Out of Office: EU’s economic health and poorly Poolbeg chimneys

Welcome to the Business Post’s Out of Office, your round-up of the day’s business, tech, markets, legal and politics news.

Word of the day: economy.

The European Central Bank once again met markets’ (reluctantly measured) expectations in its decision to hold interest rates for a fifth consecutive meeting on Thursday.

However, the regulator did surprise analysts somewhat in signalling that, all going well, it is open to the prospect of reversing its marathon stream of interest rate hikes from June.

The news comes amid another promising reading for Irish inflation, with the Consumer Price Index falling below three per cent last month.

Meanwhile, in London, Dominic McGrath has been preparing for the publication of a highly anticipated review of the Bank of England’s economic forecasting. You can read his explainer here.

Simon Harris travelled to Brussels on his first abroad outing as Taoiseach, with the recognition of Palestine and the EU’s newly-passed migrant pact dominating discourse with European leaders.

Also in European affairs, cabinet is to consider postponing the upcoming patent referendum, as mounting political and legal concerns have cast doubt on whether the vote will be successfully passed. Daniel Murray has the scoop on concerns that Sinn Féin will campaign against the referendum, while Catherine Sanz has learnt that some legal professionals believe that participating in the court could threaten Ireland’s economy.

Explainer: What are the pros and cons of Ireland joining the Unified Patent Court?

In business news, Kathleen Gallagher has been writing on the ongoing row between Ires Reit and Vision Capital - which has cost the property firm €1.8 million. In an interview with the Business Post, Jeffrey Olin, the activist investor’s chief executive, said that battle has been fruitful in creating shareholder value.

Car insurance brand Its4women.ie has been named the new sponsor of Oliver Callan’s the Nine O’Clock Show on RTÉ Radio One in a deal valued at roughly a quarter of a million euros.

Amazon has expressed an interest in operating a huge new data centre in Ennis, Co Clare, after the €1.2 billion project received a green light from An Bord Pleanála this week, while tourism is now worth €3 billion per year on the Wild Atlantic Way.

And finally, in our most read article of the day, Daniel Murray reports that Dublin’s iconic Poolbeg chimneys will be “repaired and repainted” over the next two years at a cost of up to €5 million, but the ultimate fate of the red and white stacks has not yet been decided.

Investigations into the concrete foundations will determine whether the chimneys can be maintained, or whether they can only be preserved for another few years.

News in brief

* ‘Not correct’: Lottoland rebukes James Browne over gambling bill remarks

* Supreme Court upholds block on plans for 1,600 apartments in Drumcondra

* Global IPO values up 7% in Q1 but Irish activity remains ‘subdued’

* Kenmare Resources reports slight production dip, but remains in line with target

* Provisional liquidator appointed over cash-for-visa funded nursing home firm

What BusinessPost.ie subscribers are reading

* Iconic Poolbeg chimneys may face demolition

* Housebuilding ‘surges’ as developers rush to avail of levies waiver

* Vision Capital feud to cost Ires Reit €1.8 million

* Strong Roots eyes global expansion as McCain acquires remaining 60 per cent stake

* On point: new Carrick-on-Shannon scheme offers 40 waterfront homes for sale with private marina