Latest news with #Glanbia
Business Post
23 minutes ago
- Business
- Business Post
US markets open in the red
The Iseq All Share closed in the green on Monday, up 0.16 per cent from the previous... Christian Dior has named Northern Irish designer Jonathan Anderson as creative director... Glanbia, the global nutrition group, said on Monday it has completed a €50... Wall Street's main indexes opened lower on Monday as global trade tensions and geopolitical... Luis Gallego, chief executive officer of IAG, said the weaker demand on transatlantic... A gas power plant worth over €100 million backed by Sustainable Development Capital... The European Central Bank is about to lower interest rates for the final time before...
Irish Times
3 days ago
- Business
- Irish Times
European shares rise amid Trump's China statements
European shares made cautious gains after US president Donald Trump said on Friday that China had violated an agreement on tariffs and issued a new threat to get tougher with Beijing. Europe's defensive sectors, such as utilities and healthcare, outperformed the big performers amid the tension between the world's two biggest economies. DUBLIN The Iseq All-Share index ended the session at 11,411.72, dropping 63.45 or 0.55 per cent. The index opened on a high, but a late surge was unable to counteract steady losses throughout the day. READ MORE Ryanair was one of the biggest losers in the day, and by far the most traded stock, dropping 1.56 per cent to €23.37. It came following the news that shares in the budget airline closed above €21 for a 28th consecutive day on Thursday, meeting a key performance target, with boss Michael O'Leary reportedly set to net a €100 million bonus as a result. Home builders declined on Friday, Cairn Homes dropped 2.89 per cent to €2.185. Kingspan Group fell 1.50 per cent to €75.50 and Irish Residential Properties REIT plc dropped 0.74 per cent to €1.072. Glenveagh Plc also retreated, dropping to €1.798, a decrease of 0.33 per cent. These losses were counteracted by defensive stocks Glanbia and Kerry Group, up 1.59 per cent to €12.80 and 0.05 per cent to €96.20 respectively. LONDON British equities ended higher on Friday. The blue-chip FTSE 100 gained 0.6 per cent and the midcap FTSE 250 rose 0.1 per cent. The benchmark index posted its best month in four. The mid-cap index posted its best month since July 2024. M&G said it had partnered with Japanese life insurer Dai-ichi Life to accelerate the group's expansion into European private markets, and give it greater access to markets in Japan and across Asia. Dai-ichi Life plans to buy a 15 per cent stake in M & G as part of the deal, the firm said, which would make it the largest shareholder in the British investment firm. Shares in M & G rose 5.5 per cent on Friday, making it the biggest riser on the FTSE 100. BP announced it has appointed David Hager to its board of directors, who joins following a 40-year career in the oil and gas industry, including as the former chief executive of Devon Energy. Mr Hager 'brings deep-rooted knowledge of the US upstream oil and gas industry', BP's chair Helge Lund said. BP's shares closed 0.5 per cent higher. EUROPE The continentwide STOXX 600 index ended 0.1 per cent higher, brushing off a temporary reinstatement of the most sweeping of Trump's tariffs on Thursday, a day after another court ordered an immediate block on them. On the day, most sectors were higher, with utilities and healthcare shares up 0.8 per cent each, while construction and materials stocks were at the bottom, down 1 per cent. Europe's aerospace and defence index was the top winning sector for the month, up about 14 per cent, as dimming hopes of a truce between Russia and Ukraine persuaded investors to buy ammunition stocks. M&G gained 5.5 per cent after it said Japanese life insurer Dai-Ichi Life Holdings will take a 15 per cent stake in the British insurer and asset manager as part of a strategic deal. French pharmaceutical company Sanofi fell 4.8 per cent to a more than one-year low after its experimental drug Itepekimab failed to meet certain conditions. Carrefour fell 6 per cent to the bottom of the STOXX 600 as the French food retailer traded without entitlement to its latest dividend payout on Friday. NEW YORK Wall Street's main indexes were under pressure in late-afternoon trading on Friday as Mr Trump accused China of violating a tariff agreement, ramping up tensions in a bruising trade war and clouding the last day of an otherwise strong month for equities. Most megacap and growth stocks fell, with Nvidia dropping in the aftermath of its results-driven rally on Thursday. Seven of the 11 big S&P 500 subsectors fell, with energy and information technology declining the most. Among other big movers on the day, Ulta Beauty jumped after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Shares of drugmaker Regeneron fell sharply after its experimental drug for patients with a type of lung condition commonly called 'smoker's lung' failed a late-stage trial, although it succeeded in another. – Additional reporting: Reuters, Bloomberg, PA.
