
Ireland lost most from European exodus to Wall Street
Today at 00:30
The Irish stock exchange has been the biggest loser from the flight of European companies to the US over the last decade, a new analysis has found.
The exodus from Euronext Dublin has included Smurfit Westrock, CRH and Flutter, which have all moved their listings to America.
Related topics
John Burns

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Extra.ie
an hour ago
- Extra.ie
Topshop (kinda) returning to Ireland in high street comeback
High street clothing brand Topshop is making its comeback, with Ireland being one of the countries where it'll return. The clothing brand closed its final shop in late 2020, with the brand being purchased by ASOS in 2021 and their clothes being available on ASOS' website as well as in Nordstrom in the US. Today's top videos STORY CONTINUES BELOW However, following a teaser that they would be returning in physical form earlier this year, Topshop announced that it will be reopening physical shops in Denmark, France and in Ireland. Pic: Sorbis/Shutterstock McElhinney's in Donegal, the largest department store outside of Dublin, will be where Topshop first returns to Ireland, while Primetemps shops in France and Magasin du Nord shops in Denmark will also see the shops return. Drapers report that McElhinney's will see a Topshop department from August 21, with a spokesperson saying that they're 'delighted' to be back. 'We're delighted to confirm we will stock in a range of partners across Europe and Rest of World territories including Printemps, Magasin and McElhinneys,' a Topshop spokesperson said. ASOS bought Topshop's parent company Arcadia in 2020. Pic: Shutterstock 'I'm excited to see Topshop back in person,' the brand's managing director Michelle Wilson told Draper. 'I think the partner that we are collaborating with is an incredible partner. 'I think it will surprise a few people. I'm looking forward to the day that we launch that and seeing people's reaction and excitement.' Topshop closed its beloved St Stephen's Green flagship store in 2019, before it emerged that ASOS bought out Arcadia, its parent company, for €300million and its remaining stock for €30million. Several Irish outlets of Topshop and other brands closed in 2019. Pic: Shutterstock 'The acquisition of these iconic British brands is a hugely exciting moment for Asos and our customers and will help accelerate our multi-brand platform strategy,' ASOS Chief Executive Nick Beighton said at the time. 'We have been central to driving their recent growth online and, under our ownership, we will develop them further, using our design, marketing, technology and logistics expertise, and working closely with key strategic retail partners in the UK and around the world.'


Irish Examiner
2 hours ago
- Irish Examiner
Paul Hosford: US tariffs take shine off summer economic statement
Tariffs. They are the prince to the hamlet of global economic conversation, the dark cloud blotting out the sun of economic prosperity; they are omnipresent. On Tuesday, in Government Buildings, their prospect hung low as the Government announced its summer economic statement and National Development Plan. In a two-and-a-half-hour session of back-to-back press briefings, government leaders stressed the need to "recalibrate" economic plans in the face of the Trump administration's threats of a trade war with the EU. While Tánaiste Simon Harris has said that a 10% scenario is "baked in", the summer economic statement was based on a zero-tariff scenario. This, both finance minister Paschal Donohoe and public expenditure minister Jack Chambers, said would see the plans for the budget change if tariffs aren't avoided after August 1. In the document, the tax package available will amount to €1.5bn. The spending package will be €7.9bn, an increase of 7.3% on the revised 2025 general expenditure ceiling, but there are caveats. The most notable is that the Government isn't sure how much of that €7.9bn is spoken for. In previous summer economic statements, the existing levels of service has been outlined to break the available money down between extra spending and tax cuts. However, Mr Chambers said on Tuesday he was going to "engage with government partners" on just what their spending for this year will actually be. So, as of now, there is no clarity on just how much money Mr Chambers has to play with when ministers come banging on the door looking for their spending envelopes in September. Of course, Mr Chambers later said that this year's spending ceiling of €105.4bn will be overrun by €3.3bn, meaning that some departments will receive supplementary budgets. Uncertainty reigns The document itself is much more limited than previous ones, not featuring projections for future years, a sign that uncertainty reigns. "Our budget day decisions could change depending on the economic environment we find ourselves in during the summer and beyond," Mr Donohoe said, rejecting the idea that the statement was a wasted exercise given that much of the economic outlook will be decided after the EU and US decide what the future of their relationship will look like. It's very clear that we're at a moment of significant transition That level of transition is weighing heavily on Irish policymakers but, as they preach prudence on one hand, government leaders had taken to the same stage just minutes previously to talk about record amounts of money which would be unleashed to build houses, infrastructure, and safeguard future finances. The revised National Development Plan was touted as "transformational" and would "overcome pinch points that are holding back investment", but its announcement was a lot less prescriptive than in previous years. Whereas plans in the past were effectively a shopping list of projects it would aim to deliver from roads to mega projects in water, electricity, and transport, this version is more a statement of intent. With billions set to be deployed, categories for spending were remarkably vague. Much of the investment will go towards housing, with a total allocation of €36bn in the next five years. Some €7.68bn of this will go to water. This does not include another €4.5bn in 'equity injections', which brings the total for housing and water to €40bn. Some €22.3bn will be spent on transport, with €2bn for the Dublin Metrolink. Sea change in Irish policy For the public who are hearing that belts need to be tightened and day-to-day spending is to be "moderated", they may look at the billions heading towards projects aimed at other parts of the country and wonder where all of the money is going. In truth, we don't know yet. The plan is merely a way for the Government to ringfence funding that can be argued for when individual departments work out what they can deliver and when. Pumping money into infrastructure is both necessary and overdue, but the watchword here will be delivery. For something which is being touted as a sea change in Irish policy, it doesn't feel like it This is largely down to two factors: A lack of detail on projects, and even less detail on how delivery of infrastructure is going to change pace in Ireland all of a sudden. The ringfencing of €2bn for the Metrolink in Dublin was hailed as a show of commitment, but the project has been on the political agenda for a decade — after a decade and a half of planning before that. I, personally, have been to two launches. At what point was it not committed to? The plan is a war chest the likes of which has never been seen. It has the potential to genuinely transform Ireland. However, its lack of a detailed timeline or plan of how this will be achieved will leave much to be desired from a public that is facing the reality of an economic downturn head-on. Read More Government to invest €102bn in infrastructure by 2030 under revised National Development Plan


