European shares recover although Swiss stocks take a hit on US tariff news
US tariffs
on global trade, although Swiss shares took a hit as the market reacted to the US's plan to impose 39 per cent tariff.
DUBLIN
Bank of Ireland
shares lured buyers on what dealers said was a quiet day overall, with a public holiday in the Republic.
The bank benefited from Friday's British supreme court ruling reversing a court of appeal finding on car loans that left lenders facing billions of pounds in compensation claims. Bank of Ireland's British business was one of those exposed.
READ MORE
On Monday its shares rose 2.35 per cent to €11.775.
In the same sector, Permanent TSB climbed 1.92 per cent to €2.12.
Among the market's bigger stocks,
Ryanair
climbed 2.89 per cent to close at €25.97, edging closer to the €26-mark, which dealers dubbed 'massive' for the airline.
Investors have been moving into the company, Europe's biggest airline, since it emerged that London Stock Exchange Group subsidiary, FTSE Russell, proposed including the carrier in its Global Equity Index Series.
The stock joined the MSCI index in June.
Elsewhere, drug and medical device distributor Uniphar gained 3.9 per cent to €3.995. Dealers noted that there was little behind the move as the numbers of shares traded were low.
Housebuilder Cairn Homes added 1.4 per cent to €2.175.
Overall, traders said there was little on the negative front on Monday.
LONDON
Close Brothers Group plc (CBG) surged 23.53 per cent to 491.4 pence sterling on Monday making it the biggest beneficiary of Friday' British supreme court ruling on car loans.
The firm has a large motor finance business that would have been in the firing line had judges not overturned a previous court-of-appeal finding.
Lloyds Banking Group found favour with investors on the same grounds, climbing 9 per cent to 82.56p.
NatWest advanced 3.17 per cent to 527.9p while financial adviser St James Place rose 4.68 per cent to 1,353.5p.
Aircraft engine maker Rolls-Royce continued its good recent run, getting a 2.35 per cent lift-off to 1,090p.
Pest control specialist Rentokil slid more than 2 per cent to 354.3p after the company reported a sharp fall in earnings per share over the first half of the year.
Chronic illness treatment specialist Convatec dipped 0.87 per cent to 229p.
EUROPE
Europe's benchmark Stoxx 600 closed ahead on Monday following Friday's sharp fall sparked by the introduction of US tariffs.
However, Switzerland's SMI fell as much as 1.9 per cent in early trade as investors returned following a public holiday on Friday, the day on which Washington imposed a tariff of 39 per cent on Swiss goods. The index cut losses back to around 0.2 per cent later in the day.
Luxury watchmaker Richemont was 1.27 per cent off at 131.7 Swiss francs.
UBS, one of the country's best-known banks, fell 0.7 per cent to 30.22 Swiss francs after confirming that it would pay $300 million to resolve US mortgage securities cases.
US
US shares bounced back on Monday following Friday's sell-off as investors bet on deeper Federal Reserve interest rate cuts in the wake of unexpectedly weak jobs figures.
By 5.40pm Irish time, the Dow Jones Indsutrial average had risen 463.55 points or 1.06 per cent, the S&P 500 was up 74.56 points or 1.2 per cent and the Nasdaq composite had climbed 325.95 points or 1.58 per cent.
Tesla rose 1.2 per cent after granting chief executive
Elon Musk
96 million shares worth about $29 billion.
Spotify jumped 6.8 per cent as the music streaming platform announced plans to increase the monthly price of its premium individual subscription in select markets from September.
