Out of Office: Liffey cycling route on its bike

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

There was mixed news for the Irish small business sector on Tuesday. Permanent TSB joined the government’s €500 million government growth and sustainability loan scheme for SMEs. But it also emerged more than 200 restaurants closed in the first three months of the year, with the loss of of 4,664 direct jobs.

Active transport initiative also took a hit.

Dublin City Council has cancelled the permanent €100 million Liffey Cycle Route, which would have transformed cycling infrastructure along the city quays - saying the project “need not proceed in the manner in which it was originally envisaged” in light of measures in last year’s transport plan. Liam Coates has the scoop.

In the financial world, Gabriel Makhlouf, the governor of the Central Bank of Ireland (CBI), has called for global coordination in addressing what he called “systemic risks” related to the non-banking sector.

He was speaking in Washington DC at a conference on capital markets and financial stability, ahead of a week of engagements at the spring meetings of the International Money Fund (IMF) and the World Bank Group.

Speaking of the IMF, the fund has revised downwards Ireland’s GDP forecast and projected our economy will grow by just 1.5 per cent in 2024.

The government confirmed its decision to defer a referendum on joining the EU’s patent court - a move described as “shameful” by business owners. Catch up on our weekend reporting to find out why.

Elsewhere it emerged the state has extended its lease on Dublin’s Citywest Hotel for a further year, after paying more than €500 million to the company that owns it last year.

Brexit remains a key issue. Today we learnt that it is causing problems for the Single European Sky initiative, while imports from Britain plummeted 34 per cent in February compared to the same month as last year on foot of new customs controls from the UK.

Thanks for reading.

News in brief

* Smart energy firm GridBeyond raises €52m from backers

* X plans to charge new users in bid to cull bots

* UK unemployment jumps to six-month high after economy cools

* Two Irish-led firms included in list of ‘most exciting European fintechs’

* Ryanair: ‘Hard to say’ if consumers would pay higher fares for sustainable fuel

What Businesspost.ie subscribers are reading

* Over 200 restaurants closed in first three months of year at cost of €288m to state

* Questions in Glenveagh’s €8m alleged shakedown case require ‘deeper investigation’

* ‘Ireland can only support so many airports’ - Eamon Ryan on Arklow proposal

* Mark Foley retires as EirGrid chief with immediate effect

* Revealed: Government officials ‘hugely surprised’ by regulator’s PTSB dividend move