Out of Office: Smoky fuels and debt warehousing

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 good news and bad news in the government’s annual stability programme update, which gives an idea of the health of the state coffers. On one hand it revised Modified Domestic Demand down from 2.2 to 1.9 per cent this year, but on the other it predicted growth of 2.3 per cent next year. You can read our full report here.

Donal MacNamee analysed what the end of Revenue’s debt warehousing scheme will mean for struggling firms who availed of state assistance during the pandemic. Spoiler: a lot of insolvencies are in the pipeline.

All is not rosy in the UK either. Dominic McGrath reported that the Bank of England's chief economist signalled interest rates cuts were far from imminent, amid concerns about persistent inflation in the economy.

Eoin O’Hare wrote a handy explainer with everything SMEs need to know about the increased cost of business grant. It’s worth up to €5,000, but the deadline to apply is next week.

In politics, Daniel Murray reported that a new air pollution law is to be drafted to give local authorities greater powers to prevent the illegal sale of smoky fuels, under plans approved by the government today.

He also wrote that Niall Boylan is to cease presenting his radio show for the duration of the European election campaign, after announcing his candidacy.

In Brussels, Sarah Collins reported that MEPs voted to adopt contentious fiscal rules tackling debt and deficits.

And in the markets, Kathleen Gallagher took an in-depth look at Dublin’s stock exchange, where more than 40 per cent companies experienced a drop in their share prices.

This was not an issue for Penney’s owner Associated British Foods, whose share price rose over 10 per cent at times on Tuesday, helping the FTSE to extend its all-time high.

But our best performing story of the day was by Killian Woods, who spoke to the developers converting old offices into apartments for €300k per home. Let’s hope it catches on.

Thanks for reading.

News in brief

* Chartered Accountants Ireland director appointed policy advisor to enterprise minister

* Vanessa Hartley named as new Irish country manager for Google

* Dublin security firm confirms €3 million funding round from BGF

* Google’s Dublin HQ earmarked for ‘Fin’oogler hub’ amid overhaul to finance operation

* Eamon Ryan won’t rule out ban on fossil fuel adverts

What Business Post subscribers are reading

* Shane Coleman: Sanctimonious and populist Social Democrats yet to prove they are ready for power

* Dublin City Council cancels €100m permanent Liffey Cycle Route

* Lunch with Jeanne Kelly: Young lawyers have to want to make colleagues wealthier

* IDA warns Ryan damaging Ireland’s FDI ‘credibility’ over data centre uncertainty

* Rising number of firms consider liquidation as Revenue deadline looms