Welcome to the Business Post’s Live News section. Catch up here on today’s developments in business, tech and current affairs.

17.00 – Claire Brock and Ciara Doherty announce departure from the Tonight Show and Virgin Media

Virgin Media Tonight Show hosts Claire Brock and Ciara Doherty have announced they are to leave the station after this weekend’s election coverage.

Doherty and Brock both confirmed that tomorrow night will be their last time fronting the late night politics programme.

The not unexpected move comes after Virgin Media reduced the number of episodes per week from four to two on the eve of the general election being called.

Daniel McConnell has the update.

16.45 – French budget and political woes unnerve EU

The French government is teetering on the brink as politicians trade blows over the 2025 budget, sending French bond spreads rising and worrying Eurogroup chief Paschal Donohoe enough to consider travelling to Paris next week.

French prime minister Michael Barnier, who is presiding over a shaky centre-right minority government that relies heavily on the far right, said this week the situation was “serious” and “difficult choices” would have to be made.

Sarah Collins has the update.

16.30 – Iseq closes in the green on Black Friday

The Iseq All Share Index closed in the green today, up 1.08 per cent since previous close.

Datalex Plc has the main riser today, up 11.43 per cent on previous close.

16.15 – Exclusive: Apple to take office space for hundreds of staff at Clancourt’s Park Place in Dublin

Apple is set to take three floors capable of housing hundreds of staff at Four & Five Park Place in Dublin city centre on a long-term lease as it cements its presence in the capital, the Business Post has learned.

The tech giant, which has been hunting for a home in Dublin for around six months, is in advanced discussions to take roughly 60,000 square feet at the building, which was developed by Clancourt, the developer jointly led by Conor and Kevin Kenny.

It is understood that a deal is likely to be done before Christmas, with Apple likely to locate several hundred staff at the site.

Donal MacNamee and Killian Woods have the story.

16.00 – Astatine partners with Engie for three new solar farms in Ireland

Renewables specialist Astatine has teamed up with global energy provider Engie to construct three solar farms in Ireland next year.

Situated in Galway and Limerick, the new solar farms will have a combined capacity of 18 MWp, generating enough electricity to power approximately 4,100 homes.

The sites, located in Dromsallagh, Limerick, and Ardnadoman and Rooaun in Galway, are among six projects granted under last year’s Renewable Energy Support Scheme.

RTÉ has the full story.

15.45 – PTSB resolve payments issue affecting ‘majority of customers’

PTSB has said it has resolved a technical issue that affected the majority of its customers who have been experiencing delays in sending and receiving payments.

Some Permanent TSB customers reported experiencing delays in sending and receiving payments on Friday morning due to what the bank described as a technical issue.

The PTSB app was also affected because of a “system upgrade”.

Emma Hanrahan has more.

15.30 – Volkswagen India unit faces $1.4 billion tax evasion notice

German car manufacturer Volkwagen’s Indian subsidiary has been served with a tax evasion notice by Indian authorities. India alleges the automaker underpaid $1.4 billion in import duties by misdeclaring car components as individual parts.

According to a document dated September 30, Volkswagen imported nearly complete cars in unassembled form, which should have incurred a 30-35 per cent tax under the “completely knocked down” category.

Instead, the company reportedly classified these imports as parts, attracting a much lower 5-15 per cent tax rate.

Reuters has the exclusive.

15.15 – Meta faces trial in October on unfair competition case lodged by Spanish media

Facebook owner Meta Platforms will face a trial in October 2025 in Spain over a 551 million euro ($582 million)complaint lodged by more than 80 media companies accusing it of unfair competition in advertising, a Madrid court said on Friday.

The hearings will be held on Oct. 1 and 2, the 15th Madrid commercial court said in a statement.

The AMI media association, which represents 87 Spanish media firms, filed a lawsuit last year alleging Meta violated EU data protection rules between 2018 and 2023.

Read more on Reuters.

15.00 – 750 million bottles and cans returned since Deposit Return Scheme launched

750 million plastic bottles and cans have been returned since Ireland’s Deposit Return Scheme was launched back in February.

