Wednesday's business news headlines
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What are the main business stories covered today?
Breakfast Business with Enterprise Ireland on Newstalk.
Good morning and welcome to Breakfast Business and thank you to Eamon Torsney. It is Wednesday, the 19th of November at 6.31. Coming up on today's show, we'll be talking to the former advisor to Barack Obama and we'll be looking at the opening of the first Irish store of the famous Danish retailer called Normal 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. The Business Post reports that Willie Walsh, director general of IATA and former boss of British Airways, said the EU has taken very little action to address airlines competitiveness and criticise its passenger compensation policy.
European airlines have had numerous challenges in recent years from air traffic control strikes, especially in France. Engine manufacturer issues to delays in new fuel-efficient aircraft from Boeing and EU institutions are currently negotiating a reform of the bloc's 20-year-old passenger rights regulation called EU261, which Walsh said was long outdated. Bloomberg reports that the chief revenue officer of Meta, John Hegeman, is stepping down as the social networking leader. Hegeman, who took on the role after 17 years at Meta, is now leaving to start his own company, a spokesperson said. Meta executive Andrew Bucking will now take over Hegeman's key responsibilities. This is one of several leadership changes at Meta who is under pressure to deliver a costly AI strategy.
The BBC reports that every company would be affected if the AI bubble were to burst, the head of Google's parent firm Alphabet has said. Sundar Pichai said that while growth of the artificial intelligence investment had been an extraordinary moment, there was some irrationality in the current AI boom.
What recent changes are happening at Meta and their implications?
It comes amid fears in Silicon Valley and beyond of a bubble as the value of AI tech companies has soared in recent months and companies spend big on the burgeoning industry. Asked whether Google would be immune to the impact of the AI bubble bursting, Mr. Pichai said the tech giant could weather that potential storm, but also issued a warning. I think no company is going to be immune, including us.
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