Live News: 125,000 connected to fibre through NBP; BoA reiterates ‘buy' rating for Flutter
07.45 - 125,000 connected to fibre through National Broadband Plan
Over 125,000 premises in Ireland have signed up to high-speed fibre broadband through the National Broadband Plan.
This is a takeup rate of 35 per cent, out of the total 361,000 premises connected to date, which is ahead of projections and international comparisons.
07.30 - Bank of America reiterates 'buy' rating for Flutter
Analysts at Bank of America have reiterated a buy rating for betting giant Flutter and set a share price objective of $295.
The analysts said the Dublin-headquartered company was well-positioned for long-term growth despite recent concerns around slowing US sports betting 'handle' - and persistently low 'hold rates'.
The reassessment followed Flutter competitor DraftKings's first-quarter 2025 earnings, which, while highlighting some near-term pressure, revealed deeper structural positives for Flutter's FanDuel brand, the analysts said.
Emma Hanrahan has more.
07.15 - Asian markets mostly rise
Most markets in Asia rose in overnight trading, as the ongoing enthusiasm over trade continues.
CSI 300 (China): +0.97%
Nikkei 225 (Japan): -0.19%
TAIEX (Taiwan): +2.12%
Hang Seng (Hong Kong): + 1.71%
Kospi (South Korea): + 1.16%
07.00 - Good Morning
Good morning from the Business Post, Fionn Thompson here with you to keep you up to date on all the latest in business and current affairs.
Leading our site this morning is the news that Goldman Sachs is in talks for an Irish launch of its retail bank Marcus.
It's understood the group has held talks with regulators about an Irish launch of its retail bank Marcus, a move that could shake up the country's heavily concentrated market and give the Wall Street giant access to tens of billions of euros in deposits.
Elsewhere, the Irish Independent has reported that the Companies Registration Office (CRO) says IT failures mean automated strike-offs are still not possible.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
7 minutes 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.
Irish Independent
7 minutes ago
- Irish Independent
‘Ireland's returns are underwhelming' – savers are getting some of lowest value on deposit accounts in eurozone
Depositors remain at the bottom of the pack across the two major deposit categories – instant-access overnight accounts and fixed-term deposits, according to a survey compiled by savings platform Raisin. Overnight deposits – sometimes called 'easy access' – are the most common form of savings accounts in Ireland. Nine out of every €10 in savings is held in these accounts. Over the past year, Irish savers received an average return of just 0.13pc. The Raisin Bank analysis said this puts Ireland among the lowest in the eurozone for returns on demand deposits. German savers could avail of much better average rates of 0.55pc. Savers in this country fare slightly better on term deposit accounts, where money has to be locked away in a savings account for a period to get the full interest rate quoted. Raisin said: 'But even here, Ireland's returns are underwhelming.' The average Irish household received 2.44pc interest on new term deposits over the past year. This is compared with 3.06pc in Italy. Over the past 10 years, Irish savers had seen the lowest annualised returns of all countries surveyed, at 0.62pc, the Berlin-based bank said. Raisin said the loyalty of savers in this country to overnight accounts may be rooted in years of ultra-low or no returns, when moving money did not pay off. ADVERTISEMENT Learn more 'But the interest rate landscape has shifted. Term deposit rates have risen across the EU, and online banks are offering competitive deals that many in Ireland continue to overlook,' Raisin said. Holding on to bad savings habits is costing Irish households millions of euro a year in missed interest. The Central Bank recently revealed Irish households missed out on €800m in deposit interest last year alone. Eoghan O'Hara, country head for Ireland at Raisin, said low competition in the Irish retail banking sector may be a key factor in low rates. 'With only a handful of major players, and limited switching between banks or even account types, there's little incentive for institutions to offer competitive rates. In contrast, countries with more diverse banking landscapes, such as Germany, have passed on more value to savers.' It's the digital equivalent of stuffing it under the mattress He warned that Irish savers were being left behind, not only in relative terms, but also in real returns. 'In a high-inflation environment, earning little to no interest in an overnight savings [account] equates to a negative real return and a loss of spending power.' He said that when Dirt (deposit interest retention tax) is accounted for on the earnings, the net result is even worse. 'Keeping money in a low-paying, overnight account is essentially the digital equivalent of stuffing it under the mattress. It may feel safe, but your spending power is eroding,' Mr O'Hara added. There is about €160bn in household savings in Irish banks. Mr O'Hara said savers should ensure their money was working harder for them. They should explore the options and if possible lock away their money in a fixed-term deposit where they can get a much better rate. He also advised people to shift their savings to a bank that offers higher rates, and to look for serious offers in other EU countries.
Irish Independent
7 minutes ago
- Irish Independent
US college football game in Dublin expected to generate €130m for Irish economy
The Aer Lingus College Football Classic game between Kansas and Iowa State University will be held on Saturday, August 23, and has been described as the most competitive to take place on Irish soil. It is expecting to bring in 24,000 international visitors, mostly from the US. Grant Thornton's figures show three previous games held in Ireland brought €382m into the economy. The 2025 game will bring that figure up to €512m, it said. The game – which is expecting to attract viewership figures of 4.5 million when broadcast live on ESPN – is described as a high-profile opportunity to promote Irish culture by the Government. Tourism Minister Peter Burke said it will boost Ireland's tourism profile. 'Not only will the event generate significant revenue in August, the extensive coverage of the game in the USA will also put Ireland's vibrant tourism offering in the shop window for those planning a trip in the future,' he said. This series also delivers trade, tourism, business, community engagement and economic benefits A week-long run of business and political events are scheduled to take place, including an Irish-US CEO Club, where up to 450 senior executives will attend. In previous years, golf resorts around the country were among the big winners, as groups of visiting fans opted to extend their stays well beyond the day of the game. The match and the associated events are being supported by Tourism Ireland, Fáilte Ireland and Enterprise Ireland as part of a strategy to leverage international sporting events. 'The series has strongly positioned Ireland as a key overseas home for American football in Europe. Importantly, this series also delivers trade, tourism, business, community engagement and economic benefits,' junior culture minister Charlie McConalogue said. The title sponsor, Aer Lingus, says it is a valuable opportunity to increase transatlantic relations. 'The classic is a special event that celebrates sport, tradition, and transatlantic connection. We're proud to play a role in making these moments possible – connecting people, places, and possibilities through the power of sport,' Aer Lingus chief customer officer Susanne Carberry said.
