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 - Chance of ECB rate pause in April grows as Trump’s trade war spurs economic uncertainty
Several European Central Bank officials are still wavering on whether to cut interest rates next month, according to people familiar with the matter, suggesting the meeting remains far more open than investors are betting.
Policymakers from across the hawk-dove spectrum are contemplating a pause at the April 17 meeting given heightened uncertainty over US President Donald Trump’s trade policies and Europe’s military-spending surge, said the people, asking not to be identified citing confidential discussions.
Traders pared bets on the extent of ECB, led by Christine Lagarde, rate cuts this year after the report, causing German bonds to erase gains. The chance of a quarter-point reduction in April fell to 65 per cent from 85 per cent earlier.
16.45 - Pre-tax profits halve at Sunday Times owner News UK & Ireland amid ‘reduced operations’
Profits before tax at News UK & Ireland, the company that owns The Times and Sunday Times newspapers, more than halved in the last financial year amid a “reduction in group recharges” due to a reduced volume of operations.
Latest filings show the company’s profit before tax for the year ended June 2024 was £706,000 (€843,872), which is less than half the £1.55 million profit it earned in 2023.
Turnover was down from £98.86 million in 2023 to £97.92 million last year, which the company, owned by US-based News Corp, attributed to a reduction in headcount.
16.30 - Iseq closes in the red
The Iseq All Share has closed in the red on Monday, down 1.97 per cent to 10,188.68 since previous close.
Among the main fallers was Ryanair, which fell 5 per cent, and Kenmare Resources, which fell 3.38 per cent.
FBD Holdings was among the day's biggest risers, up 2.5 per cent, followed by Origin Enterprises, which rose 1.13 per cent.
16.15 - German inflation slows more than expected as European Central Bank mull interest rate move
German inflation slowed more than anticipated in March, nearing the European Central Bank’s 2 per cent target as officials ponder whether to lower interest rates again at their next meeting or pause.
Consumer prices advanced 2.3 per cent from a year ago, down from 2.6 per cent in February, the statistics office said Monday. Economists polled by Bloomberg had predicted an increase of 2.4 per cent. Closely watched services costs, in particular, saw a marked retreat.
16.00 - Equinix chief Peter Lantry warns deterring data centre development will hurt Ireland’s economy
Peter Lantry, managing director of data centre developer Equinix Ireland, has said Ireland risks falling behind other countries in attracting digital investment due to issues which have stunted growth in the sector.
“Ireland, especially Dublin, has successfully attracted digital services companies, including data centres, over the past 40 years,” he said, ahead of an Engineers Ireland seminar on the issue this week.
“The challenge now is how to keep pace with other tech nations amid energy distribution and supply issues that have deterred data centre development, which impacts Ireland’s economy.”
Lantry’s comments come amid public debate around the government's role in balancing Ireland’s economic interests with its climate targets, which includes achieving net neutrality by 2050.
15.45 - Ireland will use 'every avenue' to deal with US tariffs, says Micheál Martin
Taoiseach Micheál Martin has said Ireland will use "every avenue" at its disposal to deal with US tariffs that are set to be introduced from Wednesday.
Speaking at Government Buildings this morning, Mr Martin said Ireland is "fundamentally part of the European Union" and will be part of the EU response.
"Trade is an exclusive function of the Commission but obviously we will also be intensifying our bilateral contacts with the US, both with the US administration and indeed with the companies who are going to impacted by any potential tariffs," he said.
"So we will be using every avenue at our disposal but primarily with the European Union and bilaterally and with companies."
15.30 - State’s stake in AIB to fall to 3 per cent as €1.2bn share buyback approved in principle
Paschal Donohoe, the finance minister, has announced that the state has agreed in principle to AIB’s latest share buyback proposal, which would see the lender acquire €1.2 billion of its shares from the state.
Donohoe announced the move on Monday, which is expected to be completed shortly after the bank’s annual general meeting on May 1.
The transaction has the potential to reduce the state’s shareholding in AIB by 8 per cent to about 3 per cent.