There are now over 2,500 reverse vending machines and over 300 manual collection return points across the country.

Re-Turn, the operator of the scheme, has reported month-on-month growth in container returns.

Read the full story on RTÉ.

14.45 – US markets update

The US markets opened in the green on Friday, after they were closed on Thursday for the Thanksgiving holiday.

The Nasdaq was up 0.33 per cent (+63.63) to 19,241.11.

The S&P 500 also experiencing gains, rising 0.31 per cent (+18.67) and 6,017.41.

The Dow Jones is also trading positively at market open, growing 0.26 per cent (+114.25) to 44,836.31.

14.15 – Irish construction firms optimistic about future thanks to booming demand for houses

Irish construction and manufacturing businesses are most optimistic about their economic prospects compared to other sectors amid high demand for housing, according to a recent survey.

The Azets Barometer Survey, which polled 136 firms across Ireland in September, found that Irish businesses are the second most optimistic in Northern Europe with Irish respondents rating their economic prospects at 6.5 out of ten, up from the 6.1 recorded in June.

Neil Hughes, chief executive of Azets Ireland, the professional services firm, said the results provide an important insight into the attitudes and actions of Irish businesses as they navigate a “challenging” business landscape.

Read the full story here.

14.00 – Cement giant Heidelberg Materials expands US presence with $600 million deal

Heidelberg Materials has struck a deal to buy Giant Cement Holding and its subsidiaries for $600 million (€568 million), the latest acquisition by the German cement maker to expand its foothold in the US.

Heidelberg Materials, the world’s second-largest cement maker, and its larger peer, Holcim, have singled out the US market as a place to grow aggressively, banking on what they say will be prolonged construction activity due to infrastructure projects and economic stimulus.

Read the full story on RTÉ.

13.45 – SCADA International has acquired NovoGrid Ltd, a leading provider of grid analytics based in Dublin

SCADA International, headquartered in Denmark, announced the acquisition of NovoGrid, based in Dublin and a University College Dublin spin-out company.

NovoGrid is now the fourth company to join the SCADA International group.

NovoGrid’s technology allows customers to shorten the time to market by providing actionable connection options.

The acquisition demonstrates SCADA International’s dedication to helping accelerate the energy transition.

13.30 – Nando’s to step up new restaurant openings

Nando’s has said it will step up its restaurant opening plans after sales lifted further over the past year.

The peri-peri chicken chain said sales surpassed pre-pandemic levels after “strong customer demand”.

Full accounts for the latest financial year also show the business cut its losses despite a “challenging” cost environment.

Rob Papps, group chief executive of Nando’s, said the economic backdrop remains “uncertain” but it is pushing forward with more investment to drive growth.

Read more on RTÉ.

13.15 – Axa chief Tara Foley rejects ‘profiteering’ claims against motor insurers

Insurance giant Axa’s UK and Ireland chief executive has hit back at claims insurers are charging “rip-off” prices.

Dubliner Tara Foley rejected the charge firms are failing to pass on savings to consumers, insisting there is actually a “profitability issue” with their motorbook.

Politicians and consumer groups here have accused the insurance industry of failing to pass on savings to customers.

Read the full interview by Dominic McGrath here.

13.00 – Foreign visitor spend up 3.6 per cent in October to over €530m – CSO

New figures from the Central Statistics Office show that 548,100 foreign visitors completed a trip to Ireland in October, a fall of 5.1% compared with the figures for October 2023.

The CSO said these visitors spent a total of €534.3m their trips (excluding fares), up 3.6% compared with last year.

The typical foreign visitor spent €1,311 (€975 excluding fares) on their trip to Ireland in October.

Read more on RTÉ.

12.45 – Ireland named as one of EU’s top six users of ‘cross-border tax deals’

Ireland is one of the EU’s most prolific users of cross-border arrangements that could potentially lead to tax avoidance, the bloc’s auditors have found.

The Revenue Commissioners reported just under 1,700 such arrangements to the European Commission between 2020 and 2023 – or 3.2 per cent of the total.

Brussels correspondent Sarah Collins has the full story.

