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11.45 – Gross output of the Green Economy was €10.7 billion in 2022 – CSO

The gross output of the green economy (environment goods and services sector) was €10.7 billion in 2022.

This was up 21 per cent on the previous year and was mainly driven by the increased output of the energy sector. The output of the construction sector also rose in 2022, after a lower output in 2021 due to COVID-19 restrictions.

In 2022, the gross value added (GVA) of the green economy was estimated at €4.4 billion, while employment in the green economy totalled 43,600 full-time equivalents.

Environment protection activities accounted for €4.6 billion (43 per cent) of the total environment gross output in 2022, with resource management activities accounting for €6.1 billion (57 per cent).

The green economy gross output by the industry sector was €9.3 billion in 2022, a €1.6 billion rise on 2021. There were 31,600 FTEs employed by the industry sector.

11.30 – PTSB board member Ronan O’Neill to step down in 2025

PTSB said that board member Ronan O’Neill will step down at the end of his nine-year term on July 30, 2025, as part of the bank’s succession planning and board refreshment process.

O’Neill, who joined the board in 2016, currently chairs the board audit committee.

PTSB said it is in the final stages of selecting his successor, who will take over the role upon appointment.

Read the full article by Andrew Ross here.

11.15 – Euro zone inflation falls to 2.4 per cent

Euro zone inflation has fallen for the first time in four months to 2.4 per cent.

The figure was slightly worse than economists’ expectations of a fall to 2.3 per cent, according to a Reuters poll.

But the February inflation number, which is down from 2.5 per cent in the year to January, will underpin European Central Bank (ECB) rate-setters’ hopes that the recent uptick in price pressures is proving temporary.

The ECB is set to meet later this week, with rate-setters expected to cut the benchmark deposit rate by a quarter point to 2.5 per cent.

Red more on the Irish Times.

11.00 – US hints tariffs on Mexico and Canada could be lower than 25 per cent

Donald Trump, US President, will impose tariffs on Mexico and Canada on Tuesday but is still deciding on the levels, commerce secretary Howard Lutnick has said.

Mexico and Canada have done “a lot” to address Trump’s concerns about border crossings but not enough to address his worries about “fentanyl deaths in America”, Lutnick said on Fox’s Sunday Morning Futures show.

Lutnick said Trump was thinking about “how exactly he wants to play it with Mexico and Canada, and that is a fluid situation”

Read more on the Financial Times.

10.45 – €2 bn UK defence deal with Ukraine to create 200 jobs at Thales plant in Belfast

A defence deal between the UK and Ukraine worth nearly €2 billion is set to create 200 jobs at the Thales weapons plan in Belfast.

British prime minister Keir Starmer said the £1.6 billion deal signed Monday will see the UK create and supply more than 5,000 air defence missiles to Ukraine as European support for the country rises in the aftermath of the heated exchange in the White House last week.

Vish Gain has more.

10.30 – AMD collaborate with vStream to open first AMD product experience centre in Dublin

AMD has established the company’s first European AMD product experience centre in Dublin, Ireland.

AMD has worked with vStream, an Irish experiential firm, to create a centre to showcase the latest AMD technologies in real world-applications to stakeholders visiting AMD R&D and Engineering sites in Ireland.

The new centre was opened by Ruth Cotter, AMD’s senior vice-president for marketing, communications and human resources, together with Andrew Jenkinson and Niall O’Driscoll, co-founders of vStream, and Brendan Farley, managing director at AMD Ireland and corporate vice President of wireless engineering at AMD.

In 2023, AMD announced plans for continued growth in Ireland with a planned investment of $135 million (€129 million) to expand its research, development, and engineering operations.

10.15 – 7-Eleven owner set to replace its leader with first foreign chief

Seven & i Holdings, the retail giant at the centre of Japan’s biggest takeover battle, is finalising plans to replace current president and chief executive Ryuichi Isaka with its first foreign boss, according to people familiar with the matter.

Stephen Dacus, lead independent director and head of the company’s special committee responsible for evaluating a $47 billion takeover approach from Canada’s Alimentation Couche-Tard, was likely to take the top job at the owner of the 7-Eleven convenience store chain in the coming months, the people said.