15.15 - US stock market rout escalates amid tariff and recession fears
The US stock market rout has intensified amid fears that Donald Trump’s next tariff rollout will deliver a shock to the global economy, with rising recession concerns leaving the S&P 500 Index on track for its worst quarter compared to the rest of the world since the 1980s.
The benchmark equities gauge slumped over 1 per cent soon after the open in New York, teetering on the brink of a correction. The Nasdaq 100 Index dropped 1.6 per cent, while a Bloomberg gauge of the “Magnificent Seven” megacaps tumbled nearly 3 per cent, with Nvidia and Tesla leading losses.
Auto stocks took another dive, with Ford Motor, General Motors and Stellantis all lower, with tariffs exacerbating worries over the impact on global trade and hits to industry profits.
15.00 - Taoiseach says government ‘will do what it takes’ to lift Dublin Airport passenger cap
The government will “do what it takes” to lift the controversial passenger cap at Dublin Airport, Taoiseach Micheál Martin said today, as the transport minister considers passing laws allowing the limit to be increased.
"It is a significant economic issue for the country, not just for Dublin,” Martin said. “We need connectivity. I think the cap was put in for a different reason, which is now expired in terms of the reasoning.”
The 32 million passenger cap at the country’s main transport hub arises from a 2007 planning decision, and has been at the centre of a lengthy planning dispute. As first reported by the Irish Times, the government is now considering interventions to lift the cap including potentially passing laws allowing the limit to be increased.
Read the full article by Cónal Thomas here.
14.45 - US markets update
US stock indexes opened sharply lower on Monday as investors shied away from risky assets on mounting concerns that the Trump administration's upcoming announcement of extensive tariff plans could hurt the global economy.
At markets open, the Dow Jones Industrial Average fell 0.68 per cent, to 41,293.25, the S&P 500 lost 1.01 per cent, to 5,524.77, and the Nasdaq Composite lost 1.58 per cent, to 17,039.68.
14.30 - Pretax losses rise at Manna as drone company targets 1m deliveries, and confirms Cork rollout
Manna, the drone company founded and led by Bobby Healy, has confirmed that the firm is to commence operations in Cork city shortly as it targets 1 million deliveries a year.
The company, which last week announced a new $30 million raise from investors, has reported a rise in pretax losses to €12.3 million in 2023 from €9.9 million a year earlier.
Newly filed accounts for the startup show it recorded turnover of just €20,439 that year, half of what it had in 2023, although this was all prior to the company commencing operations at Blanchardstown, where it now has a full operation.
Having been pre-revenue at that stage, Healy said the company now expects revenues to rise sharply in the coming years as Manna begins scaling.
14.15 - Toyota says it will maintain operations despite US tariffs
Toyota will keep running its operations as it has been and focus on bringing down fixed costs, it said on Monday, not expressing any intention to raise vehicle prices in response to US President Donald Trump's tariffs.
Japanese domestic media reported earlier on Monday that the world's biggest automaker does not plan to raise prices for vehicles sold in the United States for the time being, even as Trump's 25 per cent tariffs on global automotive imports take effect on April 3.
Read the full article on Reuters.
14.00 - German inflation falls pointing to ECB rate cut
German inflation fell more than expected in March, pointing to further policy easing by the European Central Bank.
German inflation eased to 2.3 per cent, preliminary data from the federal statistics office showed today.
Analysts polled by Reuters had forecast a March reading of 2.4 per cent, after a year-on-year increase in consumer prices of 2.6 per cent in February, based on data harmonised to compare with other European Union countries.
Core inflation, which excludes volatile food and energy prices, fell to 2.5 per cent in March from 2.7 per cent in the previous month.
13.45 - Virgin Atlantic warns on signs of slowdown in US demand for transatlantic flights
Virgin Atlantic has reported a profit for the first time since the pandemic, but warned of early signs of a slowdown in demand for transatlantic flying from US consumers.
The airline, which is majority owned by Sir Richard Branson’s Virgin Group, on Monday reported an annual profit before tax and exceptional items of £20 million for 2024, up from a loss of £139 million a year earlier.
The airline last reported a profit in 2016. It has been slower to recover from the pandemic than its biggest rivals such as British Airways owner International Airlines Group, which has had two years of record profits built on high demand for travel across the Atlantic, particularly the most expensive seats.
