Geopolitical uncertainty dulls business confidence, says survey
The survey carried out for lender Linked Finance found that business optimism amongst all Irish-based SMEs surveyed was 67% six months ago, but that has now dropped to 61%. One-in-three SMEs reported that that business results were lower year-on-year, an increase of 2% on the same period last year.
Large and medium-sized SME businesses continue to drive job creation, with 36% of respondents from these areas reporting higher employee numbers year-on-year. Employment growth appears to focused in Dublin, with only one-in-10 firms outside Dublin reporting increased employee numbers.
Overall, Dublin-based SMEs were performing better than those in the regions in terms of activity, the survey said, with 76% reporting trade was the same or higher – but for those based outside the capital, only 62% reported this was the case.
The research suggests large businesses are holding up well, but medium sized firms of four to nine people have seen the biggest change year-on-year, with almost a quarter reporting that business activity is down compared to the same period last year.
Only one-in-five medium-sized firms expect the third quarter of 2025 to bring a boost in business, compared to almost one-in-two when surveyed this time 12 months ago. Larger SMEs remain optimistic for Q3, with 46% expecting an upturn in business.
Linked Finance CEO Niall O'Grady said that it was understandable that some businesses are adopting a cautious mode, concerned about tariffs or revising their forecasts. 'We live in uncertain times, and it is not surprising that SMEs in Ireland are tempering their outlook given constant reports, and now confirmation, about tariffs. This is combined with continuing conflict in both Europe and the Middle East.
'However, there are several positive take-aways from the data, particularly that large companies remain bullish for the next quarter – which is important as they employ the most people here. In addition, micro businesses are seeing a slight improvement while the retail and wholesale trade is showing some green shots.'
The quarterly business confidence survey is conducted by Ipsos B&A on behalf of Linked Finance, amongst a sample of 360 business owners/managers countrywide.
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The Journal
2 hours ago
- The Journal
What's the beef between this previous and current presidential hopeful?
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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
3 hours ago
- Irish Times
Gareth Sheridan plays down business partner's Moldovan airline controversy as ‘not an issue' for election
Presidential hopeful Gareth Sheridan has said he knows 'very little' about his business partner's involvement in a controversial airline privatisation deal in Moldova . Speaking at the formal launch of his presidential campaign in Dublin, Mr Sheridan said he had not spoken to his business partner Serguei Melnik, who has succeeded him as chief executive of his company Nutriband for the duration of the campaign, about his involvement in the Air Moldova deal and possible links to Russian oligarchs. Mr Sheridan said he knew 'very little about that situation' and added that it was 'not an issue' in terms of the focus of his campaign, housing. The 35-year-old said he was confident he had a proposer and seconder to secure nominations for Laois and Tipperary county councils and declined to name four others he also believed he could secure nominations from. READ MORE Mr Sheridan, who would be the youngest ever presidential candidate if he secures a nomination, has budgeted for a campaign fund of up to €500,000, although he hoped to do it for less from his own funds. He said his net worth was $16 million (€13.7m) based on the current value of his shares in his business Nutriband and he has $500,000 (€429,627) in cash holdings. His campaign is focused on housing, he added, and he wants to 'make Ireland home again', a phrase he denied had Trumpian connotations. He pointed to Article 45.2.1 of the Constitution which obliges the State to direct policy so that citizens 'may through their occupations find the means of making reasonable provision for their domestic needs'. Mr Sheridan said people should be able to afford to buy a home in Ireland, which they are not able to do. Gareth Sheridan with his wife Heidi after the briefing at the Shelbourne hotel. Photograph: Alan Betson/ The Irish Times Launching his campaign at the Shelbourne Hotel, with his wife Heidi in attendance, Mr Sheridan started his address by drawing attention to media coverage of him in the last number of days, which he described as 'a little off'. He addressed his relationship with Sean Gallagher , who twice put himself forward unsuccessfully in presidential elections, and was executive chairman of Nutriband for four years to 2022. [ Mairead McGuinness drops out of presidential race due to health reasons Opens in new window ] Mr Sheridan said that after the company was listed on the Nasdaq in the US, it was decided to replace Mr Gallagher with Serguei Melnik, who had more experience with capital markets. 'We asked [Mr Gallagher] to voluntarily step aside on the same remuneration,' he said. 'Communication broke down at the next shareholder meeting' and Mr Melnik was voted in to replace Mr Gallagher. Mr Gallagher then resigned from the Nutriband board. 'I wish Sean the best in whatever he's working on,' Mr Sheridan said. In 2018, Mr Sheridan and his business associate, Mr Melnik, were fined $25,000 (€21,400) each by the US Securities and Exchange Commission (SEC), arising from the issuing of misleading statements by Nutriband in 2017 and 2018, when the two men were the company's only full-time employees. Nutribrand chief executive Gareth Sheridan with chairman Sergei Melnik. Photograph: Instagram Six statements made during the period mischaracterised the company's products as not requiring regulatory approval in the US, the SEC said. Asked about the fines, Mr Sheridan said they had received advice from two attorneys and a dermatologist who had independently advised that FDA approval was not needed. He said in the business he was in, 'you have to rely on people who are experts in that space. I'm not for a second claiming that I'm an FDA attorney'. Mr Sheridan was asked for a response to a report that his business partner Mr Melnik, the US-resident Moldovan lawyer who is chairman and chief executive of Nutriband, was a shareholder in a company that bought Air Moldova in 2018 in a deal that became the subject of controversy in Moldova, leading to an inquiry by a parliamentary committee. 'It's not an issue in terms of trying to put a focus on the housing crisis in Ireland,' he said. Asked if he owned a home or invested in the private rental market he said: 'We have our house in Utah and we have a rental house in Utah. We rent in Dublin.' He added: 'There isn't a housing crisis in Salt Lake City Utah, there is in Dublin.' He drives a 'used 2021 Mercedes hybrid'.
