Latest news with #AIB
Irish Times
10 hours ago
- Business
- Irish Times
Applegreen plots US expansion and AIB's road out of Government ownership
Petrol station business Applegreen has agreed a contract for 18 services stations in the United States. The move comes as part of a $750 million investment by the company. Joe Brennan reports. Concerns about the state of the economy in the coming months have risen sharply since the beginning of the year among businesses on the island of Ireland, but especially in retail and construction, according to a new survey. Mark Hennessy has the details. The median first time buyer property value rose by more than €100,000 between 2019 and 2024 to almost €372,000, new data from lobby group Banking and Pyaments Federation Ireland show. Colin Gleeson read the report. The Central Bank this week underlined the threat to the Irish economy from US tariffs. In his column, Eoin Burke-Kennedy analyses what is really at stake for the country. READ MORE AIB has come a long way since the dark days of State rescue and nationalisation during the financial crisis. Some 15 years and €20.8 billion later, in Agenda Joe Brennan shows how the bank recovered to be the multibillion euro pillar bank it is today. Irish homeowners who have adopted energy-efficient technologies such as solar panels, heat pumps, and electric vehicle (EV) home chargers can save in excess of €3,000 a year, according to a new report. Conor Pope explains how they do it. As eyes start to turn to the Budget, it is clear already there is little chance of any reduction in income tax this year. Cliff Taylor explains why. Ireland is the second most expensive country in Europe with only Danes expected to pay more for a range of goods and services, the latest figures from Eurostat have confirmed. Prices here are significantly higher than the European average with things worsening over the last decade, the data suggests. Conor Pope reports. House prices in Ireland grew at an average annual rate of 7.5 per cent in April, amid ongoing supply shortages and surging demand fuelled by Government incentives and expectations of further interest rate cuts. Ian Curran has the details. Minister for Finance Paschal Donohoe said he is 'grateful for the strong level of support' he is receiving from other capitals, to stay on as president of the Eurogroup for a third term. Jack Power has the story. Microsoft is planning to axe thousands of jobs, particularly in sales, as part of the company's latest move to trim its workforce amid heavy spending on artificial intelligence. When you are working and raising young children , there is little time to think about your own health or your physical and mental needs. We just get on with it. Does this have an impact on our careers and our long-term health and happiness though? Margaret E Ward explores the issue in World of Work. The operator of Dublin's Clarence Hotel is set to almost triple the hotel bedroom capacity of the former U2-owned hotel, after an appeal against the plan was dropped. Gordon Deegan reports. Kenmare Resources has walked away from takeover talks with its former managing director Michael Carvill and an Abu Dhabi private equity firm after the consortium made it clear it would only be willing to proceed with a bid that was below its initial £473 million (€553 million) proposal. Joe has the story. 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
11 hours ago
- Business
- Irish Times
How AIB, once worth less than its art collection, came back from the brink
In early March 2012, AIB's chief executive of three months, David Duffy , unveiled a swingeing plan to cut one in five jobs – 2,500 in total – to restore the ailing lender to profitability and make a start on paying back its €20.8 billion taxpayer rescue. 'If you were leaving, someone would bring out a Swiss roll and a packet of biscuits and people would gather around your desk. There was no talk of going out for a nice lunch,' recalls a former AIB staffer who went through their fair share of goodbyes at the time in the group's then headquarters in Ballsbridge . 'The contrast between the relief on the faces of those leaving and the anguish of those who were staying was often stark. It was a very difficult time to say you worked in one of the banks. If you got into a taxi at the time and were asked where you worked, you'd say something like Arnotts, given the level of public hostility towards bankers at the time. Others working in branches got the brunt of it, sometimes being spat at. The atmosphere was febrile.' Almost 13 years later – and 16 years after its initial rescue – AIB returned this week to full private ownership as the Government sold its final 2 per cent stake to market investors, at a share price almost 60 per cent above what it was when it carried out an initial public offering (IPO) of shares on the stock market eight years ago. READ MORE The Government is not alone in seeking to draw a line under crisis-era bailouts. The past month has seen Keir Starmer's administration in the UK sell its remaining shares in NatWest and the Dutch government reduce its holding in ABN Amro below 30 per cent. Elsewhere, Greece concluded the reprivatisation of its lenders late last year with the sale of a stake in National Bank of Greece. [ AIB share sale brings banker pay back into focus Opens in new window ] The sale of the final tranche of AIB shares leaves the State on track to fall about €700 million short of recovering its full rescue bill on a cash-in, cash-out basis, even after it goes about selling stock warrants held in the bank, estimated to be worth about €300 million. Still, it wasn't always a given that taxpayers would recover this much from the most expensive bailout of a surviving Irish lender – especially when AIB shares were trading below €1 apiece, a seventh of their current price, during the Covid-19 pandemic in 2020. 