Latest news with #Allens
Irish Independent
29-05-2025
- Business
- Irish Independent
Malcolm Denmark group buys another local newspaper
The Competition and Consumer Protection Commission says it has been formally notified of the proposed acquisition of the Galway-based newspaper by Formpress Publishing, which is part of the Iconic group. The Tribune was first published in May 1909. Two decades later the group produced the Sentinel, which finished publication in 2014, and the Galway City Tribune was added by the group in 1984. Combined weekly circulation is believed to be in excess of 10,000, and its associated website is The wider group also includes the radio station Galway Bay FM. Reports have linked Bauer Media to its possible purchase. Three Galway families – the Allens, Naughtons and Hickeys – own the group, and it was reported last year that they had hired IBI Corporate Finance to find a buyer for its assets. The financial details of Iconic's purchase of the Connacht Tribune are not known. The valuations of newspapers have fallen precipitously over the last two decades, due to declining print circulations and reduced advertising revenue. Pre-tax profits at Formpress Publishing rose to €1.7m in the year to the end of September 2023, according to the most recent accounts filed. The company employed an average of 142 people during that 12-month reporting period, up by three on the previous year. Formpress owns about 25 local and regional newspaper titles, including the Mayo News, Kilkenny People, Limerick Leader, Derry News, Dundalk Democrat, Leitrim Observer and the Midland Tribune. Last October the competition authority approved the purchase by Formpress of D&D Media, owner of the Inishowen Independent. Such deals also need approval by the minister for media. While there may be some concerns about an over consolidation of local media in the hands of a few players, there will also be official recognition that some regional newspapers will not survive financially unless they become part of bigger stables. In a recent interview with the Sunday Times, Mr Denmark said he was 'passionate about local media' and sees a future in it. 'I am not giving up on it. We are getting a lot of traction and we are impressed by our numbers online,' he said. Confirming his interest in acquiring the Connacht Tribune, he said: 'The team in Galway is a particularly good one. They are the largest selling of the weekly regional papers now in the country and that is down to producing a very, very good paper every week.'
Yahoo
27-02-2025
- Business
- Yahoo
Vietnam plans energy shift toward building more solar, less reliance on gas and coal
HANOI, Vietnam (AP) — Vietnam is revising its energy plans to focus more on large solar farms and less on reliance on coal and natural gas. The fast-growing economy now aims to get 16% of its energy from the sun — more than triple its earlier target of just 5%. A draft of the new policy outline, likely to be finalized in coming weeks, scraps plans to build offshore wind turbines, instead building more onshore wind capacity, rooftop solar and energy storage. Offshore wind and new gas projects have proven expensive and difficult. Large solar farms are cheaper and easier to build. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. But Vietnam also is emphasizing expansion of large solar farms to meet soaring demand for power generation. It forecasts it will need more than 211 gigawatts of energy by 2030 as its economy grows, 40% more than its previous estimate and more than Germany's current total capacity. 'This reflects both an overall increase in potential power demand by 2030 and the fact that LNG (or liquefied natural gas) projects are not on track to be completed by 2030,' said Giles Cooper, a partner at the international law firm Allens based in Hanoi who specializes in energy policy. Solar power expanded rapidly in Vietnam from 2018 to 2020, helped by generous government policies, as it leaped past its neighbors and some richer nations like the United Kingdom. But construction of new solar capacity stalled in 2020 as the Southeast Asian nation realized that its creaky electricity grid was getting overloaded since electricity was only available when the sun shone. 'It was like the market almost stopped,' said Dimitri Pescia, of Berlin-based thinktank Agora Energiewende. Use of polluting coal, which releases earth-warming gases into the atmosphere, has surged and Vietnam is set to become of the world's top five coal importers, displacing Taiwan, according to the International Energy Agency. Like many other countries, Vietnam still needs to upgrade its rickety grid, which has failed to keep up with rapid growth of clean power generation. However, it has made improvements and gained experience dealing with energy sources that aren't always availables, Cooper said. Last year, authorities allowed electricity-guzzling factories to buy power directly from energy producers, aiming to ease pressure on the overstrained power grid and help big manufacturers like Samsung Electronics meet their climate targets. But that was hindered by a lack of space to build clean energy projects close to factories. Solar energy is 'seen as the most promising technology to kick start' those direct purchases, Cooper said. But while it's building clean power capacity, Vietnam is also ramping up use of coal. That's partly to make up for lost hydropower capacity due to drought, and also to meet soaring demand as businesses shift factories from China to Vietnam. Vietnam is Southeast Asia's second-biggest coal producer after Indonesia. It also imported 50 million ton of coal in the first three quarters of 2024 — a 31% increase, according to government data. Pescia noted that Vietnam's coal-fired power plants aren't very old and operators have yet to recoup their investments. 'Phasing out coal in a country like Vietnam will take more time,' he said. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
The Independent
27-02-2025
- Business
- The Independent
Vietnam plans energy shift toward building more solar, less reliance on gas and coal
