Welcome to the Business Post’s Live News section. Catch up here on today’s developments in business, tech and current affairs.
17.00 – FTSE closes in the green, Dax slips
Across the Irish Sea, the FTSE 100 closed in the green. The London market grew by 0.57 per cent (+38.03) to 8,109.32.
The top performer at the end of trade was British aerospace manufacturing company, Melrose Industries, which increased 7.58 per cent to £5.27 per share.
The bottom performer was retailer B&M, which fell 8.06 per cent to £3.48.
In Frankfurt, the Dax slipped 0.11 per cent to 19,189.19, with Siemens Energy posting a 2.87 per cent loss.
16.45 – Iseq All Share closes in the red
The Iseq All Share has finished up just in the red, after a late rally brought the index back up to 9,709.61, 0.05 per cent above Monday’s opening.
PTSB won the day in Dublin with a 3.62 per cent jump to €1.575.
The day’s most significant losses, meanwhile, were posted by Cairn Homes (3.22 per cent), medtech firm Uniphar (2.64 per cent) and FBD Holdings (2.34 per cent).
16.30 – Indian competition watchdog fines Meta $25.4 million
India’s competition watchdog has ordered WhatsApp to refrain from sharing user advertising data with other Meta platforms for five years, fining the US tech giant $25.4 million.
The Competition Commission of India (CCI) launched a probe in March 2021 into WhatsApp’s privacy policy.
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NurPhoto
16.15 – UK energy bills to rise in new year
UK energy customers have been warned to expect a “disappointing” price rise in the new year by an energy consultancy.
The average dual-fuel bill price cap is set to rise to £1,736 a year, according to Cornwall Insights – a rise of 1 per cent from the current price cap, which increased to £1,717 a year in October.
Read the full story in the Guardian.
16.00 – Northern education authority not proceeding with £500m Fujitsu contract
The Education Authority (EA) in Northern Ireland has elected not to proceed with a £500 million contract with Fujitsu.
The Japanese IT giant faced criticism for its role in the UK Post Office scandal, having created the software that wrongly calculated that money was missing from branches.
It emerged today that both parties have agreed not to continue with the contract, which was to provide a new IT system for all schools in the North.
15.45 – ECB December rate cuts not ‘in the bag’, Central Bank governor insists
Interest rate cuts by the European Central Bank (ECB) in December aren’t necessarily “in the bag”, according to Central Bank of Ireland (CBI) governor Gabriel Makhlouf.
Speaking today in Dublin, Makhlouf said the evidence would need to be “pretty overwhelming” for the regulator to consider a cut of 50 basis points at the meeting on December 12.
The CBI governor also said it would be premature to start making decisions based on the incoming Trump administration’s possible impact on inflation.
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Bryan_Meade
15.30 – Cork-based Ohme partners with Energia
Cork-based smart charging company Ohme has been appointed as a preferred electric vehicle (EV) charging partner for the Energia Group.
The agreement will see the Energia Group recommend Ohme EV chargers as a part of its wider programme to encourage more drivers in Ireland to make the switch to electric vehicles, according to a statement from Ohme.
Ellie Donnelly has the full story.
15.15 – Irishman Kevin Harrington appointed as new Flutter UKI chief executive
Irishman Kevin Harrington has been appointed as the new head of Flutter’s UK and Irish division, as the betting giant announced a shake up of its international group.
Harrington, who will take over as chief executive in January, is currently the chief executive of PokerStars, Flutter’s online casino site.
He was formerly the commercial director for Betfair UK before its merger with Paddy Power in 2016 to create what is now known as Flutter.
15.00 – Bord Gáis Energy acquires solar panel provider Swyft Energy
Bord Gáis Energy announced the acquisition of Swyft Energy, an Irish solar panel provider, for an undisclosed sum.
The acquisition provides Bord Gáis Energy with a deeper solar photovoltaics (PV) capability to residential, commercial and agricultural sectors.
With a target of 10,000 installations over the next five years, Bord Gáis Energy said that the move will allow it to compete effectively for the growing demand for solar energy.
Emma Hanrahan has the full story.
14.45 – Nasdaq opens in the green, NYSE steady
The Nasdaq Composite has opened the week in the green in New York, up 0.20 per cent on Friday’s close to 18,717.74.
The NYSE Composite, meanwhile, was more steady, slipping 0.02 per cent on opening to 19,640.89.
Weighing on investor sentiment in the US are lingering concerns about Donald Trump’s potentially inflationary economic policies, as well as Friday’s upbeat retail sales data that reduced expectations for the Fed cutting interest rates.
