Catch up here on all of today’s developments in business, tech and current affairs.

16:35 – ISEQ closes in the red

The ISEQ All Share closed in the red today down 0.8 per cent since open.

The largest fallers of the day were Cairn Homes and Ryanair which fell 5.1 per cent and 1.5 per cent respectively.

16:25 – Grocery sales hit €1.4 billion over record-breaking Christmas

A new report from Kantar has shown that consumers spent €107 million on December 23 last year, the most popular shopping day of 2024.

The figures show that take-home value sales over the four weeks to 29 December increased by 4.4 per cent to reach nearly €1.4 billion, making it the biggest sales month of the year, despite grocery price inflation increasing by 3.6 per cent.

The report noted that shoppers were willing to spend spend slightly more than usual in December, with sales of branded products up 5.9 per cent.

Read the full story on RTÉ here.

16.10 – Labour costs threaten growth in food and drink manufacturing sector

While there’s general optimism for the food and drink manufacturing sector, increasing costs and tightening regulations will threaten growth in the industry this year, according to a new report.

Ibec’s 2025 ‘Appetite for Growth’ report has found that 58 per cent of businesses rate the current environment as good or very good, while 52 per cent of respondents are expecting an boost in export sales this year.

But a number of challenges are also expected for the sector which exported €17 billion worth of produce last year.

15.55 – Chanelle Pharma appoints new general manager as part of expansion

Irish pharmaceutical company Chanelle Pharma has appointed Pat McLoughlin as its new general manager.

Headquartered in Loughrea, Co. Galway, the company is Ireland’s largest manufacturer of generic pharmaceuticals for human and animal health.

Chief executive Angel Gatto praised McLoughlin for his extensive experience within the industry, and said his appointment as general manager would prove crucial to the continued success of the company.

Alice O’Leary has more.

15.40 – Ryanair re-iterates call for two drink limit in EU airports

Ryanair has called for passengers to be limited to two alcoholic drinks in EU airports after disruption by a customer mid-flight led to thousands of pounds in charges for Europe’s leading low-cost airline.

Ryanair said that during flight delays, passengers were consuming “excess” alcohol without any limits, and it “is time” that EU authorities took action to limit the sale of alcohol at airports.

Read more on the Financial Times.

15.25 – Howden acquires Keane Pension and Investment Consultants

Howden Advisory, a global insurance intermediary group, announced that it has agreed terms to acquire Keane Pension and Investment Consultants Limited (KPIC).

KPIC, established in 2003, is a financial services brokerage that provides pension planning, investments, and protection advice to private, corporate, and public sector clients.

Subject to regulatory approval, this acquisition widens the scope of Howden’s core insurance services to deliver holistic financial advisory and insurance services to all client types.

Read the full article here.

15.10 – OpenAI urges US to prioritise AI funding to stay ahead of China

OpenAI has laid out its vision for artificial intelligence development in the US, saying the country needs outside investment and supportive regulation to stay ahead of China in the race for the nascent technology.

OpenAI chief executive Sam Altman also donated around $1 million to Trump’s inaugural fund, making him one of the several executives looking to improve their ties with Trump.

Reuters has more

14.55 – UK still in the ‘eye of the storm’ as borrowing costs keep rising

UK borrowing costs continued to rise on Monday, as last week’s bond market backlash showed little sign of easing.

Ten-year gilt yields hit 4.90 per cent earlier, as markets re-opened after the weekend, before falling back slightly in the early afternoon.

Dominic McGrath reports

14.40 – US markets update

Global stocks extended declines today, hit by diminishing wagers on Federal Reserve interest-rate cuts and a further oil-price spike that poses a fresh threat to inflation.

Wall Street was set to add to Friday’s losses, with futures on the S&P 500 down 0.7 per cent, and those on the Nasdaq 100 falling 1 per cent. Tech shares, including Tesla Inc., Palantir Technologies and Nvidia, were among the high-profile losers in premarket trading.

14.22 – ECB chief economist warns of too-low inflation if interest rates stay high

Inflation in the Eurozone could fall below the European Central Bank’s 2 per cent target if policymakers do not continue to cut interest rates, its chief economist Philip Lane has warned.

