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 - Trump delays tariffs on Mexico as he attacks Trudeau
US President Donald Trump has delayed tariffs on Mexico but has intensified his criticism of Canadian premier Justin Trudeau.
Trump wrote on social media platform Truth Social that, having spoken with Claudia Sheinbaum, the president of Mexico, he was pausing the tariffs until April 2.
He said: “I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of stopping illegal aliens from entering the United States and, likewise, stopping fentanyl. Thank you to President Sheinbaum for your hard work and cooperation.”
16.45 - Davy ups revenue forecasts to €28 billion for Danone and increases share price target
Davy has upped its 2025 revenue forecasts for Danone Food Group to €28.3 billion and its recurring operating profit forecasts to €3.77 billion after positive figures boosted confidence in the global company.
It has also increased its share price target to €77.5 and upgraded its rating to ‘outperform’, after last week’s financial results revealed a year of record productivity and a 4.7 per cent increase in sales.
Danone, led by managing director Killian Barry in Ireland, surpassed its forecasted 4.28 per cent rise in sales and recorded full year sales of almost €27.4 billion over 2024.
16.30 - Markets Update: Iseq closes in the green
The Iseq All-Share closed in the green on Thursday, having risen 0.92 per cent to 11,194.44.
Leading the gains was Bank of Ireland which rose 5.91 per cent to €12.45 per share. Following closely behind was Kenmare Resources, which saw a 4.26 per cent rise to €4.90 per share.
Among the fallers at market close was Ryanair, closing in the red by -0.57 per cent.
16.15 - Simon Harris denies he discussed trade surplus with US secretary of state Marco Rubio
Simon Harris has denied he discussed Ireland’s €50 billion trade surplus with the United States when he spoke to secretray of state Marco Rubio, despite claims by the American side it formed a key part of their discussion.
Harris, the tánaiste and trade ministert spoke for 20 minutes with Rubio on Tuesday.
The government here said it focused on the transatlantic relationship, Ukraine, and the Middle East.
No reference was made by the Irish government to the trade surplus, which has been previously criticised by the Trump administration.
16.00 - Energia earnings dip as start to planned sale drifts
Energy Group, the electricity and gas utility owned by the New York-based private equity firm I Squared Capital, has reported a decline in earnings for the first nine months of its financial year.
It comes as I Squared faced delays in launching the sale of the business, which the firm acquired for €1 billion nine years ago.
Energia's earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped to €238.3 million for the nine months ending in December, compared to €246.7 million for the same period in the previous fiscal year, according to the company’s report on Thursday.
15.45 - Irish business finance heads forecast 9% company growth in 2025 despite global headwinds
Chief financial officers and finance leaders forecast a strong growth outlook in their organisations in 2025, data from a new survey published by consultancy firm EY has revealed.
The latest EY survey of chief financial officers, which polled 200 finance leaders, revealed an average prediction of 9 per cent for company growth this year.
Vickie Wall, financial accounting advisory services leader at EY Ireland, said that finance leaders are prioritising talent development over cost reduction.
15.30 - Inside Keir Starmer and Micheál Martin's business event: Who was there and what was discussed?
Irish businesses got a front row seat when politicians and diplomats descended on Liverpool for the UK-Ireland summit.
Both Taoiseach Micheál Martin and Keir Starmer, the UK prime minister, were keen to include UK and Irish businesses as part of the gathering, with the two islands hailed as a “safe haven” for investment.
The Business Post has spoken to some of the businesses who attended a roundtable event early on Thursday at the EY offices in the city, where energy policy and innovation opportunities dominated the discussion.
15.00 - Primark opens first-ever standalone Home store in Belfast
Penneys, which operates as Primark outside of the Republic of Ireland, has today opened its first-ever standalone Primark Home store, located on Donegall Place in Belfast.
The opening of the new store marks a £2m investment in Belfast city centre and the creation of over 40 new retail jobs.
Located in Fountain House, the new store is near Primark's flagship Bank Buildings store in Belfast.
This brings Primark's total headcount to over 400 in the city and over 1,300 across Northern Ireland.
