There was good news for mortgageholders, especially those on trackers, as the European Central Bank, as expected, cut interest rates for the sixth time in nine months, shaving another quarter point. However, writes Eoin Burke-Kennedy, ECB president Christine Lagarde hinted that the bank may pause the current cycle of interest rate cuts next month as the looming threat of a trade war with the US and big changes to German and European Commission fiscal rules cloud the economic outlook.
Separately, Conor Pope examines who benefits most from the ECB move and what might happen next.
Overnight, SpaceX’s mammoth Starship spun wildly out of control and broke apart during its eighth test flight in another setback for Elon Musk’s company less than two months after its last mission ended with an explosion.
Ireland’s biggest hotel operator, listed group Dalata, has hired investment bank Rothschild to help review options for the billion euro business that chairman John Hennessy says is not fairly valued by the stock market. Joe Brennan reports that the review could lead to a sale of the business.
Still talking takeovers, shares in Kenmare Resources soared as much as 52 per cent in London as the titanium minerals miner confirmed former managing director, Michael Carvill, has been involved in an attempt to take over the company. Joe Brennan writes that the offer at a 92 per cent premium to the share price at the time has been rejected as “undervaluing” the business but Kenmare has granted Mr Carvill and his backers limited access to its books to carry out due diligence.
With tariffs still in the headlines, new figures from the CSO show that Ireland had a trade deficit with the United States of almost €93 billion last year, with our trade surplus in goods of €70 billion more than offset by a deficit in services. Eoin Burke-Kennedy reports.
It comes as the US administration said goods compliant with a 2020 trade deal Mr Trump did with Canada and Mexico will probably be granted a one-month reprieve from tariffs in what constitutes a big climbdown for the US president’s aggressive trade agenda.
At least Donald Trump has settled one row, with his Doonbeg Irish golf resort reaching a compromise deal over the erection of temporary fencing at a beach close to the hotel. Ken Foxe has the details.
Still on tariffs, John FitzGerald argues that slapping tariffs all round will only make the US a poorer country. And while they will also damage the rest of the world, the rest of the world constitutes a much bigger economy than the US. For Europe, the best antidote to US economic isolationism is, he says, to double down on free trade with the rest of the world.
A new survey from Irish Times-owned property website MyHome.ie shows significant support for proposed tax breaks for developers among people searching for a home.
Talks to secure the future of the Aer Lingus College Football Classic and extend it in Dublin for another nine years are now at an “advanced” stage, the organisers say, as tickets went on sale for this year’s event. Ian Curran writes that almost 48,000 attended last year’s match boosting the economy by €146 million.
Dublin Airport’s latest bid to lift a controversial 32 million a-year passenger limit faces further delays after noise regulators warned the move could result in new restrictions at the gateway. Barry O’Halloran writes that airport operator DAA warned on Thursday the move by the Aircraft Noise Competent Authority would “add several months” to the wait for a decision on its latest planning application.
David Kelly has been running FBD Hotels & Resorts since it was spun out from the insurer of the same name. He tells Peter Flanagan that the group is set on further expansion but only when it finds the right opportunity that can deliver returns.
In Agenda, Ian Curran looks at the Web Summit, whose three founders have been embroiled in a noxious legal standoff since 2021. A last-ditch attempt to avert the nine-week civil trial, currently slated for March 18th, will reportedly proceed next week after the three principals – Paddy Cosgrave, David Kelly, and Daire Hickey – settle on a London lawyer to mediate the dispute.
Finally, Novo Nordisk, the Danish company behind obesity “wonderdrugs” Ozempic and Wegovy has said it will explore whether the science those medicines could help patients struggling with addiction. Now that would be a blockbuster.
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