Wednesday's business news
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Breakfast Business with Enterprise Ireland on Newstalk. Good morning and welcome to Breakfast Business and thank you to Shane Beattie. It is Wednesday the 26th of November at 6.30. Coming up on today's show we'll be talking to a company which helps you find lost stuff so St Anthony might be out of a job. And we'll be looking at the UK budget and whether it can affect us and all the markets as usual.
You can email us business at newstalk.com. But first let's have a look at the main business stories in the newspapers and websites. Hugh Dooley in the Irish Times reports that the average weekly pay in Ireland increased by nearly 5% in the past year and has remained above €1,000 for the third quarter in a row. In the third quarter of 2024, average weekly earnings were €1,003, an increase of 4.9% compared to €956 in the same period last year. Sorry, that number was for 2025, of course, according to the CSO. On average, workers have seen an increase in their purchasing power in the past 12 months as earnings increased relative to inflation, despite the cost of living crisis. The 4.9% increase in average pay outweighed an average 3% increase in the Consumer Price Index in the year to October.
Some sectors outperformed, but earnings rose across all sectors. Pay grew the most in the arts, entertainment and recreation sector, increasing 8.7% against the third quarter of 2024. A 7.7% increase in accommodation and food services represented the second largest hike. Hugh also reports that revenues at Google as Irish subsidiary grew 12% last year as the tech giant paid a €4.5 billion dividend. to its US-listed parent company. Turnover at Google Ireland Limited grew from £77 billion to £87 billion, according to newly filed accounts with the company's registration office. The income growth was driven by increased use of its search engine alongside continued growth in advertising activity within search and YouTube, Google said in its accounts.
Although it's one of Ireland's biggest employers, Google's employee headcount fell slightly from 5,300 during 2023 to 4,800 last year. Alice O'Leary in the Business Post reports that a company owned by the chief executive of McCabe's Pharmacy is among the parties involved in a fresh legal challenge against Dublin's Metrolink. A judicial review filed on the final day for such applications against this project lists 20 applicants seeking to challenge the planned underground train line. Most are residents from Dartmouth Square off Leeson Street, with one company also included. The company listed, Calamunda Co. Unlimited, is owned by Sharon McCabe, the chief executive of the family pharmacy chain, which was sold to Lloyd's pharmacy owner, PHX Ireland, in 2023.
The application for judicial review is scheduled to be heard on Monday next week.
Breakfast Business with Enterprise Ireland on Newstalk.
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