Irish Times Inside Business

The job losses announced by Meta and Stripe may provide an indication of layoffs across the tech sector. Inside Business is analysing the impact of the redundancies, announced over the past week, across the wider Irish economy. After enjoying bumper profits and a surge in recruitment during the pandemic, interest rate rises and the cost of living crisis have finally caught up with the tech giants. But is the crunch merely a recalibration of the sector or a more foreboding warning of global recession? Ciaran Hancock, Cliff Taylor and Laura Slattery analyse how prepared we are to absorb the losses, what the impact on the commercial property market will be and does the IDA have a Plan B should the multinationals pare back significantly. Hosted on Acast. See acast.com/privacy for more information.

The Government is facing a potential threat to some of its corporation tax revenues because people who worked remotely from abroad for Irish-based firms during the pandemic are refusing to return to the State because of the housing crisis, senior business figures have warned. Arthur Beesley reports.Pubs will be allowed to remain open until 12.30am seven days a week, while nightclubs will be allowed to open until 6am, under a major new overhaul of licensing laws due to be considered by Cabinet on Tuesday. It's a welcome move but isn't a panacea for the problems facing the hospitality sector, says Mark Paul. Hosted on Acast. See acast.com/privacy for more information.

Calm was finally restored within the UK markets this week, as Rishi Sunak took up his post as the new British Prime Minister. Aidan Donnelly, Associate Director at Davy Global Fund Management explains why the recent political chaos led to a market meltdown and why Sunak’s appointment has steadied the ship. Later on, Ciaran Hancock is joined by Graham Clarke, CEO of Kylemore Cars, Ireland’s largest independent second-hand car sales company. They discuss the used-car business, which continues to see the price of second-hand cars rise as a result of “three major bumps in the road affecting the supply chain”. Clarke also speaks about the new carbon-neutral showrooms in Ballymount, recently opened by Kylemore Cars following a €6m investment. Hosted on Acast. See acast.com/privacy for more information.

Growing up in Youghal, Co Cork, Sean O’Driscoll first “caught the bug” for the hospitality industry, while working behind the bar in his local hotel. From there, he went on to study Hotel Management in Galway, with a stint in Switzerland to gain further experience. He has worked in many venues across Ireland and has spent 13 years as a hotel general manager, before finally taking up a group role in 2016. Today, he is the co-founder of Cliste Hospitality, one of the largest operators and managers of hospitality venues in Ireland. In this episode, he talks to Ciarán Hancock about how the hotel group has bounced back following the pandemic and his expectations for 2023 and beyond. He also gives an insight into how his company are managing rising costs across the board, from electricity prices to wage-increases. They also discuss accusations of price-gouging within the sector and what can be done about it. Hosted on Acast. See acast.com/privacy for more information.

All over the country, restaurants are being forced to close their doors, unable to function in the current economic climate. Fears are growing that closures within the industry could reach one per day, levels last seen during the recession in 2012. With energy costs continuing to rise and Covid-era supports due to end early next year, the worst may be yet to come. In today’s episode, chef and restaurateur JP McMahon tells Ciaran Hancock about his decision to close his Galway-based restaurant Tartare in August this year. We also hear from Adrian Cummins, chief executive of the Restaurants Association of Ireland, who believes the government could be doing a lot more to ease the pressure on the industry. Hosted on Acast. See acast.com/privacy for more information.

Although sterling has rallied since the British government’s mini-budget announcement, the bond market remains disturbed.  All eyes are now turning to the ECB and how it will react to the turbulence. The effect on interest rates will play out in the coming weeks, but could they peak sooner than expected?  To discuss the impact of the mini-budget on the global economy, Ciaran Hancock is joined by Joe Gill of Goodbody Stockbrokers.  Irish Times Economics Correspondent, Cliff Taylor, also takes a look at what it means from an Irish perspective.  We also examine the latest bumper exchequer returns, and whether they may help offset what looks like an impending consumer-recession.   Hosted on Acast. See acast.com/privacy for more information.

Ciaran Hancock is joined by guests to analyse Budget 2023.On the panel:Cliff Taylor, Managing Editor, The Irish TimesSven Spollen-Behrens, Director, Small Firms AssociationKevin McLoughlin, Head of Tax and Law, EY IrelandJennifer Bray, Political Correspondent, The Irish TimesInside Business is produced in association with EY Ireland. Hosted on Acast. See acast.com/privacy for more information.

In part one of today's podcast, Jack Horgan-Jones and Cliff Taylor discuss next week's budget when the government is expected to deliver a huge package of relief for households as well as the usual adjustments to taxes and new fiscal initiatives. In part two: Once again, the tourism sector will be hoping for an extension to the 9% VAT rate that was brought in to help businesses survive the pandemic. But there are indications the rate, which was extended by six months earlier this year, will not be extended again. Eoghan O'Mara Walsh is Chief Executive of the Irish Tourism Industry Confederation and he tells Ciaran why the rate should stay and how the sector is faring. Hosted on Acast. See acast.com/privacy for more information.

A new employment survey by ManpowerGroup has shown that hiring intentions in Ireland’s tech sector have fallen dramatically.  Rising interest rates, previous high volume hiring campaigns and an early post pandemic recovery have knocked confidence in the sector.So is this just a temporary blip or a sign of something more serious? John Galvin, managing director of ManpowerGroup and Una Fitzpatrick, director of Technology Ireland join Cliff Taylor to discuss. Hosted on Acast. See acast.com/privacy for more information.

