Live News: Asian markets give up earlier gains; Powell reasserts Fed’s independence

Welcome to the Business Post’s Live News section. Here’s your chance to catch up on today’s developments in business, tech and current affairs.

17.00 – Gayle Killilea fails to get case against her by Sean Dunne bankruptcy official thrown out

Gayle Killilea, ex-wife of bankrupt developer Sean Dunne, has failed to get a case against her by her former husband’s bankruptcy assignee thrown out of court.

At the High Court on Friday, Mr Justice Max Barrett said he was not persuaded by arguments from Killilea’s lawyers, who challenged the 2014 lawsuit against her on the basis that the issues have already been ventilated and addressed in a US case.

The lawsuit was brought by Christopher Lehane, the official assignee dealing with Dunne’s bankruptcy proceedings over an allegedly fraudulent transfer of assets between Killilea and Dunne.

16.20 – Week ahead: Flutter reports results as markets take breather

After a whirlwind week markets will pause for breath next week, as the pace of quarterly updates slows and economic data takes the stage.

Among those companies that are reporting will be Peter Jackson’s Flutter. Shares in the Paddy Power owner have had positive momentum and are up over 35 per cent since the start of the year. In its latest figures it is expected to report group revenues growth of 22 per cent, according to Citi analysts, slightly ahead of the 20 per cent from the previous quarter.

In the US, the analysts expect a significant 45 per cent revenue growth year-on -year given the previous period was relatively weak. Kathleen Gallagher has been taking a look at the week ahead.

16.00 – EU leaders agree to boost economy – but divisions remain over common debt

EU leaders have agreed to a plan to boost the flagging economies of member states, including new instruments to finance increased spending.

At a summit in Budapest on Friday, the bloc’s 27 governments signed up to a 12-point “competitiveness deal” they hope will ensure their common prosperity.

Hungarian prime minister Viktor Orbán said the deal was “easy” because it wasn’t “ideology”. “It’s a very pragmatic thing in the European interest,” he told reporters.

Sarah Collins has the full story here.

15.45- KPMG partners and ‘Davy 16’ member invest €1.28 million into Dublin fintech Money Jar

A group of investors including current and former KPMG partners and one of the “Davy 16” group have invested €1.275 million into Money Jar, the Irish fintech.

Among the most recent investors in Money Jar was Kyran McLaughlin, the former Davy exec and member of the Davy 16, who was granted just under €100,000 worth of shares.

McLaughlin pumped €200,000 into Money Jar in December 2023, according to previous filings.

Eoin O’Hare has the full story here.

15.30 – Death of Irish-American businessman and former Senator Billy Lawless announced

Taoiseach Simon Harris has led tributes to former Senator and businessman Billy Lawless who has died aged 73.

Lawless a former independent senator and a prominent figure in the Irish-American community dies on Friday.

In a statement, Harris said: “It is with the utmost sadness that I have learned of the death of former Senator, Billy Lawless. Billy was a gentleman to his core, he was a businessman at the top of his game, and he was a person who accepted a challenge from former Taoiseach Enda Kenny – to travel from Chicago to Leinster House to represent the Irish diaspora,” he said.

Read the full story here.

15.15 – Taoiseach calls for ‘safe and respectful’ campaign as general election 2024 gets underway

The 33rd Dáil has been dissolved by president Michael D Higgins, firing the starting gun on General Election 2024.

Speaking at government buildings earlier, Taoiseach Simon Harris said the people of Ireland were sovereign, and they alone would choose the next government.

“Value your vote. Use your voice. That’s how this country works,” he said.

Read the full story here.

15.00 – Marine drone firm Ulysses Ecosystem Engineering raises $2m

Autonomous marine drone startup, Ulysses Ecosystem Engineering, has raised $2 million (€1.8 million) in pre-seed funding.

The oversubscribed round was led by Lowercarbon Capital.

But Superorganism, the world’s first biodiversity VC, and ReGen Ventures, an investor in planetary-scale regenerative technologies, also participated.

Angel investors, including Intercom co-founders Eoghan McCabe and Ciaran Lee, also took part.

The now San Francisco based firm was founded in 2023 by Irish engineers Will O’Brien and Colm O’Brien along with Akhil Voorakkara, Jamie Wedderburn.

Read more on RTÉ.

14.45 – Google’s new Irish boss Vanessa Hartley says bringing AI to the country is her top priority

Vanessa Hartley, head of Google Ireland, has said the number one priority of her leadership is to make sure AI is brought to Ireland, not just for the big businesses but for SMEs as well.

