DIRS.INFO The most relevant business & tech news

☆ Explainer: What is the Northern Ireland protocol?
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +5 min

[1/3] A truck parked beside a 'money changed' sign is seen on the border between Northern Ireland and the Republic of Ireland near Jonesborough, Northern Ireland, October 13, 2021. WHAT IS THE NORTHERN IRELAND PROTOCOL? Northern Ireland also remains part of the UK's customs territory, effectively creating a customs border in the sea between Britain and Northern Ireland. The protocol specifies those EU regulations and directives with which Northern Ireland must remain aligned, and means new EU acts may be added to those that apply in Northern Ireland. The Northern Ireland Protocol bill, if passed by parliament, would give the British government the power to unilaterally decide to all but renege on the agreement.

☆ Britain's Sunak touts EU protocol progress in Northern Ireland, no deal yet
▼ + stars: | 2023-02-17 | by ( Amanda Ferguson | ) www.reuters.com time to read: +5 min

After weeks of intense London-Brussels talks, momentum has been building towards a deal to revise the Northern Ireland Protocol - the arrangements agreed to avoid a hard border with EU member Ireland when Britain exited the EU in 2020. "I had positive conversations with political parties in Northern Ireland," Prime Minister Rishi Sunak told reporters. In Belfast, Sunak focused his attention on the Democratic Unionist Party, whose opposition to the protocol must be overcome to make any deal work. The other political parties that met Sunak on Friday said detail from the prime minister on a potential deal was "scant". Sinn Fein, the former political wing of the militant Irish Republican Army that wants Northern Ireland to split from the UK and unite with Ireland, became the province's largest party for the first time at elections last year.

While the UK as a whole voted to leave the EU in the 2016 Brexit referendum, Northern Ireland voted 56% to 44% to remain. But if there is no agreement unionists can support, Northern Ireland will continue to have no functioning political institutions, he said, "and I don't think that is an outcome that anybody really wants". "If the choice is Sinn Fein rule or even imperfect British rule I would certainly take British rule before I would take Sinn Fein rule," said TUV leader Jim Allister. Completing the intense pressure Donaldson is under from all sides as the defining moment of his leadership nears is the more liberal Ulster Unionist Party, ready to cast itself as the unionist party of pragmatism if the DUP's boycott escalates. What will ultimately protect Northern Ireland's place in the United Kingdom is if Northern Ireland works."

If they start to reverse, then you'll see things reversing for next year, but we have to wait and see," he said. Slashing prices also reflects stiffening competition in some markets as companies struggle with waning consumer demand and households tighten budgets. Kraftliner prices, up 60 euros per tonne in the first half, have since fallen by 120 euros a tonne. Europe's gas rollercoasterWAGES AND BORROWING COSTSSome companies won't make cuts though, as they protect margins or face higher wages and borrowing costs. "It does signal a retreat in operating margins for firms like Smurfit, hence the negative reaction in the share price this morning," he said.

☆ ECB's Nagel, Makhlouf flag interest rate rises beyond March
▼ + stars: | 2023-01-25 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

DUBLIN, Jan 25 (Reuters) - European Central Bank policymakers Joachim Nagel and Gabriel Makhlouf said on Wednesday they would not be surprised if interest rate increases continue into the second quarter after two expected moves in February and March. Nagel said the ECB had already committed to raising rates sharply again over the next two months. Nagel, the president of Germany's Bundesbank, told Spiegel magazine that he "wouldn't be surprised if we have to keep raising rates even after the two announced steps." While euro zone inflation eased to an annualised 9.2% in December from 10.1% a month earlier, Ireland's Makhlouf said it remains "far too high." Reporting by Padraic Halpin; Editing by Frank Jack Daniel, Kirsten Donovan and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Irish central bank chief calls for ban on crypto advertising
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationDUBLIN, Jan 25 (Reuters) - Ireland's central bank governor urged lawmakers on Wednesday to ban the advertising of crypto assets targetted at young adults, likening crypto not linked to any underlying assets to a Ponzi scheme. A long-time critic of crypto assets, Gabriel Makhlouf said that while they presented minimal financial stability risk for now, the Irish regulator was very concerned about the impact on retail customers. "There's a reasonable number of young adults who have put their money into crypto and there is an uncomfortable level of advertising that is targeted at that cohort. If you could find a way, I would recommend that adverts to that cohort are banned," Makhlouf told an Irish parliamentary committee. "Unbacked crypto is essentially a Ponzi scheme... People who put their money into unbacked crypo, and most of the significant stock of crypto out there is unbacked, they are essentially gambling."

