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.
17.10 - Hollywood union strikes deal for advertisers to replicate actors' voices with AI
The Hollywood actors' union SAG-AFTRA announced a deal with online talent marketplace Narrativ that enables actors to sell advertisers rights to replicate their voices with artificial intelligence.
As actors fear AI will make theft of their likenesses common, the new agreement seeks to ensure actors derive income from the technology and have control over how and when their voice replicas are used.
Reuters has the full story here.
16.40 - ISME says no justification for €1 rise in minimum wage
The Irish Small & Medium Enterprises Association (ISME) has said there would be no justification for a further increase in the national minimum wage of €1 in the budget.
Minister for Enterprise Peter Burke was asked about reports that the Low Pay Commission recommended a further €1 increase to the minimum wage on RTÉ’s Morning Ireland today. Burke said he wouldn’t “countenance” an increase of that scale.
To read ISME’s statement, click here.
16.30 - RTÉ snaps up experienced Newstalk producer
One of Newstalk's most experienced producers has been snapped up by RTÉ, weeks after the Bauer Media Ireland station's editor also moved to the national broadcaster as director of audio.
Peadar Breathnach, who has worked as a senior producer across a number of Newstalk's flagship shows, is understood to be taking up a new role with RTÉ.
We have more on the story here.
16.20 - Fake accounts on Meta urged conservatives to run for office as independents
A coordinated network of social media accounts used Meta’s platform to promote a fabricated political advocacy group that sought to recruit conservative candidates to run as independents. This activity was part of a broader surge of campaigns infiltrating social media ahead of the 2024 election.
Meta has since removed dozens of accounts and pages linked to the Patriots Run Project, which claimed to be a national grassroots organisation. However, Meta revealed that it appeared to be operated by a small U.S.-based entity, the RT Group.
16.15 - Alphabet investors in limbo on fresh breakup bid
Alphabet investors are facing a long period of uncertainty as they grapple with a scenario they previously saw as unlikely: a possible breakup of Google.
A bid to break up Google is being considered by the US Justice Department, Bloomberg News reported Tuesday, with the most likely units for divestment the Android operating system and the Chrome web browser.
Read more here.
16.00 - Ex-Google CEO backtracks on claim remote working hindered performance
The former chief executive of Google has backtracked on his claim that the tech giant’s work from home policies were causing it to fall behind in the AI race.
Eric Schmidt, the former chief executive officer of Google, had said the company was trailing behind start-ups like OpenAI and Anthropic due to its emphasis on work-life balance.
In a statement to the Wall Street Journal on Wednesday, Schmidt said he “misspoke about Google and their work hours”, and that he regretted his error.
Read more here.
15.45 - Walmart sales and shares are up
U.S. retailer Walmart raised its annual sales and profit forecasts on Thursday for a second time this year. With Americans flocking to its stores for inexpensive essentials, shares are up 8% to a record high.
The world's largest retailer by sales is one of the first big U.S. chains to report quarterly results.
15.20 - Bank of America to sponsor World Cup 2026
Bank of America. is adding to its list of sports sponsorships with a deal for the Fifa World Cup, looking to capitalize on the billions of international viewers the football tournament attracts.
The second-largest US bank will be the first banking partner for the event in 2026, according to company executives. They plan to have a physical presence across the host cities, both inside and outside the stadiums, to tap new and existing clients.
15.15 - Immigration officials wrongly told foreign national he couldn't work in Ireland
Immigration officials wrongly claimed that a foreign national was not entitled to work in Ireland, the Workplace Relations Commission (WRC) has said.
The worker, Erik Fernando Policarpo, lost his unfair dismissal case against his former employer Euro Farm Foods, based in Cooksgrove, Duleek, Co Meath.
The employer, who is engaged in beef processing, said Policarpo was laid off due to actions outside their control or the control of the employee.
The WRC heard that the factory was subject to an unannounced site visit by members of the GNlB and WRC inspectors on June 8, 2022.
Policarpo, who had been working as a general operative at the plant since December 2020, was one of eight non-EU workers identified by gardaí as individuals they believed were not entitled to work in Ireland.
Read the full report here.
15.00 - Alphabet shares tumble on new breakup risks
Alphabet investors are facing a long period of uncertainty as they grapple with a scenario they previously saw as unlikely: a possible breakup of Google.