Hartley, who took over her role after former head Adaire Fox-Martin left to head up data centre giant Equinix, said she intends to make sure Google continues to build skills for AI in Ireland and make it accessible to everyone.

“We know that there is a big opportunity for AI in Ireland,” she told the Irish Times. “But we’re only going to realise that if we get into the hands of people who really need it.”

Vish Gain has the full story.

14.30 – US markets update

Wall Street opened on a muted note on Friday, as a rally powered by a sweeping Trump win and an expected interest-rate cut paused, with the main stocks indexes set for strong weekly gains.

The Dow Jones Industrial Average rose 58.76 points, or 0.13 per cent, at the open to 43,788.10. The S&P 500 rose 10.65 points, or 0.18 per cent, at the open to 5,983.73, while the Nasdaq Composite dropped 10.54 points, or 0.05 per cent, to 19,280.00 at the opening bell.

14.15 – Irish, English and European markets update

The Iseq All Share is down since market open, the index opened in the green this morning but has since fallen 0.29 per cent (-25.58) to 9,851.64.

This could be attributed to main fallers including Origin Enterprises (-2.4 per cent) and Greencoat Renewables (1.8 per cent).

Meanwhile, the best performer remains Corre Energy which is up 7.14 per cent at €0.15 per share.

Across the Irish Sea, the FTSE 100 is down 0.66 per cent to 8,087.18.

In Europe, the Stoxx Europe 600 and the Dax Composite Index are down 0.54 per cent and 0.74 per cent respectively.

14.00 – Harris triggers general election after confirming he will ask President to dissolve Dáil

Taoiseach Simon Harris will call a snap general election today with a three-week campaign culminating on polling day, November 29.

Following months of intense speculation that he was planning to go to the country before the government had served its full term, Harris will go to Áras an Uachtaráin and ask the President to dissolve the Dáil after returning from a meeting of EU leaders in Budapest this morning.

Once Michael D Higgins has granted a dissolution of the Dáil, a general election must be held within 30 days. Minister for Housing Darragh O’Brien will set the polling date for Friday, November 29.

13.45 – France expects big slump in 2024 wine harvest

Unfavourable weather has likely slashed France’s 2024 wine harvest by 23 per cent compared to the previous year, the agriculture ministry said in an estimate published today.

The ministry’s 37-million-hectolitre (980 million gallons) forecast for this year’s harvest would be close to the crisis-hit sector’s record lows of 2017 and 2021, both also hamstrung by weather effects.

If confirmed, the figure would also be a 17% drop on the average for the past five years.

All types of French wine are affected by the expected lower harvest, with top-name regions like Burgundy, Beaujolais and Champagne especially hard hit.

Read the full article on RTÉ.

13.30 – British Airways owner IAG reports bigger than expected profits

International Airlines Group has reported a second summer of record profits, with sustained demand for transatlantic travel helping the owner of British Airways outperform its European rivals.

The Anglo-Spanish company reported an operating profit before exceptional items of €2.01 billion for the three months to the end of September, 15 per cent higher than a year earlier and a record quarter for the company.

IAG, which owns five airlines including BA, also announced a €350 million share buyback programme, reflecting “our confidence in the strategy and business model, as well as the long-term prospects for the business”.

13.15 – IKEA posts higher profit despite revenue hit from price cuts

Inter IKEA, the owner of the world’s biggest furniture brand, reported higher profits for 2024 thanks to lower interest payments, despite a sharp decline in revenues after it cut prices across its range of products like BILLY bookcases.

The price reductions are an attempt to boost IKEA’s affordability after it hiked prices significantly in 2021-2022 when supply chain disruptions raised raw material costs.

Inter IKEA, which supplies the stores to which it franchises the IKEA brand, lowered its prices by an average of 15 per cent over the year, Chief Financial Officer Henrik Elm said.

Read more on RTÉ.

13.00 – Chinese online retailer Temu breaching consumer protection law, EU says

Online retailer Temu has breached EU consumer protection rules, the European Commission said, ordering the Chinese firm to bring its practices into line with EU law.

Temu is under investigation by Irish, Belgian, German and EU authorities for practices the EU says “may mislead consumers or unduly influence their purchasing decisions”.

On Friday the EU notified Temu, which moved its corporate headquarters to Dublin last year, about “a number of practices on its platform that infringe EU consumer law”

Sarah Collins has more.