As a result of Europe’s ongoing energy crisis, Irish businesses are experiencing rising costs across the board. In this episode, Cliff Taylor speaks to Tony Walker, general manager of the Slieve Russell hotel and golf resort in Co Cavan about how his hotel is dealing with runaway energy bills and increasing supplier costs. We also hear from Business Affairs Correspondent Mark Paul who explains what the Government might do to respond to the crisis. Hosted on Acast. See acast.com/privacy for more information.

Businesses are worried they’ll be forced to frontload high energy payments to finance temporary electricity generation this winter. Large energy users will also be the first firms forced to cut their energy demand if the national grid comes under unsustainable pressure. Cliff Taylor speaks to Ibec’s chief economist, Ger Brady, about the implications for the sector and the economy as a whole, in the event of rolling blackouts. The Irish Times’ Barry O’Halloran reports on the diverging views of the Commission for the Regulation of Utilities and operator Eirgrid, at yesterday’s Oireachtas Committee on Environment and Climate Action.   We also look at how the CRU proposes to deal with shortages over the coming winter. Plus, we examine the European Commission’s mooted redesign of the electricity wholesale market, after the EC President announced the commission is working on an “emergency intervention and structural reform.”  The Irish Times’ Fiona Reddan also looks at w

Investors are worried about energy prices, with those worries reflected in a series of bad sessions for European stocks this week.To understand what's happening, Ciaran is joined by Aidan Donnelly, Associate Director at Davy Global Fund Management.And Eoin Burke-Kennedy on new analysis from the UK that suggests staggering inflation of over 18% could be possible there. Could it happen here?Plus, Laura Slattery on moves by big streaming services like Netflix and Disney+ to run advertising on its services, with more expensive payment tiers for those who want to keep an ad-free experience. Will it rub consumers up the wrong way? Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

Eoin Burke Kennedy from the Irish Times and DCU Professor John Doyle join Ciaran Hancock to discuss the potential economic impact of Irish reunification.This episode was originally published in May 2021. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

Last week, Glenveagh Properties, one of the State’s largest homebuilders, faced criticism over a design plan they put forward to Minister Darragh O’Brien, in a bid to solve Ireland’s housing crisis. The plan suggested an overhaul of existing planning regulations which would replace apartments with more own door homes. A move which CEO Stephen Garvey describes as “a win-win for society across the board”. Here he speaks to Ciarán Hancock about the suggestions in the report, how it could keep building costs down and where he thinks house prices will go next. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

In 2020 Maxol celebrated its 100th year in business, making it the oldest family run oil company in Ireland. As they prepare for their next 100 years in operation, the company have undertaken a major revamp of their forecourt network and convenience shops. In October Ciaran Hancock took a trip out to their flagship outlet in Bray to speak with Maxol’s Chief Executive Brian Donaldson and to Director and family shareholder Noel McMullan. They spoke about the impact of the pandemic on fuel sales, the future of cars and travel and how their business model can align itself with climate change targets set by the government. See acast.com/privacy for privacy and opt-out information.

With the flow of Russian gas to Europe in ever more doubt this winter, the EU is grappling with how to ensure adequate energy supplies across its member states. Ireland has secured an exemption from a new EU directive that calls for a 15% reduction in use. But that doesn't mean Ireland can avoid any pain. Barry O'Halloran and Naomi O'Leary join Ciarán Hancock to discuss. Barry also reports on the latest Ryanair news including Q1 results and baggage handling problems.  See acast.com/privacy for privacy and opt-out information.

The European Central Bank is expected to raise interest rates this week in an effort to dampen inflation. What will the move mean for consumers, mortgage-holders and the economy? Cliff Taylor explains. But first: This week AIB announced it would no longer provide cash services in many more of its branches across the country. The move has angered some customers, advocates for rural services and bank employees. Ciarán talks to markets correspondent Joe Brennan and Financial Services Union general secretary  John O'Connell about the move. See acast.com/privacy for privacy and opt-out information.

Martin Shahahan has been at the helm of IDA Ireland since 2014, but will step down from his role as CEO in early 2023. Today he tells Cliff Taylor about his decision to leave after eight years in the job, the progress made in that time and the challenges facing Ireland in attracting high levels of foreign direct investment. See acast.com/privacy for privacy and opt-out information.

UCC economics lecturer Seamus Coffey and Tom McDonnell Co-Director of the Nevin Economic Research Institute (NERI) join Cliff Taylor to discuss the Summer Economic Statement which was published this week and the €6.7 billion budget package poised to tackle the spiralling cost-of-living crisis.  See acast.com/privacy for privacy and opt-out information.

Two housing reports delivered two different takes on the Irish property market in the past week. MyHome.ie, which is owned by The Irish Times, suggests that house price growth is slowing in the face of cost-of-living concerns and rising interest rates. However Daft.ie says they’re accelerating, fast approaching the Celtic Tiger peak, amid chronically low levels of supply. So, what’s really going on?In this episode, Irish Times Economics Correspondent Eoin Burke-Kennedy sheds some light on the differences in the two reports, while Marian Finnegan of Sherry Fitzgerald has the estate agents view from the ground.The European Central Bank is expecting to hike its interest rates from next month, with further increases anticipated as the year rolls on. Cliff Taylor explains what effect those hikes might have on house buying over the next 12 months. See acast.com/privacy for privacy and opt-out information.