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 - Nama got ‘best possible price’ for €1.6bn Project Eagle sale - report
A seven-year long investigation into Nama’s sale of its Northern Ireland loan portfolio has found the state’s ‘bad bank’ got the best possible price but criticised the agency over appropriate governance procedures.
The commission of investigation into Nama was set up in 2017 to examine the controversial disposal of its Northern Ireland loan portfolio, known as Project Eagle, originally valued at £4.5 billion to the investment fund Cerberus in a transaction valued at £1.3 billion (€1.6 billion).
The investigation, detailed in a 585-page report, was published on Tuesday after being brought to cabinet.
Cónal Thomas has more details from the report.
16.45 - US consumer confidence sees steepest decline since 2021
American consumer confidence has seen its largest monthly decline in nearly four years.
The latest Consumer Confidence Index fell to 98.3 - a third consecutive fall, as inflation fears increased.
It comes as a Wells Fargo survey found that three-quarters of those polled said they were planning to reduce spending, because of economic fears.
16.30 - Iseq closes in the green
The Iseq All Share Index closed in the green today, up 0.52 per cent since previous close, at 10,773.53.
Uniphar saw the largest rise in shares, up 7 per cent to €2.60, after recording profit growth of 9.6 per cent for 2024.
FBD Holdings (up 3.47 per cent) and Origin enterprises (up 2.62 per cent) were among those to also see gains.
Meanwhile, Mincon Group (down 2.38 per cent), Irish Residential Properties Reit (down 1.37 per cent) and PTSB (down 1.35 per cent) saw losses.
16.15 - Germany’s central bank records €19.2bn loss
The German central bank recorded a substantial €19.2 billion loss in 2024, with warnings that financial strain will continue throughout this year.
The Telegraph reports that the losses stem from too many government bonds being held with low yields.
The central bank had only around €700 million in reserve last year.
The news comes just days after the country’s federal elections, which saw Friedrich Merz’s CDU/CSU party win the most seats.
16.00 - Firms owned by developers Gerard Burke-Kennedy and John Desmond wound up with Revenue owed €900,000
Companies controlled by property developers who have built a number of “luxury” Dublin homes have been wound up after the High Court heard the firms had outstanding Revenue debts of nearly €900,000.
Ardilea Properties Ltd and Incredbay Ltd were placed into liquidation yesterday by Mr Justice Oisín Quinn following an application from the Revenue Commissioners.
Barrister Arthur Cunningham, for Revenue, told the judge that Ardilea owed his client over €640,000 in outstanding Vat, while Incredbay owed over €232,000 in outstanding Vat.
15.45 - European car sales drop in January
The surge in sales of fully electric cars was not enough to offset declining petrol and diesel vehicle sales, resulting in an overall market drop of 2.1 per cent.
EV sales soared 37 per cent for the overall industry, with carmakers posting big gains in Germany and the UK.
15.30 - Elon Musk gives federal workers a 'second chance' to defend their jobs or risk termination
In a message posted to X, Elon Musk has warned federal employees a "second chance" to either justify their jobs or face termination.
It comes after Trump administration officials told workers they did not need to respond to his email which asked for a summary of achievements, despite Musk's claim that no reply would be seen as resignation.
"Subject to the discretion of the president, they will be given another chance. Failure to respond a second time will result in termination," Musk wrote on X.
15.15 - Fine Gael MEP Sean Kelly tells Micheál Martin to ‘articulate’ the airport cap is not acceptable
Speaking at the Irish Hotels Federation annual conference, Fine Gael MEP Seán Kelly told the audience it needs to be said “quite clearly it’s not acceptable to have a cap at Dublin Airport”.
“We need that articulated by everybody, especially ministers, Taoiseach, Tánaiste, et cetera, and then make it happen,” Kelly said on a panel at the event.
Speaking to the Business Post, Kelly said the cap has to be removed “as a matter of urgency.”
“It makes no sense to put a cap on people coming here,” he said.
15.00 - Public sector pay bill grows €1.5 billion a year, Jack Chambers is told
The exchequer pay bill is growing by €1.5 billion each year, and managing it at sustainable levels will be an ongoing challenge, Jack Chambers, the public expenditure minister has heard.
About 60 per cent of the growth is due to pay increases for public servants, but another factor is the rising number of staff, officials said in briefing documents given to the minister on his appointment.
In autumn of 2024, public service numbers stood at 405,000 full-time equivalents, but this is forecast to rise to 426,5000 this year, “the highest level ever of employment in the public service”.
A new pay agreement was signed last March, and public servants will enjoy the latest pay bump on Saturday, when salaries go up by 2 per cent or €1,000, whichever is the higher amount.