A bid to break up Google is being considered by the Justice Department, Bloomberg News reported Tuesday, with the most likely units for divestment the Android operating system and the Chrome web browser. The news surprised Wall Street, which had seen a breakup as unlikely even after a federal judge ruled earlier this month that Google has illegally monopolized the search market.
The shares fell 2.3 per cent on Wednesday, erasing more than $47 billion in value, with the Justice Department news overshadowing Google’s unveiling of AI-infused devices that will beat Apple’s iPhone 16 to the market. The stock is down 16 per cent from its July peak, though it remains up 15 per cent this year.
14.30 - US Markets Update
The US Stock Market opened on a positive with both Nasdaq and the NYSE Composite Index in the green.
The NYSE increased 95.78 points (0.52 per cent) to 18,498.09 since it opened this afternoon.
The top performer on the New York Stock Exchange (NYSE) was Seritage Growth Properties. The real estate investment trust increased 15.41 per cent to $4.27 a share.
The main faller on the NYSE was Terran Orbital Corp. which dropped 37.44 per cent to $0.25.
Meanwhile, Nasdaq climbed 241.39 points (1.27 per cent) in early trading.
The main riser on the Nasdaq was Cingulate Inc. which increased 144.44 per cent this afternoon. Meanwhile, the worst performer was Knightscope Inc. which fell 15.81 per cent on the index.
14.00 - Dylan McGrath shuts two of his Dublin restaurants
Chef Dylan McGrath has shut down two of his Dublin restaurants without notice.
In an email to customers who had bookings at Brasserie Sixty6, the restaurant said: “As you know, the hospitality industry has faced many challenges in recent years due to rising costs and economic pressures. We’ve made the very difficult decision to close Brasserie Sixty6 and Rustic Stone effective today, 15th of August 2024.”
Read more here.
13.15 - Revenues rise but profit falls at Center Parcs Ireland
The €365 million Center Parcs holiday resort in Co. Longford has this year recorded average weekly revenues of €1.85 million as operating profits increased by 9 per cent to €29.4 million.
In another record year for the business, new accounts filed by Center Parcs Ireland Ltd show that revenues at the Co. Longford resort rose by 10.6 per cent from €87.4 million to €96.7 million in the 12 months to the end of April this year.
Read the full story by Fionn Thompson here.
13.00 - Markets Update
The Iseq All Share is up 0.71 per cent (+66.48) to 9429.85 since the market opened.
Corre Energy is the main faller, decreasing 8.05 per cent, while Bank of Ireland is the top performer in the market this afternoon climbing 2.3 per cent.
The DAX performance index is also in the green, it is up 0.4 per cent at 18022.00. RWE AG is still the main riser on the market with an increase of 2.1 per cent, while Heidelberg Materials is the main faller down 0.63 per cent.
Looking to the UK, the FTSE 100 is at 8290.47, up 0.11 per cent since the market opened this morning. Admiral Group remains the top performer at +6.94 per cent.
Rio Tinto, the British-Australian mining corporation is the main faller and is trending downwards by 2.76 per cent.
12.30 - Exports of goods increased by 6 per cent in the first six months of 2024
New figures from the CSO revealed that Ireland’s exports of goods increased by €6.5 billion in the first half of this year, while imports decreased by €5.5 billion.
Exports of goods increased by 6 per cent in the first six months of 2024, with a value of over €107 billion. However, in June 2024 unadjusted exports of goods dropped by €1.8 billion to €16.6 billion when compared to the same period last year.
Goods imports decreased by 8 per cent from January to June 2024 compared with the same period in 2023. Similarly, this year’s unadjusted imports were valued at €11.8 billion, down €700 million on June 2023.
Exports to the United States have grown by €6.2 billion in the year to date, with the export of chemicals and related products accounting for €5.8 billion of that increase.
12.15 - Off The Ball announce 12-month partnership with Bank of Ireland.
The partnership, which will see Bank of Ireland become the principal partner for rugby at the sport media broadcaster, is a multi-platform partnership across FM, social and podcast.
The agreement, brokered by Media Central and OMD, will focus on all aspects of rugby from men’s and women’s international and provincial coverage through to the Bank of Ireland club competitions across Ireland and schools rugby.
