Live News: Asian markets update; Clancourt's warning to Jack Chambers
7.15 - Asian markets update
Major markets across Asia were largely trading in the green, with the exception of India following overnight conflict in the region and rising tensions with neighbouring Pakistan.
China's Shanghai Stock Exchange was up 0.34 per cent, Hong Kong's HSI up 0.31 per cent, while Japan's Nikkei traded flat. India's Sensex and Nifty were both down 0.05 per cent .
7.00 - Good morning
Happy Wednesday from the Business Post. Vish Gain here to keep you up to date on all the latest news as it happens.
Kick off your morning with Killian Woods' report on property management firm Clancourt's warning to Jack Chambers of the 'emerging competitive tax disadvantages' that have left 'domestic Irish property businesses at a significant disadvantage to their international counterparts and even to other Irish businesses'.
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The Irish Sun
17 minutes ago
- The Irish Sun
Who are potential candidates for Ireland's next president after McGuinness' shock withdrawal & new businessman hopeful
The country is set to head to the polls before the end of this year RACE RESET Who are potential candidates for Ireland's next president after McGuinness' shock withdrawal & new businessman hopeful THE PEOPLE of Ireland are set to head to the polls later this year to vote in the next president of the country; however, who are this year's candidates? This year's election will see Michael D Higgins say goodbye to the presidency on 11 November 2025, after a 14-year term. 6 Michael D Higgins will say goodbye to the presidency after 14 years in office Credit: Getty Images - Getty 6 Mairead McGuinness unexpectedly withdrew from the race, citing medical grounds Credit: Reuters Advertisement 6 Businessman Gareth Sheridan could become the youngest-ever presidential election candidate Credit: Nutriband Higgins was initially inaugurated as president in 2011, and then re-elected in 2018. With the beloved public figure now set to step down, talk has turned to who will take his place as head of the Irish state. Presidential elections must be held in Ireland within 60 days before the current presidential term finishes in November. Advertisement However, there are certain criteria a candidate has to meet before they can be selected by a country-wide vote. Candidates must be an Irish citizen and 35 years of age or older. They must be nominated by at least 20 members of the Oireachtas, or at least four local authorities, with former or retiring presidents allowed to nominate themselves. In cases where just one candidate is nominated, he or she will be elected without a public vote. However, that is unlikely to happen this year. Advertisement And, with the race likely to pick up speed in autumn, we have outlined some of the potential runners for the 2025 Presidential Election. FINE GAEL Former EU Commissioner Mairead McGuinness unexpectedly withdrew from the race yesterday, 14 August, on medical grounds. In a statement, the former Fine Gael candidate revealed that the decision was not taken lightly, and that it followed a stay in hospital last week. 'Sad to see him go' - GAA fans emotional seeing Michael D Higgins attend last men's All-Ireland final as President McGuinness had been front-runner in the election up to this point. Now, the party will have to decide how to respond to her unexpected departure. Advertisement While other Fine Gael names were previously linked to the race, many, such as MEP Sean Kelly and former Minister for Justice Frances Fitzgerald, have since withdrawn their names. Heather Humphreys was another name that had been mentioned in relation to the presidency. For the moment it remains unclear who will come forward to replace McGuinness as the Fine Gael candidate. THE 'LEFT' CANDIDATE Independent TD Catherine Connolly launched her bid for the presidency last month. Connolly has been steadily garnering support from left-leaning parties and TDs in recent months. Advertisement The Galway West TD currently has the backing of the Social Democrats, People Before Profit, the Labour Party, and several independent TDs Last month, Connolly told RTE's Raidio na Gaeltachta that she had already received the 20 nominations from Oireachtas members needed to stand in the election. On 31 July, it was revealed that Connolly had received the formal backing of the Labour Party. In an announcement, Labour TD Ciaran Ahern said: "At this evening's meeting, it was agreed that the Party should support Catherine Connolly as the left candidate for the presidency." He added: "While there are issues where we have differed with Deputy Connolly, we are determined that the social democratic values of equality, justice and tolerance should shape the presidency over the next seven years and follow the legacy of Michael D Higgins." Advertisement Connolly notably resigned from the party after she was denied the opportunity to run alongside Michael D. Higgins for the Galway West constituency in the 2007 General