12.45 – Protest attack on NI Allianz office being treated as racially motivated criminal damage

A second protest attack on Allianz UK’s Belfast base within a month is being investigated as “racially-motivated criminal damage”, police have confirmed.

Paint was sprayed onto the windows of the German company’s office in the High Street area of the city centre during the incident, which is understood to be linked to protest action by the Palestinian Action group.

12.30 – Value and volume of services down marginally in September – CSO

In September 2024, the value of services fell by 1.1 per cent compared with August 2024.

The value of services output was 8.3 per cent higher in September 2024 in comparison with the same time in 2023.

The volume of services in September 2024 fell by 1.1 per cent when compared with the month prior.

Services were 7.8 per cent higher in volume terms in September 2024 when compared with September 2023.

The largest monthly decreases in both value and volume were recorded in Administrative and Support Service Activities, at 4.8 per cent and 5.8 per cent respectively.

12.15 – Central Bank fines Waystone Fund Management for breaches of regulations

The Central Bank has fined Waystone Fund Management €393,512 for breaching requirements of the European Union (Alternative Investment Fund Managers) Regulations 2013 between May 2018 and August 2020.

These regulations require alternative investment fund managers to comply with key requirements aimed at safeguarding investors.

WFM has admitted the prescribed contraventions.

This is the Central Bank’s 157th enforcement outcome to date, bringing the total fines imposed by the regulator to over €406 million.

12.00 – The seasonally adjusted Live Register rose by 0.4 per cent in October – CSO

The unadjusted Live Register total for October 2024 was 163,766. When seasonal effects are considered, the seasonally adjusted Live Register total for October 2024 was 169,000 or 700 more people than September 2024.

There were 13,078 people benefitting from the EU’s Temporary Protection Directive included in the Live Register figures for October 2024, a decrease of 726 people from September 2024.

Kildare (4.8%) was the county that recorded the largest increase in the number of people on the Live Register in the 12 months to October 2024, followed by Offaly (+2.9 per cent) and Dublin (+0.9 per cent).

11.45 – Euronext lifts revenue target in new three-year plan

Euronext has raised its revenue targets up to 2027 and pledged to diversify its business further away from traditional stock trading, as it reported a slightly better than expected third-quarter profit.

The pan-European stock exchange also announced a share buyback programme of up to €300 million, to be launched on November 11.

Unveiling a new three-year strategic plan, Euronext said it expected its revenue and core profit to grow by more than 5 per cent a year on average until 2027 and that it would aim for capital expenditure of between 4 per cent and 6 per cent of total revenue over that period.

Read more on RTÉ.

11.30 – Production in manufacturing industries down 3.2 per cent – CSO

Production in manufacturing industries decreased by 3.2 per cent from July to September 2024 when compared with the previous three-month period.

Monthly production in manufacturing industries fell by 12.8 per cent between August and September 2024. On an annual basis, production in this sector was 6.3 per cent higher in the three months from July to September 2024 when compared with the same period in 2023

The highly globalised Modern sector experienced an increase of 5.4 per cent in industrial production between July and September 2024, compared to the same period in 2023 while the Traditional sector grew by 5.3 per cent.

From July to September 2024, turnover in manufacturing industries was down by 5.6 per cent when compared with the previous three-month period.

11.15 – Falling interest rates and inflation drive European IPO levels, according to EY

Europe, the Middle East, India and Africa (EMEIA) was the leading IPO market globally by both volume and value in the first three quarters of the year, according to new figures from EY.

The region’s IPO proceeds rose 45 per cent to €30.3 billion compared to the first nine months of 2023, the latest EY IPO trends report has indicated, despite third-quarter challenges posed by a complex economic and geopolitical landscape.

These proceeds stemmed from 394 deals, which was 36 per cent more than the number concluded in the first three quarters of the year before.

Read the full article by Eoin O’Hare.

11.00 – China stimulus package disappoints investors in European car and luxury stocks

European luxury and automotive stocks fell after China failed to set out direct measures to stimulate consumer demand in its $1.4 trillion stimulus package.

The Stoxx Europe 600 Automobiles and Parts index shed 1.3 per cent, with shares in BMW, Mercedes and Stellantis weighing on the market.

Shares in French luxury group and Gucci owner Kering fell 4.4 per cent, while rivals Hermès and LVMH were down 2.5 and 2.3 per cent, respectively. The broader Stoxx Europe Luxury 10 index shed 1.9 per cent.

