Live News: Elkstone private markets report; executive moves; Asian markets rise
Live News: Elkstone private markets report; executive moves; Asian markets rise
Fionn Thompson
07:21
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RTÉ News
a day ago
- RTÉ News
Call for pensions to be able to tap into private markets
Changing pensions rules to allow investments in private markets would benefit consumers and the country, according to the CEO of one of Ireland's leading investment firms. With the pension auto-enrolment scheme set to come into place at the start of next year, the Irish pension sector is set for its most significant change in decades. However Alan Merriman, co-founder and CEO of Elkstone, wants to see a broader reform of pensions rules. "There is an opportunity for us to be much more progressive," he said, speaking on RTÉ's Morning Ireland. "One of the challenges we have in Ireland is our domestic economy - investing in our domestic economy, infrastructure. We're all conscious of the housing market, and pensions is a source of funding." Allowing pensions funds to tap into private investment opportunities would follow similar moves in the US and UK. US President Donald Trump is expected to sign an executive order soon which would allow private assets to be included in 401Ks - meanwhile the British Chancellor in May announced plans to get pensions funds to invest 10% of their assets into private funds by 2030. However there may be some reluctance to do so, given the very different nature of investing in private firms and projects as opposed to publicly-listed assets like shares and bonds. Private investments can be riskier - especially when it comes to the likes of early stage companies - while the money is also likely to be out of reach for much longer. However Mr Merriman says that not opening pensions pots to other types of investment is a risk of its own. "Globally at the moment there's a much greater concentration in public equities, so it's actually more risky not to be diversifying, not to be allocating some of your money to private markets," he said. "Historically institutions have done that, it's only in recent times that retail investors are getting the opportunity to put money into private markets." He also said that pensions money was an ideal fit for the kind of longer-term thinking that is often required in private assets. "Pension money is long-term investing... private markets is long-term investing. You're getting a higher return because it's an illiquid market, it's a premium for that investing," he said. Part of the UK changes will also oblige pensions funds to allocated at least 5% of their investments towards British assets - which is seen as a way of supporting the economy and new businesses. Mr Merriman said he would like to see this rule mimiced in Ireland - and potentially expanded upon. "Here in Ireland we're disadvantaged, we don't have the deep pension industry that other countries have, we don't have the big foundations, we don't have teacher pensions like they have in Canada, he said. "We need to go further, we need to self-help, and one of the ways we can self-help is to encourage our own retail investors companies to invest in Ireland Inc. "Government money - tax-payer money - is going into support this [auto-enrolment] so the Government mandating and requiring that a certain percentage gets allocated to the Irish economy makes a tonne of sense."
The Irish Sun
2 days ago
- The Irish Sun
Well-known Irish restaurant announces reopening date at ‘exciting location' after shock closure
A WELL-KNOWN Irish restaurant has announced its reopening date at an "exciting location" after a shock closure. Wagamama will reopen its restaurant at Dundrum Town Centre in 2 Wagamama is set to reopen its Dundrum shopping centre location Credit: PA 2 And they're bringing a larger variety of food options Credit: Wagamama After being closed for almost a year, the hugely popular Asian restaurant is finally making a comeback just in time for The relaunch follows a large-scale refurbishment of its Dundrum location - and they have now revealed the food spot will have better variety than ever before. The Bosses said that diners can expect fast service, an open kitchen and a casual atmosphere suited to both quick READ MORE IN MONEY The relaunch is part of the chain's wider comeback across Dublin following a successful reopening in Liffey Valley last month. What's more, to mark the occasion Wagamama is now offering 1,000 free meals during a series of preview events ahead of the official opening. Those interested can register online, though availability is limited and expected to book out quickly. Kelan O'Reilly, Territory Manager for wagamama Ireland, said the team is proud to reopen in Dundrum. MOST READ IN MONEY He said: 'We're proud to be bringing Wagamama back– serving up the iconic dishes fans love, plus some exciting new additions. From katsu curry to steaming ramen, the wait is finally over. 