Election. She has also been critical of Labour during the party's time in government, once claiming the party had "lost its soul". SINN FEIN Sinn Fein has yet to announce if it will run a presidential candidate. First Minister of Northern Ireland Michelle O'Neill is seen as a likely candidate; however, party leader Mary Lou McDonald has refused to rule herself out of the contest. McDonald has repeatedly said that Sinn Fein is still considering its options and that a decision will be arrived at in a few weeks. Advertisement FIANNA FAIL Fianna Fail is similarly undecided as to whether it will enter this year's election. The party, which has not run a presidential candidate since 1997, may now decide to field a candidate in the wake of McGuinness's unexpected withdrawal. Likely candidates linked to the party include former TDs Peter Power and Mary Hanafin. GARETH SHERIDAN Businessman Gareth Sheridan is the latest person to announce his plans to run for the Irish presidency. The 35-year-old south Dublin native could become the youngest ever presidential election candidate, that is, if he manages to get on the ballot. Advertisement Sheridan, who told RTE he's running to be a "representative for everyone," needs the support of four local authorities to get on the ballot paper. The Tenure native has said he already has support in Tipperary and Laois county councils and that he is confident he can achieve the other four; however, he has yet to say which councils these will be. Founder of the major health company Nutriband, Sheridan has confirmed he will step back from his role as CEO of the company to pursue the presidential bid. Sheridan's company was valued at €100million in January. RIVERDANCE The 'King of Riverdance', Michael Flatley, is intending to seek a nomination to become Ireland's next president, a court was informed last month. Advertisement The choreographer's barrister made the announcement during a High Court case he has taken in relation to works carried out at his mansion in Co Cork, the Castlehyde. Barrister Ronnie Hudson notified the court of a 'material change in circumstances' for Flatley, and said he is to move back to Ireland within the next 14 days and look to run in the presidential election this autumn. An affidavit, signed by Flatley's solicitor Maxwell Mooney, was submitted to the court stating that the Irish-American is 'to seek nominations to run for president of Ireland'. Speaking to Brendan O'Connor on RTE Radio One prior to the courtroom revelation, the world-famous dancer said that he has been approached by many people and asked about his intentions. And he said: "I've not made the decision, but I have a team of advisers that are advising me on this. I have a huge business to run." Advertisement OTHER NAMES Former Chief Medical Officer, Tony Holohan, has said he is still considering his options. With McGuinness now out of the race, Holohan may now make a bid for the Aras. Businessman Declan Ganley could also throw his hat into the race. Ganley is understood to have been actively canvassing various independent TDs and senators looking for their backing in the upcoming election. While former MMA fighter Conor McGregor has spoken out about the presidency in recent months, it is unlikely he will run given his current ineligibility to get on the ballot. Advertisement 6 Michael Flatley has yet to rule himself out of running for the presidency Credit: Getty Images - Getty 6 With McGuinness now out of the race, Tony Holohan may make a bid for the presidency Credit: PA Media
Irish Independent
an hour ago
- Irish Independent
Irish exports fell in June, as stockpiling tapered off
Compared to May, exports declined by €6.1bn in June, down 26pc to €17.2bn, according to the latest figures from the CSO. However the value of overseas sales was still up by almost 5pc on the same month last year, when the figure was €16.7bn. The warping effect of President Donald Trump's tariff regime is most clearly seen in the value of exports to the United States. These were down year-on-year by €1.3bn, or 23.4pc, to €4.4bn in June. US exports were also down by almost 60pc compared to May, from €10.8bn to €4.4bn. This indicates that stockpiling of goods in America tailed off heavily after Trump unveiled his slate of 'reciprocal' tariffs on April 2, only to postpone them for 90 days soon afterwards. Almost three quarters of our exports to the US are classified as chemicals and related products, with €3.2bn worth being shipped in June. Carol Lynch, head of customs and international trade services at BDO, said: 'This drop in US-bound exports was expected. The past several months have seen significant front-loading and stockpiling ahead of new US tariffs, with trade flows now normalising. 