Internal Government economic models indicate that the Irish economy could create between 56,000 and 60,000 fewer jobs than expected as a consequence of US president Donald Trump’s tariff announcements last week, the Sunday Times reports.
Cabinet ministers were also told last week that up to €6.9 billion worth of US goods imports into the Republic – including aircraft parts – could be in the firing line when the EU’s retaliatory measures are unveiled and implemented.
Government sources told the paper that some businesses are planning to pull the plug on certain investments following Mr Trump’s announcement, which has roiled global markets and upended the world trading system.
The source said that internal Government economic models estimate that there would be between 56,000 and 60,000 fewer jobs in the economy in the aftermath of the tariffs compared to a baseline scenario in which no new trade measures were implemented.
At a meeting in Luxembourg on Monday, EU trade ministers will discuss the bloc’s response, which is likely to include new retaliatory tariffs on US imports.
Millennium Management to expand footprint
The Business Post reports that the hedge fund Millennium Management is taking on more office space in Dublin and expanding its Irish workforce.
New York-headquartered Millennium, which has made headlines in recent times after taking high-profile short bets against some of the Republic’s biggest companies, will be able to accommodate an additional 80 staff at its Dublin HQ once the expansion is complete, bringing to 180 its total headcount here.
Founded by Israel ‘Izzy’ Englander in 1989, the firm set up shop in Dublin in 2018.
Millennium was revealed last year to have taken short positions against Paddy Power owner Flutter and Bank of Ireland.
No high-tech AI chips for Intel’s Leixlip plant
Intel has kiboshed internet reports that it intends to start high-volume production of its most advanced computer chips at its Leixlip plant this year, the Sunday Independent reports.
Industry websites had reported in recent days that the US-anchored company had chosen its flagship Irish plant to roll out new high-volume production of certain high-end chips used in artificial intelligence and data centres.
However, a spokesperson for Intel told the paper that reports were based on mistaken assumptions.
Intel’s Fab 34 facility in Leixlip does have the capabilities to produce the chips, but there is stiff competition between the company’s plants around the world to produce its most advanced products.
The company spokesperson did not rule out that the Leixlip plant would make the chips in future.
Trump’s war on DEI comes to Ireland
Also in the Sunday Independent, US multinationals in Ireland are feeling the pressure to pull back from diversity, equality and inclusion (DEI) policies as the Trump administration cracks down on certain practices domestically.
Citing industry sources, the paper reports that some transatlantic companies with a base of operations here are now toning down language around DEI policies and pulling back from particular targets and pledges.
Orla O’Connor, director of the National Women’s Council of Ireland, said some of the council’s members are raising concerns over the “reduction or complete wipeout” of DEI sections in companies.
Stripe billionaire plots Laois luxury hotel
John Collison, the billionaire co-founder of payments company Stripe, has abandoned plans to turn a Laois country estate he bought for €400,000 into a private residence and will instead develop the old mansion into a luxury hotel and restaurant, the Mail on Sunday reports.
Mr Collison bought the derelict Millbrook House for a token price in 2022 from Laois County Council before submitting plans in 2023 to redevelop the estate as a hotel.
Millbrook had fallen into “significant disrepair” before being acquired by the local authority as a derelict building, according to internal emails released under the Freedom of Information Act.
