Welcome to the Business Post’s Live News section. We’re here all day to keep you up to date on developments in business, tech and current affairs.
16.30 Luxor Leisure invests €45 million in new Radisson Red hotel
Luxor Leisure, the hospitality firm, owned by Irish developer Padraic Rhatigan, has invested €45 million into opening a new hotel in Galway, just outside the city centre.
Developers acquired the site for the Radisson Red hotel, which opened in October of this year, in 2019, however construction didn’t commence until early 2023.
The hotel is targeting the high end corporate market with 177 rooms and 400 sq metres of events space, private meeting rooms, two food and beverage outlets and a semi-private dining room.
Megan O’Brien has the full story here.
16.15 – Dublin Airport passenger cap puts €600 million coach tourism sector at risk
The Dublin Airport passenger cap will have a direct impact on the private coach and bus sector, which contributes more than €600 million to the Irish economy, a representative body has said.
The Coach Tourism and Transport Council (CTTC) which represents leading tour operators, school transport links and private bus companies said the operational demands in the airport must be balanced “with the wider needs of the economy”.
According to the council, the sector supports 11,000 jobs and attracts two million international visitors annually, but the cap has put all of that in jeopardy.
Megan O’Brien has the full story here.
16.00 – GameStop’s Irish subsidiaries pay out €380m as wind-up completes
GameStop, the video game retailer, has paid out more than €380 million from its Irish subsidiaries as it finalises its market exit.
New filings for GameStop Europe Services and GameStop, paid out a combined €380.4 million to GameStop Global Holdings, a Luxemoburg company.
The video game company, which is owned by the Texas headquartered GameStop corp, announced it was closing its 35 stores network and online presence in Ireland, in March 2023.
Kathleen Gallagher has the full story here.
15.45 – Union claims 500 jobs could be cut at PTSB
The Financial Services Union (FSU) has claimed PTSB is seeking to cut up to 500 roles as part of a company-wide voluntary severance scheme.
The union, which represents many staff at the bank, said on Friday that management wants to lose 100 roles in IT, 200 in retail and a further 200 from across the organisation. It did not say where it had obtained the information.
The FSU has described PTSB’s plan as “reckless with real consequences for consumers and staff”.
15.30 – Suspect in UnitedHealth chief murder was “not a customer”
A spokesperson for US health insurance group UnitedHealth has said that the suspect in the murder of its group executive Brian Thompson was not a customer.
Luigi Mangione was charged with murder on Monday, following a five-day manhunt.
15.15 – Bank of Ireland app and online banking restored after outage
Services have been restored to Bank of Ireland’s app and online banking infrastructure after an outage caused disruption for customers.
In a post on X, the bank apologised to customers for the stoppage in services.
It comes two weeks after PTSB was hit by a technical issue in sending and receiving payments
15.00 – US import prices rise marginally in November
US import prices barely rose in November as increases in the costs of food and fuels were partially offset by decreases elsewhere, thanks to a strong dollar and suggesting that inflation pressures could subside in the months ahead.
Import prices edged up 0.1 per cent last month after a downwardly revised 0.1 per cent rise in October, the Labor Department’s Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast import prices, which exclude tariffs, declining 0.2 per cent after a previously reported 0.3 per cent gain in October.
14.36 – US markets update
US equity futures pointed to a strong end to the week on Wall Street, as a premarket surge in Broadcom Inc. powered gains across the entire chip-technology complex.
Stocks on the Nasdaq 100 climbed 0.83 per cent after market open, with shares in Broadcom jumping almost 20 per cent after it predicted a boom in demand for its artificial intelligence chips.
If premarket gains hold, the stock will hit a record high, inching closer to a $1 trillion market cap. Peers Marvell Technology, Micron Technology, Nvidia and AMD also rose.
14.19 – Intel hints at manufacturing spin-off
The two new interim co-chief executives who have replaced Pat Gelsinger at Intel have signalled a spin-out of the chipmaker’s manufacturing division could on the cards.
Speaking at an investor conference, David Zinsner, Intel’s executive vice-president and chief financial officer, and Michelle Johnston Holthaus, its newly appointed chief executive of Intel Products, said their focus was on investing heavily in chip designs, and to continue to pursue new customers for its contract chip-making business.
Charlie Taylor has the full report.
13.59 – François Bayrou appointed French prime minister
President Emmanuel Macron has selected one of his earliest allies, the centrist politician François Bayrou, as prime minister in a bid to stabilise the political turmoil in France that has bogged down his second term.
The 73-year-old’s appointment came after a nearly two-hour-long meeting at the Élysée Palace, which was said to be tense and led Macron to reconsider other names at the last minute.
13.37 – Kerry Group expands Bangkok facility as Thai beverage industry grows rapidly
Kerry Group has expanded its recently opened customer co-creation facility in Bangkok, where it will focus on applications in dairy, carbonated drinks and beverages.
The move comes as Thailand’s food and beverage industry continues to grow rapidly, with a market value anticipated to reach $4.4 million (€5.1 million) by 2027, bolstered by higher incomes, a shift towards healthier foods and a recovering tourism industry.
