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Wednesday 29 March 2023 Dublin: 11°C

Business

Last week
19th March 2023 - 25th March 2023
# 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.
Last month
March 2023
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# 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.
Voices
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.
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# 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.
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# 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.
This year
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.
# Astronomy
Rare green comet to be visible from Ireland for the first time in 50,000 years
Travelling as far as possible away from cities and bright lights will increase your odds of a good view.
# European Central Bank
Bank of Ireland increasing fixed mortgage rates again
The banks’s fixed interest rates will increase by 0.75% for all new mortgage loan drawdowns.
# Withdrawal
Ulster Bank announces final closure dates for 63 branches across Ireland
Ulster Bank Chief Executive Jane Howard described the withdrawal of their services from communities as “poignant”.
# Job Losses
Argos set to close all Irish outlets by June
The company employs around 580 people across 34 stores in Ireland.
# FTX
Co-founder of collapsed crypto exchange pleads not guilty to fraud
FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business that at one point had been valued by the market at $32 billion.
Last year
2022
# with or without you
U2 members buy out partner company in group's 'world class' visitor centre proposal
Planning documents lodged with the scheme expect that the centre would attract around 390,000 U2 fans to the capital each year.
# Facebook
Facebook Marketplace breaches EU antitrust laws, says Commission
The Commission said it takes issue with Meta tying Facebook Marketplace to the Facebook social networking service.
# cut bank rules
UK to cut banking controls and axe EU rules in bid for growth
British Chancellor Jeremy Hunt will unveil the reforms in Scotland tomorrow.
# Morning Memo
Newsletter: What's going on with plans to give workers a better work-life balance?
There was fury in the Dáil last night as the government was accused of watering down legislation.
# Fly Atlantic
A new transatlantic airline will begin flying from Belfast next summer
Flights will start to go on sale from the beginning of 2024.
# factcheck
FactCheck: Is the State the ‘biggest player in housing’?
The Taoiseach made this claim multiple times in the Dáil since 2021
Voices
Posting through it: The deepening absurdity of online billionaire behaviour
No amount of money can stop you from being cringe on the internet, writes Carl Kinsella.
# Interest Rates
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
# Facebook status
Government 'will be there to help' as Irish job losses at Meta expected to begin this morning
The Tánaiste says he is ‘confident’ Meta ‘will honour all their legal obligations in relation to redundancy information and consultation’.
# Bank Bailout
State to sell off further 8% stake in AIB, Donohoe announces
The State’s shareholding in AIB will reduce from 62% to 57%.