10.45 – Financial abuse experienced by 30 per cent of adults – survey

Vulnerable adults are being urged to keep control of their own money as much as possible, including those with decision-making and capacity challenges.

Almost a third of adults in Ireland (30%) have experienced financial abuse according to figures released by Safeguarding Ireland.

In a RED C survey, the majority of those who experienced this type of abuse said it was carried out by someone well-known to them, rather than online, or anonymously.

Read more on RTÉ.

10.30 – World food prices reach 18-month high in October, UN says

World food prices rose in October to an 18-month high as vegetable oils led increases seen in most food staples, United Nations’ data showed today.

A price index compiled by the UN Food and Agriculture Organization (FAO) to track the most globally traded food commodities increased to 127.4 points last month, up 2 per cent from a revised 124.9 points in September.

That put the index up 5.5 per cent from a year ago and marked its highest since April 2023, though it was 20.5 per cent below a record from March 2022 reached after Russia’s invasion of Ukraine, the data showed

10.15 – FedEx Ireland profits dip 15 per cent amid decreased income from carrier service

The Irish wing of FedEx Express, the global carrier company, recorded a more than 15 per cent dip in its pre-tax profits to €4.1 million as income from its data centre in Dublin dropped nearly €10 million.

New accounts filed by FedEx Express Ireland Ltd for the financial year ended 31 May 2024 show that the firm’s turnover decreased by 8 per cent in the period.

FedEx blamed “decreased yield during the year” for the fall in turnover.

10.00 – Leaders to discuss EU competitiveness at Budapest summit

EU leaders are meeting for a second day in Budapest to discuss the European economy and its competitiveness, as the continent continues to take stock of Donald Trump’s victory in the US presidential elections.

Leaders at the European Political Community summit will hear from Mario Draghi, the former ECB president, whose recent report on competitiveness is due to steer economic policymaking over the next five years.

The summit is a grouping of 47 European countries including the 27 member states of the European Union

Read more on RTÉ.

09.45 – Dalata Hotel Group announces completion of the sale of Maldron Hotel Wexford

Dalata Hotel Group, the largest hotel operator in Ireland, has announced that it has completed the sale of the Maldron Hotel Wexford to The Neville Park Hotel Group.

The net proceeds from the transaction are being returned to shareholders through a share buyback programme previously announced on October, 15.

Established in 2007, Dalata’s portfolio comprises a mix of owned and leased hotels with 56 primarily four-star hotels operating through its two main brands, Clayton and Maldron Hotels.

For the six-month period ended 30 June 2024, Dalata reported revenue of €302 million.

09.30 – Losses mount to €5.7 million at Conor McGregor’s property firm

Losses made by Conor McGregor’s property firm rose by nearly €2 million to €5.7 million last year.

Latest accounts filed by Emrajare Ltd, a property development firm owned by the Irish mixed martial arts fighter, show that total assets were up slightly at €22.9 million.

The firm was established in 2021 and has seen losses mount in its early stage. In 2022, Emrajare posted €3.8 million in losses for the year. It stood at €1.7 million the year before that.

Read the full article by Vish Gain here.

09.15 – Nvidia surpasses $3.6 trillion market value after Trump win

Shares of Nvidia rallied to a record high last night, making the chipmaker the first company in history to surpass a stock market value of $3.6 trillion (€3.34 trillion) as Wall Street extended a rally sparked by Donald Trump’s return to the White House.

The dominant AI chipmaker’s shares rose 2.2 per cent, lifted by broad investor optimism about tax cuts and lower regulations after the Republican candidate’s Tuesday election victory.

Nvidia’s stock market value ended the day at $3.65 trillion, beating Apple’s record closing market capitalisation of $3.57 trillion reached on October 21, before the chipmaker on Tuesday overtook the iPhone maker as the world’s most valuable company, according to LSEG data.

Read the full report on RTÉ.

09.00 – Sony posts 73 per cent jump in Q2 profit, keeps outlook

Sony has reported a 73 per cent rise in group operating profit in the July-September quarter, buoyed by strong sales in its game and network business.

Sony, whose businesses includes music, movies, games and chips, maintained its profit forecast of 1.31 trillion yen ($8.51 billion) for the current year to March, largely in line with the 1.34 trillion yen estimate of 24 analysts polled by LSEG.

Operating profit for the July-September quarter soared to 455.1 billion yen from 263 billion yen a year earlier.

