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 - Trump set to announce auto tariffs
US President Donald Trump is readying an announcement on auto levies as soon as Wednesday, according to people familiar with the matter, a move that would escalate his fight with global trading partners ahead of a broader tariff push next week.
The people shared the timing of the expected announcement on condition of anonymity, to discuss plans not yet made public. One of the people, though, cautioned that the president’s plans could still shift.
16.45 - Bolsonaro to stand trial over alleged coup attempt
Jair Bolsonaro, the former president of Brazil, is to stand trial for an alleged attempt to sezie power through a military coup.
The country’s supreme court decided that he should face criminal prosecution.
If convicted, Bolsonaro, who was president from 2019 to the end of 2022, could face a jail sentence of more than 40 years.
16.30 - Iseq closes in the red
The Iseq All Share Index closed in the red today, down 105.47 points (0.98 per cent) since previous close, at 10,628.09.
Corre Energy was the big winner of the day, with a 12.50 per cent rise in shares to €0.09, while Irish Continental (up 3.77 per cent) and PTSB (up 3.7 per cent) also saw gains.
Meanwhile, AIB experienced the largest slump of shares, down 4.83 per cent to €6.31, while Bank of Ireland (down 2.49 per cent) and Cairn Homes (down 2.16 per cent) also saw declines in shares.
16.10 - Oil prices climb over Venezuela tariff fears
In the US, oil prices are up by over 1 per cent, as fears of tariffs over concerns of tigher supplies from US tariffs.
US President Donald Trump had threatened to impose tariffs against countries importing oil and gas from Venezuela.
A 25 per cent tariff was signed on Monday on Venezuelan crude oil and liquid fuel imports.
15.45 - Oaktree completes sales of eight retail parks totalling €220 million
Asset managers Sigma Retail Partners have announced the sale of 8 retail parks owned by funds managed by Oaktree Capital to Realty Income Reit.
The portfolio consists of high-quality retail parks across Ireland and was valued at approximately €220 million, Sigma said.
Speaking on the sale, the asset managers said the strong sale price reflected "not only the inherent value of the properties" but also the "enhanced income" through the firm's asset management.
15.30 - NATO chief warns of 'devastating' response if member attacked
NATO chief Mark Rutte has warned that the Western defence alliance would respond with a "devastating" blow to any attack by Russia on Poland or another ally.
"If anyone were to miscalculate and think they can get away with an attack on Poland or on any other ally, they will be met with the full force of this fierce alliance," Mr Rutte told reporters on a visit to Warsaw.
15.15 - PTSB cuts interest rates on a string of savings products
PTSB is to reduce interest rates by 0.5 percentage points on a string of new personal and business fixed-term and variable deposit products.
Most of the changes will come into effect from next Wednesday.
PTSB said holders of existing fixed-term deposit products will continue to receive their existing fixed rate until their current fixed term comes to an end.
The Irish Independent has more.
15.00 - Web Summit co-founders on cusp of settlement after ‘positive development’ in talks High Court hears
The co-founders of Web Summit are on the cusp of settling their dispute after the High Court was informed about a “positive development” in talks between the parties.
On Wednesday afternoon, Michael Cush SC, for David Kelly, asked Mr Justice Michael Twomey for the trial to remain adjourned until Thursday morning to allow for what had been discussed to be “written up and finally agreed”.
The case had been adjourned on Tuesday afternoon, day five of the nine-week trial, to facilitate settlement talks between Kelly, Paddy Cosgrave and Daire Hickey.
14.45 - GAA invests €5 million in Páirc Uí Caoimh through Immigrant Investor Programme
Cork GAA plans to invest €5 million in Páirc Uí Caoimh through the Immigrant Investor Programme (IIP), which provides a pathway for residency in Ireland for investing in infrastructure projects.
The Government closed the programme for new applications in February 2023. Introduced in 2012, the IIP is a pathway for non-EEA nationals to secure immigration permission on the basis of long-term investment in a project approved by the Department of Justice and other stakeholders.
Although the programme closed in 2023, approvals were still made after that date for several projects received before the deadline.
14.30 - Irish-based The Boatyard Distillery to grow sales with ‘game changing’ US expansion
Northern Irish company The Boatyard Distillery has announced a strategic partnership with US wine wholesaler Banfi Vintners.
The distillery, based on the banks of Lough Erne in Fermanagh, has appointed Banfi Vintners as the exclusive US sales agent for its flagship spirit, Boatyard Double Gin.
The move is part of The Boatyard Distillery’s multi-state expansion plans, beginning with 13 primary states before moving to full nationwide distribution.