Irish Examiner
25-05-2025
- Business
- Irish Examiner
John Whelan: Ireland's investors in the US under siege
US president Donald Trump has just opened a new front in his rush to grab a slice of the earnings of foreign companies, now targeting those already located in the US. The landmark tax bill, passed by the House of Representatives last Thursday, features the administration's key economic and political priorities with a hefty section dedicated to 'remedies' against 'unfair foreign taxes'. The bill considered the 'most significant piece of legislation that will ever be signed in the history of our country' according to Trump writing on his Truth Social platform, has spooked foreign investors in the US. Effectively, the bill seeks to scrap existing US tax treaties with other countries and introduce tax measures against foreign investors coming from countries that the US considers are implementing under-taxed profits rules. The bill plans to raise levies on local subsidiaries owned by companies in countries that have adopted 'unfair' foreign taxes. Analysis of government data by the US Tax Foundation stated that more than 80% of the current US FDI stock emanates from countries caught by the bill's retaliatory tax provisions. Ireland with its low corporation tax is clearly in the target zone. Irish companies will be impacted by tax provisions And Irish companies such as Glanbia with more than 20 production facilities and several innovation centres across the US in locations including Chicago, Idaho, Michigan, and California, could feel the pain. Glanbia and its shareholders, which generates a significant proportion of its €3.3bn revenue in US dollars, will be impacted by the significant tax provisions of the bill if passed by the Senate. Currently, US tax treaties make dividend payments to parent companies abroad tax-free. However, the 1,100-page bill, which will now move to the Senate, proposes hikes to withholding taxes (WHT) and other taxes on companies from countries that have adopted the undertaxed profits rule (UTPR) within the 15% global corporate minimum tax framework, as well as digital services taxes or so-called diverted profits taxes. Ireland has implemented the 15% global corporation tax which is clearly targeted by the bill, but fortunately has not implemented the digital services tax, which many EU countries have. However, Irish companies are among the biggest foreign entities investing in the US economy, both in terms of the amount of investment and the number of jobs they create and will be among the most impacted globally by the bill, if implemented as Trump intends. Estimates by the bipartisan US Joint Committee on Taxation suggest the retaliatory taxes would raise $116bn in revenues over 10 years but would drop off after 2033. Jonathan Samford, CEO and president of Global Business Alliance, noted this is because foreign subsidiaries would be 'forced to scale back their US operations'. The bill proposes increasing WHT on dividends to foreign parent companies by 5% each year up to a maximum of 50%. And apply the same increases for corporate taxes on the so-called 'effectively connected income' (income earned by a foreign entity that is connected with its business in the US) up to a maximum of 41%. The profile of Irish companies operating in the US is hugely varied and includes many industries such as food and retail, building materials, technology, and financial services, to name a few. The size and scale of Irish organisations with a footprint in the US also vary, from emerging start-ups just beginning to establish a foothold to large, well-established and mature multinationals. Larger Irish-owned companies such as Glen Dimplex, Orna, Kerry Group, Kingspan as well as Glanbia will be the first to be impacted. The US government's goal is to convince foreign governments to rethink their implementation of their allegedly unfair taxes. 'Investors from foreign countries are being subject to additional tax in the US in an effort to encourage the investors' home country to change their law with respect to UTPRs and digital service taxes which some lawmakers view as penalising US companies,' said Jason Smyczek, principal of international tax at Deloitte in Washington DC. The bill, passed last Thursday by the US House of Representatives, now has to go forward to the Senate, where ultimate responsibility lies. Given the hold that Trump's Republican party has in the Senate, it is likely to be passed into law, but there may be some amendments, which may soften the blow for Irish and international companies located there. Read More John Whelan: Airlines feeling the pain of Trump policies
Irish Times
19-05-2025
- Business
- Irish Times
European stocks subdued as corporate news outweighs US credit downgrade
