Rows above housing; mandatory pensions; and a difficult week for aircraft lessors


sinn fein accused the government of bowing to the banks by allowing them to be preferred creditors in two state-backed housing schemes. The government claims that the equity it will hold in projects will rank behind bank debt, as it does in all other situations. Eoin Burke-Kennedy has the details.

Compulsory private pension coverage finally seems to be on the radar with Social Care Minister Heather Humphreys announcing the final framework for automatic enrollment. From the start of 2024 – provided there are no more setbacks – anyone aged 23 to 60 earning more than €20,000 will be part of a pension scheme, with contributions increasing gradually over a period of 10 years to reach 14% of the gross salary divided between the employee, the employer and the State. Jack Horgan-Jones has the details.

Aircraft rental giant AerCap reports the results this morning, a day after obtaining confirmation that at least four of its aircraft have been re-registered by their Russian customers to avoid sanctions. Simon Carswell reports on the re-listing while Barry O’Halloran will review the AerCap figures and briefing later this morning.

Meanwhile fellow lessor Avolon says it will take a long time, if at all, before it can resume operations in Russia. In the meantime, as Barry O’Halloran reports, Dómhnal Slattery is focused on securing business for the vertical take-off aircraft company he bought into. Yesterday another historic agreement was reached, this time in Turkey.

The government has tasked the Office of Public Procurement with finding a solution to escalating costs that render fixed-cost state construction contracts worthless to builders and make them less likely to bid for contracts under the the government’s ambitious infrastructure program, writes Barry O’Halloran.

Mountain Province Diamonds, the Canadian gemstone miner in which Dermot Desmond is the largest shareholder, has reversed an earlier C$240 million write-down of the company’s value as it suggests its 49% stake in a diamond mine in the Arctic is worth 700 million euros. Reports by Marc Paul.

P&O Ferries doubled down on its decision to lay off 800 crew in a bid to cut costs, defying UK government warnings that it will legislate to ensure only ships with crews earning the UK minimum wage can operate from ports British.

Declan Ganley, telecommunications entrepreneur speaks to Mark Paul about his latest plans to redevelop a pub and restaurant near his Galway home despite a previous planing refusal.

The prospect of a complete shutdown of Supply of Russian gas to Europe appears as Vladimir Putin insists that hostile countries (aka Europe) pay in rubles to prop up his currency and European states say they have no intention of doing so.

good news for permanent TSB staff who will benefit from a 6.5% salary increase over the next two years, as well as an improved base salary, sick, retirement and maternity leave. reports Colin Gleeson.

And European correspondent Naomi O’Leary discusses what we know about the new agreement on data transfers between the EU and the United States after a deal was announced last week by President Joe Biden and European Commission President Ursula von der Leyen.

In Commercial Property, Ronald Quinlan reports on the sale of two adjoining buildings on the edge of St Stephen’s Green which are being sold separately for a combined price of ¤63m.

It also reports on the historic sale of the large Post Office on St Andrew’s Street in Dublinwhere agents are looking for offers of around 9.5 million euros.

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