IDA DIRECTED EXECUTIVES TO PLAY DOWN HOUSING SHORTAGE WITH MULTINATIONALS - IDA Ireland prepared a series of briefing documents for its executives after multinational companies raised concerns over "constraints" and "clear market failures" in the residential property market.
Executives from the IDA were advised to say that the State’s housing shortage was "not unique to Ireland" in the guidance documents. The investment agency prepared a series of briefings for staff on what to say when issues around rising property prices, spiralling rents and homelessness came up for discussion, writes the Irish Times. Copies of the briefings reveal that the IDA prepared data showing that monthly rents in Dublin were still competitive by international standards. According to the latest briefing report from September, the price for a small "one-person apartment" in Dublin came in at just above €1,000 per month. Taking figures from the Nestpick Furnished Apartment Index, this meant Dublin was almost half the price of San Francisco, and significantly less than other major investment centres including New York, Hong Kong and London. The briefings also emphasised that rent prices in regional locations in Ireland were "very competitive". While the standardised average rent in Dublin was stated to be €1,436-per-month - the average rents in Cork and Galway were just over €1,000 while in Waterford, it was €674, according to the records.
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PENSION POT TAX RELIEF IN DANGER UNDER NEW PLAN - The Government has been warned not to scrap existing pension tax relief as part of its planned shift to so-called auto-enrolment.
The country’s biggest trade union group fears those already saving for retirement will lose out if the current tax relief is scrapped. A report concerning auto-enrolment has sparked concern that people paying income tax at the higher rate on pension contributions will lose out. And the Irish Congress of Trade Unions (ICTU) also wants older workers to be allowed to join the new scheme once it is launched, says the Irish Independent. ICTU has made a submission which questions any move to threaten the 40% tax relief rate, and says people should be able to contribute to the new scheme beyond the age of 60. Earlier this month, Social Protection Minister Regina Doherty’s department published what are known as "strawman" proposals, on how the new scheme might work, and sought submissions. The obligatory pension scheme is being brought in to address a significantly high number of workers who will have only the State pension on retirement. Just 35% of the current private sector workforce has private pension coverage. Unions, employers and individuals have been invited to give their opinion on the proposed system. In its submission, the trade union body fears auto-enrolment pensions will lead to a move to reduce the tax relief for employees who already have a pension. Those who pay the 40% rate of income tax get relief at this rate for putting money into a pension.
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COSTS EAT INTO EDDIE ROCKET'S PROFITS - A €1.44m exceptional cost contributed to pre-tax profits at the company behind popular fast food restaurant chain Eddie Rocket's tumbling by 83% last year.
Newly-filed accounts for Eddie Rocket's (Ireland) Ltd show profits falling to €234,208. However, it recorded a 17% rise in annual revenues to €20.1m. The €1.44m exceptional cost concerned a provision for an intracompany loan. Numbers employed at the business jumped from 274 to 328, last year, with staff costs, including directors' pay, amounting to €7.6m. The Eddie Rocket's group sells two million hamburgers and 1,000 tonnes of french fries each year with chicken tenders, the classic hamburger and milkshakes being the most popular items on its menu, writes the Irish Examiner. Company founder and owner, Niall Fortune opened the first Eddie Rocket’s in Dublin 29 years ago. In the company’s latest accounts, management said the trading results for the year and the financial position at year-end were considered satisfactory. The company operates 50 diners made up of ones operated by 28 franchisees and 22 directly operated by the company.
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UK LAWMAKERS WEIGH PUBLICATION OF FACEBOOK FILES SEIZED FROM APP BOSS - Confidential Facebook documents seized by the UK parliament could be published this week as members of parliament continue to ramp up pressure on the technology company's executives following the Cambridge Analytica scandal.
Damian Collins, chair of the digital, culture, media and sport select committee, told the Financial Times that "very important and very relevant" documents had been obtained from the founder of Six4Three, a US app developer, who was on a business trip in London last week. Mr Collins issued an order to compel the businessman, Ted Kramer, to hand over the documents and the serjeant at arms - an officer responsible for security at Westminster - was sent to his hotel to ensure he complied. The app developer was in possession of internal Facebook documents, some from senior executives, regarding its data policies. The method by which the documents, which date to between 2013 and 2014, were seized was first reported by The Observer. Mr Collins said it was "unusual" but not unprecedented to dispatch a serjeant at arms alongside the order. The showdown is an unusual deployment for the serjeant at arms, whose job includes a daily parliamentary procession carrying a silver-gilt mace. The House of Commons did not immediately respond to a query about the last time the official had been involved in enforcing the law outside the parliamentary estate.
