Hapag-Lloyd posts 3% lower net profit in H1, lowers top of FY forecast
The company projected full-year earnings before interest and taxes in a range between €0.2 billion and €1.1 billion, compared with between breakeven and €1.5 billion assumed previously.
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Irish Times
2 hours ago
- Irish Times
Ireland's electricity infrastructure policy rewiring should be a matter of public debate
Last month, one of Ireland's most significant policy statements this century regarding our infrastructure was published by the Department of Climate, Energy and the Environment . The policy statement on private wires - a major change to our electricity infrastructure , allowing for private lines to be constructed and connected between private generators and energy sources to users - will soon form a significant part of the government's agenda. The prospect of private wires offers a number of solutions in a number of areas. For example, it will potentially expand (private) electricity infrastructure for charging electric vehicles . By far the most interesting recent design development in this realm is the German company Rheinmetall's Curb Charger, which fits flush into a pavement, meaning no obtrusive charging arms or ugly charging stations that add to street clutter. READ MORE These policy changes will also allow data centres to bypass the electricity grid and connect directly to generators and energy sources such as wind and solar farms, thus fuelling themselves independently. This is policy that Big Tech seeks, and forms part of government strategy to support data centres. It can also be framed as a solution, albeit reactionary, to the pressure on our electricity grid. Data centres consume 22 per cent of all metered electricity in Ireland, representing a 531 per cent rise in a decade. As AI takes hold, the energy needed to power data centres is going to increase in ways that are almost difficult to conceptualise. [ Electricity storage policy and 'private wires' regime to speed up renewables delivery Opens in new window ] Amazon and Meta, with foresight, have already privately built wind farms, or wholesale bought the entire energy output of Ireland's largest solar farms. The reality is, energy infrastructure and the amount of power needed to fuel data centres is not expanding as quickly as AI and the data centres that run it are. Therefore, depending on how you view things, governments need to be dynamic in their policy responses, or the data centre tail is now wagging the electricity infrastructure dog. Remember, the 'cloud' is not a cloud. It's physical, and takes the form of gigantic, energy-ravenous buildings that pockmark the landscape around Dublin. There are plenty of questions about this next phase of the data centre boom in Ireland. Photographer: Liesa Johannssen-Koppitz/ Bloomberg As a nation, Ireland is now known as the data centre capital of the world. Unfortunately, we are not the energy infrastructure capital of the world. The grid could not take the number of connections being demanded. Something had to be done, because the die was cast. Right now, the majority of Ireland's data centres (and there are plenty more planned) are concentrated around the Greater Dublin Area, due to electricity and fibre infrastructure practical realities. This has put huge pressure on the grid, particularly in the capital, leading to a series of rolling tensions between the Commission for Regulation of Utilities (CRU), ESB Networks, local authorities, ministers, central government, Big Tech, the data centre industry, and their lobbying ecosystem. But what if the grid didn't matter? Data centres in the Dublin area that were denied grid connections may now have another option at powering themselves. Land bought up by data centre companies may now be viable for development. But what if Dublin was no longer the most convenient location for data centres? In the future, it will make more sense for data centres to be located closer to where offshore wind comes ashore. [ Cabinet approves scenarios for firms to build private electricity lines in Ireland Opens in new window ] So what if data centres could bypass both the grid and capital, and connect to energy sources via private wires and power themselves independently, anywhere? And what are the consequences of data centres potentially moving away from the Greater Dublin Area? We have already encountered many consequences regarding the first part of the data centre boom: the significant proportion of our metered electricity use and the ensuing grid capacity and connection issues. What will a new phase of the boom bring? Some of those consequences may begin to be felt in rural Ireland. The same month the Irish government published their policy statement, a cartoon by Lynn Hsu ran in The New Yorker, showing a father and son standing before a vast field. The caption read, 'One day, son, this farmland will be yours to sell to a tech company building a data centre'. [ Ireland's electricity grid struggles with increased supply from renewables Opens in new window ] Unlocking agricultural land for data centre development is an emerging matter of contention in the US. For example, Meta is building the largest data centre in the western hemisphere in rural Louisiana on what used to be soybean fields. Back in Ireland, Amazon and Bord na Móna have already announced a 'strategic collaboration', welcoming Amazon Web Services to Bord na Móna's 'Eco Energy Park'. Amazon also has a power purchase agreement with Derrinlough Windfarm in Offaly. Is rural Ireland ready for more? Building hyperscale data centres and the energy infrastructure to fuel them privately, obviously means buying land. Would an expansion into rural Ireland be met with enthusiasm by land-owning (and selling) farmers? What are the zoning implications? Will this be framed as investment in rural Ireland when data centres do not provide significant employment and the real jobs in the companies that own them are far away? Will rural grassroots organising resist industrial development? Or will data centres remain concentrated in Dublin, Meath, Louth, and Wicklow? There are plenty of questions about this next phase of the data centre boom in Ireland these policy changes will instigate. But at the very least, our electricity infrastructure policy being rewired should be a matter of public debate.