European stocks closed flat on Monday, following a five-week winning streak, as declines from a surprise US credit rating downgrade were offset by upbeat corporate updates. The pan-European Stoxx 600 index pared earlier declines to close 0.1 per cent higher, hovering around the seven-week intraday high it touched on Friday. Credit rating agency Moody's cut its ratings on US debt on Friday, citing concerns about the nation's growing $36 trillion debt pile, which sent jitters across global markets earlier in the day. 'The downgrade reflects what markets already know: we're in a new fiscal regime defined by austerity via tariffs and caps... Don't overreact to the downgrade itself as history shows these calls often lag the fundamentals,' said Lale Akoner, global market analyst at eToro. READ MORE Dublin Ryanair shares rose almost 5 per cent to €23.48 after the airline said fares would rise this summer after a year of lower fares saw the budget airline's profits fall 16 per cent. Profit after tax slipped to €1.61 billion from €1.92 billion as passengers paid 7 per cent less on average than in 2024 for their flights. Passenger numbers climbed 9 per cent to a record 200 million, the company said. Glanbia shares rose 2 per cent to €12.02 as investors push for a strategic review of the Kilkenny-headquartered food group. Both AIB and Bank of Ireland fell marginally in line with financials across Europe. Europe Travel and leisure stocks were the biggest gainers on European indices. After Ryanair's results, Lufthansa and EasyJet rose 2.6 per cent and 3.2 per cent, respectively. BNP Paribas rose 3.4 per cent, one of the biggest boosts, after the French bank announced a share buyback plan worth €1.08 billion. Some luxury stocks declined after China's retail sales data for April missed expectations. Moncler dropped 2.2 pe cent, LVMH fell 1.1 per cent, while the broader index was down 1 per cent. Volkswagen fell 5.2 per cent to the bottom of the STOXX 600 as it traded ex-dividend. London London stocks ended at a seven-week high on Monday as the UK struck a wide-ranging deal with the European Union in the most significant reset of ties since Brexit, while a Moody's downgrade of US sovereign credit rating reverberated across global markets. The blue-chip FTSE 100 rose 0.2 per cent, climbing for the third straight day. The index had shed as much as 0.8 per cent earlier in the session. Nearly nine years after it voted to leave the bloc, Britain's deal with the EU included a security and defence pact, fewer restrictions on British food exporters and visitors, and a contentious new fishing agreement. The reset follows Trump's upending of the post-war global order, which has forced governments around the world to rethink ties on trade, defence and security. Among stocks, Diageo fell 1 per cent as the world's largest spirits maker unveiled a plan to cut $500 million in costs and make substantial asset disposals by 2028, as it looks to turn around its performance and reduce debt. New York Wall Street's main indexes slipped on Monday and Treasury yields spiked after Moody's surprise downgrade of the US sovereign credit rating due to mounting debt sparked anxiety about the fiscal outlook. Moody's cut the US sovereign credit rating to 'Aa1' from 'Aaa' late on Friday due to concerns about its ballooning $36-trillion debt, becoming the last of the three major credit rating agencies to downgrade the country. It had first given the United States its pristine 'Aaa' rating in 1919. Worries about the ever-increasing US deficit were front and centre as President Donald Trump's sweeping tax-cut bill - which Republican infighting over spending cuts had stalled for days - won approval from a key congressional committee on Sunday. Six of the 11 S&P sub-sectors fell, with consumer discretionary and energy being the worst performers. Most megacap and growth stocks recouped some of their losses around noon, though Tesla lagged with a 3.1 per cent fall. Highly valued tech stocks were pressured as rising rates tend to discount the present value of future profits. Chip stocks also sold off, with a gauge for semiconductor stocks losing 0.9 per cent. Additional reporting by Reuters
Agriland
16-05-2025
- Business
- Agriland
Tirlán announces no change in milk price for April supplies
Tirlán has today (Friday, May 16) announced that it will pay a total of 50.08c/L (including VAT) for April creamery milk supplies at 3.6% butterfat and 3.3% protein. This is consistent with the co-op's March supplies, with no change in price. The base milk price for April is 49.58 c/L (including VAT), which is also unchanged from March. The price also consists of a Sustainability Action Payment of 0.5c/L (including VAT) to all qualifying suppliers. The base price and Sustainability Action Payment will be adjusted to reflect the actual constituents of milk delivered by suppliers. The actual average price paid by Tirlán for April creamery milk, based on delivered constituents will be 54.99 c/L (including VAT), the processor. Tirlán chairperson John Murphy said that while markets are 'relatively stable' there has been a decline in returns for some individual products. Murphy said: 'We are pleased to be able to maintain farm gate milk price at over 50c/L for the high-volume month of April. 'The outcome of trade discussions over the coming period is likely to impact on market direction. Consumer reaction to higher prices will also need to be closely watched,' Murphy added. The board of Tirlán has said it will continue to monitor developments on a monthly basis. Tirlán Earlier this week (May 12), it was announced that over 11,000 Tirlán co-op members would benefit from a spin-out of €173 million worth of Glanbia plc shares. The board of Tirlán Co-operative Society Limited has approved the distribution of 15 million Glanbia plc shares to co-op members. Based on a Glanbia plc closing share price of €11.51 as of last Friday (May 9), this will be worth approximately €5,156 for every 1,000 shares that a member holds in Tirlán co-op, or over €16,804 to an average active Tirlán co-op member. The co-op said the spin-out was 'overwhelmingly approved' by members of Tirlán at a special general meeting held on October 4, 2024. Following the completion of the spin-out, Tirlán co-op will remain the largest individual shareholder in Glanbia plc, with 23.7% of the issued share capital.
