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Corporation tax receipts dropped 30 per cent in May amid major uncertainty arising...
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DUBLIN The Iseq All Share closed in the green Thursday evening, up nearly 2 per cent...
US stocks edged higher on Thursday after the call between US President Donald Trump...
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Irish Times
3 hours ago
- Irish Times
Oil prices expected to jump after US attacks on Iran
US president Donald Trump 's decision to intervene on Israel's behalf in its war with Iran is likely to see crude oil prices spike when commodities markets open on Sunday night, experts have warned, with potential consequences for the Irish and world economies. Oil prices have increased by 11 per cent since Israel's June 13th attack on Iran, but moved sharply up and down last week as investors weighed the potential for the conflict to impact global oil supply. Mr Trump's decision to bomb Iranian nuclear sites overnight on Saturday is likely to result in spot crude prices surging in early trading when the market reopens at 11pm on Sunday. Brent crude, the global benchmark for oil prices, closed at $77 (€67) a barrel on Friday evening. READ MORE While it could take several weeks for higher crude oil prices to feed into petrol and diesel costs in Ireland, prices at the pump have been ticking upwards in recent days as tension ratcheted up in the Middle East. Saul Kavonic, an energy analyst at MST Marquee, told Bloomberg on Sunday the market's reaction will largely depend on Iran's response. 'But this could set us on a path toward $100 oil, if Iran responds as they have previously threatened to. 'This US attack could see a conflagration of the conflict to include Iran responding by targeting regional American interests that include Gulf oil infrastructure in places such as Iraq, or harassing passage through the Strait of Hormuz.' The maritime chokepoint at the mouth of the Gulf is a vital conduit for not just Iranian shipments, but also for those from Saudi Arabia, Iraq, Kuwait and other members of the Organisation of the Petroleum Exporting Countries. Washington's intervention in the war and the White House's messaging have injected fresh uncertainty into an already anxious macroeconomic environment. Even before Israel's strikes on June 13th that killed several senior Iranian military commanders, economists warned that the global economy had entered into a period of heightened volatility with clear risks for Ireland. In its financial stability review earlier this month, the Central Bank of Ireland warned that the structure of the Republic's economy and its high level of integration with global capital means the effects of 'geopolitical and macroeconomic shifts abroad' can be amplified domestically. 'The potential for further fragmentation in global supply chains or tightening in international financial conditions could have material implications for Irish firms and households,' the regulator said. – Additional reporting: Bloomberg
Irish Examiner
3 hours ago
- Irish Examiner
Ballymore chief Sean Mulryan outlines plan to transform Athlone into green '15-minute city'
The founder of property firm Ballymore Sean Mulryan has proposed a plan to develop Athlone into a green '15-minute city' with a population of 100,000 in the next 15 years. Mr Mulryan has formed a steering group to look into the plan, which would see the TUS Athlone campus cater for up to 25,000 students as a centre of excellence in green technology and to construct 20,000 zero carbon homes in its first phases. It envisions road networks tailored for electric driverless buses, with 90% of Athlone's energy resources coming from renewable sources. "Our vision could drive genuine balanced distribution of the impending population growth in Ireland and offer a blueprint for sustainable, education-led, employment-driven, and environmentally focused urban development nationwide," said the Ballymore chair and chief executive, who is from Roscommon. 'We are sharing that vision now with wider Irish society, and we will do all we can to help it become a reality. But this plan needs to be driven from the top by government – by this administration and by the successor governments that take office in the years ahead – if it is to come to pass.' The new steering group for the plan sees Mr Mulryan joined by former chair of the Revenue Commissioners and chair of the governing body of Technological University of the Shannon, Josephine Feehily; Goldman Sachs private equity co-head and chair Adrian Jones, CAlchelyst chief Joan Kehoe, former DCU president Prof. Brian MacCraith,Iirhs Rail chief Jim Meade, and Ballymore deputy managing director Linda Mulryan-Condron, who is Mr Mulryan's daughter. Ballymore Group was established in 1982 by Mr Mulryan and has built 35,000 houses across Ireland, the UK, and Europe.
Irish Examiner
4 hours ago
- Irish Examiner
Tesla begins robotaxi service with self-driving cars doing city pick-ups
Elon Musk's vision of Tesla's future is set for a public test on Sunday, when a dozen or so self-driving cars in Austin, Texas start a limited, paid robotaxi service. Though Tesla is dispensing with a webcast product launch event helmed by Mr Musk, fans will be scouring the internet for videos and reports from the coterie of invited riders that will be allowed to hail the small stable of Model Y SUVs for trips within a limited area of the city, accompanied by a Tesla safety monitor in the front passenger seat. The driver's seat will be empty. "Wow. We are going to ride in driverless Teslas in just a few days. On public roads," posted Omar Qazi, an user with 635,200 followers who writes often about Tesla using the handle @WholeMarsBlog and received an invite. The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and won't take anyone below the age of 18. Mr Musk has said he is ready to delay the start for safety reasons, if needed. Tesla is worth more than most of its biggest rivals combined, and Mr Musk has said that is supported by the company's future ability to create robotaxis and humanoid robots. For years, he has promised self-driving cars were just around the corner. Commercializing autonomous vehicles has been risky and expensive. GM's Cruise was shut down after a fatal accident and regulators are closely watching Tesla and its rivals, Alphabet's Waymo, which runs a paid robotaxi service in several US cities, and Amazon's Zoox. Tesla is also bucking the young industry's standard practice of relying on multiple technologies to read the road, using only cameras. That, says Mr Musk, will be safe and much less expensive than lidar and radar systems added by rivals. Nonetheless, Mr Musk says he is being "super paranoid about safety" with the rollout. "So far, this launch lags significantly behind the company's promise and what competitors have already delivered," said technology researcher Forrester's principal analyst Paul Miller. Fans have welcomed the caution and the long-awaited arrival. Qazi said on X, Tesla was launching "extremely cautiously, which is good." Reuters