Dacus and the special committee were expected over the next few weeks to unveil strategic proposals to increase the company’s value ahead of an annual shareholder meeting in May, one person added.

Read the full article on the Financial Times.

10.00 – Kingspan moves for full control of Nordic Waterproofing

Kingspan said on Monday it has increased its stake in Nordic Waterproofing to 92 per cent and would move to acquire the remaining shares through a compulsory redemption process under Swedish law.

The Irish building materials giant, a global leader in insulation and envelope solutions, also plans to de-list Nordic Waterproofing from Nasdaq Stockholm.

The move follows Kingspan’s offer of SEK182.50 (€15.90) per share to minority shareholders.

Shares in Kingspan, led by Gene M. Murtagh, were up 0.13 per cent to €78.30 in Dublin on Monday morning.

Andrew Ross has more.

09.45 – Prada edges closer to buying Versace for about €1.5bn

Prada has emerged as the frontrunner to buy Versace from Capri Holdings for about €1.5 billion, in a move that would combine two of Italy’s best known luxury fashion brands.

After months of on-off talks between Milan-based Prada and Capri, which owns brands including Michael Kors and Jimmy Choo, the two companies are edging closer to an agreement and a deal could be concluded “within weeks”, according to people briefed on the discussions.

Capri’s initial asking price of €3 billion for Milan-based Versace, and the interest of other potential buyers, have prolonged the talks, said other people familiar with the discussions.

Read more on the Financial Times.

09.30 – Galway builder MMC Eco Homes snaps up modular machinery at cut price from closing UK firm

MMC Eco Homes, the Galway-based modular homebuilder, has plans to significantly expand its output following the purchase of machinery in the UK at a cut-price.

The machinery was acquired as part of an asset sale by TopHat, the UK builder that has announced plans to wind down its modular housing operations.

Ciaran Walshe, chief executive of MMC Eco Homes, said the equipment was bought from TopHat, which put more than 700 items up for sale at the end of 2024, for less than €25,000.

Read the full article by Killian Woods here.

09.15 – UK launches investigation into TikTok and Reddit over children’s personal data practices

Britain’s privacy watchdog, the Information Commissioner’s Office, on Monday launched an investigation into how TikTok, Reddit and online image sharing website Imgur safeguard children’s privacy.

Social media companies use complex algorithms to prioritise content and keep users engaged. However, the fact that they amplify similar content can lead to children being influenced by increasing amounts of harmful material.

The watchdog said it is probing how Chinese company ByteDance’s short-form video-sharing platform TikTok uses 13–17-year-olds’ personal information to suggest content in their feed.

Social media and discussion platform Reddit, and Imgur are being investigated over how they assess the age of child users, it said.

Read more on Reuters.

09.00 – Irish Ferries operator posts strong revenue growth despite Holyhead disruption

Irish Continental Group (ICG) has posted strong revenue growth of 5.6 per cent in 2024 as the Irish Ferries operator made €603.8 million in the year even as the Holyhead Port disruption affected profits.

The figure represents a €31.8 million increase over the revenue made in 2023.

In a trading update posted Monday morning, ICG reported a nearly €1 million rise in Ebitda to €133.5 million due to a strong performance in the Ferries division.

Vish Gain has more.

08.45 – Gas demand hit new record during January’s snow days

Ireland saw a record high demand for gas on January 8 this year, as temperatures plunged as low as -8C and much of the country was blanketed in snow.

The spike to a record level of demand was driven by a combination of high gas demand for electricity generation and low temperatures.

The following day, January 9, saw the third highest level of demand everywhere. Across the month of January, gas demand increased 17 per cent, compared with December, as the country suffered the severe cold snap followed by the disruptions of Storm Éowyn, according to new figures from Gas Networks Ireland.

Read more on the Irish Independent.

08.30 – European leaders scramble to mend Trump-Zelenskyy rift as defence push gains momentum

Keir Starmer, the UK prime minister, and other European leaders used a security summit in London to demonstrate broad support for Ukraine.

Behind the scenes, though, they were scrambling to get Volodymyr Zelenskyy back to the table with US President Donald Trump.