'It did look bleak at various points in terms of getting to this point,' said Des Carville, head of the Department of Finance's shareholding and financial advisory division, which managed the relationship with the bank. Des Carville, head of the Department of Finance's shareholding and financial advisory division 'These were risky investments. Owning equities is risky at the best of times. Owning shares in banks, as we've found out, is particularly so.' Three key factors have turned around AIB's fortunes in the past four years: a spike in interest rates globally as central banks fought inflation; the bank's return to loan-book growth after a decade and a half of contraction; and the shrinking of competition as Ulster Bank and KBC Bank Ireland exited the Republic. The biggest boost from higher interest rates has been thanks to inertia across Irish households as they continue to keep 85 per cent of their €166 billion of cash savings in on-demand and current accounts, earning little or nothing, rather than availing of rates of up to 3 per cent for certain accounts among domestic banks, including AIB. The fact that AIB's deposit base is much larger than its loan book also means that it has earned billions of euro in recent years from storing excess cash with the Central Bank of Ireland. AIB had €31.5 billion lying idle with the regulator at the end of last year. The going deposit rate across euro-zone central banks was as high as 4 per cent in 2024. Christ Cant of Autonomous Research in London, said in a report earlier this year that AIB is what Germans would call a 'eierlegende Wollmilchsau', or egg-laying woolly milk sow – a mythical jack-of-all-trades for investors. 'Amongst European banks, AIB provides an unusual combination of both exceptional capital return prospects [for investors] and strong balance sheet growth prospects, in a great zip-code,' he said, noting that the Republic was a 'structurally attractive market' and 'fiscally responsible sovereign'. Taxpayers felt over the years that bank bailouts left them holding eggs of a more sulphuric kind. AIB would lose more than €34 billion on soured loans – more than any other Irish lender – in the decade after Brian Cowen's government guaranteed the banks in September 2008, including bad-loan charges and losses on portfolio sales to the National Asset Management Agency (Nama) and overseas investment firms. The stench still lingers. Even though the Irish economy is now almost three times its Celtic Tiger peak of €197 billion in 2007, the banking crisis continues to be felt, with Irish households and businesses paying higher interest rates on loans than the EU average, creaking infrastructure and, most profoundly, a post-crash shortage of capital for residential development that has given rise to today's housing crisis. 'A real arrogance' Stephen Bell was part of a team of PwC consultants brought in to help AIB management in late 2010 as it headed into State control. 'One clear memory from my first days was sitting in an office with artwork on the walls and thinking to myself, each one of these pieces is probably worth more than the bank right now,' said Bell, who would serve as AIB's chief risk officer on secondment during 2011. AIB had an impressive collection of Irish art spanning the 1880s through the 21st century, including works from Jack B Yeats, Paul Henry, Sir John Lavery, and Roderic O'Conor. A few dozen of its best pieces would be handed over to the State after the bank succumbed to taxpayer ownership, ending up at the Crawford Art Gallery in Cork. 'There was a real arrogance about AIB ahead of the crisis. It saw itself as a multinational organisation, with its banking unit in Poland, interests in the Baltics and Bulgaria, a large stake in M&T Bank in the US, and a UK division,' said a former senior Central Bank official who dealt with the banks during the financial crisis, but who declined to be named. In the early days of the global crisis in 2007, the regulatory focus was more on Bank of Ireland because of its large mortgage book in the UK, a market where Northern Rock collapsed that September. 