Tuesday's business news
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Breakfast Business with Enterprise Ireland on Newstalk.
Good morning and welcome to Breakfast Business with me, Tom McEnany, standing in for Joe Lynham. Coming up, how much does it cost to rebuild your home? We'll be talking to the Society of Chartered Surveyors. We'll also look at the latest recruitment trends. And of course, we'll check out what's happening in the markets. But first, let's have a look at the business sections this morning. Ryanair profits rose 42% to £2.54 billion in the six months to the end of September after a record performance in the second quarter. That's the lead story in the business section of the Irish Times. The airline's shares closed up 6%.
Ryanair CEO Michael O'Leary said he had never been more confident about the airline's prospects. and said Ryanair would grow from carrying 200 million to 300 million passengers per year.
What are the latest trends in home rebuilding costs?
Asked about his retirement plans, the 64-year-old Michael O'Leary said, Warren Buffett retired at 98, and I'm not even sure why he retired at 98. We'll revisit those results later. The Irish independent business pages lead with news that evidence has emerged of China dumping cheap imports on Europe. This, of course, is a reaction to American tariffs. Good news for European consumers, it would seem, as the cost of Chinese imports is down by 6% year on year. That's according to Philip Lane, the chief economist with European Central Bank. Mr. Lane is, of course, Irish, and the inload tells us that another Irishman, Anthony Whelan, is being tipped for a different top job in Europe. Clare Mann, Mr. Whelan, currently deputy director in the EU competition commission, is in line to be director general for competition.
Let's hope we haven't jinxed his chances. The average cost of rebuilding a home has increased by 7% nationally over the last 12 months. That's the lead story in the business section of the Irish Examiner. It tells us the increase is driven by competition for construction work, which has led to additional labour costs. The news is based on a report by the Society of Chartered Surveyors. And we'll be talking to the president of the Society of Chartered Surveyors later in the programme. The Financial Times leads with news that Kimberly Clark, which is the maker of Huggies and Andrex, has agreed to buy Tylenol owner Kenview for $48.7 billion, adding to a resurgence in U.S. dealmaking and, the paper says, cementing this year as a record one for large takeovers.
How is Ryanair performing in the current market?
The FT also reports on OpenAI, which has signed a $38 billion deal with Amazon Web Services, bringing OpenAI's total recent commitments to close to $1.5 trillion. And we look at that story in the markets later. Breakfast Business with Enterprise Ireland on Newstalk.
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