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 - Ibec: Cost of initial US tariffs €3.6 billion this year, but this will rise if pharma targeted
Trump’s US tariffs will increase the cost of Irish exports by around €3.6 billion and could reduce trade by up to €6 billion this year, Ibec has said.
The business association warned nothing on the scale of Donald Trump’s announced tariffs had happened in modern trade history, making any reliable analysis of the potential fallout difficult, especially in relation to corporate tax receipts.
16.40 - Iseq closes in the red
The Iseq All Share Index has closed in the red as Donald Trump’s sweeping tariffs announcement sent global markets into a tailspin today.
Only five companies finished in the green today, with Kerry Group, which has a manufacturing, sales and innovation presence across the US, leading the gains. Kerry Group finished 3.03 per cent up on previous close to €98.65.
16.30 - Ireland's tax receipts increase by 8.9% to €23.6bn
Revenue collected €23.6bn in the first quarter of the year, according to new figures published by the Department of Finance.
Excluding a once-off payment of €1.7 billion related to the settlement with Apple last September, the exchequer collected €21.9 billion in tax by the end of March.
Including that once-off revenue, the overall tax take stood at €23.6 billion.
The Apple payment stems from the ruling by the Court of Justice of the European Union, which found that the tech company must repay €14 billion in back taxes to Ireland.
16.15 - Howard Lutnick warns the ‘free ride is over’
The US commerce secretary has alleged that the European Union does not treat American companies and products “fairly”, after US President Donald Trump slapped 20 per cent tariffs on the bloc, including Ireland.
Howard Lutnick said that Europe “treats themselves incredibly well, to the detriment of the United States of America”.
“It is time for them to treat us fairly,” Lutnick added.
16.00 - US stock market latest: Dow Jones drops 1,500 points, Nasdaq loses 5.5% following Trump’s tariffs
Trump’s wide-ranging tariffs on much of the developed world wreaked havoc on Wall Street when the bell rang at 09.30 EST.
The Dow Jones shed over 1,100 points immediately upon opening, representing a 2.64 per cent decrease. The index is down 3.6 per cent as of 15.57 time.
The tech-heavy Nasdaq dropped by over 4 per cent on opening, 768 points down amid a mass sell off of US tech stocks. The market has continued to fall, shedding 5.5 per cent at last count.
The S&P 500 dropped 3.25 per cent, shedding 183 points to 5,485.82. The index is on course for its worst day since September 2022. It has since notched a 4.2 per cent decline.
Fionn Thompson has been keeping across the US markets as they unfold.
15.40 - Trump tariffs: Currencies, commodities and crypto - how are these markets faring?
As stocks tumble across the globe, the movement in the market outside of standard equities can help gauge how the world is reacting to Trump’s tariffs.
Some are commodities that often become safe havens in the event of market volatility, others are assets that favour unpredictability and thrive off speculation.
How the US dollar performs against major currencies can reveal where hawkish investors favour parking their cash.
Crude oil prices can often be used as a bellwether for projected economic growth and trade.
Fionn Thompson has all you need to know on currencies, commodities and crypto.
15.20 - Apple loses $250bn in market value from Trump tariff hit
Apple lost more than $250 billion in market value on Thursday, making it one of Wall Street’s biggest casualties of Donald Trump’s tariff blitz despite chief executive Tim Cook’s efforts to court the administration.
Shares in the iPhone maker were down as much as 8.5 per cent as trading opened in New York on Thursday, enough to reduce its market capitalisation from $3.37 trillion to $3.12 trillion.
Trump hit all of Apple’s biggest supplier and manufacturing hubs in Asia, including China, Taiwan, India and Vietnam, with huge new tariffs on goods imported to the US.
The aggressive move will affect almost every model of iPhone, iPad, Mac and accessory that the tech giant sells.
Read more on the Financial Times.