☆ Ireland toasts record Oscar success with 14 nominations
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Mario AnzuoniDUBLIN, Jan 24 (Reuters) - Ireland celebrated a record 14 Oscar nominations on Tuesday, scooping five of the 20 acting spots up for grabs and for the first time earning a nod for a feature film made in the native Irish language. "Congratulations to all the Irish Oscar nominations. Ireland was also well represented in the craft categories, including best visual effects and editing while former winner Martin McDonagh added to his growing Oscar CV with best director and best original screenplay nods for "Banshees." "There was perhaps a notion out there that to make a film in the Irish language was a dead end creatively or commercially. "There's no reason that Irish language filmmakers should limit their ambitions, they should be making films for the world."

"Our industry is still climbing out of - call it a 100-year event, call it a macro shock of epic proportions. "We are bullish and these are the reasons why I suspect there's a disconnect between the Davos in Switzerland and the Davos in Dublin," Cronin told Reuters. "It's a good time to be a lessor," said Tony Diaz, chairman of the smaller Zephyrus Aviation Capital. It's probably easy to take that second one too," Robert Korn, president and co-founder of fast growing Carlyle Aviation Partners, added. Additional reporting by Tim Hepher and Joanna Plucinska Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

The lessors took a hit of almost $10 billion when Russia barred airlines from returning planes hit by Western sanctions to their owners in the West. This has turned the spotlight on other risky markets, most prominently China and Taiwan, where some fear future conflict could cause a similar seizure on a much larger scale. When discussing the Russia losses, most executives speaking at the conference, also touched on China risks. Several executives said the loss of aircraft to Russia would simply feed into risk management models and encourage lessors to be careful about spreading their exposure rather than withdrawing from markets altogether. "Lessors aren't going to be able to abandon higher risk areas because that is what they do," he added.

☆ Meta's WhatsApp fined 5.5 mln euro by lead EU privacy regulator
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Jan 19 (Reuters) - Meta's (META.O) WhatsApp subsidiary was fined 5.5 million euros ($5.95 million) on Thursday by Ireland's Data Privacy Commissioner (DPC), its lead EU privacy regulator, for an additional breach of the bloc's privacy laws. The DPC fined WhatsApp 225 million euros in September 2021 for breaches that occurred in May 2018, the same period of time as the complaint dealt with on Thursday. WhatsApp is in the process of appealing that fine through the Irish courts. The regulator has fined Meta 1.3 billion euros to date and has 10 other inquiries open into its services. ($1 = 0.9246 euros)Reporting by Padraic Halpin; Editing by Jason Neely and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

DUBLIN, Jan 18 (Reuters) - A battle for compensation is brewing over delays in the delivery of commercial jets, with a Dublin aviation summit descending into a blame game over the worst industrial disruption in years. Aircraft contracts contain dense descriptions of adverse factors which excuse manufacturers for multiple types of delay, meaning they can avoid paying penalties or "liquidated damages". Excusable delays include "acts of God", natural disasters, fire, flood, earthquakes and epidemics, among other examples, according to extracts of past contracts filed with regulators. Non-excusable delays include anything that falls outside this catalogue, but are rare, experts say. 'OVER-OPTIMISTIC'"They are not excusable at all," Aengus Kelly, chief executive of lease giant AerCap (AER.N) told the Airfinance Journal conference when asked about the delays.

☆ Boeing, Airbus hit back over criticism of delivery delays
▼ + stars: | 2023-01-17 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

[1/3] A woman walks past a Boeing logo at the China International Aviation and Aerospace Exhibition, or Airshow China, in Zhuhai, Guangdong province, China September 28, 2021. REUTERS/Aly SongDUBLIN, Jan 17 (Reuters) - The world's two largest planemakers defended themselves on Tuesday following criticism over delivery delays, with a Boeing (BA.N) executive saying increasing production after COVID-19 lockdowns was "not as easy as an on/off switch." Aircraft leasing firms have used a major industry conference to hammer manufacturers over delays. Air Lease (AL.N) executive chairman Steven Udvar-Hazy said they had "grossly misjudged" output, while one of Airbus' largest customers, AerCap (AER.N), called the European firm's production targets "very ambitious". To help remove the bottlenecks, Airbus has placed over 100 procurement specialists into its indirect suppliers to help them achieve the rates in the supply chain that the jetmaker requires to ramp up production, Pearman-Wright added.

