Live news: US retail sales inch upwards; Apple settles EU lawsuit

Welcome to the Business Post’s Live News section. We’re here all day to keep you up to date on the latest developments in business, tech and current affairs.

14.50 - Deep-dive on Eamon Ryan’s exit from leadership

Our political correspondent Cónal Thomas has delved into the background and content of Eamon Ryan’s surprise resignation and the speech he gave, which focused more on family than many might expect.

With Ryan stepping out of the limelight, he says one of his main regrets over the last few years is the perception that the Green Party is anti-rural.

He also touched on the abuse that politicians receive, particularly online, and said the remainder of the government’s term should focus on the pillar issues of housing, healthcare and climate issues.

14.20 - US retail sales inch upwards as consumer strain remains

US retail sales barely rose in May and prior months were revised lower, pointing to greater financial strain among consumers.

As reported by Bloomberg, the value of retail purchases, unadjusted for inflation, increased 0.1 per cent after a downwardly revised 0.2 per cent drop in the prior month, the latest commerce department data showed. Excluding fuel, sales rose 0.3 per cent.

Of the 13 categories tracked by the commerce department, five showed declines as fuel prices were cheaper and furniture outlets offered discounts for Memorial Day.

The figures underscore a notable downshift in consumer spending after stronger readings earlier in the year.

13.45 - Paypal announces 85 job cuts in Ireland

PayPal has announced plans to cut 85 jobs locally but stressed it “remains committed” to Ireland.

In a statement the company, which employs 1,600 people here, said no redundancies will take effect until after a consultation process with employees has concluded.

The proposed layoffs come as part of a plan announced by the company earlier this year to cut about 2,500 jobs, or 9 per cent of its global workforce.

Charlie Taylor has the full story.

13.15 - Eamon Ryan confirms he is stepping down as leader of the Green Party

Eamon Ryan has stepped down as leader of the Green Party. In his resignation speech, he thanked the people of Ireland for electing him on eight different occasions to be a public representative.

“I am stepping down to pass the torch to a new generation of leaders, confident in the strength and values I have seen built up in our party over all these years,” he said.

Ryan paid tribute to his party and said he would continue to serve as leader until his replacement is elected.

He said he was proud of what the government has achieved to date, outlining Covid, cutting public transport fares, introducing a climate law and the retrofit scheme as measures the Greens played an integral role in.

12.30 - Apple to settle EU payments lawsuit

Tech giant Apple is to settle a long-running antitrust investigation with the EU into its mobile payments system, while making concessions in order to avoid a substantial fine.

As reported by the Financial Times, the European Commission charged Apple with breaking competition law in relation to its Apple Pay service, which it alleged limited third parties from accessing.

According to people familiar with the discussions, regulators have now accepted several measures proposed by Apple in January of this year to remedy the situation, including providing developers with free access to its payments chip.

Apple has offered to keep the measures in place for a decade, with a final settlement likely in the coming weeks.

12.00 - UK bank Atom says market ‘dominated’ by major lenders, as it cheers record profits

Atom bank has criticised the dominance of large UK lenders who provide “indifferent” customer service, as the app-based bank cheered a record year of profits.

As reported by PA, the digital bank, which offers savings accounts, mortgages and loans, revealed it made an operating profit of £27 million (€32 million) for the year to the end of March.

This was about seven times higher than the previous year. It also reported its first annual pre-tax profit since launching a decade ago.

The company, which is the only British bank to give employees a four-day week without reducing their salary, cheered the financial performance as its “best year yet”.

11.05 - Eamon Ryan to step down as Green Party leader

Eamon Ryan is to step down as leader of the Green Party.

Ryan is due to make an announcement that he is standing down as leader on Tuesday afternoon after the conclusion of Cabinet.

It is understood that the minister for transport and minister for the environment told his counterparts in Fianna Fáil and Fine Gael of his intention to step down, and has also informed his parliamentary party.

More to follow...

10.20 - GameStop boss: I’m focused on profits, not hype

GameStop chief executive Ryan Cohen told investors he’s focused on achieving profitability at the ailing video game retailer and plans to avoid the “hype” that has buffeted the shares to extremes as part of the meme-stock frenzy.

“Revenue without profits and prospects of future cash flow are of no value to shareholders,” Cohen said in brief remarks at the company’s annual shareholder meeting, as reported by Bloomberg.

“This means a smaller network of stores with an expanded assortment of higher-value items that fit into our trade-in model.”

Cohen has tried in recent years to pivot the company from a failing brick-and-mortar store into a digital storefront for the latest game releases and dabbled briefly in crypto-backed NFTs. But analysts don’t see much of a future.

9.40 - Vodafone to shutter 3G network in Dublin city

Phone network Vodafone will shut down its 3G services in Dublin city in the coming weeks, the operator confirmed.

It follows the company’s decision to close the Cork city and Limerick city 3G networks, and will allow it to focus on its speedier 4G and 5G networks.

As reported by the Irish Times, the operator said that 3G services were used by less than 2 per cent of its customers, and that the network expected to shutter the service nationwide in early 2025.

Vodafone expects to invest €500 million into its network services over the next five years, it said.

9.05 - Revolut adding bonds to investment offering

Revolut has expanded its available investment products and has begun offering corporate and government bonds.

The fintech, which has over 2.8 million clients in Ireland, said it had 40 corporate and government bonds available and planned to expand the list in the “upcoming months”.

The minimum investment is €100 with a 0.25 per cent fee per trade. The services are offered by Revolut Securities Europe UAB, an investment firm authorised and regulated by the Bank of Lithuania.

Kathleen Gallagher has the full story.

8.40 - Aer Lingus says Ialpa ‘determined’ to inflict disruption

Donal Moriarty, chief corporate affairs officer with Aer Lingus has said that Ialpa members’ vote for industrial action will place the travelling public in a difficult position this summer.

“Ialpa appear to be absolutely determined to inflict the disruption of industrial action on the travelling public this summer. Inevitably, if they do, it will involve much disruption for our customers,” he said.

Speaking to RTÉ’s Morning Ireland programme, Moriarty denied that the airline is requesting a 15-day notice period to avoid paying compensation under EU rules.

“We have no difficulty in refunding, re-accommodating or compensating customers where compensation is necessary,” he said.

8.15 - Avalon raises $750m unsecured credit facility

Avolon, the Dublin-based aviation finance and leasing company, has raised $750 million (€699 million) in an unsecured credit facility with a syndicate of seven banks mainly in the Middle East and India.

The facility has a three-year tenor, with options for extension to up to five years. JP Morgan and Emirates NBD acted as joint-bookrunners on the transaction.

The transaction brings Avolon’s 2024 fundraising to $3.4 billion in 2024 from a range of funding sources in the public and private markets.

Eoin O’Hare has the full story.

7.40 - Bonanza budget could overheat economy - Central Bank

The Central Bank of Ireland has warned that the government risks overheating the economy if it continues to spend beyond its means, amidst an inflation rate that is dropping “more sharply” than expected.

In its quarterly economic bulletin, the regulator forecast moderate economic growth in the months ahead. It has forecast that modified domestic demand (MDD) will grow by 2.1 per cent this year, 2.5 per cent in 2025 and 2 per cent in 2026, amidst what it described as a “benign international backdrop”.

The CBI also found that Ireland’s inflation rate had dropped below the all-important 2 per cent rate in the last quarter, after several years well in excess of that target. New central bank figures place inflation at 2 per cent in May, marginally up from 1.6 per cent in April.

The full story is here.