Welcome to the Business Post’s Live News section. Here’s your chance to catch up on today’s developments in business, tech and current affairs.
17.00 – Flutter among gambling stocks to surge as industry avoids tax hike in UK budget
Peter Jackson, group chief executive of Flutter.
Photo by
Gareth Chaney
Flutter was among the gambling industry companies to see its share price rise after the UK government decided not to increase gambling duty rates in the latest budget.
Shares in the New York-listed Paddy Power owner increased by more than 6 per cent, while shares in Ladbrokes owner Entain were up 8.7 per cent and Grosvenor casinos operator Rank Group were up 5.5 per cent.
16.45 – Businesses welcome budget boost for Northern Ireland as delayed regeneration deals get green light
Northern Ireland secretary Hilary Benn. Picture: Jordan Pettitt
Business groups and politicians in Northern Ireland have welcomed the Labour government’s decision to “un-pause” planned investments in so-called city and growth deals.
The bespoke package of decision-making powers, negotiated with various UK regions, had been introduced under the Conservatives in an effort to boost the Mid South West and Causeway Coast and Glens regions.
16.30 – Iseq closes in the red
The Iseq All Share Index closed in the red today, down marginally a 0.7 per cent on previous close.
Corre Energy, Greencoat Renewables and Permament TSB were among those in the green, while Ovoca Bio, Bank of Ireland and Kerry Group closed in the red.
16.15 – Who are the winners and losers from one of the UK’s largest ever tax-raising Budgets?
Labour’s highly anticipated first Budget in 14 years has introduced a raft of tax hikes totalling around £40 billion, with business bearing the brunt of the burden as Rachel Reeves stressed the need to put the UK’s finances on a sustainable footing.
So what were the key details announced, and what has the reaction been so far?
Dominic McGrath has the story in full.
16.00 – Reddit shares soar more than 40% to record after strong forecast
Photo by
Tiffany Hagler-Geard
Reddit’s shares surged more than 40 per cent on Wednesday after the company’s results and forecast beat analysts’ expectations, marking its biggest intraday rally since the day after its initial public offering.
The social network operator, which went public in March, reported sales of $348.4 million for the three months ended September, surpassing the $312.8 million estimate.
15.45 – Waste management company Beauparc to create 300 new jobs
Beauparc, the parent company of Panda, Greenstar, and Irish Packaging Recycling, has revealed plans to invest over €300 million into its facilities across the next four years.
This extensive investment programme will allocate €160 million to Ireland, generating 300 new jobs locally.
15.30 – Dublin-headquartered medtech SynOx Therapeutics raises further $17m
SynOx Therapeutics, a Dublin-headquartered late-stage clinical biopharmaceutical company, has secured an additional $17 million in investment just seven months after raising $75 million in equity financing and a further $35 million in debt funding.
The news comes as the biotech firm said it has begun administering doses to patients in its Phase 3 trial for its drug candidate called Emactuzumab.
Charlie Taylor has the full story.
15.15 – Temu to face EU probe over handling of illegal product sales
The European Union is preparing to investigate Temu over allegations that it is not adequately preventing the sale of illegal products online.
The European Commission will initiate formal proceedings against the platform, which is owned by China’s PDD Holdings Inc., to assess whether it has breached regulations targeting unlawful online activities, according to sources familiar with the confidential discussions.
15.00 – Bankinter-owned Avant Money cuts Irish mortgage rates and launches cashback scheme
Avant Money, the mortgage provider owned by Spanish lender Bankinter, is cutting mortgage rates by up to 0.4 per cent, and give borrowers cashback worth 1 per cent of their overall drawdown, amid easing monetary policy.
Its One Mortgage product, which offers a fixed rate for the full term of a mortgage, will now charge interest of 3.4 per cent for those with a loan-to-value (LTV) ratio below 80 per cent.
Those with an LTV – meaning the percentage of an overall house price that a buyer needs to borrow – a of more than 80 per cent will be charged 3.8 per cent interest under the One Mortgage product.
Donal MacNamee has the full story on the new entrant to the Irish mortgage market.