14.45 - US markets update
Wall Street's main indexes opened lower on Thursday as uncertainty about a trade war unleashed by US tariffs clouded sentiment, while chip stocks slid after Marvell's forecast fanned worries of slowing demand for AI infrastructure.
The Dow Jones Industrial Average fell 158.1 points, or 0.37 per cent, at the open to 42,848.49. The S&P 500 fell 56.8 points, or 0.97 per cent, to 5,785.87, while the Nasdaq Composite dropped 348.2 points, or 1.88 per cent, to 18,204.528.
14.30 - Exclusive: Revenues soar at LetsGetChecked as it exits the consumer space
LetsGetChecked, the Irish digital health firm that achieved unicorn status three years ago with a $1 billion valuation, saw a huge jump in revenues last year after exiting the consumer market in favour of concentrating solely on the business-to-business segment, the Business Post has learned.
Read the full exclusive story by Charlie Taylor.
14.15 - Aldi Ireland opens latest new store in Waterford City
Aldi Ireland has opened its newest store today in Waterford City.
The new €3.8 million city centre store in Waterford's City Square Shopping Centre will replace the existing store at The Glen.
The Glen store, which opened its doors in 2006, was the first Aldi store in Waterford.
Since then, Aldi has invested a total of more than €28 million in Waterford.
14.00 - S&P downgrades Stellantis rating
Global ratings agency S&P Global said on Thursday it has downgraded Stellantis to "BBB" from "BBB+", citing weak margin prospects.
S&P said it expects the price cuts implemented in North America and Europe late last year coupled with affordability concerns from buyers to limit the automaker's volume growth and margin expansion in those markets.
U.S. President Donald Trump on Wednesday gave carmakers a one-month reprieve from his punishing 25 per cent tariffs on Canada and Mexico.
13.45 - BP chief take over £2.3 million pay cut after slump in profits
BP chief executive Murray Auchincloss took a £2.3 million pay cut last year amid a slump in profit at the fossil fuel giant.
Mr Auchincloss took home £5.4 million in 2024 including bonuses and shares, down from £7.7 million in 2023, according to BP's annual report.
The nearly one-third drop came amid a more than £1.1 million cut to his bonus to £734,000, and a £1.6 million fall in share payments to about £2.8 million of BP stocks.
13.35 - Michael Flatley in Dublin to sign €7 million loan repayment
Michael Flatley will travel to Dublin on Friday to sign off on a near €7 million repayment to lenders in the ongoing receivership battle over his Co Cork estate, the High Court has heard.
The loan is at the centre of a High Court case Flatley took against Novellus, who appointed receivers over Castlehyde Estate, the Lord of the Dance creator’s mansion on a sprawling parcel of land outside Fermoy.
Flatley has been fighting Novellus and William McManus, its chief executive, over allegations the latter acted in a “sinister” manner which scuppered his attempt to acquire refinance in 2024.
13.20 - Breaking: ECB cuts interest rates by 25 basis points
The European Central Bank (ECB) has cut three key interest rates by 25 basis points for the second time this year.
Christine Lagarde, president of the ECB announced the move on Thursday, which brings the key interest rate down to 2.5 per cent.
The refinancing rate has been cut to 2.65 per cent. The marginal lending rate is now 2.9 per cent.
13.15 - Macy’s posts good results, dour outlook
US retail giant Macy’s is the latest American retailer to post better-than-expected results in its fourth quarter but warned over the future outlook of the firm’s business.
The department store operator said that it expected sales in its fiscal year to be $21 billion to $21.4 billion, below estimates.
It follows Abercrombie and Fitch and Footlocker as retailers to warn over future sales despite encouraging quarterly results.
13.00 - Revolut warns rugby fans of Six Nations scams
Digital bank Revolut says the number of victims in Ireland reporting scams has increased by a third in the build-up to the Ireland France game on Saturday.
The bank has recorded a significant increase in ticket scam victims in Ireland over the final two weeks of February compared with the previous two weeks.
It comes as little surprise given that this weekend’s matches could decide the outcome of this year’s Championship, with Ireland bidding for a historic Six Nations three-peat.
