Latest news with #Irish-headquartered
Irish Post
10-06-2025
- Business
- Irish Post
Sisk begins construction work on Great Ormond Street children's cancer centre
CONSTRUCTION work has begun on a new children's cancer centre at Great Ormond Street Hospital (GOSH). Irish-headquartered John Sisk & Son (Sisk) are the main contractors for the project, which will start with four months spent demolishing the existing cancer centre. Following this excavation and works on the basement will begin, before moving 'onwards and upwards until the world-leading new centre is complete' a Sisk spokesperson confirmed. A ground-breaking event was held at the site in central London as works got underway on June 4. Ger Hayes, Sisk's Managing Director for UK South, said it marked a 'huge milestone' in the project, which has been 'six years in the making'. 'Now we transfer from the pre-contract phase into the construction phase,' he explained. The construction phase of the GOSH Children's Cancer Centre project has now begun 'We are going to really move on to the exciting bit now, which is pushing on with the demolition and the construction of the brand new state of the art cancer care centre at GOSH.' The construction phase is expected to take four years and will be undertaken while day to day life at the hospital continues. 'This is a complex build in a complex environment, working and operating within an operational hospital,' Gary Beacham, Children's Cancer Centre Delivery Director at GOSH, confirmed. Once completed the new centre will increase their cancer centre capacity by 20 per cent. It will also feature digitally advanced inpatient wards and a new hospital school. 'The thing that has got everybody behind this job is what it will be at the end,' Mr hayes explained. 'When you walk around this place and you see some of the sickest kids and families and the toll it takes on them, if we can build something that will make that better it will make it better for the clinicians it will make it better for the families, it will make it better for everybody. 'And that is the ultimate aim, that in four years' time we will be back here celebrating that.' Steven McGee, who is Sisk's Chief Operating Officer for Ireland and UK, outlined where the project is at currently. 'Weve done the soft strip, we are about to start the demotion followed by the basement box frame façade,' he said. 'So it's a four-year journey and at the end it will be a world class children's cancer care unit that will leave a lasting legacy, not just in London but in our business.' GOSH has launched the Build It. Beat It. fundraising appeal to help fund the project. At the ground-breaking event, hospital staff were joined by principal donor, John Grayken and long-time GOSH Charity supporters the Said family as well Public Health and Prevention Minister Ashley Dalton. The appeal is aiming to raise £300m to help build the Children's Cancer Centre. 'The Children's Cancer Centre will make a difference to every child who comes to GOSH, and particularly, it will help us advance how we care and treat children who have rare and complex cancers,' Mat Shaw, Great Ormond Street Hospital Chief Executive, said at the event. 'A massive thank you to everyone who is supporting the Build It. Beat It. appeal – we couldn't do this without you," he added. Mr Dalton said he hospital is a "symbol of what we can achieve when we combine the excellence of our NHS people, innovative technologies, ground-breaking treatment and world-class research". 'As someone living with cancer myself, I know how terrifying a diagnosis can be - and when it happens to our children, that's unimaginable," he added. 'These families deserve a government that's backing them every step of the way, which is why we've relaunched the Children and Young People Cancer Taskforce and will ensure children's cancer is at the forefront of our Plan for Change." GOSH and Sisk are "working hard to limit the impacts of the development on the local community and families who are coming to the hospital", they confirmed this week. Sisk are using a range of different methods for the works to limit dust, noise and vibrations during the build. See More: Children's Cancer Centre, Construction, GOSH, Sisk
RTÉ News
22-05-2025
- Business
- RTÉ News
SMBC proceeds from Russian jet insurance settlements hit $1.4 billion
Irish-headquartered aircraft lessor SMBC Aviation Capital said today it has booked a further $654m in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41 billion. It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6 billion in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563m, excluding the benefit of the insurance settlements. SMBC is owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group. It said today its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft. Meanwhile, Boeing and Airbus are making progress in stabilising production but there is still "a way to go" to get a stable, predictable production cycle, the head of aircraft leasing giant SMBC Aviation Capital said today. "I was actually there (at Boeing) a few weeks ago. I certainly felt that the corner was turned and I don't say that lightly. There's more to go but I do think they are absolutely travelling in the right direction," Peter Barrett told Reuters. "Airbus also has made progress," he added.