15.00 - Micheál Martin says Ireland to US pharma supply chain complexity stopped Trump tariffs on sector
The complex nature of pharmaceutical exports from Ireland to the United States played a role in Donald Trump’s decision not press the button on pharma product tariffs, Taoiseach Micheál Martin suggested on Thursday.
Speaking alongside Micheal McGrath, Ireland’s European Commissioner, Martin said “the key objective” of the government in recent weeks had been “to convey the complexity of the pharmaceutical story” to the Trump administration.
With around 84 per cent of pharmaceutical exports to the US from Ireland effectively unfinished - or intermediary - products, Martin said these were “essential for the finishing of products and the completion of products in the US” and suggested the Trump administration had heeded those concerns.
14.45 - US markets update
Wall Street's major indexes plunged on Thursday, as President Donald Trump's sweeping tariffs on major trade partners ignited fears of an all-out trade war and heightened the risk of a global economic recession.
The S&P 500 fell 3.4 per cent in early trading. The Nasdaq Composite tumbled 4.6 per cent, dragged down by an 8 per cent fall for index heavyweight Apple.
The Dow Jones Industrial Average also fell 2.66 per cent at market open in the US.
The dollar was down 2.4 per cent against a basket of rivals, on course for its biggest daily decline since 2015.
The moves came after Trump said a levy of 10 per cent would apply to nearly all US imports from April 5, and that dozens of countries, including China, would be subject to further “reciprocal” tariffs from April 9.
14.30 - Irish entrepreneurs come second place at European innovation awards
Two Irish entrepreneurs have narrowly missed out on taking the top prizes in their respective categories in the prestigious ‘European Prize for Women Innovators’ awards.
Rhona Togher, who together with Eimear O’Carroll co-founded and leads Lios, has come in second place in the main Women Innovators category, taking home a €70,000 award.
Sligo-based Lios is behind SoundBounce, a smart acoustic material that offers up to four times more effective noise reduction in less space, while being 40 per cent lighter and four times thinner. The solution has applications across multiple industries, including construction, automotive, aerospace, and home appliances.
14.15 - Medical devices appear not to be included in exemption for tariffs on pharmaceuticals
Jack Chambers, minister for public expenditure, has said it would appear that medical devices are not included in the exemption for tariffs on pharmaceuticals, but that the US still needs to provide clarity on the matter. .
Speaking on RTÉ's News at One, Chambers said he had engaged with the Department of Foreign Affairs and Trade this morning.
"My understanding is that they are not included in the exemption but we'll need a technical breakdown from the US to get absolute clarity on that, but their current interpretation is that they're not included,“ he explained.
14.00 - Ireland told not to relax as EU braces for ‘highly likely’ US tariffs on pharma
The Irish government should not breathe a sigh of relief over the lack of pharma tariffs announced by the US this week, EU officials have warned.
The European Commission is still expecting drugs and computer chips to be hit by tariffs of up to 25 per cent in the near future, given previous comments by US President Donald Trump.
One senior European Commission official pointed out that pharmaceuticals and semiconductors have been identified by the US as one of five strategic areas to hit, along with cars, timber and metals.
“We believe that the likelihood is quite high, so we would be quite unsure whether one could breathe a sigh of relief that that was not hit yesterday,” one official said.
Sarah Collins has the full story.
13.45 - Irish regulator set to fine TikTok €500m for EU Data Sent to China
TikTok owner ByteDance is set to be hit by a privacy fine of more than €500 million for illegally shipping European users’ data to China, adding to the growing global backlash over the video-sharing app.
Ireland’s data protection commission, the company’s main regulator in Europe, will issue the penalty against TikTok before the end of the month, according to people familiar with the matter.
The move comes after a lengthy investigation found the Chinese business fell foul of the European Union’s General Data Protection Regulation in sending the information to China to be accessed by engineers, added the people, who spoke under condition of anonymity.
13.30 - Tariffs ‘worse than the worst case scenario’ for tech investors
While we await the full ramifications for the tech sector of Donald Trump’s tariffs, including the introduction of retaliatory measures from the European Union, it seems it is US technology firms who have experienced the biggest initial blowback.