The Irish Independent has more.
14.45 - Home Depot earnings beat Wall Street estimates, as retailer breaks comparable sales losing streak
Home Depot topped Wall Street’s quarterly sales expectations on Tuesday, despite dampened demand due to housing prices and elevated interest rates, CNBC reports.
The company said it expects total sales to grow by 2.8 per cent in the year ahead and comparable sales to increase by about 1 per cent. The retailer has also projected that adjusted earnings per share will decline by about 2 per cent on the previous year.
Richard McPhail, chief financial officer with Home Depot told CNBC that “housing is still frozen by mortgage rates” but that the company still saw broad based growth, as sales increased in 15 of its 19 US geographic regions.
14.35 - Markets Update: US stocks fluctuate ahead of key earnings
US stock indices fluctuated on Tuesday as investors reacted to a mix of earnings reports and awaited quarterly results from AI-chip giant Nvidia.
At the market open, the Dow Jones Industrial Average gained 48.5 points, or 0.11 per cent, reaching 43,509.74. The S&P 500 edged down 0.5 points, or 0.01 per cent, to 5,982.73, while the Nasdaq Composite declined 44.3 points, or 0.23 per cent, to 19,242.608.
14.30 - Capital Group increases stake to 5 per cent in Cairn Homes
Capital Group Companies, the US investment fund, has increased its stake in Cairn Homes, with the firm now holding a 5.03 per cent stake in the Dublin-listed group.
The investment fund, which has over $2.6 trillion (€2.48 trillion) of assets under management, increased its stake in the firm from the 4.22 per cent held prior to just over 5 per cent.
This stake is currently worth £56 million at Cairn’s share price of 179.81 pence on the London Stock Exchange.
Our reporter Fionn Thompson has the full story.
14.15 - Average weekly earnings climbed 5.6% in 2024, CSO says
Average weekly earnings increased by 5.6 per cent in the fourth quarter of last year, from €927.98 to €979.71, according to the Central Statistics Office (CSO).
The figures also showed a 6.2 per cent increase in average hourly earnings to €30.21, although average weekly paid hours were down by 0.6 per cent from the fourth quarter in 2023.
Louise Egan, statistician in the Earnings Analysis Division of the CSO said average earnings have increased year on year “driven by a number of factors, including a stable job vacancy rate for the past 18 months as well as annual employment growth of 2.6 per cent”.
The average weekly earnings rose across all 13 sectors monitored, with the largest jump of 6.6 per cent recorded in the information and communication sector, followed by a 6.5 per cent increase in the education sector.
14.00 - UK defence spending to rise to 2.5% of GDP by 2027, funded by cut in international aid
The BBC has reported that Prime Minister Keir Starmer says the UK will increase defence spending to 2.5 per cent of GDP by 2027.
The nation’s current defence spending is equal to 2.3 per cent of GDP, but the increase will see £13.4 billion extra spent in the area.
While defence spending will increase, Starmer said aid spending will fall, from 0.5 per cent of national income to 0.3 per cent.
It’s a move that will likely help to smooth relations with the US president when the two leaders meet next week.
13.45 – Bitcoin reels below $90,000 as Bybit hack adds to crypto blues
Bitcoin headed for its biggest one-day drop since August on Tuesday, driven by nervousness over U.S. tariffs and results from Nvidia, as last week's hack of $1.5 billion worth of ether from the Bybit exchange delivered a blow to investor confidence.
Bitcoin, the world's largest cryptocurrency by market value, broke below $90,000 to its lowest since November, falling by as much as 7.5 per cent at one point, in its largest daily drop since a global market sell-off in early August that also hit stocks and bonds.
Global investors have been jittery of late on signs the so-called exceptionalism of the U.S. economy might be fading, while President Donald Trump prepares to impose tariffs.
13.30 - Anthropic ranked safest GenAI model by Irish-led security firm
Anthropic’s Claude 3.5 Sonnet is the safest Gen AI model in terms of security, according to a new ranking compiled by CalypsoAI.
The security solutions company led by Irishman Donnchadh Casey, has carried out a major stress-test of all the leading AI models to uncover critical vulnerabilities. It said its new security index provides the world’s first comprehensive safety ranking for all the major GenAI models.
The index ranks models based on their ability to withstand advanced security attacks, theirs risk-to-performance (RTP) ratio, and on a cost of security (CoS) metric.
13.15 - Ryanair projecting 5 million passengers in Ukraine after ceasefire
Ryanair could have five million passengers in Ukraine within two years of the country’s skies being reopened, Michael O’Leary has said.