12.30 – Revolut will let former staff sell stock in secondary sale

Revolut has told its former staff they can participate in a secondary share sale, allowing them to cash in at the finance firm’s latest $45 billion valuation.

Former employees were told this week anyone who’d been at the fintech for at least 24 months and held $100,000 or more in vested shares would be able to sell as much as 5 per cent of their portfolio, according to a memo seen by Bloomberg News.

Revolut held a secondary share sale for current employees this summer, when staff including chief executive officer Nik Storonsky cashed in stock.

The sale has been extended, allowing a wider group of early backers to exit.

Read the full story here.

12.15 – PTSB apologises as salaries fail to land in accounts on Black Friday

PTSB customers expressed frustration on Friday after a “technical issue” meant salaries did not land in their accounts on what it is one of the busiest shopping days of the year.

The bank apologised after the issue led to payments from employers and pension providers not showing up in customer accounts.

The issue is bad timing for the bank with today being “Black Friday”, a date in the calendar when retailers offer consumers cut price deals in an effort to generate publicity.

It is understood PTSB is one of at least 10 banks across Europe that are affected by the issue with a third party payments provider.

Read the full story on the Irish Times.

12.00 – AIB and FSU reach agreement on new pay deal

AIB and the Financial Services Union (FSU) have reached agreement on a pay deal for 2025 that includes pay increases ranging from 4 per cent to 7 per cent depending on an individual’s grade, with a minimum €2,000 payment.

Also included is a €1,500 voucher and an extra day’s paid leave for all staff.

Under the deal, entry level pay would increase by 7 per cent to €30,000.

Read more on RTÉ.

11.45 – WTO chief Okonjo-Iweala reinstated for second term as trade wars loom

World Trade Organization chief Ngozi Okonjo-Iweala was reappointed for a second term at a special meeting on Friday, the trade watchdog said, meaning her tenure will coincide with U.S. President-elect Donald Trump’s second administration.

Analysts expect the road ahead for the three-decade-old WTO will be challenging and most likely characterised by trade wars, with Trump, who returns to the White House on Jan. 20, threatening hefty tariffs on goods from Mexico, Canada and China.

Read the full article on Reuters.

11.30 – ByrneWallace and LK Shields Solicitors agree merger deal

ByrneWallace and LK Shields Solicitors – two of the country’s biggest law firms – have agreed to merge to create Byrne Wallace Shields.

The deal is one of the largest involving two Irish law firms and will create a firm with over 430 employees, including 220 solicitors.

The merger will take effect from January 1, 2025.

Read more on RTÉ.

11.15 – Irish-owned investor Fine Grain Property buys The Three Building in Limerick for €7.5m

Fine Grain Property, an Irish-owned property investor backed by Grosvenor, has acquired The Three Building, a 47,000 square foot office building at the Plassey Innovation Campus just outside Limerick city for €7.5 million.

This acquisition brings Fine Grain’s holdings at the “strategically important” location next to the University of Limerick to five buildings and close to 260,000 square feet, according to a statement from the company.

Fine Grain Property is an Irish-owned property investor and operator established in Singapore which has invested more than €300 million in Ireland since 2016 across three funds. It is backed by the Grosvenor Estate and a number of prominent European and Singaporean family offices.

Read the full story by Ellie Donnelly here.

11.00 – Euro zone inflation edges up, ‘underlying’ price growth steady

Euro zone inflation accelerated in November and its most closely watched components remained high, data showed today, adding to the case for a more cautious European Central Bank interest rate cut next month.

Consumer price inflation in the 20 countries sharing the euro stood at 2.3 per cent in November, according to the data from Eurostat.

That was higher than 2 per cent a month earlier and the ECB’s 2 per cent target but in line with expectations.

Read the full article on Reuters.

10.45 – Kneecap win legal action over UK funding ban

Irish language rap-trio Kneecap has won its legal challenge over a decision by former UK business secretary Kemi Badenoch to refuse them £14,250 (€17,100) in arts funding award after the UK government conceded at the High Court in Belfast that it was “unlawful”.

