-cigarette adverts have proven controversial, with some health campaigners arguing that they glamorise smoking and will lead to tobacco being “renormalised” reversing decades of health policy.