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Micro-business confidence, economic updates and climate change in Northern Ireland

The best news, analysis and comment from The Irish Times business desk

Irish micro-businesses are less confident of the year ahead. Photograph: iStock

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Mark Hilliard
Fri Feb 16 2024 - 06:32

How confident ought small business be in the current trading environment? A new survey from professional services firm Azets found Irish microbusinesses, with fewer than 10 employees, were not very. Compared to more optimistic larger businesses, smaller operations scored just 3.7 out of 10. Ellen O’Regan has the details as to why.

The European Commission has substantially cut its growth forecast for the Irish economy, after a technical recession, or two consecutive quarters of negative growth, ran into the second half of last year. Its previous projection of 3 per cent for 2024 now stands at just 1.2 per cent. Ian Curran breaks it down.

Profits may have dipped at Bord Gáis Energy, according to its latest results, but the provider was not ruling out more price cuts this year following those that already reduced average annual bills by almost €1,000 during 2023. The company is also stepping up investment, reports Barry O’Halloran.

Ciara O’Brien takes a look at some other key results. At Kerry Group, revenues fell to €8 billion, down from €8.8 billion a year earlier – an 8.6 per cent decline. Chief executive Edmond Scanlon signalled “selective” investment in the dairy business, which had been touted for sale a few years ago.

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At whiskey producer Irish Distillers, sales fell in the first half of its financial year. The Jameson whiskey maker said sales of its famous brand remained steady, having gained market share in North America, and with continued growth in Asian markets.

Ian Curran takes a look at some economic news, notably inflation, where Irish consumer prices were on average 4.1 per cent higher in January than the same month last year. The Central Statistics Office noted that January was just the third month since September, 2021 in which prices increased by less than 5 per cent. Meanwhile, the value of Irish exports fell 6 per cent last year.

Laura Slattery has details of a new website that tracks the ownership of, and relationships between, various media companies operating in the Irish market. Media Ownership Monitoring Ireland (Mom), will be launched on Friday, a searchable database supported by Coimisiún na Meán. “The findings do not constitute a clear and present danger to media pluralism,” said Dr Roderick Flynn of Dublin City University (DCU) where the site will be unveiled. “But they do highlight concentrations of media power not always referenced in Irish debates.”

In court news, there are details of how privacy rights campaigner Max Schrems secured High Court approval to participate in Meta’s challenge to a decision requiring the suspension of the transfer and storage of user data from Europe to the US. Elsewhere, the High Court was told how a financial fund and a receiver strongly denied a businesswoman’s claims they had acted unlawfully in attempts to sell her home.

Barry O’Halloran reports on how up to 200 Ryanair jobs have bypassed Dublin Airport because of its controversial passenger cap. The airline has also announced details of a new deal with travel agent TUI.

With the renewed life of an Executive, John FitzGerald argues in his Economics column that Northern Ireland should make climate change a priority issue. While the political establishment will be facing numerous challenges, cutting carbon emissions should be high among them. Probably its biggest challenge in that regard, writes FitzGerald, is retrofitting most of its housing stock.

And ever had to work when all you needed was some sleep? Olive Keogh takes a look at how flexible working hours can get the best out of all kinds of employees.

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