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.
16.00 - Multinationals cite housing and gas costs as biggest downside to doing business in Ireland
Housing costs, the planning process, and the price of gas were the biggest downsides to doing business in Ireland according to the latest survey of multinationals by the Industrial Development Authority (IDA).
The 2024 client survey scored 20 different factors out of 10 on Ireland’s competitiveness with the corporate tax regime again rating highest at 7.44.
However, housing for staff continues to be a major problem for companies doing business in Ireland, with satisfaction falling since the last survey in 2022.
15.45 - Struggling Puma names former Adidas sales chief as chief executive
Sportswear brand Puma said that former Adidas sales chief Arthur Hoeld would take over as CEO, replacing Arne Freundt due to what the company called "differing views on strategy execution".
Puma has struggled to boost sales and profitability for more than a year. Its pick for the top job marks the latest talent swap between the competing brands, two years after its CEO Bjorn Gulden jumped ship to lead Adidas through a successful turnaround.
"I am incredibly excited to join the PUMA family as their new CEO," Hoeld, who left Adidas in October last year, said in a statement.
15.30 - Post-tax profits at WHSmith’s Irish arm soar 40 per cent to €5.8 million
The Irish arm of WHSmith have reported after-tax profits of €5.8 million for financial year ending 31 August 2024, a 40.7 per cent increase compared to its €4.1 million figure posted for 2023.
Accounts filed to the Companies Registration Office (CRO) show that WHSmith Ireland, the Irish arm of parent company WHSmith, reported a 14 per cent jump in total revenue amounting to €61.2 million for 2024, an improvement of some €8 million compared to 2023’s €53.6 million figure.
It comes as the UK bookseller recently announced it is soon set to disappear from the High Street, with WHSmith reported to sell its shops to Modella Capital, the owner of Hobbycraft.
15.15 - PwC China plans to spin off cyber security arm
PwC China plans to spin off its Dark Lab cyber security arm in a private buyout deal, as the Big Four firm seeks to improve liquidity and navigate the financial fallout from its audit of failed Chinese property developer Evergrande.
The business unit, with more than 200 staff, offers cyber security consulting services regionally and globally, including simulations of hacking scenarios, according to its website.
The Irish Times has the story.
15.00 - Minister for health launches pharmacy regulator’s new four-year strategy
Jennifer Carroll MacNeill, minister for health, launched a new four-year corporate strategy of the Pharmaceutical Society of Ireland (PSI), the pharmacy regulator, which outlines objectives to ensure continued trust in pharmacy and to safeguard patient and public safety.
The strategic roadmap accounts for a period of significant change for pharmacy in Ireland including pharmacists’ expanding scope of practice.
14.45 - US markets update
US stocks opened sharply lower on Friday, with the Nasdaq Composite heading into a bear market, after China imposed fresh tariffs on all US goods in response to the Trump administration's sweeping levies, escalating a global trade war.
The tech-heavy Nasdaq dropped more than 20 per cent from its all-time closing high touched in December, putting it on course to confirm a bear market.
The S&P 500 lost 2.48 per cent to 5,262.47 points, while the Nasdaq Composite lost 2.86 per cent to 16,077.44. The Dow Jones Industrial Average fell 2.45 per cent to 39,551.47.
14.30 - Fashion blogger Rosie Connolly’s clothing company 4th Arq reports profits of over €4m
The clothing brand 4th Arq made a profit of €4.17 million in the twelve months to June 30 2024, according to the company’s latest set of financial accounts.
The leisure and sportswear brand was founded by internet personality Rosie Connolly-Quinn and her husband Peter Quinn in 2020.
Already having three children between them, the term '4th' refers to the brand being their 4th baby, while 'Arq' derives from the word 'home'.
Abridged accounts for Haremi Limited, the company behind the clothing brand, show that profits increased from the €1.53 million reported for the 2023 financial year.
14.15 - AI startup SandboxAQ adds Nvidia, Google as backers, raises additional $150 million
SandboxAQ, a startup drawing on quantum computing techniques to develop quantitative artificial intelligence models for enterprises, said it has raised $150 million from new investors including Google, Nvidia and BNP Paribas.
The investment has increased SandboxAQ's Series E round to $450 million, valuing the startup at $5.75 billion. With this, SandboxAQ's total funding has reached $950 million, with T. Rowe Price Associates and Breyer Capital among backers.
Participation of Google and Nvidia signals growing interest from technology giants to gain exposure in quantitative model development and place early bets on potential real-world applications.
