Inside Business with Ciaran Hancock

This week we take a deep dive into the issues impacting tech giant Apple. In the year to date, the iPhone maker's share price has fallen by more than 8 per cent, and about €300 billion has been wiped off its market value. Apple has ceded to Microsoft its status as the most valuable US company. This drop was spurred by declining sales in China, regulatory scrutiny of its app store, and mounting concerns that the company has lost its edge on innovation, especially in the field of AI. But is Apple's recent decline likely to continue in the longer term? Business Editor Ciaran Hancock gets a range of perspectives. Guests: Geoff Blaber, CEO of CCS Insight, Denis Staunton, Irish Times China correspondent, Karlin Lillington, Irish Times technology columnist and Ciara O'Brien, Irish Times business and technology journalist. Hosted on Acast. See acast.com/privacy for more information.

On this week’s Inside Business with Ciarán Hancock we look at Aviva’s plan to re-enter the Irish health insurance market and what that might mean for consumers. Will this deliver lower prices for hard pressed Irish consumers? Will it bring additional benefits in coverage? And is worth the hassle to switch for customers of VHI, Laya and Irish Life Health? To get some answers to these questions and more, Ciarán is joined on the podcast by Dermot Goode of Totalcover.ie, a Locktons Company, and an expert on Irish health insurance. Also on the podcast, the Government published its Stability Programme Update. This is an update of budgetary forecasts provided to the European Union. It predicts a surplus for this year of €8.6 billion and a warning that the economy has slowed. Cliff Taylor of The Irish Times has been through the document to break down the vast array of numbers and what they mean. How much of the budget surplus might be used to fund tax cuts or additional spending on key public services, given that €6 billion is earmarked for two sovereign funds? Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

On this week’s episode of Inside Business, host Ciarán Hancock is joined in studio by aviation entrepreneur Ulick McEvaddy. With his brother Des, Ulick has established a successful aviation business over the past 40 years called Omega. He and Des also own a large parcel of land beside Dublin Airport. Along with two other landowners, it amounts to 260 acres and was put on the market for sale in the middle of last year. With no sale agreed, they subsequently submitted a concept plan to Fingal County Council to develop the site for a third passenger terminal at Dublin Airport, as part of a €2.2 billion development. He argues that for the same money as DAA is proposing to spend on its own expansion plan, his proposal would allow the airport to expand by an additional 20 million passengers while solving road access issues and providing a platform for Dublin to become a hub for sustainable aviation fuel. Crucially, however, he doesn’t have access to the runway, something that was an issue for bidders in the land sale process. You’ll hear Ulick address that issue and explain why his plan isn’t, as many believe, pie in the sky. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

On this week’s episode of the Inside Business podcast, we look at the pension pots that auto enrolment could deliver for workers on an average wage. The State is planning to establish the scheme for workers who do not already have pension cover in their workplace. It has been much delayed but is moving forward and EY this week crunched the numbers to see what workers might get by way of a pension when they retire. Dominic Coyle of the Irish Times reported on EY’s figures and joined host Ciarán Hancock in studio to explain how exactly auto enrolment will work. Also on the podcast, the Minister for Finance Michael McGrath’s announced last week that he intended to set up two new funds to help meet the costs of running the State in the years ahead. Cliff Taylor of The Irish Times has been writing about this and joined Ciarán to outline what the funds would be used for and how much tax revenue would be set aside to fund them. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

Figures from the Society of the Irish Motor Industry this week showed that electric car sales are in reverse, falling by 14 per cent year on year in March. This compared with double digit increases in the sales of petrol and hybrid car. Even diesel sales rose by 9 per cent. Meanwhile a survey by AA Ireland found that half of the 1000 respondents would not opt to buy an electric car. Why the hesitance to go electric? And what can be done to incentivise people to buy EVs? Irish Times motoring editor Michael McAleer joins host Ciarán Hancock in studio to explain why EV sales are going in the wrong direction. Also on this week’s episode of Inside Business, Irish Times economics correspondent Eoin Burke-Kennedy discusses the drop in Irish inflation for March, where it fell below 2 per cent for the first time in three years. Could this persuade the European Central Bank to begin cutting interest rates from June? And what might it mean for mortgage rates? Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Inside Business host Ciarán Hancock is joined in studio by Chief executive and founder of Cubic Telecom, Barry Napier. In a wide-ranging interview, Barry discusses his formative years in Ireland and Chicago, his early career before joining Cubic more than 15 years ago and the key entrepreneurial lessons he has learned along the way. He also gives his thoughts on why Japanese telecoms giant SoftBank shelled out €473 million for a 51 per cent controlling stake in Cubic last year. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

