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Government warned to scale back spending

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The Government has been warned to scale back spending or risk overheating the economy.

In its latest quarterly bulletin, the Economic and Social Research Institute (ESRI) said the Government’s fiscal stance, including the proposed €9.4 billion budget for next year, was adding to demand pressures at the wrong time in the economic cycle.

This could be damaging in the long-term “if capacity constraints or cost inflation” prevent the full delivery of the National Development Plan (NDP), it said. Eoin Burke-Kennedy reports.

Eoin also tells us that the Government’s housing targets will not be met this year or next, the Economic Social and Research Institute (ESRI) has warned.

The think tank predicted house completions would rise to 35,000 this year after a better-than-expected outturn in the second quarter.

Moves by the Trump administration to force pharmaceutical companies to lower drug prices in the United States would dramatically lower Irish corporation tax receipts, new research has warned.

However, the impact would not feed through to the exchequer until at least 2027, as corporation tax is paid a year in arrears. Dominic Coyle reports

The NFL comes to Dublin: How it became the richest sports league in the world

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C&C Group, the drinks company behind Bulmers and Tennent’s, faces limited sales growth over the medium term if it does not carry out mergers and acquisitions (M&A) to boost its stable of brands, according to analysts in a new report from RBC Capital Markets.

A “leading premium or craft” drinks brand deal, priced in the order of £200 million, would make more sense than targeting a key brand in the UK, RBC analyst Tania Maciver suggested in the report. A transaction of that size would equate to almost 40 per cent of C&C’s current market value. Joe Brennan reports.

The loss of 520 units in the retail and wholesale sector was the main driver as the rate of empty commercial properties across the State climbed to a record high of 14.6 per cent in the second quarter, new data shows.

A total of 30,800 commercial units were classified as vacant in buildings data group GeoDirectory’s latest commercial vacancy rates report. The analysis, prepared by EY, found the rate increased in 17 out of 26 counties compared with a year earlier. Colin Gleeson reports.

Countries are increasingly looking to retain control over sensitive data rather than leave it in the hands of private operators driven by profit. So should Ireland have its own sovereign AI? Ciara O’Brien reports.

Resident sage Cantillon notes that Bank of Ireland’s technology has been listed by Autonomous, the international financial sector research firm (owned by AllianceBernstein), as up there with the best in Europe. Cantillon also notes that efforts by Spanish lender BBVA to create Europe’s third-biggest lender appear to be coming to a head. And finally, our sage sees Aer Lingus blotting its copybook in the key US market.

The cyber security incident in Dublin Airport at the weekend was for air travel passengers, but the world we live and work in today is heavily reliant on invisible companies. That’s not a bad thing. An awful lot of the work these companies do is incredibly boring, despite being vital to basic day-to-day activities.

Improving oversight on important boring work is the only way to reduce such incidents in the future, argues Emmet Ryan in his column.

While motorists are becoming more used to the idea that electric vehicles are here to stay, there is still an element of consumer unease about buying one. The range anxiety issue has largely been addressed. What hasn’t is battery life and exactly how this piece of the puzzle works, especially when it comes to trading in and valuing a vehicle for the used car market.

Olan O’Sullivan cofounded BatteryCycle with Professor Fabiano Pallonetto last year to plug this battery evidence gap. Olive Keogh spoke to him.

Apple’s AirPods Pro 3 brings all the things you liked about the original buds and a few you may never have used – active noise cancelling, spatial awareness, conversational awareness to dip your audio – with some new technology wrapped inside, writes Ciara O’Brien in her review.

Green energy business Galetech Group has bought 50 per cent of wind turbine repair specialist, Blade Technical Services (BTS), the company confirmed on Tuesday.

Co Cavan-based Galetech employs 130 people in providing technical advice, project management, maintenance and other services to wind, solar and energy storage firms. Barry O’Halloran reports

If you’d like to read more about the issues that affect your finances, try signing up to On the Money, the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.

