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Opening Bell: Web Summit begins, Central Bank said to have ignored crash warnings, Porsche joins emissions scandal

The 2015 Web Summit begins today, with more than 30,000 people expected at the RDS over the next ...
Newstalk
Newstalk

07.35 3 Nov 2015


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Opening Bell: Web Summit begin...

Opening Bell: Web Summit begins, Central Bank said to have ignored crash warnings, Porsche joins emissions scandal

Newstalk
Newstalk

07.35 3 Nov 2015


Share this article


The 2015 Web Summit begins today, with more than 30,000 people expected at the RDS over the next three days.

Dell founder Michael Dell, Instagram founder Mike Krieger and President of Pixar and Disney Animation Ed Catmull are among those attending.

They'll be joined by Stripe founder - Limerick man John Collison - and a host of other big names speaking between now and Thursday.

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This will be the last Web Summit in Ireland for the foreseeable future, with the event moving to Lisbon next year.

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The Irish Central Bank has been accused of misleading the public about the poor state of Ireland's financial system before the economic crash by a former-official from the bank who has appeared before the Oireachtas Banking Inquiry.

Frank Browne who was responsible for financial stability at the bank between 2003 and 2010 says that warnings about the economy from as far back as 2004 were ignored by senior management.

Many of the statements made in his 90-page contribution to the inquiry which was published yesterday have been rejected by senior staff at the bank during the period in question - according to The Irish Times - including the former governor John Hurley.

Mr Hurley says that warnings about a property bubble developing were never taken lightly.

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The scope of the Volkswagen emission cheating scandal has continued to widen - the US Environmental Protection Agency says that defeat devices have also been found in some Porsche vehicles.

The luxury car brand is part of the Volkswagen family, its 2015 Porsche Cayenne diesel vehicle is the model which has been flagged by US authorities.

Some Audi models have also been singled out as having been possibly fitted with these devices, although only Volkswagen cars have been recalled.

Volkswagen admitted last month that devices to fool emission tests were fitted in 11 million cars around the world.

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Arnotts Department store has been bought by the Selfridges Group. The group announced yesterday evening that it has bought the iconic Dublin store from Fitzwilliam Finance Partners.

The new owners say they plan to build on the Arnotts brand and unique identity.

Paul Kelly, Managing Director of Selfridges, said “Selfridges Group is delighted to be taking over the management of Arnotts department store. We have an excellent track record leading retailing in Ireland. Arnotts will benefit from our global retail experience and continual investment.

"Our priority will be to build on the legacy of this great Irish brand and we will look to enhance the customer experience while cherishing Arnotts unique heritage, which has been an essential part of Dublin’s retail landscape for over 170 years."

 


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