08.45 – Aer Lingus operating profit takes €88m hit as damaging pilots row takes its toll

Aer Lingus owner IAG has reported operating profit of just over €2 billion for the three months to the end of September, a 15.4 per cent increase on the same period last year.

IAG increased its operating margin by 1.4 percentage points to 21.6 per cent, according to its third-quarter results.

Aer Lingus, however, saw its operating profit fall to €148 million in the nine-month period, from €236 million in the same period last year.

Read the full story by Ellie Donnelly here.

08.30 – Trump victory hands hedge funds $1.2bn win from bet against renewables

Investors betting against renewable energy stocks have gained more than $1.2 billion in profits from the heavy sell-off that swept the sector following Donald Trump’s US Presidential election win.

According to the data group Breakout Point, firms including Arrowstreet Capital and Qube Research & Technologies had built up short positions against companies such as Norwegian hydrogen firm Nel and German wind turbine manufacturer Nordex.

Shares in these companies fell sharply on Wednesday amid concerns that the president-elect will “terminate” Biden’s Inflation Reduction Act, a move that could result in a halt to tax credits and offshore wind development.

08.15 – Irish markets update

The Iseq All Share opened in the green on Friday, increasing 0.98 per cent (+95.77) to 9,879.

The main risers on the market included Corre Energy which increased 7.14 per cent to €0.15 per share and Kingspan Group which jumped 4.55 per cent to €79.25 per share.

Meanwhile, the bottom performer on the Dublin market was Kerry Group which dropped 2.59 per cent to €88.35.

08.00 – Ryanair appeals to judges to let it sue Italian competition watchdog

Ryanair has asked the Court of Appeal to overturn a decision that it cannot sue the Italian competition and antitrust authority in Ireland over a search of its Dublin headquarters last March.

In June, the High Court dismissed the airline’s case against the Italian Autorità Garante Della Concorrenza e del Mercato (AGCM) for want of jurisdiction by the Irish courts.

Ryanair DAC and Ryanair Holdings plc brought proceedings against Ireland’s Competition and Consumer Protection Commission (CCPC) and Italy’s AGCM over the raid on the airline’s Airside offices at Dublin Airport on March 8th.

07.45 – Boeing to repay furloughed staff and proceed with job cuts

Boeing chief executive, Kelly Ortberg, said on Thursday that employees furloughed during a seven-week strike by factory workers would be repaid by the company for lost wages, but it would proceed with plans to cut about 10 per cent of its global workforce.

Boeing furloughed thousands of salaried employees on a rolling basis after the strike by 33,000 union machinists began in September and halted production of its best-selling 737 MAX. But the plane maker later cancelled the unpaid leave after announcing plans to cut 17,000 jobs.

07.30 – Pre-tax profits almost double at five star Powerscourt hotel

Pre-tax profits at the firm which operates the five star Powerscourt hotel resort near Enniskerry in Co Wicklow last year almost doubled to €2 million.

New accounts at hotel firm, Sugarloaf Ventures Ltd show that the company recorded the 90 per cent increase in pre-tax profits after revenues rose by 14 per cent from €23.16 million to €26.42 million.

The resort is part of the MHL Collection, a consortium led by US billionaire John Malone, and was purchased for over €50 million in 2019.

Read more on RTÉ.

07.15 – Asian markets update

Chinese Stocks were in the red, with the Hang Seng falling 0.76 per cent (-160.98) to 20,790.61 and the Shanghai Composite Index dropped 0.64 per cent (-22.23) to 3,448.43.

Meanwhile, the Japanese stocks remained higher, with the Nikkei up 30 per cent (+118.96) to 39,500.37 at market close.

Elsewhere, the Korean Kospi was down 0.14 per cent (-3.48) to 2,561.15 and the Australian S&P/ASX 200 was up 0.84 per cent (+68.8) to 8,295.10.

07.00 – Good morning

Good morning from the Business Post.

Emma Hanrahan here with you this Friday to keep you up-to-date with all the latest news.

Leading the Business Post website is a piece on Matt Ryan divesting from Oakmount, the property development company he established with Paddy McKillen jnr. Killian Woods has all the details here, continuing his excellent reporting on Oakmount, Press Up and the executives behind the companies over recent months.

We’ll also be bringing you IAG’s latest results once they’re announced shortly while we have an in-depth analysis of the Fed’s latest rate cut and how its chair reasserted the institution’s independence in his remarks last night. You can catch up on it all here.

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