Live News

Live News: New CEO at Camile Thai; Fuel prices fall this month

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.

15.11 - New CEO for Camile Thai

Camile Thai, the Irish-owned food chain, has appointed Daniel Greene as its new chief executive officer, replacing founder Brody Sweeney at the head of the company.

Sweeney, who founded the Thai food outlet in 2010, will step back from daily operations of the company while remaining as the majority shareholder.

Greene joined the company, which has over 50 locations in Ireland and the UK, including a new Dublin Airport outlet, in 2013, serving as its managing director since 2022. Eoin O’Hare has the story.

2.42 - Fuel prices fall in June: AA Ireland

Pump petrol prices fell by 4 cents to an average of €1.79 per litre in June, while diesel prices dropped 5 cents to €1.71 a litre, according to AA Ireland.

Jennifer Kilduff, the head of marketing & PR at AA Ireland, said that while the early part of the year saw “significant volatility” in fuel prices, mainly due to unplanned refinery outages in Europe and strikes on Russian refineries, reduced tensions and attacks had led to a softening of prices.

Weaker demand in the US had resulted in high fuel stock levels amid increased production, Kilduff said, and delays in interest rate cuts by US banks had also contributed to lower international fuel prices.

2.26 - Paul Murphy wins Sipo appeal on Varadkar leak

Paul Murphy, the People Before Profit TD, has won his High Court appeal against the Standards in Public Office Commission (Sipo) for its decision not to investigate the leaking of a GP contract by Leo Varadkar, the former taoiseach.

The court found that the TD was entitled to an order quashing the 2022 decision, relating to a leaked draft contract to Dr Maitiú Ó Tuathail, then president of the now-defunct National Association of General Practitioners (NAGP).

Varadkar was cleared of criminal wrongdoing in July 2022.

1.16 - Bank of Ireland apologises for online outage

Bank of Ireland has apologised for interruptions to its mobile and online banking services.

In a post on X, formerly known as Twitter, on Friday afternoon, the bank apologised for the inconvenience, stating that services were again running normally on its mobile app and on 365 Online.

12.36 - Irishman appointed head of EIB Global

Andrew McDowell, former chief economic adviser to Enda Kenny, has been appointed to director general of EIB Global. EIB Global, part of the European Investment Bank, offers investment and advisory services outside of the European Union. In 2023 it committed more than €8.4 billion to projects to EU partner countries.

The group’s projects include a focus on climate mitigation and adaptation and support for the recovery of Ukraine. Read Kathleen Gallagher’s story for more.

11.45 - Huawei nears a billion devices

Huawei is closing in on a billion active consumer devices, underscoring how the US-sanctioned company is taking the battle to Apple in the pivotal Chinese market.

There are now some 900 million Huawei gadgets installed with its inhouse Harmony operating software, up significantly from just a few months ago, consumer business chairman Richard Yu said.

Sales of premium Huawei smartphones climbed 72 per cent in the first five months of 2024, he told attendees at an annual developer forum. Get the full story here.

11.13 Barristers to take strike action

Criminal law barristers are set to strike for three days next month in response to a lack of progress on talks with the Department of Justice around fees.

July’s strike action is an escalation of the unprecedented withdrawal of services last October, according to the representative body for barristers, following the government’s failure to reverse financial crisis-era cuts to criminal case fees.

Eoin O’Hare has the details here.

10.42 Dubliners face higher property tax

Householders in the Dublin City Council area are likely to see their local property tax increase by 15 per cent in 2026 as part of an agreement between a number of political parties on the incoming council.

According to RTE, a coalition of Fine Gael, Fianna Fáil, the Green Party and Labour says the measure will raise €14.5 million a year for the city. The money will be ring-fenced for areas such as house maintenance, street cleaning and playgrounds.

Councillors have the ability to increase or decrease the base rate of their area’s local property tax by 15 per cent. Between 2013 and 2024, Dublin City Council voted to keep it at its lowest possible rate of 15% below the base rate. That is expected to continue in 2025, with the new rate set to kick in the following year.

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09.18 Increased labour needed to meet housing targets

Increased labour capacity may be needed to deliver housing in line with the strong growth reported in commencement activity, according to a new report.

The latest housing market monitor from the Banking & Payments Federation Ireland (BPFI) indicated that construction began on 30,128 units in the first four months of 2024, compared to around 32,800 for all of last year.

Brian Hayes, the chief executive of BPFI, said that while an increased construction workforce may be required to continue with the strong commencement activity, indications were “somewhat positive” for the sector.

Employment in the construction sector increased from 147,500 in the first quarter of 2020 to 171,700 in the first quarter of 2024, according to Hayes.

“It is likely that some of the skilled labour required for this increased level of output could be transferred from other parts of the construction sector, such as office construction, where activity seems to be decreasing,” the BPFI chief said.

08.13 Revolut to off-load shares

Revolut has hired bankers to help it sell about $500 million worth of existing equity, joining a raft of private companies that have looked to alternative forms of liquidity for its shareholders as the market for initial public offerings remains in the doldrums.

The challenger bank is working with Morgan Stanley on the sale, which will help it free up cash for legions of existing staffers and early investors, according to people familiar with the matter. Read the full story here.

07.50 Kelly tipped as next Davy boss

Gavin Kelly, the senior group executive of Bank of Ireland, is being lined up by the bank as the next chief executive of Davy, its wealth management subsidiary, according to reports.

According to the Irish Times, Kelly is undergoing a fitness and probity assessment with the Central Bank of Ireland (CBI), the standard vetting procedure for appointments to top jobs at certain financial services companies.

07.26 Incentives not ruled out for Euronext

Ministers have not ruled out abolishing stamp duty on share trading or the use of incentives for retail investors such as an ISA-like product, Neale Richmond has said, as ways of reviving Euronext.

The minister for financial services, who was in London on Thursday, said that the government was taking "every suggestion at face value" amid efforts to revive Dublin's ailing stock market following the exit of big names such as Flutter and CRH.

Richmond, who will meet Euronext in Dublin next month, told The Business Post that "reviving our own stock exchange is key“. Read Dominic McGrath’s story here.

05.00 AI can play key role in health: Medtronic

Artificial intelligence presents medical professionals with the opportunity to automate tasks and save end users time, according to a senior executive at the medical device company Medtronic.

“We're seeing that in our own lives. At home, the amount of the ways in which AI and automation has saved time is actually significant. If you think about healthcare, and all the tasks, checking patients in, tracking patients, creating notation, there's such an opportunity,” sad George Murgatroyd, vice president of digital technologies at Medtronic

Ellie Donnelly’s interview is here.