Results out for KBC Bank Ireland, Kerry Group, and Glanbia; Ryanair strikes spread

Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk

Strikes are taking off across Ryanair’s European markets. Photograph: Reuters
Strikes are taking off across Ryanair’s European markets. Photograph: Reuters

In breaking news this morning, net profits at KBC Bank Ireland fell by a third during the first half of the year, while the bank also announced the sale of a €1.9 billion loan portfolio, which includes some Irish buy-to-lets.

There are also interim results out for dairy giant Kerry Group, where profits rose marginally, and food company Glanbia, where the news was not so good as group profit fell by 14.5 per cent during the period.

Ryanair's summer horrors are intensifying, with 250 German flights to be cancelled on Friday as German pilots join colleagues in several other European countries in industrial action. Barry O'Halloran has the details.

Sterling bore the brunt of Brexit worries on Wednesday, moving above the key 90p level at which Irish exporters feel real heat. Cliff Taylor explains what has been happening to the UK currency, while we'll keep an eye on its progress on irishtimes.com/business throughout the day.

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Still in Brexitville, Peter Hamilton has news today of a call from the British Irish Chamber of Commerce for the Government to seek an exemption from state aid rules to allow it to help companies affected badly by the UK's exit from the EU. This comes as hauliers warn that proposed new trade routes between Ireland and continental Europe could take so long to travel that Irish food exports would rot on the way. Colin Gleeson reports.

Karlin Lillington has hypocrisy on her mind today, specifically in relation to Silicon Valley giants such as Google. She notes a "gulf" between what Google expects others to do in terms of principles and how it turns its own back on the same platitudes.

The back-to-school season used to be focused on uniforms, shoes and a new fluffy pencil case but, as Ciara O'Brien explains, it's now more about tablets, laptops, phones and apps. She selects the best options for students in each category, while also establishing what schools expect their pupils to bring on the first day.

In our Innovation section, Neil Briscoe looks at the evolution of the technology behind self-driving cars. Unlike other sectors, the motors trade has developed a model whereby smaller start-ups often provide the software skills and auto giants provide the actual carmaking, with both sides winning, potentially at least.

On the subject of winning, Chris Horn writes this week of innovation prizes, whereby start-ups with good ideas compete with each other to win awards. He argues that to win such contests, projects should have a positive impact on the wider economy and flags one important competition that is seeking entries at the moment.

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Úna McCaffrey

Úna McCaffrey

Úna McCaffrey is Digital Features Editor at The Irish Times.