Business

Government could buy car parts to protect Jaguar Land Rover suppliers

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Ministers are considering stepping in to support Jaguar Land Rover’s suppliers after the carmaker was forced to suspend production due to a cyber-attack.

The attack at the end of August meant JLR was forced to shut down its IT networks. Its factories remain suspended until next month at the earliest.

Fears are growing that some suppliers, in particular the smaller firms who solely rely on JLR’s business, could go bust without support.

One idea being explored is the government buying the component parts the suppliers build, suppliers have told the BBC they are sceptical about the success of such a scheme.

The idea behind such a move would be to keep the companies in JLR’s supply chain in business until production lines are up and running again.

“To say we’re disappointed is an understatement,” said one supplier, who did not wish to be named.

They added the government “simply don’t understand the complexity of what they’re dealing with”, and “we don’t need promises, we need help”.

Chancellor Rachel Reeves was asked during a ministerial visit on Thursday if the government planned to support firms in JLR’s supply chain.

She said the focus was on getting the business running again, and the government was going to do “everything we can to stand by the company and the wider supply chain”.

JLR, which is owned by India’s Tata Motors, normally builds about 1,000 cars a day at its three factories in Solihull and Wolverhampton in West Midlands, and Halewood in Merseyside.

However, workers were sent home following the hack – which first came to light on 1 September – with no firm return date.

About 30,000 people are directly employed at the company’s plants with about 100,000 working for firms in the supply chain. Some of these firms supply parts exclusively to JLR, while others sell components to other carmakers as well.

There are also other companies that could be indirectly affected, such as cafes near to the manufacturing plants and transport companies that work with JLR.

JLR confirmed this week that its factories will not resume operations until at least 1 October, with earlier reports suggesting the disruption could last into November.

If the government was to step in, it is believed to be the first time that a company would have received help as a result of a cyber-attack.

Unions have called for a Covid-style furlough scheme, but ministers have ruled this out given its likely cost, sources have told the BBC.

While the purchase and stockpiling of car parts by the government is an option on the table, this would present considerable logistical challenges.

JLR’s manufacturing process relies on the right part arriving at the right place, at the right time.

Another option being considered are government-backed loans to suppliers, though this is understood to be unpopular with suppliers.

Speaking to BBC Radio 4’s Today programme, former Conservative mayor of the West Midlands, Andy Street, said the companies in JLR’s supply chain had been “very successful” and he supported offering them government-backed loans.

An investigation is under way into the attack, which is believed to be costing the company at least £50m a week in lost production.

It has been reported by industry publication The Insurer that JLR had not been able to finalise an agreement for insurance against a cyber-attack ahead of the incident. The BBC has contacted JLR for a response.

In recent years, dozens of high-profile hacks have prompted governments to take measures to help companies affected, with experts at places like the National Cyber Security Centre sent to help recovery efforts.

But the idea of supporting companies financially is something that has not been considered, as the burden is normally shouldered by the insurance industry or the companies themselves.

In the US, authorities have carried out “hack backs” against cyber-crime groups, which has led to the clawing back of millions of dollars that criminals have taken in ransoms that are then given back to victims.

JLR also has large factories in Slovakia and China, as well as a smaller facility in India, which have also been affected by the shutdown.

The Business and Trade Select Committee is due to meet on Thursday afternoon to hear testimonies from businesses in JLR’s supply chain.

This evidence will be shared with the government afterwards.

Senior government figures are concerned about a pattern of cyber-attacks on UK institutions and businesses, such as the British Library, Marks & Spencer, and the Co-op.

A group calling itself Scattered Lapsus$ Hunters has claimed responsibility for the hack on JLR, Marks & Spencer, and Co-op.

On Thursday, Co-op reported that the cyber-attack it suffered earlier this year cost it at least £206m in lost revenues.

JLR has been receiving support from the National Cyber Security Centre and the National Crime Agency.

The Department for Business and Trade said ministers had discussed “the impacts of the cyber-incident and how JLR can work towards restarting production”.

