Out of Office: Stripe upgrade, public transport shutdown?
The Business Post gets you up to date with the big stories of the day
Welcome to the Business Post’s Out of Office, your round-up of the day’s business, tech, markets, legal and politics news.
Our morning lead drove quite a lot of interest on Thursday, with many BP.ie subscribers interested to read that the National Transport Authority (NTA) has warned funding shortfalls could lead to a suspension of all public transport services by October.
In a series of correspondence between the NTA and Eamon Ryan, the transport minister, the agency said that without additional funding, only a 60 per cent increase of all fares, a 25 per cent reduction in services, or a combination of both, would prevent a total cessation of transport services in 2024.
Moving to tech, our Connected editor Charlie Taylor has learned that Workday, the software company, has jettisoned plans to build a new European headquarters at Grangegorman.
It has now begun searching for an existing office space in the city centre to house its Irish employees as it confirmed it will hire an additional 300 people before the end of its next financial year in February 2025.
Meanwhile, Stripe has rolled out 50 new features across its product suite as chief executive Patrick Collison said the company is well positioned to help users deal with an “increasingly complex payments landscape”.
In business affairs, gross corporation tax receipts totalled €26.5 billion for 2023 according to the Revenue Commissioners’ annual report.
Kathleen Gallagher has been taking a look at additional tier one (AT1s) bonds and why their future is now being discussed on the world stage, while Hyde, the three-storey bar and restaurant in Dublin city centre, has entered the small company administrative rescue process (Scarp).
The DAA has been granted planning permission to construct a new €200 million tunnel at Dublin Airport - despite Ryanair and local residents voicing opposition to the proposal.
And finally, looping back to transport, Daniel Murray has been mulling whether the government will have to review its commitment to ban fossil fuel-powered cars by 2030 in light of languishing electric vehicle sales.
What Business Post subscribers are reading
* NTA warned Eamon Ryan that it could cease all public transport activity in October
* Exclusive: Workday drops plans for new headquarters in Dublin city
* Dublin restaurant Hyde enters small firms rescue plan
* Lender threatens to ‘wipe out’ Johnny Ronan’s real estate group, High Court told
* Meet the developers converting offices into apartments for €300k per home
