EXL opens international business, AI hub in Dublin
It builds on the US-headquartered firm's presence in Ireland, since it established operations in the country in 2023.
EXL employs around 61,000 people globally and works with a range of companies to help them analyse and make better use of their data. Clients include Google, Microsoft, AWS and Nvidia.
The company has also established an AI Innovation Lab as part of its Dublin operations, initially employing 60 people focused on R&D for industry-specific AI solutions.
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The Journal
6 hours ago
- The Journal
What's the beef between this previous and current presidential hopeful?
PRESIDENTIAL HOPEFUL GARETH Sheridan, a millionaire most people in the country had not heard of before this week, kick-started his campaign today with a jaw-dropping accusation. Sheridan held the first press conference of his presidential campaign in Dublin's Shelbourne Hotel this morning and chose to open it by claiming that there has been a coordinated attack on his character. He claimed that this attack came from people associated with Seán Gallagher, the businessman and former Dragon's Den star who came second in the 2011 presidential election. The Journal put Sheridan's claims about Gallagher today to a spokesperson for Seán Gallagher, but has not received a response. So far, Gallagher has chosen not to comment on his relationship with Sheridan or on his departure from Nutriband. Addressing his past business relationship with Gallagher, Sheridan mused at the outset of his press conference today: 'Perhaps somebody is taking our breakup a little bit worse than me'. The Journal / YouTube Speaking directly to the journalists gathered in the Shelbourne Hotel in Dublin for his launch, Sheridan said the coverage they have given of his campaign so far has been 'commendable'. He continued: 'But, just one thing I wanted to bring to your attention is that there seems to be somewhat of a coordinated attack taking place on my character by people associated and in Seán Gallagher's circle.' He quickly followed this up by adding: 'Now, I'm not saying for a moment that Seán is behind this or involved in any way. 'At MacGill [Summer School] a couple of weeks ago he actually encouraged participation, asked the media to be nice to candidates that were brave to come forward and actually put their name in the ring. Advertisement 'But some of you in the room know what I'm talking about. That's all I'll say about that.' The Journal / YouTube So what the hell has gone on between the pair to merit such a statement from Sheridan at the outset of his campaign? The background How do Sheridan and Gallagher know each other? Sheridan, the 35-year-old multi-millionaire, is the founder and former CEO of US-based pharma company Nutriband. Seán Gallagher became chairman of the firm in 2018 and departed four years later in 2022. Asked about their relationship during a radio interview on Monday, Sheridan said he had not been in contact with Gallagher to get any advice about running for office. What do we know about Gallagher leaving the company? Sheridan and his company, Nutriband, only really gained mainstream recognition in Ireland earlier this week when he announced his bid for the Áras. Since then, journalists have been looking into the presidential hopeful, and there have been numerous reports on both him personally and on his company. Some of these related to Gallagher's departure from the company. On Tuesday, there were reports of 'mystery' surrounding his exit , but by Wednesday morning, the Irish Independent had reported that Gallagher had left the company's board over a row related to a $180,000 corporate box. Related Reads Millionaire Áras hopeful launches presidential campaign in the Shelbourne - here's what he said The millionaire millennial seeking the presidency: How did Gareth Sheridan get so rich? Catherine Connolly is using American-style grassroots fundraising for her presidential campaign According to the report, Gallagher raised concerns about the box at the Orlando Magic basketball arena, and in a statement to the Irish Independent, Sheridan insisted that the box makes a 'great return'. The statement from Sheridan further explained that communication broke down between the company and Gallagher in 2022, ahead of his resignation. What was the breakdown in communication about? Sheridan used his press conference today to shed some further light on this breakdown and on the pair's relationship. He explained that ahead of Nutriband being listed publicly on the stock exchange in 2021, it had received advice that it would be better to have a chairperson with capital markets experience. 'We proposed this to Seán. We asked him to voluntarily step aside on the same remuneration,' Sheridan said. He then explained that Gallagher was not agreeable to this, communication broke down, and a new chairperson was voted in by a majority of shareholders. 'I wish Seán nothing but the best in whatever he's working on now. I'd just like to be very upfront and make sure that you're aware of the situation that we're facing. Perhaps somebody is taking our break-up a little bit worse than me,' Sheridan said. Sheridan has not yet formally received a nomination to run in this year's presidential election. To date, Catherine Connolly is the only candidate formally in the race following the unexpected withdrawal today of Fine Gael's Mairead McGuinness. Readers like you are keeping these stories free for everyone... Our Explainer articles bring context and explanations in plain language to help make sense of complex issues. We're asking readers like you to support us so we can continue to provide helpful context to everyone, regardless of their ability to pay. Learn More Support The Journal
