Irish start-up Nexus Inclusion raises €2 million for AI-powered accessibility tech
Irish start-up Nexus Inclusion raises €2 million for AI-powered accessibility tech
Vish Gain
13:53
Nexus Inclusion was founded by Kyran O'Mahoney, who was born with 17 per cent vision.
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Irish Examiner
an hour ago
- Irish Examiner
Irish ambassador's rent sees €46,000 hike after latest London lease extension
The Department of Foreign Affairs was hit with a hike of more than €46,000 on the annual rent they pay for the Irish ambassador's residence in London. The department said it had little choice but to agree to the sharp increase even though it brought the cost of the property close to €10,000 per week. The new lease of €508,925 per annum — a rise of 10% — was signed off on because no better options were available, according to records released under the Freedom of Information Act. An internal submission said that the Irish ambassador to Britain had been living in the property in leafy Chester Square since September 2019. In late 2022, the department said it was interested in extending the lease. While the landlord was happy for the department to stay on, they said they wanted a 'substantial increase' in rent of over 11%. Department officials tried, 'actively but unsuccessfully,' to negotiate a much smaller increase in rent. The submission said: 'After several months, the landlord indicated that they would not accept any offer below £8,400 (€9,787) per week.' Suitable alternatives At the same time, the department had asked a property adviser to see if there were any other suitable properties in London. A report said the type of residence needed for the ambassador was only likely to come on the market half a dozen times each year. The property advisers examined eight properties in the area that had been let over a two-year period. They said only three of them had been leased for less than £7,000 (€8,156) per week, adding that the majority ranged from £8,000 to £12,000. A spokesman for the Department of Foreign Affairs said: 'Having given the matter careful consideration, and on the balance of market evidence available at the time, it was clear that a move would have no added benefit and would incur an additional cost to the Irish exchequer. 'The department decided to renew the lease for a three-year period to September 2026, with the option to break at relatively short notice should a more suitable alternative become available.'
The Journal
an hour ago
- The Journal
Irish Ambassador's residence in London hit with €46,000 rent hike
THE DEPARTMENT OF Foreign Affairs got hit with a hike of more than €46,000 on the annual rent they pay for the Irish Ambassador's residence in London. The department said it had little choice but to agree to the sharp increase even though it brought the cost of the property close to €10,000 per week. The new lease of €508,925 per annum – a rise of 10% – was signed off on because no better options were available, according to records released under FOI. An internal submission said that the Irish Ambassador to the UK had been living in the property in leafy Chester Square since September 2019. In late 2022, the Department of Foreign Affairs said they were interested in extending the lease. While the landlord was happy for them to stay on, they said they wanted a 'substantial increase' in rent of over 11%. Department officials tried, 'actively but unsuccessfully,' to negotiate a much smaller increase in rent. The submission said: 'After several months, the landlord indicated that they would not accept any offer below £8,400 (€9,787) per week.' At the same time, the department had asked a property adviser to see if there were any other suitable properties available in London. A report said the type of residence needed for the Ambassador was only likely to come on the market half a dozen times each year. Advertisement The submission said: 'The market had hardened in the wake of Covid, with landlords less inclined to offer inducements or rent reductions to attract tenants.' The property advisers examined eight properties in the area that had been let over a two-year period. They said only three of them had been leased for less than £7,000 (€8,156) per week and the majority ranged from £8,000 to £12,000. Eleven alternative properties were put forward, a number of which were 'slightly' cheaper than the existing residence. The submission said: 'It is very challenging to find an equally suitable property at a lower rent based on market evidence. 'A move would probably necessitate additional fire safety and security improvements, at a cost to the exchequer, in addition to the purchase or rental of furniture.' It said the best-case scenario was that such a move would be 'cost neutral' and at worst 'less suitable and more expensive.' The submission also said the department was looking to buy a residence outright but that this was not something that could be done quickly. 'Although purchasing a property might be financially viable in the longer term, it has not been possible to identify such a property in recent months,' the submission said. 'Purchasing a property is not currently a viable option.' Asked about the lease extension, a spokesman for the Department of Foreign Affairs said: 'Having given the matter careful consideration, and on the balance of market evidence available at the time, it was clear that a move would have no added benefit and would incur an additional cost to the Irish Exchequer. 'Accordingly, the Department decided to renew the lease for a three-year period to September 2026, with the option to break at relatively short notice should a more suitable alternative become available.' 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 Examiner
2 hours ago
- Irish Examiner
EU looks to Sweden as model for investment
The European Union wants to unleash trillions of euro in household savings by encouraging people to invest in capital markets, and it sees Sweden as the template. Europe will soon detail its plan to mobilise citizen funds sitting in bank deposits as part of its savings and investment union. By making it easier for people to invest, it wants to lift household wealth and boost firms' access to funding. According to the Central Bank of Ireland, Irish people have a combined €165.8bn in household deposit savings as of the end of June. Wider adoption of Swedish-style bank accounts would enable people to easily invest savings in stocks. Poland, earlier this month, proposed an investment savings account modelled on Sweden's InvesteringsSparKonto, or ISK system, to create an 'equity culture' attracting the equivalent of €23bn in its first three years. Sweden's retail-trading base is 'among the best in the world' due to the ease with which people have been able to invest in listed companies, Avanza Bank Holding AB savings economist Philip Scholtzé said. The Nordic nation is regarded as a 'best practice' model, said a spokesperson for the financial services department at the European Commission. The bloc aims to provide citizens with 'a wider range of tools and knowledge to invest their savings in ways that can directly benefit their personal economy, while simultaneously turbo-charging the investment landscape in the EU'. National sport Equity investing is akin to a national sport in Sweden. Households invest more than half of their savings in stocks, more than twice the average in the eurozone, according to a report by the European Savings Institute this year. Anyone with a bank account can trade, while the ISK account is not subject to capital gains tax. Securities can be easily bought and sold directly from mobile banking applications. 'Swedes have good reason to be thankful for the ISK account,' said Mohammed Salih, a 32-year-old communications manager who lives in Listerby, Sweden. He has invested with the system for 10 years. I have always saved money and tried to build an economically stable future, but I didn't know how to make the money grow He started an Instagram account to document his journey toward assets equivalent to €90,000. He says he achieved it a few years ago, but still posts stock market tips that attract interest. 'The youngest person who has written to me was 13 years old. His parents had helped him set up an ISK account,' Mr Salih said. The ISK simplified the tax structure around capital investments, removing bureaucratic barriers that had discouraged participation. 'It's just a much simpler way to buy stocks,' Frida Bratt, the savings economist at Nordnet Bank AB, said. 'This has been especially important for young people.' Mutual funds A quarter of Swedes own shares in publicly listed companies, with stakes totalling around €48,000 on average, according to Euroclear Sweden. The Swedish Investment Fund Association shows that 70% of Swedes invest in mutual funds. It remains to be seen what effect the introduction of an EU-wide savings and investment account could have on the wider European market. According to Jonas Strom, the chief executive of the Nordic investment bank ABG Sundal Collier Holding ASA, it is 'definitely possible' to export the Swedish success with the ISK accounts to a wider European audience. The European Commission would only offer a blueprint of how an EU-wide savings and investment account could be constructed, leaving member states to implement it. The success of the proposal depends on the 'political will' of the member states. Bloomberg
