‘We're getting to a real break point': Meet Horizon - the Irish-founded startup eyeing Nasdaq debut
Connected Magazine
'We're getting to a real break point': Meet Horizon - the Irish-founded startup eyeing Nasdaq debut
With a breakthrough imminent, Joe Fitzsimons and his team want to be ready for quantum computing's ChatGPT moment
Vish Gain
05:00
Si-Hui Tan, chief science officer, and Joe Fitzsimons, founder and CEO of Horizon Quantum, which was valued at $500 million earlier this year
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Irish Examiner
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Irish households' €160bn in savings could be unlocked to fund new homes
The Government should establish a State-backed housing investment vehicle to allow households to invest their savings in housing development, the Society of Chartered Surveyors Ireland has said. The society said such an initiative, similar to schemes operating in countries such as France, would enable the Government to put long-term multi-annual housing plans in place while also facilitating investment in much-needed infrastructural projects. 'Irish households' bank deposits amount to nearly €160bn, mostly in low-interest current accounts,' said the society's new president, Gerard O'Toole. 'At the same time, access to finance remains a major barrier, especially for small and medium-sized developers.' Mr O'Toole pointed out that the State is by far the largest investor in Ireland's housing delivery — it allocated over €5bn to housing in 2024. However, he said that this level of public investment is not sustainable in the long term and the State needs to explore alternative and diversified funding streams. 'A savings fund of this nature would underpin long-term planning by providing the multi-annual funding commitments housing projects require,' he said. 'It could also support longer-term budgets for several state housing schemes, including help-to-buy and vacant property grants, which are often subject to annual funding reviews and decisions.' The Society of Chartered Surveyors Ireland (SCSI) also said the new Housing Activation Office needs to commence its work urgently on clearing the many blockages which are impeding the delivery of new housing. 'The SCSI is calling for reform of the utility connection processes and earlier engagement by Uisce Éireann and the ESB with home builders to reduce delays and prioritise essential connections for housing ready for occupation,' Mr O'Toole said. 'That is why we believe the terms of reference for the Housing Activation Office must facilitate greater collaboration and transparency. Regular and effective engagement with key industry stakeholders will be key to the success of this office.'


Irish Examiner
an hour ago
- Irish Examiner
Alcohol consumption falls again, dropping 4.5% last year
Alcohol consumption in Ireland fell sharply last year, dropping 4.5% according to a report from the Drinks Industry Group of Ireland (DIGI), which is demanding cuts to excise rates. The representative body said the data shows consumption of alcohol by Irish consumers was now on par with their European counterparts, but that excise rates remain the second-highest in Europe. The report by economist Anthony Foley shows the average adult consumed 9.5 litres of pure alcohol last year, a drop from 9.9 litres in 2023. All four beverage categories, beer, spirits, wine, and cider, experienced volume decreases in 2024. Ranked against a sample of 16 European countries, Ireland's average consumption was lower than nine countries and was higher than seven countries. 'Ireland is no longer an outlier in terms of high average levels of alcohol consumption as measured by the methodology used for that indicator,' the report notes. The report highlights the changing pattern of alcohol consumption. Secretary of DIGI and CEO of the Licensed Vintners Association, Donall O'Keefe said the report shows Irish people are increasingly drinking in a restrained manner, with consumption continuing the downward trajectory that has been recorded since the millennium. 'This downward trend also raises the obvious question as to why Ireland continues to have the second-highest excise rates on alcohol in Europe,' he said. 'Given that we now consume alcohol at average European levels it makes sense that we should pay excise at average European levels also. This is particularly true following the introduction of minimum unit pricing which prevents the sale of strong alcohol at low prices in supermarkets and shops. 'In contrast to the negative stereotypes that once existed, alcohol consumption in Ireland is now at average European levels, with the purchase of non-alcoholic drinks continuing to increase. 'Across Ireland, hundreds of small rural pubs and restaurants are struggling for survival due to repeated increases in the cost of doing business, including staff, energy and insurance. A cut in excise would offer these businesses an opportunity to continue acting as vital hubs in their communities, as well as a crucial part of our tourism product. 'DIGI will be seeking a 10% cut in excise in this year's budget as an urgent measure to give these businesses a fighting chance of survival,' Mr O'Keefe said. Last week, drinks giant Diageo said bar sales of non-alcoholic Guinness 0.0 grew 27% in the last year, with the non-alcoholic version set to take up 12% of total stout production at the Dublin brewery next year. The product has enjoyed a huge 161% increase in yearly volume on-trade sales between June 2022 and March 2025. Other breweries report similar increases in non-alcoholic versions of their beers. The change in drinking patterns is also borne out elsewhere. In March, the Central Statistics Office (CSO) said the volume of sales in bars had dropped 10% over the previous year. Vintners' Federation of Ireland chief executive Pat Crotty said the CSO figures support anecdotal evidence from publicans around the country that drink sales have fallen in the region of 9% over the past year. 'This comes on the back of rising costs, with the likes of rates, water charges, and labour costs all surging way ahead of inflation,' he said. 'Publicans are now facing a perfect storm of rising costs and falling turnover, which is not sustainable if the pub trade is to survive over the long term. 'It should be noted that most cost increases come from the Government, so we need to see meaningful supports that will make a difference to the average publican struggling to attract customers through the door.'