Read more on the Irish Independent.
12.45 - CitySwift to partner with all London bus operators
Galway-based transport data company CitySwift has today announced the rollout of its platform to all bus operators in London.
Founded in 2016, CitySwift works with public sector transport authorities and private bus operators to break down the barriers to accessing and interpreting transport data
London has one of the largest public transport networks in the world with nearly 9,000 buses serving about 1.8 billion passenger journeys a year.
It is operated by seven bus operators on 675 routes franchised by Transport for London (TfL).
12.30 - IPUT Real Estate announces €230m commitment to new logistics sub-fund
Iput Real Estate has committed €230 million to launch a new sustainable logistics sub-fund, which is set to deliver 1.5 million square feet of logistics space in Dublin amid rising demand for modern distribution hubs.
The Dublin-based property investment company has raised €115 million in new capital from two new investors - the Ireland Strategic Investment Fund (ISIF), and a European institutional investor via CBRE IM’s Indirect Strategies, to develop the first phase of Nexus Logistics Park.
The remaining €115 million is being invested by Iput through a combination of capital and its zoned logistics landbank.
Read the full article by Alice O’Leary here.
12.00 - Ecocem announce a three-year supply agreement with Kilsaran
Ecocem in Ireland has announced a new three-year supply agreement with Kilsaran, Ireland’s largest independent manufacturer of concrete products.
The multi-annual agreement for low-carbon Ground Granulated Blast-furnace Slag (GGBS) provides a security of supply required to meet rising demand for low carbon concrete products in the Irish market.
Read the full announcement on LinkedIn.
11.45 - Domestic economy posts 'healthy' growth of 2.7 per cent in 2024 - CSO
The domestic economy grew by a healthy 2.7 per cent last year, according to the latest figures from the Central Statistics Office.
Gross Domestic Product, which includes the multinationals activity, rose by 1.2 per cent in 2024.
Personal spending on goods and services, a key indicator of the domestic economy rose 2.3 per cent, while wages grew by 2.9 per cent.
Modified investment was up 2.2 per cent last year.
The CSO said building and construction was down 2 per cent last year with new homes falling 7.5 per cent.
11.30 - TikTok redundancies to take effect in April, Peter Burke says
Peter Burke, the minister for enterprise and employment, said that he ‘understands’ that the proposed redundancies at TikTok will take effect in April this year.
In a statement, Burke said that the government received a “Notification of Collective Redundancies” from ByteDance on March 4, following a February announcement by the company that it would be undergoing global restructuring.
11.15 - Financial Times chief executive John Ridding steps down after two decades
Financial Times chief executive John Ridding is stepping down in June after leading the newspaper group for almost 20 years.
Ridding will remain with parent company Nikkei as a special adviser reporting to its chairman and group chief executive Naotoshi Okada.
He will also take the title of honorary FT chairman, a non-executive role designed to support a smooth transition and encourage more collaboration between the newspaper group and Nikkei.
Read more on the Financial Times.
11.00 - Currency rallies against US dollar as Europe arms up
The euro has hit a four-month high compared to the US dollar ahead of measures across the continent to bolster its military capabilities and defences as the US pulls support from Ukraine.
Over the past week, the euro surged more than 3 per cent against the US dollar to reach $1.078, marking the biggest three-day rally in over two years.
This comes as Germany’s new coalition government agreed to establish a €500 billion infrastructure fund and amend borrowing rules such as exempting defence expenditures exceeding 1 per cent of GDP from the so-called debt brake, signalling a robust fiscal stimulus.
10.45 - Dublin Bus and Siptu to hold talks to resolve pay dispute
A meeting is due to take place between Dublin Bus and Siptu in a bid to resolve a pay dispute that has led to early morning delays and cancellations on bus routes across the capital.
Dublin Bus has asked the union to engage in meaningful negotiations to bring an end to the industrial action, which involves 190 operatives in a dispute over pay.
Engineering operatives perform tasks, including maintenance, refueling and cleaning to ensure buses are ready each morning.
They are seeking pay parity with their traffic operative colleagues, who are on a higher grade.
