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.
17.00 - Market update: FTSE 100 closes in the green
In London, the FTSE 100 limped to a green finish, closing at 8,249.66, up 0.31 per cent.
The index had been performing solidly, until a sharp fall in the afternoon saw the price slip by 40 points around 14.20. However, it recovered in the late afternoon to record a green finish.
In Germany, the DAX purred into action, rising by 1.53 per cent to 20,209.98. Having surpassed the 20,000 record in late 2023, the German index looks set to continue with its post-20,000 resurgence.
16.45 - Corporation tax take swells to €39bn
Corporation tax receipts swelled to almost €40 billion last year driven largely by the Apple tax money flowing into the state coffers following the landmark European Court of Justice ruling.
The final exchequer returns published by the Department of Finance on Monday showed that €39.1 billion in corporate tax was collected in 2024, an increase of €15.2 billion on the previous year.
However, the bulk of that increase was due to the Apple funds being transferred to the exchequer late last year with €11 billion of the €14 billion owed to the state having now been received.
The Business Post has more here.
16.30 - Markets close: ISEQ closes in the green
It was a green start to the week on the ISEQ All Share as the index closed at 9,720.24, up 0.57 per cent on Friday’s close.
The risers were led by engineering group Mincon, which rose by 7.89 per cent to €0.41. Further gains were seen by Kingspan (+2.18pc) and Bank of Ireland (+2.17pc).
Amongst the fallers were PTSB (-2.10pc), Ryanair (-1.12pc) and Kenmare (-1.02pc).
16.15 - Liquidator appointed to business behind Loam restaurant and Éan bakery in Galway
A liquidator has been appointed to the company behind the Michelin-star restaurant Loam and its sister-bakery and wine bar Éan in Galway City, which is operated by husband and wife team nda McEvoy and Sinead Meacle.
Loam closed in January 2023 but last month the couple announced that Éan would also be shuttering its doors.
Last week, independent liquidator Pauline Atkinson was appointed at a creditor meeting held in the Sheerwater Hotel in Ballinsaloe, Co Galway.
15.55 - Justin Trudeau to resign as Canadian prime minister
Justin Trudeau, the Canadian prime minister, is set to announce his resignation as leader of Canada’s Liberal Party shortly.
Sources have told Canada’s CBC News that Trudeau will stay on until his successor is appointed.
It comes as Trudeau has come under intensifying pressure following the resignation of his finance minister last month.
15.30 - Almost half of electricity used in December generated by renewable sources
New figures show that electricity from renewable sources provided almost half of total demand in December.
Provisional data from grid operator EirGrid shows that the majority of renewable electricity generated last month came from windfarms, which accounted for over 40% of all electricity used in Ireland.
Total generation from wind energy amounted to 1,287 GWh (Gigawatt hours) over the month.
Overall, renewables provided 46.7 per cent of electricity in December when other sources including grid-scale solar and hydropower are included.
15.00 - Businesses brace for further disruption as country’s infrastructure impacted by weather
Businesses across the country are bracing for further disruption, after Met Éireann issued a Status Yellow Snow-Ice warning for the entire country on Monday.
Met Éireann renewed Sunday’s yellow weather warning on Monday morning, valid until midday on Tuesday, as firms and households across the country were impacted by disruption to deliveries and water supply.
Read the full article by Eoin O’Hare.
14.45 - US market update
Wall Street's main indexes opened higher on Monday as optimism around AI boosted technology stocks, and a report suggested the incoming Trump administration could adopt a less aggressive stance on tariffs than previously anticipated.
The Nasdaq lead gains, rising 1.44 per cent (+282.47) to 19,904.15. The S&P 500 followed, growing 0.98 per cent (+58.10) to 6,000.57. The Dow Jones index also increased marginally, up 0.42 per cent (+180.20) to 42,912.33 in early trading.