Vietnam is revising its energy plans to focus more on large solar farms and less on reliance on coal and natural gas. The fast-growing economy now aims to get 16% of its energy from the sun — more than triple its earlier target of just 5%. A draft of the new policy outline, likely to be finalized in coming weeks, scraps plans to build offshore wind turbines, instead building more onshore wind capacity, rooftop solar and energy storage. Offshore wind and new gas projects have proven expensive and difficult. Large solar farms are cheaper and easier to build. But Vietnam also is emphasizing expansion of large solar farms to meet soaring demand for power generation. It forecasts it will need more than 211 gigawatts of energy by 2030 as its economy grows, 40% more than its previous estimate and more than Germany 's current total capacity. 'This reflects both an overall increase in potential power demand by 2030 and the fact that LNG (or liquefied natural gas) projects are not on track to be completed by 2030,' said Giles Cooper, a partner at the international law firm Allens based in Hanoi who specializes in energy policy. Solar power expanded rapidly in Vietnam from 2018 to 2020, helped by generous government policies, as it leaped past its neighbors and some richer nations like the United Kingdom. But construction of new solar capacity stalled in 2020 as the Southeast Asian nation realized that its creaky electricity grid was getting overloaded since electricity was only available when the sun shone. 'It was like the market almost stopped,' said Dimitri Pescia, of Berlin-based thinktank Agora Energiewende. Use of polluting coal, which releases earth-warming gases into the atmosphere, has surged and Vietnam is set to become of the world's top five coal importers, displacing Taiwan, according to the International Energy Agency. Like many other countries, Vietnam still needs to upgrade its rickety grid, which has failed to keep up with rapid growth of clean power generation. However, it has made improvements and gained experience dealing with energy sources that aren't always availables, Cooper said. Last year, authorities allowed electricity-guzzling factories to buy power directly from energy producers, aiming to ease pressure on the overstrained power grid and help big manufacturers like Samsung Electronics meet their climate targets. But that was hindered by a lack of space to build clean energy projects close to factories. Solar energy is 'seen as the most promising technology to kick start' those direct purchases, Cooper said. But while it's building clean power capacity, Vietnam is also ramping up use of coal. That's partly to make up for lost hydropower capacity due to drought, and also to meet soaring demand as businesses shift factories from China to Vietnam. Vietnam is Southeast Asia's second-biggest coal producer after Indonesia. It also imported 50 million ton of coal in the first three quarters of 2024 — a 31% increase, according to government data. Pescia noted that Vietnam's coal-fired power plants aren't very old and operators have yet to recoup their investments. 'Phasing out coal in a country like Vietnam will take more time,' he said. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Associated Press
27-02-2025
- Business
- Associated Press
Vietnam plans energy shift toward building more solar, less reliance on gas and coal
HANOI, Vietnam (AP) — Vietnam is revising its energy plans to focus more on large solar farms and less on reliance on coal and natural gas. The fast-growing economy now aims to get 16% of its energy from the sun — more than triple its earlier target of just 5%. A draft of the new policy outline, likely to be finalized in coming weeks, scraps plans to build offshore wind turbines, instead building more onshore wind capacity, rooftop solar and energy storage. Offshore wind and new gas projects have proven expensive and difficult. Large solar farms are cheaper and easier to build. But Vietnam also is emphasizing expansion of large solar farms to meet soaring demand for power generation. It forecasts it will need more than 211 gigawatts of energy by 2030 as its economy grows, 40% more than its previous estimate and more than Germany's current total capacity. 'This reflects both an overall increase in potential power demand by 2030 and the fact that LNG (or liquefied natural gas) projects are not on track to be completed by 2030,' said Giles Cooper, a partner at the international law firm Allens based in Hanoi who specializes in energy policy. Solar power expanded rapidly in Vietnam from 2018 to 2020, helped by generous government policies, as it leaped past its neighbors and some richer nations like the United Kingdom. But construction of new solar capacity stalled in 2020 as the Southeast Asian nation realized that its creaky electricity grid was getting overloaded since electricity was only available when the sun shone. 'It was like the market almost stopped,' said Dimitri Pescia, of Berlin-based thinktank Agora Energiewende. Use of polluting coal, which releases earth-warming gases into the atmosphere, has surged and Vietnam is set to become of the world's top five coal importers, displacing Taiwan, according to the International Energy Agency. Like many other countries, Vietnam still needs to upgrade its rickety grid, which has failed to keep up with rapid growth of clean power generation. However, it has made improvements and gained experience dealing with energy sources that aren't always availables, Cooper said. Last year, authorities allowed electricity-guzzling factories to buy power directly from energy producers, aiming to ease pressure on the overstrained power grid and help big manufacturers like Samsung Electronics meet their climate targets. But that was hindered by a lack of space to build clean energy projects close to factories. Solar energy is 'seen as the most promising technology to kick start' those direct purchases, Cooper said. But while it's building clean power capacity, Vietnam is also ramping up use of coal. That's partly to make up for lost hydropower capacity due to drought, and also to meet soaring demand as businesses shift factories from China to Vietnam. Vietnam is Southeast Asia's second-biggest coal producer after Indonesia. It also imported 50 million ton of coal in the first three quarters of 2024 — a 31% increase, according to government data. Pescia noted that Vietnam's coal-fired power plants aren't very old and operators have yet to recoup their investments. 'Phasing out coal in a country like Vietnam will take more time,' he said. ___
