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 - 460,000 to pass through Dublin Airport this Easter weekend
Dublin Airport operator daa expects around 460,000 passengers to travel through the airport over the Easter bank holiday weekend, including approximately 232,000 departing travellers.
An estimated 110,000 passengers are expected each day from Friday to Monday.
16.40 - Iseq closes in the red
The Iseq All Share Index closed in the red today, down 0.22 per cent on previous close.
Ires Reit led the index, climbing 2.23 per cent on a day where CSO figures pointed to an eight per cent increase in residential property prices in the 12 months to February 2025.
16.15 - House prices rise by 8% - see where they’ve surged the most
Residential property prices increased by 8 per cent in the 12 months to February 2025, down from 8.2 per cent in the year to January 2025, according to new figures published by the Central Statistics Office (CSO).
In Dublin, prices increased 7.1 per cent, while property prices outside Dublin were 8.7 per cent higher in February 2025 than a year earlier.
Emma Hanrahan has a breakdown of the figures.
16.00 - RTÉ appoints Tara Campbell as head of RTÉ Radio 1
RTÉ has chosen Tara Campbell as head of RTÉ Radio 1, after a public competition.
Campbell, who has been managing editor of the station for the last five years, will have overall responsibility for the editorial leadership and programming of the station.
RTÉ says that Campbell has taken over the role with immediate effect.
15.45 - Apple court case over compensation for 23.8m users to continue
A case in the UK that could see 23.8 million iPhone users compensated will continue, a court has ruled.
The Court of Appeal in the UK ruled in favour of a man who brought a case more than two years ago alleging that Apple cost iPhone users more than £853 million (€994 million) by making software updates that reduced the performance of the phone and its batteries.
The case alleges that this meant that customers bought new devices without knowing what the updates would do.
15.30 - European exposure to US markets quadruples
European investors now have four times the exposure to US assets compared to 2010, outlining the growing risks faced by consumers to potential downturns on Wall Street.
Deutsche Bank reported that the share of total US portfolio holdings has quadrupled in Europe, from around 5 per cent in 2010 to 20 per cent in 2024.
This shift comes at a time when Europe’s long-sluggish financial markets are being shocked into life as Donald Trump’s drive to reshape global trade and security undermines America’s decades-long dominance.
15.15 - WTO revises trade forecast
The World Trade Organisation (WTO) has cut its global trade forecast, saying trade volumes are likely to fall by 0.2 per cent this year.
The WTO has said the decline is expected to hit North America most, with exports predicted to drop by 12.6 per cent.
On the other hand, the volume of services trade is forecasted to grow by 4 per cent this year, a percentage point less than expected.
15.00 - Bank of Canada holds interest rates steady
The Bank of Canada has held its interest rate at 2.75 per cent, ending a run of seven consecutive rate cuts, saying that economic uncertainty is making it hard to predict a future economic course.
The central bank also warned that a deep recession could occur if tariffs are kept, which could spike inflation to 3.5 per cent by mid-2026 and significantly stall GDP growth.
14.47 - Simon Harris says no official membership or terms of reference planned for US economic advisory panel
Simon Harris, the tánaiste and minister for foreign affairs, has said there is “no official membership,” to the Strategic Economic Advisory Panel (Seap) - a US-based advisory group made up of high-powered business leaders.
It was understood the panel would be made up of around 35 business leaders “on the ground” in the US and tasked with advising Harris on “strategic economic opportunities and risks in respect of the US-Ireland economic relationship”.
The Fine Gael politician has now said “formal terms of reference are not envisioned” for the panel.
14.33 - US markets open in the red after fresh chip restrictions
Markets on Wall Street opened down on Wednesday, as fresh restrictions on computer chips were levied, which helped drag big cap Nvidia down in premarket and open.
Here’s how the markets performed:
S&P 500: -1.04 per cent
Dow Jones Industrial: -0.3 per cent
Nasdaq Composite: -1.8 per cent
14.09 - Abbott Laboratories to expand US manufacturing operations
Abbott Laboratories, which 10 locations in Ireland, is to invest $500 million in new factories in Illinois and Texas, which will employ roughly 300 workers.
The statement came as the medical device company reiterated its previous guidance of $5.05 to $5.25 a share, while adjusted earnings came in at $1.09 a share for the quarter, against expectations of $1.07.
First quarter revenues were $10.4 billion, while medical device sales were $4.9 billion, both within Wall Street expectations.
13.50 - US retail sales surge on back of increased motor purchases
US retail sales increased 1.4 per cent in March, ahead of a revised 0.2 per cent rise in February, on the back of consumers rushing to purchase vehicles before tariffs kick in.
US auto manufacturers reported large increases in sales in March as customers try to “beat the tariffs”.
Retail sales excluding vehicles, petrol, building materials and food services rose 0.4 per cent in March, after an upwardly revised 1.3 per cent increase in February.
13.30 - Hong Kong suspends mail to ‘bullying’ US
Hongkong Post, the territory’s postal service, has said that it has suspended postage of goods sent to the US from 27 April as well as accusing it of “bullying” China and Hong Kong.