The low-fares airline could go from two million to five million passengers in Ukraine within a year or two following the skies being reopened to commercial air traffic, according to Reuters.
At a press conference in Warsaw, O’Leary said he expects airfares to increase by between 4 per cent to 6 per cent this year.
"Fares will grow between 4 per cent and 6 per cent this year, so you'll still be travelling at slightly cheaper prices than in the summer of 2023, but you'll be a little bit up on 2024," O'Leary said, according to Reuters.
13.00 - Howden acquires Tipperary-based insurance firm
Howden Ireland has announced the acquisition of Tipperary-based John A. O’Sullivan Insurances.
This acquisition aligns with the business’s growth plans and marks a milestone in its journey to have a local office in every county of Ireland, Howden said.
“Becoming part of Howden is truly exciting and is the right move for our business, our employees, but most importantly, our clients,” Sean O’Sullivan, managing director of O’Sullivan’s said.
Based in Clonmel, O’Sullivan Insurances was founded in 1978 by John and Patricia O’Sullivan, now non-executive directors of the company.
12.45 - Average weekly earnings up 5.6 per cent in the 12 months to Q4 2024
Preliminary estimates from the Central Statistics Office for the fourth quarter of last year show that average weekly earnings rose by 5.6 per cent to €979.71 from €927.98 the same time in 2023.
The CSO said that average hourly earnings rose by 6.2 per cent to €30.21 from €28.44.
Over the five years from 2019 to 2024, average hourly earnings went up by 24.7 per cent from €24.23 to €30.21, the CSO noted.
Today's figures show that average weekly paid hours were 32.4 in the three months from October to December, down 0.6 per cent from 32.6 hours in the same three months in 2023.
12.30 - Britain to face higher energy costs with domestic price cap rise
From April, millions of Britons will face higher energy bills as regulator Ofgem announces a 6.4 per cent increase in its domestic price cap, driven by soaring wholesale energy costs.
This marks the third consecutive quarterly rise, dealing a setback to the government’s pledge to reduce energy bills. The increase follows unexpectedly high inflation figures for January.
12.15 - Simon Coveney establishes consultancy firm following exit from politics
Simon Coveney, the former government minister, has established a new management consultancy firm.
The company, called Waterfront Advisory Limited, was set up by Coveney in recent days.
12.00 - Groupon’s Irish subsidiary reports €67m loss and 40% headcount reduction
An Irish-based subsidiary of online shopping deals company Groupon reported a €67 million loss for its 2023 financial year, as its accumulated losses hit €711.6 million.
Newly-filed accounts for Groupon International Limited, which owns and provides use for Groupon’s intellectual property rights, made a loss of €67.3, with revenues of just over €85 million.
The company, whose global head is Dusan Senkypl, the chief executive, provides Groupon affiliates around the world access to use its intellectual property and related support functions, including marketing services and customer service support, for a royalty and service fee.
11.45 - Laya to hike health insurance prices by 6.6% on average
Laya Healthcare is increasing its prices by an average of 6.6 per cent from the beginning of April, the Irish Times has reported.
The second largest health insurance provider in the state blamed higher claims costs and said waiting lists in the public system were pushing people towards private healthcare, which was leading to prices climbing at an unsustainable level.
Depending on the plan held, the price increase could add between €80 and €240 to the annual cost of cover for a single adult.
11.30 - Unilever replaces chief executive Schumacher with finance chief in shock move
Unilever stunned investors on Tuesday by moving to replace chief executive Hein Schumacher with finance chief Fernando Fernandez, who will take on the tough task of reviving the consumer group's performance.
Schumacher's sudden departure after less than two years in the job hit Unilever's shares, which fell as much as 3.4 per cent on Tuesday. They had gained more than 9 per cent since Schumacher took the helm.
11.15 - Irish pharmaceutical firm Uniphar’s shares up almost 3% as it reports profit growth
Shares in the Irish-founded healthcare services group Uniphar have climbed 3 per cent in early trading after the firm reported profit growth of 9.6 per cent for its financial year ended December 2024.
According to preliminary results, 2024 represents one of the company’s best-performing years for organic gross profit growth.
The majority of the gross profit growth reported was achieved organically at 8.2 per cent, with the remainder due to acquisitions completed in the prior year.
Our reporter Emma Hanrahan has more.
11.00 - Huawei improves AI chip production in boost for China’s tech goals
Huawei has significantly improved the amount of advanced artificial intelligence chips it can produce, in a breakthrough that supports China’s push to create its own advanced semiconductors.
The firm has increased the percentage of functional chips made on its production line to close to 40 per cent, which represents a doubling from 20 per cent about a year ago.