14.30 - Emmanuel Macron accuses Elon Musk of supporting a ‘reactionary international’
French President Emmanuel Macron on Monday, without naming him, accused the boss of X, Elon Musk, of supporting "a new reactionary international" and of interfering in elections, particularly in Germany.
"Ten years ago, if we had been told that the owner of one of the largest social networks in the world would support a new reactionary international and intervene directly in elections, including in Germany, who would have imagined it?" the president said at the 30th conference of ambassadors in Paris, referring to the American billionaire's continued support for the German far-right party AfD.
14.15 - AI-influenced shopping boosts online holiday sales, Salesforce data shows
Artificial intelligence-powered chatbots helped consumers purchase and return products during the 2024 holiday season, boosting online sales in the United States by nearly 4 per cent year-over-year, according to a report by Salesforce.
Retailers turned to nifty conversational customer services - or chatbots - among others such as targeted promotions, product recommendations and loyalty programs, to influence customers hunting for trending products and best bargains.
Online sales rose to $282 billion (€272 billion) in the United States between November 1 and December 31 from $272 billion (€262 billion) a year ago, ahead of Salesforce's forecast of 2 per cent growth, even as discounts were tempered.
Shoppers used AI-based chatbot services 42 per cent more than a year ago, according to Salesforce, which analysed data from 1.6 trillion page views on its platform.
14.00 - Disney nears deal to merge Hulu + Live TV business into Fubo
Walt Disney Co and sports-focused streaming provider FuboTV are nearing a deal to combine their online live TV businesses, Bloomberg News reported on Monday, citing people familiar with the matter.
Disney will fold its Hulu + Live TV business into FuboTV, creating a new venture that will be 70 per cent owned by Disney and the rest by FuboTV, the report said.
Disney and FuboTV did not immediately respond to Reuters' requests for comment.
Following the report, shares of FuboTV, which had a market value of about $480 million as of last close, surged nearly 32 per cent to $1.90 in premarket trading. Disney was up marginally.
13.45 - Fibrus parent group reports £58 million pre-tax loss in latest financial year
The parent company of the north’s home-grown broadband provider Fibrus has disclosed a pre-tax loss of £58 million (€69 million) for the last financial year.
The grouped accounts for Ox (Holdco) Limited show its turnover increased by 58 per cent to £17.6 million (€21.1 million) in the year to March 31, 2024.
But the company’s significant spending to expand its broadband operation during the reporting period left it with an operating loss of £38 million (€45.7 million).
Fibrus said it spent £153 million (€184 million) on infrastructure in the last financial year.
Read the full story on Irish News.
13.30 - Fluctuating Vat rate ‘very unfair’ on hospitality sector - Irish Hotels Federation
The Vat rate for the hospitality industry “needs to be fixed and left there”, the newly appointed chief executive of the Irish Hotels Federation, Paul Gallagher, has said.
Speaking on Morning Ireland, he criticised the government for making the Vat rate a “budgetary football” and said that the yearly changes make price planning very difficult for food-based businesses.
“I think it’s outrageous that an industry has to wait [until] October to find out what they’re supposed to charge in January, when they’ve already contracted business at whatever the prevailing rate was at the time. It’s very unfair,” he said.
The chief executive stated that he will make pushing for a stable Vat rate of nine per cent one of his main priorities during his tenure and that he will engage with the government to highlight the industry’s economic contribution.
Read the full story by Megan O’Brien here.
13.15 - Acquisition of ATC Computer Transport and Logistics by Arvato approved by CCPC
The Competition and Consumer Protection Commission (CCPC) has given regulatory approval for the acquisition of ATC Computer Transport and Logistics, an Irish tech-driven company providing specialised transport, logistics, and technical services, by Arvato, a global third party logistics provider specializing in supply chain management and e-commerce solutions.
Headquartered in Dublin, ATC has a footprint across Ireland, Europe and New Zealand, with major offices in Amsterdam, Frankfurt and London.