In addition to the coverage, the partnership will also see Bank of Ireland and Off The Ball work together to run both on-air and social competitions across the year.
12.00 - Chipotle investors see continued growth after chief executive departs
Chipotle Mexican Grill's future may not be as bumpy as some shareholders fear upon the departure of chief executive Brian Niccol, investors said on Wednesday.
The burrito chain lost almost $6 billion in stock market value on Tuesday after it announced that Niccol will depart at the end of this month to become chief executive of Starbucks. But Chipotle's chief operating officer, Scott Boatwright, will serve as its interim chief executive.
During his tenure as chief operating officer, Boatwright oversaw improvements in the quality of the food at Chipotle's more than 3,000 restaurants, helping to lift the chain's sales and profit.
Chipotle shares closed slightly lower on Wednesday at $51.65, with a year-to-date gain of nearly 13 per cent.
Read the full article here.
11.30 - More than 5 million Gen Zs have not saved anything in the past two years, according to a report.
Yorkshire Building Society in partnership with Public First found that people aged 16 to 27 are facing more financial hurdles than previous generations.
Almost a third of respondents admitted they would not be able to withstand their outgoings increasing by £100 or more, while a third confirmed they had fallen behind with debt repayments.
According to the report, Gen Z have a willingness to improve their financial wellbeing and are more active in trying to improve their financial skills than other adults, with 43 per cent saying they seek out financial education resources.
However, the report also revealed only 42 per cent of young people said they had received financial education at secondary school despite it being on the national curriculum since 2014.
Read the full article here.
11.15 - Virginia Transport to buy Kilkenny freight firm
Virginia International Logistics, the warehousing and freight transport business acquired by MML Capital in 2022, has agreed to buy Kilkenny-based freight firm Allmed in a deal that will create a new logistics group with €70 million in annual revenues.
The deal, financial details of which have not been disclosed, is subject to approval from the Competition and Consumer Protection Commission.
Founded in 1982, Virginia Transport operates a fleet of more than 125 trucks and 360 trailers across Europe and the UK. The group generated revenues over €37 million in 2022 and also operates warehouses in Cavan, Meath, Dublin and Tamworth in the UK.
Allmed, meanwhile, is based in Thomastown, Co Kilkenny and is owned by Alan and Alison Hoyne.
Read more here.
11.05 - Spotify to show prices in app for EU iPhone users
Users of Spotify on iPhone devices in the EU will now be able to see the streaming platform’s pricing information in the app
In an update, Spotify said that this brings iPhone users in the EU on a par with users of other phones.
The move comes in the context of a recent €1.8 billion antitrust fine issued by the EU on Apple in March for breaking the bloc’s competition laws by restricting developers from informing iOS users of alternative music subscription options available outside the App Store.
The antitrust investigation was launched after Spotify issued a formal complaint to the European Commission in 2019.
As per the latest move, iPhone users in the EU will also be made aware of the fact that they can go to the app’s website to purchase items directly.
A direct link, however, is still not possible because of the fees Apple continues to charge on purchases.
10.50 - Tetrosyl Ireland appoints ex-Aramark chief Frank Gleeson to board role
Frank Gleeson has been appointed to Tetrosyl Ireland’s board as an advisor, in move that strengthens its expertise in the automotive and convenience retail sectors.
Tetrosyl is the largest manufacturer and supplier of car care products in Europe and has a global footprint spanning 100 countries. It offers products ranging from crash repairs, automotive parts, home improvement items and valeting services.
Gleeson was the president of Ibec from 2021 to 2022 and has also served as chief executive of Aramark Northern Europe, where he oversaw operations across Ireland, the UK, and a global offshore business.
Read more by Liam Coates here.
10.35 - Three Ireland increases market share
Mobile network Three Ireland has grown its share of the Irish telecoms market to 46.5 per cent in the first half of 2024 as an uptick in its customer base drove an improvement in revenues and earnings.
After a difficult 2023 in which the company grappled with the impact of inflation on consumer spending and soaring energy prices, Three said business levels picked up and costs declined in the first six months of 2024 with revenues up 4 per cent over the same period last year to €309 million.
