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 - Amazon denies it planned to disclose cost of US tariffs on its website
Amazon.com rejected a report claiming it planned to reveal the cost of US tariffs on its products, after the White House blasted the initial story.
The company said it had never considered displaying tariffs on its main retail site, nor had it implemented such a move on any platform.
“A team managing our low-cost Amazon Haul store explored the idea of listing import charges on certain products,” a company spokesperson had said.
16.45 - ‘Gold-plated salary’ for new housing tsar criticised in Dáil
The opposition has piled pressure on the government to clarify details of the salary for the new housing tsar due to be appointed in the coming days.
As first reported by the Business Post, Brendan McDonagh, the chief executive of Nama, is set to be confirmed this week to head up a new housing activation office being established by the coalition.
However, controversy has emerged after reports McDonagh would retain his €430,000 salary for the new role.
16.30 - Irish markets update: Iseq closes in the green
The Iseq All Share closed in the green on Tuesday, up 1.62 per cent to 10,377.75.
Among the top gainers were Origin Enterprises and Irish Continental Group, whose share price jumped 3.88 and 3.17 per cent, respectively.
Meanwhile, Permanent TSB led the fallers, down 3.23 per cent. FBD Holdings’ share price also dropped 2.21 per cent since previous close.
16.15 - Government defends semi-state executive pay plans as it rejects proposal for performance bonuses
The government has defended plans to change how chief executive pay in commercial semi-state bodies is determined as a move to prevent the loss of talent to the private sector.
The senior post remuneration committee, established last year, on Tuesday concluded the current remuneration system was not optimal in serving the interests of commercial semi-states, the state and the taxpayer.
16.00 - Number of foreign visitors drops 15% in March amid three-month consecutive decline
The number of foreign visitors to Ireland fell by 15 per cent in March, with total expenditure marking three consecutive months of lower year-on-year tourism figures.
New figures from the Central Statistics Office (CSO) show in March, 441,200 foreign visitors spent an average of 6.5 nights in the country and spent approximately €448 million.
While this was an increase in total expenditure across January and February, it’s down 20 per cent year on year, demonstrating a softer quarter than 2024.
15.45 - M&S shares mount recovery after £700m knocked off market cap following cyber attack
Shares in Marks and Spencer (M&S) have gained for the first time since a cyber attack wiped £700 million (€823 million) off its market cap.
The attack, which has caused the retailer to suspend all online orders in Ireland and the UK, saw the share price of the FTSE 100-listed retailer fall by 6.7 per cent from Tuesday, 22 April to Monday, 28 April.
15.30 - US biotech raises $15m to reduce cattle methane emissions with Irish state among the backers
A US biotech company developing“game-changing” novel enzymes that can significantly reduce methane emissions from cattle, has raised $15 million in a funding round backed by the Irish state. The company is now seeking partners to work with in Ireland to help trial the solution on farms here.
Hoofprint Biome, a North Carolina-headquartered startup founded in 2023, has uncovered novel enzymes using artificial intelligence that can be given to cattle via yeast priobotics that will cut methane production, while also aiding general animal health and nutrition.
15.15 - Leprechaun economics? Irish economy grows by 13 per cent as exporters tried to outpace Trump tariffs
The Irish economy is expected to have grown by over 13 per cent on an annual basis in the first quarter of 2025, as Irish exporters tried to outpace tariffs from the United States.
The preliminary Gross Domestic Product (GDP) figures from the Central Statistics Office (CSO) show GDP was estimated to have expanded by 13.3 per cent in the first three months of this year, when compared with the same quarter in 2024.
Preliminary GDP figures are subject to revision, and can often show quite substantial variance upon being finalised.
If confirmed, the 13.3 per cent annual growth rate would be the largest single quarter growth since lockdowns were lifted following two years of the Covid-19 pandemic at the end of 2021.
15.00 - CalypsoAI Named a Top-Two Finalist at RSAC 2025 Innovation Sandbox
CalypsoAI, an AI security company, has been named a top-two finalist at the RSAC 2025 Innovation Sandbox contest, a cybersecurity industry competition for emerging technologies.
CalypsoAI’s Inference Platform offers a full-lifecycle AI security architecture that protects AI systems and agents at inference — where decisions are made and risks emerge.
