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Thursday 1 June 2023 Dublin: 9°C

Business

Last week
21st May 2023 - 27th May 2023
# fraud prevention
Fraudsters 'find it easier' to trick victims into sending money than stealing their identities
The BPFI said fraudsters find it is easier to manipulate victims by getting transferred money directly rather than stealing their identity.
# apple tax row
EU commission's appeal against €14.3 billion Apple and Ireland tax ruling to be heard today
Successive Irish Governments and Apple have argued that the company does not owe the State the allegedly unpaid tax.
# In Demand
An electric vehicle is most popular car on DoneDeal as demand rises 35% in a year
The demand for EVs has led to the average price for a brand new electric car reaching €64,755.
# i'm feeling fined
Facebook-owner Meta hit with record fine of €1.2 billion by Ireland's Data Protection Commission
Meta has said it will appeal the decision.
# Ryanair
Ryanair soars to annual profit of €1.4 billion after net loss of €355 million in previous year
Passenger traffic leapt 74% to 168.6 million travellers.
# Greedflation
Is Ireland once again a 'Treasure Island' for supermarkets?
In 2013, TDs wondered if there was truth behind the rumour that Tesco called Ireland, ‘Treasure Island’.
Analysis: Corporate profits must also be taken into account when discussing inflation
Cost-of-living: Average year-on-year costs of milk and sliced bread rises by 24% and 13%
Last month
May 2023
# Eircom
Eir fined €2.45 million by regulator for overcharging an estimated 76,000 customers
The refunds have an estimated price-tag of approximately €6.7 million according to the regulator.
# Job Losses
Vodafone cutting 11,000 jobs as new CEO says group ‘must change’
Newly appointed CEO Margherita Della Valle said that the company’s performance “has not been good enough”.
Sponsored
Struggling with energy bills? Here are some resources which could help you
There are several resources available from the Government and energy suppliers that can help ease the burden posed by energy bills.
# outdoor dining
No restaurant street furniture fees for another year as regulations extended
Government to remove fees charging restaurants €125 per table for street dining.
April
April 2023
THE MORNING LEAD
FactFind: Was the 2008 crash caused by building too many houses?
A report by
Shane Raymond
A suggestion Ireland risks building too many homes ignited controversy.
Experts said that too many homes had been built where there was little demand.
“The laws of supply and demand ... were not applying to the housing market" - inquiry chairman.
However, economists said the current demand for homes is far from being met.
# factcheck
FactCheck: Does Ireland collect more corporate tax per person than almost any other EU country?
Ireland collects much of its taxes from companies, but how much compared to the rest of the EU?
# Inflation
Government has cash at its disposal ahead of Budget 2024 with €16bn surplus for next year
Finance Minister Michael McGrath was reluctant to commit to a giveaway budget this year, stating that inflation is now lower than last year.
# Social Media
Facebook parent company Meta and TikTok decline invite to Oireachtas committee
Twitter did not respond to the invite nor were they contactable by telephone.
# Twitter Layoffs
Elon Musk tells BBC nearly 8,000 Twitter employees were laid off since his acquisition
Elon Musk said Twitter laid off “nearly 8,000″ employees since he took over as CEO, in an interview with the BBC.
March
March 2023
THE MORNING LEAD
Moral panic 'fizzled out' of Dungarvan after gardaí arrested woman over alleged false statement
A report by
Eoghan Dalton
Disinformation experts say the town is a textbook example of how the far-right attempts to exploit incidents.
Rumours circulated in recent weeks claiming that attacks were carried out in the town centre by migrant men.
In an unusual statement, gardaí said they were not aware of "any alleged spate of attacks by foreign nationals” and arrested a woman alleging she had "knowingly made a false report" about an incident.
Eoghan Dalton reports from Dungarvan on how locals feel about their town being the latest to become the centre of a national issue.
# Money Trouble
EU leaders insist eurozone banking sector is stable as shares plunge
Shares in several German, French and British banks have tanked.
# Job Cuts
Accenture to axe 19,000 jobs worldwide, including 400 in Ireland
The consulting firm employs over 6,500 people in Ireland.