The International Air Transport Association, which represents global airlines, is predicting full recovery in 2024. The crippling impact of COVID-19 saw dozens of airlines go out of business and wiped billions of dollars off balance sheets. In public, airlines and leasing firms have deplored delivery delays and are seen likely to press aircraft makers for compensation. Inflation is driving up aircraft parts and prices, while raising questions over the resilience of travel demand. Overall, more than half of the world's airline fleet is controlled by global leasing companies rather than owned directly by airlines.

☆ Lessor says Air India to order around 500 jets
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, Jan 16 (Reuters) - Air India is set to order around 500 planes as an airline industry recovery takes hold following the pandemic, one of the world's leading aircraft lessors said on Monday. The comments are the first public indication of the scale of the planned order after Reuters reported in December that Air India was close to ordering as many as 500 jets as it carves out a renaissance under the Tata Group conglomerate. Air India did not immediately respond to a request for comment. China last year placed a block order for Airbus jets. "We do expect a number of airlines will place large orders and again most of these orders will be for replacement," Udvar-Hazy said.

☆ "Lord of the Dance" Flatley treated for "aggressive" form of cancer
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] Dancer Michael Flatley poses for a portrait in front of the Lyric Theater in New York November 17, 2015. REUTERS/Lucas JacksonDUBLIN, Jan 12 (Reuters) - Irish-American dancer Michael Flatley has undergone surgery for an "aggressive" form of cancer and is under medical care, a statement on the "Lord of the Dance" creator's Instagram account said. "Michael Flatley has been diagnosed with an aggressive form of cancer. He has undergone surgery and is in the care of an excellent team of doctors. No further comments will be made at this time," the statement released late on Wednesday said.

☆ Ryanair sees high single digit air fare rise in 'very strong' summer
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

[1/2] Ryanair CEO Michael O'Leary poses for a photo after an interview with Reuters in Rome, Italy, January 12, 2023. REUTERS/Guglielmo MangiapaneROME, Jan 12 (Reuters) - Ryanair (RYA.I) believes the outlook for summer travel is very strong with a reasonable prospect of average European short-haul air fares rising by a high single digit percentage, Chief Executive Michael O'Leary told Reuters on Thursday. He had previously said the airline would be lucky to get 40 by June. Reporting by Angelo Amante, writing by Padraic Halpin in Dublin. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ Irish privacy regulator fines Meta more than $400 mln
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A security guard stands watch by the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilvaDUBLIN, Jan 4 (Reuters) - Ireland's data privacy regulator fined Meta (META.O) 390 million euros ($414 million) on Wednesday for breaches at its Facebook and Instagram services and said both must reassess the legal basis on how they run advertising based on personal data in the European Union. Ireland's Data Privacy Commissioner (DPC), which is the lead privacy regulator for many of the world's largest technology companies within the EU, directed Meta to bring its data processing operations into compliance within three months. The penalties brought the total fines levied against Meta to date by the DPC to 1.3 billion euros. The DPC said that as part of its decision, the EU's privacy watchdog had purported to direct the Irish regulator to conduct a fresh investigation that would span all of Facebook and Instagram's data processing operations.

☆ Irish manufacturing activity shrinks again in Dec - PMI
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

The AIB S&P Global manufacturing Purchasing Managers' Index (PMI) was unchanged in December after falling in November to 48.7 from October's 51.4. Any reading below the 50 mark points to a contraction in activity. Ireland's factories have nevertheless proven more resilient to the Europe-wide cost-of-living crisis and it was the only euro zone member measured by the PMI where manufacturing was still growing until two months ago. That led to the slowest round of input price inflation since February 2021. Input prices were still elevated and output price inflation also remained high, accelerating in December.

☆ Varadkar targets housing crisis on return as Irish prime minister
▼ + stars: | 2022-12-17 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

"I am thinking in particular of housing and how we have to go all-out to turn the corner on rising homelessness and falling homeownership. The 2020 coalition deal - which included the smaller Green Party - for the first time united Martin's Fianna Fail and Varadkar's Fine Gael, which are Ireland's dominant centre-right parties and have led every government since independence a century ago. Finance Minister Paschal Donohoe and Public Expenditure Minister Michael McGrath will also swap roles under the deal while Martin, who will become deputy prime minister, is also expected to be appointed foreign minister. Varadkar indicated he would make very few other changes when he names his cabinet at around 1700 GMT. "We live in an Ireland where the housing emergency has gotten worse and where households struggle to get by.