14.15 - UK growth prospects for 2025 halved - Labour blames ‘global uncertainty’
The UK's growth forecast has been slashed for 2025, forcing the British government to scramble to find deep cuts and prompting fears of a return of austerity.
Chancellor Rachel Reeves, who delivered a grim update to the country's fiscal outlook on Wednesday, said the UK had been hit by a more uncertain global economy.
Official forecasts halved Britain's growth outlook.
The Office for Budget Responsibility (OBR), the independent fiscal watchdog, scaled down its prediction for UK GDP, forecasting growth of 1 per cent in 2025 - down from the 2 per cent rate forecast for last October.
Dominic McGrath has the full story.
14.00 - Trump to implement tariffs on copper imports within just weeks
US tariffs on copper imports are coming within several weeks - months earlier than the deadline for a decision according to sources who spoke to Bloomberg.
Copper traded in New York rose to a record.
US President Donald Trump in February directed the Commerce Department to open an investigation into potential copper tariffs and submit a report within 270 days, though it’s now expected to be resolved sooner, said the people who asked not to be identified because the discussions are confidential.
Read the full story on Business Post.
13.45 - Lowry says gesture 'not intended to be offensive'
Independent TD Michael Lowry has said that the two-fingered gesture he made to another politician in the Dáil has been "taken out of context", adding that it was "not intended to be offensive or to cause offence".
Mr Lowry, a TD for Tipperary, was shown to have made a gesture towards People Before Profit-Solidarity TD Paul Murphy across the floor of the Dáil yesterday afternoon. He had insisted he was just beckoning Mr Murphy to come over for a chat.
In a statement this afternoon, he said it was "not made with malicious intent", RTÉ has reported.
13.30 - Web Summit civil case further adjourned for talks
The High Court civil trial involving three Web Summit shareholders has been adjourned until after lunch on Wednesday to facilitate further talks between the parties.
The court was due to hear evidence from former director Daire Hickey on Wednesday after Mr Justice Michael Twomey granted an adjournment on Tuesday, urging all parties to find a resolution to avoid a lengthy trial.
Wednesday’s session was delayed as lawyers for the three parties – Mr Hickey, Paddy Cosgrave and David Kelly – were seen in discussions in the corridors of the Four Courts.
13.15 - Genetic harvesting firm Genuity Science records millions in revenues as it winds down
Genuity Science, which has wound down Irish operations, has continued to make millions in revenue from selling Irish genomic data.
New financial accounts for the company, previously backed by Google and the Irish government’s sovereign wealth fund, show it recorded $11.8 million (€10.9 million) in revenue in 2023.
Some $9.8 million of the revenue came from non-European based entities, with $2 million coming from Europe.
During the financial year, Genuity Science reported a €12,000 operating profit, but the firm was still sitting on accumulated losses of more than €122 million.
Killian Woods has the full story.
13.00 - BYD aims to double overseas sales to 800,000 in 2025
Chinese electric vehicle giant BYD aims to double its sales outside China to more than 800,000 cars in 2025 and will look to overcome tariffs by assembling cars locally, its chairman told analysts on an earnings call on Tuesday.
BYD, which sold 417,204 units overseas in 2024, expects to see "a substantial rise" in its market share in Britain, which is "very open" to competitive Chinese products, according to a transcript of the call by Wang Chuanfu that was reviewed by Reuters.
Read the full article on Reuters.
12.45 - Insurance firm Howden acquires Wexford-based Roban Insurances
Howden Ireland has announced the acquisition of Wexford-based Roban Insurances.
The acquisition of the firm, which trades as Roban Financial Enniscorthy, would aid the business’s plan to grow to have a Howden office in every main town in Ireland.
“In today’s world, clients demand more from financial advisors, and being part of Howden allows us to deliver an extensive range of services to our clients and prospects,” Myles Roban, managing director of Roban Financial said.
Since Howden’s inception in 2019, it has over 500 employees in 27 local offices across the country.
12.30 - PwC delays payouts for departing partners in Hong Kong and China
PwC has delayed payouts to recently retired partners in Hong Kong and mainland China as it navigates the financial fallout from its role auditing failed Chinese property developer Evergrande.
Several equity partners who retired in recent months have yet to be repaid any of the capital they contributed when they joined the partnership, said four people with knowledge of the matter.
12.15 - Bon Secours to create 300 jobs ahead of new hospital opening in Limerick
Bon Secours Health System has announced that it will create 300 jobs at its new private hospital in Ballysimon, Limerick.
The expansion, which will see the hospital double its workforce, will include roles across several medical and non-medical disciplines, with a particular focus on nursing and specialised medical teams.
