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Property is hogging the headlines this morning with a new report from Savills noting that Ireland’s population is rising by four people for every one new home built. Alongside supply constraints, that makes the Irish housing crisis significantly worse than those in other high income countries, the report says. Ian Curran reports.
Ian also reports on the CSO’s residential property price index showing annual inflation is running at a rate of 8.6 per cent, and even more in Dublin. Prices are now close to 11 per cent above their Celtic Tiger peak, the CSO notes.
Separate data from the Central Bank notes that the amount being borrowed in mortgage loans is down on the same time least year – by 6 per cent. It is unclear whether this is because of the historically low level of properties available for purchase in the market, people holding off for further expected cuts in European Central Bank interest rates, or both.
Away from housing, US inflation data out yesterday will strengthen expectations of a September interest rate cut from the Federal Reserve. The inflation rate fell below 3 per cent for the first time since March 2021, albeit marginally, to 2.9 per cent though the consensus was it would have stayed at the 3 per cent mark.
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Martin Wall has details of the Irish company that is involved with Airbus in a concept study for the development of a new helicopter for the Nato military alliance, not somewhere you usually find Irish-based enterprises.
Ian Curran looks at the accounts of the Irish business of Antrim coop Fane Valley, which reported strong profit growth last year. Among its operations in the Republic is the Silver Hill Duck, a big player in the EU duck business.
Glanbia’s new chief executive Hugh McGuire blamed “pricing noise” for a slide in earnings but that didn’t save the business from a smacking in the markets, with the shares finishing almost 9 per cent off, writes Eoin Burke-Kennedy.
Carl McCann, executive chairman at fruit and vegetable powerhouse Dole said he was pleased to report “another strong result for the second quarter of 2024″. With sales and income from continuing businesses down, the market wasn’t buying that either and the shares slumped 5.3 per cent. Peter Flanagan has the details.
Things were altogether more upbeat at Kenmare, where incoming managing director Tom Hickey stuck to full-year forecasts despite some first-half hiccups. Eoin writes that the shares finished marginally ahead.
In Innovation, Chris Horn marvels at the advances in robotics from the early generation machines that made the Fiat Ritmo the first car built through automation to a point where robots are now involved in intricate microsurgery.
In technology, we examine whether Google’s loss in a landmark US case over its monopoly in search will actually change anything, or is it already too late to challenge its dominance.
Finally, Mars’ sweet tooth could not step away from the tempting treat that is Pringles, agreeing a $36 billion business for parent Kellanova, until recently the snacks division of Kelloggs, in one of the biggest M&A deals of 2024 to date.
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