The company employs over 280 people from over 31 nationalities, with plans to increase headcount to 300 by 2026, and add two further international offices.
Arvato offers handling services, with a focus on e-commerce, omnichannel distribution, classic logistics and transport solutions. In 2023, Arvato employed over 17,000 team members across 90 locations worldwide, generating a revenue of €2.5 billion.
ATC, which will retain its brand name, will be integrated into Arvato as a stand-alone complimentary service to the wider business.
13.00 - BNY to name new head of large UK pension manager
BNY is changing the leadership of a large UK pension fund unit as the US bank seeks to become a bigger player in the global investment management and wealth industry.
Abdallah Nauphal, the longtime chief executive of BNY-owned Insight Investments, which seek to match income and assets with future obligations, is to retire later this year, the company said.
Nauphal, 64, is being replaced by Raman Srivastava, 49, who is joining from Canadian Insurance firm Great-West Lifeco, where he was the global chief investment officer.
Insight, which has $900bn under management, is one of the largest players in the LDI industry, which serves defined pension schemes.
The change comes as BNY is seeking to better integrate its investment management units, which have long been run separately and of which Insight is the largest, with the rest of the bank.
Read more on the Financial Times.
12.50 - US Steel, Nippon filed two lawsuits against Biden blocking $14.9 bln deal
US Steel and Nippon Steel said on Monday they had filed two lawsuits after U.S. President Joe Biden blocked the $14.9 billion buyout of the American steelmaker by the Japanese company.
One lawsuit asked a court to set aside Biden's order and the review process by a US government panel.
The second lawsuit is against Cleveland-Cliffs, its chief executive Lourenco Goncalves, and USW union President David McCall "for their illegal and coordinated actions" aimed at preventing the deal, US Steel and Nippon Steel said.
12.45 -2024 saw biggest exodus from London Stock Exchange since 2009
Last year was one of the quietest on record for the London Stock Exchange, which saw the largest outflow of companies since the global financial crisis, stark new analysis shows.
Takeaway giant Just Eat, Paddy Power owner Flutter Entertainment, travel group Tui, and equipment rental firm Ashtead were among those to announce plans to ditch their main UK listing.
The London Stock Exchange (LSE) saw 88 companies delist or transfer their primary listing from the main market - the most since 2009, according to data from auditing giant EY.
12.30 - UK high-speed rail line told to cut charges
The owner of Britain’s only high-speed railway, has been told to lower the charges that train operators including Eurostar pay to use the line linking London to the Channel Tunnel.
The Office of Rail and Road, the industry regulator, on Monday ruled that charges should come down by 3.8 per cent, or £5 million a year, compared with HS1’s proposal.
Feras Alshaker, director of planning and performance at the ORR, said the changes would “result in significantly lower costs” for train operators, “which should benefit everyone who uses this railway”.
Read more on the Financial Times.
12.15 - Euro zone investor morale falls in January to lowest in more than a year
Investor morale in the euro zone fell in January to its lowest in more than a year, a survey showed today, with Germany remaining a continued drag on the bloc.
The Sentix index for the euro zone dropped to -17.7 in January from -17.5 in December.
That is the lowest level since November 2023, though it was not as bad as the -18 forecast by analysts polled by Reuters.
Read the fuil article on Reuters.
12.00 - Smarttech247 expects 8 per cent revenue jump to €13m for 2024
Smarttech247, the London-listed Irish cybersecurity firm, is expected to report an 8 per cent jump in revenue to more than €13 million for last year.
According to a filing with the London Stock Exchange (LSE), the firm is set to report adjusted Ebitda of €1.3 million and more than €750,000 in adjusted operating profits in its 2024 results, due in the second half of January.
The Cork-based firm, which listed in London in 2022, saw its share price shoot up 14.71 per cent to 9.75 pence following the announcement on Monday morning.
Read the full article by Eoin O’Hare here.
