Latest news with #CityJet
Irish Times
27-05-2025
- Business
- Irish Times
Trump's EU tariff threats causing chaos
The world 'cannot afford' a trade war, Taoiseach Micheál Martin has said , after US president Donald Trump threatened to impose steep tariffs on the EU. Addressing an economic conference in Killarney, he acknowledged the US was 'anxious' to get a trade deal and that it had issues it wanted resolved but he said he also believed the European Union was being 'sensible' and wanted to land the deal in 'a reasonable zone'. His comments came hours after US president Donald Trump said he would extend the deadline for the European Union to face 50 per cent tariffs until July 9th after a phone call with Commission president Ursula von der Leyen. Given his latest partial climbdown, where do things go from here? Cliff Taylor outlines what's at stake, while Eoin Burke-Kennedy assesses what may be Trump's weak point in negotiations . Former US president Joe Biden's health is back in focus, as a tell-all book has a slew of revelations about how he really was doing in recent years. But how did the media do when it came to covering Biden's health? Hugh Linehan runs the rule over its coverage. A High Court judge has signed off on the appointment of an examiner for aviation firm CityJet. Barry O'Halloran has the story, with some investors already circling the firm. READ MORE The data centre boom is already producing winners and losers. Cantillon looks at one Irish firm already called out as a winner , and another bigger firm feeling the wrath of The Donald. The Department of Finance is set to wind down over the coming months the special banks shareholding and financial advisory division set up as the Government bailed out lenders during the financial crisis. Joe Brennan reports. Dublin-based DunPort Capital Management has taken on an investment from a UK firm as it continues to grow its private credit business. In Your Money, Fiona Reddan asks if investing is finally getting cheaper for people in Ireland. Dominic Coyle meanwhile answers a reader question on the impact of releasing equity in a home on a person's eligibility for Fair Deal, and another on whether to start a pension now or wait for autoenrolment . Fast fashion group Shein has been ordered by the Irish consumer watchdog to rectify several practices on its platform that potentially breach European Union (EU) law. Colin Gleeson reports. Ireland's 2030 offshore wind targets 'are in serious jeopardy, without decisive and immediate Government action', according to the Irish wind industry. Kevin O'Sullivan has the details of the warning. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
16-05-2025
- Business
- Irish Times
Dublin-based CityJet reports loss of €16.8m in 2023
Troubled Dublin-based CityJet made a loss of €16.8 million in 2023 following a surge in operating expenses. The regional airline, which was once Ireland's third carrier after Aer Lingus and Ryanair, filed accounts for the year ended December 31st on Friday. They show operating expenses grew to almost €97 million from just under €80 million in 2022. At the same time, turnover came down from €131 million to €129 million mainly as a result of lower flying activities during the year. READ MORE The group had been in profit at the end of the previous 12 month period, when it made €4.7 million. [ Cityjet booked exceptional gain of €163m from examinership Opens in new window ] The main activities of the company, which was once best known for flying routes out of London City Airport, include aircraft, crew, maintenance and insurance, as well as wet leasing, where it provides serviced aircraft and crews to operate routes for other carriers. At the end of the year it had net liabilities of €35.6 million. The company has not operated any scheduled flights under its own name since 2018, and its difficulties have continued since then. The High Court appointed Kieran Wallace and Andrew O'Leary of Interpath Advisory Ireland as interim examiners in recent weeks, which was the third time the airline has sought protection from creditors since its inception. It survived one process in 1996 and again in 2020 after its fleet was grounded by the Covid pandemic. Under risks facing the business, it warned in the 2023 accounts that much of its revenue at that time was concentrated on one customer. It noted impending engine overhauls and other redelivery costs due to fall over the following year. The directors concluded there were material uncertainties that cast 'significant doubt' over its ability to continue as a going concern over the following year. It also pointed to Russia's invasion of Ukraine and the inflationary pressures brought about as a result. However, under subsequent events, it said it was able to sign 10 crew, maintenance and insurance lease agreements with various airline customers in June 2024, which would run to October 2028, as well as five other agreements of the same nature that would run to October 2025. The company also received funding by way of a loan amounting to €3.8 million that is payable in September 2029 and which bears 3 per cent interest per annum. The group had a tax liability of €160,000 at the end of the year, up from €150,000 a year earlier. It employed 605 people in the year, up from 582. It spent €48.1 million on staff, up from €45.5 million in 2022.
Business Post
09-05-2025
- Business
- Business Post
CityJet plans urgent restructuring after interim examiners appointed
Interim examiners have been appointed to CityJet, as the Irish airline company seeks an urgent restructuring after it emerged it was both balance sheet and ...