Share in all the so-called Magnificent Seven companies - Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla - slumped after Trump’s announcement.
This followed the worst month and quarter on record for the stocks, which collectively account for more than a quarter of the S&P 500’s market value.
Overall, some $760 billion was wiped off the value of the Magnificent Seven in after-hours trade with Apple, which still makes many of its products in China, down more than 7 per cent.
13.15 - Services sector posts robust growth in March, PMI shows
Ireland’s services sector expanded at its fastest pace this year in March, driven by a sharp increase in new business and employment, according to a new survey.
The AIB Ireland Services Business Activity Index rose to 55.3 in March from 53.2 in February, indicating strong growth, AIB reported.
A reading above 50 signals expansion, while below 50 indicates contraction.
The survey highlighted notable growth in the technology, media and telecoms, financial services, and business services categories, while transport, tourism and leisure marked its first contraction in eight months.
New business expanded at the fastest rate in three months, extending a growth streak that has lasted over four years. Despite this, international new business rose modestly, marking the second-slowest rate in a 17-month growth sequence.
13.00 - Trump’s tariff formula - what is it and what does it mean?
The methodology used by US President Donald Trump to calculate his administration's list of “reciprocal” global tariffs has drawn many puzzled reactions.
Why did Vietnam, a counterweight to China, face one of the highest tariffs? Why was Japan, a key ally, hit with 24 percent?
And why did Israel, which just cut tariffs on US goods to zero, get slapped with 17 percent?
The United States Trade Representative (USTR) attempted to justify the formula by explaining Trump’s new tariffs were primarily based on existing trade balances.
Read the full article by Andrew Ross here.
12.45 - TikTok bidders pile up as deadline looms with Amazon and OnlyFans founder in mix
As the weekend deadline for TikTok to find a buyer approaches, bidders for the short-video social media site are piling up.
Amazon and, separately, a consortium led by OnlyFans founder Tim Stokely are the latest to throw their hats into the ring for TikTok. The site faces an April 5 deadline to reach a deal to find a non-Chinese buyer under threat of being banned from the United States.
US officials have raised security concerns over the app's ties to China, which TikTok and owner ByteDance have denied. Trump administration officials are meeting on Wednesday to discuss the various options for TikTok.
Read the full article on Reuters.
12.30 - Cork distillery owner won’t move north of the border to take advantage of UK’s lower US tariffs
Michael Scully, founder of Clonakilty Distillery, has said his business will continue to operate out of Cork, despite the US levying tariffs two times higher on good coming from the EU than from the UK.
Clonakilty Distillery, based in West Cork, recently secured a €3 million investment to further enhance its operations and have expanded into Asian markets in the wake of US tariff threats.
Last night, Trump announced a 20 per cent tariff on EU imports, with UK imports facing a lower 10 per cent charge.
Founder and managing director of Clonakilty, Michael Scully, said that geographic advantage will pose a problem for businesses here, but sees it as an inevitable consequence.
Read the full article by Alice O’Leary.
12.15 – Digicel refinancing on hold amid uncertainty over US justice department case
Digicel has signalled to bond investors that a planned early refinancing of some of its $2.8 billion (€2.6 billion) debt is on hold as uncertainty continues to hang over a US department of justice case looking into whether the company breached foreign bribery laws, according to sources.
The company, which completed a major debt restructuring early last year that saw founder Denis O’Brien cede 90 per cent of the business to a group of bondholders, saw earnings before interest, tax, depreciation and amortisation (ebitda) grow an annualised 3 per cent to $195 million in the three months to December, its financial third quarter, the sources said.
12.00 - Labour productivity up by 1.2 per cent in quarter 4 of 2024 - CSO
Total economy labour productivity increased by 1.2 per cent in Q4 2024 compared with Q3 2024, at €107.80 per hour.
