Breakfast Business

The new Banner Plaza on the M18 from the owner of Supermacs includes a supermarket, play area and a large food court a €20m investment and 120 new jobs.  But it was far from smooth sailing to get it opened.  In fact, it was 8 years behind schedule thanks to a number of judicial reviews and challenges from environmental groups and serial objectors. Joining Joe this morning was Pat McDonagh is the founder of Supermacs.

New figures for motor insurance by the Central Bank showed a 4% rise in premiums in the first half of last year. The National Claims Information Database shows that the cost of repairing cars went up again last year and is up 155% since covid but payouts for claims in the courts are down 24% in that time. That report comes on top of a huge surge in complaints to the Financial Ombudsman about insurers last year mostly for not paying out. All to discuss with Moyagh Murdock the Chief Executive of Insurance Ireland.

Wednesday's business news review along with Joe Lynam.

How often do you see some very special piece of old furniture and cover it immediately? Perhaps it’s the shape, the colour but more often than not it’s wood. My next guest sells special lighting, kitchen islands and tables and every piece is a story which is usually at least one hundred years old, whether taken from a convict ship or an old church or a railway sleeper. The company is called Copperfish and the founder Eoin Shanley, is our Green Businessperson of the month for March thanks to Repak.

Despite the trade barriers created by Brexit, the UK remains Ireland’s second biggest trading partner. But the red tape in shipping stuff from here to there is acting as a deterrent to trade. So now An Post is launching a new streamlined service for companies to get their goods to Great Britain called ‘UK Direct’. It includes pre-clearance and payments of any duties in advance. Garret Bridgeman is MD of An Post Commerce and joined Joe Lynam on the show this morning.

Tuesday's business news headlines with Joe Lynam.

Across the island of Ireland, 3.6 million people save with a credit union. They’re very local and connected to customers and have been slow to digitalise and try to compete with the traditional or neo banks when it comes to mortgage lending and account management. Now, many credit unions have signed up to a new digital platform to meet the banking needs of their customers. It’s called CU-Tech and the company behind it is the Irish business Metamo. Ciara Prendeville, Deputy CEO of Metamo, joined Joe Lynam on the show to discuss.

It’s not news that Ireland earns the lion's share of its Corporation Taxes from a handful of American companies and that it hasn't enough of large indigenous businesses. My next guest used to advise the Taoiseach Micheál Martin and is now a professor of economics in the University of Galway. He was commissioned by the Collison brothers to assess the long-term health of the Irish economy and has concluded that a pivot is now urgent if we are to improve the productivity of local companies. Alan Ahearne joined Joe Lynam on the show this morning.

Joe Lynam was joined by Mike O’Sullivan from Unio for Monday's business news review.

How many times have retailers had only seconds to judge whether a young adult is old enough to buy alcohol or vapes or cigarettes? Mercury Retail Services uses AI to fairly accurately estimate the age of a customer and the estimation service is already in use in the Galmont Hotel in Galway.      He also uses technology to monitor and hopefully prevent shoplifting. Joining Joe was Felim Meade the Business Development Manager with Mercury Retail Services.

Kate English from Deloitte joined Joe to look through Friday's business news stories.

France is Ireland’s biggest EU Trading partner these days, accounting for 11% of Irish imports. But a recent report from the France-Ireland Chamber of Commerce has highlighted some of the infrastructural and talent shortage failings that are holding it back. All to discuss with Chris Smyth, is the President of the France-Ireland Chamber of Commerce.

Thursday's business news review along with Joe Lynam.

Ireland is fairly well represented at the top tables of the European Central Bank.  The Central Bank of Ireland Governor sits on the body which decides interest rates, while Philip Lane is the ECB Chief Economist.  We also have Sharon Donnery who doesn't set rates but sits on the Supervisory Board of the ECB  and supervises the largest banks of the euro area. Sharon joined Joe on the show this morning.

Version-1 is opening up a brand-new AI facility in Ireland and creating 250 jobs and hundreds more north of the border as well as part of its digital transformation rollout. It’s a vote of confidence at a time of immense geopolitical upheaval. But will it lure a proper indigenous AI sector here? All to discuss with Roop Singh the Chief Executive of Version 1 .

Wednesday's business news review with Joe Lynam.

Today OpenAI has also published a study suggesting that most of us are using AI in the workplace to the extent that we gain 5 hours a week by doing so. But we still lack the AI skills and confidence to leverage its usage. Joe discussed this and more with Emma Redmond is the Head of OpenAI Ireland.  

My next guest supplies eggs to the biggest supermarkets in Ireland courtesy of 120,000 chickens supplying millions of eggs every year. Connolly eggs mostly supply organic and free-range products, and this month have signed a major deal with Marks & Spencer. But will they be impacted by rising inflation and animal feed costs caused by the war? Speaking to Joe this morning was Kevin Connolly the Quality Manager with Connolly eggs. 

Just shy of half the entire population of Ireland has some form of private health insurance. It means that when insurance companies such as LAYA, Irish Life or VHI increase their premiums But are the price rises that we have seen of late justified? And why is that 82% of us don't shop around for better health cover? All to discuss with Brian Lee, CEO of the Health Insurance Authority. 

Joe Lynam brings us Tuesday's business news review.