☆ Irish soldier killed on U.N. peacekeeping mission in Lebanon
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Dec 15 (Reuters) - An Irish soldier was killed on a U.N. peackeeping mission in Lebanon late on Wednesday when a convoy of two armoured utility vehicles travelling to Beirut came under small arms fire, Ireland's defence forces said in a statement. Another Irish member of the United Nations Interim Forces in Lebanon (UNIFIL) is in a serious condition having undergone surgery following the incident, the statement said. "It is with deep regret that Óglaigh na hÉireann (the Irish defence forces) can confirm the death of one of our peacekeepers in a serious incident in Lebanon last night," the defence forces said, adding that a full investigation will commence. Irish Defence Minister Simon Coveney, who is in New York for a U.N. Security Council meeting, said he will meet U.N. Secretary General António Guterres later on Thursday to discuss the incident. "As a people, we take great pride in our unbroken record of peacekeeping with the United Nations.

☆ Analysis: Europe's inflation problem will linger for years to come
▼ + stars: | 2022-12-06 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

Government stimulus measures are working against the ECB's policy tightening, and too much of the energy price rise has seeped into the broader economy through second-round effects, fuelling underlying price growth. "The core inflation rate is unlikely to peak until mid-2023 and will only fall slowly thereafter," Commerzbank economist Christoph Weil said. "Against this backdrop, the ECB's goal of pushing the inflation rate back to just under 2% on a sustainable basis seems a long way off." The ECB's new projections, due out next week, are set to show inflation above target through 2024 and only falling to 2% in 2025. But it is not evident that after a few years of above-trend growth, wage-setting will fall back in line with the ECB's target.

☆ ECB's Makhlouf expects 50 bps rate hike in December
▼ + stars: | 2022-12-05 | by ( Padraic Halpin | ) www.reuters.com time to read: +3 min

DUBLIN, Dec 5 (Reuters) - The European Central Bank is likely to raise interest rates by 50 basis points (bps) in its December meeting, governing council member Gabriel Makhlouf said, while stressing that the rates may have to move into "restrictive territory" next year. Makhlouf told journalists after the speech that the governing council was likely to settle on a 50 bps increase. French central bank chief Francois Villeroy de Galhau said on Sunday he favoured a 50 bps increase. We have to be open to policy rates moving into restrictive territory for a period," said Makhlouf, Governor of the Central Bank of Ireland. "It is premature to be talking about the end-point for policy rates amid the prevailing levels of uncertainty."

☆ EU 'very confident' on N.Ireland agreement if UK shows political will
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Dec 1 (Reuters) - European Commision President Ursula von der Leyen said she is "very confident" a positive conclusion can be reached to a post-Brexit trade row over Northern Ireland if Britain shows the political will to find a solution. "If there is the political will in the UK, I am very confident that we can reach a positive conclusion." Britain agreed as part of its EU departure to effectively leave Northern Ireland within the bloc's single market for goods in order to preserve the region's open border with EU member Ireland. However it has since sought to scrap many of the checks that the deal introduced, which have caused anger among many pro-British unionists in Northern Ireland. Reporting by Padraic Halpin Editing by David Goodman and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

☆ Ryanair will be lucky to get 40 new Boeing jets by June - CEO
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: 1 min

DUBLIN, Nov 29 (Reuters) - Ryanair (RYA.I) will be lucky to receive 40 Boeing (BA.N) 737 MAX aircraft by the end of June from the 51 due for delivery, Chief Executive Michael O'Leary said on Tuesday, potentially impacting the airline's planned growth for 2023. "We're contracted to get 51 aircraft from Boeing before the end of April. We will be lucky to get 40 aircraft by the end of June next year and that's critical to our continued growth," O'Leary told a Eurocontrol event. Ryanair plans to grow from a record 168 million passengers this financial year to 185 million next. O'Leary said earlier this month that he was concerned Boeing might fall 5-10 aircraft short, knocking 1 or 2 million from that target.

☆ Irish privacy regulator fines Facebook 265 mln euros
▼ + stars: | 2022-11-28 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

DUBLIN, Nov 28 (Reuters) - Ireland's data privacy regulator imposed a 265 million euro ($277 million) fine on social media giant Facebook on Monday, bringing the total it has fined parent group Meta (META.O) to almost 1 billion euros. It is Meta's lead privacy regulator within the European Union, and has 13 more inquiries into the social media group outstanding. In September the watchdog hit its Instagram subsidiary with a record fine of 405 million euros, which Meta plans to appeal. The DPC said mitigating factors in Monday's decision - which had been approved by all other relevant EU regulators - included the actions Facebook had taken. "We'll keep going until the behaviour does change," Ireland's Data Privacy Commissioner (DPC) Helen Dixon told Irish national broadcaster RTE on Monday.

Search resuls for: "Halpin"

25 mentions found