'Bank of Ireland had to circle the wagons earlier than AIB,' the former central banker said. It moved sooner to book large loan loss charges, setting aside €230 million for its then financial year to March 2008. [ How AIB went from boom to bust and back again Opens in new window ] AIB's hubris at the time was best captured in its decision to pay €270 million of interim dividends to shareholders that August as banks globally were hoarding capital. Two months later, then chief executive Eugene Sheehy said the bank 'would rather die than raise equity'. The bank's greater exposure than Bank of Ireland to commercial-property lending – which accounted for 36 per cent of its loan book in 2008, compared to 26 per cent at its rival – would ultimately result in it being effectively nationalised. Property and construction accounted for as little as 12 per cent of the bank's loan book in 1998. However, in 2004, AIB's then chief executive Michael Buckley set up a 'win-back team' to work out why it was losing business to Anglo Irish Bank. It subsequently ramped up lending, bankrolling big developers from Liam Carroll to Ray Grehan, whose property empires imploded during the crash. While AIB was known to have better IT systems than its main rival by the time of the crash, its decentralised commercial lending model – with local branches given significant autonomy to dole out loans – and weaker data and loan paperwork left it facing much deeper discounts from Nama when it took over risky real-estate loans. AIB transferred €20.4 billion of loans to Nama at a 56 per cent discount, while Bank of Ireland sent over half that amount, at a 43 per cent discount. 'Also, because the original management team at AIB was cleared out after the crash, it was on the back foot when it came to arguing about Nama discounts or stress tests,' the former central banker says. 'Bank of Ireland, which kept senior management and avoided State control, fought tooth and nail over everything. As it went through a number of leadership changes in the early years, AIB lost all continuity, strategic direction and became more risk averse for an extended period.' Bernard Byrne, who joined the bank in May 2010, initially as chief financial officer, would preside over a bank facing up to massive loan losses and booking a record €10.3 billion net loss that year. Bernard Byrne, former AIB chief executive. Photograph: Eric Luke 'The worst period was definitely 2010, trying to get close to the bottom of AIB's problems,' says Byrne. 'The deepening haircuts that it had to take on loans being transferred to Nama meant that any thought of the bank remaining mainly in private ownership evaporated.' It slunk into 99.6 per cent State ownership two days before Christmas – capping a tumultuous month that saw the State succumb to a €67.5 billion EU-International Monetary Fund (IMF) bailout. Litany of controversies Michael Somers, who launched the National Treasury Management Agency (NTMA) in 1990, was resistant when the then finance minister, Brian Lenihan, started badgering him to join the board of AIB as he prepared to retire at the end of 2009. He had his reasons. Somers had previously found himself in the trenches on AIB when Garret FitzGerald's government was forced to take over the bank's Insurance Corporation of Ireland subsidiary and bail out the bank after the insurer suffered large losses on high-risk insurance policies. Somers was deputy secretary general with the Department of the Finance at the time. 'The fear at the time was that international banks would pull credit lines from AIB and other Irish banks,' recalls Somers. He – as many others – would look on aghast as a litany of other skirmishes with controversy followed. Michael Somers, former chief executive of the National Treasury Management Agency and former vice-chairman of AIB. Photograph: Eric Luke AIB reached a €90 million settlement at the turn of the millennium with Revenue in relation to evasion of Deposit Interest Retention Tax in 2000. In 2002, the bank revealed that a rogue currency trader at its then Allfirst unit in the US, John Rusnak, had racked up a $691 million trading loss. In 2004, it was revealed that the bank had been overcharging customers on foreign exchange transactions for up to a decade, and two years' later, four former AIB executives reached a €206,000 tax settlement resulting from their involvement in a secret offshore investment company, called Faldor. Lenihan made a final effort in mid-November 2009 to change Somers's mind. 'He managed to get hold of me one evening at about a quarter to 12, after I'd gotten home from a nice dinner at the Dutch embassy. He said he needed to announce a number of positions the next morning and asked me again would I join AIB's board as deputy chairman,' he says. 'I relented.' Remedial work The outlook for AIB began to change when Duffy – an Irish banker who had spent his career overseas working for the likes of Goldman Sachs, ING and Standard Bank, leaving him untainted by goings on during the domestic property bubble – took charge in late 2011. By then, AIB was a shadow of its former self, having been forced to sell its 70 per cent stake in Poland's Bank Zachodni, a 24 per cent stake in Buffalo-based M&T Bank, and its holding in Goodbody Stockbrokers, as it raced to raise capital to fill a growing hole in its balance sheet from bad loans – and appease competition authorities in Brussels after receiving state aid. The bank had also inflicted €5 billion of losses on holders of its riskiest, subordinated bonds. 