13.15 – Goldman Sachs granted licence for China fund sales
Goldman Sachs received regulatory approval to sell funds in China, the latest US investment bank to get a financial licence in a sign of Beijing’s commitment to continue opening up the sector to foreign companies.
The Beijing Bureau of China Securities Regulatory Commission (CSRC) granted a fund sales licence to the US bank’s Chinese securities brokerage unit on Friday, an official record shows.
12.53 – Japanese conglomerate Sojitz buys majority stake in Pinergy as Peter Coates sells up
Pinergy, the Irish energy firm, has sold a majority stake to a Japanese conglomerate for an undisclosed sum.
Sojitz, a Tokyo-headquartered corporation that holds several wind and solar investments in Europe and has wind generation assets in Ireland, has acquired the holdings of the Coates family, including Peter Coates, the betting magnate and owner of Stoke City FC.
12.37 – Broadcom rallies on forecast for booming AI chip demand
Shares of Broadcom soared 14 per cent on Friday, with the chipmaker moving closer to $1 trillion in market value after it forecast that demand for its custom AI chips would keep rising in the coming years.
The company was on track to add around $120 billion to its market value of $843 billion, based on premarket share movements, as it also forecast revenue for the first quarter above Wall Street estimates on Thursday. Rival Marvell Technology’s shares gained 5.3 per cent.
12.20 – Gap between green electricity generated and sold in Ireland is widening
The gap between the amount of green electricity sold in Ireland and the amount actually generated here continued to widen in 2023, the Business Post can reveal.
Two brand new energy reports from the Sustainable Energy Authority of Ireland (SEAI) and the Commission for Regulation of Utilities (CRU) contain diverging figures on the amount of renewable electricity delivered to customers in Ireland in 2023, with companies reporting a much higher volume of renewables sold than the actual amount on the Irish electricity grid.
12.00 – Boohoo willing to offer Frasers one board seat, but not for Ashley
British online fashion retailer Boohoo said today it was willing to offer its largest shareholder Frasers one board seat but would not recommend the appointment of Mike Ashley and Mike Lennon.
Retail group Frasers has been seeking board representation at Boohoo for Ashley, who majority owns the British sportswear and fashion group, and restructuring specialist Lennon.
11.37 – Tullow Oil share price slips as takeover talks confirmed
Tullow Oil, the Africa-focused oil and gas exploration and production company, saw its share price dip 7 per cent on Friday as it confirmed that its competitor Kosmos Energy was circling.
The London-listed company confirmed on Thursday after market close that it was in “preliminary talks” with US rival Kosmos for a potential all-share takeover.
In a stock exchange announcement Tullow said there “can be no certainty that any offer will be made” and Kosmos is required to announce either a firm intention, or say it will not take an offer by no later than close of business on January 9.
11.19 – Trump’s election win sparks trading surge for banks and brokers
Donald Trump’s election victory last month ignited a trading frenzy at brokerage houses and Wall Street banks as expectations for sweeping policy changes added fuel to a US stock rally.
Trading volumes in US equities jumped 38 per cent in November from the same month in 2023, reaching levels not seen since the meme stock craze of early 2021 and this month are still running above their average for the year, according to exchanges operator Cboe Global Markets.
11.04 – Petrol and diesel prices rise as crude oil holds steady
Fuel prices have gone up again this month despite crude oil prices holding steady.
It is the second month in a row of rising petrol and diesel prices and comes after three months of falling prices. Fuel retailers and distributors deny there is any profiteering in the industry.
Petrol prices have risen by 1c to an average of €1.74 per litre, while diesel prices have increased by 3c this month to €1.71 per litre, according to the December AA Ireland fuel price survey.
More on the Irish Independent.
10.46 – Granahan McCourt liquidates firm made preferred bidder for National Broadband Plan
Granahan McCourt, headed by David McCourt, has appointed liquidators to a firm that has been used as a holding company for some of his Irish investments.
New records filed with the Companies Registration Office have shown Proinsias Kitt of DHKN, the chartered accountants, has been appointed as liquidator over Granahan McCourt Dublin (Ireland) Limited.
Killian Woods has the full story.
10.27 – German economy will hardly grow in 2025, Bundesbank says
Germany’s economy will hardly grow in 2025 after shrinking again this year, according to fresh forecasts from Bundesbank.
Gross domestic product will fall by 0.2 per cent in 2024, it said Friday — slashing a June prediction for 0.3 per cent growth. Output will expand by just 0.2 per cent in 2025, rather than the 1.1 per cent seen earlier, and could even fall if US trade tariffs materialise.
10.08 – An Post says parcels backlog at Holyhead beginning to be cleared
An Post has said it expects to receive around 350,000 parcels from the UK over the next 24 hours after Holyhead Port’s closure caused a backlog. Ferry sailings the Welsh port and Ireland had been cancelled due to damage caused by Storm Darragh.
In a statement, An Post said that 1,400 Christmas casual workers were helping to clear the backlog which has already been reduced from 500,000 parcels to approximately 150,000 by re-routing.