Labour productivity for the domestic sector (€59.60 per hour) fell by 1.8 per cent in Q4 2024 compared with Q3 2024, while labour productivity for the foreign sector (€410.80 per hour) was up by 3.8 per cent.
Total Economy multi factor productivity went up by 1.6 per cent in Q4 2024 compared with Q3 2024.
Quarter-on-quarter multi factor productivity for the Domestic sector was down by 2.3 per cent, while foreign sector multi factor productivity grew by 7.1 per cent.
Multi factor productivity for the domestic sector decreased by 2.8 per cent in Q4 2024 compared with Q4 2023, while foreign sector multi factor productivity rose by 28.9 per cent.
11.45 - Hungary to withdraw from International Criminal Court
Hungary's government has announced it is withdrawing from the International Criminal Court (ICC).
The move was announced by a senior official in prime minister Viktor Orban's government hours after Israel's leader Benjamin Netanyahu, who is sought under an ICC arrest warrant, arrived in Hungary for a state visit.
Orban had invited Netanyahu as soon as the warrant was issued last November, saying the ruling would have "no effect" in his country.
In November, ICC judges said there were "reasonable grounds" that Netanyahu bore "criminal responsibility" for alleged war crimes and crimes against humanity during the war between Israel and Hamas. Netanyahu has condemned the ICC's decision as "antisemitic".
The ICC, a global court, has the authority to prosecute those accused of genocide, crimes against humanity and war crimes. Hungary is a founding member of the ICC, which counts 125 member states, and will be the first European Union nation to pull out of it.
11.30 - Simon Harris: Pharma still in Trump’s tariff firing line
It is the government’s "working assumption" there will be further US tariffs focused on pharmaceuticals following Donald Trump’s sweeping penalties, Simon Harris said on Thursday.
The sector received an exemption from the 20 per cent tax on European Union goods Trump announced on Wednesday, but the Tánaiste said the expectation was that further measures were coming.
Harris, the trade minister, said: "I think we have to take President Trump at his word here. He has been very clear that he intended to put in place EU-wide tariffs, he announced them last night.
11.15 - Nintendo Switch 2 launches in June with 4K, HDR and a surprising game line-up
Nintendo will release its new Switch 2 console on June 5, seeking to keep the number one spot in video-game devices with a new version of the top-selling model it introduced in 2017.
The new product will start at $450 (€408) in the US, the company said Wednesday, an increase from the $300 the company charged for the original Switch.
Shares of Nintendo fell 5.9 per cent Thursday morning in Tokyo, part of a broader selloff on fears that tariffs announced by US president Donald Trump would harm Asian exporters. Some of Nintendo’s consoles are assembled in Vietnam and Cambodia, which are facing particularly high levies.
11.00 - Mairead McGuinness says tariffs have left ‘not a sense of panic, but certainly a sense of urgency’
Mairead McGuinness, former vice-president of the European Parliament, said that while there is not a sense of panic following the US tariff announcement, there is a sense of urgency.
Speaking on RTÉ’s Morning Ireland, McGuinness said that “the EU is already using the time we have, both past and in the future, to avert anything that escalates to a global trade war”.
“We don't come to this from a vulnerable position. We are strong, and we have to actually believe that and work towards resolving this, hopefully through negotiation,” she explained.
McGuinness said that Ireland needs to work to “fix” its competitiveness, “We don't impose or push our products on the US. They demand them. They like them. They buy them. That's why we have such trade there, because we have high value, quality goods. Others will want those as well.”
Commenting on the disparity between tariffs in the North and South of Ireland, the Fine Gael politician said, “10 per cent isn't good for Northern Ireland either. 20 per cent isn't good for us, divisions like this aren't helpful. I'm questioning and wondering, was this well thought through from the US side”.
“The US has always been a friend of the island of Ireland, and peace on this island and stability, perhaps, we can communicate that there are there's a bigger picture here,” she added.