In an interview with Austrian daily Der Standard that was published on Monday, Lane said too little rather than too much inflation was now a risk that rate setters needed to take into account.

More on the Financial Times

13.59 – UK to ‘mainline AI’ with new supercomputer and growth zones

The UK government has committed to a huge shift towards increasing AI’s reach and capacity, promising to build a new supercomputer and launch so-called “growth zones” to support the rapid growth of AI data centres.

It comes in response to a newly published and long-awaited action plan, drafted by venture capitalist Matt Clifford, as Labour seeks to build on the homegrown success of Google’s DeepMind, as well as the London presence of OpenAI, Anthropic, Microsoft and Meta AI.

Dominic McGrath reports

13.33 – Primark invests €25m in Poland with three new stores

Primark is continuing its expansion in Poland with an investment of over €25 million to support its growth.

The Penneys-owner plans to open three new stores, creating up to 400 new jobs for the Polish market. This expansion will bring Primark’s total number of stores in the country to 10 and increase its retail space by over 25 per cent.

13.15 – Nearly half of business leaders confident Irish economy will grow in 2025

Irish business leaders believe 2025 will see continued growth in the Irish economy despite growing international challenges, according to a new survey by law firm Mason Hayes & Curran.

The survey, which had over 1,000 responses, found that 48 per cent of senior business leaders believe the Irish economy will grow by the end of 2025. This is an improvement from last year, in which only 32 per cent expressed the same sentiment.

More on this here

12.57 – Futures slide as investors dial back bets on Fed rate cuts this year

US stock index futures fell today as yields surged after robust payroll numbers last week bolstered expectations that the Federal Reserve will maintain a hawkish stance for most of 2025.

Futures tracking the domestically sensitive Russell 2000 index declined 1.1 per cent to their lowest since September 2024.

Reuters has more

12.38 – Ladbrokes owner maintains BetMGM Ebitda guidance

Entain, the owner of betting firms Ladbrokes, Coral and US-based BetMGM, has reiterated its 2024 half-year guidance in the wake of “updated guidance from industry peers”.

This comes as Paddy Power owner Flutter shaved $370 million (€359 million) off its US revenue guidance for 2024 following a “period of very unfavourable US sports results” at the end of the year.

Fionn Thompson reports

12.15 – New US AI chip restrictions spark industry backlash

US president Joe Biden’s outgoing administration has unveiled sweeping new limits on the sale of advanced AI chips by Nvidia and its peers, leaving president-elect Donald Trump to decide how and whether to implement curbs that have encountered fierce industry opposition.

The rules, which are set to take effect in one year, establish caps on the amount of computing power that can be sold to most countries. Businesses in those places can bypass national limits by agreeing to a set of security and human rights standards, US officials have said.

Companies will have a 120-day comment period — which is exceptionally long — to give the Trump administration time to get settled in and make changes to the rule after consulting with industry and other countries, commerce secretary Gina Raimondo told reporters ahead of the release.

12.00 – Applegreen to sell its UK petrol filling station business

Applegreen has agreed to sell its UK petrol filling business and will use the proceeds from the transaction to invest in its other retail operations in the UK, as well as its businesses in Ireland and the United States.

Applegreen’s UK petrol filling operation, which includes 98 sites and employs 1,142 people, is being sold to EG On The Move, a UK operator of filling stations and convenience stores. The sale is expected to close at the end of this month.

Emma Hanrahan reports

11.45 – Bord Gáis Energy completes acquisition of Swyft Energy

Bord Gáis Energy has completed its acquisition of Swyft Energy, a solar PV provider in Ireland, following approval from the Competition and Consumer Protection Commission (CCPC).

Bord Gáis Energy already operates in the solar PV market: directly to residential customers, and through its partnership with Irish Farmers’ Association delivering solar PV to farms across Ireland, helping farmers transition to green energy.

11.22 – Asset managers turn to defensive positioning as equity prices soar

Asset managers overseeing trillions of dollars are cautioning clients to take a defensive position heavy on bonds in the face of rising equity prices and the expectation that the Federal Reserve is increasingly unlikely to cut interest rates much further.