The group said they will now donate the award to two youth organisations in Belfast.

In a statement, the UK’s Department of Business and Trade said it would no longer be contesting the case and that it agreed that the original decision had been “unlawful and procedurally unfair”.

Read the full article on the Irish Times.

10.30 – Saudi-backed LIV Golf said to be weighing deal with DP World Tour

The Saudi-backed LIV Golf is considering a potential tie-up with Europe’s DP World Tour that may result in a surprise end to the enmity that’s plagued the sport, according to people with knowledge of the matter.

If successful, the deal would cement LIV Golf’s position in the golfing calendar and give the DP World Tour, previously known as the European Tour, significant financial heft.

The talks with DP World Tour are separate from the ongoing investment discussions between the PGA Tour and the Saudi wealth fund, the sources said, with both deals still possible. Talks may end without an agreement, the people cautioned, asking not to be named discussing private information.

Read more here.

10.15 – Volkswagen strikes from early December ‘necessary’, union says

Workers at Volkswagen could go out on strike across Germany as soon as next week, the IG Metall union said in a notice on Friday, as a clash between labour and management over lay-offs and plant closures escalates.

“Strikes are possible and also necessary from the beginning of December,” IG Metall said in a handout to workers seen by Reuters, adding an existing agreement not to stage walkouts will end on November 30.

Read the full article on Reuters

10.00 – Shorla Oncology’s Orlaith Ryan and Sharon Cunningham named entrepreneurs of the year

Shorla Oncology founders Orlaith Ryan and Sharon Cunningham have scooped this year’s overall EY Entrepreneur of the Year award.

Founded in 2018, Shorla Oncology is a Clonmel, Tipperary and Cambridge, Massachusetts-based pharmaceutical company with an advanced pipeline of innovative oncology drugs for rare, orphan and paediatric cancers.

Earlier this year, Shorla received approval from the US Food and Drug Administration (FDA) for the third time for treatments they have developed.

Read the full article by Charlie Taylor here.

09.45 – Avolon delivers first of 20 Airbus planes to Malaysia Aviation Group

Dublin-based aircraft leasing company Avolon has delivered the first of 20 Airbus A330neo planes it has agreed to lease to Malaysia Aviation Group, the parent company of Malaysia Airlines.

The remaining aircraft will be delivered up to 2028.

The transaction was first announced in August 2022 and includes the placement of 10 A330neo aircraft from Avolon’s orderbook and 10 A330neo aircraft to be acquired from MAG via sale and leaseback.

09.30 – Greystar’s Irish boss Claire Solon on the case against the term ‘vulture fund’ and rent regulations

Rent regulations are required in Ireland, but current measures are too strict and constant changes to the rules are deterring institutional investors, Claire Solon, Greystar’s Irish boss, has said.

Greystar, a US fund that launched in the Irish market in 2019, is one of the largest landlords in the country with a portfolio of close to 900 rental homes in Dublin.

The head of the US landlord’s Irish operation added that many large investors in the Irish residential sector are being unfairly labelled as “vulture funds”.

Read the full article by Killian Woods here.

09.15 – Telegraph bid extended until end of year

The bid for Britain’s Telegraph newspaper has been extended until the end of the year as preferred bidder Dovid Efune faces funding delays, the Financial Times has reported.

Dovid Efune, publisher of The New York Sun, has been given at least two more weeks, as he is still in talks with US funds to raise financing for the deal expected to be valued at about £550 million.

Abu Dhabi-backed RedBird IMI dropped its pursuit of buying the newspaper group in April and decided to sell instead, after Britain said it would stop foreign governments owning newspapers.

Read the full story on the Financial Times.

09.00 – Taoiseach Simon Harris casts his vote in the General Election

Polling stations opened at 7 am on Friday and will close at 10 pm.

Harris, who leads Fine Gael, arrived at the polling station at Dalkey National School in Co Wicklow with his wife Caoimhe and their children, Cillian and Saoirse.

08.45 – Germany to pour billions into microchips

The German government is preparing billions of euros of new investments into the nation’s semiconductor industry, two months after Intel shelved plans to build a €30 billion chip factory in Magdeburg.

