Eoin Burke-Kennedy

Journalist at Irish Times

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Articles

Consumer spending boosted by popularity of Minecraft movie as families took advantage of school holidays

3 days ago | irishtimes.com | Eoin Burke-Kennedy

Consumer spending in April was aided by increased cinema outings driven by the launch of the popular Minecraft Movie, “and likely helped by the wet weather over the school break”, according to AIB’s latest spending tracker. The data compiled from 74 million card transactions carried out by AIB customers pointed to positive spending trends for tourism and hospitality (up 11 per cent year on year) while restaurant spending was up 10 per cent.
Tírlan urged to seek expert advice on Glanbia holding

3 days ago | irishtimes.com | Eoin Burke-Kennedy

The board of dairy co-op Tírlan has been urged to seek expert advice on how it should dispose of its stake in Glanbia plc. The group, which owns the Avonmore and Kilmeaden brands, has lost up to €500 million on the value of its holding amid a slump in Glanbia’s share price. It is currently in the process of spinning out 15 million Glanbia shares to members but at a greatly reduced value, an issue that has created tensions within the group.
Regulatory uncertainty blocking housing investment, Elkstone warns

3 days ago | irishtimes.com | Eoin Burke-Kennedy

Uncertainty around future regulations is frustrating investment in Ireland’s undersupplied housing sector, investment firm Elkstone has warned.
UK needs new EU trade deal, not scraps from the White House

3 days ago | irishtimes.com | Eoin Burke-Kennedy

A free trade agreement with the US was one of the big carrots dangled in front of UK voters by Brexiteers. There was talk it might boost UK-US trade by £40 billion a year. Back in 2019, then British prime minister Boris Johnson pegged it as a tonic to ease the pain of breaking with Europe, the UK’s largest trade partner. At the time US president Donald Trump whet appetites by promising London a “massive” trade deal to support Brexit.
AIB raises $750m in funding through bond sale

6 days ago | irishtimes.com | Eoin Burke-Kennedy

AIB has raised $750 million (€666 million) in funding through a new bond. The senior non-preferred bond was offered to investors at an interest rate of 5.32 per cent. AIB said the bond allowed it meet its regulatory capital requirements while reflecting “market confidence in AIB’s performance”. “Demand from investors was extremely strong, peaking at over $6.5 billion,” it said, meaning AIB received orders worth more than eight times the bond’s value.
Rupert Murdoch-owned Irish radio group sees losses narrow

1 week ago | irishtimes.com | Eoin Burke-Kennedy

Pretax losses at the radio group that operates FM104 in Dublin and other Irish stations narrowed marginally to €2.7 million last year. New accounts filed by the Rupert Murdoch-owned Wireless Radio (ROI) Ltd showed turnover for the 12 months ending June 30th last year rose to €23.4 million, up from €22.4 million previously. The company also operates Cork’s 96FM, Limerick’s Live 95, LMFM and Dublin’s Q102.
Trump’s tariffs could see up to 25,000 fewer jobs created in Ireland

1 week ago | irishtimes.com | Eoin Burke-Kennedy

As many as 25,000 fewer jobs would be created in Ireland if the European Union (EU) fails to secure a trade deal with the US to limit the impact of tariffs, the Department of Finance has warned. In its “annual progress report” to the European Commission, the department warned of the “far-reaching” consequences for this country of Washington’s increasingly erratic trade policy.
Explainer: What the Department of Finance says on the impact of Trump’s tariffs

1 week ago | irishtimes.com | Eoin Burke-Kennedy

What is the Government’s ‘annual progress report’? Under the EU rules, the Government is required to publish its economic and fiscal projections for the year ahead in a report known as the “annual progress report”. It used to be called the stability programme update. Usually, it contains the Department of Finance‘s growth projections for the economy and the financial resources it hopes to have for the upcoming budget.
Irish economy to experience growth shock from Trump’s tariffs, warns Department of Finance

1 week ago | irishtimes.com | Eoin Burke-Kennedy

The Irish economy will experience a growth shock while creating 25,000 fewer jobs over the next two years if the European Union fails to secure a trade deal with the US.
What’s gone wrong at Glanbia?

1 week ago | irishtimes.com | Eoin Burke-Kennedy

It’s hard to pinpoint exactly what’s gone wrong at Glanbia. There are several partial explanations, but no real smoking gun, nothing that can fully explain why the company’s share price is now back at the same level it was 12 years ago (€11) when the group today is larger with more assets.