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The Journal
28 minutes ago
- The Journal
'We're in trouble now': AIB staff face upheaval and long commutes from new return-to-office policy
AIB STAFF HAVE expressed frustration at the bank's return-to-office policy after being told they will not be able to work from the company's 49 staff hubs or 170 bank branches on days when they are mandated to work in the office Instead, some staff now face extremely long commutes to attend the bank's base office. One worker, who moved to a rural location on the basis they could work remotely, told The Journal they were shocked when they received the news that AIB is not allowing workers to use AIB hubs or branches to work from. 'I don't think I would be able, physically or mentally, to travel up and down to Dublin three days a week,' they said. They said although the return-to-office announcement 'came out of nowhere with no warning', they were accepting of it until they realised working in office hubs was not an option. 'We're in trouble now,' they said. Three years ago, they took out a mortgage on their rural house, relying on proof from AIB that their employment would be remote or in the local hub. They now say their future is uncertain, as if AIB does not change their decision, they have six months to either move or get a new job. 'We're left with six months of stress,' they said. Since the Covid-19 pandemic, AIB workers who do not directly deal with customers have been permitted to work from home on a full-time basis. However, from 1 January 2026, staff will be required to attend their base location at least three days each week, which for many staff members is the AIB offices in Dublin. AIB has said it is still 'committed' to a hybrid working model by allowing two days of remote work a week and said that it gave employees 'as much notice as possible' of the change. Bank of Ireland also announced a change to remote working last month, requiring workers to attend the office eight days every month. However, the bank is allowing staff to work from remote hubs. In a mass communication between AIB and staff, seen by The Journal , the company said attendance at remote hubs or branches 'does not count towards office attendance'. Advertisement According to the communication, office attendance only counts as days spent working at a worker's base location, or another location if there is a 'clear business need' to do so. AIB said attendance will be monitored, and 'deliberate non-compliance with the new policy will not be accepted'. A spokesperson for the Financial Services Union (FSU) said many AIB staff members who have to drive from places like Kerry to Dublin may now be considering their futures with the company due to the change. 'Annoyance and frustration' One staff member told The Journal that the most damaging aspect of AIB's decision was to close their remote hubs. Another said that many AIB staff will be in a difficult situation where they may not be able to keep their job because they live so far from the head office. 'It affects a lot of us, and it affects our whole lives,' they said. The staff member believes the change in office protocol is an attempt by AIB to cull staff. 'We are gone from the government being a shareholder to being a fully private company,' the worker said. They aren't the only worker who holds that belief; another staff member told The Journal they think the move is an attempt to 'force staffs members' hands to resign'. Last month the government sold its remaining shares in the bank after bailing it out following the 2008 financial crisis. Since 2017, AIB has paid out cumulative dividend payments of €1.26bn to the government, according to figures provided by Minister for Finance Paschal Donohoe in response to a parliamentary question from Sinn Féin finance spokesman Pearse Doherty. The bank recorded before-tax profits of €1.25bn in 2018. The following year, the government sold a large amount of shares in the company. In 2019, the bank's before-tax profits reduced to €499m. However, the bank's profitability has again increased – last year, AIB delivered a €2.35bn after-tax profit. No consultation Brian McDowell, the head of Communication and Public Affairs at the Financial Services Union, told The Journal that for workers who live in rural counties far from the capital, being forced to commute to Dublin is 'obviously going to impact' their future with the company. McDowell said there is 'enormous annoyance and frustration' among AIB staff. Following the announcement, the union has held meetings to support staff. Over 1,500 workers have attended the meetings. Related Reads AIB pushes office return: Ireland needs to stop reacting to remote mandates and start competing Unions push back on AIB's plan to roll back hybrid working freedoms for staff Workers at AIB told to return to office for three days per week McDowell is concerned about the bank's lack of consultation with staff or the FSU before making the decision. He said: 'They need to pause any implementation on this and sit down with the FSU who represent the staff.' He added that the record profits logged by the company since workers have moved to remote schedules proves a return to the office will not increase productivity. Labour's finance spokesperson Ged Nash TD said the decision not to allow workers to use office hubs is not a 'reasonable or sustainable' way to treat staff. 