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Irish backstop – AIB job cuts; Aer Lingus’ new routes; and taking the stage at Web Summit


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Irish backstop – AIB job cuts; Aer Lingus’ new routes; and taking the stage at Web Summit

AIB shares suffered on what was a good day generally for equities as the bank announced plans to shed more than 300 jobs to rein in costs as a “very challenging” interest rate environment internationally squeezes lending margins and income. Joe Brennan has the details. No such trouble for Aer Lingus, which is set to…

Irish backstop – AIB job cuts; Aer Lingus’ new routes; and taking the stage at Web Summit

Irish backstop –


AIB shares suffered on what was a good day generally for equities as the bank announced plans to shed more than 300 jobs to rein in costs as a “very challenging” interest rate environment internationally squeezes lending margins and income. Joe Brennan has the details.

No such trouble for Aer Lingus, which is set to announce the launch of new routes from Shannon Airport to Paris and Barcelona. Ciarán Hancock has the details.

At Web Summit, EU negotiator Michel Barnier put a shot across the bows of Boris Johnson as the UK election heats up, warning Europe “will not tolerate” unfair economic competition on its doorstep, if Britain chooses to “pick and mix” EU trading standards. Mark Paul was there.

Back home, tip offs from whistleblowers on wrongdoing in the financial services sector jumped 40 per cent in the year to June, writes Joe Brennan.

And Galway-based medtech company Atlantic Therapeuticswalked away with the top prize at the 10th Irish Times Innovation of the Year awards for developing a non-invasive, long-lasting solution to bladder weakness and other disorders associated with pelvic floor muscle problems. Michael McAleer reports.

He also has details of the outcome of a readers’ poll to find out the most significant innovation of the past 10 years.

Still with innovation, Mainstream Renewable Power has raised $580 million (€522 million) in its biggest fundraising to date for key Chilean wind and solar projects.

Ireland’s employment rate has dipped below 5 per cent for the fist time since the crash, reports Eoin Burke-Kennedy, but women are still less likely to be working outside the home than at the peak of the Celtic Tiger.

In his column, Ciarán Hancock recounts the 15-minute experience that convinced him An Post has no chance of becoming a serious player in banking services.

In Commercial Property, Dublin City University is selling a 9.6 acre site with frontage onto Dublin’s Griffith Avenue and potential for up to 600 homes. Peter Hamilton reports.

Northside Shopping Centre has changed hands again but its new German institutional owner got it for significantly less than had been expected when it went on the market last year, writes Ronald Quinlan.

Ronald also reports on the sale by the Augustinian religious order of a site in Ballyboden to Shannon Homes for €20 million. A feasibility study ahead of the sale suggested it could accommodate up to 436 apartments.

Finally, Land Development Agency chairman John Moran warns that Ireland doesn’t do densified living well. He says there is need for a culture change on the subject.

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