'It's easy to underestimate how much remedial work was done between 2010 and 2011 just to get to a place of some stability. But David coming in as CEO was hugely important,' says Byrne. 'The strength of his personality saw him take a huge amount of pressure off AIB – both politically and generally – and allowed people to work on what needed to be done to chart a way forward.' Return to profit Duffy's cost-cutting plan would involve the shuttering of 67 branches, salary cuts across layers of management, and the closure of the bank's legacy defined benefit pension scheme, where retirement benefits were linked to final salaries. It saw the bank return to profit in 2014, helped as a recovering economy allowed it to release some provisions previously set aside to cover bad loans. The bank also started moving at pace that year to resolve a mountain of bad debt on its balance sheet – which peaked at €31 billion, or more than a third of total loans in 2013. Irish banks also began that year, under pressure from regulators, to finally start to grasp the nettle on a mortgage arrears crisis that had been allowed to fester following the crash. Duffy – who was widely expected to lead AIB through an initial public offering (IPO) – quit unexpectedly in early 2015 to take over as CEO of Clydesdale and Yorkshire Bank in the UK, where he immediately enjoyed a basic salary double the €500,000 allowed at bailed-out AIB – and a generous bonus plan. Mark Bourke, former AIB chief financial officer. Photograph: Eric Luke It would fall to Byrne, Duffy's successor, and his chief financial officer Mark Bourke to get AIB ready for an IPO. Two years in the planning, Project Viking, as it was dubbed, culminated in June 2017 when Paschal Donohoe, only days into the job as Minister for Finance, pressed the button on a sale of a 28.8 per cent stake in the bank to stock market investors, raising €3.4 billion. 'US investors, particularly the big hedge funds, were all talking about the 'reflation trade' at the time,' recalled Bourke, referring to an investment strategy of piling into certain sectors that tend to perform well immediately after a recession. Irish gross domestic product (GDP) soared almost 8 per cent in 2017, making it the EU's fastest-growing economy for the fourth straight year, even if the figures were flattered by the State's large multinational sector. 'It was clear that markets were open and US funds, who were crucial to the ultimate success of the transaction, were prepared to invest in Europe again,' added Bourke, who is currently CEO of Portuguese lender Novo Banco, which French banking group BPCE agreed to buy last week. On the IPO roadshow, AIB teams held hundreds of meetings with potential investors over a number of weeks in Europe, North America and Asia. 'Because we spent so much time answering questions from international investors on the macro Irish story, it created something of a 'halo effect' for other Irish companies and the sovereign,' says Byrne. Contraction to growth Byrne used an Oireachtas finance committee appearance in December 2017 to urge the government to sell down more shares, as the stock was riding high. A global stock market slump in the second half of 2018 killed off any such ambition. The market appetite for Irish banks was dented further in quick succession by the threat of a hard Brexit; low demand for loans amid weak housing starts and cautious businesses; an ultra-low interest rates environment as Europe grappled with an era of subpar inflation, and the Covid-19 pandemic. 'The investor demand certainly was there after the IPO and there was an opportunity to move quickly to sell more shares,' Byrne says. 'There is always a risk of being caught out by unfavourable markets if you don't go when the stars are aligned.' AIB's return to full private ownership took longer than Byrne expected back in 2017. [ The Irish Times view on the State selling out of AIB: competition in banking is now the issue Opens in new window ] His successor, Colin Hunt, who took charge in March 2019, found the initial strategic plan that he and his CFO Donal Galvin had spent a year working on quickly made redundant as Covid-19 threw Ireland and much of the rest of the world into lockdown within weeks of it being unveiled. Loan payment breaks for businesses and households hit by the pandemic superseded loan growth for a period. But the bank has seen a surge in profits in recent years – with net income hitting a record €2.35 billion last year – driven by soaring interest rates as central bankers fought inflation triggered by effects of the pandemic and war in Ukraine. AIB and the other two remaining domestic banks, Bank of Ireland and PTSB, have also been helped as they carved up the loan books and deposit bases of Ulster Bank and KBC Bank Ireland – before the interest rates cycle turned. AIB has also bought back Goodbody Stockbrokers and pushed back into the life and pensions business – which it exited in 2012 as it put Ark Life into winddown – by setting up a joint venture