From Starmer to his Italian counterpart Giorgia Meloni and French President Emmanuel Macron, leaders spent the weekend in a diplomatic whirlwind as they tried to fix last week’s disastrous clash at the White House.

They also fast-tracked efforts to improve their own defence capabilities in the wake of the falling out and Trump’s direct outreach to Russian President Vladimir Putin to end the war in Ukraine.

Read more here.

08.15 – Irish markets update

The Iseq All Share was in the red on Monday, falling 0.39 per cent (-43.36bps) to 10,931.26 in early trade.

The main fallers on the Irish market were Datalex which dropped 7.90 per cent to €0.35 per share and Kenmare Resources which declined 1.71 per cent to €3.46 per share.

Meanwhile, top performers on the market included Permanent TSB which rose 0.65 per cent to €1.55 per share and Glanbia which grew 2.59 per cent to €11.08 per share.

08.00 – Hospitality supplier Conaty plans acquisition spree as it snaps up Bray-based firm

A family-owned hospitality supplier, counting Adare Manor as a client, is on the hunt for acquisitions after snapping up Co Wicklow-based wholesaler Irish Distributors Ltd.

The acquisition of Irish Distributors by Conaty Food and Catering Supplies is part of a growth plan that could see the business hit revenues of over €50 million this year. The deal will primarily strengthen Conaty’s hygiene offering to clients, an area of business which has seen significant growth since the Covid-19 pandemic.

Cathal Conaty, chief executive of Conaty Food and Catering Supplies, said the deal would allow the business to broaden its offering as it looks to complete further acquisitions, targeting foodservice and hygiene companies.

Read more on the Irish Independent.

07.45 – Irish manufacturing sector grows to 12 month high despite input cost inflation – AIB

The Irish manufacturing sector grew at its fastest pace in 12 months during February.

The AIB manufacturing purchasing managers’ (PMI) index grew from 51.3 in January to 51.9 in February, indicating increased business activity in the manufacturing sector.

Ireland’s index reading remains above the eurozone, US and UK, at 47.3, 51.6 and 46.4 respectively.

David McNamara, the chief economist at AIB, said that the rise in February came due to “stronger growth in output and new orders, and a renewed upturn in purchasing activity”.

Fionn Thompson has more.

07.30 – Lloyds to pay UK taxman disputed £975 million

Lloyds Banking Group has said it will pay the UK government £975 million (€1.12 billion) of disputed back taxes tied to the winding down of its unit in the Republic during the financial crisis, even as it appeals a recent tribunal decision that the money is owed.

However, the London-based group will account for the payment as a so-called current tax asset, as it holds to the view that the money is not owed and will ultimately be returned.

The plan to pay the amount in the meantime was disclosed in Lloyds’ latest annual report, which noted that the final conclusion of the long-running dispute “may not be for several years”.

Read more on the Irish Times.

07.15 – Asian markets update

Asian share markets made guarded gains on Monday as investors waited anxiously to see if imminent tariffs would go ahead, while bitcoin surged on news it would be included in a new US strategic reserve of cryptocurrencies.

Bitcoin, the world’s largest cryptocurrency by market value, shot up 10 per cent on Sunday before paring some gains on Monday to $93,230, while ether, the second-largest cryptocurrency, pulled back to $2,448 after climbing 13 per cent a day earlier.

Japan’s Nikkei 225 lead gains, rising 1.70 per cent, followed by Australia’s S&P/ASX 200 which rose 0.90 per cent and the Hang Seng which grew 0.31 per cent.

The SSE Composite Index was in the red, falling 0.12 per cent and the bottom performer in the region was Korea’s Kospi index, which decreased 3.39 per cent.

07.00 – Good morning

Good morning from the Business Post. Emma Hanrahan here to keep you up to date on all the latest news as it happens.

Kick off your morning with a piece by Fionn Thompson, about Tánaiste Simon Harris who has confirmed he will ask cabinet to approve a plan to provide €100 million in non-lethal military aid to Ukraine on Tuesday

Also leading businesspost.ie is an article about Equinix refusing permission for data centre gas plant in landmark planning board decision. Read the full piece by Laura Roddy here.