10.45 - EU dairy producers slam Trump’s ‘unjustified’ tariffs as sector comes under ‘enormous pressure’
A pan-European representative group for dairy producers has described as “unjustified” the imposition of 20 per cent tariffs on its members’ exports into the US.
Alexander Anton, the secretary general at the European Dairy Association, said the tariffs slapped on European Union goods by US President Donald Trump last night could not come at a worse time for the sector.
“This move is unjustified. EU dairy exports – most notably cheese – account for less than 2 per cent of total US domestic consumption. These cheeses serve a very unique market segment in the US, offering choice and excellence to the US consumers, and therefore do not compete directly with American dairy products.”
10.30 - Cubic Telecom rebrands as Cubic³
Cubic³ (formerly Cubic Telecom), a provider of software-defined vehicle (SDV) solutions, has announced its new brand identity.
This new approach showcases how the technology company multiplies business opportunities for Original Equipment Manufacturers (OEMs) looking to adopt a software-first approach in the automotive, agriculture and transportation industries
In a statement, the company said that the addition of the cubed symbol represents Cubic³’s promise to deliver exponential value in a sector forecast to create $650 billion in value by 2030.
Since launching its connectivity platform in 2016, Cubic³ has been on a growth trajectory. Today, the company connects 12 per cent of all connected cars sold globally, partnering with OEMs like Volkswagen, Audi, Porsche, General Motors, CNH and IVECO.
The rebranding follows SoftBank’s investment in Cubic³ in 2024, helping the company to accelerate its global expansion beyond Europe into APAC and the Americas.
10.15 - Trump tariffs could yield ‘a hit to demand for Irish exports from the US’ – AIB chief economist
AIB chief economist, David McNamara, said that while the exclusion of pharmaceuticals from this round of tariffs gives a “reprieve for now”, the threat of future tariffs adds to the uncertainty in the sector.
“Given the ‘necessity’ status of pharma products, our main export to the US, a more limited impact might be expected if tariffs are eventually levied here, particularly given the long-lead in times for firms to potentially shift production to the US,” he explained.
While the initial plans may yet be changed post trade negotiations, McNamara said that the impact is set to be “a sharp fall in US trade” which could “generate higher inflation for US consumers”.
With a third of Irish goods exports going to the US, the tariff could yield a hit to demand for Irish exports from the US, the chief economist explained.
“The imposition of tariffs is an anchor on global trade and will likely be a drag on manufacturing output and GDP growth in Ireland, and to a lesser extent on the labour market and domestic demand,” McNamara concluded.
10.00 - Billionaire Kretinsky secures regulatory approval for Royal Mail takeover bid
Czech billionaire Daniel Kretinsky's takeover of Royal Mail-owner International Distribution Services has cleared all regulatory conditions, his company EP Group said on Thursday.
The offer may become or be declared unconditional by April 30.
The British government approved the £3.57 billion ($4.58 billion) deal in December 2024, and it was expected to close in the first quarter of this year. However, EP Group had said in March that the deal could likely get delayed due to regulatory issues in Romania.
09.45 - Irish SMEs concerned over the ‘longer-term’ effects of tariffs - head of ISME
Neil McDonnell, head of Isme, said that 5 per cent of its members would export to the United States.
However, he said that for the SMEs that do trade with the US, “exports would make up about 37 per cent of their trade, so they would be significantly impacted”.
Speaking on RTÉ’s Morning Ireland, McDonnell said, “concern for a lot of them is what is the European response going to be, and to what extent is that going to affect them, but also, the SME community is worried about second order effects”.
McDonnell explained that many SMEs in Ireland, their largest, or in some cases, their sole customer, would be a US multinational. In those cases, there is uncertainty whether multinationals will continue to work with Irish SMEs and suppliers in the future.
“It's the longer-term effects of alteration to trade that's worrying a lot of SMEs at the moment,” McDonnell added.
“So realistically, what we're looking to see is that the Irish government and the EU has a clear strategy on how they're going to manage this,” he concluded.
