David Bridges
Facebook owner, Meta, is expected to lay off “a large number” of its contract workers in the Republic in the coming weeks, after cutting 30-35 jobs in Dublin recently due to the shutting down of its cryptocurrency project, Novi, earlier this month, the Sunday Times reports.
The newspaper highlighted that a significant portion of its 6,000 staff in the State are on contract. Meta is also said to be laying off junior recruiters, having indicated in July its intention to slow down hiring globally. It also emerged over the summer that Meta had paused the fit-out of parts of its headquarters in Ballsbridge as it re-evaluates its international real-estate requirement.
Carbon tax rise set to go ahead despite unease
The Sunday Times also reports that the Government is set to proceed with a planned increase in carbon taxes on October 12th in spite of unease among Coalition partners about the matter amid soaring living costs.
The report noted that opposition politicians and some within Fine Gael had called for a delay in the planned increase, under which the cost of a 60-litre tank of petrol will rise by €1.28, while will rise by €1.48. It has already been agreed that a carbon tax increase on home heating will be delayed until May.
Dawn Meats secured planning for 400 homes in Cork
The Sunday Independent reports that meat processing group Dawn Meats has secured planning permission for a mixed-use property development that includes over 400 houses in Co Cork.
The planning relates to its land at Water Rock near Middleton and the permission has 115 conditions attached, it said. Dawn Meats was founded by Peter and John Queally and Dan Browne in 1998. The company employs more than 8,000 people across 12 countries and has €2 billion of annual revenues.
Zurich moves part of business out of Dublin
Zurich Insurance plc is moving part of its UK property and casualty insurance business from Dublin to Switzerland, the Business Post reports.
The move is said to be a result of certain regulatory requirements that the insurer was expected to fulfil in Ireland, even though the official line is that the move is a result of Brexit, the newspaper reported. Zurich Insurance plc is separate from the wider Zurich Group’s Irish general insurance business.
IDA warns on €100m energy tariffs
The Business Post also reports that IDA Ireland has written to the Commission for the Regulation of Utilities (CRU) saying the authority’s plans to raise €100 million in emergency tariffs from energy users will undermine the State’s attractiveness for foreign direct investment.
The CRU intends raising €100 million from all electricity customers through extra peak-time network charges imposed from October 1st, but wants 22 extra-large energy users to pay €70 million of this through specific tariffs.
The IDA said that the Irish energy system is “increasingly viewed as expensive, unpredictable and relatively high risk” in its letter.
Cameron Steel
Maya Kensington
