NEW AIRLINE TO CATER FOR 'BREXPATS' - A new "all-you-can-fly" airline that allows customers to fly as many times as they like for a flat fee will arrive in the Republic early next year to cater for an increased demand for air travel when Britain exits the EU.
Surf Air describes itself as a "membership airline" that enables customers to travel on executive aircraft from private terminals, writes the Irish Times. "There will be no airport queues as such," said a spokeswoman for the company. "Everyone who travels with us goes through non-financial background checks, so once they’re cleared to travel they no longer have to do that again. Of course, you need passports and identification, but there’s no customs, immigration etc." Members can book via the Surf Air app, and can arrive at the terminal just 15 minutes before departure. "With Brexit, for better or worse, it seems clear that tens of thousands of jobs will be relocated to different cities in Europe, which means tens of thousands of people will either have to relocate or find a commute option," said the spokeswoman. "We want to facilitate that process. There’s going to be an impact on the travel and airline industry, and we can step in and support ‘the Brexpats’ as we’re calling them." The model is aimed at frequent fliers and the business community as individual membership starts at £3,150 per month. For that customers can fly as many times as they like on any of the airline’s routes in Europe and the United States.
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TOP EMPLOYER OFFERING LOANS SO NEW STAFF CAN AFFORD TO RENT IN DUBLIN - One of the country's biggest employers of new graduates has been forced to introduce interest-free loans to help new recruits secure rental accommodation in Dublin.
The country managing partner at accounting and advisory giant EY, Mike McKerr, has told the Irish Independent that his firm is providing the interest-free loans on flexible terms to graduate trainees in order to ensure that they are able to secure accommodation and so take up placements in Dublin. The move is a clear signal that the housing crisis is now seriously threatening to choke economic development. "For the first time, we have offered all graduate recruits interest-free loans to get them over the hurdle of getting set up in Dublin," Mr McKerr said. Average rents in Dublin city centre are now €1,741 a month, according to the latest survey from Daft.ie. Even then, shortages mean that it can take weeks to find a place to live. Some landlords in the capital are now demanding two months' rent deposit to secure accommodation, which is beyond the budget of many. EY took on 248 graduates in the past financial year. A role with the firm is seen as a springboard to a professional career. In May of this year, the firm was named Graduate Employer of The Year at the Gradireland awards. Starting salaries for new graduates, who train with the firm, range from €24,000 to €31,000.
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IRISH WINNERS AND LOSERS IN US TAX CUT PLAN - The US Republicans last week launched their much-heralded tax reform plan, originally promised during US President Donald Trump’s election campaign.
There are many hurdles before the bill will reach the Senate but it has been generally welcomed. Passing the sweeping tax reform could see the bill land on Mr Trump’s White House desk by Christmas. American businesses who have been pilloried by the president for expanding abroad will welcome the move, but so will foreign-owned businesses that have operations in the US, who stand to see their corporation tax reduced by a third. And US businesses that had been keeping profit overseas will now are able to bring the money back to the US and pay only a 12% tax on the repatriated funds. Ireland's investment stakes in the US are significant, with Irish affiliates generating an estimated €82 billion ($95 billion) in sales, says the Irish Examiner. Food companies such as Glanbia, Kerry Group, Greencore, and CRH stand to gain substantially, which should be reflected in their share prices. But IDA Ireland, who over the decades managed to attract large numbers of US corporations to locate their operations here, will worry that the tax lure for locating to Ireland may be undermined. Since 2000, only the Netherlands has attracted more US capital than Ireland.
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RECORD BETS AGAINST COFFEE RAISE VOLATILITY RISK - Traders have amassed near record bets that coffee prices will fall further, raising the prospect of volatility for one of the world’s most popular agricultural commodities if prices rise instead.
The wagers from hedge funds and other speculators on arabica coffee, the higher-quality bean that represents about 60% of the world's production, have been prompted by good rain in Brazil, the world’s largest producer, as well as rising stocks in leading importers. The net short - or difference between bullish and bearish bets - is about the same size as the annual coffee exports of Colombia, the world’s third-biggest producer, says the Financial Times. Speculators held 45,570 lots in bearish bets, equivalent to about 13m 60kg bags, according to the latest figures from the US Commodity Futures Trading Commission. "The numbers are amazing," said James Hearn, co-head of agriculture at commodity brokers Marex Spectron. Arabica is trading at about $1.28 a pound, down by quarter from a year ago, as unexpected bumper harvests in Honduras and Uganda, alongside record stocks in the US, Europe and Japan depress prices, said Carlos Mera, an analyst at Rabobank.