9.53 – HSBC reviews retail banking outside UK and Hong Kong
HSBC is reviewing its retail banking operations outside the UK and Hong Kong, a move that could see it substantially scale back operations in countries including Mexico, as it seeks further cost cuts.
The bank is looking at locations outside its core markets where it can reduce its consumer presence and focus on wealthier “premier” clients, according to people familiar with the discussions.
9.37 – Tanning firm the Kind Brand Company targets US for growth
The Kind Brand Company, the Dublin-based beauty business best known for its TanOrganic brand, expects its revenues to grow to €3.5 million next year and to €20 million within five years.
The company, which was founded by Noelle O’Connor in 2010, has 12 staff and has forecast revenue of €1.7 million for 2024. It develops beauty products using ethically sourced materials.
9.15 – SEC ‘reopens’ probe into Neuralink
The U.S. Securities and Exchange Commission (SEC) this week has reopened an investigation into Elon Musk’s brain-chip startup Neuralink, according to a shared by Musk on Thursday on social media platform X.
The December 12 letter from Musk’s lawyer Alex Spiro to outgoing SEC Chair Gary Gensler also noted that the commission had issued a settlement demand and that Musk had been given 48 hours to accept making a monetary payment or face charges on multiple counts.
8.55 – European equities set for another year in Wall Street’s shadow
European stock bulls looking for the region’s equities to close the gap on superior returns in the US next year are set for disappointment.
The Stoxx Europe 600 Index will end 2025 at 535 points, Bloomberg’s survey of 20 strategists showed, indicating gains of less than 3 per cent from Wednesday’s close. Compare that with forecasts for the S&P 500 Index to rise 7.5 per cent on average, and as much as 17 per cent under the most bullish outlook.
8.38 – UK economy shrinks for second month in a row
The UK economy shrank for the second month in a row in October after official figures showed a 0.1 per cent drop.
The economy had been expected to return to growth following a fall in September.
However, the Office for National Statistics (ONS) said that activity had stalled or declined, with pubs, restaurants and retail among the sectors reporting “weak months”.
8.23 – EU and UK stock trading reforms will save capital markets
A major change is coming to financial markets in Europe, as both the UK and the EU race towards a planned real-time database of share trading information in stocks and bonds.
Praised by some as a revolutionary injection of transparency for the continent’s fragmented markets, a consolidated tape has been described as “number one opportunity” by US asset management giant BlackRock and has been hailed by European politicians as the first step in boosting the bloc’s capital markets.
8.10 – Irish markets update
The Iseq All Share has opened in the green this morning, trading 0.48 per cent higher.
Ryanair, Glenveagh and Ires shares led the gains in early trading, while pillar bank stocks Bank of Ireland and AIB also rose.
7.49 – Fenergo posts pretax profit of €12.4m
Irish fintech Fenergo swung to profit as the company’s previous investment in its technology helped cut its costs and make it more efficient.
Accounts for the financial year ended March 31, 2024, showed a profit before tax of €12.4 million. That compared with a loss of €5.65 million in the previous year.
7.33 – Zurich Insurance moves into new offices along Dublin quays
Two arms of Zurich Insurance have moved into new offices along Dublin’s quays.
The company’s Technical Centre of Excellence for EMEA and Zurich Treasury Services have taken up office space on the fourth floor of 76 Sir John Rogerson’s Quay in Dublin 2.
Zurich Insurance, one of the country’s largest general insurance companies, has offices across Dublin and in Co Wexford. The let comes some two years after the insurer had agreed to lease space on two floors in the state-of-the-art, A-rated building at an annual rent of €751,000.
Tina-Marie O’Neill has all the details.
7.20 – Director fatigue behind decline in small firms looking to restructure
Fatigue among company owners after several difficult years in business may be the reason behind a slight decline this year in the number of small firms seeking protection under the rescue scheme for small companies, a restructuring expert has said.
More than 1,000 jobs have been saved through the Small Companies Administrative Rescue Process (Scarp) since its inception three years ago, new research from corporate advisory firm Azets Ireland has revealed.
7.08 – Asian markets update
Photo by
Tomohiro Ohsumi
Asian shares fell this morning as a Chinese economic conference readout disappointed traders and risk appetite weakened ahead of next week’s Federal Reserve meeting.
Shares in China and Hong Kong led the region’s declines after China’s Central Economic Work Conference ended without policy details on fiscal stimulus even as authorities pledged to boost consumption.
But their vow to cut policy rates as well as banks’ reserve ratios sent the Chinese 10-year government bonds to slide below 1.8 per cent for the first time in history.
Japan’s Nikkei 225 Index was trading 0.95 per cent in the red.
7.00 – Good morning
Good morning from the Business Post.
Vish Gain here with you today to keep you up-to-date on all the latest news as it happens.
Kick off your Friday with a read of Kathleen’s Gallagher’s exclusive report on State Street’s market playbook for 2025. The asset manager remains confident that global economies will have a favourable exit from the interest rate hiking cycle and continues to back equities, including the magnificent 7.