Irish Examiner
3 days ago
- Irish Examiner
Flick keeps faith in Barcelona amid registration status of Rashford and co.
Barcelona coach Hansi Flick remains confident his club will register key players including new signings Joan Garcia and Marcus Rashford in time for Saturday's LaLiga opener at Mallorca, despite ongoing financial fair play complications. The Spanish champions are still scrambling to register players due to LaLiga's strict financial rules, having spent more on signings and wages than they have generated in revenue for multiple seasons. "For me, the situation, you can imagine I'm not happy about that. But I know the situation and I believe in the club," Flick told reporters on Friday. "We have to wait till tomorrow. It was the same situation last season. "We will focus on what we can change and what is in our hands. The other things, I believe in the club." Barcelona signed goalkeeper Garcia from local rivals Espanyol in June while Wojciech Szczesny has signed an extension, but neither player has been registered yet. The club's registration headache has been partly resolved through some dramatic internal manoeuvring involving captain Marc-Andre ter Stegen. The German keeper initially refused to sign a long-term medical leave agreement that would clear 80% of his wages and help the club comply with financial rules. Sidelined for at least three months due to surgery, he was stripped of his captaincy before it was reinstated when he eventually agreed to the deal. "I think the most important thing is that everyone speaks together. Marc and the club, they spoke," Flick said. "The most important thing for me, for Marc and the club is that he comes back. "He's shown for many years here that he's a fantastic goalkeeper and the important thing is that he comes back and is ready to play. We'll all help him, we're all on his side." The departure of 34-year-old defender Inigo Martinez to Saudi Arabia's Al-Nassr has also freed up crucial salary space, although Flick admitted mixed feelings about losing the veteran who was a mainstay in central defence. "I was a little bit surprised but I could totally understand him. I'm not happy that he left, he's a fantastic player and has a great personality," Flick said. "He was one of our leaders, he was outstanding not only as a player but also a personality in the dressing room. He deserves this and I wish him all the best." Despite the defensive reshuffle, Flick indicated he will not rush into the transfer market, backing the versatile 23-year-old Gerard Martin to step up. "Gerard can also play in this position. From what I've seen, I really appreciate that. Last season, as a left back, he was fantastic and improved a lot," he added. "When he played as centre back, he was doing well. He's a good option. I like players who can play in different positions." Reuters
RTÉ News
4 days ago
- RTÉ News
Birkenstock beats profit estimates on strong full-price footwear sales
German sandal maker Birkenstock has today beaten third-quarter profit expectations, helped by strong full-price sales of its sandals and shoes, and said it was well placed to manage the impact of the 15% US tariff on European imports. The company also stuck to its margin forecast for the year despite a "significantly weaker" dollar. Birkenstock, whose suede leather closed-toe Boston clogs sell at $179.95 each online, has seen firm demand over the past several quarters as wealthy shoppers showed few signs of resistance to price increases. Sales grew 16% in constant currency terms in the Americas during the quarter, after 20% growth in the previous three months. Sustained demand and strong full-price sales have also boosted performance at high-end peers such as Ralph Lauren's Polo t-shirts and Hoka shoes from Deckers Outdoor, as shoppers prioritise sought-after and trendy products. Birkenstock's gross profit margin for the quarter ended June 30 jumped 100 basis points to 60.5%. The company had earlier said it expected to fully offset tariffs impact, helped by a low-single-digit price increase, as it sources and manufactures nearly all of its products in Europe. It reported quarterly revenue of €635m, compared with analysts' average estimate of €636.74m, according to data compiled by LSEG. On an adjusted basis, it earned €62 per share, above the estimate of €60. Birkenstock maintained fiscal year 2025 revenue growth at the high-end of its forecast range of 15% to 17% in constant currency.