Photo by
Michael M. Santiago
14.30 – Water infrastructure preventing the construction of 19,000 homes in NI, SDLP says
Water infrastructure deficiencies in the North are preventing the construction of 19,000 homes, according to the SDLP.
Mark Durkan, the party’s opposition infrastructure spokesperson, said on Monday that the “crisis” at NI Water was “impacting all aspects of life in the North”.
This follows this week’s warning by the managing director of Castlethorn, that water and electricity issues were hindering the Dublin-based construction firm’s plans to build 20,000 homes.
14.15 – Asos chief gets 44 per cent pay bump despite cuts and losses
The chief executive of Asos got a 44 per cent pay bump, according to its latest financial accounts, despite wider cuts by the online retailer and share price losses.
José Antonio Ramos Calamonte’s total pay rose from £814,000 to £1.17m in 2024, accounts released on Monday show. The pandemic-era investor darling has seen its share price fall 90 per cent since its 2021-peak, and 60 per cent since Calamonte was appointed in 2022.
The retailer’s stock fell as shops reopened to the benefit of Zara and H&M, and rival newcomers like Shein muscled in on its turf online.
Read the full story on the Guardian.
14.00 – Government queries Revolut’s ‘intrusive process’ for politically-connected users
Government officials have queried Revolut over its processes around politically exposed persons after several parties accused it of wrongly labelling civil servants, rejecting accounts and making the process too onerous.
In a meeting between Neale Richmond, minister of state and Joe Heneghan, chief executive of Revolut Europe, at the end of May the minister raised the issue of politically exposed persons and the impact on dependents and other relations, according to minutes seen by the Business Post.
Politically exposed persons (PEP) are individuals who have a high political profile, held a public office, or have performed a function or role for certain government departments.
Kathleen Gallagher took a look through the meeting minutes.
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NurPhoto
13.45 – Russian court fines Google €36,000
A Russian court has fined Google 3.8 million roubles (€36,000) for failing to remove banned content.
Russia has for several years ordered foreign technology platforms to remove content it deems illegal – issuing small when it sees compliance failures.
13.30 – HSBC Holdings asks hundreds of managers to reapply for jobs in new corporate arm
HSBC Holdings has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking arm, as chief executive Georges Elhedery continues to try and boost efficiency at the financial services giant.
Interviews for the roles are underway, according to Bloomberg, pitting senior staff from the commercial banking division against those from the global banking and markets unit, to compete for the jobs available in the combined CIB division.
13.15 – US regulator launches probe into 110,000 Ford SUVs over seatbelt issue
The US auto safety regulator has launched a recall query into over 110,000 Ford SUVs over an issue with seatbelt retractors.
The National Highway Traffic Safety Administration (NHTSA) said on Monday that it had received three complaints referring to a loud sound, immediately followed by the seatbelt rapidly tightening and remaining locked.
Ford said that it was working with the NHTSA to support the probe, which covers Ford Expedition and the Lincoln Navigator models from 2019 and 2020.
Read the full story on Reuters.
13.00 – Land Development Agency plans 193-home development in north county Dublin
The Land Development Agency (LDA) has published plans for a 193-unit affordable and social housing development in north county Dublin.
The proposed scheme will be made up of two and three-bed homes – a mix of houses, duplexes and apartments – on the former site of the Teagasc Research Centre in Kinsealy.
The LDA expects to submit a planning application for the development, located between Clarehall and Malahide and near Dublin Airport, in early 2025. Subject to approval, construction could begin in 2026, with the first homes being delivered in 2028.
12.45 – Firms will hear ‘one consistent voice’ following model change, Central Bank says
Gabriel Makhlouf, the governor of the Central Bank of Ireland (CBI), has stressed that financial services firms will receive “more coordinated messaging” and “more streamlined demands” in the new year, following a restructure.
Speaking at the third annual Financial Systems Conference on Monday, the governor said firms would hear “one voice from the regulator” after a new framework takes effect in January.
12.30 – Enterprise Ireland handling of angel investing fallout ‘incompetent’, director claims
The former chairman of the state’s largest angel investment syndicate has filed an official complaint against Enterprise Ireland, claiming its handling of problems are “incompetent.”
Rowan Devereux, who led the Bloom Equity syndicate until its recent decision to dissolve, claims in his complaint to the Office of the Ombudsman that he has been left personally liable for costs of up to €500,000 due to the state agency’s incompetent handling of the Halo Business Angel Network (Hban).
Charlie Taylor has the full story.