14.00 - Brewers warn Trump’s beer tariffs could cost 100,000 jobs in Europe
Brewers have warned that a 25 per cent tariff on beer imports to the US could lead to 100,000 job losses and brewery closures in Europe as they called on the European Commission to defend them from the levy.
The introduction of the levy this week as part of US President Donald Trump’s “liberation day” tariffs has blindsided brewers and will inflict a financial hit on American importers of European and Mexican beers such as Heineken and Corona.
Brewers said they were confused about whether the new tariff applied to all beer or only to products imported in cans.
Read more on the Financial Times.
13.45 - Microsoft celebrates its 50th anniversary
Microsoft has been at the heart of computing for half a century, becoming a tech stalwart almost taken for granted as lifestyles embraced the internet.
As the company, founded with a vision of putting computers in every home and office, celebrates its 50th anniversary today, it is looking to boost its fortunes by being a leader in the fast-developing field of artificial intelligence (AI).
The only company with a higher market cap is iPhone maker Apple.
Cloud computing is fueling Microsoft's revenue with the help of its ubiquitous Office software, now hosted online and no longer released in boxes of floppy disks or CDs.
13.30 - Invest NI announces two appointments to its senior leadership team
Business support agency Invest Northern Ireland has confirmed two key appointments to its executive committee as part of the wider restructuring of its senior leadership team.
Anne Beggs, currently executive director international business and skills, will assume the role of chief commercial officer from May 1.
And Kathryn Hill, currently director of active communities at the department for communities, will join Invest NI as chief operating officer on May 19.
13.15 - Irish households still have their Covid lockdown savings while US and Europeans spent theirs
Like a child holding onto their Communion money, Irish households are still holding onto the billions in savings they made during covid, while households across Europe have spent their.
A research paper published by the Central Bank of Ireland has found little evidence that Irish consumers are spending the savings they made, and households here continue to save at a higher rate than they did before the lockdowns of 2020 and 2021.
Between March 2020 and May 2022, Irish households saved an extra €13.8 billion. But since then, savings have continued to rise, increasing at a monthly average of €514 milliom, a rate greater than pre-Covid levels.
If Irish households had saved at the rate they did before Covid, they should have added €27.9 billion to the stock of household deposits since March 2020. Instead, they have added €42.7 billion over this period.
Read more on the Irish Examiner.
13.00 - 39 per cent of electricity came from renewables in March - EirGrid
39 per cent of electricity came from renewable sources last month, with solar power reaching new record highs on the national electricity grid, according to provisional figures from EirGrid.
Eirgrid said that March 25 saw a new peak for grid-scale solar power in Ireland with over 750 Megawatts (MW) coming from this source at one point - 18 MW more than a previous record from July last year.
It also follows a new peak wind power record on the grid set in February, Eirgrid said.
12.45 - US tariffs don't violate NATO treaty, says NATO's Rutte
The sweeping new US tariffs announced by President Donald Trump do not violate NATO treaties, the military alliance's Secretary-General Mark Rutte said on Friday after meeting NATO foreign ministers in Brussels.
Rutte was responding to a reporter's question that referred to article 2 in the NATO treaty which states: "[NATO allies] will seek to eliminate conflict in their international economic policies and will encourage economic collaboration between any or all of them."
12.30 - Amundi says market volatility to remain high for weeks: ‘Pandora’s box has been opened’
Volatility will remain high for few weeks in markets across the world in the aftermath of Trump’s tariffs, according to an Amundi report.
The market has reacted with heightened volatility to Trump’s measures – which include a base 10 per cent tariff on all major trading partners and additional so-called reciprocal tariffs – because such a large increase in tariffs had not been previously priced in by the market.
This trend is likely to persist in the coming weeks, the report says, unless “meaningful progress” is made in negotiations, and a new trade framework begins to take shape.
A marked slowdown in earnings growth is now also likely, as costs such as labour and production could increase.
12.15 - Meta can be sued in Kenya over posts related to Ethiopia violence, court rules
A Kenyan court has ruled that Facebook's parent company Meta can be sued in the East African country over its alleged role in promoting content that led to ethnic violence in neighbouring Ethiopia, a plaintiff in the case said.
The landmark case, which stems from alleged hate speech on the platform during the 2020-2022 civil war in northern Ethiopia's Tigray region, could have implications for how Meta works with content moderators globally.