14.45 – Grafton Group acquires Spanish air conditioning distributor in €132m deal
Grafton Group has acquired Salvador Escoda, the Spanish air conditioning distribution firm, in a deal set to cost the London and Dublin-listed company up to €132 million.
In a trading update on the London Stock Exchange, the owner of Chadwicks and Woodie’s reported revenues of £1.82 billion in the year to October 20 – a 3.7 per cent fall on the same period last year.
Read the full story on the Irish Independent.
14.30 – US homeowners who bought in 2019 are $158,000 richer
Homeowners who cashed in on historically-low US interest rates to buy the year before the pandemic have seen their wealth grow by around $32,000 annually over the last five years, even when taking the cost of home ownership into account.
Those stuck in the US rental market since 2019, meanwhile, have missed out on a historic period of wealth-generating price appreciation, according to a new analysis of median home prices and rents by First American Financial Corp, the US financial services company.
14.15 – NYSE opens in the red, Nasdaq creeps up
In New York, the NYSE opened in the red this morning, before steadying at 19,453.27, marginally below Tuesday’s close.
The Nasdaq Composite, meanwhile, is up 0.22 per cent to 18,753.26.
Photo by
Michael M. Santiago
14.00 – WRC rules against Irish fintech Layer in ninth wage dispute in the last year
The Workplace Relations Commission (WRC) has ruled against Layer Digital Solutions, the Irish fintech in a pay dispute for the ninth time in the last year.
In its latest ruling, the WRC ruled in favour of Ghina Kamal, who worked as a quality assurance and automation engineer with Layer between February 2022 and September 2023.
The decision brings the total unpaid wage orders against Layer, founded by tech entrepreneur Roy Zakka in Dublin in 2011, to €270,000.
Read the full story on The Currency.
13.45 – Plan for 321 apartments in Santry granted permission despite Chadwicks appeal
321 apartments in Santry have been granted permission with revised conditions by An Bord Pleanála, despite objections from Chadwicks, Ireland’s largest building materials provider.
Dwyer Nolan Developments applied for permission to build the €120 million, 13-storey residential project at the junction of Santry Avenue and Swords Road, Santry, Dublin 9, in April, granted in June.
Chadwicks Group Limited, which is part of the Grafton Group and trades from a building on the site of the proposed apartment block, lodged an appeal with An Bord Pleanála in July.
Vish Gain has the full story on the fresh decision.
13.30 – China tells carmakers to halt investment in EU countries that supported extra tariffs
China has told the country’s carmakers to halt big investment in European countries that support placing extra tariffs on Chinese EVs, according to Reuters.
The new EU tariffs of up to 45.3 per cent have come into effect today, following a year-long investigation.
Ten member states, including France, Poland and Italy, supported tariffs in a vote earlier this month, in which five members including Germany opposed. 12 member states abstained.
Read the full story on Reuters.
13.15 – Labour delivers UK budget speech
Rachel Reeves, the UK chancellor, has begun delivering the first budget by a Labour government in 14 years.
The Chancellor said that “change must be felt”, adding “the only way to drive economic growth is to invest, invest, invest.”
Prime minister Keir Starmer has previously warned the nation to prepare for “tough decisions” to be made, adding it is a “huge day for Britain”.
Watch the BBC’s live stream of the budget here.
13.00 – Galway Luas feasible ‘under the right conditions’
A light-rail system in Galway could be feasible “under the right conditions”, a new study has found.
The feasibility study, commissioned by the National Transport Authority (NTA), recommended that plans for the Galway Luas should focus on the corridor from Knocknacarra, to the northwest of Salthill, to Roscam, east of the city, with potential longer-term onward connection to Parkmore via Ardaun.
The study indicated that annual demand of around 7.5 million passengers annually could be achieved on this corridor by 2043.
12.45 – BYD revenue eclipses Tesla for first time as EV giants go head to head
BYD notched up another win over Tesla on Wednesday, reporting quarterly revenue that beat Elon Musk’s carmaker for the first time since the pair have gone head-to-head in global electric vehicles sales.