12.15 – US medtech firm Abbott creates 800 jobs in Kilkenny
Global medtech leader Abbott has opened a state-of-the-art manufacturing plant in Kilkenny, creating 800 new jobs.
The company has put in a €440 million investment in Ireland, which includes expanding its Donegal facility, adding 200 positions.
12.00 – SVP completes purchase of Blanchardstown Town Centre
US investment firm Strategic Value Partners (SVP) has acquired the Blanchardstown Town Centre from owner Goldman Sachs.
The deal, for an undisclosed figures, is expected to complete prior to year-end and will see SVP make “significant investments” in the property, including enhancements to its food and beverage options.
Mike Ungari, global head of real estate at the firm, which has over $19 billion (€18.01 billion) of assets under management, said that the shopping centre is a “centrepiece in Dublin’s retail sector.”
Fionn Thompson has the story here.
11.45 – Greece to repay €5 billion of long-term debt early – prime minister
Prime Minister Kyriakos Mitsotakis.
Photo by
NurPhoto
Greece aims to expedite the repayment of billions in bailout loans, underscoring its economic recovery over a decade after it nearly exited the eurozone. Prime Minister Kyriakos Mitsotakis announced plans to settle at least €5 billion in obligations due between 2033 and 2042, by 2025, during a Bloomberg event in Athens.
“We’ve maintained strict fiscal discipline,” Mitsotakis stated, highlighting the government’s confidence in public finances.
11.30 – More than half of Irish businesses are not ready for auto-enrolment next year
More than half of Irish businesses are not prepared to implement the auto-enrolment pension scheme to take effect next September, according to a survey by Mason Hayes & Curran.
Nearly six in ten respondents of the 300 HR and pension professionals surveyed cited system integration as the most challenging aspect of the scheme, while 56 per cent said they were most concerned about the “administrative burden” it would entail.
11.15 – Spirit Airlines files for bankruptcy protection
No-frills airline Spirit Airlined announced on Monday that it has filed for bankruptcy protection. The filing follows a prolonged period of quarterly losses and mounting debt.
The airline’s challenges intensified after the collapse of its $3.8 billion merger deal with JetBlue Airways in January, coupled with issues related to RTX’s Pratt & Whitney Geared Turbofan engines, which grounded a significant portion of its fleet.
11.00 – Skills shortages and cost of recruiting are top concerns for tradespeople – survey
Skills shortages and the high cost of hiring skilled workers are the top challenges facing tradespeople, according to a recent survey.
The Onlinetradesmen.ie survey, which gathered responses from builders, plumbers, electricians, and landscapers, found that 29% of participants identified this issue as the biggest barrier to their operations and growth.
10.45 – Quillsen acquires property management firm Christies PMP to expand Dublin letting presence
Estate agents Quillsen has expanded its Dublin reach with the acquisition of property management firm Christies Property Management Partnership (PMP) in an undisclosed deal.
The deal will see Quillsen increase its offerings in lettings and property management, with the new deal pushing the number of units it has under management to nearly 600 rental and managed properties.
A 20 per cent bump in staff is expected in order to service these new properties, a statement from the company said.
9.50 – GridBeyond secures €11.25m for joint venture expansion
GridBeyond, the smart energy company that raised €52 million earlier this year from backers, has secured an additional €11.25 million in investment for a joint venture it is part of that is rolling out ‘beyond-the-meter’ battery energy storage systems across Ireland and Britain, Charlie Taylor reports.
The company, which uses artificial intelligence to help large industrial energy users to streamline power use, has secured the funding from Triodos Energy Transition Europe Fund, as part of a combined new investment in GridBeyond Storage.
The two organisations first partnered nearly three years ago when they announced €10 million in funding for the installation of battery storage projects located behind the meter at GridBeyond’s clients’ sites Such systems are essentially rechargeable batteries installed on the customer’s side of the electricity meter to store energy for later use, often to reduce energy costs and provide back-up power.
9.35 – Banking federation says social platforms should verify ads before posting
The Banking and Payments Federation Ireland (BPFI) has said social media platforms should be required to verify ads for financial products before posting them online as a way of combatting fraud.
Before accepting an ad, the platforms should have to check with national authorities that the company involved is authorised to provide the financial product or service being offered, the federation says. Companies who don’t complete the verification process should not be allowed to show ads for financial services.
9.15 – Taxi industry calls on politicians to take action on rising costs and VAT issues
A number of taxi representatives have penned a joint letter to politicians making an election call for increased safety procedures, adherence to a regulated market and an end to VAT issues which have plagued drivers, Fionn Thompson reports
The letter –which was signed by industry representatives from online forum Taxi Drivers Ireland, FreeNow and Lynk – called for operators to be required to invoice drivers from within Ireland, so as to avoid VAT liabilities.