with Irish Life's Canadian parent, Great-West Lifeco, in an effort to catch up with rival Bank of Ireland in the wealth and life insurance market. Colin Hunt, AIB's current chief executive. Photograph: Shane O'Neill/Coalesce AIB saw its loan book contract by almost 60 per cent to €58.4 billion between 2008 and 2021, amid loan sales, and households and businesses, scarred by the crash, repaying debt faster than taking on new loans. However, it has posted underlying loan book growth over the past three years, even after stripping out acquired Ulster loans, following a series of false dawns. A big driver has been green and transition lending, spanning everything from domestic mortgages on energy-efficient homes to an international climate capital business that specialises in lending to large scale renewable and infrastructure projects across Ireland, Britain, Europe and North America. Hunt was asked by one of the overseas investment bankers who beat a track to his office on his appointment six years ago what he'd like to be remembered for 10 or 15 years later. Apparently, he was shocked by the answer: decarbonisation. 'The investment banker was concerned this might appear off-piste if uttered in public. No one was talking about green finance at the time,' says a person familiar with the meeting. 'That's clearly changed in recent years.' AIB's international climate capital unit – where gross loans grew by 34 per cent last year to €5.5 billion – has provided another growth angle for a bank that remains a shadow of its boom-era self. 'Don't expect us to go out and buy another eastern European or US regional bank any time soon,' a senior executive says. Era of normalisation The last government resumed share sales in AIB in early 2022, when its stake stood at 71 per cent. AIB's financial results since the crash have routinely included a lot of what analysts call 'noise' from exceptional charges and gains. Crisis-era loan losses would be followed by a drip-feeding of provisions – which totalled more than €600 billion – to deal with the group's role in the industry-wide tracker mortgage scandal, including almost €97 million for a Central Bank of Ireland fine. More recently, the bank has taken large provisions for customer compensation on speculative noughties UK commercial property investments, known as Belfry funds, that failed, and costs associated with acquiring Ulster Bank loans. Exceptional charges fell by more than half last year to €66 million – heralding, what Hunt told analysts in March, was an era of 'normalisation'. 'We don't expect any material exceptional costs in this year. And I certainly don't want to find ourselves in a position where we have to incur more exceptional costs going forward,' he said at the time. While AIB is not on track to repay all of its bailout, the Government estimates that it is currently about €600 million above water on a combined €29.4 billion pumped into AIB, Bank of Ireland and PTSB – thanks to a €2 billion cash surplus recouped from Bank of Ireland. [ AIB to sell its 49.9% stake in merchant services joint venture Opens in new window ] 'In overall terms this has to be seen as a very positive outcome for the exchequer – and effectively delivers on the Government's commitment many years ago to recoup all the monies invested, which seemed a very unlikely outcome for a long time,' says John Cronin, founder of SeaPoint Insights, an independent research and analysis firm specialising in banking. 'That being said, equity investors in banks usually expect a return of more than 10 per cent per annum – so looking at it through a return on investment lens tells a different story.' A recovery has been made up of bank guarantee fees, interest on bailout bonds, and dividends. It ignores interest paid on money borrowed to save the banks, the 'opportunity cost' to the State's former pension reserve fund (part of which is now part of the Ireland Strategic Investment Fund) investing in ailing banks rather than putting cash to work elsewhere – or, indeed, what inflation has done to the time value of money. Carville insists that State's objective was always clear. 'We viewed the investments on a cash-in, cash-out basis,' he says. Not everyone agrees. 'If you went to a bank to borrow money and offered only to pay back the principal, you'd be laughed out of the place,' says former NTMA chief Somers. Societal scar If top executives were cheered by Donohoe's decision to lift the €500,000 pay cap at the bank on Tuesday after the sale of the remaining State shares, they were keeping it to themselves. Senior AIB officials were keen that there would be no form of celebration as the bank saw off the State as an investor, according to sources. 'We owe an immense debt of gratitude to the Irish taxpayer for the support during one of the bank's most challenging times,' Hunt wrote in an email to employees that morning. Staff leaving the group's Molesworth Street headquarters that evening could not have missed a ruckus down the road as hundreds protested outside the Dáil about the housing crisis – providing a reminder of the deepest societal scar left by the banking crash.
