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The week ahead in business: EU industrial statistics, Diageo earnings and CSO environmental data

The week ahead in business: EU industrial statistics, Diageo earnings and CSO environmental data

Analysts will put particular focus on the Irish pharmaceuticals and manufacturing sector, as the global supply chains remain unsettled due to US president Donald Trump's constantly changing deadlines around tariffs. The latest is August 7, when a new set of tariffs is due to be applied to over 60 countries, and when the new US-EU trade deal, with a baseline levy of 15pc, is due to come into effect. However, the week is young. Who knows what it truly holds on the tariff front?
Tomorrow, global beverage giant Diageo will unveil its preliminary full-year 2025 earnings. The results come amid leadership upheavals in the company, with an interim CEO and CFO now in place in a bid to help improve investor confidence, following a volatile period in their shares.
With Ireland remaining a strategic location for Diageo's supply chain, any implications caused by these results will be closely watched by local operations.
On Wednesday, the Central Statistics Office (CSO) will issue the latest environmental data, focusing on annual air emissions. This will aim to set a baseline for Ireland's carbon reporting ahead of the acceleration of environmental actions being laid out in the government's Climate Action Plan of 2026.
Also on Wednesday, the Central Bank of Ireland will announce the monthly card payment statistics for July – data in relation to credit and debit card transactions undertaken by Irish households.
On Thursday we get the publication of two key sets of stats: the CSO's unemployment rate for July and its consumer price index (CPI) data. We're not expecting much change in either metric, but the unemployment figures are worth watching for any softening in the labour markets.
Rounding off the week, Friday will bring a snapshot of industrial production and turnover for July, offering insight of the performance in the multinational and traditional sectors.
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Trump's higher tariff rates kick in, hitting goods from major trading partners
Trump's higher tariff rates kick in, hitting goods from major trading partners

Irish Times

time24 minutes ago

  • Irish Times

Trump's higher tariff rates kick in, hitting goods from major trading partners

President Donald Trump's higher tariff rates of 10 per cent to 50 per cent on dozens of trading partners kicked in on Thursday, testing his strategy for shrinking US trade deficits without large disruptions to global supply chains, higher inflation and stiff retaliation from trading partners. US Customs and Border Protection agency began collecting the higher tariffs at 12.01am EDT (0401 GMT) after weeks of suspense over Mr Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them. Goods loaded on to US-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5th, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10 per cent import duty after Mr Trump paused higher rates announced in early April. But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced a separate 25 per cent tariff on Indian goods on Wednesday to be imposed in 21 days over the South Asian country's purchases of Russian oil. Ahead of the deadline, Mr Trump heralded the 'billions of dollars' that will flow into the US, largely from countries that he said had taken advantage of the United States. 'THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!' Mr Trump said on Truth Social. Eight major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions with Mr Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per cent. Britain won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per cent. 'For those countries, it's less bad news,' said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington. 'There'll be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way,' Mr Reinsch said. Countries with punishingly high duties, such as India and Canada, 'will continue to scramble around trying to fix this,' he added. Mr Trump's order has specified that any goods determined to have been trans-shipped from a third country to evade higher US tariffs will be subject to an additional 40 per cent import duty, but his administration has released few details on how these goods would be identified or the provision enforced. Mr Trump's July 31st tariff order imposed duties above 10 per cent on 67 trading partners, while the rate was kept at 10 per cent for those not listed. These import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminium, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100 per cent. China is on a separate tariff track and will face a potential tariff increase on August 12th unless Trump approves an extension of a prior truce after talks last week in Sweden. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in Ukraine. Financial markets largely shrugged off the new tariffs, with stock markets in Asia at or near record highs while the dollar dipped slightly. Mr Trump has touted the vast increase in federal revenues from his import tax collections, which are ultimately paid by companies importing the goods and consumers of end products. US Treasury Secretary Scott Bessent has said that US tariff revenues could top $300 billion a year. The move will drive average US tariff rates to around 20 per cent, the highest in a century and up from 2.5 per cent when Trump took office in January, the Atlantic Institute estimates. Commerce Department data released last week showed more evidence that tariffs began driving up US prices in June, including for home furnishings and durable household equipment, recreational goods and motor vehicles. Costs from Mr Trump's tariff war are mounting for a wide swath of companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum Brands. All told, global companies that have reported earnings so far this quarter are looking at a hit of around $15 billion to profits in 2025, Reuters' global tariff tracker shows. – Reuters

Corporation tax take defies tariff fears even as Apple bows to Trump
Corporation tax take defies tariff fears even as Apple bows to Trump