12.00 - Live Register figures ease again in March, falling by 0.1 per cent - CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for March stood at 162,900 people, down by 1,600 or 1 per cent from the previous month, and continuing its recent trend.
The CSO said the unadjusted Live Register total stood at 159,866 people in March, of which 56.1 per cent were male.
Today's figures show that the 25-34 years age group made up the largest number of those on the Live Register in March at 23.5 per cent of the total.
All counties recorded a decrease in numbers on the Live Register in the 12 months to March, with the largest percentage decrease recorded in Clare (19 per cent) compared to March 2024.
11.45 - Employers face new shift in employment rules in 2025
Employers are facing a new shift in the employment landscape as governments move to regulate flexible working, introduce stricter worker protections and impose controls on AI hiring, a new report from global employment platform Boundless has found.
The Employment Legislation Changes 2025 report tracks a number of changes in employment regulations being introduced in different countries, including Ireland.
Among the regulatory changes coming this year are new rules on pay gap reporting, which will see all companies with more than 50 staff obligated to report.
Pension auto enrollment is coming this year, and the minimum wage is also changing, rising to €13.50 for adults over 20 years of age.
11.30 - China will impose additional tariffs of 34 per cent on all US goods
China's finance ministry said it will impose the additional tariffs on US goods from April 10.
The rate will be on top of the current applicable tariff rate, it said.
11.15 - Housing and infrastructure Ireland’s biggest threat - not US tariffs says Davy
Davy Research’s latest report has claimed Ireland’ biggest economic challenge comes from internal risks like housing - not Trump tariff threats.
US President Donald Trump’s sweeping tariffs are expected to impact multiple sectors across the Irish economy, with Taoiseach Micheál Martin saying Ireland is in a “very, very uncharted situation.”
However, rather than an exogenous shock, Davy has reported its view remains “the biggest challenge to Ireland’s economic outlook is an internal risk – the failure to meaningfully address major housing and infrastructure shortfalls.”
The report, which analysed the potential impacts of Trump's tariff agenda on the Irish economy, highlighted several key concerns for businesses and the broader economy in Ireland.
11.00 - BP chair Helge Lund to step down amid Elliott campaign
BP chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said today amid a campaign by activist hedge fund Elliott for more change at the company.
Lund had backed BP's 2020 strategy under former chief executive Bernard Looney to move away from oil and gas, including an ambition to cut its hydrocarbon output by 40 per cent this decade.
BP's shares have been underperforming rivals such as Shell and Exxon. BP's market capitalisation of around $84 billion is currently less than half of Shell's.
10.45 - ‘Nowhere to hide’ as Trump’s tariffs continue to decimate US stocks
There’s virtually nowhere to hide for many US technology companies under President Donald Trump’s new tariff regime, the harshest in a century.
After Thursday’s slump wiped $1.4 trillion in market capitalisation from the Nasdaq 100 Stock Index, the gauge is down 16 per cent in the past six weeks.
The Magnificent Seven even more, at 20 per cent.
Chipmakers are in free fall. And there’s little sign the pain will end anytime soon.
China and Taiwan, the global hubs for chip and high-tech manufacturing, got hit with levies of 54 per cent and 32 per cent, respectively.
Nascent production bases like Vietnam and India are staring at taxes of at least 26 per cent.
That’s a disastrous setup for companies like Apple, Nvidia Corp and Broadcom, US technology stalwarts that source hardware components and assembly labour from southeast Asia — and use it to make their intellectual property worth trillions.
10.30 - Oil prices head for lowest close since depths of pandemic
Oil prices were heading towards their lowest close since the midst of the coronavirus pandemic in 2021 on Friday, hit by US President Donald Trump's barrage of new tariffs and output increases announced by the OPEC+ producer group.
Brent futures plummeted by $2.29, or 3.3 per cent, to $67.85 a barrel on Friday morning while US West Texas Intermediate crude futures dived by $2.32, or 3.5per cent, to $64.63.
10.15 - Pat Crean’s Marlet aiming for €42m gain with sale of retail parks portfolio
Pat Crean’s Marlet is selling three retail parks less than four years after he bought them and is expecting to achieve a price of €120m. That’s €42 million more than the €78 million Marlet paid in September 2021.
The strength of the guide price is underpinned by the strong demand among investors for retail parks, as was reflected when Oaktree sold its eight Irish retail parks for €220 million last month.
In addition, Marlet has added to its value by undertaking an asset management programme at all three locations.
Selling agent Cushman & Wakefield points out the price represents a net initial yield of 6.95 per cent That’s similar to the yield reflected in the Oaktree deal.
