Tuesday's business news review

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Breakfast Business with Joe Lynam 2 min 1 speaker 4 chapters transcribed

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What are the latest business news highlights for today?

Joe Lynam 0:01

Breakfast Business with Enterprise Ireland on Newstalk. Good morning and welcome to Breakfast Business and thank you to Shane Beattie. It is Tuesday, the 25th of November at 6.30, coming up on today's show. We'll be looking at length, chatting at length, excuse me, to the man behind the proposed radical changes to our infrastructure and planning system, Sean O'Driscoll, and all the markets as usual. You can email us, business at newstalk.com.

How will the new workplace pension scheme impact Irish businesses?

Joe Lynam 0:30

But first, let's have a look at the main business stories in the newspapers and websites. Dominic Coyle in the Irish Times reports that the state's new mandatory workplace pension scheme will cost the average business €25,000 in additional employee-related costs when it comes into force next year, according to a survey by recruitment firm FRS. Most of these businesses say that they will respond either by raising prices or by freezing hiring as the cost of auto enrolment hits profits.

What insights does Christine Lagarde offer on AI's economic impact?

Joe Lynam 0:57

From January, 750,000 Irish workers who are aged between 23 and 60, earning in excess of €20,000 and not yet a member of a workplace pension scheme, will be automatically signed up to the state's My Future Fund. Initially, a sum equal to 1.5% of the gross pay will be taken from their tax after income. Their employer will pay the same amount and the state adding one euro for every three euros invested by the worker. The Business Post reports that Europe's economy should brace for artificial intelligence and remove any hurdles that could slow its diffusion to avoid missing out on the technology's benefits.

How has PhoneWatch achieved significant profit growth recently?

Joe Lynam 1:34

The European Central Bank President Christine Lagarde has said... Despite warnings from some of her colleagues about stretched valuations for AI firms, Lagarde urged a look at the bigger picture, telling a conference in Bratislava that intense investment waves, including swings in the cycle, aren't unusual. She also cited evidence pointing to tangible economic gains arriving more quickly than after previous advancements. Alice O'Leary in the Business Post reports that PhoneWatch, one of Ireland's largest home security companies, recorded a 20% increase in profits last year. The firm, which is led by the chief executive, Owen Dunn, provides alarm installation, maintenance and monitoring services to more than 120,000 Irish homes, according to its website.

Joe Lynam 2:17

Freshly filed accounts with the company's registration office show that PhoneWatch limited post-tax profits climbed to £22.8 million in 2024. Turnover increased by 5% to 62.3 million during the year, a trajectory that the directors believed will continue this year.

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