Read the full report on the Financial Times.
13.30 - Web Summit Dublin HQ put up for sale by tender
The headquarters of Web Summit in Dublin has been put up for sale just days after the company’s chief executive resolved legal cases against minority shareholders David Kelly and Daire Hickey.
Tramway House on Dartry Road in Dublin 6, which has been home to Web Summit’s operations since 2015, has been put up for sale by public tender with Lisney looking after the transaction.
Bids for the property must be received by 12 noon on Thursday May 2022.
In its brochure, Lisney notes that the 1.01 acre site, which includes the protected structure of a former tramyard depot, it located in an area where large detached houses nearly “often achieve prices in the order of €10 million”.
Read the full exclusive by Charlie Taylor here.
13.15 - Volvo Cars brings back veteran CEO to tackle tariffs and mounting industry challenges
Volvo Cars, majority-owned by China's Geely, has brought back former chief executive Hakan Samuelsson to head the company for the next two years at a turbulent time marked by mounting tariff pressures, replacing Jim Rowan who has run the group since 2022.
Samuelsson, 74, takes the helm after US President Donald Trump last week followed through on his threats for new tariffs on imported cars, saying a 25 per cent duty on vehicles not built in the US would kick in this week.
Shares in the company, which are down almost 70 per cent since the group's 2021 listing, fell by 1.2 per cent to a new all-time low this morning.
Samuelsson will assume the role on Tuesday, April 1 and will serve a two-year term while the group prepares to appoint a long-term successor, it said on Sunday.
13.00 - Money sent to ‘spy’ at centre of honey pot corporate espionage case, High Court hears
At least one payment was made to the alleged spy who is accused by his employer of taking part in a corporate espionage scheme with a competitor, the High Court has heard.
Counsel for Rippling, which alleges that Keith O’Brien was a “spy” in its Dublin office, said that the company wanted access to details about an alleged payment made to him which it now has evidence of.
Rippling, a multibillion dollar HR services company, alleges that O’Brien was passing information from its internal system to Deel, a competitor firm.
Catherine Sanz has the full report.
12.45 - Renault to buy Nissan's stake in India manufacturing unit, taking full ownership
Renault Group said on Monday it would acquire the remaining 51 per cent shareholding in Renault Nissan Automotive India Private Ltd, currently held by Nissan Motor Corp taking complete ownership of the manufacturing plant.
Located in the southern Indian city of Chennai, RNAIPL began operations in 2010, with Paris-based Renault and Japan-based Nissan holding a 30 per cent and 70 per cent stake, respectively.
Nissan's stake was reduced to 51 per cent as part of a deal in 2023 to jointly invest $600 million to make six new models in India.
12.30 - Future of $2.3 trillion ocean economy at threat - OECD
Oceans need stronger protections and governance to ensure the blue economy can grow fairly and sustainably in the face of climate change, territorial disputes and other threats, the OECD said today.
Covering two-thirds of Earth, oceans provide more than three billion people with enough to eat, transport 80 per cent of all goods and host cables that carry 98 per cent of the world's internet traffic.
The ocean economy expanded to $2.3 trillion in 2020 but various headwinds could hinder future growth, the Organisation for Economic Cooperation and Development said in a new report.
Published ahead of a high-level oceans summit in Paris, the report said if historical trends continued the blue economy "could be nearly four times larger by 2050 than in 1995".
12.15 - Global stock markets tumble as Donald Trump’s tariffs loom
Global markets tumbled on Monday over fears of an escalating trade war ahead of Donald Trump’s expected unveiling of a swath of new tariffs this week.
Asian and European stocks fell sharply alongside US futures, accelerating a sell-off that began last week, after Trump said the reciprocal US duties he is expected to announce on April 2 would apply globally.
“You’d start with all countries, so let’s see what happens,” Trump told reporters on Air Force One on Sunday. Last week he had hinted at concessions for some countries.
The US president singled out Asia for its trade practices. “Take a look at trade with Asia. I wouldn’t say anybody has treated us fairly,” he said.
Read the full article on the Financial Times.