'We're back, and ready to welcome everyone to the bench once again – fresh flavours, fast service, and that wagamama buzz people have missed!' I'm a Wagamama worker - here's what your order says about you Dundrum Town Centre Director Don Nugent added that the refurbished restaurant adds to the variety of options in the He added: 'We're thrilled to see Wagamama return to Dundrum Town Centre. 'It's a much-loved brand that has always had a strong connection with our visitors, and we know the return of the brand will be warmly welcomed. 'The newly refurbished restaurant looks fantastic and adds even more variety to our vibrant Dining District.' Further details, including how to book for preview events, are available on their website at NEW STORE Meanwhile, a new Dublin store is set to open this week as bosses have revealed the exact date, as fans say they're "very excited." The Founded in 2017 by the H&M Group, Arket is a curated, design-led brand that brings together clothing, interiors, accessories and Known for minimalist fashion and homeware, the company said their focus is on clean lines, timeless staples and sustainability - offering pieces that are made to last. Until now, Irish shoppers could only access the brand through its website or while And they are set to open a brand-new of flagship store at 60 Dawson Street, right on the corner of Nassau Street in Co Dublin. Set to open on July 31, it will be part of the new Grafton Place development - a new retail project in the heart of Dublin's city centre. The full Arket collection will be available in-store, including menswear, womenswear, , body care products and a broad range of homeware.
Irish Independent
4 days ago
- Irish Independent
Businesses ask for extension of foreign-earnings tax break
The FED can be claimed by people who are tax-resident in Ireland but who work overseas for part of the year in certain other countries. It provides relief from income tax up to €35,000 of annual pay, which means the most that can be saved in one year is €14,000. The person must spend a minimum of 30 days working in one of the relevant countries in a tax year. First introduced in 1994, the relief was cancelled in 2003, but reintroduced in Budget 2012 by Michael Noonan with the stated aim of supporting 'our export drive by aiding companies seeking to expand into emerging markets'. The original list had just five countries – the so-called BRICS of Brazil, Russia, India, China and South Africa. This has been expanded on several occasions since, and the total number of countries now covered is 30. In the push for Asian markets, the likes of Singapore and Korea have been added, and several Middle Eastern countries are there too – including Saudia Arabia, Qatar and Bahrain. The relief is now most often claimed by people working in the United Arab Emirates. The minimum number of qualifying days required in order to be eligible has also been steadily reduced, from an initial 60 to 40 from 2015 onwards, and to the current 30 from 2017. The cost of the tax relief to the Exchequer in 2022 – the most recent year for which data is available – was €3.2m. There were 447 claimants, down from the 720 recorded in 2019, but it is not clear as yet how big an impact the Covid pandemic had. The Department of Finance is currently doing a review of FED, with the final report due to be completed in advance of the Budget on October 7, when minister Paschal Donohoe will announce any tax changes. 'Part of the review process will involve gathering stakeholder feedback and reflecting on their insights,' according to a recently published report by the Tax Strategy Group. 'Based on engagements with industry thus far, stakeholders have asserted that FED plays an important role in encouraging and incentivising Irish businesses to expand their operations internationally. The most common proposals put forward by stakeholders have been to enhance the level of the relief to make trips abroad more worthwhile for employees and to extend the list of qualifying countries to further encourage diversification of markets.' The report by the Tax Strategy Group notes that the current economic uncertainty underlines the importance of building resilience, and that a Government push towards trade diversification could help promote this. In his speech to the National Economic Dialogue, a pre-Budget discussion forum, Foreign Affairs and Trade Minister Simon Harris said the diversification of trade is 'more important than ever before', and that a set of actions focused on trade and market diversification is underway. 'There is an opportunity now for new ambition in our approach to market diversification,' Mr Harris said. 'This can encompass EU, UK or further afield. We are working with Irish exporters in exploring new markets, leveraging existing EU trade agreements, and strengthening their international presence.'