'This is unacceptable behaviour from one of Ireland's pillar banks, just a matter of weeks after the State sold its remaining stake in the institution,' he said. 'Without any engagement with staff or the Financial Services Union, AIB has imposed a policy by way of diktat that will drag workers back to their designated office three days a week with no flexibility.' 'Some employees are now facing daily commutes of several hours, or being forced to stay overnight in Dublin just to do their job,' he said. He said the bank must 'immediately reverse' the decision and 'stop treating its staff like an afterthought'. A spokesperson for the bank said AIB remains committed to hybrid working, but believes employees benefit from in-person time with their own team and broader colleagues to enable 'collaboration, connection and innovation'. They said: 'We also recognise the benefits of structured, hybrid working and are committed to enabling it. The extent to which work can be completed in-office or remotely varies depending on the needs of our customers and our business.' 'We have a balanced and comprehensive hybrid working structure in place and keep this under review to ensure it continues to serve the needs of both our customers, colleagues and AIB Group.' They said some of its staff have been in an office or branch between two and five days each week. They added that the changes will be phased in gradually and will be in full effect from 1 January 2026. With additional reporting from Laura Byrne. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Times
an hour ago
- Irish Times
Letters to the Editor, August 7th: On the wisdom of Metrolink, abortion data, and the red fox
Sir, – Dermot Desmond's claim that AI will render MetroLink obsolete ignores the reality that traffic congestion already costs the Dublin economy over €336 million annually, rising to €1.5 billion per year by 2040 (' AI will make Dublin's MetroLink obsolete ,' says Dermot Desmond, August 5th). Congestion isn't typically caused by parked cars, but by vehicles using roads at the same time. Self-driving cars won't solve that problem as they will still take up the same road space as existing vehicles. Meanwhile, Ryanair's Michael O'Leary's fanciful proposal that we should cancel MetroLink in favour of building a new motorway in the Irish Sea would also surely find itself to be expensive and highly congested on whatever day in 2045 or 2050 it would open. What does work is the high-capacity public transport solutions in use all across the world, including in Ireland, such as electrified suburban rail (Dart, Luas, MetroLink), combined with segregated cycling lanes and walking tracks and greenways. READ MORE These are systems that move thousands efficiently, reduce emissions, and make urban spaces more liveable. We have the plans now. Let's get on with implementing them without further delay. – Yours, etc, ROSS Ó CURRÁIN, Drumcondra, Dublin 9. Sir, – What is it about Irish billionaires/multi-millionaires and MetroLink, and with our eagerness to listen to their 'pearls of wisdom'? First Michael O'Leary's rant and now Dermot Desmond, with his outlandish claims that self-driving cars will make public transport redundant. Setting aside the serious safety concerns with autonomous vehicles, especially in urban areas, we would do well to learn from the experience of Uber and other rideshare platforms which made similar claims about congestion reduction. Study after study has shown that they in fact increased congestion in cities where they operated and had almost no impact on car ownership. Any privately operated AI-driven autonomous vehicle service will have the same commercial pressures to increase car dependency. I do, however, share Mr Desmond's optimism about the possibility of significant reductions in car ownership. This will be achieved, not through futuristic technology, but by investing in our public transport and active travel infrastructure which will make cars redundant in our cities. – Yours, etc, CIARÁN FERRIE, Rathmines, Dublin 6. Sir, – I must keep an eye out for Dermot Desmond the next time I'm waiting for the Luas. – Yours, etc, HELEN PEAKIN, Terenure, Dublin 6W. Sir, – Why does The Irish Times continue to publish the opinions of billionaires about public transport projects? When was the last time Denis Desmond took a train? He tells us that self-driving cars will mean there are fewer cars on the road, and thus no need for the Metro. Even a brief moment of introspection will show this to be the opposite of the case. Self-driving cars will likely spend more time on the road as they cruise around looking to pick up passengers, just as taxis do today. Would car manufacturers really be investing in AI if they thought it would result in fewer car sales? AI will likely make Dublin's traffic much worse, not better. It will be the same the world over. China, no laggard on AI, is massively