12.00 - Mercantile Hotel in Dublin to reopen in May after five year renovation
The Mercantile Hotel & Bar in Dublin city centre is set to re-open its doors in May after a five-year renovation that saw the number of rooms in the hotel increase by 275 per cent.
The hotel, which is located at 28 Dame Street, is owned by the Mercantile Group, which also owns Café en Seine, NoLita, Whelan’s and The George.
Following the renovation, the Mercantile comprises 105 bedrooms, a bar, a café called Café28, and a restaurant with a menu curated by chef Stephen Gibson, who founded the nearby French restaurant Pichet, which is also owned by the group.
Read the full article by Vish Gain here.
11.45 - Prices in Ireland estimated to have risen by 1.8 per cent since March 2024 - CSO
The EU Harmonised Index of Consumer Prices (HICP) for Ireland is estimated to have risen by 1.8 per cent in the 12 months to March 2025 and increased by 0.7 per cent since February 2025.
Looking at the components of the flash HICP for Ireland in March 2025, energy prices are estimated to have fallen by 1.0 per cent in the month and decreased by 0.4 per cent since March 2024.
Food prices are estimated to have increased by 0.8 per cent in the last month and by 3.2 per cent in the last 12 months.
The HICP excluding energy and unprocessed food is estimated to have gone up by 2.0 per cent since March 2024.
11.30 - United Drug appoints new managing director
David Keyes has been appointed as the new managing director of United Drug in Ireland, effective April 1, 2025.
Keyes has been serving as the director of United Drug Distributions and head of public affairs for PHX Ireland since 2020, where he played a pivotal role in the development and implementation of the organisation’s pan-European commercial strategy.
Having first joined United Drug in 2012, David has provided strategic leadership across multiple areas of the business, including Pre-Wholesale, Government Contracts, and Public Affairs.
Upon the announcement, Paul Reilly, chief executive of PHX Ireland, said Keyes’ expertise and leadership will be “instrumental” as the company continues to strengthen supply chain operations across Ireland.
On his appointment, Keyes said that United Drug has a “strong foundation”, and that he is “committed to continuing to drive the business forward” and ensuring that the company meets the needs of customers and partners across Ireland.
11.15 - Irish-founded Imprint doubles lending capacity to $1 billion as growth continues to surge
Imprint, the Irish co-founded but US-focused payments company led by Daragh Murphy, has closed a new warehouse facility that brings its total lending capacity to $1 billion.
The news comes as Imprint, which helps brands launch credit cards, was last week named in Forbes’ magazine’s ‘Fintech 50’ ranking after quadrupling revenue to $70 million in just one year.
This is the second accolade the magazine has awarded the company of late. Last year, it named Imprint among 25 US start-ups forecast to become tech unicorns with a valuation of over $1 billion.
Read the full article by Charlie Taylor here.
11.00 - Healthcare unions to consider agreement ahead of ballot
The executives of healthcare unions are to consider an agreement on staffing and recruitment, which was reached over the weekend.
It comes ahead of a ballot of members who will decide if they will accept the deal with HSE management, which led to the suspension of planned industrial action.
The agreement involves the Irish Nurses and Midwives Organisation, Fórsa, Connect, Unite and the Medical Laboratory Scientists Association.
Siptu and the Irish Medical Organisation were also represented at talks at the Workplace Relations Commission, which concluded yesterday.
Under the agreement, maternity leave cover in the health service will be prioritised, there will be greater consultation with unions on future staffing decisions and an increase in the conversion of agency posts to HSE jobs.
10.45 - Huawei posts surprise loss after US sanctions spur tech research
China’s Huawei Technologies posted its first quarterly net loss in years after the company spent aggressively on research in areas from EVs to chips while the business as a whole slowed.
The Shenzhen-based networking and electronics leader reported a 9.5 per cent rise in revenue to about 276 billion yuan (€35.1 billion) in the December quarter, according to Bloomberg’s calculations based on annual results.
That follows a string of double-digit increases, fuelled by the growing popularity of its Mate devices at the expense of Apple.
10.30 - Aston Martin gets $162m funding boost to counter losses
Aston Martin will raise more than £125 million (€149 million) through funding from its chairman and the sale of its stake in the Formula One team he owns, as the luxury carmaker grapples with ballooning losses.
