DUBLIN PORT GROWTH WILL ACCELERATE WITHOUT EXPANSION INTO THE BAY - Dublin Port will expand at a faster than expected pace over the next 20 years as population growth boosts volumes passing through the country's main goods gateway, the semi-state company behind the port said.
However, growth will have to be accommodated without a physical expansion beyond the existing docks - ruling out reclamation or a major move. In a revised masterplan published yesterday, Dublin Port Company said Ireland's biggest port - now needs to expand based on an assumption of 3.3% annual growth in volumes between 2010 and 2040. That's higher than the 2.5% annual growth pencilled in back in 2012, writes the Irish Independent. "The past and projected growth to 2040 is in large part due to the growth in the country's population," the revised masterplan noted. Dublin Port Company said that the annual volume of goods through the gateway is expected to rise to 77.2 million gross tonnes in 2040, from 2.9 million tonnes in 1950. The current masterplan was first published in 2012. Since then, two major elements of the plan have got underway. They are the €277m Alexandra Basin Redevelopment scheme and the development in a so-called "inland port" on a 44-hectare site near Dublin Airport. The Alexandra project, set to be completed by 2021, will improve the port's capacity for large ships by deepening and lengthening three kilometres of the port's seven kilometres of berths. Dublin Port Company expects to invest €1 billion in capital over the next decade.
CAIRN FOUNDERS RECEIVED €61.4m IN SHARE AWARDS - The founders of Cairn Homes received a share allocation of some €61.4 million during 2017, as the developer reported a sharp rise in revenues and earnings and continued to benefit from the crunch in housing supply in Ireland.
According to the company's annual report for 2017, chief executive Michael Stanley received total remuneration of €797,000 for the year, down by 14% on 2016, due to a lower bonus. Mr Stanley’s package for 2017 comprised a salary of €425,000, a bonus of €319,000, pension payment of €43,000 and a car allowance of €10,000. Mr Stanley's pension will increase to 25% of salary, or to some €106,000, this year, while his salary will remain unchanged, says the Irish Times. Alan McIntosh, a founder and executive director of the developer, received total compensation of €525,000 for 2017, down 13% on 2016. Mr Stanley received a bonus of 75% of his salary, while Mr McIntosh received 50% of his, based on reaching the "target incentive". Full bonus, of 105% of salary for Mr Stanley, was based on reaching the "maximum" incentive. The relevant performance targets were not disclosed.
DUBRAY BOOKS PROFIT AMID CONFIDENCE ON OUTLOOK - Accumulated profits at one of the country’s best-known booksellers, Dubray Books increased to over €1.38m last year.
Tapping an increase in book sales, the cash pile at Dubray Books Ltd jumped from €676,819 to €893,096 in the 12 months to the end of August, reports the Irish Examiner. Chief executive Maria Dickenson said: "Readers are definitely returning to the printed book, a welcome respite from hours spent on screens and devices." New releases from Liz Nugent and the Happy Pear are expected to help drive sales over the summer "and we’re looking forward to the November publication of Michelle Obama’s memoir", Ms Dickenson said. She said that in 2016 and 2107, the shop's bestsellers were Paul O’Connell’s The Battle, Graham Norton’s Holding, and Bruce Springsteen’s Born to Run. Sales of Michael Wolff’s Fire and Fury had boosted business too. The business has eight stores in Dublin, Galway, and Bray.
US AND UK BLOCK ZTE IN LATEST MOVE OVER CHINA SECURITY FEARS - Britain and the US have moved against one of China's largest telecoms equipment makers, adding to a growing list of restrictions imposed by western governments on Chinese companies on national security grounds.
The measures taken against ZTE Corp, which cut it off from US suppliers and bar it entirely from doing business in the UK, come amid a particularly aggressive move by the Trump administration, which has already used the Committee on Foreign Investment in the US, a secretive national security body, to block or force changes to several Chinese-linked deals. They also are likely to add to mounting economic tension between Washington and Beijing, which are locked in a rhetorical trade war that threatens to impose tariffs on $150 billion in bilateral trade, says the Financial Times. In a statement, ZTE said it was aware of the US order and that it was "assessing the full range of potential implications". The company suspended trading in its shares in Hong Kong and Shenzhen. US commerce department officials insisted the move was not related to other actions taken in recent weeks by the White House, noting ZTE’s violations were first investigated by the Obama administration. But experts said the sanctions were part of a growing anti-China backlash not only in London and Washington, but also Germany, Australia and Canada.