Irish Times

timean hour ago

  • Irish Times

Corporation tax take defies tariff fears even as Apple bows to Trump

Corporation taxes jumped fourfold in July compared to the same month last year even as the Government grows increasingly concerned about the multinational companies driving those revenues. Meanwhile, writes Eoin Burke-Kennedy, VAT receipts proved more modest than expected raising concerns about consumer spending. Apple agreed to spend another $100 billion on expanding its US manufacturing footprint as US President Donald Trump said he would impose a 100 per cent tariff on imports that include semiconductors, though would exempt companies moving production back to the United States. It comes as the 15 per cent tariff on US imports from the European Union kick in today. Meanwhile, as President Trump returns to the notion of supertariffs of the pharma sector, Eoin Burke-Kennedy examines what the latest pharma threats mean for Ireland? The future of accessories retailer Claire's is uncertain after the parent of the 20 Irish stores filed again for bankruptcy protection in the US. Conor Pope writes that restructuring firm Interpath which was tasked with finding a buyer for the European operation struggled to find a financial backer. READ MORE Sticking with retail, Hammerson's Irish boss, Connor Owens , who is credited with revitalising the group's Irish operations, has been headhunted by the new US owners of the Blanchardstown Centre to run its business here. Barry O'Halloran reports. A factory worker whose employer forced him to retire at 65 despite his contract having no such stipulation has been awarded €18,000 by the Labour Court. The Irish are buying back into foreign holidays as Central Bank data shows that credit and debit card users spent more on hotels abroad than in Ireland in June for the first time since 2022. Ian Curran has the details. Tourism Ireland spent over €2.4 million on a campaign to attract environmentally conscious visitors who were looking for a 'slower paced, more immersive holiday' and, according to early data it has been a success. Ken Foxe reports. In her Net Results column, Ciara O'Brien looks at the belated rise of femtech , noting that there is clearly money to be made catering to a group that comprises 51 per cent of the population and 48 per cent of the workforce. Meanwhile, Emmet Ryan looks at Big Tech's focus on partnering with major sporting events and wonders whether it will transform how we watch sports? Conscious of the limitations of Ireland's online banking offering, Niall Dennehy applied his background in banking, telecoms and digital payments to develop NestFi , an app that allows an extended family and friends invest in the future of a child. Finally, in our Inside Business podcast this week, host Ciarán Hancock talks to Siobhán Maguire about Revenue's recent wake-up call to influencers about how those freebies on which they build their brand are, in fact, taxable. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.

Tullow Oil shares hit a five-year low as asset sales shrink future cash flow
Tullow Oil shares hit a five-year low as asset sales shrink future cash flow

Irish Independent

time2 hours ago

  • Irish Independent

Tullow Oil shares hit a five-year low as asset sales shrink future cash flow

The Irish-founded, UK-based oil company said average production in 2025 may be as low as 40,000 barrels a day, less than half its output in 2018. Tullow, which was founded by Irish accountant Aidan Heavey in 1985, went on to become one of the UK stock market's hottest independent oil explorers after making several major African discoveries in the late 2000s. By 2012, the business had a market capitalisation of €18bn, boosted by speculation it was on the cusp of being taken over by an oil major, high prices and a string of oil finds. However, the cost of servicing debts taken on to develop its African interests combined with an oil price slump from 2014 shifted that trajectory dramatically. Shares have fallen from a high of £13 each in 2012 to below 12p each by yesterday. The shares sank as much as 22pc yesterday, the lowest since April 2020, after the company reported another production decline in first-half results. 'Our 2025 strategic priorities remain clear: refinancing our capital structure, optimising production, increasing reserves and completing the sale of our Kenyan assets,' interim chief executive officer Richard Miller said in a statement. He sold his vintage cars and mortgaged his house to raise £1m to get the business off the ground A company spokesperson declined to comment on the share drop, but said Tullow has a long-term strategy for oil production, having signed an agreement with Ghana in June to extend its licenses there to 2040. Tullow attracted a strong Irish following as it listed in Dublin and London, as shareholders bet on Mr Heavey. The former Aer Lingus accountant set up Tullow Oil after learning of opportunities to exploit small fields considered uneconomic by oil majors. The native of Roscommon sold his vintage cars and mortgaged his house to raise £1m to get the business off the ground and initially targeted Senegal in west Africa. He led the business for decades as it expanded into a significant player in the sector, before stepping down as CEO in 2017 aged 64, having stayed on as the firm struggled with the fallout of plunging oil prices in 2014 and 2015. More recently, Tullow has struggled to bring Kenyan fields onstream. This year it agreed to sell the Kenyan deposits and offloaded assets in Gabon.

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