Shares of the company famous for being fictional secret agent James Bond's car of choice jumped 5.7 per cent to 69 pence in early trading on Monday.
Supply chain issues, delivery delays, and depressed demand in China have plagued Aston Martin in recent years, forcing it to raise capital six times since chairman Lawrence Stroll took over in 2020, and cut 5 per cent of its workforce.
10.15 - French far-right leader Marine Le Pen convicted of embezzlement
Far-right leader Marine Le Pen was convicted of embezzlement by a Paris court — but judges haven’t yet said if she will pick up a ban that stops her from running to be France’s next president.
The judges are still reading out their decision in the case.
10.00 - Deloitte is hit hardest by Trump’s spending clampdown on consultants
Deloitte is emerging as the biggest early loser from a Trump administration push to axe spending on consultants, ahead of a Monday deadline for the companies to offer price cuts and other concessions.
The Big Four accounting and consulting firm has had at least 129 contracts terminated or slimmed down, according to a Financial Times analysis of data published by Elon Musk’s so-called Department of Government Efficiency (Doge). The figure is more than double that of any other consultancy.
Deloitte is one of 10 consulting firms that have been ordered to submit a detailed plan to save the government money, either by cutting prices or suggesting contracts that are not “mission critical” for an agency.
Read more on the Financial Times.
09.45- French antitrust regulator fines Apple €150m over privacy tool
France's antitrust regulator on Monday fined Apple €150 million ($162.36 million) for abusing its dominant position in mobile app advertising on iOS and iPadOS devices between 2021 and 2023 via a privacy control tool called ATT.
The French watchdog also ordered Apple to publish this decision on its website for seven days.
09.30 - Avoca Clinic opens first Dublin centre in Carrickmines following €7m investment
The Avoca Clinic has opened its first cosmetic surgery centre in Dublin following a €7 million equity investment from BGF Ireland.
Located in the Hyde Building in Carrickmines Park in Dublin 18, the 3,900 square foot centre brings Avoca’s Irish footprint to five sites, including clinics in Wicklow and Cork as well as outpatient facilities in Dundalk and Limerick. The Cork clinic is located in Douglas and was announced in September 2024.
The company was founded in 2012 by Niamh Murdock and Ailish Kelly and now employs 50 people across its five clinics, including three consultant plastic surgeons. It specialises in cosmetic procedures including abdominoplasty, breast reductions and rhinoplasty.
09.15 - Trump says he is ‘not joking’ about seeking a third term in office
Donald Trump said he was “not joking” about serving a third term, adding that there were “methods” by which he could bypass the constitutional prohibition on US presidents being elected three times.
In a phone interview with NBC News on Sunday, Trump said “it is far too early to think about it”, but confirmed that he was entertaining the possibility.
“A lot of people want me to do it,” said Trump, 78.
“I basically tell them we have a long way to go, you know, it’s very early in the administration.”
Read more on the Financial Times.
09.00 - Irish victims of WhatsApp fraud lost an average of €1,200 last year
Ireland ranked as the second worst affected country for Whatsapp fraud last year, with those who fell prey losing on average €1,200, according to data from Revolut.
Revolut, which has more than 3 million customers in Ireland, said Irish consumers are being increasingly targeted by WhatsApp scams despite the perceived security of the encrypted messaging platform, and has warned customers to be vigilant.
Its analysis showed that only those in the UK were more vulnerable to WhatsApp fraud than the Irish out of all the countries in Europe.
08.45 - High salary workers to get higher rates of jobseeker’s pay if they lose their role
Higher paid workers who lose their jobs will be paid a higher rate of jobseeker’s allowance under changes that have been introduced from this week.
Previously, workers who became unemployed received a standard rate of jobseeker’s benefit, regardless of prior earnings.
However, under the new legislation, workers with at least five years of paid PRSI contributions will be paid 60 per cent of their previous earnings, up to a maximum of €450 a week for the first 13 weeks of receiving the payment.
This will then decrease to 55 per cent of previous earnings, up to a maximum of €375 a week for 13 weeks, before decreasing again to 50 per cent, or €300 a week.
Read the full piece by Fionn Thompson here.