Revenue for China’s best-selling automaker soared 24 per cent year-on-year to 201.1 billion yuan (€26 billion) for the three months ending September 30, falling short of estimates, but exceeding Tesla whose sales hit $25.2 billion in the same period.
Net income increased 11.5 per cent to 11.6 billion yuan, surpassing consensus, after BYD sold an unprecedented 1.12 million electric and plug-in hybrid vehicles last quarter.
12.25 – AbbVie raises profit forecast, after drugs sales beat Wall Street estimates
AbbVie, the US pharmaceutical giant, has raised its annual profit forecast, after strong sales helped the company beat Wall Street estimates for third-quarter earnings.
The company now expects full-year adjusted profits of between $10.90 and $10.94 per share, compared the prior range of $10.67 to $10.87.
AbbVie is pushing its newer immunology drugs Skyrizi and Rinvoq to address the drop in sales of Humira, the arthritis drug which was previously the best seller in the world, after several imitators hit the US market last year.
12.00 – Next ups profit forecast to £1 billion
Next, the UK retail giant, expects to report annual profits of over £1 billion for the first time ever.
The company raised its outlook after a better-than-expected 7.6 per cent climb in the third quarter, driven by the early arrival of colder weather compared to the unseasonably-warm early autumn in 2023.
Read the full story on RTÉ.
11.45 – Caterpillar posts lower adjusted quarterly profits as demand slows
Caterpillar, the US construction equipment giant, has seen a fall in third-quarter adjusted profits, as a slowdown in machinery demand amid higher borrowing costs and sticky inflation forced the company’s dealers to slow down on product restocking.
Caterpillar’s adjusted per-share profit for the third quarter fell to $5.17, compared to $5.52 a year earlier.
Although the company reaped benefits from Joe Biden’s 2021 infrastructure law – a $1 trillion enactment aimed at upgrading roads, bridges and other transport infrastructure – the initial boom in demand from government infrastructure projects has slowed.
Get the full story from Reuters.
11.30 – Eli Lilly misses third-quarter estimates
Photo by
Cristina Arias
Eli Lilly delivered lower-than-anticipated sales and profits for the third quarter, blaming inventory issues and high manufacturing costs, as it raced to catch up with soaring demand for its blockbuster anti-obesity medications.
Third-quarter revenues at the Indianapolis-based company totalled $11.4 billion (€10.5 billion), falling short of analysts’ expectations of $12.2 billion. The company also delivered earnings of $1.18 per share, below analysts’ consensus estimates of $1.47.
Shares in Eli Lilly fell in pre-market trading by more than 9 per cent, giving the pharmaceutical company an implied market value of about $775 billion, after the company revised down the upper end of its full-year revenue estimates.
11.15 – Flogas targets €50m investment in Irish Solar Energy Projects
Flogas is set to deliver €50 million worth of solar energy projects over the next five years to large Irish businesses through its new Solar as a Service offering.
The Solar as a Service (SaaS) offering will enable Irish businesses to harness the power of Solar Photovoltaic (PV) panels on their premises without any capital investment, significantly reducing their energy bills and carbon footprints.
This offering is part of Flogas’ parent company, DCC Plc’s ‘Cleaner Energy in Your Power strategy, which focuses on expanding its renewable energy business.
Emma Hanrahan has the full story.
Photo by
Mike Kemp
11.00 – GDP increased by 2 per cent in third quarter of 2024, according to CSO
Gross Domestic Product (GDP) has increased by an estimated 2 per cent in the third quarter of 2024 compared to the previous quarter, according to new data from the Central Statistics Office (CSO).
This increase was driven mainly by an rise in the multinational dominated sectors in the three months from July to September this year.
Using the early estimate for Q3 2024, GDP is estimated to have decreased by 1.2 per cent compared to the same period last year.
10.45 – Nearly half of Dublin businesses find no productivity difference between remote working and office
Nearly half of Dublin firms find no difference in productivity between remote working and in-office work, according to a new survey from Dublin Chamber.
While 47 per cent of surveyed business owners don’t see a change in productivity from employees whether they work from home or an office, 38 per cent said productivity spiked when in the office.