10.30 - Gas Networks Ireland director appointed vice president of Dublin Chamber
David Kelly, director of customer and business development at Gas Networks Ireland, has been appointed vice president of Dublin Chamber for 2025 and will serve as president in 2026.
Dublin Chamber, Ireland’s largest business representative organisation, held its Annual General Meeting (AGM) on February 26, where Eoghan Quigley was appointed as president. The event was attended by over 500 business representatives, including Taoiseach Micheál Martin.
Read the full article by Emma Hanrahan here.
10.15 - Pepco Group receives interest from potential Poundland buyers
European discounter Pepco Group has received interest from potential buyers of its struggling 825-store Poundland business in Britain, its boss said on Thursday.
"There are definitely interested parties for this business," chief executive Stephan Borchert told Reuters after Pepco Group said it was evaluating all strategic options to separate Poundland from the Warsaw-listed group, including a potential sale.
10.00 - Cork software firm Poppulo reports 0 per cent gender pay gap in Ireland
Cork-based software company Poppulo has announced it achieved a 0 per cent gender pay gap in Ireland as part of its commitment to workplace equity and inclusion.
Poppolo, led by chief executive Ruth Fornell, also announced its executive leadership team is now equally split between male and female leaders, demonstrating the company’s dedication “to gender representation at all levels.”
The announcement followed consulting firm PwC’s recent analysis of more than 550 Irish companies that submitted gender pay gap reports in December 2023, revealing a mean hourly gender pay gap of 11.2 per cent - down from 12.6 per cent the previous year.
Read the full story by Alice O’Leary here.
09.45 - Euro surges to three-year high after Germany’s incoming chancellor signals spend of €500bn
The euro jumped to its highest level in almost four months yesterday, as Germany’s incoming government proposed a €500 billion infrastructure fund, which over-rode fears that investors have about US president Donald Trump’s tariffs.
The currency is on track for its best week since the end of 2022, after the leaders of the parties likely to form the next German government signalled an overhaul of the country’s notoriously conservative borrowing rules.
The euro was up 0.57 per cent against the dollar, but also gained against sterling, the yen and the Swiss franc.
Read more on the Irish Independent.
09.30 - Air France-KLM targets €300m profit boost as efficiency drive takes off
Air France-KLM Group said it aims to lift seat capacity between 4 to 5 per cent this year and improve operating profit by at least €300 million across the business, as it focuses on more profitable routes and tackles an efficiency drive at its KLM subsidiary.
Income from operating activities dropped 6 per cent in 2024 to €1.6 billion after what the company called a “year shaped by both operational and external challenges,” according to a statement on Thursday.
Group revenue rose 4.8 per cent to €31.5 billion, helped by an increase in capacity and higher maintenance revenue serving equipment like aircraft engines.
09.15 - Irish man tipped to become next creative director of Dior
As Paris Fashion Week opened on Monday, rumours were circulating that Irish fashion star Jonathan Anderson is set to be appointed as the next creative director of the French luxury goods giant Dior.
Anderson, a son of former Irish rugby international Willie Anderson, recently withdrew from Spanish luxury brand Loewe and from showing his eponymous brand at London Fashion Week.
Under his stewardship from 2014 to 2024, the sleepy Spanish luxury brand whose sales in 1996 hovered around $2 million, was revived and turned into a global $2 billion business.
09.00 - Ladbrokes owner Entain posts strong gaming revenue growth
Ladbrokes owner Entain has seen its full-year net gaming revenue rise by 6 per cent as interim chief executive Stella David hails 2024 as “a year of transformation” for the sports betting company.
The total group net gaming revenue including a 50 per cent share in BetMGM, a joint venture between Entain and US-based MGM Resorts, which the London-listed firm continues to hope will deliver positive Ebitda in 2025.
Online net gaming revenue for 2024, excluding the US market, grew by 9 per cent with “improving momentum” throughout the year, according to results published Thursday. Growth in the fourth quarter of 2024 performed stronger than expected, up 13 per cent on a constant currency basis.