A key Vanguard model released as part of the $10trn asset manager’s 2025 outlook now calls for financial advisers and certain wealthy individual investors to allocate 38 per cent of their portfolios to stocks and the remainder to fixed income.

Read the full story on the Financial Times

11.03 – Tesla beats Audi in global car sales for the first time

Tesla overtook one of Germany’s most prized premium car brands last year despite selling fewer vehicles than expected.

Volkswagen AG’s Audi sold 1.67 million vehicles in 2024, down 12 per cent from a year earlier. Its struggle with intensifying competition in Europe and China and weak demand for its electric models dropped the brand behind Elon Musk’s Tesla, which delivered 1.79 million vehicles last year.

Full report here

10.40 – TSMC Q4 profit jumps 58% on strong AI chip demand

Taiwan Semiconductor Manufacturing Co the main global producer of advanced chips used in artificial intelligence applications, is expected to report a 58% leap in fourth-quarter profit on Thursday because of surging demand.

The world’s largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from the megatrend towards AI.

Reuters has more

10.15 – Household saving rate down to 15.3% in eurozone

The household savings rate for the eurozone fell to 15.3 per cent in the third quarter of 2024, a fall on the 15.6 per cent seen in the second quarter of 2024.

Statistics agency Eurostat said that this is explained by consumption increasing by 1.1 per cent, at a faster rate than gross disposable income (0.7 per cent).

More details here.

10.00 – Dollar hits two year high as pound falls

The dollar reached its highest point against other currencies since November 2022, with the pound the biggest faller.

The dollar index, which tracks the dollar against the yen, euro and other major currencies, reached a two year high while the pound fell by 0.4 per cent to $1.216, a 14-month low and the worst performer amongst the G10 countries.

The FT has more.

09.45 – Applegreen sells UK petrol filling to rival

Applegreen has sold its UK petrol filling business to rivals EG On The Move, with the deal expected to complete by the end of the year.

Applegreen has 98 sites in the UK which employs 1,142 people, with the move said by the firm to free funds to invest in its operations in Ireland, the UK and the US.

The firm said that most of the staff will move over to On The Move, except for a “very small number” who work in overlapping roles.

More to follow from Emma Hanrahan.

09.30 – ‘Subdued’ start to trading on the FTSE as bonds remain under pressure

“Equity trading on the London market has got off to a subdued start as investors continue to assess the implications of turmoil on the bond markets and the outlook for the global economy,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

The FTSE 100 has had a slow start, dropping 0.38 per cent in the process, with the UK government bonds remaining under pressure.

“UK government borrowing costs have crept up even higher, with the yield on 10-year gilts nudging 4.9%, a highly unwelcome hurdle, levels not seen since the Great Financial Crisis.

“With the UK still in the eye of the storm of concern worrying bond markets, it’s set to keep the rumour mill grinding about difficult tax and spending decisions ahead for Keir Starmer’s government,” she said.

09.15 – Avia Solutions to grow its fleet to 700 by 2030

Avia Solutions Group is planning to grow its fleet of jets to about 700 by 2030 as it remains ready to list on New York’s Nasdaq, founder and executive chairman Gediminas Ziemelis has said.

Speaking to the Irish Independent, Ziemelis said the Dublin-headquartered aircraft operator would add very few aircraft in 2025 because “leases are too expensive”, but that it would focus on M&As and joint ventures.

Ziemelis said the company was also examining a “liquidity event” at some time in the future.

It currently has a fleet of 227 aircraft.

Read more here.

09.00 – Kate English appointed as Deloitte’s first chief economist

Kate English, head of real estate at Deloitte Ireland, has been appointed as the professional services firm’s first chief economist.

English, who joined Deloitte in December 2022, is a well-known commentator on global macroeconomic trends and fiscal policy.

In her new role, she will conduct data-driven research across broader economic and policy areas, as well as offering analysis on macroeconomic trends within Ireland.

Vish Gain has more.