08.30 - More than half of contactless payments in Irish retail made with a mobile phone or watch
Contactless payments now dominate the Irish retail and restaurant landscape with more than 1.5 billion such transactions worth in excess of €25 billion recorded last year, according to new figures released by the Banking and Payments Federation of Ireland (BPFI).
More than half of all contactless transactions are now made using mobile wallets such as Apple or Google Pay, the research shows.
Contactless point of sale (POS) payments, valued at €26.7 billion, were made in shops, restaurants and other retail outlets in 2024, according to its latest Payments Monitor, with such payments accounting for 87 per cent of all POS card payments last year.
Read the full article on the Irish Times.
08.15 - Irish market update
The Iseq All Share fell 1.52 per cent (-158.35bps) since previous close to 10,234.64 on Monday morning.
The bottom performers on the Irish market were budget airline, Ryanair, which lost 1.53 per cent to €19.30 per share and Bank of Ireland which dropped 2.74 per cent to €10.64 per share.
Meanwhile, the main risers included Permanent TSB which gained 1.24 per cent to €1.64 per share and Kenmare Resources which grew 1.27 per cent to €4.80 per share in early trade.
08.00 - Marine Le Pen’s presidential bid threatened by court ruling
The political future of French far-right leader Marine Le Pen hangs in the balance as a court on Monday is set to rule whether she committed fraud and embezzled EU funds.
Le Pen, a three-time presidential candidate and head of the opposition, risks a maximum sentence of five years in prison and an immediate 5-year ban on holding public office — which could bar her from running to succeed Emmanuel Macron in 2027.
Such a decision would be a political earthquake in France, since Le Pen has twice made it into the presidential run-off and is seen by analysts as a strong contender in the next election.
Read more on the Financial Times.
07.45 - Business insolvencies continue to fall: PwC
The number of businesses going insolvent is continuing to fall, with the first quarter of 2025 experiencing 14 per cent fewer insolvencies than the same quarter in 2024, PwC’s latest insolvency barometer has found.
A total of 192 insolvencies were recorded in the first quarter of 2025 - down from the previous year’s first quarter at 222. Insolvencies have also fallen quarter-on-quarter, falling 7 per cent on the final quarter of 2024.
Read the full article by Fionn Thompson here.
07.35 - Primark chief executive resigns following allegations of inappropriate behaviour
Primark chief executive, Paul Marchant, resigned following an investigation into an allegation about his behaviour toward a female employee in a social environment.
Associated British Foods Plc, the owner of the fashion chain, said on Monday that Marchant accepts that his actions fell below the standards expected by the company and that he has apologised to the woman concerned.
AB Foods said it will continue to offer support to the woman.
07.30 - LDA chief expects State agency to be building 3,500 homes annually by 2027
The Land Development Agency (LDA) is on track to see its output of new homes more than double next year to 2,000, before ramping up to 3,500 a year by 2027, as the agency evolves to delivering more homes on State land, according to its chief executive John Coleman.
That would see it bypass publicly-quoted Glenveagh Properties and Cairn Homes to become the main developer of homes in the country. Still, there is an element of double counting as the two current largest housebuilders in the country have business lines constructing units on behalf of the LDA under its so-called Project Tosaigh schemes.
Read the full article by the Irish Times.
07.15 - Asian markets update
Japan's Nikkei led the rout in Asia, losing an eye-watering 4.1 per cent to a six-month low as automaker stocks continued to suffer fallout from Trump's talk of 25 per cent tariffs on imported cars.
MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.9 per cent and South Korea 3.0 per cent.
Chinese blue chips fell 1.0 per cent as a survey showed manufacturing activity inched higher in March, much as analysts expected.
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.
Kick off your morning with the Red C Poll by Cónal Thomas which focuses on Fine Gael slumping to its lowest level of support with party five points behind Fianna Fáil. Read more here.
Meanwhile, the main article on the Business Post website is that Circle K paid out $1.25 billion in dividends from an Irish firm that manages global intellectual property. Read the full piece by Fionn Thompson here.
Elsewhere, an article about a surge in Germany’s spending push, driving up borrowing costs across Eurozone leads the Financial Times. Read more here.