Live News

Live News: Ialpa receives Labour Court response on Aer Lingus pay deal and mortgage rates fall

Bite-sized servings of the latest in business, tech and current affairs

Welcome to the Business Post’s Live News section. We’re here all day to keep you up to date on the latest developments in business, tech and current affairs.

14:20 - IALPA has received a Labour Court response on pay deal

The Irish Airline Pilots’ Association (IALPA) has received a response from the Labour Court regarding the clarifications on the proposals aimed at ending the long running pay dispute with Aer Lingus.

The IALPA executives met yesterday to consider the deal including a 17.75 per cent pay increase for pilots over a four-year period.

However, the union said it could not make any recommendations to its members before clarifying elements of the proposals with the Labour Court.

It is understood that one of the questions is related to the wording of proposals on structural changes to pay scales.

A spokesperson for IALPA told the Business Post that the response has been received, but that it is still uncertain what time the executives will meet and what clarifications will be discussed.

13.30 - Mortgage interest rates fall slightly

New data released by the Central Bank have shown that interest rates charged on new mortgages in Ireland fell in May.

The average rate during the month was 4.17 per cent, a reduction of seven basis points.

It was the lowest level it has been at since August of 2023. However, the rate was still 33 points higher than in May 2023.

Meanwhile, the average across the Euro area remained at 3.8 per cent, unchanged month on month and up 9 basis points compared to May of 2023.

Ireland had the joint sixth highest mortgage interest rate in the eurozone that month.

12:30 - National Enterprise Hub created to support businesses

A resource aimed at helping businesses access government support called the National Enterprise Hub has been launched today by minister for enterprise Peter Burke.

The hub brings together information and resources from 19 different departments and state agencies.

The service is free and will be staffed by experts and trained advisors to make it easier for entrepreneurs to find grants, funding, loans and expert advice across a range of sectors, including retail, tourism and hospitality.

It also aims to engage small businesses who have yet to avail of government support.

The hub can be accessed through a new online hub, by phone, or via live chat.

11:35 - Dublin based consultant engineering firm acquired by global operations group

JB Barry & Partners, the long-established and Dublin-headquartered consultant engineering firm, has rebranded as Egis following its acquisition by the French-headquartered global engineering and operations group.

The rebranding comes after a period of integration between the two, which commenced following the acquisition in June last year.

The move means Egis is now one of the largest multi-disciplinary consultancy, engineering and operations firms in the country.

With over 600 staff in Ireland across 16 offices and sites nationwide, Egis is committed to enabling sustainable economic development, further acquisitions are expected as the company has ambitions to grow the business.

10.42 - Musk wins US Twitter lay-off lawsuit

X, formerly Twitter, and owner Elon Musk defeated one of the lawsuits filed over the firing of thousands of employees after the billionaire’s takeover of the social media platform in October 2022.

The suit alleged that and Musk owed at least $500 million in severance pay to about 6,000 laid-off employees under provisions of the federal Employee Retirement Income Security Act, which sets rules for benefit plans.

The two plaintiffs, the company’s former global head of compensation and benefits and another ex-manager, said workers got severance equal to only one month’s pay.

But US District Judge Trina Thompson in San Francisco ruled the employees’ claims weren’t covered under ERISA because the company told employees after Musk’s takeover that any who were let go would only get cash payouts.

10.20 - Denis O’Brien taking case against Meta

Telecoms tycoon Denis O’Brien has filed High Court proceedings against social media giant Meta Platforms Ireland.

The businessman, who is represented by Meagher Solicitors, a firm he has used for many years, lodged the case yesterday.

A plenary summons has been filed but it does not yet have a date for when it will come before the court.

Read full story here.

09.20 - Simon Coveney will not run in the general election

Former tánaiste Simon Coveney has today said he will not run in the next general election.

“Today I write to FG members in my constituency to say thank you,” he wrote on X.

“Being elected for 26 yrs has been the privilege of my life.

“I will forever be grateful for the faith people in Cork South Central have put in me. Now is the right time for renewal in FG & for me to change direction.”

08.35 - Major Dublin development celebrates construction milestone

The Glass Bottle development, located within the Poolbeg west strategic development zone, has delivered the “topping out” of two of the three residential blocks.

The project, located between Sean Moore Road to the west and Sandymount Strand to the east, will see the transformation of approximately 15 hectares from a former industrial site into a community space.

The development will include private, social, affordable and rented homes and other amenities such as; a school, a créche, a park and retail and leisure facilities.

The development creates a pipeline of just under 1,400 homes, 894 of which are currently under construction.

There is also potential for Glass Bottle to create up to 10,000 jobs.

08.05 - Woodie’s owner Grafton Group reports 4.4 per cent revenue loss for first half of 2024

The company, which owns the Chadwicks and Woodie’s brands in Ireland, recorded revenue of £1.14bn (€1.35bn) in the first half of 2024, down 4.4 per cent from its 2023 levels.

Chadwicks, the group’s distribution business, recorded growth in daily like-for-like revenue in Q2 2024, while volume growth of 5.4 per cent was ahead of the corresponding period in 2023.

This was attributed to the focus on the development of new homes by the Irish government.

The company’s retail, home and garden business in Ireland recorded a dip in sales but recorded an improvement in profitability as a result of margin management in the first half of 2024.

Read the full story here.

07.50 - Year-on-Year wage growth in Ireland was 4.3 per cent in June

The wage growth increased slightly from the 4 per cent figure recorded at the start of the year.

This data comes from the wage growth series from jobs website and the Central Bank of Ireland, which looks at wage growth trends in job ads in six euro-area countries.

It shows that despite last month's increase, wage growth in Ireland is below the August 2022 peak of 6.4 per cent but is higher than the pre-pandemic average of 2.5 per cent in 2019.

The report also shows that wages in job postings grew at an annual rate of 3.7 per cent in the euro-area in June 2024.

07.40 - IALPA is awaiting a response from the Labour Court

The Irish Pilots’ Association (IALPA) is awaiting a response from the Labour Court to clarify proposal details related to the long-running pay dispute with Aer Lingus.

The IALPA group met yesterday to consider the proposed deal which includes a 17.75 per cent pay increase for pilots over a four-year period.

Once the union receives a response, it will then hold a series of information meetings for members, a process which could last up to five days.

Then, the Labour Court recommendation will be put to an electronic ballot of members which will take up to three days.

The work-to-rule by pilots will continue during this time meaning that more flight cancellations are expected.