Irish Times Inside Business

It feels like recent history repeating itself with TikTok again facing a ban in the US on national security grounds. A Bill passed through the House of Representatives last week requiring a change in ownership for the social media platform or it would face a total ban in the United States.What if the ban becomes a reality? Host Laura Slattery is joined by Irish Times technology expert Ciara O’Brien to discuss the potential consequences for the hugely popular app that currently has 170 million active US users.Also on this episode, we hear how Bitcoin has rebounded from the cryptocurrency implosion of 2022 to approach near record market value. What are the factors driving its resurgence and is it likely to last? Irish Times business reporter Ian Curran has the details. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With the use of cash declining in recent years, a trend accelerated by the pandemic, the Access to Cash Bill is designed to manage future cash demand here, initially preserving the cash infrastructure at December 2022 levels.To discuss the Access to Cash Bill and its potential impact on the three retail banks (AIB, Bank of Ireland and PTSB), Ciarán Hancock is joined by CEO of the Banking and Payments Federation of Ireland, Brian Hayes. Also on this episode, Irish Times Economics Correspondent Eoin Burke-Kennedy explains the factors behind the Central Bank’s prediction that real wages for the average employee will rise by almost 9 per cent over the next three years.Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With unemployment low, strong exchequer returns and an economy at full capacity, there isn’t much to suggest that Ireland has tipped into a recession. But the latest Central Statistics Office (CSO) figures show the economy contracting by 3.2 per cent in GDP (gross domestic product) terms in 2023. Should that be cause for alarm?Host Ciarán Hancock is joined by Cliff Taylor and Eoin Burke-Kennedy for a thorough look at where Ireland’s economy is right now.Later in this episode of Inside Business, Irish Times Business and Technology journalist Ciara O’Brien discusses Apple being hit with a €1.8 billion fine by the EU for breaching competition law. The hefty fine equates to just 0.5pc of the company’s annual turnover. Ciara also outlines the impact of the EU’s new ‘Digital Markets Act’ for tech giants such as Apple.Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

Bank of Ireland were in the strange position on Monday of reporting pre-tax profits of €1.94bn for 2023, up from €1bn in 2022, but seeing their share price plunge by over 10pc. There was also the announcement of a €1.15bn of dividends and share buybacks.To make sense of Bank of Ireland’s latest results, along with some insight into what this year is likely to have in store for the three main banks here, host Ciarán Hancock was joined by Irish Times Markets Correspondent Joe Brennan and Financials Analyst at Goodbody, John Cronin.Also on this week’s episode, Director & Head of Research at BNP Paribas John McCartney was in studio to break down the latest data on commercial property vacancy rates and why they are hitting record levels.Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

It was not good news for Europe’s largest economy on Monday when the Bundesbank announced during its regular monthly report that Germany was officially in recession. A range of factors, including weak external demand and cautious consumers, have contributed to the fourth straight quarter of zero or negative growth.But what does a German recession mean for the euro zone and Ireland? And are there any indications of when Germany’s economy will likely turn a corner? Host Ciarán Hancock is joined by Cliff Taylor and Irish Times Berlin Correspondent Derek Scally.In the second half of this episode, we look at video-sharing platform TikTok’s restructuring plan that could see a few hundred of its workforce here being impacted. Irish Times technology journalist Ciara O’Brien gives some insight into why restructuring and layoffs has become a common theme in the tech sector over the last 18 months.Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

The high price of electric cars has long been seen as a barrier for those looking to switch from the traditional combustion-engine car to an EV, but that is now changing with many car makers slashing their prices. But what is driving prices down and what impact will it have on the second-hand EV market here? Irish Times writer specialising in motoring Neil Briscoe explains.And what of the broader picture for EV usage here, how do we compare to other countries and is charging infrastructure keeping pace? Brian Caulfield, Professor in Transportation & Head of Department at Trinity College Dublin gives his thoughts.Host Ciarán Hancock is also joined by Markets Correspondent Joe Brennan to get some insight into Denis O’Brien’s business empire after he sold his majority stake in the Beacon Hospital.Produced by John Casey. JJ Vernon on Sound. Hosted on Acast. See acast.com/privacy for more information.