09.30 - Diageo sells stake in third African brewery in less than a year
Diageo has sold the entirety of its shareholding in Seychelles Breweries Limited, the third African business the alcoholic beverage company has divested from in less than a year.
Under the terms of the agreement, Phoenix Beverages, the largest brewery in Mauritius, will take over Diageo’s 54.4 per cent stake in Seychelles Breweries for around $80 million (€73 million).
However, Diageo, which is led by chief executive Debra Crew, will retain ownership of the Diageo brands currently produced by Seychelles Breweries, including Guinness and Smirnoff.
Read the full article by Vish Gain here.
09.15 - Tariffs ‘a real cause of concern’ for Irish whiskey industry - head of Cork chamber
Conor Healy, the chief executive of the Cork Chamber of Commerce said, “while there is relief in Cork this morning that for now, pharmaceuticals are escaping the tariff imposition, there is still, certainly the food and drink sector, significant concern”.
“If you look at dairy and butter, which is at the premium end of the market in the US, our competitors, places like New Zealand, have a 10 per cent tariff imposed relative to our 20 per cent,” Healy explained.
Speaking on RTÉ’s Morning Ireland, Healy added that Irish whiskey produced in the North of Ireland has a 10 per cent tariff rate, while Irish whiskey produced in Cork has 20 per cent rate which he said is “a real cause of concern”.
He concluded that there is a need to support small and medium enterprises to understand what this means in terms of markets, future cash flow, and potential impacts on employment.
09.00 - ‘We can’t sacrifice resilience on the altar of efficiency’ - Central Bank warns on deregulation drive
The head of financial regulation at the Central Bank of Ireland has warned that a European push to simplify regulation cannot come at the expense of the resilience of the bloc’s financial system.
Mary-Elizabeth McMunn, the deputy governor for financial regulation, said while the “simplification” agenda was welcome in some respects, it must not take precedence over firm regulation.
Addressing the Institute of Bankers on Thursday morning in her maiden speech as deputy governor, McMunn said that while the CBI would “proactively and openly” engage on the issues it would also “remember – and remind others – of the lessons from past regulatory cycles and financial crises”.
Fionn Thompson has the full story.
08.45 - Peter Burke expects job growth and says Ireland is still attractive to FDI despite US tariff announcement
Peter Burke, minister for enterprise, tourism and employment, said that while the US tariffs “present a significant challenge”, he still expects a growth pattern for 75,000 jobs over the next five years.
“We've seen a 400 per cent increase in our economy over the last decade,” the minister said, “we are seeing jobs growth continuing very strongly”.
Speaking on RTÉ’s Morning Ireland, Burke said that he knows “at least ten companies that are making decisions to hopefully come into our economy”.
“What I would say to people who are considering their position this morning critically, be calm,” the Fine Gael politician said.
He added that Ireland will have a “measured approach” to the tariffs and that the country is tackling the problem from a position of strength.
In a European context, Burke said that there will be a period of time to negotiate and work on countermeasures.
“One of the things that jumps off the page at me is when Donald Trump refers to 39 per cent tariff from a European context and 10 per cent from a UK context. So I would have to have a look at first of all, where is he getting that figure from?”
08.30 - Kerry-based car parts business Top Part to be acquired by Moleskine owner D’leteren Group
D’leteren Group, the Belgian owner of premium notebook maker Moleskine, has made a bid to acquire Irish spare car parts seller Top Part Holdings Limited, according to a merger notification sent to the Competition and Consumer Protection Commission (CCPC).
The proposed acquisition will be made through Autodistribution SAS, a firm that is indirectly controlled by the investment group and active in the distribution of car parts, tools, accessories and equipment.
Kerry-based Top Part provides internal management and administration services to companies which primarily operate in automotive mechanical spare parts distribution, according to the CCPC.
08.15 - Irish market update
The Iseq All Share opened in the red on Thursday, falling 1.97 per cent (-204.51bps) since previous close to 10,166.21.