expanding its public transport system in the coming years. Dublin absolutely does need a metro. – Yours, etc, Dr MARK SUGRUE, Donaghmede, Dublin 13. Sir, – I have just read the report about Dermot Desmond and the proposed metro system. The newspaper recently has seen an onslaught of articles against MetroLink and improvements to the public realm, led by contributors such as Frank McDonald and Michael McDowell. Is there any space to be had for progressives in the newspaper? The arguments currently being used against the metro we have seen before. The Dart would cost too much, nobody would use the Luas. Nobody now would seriously suggest we dismantle either rail system. The same will be true of the MetroLink when it too is built. It is never going to be cheaper to build the metro than now, it is never more needed than it is now. Let's stop the propagation of fantasy arguments and promote a positive vision of MetroLink. – Yours, etc, ADAM LADD, Drimnagh, Dublin 12. Sir, – It is reasonable to expect that southside residents wanting to use the metro to go to the airport will have luggage with them. But how are they to get to the St Stephen's Green station with that luggage? Luas and buses are not able to accommodate luggage, and it is unlikely that a sufficient park and ride could be offered in that area. The metro would therefore be useless for airport access for a huge number of potential travellers. This problem needs a solution before we spend any of the billions proposed. We don't need a white elephant. – Yours, etc, DAVID O'HIGGINS Stillorgan, Co Dublin. Slim chance Sir, – I read with interest how the availability of GLP-1 medications has rung the death knell for the body positivity movement (' Body positivity fell from favour as soon as Ozempic brought thinness back ,' August 4th). Any chance someone will invent an Ozempic to help slim down the size of and curtail the appetite for SUVs on our roads? – Yours, etc, ULTAN Ó BROIN, Blackrock, Co Dublin. Abortion data collection Sir, – It was recently reported that the HSE will be rolling out a pilot scheme in some hospitals to collect more data and information on abortion in Ireland (' More detailed data on abortions to be collected from Irish hospitals ,' August 5th). This is welcome, as Irish data collection for abortion has proven inaccurate and unsatisfactory, in contrast with other jurisdictions. For example, the total number of abortion notifications received by the Department of Health for 2021 was just 4,577. But according to a supplementary memo, the department acknowledged this figure fails to tally with the total number of abortions actually performed. Instead, it estimated, based on the total number of reimbursements for abortion paid to GPs in 2021, that the figure is likely closer to 6,700. In addition to inadequately completed notifications returns, the limited data sought in the forms leaves much to be desired as it only provides the total number of abortions performed by month and county. This excluded collecting data such as age, gravidity, and gestational age. Knowing this information is important to inform the public about the scale and nature of abortion in Ireland, but also to allow researchers and policymakers to identify trends. When the Health (Regulation of Termination of Pregnancy) Act 2018 was being drafted in autumn 2018 after the referendum in the same year, an amendment to the legislation was tabled which would have ensured that such comprehensive data was included in the notifications form. The amendment sought the same data as that collected in the English HSA4 form. But the government of the day rejected this motion outright, instead opting for limited data collection. Had that amendment been taken on board at the time, we would have a far clearer picture of the trends and realities of abortion in Ireland. While it is welcome that the HSE has recognised the importance of comprehensive and accurate data collection, this should have been a key component of abortion policy since the law became operational seven years ago. – Yours, etc, EILÍS MULROY, Pro Life Campaign Dublin 2. Sunny disposition Sir, – Concerning falling birth rates, Breda O'Brien contrasts five European countries where the decline is not so steep (Denmark, France, Germany, Sweden and Britain) with four which are rock bottom (Greece, Italy, Portugal and Spain) ('Let's stop glorifying motherhood and glorify parenthood instead,' August 2nd). Could sunshine have something to do with it? – Yours, etc, SADHBH Ní SEACHNASAIGH, Galway. Gaza and showing compassion Sir, – Fintan O'Toole's latest article on events in Gaza is a lesson in what real journalism can and should achieve. It sits as a reminder to others that there is no such thing as 'silly season' when it comes to informing and educating the public. The homeless remain homeless, the poor remain poor, and the victims of war continue to suffer no matter the season. O'Toole's compassion and erudition is a beacon in a sea of mediocrity and long may he continue in his quest. – Yours, etc, PAUL GRAY, Drumcondra, Dublin 9. Sir, – Una Mullally is right: the passing of the Occupied Territories Bill by the