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Live News: ‘Very peculiar’ that Brendan Mullin asked McCann Fitzgerald to amend legal bill invoices, court told; Iseq closes in the green
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 – ‘Very peculiar’ that Brendan Mullin asked McCann Fitzgerald to amend legal bill invoices, court told
Former Irish rugby international player Brendan Mullin instructed a senior lawyer to split a bill into different invoices for work provided to a company he controlled, a jury has been told.
Mark White, a McCann Fitzgerald partner, said Mullin instructed him to request that an invoice totalling €37,585 be cancelled and split into two smaller amounts each under €20,000.
Catherine Sanz has the full story.
16.45 – Shannon Airport ready for 5 million passengers a year – chief executive
Shannon Airport is ready to accept up to 5 million passengers a year, according to chief executive of Shannon Airport Group Mary Considine.
During a meeting with the Minister of State at the Department of Transport, James Lawless, the Shannon Airport Group boss said Shannon could facilitate up to 10 million passengers with an upgrade to the current terminal.
Currently, Shannon handles around 2 million passengers a year.
16.30 – Iseq closes in the green
The Iseq All Share has finished the week in the green, up 23 points (0.24 per cent) since previous close.
Corre Energy finished as the biggest riser of the day, up 20 per cent since previous close.
Glanbia rose 3.95 per cent to €16.32 per share. Following an investor day earlier this month, the company will be reporting their third quarter results next month.
Donegal Investment Group was among the biggest fallers, down 1.20 per cent to €16.50 per share.
16.15 – BMW recalls nearly 700,000 cars in China due to fire safety risk
BMW AG is recalling nearly 700,000 vehicles in China due to coolant pump defects in a fresh setback for the German carmaker.
Models affected include locally-made 3 Series and 5 Series vehicles, as well as several imported X Series SUVs.
16.00 – Steady growth of 2.6% in number of people employed
The seasonally adjusted employee index increased by 2.6 per cent in the year to August, according to new figures from the Central Statistics Office.
The monthly payroll estimates, which leverage real-time Revenue data to track labour market trends, also showed a 0.2 per cent rise in the seasonally adjusted index for August.
March 2021 was the last month to record an annual decline in the index, with an 11.1 per cent drop.
In August, nine sectors saw a monthly increase in employment figures, five sectors experienced a decline, and one remained unchanged.
15.45 – LVMH Arnaults buy Paris FC
France’s richest family is planning to purchase Paris FC. Bernard Arnault has teamed up with Red Bull to buy a controlling stake in the club, whose men’s team play in France’s second tier.
The move could be seen as a challenger to the dominant Ligue 1 Qatar-funded team, Paris Saint-Germain.
Read more on the Financial Times.
15.30 – Leave if you don’t want to return to the office – Amazon AWS boss
Amazon’s cloud boss Matt Garman told employees in an all-hands meeting that if they don’t agree with its new five-day in-office mandate, they could leave for another company.
Amazon announced the new policy last month and employees have until January 2 to adhere to the new policy.
15.15 – Income inequality similar in Republic of Ireland and NI – ESRI
A new study has revealed that income inequality in the Republic of Ireland and Northern Ireland is remarkably similar, despite distinct differences in demographics, employment trends, wage structures, and tax-benefit systems.
Researchers found that these factors influence income distribution in different ways across the two regions.
The research is part of a collaboration between the Department of the Taoiseach’s Shared Island Unit and the Economic and Social Research Institute (ESRI).
15.00 – US stocks tick higher amid Big Tech recovery
US stock futures ticked higher as a recovery in Big Tech looked set to extend Friday, thanks to results from Netflix that eclipsed Wall Street’s expectations.
Contracts on the tech-heavy Nasdaq 100 rose 0.5 per cent, as Netflix jumped 7 per cent in US premarket trading. The streaming company beat expectations on key metrics, including subscriber additions in the third quarter.
Apple rose as data showed China sales of its latest iPhone increased 20 per cent in the first three weeks compared with the 2023 model. The S&P 500 was up 0.2 per cent in early trading Friday.