Read more on the Irish Independent
10.00 - ‘The main risk is less future investment’ - Irish pharma industry reacts to Trump tariff omission
Donald Trump’s announcement that pharma products would be exempt from US tariffs had a somewhat mixed reaction across Europe.
In Brussels, EU officials warned the Irish government should hold off on breathing a sigh of relief over the lack of pharma-specific measures – warning that drugs and computer chips would likely be slapped with 25 per cent tariffs in the near future.
Speaking to the Business Post from a medical conference in Nice, Luke O’Neill, a professor of biochemistry at Trinity College Dublin who sold his bio-tech firm Inflazome to Roche for €380 million, agreed that despite the “relief” offered to the sector by Wednesday’s announcement, industry figures remained concerned about the prospect of tariffs in the near future.
09.45 - Allianz Ireland announces Samantha Kearney as chief financial officer
Insurance company, Allianz Ireland, has appointed Samantha Kearney as chief financial officer.
Kearney brings more than 17 years of industry experience to her new role and will also join the board of management.
Kearney will succeed Aymeric Martin in the role. Martin has moved to a new position at Allianz Commercial in Munich, as chief risk and resilience officer and as a member of the Allianz global corporate and specialty board of management.
Kearney is a Chartered Accountant who has been with Allianz since 2022. In her role as head of planning and data insights, she led the strategic and financial planning for the company while also developing and implementing the data and AI strategy.
Prior to joining Allianz, Kearney spent ten years with Zurich Insurance Group, working in Dublin, London, and Sydney in various financial reporting, planning and performance role.
09.30 - Micheál Martin says Europe ‘has weapons’ to combat Trump - but full on trade war is avoidable
Europe has weapons to combat Donald Trump’s sweeping tariffs announced this week, Taoiseach Micheál Martin said on Friday, but warned against a “fully fledged trade war” with the US.
Speaking on RTÉ’s Morning Ireland, the taoiseach said the feedback from tech and pharmaceutical bosses in the US was that negotiations would take place.
“But the European Union is designing countermeasures.
“If negotiations don't succeed or are not concluded in a satisfactory manner, well then the other option is counter-measures and a response, and that would be very damaging for all,” Martin said, adding that “a number of weeks” of negotiations should take place.
“We are in a very, very uncharted situation. It's uncertain, and that's bad for the world economy.
09.15 - Passenger numbers declined at Dublin airport in March, while Cork airport surged
Cork Airport surged ahead in March, welcoming a total of 249,000 passengers, a 10 per cent increase compared to March 2024. In contrast, passengers through Dublin Airport dropped to 2.54 million, a decline of 83,000 (-3 per cent) versus March last year.
This is the fourth month in a row that passenger numbers at Dublin Airport are down or flat versus the same month last year.
This year’s late Easter is a factor in performance at both airports. The closure of Heathrow Airport on Friday, March 21 also impacted numbers at both airports as 42 flights were cancelled.
The Dublin-Heathrow route is the second busiest air route in Europe, with 34 flights a day (17 each way) and 6,000 passengers. The Cork-Heathrow route has eight flights a day (four each way) and 1,500 passengers.
09.00 - House prices in Ireland continue to rise as shortage drives demand higher
Home prices continued to rise in the first three months of the year, Sherry FitzGerald said, as the housing shortage continued to drive demand higher.
Prices of second-hand homes rose an average of 2.3 per cent between January and March, the estate agent said in a statement. Average property values are up 7.5 per cent over the past year, it added.
“The first quarter of 2025 witnessed sustained and robust price growth in the residential market,” Sherry FitzGerald managing director Marian Finnegan said.
“A critical factor underpinning this trend is the persistent shortage of supply in the second-hand housing sector, with stock levels reaching historic lows in January this year.”
Prices in Dublin continued to rise at a faster pace than the rest of the country, increasing 2.6 per cent in the quarter and 7.6 per cent year-on-year. Outside of the capital, prices rose 1.9 per cent quarter-on-quarter and were up 7.3 per cent compared to 12 months earlier.
08.45 - Japanese banks tank in Trump tariff rout as market slide deepens
Japanese banks tanked on Friday and stocks globally extended a punishing selloff in the wake of US President Donald Trump's sweeping tariffs, helping drive a rally in US Treasuries and supporting gold near a record peak.
Benchmark 10-year US Treasury yields slid under 4 per cent and traders priced in more than 100 basis points of Federal Reserve rate cuts this year after Washington's steepest trade barriers in more than 100 years stoked fears of a global recession.