It’s an important advance for Huawei, which has been rolling out its latest Ascend 910C processors, which offer better performance than its previous 910B product. The improved yield means that Huawei’s production line for Ascend chips has become profitable for the first time, according to the people with knowledge of its business.
Find the full story on the Financial Times.
10.45 - SMEs to be spared ESG reporting as EU plots major retreat on green rules
The EU is to walk back significant chunks of planned ESG regulations, as it faces a barrage of complaints that sustainability rules are making it less competitive than the US and Asia.
The European Commission has proposed that regulations covering everything from ESG reporting requirements to supply-chain management be watered down to protect business interests in the bloc. The final proposal is set to be made public on Wednesday.
The move follows intense pressure both from within and outside Europe to rein in environmental, social and governance legislation.
Read more from the Business Post here.
10.30 - Nvidia's H20 chip orders jump as Chinese firms adopt DeepSeek's AI models
Chinese companies are ramping up orders for Nvidia's H20 artificial intelligence chip due to booming demand for DeepSeek's low-cost AI models, six people familiar with the matter said.
The surge in orders, which is being reported for the first time by Reuters, underlines Nvidia's dominance of the market and could help alleviate concerns that DeepSeek might cause a slide in AI chip demand.
Tencent, Alibaba and ByteDance have "significantly increased" orders of the H20 - a chip specific to China due to U.S. export controls - since the Chinese AI startup burst into the global public consciousness last month, two of the people said.
10.15 - Irish IT firm Ergo plans further expansion after record growth
Ergo, the Irish IT services company, is predicting further growth this year after recording a strong performance in 2024 on the back of increased revenues in particular in the US.
The company, which is led by Paul McCann, formerly managing partner at Grant Thornton, is forecasting turnover of €233 million for full-year 2025, which runs till the end of May.
This marks an 8 per cent rise on the €216 million recorded last year. It also predicts adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) of more than €10 million, as against €8,2 million in 2024.
10.00 - Barry D’Arcy appointed as PTSB’s new chief financial officer
PTSB has announced the appointment of Barry D’Arcy as chief financial officer and executive director.
In his new role, D’Arcy will be responsible for leading PTSB’s finance function, will remain a member of the Bank’s executive committee and will join the board.
“I am delighted to take up the role of chief financial officer at PTSB and to join the bank’s board as an executive director,” D’Arcy said, adding that he is looking forward to looking with the bank’s chief executive Eamonn Crowley “to drive the bank forward and deliver for customers”.
09.45 - Tourism sector set for €57m boost from Shared Ireland Fund
Taoiseach Micheál Martin and Tánaiste Simon Harris will seek cabinet approval on Tuesday to allocate €57 million from the Shared Island Fund to new tourism, arts and nature restoration projects.
Around €23 million of the funds will go towards a tourism shared destination project to be announced by Patrick O'Donovan, the tourism minister.
Shared destination is a new programme delivered cooperatively by Fáilte Ireland, Tourism Northern Ireland and Tourism Ireland to develop tourist amenities across the border region.
The brief said this will build on the success of the Wild Atlantic Way and Causeway Coastal Route brand alignment programme by the tourism agencies.
09.30 - Tesla sales in Europe plunge 45% as consumer chooses rival EVs
Tesla’s sales plunged 45 per cent last month across Europe, where rival carmakers saw a surge in electric vehicle demand.
The Elon Musk-led company registered only 9,945 cars in January, down from 18,161 a year ago, according to the European Automobile Manufacturers’ Association.
EV sales soared 37 per cent for the overall industry, with carmakers posting big gains in Germany and the UK.
Tesla is changing over production lines for by far its most popular vehicle, the Model Y SUV, and contending with its chief executive officer becoming an increasingly polarizing figure in global politics.
09.15 - MEP Lynn Boylan refused entry by Israeli officials on EU visit to Palestine
The Irish Times has reported that Sinn Féin MEP Lynn Boylan, who was travelling as part of a European Parliament delegation, was refused entry to Israel and put on a return flight to Belgium.
Boylan was travelling with French MEP Rima Hassan and told Morning Ireland that the refusal of Israel to allow the delegation to travel through Israel to reach Palestine was an insult to all members of the EU.
She raised breaches of data and privacy when her passport, mobile phone and iPad were taken from her.
09.00 - Trade volume through Belfast Harbour increases amidst economic ‘resilience’ in Northern Ireland
Trade through Belfast Harbour increased slightly last year, as the shipping of goods and commodities in and out of Northern Ireland remained “resilient” to global economic headwinds and high energy costs.