'Attention now turns to the outcome of the US Section 232 investigation, which will determine whether EU pharmaceuticals will face the new standard US-EU tariff ceiling of 15pc, a lower rate, or potentially a higher one, though the EU insists the 15pc cap will apply.' With Irish businesses energetically seeking out new markets, it is noteworthy that exports to Britain increased by €141.6m or almost 13pc year-on-year to a total of €1.24bn in June. However the three top exporting partners remain the US, Netherlands and Belgium, with almost half of all goods being shipped there. The value of imports is also up year-on-year, reaching €12.3bn in June compared to €11.6bn in June 2024. There was also an increase in the second quarter, with the value of imports reaching €33.9bn, up just over €500m on the same quarter of 2024. Ireland imported the highest value of goods from Germany, the US and France, with these three countries representing about 38pc of all inward trade in June. Imports from Britain were down by €171m last month compared to June 2024. Our nearest neighbour represents just over 10pc of import trade. While the EU and US reached a headline trade deal at the end of last month, including a 15pc tariff rate on most exports from Europe, no further detail has been forthcoming since. The White House's decision on a specific tariff on pharma imports is also awaited, although the EU insists the 15pc rate will apply here too. Carol Lynch of BDO said the priorities for Irish exporters now are to verify whether goods qualify for lower rates based on shipment dates, to confirm tariff classifications and check for exclusions, 'and maintain oversight of US Customs entry status, which can remain open for up to a year'.
The Irish Sun
3 hours ago
- The Irish Sun
Major new social welfare cash shake-up for €35 payment in ‘treated equally' move for thousands of Irish after concern
The new change will kick in from September CASH BOOST Major new social welfare cash shake-up for €35 payment in 'treated equally' move for thousands of Irish after concern A CREDIT scheme worth €35 monthly will be scrapped and replaced with cash payouts in September, it has been confirmed. The Household Benefits Package assists with the costs of energy bills and also includes a free television licence. 2 A major change is coming in for HBP recipients from September Credit: Getty 2 Beneficiaries will now receive the boost in cash Credit: Getty Images As part of the package, households get an electricity or gas allowance of €1.15 per day, totalling around €35 each month. Those benefiting from the scheme had the option of being paid the allowance in cash or by credit - depending on their energy provider. The credit option was available to electricity customers of Electric Ireland and gas customers of Bord Gais Energy and Flogas. However the new move will mean the credit option will be removed for new customers. Any existing customers who change their energy supplier will also receive the monthly payment in cash through their bank account or post office. The Department of Social Protection said the move will ensure beneficiaries are 'treated equally'. A spokesperson for the department told us: "In September 2025, the credit option for new Household Benefits Package customers will be removed and all new customers will receive their HBP in cash, via their nominated bank account or post office. "The decision to remove the credit option for new customers has been taken following an examination of customer behaviour and trends over several years." Department officials said there was a hike in the number of new customers are opting for the cash option even where the credit option is available. Daily Money News The spokesperson continued: "It also ensures that customers of all domestic energy providers are treated equally, and that no supplier would have a perceived advantage over competitors in the domestic energy market. 'This was a concern previously raised by the Electricity Association of Ireland and the CRU. "Any existing customers using the credit facility at present can maintain that method of payment, unless they seek to change supplier. 'An existing customer who changes supplier will receive the monthly payment in cash, via their nominated bank account or post office." Beneficiaries do not have to be living alone to get the Household Benefits Package. HOW TO QUALIFY FOR HBP To get the Household Benefits Package, you must: Be living in Ireland (full-time, all year round) Be the only person in your household getting the HBP Be aged 70 or over Be aged under 70 and meet the additional rules for 'People aged under 70' set out below Have the electricity or gas bill in your name if you are applying for to have an Electricity or Gas Allowance paid as a credit on your bill You don't need the bill to be in your name if you are applying to get the Electricity or Gas Allowance paid as cash to your bank or post office account, or if the bill is in your landlord's name. But only one person in a household can avail of the payment boost. Those aged 70 or over don't need to be getting a State pension and the package is not means tested for them. People under 70 can also get the HBP boost but additional rules apply. For those aged between 66 and 70 who are not getting a qualifying social welfare payment, they must pass a means test.