The main fallers included Cairn Homes which dropped 1.25 per cent to €1.89 per share and Ires Reit which declined 0.32 per cent to €0.93 per share.
Top performer on the Irish market is Kerry Group which grew 0.78 per cent to €96.50 per share in early trade.
08.00 - Head of IDA Ireland does not think that Northern Ireland has an advantage over the South in wake of tariffs
Michael Lohan, chief executive of IDA Ireland, does not think that Northern Ireland has an advantage over the South in the wake of the US tariff discrepancies announced on Wednesday.
Donald Trump placed a 20 per cent tariff on exports from the European Union and put a 10 per cent tariff on exports from the United Kingdom.
Speaking on RTÉ’s Morning Ireland, Lohan said “I'm not sure that Norton Ireland would have the same level of strength and depth as we have in in the South, which we built over many years”.
He said that the Republic of Ireland has a positive history of scaling international companies across multiple sectors over the last two decades.
“I think the strengths of Ireland are proven, and ultimately, when you look at international companies, and US companies in particular, they need international markets and international hubs to grow those markets,” he added.
However, he concluded that the tariffs are “counterproductive” and that the levies will impact innovation and drive inflation.
07.45 - Ibec chief said tariff specifics ‘aren't as bad as they could have been’
Danny McCoy, chief executive of Ibec, calculates that the impact of tariffs on Irish exports is “about two or three per cent”, as goods account for 40 per cent of Irish exports and services make up 60 per cent.
Speaking on RTÉ’s Morning Ireland, McCoy said, “the specifics aren't as bad as they could have been”, but that the tariff announcement was still a “really stupid thing to have done”.
“We need to get these negotiations going pretty quickly,” McCoy said, speaking on the government action needed following the tariff announcement by Donald Trump yesterday.
While pharma is among ‘exempted products’ in Trump’s tariff announcement, McCoy said that “there’s still a whole spectrum of things that may still come up,” such as corporate tax or non-tariff barriers.
07.30 - Former IDA chief Martin Shanahan promoted to head of Grant Thornton’s industry practice
Martin Shanahan has been appointed as Grant Thornton’s head of industry having served in a similar role in the Irish business since joining the firm.
Shanahan, the former chief executive at IDA Ireland, will oversee all operations, strategy and growth initiatives for Grant Thornton Advisor LLC’s multinational industry practice.
Shanahan said businesses across several industries were faced with “many unique challenges” and opportunities at present.
Read more by Peter O’Dwyer here.
07.15 - Asian markets update
Asian equity markets are slumping with the Vietnamese stock market down 6.25 per cent given they have faced the brunt of the tariffs.
Elsewhere the Nikkei (-3.18 per cent) is hitting its lowest level in almost eight months but was more than four percent lower earlier.
China risk is holding in better with the Hang Seng (-1.58 per cent) and the Shanghai Composite (-0.51 per cent) down but not slumping. Meanwhile, the Kospi (-0.80 per cent) and the S&P/ASX 200 (-0.93 per cent) are lower.
In the foreign exchange market, the Japanese yen has strengthened 1.13 per cent to trade at a three-week high of 147.59 against the dollar. The Chinese onshore yuan has fallen to its weakest since February 13, trading at 7.2982 per dollar.
07.00 - Good morning
Good morning from the Business Post. Emma Hanrahan here to keep you up to date on all the latest news as it happens.
Pharma is among ‘exempted products’ as Donald Trump slaps tariffs of 20 per cent on EU goods, Peter O’Dwyer and Cónal Thomas review the levies revealed at the tariff announcement yesterday. Read more here.
Elsewhere, the Financial Times leads with the story ‘EU ready to retaliate against Donald Trump’s tariffs, says Ursula von der Leyen’.
Moving away from tariffs, Laura Roddy writes about how Greencore’s deal to purchase dessert maker Bakkavor, if it gets the nod, may be the icing on the cake for chief executive Dalton Philips’s turnaround plan. Read more here.