Yesterday, insecurities about the US economy and apprehensions regarding the rate of interest cut led to a wildly fluctuating trade day, with stocks, oil and cryptocurrencies all undergoing volatile exchanges. The unease amongst investors was briefly assuaged by mid-afternoon data from the US service sector but flared up again as the final hour of US trading approached.
Meanwhile, a landmark victory for the US Department of Justice was noted as it attempts to clamp down on the dominance of Big Tech in the market. Google was found guilty by a federal judge of maintaining an illicit monopoly on search through billions of dollars spent on exclusive contracts. Labelled as a “monopolist” by Judge Amit Mehta, Google’s payments for restrictive agreements with wireless carriers, device producers and browser creators exceeded €23.7 billion in 2021 alone.
In other news, truck operators are accusing inferior green fuels of causing damage to their vehicle engines and resulting in significant repair costs. This has added millions to their energy expenses.
On the issue of gambling regulation, the industry complains that the government’s proposed legislation, which introduces a €10 betting limit and a €3,000 cap on casino and game machine winnings, unfairly discriminates against casinos. Critics of the Gambling Regulation Bill argue that other betting forms, which are more likely to cause problem gambling, are overlooked.
In business, the US-based online marketplace, Temu, routed $790 million (€720 million) in earnings through an Irish entity within its initial 17 months of functioning, according to latest financial reports.
And finally, Dublin’s Euronext stock exchange received another setback with Hvivo, the clinical trials group, declaring its intent to withdraw its Dublin listing and concentrate on the London market. This decision was justified by the firm’s statement that their primary operations, most employees and investor base are located in the UK.
Laura Slattery’s column criticises the BBC over two significant breaches of their duty of care – the ill-treatment of Strictly Come Dancing participants and the ongoing employment of renowned news anchor Huw Edwards, even after learning of his arrest related to child pornography. Slattery insists that the broadcasting company has crisis management issues that need to be addressed.
Moving on to the realm of Personal Finance, Conor Pope provides readers with a detailed 12-step guide to becoming mortgage-ready, a necessary tool in the formidable housing market conditions.
Our Q&A section has responses for readers puzzled about the possibility of claiming tax relief on nursing home fees paid by their father and another reader apprehensive about a potential inheritance tax bill following his sister’s death, the consequence of inheriting her share of their home. He fears this could be a cost he can’t afford.
At last, in the Me & My Money section, Paschal Donohoe, the guardian of the country’s finances, converses with Tony Clayton-Lea about his individual financial highs and lows, preferences, and aversions.