08.45 – State spending on pensions crossed €10bn mark in 2023

State spending on pensions crossed the €10 billion mark for the first time in 2023 as the number of people receiving state pensions continues to rise, according to the Department of Social Protection.

Total spending on pensions was up to €10.1 billion in 2023, an annual increase of 7.5 per cent, with 74 per cent of this being accounted for by contributory state pensions.

As of 2023, there were 506,724 people in receipt of the contributory state pension, a rise of 22,183, or 4.6 per cent, compared to the previous year.

08.30 – Markets open with ISEQ in the red

The Iseq All Share opened in the red, falling 0.92 per cent (-89.31) in early trading to 9,616.17.

This could be attributed to main fallers including drilling solutions company, Mincon Group, which dropped 10.64 per cent to €0.42 per share and Greencoat Renewables, which declined 3.35 per cent to €0.78 per share.

The top performers on the Irish market were Dalata Hotel Group, rising 1.54 per cent to €4.61 per share and FBD Holdings which jumped 1.18 per cent to €12.85 per share.

08.15 – Rye River brewery takes over production of Galway Hooker

Kildare-based Rye River Brewing Company has taken over production of Galway Hooker craft beer.

The Galway Hooker beer line was produced at a brewery in Oranmore, Co. Galway, but is moving to Kildare in a move to consolidate brewing in one location.

This comes as Rye River struck a deal with the The Connacht Group, which bought the brewery in 2019.

The Independent has more.

08.00 – Sentiment among food and drink manufacturers positive despite looming costs

Food and drink manufacturers’ sentiment is “broadly positive” but will likely weaken as costs rise, according to Food Drink Ireland (FDI).

The Ibec group reported that 58 per cent of companies in the sector found the environment in the Irish market ‘good’ or ‘very good’.

However, this contrasts with a 70 per cent response rate across manufacturing as a whole, as 76 per cent believe wages will rise.

The Irish Times has more.

07.45 – Asian markets down following US jobs report

Markets across Asia fell in the first trading day since the US jobs’ report as investors priced in a slowdown of interest rate cuts.

Japan’s Nikkei 225 saw the sharpest drop, shedding more than 1 per cent. Hong Kong’s Hang Seng Index saw a 0.81 per cent fall.

In Seoul, the KOSPI also fell by more than 1 per cent. The SSE Composite dropped by a quarter of a percentage point, while the SZSE Component was broadly unchanged.

07.30 – ‘Childcare crisis’ a challenge for 90 per cent of Dublin firms

Nine out of ten businesses in Dublin have cited Ireland’s childcare crisis as a significant barrier to attracting and retaining staff, according to a new survey from the Dublin Chamber of Commerce.

The survey revealed that difficulties securing a childcare place, and the high costs associated, are driving employees out of the workforce.

“The cost of childcare in Dublin is even higher than the national average. It is about 10 per cent higher than Cork, and 50 per cent higher than Limerick,” said public affairs executive Mia Finnegan.

Megan O’Brien has more.

07.15 – Supply shortages will dampen aviation sector’s growth in 2025

While there’s optimism for the global aviation industry in 2025, supply shortages that have resulted in an aircraft shortfall of 4,500 will constrict growth, a new report shows.

PwC’s 2025 Aviation Industry Review & Outlook has forecasted a boost in aircraft delivery figures this year, with a strong rebound from Boeing, but said that growth will be constricted because of supply chain issues that are expected to continue for most of the decade.

According to the report, a shortfall of more than 4,500 commercial aircraft now exists, with 560 missed delivery commitments in 2024 alone. The 20 per cent drop in deliveries last year can be traced back to aircraft non-availability due to engine unserviceability or component unreliability.

07.00 – Good morning

Good morning from the Business Post team. Vish Gain here, keeping you up to speed today with all the biggest news in the world of business, finance and politics.

Leading businesspost.ie this morning, Fionn Thompson has a report on how Ireland’s new gambling regulations could lead to an exodus of independent bookmakers from the market and an increase in black market users.

Some operators are claiming the negative impacts, despite others saying that the changes will be a long overdue benefit for the industry.