Aebhric McGibney, the director of public and international affairs at Dublin Chamber, said that firms have been “navigating the complex area of hybrid and remote working” since the “onset of the pandemic”.
Fionn Thompson has the full story.
10.30 – League of Ireland contributes €165 million to Irish economy in 2023
The League of Ireland contributed €164.7 million to the Irish economy last year, according to new figures from BDO Ireland, the financial services firm.
The league also contributed an estimated €40 million to the exchequer through taxes, according to BDO.
Last year saw the league’s total attendance jump 19.5 per cent to 826,086.
Emma Hanrahan has the full story.
10.15 – Avolon sees income increase 24% in Q3
Avolon, the Irish aircraft financing and leasing company, saw its net income increase 24 per cent year-on-year to $120 million in the third quarter of this year.
The company saw revenue from leasing increase 15 per cent to $677 million for the quarter, according to quarter three results from the group.
During the three month period Avolon generated $536 million of cash from operating activities, taking last 12 months operating cash to $1.8 billion.
Ellie Donnelly takes us through the figures.
10.00 – Number of Christmas jobs slips 3 per cent, despite increased demand
The number of seasonal jobs available has slipped slightly ahead of Christmas this year, according to new research by Indeed.
As of October 25, searches for Christmas jobs as a share of all Irish searches are up 5 per cent on 2023 levels, with festive job postings down 3 per cent on the same period.
The Indeed figures show that jobs for Santa Claus impersonators offer up to €25 an hour, while wages for elves average around €12.90.
09.45 – UK minimum wage to rise by 6.7 per cent in budget
The UK’s national minimum wage is to rise by a higher-than-expected 6.7 per cent next year, the country’s chancellor of the exchequer has said, ahead of today’s tax-raising national budget.
Rachel Reeves said that the increased minimum wage of £12.21 would spare working people from tax increases intended to plug the hole in the UK’s public finances and avoid a fresh wave of public spending cuts.
An increase to employers’ national insurance contributions will be the main source of revenue instead.
Read more about the UK budget in the Guardian.
09.30 – O’Rourke’s sale of Premier Sports to Viaplay in 2022 helped lift group out of the red
Mickey O’Rourke’s TDL Media made a post-tax profit of €18.8 million in 2022, after booking €24.6 million in investment income following the sale of Premier Sports UK to Swedish broadcaster Viaplay.
The sale, which was reported at the time for a figure around €35 million, helped bring TDL Media Limited out of the red after reporting a €632,000 loss in 2021.
Directors said in accounts filed that it sold its interest in Premier Media Broadcasting Limited and Freesports Limited, as well as selling its interest in Setanta Ukraine throughout the year.
Fionn Thompson has the full story.
09.15 – Derek Quinlan says Nama warned him not to say ‘anything negative’ to Oireachtas banking inquiry
Derek Quinlan, the bankrupt former property tycoon, said that the state property agency Nama warned him not to “say anything negative” when appearing before an Oireachtas inquiry into the financial crash crash.
Quinlan also said that Frank Daly, the former Nama chairman who previously chaired Revenue, was “unhappy” with him because he was a former tax inspector who ended up with €3.5 billion in property debts to the Irish taxpayer.
Quinlan, who still owes Nama €403 million, made the claims in documents filed as part of his bankruptcy case in London, seen by the Irish Times.
Photo by
MAURA HICKEY
09.00 – Kepak acquires UK-based convenience food company
Kepak Group has announced the acquisition of Summit Foods, a UK-based company specialising in chilled and frozen convenience foods.
Summit Foods has annual revenues of £24 million and a team of 200 employees. The acquisition is part of Kepak’s strategic plan to further grow its food business organically.
Summit Foods will continue to operate from its current base in Preston, Lancashire in Northern England with no immediate changes to its operations, branding, or customer offerings.
Emma Hanrahan has the full story.
08.45 – Google’s AI gains bode well for Microsoft and Amazon
Google parent Alphabet’s cloud sales in the third quarter bode well for Microsoft and Amazon, signalling growth in the AI-aided computing market, according to Reuters.
