In Ireland, a growing population and limited housing supply has intensified the country’s housing crisis, according to a report from Savill. Currently, the demographic is increasing by four for each new house constructed, far outpacing other affluent nations, the study highlights. Correspondent Ian Curran has provided this coverage.
Ian also contributed reporting on the Central Statistics Office’s residential property price index, which pointed to an 8.6% annual inflation. This rate is alarmingly higher in Dublin and property prices have now surpassed their record during the Celtic Tiger era by almost 11%, the CSO observes.
In a separate finding, the amount borrowed via mortgages has dropped by 6% compared to the same period last year, according to Central Bank data. The reasons behind this reduction present a mystery — it could be due to the historically low number of available properties on the market, people anticipating more cuts in European Central Bank interest rates, or a combination of both.
Away from the residential property market, data on US inflation released yesterday will likely boost predictions of a September interest rate reduction from the Federal Reserve. The inflation rate slightly dipped below 3%, marking the first time since March 2021, settling at 2.9%, although it was widely projected to stay at 3%.
Martin Wall provided insights on an Irish company’s collaboration with Airbus on a concept study for a new NATO military alliance helicopter, which is an unexpected venture for Irish businesses.
Ian Curran also covered the high profit growth of Antrim-based Fane Valley’s Irish operations seen last year. This includes the notable inclusion of Silver Hill Duck, a significant operator in the EU duck industry. Other noteworthy reports included a review of Samsung Galaxy Buds 3 Pro and tech giants Ikea and McDonald’s entry into Roblox.
Hugh McGuire, the recently appointed CEO of Glanbia, attributed a decrease in earnings to “pricing noise”. Despite his reasoning, the markets were unrelenting, causing the company’s shares to drop close to 9 percent, as reported by Eoin Burke-Kennedy.
Carl McCann, Dole’s executive chairman, expressed satisfaction about their “strong performance” during 2024’s second quarter, despite a downward turn in sales and income from existing businesses. This lower performance failed to keep market shareholders’ confidence, with the shares sagging by 5.3 percent. A more detailed report is provided by Peter Flanagan.
In contrast, optimism was high at Kenmare. The soon-to-be MD, Tom Hickey, maintained positive full-year predictions despite a slightly tumultuous first half. Eoin conveyed that the shares ended up slightly higher.
Chris Horn, in his section on Innovation, explores the remarkable progress in the world of robotics. He discusses its evolution from early model machinery – responsible for the automated production of the Fiat Ritmo – to their present-day involvement in highly detailed microsurgery procedures.
We also delve into the repercussions of the significant lawsuit Google recently lost in the US surrounding its search monopoly. We question whether this will usher in any tangible changes, or whether Google’s dominance is insurmountable.
Lastly, Mars Corporation couldn’t resist the lure of snacking giant Pringles. The company consented to an impressive $36 billion deal for Kellanova – previously known as Kellogg’s snack branch – marking one of 2024’s largest mergers and acquisitions to date.