14.45 – Irish consumers remain conservative about spending plans
Far more people believe the Irish economy will get worse in the coming six months than believe it will get better, according to a new survey.
Figures from polling company Red C indicated while pessimism has declined over the future of the Irish economy in the past year, there has been only a moderate improvement in optimism.
Despite a “very generous budget package” in October, according to Red C, only a minority of consumers remain upbeat about the outlook for the economy.
Concerns around the cost of living prevail, hindering the very gradual improvement observed in the consumer mood in Ireland, the survey found.
14.25 – Big Tobacco proposes nearly $24bn to settle Canada lawsuits
Cigarette makers Philip Morris British American Tobacco and Japan Tobacco will pay C$32.5 billion (€21.7 billion) to settle a long-running tobacco lawsuit in Canada, as part of a court-appointed mediator’s proposed plan, Philip Morris said on Friday.
The Canadian units of the three tobacco giants were dealt a massive blow in 2015 after a Quebec court awarded damages to some 100,000 smokers and ex-smokers who alleged the companies knew since the 1950s their product was causing cancer, other illnesses and failed to warn consumers adequately.
14.00 – Bauer ‘cash machine’ game partner suffers share price slide
The company which provides the mobile services for Newstalk-owner Bauer Media’s “cash machine” draw has seen its share price slide by 4.3 per cent after it issued a trading note on uncertainty over the new gamblingv regulation.
Fonix, a London-listed provider of mobile payments, first started working with Bauer Media Ireland in 2022, providing “mobile interactivity” for Bauer’s radio brands, which include Today FM, Newstalk, Spin 103.8 and 98 FM.
It facilitates Bauer’s popular cash machine game, from which more than €5 million was won in the course of 2023.
13.45 – UK set to hike tax on entrepreneurs who sell their firms
Chancellor of the exchequer Rachel Reeves is considering raising taxes levied on entrepreneurs when they sell their businesses, as part of her push to raise as much as £40 billion (€48 billion) to balance the UK’s budget.
Britain’s finance minister is looking at cutting a capital gains tax easement known as business asset disposal relief in her spending plan on October 30, according to people familiar with the matter. The policy allows entrepreneurs to pay a reduced tax of 10 per cent on profits they make from the sale of their companies, rather than the standard 20 per cent levy for higher-rate taxpayers.
Such policies are subject to last-minute changes and may or may not be represented in the final document published in less than two weeks, according to the people, who requested anonymity to discuss unannounced measures. The treasury didn’t immediately respond to a request for comment.
13.25 – UK wind generation poised for record ahead of storm Ashley
UK wind power output is set to hit a fresh record this weekend as Storm Ashley is sweeping in from the Atlantic Ocean.
Strong gusts, on Sunday in particular, are set to push generation from wind turbines above 22 gigawatts for the first time, according to a Bloomberg Model. The Met Office has put in place wind warnings from Sunday morning through Monday morning in parts of Scotland, England and Wales.
The storm, named by Ireland’s meteorological service Met Éireann, is coinciding with low weekend demand for energy, likely resulting in a plunge in near-term power prices. Wind output is then forecast to dip at the start of next week before picking back up again next Thursday.
13.05 – Irish hotel market sees €860m in deals so far this year
Ireland’s hotel market is proving to be a star of the commercial property market in the current year with €860 million worth of deals in the first nine months.
Negotiations are also advancing with preferred bidders for seven hotels which have total guide prices exceeding €200 million.
Daniel O’Connor of JLL said that demand has been helped by investor caution towards the traditional kingpins of commercial property, the office and retail sectors.
Paul Collins of CBRE believes that this year could see the value of hotels transacted exceed the heady days of the Celtic Tiger when the well located Burlington, Jurys and Berkeley Court were bought for redevelopment.
12.50 – Roderic O’Gorman calls for election on November 29
Green Party leader Roderic O’Gorman has said he believes the general election should be held on November 29.
Speaking to reporters in Dublin, the Green Party leader said that the public “deserves clarity” on the date of the upcoming election.