Next week the battle between listed property landlord IRES REIT and its 5% dissident shareholder Vision Capital will come to a head at an extraordinary general meeting of shareholders in Dublin. IRES is the biggest private landlord in the state with more than 3,700 apartments. On the face of it IRES is performing well, however the share price has struggled and a government-imposed 2% annual cap on rents is a potential drag on the business. Vision Capital owns 5% of IRES and is not happy with the way the company is being run. Jeff Olin is president, CEO and portfolio manager of Vision Capital and he joins the podcast this week to discuss his issues with IRES.Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With ATMs now an endangered species, the Access to Cash Bill, recently announced by Minister for Finance Michael McGrath, would oblige banks to maintain access to cash dispensers at December 2022 levels. But should cash play an important role in our economy into the future?Ciaran Hancock is joined this week by Vincent Jennings, Chief Executive Officer of the Convenience Stores and Newsagents Association who feels that cash has an important role to play and would welcome oversight of the many non-bank ATMs in operation here. Irish Times business and technology journalist Ciara O’Brien thinks plastic and digital are safer, more convenient and more hygienic, but still keeps an emergency tenner on her just in case.Also on this week’s episode, senior business reporter Barry O’Halloran gives us the latest on the pay talks between pilots and Aer Lingus, with the airline’s 8.5% pay offer being rejected. He also has the latest Ryanair profit numbers, information on their new deals with online travel agents a

Employers group Ibec’s chef executive Danny McCoy sent an open letter to Taoiseach Leo Varadkar on Monday calling for a pause on labour policy measures to avoid ‘uncoordinated and cumulative’ costs to businesses. Those measures include upping the national minimum wage and increases in employer Pay Related Social Insurance (PRSI). In response, Owen Reidy, general secretary of the Irish Congress of Trade Unions, labelled Mr McCoy’s proposals as “short termist”. They joined host Ciarán Hancock to discuss the measures. And Irish Times Work Correspondent Emmet Malone brings us up to speed on the public sector pay talks impasse. We hear what the main points of contention are for both sides after discussions stalled last week.Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

New research commissioned by Aer Lingus points to the current restrictions on passenger capacity at Dublin Airport potentially costing the Irish economy €1.4 billion for every 1 million passengers not allowed to arrive into the airport. Chief Corporate Affairs Officer at Aer Lingus, Donal Moriarty, joined host Ciaran Hancock in studio to discuss the findings of the report and the likely implications for the airline in terms of its own growth at Dublin Airport this year and next.And we are joined on the line from the Swiss ski resort town of Davos by Eoin Buke-Kennedy. He is attending the World Economic Forum, which sees the great and the good of politics and commerce come together for the annual event. Headline speakers this year include Ukraine president Volodymyr Zelenskiy, UN secretary-general Antonio Guterres and European Commission President Ursula Von der Leyen. Minister for Finance Michael McGrath is also in attendance, keen to press home the message that Ireland is a leading location for foreign direc

Housing is undoubtedly the biggest domestic issue on the political agenda right now, with a focus recently on the long commutes being faced by workers in certain key roles in Dublin. So, it is perhaps timely that a new report has been launched with a potential solution to this thorny issue.Authored by veteran businessman Paschal Taggart and young law graduate Luke Cantwell, the report has suggested that the State should shave 10 per cent of land off Dublin’s major parks that could free up 450 acres that could be used to build apartments for up to 80,000 key workers – that’s guards, teachers, nurses and others with key roles in the workforce who find themselves priced out of the Dublin market for accommodation.It's a left-field idea, but will any politician give it their public support?Produced by John Casey. Hosted on Acast. See acast.com/privacy for more information.

What awaits those looking to buy or sell property this year? Will the beginnings of an uplift in supply last year gain momentum in 2024? And will price inflation in rural areas continue to outstrip Dublin? Managing Director of Residential & Advisory at Sherry Fitzgerald, Marian Finnegan, gives her expert view. According to figures compiled by the Restaurant Association of Ireland, 228 food-led hospitality business have closed since July 2023. Why are so many cafes and restaurants struggling? With four locations in Dublin’s city centre, managing director at KC Peaches Ireland ltd, Katie Cantwell, is well placed to highlight the cost pressures those in the sector are contending with. Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

An Post CEO David McRedmond joins Ciarán Hancock to discuss a stellar year for the company with a move to a new HQ, a €30 million government loan repaid and some six million packages delivered this December. He also gives his predictions on how Ireland’s economy will perform in 2024, the impact of new EU directives on sustainability and whether hybrid working will continue.Ciarán is also joined on the line by Irish Times China Correspondent Denis Staunton to discuss what was a disappointing 2023 for the Chinese economy on the back of a property slowdown of ‘historic proportions’. All is not bleak though, as Denis outlines the push towards a ‘level of higher quality growth’ and the continued drive towards decarbonisation. Plus, could 2024 see China engage in a trade war with the US?Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With the dust settling on 2023, Inside Business host Ciarán Hancock is joined by an esteemed panel to pore over the big stories from the world of media and tech and the economy.Cliff Taylor explains the notable slowdown in domestic growth here, despite the rosy picture that strong corporate receipt returns continues to paint. A lower level of discretionary spending is putting real pressure on smaller businesses, especially those in the hospitality sector – could a glut of closures follow in 2024?It was a rotten year for RTÉ with the payments scandal proving a fixture in the headlines from late June onwards. Laura Slattery teases out the ramifications of the scandal after government funding steadied the ship as the national broadcaster seeks to significantly cut costs. And with license fee revenue having fallen off a cliff, is it time to explore alternative options?Ciara O’Brien takes us through the big stories in tech with the potential of generative AI provoking much discussion – not all of it positive. Web