The panel of industry expert judges praised CalypsoAI’s focus on securing AI systems and agents, which have the potential to transform enterprises in the immediate future.
More than 250 companies applied for this year’s Innovation Sandbox contest, which is in its 20th year.
A panel of industry expert judges selected CalypsoAI as a top-two finalist from ten finalists, following product demonstrations, a live onstage pitch, and a Q&A session at RSAC 2025 at the Moscone Center in San Francisco.
14.45 - US markets update
The S&P 500 and the Nasdaq fell at the open on Tuesday, while the Dow was flat as investors assessed a mixed bag of corporate earnings and the latest developments in the US-China trade war.
The Dow Jones Industrial Average rose 0.02 per cent at the open to 40,233.98. The S&P 500 fell 0.36 per cent at the open to 5,508.87, while the Nasdaq Composite dropped 0.55 per cent to 17,270.757 at the opening bell.
14.30 - Shorla Oncology announces FDA approval of a ready-to-dilute formulation of thiotepa to treat breast and ovarian cancer
Shorla Oncology, a US-Ireland specialty pharmaceutical company, announced today that the US Food and Drug Administration (FDA) has granted approval for 100 mg/10mL multi-dose vial of Tepylute, a ready-to-dilute formulation of thiotepa to treat breast and ovarian cancer, that eliminates the need for reconstitution and may reduce preparation time and errors offering more scheduling flexibility for their patients.
Tepylute is a ready to dilute formulation of a well-established, standard of care oncology drug thiotepa that has been manufactured as freeze-dried powder since the 1950s.
“Once opened, our 100mg vial of Tepylute is stable for 14 days when properly stored, giving providers the flexibility they need when preparing and administering this very important treatment,” said Sharon Cunningham, chief executive officer and co-founder of Shorla Oncology.
Shorla Oncology is a privately- held, commercial stage speciality pharmaceutical company established by Sharon Cunningham and Orlaith Ryan. The company has an advanced pipeline of innovative oncology drugs for orphan and pediatric cancers.
14.15 - Exclusive: Daa demands Fingal withdraw ‘unlawful’ actions over Dublin Airport passenger cap
The operators of Dublin Airport have launched a blistering attack on Fingal County Council (FCC), accusing it of making “unlawful” and “legally baseless” demands relating to the proposed increase of the 32 million passenger cap.
The Daa (Dublin Airport Authority), in correspondence obtained by the Business Post, has demanded that two demands from the council “should be withdrawn”.
The seven-page letter sent on April 10 by the Daa’s head of planning Jane Roche marks a serious escalation in the war of words between the airport operator and the council over plans to expand the airport’s capacity.
Daniel McConnell has the story.
14.00 - UPS to cut 20,000 jobs on likely lower Amazon shipments
United Parcel Service (UPS) reported first-quarter profits that surpassed market expectations and revealed plans to eliminate 20,000 jobs as part of a broader effort to reduce costs in a challenging economic environment.
The company also cited anticipated lower shipping volumes from its largest client, Amazon, as a key driver behind the decision.
“The actions we are taking to reconfigure our network and cut costs across the business could not be more timely,” said chief executive Carol Tomé.
13.45 - Irish Solar Energy Association announces leadership transition
The Irish Solar Energy Association (ISEA) has announced that Conall Bolger will be stepping down as chief executive at the end of May 2025.
Bolger will be succeeded on an interim basis by Ronan Power, former chief executive of Pinergy Solar and a long-standing member of ISEA’s board of directors, who will assume the role of interim chief executive from May.
Conall Bolger helped to strengthen Isea’s advocacy, industry influence, and member engagement. Under his leadership, Isea has expanded its national footprint and built powerful connections across government, industry, and the wider energy community.
13.30 - PayPal's quarterly revenue miss clouds profit beat, shares fall
PayPal missed Wall Street estimates for first-quarter revenue on Tuesday, overshadowing the payments giant's profit beat and sending its shares down 3.2 per cent before the bell.
The company's results highlight the challenge of navigating growth expectations as PayPal undergoes an ambitious turnaround under chief executive Alex Chriss' leadership.