O’Gorman said that he would be proposing the election date to the taoiseach and the tánaiste on Monday.
The Green leader said that he would press his coalition partners on the need to give certainty to the electorate around the general election.
12.30 – EU agrees to tighten rules on migration as countries shut their borders
EU leaders are pressing for a new law on deportations and more migration deals with foreign countries.
The heads of the EU group of countries have agreed to allow unilateral border controls in “exceptional situations”.
At an all-day summit in Brussels on Thursday, they also called for a ceasefire in the Middle East and continued military support for Ukraine, though there were different views in the room over how far to push Israel to end its bombardment of Gaza and Lebanon.
11.55 – Health insurance legislation accelerated ahead of possible election
New health insurance legislation introduced this week was accelerated by the government ahead of an autumn election, new documents show.
Department of Health officials told Irish Life Health in August that they would introduce an annual legislative update relating to insurance claim costs, normally published in November, as early as possible before the Dáil could be dissolved.
According to minutes of an August 28 meeting between the health insurance provider and the department’s private insurance unit, officials pledged to seek permission to draft the legislation earlier than usual.
Eoin O’Hare has the full report
11.40 – Tech compliance firm Protostars aims to raise €2m next year
Protostars, a Dublin-based regulatory technology business, expects to raise €2 million in its seed funding round next year, and to create 10 new jobs.
The firm, which was founded by Kim McKayed and Mohamed Fayez in 2023, is based in Dogpatch Labs, has 13 staff and has raised €310,000 to date.
“We’re helping company leaders comply with new laws. In the same way that there’s a CE mark on anything manufactured in Europe, if you want to buy a piece of software it has to have that same type of stamp as well,” McKayed told the Business Post.
11.15 – Firms catering to ultra-rich planning to boost allocations to private credit
Firms that cater to the world’s ultra-wealthy are planning to boost their allocations to private credit, according to a survey of 250 institutional investors in the UK, Europe and the Middle East. The once niche market has become a sought-after option for investors. Family offices, private banks, foundations and endowments are likely to boost allocations to the $1.7 trillion asset-class over the next two years, the study from asset manager PGIM showed.
A majority of respondents at insurers and pension funds expected to keep their allocations to private credit, reflecting investment limits. Alternatives made up about 25 per cent of the surveyed firms’ portfolios, with private credit accounting for 11 per cent of that allocation.
Overall, 44 per cent of respondents said they’re likely to increase holdings of private credit, followed by private real estate debt at 42 per cent and sustainable equity at 40 per cent.
11.00 – Euro-dollar parity threat returns
The risk of the euro sliding to parity with the dollar is mounting in financial markets after this week’s interest-rate cut and a stark reminder that a Donald Trump presidency could spark a global trade war.
Just days after Trump suggested US tariffs could be aimed at Europe as well as China and other countries, European Central Bank (ECB) president Christine Lagarde warned any barriers would pose a “downside risk” for the bloc’s struggling economy.
On Thursday she delivered a second interest—rate cut in a row and sparked bets on even more aggressive reductions to come.
10.45 – ECB’s Villeroy seeks flexibility on speed and size of rate cuts
The European Central Bank should remain flexible as it cuts interest rates in response to cooling inflation and a weakening economy, according to Governing Council member Francois Villeroy de Galhau.
Speaking less than a day after policymakers lowered borrowing costs for the third time this year, the Bank of France head cited the current unpredictable nature of geopolitics, as well as now equal risks of over- and under-shooting the 2 per cent inflation goal.
“The direction is clear in my eyes — we should continue to reduce the restrictive character of our monetary policy in an appropriate manner,” he told journalists in Paris. “But the rhythm should be one of agile pragmatism. In a very uncertain international environment, we maintain total optionality for our coming meetings.”
10.30 – Heidi Davis of Peri named Founder of the Year
Heidi Davis, chief executive of Peri, has been awarded the Enterprise Ireland High-Potential Start-Up (HPSU) Founder of the Year for 2024.
Peri uses AI enabled technology to personalise the management of menopausal symptoms. Its wearable device helps users regularly update how they are affected by their symptoms and provides insights to guide women toward a personalised management plan.