Time Business News
16 hours ago
- Health
- Time Business News
Where Asbestos Is Commonly Found in UK Homes
Beneath familiar carpets and behind tired paintwork, many homes across the UK quietly hold legacies of a building material with a dangerous reputation: asbestos. For much of the 20th century, this group of naturally occurring minerals found its way into hundreds of construction products, prized for fire resistance, strength, and insulating properties. It took decades before the health risks drew proper recognition, but many properties still bear the marks of that era. Knowing where asbestos could be lurking and understanding the associated risks is important for any homeowner or renovator. Asbestos refers to a set of six silicate minerals with long, fibrous crystals. These fibres can be woven, mixed, sprayed, or cemented into a variety of materials. Their natural qualities—resistance to heat, chemical durability, tensile strength, and sound absorption—made them ideal for a multitude of building purposes, both structural and decorative. Until the late 1980s, asbestos was at the heart of UK construction, especially during the building booms after both world wars. Its applications spanned everything from roofing and insulation to fireproofing and floor tiling. Chrysotile (white asbestos) was most common, while amosite (brown) and crocidolite (blue) were also popular before stricter controls. Once health experts linked asbestos exposure to life-limiting diseases like mesothelioma, asbestosis, and lung cancer, regulations tightened. However, the UK's total ban only came into force in 1999. Today, understanding when and where a property was built—or renovated—remains crucial for managing asbestos risks. The legacy of asbestos can still be found in millions of homes, particularly those built or refurbished before 2000. Every house is unique, but some materials and locations carry higher probabilities than others. Asbestos Insulating Board (AIB) lines many interior spaces in mid-century homes. It often sits in firebreaks around boiler cupboards, soffits, airing cupboards, and as partition walls. AIB can look very similar to standard plasterboard, but it is far riskier, especially if disturbed. Loose-fill asbestos—sometimes poured into lofts or cavity walls—poses the greatest risk. The fibres are easily airborne, making even basic disturbance hazardous. Heating installations in older homes, particularly those with original features, often incorporated asbestos. Insulation wraps or panels may be hidden: Around warm air ducts and pipework Behind or within water tanks (especially in lofts) Inside airing cupboard walls and doors Suspected materials should always be left undisturbed until tested. Vinyl floor tiles from the 1950s through the 1980s frequently contained chrysotile fibres. The adhesive ('black bitumen') used to fix these tiles can also hold asbestos. Even old underlays on carpets, particularly in council-built homes, sometimes harboured it. When removing old carpets or tiles, take care. Sanding, cutting, or scraping can quickly release fibres. Artex ceilings and walls had their heyday between the 1960s and 1980s. What looks like ordinary decorative plasterwork may, in fact, incorporate asbestos. The actual content varies, but disturbance—drilling holes for new fixtures, for example—is enough to create exposure risk. Asbestos cement proved popular for exterior applications due to its toughness and resistance to rot. Common places to spot it include: Garage and shed roofs Downpipes and gutters Eaves, soffits, and fascia boards Roof tiles or corrugated sheets Although asbestos cement is tough, weathering or inappropriate disturbance (like breaking or power-washing) can release fibres. Older fireplace surrounds, hearth pads, and some vintage electric storage heaters were lined or filled with asbestos to improve fire resistance. Residual debris often persists behind grates or inside boxed-off areas. Location/ Material Years Commonly Used Asbestos Types Likely Visual Clues Main Risk When Disturbed Insulating board (AIB) 1930s–1980s Amosite, Chrysotile Cream/grey, board High Loose-fill insulation 1930s–1960s Crocidolite, Amosite Fluffy, loose fill Very high Floor tiles & adhesives 1950s–1980s Chrysotile Rigid tiles, black glue Medium Textured coatings (Artex) 1960s–1980s Chrysotile, occasional Amosite Swirled/plastered surfaces Medium Cement panels/pipes 1940s–1999 Chrysotile Hard, grey, cement Lower (if unbroken) Garage/shed roofs 1950s–1990s Chrysotile Corrugated sheets Lower (if intact) Fireplace linings Up to mid-1980s Amosite, Chrysotile Board/brick lining High (if broken) A property survey will often identify these materials, but visual checks are never a substitute for professional sampling and laboratory analysis. While the presence of asbestos relates largely to the property's build date, later refurbishments, repairs or extensions can introduce or remove risk. Council and social housing, in particular, sometimes yielded to cost-effective solutions involving asbestos well into the 1990s. Homeowners who undertook DIY projects may unknowingly have disturbed dangerous materials. Pre-1900: Typically asbestos-free, but later upgrades can bring risk. 1920s–1950s: Early adopters for insulation, fireproofing, and cement panels. 