Since Chriss took the helm in late 2023, PayPal has narrowed its focus and concentrated on high-margin businesses instead of aggressive growth.
13.15 - Volvo Cars shares plunge on earnings fall, withdrawn guidance and major cost-cutting drive
Swedish-based automaker Volvo Cars on Tuesday announced cost-cutting plans of 18 billion Swedish krona ($1.87 billion) and withdrew financial guidance as its operating profit fell sharply in the first three months of the year.
Volvo Cars, which is owned by China’s Geely Holding, reported first-quarter operating profit of 1.9 billion krona, down from 4.7 billion krona in the same period last year.
13.00 - Jury selected in Gerry Adams defamation case against the BBC
A jury of seven men and five women has been selected in former Sinn Féin president Gerry Adams’s defamation proceedings against the BBC.
Lawyers for Adams appeared in court Tuesday morning on the first day of a trial before Mr Justice Alexander Owens, who allocated four weeks for the matter. The jury was sworn in this morning. The judge had previously set aside two weeks for the hearing.
Adams sued the BBC for defamation, which it denies, in May 2017.
12.45 - Farmland sales forecast to rise by 6 per cent in 2025
The cost of farmland in Ireland is forecast to rise by 6 per cent in 2025, according a new report from the Society of Chartered Surveyors Ireland (SCSI) and Teagasc.
The report, which was released on Tuesday, also found that the price of non-residential agricultural land increased by an average of 7 per cent to €9,907 per acre in 2024.
Meanwhile, rental prices for farmland is forecast to rise by 7 per cent this year, the report found.
Waterford was home to the most expensive land in the country in 2024, where good quality land on 50 to 100 acres holdings attract an average sale price of €23,500 per acre.
Oisín Gaffey has the full story.
12.30 - Credit unions retain top ‘best reputation’ firms list
Credit unions enjoyed the best reputation in 2025, holding onto top spot for a second successive year, a new study has found.
The credit unions across the country as a whole earned a score of 82.4, one of two firms to receive an ‘excellent’ score, according to the sixteenth Ireland Reputation Index from RepTrak.
An Post, which previously held the top spot for 15 years before last year’s study, came in second place with a score of 80.8.
Boots came in third place with 79.52, Aer Lingus was in fourth with 78.73 while Lidl rounded off the top five with a 78.65 score.
12.15 - Annual retail sales slow by 1.3 per cent in March - CSO
Retail sales fell by 0.9 per cent on a monthly basis in March and declined by 1.3 per cent year-on-year, new figures from the Central Statistics Office show today.
The CSO added that the value of retail sales fell by 0.8 per cent in the month and declined by 1.1 per cent in the 12 months to March.
Today's figures show the sectors with the biggest monthly decreases were Department Stores, with sales down 3.8 per cent, while sales of Pharmaceuticals, Medical & Cosmetic Articles fell by 3.3 per cent and Bars sales slowed by 2.3 per cent.
12.00 - Housing activation office will have €1 billion fund to unblock housing delivery
A new housing activation office will be approved by cabinet today, with plans to allocate up to €1 billion in capital funding to the new unit.
The Business Post last week, revealed Brendan McDonagh, the Nama chief executive, will be appointed to head up the new office.
However, his appointment will not be approved today and will be considered at a cabinet sub-committee on housing later this week.
Concerns have been raised over McDonagh retraining his €430,000 salary, with Taoiseach Micheál Martin yesterday saying he “understands” those concerns.
James Browne, the minister for housing, will today bring a memo to cabinet with the terms of reference for the establishment of the unit.
Daniel Murray has the full report.
11.45 - Joyce Brennan appointed as chief executive of Irish Association of Pension Funds (IAPF)
The Irish Association of Pension Funds today announced the appointment of Joyce Brennan as Chief Executive. Brennan replaces Jerry Moriarty who stood down from the role earlier this year.
Brennan is currently managing director of general investment trust and has over 25 years’ experience in the pensions sector with previous roles at Irish Pensions Trust Ltd., Mercer and KPMG and is an experienced director, leader and actuary.
She has been a Council member of the IAPF for the past 3 years and vice-chairperson of the IAPF for the past year. Brennan also holds several non-executive director roles in the insurance sector.