Irish Government could well be a catalyst for a global boycott, divestment, and sanctioning of Israel (' Ireland can be a beacon with the Occupied Territories Bill, ' August 4th). As Israeli prime minister Binyamin Netanyahu considers a full takeover of the Gaza Strip and the starvation and killing continues, this legislation should be expedited as a matter of urgency – and it should include services (as recommended by the Oireachtas Joint Committee on Foreign Affairs and Trade). In this context, the Dáil and Seanad should be recalled during the summer recess for an emergency session to pass this legislation – which could coincide with a national day of protest, as suggested by a previous letter writer. Importantly, a national day of protest combined with legislative action in Leinster House on the same day should be accompanied by politicians and the public alike calling on Hamas to release all the hostages, to disarm, and to disband. The time for decisive moral leadership and action is now. – Yours, etc, CHRIS FITZPATRICK, Terenure, Dublin 6. Sir, – I agree with Diarmuid Ó Cinnéide (Letters, August 5th) that the publication of pictures of starving and emaciated children is both gut-churning and traumatising. However, these distressing pictures have dramatically served to increase the public and political outcry as to the urgent need for an end to these horrific conflicts. – Yours, etc. JOSEPH TUMMON, Circular Road, Galway . Looking busy Sir, – Greg Maxwell's letter (August 2nd) on the matter of 'The look of looking busy' and the experience of the late Sam McAughtry reminds me of my own experience many years ago, coincidently again in the Department of Agriculture but here in Dublin. I was assigned early in my civil service career to the minister's office and during the day, made a point of dutifully clearing my desk and ensuring that all files and correspondence were dealt with . On one of these days, the deputy secretary general of the department stopped, looked at my pristine desk, and his advice was: 'Never sit at an empty desk, always have a significant number of files at hand, at least two open, and avoid looking up or interrupting your close scrutiny of all these documents.' I took his advice but I doubt if my career blossomed to the same extent as Sam's. – Yours, etc, MARTIN McDONALD, Terenure, Dublin 12. Speeding motorists Sir, – Travelling to Donegal from Dublin and back again over the weekend I was amazed at the complete disregard by a very large number of my fellow motorists for the speed limit on our roads. Each time I went over the speed limit by two or three kilometres my car emitted a reminder to inform me of my transgression. As I slowed down to the appropriate kilometres per hour I was on each occasion overtaken by several cars travelling at a much greater speed. – Yours, etc, MARY DALY, Rathfarnham, Dublin. Protecting the red fox Sir, – I commend to all, John Fitzgerald's excellent letter 'Protecting the fox', August 5th. Ireland, due to its geography, has a dearth of natural fauna and is fortunate to have foxes, a beautiful and intelligent animal, which has sadly been persecuted in the past. Urban dwellers are now favoured by the presence of these animals, giving children the opportunity to observe nature close up. Foxes also do much to keep rats under control and contrary to ill-informed prejudice do not spread of disease. We should admire and protect our fine red foxes. – Yours, etc, Dr D O'BRIEN, Rathfarnham, Dublin 14. Sir, – While I share John Fitzgerald's opposition to hunting foxes with dogs I do not agree with his assertion that: 'The hound is not a natural enemy of the fox. Both are dogs. Hence, the need to train novice hounds to hunt foxes from an early age.' I have owned dogs of various shapes and sizes for many years and found that they, unfortunately, required no training at all to chase after foxes; in fact it would have required some intensive training to stop them from doing so. While foxes and domestic dogs are from the same family of mammals, their evolutionary paths diverged millions of years ago. – Yours, etc, KATHERINE QUIRKE, Dún Laoghaire, Co Dublin. Supermarkets and food recalls Sir, – It appears that the supermarkets are keeping a low profile in relation to the listeria infection. While I do not have a loyalty card, I, nonetheless handed back my suspect chicken jalfrezi to the customer services desk of my local Tesco and was refunded the ¤4.25 in cash without question. – Yours, etc, TONY CORCORAN, Dublin 14. Front gardens Sir, – Louisa Moss draws attention to the environmental dangers involved in building small homes in back gardens (Letters, August 6th). In recent years many front gardens in suburban areas have been replaced by cobble lock and tarmac, neither of which is permeable, thus leading to direct run-off and local flooding. If houses are built in back gardens there will undoubtedly be an increased demand for car parking in front gardens with the consequent demise of the already threatened hedges, shrubs and small trees which contribute so much to urban biodiversity and help prevent flooded drains. – Yours, etc, LOUIS O'FLAHERTY, Dublin 9.