Energy provider SSE Airtricity is set to cut its prices for the second time in recent months. Conor Pope joins Ciarán Hancock to discuss whether this move from one of Ireland’s four main energy companies will spark a price war given the high prices Irish consumers are forking out for gas and electricity.And it was an Epic loss for Google on Monday as a US court ruled their app store to be uncompetitive. Fortnite maker Epic Games brought the case having been unhappy with the current arrangement where developers lose up to 30 per cent of revenue generated through the tech giant’s app store.Ciara O’Brien explains the court’s decision, what Epic want, and the potential ramifications of a verdict that could blow apart the app store model that is worth almost $200 billion (€185 billion) a year.Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

IKEA is one of the biggest retailers in the world and according to its latest sales results, IKEA’s store in Ballymun had over three million customers walk through its doors in the last 12 months, making it the Swedish retailer’s best performing outlet globally. Since it opened its doors in 2009, the store in north Dublin has attracted 40 million customers to date, and now has a workforce of over 730 people.Marsha Smith, IKEA’s Deputy Country Manager for UK & Ireland, joined host Ciarán Hancock to go through the main numbers outlined in IKEA Ireland’s latest sales results, as well highlighting the company’s commitment to sustainability and plans to further expand into towns and cities across Ireland in 2024.Produced by John Casey, with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

They are the ideal stock-filler - inexpensive, entertaining with a huge amount of choice, so it’s no surprise that Dubray Books shift a serious number of titles over the festive period.Ciarán Hancock is joined by Managing Director of Dubray Books, Maria Dickenson, to discuss another good year for the retailer, weathering the challenges of audio and eBooks, bouncing back from Covid and what title she has read three times already this year.Produced by John Casey, with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

The Government’s landmark auto-enrolment scheme for pensions has moved closer to being a reality with the Department of Social Protection now saying that the process of finding a company to build and run the system will begin in earnest.But after years of delay and missed deadlines, will the scheme be up and running by the second half of 2024? What will the impact be for SMEs across the country? And is this a major step towards eventually eradicating the State pension?To tease out the details of the scheme, host Ciarán Hancock is joined on the podcast by CEO of the Irish Association of Pension Funds, Jerry Moriarty, and Barra Roantree, Assistant Professor & Programme Director of MSc in Economic Policy at Trinity College Dublin.Produced by John Casey, with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

On this week's episode of Inside Business, host Ciarán Hancock is joined by Irish Times journalist Laura Slattery to discuss the latest twist in the RTÉ saga. A new strategic report, entitled ‘A New Direction for RTÉ’, has been delivered to the government by director general Kevin Bakhurst, it outlines a range of changes designed to get the broadcaster back on a sound financial footing. The main takeaway for RTÉ staff will be the 400 job cuts being sought by 2028, representing a 20 per cent reduction in headcount. It’s not all bad news for RTÉ with Government confirming it will give the broadcaster an additional €56 million in funding between now and the end of 2024. Also on the podcast, Ciara O’Brien is on the line from Lisbon for the first full day of the Web Summit tech conference. The run-up to this year’s event was complicated by the withdrawal of a number of partners and exhibitors following comments by cofounder and former CEO of Web Summit Paddy Cosgrave on social media about Israel’s m

With seven wins from the last ten championships, the Dublin football team are expected to be in the mix for the All-Ireland every year. Playing for Dublin means carrying that expectation, but it also means juggling a professional career and the demands of competitive sport.Dublin footballers Dean Rock and John Small sat down with Ciarán Hancock to discuss the balancing act of winning 15 All-Ireland medals between them, while also excelling in their careers as utility consultants with Procure.ieAnd what about life after elite sport?Olympian and wellness entrepreneur Derval O’Rourke explains the challenges of calling time on her career in competitive sport and finding a new career in the wellness space.Produced by John Casey and Suzanne Brennan, with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.