11.45 - Drug giant MSD buys Wuxi’s Irish vaccines plant in €500m deal
Pharma giant MSD is buying the Dundalk-based vaccines plant of Chinese rival Wuxi in a €500 million deal.
Wuxi invested €200 million in 2019 to build the plant, which currently employs 200 people, alongside a biologics facilities it continues to operate. MSD says it will add 150 jobs to the Dundalk plant over the coming year.
The plant has been working exclusively with MSD on a 20-year vaccine supply contract since it was formally opened. The two companies said the transition is expected to be completed in the first half of the year.
Read the full article on the Irish Times.
11.30 - Profits slide at Teeling Whiskey despite uptick in Irish sales
Profits at Teeling Whiskey fell by more than a third despite it increasing its sales in Ireland, newly filed accounts show.
Financial accounts for Teeling Whiskey Company reveal the firm - which is majority owned by spirits behemoth Bacardi - booked post-tax profits of €3 million in the year to March 31, 2024.
In the period, the firm changed its reporting period to align with Bacardi.
The firm made an average monthly profit of €258,321 in 2024, against a monthly profit of €400,466 a year prior.
This means, on a monthly basis, there was a 36 per cent fall on the previous 15-month period for which it reported €6 million in post-tax profit to the end of March 2023.
Read the full article by Fionn Thompson here.
11.15 - Queen Elizabeth’s ex-press secretary to chair Lauder Teacher
The last communications secretary of Britain’s late Queen Elizabeth has been appointed executive chairman to Lauder Teacher, the boutique property communications-to-consultancy co-founded last month by former Goodbody Stockbrokers analyst Colm Lauder.
Donal McCabe was communications secretary to Queen Elizabeth and head of all British royal communications between 2019 and her death in 2022.
Lauder launched Lauder Teacher with Andrew Teacher to fill what they see as a “gap in the market for strategic advisory services that combine the technical expertise of investment banking with the creative and strategic approach of leading communications firms”.
11.00 - Euro zone labour market's exceptional run may be over, ECB study finds
The euro zone labour market's exceptional resilience is unlikely to last as the one-off factors driving its strength are waning, although there is also no dramatic weakening on the horizon, European Central Bank research showed today.
Unemployment is at a record low 6.3 per cent as firms continue to hire, a puzzle to some since the bloc's economy has been stagnating for the past year and historical precedent would suggest growing labour market weakness in such an environment.
Employment typically expands at about half the rate of real GDP growth but it has actually surpassed GDP growth since 2022, the ECB said.
10.45 - Samsung to brings AI to television screens
Samsung is expanding its artificial intelligence push with a new suite of enhancements for its premium TV line-up under the branding of Vision AI.
The company’s AI-powered screens will be able to search online for information about what’s being displayed — such as identifying an actor or product — translate in real time and generate personalised background images, it said in a statement from CES in Las Vegas Sunday.
A built-in AI processor on the top TV models will also analyse content, boost colours and contrast and optimise audio.
Read the full article by Charlie Taylor here.
10.30 - Nippon Steel could face growth challenges after US Steel purchase blocked, according to analysts
Japan's Nippon Steel may need to look at a revamp of its growth strategy after U.S. President Joe Biden blocked its proposed $14.9 billion acquisition of US Steel, but its share price could bounce back in the near-term, analysts said.
Shares in Nippon Steel fell only slightly on Monday in their first trading since Biden on Friday rejected the deal after a year-long review, citing national security concerns.
Biden's opposition to the deal had been well-flagged and US Steel shares had been trading far below the offer price as a result.
Read the full article on Reuters.
10.15 - Irish software firm SL Controls merges with Danish IT company NNIT
Irish specialist IT company SL Controls will fully merge into Danish IT firm NNIT this month as part of an acquisition deal worth almost €17 million.
Former SL Controls operations are set to become part NNIT’s smart factory solution, a system that connects factory equipment to ensure data flows smoothly in real time and enables users to make better decisions around productivity and efficiency.
