Norwegian sovereign wealth fund invests €400 million in Kingspan
Norway's sovereign wealth fund has taken a stake worth more than €400 million in Dublin-listed insulation and building materials specialist, Kingspan Group, the Sunday Times reports. Norges Bank, which manages the Government Pension Fund Global, took a 3.06 per cent position in the company at a share price of €75.50 on Friday. The total central bank managed fund is worth around $1.8 trillion.
In a trading update for the quarter ended March 31st, Kingspan said it overcame a slow start to the year to record a good financial performance. Group sales rose 9 per cent year on year to €2.1 billion, and were 'modestly ahead' on an underlying basis. Sales of its insulated panels rose 4 per cent, while underlying sales were broadly in line, while insulation sales saw a similar performance, and roofing and waterproofing sales were up 55 per cent on the acquisition of Nordic Waterproofing.
Amazon Web Services discussing €3.5 billion Arklow data centre takeover
Amazon Web Services (AWS) is in early takeover talks with Echelon Data Centres regarding its €3.5 billion data centre Arklow, the Business Post reports. Neither party in the discussions commented.
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Echelon, which launched the Arklow site project last month, are also planning a second data centre on a near-by site. The site was the first Irish data centre to receive a grid connection and is situated close to the SSE Renewables Arklow Bank Wind Park 2, from which it is said to be planning to purchase energy to offset the power demand from the data centre.
Four Star Pizza feels the heat during franchise tech tensions
Tensions have risen between Four Star Pizza and some franchisees following the introduction of a new digital trading system to handle sales within stores, The Sunday Times reports. Franchised pizza delivery business, Four Star Pizza Ireland, which owned by the Fitzwilliam hotelier Michael Holland is currently going through an expansion. Franchisees are said to be unhappy with the operation of the new system, and have resisted its implementation.
The Sunday Times said it understands that franchisees have consulted legal advisers and are seeking a meeting with management on the matter. A statement from Four Star Pizza management said that it had a forum for franchisees to 'air opinions' and outside of which its communication 'has never been better'.
Ryanair flights grounded by GPS issues
Up to 50 Ryanair aircraft were temporarily grounded last week due to global positioning system (GPS) issues across a number of airlines, the Sunday Independent reports.
Newer aircraft such as the Boeing 737 Max and Airbus 320s were particularly impacted by the problems which left thousands of passengers facing significant delays over a number of days, peaking on Thursday, May 21st. While it is reported no passengers were ever put in danger by the issues, numerous flights from Dublin, Cork, Shannon, Kerry and Knock airports faced issues.
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Irish Times
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- Irish Times
Irish manufacturing output growing for fifth straight month
Irish manufacturing output recorded another 'robust increase' in May, extending the current period of growth to five months, according to AIB . Some Irish firms recorded subdued spending by US clients, but concerns about the impact of tariffs and global economic uncertainty had eased slightly in May. The bank's manufacturing purchasing managers' index (PMI) retracted slightly to 52.6 in May, after April's 34-month high of 53.0. The index remained above the neutral 50 threshold, indicating overall expansion in the sector for the fifth month running, the longest growth sequence in more than two years. READ MORE The latest improvement in overall business conditions was driven by relatively strong rates of output and new business growth, AIB said. 'The rise in May was broad-based, with robust growth in output and new orders, and signs of easing tariff-related concerns,' said David McNamara, AIB chief economist. Mr McNamara said the reading for the Irish manufacturing industry 'remains above the flash May readings for the Eurozone, US and UK at 49.4, 52.3 and 45.1, respectively'. AIB has increased its activity expectations for manufacturing business, having recovered from April's eight-month low. Staff hiring has increased to its fastest rate since January, in reaction to rising workloads and improving projections for customer demand. 'Export sales remained a weak spot in May, with total new work from abroad decreasing for the second month running,' the PMI said, noting anecdotal evidence from goods producers that export demand from US and UK clients was down on the previous month. [ EU warns it could accelerate retaliatory tariffs over US duties Opens in new window ] The destocking streak ongoing since February continued in May, with survey respondents indicating deliberate inventory reduction strategies or subdued demand as causal factors. Manufacturers saw a 'further sharp increase' in input prices, down only slightly from the 26-month high in April with the input price inflation linked to commodities and other raw materials. There was a corresponding level of output price inflation which increased slightly, with manufacturers passing on higher input costs they incurred in May, but AIB's chief economist noted the rate of inflation remains 'well below that observed throughout the past 12 months'. 'Despite ongoing geopolitical and tariff uncertainty, Irish manufacturers maintained a generally upbeat assessment of the outlook for activity levels over the coming year. 'Around 39 per cent of the respondents predict a rise in output levels during the year ahead, while 9 per cent expect a decline,' Mr McNamara said, reflecting data collected from the May 12th to 22nd.
Irish Times
3 hours ago
- Irish Times
Quarter of Irish people intend to include charities in will, survey finds
One in four Irish people intend to leave something to charity in their will, according to new research from the Charities Regulator . Small, local charities may benefit the most from those gifts, given they generate the highest level of trust among 1,000 Irish adults who were surveyed as part of the research. Half of the respondents to the regulator's online survey, conducted last December, said they donate to local charities, marking a significant increase since 2022. Trust in larger, international charities has declined the most in that time. There are 11,500 registered charities in Ireland. Those that received the most support over the last year were medical or health-related causes (39 per cent), homeless or refuge services (34 per cent), and local community organisations (31 per cent). Having a personal connection or interest in a particular issue or charity is the most significant factor influencing people who choose to donate. Seventy-one per cent of respondents believe trust and confidence in a charity is very important if they are to donate, down from 80 per cent who felt this in 2022. About a quarter of those surveyed admitted their confidence in charities has decreased, though this is less than the 37 per cent who said the same three years ago. READ MORE Almost two-thirds of respondents said their trust and confidence in charities are unchanged. An Garda Síochána and doctors are the only peer groupings that instil more trust and confidence in the public. Still, there is strong support for greater transparency around where donated money goes. There was a significant increase in the number of people with concerns around how much charities spend on administration. Respondents said they want more evidence of what charities have achieved and more information made available on their accounts. Two in five said they want to increase the amount of money they give to charity, while 18 per cent of those surveyed reported donating their time to charity. Given the perception of what constitutes a charitable donation, some people may not be fully aware that they are contributing to various causes. Madeleine Delaney, chief executive of the Charities Regulator, said the research shows 'continued solid' support for Ireland's charity sector, but 'with an important caveat that charities need to be more transparent about their income and how they are spending it to increase public trust and confidence'. She said the Register of Charities has a record of every charity in Ireland, with an overview of their finances and the activities they undertake. She encouraged people who donate or are considering donating to find out more about the charity on the register, which can be found at .
Irish Times
3 hours ago
- Irish Times
Pizza maker invests €12.5m on extended Tesco deal
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