1960s–1980s: Widespread use in almost every building product category. 1990s: Some materials were still permitted, but quantities decreased. Post-2000: Unlikely to contain asbestos if built and maintained to code. Every property benefits from a professional asbestos survey when uncertainty exists, particularly prior to major work. Visual cues are often unreliable, and disturbing the wrong material can have long-lasting health implications. It only takes a small amount of airborne asbestos fibre to pose a risk if inhaled. The body cannot break down these microscopic particles, allowing them to embed within lung tissue for decades. Long latency periods—illnesses often develop 15 to 60 years after exposure—make the threat especially insidious. Mesothelioma: Aggressive cancer affecting the lining of the lungs or abdomen, nearly always fatal. Aggressive cancer affecting the lining of the lungs or abdomen, nearly always fatal. Lung Cancer: The risk multiplies for smokers exposed to asbestos. The risk multiplies for smokers exposed to asbestos. Asbestosis: Progressive scarring of the lungs, causing breathing difficulties and heart strain. Progressive scarring of the lungs, causing breathing difficulties and heart strain. Diffuse Pleural Thickening: Affects the membrane surrounding the lungs, restricting function. There are currently no safe levels of exposure, which places extra importance on correct identification and management within homes. If you suspect your home contains asbestos, leave any potential material untouched. Accredited surveyors hold specialist training, use protective equipment and employ air monitoring to safely examine suspicious areas. Standard types of surveys in residential settings include: Management Survey: Locates and assesses asbestos condition for daily occupancy. Locates and assesses asbestos condition for daily occupancy. Refurbishment/Demolition Survey: More comprehensive, preceding major building work. Material samples, collected under strict safety protocols, are sent to UKAS-accredited labs for polarised light microscopy analysis. This identifies the type and content, informing risk management or removal planning. Discovering asbestos doesn't automatically require full removal. In fact, well-maintained, undisturbed materials often pose minimal risk. However, damaged, deteriorating, or frequently disturbed products should be prioritised for safe management. Asbestos removal should only be undertaken by trained professionals such as Asbestos Norwich, especially for high-risk types like AIB, sprayed coatings, and insulation. These contractors use: Controlled environments with negative pressure units Specialist vacuum cleaners (HEPA filtered) Personal protective equipment (PPE) and decontamination units DIY approaches are strongly discouraged. Laws protect both homeowners and the wider environment from unsafe practices. If you own, rent, or are buying a home constructed before 2000, raising the subject of asbestos can feel awkward. Yet it is a responsibility for all parties involved. Sellers are legally obliged to disclose known asbestos materials, while buyers may request surveys as part of conveyancing. Schools, offices, and public housing adhere to strict regulations, but private residences rely on informed owners. Insurance policies, mortgage providers, and local authorities increasingly look for clear management records, especially in housing associations and shared-ownership schemes. Never attempt to remove suspect material without professional advice. Reserve DIY for confirmed non-asbestos products. Always use licensed contractors for testing and, where needed, safe removal. Keep records of any asbestos findings, surveys or removals. While the use of asbestos is firmly rooted in the past, its presence in the homes of today leaves a silent imprint. With careful management and informed decisions, its risks can be handled safely and effectively. TIME BUSINESS NEWS
Irish Times
a day ago
- Business
- Irish Times
European shares hit one-month low amid rising Middle East tensions
Escalating tensions in the and fears over potential US involvement in the region led to European shares falling to its lowest point since early May. S&P 500 futures fell 0.5 per cent despite US markets remaining closed on Thursday for a public holiday. DUBLIN The Iseq All-Share index ended the session down 1.96 per cent to 11,172.87, with losses led by Kenmare Resources. READ MORE Kenmare Resources fell 21.12 per cent to €3.66 following news it had walked away from takeover talks with its former managing director Michael Carvill and an Abu Dhabi private equity firm. The consortium made it clear it would only be willing to proceed with a bid that was below its initial £473 million (€553 million) proposal. Shares in the titanium minerals miner returned to near the levels the stock was trading at before news of the bid. Middle East uncertainty saw most Dublin-listed