Reuters has more, including a breakdown of the US’s decision to halt “de minimis” provision for packages from China and Hong Kong.
13.15 - Lyft acquiring Freenow for €175 million
US ridesharing firm Lyft is acquiring taxi-hailing company Freenow for €175 million, giving Lyft an established entrance into the European market.
Lyft is purchasing the pan-European taxi company from current owners BMW and Mercedes-Benz.
Freenow operates across 150 cities across nine European countries, including Ireland.
13.00 - California to sue over Trump tariffs
The state of California plans to sue to halt the imposition of tariffs, its governor Gavin Newsom has said.
The lawsuit argues that tariffs will push up prices and affect jobs.
“President Trump’s unlawful tariffs are wreaking chaos on California families, businesses and our economy, driving up prices and threatening jobs,” Newsom said in a statement.
“We’re standing up for American families who can’t afford to let the chaos continue.”
12.45 - Growing number of European fund managers expect recession
Fears of a recession are on the rise among European fund managers, with 49 per cent seeing a hard landing as the most likely scenario for the global economy in the next year, up from only 11 per cent last month, Bank of America’s latest survey of European fund managers has found.
It also found nearly half of them consider the recent €1 trillion German fiscal stimulus geared towards military and infrastructure to be a “game changer” that will allow Europe to decouple from US markets.
However, 44 per cent think Europe’s open economy – within which Ireland is particularly exposed to changes in the US – will not stay immune.
12.30 - Google faces £5 billion UK lawsuit for abusing dominance in online search
Alphabet's Google is facing a class action lawsuit in Britain that could see the tech giant pay up to £5 billion in damages.
The legal action, filed at the Competition Appeal Tribunal, accuses Google of abusing its dominant position in the online search market.
The lawsuit claims that Google’s actions enabled it to charge higher prices for the advertisements that appear in search inquiries than it otherwise could in a competitive market.
12.15 - Wavin announces new facility in north Dublin
Wavin Ireland has revealed plans to establish a new logistics centre, customer facility, and office space in North County Dublin.
This development is part of a long-term partnership between the construction pipe manufacturer and logistics provider, Ace Express Freight.
The new site will be located just off the M1 motorway at Turvey, Blakes Cross.
12.00 - Goodbody cuts IAG’s 2025 earnings forecast by 9%
Goodbody has cut its earnings forecast for Aer Lingus’ parent company, International Airlines Group (IAG), by 9 per cent on the back of US tariff measures.
In a note circulated on Wednesday morning, Dudley Shanley, a Goodbody analyst, lowered the stockbroker firm’s expected earnings before interest and tax (Ebit) from €4.65 billion to €4.35 billion, forecasting a “less positive” pricing environment amid “tariff related upheaval”.
Retaining IAG’s buy rating, Shanley downgraded the price target for the Aer Lingus and British Airways parent from 400 pence to 350 pence, noting that IAG’s cashflow was expected to remain “robust” in spite of the cuts, allowing it to reduce leverage, pay dividends and buy back shares.
11.45 - US-Japan trade talks to begin today
Trump has said on Truth Social that talks with Japan on a trade deal will begin today.
“Japan is coming in today to negotiate Tariffs, the cost of military support, and “TRADE FAIRNESS.” I will attend the meeting, along with Treasury & Commerce Secretaries. Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!,” he wrote.
11.30 - Eurozone inflation falls to 2.2%
Inflation in the eurozone has fallen from 2.3 per cent in February to 2.2 per cent in March, and against 2.4 per cent in March 2024 “”
Inflation in the wider EU fell from 2.7 per cent to 2.5 per cent, and against inflation of 2.6 per cent in March 2024.
11.10 - Property prices rise 8% in year to February
National property prices rose 8 per cent in the year to the end of February, down from 8.2 per cent growth in the year to January, the CSO has said.
In Dublin, prices increased 7.1 per cent while prices outside Dublin were up by 8.7 per cent, compared with February 2024.
The median price for a property was €360,000 nationally. A total of 3,245 dwellings were purchased in the month, at a valuation of €1.4 billion.
10.50 - S&P spots arrears spike in Irish ‘mortgage prisoners’
Mortgage arrears have spiked in households from ‘boom-era’ mortgages which have previously struggled to meet payments, S&P Global has said and first reported by the Irish Times.
A spike in variable rates since 2022 has contributed to a rise ‘reforming’ loans falling behind. This rose from 8.4 per cent in January 2022 to 25.7 per cent most recently.
The ratings agency said that these previously non-performing mortgages, which were often bulk sold to institutional investors after the crash, are effectively “mortgage prisoners”, as they are charged more than traditional mortgages and often can’t refinance on the open market.
10.25 - Gold surpasses $3,300 for first time
The price of gold bullion has surpassed the $3,300 mark for the first time as investors flock to the safe haven asset.
Gold bullion reached $3,334.20 during trade on Wednesday, up over 2.6 per cent throughout the day.
10.00 - PwC exits more than a dozen countries
Global accountancy firm PwC has ceased operations in more than a dozen countries as it seeks to avoid scandals that have hit the firm’s operations.