“We are looking for skilled professionals in a range of medical and health specialities, including nursing positions for our five theatres and both the surgical and endoscopy suites, a variety of roles associated with interventional cardiology and vascular, with cardiac, neuro and respiratory physiologists to name just a few,” Jason Kenny, chief executive of Bon Secours Hospital Limerick, said.
12.00 - Greencore increases bid for rival Bakkavor
According to Bloomberg News, convenience food manufacturer Greencore has raised its takeover bid for rival Bakkavor Group.
The report, citing sources, states that Bakkavor - which operates in the UK, China, and the US - is currently evaluating the enchanced proposal.
Greencore, led by chief executive Dalton Phillips, and Bakkavor declined to comment to Reuters' requests.
11.45 - Planned €2 billion sale of Energia reignited
The planned €2bn sale of Energia – one of Ireland’s biggest power firms – is back on track after the company secured planning permission in recent days for a new data centre at its Huntstown site in north Dublin.
Energia operates two gas-fired power stations at Huntstown that can generate up to 747MW of electricity. The site is also home to a temporary emergency generation power plant.
11.30 - UK expected to unveil more spending cuts amid troubled times for the economy
Britain’s Labour government will come under intense scrutiny on Wednesday, as Finance Minister Rachel Reeves prepares to update lawmakers on her spending and taxation plans and the nation’s economic outlook amid unsettling times for the U.K.
Reeves is expected to announce billions of pounds worth of spending cuts as a way to close a budget shortfall caused by a rise in borrowing costs since her first fiscal plan, released last fall.
11.00 - Motion of no confidence in Verona Murphy now likely following day of chaotic Dáil scenes
A motion of no confidence in Ceann Comhairle Verona Murphy is now firmly on the cards following a meeting of opposition leaders on Wednesday after chaotic scenes in the Dáil.
Murphy yesterday proceeded to a vote on allocating new speaking time for the Regional Independent TDs and government backbenchers, which was passed.
Opposition parties, including Sinn Féin and Labour, last night hit out at Murphy, accusing the Ceann Comhairle of not observing independent procedures in the lead up to the vote.
10.30 - Ian Hyland agrees deal for Windmill Lane Pictures
Business & Finance magazine publisher Ian Hyland has bought Windmill Lane Pictures and plans to relaunch the brand as an international documentary film maker.
Mr Hyland has bought the Windmill Lane Pictures trading name and related brand assets from Grant Thornton via his Elevation Ventures.
Windmill Lane Studios was originally founded in 1978 by James Morris, Russ Russell, Brian Masterson and Miert Avis as a recording studio and TV commercial post-production facility.
10.15 - Insurance complaints up 26% as banking sees a drop despite rising scams
Customer complaints relating to insurance products rose by 26 per cent in 2024, with motor insurance and private health insurance being the most common concerns, according to Liam Sloyan, the Financial Services and Pensions Ombudsman (FSPO) of Ireland.
Data released by FSPO on Tuesday shows insurance products accounted for 1,818, or 29 per cent, of all complaints received by the state-backed body.
In total, 6,185 complaints were made to the FSPO in 2024, of which 5,907 were closed in the year – an increase of 14 per cent over 2023.
10.00 - Google rolls out controversial AI Overviews feature in Ireland
Google is to start officially rolling out AI-generated summaries in search results to users in Ireland nearly a year after it launched the controversial feature in the US.
Ireland is one of nine European countries in which Google AI Overviews is being introduced as of today. The company claims that the feature provides succinct responses to queries from a wider range of sources than is typical.
In addition, it states that the links it provides along with its summaries are of a higher quality, leading users to stay for longer on any websites they visit.
Business Post tech editor Charlie Taylor has more.
09.45 - Tesla says it will launch in Saudi Arabia next month
Reuters has reported that Tesla will launch in Saudi Arabia early next month, according to a post announcing the opening on the company's website.
Elon Musk's EV brand trades in other countries in the Middle East, but not in Saudi Arabia, the Gulf region's largest market.
Tesla has seen EV sales slump in Europe and the brand has been targeted by a wave of protests in the United States since Musk, the company's chief executive, became an adviser to Trump and began sweeping cuts to the federal government.
09.30 - Profit declines almost 50% at Kenmare Resources on the back of weaker pricing
Kenmare Resources, the African-focused miner, has reported profit after tax of $64.9 million (€60.14 million) for 2024 - down 50 per cent year-on-year.
Earnings before interest, taxation, depreciation, and amortisation (ebidta) were $157.1 million, down 29 per cent compared to 2023, according to annual results from the Dublin-based group published on Wednesday.