08.45 - Finance bosses at Irish firms expect to see solid growth this year
Finance bosses at Irish companies are upbeat for the year ahead, with a broad expectation that their businesses will grow during 2025, according to a new survey published this morning by EY.
But almost half of them have cited rising costs and inflation as the key risks facing their businesses over the next two years. Almost the same number of chief financial officers (CFOs) think staff recruitment and retention are the biggest challenges.
The latest EY CFO survey being published in advance of EY Ireland’s CFO Summit, notes that chief financial officers of Irish firms predict an average of 9 per cent growth for their companies this year, without specifying what that growth metric entails, however.
Read more on the Irish Independent.
08.30 - Dalata hotel group explores sale in surprise move
Dalata, Ireland’s largest hotel group, has said it is undertaking a strategic review to explore options available to “optimise capital opportunities” and enhance value for shareholders, “including but not limited to a potential sale” of the company.
Established in 2007, the company today operates a portfolio of 55 hotels in central locations.
Dalata’s portfolio includes 30 owned hotels which are valued at €1.7 billion including assets under construction, 73 per cent of which relates to hotels in Dublin and London.
Read the full article by Ellie Donnelly.
08.15 - Irish markets update
The Iseq All Share was in the green on Thursday, growing 1.31 per cent (+145.33) to 11,236.23.
The main risers on the market include AIB Group which grew 3.57 per cent and Kingspan which grew 0.30 per cent.
The bottom performers were FD Technologies which dropped 3.00 per cent to €19.40 per share and Kerry Group which dropped 0.20 per cent €98.60 per share.
08.00 - Profit falls at Woodies’ owner Grafton Group; €35.8m share buyback announced
Earnings at buildings material company Grafton Group fell in 2024 with the Woodies and Chadwicks owner reporting £2.28 billion in revenue, decline of 1.6 per cent.
Adjusted operating profit declined 13.6 per cent to £177.5 million.
Woodie’s DIY, Home and Garden retail business delivered a “strong” performance in the year, supported by the growth of the Irish economy
Chadwicks, Ireland’s leading building materials distribution business delivered higher trading profitability in the year largely due to higher sales and gross margin growth in a construction market that was broadly flat, the company said.
Read the full report by Ellie Donnelly here.
07.45 - Germany's DHL to cut 8,000 jobs this year after annual operating profit falls 7.2 per cent
DHL unveiled plans on Thursday to lay off about 8,000 jobs this year as part of a strategy to save more than €1 billion by 2027, after the German logistics giant reported a 7.2 per cent fall in annual operating profit.
The job cuts, representing more than 1 per cent of the total workforce, will occur in the Post & Parcel Germany division and are part of the company's "Fit for Growth" programme.
The job cuts will take place through attrition, rather than compulsory redundancies, DHL chief executive Tobias Meyer told Reuters in an interview.
The company employs approximately 602,000 people in more than 220 countries and territories worldwide, according to a company statement.
07.30 - Seven private firms earn more than €30m as state spends €1.8bn on refugee accommodation
The state spent €1.86 billion on housing Ukrainians fleeing war and people seeking international protection last year, new figures have shown.
The outlay for the 12-month period represented a 3 per cent increase on the amount the Department of Integration spent on accommodation services in 2023.
The data on payments to private sector firms involved in provision of accommodation for Ukrainians and the international protection accommodation service (IPAS) system were included in new purchase orders published by the Department of Integration.
Read the full article by Killian Woods here.
07.15 - Asian markets update
Asian stocks rose on Thursday as investors held out hope that trade tensions could ease after US President Donald Trump exempted some automakers from tariffs for a month.
On Wednesday, the White House said Trump would exempt automakers from his 25 per cent tariffs on Canada and Mexico for one month as long as they complied with existing free trade rules.
That led US stocks sharply higher, shoring up Asian markets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.2 per cent, while Tokyo's Nikkei gained 0.9 per cent.
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 an article in the Irish Times that says Kenmare’s founding chief sought to mount bid for listed miner after 2024 exit.
Also leading businesspost.ie is an article about TikTok planning to cut up to 300 jobs at Dublin base. Read the full article by Fionn Thompson here.