Opening Bell: Eurozone dodges Brexit bullet, Irish cinemas profit, new south Dublin homes

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UK property firm U+I has secured planning permission to build 147 homes in south Dublin, the Irish Times reports.

The group will redevelop two sites, Donnybrook House and "The Avenue" in Sandyford, not only delivering new residential properties but also creating more than 60,000 sq ft of new commercial space, including retail and restaurant units.

Donnnybrook House is a 1970s office building that has been empty for years. The finished site will combine offices and retail outlets, and include a 20,000 sq ft basement gym.

The Avenue site will provide the 147 new apartments in close proximity to two Sandyford Luas stops.

Construction at Donnybrook begins in October with a value on completion of €45m. Work on The Avenue site will begin in the second quarter of 2017 with value on completion of €55m.

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The Ward family's Irish Multiplex Cinemas (IMC) enjoyed an increase in profits of more than €750,000 last year.

The blockbuster likes of Avengers: Age of Ultron, Jurassic World and Minions helped IMC's accumulated profits rise from €7.23m to €7.99m in the 12 months to the end of October 2015.

The Ward family owns Dublin's Savoy cinema, which plays host to many Irish premieres, as well as multiplexes in Athlone, Ballymena, Dundalk, Dun Laoghaire and Killarney.

It also ran the Screen Cinema in Dublin, which closed after 35 years in February.

Cash at the firm grew from €1.95 to €2.7m. Its staff numbers fell from 44 to 42, with staff costs reduced from €903,573 to €811,708. Remuneration to directors dropped from €45,000 to €7,500.

Takings at the Irish box offices overall rose by 5% for the calendar year of 2015.

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Ireland has been named the seventh most innovative economy in the world

The Global Innovation Index 2016 see Switzerland holding on to the top spot, with war-torn Yemen propping up the bottom of the list.

Ireland's improved placing was helped by a top ranking for Royalty and Licence fee payments into the economy, which can reflect the fact multinationals such as Apple and Facebook hold intellectual property assets in the country despite the fact they have been developed elsewhere.

Ireland did, however, also rank number one when it comes to high levels of foreign direct investment as a share of the economy, as well as for exports of computer services.

It scored poorly when it came to capital investment and was deemed 'weak' when it comes to exports of cultural and creative services.

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Economic activity in the Eurozone has climbed to a seven-month high in August, suggesting the UK's decision to leave the EU has not majorly affected business in the region.

The flash Purchasing Managers' Index (PMI) for August is 53.3, up slightly from 53.2 in July.

Despite the ongoing threat of terrorism in France, the output in the French private sector hit a ten-month high.

Germany didn't see quite so much success when it came to output, new orders and employment, but its activity is rising at a soft pace.

The data from HIS Markit suggests the short-term fallout from the Brexit vote may be confined to the UK and, to a lesser extent, Ireland, leaving the rest of the Eurozone generally unaffected.