Defying sanctions, Musk hints at private, and Snapchat loses users

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Iranians walk by mural painting of the founder of the Islamic Republic Ayatollah Ruhollah Khomeini on the wall of the former US embassy in the Iranian capital Tehran was US President Donald Trump warned countries against doing business with the country. Photograph: Atta Kenare/AFP/Getty Images

Iranians walk by mural painting of the founder of the Islamic Republic Ayatollah Ruhollah Khomeini on the wall of the former US embassy in the Iranian capital Tehran was US President Donald Trump warned countries against doing business with the country. Photograph: Atta Kenare/AFP/Getty Images

 

EU foreign policy chief Federica Mogherini is urging business to ignore threats from US president Donald Trump to bar companies working with Iran from trading with the US – but initial indications are that firms might not be prepared to risk the ire of the US leader.

Elon Musk has hinted that he may look to take his company, Tesla, private as it emerged that a powerful Saudi fund has taken a stake of up to 5 per cent in the business.

In a turbulent reporting season for social media groups. Snapchat parent, Snap said last night that it has unexpectedly lost users in the second quarter, even as it reported better than expected revenues.

Independent News and Media is threatening to sue three companies connected with the removal and interrogation of personal data from its Dublin offices, Mark Paul reports. The media group that is fighting off the appointment of inspectors has commissioned Deloitte to perform another review of the data breach at the company.

Waterford-based listed group, Immersive VR Education, has collaborated with the BBC for a new virtual reality-based short film that puts viewers in the shoes of a war correspondent during a bombing raid on Berlin during the second World War. Charlie Taylor has the details.

Recession failed to dent the growth of Ireland’s pizza market but this year’s mix of weather extremes have certainly slowed its progress, writes Mark Paul. Domino’s is blaming snow earlier this year and the summer heatwave for disappointing sales growth in what it describes as a highly profitable market.

And finally Steinway, the famous piano maker controlled by US hedge fund billionaire John Paulson, has attracted takeover interest from China Poly Group, presumably with an eye on China’s growing middle class.