Irish Examiner
5 hours ago
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South African headquartered Spar group, in releasing its half-year reporting last week, announced its plan to withdraw from its extensive operations in Switzerland and the UK, but in a surprising move, declared its intention to double down on its investment in Ireland. The group's decision to offload its Swiss and UK retail businesses is part of a strategic realignment towards a more profitable international presence. Spar group chief executive Angelo Swartz stated the group experienced a tough operating environment, particularly in its European operations, while the South African consumer remains under pressure as well. Spar group, which operates the eponymous business in Ireland, England, and Switzerland, as well as in its native South Africa, has reported a marginal decline in turnover, to R66.1bn (€3.26bn), in the first half of its financial year to March 28. In disposing of its Swiss operations, it will cut off €800m in sales, and a further €300m in its British operations. By comparison, Spar Ireland achieved record retail sales of €1.3bn in 2024. Spar's withdrawal from its Swiss and UK divisions highlights a broader trend of reevaluating European retail strategies amid uncertain market conditions. Spar's new business strategy, being unveiled, aims to build on the current momentum of the brand in Ireland. The strategy includes plans for new store openings, upgrading existing sites, and a new design for EuroSpar supermarkets. 'There's a cost-of-living crisis in Europe that's made those markets tougher than I can remember. And in South Africa, we've had an economy that's been struggling to grow for some time and consumers are under real financial pressure with relatively high interest rates, albeit coming down,' according to Angelo Swartz, Spar group chief executive. Commenting on Spar's apparent loss of upper-income shoppers, Swartz acknowledges the extremely competitive environment in the retail space. 'There's certainly truth in the observation that growth in our stores that cater to the lower end of the market has been more robust than at the top end,' Mr Swartz said. 'It's been more competitive at the higher end of the market, most certainly for us.' To prevent its Irish operations from following the same downward trend as its discontinued European ventures, the retailer plans to expand its private-label range, emphasising its value proposition to customers. They also plan to go further by ensuring a diverse product range that aligns with changing consumer preferences. This range must include more organic and healthier options, which will help it compete with major players like SuperValu and Centra in the Irish market. Spar operates with its local partner BWG group, as a leading convenience brand in Ireland and holds a relatively small share of the Irish grocery market, less than 1% according to Bord Bia. While this may appear minor compared to other large players, Spar have a significant presence as one of the largest convenience retail groups in the country, with more than 60 years of history and a network of 463 stores across every county in Ireland and providing employment for 14,000 people locally. Spar group's strategy for Ireland was positively impacted by gross margin increase in recent years, with local performance boosted by lower gearing and cost savings, partially offset by increased labour costs, due to the minimum wage increase. Bord Bia conservatively estimates that the Irish grocery retail market is currently valued at €15bn. The quality of food on offer is of the highest standard. However, as in the world over, current global dynamics are driving up cost of living inflation, which will impact how consumers shop and how retailers respond over the coming months. Relatively speaking, the Irish grocery retail market is quite sophisticated in terms of store design and merchandising, remaining predominantly physical, with online a very small percentage of total sales (5.8%, 12 weeks ending January 26) but it is growing according to Kantar market consultancy. Much like Spar, who plan to open 50 more stores in 2025, other retailers in Ireland are still expanding store numbers to find growth. The Irish retail market is highly competitive, with three retailers: Dunnes Stores, Tesco, and SuperValu (part of Musgrave Group) holding 67.7% of the market between them. Getting a bigger slice of the €15bn Irish market, is clearly a key strategic goal of the Spar group management, but the 'big three' supermarkets won't give up market share without a fight. Read More Irish Mortgage Corporation unveils its new joint managing directors