In its most recent statement, JLR said: “Our focus remains on supporting our customers, suppliers, colleagues, and our retailers, who remain open.”

Additional reporting by Pritti Mistry and Michael Sheils McNamee

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Walmart teams up with Spain’s La Liga, furthering the retailer’s investment in soccer

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foreground of header

  • Walmart is partnering with the Spanish soccer league La Liga and will be the first-ever presenting partner of “El Clásico,” a marquee rivalry match between powerhouse teams FC Barcelona and Real Madrid CF.
  • The partnership aims to grow the American soccer fanbase through large-scale viewing events, concerts, exclusive merchandise and in-store activations.
  • Walmart is doubling down on its investment in soccer ahead of the 2026 FIFA World Cup across the U.S., Mexico and Canada.
Real Madrid’s Spanish defender #20 Francisco Garcia fights for the ball with Barcelona’s Spanish forward #19 Lamine Yamal during the Spanish league football match between FC Barcelona and Real Madrid CF at Estadi Olimpic Lluis Companys in Barcelona, on May 11, 2025.
Lluis Gene | Afp | Getty Images

Walmart is bringing its brand to the biggest match in soccer.

The nation’s largest retailer plans to announce Thursday a partnership with Spanish soccer league La Liga as it looks to expand its foothold in soccer and capitalize on its growing fandom in the U.S.

Under the partnership, Walmart will become the first presenting partner of La Liga’s “El Clásico,” a rivalry matchup between its two powerhouse teams: FC Barcelona and Real Madrid CF.

“Teaming up with La Liga and El Clásico enables Walmart to fuel the energy create unforgettable experiences and give fans more ways to celebrate the game that they love,” Walmart Chief Marketing Officer William White told CNBC in an interview. “Ultimately, Walmart is looking to make it easier for fans to engage and participate in the game.”

The partnership will include a new logo featuring Walmart as the presenting partner for the rivalry matchup, which will be used across the U.S. and Canada and debut this season.

The rivalry game dates back to 1929 and has routinely attracted 650 million viewers across more than 180 countries, according to Walmart and La Liga.

The first El Clásico, which translates to “the classic” in Spanish, of the 2025-26 season is scheduled for Oct. 26 in Madrid, with the second match on May 10 in Barcelona.

Walmart and La Liga will launch the partnership ahead of the first match-up with a full weekend of fan events in Houston starting Oct. 24. The partnership will include large-scale viewing parties, concerts, meet-and-greets with former stars, co-branded merchandise and retail promotions.

“The U.S. is the top market for the league [La Liga] in terms of audience and business outside of Spain,” said Boris Gartner, partner and president at Relevant Sports, which together with La Liga formed the 50-50 venture La Liga North America to represent the Spanish league in the U.S., Canada, Mexico and Central America.

La Liga North America manages the league’s media rights and commercial agreements.

“This is not just about slapping two logos side by side. This is a true partnership with what we’re building,” Gartner said.

Spanish powerhouse clubs Real Madrid and Barcelona have been home to some of the biggest global names in soccer — including superstar Lionel Messi, who played for Barcelona until 2021 and now plays for Major League Soccer’s Inter Miami, and more recently the young French star Kylian Mbappe, who joined Real Madrid.

In the U.S., Disney’s ESPN airs La Liga games on its streaming platforms and TV networks. The company said in August the 2024-2025 season was its most successful for the league on ESPN platforms yet, with 5.4 billion minutes viewed across its networks and streaming services.

The Spanish league’s multi-year deal with Walmart is meant to build on this growing audience for La Liga soccer in the U.S., as well as the growing soccer fanbase ahead of the 2026 World Cup, which will take place across the U.S., Mexico and Canada.

“We came in knowing that the World Cup was happening in 2026 and that the sport was growing significantly in in the U.S., and that we needed to be part of that growth not just from a business perspective for the league in the large media market in the world, but also with the opportunity to help fuel the growth of the sport,” Gartner said.