Irish Times
6 hours ago
- Irish Times
Fine Gael significantly outspent Fianna Fáil and Sinn Féin on elections last year
Fine Gael spent significantly more than either Fianna Fáil or Sinn Féin on elections last year, according to party accounts provided to the Standards in Public Office Commission (Sipo). Fine Gael was the biggest spender overall on elections in 2024 and also the highest spender on the general election, according to the consolidated accounts of the parties. The accounts, published by Sipo, show Sinn Féin is the richest of the three big parties, with more income, stronger cash balances and an unmatched reserve of €8.7 million at the end of 2024. Sinn Féin, like the other parties, ran a significant deficit last year, in its case amounting to €1.6 million. However, it still finished the year with €4.6 million in cash, down from €5.3 million at the beginning of the year. READ MORE By contrast, Fianna Fáil had just €470,000 in cash at the end of the year. Fine Gael and Fianna Fáil appear to have funded some of their election expenditure through loans, which the two parties will pay back over the coming years as they prepare for the next election, though Fine Gael is in a significantly better financial position than Fianna Fáil. The days when Fianna Fáil outspent everyone at election time are long gone, the figures suggest. This time, the consolidated spending shows Fine Gael spent €3.22 million on elections last year, substantially ahead of Sinn Féin on €1.7 million and Fianna Fáil on €1.69 million. Fine Gael spent more than €2 million on the general election, more than twice as much as Fianna Fáil, which spent less than €950,000, according to the consolidated accounts of both parties. Despite being outspent, Fianna Fáil won 10 more seats than Fine Gael in the general election. Sinn Féin also beat Fine Gael by one seat. [ Three constituencies that show why Fianna Fáil and Sinn Féin outperformed Fine Gael Opens in new window ] [ Expect the unexpected: What the 2024 local and European elections have taught us Opens in new window ] Sinn Féin and Fine Gael each spent about €600,000 on the European elections, according to the accounts, with Fianna Fáil's figure much lower at about €320,000. Fine Gael also outspent its rivals at the local elections, with the accounts showing expenditure of €512,000. Fianna Fáil reported spending of €289,000, while Sinn Féin's accounts show it spent just €77,000 on the local elections. All three parties received more than €5 million in State funding last year, while the accounts of all three parties show they are also reliant on fundraising among their members. Sinn Féin has the highest income from donations, with €182,000 raised from individual donations and €52,000 from corporate donations. The party's organisation in Northern Ireland is not governed by the strict rules on political donations that are in place in the South. [ Who is the American who left €535,000 to Sinn Féin's US fundraising group in her trust? Opens in new window ] But it is Sinn Féin's cash pile – likely linked to a mysterious bequest from a reclusive Englishman, William Hampton, who left more than €4 million to the party in 2019 – that sets it apart from its rivals. Along with a substantial property portfolio, it means the party can record 'reserves' of some €8.7 million in its accounts. This is the first year Sipo rules have required the parties to produce consolidated accounts that show the financial dealings of all units of the organisations above a certain size. In a statement, Fine Gael cautioned against comparing the election spend of the different parties in the accounts. [ William Hampton: The life and extraordinary times of Sinn Féin's million-euro donor Opens in new window ] 'It would be inaccurate to use the published annual accounts of political parties without context to compare election expenditure by political parties,' the party said in a statement. It said there 'appears to be significant divergence in the approach to Electoral Act compliance by different political parties ... The extent to which election expenditure is funded by the Party HQ, by party subsidiaries that are required to be reported under the Electoral Act, or by party subsidiaries that are not required to be reported under the Electoral Act, varies for each party and candidate. This also has a bearing on the figures reported.'