A rush into Japanese government bonds (JGBs) caused yields there to head for what could be their biggest weekly drop in three decades as growth worries turned to a manic bid for safety.
08.30 - Intel and TSMC discuss joint venture
Intel and Taiwan Semiconductor Manufacturing Co. have reached a preliminary agreement to form a joint venture to operate Intel's chipmaking.
TSMC plans to take a 20 per cent stake in the new company while Intel and other US semiconductor companies will hold a majority of the shares, according to reports by The Information, citing people involved with the discussions.
It is understood that Intel will contribute some of its existing chip foundries, while TSMC has discussed sharing some of its chipmaking methods instead of funding its stake with capital.
The Trump administration initiated the talks in an effort to revitalize Intel, the people told The Information, but discussions are still continuing because Intel is concerned the deal may cause layoffs.
08.15 - Pharma unlikely to remain exempt from Trump tariffs, IDA chief Michael Lohan warns
Pharmaceutical products are unlikely to remain exempt from US tariffs in the long term, according to Michael Lohan, the chief executive of IDA Ireland.
Echoing a warning made by EU officials on Thursday, who said tariffs of up to 25 per cent could be imposed by Trump on pharma products in the near future, Lohan said he wouldn’t be confident that the sector would be exempt in the long term.
“It’s quite clear that in this current round, pharma has been exempted or has been carved out, but we know that that doesn’t mean necessarily that it won’t be revisited.
08.00 - Donald Trump’s sweeping tariffs ignite $2.5 trillion rout on Wall Street
Donald Trump has defended his sweeping tariffs after the US president’s latest bid to remake the global economic order wiped out about $2.5 trillion of market value in Wall Street equities.
The President said on Thursday evening that he had “expected” his plans for raising tariffs to the highest level in more than a century would set off ructions in financial markets, adding that “the economy had a lot of problems . . . it was a sick patient”.
He said his tariffs would usher in “a booming economy” even as his announcement the previous day of universal levies of 10 per cent and higher tariffs on many countries shook investor confidence.
Read the full article on the Financial Times.
07.45 - Almost 90 per cent of Irish companies hit by disruption or financial loss due to cyberattacks
Almost 90 per cent of Irish businesses have suffered some form of financial loss and commercial disruption as a result of a cyberattack in the past five years, new research has found.
The report, from insurance broker and risk management company Gallagher in Ireland, found 40 per cent had been the victim of at least one cyberattack in that period.
Some 26 per cent also reported the loss of intellectual property, while 23 per cent said they had experienced supply chain disruption and reputational damage, and 20 per cent had experienced ransom payment demands.
07.30 - Experts say UK still exposed to Trump tariffs: ‘No 10 shouldn’t be singing or dancing’
UK politicians and business chiefs have been breathing a sigh of relief after Donald Trump hit the country with a 10 per cent tariff - far lower than the levies faced by the EU and others.
But experts are warning against "singing or dancing", with Britain not immune from the global fall-out.
Trade experts, economists and former top government officials have offered a mixed view about the outlook for the UK economy, after it appeared to escape the worst of Trump's wrath.
All in all, the UK faces a much lower levy at 10 per cent than the majority of other states targeted, even if the valuable British car industry will be hit badly by a new 25 per cent tariff on automobile imports.
Read the full article by Dominic McGrath here.
07.15 - Asian markets update
Overnight, this direction of travel has continued in markets, with sharp losses in Asia that built on yesterday’s moves.
Japan’s Nikkei is down another 3.74 per cent, on top of its 2.77 per cent loss yesterday. So as it stands, the index is down 9.93 per cent for the week, which would be its worst weekly performance since March 2020.
That comes amidst a sharp appreciation in the Japanese yen, which is currently at 145.62 per US dollar this morning. Moreover, there’s been an astonishing move in Japan’s government bond yields, with the 10yr yield (-16.8bps) on track for its biggest daily decline since 2003.
Meanwhile in Australia, the S&P/ASX 200 (-2.24 per cent) has also built on its Thursday losses, leaving it on track for its worst weekly performance since 2022. And in South Korea, the Kospi is down 1.71 per cent.
Equity markets in China are closed for a holiday.
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 the story that TikTok to be hit with €500 million fine by state’s data protection watchdog. Read more here.
Elsewhere, the Financial Times leads with an article titled, Europe braces for flood of Chinese goods after US tariffs.