RTÉ News
2 hours ago
- RTÉ News
5 takeaways from the revised National Development Plan
Telephone-sized numbers allied to giant levels of aspiration, the Government has gone all in on infrastructure spending in this plan. But with the billions flying around and the totals growing ever larger in recent days, is this just "hype" as Labour's Marie Sherlock labelled it? The Government's plan will ultimately be judged on delivery and that will take years. For now, here are five things we have learned from the big announcement. Housing There's no mistaking that the core of this plan is all about delivering homes at scale, with €40 billion earmarked for housing and related water services. This is made up of €28 billion for housing itself along with further funding to remove blockages like insufficient electricity connections or a lack of water and waste water services. Taoiseach Micheál Martin said today that housing is the biggest social challenge. But the opposition has reacted sceptically with Sinn Féin's Pearse Doherty saying there are no extra social and affordable homes planned. While Labour has noted that the funding allocated to housing tapers down towards the end of the plan. Big Picture This NDP differs from previous versions as it only sketches out in broad terms the capital funding allocations for Departments as well as extra money for utilities. That means there is no long list of local projects attached to the announcement so no specific roads, local hospitals or schools. The Government says Departments will now take their allocations and work on specific details. Expect another announcement ahead of the Budget with Ministers and TDs heralding local projects. The only big infrastructure project cited is Dublin's Metrolink which will get €2 billion. Metrolink Long promised and never delivered, a Metrolink for Dublin has been announced several times over. But the Government now says it wants the train to leave the station with €2 billion of what is being termed ringfenced strategic funding. What's clear from comments today is that this is intended to send a signal to potential construction companies that the Irish Government is serious about the project. It is designed as an assurance that the Metrolink will be paid for and delivered. The aim is to entice bidders during the procurement phase expected to follow a positive planning decision. Plan B During the crash, capital spending was completely slashed and the repercussions of that decision are still being felt today. Housebuilding stopped, infrastructure projects were dropped and utilities were left underfunded. This time is different according to the Government. If there is a downturn, capital spending will be prioritised at the expense of day-to-day spending. And that spells political danger as it could mean real cutbacks to services already dealing with the usual inflationary and demographic pressures. Inflation Inflation remains a feature of the economy even if the rate of increase has slowed. But will the rise of €34 billion deemed "new spending" in this plan over the previous one actually just cover price increases for existing projects rather than delivering new ones? The Government has denied this is the case. But few would doubt that inflation will eat into the value of the extra money.