It feels like recent history repeating itself with TikTok again facing a ban in the US on national security grounds. A Bill passed through the House of Representatives last week requiring a change in ownership for the social media platform or it would face a total ban in the United States. What if the ban becomes a reality? Host Laura Slattery is joined by Irish Times technology expert Ciara O’Brien to discuss the potential consequences for the hugely popular app that currently has 170 million active US users. Also on this episode, we hear how Bitcoin has rebounded from the cryptocurrency implosion of 2022 to approach near record market value. What are the factors driving its resurgence and is it likely to last? Irish Times business reporter Ian Curran has the details. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With the use of cash declining in recent years, a trend accelerated by the pandemic, the Access to Cash Bill is designed to manage future cash demand here, initially preserving the cash infrastructure at December 2022 levels. To discuss the Access to Cash Bill and its potential impact on the three retail banks (AIB, Bank of Ireland and PTSB), Ciarán Hancock is joined by CEO of the Banking and Payments Federation of Ireland, Brian Hayes. Also on this episode, Irish Times Economics Correspondent Eoin Burke-Kennedy explains the factors behind the Central Bank’s prediction that real wages for the average employee will rise by almost 9 per cent over the next three years. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With unemployment low, strong exchequer returns and an economy at full capacity, there isn’t much to suggest that Ireland has tipped into a recession. But the latest Central Statistics Office (CSO) figures show the economy contracting by 3.2 per cent in GDP (gross domestic product) terms in 2023. Should that be cause for alarm? Host Ciarán Hancock is joined by Cliff Taylor and Eoin Burke-Kennedy for a thorough look at where Ireland’s economy is right now. Later in this episode of Inside Business, Irish Times Business and Technology journalist Ciara O’Brien discusses Apple being hit with a €1.8 billion fine by the EU for breaching competition law. The hefty fine equates to just 0.5pc of the company’s annual turnover. Ciara also outlines the impact of the EU’s new ‘Digital Markets Act’ for tech giants such as Apple. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

Bank of Ireland were in the strange position on Monday of reporting pre-tax profits of €1.94bn for 2023, up from €1bn in 2022, but seeing their share price plunge by over 10pc. There was also the announcement of a €1.15bn of dividends and share buybacks. To make sense of Bank of Ireland’s latest results, along with some insight into what this year is likely to have in store for the three main banks here, host Ciarán Hancock was joined by Irish Times Markets Correspondent Joe Brennan and Financials Analyst at Goodbody, John Cronin. Also on this week’s episode, Director & Head of Research at BNP Paribas John McCartney was in studio to break down the latest data on commercial property vacancy rates and why they are hitting record levels. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

It was not good news for Europe’s largest economy on Monday when the Bundesbank announced during its regular monthly report that Germany was officially in recession. A range of factors, including weak external demand and cautious consumers, have contributed to the fourth straight quarter of zero or negative growth. But what does a German recession mean for the euro zone and Ireland? And are there any indications of when Germany’s economy will likely turn a corner? Host Ciarán Hancock is joined by Cliff Taylor and Irish Times Berlin Correspondent Derek Scally. In the second half of this episode, we look at video-sharing platform TikTok’s restructuring plan that could see a few hundred of its workforce here being impacted. Irish Times technology journalist Ciara O’Brien gives some insight into why restructuring and layoffs has become a common theme in the tech sector over the last 18 months. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

The high price of electric cars has long been seen as a barrier for those looking to switch from the traditional combustion-engine car to an EV, but that is now changing with many car makers slashing their prices. But what is driving prices down and what impact will it have on the second-hand EV market here? Irish Times writer specialising in motoring Neil Briscoe explains. And what of the broader picture for EV usage here, how do we compare to other countries and is charging infrastructure keeping pace? Brian Caulfield, Professor in Transportation & Head of Department at Trinity College Dublin gives his thoughts. Host Ciarán Hancock is also joined by Markets Correspondent Joe Brennan to get some insight into Denis O’Brien’s business empire after he sold his majority stake in the Beacon Hospital. Produced by John Casey. JJ Vernon on Sound. Hosted on Acast. See acast.com/privacy for more information.

Next week the battle between listed property landlord IRES REIT and its 5% dissident shareholder Vision Capital will come to a head at an extraordinary general meeting of shareholders in Dublin. IRES is the biggest private landlord in the state with more than 3,700 apartments. On the face of it IRES is performing well, however the share price has struggled and a government-imposed 2% annual cap on rents is a potential drag on the business. Vision Capital owns 5% of IRES and is not happy with the way the company is being run. Jeff Olin is president, CEO and portfolio manager of Vision Capital and he joins the podcast this week to discuss his issues with IRES. Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

With ATMs now an endangered species, the Access to Cash Bill, recently announced by Minister for Finance Michael McGrath, would oblige banks to maintain access to cash dispensers at December 2022 levels. But should cash play an important role in our economy into the future? Ciaran Hancock is joined this week by Vincent Jennings, Chief Executive Officer of the Convenience Stores and Newsagents Association who feels that cash has an important role to play and would welcome oversight of the many non-bank ATMs in operation here. Irish Times business and technology journalist Ciara O’Brien thinks plastic and digital are safer, more convenient and more hygienic, but still keeps an emergency tenner on her just in case. Also on this week’s episode, senior business reporter Barry O’Halloran gives us the latest on the pay talks between pilots and Aer Lingus, with the airline’s 8.5% pay offer being rejected. He also has the latest Ryanair profit numbers, information on their new deals with online travel agents and its chief executive Michael O’Leary’s prediction that air fares will continue to rise in Europe this year as many airlines struggle to add capacity. Produced by John Casey with JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

