Weekend Business Papers
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06-04-2025
Business Papers – The Main Talking Points
● The Business Post reports on Ibec’s findings that Donald Trump’s tariffs are set to raise the cost of Irish exports by around €3.6bn and could cut trade by up to €6bn this year
● The Sunday Independent says plans to extend paid sick leave by two days for all workers have been pushed back as a result of the US-led tariff war
● The Sunday Times says President Trump’s tariffs could jeopardise up to 60,000 Irish jobs
● The Financial Times details the economic shockwaves brought about by President Trump’s ‘Liberation Day’
● The Wall Street Journal’s latest poll reveals that most voters disapprove of President Trump’s tariff policies and believe the economy is worsening under his leadership
Business Papers – The Main Talking Points
● The Business Post reports on Ibec’s findings that Donald Trump’s tariffs are set to raise the cost of Irish exports by around €3.6bn and could cut trade by up to €6bn this year
● The Sunday Independent says plans to extend paid sick leave by two days for all workers have been pushed back as a result of the US-led tariff war
● The Sunday Times says President Trump’s tariffs could jeopardise up to 60,000 Irish jobs
● The Financial Times details the economic shockwaves brought about by President Trump’s ‘Liberation Day’
● The Wall Street Journal’s latest poll reveals that most voters disapprove of President Trump’s tariff policies and believe the economy is worsening under his leadership
Business Post
The Business Posts reports on Ibec’s findings that Donald Trump’s tariffs are set to raise the cost of Irish exports by around €3.6 billion and could cut trade by up to €6 billion this year. The business group warned that the scale of the tariffs is unprecedented in modern trade history, making the impact — particularly on corporate tax receipts — difficult to predict. It also cautioned that the risk of a global recession in the next 18 months has increased.
Tánaiste Simon Harris will warn EU ministers at an emergency summit tomorrow that Europe must avoid the “nuclear option” in responding to Trump’s tariffs. His intervention aims to shield Ireland’s vital tech and services sectors from retaliation, as countries like France and Germany push for counter-tariffs on US tech giants — many of which, including Meta, Google and Apple, are based in Ireland. Harris will meet EU counterparts in Luxembourg before heading to Washington for talks with US commerce secretary Howard Lutnick, a critic of Ireland’s tax regime.
Meanwhile, tax receipts rose 8.9% in the first quarter of 2025, reaching €21.9bn excluding a €1.7bn once-off Apple payment. Including that, the total tax take hit €23.6bn. Income tax rose 3.6% to €8.2bn, VAT increased 6.8% to €7.6bn, and corporation tax reached €4.8bn. With total gross voted expenditure at €24.8bn, up 8.8% year-on-year, the state recorded a €4.1bn surplus — up sharply from €0.3bn in the same period last year.
Deel, the $12 billion HR startup, has lost its head of communications, Elisabeth Diana, amid a growing corporate espionage scandal involving its CEO. Elizabeth Diana, who joined Deel in 2021 after senior roles at Instagram and Meta, resigned last week as the company faces an intensifying legal battle with rival Rippling. Rippling, currently eyeing a $16 billion valuation, has accused Deel of paying one of its employees to spy on the firm — a claim that includes the bizarre allegation that the alleged spy locked himself in a bathroom before fleeing when confronted.
WHSmith’s Irish arm reported after-tax profits of €5.8 million for the year ending 31 August 2024, up 40.7% from €4.1 million in 2023. Revenue rose 14% to €61.2 million, according to newly filed accounts. The results come as the UK parent prepares to exit the High Street, with reports it will sell its shops to Modella Capital, owner of Hobbycraft.
In brief
● Ross Maguire’s New Beginning launches €250m rent-to-own mortgage product
● Izzy Englander’s hedge fund giant Millennium expands in Dublin
● Donald Trump grants TikTok 75-day extension to find US buyer
● Tesla growth prospects further cut after ‘unprecedented brand damage’ caused by Musk
Business Post
The Business Posts reports on Ibec’s findings that Donald Trump’s tariffs are set to raise the cost of Irish exports by around €3.6 billion and could cut trade by up to €6 billion this year. The business group warned that the scale of the tariffs is unprecedented in modern trade history, making the impact — particularly on corporate tax receipts — difficult to predict. It also cautioned that the risk of a global recession in the next 18 months has increased.
Tánaiste Simon Harris will warn EU ministers at an emergency summit tomorrow that Europe must avoid the “nuclear option” in responding to Trump’s tariffs. His intervention aims to shield Ireland’s vital tech and services sectors from retaliation, as countries like France and Germany push for counter-tariffs on US tech giants — many of which, including Meta, Google and Apple, are based in Ireland. Harris will meet EU counterparts in Luxembourg before heading to Washington for talks with US commerce secretary Howard Lutnick, a critic of Ireland’s tax regime.
Meanwhile, tax receipts rose 8.9% in the first quarter of 2025, reaching €21.9bn excluding a €1.7bn once-off Apple payment. Including that, the total tax take hit €23.6bn. Income tax rose 3.6% to €8.2bn, VAT increased 6.8% to €7.6bn, and corporation tax reached €4.8bn. With total gross voted expenditure at €24.8bn, up 8.8% year-on-year, the state recorded a €4.1bn surplus — up sharply from €0.3bn in the same period last year.
