Live News: ‘Little uncertainty’ for investors ahead of UK election; Aer Lingus cancels further 76 flights
Bite-sized servings of the latest in business, tech and current affairs
Good morning. 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.
16.30 - ‘Little uncertainty’ among investors ahead of UK election
Tomorrow’s UK general election has created “little uncertainty” among investors, according to Deutsche Bank.
In a note circulated on Wednesday, the bank’s research arm said that investors were “rightly” unmoved by the clear Labour lead in polls ahead of the UK election polls, in contrast to the French snap elections or the US presidential debate.
“There is a very clear lead in the UK election polls, which currently imply 40 per cent of votes for Labour vs 20 per cent for the Conservatives. Lower volatility and a lower discount for uncertainty seem warranted,” the bank wrote.
15:55 - Productivity increase asked of pilots ‘very minimal’ - Aer Lingus
The impact of increases in productivity being requested by Aer Lingus on its pilots are “very minimal,” a senior executive at the airline has said.
Aer Lingus and its pilots who are members of the Irish Air Line Pilots' Association (Ialpa) are today at the Labour Court for formal hearings.
After the hearing, the court will issue a recommendation.
14:45 - The veterans that put Irish tech on the map
There are countless names that have played their part in the growth of the tech sector in Ireland over the years.
From John Herlihy to Edel Creely, Charlie Taylor and Elaine Burke look at the veterans of Irish tech, as part of Connected’s Top 100 people in Irish tech series.
14.17 - EU to consider closing off duty exemption that aids Shein, Temu
The European Union is working on a proposal to impose import duties on cheap goods bought from online platforms outside the bloc, a move that would primarily target Chinese retailers such as Temu, AliExpress and Shein, according to people familiar with the matter.
The EU currently has a €150 duty-free threshold for online purchases that’s meant for small gifts or personal packages but that has enabled a surge in small-value imports from those platforms, the people, who spoke on condition of anonymity, said.
The proposal would aim to stem this flow and would apply to all non-EU e-commerce platforms, they added.
The Financial Times has the story.
13.22 - Tesla’s turnover double
Tesla Ireland more than doubled its turnover last year, taking in €142 million, up from €69.7 million the year before, new filings show.
Annual accounts for the electric car maker show its Irish arm saw pre-tax profits jump 101 per cent to €1.98 million, up from €985,786 in 2022.
After deferrals and adjustments, Tesla paid €289,595 in corporation tax last year, having paid €159,982 the year before.
Tesla Ireland’s directors were not paid by the company for the second year in a row.
Continue reading here.
12:20 Job losses at Becton Dickinson
Staff at Becton Dickinson (BD) have received notice that the manufacturing plant is set to close operations in the town, with the loss of over 200 jobs in the next two and a half years. The multinational medtech’s plant is closing after 60 years in the town.
Staff at the BD plant were informed of the plans at the City North Hotel this morning, with the closure coming after “a review of the global manufacturing supply chain network”.
In 2023, 60 positions were shed, just two years after a €62 million investment into the facility.
The company “remains committed to Ireland” according to a company statement, with a €4 million R&D facility in Blackrock, Co Dublin, and a €3 million investment to expand a manufacturing facility in Enniscorthy, Wexford.
– Daniel Burns
11.15 - Unemployment rises marginally
Unemployment increased marginally in June, rising from 4 per cent in May to 4.2 per cent.
However, it is down from 4.4 per cent on June 2023.
The rate of unemployment was slightly higher among women (at 4.3 per cent) than among men (4 per cent).
10.30 - Dalata opens new Liverpool location
Dalata, the largest hotel operator in Ireland, has opened its first hotel in Liverpool.
The 268-guestroom Maldron Hotel Liverpool is located in the heart of the city, on Park Lane which is a four-minute walk from the Liverpool One retail paradise and 15 minutes from Lime Street Station.
This is the group’s 55th hotel and is one of four new hotels opening this year across the UK, further expanding Dalata’s portfolio in the region, which includes four hotels in Manchester.
“The opening of Maldron Hotel Liverpool is further proof of Dalata’s commitment to our UK expansion, and we are excited about the upcoming openings in London and Brighton,” Dermot Crowley, chief executive of Dalata, said.
“Liverpool was a key city for us as part of our expansion strategy and this successful opening is a true testament to the hard work and dedication of our outstanding team at Maldron Hotel Liverpool.”
As part of the company’s UK growth strategy, Dalata will open two additional Maldron Hotels in prime locations at Shoreditch in South Central London and in Brighton over the coming months.
09.51 - Revolut to enter Irish mortgage market
Revolut has signalled that it will launch a mortgage offering in Ireland in the first half of 2025.
In an interview with the Irish Times, Joe Heneghan, chief executive of Revolut Europe, said that the fintech is “very keen to get mortgages launched next year in Ireland.”
“Our team is working very hard on it. I would probably say the first half of next year is realistic. The market is attractive,” he said.
Heneghan’s comments come as Revolut reported a 95 per cent surge in global revenues, taking in a record $2.2 billion (€2.1 billion) last year.
09.45 - Aer Lingus cancels further 76 flights
Aer Lingus on Wednesday said it was cancelling 76 additional flights over the course of Monday July 8 to Wednesday July 10 (inclusive). This brings the number of flights cancelled by the airline as a result of the industrial action to over 450 in total.
"Implementing these cancellations is to enable us to protect as many services as possible for as many of our customers as possible," the airline said in a statement.
Customers impacted by these latest cancellations will be given the option to change their flights for free. They will also be able to claim a refund or voucher.
08.45 - Cairn buyback programme
Cairn Homes, the Irish housebuilder, has announced a €45 million share buyback programme, commencing today. €5 million of this is carried over from the 2023 programme.
The firm announced the programme in a trading update for the first half of the year, in which it reported a 66 per cent surge in revenue annually.
The company also intends to announce a 3.8 cent interim dividend per ordinary share at interim results on September 4 2024.
Get the full story here.
08.30 - Aer Lingus and Ialpa to attend Labour Court hearing
Aer Lingus and Ialpa, the pilots union, will meet for a formal Labour Court hearing on Wednesday, in a bid to squash the deadlocked row over pilot pay.
It will mark the third Labour Court session related to this dispute - which has seen Aer Lingus pilots launch industrial action, causing mass disruption.
The court decided to use its power to intervene in the row after nine hours of talks with both sides on Monday.
Any resolution will depend on both sides accepting whatever recommendation the court makes following Wednesday’s hearing. Pilots have threatened further industrial action in the event of no consensus being reached.
Our reporter Ellie Donnelly will be down at the Labour Court today. Follow along this blog for updates.