Barry McCann, Nua Surgical, Mark Kirwan, Positive Carbon and Alison Liddy, Relevium Medical were also acknowledged for their companies’ achievements to date and voted as runners-up on the night. Other finalists include: Darren O’Reilly, Whole Supp; Criona Turley, Capella; Aidan Finn, Binarii Labs; Raj Lyons Chohan, Affinity EV2 and Mike McGrath, Kwayga.
10.15 – Netflix shares rise on strong subscriber growth
Netflix shares rose 5.2 per cent in pre-market trading on Friday, after the streaming giant topped Wall Street estimates for new subscriber additions by more than 1 million and projected higher customer sign-ups for the December quarter.
Netflix on Thursday said it picked up 5.1 million new streaming subscribers in the third quarter, with its ad-supported service accounting for more than 50 per cent of sign-ups in countries where it was available.
10.00 – Cantor Fitzgerald CEO says Irish surplus is at US expense
The global boss of Cantor Fitzgerald, which holds a lucrative contract to sell Irish government bonds, has claimed the budget surplus here comes at the expense of the US in an indication a Donald Trump government will hit our public finances.
Howard Lutnick, the long-time chief executive and chair of global finance house Cantor Fitzgerald is a major backer of Trump’s presidential campaign and serves as co-chair of the Trump-Vance transition team which is charged with making preparations for a new administration, including vetting thousands of potential officials who will replace current staff in the US federal government if Republicans win.
9.45 – Purple Path aims for €1m annual revenue by end of 2025
Purple Path, an Irish co-founded outsourced marketing business, aims to have €1 million in annual revenue by the end of 2025.
The company, which operates on a fully remote basis, was founded by Andy Culligan, David Miller, Balazs Kovacs and Markus Reutner last month. It has six staff and the founders have invested €700,000 of their own funds into the company.
“We act as a marketing team, but not an in-house one. Companies have over-invested in marketers: they might have one on board that seems nice and shiny, but they’re not the right fit. We come in and our focus is solely on execution, getting the right things done quickly,” Culligan, who is also the chief executive, told the Business Post.
Emma Hanrahan has the full story
9.30 – Tourist chiefs urge government to double spending on sector
Tourist chiefs want government to double spending on the industry to more than €450 million, according to a new policy document.
The Irish Tourism Industry Confederation points out in a new general election manifesto that the sector employs 258,000, making it the state’s biggest regional employer.
The confederation will call next week for a doubling in state investment in the industry to €452 million when it publishes the document on Monday.
9.10 – John Lyttle resigns as CEO of fashion retailer Boohoo
John Lyttle has resigned as chief executive of Boohoo, the British fast fashion giant.
The Offaly native has informed the Boohoo board of his intention to stand down after five years as chief executive, according to a trading update. Lyttle will continue to work with the retailer’s leadership and board to ensure a “smooth transition” while a successor is found in the coming months, the company said.
“Over the last five years I have been proud to lead the group and I believe there is huge potential in this business, and I will continue to work with the board to drive value for all shareholders whilst a successor is found,“ Lyttle said.
Eoin O’Hare has the full story
8.55 – Iseq slip led by AIB and Bank of Ireland
The Iseq All Share slipped on Friday morning, down 0.28 per cent on Thursday’s in-the-green finish to 9,817.78 in early trading.
Glanbia was the standout performer in early trading in Dublin, up 1.4 per cent to €15.92.
The pillar banks continued their poor showing this week, with AIB dropping 1.3 per cent to €4.868, and Bank of Ireland falling 0.92 per cent to €8.856.
Across the Irish sea, the FTSE 100 saw a more significant drop upon opening, down 0.39 per cent to 8,352.39.
Glencore, the Swiss mining company, was London’s early leader on Friday morning, up 2.23 per cent to 412.05 pence.
British American Tobacco, meanwhile, dropped 2.24 per cent to 2,667 pence.