Brennan will commence her new role on 1 August, 2025.
11.30 - Spotify forecasts second-quarter profit below estimates
Spotify forecast current-quarter operating profit below Wall Street estimates on Tuesday as it grapples with higher payroll taxes, taking the shine off its strong subscriber growth and sending the company's shares down 8 per cent before the bell.
The company's efforts to boost profitability are being closely watched by investors after it benefited in recent years from price increases and cost-cutting initiatives.
Spotify's March-quarter operating profit of €509 million also missed estimates due to the higher payroll taxes tied to employee salaries and benefits in some countries.
A rival to Apple and Amazon's music-streaming offerings, Spotify has been leaning on AI features to drive growth. It has expanded its AI Playlist feature, which lets subscribers create personalized playlists from written prompts, to more than 40 new markets.
The company forecast current-quarter monthly active users of 689 million, compared with the average analyst estimate of 684.9 million, according to data compiled by LSEG.
11.15 - Blackstone-Backed Rover group buys Dublin dog-sitting platform Gudog
Rover Group, a platform that connects pet owners to walkers and sitters, is buying Dublin-based marketplace Gudog as it eyes more buyouts and organic growth in Europe.
Alternative asset giant Blackstone shelled out $2.3 billion (€2 billion) in cash to take Rover private in February 2024, enabling the Seattle-based company to add users by acquiring other pet platforms, including feline-focused Cat In A Flat in October.
With the Gudog acquisition, Rover is reaching new territory in Ireland and Denmark while adding 20,000 dog sitters and walkers across Europe, according to a statement. Before becoming a target, Gudog was itself a serial dog-sitting platform acquirer, the company’s website shows.
11.00 - Avolon reports record lease revenues and 36 per cent surge in profits for Q1 2025
Avolon, the Irish aircraft financing and leasing company, reported a 36 per cent rise in net income for the first quarter of 2025, buoyed by record lease revenues and strong demand for its aircraft portfolio.
The Dublin-based firm posted net income of $145 million (€127.2 million) for the quarter, up from $107 million a year earlier. Lease revenue climbed 10 per cent year-on-year to $683 million, marking the highest quarterly performance in Avolon’s history.
Operating cash flow rose 8 per cent to $365 million, reflecting continued growth in aviation leasing activity as global air travel demand remains robust.
10.45 - Pillar banks’ earnings preview: ‘Robust’ Irish lenders on steady course for first quarter
Irish pillar banks are “robust” and likely to remain within guidance ahead of each of the bank’s quarterly earnings, analysts have said.
The banks’ performance were likely supported by steady growth in household lending and resilient asset quality, even as global economic uncertainty clouds the broader outlook, analysts from Davy and Goodbody have detailed in a new report.
Permanent TSB will be the first to report their first quarter results on Wednesday April 30. AIB and Bank of Ireland report next, on May 2 and May 3 respectively.
Read more from Fionn Thompson here.
10.30 - Adidas warns of higher costs from US tariffs, confirms outlook
German sportswear maker Adidas said today that higher US import tariffs and broader uncertainty around trade were clouding its forecasts and making it difficult to plan.
Bjorn Gulden, Adidas chief executive, said the company would have hiked its revenue and profit guidance for 2025 after strong first-quarter results, but tariff uncertainty meant it decided to hold back.
10.15 - HSBC’s Elhedery backs US dollar despite worsening economic outlook due to tariffs
HSBC chief executive Georges Elhedery has said it is “critical” that the dollar maintains its position as the dominant currency while he outlined the impact of trade tariffs on the bank’s business.
“Trust and confidence in this risk-free asset is paramount,” he said during a call with reporters on Tuesday after HSBC announced its first-quarter results.
“We do not see a shift in the position of the US dollar as the trade currency.” While the “lion’s share” of trade is financed using the dollar, Elhedery said there had been an increase in the use of renminbi, which now accounts for about 7 or 8 per cent of trade finance globally.
10.00 - Profits at oil giant BP fell by half in first quarter
The boss of BP said the energy giant has "already made significant progress" with its oil and gas focused growth strategy as it pulls back from renewables to boost its finances.