Deel, the $12 billion HR startup, has lost its head of communications, Elisabeth Diana, amid a growing corporate espionage scandal involving its CEO. Elizabeth Diana, who joined Deel in 2021 after senior roles at Instagram and Meta, resigned last week as the company faces an intensifying legal battle with rival Rippling. Rippling, currently eyeing a $16 billion valuation, has accused Deel of paying one of its employees to spy on the firm — a claim that includes the bizarre allegation that the alleged spy locked himself in a bathroom before fleeing when confronted.
WHSmith’s Irish arm reported after-tax profits of €5.8 million for the year ending 31 August 2024, up 40.7% from €4.1 million in 2023. Revenue rose 14% to €61.2 million, according to newly filed accounts. The results come as the UK parent prepares to exit the High Street, with reports it will sell its shops to Modella Capital, owner of Hobbycraft.
In brief
● Ross Maguire’s New Beginning launches €250m rent-to-own mortgage product
● Izzy Englander’s hedge fund giant Millennium expands in Dublin
● Donald Trump grants TikTok 75-day extension to find US buyer
● Tesla growth prospects further cut after ‘unprecedented brand damage’ caused by Musk
The Business Post is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.
The Sunday Independent
The Sunday Independent reports that plans to extend paid sick leave by two days for all workers have been pushed back as the government shifts focus to preparing for a potential global recession triggered by the US-led tariff war. Ministers are now eyeing the state’s financial reserves amid rising economic uncertainty. A new Sunday Independent/Ireland Thinks poll shows growing public concern over the impact of tariffs, with fears of job losses and declining corporate tax receipts putting pressure on the exchequer.
Meanwhile, Virgin Media owner Liberty Global is interested in growing its mobile business in Ireland, indicating the telecoms giant will double down in the Irish market despite previous reports it planned to sell the business here. Last week Mike Fries, Liberty Global CEO, told a connectivity conference the multinational could look at securing a mobile asset in Ireland in the future.
US multinationals in Ireland are facing mounting pressure to scale back diversity, equality and inclusion (DEI) initiatives in response to Donald Trump’s crackdown on such policies at home. Industry sources told the Sunday Independent that some companies have begun softening their language around DEI, withdrawing from related events and awards, and stepping back from certain targets, pledges or memberships. However, approaches vary, with some firms choosing to stay the course by citing Irish legal obligations such as gender pay gap reporting.
Intel has dismissed reports that it will begin high-volume production of its most advanced chips at its Fab 34 facility in Leixlip in 2025. Industry speculation had suggested the Irish site would be the first outside the US to manufacture high-end chips for AI and data centres. However, Intel confirmed its new Arizona plant remains the primary location preparing for large-scale production of its cutting-edge 18A chip. A spokesperson said the Leixlip facility has the technical capability to produce 18A chips but did not confirm any immediate plans to do so.
In brief:
● Lidl Ireland’s plans for new €200m Cork distribution centre could create 350 new jobs
● Taoiseach Micheál Martin experiences poll bounce for response to tariff tightrope walk
● Arts Minister Patrick O’Donovan doubles down on RTÉ with push for tighter controls
The Sunday Independent
The Sunday Independent reports that plans to extend paid sick leave by two days for all workers have been pushed back as the government shifts focus to preparing for a potential global recession triggered by the US-led tariff war. Ministers are now eyeing the state’s financial reserves amid rising economic uncertainty. A new Sunday Independent/Ireland Thinks poll shows growing public concern over the impact of tariffs, with fears of job losses and declining corporate tax receipts putting pressure on the exchequer.
Meanwhile, Virgin Media owner Liberty Global is interested in growing its mobile business in Ireland, indicating the telecoms giant will double down in the Irish market despite previous reports it planned to sell the business here. Last week Mike Fries, Liberty Global CEO, told a connectivity conference the multinational could look at securing a mobile asset in Ireland in the future.
US multinationals in Ireland are facing mounting pressure to scale back diversity, equality and inclusion (DEI) initiatives in response to Donald Trump’s crackdown on such policies at home. Industry sources told the Sunday Independent that some companies have begun softening their language around DEI, withdrawing from related events and awards, and stepping back from certain targets, pledges or memberships. However, approaches vary, with some firms choosing to stay the course by citing Irish legal obligations such as gender pay gap reporting.
Intel has dismissed reports that it will begin high-volume production of its most advanced chips at its Fab 34 facility in Leixlip in 2025. Industry speculation had suggested the Irish site would be the first outside the US to manufacture high-end chips for AI and data centres. However, Intel confirmed its new Arizona plant remains the primary location preparing for large-scale production of its cutting-edge 18A chip. A spokesperson said the Leixlip facility has the technical capability to produce 18A chips but did not confirm any immediate plans to do so.
In brief:
● Lidl Ireland’s plans for new €200m Cork distribution centre could create 350 new jobs
● Taoiseach Micheál Martin experiences poll bounce for response to tariff tightrope walk
● Arts Minister Patrick O’Donovan doubles down on RTÉ with push for tighter controls
The Sunday Independent is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here.
Stay Ahead Every Sunday
Every Sunday we compile a digest of the weekend’s business news including the main talking points and highlights from
Stay Ahead Every Sunday
Every Sunday we compile a digest of the weekend’s business news including the main talking points and highlights from
Stay Ahead Every Sunday
Every Sunday we compile a digest of the weekend’s business news including the main talking points and highlights from