NNIT, a Danish public IT company, acquired the firm in 2021 in a deal worth €16.9 million. SL Controls is now fully integrating with NNIT.
As part of the merger, Ireland will become the global base for the smart factory solution while Keith Moran, the former chief executive of SL Controls, will head up operations and supply chain solutions for for the system.
Read the full story by Megan O’Brien here.
10.00 - Private equity to lobby Trump for access to savers’ retirement funds
The private equity industry is preparing to lobby the incoming Trump administration to give it access to broad pools of capital it has not historically been allowed to tap, including retirement savings, in a move that could unlock trillions for their firms.
The $13 trillion industry is hoping the new White House will revive a deregulatory push from the final months of Donald Trump’s first presidency, which allowed private equity investments to be included in professionally managed funds.
Now, the industry is seeking to push past that first step, allowing tax-deferred defined contribution plans such as 401ks to back unlisted investments such as leveraged buyouts, low-rated private loans and illiquid property deals, industry executives told the Financial Times.
Read the full article in the Financial Times.
09.45 - Land Development Agency to award €40m insurance services contract
The Land Development Agency (LDA) is set to award a €40 million contract for insurance brokerage services.
According to a post on eTenders, the Office for Government Procurement’s public contracts platform, the state land development body is seeking insurance brokerage and advisory services over a five-year period.
The estimated €40 million contract will run for three years, with the possibility of two further extensions of one year each.
The brokerage duties listed on documentation accompanying the tender notice include property-related cover, including the public liability of undeveloped greenfield and brownfield sites, and completed units and developments.
Read the full article by Eoin O’Hare here.
09.30 - Canada’s Trudeau likely to resign this week
Justin Trudeau is expected to announce his resignation as leader of Canada’s Liberal Party this week, the Globe and Mail reported, a move that would trigger a contest to replace him as prime minister.
Trudeau has been under pressure from elected lawmakers in his party to quit for months. That has only intensified since Chrystia Freeland, his finance minister, stepped down on December 16, saying she and the prime minister were at odds on policy.
09.15 - Dublin-based Brera football investment group racks up €8m losses as a public company
Brera Holdings, a Dublin-based company that holds stakes in a number of lower-league football clubs, racked up more than €8 million in net losses in its first 18 months as a publicly-listed company (plc).
The company, which floated on the Nasdaq in New York in January 2023, recorded a €3.17 million loss for the six months to last June, according to a regulatory filing in recent days. The figure, which was more than double the shortfall posted by the company for the year-earlier period, mainly reflected how running costs far exceeded some €1.61 million of revenues for the period.
Read the full article on the Irish Times.
09.00 - Italy in talks over $1.5 billion SpaceX security services deal
Italy is in advanced talks with Elon Musk's SpaceX over a €1.5 billion ($1.55 billion) deal for the company to provide secure telecommunications to the government, Bloomberg News reported.
Discussions are ongoing and a final agreement on the five-year contract has not been reached, but the project has already been approved by Italy's Intelligence Services and Defence Ministry, the report said, citing unnamed sources.
The report said the deal involves SpaceX supplying Italy with a full range of encryption for telephone and Internet services used by the government.
Read the full article on Bloomberg.
08.45 - Galway based meat supplier secures €4m contract with Aldi
Galway-based fresh meat supplier Divilly Brothers has announced the extension of their partnership with supermarket group Aldi.
Divilly's, has been a supplier to Aldi since 2007, and supplies it with 100 per cent Irish Bord Bia Quality Assured carved and sliced cooked ham products for Aldi's 163 stores nationwide.
The new €4 million contract will also see the Galway firm add new low-fat black and white puddings to its range at the supermarket chain.
Divilly Brothers, a family-owned company, was founded in 1927 and now employs over 50 people.
08.30 - Irish markets update
The Iseq All Share opened in the green on Monday, rising 0.68 per cent (+65.98) to 9,730.80.
