Weekend Business Papers

Margaret Heffernan is a pioneering business leader, author, and thinker who has transformed the way we approach leadership, innovation, and uncertainty. She began her career producing TV and radio for the BBC before going on to become CEO of several US companies. She was named one of the “Top 100 Media Executives” by The Hollywood Reporter.

Margaret is currently a Professor of Practice at the University of Bath School of Management, and in 2023, she was inducted into the Thinkers50 Hall of Fame for her enduring contribution to management thinking. She has authored several bestsellers, including A Bigger Prize, Uncharted, and Willful Blindness, which was recognised as one of the most important business books of the decade by the Financial Times.

In her writing, Margaret challenges conventional business wisdom and advocates for collaboration, creativity, and resilience in an unpredictable world. Her TED talks have garnered over fifteen million views globally, sparking discussions on why we ignore obvious risks and how small organisational changes can lead to profound results. Her new book, Embracing Uncertainty, was published in March 2025.

● 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

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

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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

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Michael McGrath, Ireland’s European commissioner, has warned ­President Trump that President Trump’s decision to impose 20% tariffs on the EU could jeopardise up to 60,000 Irish jobs, with businesses already reconsidering investments. Ministers have been warned that Irish exports to the US may halve by 2030. The European Union is preparing a retaliatory package that will be “far larger in scope and size” than a €26 billion counter-tariff plan already underway. At a recent cabinet meeting, ministers were informed that up to €6.9 billion of American imports into Ireland could face medium or high risk when EU countermeasures are introduced. Meanwhile, ministers have expressed concerns over the significant costs of new immigration plans, warning of potential impacts on spending, housing, healthcare, and social stability. Justice Minister Jim O’Callaghan presented a memo to Cabinet outlining Ireland’s commitment to a new EU migration pact, including digital systems expected to cost over €12 million. However, several ministers, including Finance Minister Paschal Donohoe, raised concerns about the lack of clarity on asylum seeker numbers, cautioning that unforeseen costs could jeopardise fiscal stability. Irish passengers heading to the US are being advised to delete social media apps if they have openly criticised President Trump, as cybersecurity experts warn that anti-Trump posts could lead to detention or being turned away at airports. Concerns are also rising over US immigration officials cloning phones to access devices remotely. The heightened scrutiny at US borders follows President Trump’s executive order for “enhanced vetting,” increasing checks on social media accounts and devices of visitors. In brief ● Produced on both sides of the border, Baileys may be subject to EU and UK duties ● Stripe founder John Collison to turn restored estate into luxury hotel, not private home ● LDA acquires 222 apartments and 12 duplexes in south Dublin, aims for 5,000 homes

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The FT details the economic shockwaves brought about by President Trump’s ‘Liberation Day’. On Friday, China imposed a 34% tariff on all US imports in retaliation for Trump’s measures, triggering a second consecutive day of steep losses across global stock markets. The escalation came as US Federal Reserve Chair Jay Powell warned that the “significantly larger than expected” tariffs would fuel “higher inflation and slower growth”. By early afternoon, the S&P 500 had fallen 5.2%, putting the index on track to shed nearly $5tn in market value over the two days, according to FT calculations using FactSet data. Brewers have warned that a new 25% US tariff on beer imports could result in the loss of 100,000 jobs and force brewery closures across Europe, urging the European Commission to step in and shield the industry from the impact. The Trump-imposed tariff caught brewers off guard and is expected to deal a significant financial blow to American importers of popular European and Mexican brands such as Heineken and Corona. Brewers also voiced confusion over whether the levy applies to all beer imports or only those packaged in cans. Microsoft has unveiled a more advanced version of its artificial intelligence assistant, now capable of remembering user preferences and acting independently on their behalf, as it steps up competition with rivals developing AI-powered products aimed at mass consumer appeal. At a 50th anniversary event on Friday, Mustafa Suleyman, Microsoft’s head of consumer AI and co-founder of Google’s DeepMind, showcased several upcoming features, including the assistant’s ability to book tickets, make reservations, and shop online without user intervention. In brief ● PwC China seeks buyer for its Dark Lab cyber secur­ity arm ● BP chair Helge Lund to step down after turbulent tenure including fossil fuel policy U-turn ● Maersk warns shipping emissions scheme could boost LNG use over greener fuels

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WSJ also inevitably reports on the US stock market carnage. The Dow Jones Industrial Average sank 2,200 points and the S&P 500 dropped nearly 6% on Friday, capping Wall Street’s worst week since 2020, as President Trump’s escalating trade war prompted China to impose sweeping tariffs on all US goods. The Nasdaq fell 5.8%, entering bear market territory with a 20% decline from its peak. The total market loss from the two-day tariff-driven selloff reached a record $6.6 trillion. Friday’s sharp declines have left traders bracing for further volatility in the week ahead. A new Wall Street Journal poll shows that most voters disapprove of President Trump’s tariff policies and believe the economy is worsening under his leadership, marking a sharp contrast to the period leading up to last year’s election when voters supported his economic plans. Support for tariffs has shifted to widespread disapproval, with 54% of voters now opposing Trump’s import levies, 12 percentage points higher than those in favour. Additionally, 75% of voters believe tariffs will increase prices, up from 68% in January. The survey was conducted from March 27 to April 1, just before Trump’s latest round of tariffs. Meanwhile, employers added jobs at a much stronger pace than expected in March, signalling continued strength in the labour market despite economic uncertainty, government layoffs, and market volatility. The US economy added 228,000 jobs last month, according to the Labor Department, far surpassing the 140,000-job increase economists had predicted. This was also higher than the average monthly gain of 158,000 over the previous 12 months. However, job gains for January and February were revised downward, with February seeing an addition of 117,000 jobs. In brief ● Morgan Properties invests $501 million in Midwest apartments, betting on higher rents ● Santander expects to report growth for Q1 2025 and confirmed its guidance for the year ● Ticketing marketplace StubHub and fintech firm Klarna are postponing IPO roadshows

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