Releasing its annual trade figures, Belfast Harbour today reported that 24.1 million tonnes of goods were handled by the port in 2024, up from 23.9 million tonnes the year before.
Belfast Harbour said it handles more than 70 per cent of the region’s seaborne imports and exports and 25 per cent of sea trade for the island of Ireland.
08.45 - Ryanair expects summer fares to rise by 4 to 6 per cent
Ryanair expects summer fares to rise 4-6 per cent this year, Michael O’Leary, group chief executive said at a press conference in Warsaw in Poland today.
The airline experienced a 10 per cent fall in fares over its two summer quarters last year, in part due to a dispute with online travel agents which has been largely resolved.
"Fares will grow between 4 per cent and 6 per cent this year, so you'll still be travelling at slightly cheaper prices than in the summer of 2023, but you'll be a little bit up on 2024," Michael O'Leary said.
He said that he thought the situation at Boeing was improving and that the plane maker would catch up on its delivery backlog in time for summer 2026.
08.30 - More than half of Irish public would not pay higher tax or bills to support energy transition
More than half of the people in Ireland are not willing to pay higher taxes or energy bills to help facilitate the energy transition, a new survey from KPMG and Red C has found.
The report found that while cost is a concern, support for renewable energy projects remained strong, with 77 per cent of Irish adults in favour of initiatives like offshore and onshore wind, and solar energy near their homes.
It also found that 78 per cent of respondents supported large scale infrastructure projects, however, support for high-voltage power lines remained significantly lower at 36 per cent.
08.15 - European markets open, Iseq in the green
The Iseq All Share has opened in the green on Tuesday, although its trading flat early in the day, up 0.03 per cent to 10,724.55.
Shares in Corre Energy have jumped 45 per cent to €0.071, while shares in Bank of Ireland also rose by 0.37 per cent to €10.89.
Meanwhile, there were losses at Glenveagh, which opened in the red, down 3.3 per cent to €1.514.
8.00 - BP to abandon pledge to cut oil and gas output as boss fights for group’s survival
BP will abandon its pledge to reduce oil and gas output and announce at least one major divestment at its investor day on Wednesday, said people familiar with the plan, as chief executive Murray Auchincloss battles to convince activist Elliott Management that he can turn around the energy major.
The Financial Times reports that Auchincloss has promised a “fundamental reset” to boost performance after it emerged the US hedge fund had built a near 5 per cent stake in the £72 billion firm.
Shareholders and members of the board view this week’s investor day as the toughest test in the Canadian executive’s 27-year BP career.
07.45 - Women hold almost 45% of board seats on FTSE 100 companies
A new report sponsored by Lloyds Banking Group and KPMG has found that women occupy more than two in five seats on the boards of the UK’s bigged listed companies.
It marks a dip on last year’s level, when it hit an all time high of 43.4 per cent, up from 42.1 per cent in 2023.
However, the number of female chief executives within companies listed in the index dipped to fewer than 10 for a time, according to the report. It shows that women occupied 1,275 of roles on company boards and 6,743 of leadership roles at the 350 FTSE companies last year.
07.30 - Almost one in three people expect to have a mortgage come retirement
The Irish Times is reporting that almost one in three people expect they will still have a mortgage by the time they retire, with over a third expecting their payments to be “significant”.
A new report commissioned by insurance broker Gallagher, found that the proportion of people expecting to still owe money on a property rose to 15 per cent among those aged 25-34,
People living in Dublin are least likely to believe they’ll own their home outright in retirement – with just over half holding this view.
07.15 - Asian markets update
Japan’s Nikkei fell 1.3 per cent to 38,273.61, dragged by losses at Hitachi and Nissan, which each fell 8.5 and 8 per cent respectively. Mitsubishi moved in the opposite direction though, leading the gains, up 8.8 per cent.
In Hong Kong, the Hang Seng was also in the red, down 1.6 per cent to 22,967.38. The retail giant JD dropped 7.3 per cent to $39.31, followed by WuXi, which dropped 7 per cent to CN¥63.61.
Meanwhile, China’s Shanghai Composite slipped into the red, down 0.8 per cent to 3,346.04. Both the machinery firm Hangzhou and the digital marketing giant zhewen interactive fell back by 10 per cent, dragging the index.
07.00 - Good morning
Good morning from the Business Post. Megan O’Brien here to keep you up to date on all the latest news as it happens.
Kick off your morning with Ellie Donnelly’s story on the Irish Hotels Federation, outlining how hoteliers are expected to increase investments to €250 million this year.
Then catch up on Sarah Collins’ piece on the European Commission’s promise to respond “swiftly and decisively” if the US president takes any “unjustified measures” over the bloc’s big tech rules.