Three said it added around 600,000 customers compared to the same period in 2023. That brought its total customer base to 4.7 million at the end of June.
Read the full story on The Irish Times.
10.20 - New Starbucks chief executive awarded $113 million pay package
Starbucks has awarded its new chief executive Brian Niccol cash and stock potentially worth more than $100 million, one of the largest hiring packages in US corporate history.
The contract would be worth $113 million if he hits the targets Starbucks has set for him.
To start, Niccol will receive a $10 million cash bonus upfront and another $75 million in equity grants designed to pay out over time, to compensate him for bonuses and unvested stock he left behind at Chipotle.
Annually, Niccol will earn a $1.6 million salary plus a target cash bonus worth about $3.6 million depending on how Starbucks performs.
That is in addition to a long-term equity grant with an annual target value of $23 million, to be paid out over multiple years.
Niccol will not be required to move to its Seattle headquarters, according to the filing. Instead, the company will establish a “small remote office” in Newport Beach, California.
Niccol’s target annual remuneration would be 83 per cent above the median target at other S&P 500 restaurant groups.
Read the full story on The Financial Times.
10.00 - Kenmare’s new boss will ‘stay the course’ despite nosediving profits
Change is on the mind of Tom Hickey. As he finished up his last day as chief financial officer of mining company Kenmare Resources, he was simultaneously preparing to step up as its new managing director.
Speaking to the Business Post, Hickey admitted it would be hard to fill the boots of 38-year company veteran and outgoing chief Michael Carvill, and that he would largely stay the course that had been laid out by his predecessor.
Following this week’s announcement of a 64 per cent nosedive in half-year profits and 32 per cent fall in revenue, Hickey isn’t worried and insisted a longer-term view must be taken in the mining industry.
Read the exclusive interview by Liam Coates here.
09.45 - TPG Invests in Quintain Development Ireland
TPG Real Estate have announced a partnership with company management to acquire Quintain Developments Ireland (QDI), the largest, privately owned residential developer in Ireland.
QDI was previously owned by funds managed by Lone Star.
The partnership with TPG Real Estate, a subsidiary company of the private equity firm Texas Pacific Group, provides QDI additional capital and resources as it seeks to accelerate and expand its housing delivery.
The transaction includes existing sites and ongoing projects in Adamstown, Clonburris, and Portmarnock.
Financial details of the transaction were not disclosed.
Read the full article by Liam Coates here.
09.30 - UK economy grows 0.6 per cent in second quarter
Britain's economy grew 0.6 per cent in the second quarter of 2024, in line with economists' expectations and building on a rapid 0.7 per cent recovery in the first quarter of the year after a shallow recession in the second half of 2023.
At the start of the month the Bank of England raised its annual growth forecast for 2024 to 1.25 per cent from 0.5 per cent due to a stronger-than-expected start to the year.
But it was less upbeat about the outlook for the remainder of 2024, seeing growth slow to 0.4 per cent in the third quarter and 0.2 per cent in the final three months of the year.
Read the full story on The Financial Times.
09.00 - Minister Peter Burke says fund will focus on AI
A new €250 million cycle of Ireland’s venture capital (VC) fund for early-stage companies will be focused on life sciences, artificial intelligence, climate action and encouraging women into entrepreneurship, according to the minister for enterprise.
Peter Burke, speaking on RTÉ’s Morning Ireland today, said it would help to grow Ireland’s economy “through new startups, to create new jobs, and to export”.
Burke also said he wouldn’t “countenance” an increase of €1 to the minimum wage, in a tetchy exchange on radio this morning. Read the full story here.
08.45 - C&C remains confident on full year earnings expectations
Drinks group C&C has said it remains confident of achieving its earnings expectations for the full year.
In a trading updating ahead of its annual general meeting today, it said earnings so far this year are in line with expectations.
The Bulmers owner also said it has appointed IDA Ireland chairman Feargal O’Rourke to the board as a non-executive director. Mr O’Rourke, the former managing partner of PwC Ireland, will join the board as an independent appointee and will also join the audit committee.
Governance of the company has been in the spotlight since June, when previous C&C chief executive Patrick McMahon stepped down from his role with immediate effect following accounting errors at the company.
Luke Byrne has the full story here.