Eoin O’Hare has the full markets update
8.40 – ECB 2% rate goal threatened by services and wage inflation
Inflation is heading for the European Central Bank’s (ECB’s) 2 per cent goal as the region’s economy weakens but upside dangers to prices persist, according to Madis Muller, a member of the regulator’s governing council.
“There’s still a risk that the still rather rapid increase in the price of services and the related average-wage increase may keep inflation in the euro area faster than the ECB’s target,” the Estonian central bank chief said today.
His comments came a day after policymakers cut interest rates for a third time this year, accelerating the pace of their easing, though president Christine Lagarde was tight-lipped on what’s next.
8.25 – Retail sales in the UK unexpectedly rose in September
Retail sales in the UK unexpectedly rose in September driven by computer sales and other electronics, despite the wider backdrop of declining confidence ahead of tax rises expected in this month’s budget.
The volume of goods sold in stores and online increased by 0.3 per cent, rising for a third consecutive month, the Office for National Statistics (ONS) said today. Economists surveyed by Bloomberg had expected a 0.4 per cent decline.
The surprise numbers come will come as a boost to prime minister Keir Starmer’s government, which has been trying to tone its doom-and-gloom narrative about the state of the economy and the UK’s public finances.
8.10 – Asian markets gain after China’s stock buyback plans
Asian stocks gained after China’s better-than-expected economic data and stock buyback programme details.
Shares in China and Hong Kong extended gains after the People’s Bank of China said it set up a relending mechanism with an initial 300 billion yuan (€39 billion) quota for bank loans used in share buybacks. Earlier, data also showed that the nation’s latest gross domestic product, industrial production and retail sales figures beat estimates.
An Asian stocks gauge was on track for its first daily advance since last week, partially fueled by chipmakers’ gains following TSMC’s robust earnings. Shares of the Taiwanese chipmaker jumped as much as 6.3 per cent in opening trade. Equities in Japan erased earlier gains while those in Australia and South Korea fell.
Japan’s Nikkei 225 closed 0.18 per cent higher at 38,981 while Shanghai was up 3.64 per cent before market close Friday.
7.55 – Irish venture capital slows down in Q3
The value of Irish venture capital deals fell by 70 per cent in the third quarter of this year compared to the same period last year, new figures show.
According to data from KPMG, there was $92.4 million (€85.18 million) in venture capital investment made in Ireland from June to September, compared to $306.1 million in the same period in 2023. This year’s third quarter saw a 67 per cent drop from the second quarter, when deals totalling $280.6 were concluded.
According to KPMG’s quarterly report, global VC investment was “relatively soft” during the third quarter.
This was driven by continued uncertainties in the market, including ongoing geopolitical conflicts, the approaching US presidential election, and the protracted lack of exit activity across regions, according to the report.
Eoin O’Hare has the full report
7.40 – Octopus Renewables completes €38m Meath solar farm purchase
UK-based Octopus Renewables has paid €38m for a newly-completed solar energy farm in Co Meath that has a 15-year power purchase agreement with Microsoft.
It brings the number of solar energy farms the company has acquired this year in Ireland to five. Octopus now has the largest solar energy complex in Ireland.
Earlier this year, it paid €160m for four solar facilities from Statkraft, which had developed those projects under Octopus’ oversight.
The Irish Independent has more
7.25 – Rohan family shares €10m dividend amid profit drop
Members of the Rohan family shared a €10 million dividend from their property development business last year, newly filed accounts show.
Pre-tax profits at Airspace Investments and Subsidiaries, a holding company for the Rohan group’s property ventures, fell to €5.8 million last year from €29 million in 2022, according to its latest annual return.
Directors James Rohan and Eugene McCague note that the fall was partly due to a €1.7 million reduction in the value of the group’s investment properties.
7.10 – Good morning
Good morning from the Business Post.
Vish Gain here with you for the day to keep you up-to-date on all the latest updates.
Start your day with a look at our Legal 100 list of Ireland’s top lawyers, compiled by Catherine Sanz.
The inaugural list is the result of months of work and features practitioners working in a range of sectors including real estate, planning, insolvency, tech, intellectual property and employment.