Employers group Ibec’s chef executive Danny McCoy sent an open letter to Taoiseach Leo Varadkar on Monday calling for a pause on labour policy measures to avoid ‘uncoordinated and cumulative’ costs to businesses. Those measures include upping the national minimum wage and increases in employer Pay Related Social Insurance (PRSI). In response, Owen Reidy, general secretary of the Irish Congress of Trade Unions, labelled Mr McCoy’s proposals as “short termist”. They joined host Ciarán Hancock to discuss the measures. And Irish Times Work Correspondent Emmet Malone brings us up to speed on the public sector pay talks impasse. We hear what the main points of contention are for both sides after discussions stalled last week. Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

New research commissioned by Aer Lingus points to the current restrictions on passenger capacity at Dublin Airport potentially costing the Irish economy €1.4 billion for every 1 million passengers not allowed to arrive into the airport. Chief Corporate Affairs Officer at Aer Lingus, Donal Moriarty, joined host Ciaran Hancock in studio to discuss the findings of the report and the likely implications for the airline in terms of its own growth at Dublin Airport this year and next. And we are joined on the line from the Swiss ski resort town of Davos by Eoin Buke-Kennedy. He is attending the World Economic Forum, which sees the great and the good of politics and commerce come together for the annual event. Headline speakers this year include Ukraine president Volodymyr Zelenskiy, UN secretary-general Antonio Guterres and European Commission President Ursula Von der Leyen. Minister for Finance Michael McGrath is also in attendance, keen to press home the message that Ireland is a leading location for foreign direct investment. Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

New research commissioned by Aer Lingus points to the current restrictions on passenger capacity at Dublin Airport potentially costing the Irish economy €1.4 billion for every 1 million passengers not allowed to arrive into the airport. Chief Corporate Affairs Officer at Aer Lingus, Donal Moriarty, joined host Ciaran Hancock in studio to discuss the findings of the report and the likely implications for the airline in terms of its own growth at Dublin Airport this year and next. And we are joined on the line from the Swiss ski resort town of Davos by Eoin Buke-Kennedy. He is attending the World Economic Forum, which sees the great and the good of politics and commerce come together for the annual event. Headline speakers this year include Ukraine president Volodymyr Zelenskiy, UN secretary-general Antonio Guterres and European Commission President Ursula Von der Leyen. Minister for Finance Michael McGrath is also in attendance, keen to press home the message that Ireland is a leading location for foreign direct investment. Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.

Housing is undoubtedly the biggest domestic issue on the political agenda right now, with a focus recently on the long commutes being faced by workers in certain key roles in Dublin. So, it is perhaps timely that a new report has been launched with a potential solution to this thorny issue. Authored by veteran businessman Paschal Taggart and young law graduate Luke Cantwell, the report has suggested that the State should shave 10 per cent of land off Dublin’s major parks that could free up 450 acres that could be used to build apartments for up to 80,000 key workers – that’s guards, teachers, nurses and others with key roles in the workforce who find themselves priced out of the Dublin market for accommodation. It's a left-field idea, but will any politician give it their public support? Produced by John Casey. Hosted on Acast. See acast.com/privacy for more information.

Housing is undoubtedly the biggest domestic issue on the political agenda right now, with a focus recently on the long commutes being faced by workers in certain key roles in Dublin. So, it is perhaps timely that a new report has been launched with a potential solution to this thorny issue. Authored by veteran businessman Paschal Taggart and young law graduate Luke Cantwell, the report has suggested that the State should shave 10 per cent of land off Dublin’s major parks that could free up 450 acres that could be used to build apartments for up to 80,000 key workers – that’s guards, teachers, nurses and others with key roles in the workforce who find themselves priced out of the Dublin market for accommodation. It's a left-field idea, but will any politician give it their public support? Produced by John Casey. Hosted on Acast. See acast.com/privacy for more information.

What awaits those looking to buy or sell property this year? Will the beginnings of an uplift in supply last year gain momentum in 2024? And will price inflation in rural areas continue to outstrip Dublin? Managing Director of Residential & Advisory at Sherry Fitzgerald, Marian Finnegan, gives her expert view. According to figures compiled by the Restaurant Association of Ireland, 228 food-led hospitality business have closed since July 2023. Why are so many cafes and restaurants struggling? With four locations in Dublin’s city centre, managing director at KC Peaches Ireland ltd, Katie Cantwell, is well placed to highlight the cost pressures those in the sector are contending with. Produced by John Casey. JJ Vernon on sound. Hosted on Acast. See acast.com/privacy for more information.