In July, Walmart struck a multi-year deal with MLS to become an official sponsor and partner of the league. As of early May, MLS sponsorship revenue was up double-digits compared with 2024, CNBC reported earlier this year. Likewise, the U.S. soccer fanbase has surged, particularly since Messi joined the MLS ranks in 2023.

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Swinney apologises to injured footballer over ambulance wait

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imageCharlene Paterson

First Minister John Swinney has apologised to a young footballer who had to wait five hours for an ambulance after breaking her leg.

Brooke Paterson, 19, was injured while playing for Linlithgow Rose away at Cumbernauld United in North Lanarkshire on Sunday.

The central midfielder from Bo’ness, near Falkirk, has since undergone surgery in Forth Valley Hospital.

Speaking in parliament, Swinney apologised to Ms Paterson and expressed his “regret” at the situation.

The Scottish Ambulance Service (SAS) has also apologised for any distress caused by the delay in getting to the match, which it said was due to high demand and hospital turnaround times.

After the case was raised by Scottish Labour leader Anas Sarwar at First Minister’s Questions, Swinney said that it appeared the ambulance call had been misclassified, meaning it did not have “the priority it should have had”.

“That is not acceptable,” he said.

“That is an error that has been made and we have to look into whether that is the case and whether there are other steps that need to be taken to remedy that.”

Sarwar accused Swinney of having “broken the system” and said families across the country were suffering as a result of waits for accident and emergency treatment.

imageCharlene Paterson A girl with long brown hair smiles at the camera. She stands in front of a wire fence with grass behind it and she appears to be wearing a football stripCharlene Paterson

Ms Paterson said she ran to get the ball at the same time as a United player during the Lowland League match.

“She went for a slide tackle and I got the bad end of it,” she told BBC Scotland’s Drivetime programme.

“It just snapped straight away. I heard the snap and knew something bad happened.

“I just remember being in total agony and screaming and crying. I couldn’t focus – people were trying to talk to me and I couldn’t hear anybody. I was in a lot of pain.”

Teammates and onlookers at Guy’s Meadow Stadium rushed to her aid and several phoned for an ambulance after realising the seriousness of her injury.

“The ambulance said that it wasn’t a 999 emergency and I had to wait,” she said.

“The hours kept adding on and adding on, and I was getting more and more upset and frustrated. I was cold as well because I was lying on the ground.”

People covered her in jackets to keep her warm and comfortable as it got dark.

“I was more annoyed at the fact that they let me lie there on the wet grass, completely freezing with a bad injury,” she added.

“They took their time to come and get me. I just couldn’t believe they could do that to anyone.”

imageCharlene Paterson Two people kneel around a woman covered in a pile of jackets lying on the grass of a football pitch. It appears to be the eveningCharlene Paterson

When asked if the apology from the SAS was enough, she said: “I don’t know.

“I don’t know that they won’t do that to someone else and it’s obviously happened before. An apology isn’t enough to fix these problems.”

It is not known when Brooke will leave the hospital, as she is still struggling with the pain as well as putting weight on the injured leg.

“I’m just really, really sore and tired all the time,” she said.

The footballer said she had suffered bad injuries before, adding: “I know I can come back from something like this, but I know it’s going to take a while.

“I just need to remember why I play football in the first place and that will keep me going. It’ll get hard at points but I can’t give up. I’ve came too far to give up on football now.

“When I’m playing football, all my worries go out the door. I don’t have any problems when I’m playing football. It’s always brought me joy no matter what.”

Ambulance apology

A SAS spokesperson said: “We would like to sincerely apologise to Ms Paterson for the delay in the ambulance response and for any distress caused.

“We can confirm that we received a number of calls on 21 September to attend this incident but due to high demand and hospital turnaround times which ranged between 90 minutes to three hours in the area, this significantly delayed our response and we unfortunately could not attend immediately.

“When a time is appropriate, we would ask Ms Paterson or her family to contact our patient experience team directly so we can look into this case further and personally discuss our response. We hope Ms Paterson is recovering well.”

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