Irish Examiner
22-05-2025
- Business
- Irish Examiner
SMBC proceeds from Russian jet insurance settlements hit €1.2bn
Irish aircraft lessor SMBC Aviation Capital has booked a further $654m (€577.2m) in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday. That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41bn (€1.2bn). It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements. SMBC recorded an impairment of $1.6bn (€1.4bn) in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases. The world's third-largest aircraft lessor gave the update in its full year results to the end of March, which showed pretax profits rose 22% year-on-year to a company record $563 million, excluding the benefit of the insurance settlements. SMBC, owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui Financial Group, said its core lease rental revenue grew by 3% to $2 billion and its asset sales hit $1.9 billion following the sale of 48 older aircraft. Reuters
Irish Independent
19-05-2025
- Business
- Irish Independent
‘It's all very well emoting about the Palestinians, but where is the legislation abolishing the cap at the airport?' – Michael O'Leary blasts ministers
Ryanair passenger numbers exceed 200 million for the first time, but profits drop Ryanair's Michael O'Leary has warned that temporary measures to relieve the operation of the Dublin Airport passenger cap are only in place for the coming summer and winter seasons, and he says Government has done nothing to ensure long-term access despite promises. "The Government has been in place for five months with a 20-seat majority and nothing has been done, despite election commitments, to sort this out. It's all very well emoting about the Palestinians, but where is the legislation abolishing the cap at the airport?' he said. That cap, a planning condition imposed by Fingal County Council, restricts the number of passengers using the airport to 32 million a year. Mr O'Leary said the impact of the cap, which was in force when schedules for the winter just gone were drawn up, is likely to have played a role in a decline in overseas visitor numbers to Ireland that has been reported by the Central Statistics Office (CSO) for the early months of 2025. The courts have fixed the short-term impact of the cap after legal actions taken by airlines but that is only short term, Mr O'Leary said. The Programme for Government included a commitment to removing the passenger cap and Mr O'Leary said he had met Transport Minister Darragh O'Brien, 'who talks the talk' on the issue but has yet to act. There are likely to be 36 million passengers through the airport this year, but as things stand that will have to be cut back in 2026 unless action is taken to change or scrap the cap. US airlines in particular will need certainty well in advance on whether they can land passengers in Dublin Airport, he said. Mr O'Leary said there are signs that Canadian passengers in particular are looking to Europe this year and Europeans are avoiding the US amid a perception that the new Trump administration is unwelcoming for international travellers He was commenting after Ryanair reported a full-year profit after tax of €1.61bn for the 12 months to the end of March 2025, down from €1.92bn in the previous year. The Irish-headquartered airline flew more than 200 million passengers in its latest 2025 financial year, a record not just for Ryanair but for any European carrier. However, fares were 7pc than in 2024. ADVERTISEMENT Revenue of €13.95bn was up 4pc but operating costs rose 9pc to €12.39bn. Ryanair said its cost per passenger was flat and that its cost gap over competitor EU airlines widened, as fuel hedge savings offset higher staff and other costs linked in part to repeated Boeing delivery delays. Mr O'Leary said lower fares in the year had stimulated demand. 'The absence of a full Easter in Q1, consumer spending pressure and a big drop off in online travel agent bookings prior to summer '24 necessitated repeated price stimulation last year,' he said. To date, Ryanair said summer 2025 demand is strong, with peak fares trending modestly ahead of last year. "With limited visibility, we currently expect Q2 pricing to recover some of the 7pc decline we experienced in prior year Q2. The final H1 (first half) outcome is, however, heavily dependent on close-in bookings and peak summer yields. As is normal at this time of year, we have zero H2 visibility,' Ryanair said. 'While we cautiously expect to recover most, but not all of last year's 7pc fare decline, which should lead to reasonable net profit growth in FY26, it is far too early to provide any meaningful guidance.' Delays in delivery of new B737-8200 'gamechangers' from Boeing are now a long-running issue. Ryanair now has 181 of the new, more efficient planes in its 618 aircraft fleet, out of a 210-plane order book. Delays at Boeing have meant deliveries have been slow and unpredictable. That will restrict growth this year to just 3pc (206 million passengers), Ryanair said. "We are working closely with Boeing to accelerate deliveries and are increasingly confident that the remaining 29 'gamechangers' in our 210 orderbook will deliver well ahead of summer '26, enabling us to catch up delayed traffic growth into full year 2027,' the airline said. Deliveries from a further order of 300 of Boeing's MAX-10 aircraft are expected to start in spring 2027 and be completed by March 2034, when it is targeting growth to 300 million passengers. Ryanair says rival European airlines are also seeing their capacity constrained, including many that rely on Airbus, which has its own delays in terms of aircraft deliveries. Meanwhile, for investors, the Irish airline has ended a temporary restriction on non-EU investors buying ordinary shares, that had been in place in order to ensure it met the 50pc threshold of EU ownership, required as a European airline. 'Once the 50pc threshold was reached, the board, taking into account positive feedback from regulators and investors resolved in March that it was in the best interest of Ryanair and our shareholders as a whole to discontinue the prohibition on non-EU nationals acquiring ordinary shares with immediate effect,' Ryanair said. Voting restrictions do continue to apply to non-EU national shareholders but EU and non-EU nationals can now invest in Ryanair Holdings via ordinary shares listed on Euronext Dublin and/or depository shares listed on the Nasdaq in New York. Meanwhile, long-time director and former Ryanair executive Howard Millar will not seek re-election at the upcoming Ryanair AGM and will step down from the board in September. Mr Millar was Ryanair's CFO from 1992 to 2014, and has been a non-executive director for the last nine years.
Irish Independent
18-05-2025
- Business
- Irish Independent
Judge rules US taxman is not entitled to all the information it sought on Irish Eaton staff in long-running tax row
Courts Today at 21:30 Eaton, the Irish-headquartered global power management group, is being allowed to shield performance evaluations from the US tax authorities for some of its employees in Ireland, following a cross-border tax dispute. The tussle between Eaton and the IRS over the Irish employee-performance evaluations has become a test of whether American authorities can compel multinationals to disclose data about their European workers, given that the EU's General Data Protection Regulation (GDPR) restricts the transfer of personal data outside the bloc.