stocks close in the red, with just Irish Ferries owner Irish Continental Group, up 0.37 per cent, and Agriculture group Origin Enterprises, up 0.82 per cent, improving on the day. Gains made on Wednesday by airliner Ryanair on the back of a drop in oil prices were wiped out, and the share 2.63 per cent to €22.97 on Thursday as oil prices rose. In banking stocks, AIB fell 1.91 per cent to €6.70, and Bank of Ireland tumbled 2.40 per cent to €11.61. LONDON The FTSE 100 closed lower on Thursday amid ongoing Middle East concerns, after the Bank of England left interest rates unchanged at 4.25 per cent and policymakers said trade policy uncertainty would continue to hurt the economy, triggering a drop in the pound. The FTSE 100 index closed down 0.6 per cent at 8,791.80, with the mid-cap FTSE 250 ending down 1.0 per cent, at 21,073.99. Oil rose again amid concerns the situation in the Middle East could worsen. That boosted oil majors and FTSE 100 heavyweights BP and Shell, which rose 1.4 per cent and 1.1 per cent respectively. British Airways owner IAG, however, fell 3.2 per cent and low-cost airline EasyJet, was down 3 per cent at close, on concerns of rising fuel costs and travel disruption. Similarly, fears that the Middle East conflict will lead to higher inflation and slower economic growth weighed on mining stocks. Anglo American fell 3.3 per cent, Antofagasta declined 3.4 per cent and Rio Tinto dipped 2.5 per cent. Whitbread fell 1.6 per cent after reporting total group sales fell by 3.8 per cent in its first quarter. On the FTSE 250, Hays plunged 10 per cent after saying it expects annual profit to be below market consensus, as the staffing firm grapples with challenging market conditions. Shares fell in other recruitment businesses, PageGroup, down 8.8 per cent, and Robert Walters, which dropped 4.8 per cent. European recruiting shared similarly fell. EUROPE The pan-European Stoxx 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9. US President Donald Trump kept markets guessing about American involvement in air strikes on Tehran, though markets were hopeful of potential de-escalation of tensions over upcoming EU and US talks with Iran. Much of the recent nervousness has been in markets centred around crude oil supply shocks, triggered by tensions in the oil-rich Middle East. Oil prices rose on the day and boosted the energy sector by 0.8 per cent, emerging as the session's top performer. Healthcare and utilities were the only other sectors in the green. Conversely, travel and leisure stocks led broader declines and finished 2.3 per cent lower, taking a hit from the soaring oil prices. Among stocks, Stora Enso jumped 14.7 per cent to top the Stoxx 600 after the Finnish forestry group said it was initiating a strategic review of its Swedish forest assets. – Additional reporting, Reuters, PA.
Mint
a day ago
- Entertainment
- Mint
‘Scientific reason' why Sachin Tendulkar should not be Reddit's brand ambassador: Rohan Joshi's video goes viral
Reddit has announced Sachin Tendulkar as its brand ambassador. The Indian cricket legend will use his official profile to share match thoughts, personal stories and special content. However, as per comedian Rohan Joshi, it's a bad idea. His hilarious explanation of why Sachin Tendulkar is the wrong choice as Reddit's brand ambassador has now gone viral. In an Instagram Reel that has not gained over 1.2 million views, Joshi says Sachin is a legend and deserves all the love, but he's the wrong pick for Reddit. 'He is an icon, obviously one of the greatest people to have ever played the game of cricket and one of the greatest Indian sporting legends of all time. But, l am sorry he can not be the brand ambassador for Reddit for one very simple scientific reason,' Rohan Joshi says in the viral Instagram Reel. Sachin played 664 international matches over 24 years, which means he spent around 200 days a year outdoors 'touching grass'. According to Rohan Joshi, Reddit users are known for staying indoors. So, someone as active as Sachin is the complete opposite. 'No one who has gone outside and touched that much grass is allowed to endorse Reddit, just antithetical to its values,' Rohan Joshi concluded with, 'Love you, Sachin.' Rohal Joshi's video attracted funny reactions. Fellow comedian Tanmay Bhat wrote, 'BRB, filing FIR on you.' 'I Completely agree with you hence I think the best candidate for this position who meets all the requirements is Rohan Joshi, my vote is with him,' quipped one user. Another user wrote, 'You really miss Mumbai Police, don't you?' 'Great move Rohan, AIB members talking about Sachin always ends well,' wrote another while hinting at Tanmay Bhat's controversy. In May 2016, the Mumbai Police was asked to investigate Bhat after BJP leader Ashish Shelar accused Bhat of insulting Sachin Tendulkar and Lata Mangeshkar in a Facebook video. In the clip, Bhat – the face of now-dissolved comedy group AIB – used face-swap effects to act like both stars and joked about Virat Kohli being better than Tendulkar. His portrayal of Tendulkar also made fun of Lata's age, calling her '5,000 years old'.