08.30 - Markets Update
The Iseq All Share is in the green this morning as it was up 0.39 per cent to 9,397.11. However, it was down 0.06 per cent since previous close.
Corre Energy was the top performer in early trading, up 2.3 per cent, while hotel group, Dalata was the biggest faller, slipping 0.73 per cent since the market opened.
Meanwhile, the DAX performance index is also in the green at 17959.98, up 72.38 points (0.04 per cent) since it opened this morning.
Looking to the UK, the FTSE 100 is also trending upwards at 8288.4, with a rise of 0.09 per cent (+7.35) since early trading.
08.15 - Irish company to aid development of new NATO helicopter
An Irish-based company will play a role in a concept study for the development of a new helicopter for the Nato military alliance.
European aircraft manufacturer Airbus said its helicopter division, Airbus Helicopters, had been awarded a contract by the Nato Support and Procurement Agency (NSPA) to lead a concept study for a new medium-role helicopter.
“France, Germany, the United Kingdom, the United States, Ireland and Italy are involved in the project via the different partner companies,” Airbus said in statement.
A spokesman for the aircraft company said it had mentioned Ireland in its statement “because part of the studies related to the project led by Airbus will be conducted by Rockwell Collins Ireland”.
In 2018, Rockwell Collins was bought by United Technologies and now operates as Collins Aerospace, which has operations in Shannon and in Cork.
Read the full story on The Irish Times.
08.00 - Asian Market Update
Indonesia’s rupiah gained 0.58 per cent while the Singapore dollar had a marginal increase of 0.05 per cent.
In Japan, the Nikkei up 0.78 per cent after fluctuations that followed prime minister, Fumio Kishida’s, announcement to not run for a second term as leader of the long-ruling Liberal Democratic Party in September. However, the yen fell 0.16 per cent since previous close.
Overall, the main gainer in the Asian stock index is Mizuho Financial Group Inc which increased 4 per cent, while the biggest faller is Keyence Corp, a Japanese manufacturer that declined 3.85 per cent since previous close.
07.45 - Ireland’s first shared e-scooter scheme set to launch in Wexford town
Around 50 shared e-scooters will be made available by mobility firm Bolt in the southeast town.
The development follows the commencement of new regulations governing the use of e-scooters in May.
This allowed providers to work with local authorities to offer shared e-scooters, once they comply with the rules and meet best practice on safety.
The scooters being deployed by Bolt will have a built-in speed-limit of 20km/h to prevent speeding.
The devices will have to be parked in mandatory parking locations in the town, similar to the shared e-bike scheme already in operation there by Bolt.
Read the full story here.
07.30 - €250m has been allocated to a new round of the Government's Seed and Venture Capital Scheme.
The fund will run for four years from 2025 and will be administered by Enterprise Ireland and aims to provide funding to early-stage Irish companies.
A recent review of the scheme over the period from 2013 to 2022 found it has increased the availability of risk capital and has brought in significant private investment.
So far Enterprise Ireland has invested over €700 million in it, leveraging funds totalling €3.3 billion.
It also found the scheme had a significant impact on investee firms in terms of employment, R&D expenditure, and company valuations.
It is estimated that that the realised and expected economic benefits from the SVC-backed Irish firms over the period are worth €2.05 billion in Gross Value Added.
Around 4,300 additional jobs have also been created, equivalent to 28 jobs per firm on average.
Read the full government release here.
07.15 - Population growth exceeds new homes by almost four to one.
A recent analysis by property advisor Savills Ireland demonstrates the extent to which Ireland is an outlier in the severity of its’ housing supply challenge.
It says population growth in comparison to housing delivery between 2015 and 2023, shows that 3.8 people were added to the population for every one new unit of housing delivered, a ratio of nearly four to one.
Savills says this is by far the worst among the countries analysed and 14 per cent higher than the next worse country, Spain, which saw 3.4 new people per one new unit delivered.
Killian Woods has the full story here.
07.00 - What’s on today?
Good morning, it’s Emma Hanrahan here to take you through the day’s most important news from Ireland and around the world.
We’ll be updating you on all the happenings across major markets this morning and over the course of the week
We will also be keeping a close eye on C&C Group’s AGM this afternoon, and new US unemployment data.