The countries which it has ceased operations in have been deemed too small or risk to operate in, the FT reports.
This includes all 10 of its operations in Francophone Africa.
09.43 - Union Investment secures three tenants at Dublin office campus
Asset manager Union Investment has secured three new tenants at its Two Grand Parade complex in Dublin city centre.
The firm announced on Linkedin that FFH Management Services, a global services provider, Korea Development Bank (KDB) and McKinsey and Company have all taken leases at the campus.
09.27 - UK inflation falls to 2.6%
Inflation in the UK dropped to 2.6 per cent in the year to the end of March, down from 2.8 per cent in February and ahead of expectations of 2.7 per cent.
Statisticians with the Office of National Statistics (ONS) attributed this reduction to falling petrol and diesel prices, with global crude oil prices dropping amid an expectation of slower economic growth.
Experts have warned that this is the “calm before the storm” of tariffs kick in, which could increase inflation to 3.1 per cent from April.
09.11 - China GDP rises above expectations
China’s gross domestic product (GDP) rose higher than expected, in the last economic reading before tariff restrictions bite.
The country’s GDP rose 5.4 per cent in the three months between January and March, ahead of analyst expectations of 5.1 per cent.
Sky News and Reuters have more.
08.55 - Nvidia to take $5.5bn hit on chip restrictions
Nvidia has said it will take a $5.5 billion charge in relation to the new announcement of restrictions on its H20 chips.
The chip giant said in a regulatory filing that it will take the charge from 27 April in relation to “inventory, purchase commitments, and related reserves”.
China is a huge market for Nvidia - analysts estimate that it will generate $17 billion in sales to China in its current financial year.
08.35 - European markets fall on open
Markets across Europe opened in the red on Wednesday morning. The Iseq All Share dropped 0.5 per cent lower at 10,119.3.
Shares in Origin, Uniphar and Glenveagh led the losses, all down more than 1 per cent.
Meanwhile, PTSB and Kerry Group were also in the green.
Here’s how the rest of Europe performed:
FTSE 100 (UK): -0.56 per cent
DAX (Germany): -0.90 per cent
CAC40 (FRANCE): -0.86 per cent
IBEX 35 (SPAIN): -0.38 per cent
STOXX 600 (EUROPE): -0.97 per cent
08.15 - Trump threatens tariffs on critical minerals
Donald Trump has threatened tariffs on the importation of critical minerals in a fresh escalation of the trade war with China.
In an executive order, Trump ordered an investigation into the supply chain of critical minerals and how the US could boost its own production.
“President Trump recognizes that an overreliance on foreign critical minerals and their derivative products could jeopardize US defense capabilities, infrastructure development, and technological innovation,” the order read.
08.00 - Heineken’s first quarter sales exceed expectations
Brewing giant Heineken reported a 0.9 per cent increase in its organic net revenues, against analysts’ expectations of a slight decline.
The world’s number 2 brewer reported revenue of €7.7 billion, down 4.9 per cent.
The group said that organic beer volume declined by 2.1 per cent, but that this was expected due to less days in the quarter from the absence of a leap year and a late easter.
07.45 - Nvidia barred from selling AI chip in China
As mentioned earlier, Nvidia have been banned from selling its H20 chip in China, requiring a licence for “the indefinite future”.
The new rules address Washington’s concerns that “the covered products may be used in, or diverted to, a supercomputer in China,” the company said in a filing.
Nvidia warned it will report about $5.5 billion in writedowns during the current quarter, tied to inventory and commitments for the chip. The firm’s shares shed 6.3 per cent in premarket trading.
07.30 - Kerrygold owner Ornua reports 10% profit increase
Ornua, the Kerrygold owner, has reported a 10.5 per cent rise in operating profit to €165.5 million in 2024.
The increase was attributed to strong trading performance in the group’s UK and US operations, despite volatile conditions driven by the impact of cost inflation and a pressurised milk supply.
Earnings before interest, tax, depreciation and amortisation (Ebitda) rose 11.8 per cent - to €130.5 million.
Group turnover for the financial year ending December 28, 2024, remained stable year-on-year at €3.4 billion.
07.15 - Asian markets fall on tariff worries
Stock markets in Asia were broadly down, as new restrictions were placed on chips being exported from the US to China.
Here’s how some of the markets have performed:
CSI (China): -0.79 per cent
Hang Seng (Hong Kong): -2.46 per cent
Nikkei 225 (Japan): -1.03 per cent
Kospi (South Korea): -1.33 per cent
TAIEX (Taiwan): -1.96 per cent
7.00 - Good morning
Good morning from the Business Post. Fionn Thompson here to keep you up to date on all the latest news as it happens.
This morning, Asian markets mostly fell amid ongoing trade strife. We’ll have more on that in a few minutes for you. In the meantime, have a read of Laura Roddy’s piece on Paddy McKillen Jr’s Oakmount has had planning permission refused by An Bord Pleanála for a boutique hotel.
Venturewave, which manages the €100 million Impact Ireland fund, has led a $7.3 million Series A raise for ViAct, a Hong Kong-based AI start-up, Charlie Taylor reports.