This is in response to an ongoing VAT issue with Uber, first revealed by the Business Post, which renders its services through the Netherlands, meaning drivers are liable to pay their own VAT.
9.00 – Revenue clampdown on staff entertainment expenses
The Irish Times is reporting that a Revenue clampdown on companies submitting expenses for staff entertainment and hospitality is being described as “baffling” by businesses.
Revenue insists that some hospitality events represent a taxable benefit in kind (BIK). They are understood to be auditing the expenditure that businesses make on staff events to determine if there is a tax liability.
Chartered Accountants Ireland said businesses were “up in arms” at the tougher stance on the issue.
8.45 – Officials to consider impact of EU carbon levy on price of Irish power imports
A new taskforce is to be set up to address concerns about the impact a new EU emissions levy could have on Ireland, Dominic McGrath is reporting this morning.
It comes amid warnings, reported previously by The Business Post, that the EU’s carbon border adjustment mechanism (CBAM) could have a major impact on the current level of imports of cheap British electricity into Ireland.
Ireland’s electricity emissions are currently at record lows due to the significant imports of cheap British electricity, which are not counted on Ireland’s carbon balance sheet.
However, the levy will plug the gap in carbon price between the UK and EU, which is currently driving large imports of cheap British electricity into Ireland.
08.30 – Iseq opens flat
The Iseq All Share opened largely flat Monday morning as the index was down 0.07 per cent on the first day of the week.
FBD Holdings, Cairn Homes and Kingspan Group shares were all down slightly while Permanent TSB led the risers table up 2.3 per cent, followed by Greencoat and Uniphar.
Pillar banks Bank of Ireland and AIB were also up in early trading.
Vish Gain has the full markets update this morning.
08.15 – X challenges Coimisiún na Meán’s online safety rules
Social media company X is challenging the Irish state’s new online safety rules in the High Court, the Irish Times is reporting.
Twitter International Unlimited Company initiated judicial review proceedings against media regulator Coimisiún na Meán on Friday.
The new online safety code was launched by Coimisiún na Meán on October 21 and is a a legally binding set of rules regulating content on video-sharing platforms to protect users from harmful content.
There is a 28-day window to seek judicial reviews under the legislation.
08.00 – EV charging firm Ohme partners with Energia
Cork-based charging company Ohme has been selected as a preferred EV charging partner for the Energia Group.
Ohme, set up by in 2017 by entrepreneur David Watson, recently became the UK’s largest home smart-charger for EVs, and has launched in France, Spain, Portugal, Italy, Germany and Australia.
Its latest partnership will see the Energia Group recommend the Ohme smart charging brand for its new EV customers.
The Irish Independent has more.
07.45 – National Broadband Plan passes half-way mark with 300,000 premises connected
The National Broadband Plan (NBP) has passed the half-way mark of the premises in his catchment area, with the over 310,000 premises passed over half the 564,000 earmarked for connection.
National Broadband Ireland (NBI), the company tasked with delivering the rollout, said that over 420,000 premises will be connected by the end of next year,
Construction is currently ongoing or completed for over 480,000 premises, or 86 per cent of the premises.
07.30 – McDonalds to create 1,000 jobs in Ireland by 2028
Photo by
Post Reporter
Fast food chain McDonald’s plans to create up to 1,000 jobs by 2028 as part of a €40 million expansion plan, as first reported by the Irish Independent.
The brand previously invested some €42 million into the Irish market between 2018 and 2023, on a mix of renovation and opening new outlets.
The firm, which directly employed 8,880 people in Ireland last year, contributed €414.6 million to Ireland’s economy in 2023, according to a newly released social and economic impact report.
07.15 – Asian markets update: Mixed day at the markets
Markets were mixed in Asia overnight, with Hong Kong’s Hang Seng Index’s rise of 0.86 per cent bucking other trends.
The Nikkei 225 saw a 1.09 per cent fall to 38,220.85, while the SSE Composite Index slid 0.21 per cent to 3,323.85. The Shenzen Composite saw the biggest drop, with a 1.91 per cent fall to 10,544.02.
07.00 – Good morning
Good morning from the Business Post.
Eoin O’Hare here with you today to keep you up-to-date with all the latest news.
We kick off this morning with my own story on how online searches by US users of property agency Savills Ireland saw a 342 per cent spike in the week following Donald Trump’s election – with nine of the top 10 states driving searches having voted Democrat.