The new funds will be provided to chip companies to develop “modern production capacities that significantly exceed the current state of the art,” Annika Einhorn, a spokesperson from the German economic ministry, said in a statement. Find out more here.

08.30 – Consumer watchdog prosecutes retailers for price law breaches

The consumer watchdog has begun legal proceedings against a number of retailers around the country for alleged breaches of sales pricing laws.

The Competition and Consumer Protection Commission (CCPC) said the retailers include those in the electrical, cosmetics, furniture, and clothing and footwear sectors.

The alleged breaches were identified during sweeps done by the CCPC during the 2023-2024 winter sales season.

This included the January sales and Black Friday. Read more here.

08.15 – Irish market update

The Iseq All Share opened in the red on Friday, falling 0.15 per cent (-14.63) to 9,491.11.

The main fallers on the Irish market were Kingspan which dropped 0.70 per cent to €71.10 per share and Greencoat Renewables which decreased 0.46 per cent to €0.86 per share.

Meanwhile, the top performers on the market were Corre Energy which increased 10 per cent to €0.11 and Permanent TSB Group Holdings which grew slightly by 1.39 per cent to €1.46 per cent.

08.00 – Canada watchdog sues Google over alleged anti-competitive conduct

Canada’s Competition Bureau is suing Google for alleged anti-competitive conduct in its online advertising.

In a statement, the country’s antitrust watchdog alleged Google had illegally linked two advertising tools to maintain market supremacy and used this dominant position to distort ad auctions by preferring its own tools.

The agency said it had filed an application with the Competition Tribunal, a court-like independent body, that would require Google to sell two of its ad technology tools.

Read more on the BBC.

07.45 – Security companies urged to ‘put heads together’ to resolve dispute

A High Court judge has urged parties in a dispute relating to an attempt to wind up a company over an alleged disputed debt of €126,000 to “put their heads together” and resolve the matter.

Justice Mark Sanfey made the comment on Thursday in a case in which Allpro Security Services Ireland Ltd was granted a temporary order on Tuesday restraining Top Security Ltd from publishing a petition seeking to wind up Allpro.

Allpro provides security staff for the former Dundrum ­Mental ­Hospital in Dublin, which are sourced through Top. The court heard on Tuesday that Allpro was “in a robust financial position”.

Read more on the Irish Independent

07.30 – CIÉ Group warns scale of its pension contribution set to increase to unsustainable levels

The scale of pension contributions the CIÉ Group will have to make in future will increase significantly to unaffordable levels, based on actuarial projections, the chairman of the State-owned transport group has warned the Government.

Aidan Murphy told Minister for Transport Eamon Ryan that the board wanted to transition over time to a single defined-contribution scheme across the group which includes Dublin Bus, Bus Éireann and Irish Rail.

The company in recent weeks has commenced talks to trade unions on pension reforms. It told the Minister the existing two pension schemes in the group had a combined deficit of €371 million last year.

Read more on the Irish Times.

07.15 – Asian markets update

Asian shares rose on Friday while the yen was aiming for its best week in four months as strong inflation data from Tokyo had traders favouring an imminent rate hike from the Bank of Japan.

Overnight, trading in US equities and Treasuries was closed due to the Thanksgiving holiday, leaving little lead for Asia. The Hang Seng (+0.13 per cent) and the Shanghai Composite (+0.93 per cent) made marginal gains. While the Nikkei was down 0.37 per cent.

Elsewhere, the Kospi dropped 1.93 per cent and the S&P/ASX 200 also decreased slightly, falling 0.10 per cent.

07.00 – Good morning

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

Leading the Business Post website this morning is Profit and Loss which looks at the accounts of businesses such as Element Pictures, Bewley’s, Coinbase, Beacon Hospital, Wilson Hartnell. Read more here.

Elsewhere, Wayflyer, the fintech firm that obtained unicorn status nearly three years ago, has been named as the fastest-growing Irish technology company in the 2024 Deloitte ‘Fast 50’ rankings. Read more by Charlie Taylor here.