But the company said today that its profits for the past quarter dropped by almost half and its debts swelled to $27 billion amid pressure from weaker oil prices.
The FTSE 100 firm said its preferred profit measure - underlying replacement cost profit - dropped by 49 per cent to $1.38 billion.
It was higher than the previous quarter but also came in below market expectations.
09.45 - China’s copper supplies set to run out as US tariffs bite, says Mercuria
China’s copper stockpiles are on track to dwindle to nothing in just a few months, as the market suffers “one of the greatest tightening shocks” in its history on fears of US tariffs, according to senior executives at commodities trading house Mercuria.
Huge US demand, as buyers rush to get their hands on copper ahead of the potential imposition of levies by the Trump administration, was sucking imports of the metal into the country from the rest of the world and setting it up in direct competition with China for supplies, said the Geneva-based group.
09.30 - Deutsche Bank reports highest profit in 14 years
Deutsche Bank has reported its highest quarterly pre-tax profit in 14 years but warned of the impact of US tariffs.
Pre-tax profit rose 39 per cent year on year to €2.8 billion in the first quarter of 2025, exceeding analysts’ expectations by 7 per cent.
Revenues grew 10 per cent to the highest level in a decade, boosted by bond and currency trading amid heightened global market volatility. Costs fell 2 per cent, helped by lower litigation charges.
Read more on the Financial Times.
09.15 - Penneys owner AB Foods shares down nearly 9% amid dwindling profits and revenue
Revenue and profits were down at Penneys owner Associated British Foods (ABF) as retail sales grew by 1 per cent to £4.5 billion (€5.3 billion) and its sugar business incurred a £16 million loss.
In latest results published Tuesday, ABF reported a 2 per cent drop in revenue to £9.5 billion in the 24 weeks ended March 1 2025. Adjusted operating profit dropped 12 per cent in the same period to £835 million while earnings per share was down 8 per cent to 83.6 pence.
Free cash flow at the London-listed company decreased to £27 million from £468 million.
Read the full article by Vish Gain here.
09.00 - Banking, housing remain challenges to competitiveness, NCPC report says
The government has made “substantial progress” on key recommendations for the economy’s competitiveness, but further work is needed in housing and retail banking competition, a new report has said.
The review from the National Competitiveness and Productivity Council said vital competitiveness areas covering planning delays, energy infrastructure, and meeting climate targets also required more action.
The report looked at 79 recommendations made between 2020 and 2023 and concluded that the government had fully delivered on 45, with the remaining 34 classed as “in progress”. Among the key areas reviewed were macroeconomic sustainability, business environment, education and skills, and technology and innovation.
08.45 - Hostelworld targets double-digit growth by 2027 despite travel market headwinds
Hostelworld on Tuesday set targets for low double-digit revenue growth and an adjusted Ebitda margin of over 20 per cent by 2027, as it prepares to unveil a new growth strategy focused on scaling its social travel network.
The online travel agent also announced plans to reinstate a progressive dividend policy, starting with an interim payment in the second half of 2025, and introduce a share buyback programme, subject to market conditions.
“We have built a highly differentiated, scalable and cash generative business model,” the company said ahead of its capital markets day, scheduled for this afternoon in London.
“Our pioneering social travel network has delivered powerful network effects across our core hostel OTA platform, which has delivered meaningful cash generation in recent years.”
08.30 - Isme urges TDs to amend Defamation Bill
Isme (Irish Small and Medium Enterprises Association) has called on TDs to support amendments strengthening the Defamation Amendment Bill as it comes before the Dáil again on Wednesday.
The proposed amendments will provide protection for small businesses against costly and often unjustified defamation claims.
Isme says the bill in its current form does not go far enough to protect small businesses from widespread abuse of defamation laws and an increasing volume of defamation threats and costly court cases.
Irish courts now handle more defamation cases than England and Wales, despite Ireland having a population twelve times smaller. Many retailers in Ireland have stopped challenging suspected shoplifters as a result.
08.20 - Irish market update
The Iseq All Share opened in the red on Tuesday, down 0.02 per cent before quickly climbing higher to trade in the green.
The index was up 1.3 per cent on the previous close by 8:45am, with healthy gains at Uniphar, up 4.2 per cent and Origin Enterprises, up 3.9 per cent.