Irish Times
13 hours ago
- Irish Times
From pharma to food, the known unknowns of Trump's EU tariffs deal
The US/ EU tariff deal was meant to bring certainty for exporters. But almost three weeks later there is a lot that we don't know – and more that remains uncertain. A joint statement signed off by both sides had been expected shortly after the big summit in Scotland at the end of July , clarifying key parts of the deal and how it would be implemented. But this week, a European Commission spokesperson said, in best bureacrateese, that while further contacts with the US were expected on this, 'I don't believe at this stage we can put a timeline on these engagements.' 1. What is covered by the new tariffs? The deal had been hailed as bringing 'certainty' to Irish exporters. And it has done so, but only up to a point. A blanket 15 per cent tariff now applies on most categories or exports from Ireland to the US. READ MORE As ever with trade, there are tweaks. Some goods which had been subject to previous higher tariff charges (under the most favoured nation or MFN system) will still pay these. For Ireland, the main product affected here is butter – with Kerrygold now the second biggest seller on the US market. Before Trump came to office it had been levied at a rate based on weight – rather than the more usual percentage calculation. However, this worked out at somewhere over 16 per cent in practice. So this slightly higher rate will remain. Other sectors face tariffs for the first time, or higher charges. For example, the large medical products sector had previously been largely exempted, but is now being levied at 15 per cent. So are parts of the food sector and spirits. 2. What is not covered? US customs has published a list of goods that are excluded from the 15 per cent tariff and Carol Lynch, customs partner at BDO, says this is a good place for SMEs unsure if they are covered to check. A key point for Ireland is that pharma products, by far the State's biggest in value terms, are not currently subject to the 15 per cent tariff. This may change, as the Trump administration is undertaking a study of pharma supply into the US market and the national security issues that apply – the so-called section 232 investigation which refers back to a 1960s act of congress. This is the backdrop to Trump's talk of 150 per cent or 250 per cent tariffs on pharma in 18 months or two years' time, applying to companies that do not play ball and return production to the US market. The EU believes the US has signed up to a 15 per cent cap on pharma – and semiconductor – tariffs under the deal, but Trump's subsequent statements suggest otherwise. This is why the absence of a joint agreed statement between the EU and US is important. 3. What might change? Another frustration for the EU is that the outline agreement suggested that more areas would be excluded from the 15 per cent tariff net but, beyond aircraft and aircraft parts, none of these has yet been spelt out. These 'carveouts' were due to cover some areas of food of potential interest to Ireland, some generic drugs and chemicals and perhaps medical devices, a sector which typically has lower margins and fixed price contracts with US buyers. The EU had also been pushing for a 'zero for zero' tariff deal on wines and spirits, though the indications were the US was unlikely to concede this. So bar the list published by US Customs, we are no wiser on what other sectors may, in time, get a pass. 4. What can companies do? The practical steps, according to Lynch of BDO, are, first, to check whether goods were in transit before August 7th, in which case the old 10 per cent rate would apply rather than the new 15 per cent. Companies need to know the tariff codes being used by those importing their products and whether any of the exclusions they know about so far apply. And, she says, they need to examine whether they have any flexibility under the rules in terms of the value of goods declared for customs purposes. This is a complex area with detailed pricing rules applying but, particularly in high value sectors like pharma, companies may have options to readjust supply changes or pricing policies to cut their tariff bills. 5. Where next on pharma? The Trump administration has been promising the results of its section 232 investigation shortly, expected by way of a big report. Alongside this, Trump's team have been negotiating on prices with the big US pharma companies, demanding that they charge the same prices in the US as other countries. A 2022 study showed that US prices were, on average, three times higher than the OECD average. This – in Trump's view- means prices should fall in the US and rise in other countries, thus giving the US consumer a better deal while giving companies ongoing revenue to fund research. It is unclear what the outcome of this will be but the two areas are linked. Imposing tariffs on imports risks increasing prices on the US market, the opposite of the goal of the price negotiations. The US president is threatening tariffs which would gradually increase over time as a way of getting big pharma to relocate more production to the US of key drugs and ingredients. So will we see 15 per cent pharma tariffs when the result of the Section 232 probes are out? Or will the US president hold off for now while holding out the threat of tariffs if big pharma does not fall into line on prices and investment? 