Wednesday's business news review
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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 15th of October coming up to 6.32. Coming up on today's show we will be talking to the famous gas company Callar and we'll be chatting to the arrival of Deliveroo and Just Eat 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. Ian Curran in the Irish Times reports that Instagram, the social media platform owned by Meta, has unveiled new protections for young users that mean teenagers will only see content on the platform that is equivalent to what they would see in a parental guidance or PG-13 film.
The update, which will be available in Ireland from early next year, will see the setting automatically applied to teen users under the age of 18. Teenagers will be unable to opt out of the setting without a parent's permission, the social media giant said, and the announcement follows a tightening of Instagram's protections for children last year when it moved to restrict who can contact teens and what content they can see. Eimear Walsh in the Irish Examiner reports that the weight loss company Viv, co-founded by Pat Phelan, is to be wound down after two failed purchases, the company has announced. The firm, previously known as Limbo, said it was unable to compete with the marketing power of multi-billion dollar companies like Novo Nordisk and Eli Lilly, who produce the weight loss drugs Ozempic and Manjaro.
Headquartered in New York, Viv carried out research in Cork using AI and blood glucose to help people lose weight. having spent three years in incubation, developing technology solution and researching markets. We launched Viv long before the entrance into the market of drugs like Ozempic and Manjaro, and even with the entrance to the market of the world's largest pharmaceutical providers, the weight loss capabilities of Viv continue to outperform the drug-based solutions, the company said in a statement. The FT reports that the EU has fined luxury fashion houses Gucci, Chloe and Loewe a combined €157 million for breaching the bloc's competition rules by fixing resale prices at retailers. The European Commission said the brands had restricted the ability of independent resellers they worked with to set their own retail prices for almost the entire range of products designed and sold by Gucci, Chloe and Loewe.
The fashion houses had ordered retailers not to deviate from the prescribed maximum discount rates and specific sale periods. Gucci, Chloe and Loewe strive to have their retailers apply the same prices and sales conditions that they applied in their own direct sale channel, the commission said, adding that the practice occurred in stores and online. Fashion brands typically make a higher margin on sales on their own boutiques and through their own websites.
Breakfast Business with Enterprise Ireland on Newstalk.
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