The Journal
3 hours ago
- The Journal
Millionaire Áras hopeful launches presidential campaign in the Shelbourne - here's what he said
THE MILLIONAIRE MILLENNIAL Gareth Sheridan chose the Constitution Room, the birthplace of the Irish Constitution in 1922, in the Shelbourne Hotel in Dublin as the location to launch his presidential campaign today. It's the second presidential launch we've had this summer, with the pharma tycoon worth €16 million, fielding robust questions from the Irish media as he enters the race. With his wife Heidi and his campaign team seated at the large Cabinet-style table next to the podium, the pharma tycoon (a terms he says he wouldn't use to describe himself) answered questions about the range of controversies that have emerged since his name first entered the race last weekend. 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Sheridan claims he has Tipperary and Laois councils backing his nomination, but stayed coy on the other two councils required. In order to run for president, a person needs at least four local authorities to nominate them or at least 20 Oireachtas members. Would he sign the Occupied Territories Bill into law as president? Sheridan said he would have 'no issue whatsoever' in signing the bill into law. Once the legislation is passed by the Oireachtas, the president must sign it into law. The former pharma boss said that he 'shares the opinions of the majority of the country, if not the entire country, that what's happening now in Palestine is nothing short of a disgrace'. 'When you start weaponising food and water and children are dying. I think it's the utmost finality of evil. Essentially, I think Israel will be on the wrong side of history indefinitely for what's going on over there. So I just want to make that point really clear,' he told The Journal. Advertisement He added that he has no shares that are linked to Israel. Did his company pay an Israeli hospital that trains Israel Defense Forces (IDF) soldiers $50,000 as part of a medical technology deal? The Ditch reported yesterday that his company paid an Israeli hospital that trains Israel Defense Forces (IDF) soldiers $50,000 as part of a medical technology deal. Sheridan told The Journal the 2020 transaction was connected with two doctors who happened to work at the hospital. They had developed a device that liquefied tablets for people that couldn't swallow or were incapacitated. The device would do very well in terms of treating people on the spot, explained Sheridan. 'It was a technology that we thought was very interesting, will be impactful on the world. Essentially, we took a gamble on it. The technology itself needed far more development than we initially thought… We don't have a continuing relationship,' he said. Was he fined in 2018 for making misleading statements about his company? Yes, he was fined $25,000. Nutriband was investigated by the Securities and Exchange Commission over company filings in the US. The (SEC) is is an independent federal agency of the US government that is responsible for regulating the securities markets and protecting investors. The SEC fine was related to a disclosure on a product that Sheridan says they were planning to launch with FDA approval. He told reporters they relied upon the advice from two attorneys and the dermatologist advising the company on that particular product. 'It happened to be a wrong opinion, and we basically took our fine and our cease and desist and said he will not do it again. We've had an excellent relationship with the SEC since. It was an honest mistake. You pay your dues and you move on,' he said. Did his mother object to social housing? After a story appeared in the Irish Examiner today, Sheridan confirmed that his mother did object to a housing project through her work. He said his mother 'broke down' when Sheridan asked her about it yesterday. 'It's something that is not in the personality of my mother by any means. My mother grew up in social housing. You know, she is one of my inspirations to tackle the housing crisis, and she's fully behind it. So I'm just really stressed about that. As a family, we find this as a core issue that needs to be tackled,' he said. What does he think about immigration and racist attacks? Asked about the recent attacks on the Indian community, Sheridan said 'it's certainly troubling but has become a 'little bit more prominent' now. 'I really stress that if that's something that you support or get behind, and I'm definitely not your candidate,' he said today. Describing immigration and migration in general as a 'tricky subject', Sheridan said these are 'not statistics at the end of the day. We're talking about people'. 'I think we have a migration problem both ways, right? We have an emigration problem because the youth are leaving in their droves, but we don't have an immigrant problem,' he said. Related Reads 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 Catherine Connolly, presidential hopeful, has given her first press conference — here's what she said The Journal / YouTube Sheridan said the government were unprepared and lacked foresight with the immigration system, which he said was set up in an inadequate way to deal with the inflow of people that want to move here. 'It should be no surprise to us that Ireland has become a destination where people want to live and want to raise a family and want to grow their life, and we should have seen that coming,' he said. 'But we also have to understand that immigration is healthy for the economy, right? It's a matter of making sure that we all get along,' he added. Is he against removing the Triple Lock? Sheridan said today that he is against changes to the Triple Lock. This is one of the key pieces of legislation that the next president may have to sign off on if government is successful in pushing it through. The triple lock system dictates that Irish troops in groups of more than 12 cannot be deployed abroad without approval from Cabinet, the Dáil and a resolution from the United Nations Security Council. The changes proposed by government include removing the UN Security Council element. 'I think we're Irish first and European second and they need to listen to the people a little bit more,' said Sheridan. 'I think there's an overwhelming objection of the idea that we would move forward with that. And I want to stress that we're militarily neutral, but we've never been morally neutral, and that's important as well,' he said. Would Sheridan like to see a united Ireland? Sheridan said it is something he would love to see in his lifetime, but he said it is a complex issue that cannot be rushed. He told the media that the idea of a united Ireland needs to be 'very seriously thought out', stating that 'the narrative that we need to rush to bring that through is a little bit unprepared'. Is housing going to be one of his key talking points? Yes, Sheridan said he is not going to bring his toolbox and start building houses, but he will champion the issue. My ideal home here is we claim to 'make Ireland home again'. He said there has been complete ignorance to Article 41.21 of the Constitution which enshrines the right to a peoples' domestic needs. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