6. Ireland's pharma exposure: In a post on the pharma issue on LinkedIn, Ben McConkey, an Irish MSc student at the London School of Economics, underlines the extent of Ireland's 'pharma' exposure by pointing out that the US imported over $50 billion worth of Irish pharmaceutical products in 2004, making it the single largest category of goods imported from any EU country by a margin of $15 billion and representing 8.3 per cent of all US imports from the EU. While the noise around the trade talks was about German cars, Irish pharma exports have a higher value, though this is of course hugely inflated by the pricing practices of the firms involved, which have a financial incentive to declare as much profit as possible in low tax Ireland. McConkey also makes the interesting point that the bulk of Irish pharma and organic chemicals go to republican states such as Indiana – home of Eli Lilly – as well as Puerto Rico, North Carolina and Illinois. Many are not finished drugs but are high value ingredients in drugs then sold across the US. As tariffs will have an economic impact on these companies – and on US consumers – it remains to be seen what the president decides. But the stakes for Ireland in the Section 232 process are huge as it could influence both future manufacturing investment and the transfer pricing structures the companies employ which led to huge profits being declared in Ireland and a lot of corporate tax being paid here. 7. The uncertainty may just roll on: The EU's belief was that a joint statement would be agreed with the US on the basis of the political agreement between Trump and European Commission president Ursula von der Leyen in Scotland. This would then be followed by further detailed negotiations. It is unclear if the absence of even a basic, joint written understanding is just a result of August holidays or whether it is a sign of the way the US president tends to operate – in headlines and in a way which leaves him with maximum flexibility to change tack. The president and his team have been continuing to push the boat out in terms of tariffs and pressure on US businesses to bend to their will. There is a fair chance that the uncertainty will roll on – and on. And this in itself will have a cost on businesses, even if the 15 per cent deal will have left many feeling they have some more solid ground on which to plan. And, it must be remembered that the US president's right to impose the 15 per cent tariffs at all is being challenged in the courts – a process likely to go right to the US supreme court for an ultimate decision.
RTÉ News
a day ago
- RTÉ News
Claire's stores to stay open after appointment of administrators
Administrators have been appointed to Claire's, putting around 2,150 jobs in Ireland and the UK at risk. The move was confirmed by the US owners of the fashion accessories retailer. Claire's has 306 stores in Ireland and the UK, 28 of them in Ireland. The owners said they had filed a formal notice to administrators from advisory firm Interpath. Interpath confirmed the appointment of Will Wright and Chris Pole as joint administrators. They are to seek a potential rescue deal for the chain, which has seen sales tumble in the face of weak consumer demand. Claire's stores in Ireland and the UK will remain open, according to the US-based Claire's group and the administrators. However, the adminstrators said that customers will no longer be able to make orders online. Online orders placed and dispatched prior to the administrators' appointment will be delivered as usual, Orders that have not yet been shipped will not be delivered and customers should not be charged for these, as payment is processed on dispatch. All staff will remain in their positions, the company said. Interpath said the administrators will be contacting all employees to "provide further information about what the administration means for them". Interpath Chief Cxecutive Will Wright said: "Over the coming weeks, we will endeavour to continue to operate all stores as a going concern for as long as we can, while we assess options for the company. "This includes exploring the possibility of a sale which would secure a future for this well-loved brand." It comes after the Claire's group filed for bankruptcy in a US court last week. It is the second time the company has done so, after first filing for the process in 2018. Claire's Chief Executive Chris Cramer said: "This decision, while difficult, is part of our broader effort to protect the long-term value of Claire's across all markets. "Taking this step will allow us to continue to trade the business while we explore the best possible path forward. "We are deeply grateful to our employees, partners and our customers during this challenging period." Information for customers All Claire's stores across Ireland and the UK will remain operational. Customers can continue to shop in-store as usual. However, customers will no longer be able to place orders online via Claire's Ireland and UK website. Online orders placed and dispatched prior to the joint administrators' appointment will be delivered as usual. The joint administrators will be unable to deliver orders placed online which have not yet shipped. Customers should not be charged for these orders, as payment is processed on dispatch. The joint administrators are unable to offer refunds for any items bought prior to appointment. It is recommended that all customers check the purchase protection arrangements with their debit or credit card provider (or similar payment provider) to ascertain whether a refund is available via another source. If no refund is available, customers should contact clairescustomers@ to lodge an unsecured claim in the administration. Customers with goods purchased after 13 August 2025 which are of unsatisfactory quality or which are not fit for purpose in accordance with consumer rights legislation should send proof of purchase and specific details relevant to the issue to clairescustomers@