# RIP
Jacqueline Gold, founder of taboo-shattering Ann Summers brand, dies aged 62
The UK businesswoman died yesterday evening after seven years of treatment for breast cancer.
# propping up
US banks shore up First Republic in attempt to avoid another bank failure
The move marks a dramatic initiative by the lenders to bolster the system following failures of three midsized lenders in the last week.
# Interest Rates
European Central Bank hikes interest rates for sixth time since last summer
The base interest rate in Ireland will now rise to 3%.
# minted
Mobile operator partly owned by Ryan Reynolds sold to T-Mobile for $1.3 billion
The acquisition of Mint Mobile’s parent company Ka’ena Corp will also include Ultra Mobile and wholesaler Plum.
# Stocks
European stock markets plunge as Credit Suisse stock drops to historic low
Eurozone equities tumbled more than 3% in value and the euro lost 1% against the dollar.
# Silicon Valley Bank
Irish Financial Stability Group to monitor effects of SVB collapse on Ireland
The bank had a significant number of Irish businesses among its clients but retail banks in Ireland have no exposure to SVB.
# tech layoffs
Mark Zuckerberg confirms a further 10,000 jobs are to be cut globally at Meta
The move comes around four months after Meta cut 11,000 jobs.
# California
Silicon Valley Bank collapse stuns tech and banking worlds
The bank was a lender of money to tech startups, including a number of Irish firms.
Analysis: In the trial of Gary Lineker, he'll probably leave and critics will find another target
There are arguments on either side of the big UK debate writes Richard Sambrook.
Voices
International Women's Day: Does AI have a woman problem?
Fair representation in datasets a little-known battle front in the fight for equality, writes Sarah Jane Delany.
# Big Shop Shrinks
Shoppers buying fewer items per trip as grocery inflation hits record high at 16.4%
In contrast, at the same time last year, grocery inflation was only 2.4%.
# tech layoffs
Microsoft to cut additional 60 jobs from Irish workforce
It comes a month after the company cut 120 jobs in Ireland as part of global cost-cutting measures announced in January.
# cost of living crisis
Nearly two-thirds of renters say rising costs have affected their ability to purchase property
55% of prospective homebuyers also point to rising costs as a stumbling block to finding a property.
# debt writedown
AIB insists 'no special deals' for nearly 2,000 customers who received 90% debt write-down
The Oireachtas Finance Committee has questioned AIB on its policy on debt write-downs.
# India
Ukraine war set to dominate G20 meeting of top diplomats
India appealed for all members of the fractured Group of 20 to reach consensus on issues of deep concern to poorer countries.
# NASA
SpaceX Falcon 9 rocket blasts off for International Space Station
The SpaceX Dragon Crew-6 mission launched at 05:34 Irish time this morning from NASA’s Kennedy Space Centre.
# Your Say
Poll: Have you ever bought anything because an 'influencer' posted about it?
Research from the advertising watchdog reveals only one in 10 people have trust in what influencers post on social media.
# Spider Awards
The Journal's Redacted Lives podcast among nominees at 2023 Spider Awards
The winners will be announced this Friday in Dublin.
# Angelo Andreucetti
The Sunday Times to donate €25,000 to HIV Ireland following inaccurate article
An article in the paper wrongly claimed Angelo Andreucetti was addicted to heroin. He died from an AIDS-related illness in 1994.
February
February 2023
# Virgin Media television
Containment measures prevented spread of cyber attack across Virgin Media Television servers
In its statement last night Virgin Media Television stressed that the hack had been fully contained, “isolated and terminated”.
# The Muff Liquor Company
Laura Whitmore rapped by UK regulator for TikTok and Instagram posts about Irish gin
The ads for The Muff Liquor Company, seen in July, featured Whitmore drinking alcohol while dancing.
# tech layoffs
US tech giant Dell to cut 5% of its global workforce, around 6,650 employees
The computer firm employs over 5,000 people in Ireland.
# Big rigs
Shell profits double to €38 billion in 2022, the highest in the company's 115-year history
The figure was more than double the amount in 2021.