While the company, whose chairman is Andrew Webb, recorded a “strong” ebitda margin of 40 per cent, “weaker product pricing” lead to the decline in earnings, it said.
09.15 - Commitments film site location in Dublin city centre to be made international protection housing
A landmark Dublin city building, which in recent weeks sold for 26 per cent above the guide price, is being turned into an international protection accommodation service (Ipas) housing centre, the Business Post can reveal.
In November 2024, properties at 36-37 Harrington Street and the adjoining Archbishop Byrne Hall in Dublin 8 were put up for sale. A guide price of €2.5 million was attached to the portfolio.
In recent weeks, the building close to Harcourt Street and St Stephen’s Green was sold for €3.15 million, which was €650,000 above its guide price.
09.00 - U.S. blacklists over 50 Chinese companies in bid to curb Beijing’s AI, chip capabilities
The US on Tuesday added dozens of Chinese tech companies to its export blacklist in its first such effort under the Donald Trump administration, as it doubles down on curtailing Beijing’s artificial intelligence and advanced computing capabilities.
The department of commerce’s bureau of industry and security added 80 organizations to an “entity list” with more than 50 from China, barring American companies from supplying to those on the list without government permits.
08.45 - Irish Whiskey Association settles dispute over ‘deceptive’ use of ‘New Ireland’ by US vodka company
The Irish Whiskey Association has settled a US trademark dispute that it deemed “deceptive” and “damaging” to the industry.
The trade association had opposed the granting of a trademark to a US-based company called New Ireland LLC that is seeking to sell a vodka distilled from potatoes grown on its farm under the brand name New Ireland.
The company in question, is registered in Middlebury, Vermont, and already has the trademark for a beer under the same title.
08.30 - Irish investors to benefit from plans to consolidate Euronext ETF trading, says Vanguard
Irish investors should benefit from Euronext's plans to consolidate exchange-traded product listings into one venue, Vanguard has said.
Vanguard, the second-largest fund manager in Ireland, has welcomed a new initiative that would see the European stock exchange operator consolidating the thousands of ETP listings into a single exchange.
The Irish stock exchange, which has struggled in recent months with a series of high-profile departures, has so far not commented on the plan, which Euronext is believed to be aiming to accomplish by September.
08.15 - PwC Dublin docklands HQ primed for €170m sale
The owners of PwC’s headquarters on Dublin’s North Wall Quay have decided to bring the building to market at a guide price of €170 million, significantly less than the €256 million price tag considered in the midst of the pandemic.
Joint agents JLL and CBRE will handle the sale of One Spencer Dock for the Middle Eastern investors, who acquired it through AGC Equity Partners in 2016 for €242 million.
08.00 - Iseq opens in the green
The Iseq All Share opened in the green on Wednesday, up just 0.06 per cent to 10,727.17.
However, the index dropped quickly in early trading and was 0.4 per cent below, with losses at the soon to depart Corre Energy, Kingspan and Mincon.
Across the Irish Sea and the FTSE 100 remained in the green after market open, up 0.3 per cent as shares in Antofagasta and Airtel Africa bounced by 3.2 per cent and 2.7 per cent respectively.
07.45 - Asian markets update
Overnight in Asia, markets have continued their strong performance, with decent gains for the Nikkei, which rose 0.6 per cent and Korea’s Kospi, up 1.1 per cent.
However, there’s been a weaker performance in mainland China, as the CSI 300 fell 0.3 per cent and the Shanghai Composite struggled to make any gains, closing 0.04 per cent lower.
07.30 - Trump downplays unprecedented self-inflicted US security breach as ‘the only glitch in two months’
US president Donald Trump has moved to downplay the gravity of the unprecedented self-inflicted US security breach by senior cabinet members as “the only glitch in two months and it turned out not to be a serious one”.
It comes after Jeff Goldberg, editor in chief of the Atlantic political magazine, revealed that he had been inadvertently invited to a confidential Signal group chat, set up by and for key Trump officials.
Advance details of the recent US bombing mission on Houthi rebels in Yemen were discussed in the chat that he had joined.
In a telephone interview with NBC, Mr Trump defended his security adviser Michael Waltz, who had sent the erroneous invitation.
07.15 - Good morning
Good morning, Megan O’Brien here with you throughout the day to bring you all the latest updates.
Start your day off by catching up on the plan to meet this morning to discuss the possibility of putting down a no confidence motion in Ceann Comhairle Verona Murphy. It comes after yesterday's chaotic scenes in the Dáil chamber.
Elsewhere, Alice O’Leary reports that Ireland could gain up to €19 billion annually from energy transition, says a new report from the SEAI.