Alphabet’s stock rose 5.5 per cent in pre-market trading on Wednesday, following a 35 per cent in Google Cloud revenue posted by Alphabet on Tuesday, the fastest pace of growth in eight quarters.
This contrasted with analysts’ expectations of a 29 per cent rise, according to London Stock Exchange Group (LSEG).
08.30 – McDonald’s sales hit by weakness in international markets
McDonald’s sales have fallen short of Wall Street’s third-quarter expectations following weakness in international markets.
Sales at restaurants open at least 13 months fell 1.5 per cent, worse than analysts had projected. The US was a bright spot, however, recording growth of 0.3 per cent, according to a company statement on Tuesday.
McDonald’s has been working to reverse traffic declines in all its geographic segments, driven by consumers’ reticence to spend, high levels of inflation and boycotts against American brands in the Middle East.
Photo by
NurPhoto
08.15 – FTSE and Dax fall
Across the Irish sea, the FTSE 100 slipped 0.20 per cent upon opening this morning, falling to 8,203.37.
In Frankfurt, the Dax dropped 0.42 per cent to 8,203.37.
The Iseq continued its slide on Wednesday morning, with PTSB recording an early drop of 4.94 per cent to €1.54.
08.00 – Iseq All Share opens in red
The Iseq All Share has opened in the red this morning, falling 0.14 per cent from yesterday’s close to 9,741.32.
07.55 – Inclusion of Dutch cheese in school meals programme an ‘insult’ to dairy farmers, says ICMSA chief
The inclusion of Dutch cheese in the government’s school meals programme is an “insult” to Ireland’s 18,000 dairy farmers, according to a representative group.
Denis Drennan, the president of the Irish Creamery and Milk Suppliers Association (ICMSA), said that it was “surreal” that primary school children were being given Dutch cheddar under the Department of Social Protection’s school meals programme.
Read the full story in the Western People.
07.45 – Volkswagen posts lowest profit margin since pandemic
Volkswagen’s operating margin shrank to the lowest since the Covid-19 pandemic forced the carmaker to idle production and shutter showrooms.
The German manufacturer earned an operating profit of €2.86 billion ($3.1 billion) on €78.5 billion of revenue in the third quarter, with both figures declining from a year ago.
Its operating margin dwindled to just 3.6 per cent, the lowest in over four years.
he core VW brand earned just a 2 per cent operating margin in the first nine months of the year, Volkswagen chief financial officer Arno Antlitz said in a statement Wednesday. Photo: Tobias Schwarz.
Photo by
TOBIAS SCHWARZ
07.30 – Cheque in the post for over 60,000 AIB shareholders
Over 60,000 small shareholders in AIB are to receive a cheque in the post, following an odd-lot offer from the bank to buy out their stakes, according to reports.
AIB said that when the offer closed earlier in October, it had bought 253,765 of its own ordinary shares at €5.65 each – costing the bank €14.3 million in total, according to the Irish Independent.
This price was set at a five per cent premium to the average price of shares traded on the Euronext Dublin in the first five days of September.
Read the full story in the Irish Independent here.
07.15 – Nikkei bucks Asian markets trend
Asian markets are mostly lower this morning, with the Hang Seng leading losses (down 1.58 per cent) followed by KOSPI (0.92 per cent), the CSI (0.87 per cent) and the Shanghai Composite (down 0.58 per cent).
In Osaka, the Nikkei is bucking the regional trend and extending gains for the third consecutive session, analysts at Deutsche Bank noted this morning, rising 0.96 per cent.
07.00 – Good morning
Good morning from the Business Post.
Eoin O’Hare here with you this Wednesday to keep you up-to-date with all the latest news.
We lead this morning with Donal MacNamee bringing a warning from Danske Bank that large Irish corporations are showing little appetite for adopting instant payments, due to the costs involved and a perception that the risk of fraud is higher.
Meanwhile, Emma Hanrahan takes us through calls from Stephen Kinsella, the taoiseach’s economic adviser, for the government to centralise the “design, delivery, financing, and evaluation” of infrastructural spending in the state.