Two of the three pillar banks AIB and Bank of Ireland also rose, up 2.45 per cent to €5.89 and 1.5 per cent to €10.63.
Kingspan was up 0.4 per cent to €75.10, Glanbia rose 0.1 per cent to €10.07 and Cairn Homes rose 0.1 per cent to €1.88.
08.15 - Lufthansa confirms 2025 outlook
German airline Lufthansa confirmed its operating result forecast for 2025, offering what analysts deemed a more positive assessment than other airlines, but warned that it was monitoring the impact of trade tensions.
European airlines are entering the first-quarter earnings season with increased investor anxiety over demand as global economic worries stemming from US President Donald Trump's tariff threats drag on US air travel.
For the first three months of 2025, Lufthansa reported an adjusted loss before interest and taxes (Ebit) of €722 million, roughly in line with a company-compiled forecast.
That's down 15 per cent from a loss of €849 million for the same quarter last year. Revenues were up 10 per cent on last year, at €8.1 billion compared to €7.3 billion.
Lufthansa shares are around the same level as this time last year, with one trader saying there could be a bounce today based on what they see as "good enough" results.
08.00 - Ladbrokes owner Entain posts strong Q1 gaming growth as CEO aims for £500m annual cashflow
Ladbrokes owner Entain has sustained its strong gaming revenue growth into the first quarter of 2025 at 9 per cent as the company eyes £500 million (€588.5 million) of annual cashflow.
Quarterly results posted Tuesday morning show total group net gaming revenue, which includes a 50 per cent share of BetMGM, was up 9 per cent with a strong online performance particularly in the UK and Ireland market.
Net gaming revenue for first quarter outside the US was up 6 per cent amid operator friendly sports results, with a 23 per cent jump in the UK and Ireland, and a 31 per cent jump in Brazil.
07.45 - Spain races to restore full power after massive blackout
Authorities in Spain and Portugal were scrambling on Tuesday to get transport networks and infrastructure running again after a massive power outage brought the two countries to a standstill.
Widespread disruption continued in Madrid, Barcelona and other cities after Monday’s blackout paralysed transport and communications across much of Spain and Portugal. Unstable power supply in some areas continued to severely hamper transport services.
Spain’s grid operator, Red Eléctrica, said that by 7 am local time on Tuesday almost 100 per cent of energy demand had been restored after millions spent the night in darkness. The operator said it was still working to achieve the “complete normalisation” of the system.
Read more on the Financial Times.
07.30 - Government to examine subsidies to ‘critical’ semiconductor sector as part of new strategy
The government will explore subsidising the semiconductor sector to encourage further investment in Ireland, as part of a new strategy going to cabinet for approval today.
Peter Burke, the minister for enterprise, will look for government approval for his department’s new semiconductor strategy on Tuesday, which will contain a variety of government actions to support the high-value industry at a critical time.
The strategy comes as Intel, a major semiconductor manufacturer in Ireland, is planning to cut 20 per cent of its global workforce after announcing second-quarter revenue would be between $11.2 billion and $12.4 billion (€10.88 billion), compared with analysts’ estimates of $12.9 billion. It is not clear yet how Ireland will be affected by the cuts.
Daniel Murray has the full story.
07.15 - Asian markets update
In Asia the fresh overnight news on auto tariffs we discussed at the top seems to be helping push markets higher.
The S&P/ASX 200 (+0.91 per cent) has hit a near 2-month high with the Kospi (+0.65 per cent) and the Hang Seng (+0.38 per cent) also edging higher while Chinese equities are bucking the positive trend with the CSI (-0.14 per cent) and the Shanghai Composite (-0.05 per cent) seeing minor losses.
Elsewhere, Japanese markets are closed for a public holiday. There’s no trading of cash Treasuries in Asia as Japan is closed.
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.
Leading the Business Post website is an article by Fionn Thompson that mortgage drawdowns increased 19 per cent to €2.8 billion in the first quarter of 2025. Read more here.
Elsewhere, the Financial Times leads with an article about Mark Carney, who has won Canada’s election after a campaign dominated by the country’s relationship with the US under Donald Trump. Read the full piece here.