Denis O'Brien lashes Ireland's reliance on FDI over homegrown firms
• O'Brien's proposal for how Irish firms can be supported to not sell out
• His views on Big Tech's energy drain as metric which shows overreliance on FDI
• What he told the US ambassador about Donald Trump, and the businessman's views on Ireland and Nato membership
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Irish Examiner
an hour ago
- Irish Examiner
River Island at risk of collapse if landlords fail to back restructuring plan
River Island has said it could collapse unless its landlords back a restructuring plan involving the closure of 33 stores and a sharp reduction in rent payments. In documents outlining fresh details of the plan, which was first announced in June, the high street fashion retailer said it needed £10m (€11.4m) in funds by the second week of September. It warned that figure could rise to £50m (€57.3m) by the end of the year. If the plan to reduce rents was not approved, via a vote and court hearing expected next month, the company told creditors it could run short of cash by the end of August and would be 'unable to pay its debts as they fall due'. As a result, River Island would not be able to continue trading as a going concern and would be subject to administration or other insolvency proceedings, it said in details first reported by the Telegraph. The fashion retailer blamed its woes on 'a sharp rise in the cost of doing business over the last few years' and the shift to online shopping, which, it added, had left it with a large portfolio of stores that was no longer aligned to its customers' needs. River Island's troubles come despite a strong spring for fashion retailers helped by warm weather. That followed a difficult 2024 and start to 2025 as households reined in spending on non-essentials, including clothing, to cover the rise in the price of everyday items such as food and utility bills. The company said it had lined up £40m (€45.8m) in new funding from the investment vehicle of the Lewis family, who founded River Island and still control the business. A spokesperson for River Island said it had put its plans to creditors a month ago and added: 'We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the plan in the next few weeks.' Blue Coast Capital is the retailer's biggest lender with outstanding debts totalling £270m (€309m), according to the restructuring documents. It has agreed to an interest rate payment holiday and to push out the repayment date on its existing debts from 2027 to 2028 as part of River Island's fight for survival. River Island swung to a £33.2m (€38m) loss in 2023, according to its latest accounts filed at Britain's Companies House, after sales fell by more than 19% to £578.1m (€662.5m). It made profits of £2m (€2.3m) in 2022. In January, the group launched a cost-cutting effort including a redundancy programme at its London head office, affecting departments such as buying and merchandising. River Island, formerly known as Chelsea Girl, began selling clothing under the name Lewis's in the 1940s. The Guardian Read More Central Bank investigating Irish influencer's promotion of unregulated trading platform T4Trade
The Journal
an hour ago
- The Journal
Weight-based tax for cars and SUVs considered to offset cost of switching to EVs
A WEIGHT-BASED TAX could be on the cards for SUVs and large cars according to briefings for the government ahead of the Budget. The Tax Strategy Group, an expert advisory panel at the Department of Finance, has said that a new levy would be a way of offsetting the losses from the existing tax bases due to people switching to electric vehicles. It has previously been reported that the electrification of the fleet is costing €1.5 billion per year in lost motor tax, VAT, and petrol and diesel excise receipts. In its annual reports ahead of Budget 2026, which is expected to be announced in October, the tax experts said that as the composition of the vehicle fleet in Ireland changes and the Irish transport network electrifies, 'existing tax bases will be eroded' and a way to plug the hole needs to be found. The tax group cited data from the International Council on Clean Transportation which said the average weight of passenger vehicles in Ireland increased by approximately 28% between 2001 and 2022. Advertisement It said this weight upsurge was 'concerning for several reasons' as the heavier vehicles require greater energy and resource consumption and because there there are claims that a heavier vehicle fleet 'creates further challenges in terms of traffic congestion, road infrastructure degradation, air pollution, road space and road safety'. 'The growth in EV sales will inevitably see a reduction in motor tax, fuel excise and VRT receipts in the years ahead,' the officials siad. 'To maintain Exchequer receipts, tax structures must be amended over time in line with the changing vehicle composition.' It also explored similar schemes in other EU member states such as France, which has introduced the scheme as an additional charge, on top of motor tax, with a cap of €50,000 and an exemption for EVs. France has introduced weight-based taxes for every petrol or diesel car that went over the permitted 1,800 kilogram allowance. This works out to €10 for every additional kilogram. According to the Tax Strategy Group, there is 'scope to replicate' the French tax, as it is designed to be 'minimally distortive while also incorporating desired' environmental objectives. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Independent
an hour ago
- Irish Independent
Kerry ‘needs to sell itself' to Ryder Cup market
With individual homeowners in Kerry already advertising accommodation to golf tourists ahead of the event, the call for Kerry County Council (KCC) to start putting Kerry on the map as a destination was made by Fine Gael Councillor Angie Baily at a recent Tralee MD meeting. The view is being spearheaded by Kerry's close proximity to the Adare Manor in County Limerick where the competition between the USA and Europe takes place in September 2027. So far, close to 110,000 people have registered their interest in attending the event. It's estimated the Ryder Cup will result in a €100 million boost to the Irish economy, while government is likely to spend over €60 million as part of preparatory work for the golf classic. Cllr Baily asked KCC for updates on the marketing campaign for the Ryder Cup, and what the expected footfall in Kerry is likely to be. She further asked what plans are in place so Tralee – as the county capital – can effectively capitalise on the event. 'With Kerry, we're pushing well above our weight. I think this is something we can hugely benefit from. But there will be a massive shortfall in accommodation,' she said. 'I just feel we need to start plugging ourselves and selling ourselves to the market of those people who will be coming here and to get a nice slice of the in excess of a quarter of a billion economic boost for Kerry, and the long term benefits for building tourist relations,' Cllr Baily added. KCC said its tourism unit is working with Tourism Ireland's golf division to ensure Kerry is well positioned as a premier golf and holiday destination, particularly in the US, UK, and European markets. The council's tourism unit confirmed advertising within the Spirit of Ireland – a North American travel magazine with a distribution of 100,000 and 2,500 tour operators. Its autumn 2025 edition will feature a dedicated focus on golf, helping to raise awareness of Kerry's world-class courses and associated offerings. 'Discussions are ongoing with local groups including Kerry Tourism Industry Federation, the Irish Hotels Federation, and Fáilte Ireland to ensure the county is well prepared to maximise opportunities arising from the Ryder Cup,' said KCC management. 'This collaboration aims to ensure that tourism providers across Kerry are ready to welcome and accommodate the increased demand and will include discussion with Tralee Chamber Alliance.' The Ryder Cup is one of the sport's premier competitions that has not taken place in Ireland since 2006.