Life sciences company, Malin Corp, lead gains rising 10.47 per cent in early trading to €9.50 per share, this was followed by Permanent TSB which increased 2.10 per cent to €1.46 per share.
Meanwhile, the bottom performers on the Irish market were pharmaceutical company, Uniphar, which fell 3.23 per cent to €2.10 per share and airline retail solution firm, Datalex, which dropped 2.78 per cent to €0.35 per share.
08.15 - New York becomes first US city to introduce congestion charging
Car drivers will pay up to $9 (€8.70) a day, with varying rates for other vehicles.
"The system has been in operation since midnight [05:00 GMT Sunday]," Janno Lieber, chief executive of the Metropolitan Transit Authority (MTA), told reporters.
President-elect Donald Trump is among those resisting the scheme, but Lieber said he was confident agreements with the government would "stand up to changes of administration".
The congestion zone covers an area south of Central Park, covering sites such as the Empire State Building, Times Square and the financial district around Wall Street.
The scheme aims to ease New York's notorious traffic problems and raise billions for the public transport network.
Read the full article on the Financial Times.
08.00 - 65,000 premises to get fibre broadband earlier than expected
National Broadband Ireland (NBI) has said that 65,000 homes, farms and businesses are being moved to an earlier completion date in 2025 than had been originally scheduled.
NBI is the company responsible for delivering the Government's National Broadband Plan (NBP).
It said the number of early completions includes 32,000 premises that have been brought from 2026 into NBI's schedule of works for this year.
The 65,000 homes and businesses included in the move will be able to avail of a connection to NBI's network up to nine months sooner than previously anticipated.
07.45 - Dublin is 9th most expensive city in Europe to live and 4th for rental costs
Dublin is the ninth most expensive city in which to live in Europe, driven by rental expenses, according to cost-of-living website Numbeo.
The rankings are based on prices of consumer goods like groceries, restaurants, transportation, utilities and rent across 141 cities. Cites are given an index reading relative to living costs in New York City.
Zurich emerged as the most expensive location on the list, with an index reading of 84.1, meaning costs are almost 16 per cent below the largest US city by population.
London was fifth, with a reading of 72.6. Dublin registered a reading of 58.7, while a number of Russian cities took up places at the bottom of the list.
Read the full article on the Irish Times.
07.30 - New business growth in service sector hit nine-month high in December - PMI
The services sector activity expanded slightly slower in December but growth in new business hit its fastest pace since March and optimism for the coming 12 months improved, a survey showed today.
The AIB Global S&P Purchasing Managers' Index (PMI) slipped to 57.1 in December from 58.3 in November, but remained well above the 50 level than signals growth and above the long-run trend level of 55.1.
Read the full report by Eoin O’Hare here.
07.15 - Asian markets update
China's stock exchanges and central bank scurried to defend a tumbling yuan and falling stock markets on Monday, trying to soothe investors concerned about Trump's return to the White House and Beijing's ability to revive the economy.
With two weeks before Trump begins a second US presidency, his threats of big tariffs on Chinese imports have rattled the yuan, driven mainland bond yields down and got stocks off to a rough start to 2025.
Despite this, Japan’s Nikkei is leading losses in the region, down 1.47 per cent. This is followed by the Hang Seng, down 0.58 per cent, and the Shanghai Composite Index which fell 0.19 per cent.
Elsewhere, Australia’s S&P ASX 200 index is marginally in the green, rising 0.08 per cent, while Korea’s Kospi index is up 1.91 per cent.
07.00 - Good morning
Good morning from the Business Post team. Emma Hanrahan here, keeping you up to speed today with all the biggest news in the world of business, finance and politics.
Leading businesspost.ie this morning, business leaders’ new year’s resolutions including boosting the stock market; beating inertia. Read the full article by Donal MacNamee and Kathleen Gallagher here.
Elsewhere, Quartech had accumulated losses of more than €350,000 for year ending June 2024. Read the full report here.