05 November 2026
Good morning. The State's tax receipts have passed €85bn, while the Central Bank is planning to cut up to 140 jobs in its own savings drive. Irish businesses are busy too, with Waterland lining up another investment and two AI startups securing funding. Abroad, Wall Street has welcomed a Democratic sweep of Congress, while Ireland's hospitals are having a considerably less cheerful week. Let's get into it.
The Top 5
1. Corporation Tax Surges As State Receipts Pass €85bn. Ireland collected €23.9bn in corporation tax during the first ten months of 2026, up 23.4% on last year, helping overall tax receipts rise 10.3%. Income tax increased 8.4% to €31bn, while VAT rose 7.3% to €20bn. Government spending also climbed 7.4% to €93.6bn. The Department of Finance cautioned that timing effects partly explain the corporation tax surge, with lower receipts expected later this year. Read more: RTÉ
2. Central Bank Plans Up To 140 Job Cuts In €75m Savings Drive. The Central Bank of Ireland has launched a voluntary severance scheme as part of a multi-year cost reduction programme expected to eliminate 120–140 roles. It is targeting €75m in savings against projected expenditure through 2030, including €26m in reduced pay costs. Most savings will come from non-pay measures, including lower consultancy spending and IT efficiencies. Read more: Business Post
3. Waterland Targets Further Irish Expansion With Aska Sykes Partnership. Dutch private equity firm Waterland is planning a significant investment in specialist equipment rental company Aska Sykes, which operates eight Irish depots and three in Poland, serving more than 3,000 customers. The investment amount has yet to be settled, but the partnership is intended to support expansion across Europe. Waterland previously earmarked €250m for Irish investments over 18 months, with Aska Sykes joining its growing portfolio of businesses. Read more: Business Post
4. Irish-Founded Startups Secure Funding For AI Innovation. Irish-founded, Stockholm-based Juritas has raised €1.4m in pre-seed funding, led by Passion Capital, for software that helps businesses identify unclaimed discounts, missed payments and other value hidden in supplier contracts. Separately, Trinity College Dublin spin-out Oghma won a €500,000 investment prize from Berlin-based investor Caesar for its AI platform that makes scientific research data easier to use. Both are applying AI to expensive, labour-intensive problems in business and research. Read more: Juritas, Oghma
5. Irish Business Giants Take Different Paths To Growth. Paddy Power-owner Flutter's new CEO Dan Taylor has outlined a turnaround strategy focused on improving profitability and operational efficiency after a difficult period for the betting group. Elsewhere, Glanbia raised its full-year earnings-per-share growth forecast to 22–24% following 9.9% like-for-like revenue growth, driven by strong demand for sports nutrition. Kerry Group also opened a new Dubai research centre to develop food and drink products for Middle Eastern markets, extending its international innovation network. Read more: Flutter, Glanbia, Kerry
World in 60 Seconds
Wall Street rallied after Democrats swept both houses of Congress in the US midterms, with the S&P 500 gaining 1.46% and the Dow rising 2.54%, as investors welcomed the prospect of greater checks on Trump's spending and tax agenda. The dollar weakened and Treasury yields fell, while Brent crude slipped below $100 a barrel on renewed hopes of progress towards ending the Iran war. The election result could also complicate America's AI expansion, with Texas's newly elected Democratic governor Gina Hinojosa threatening a moratorium on data-centre development. Meanwhile, venture capital giant Sequoia Capital is closing its London headquarters, arguing it can back European startups from California, while Kraft Heinz agreed to sell its North American coffee business in a $650m deal.
Today’s Sector Spotlight
Health & Pharma
Ireland’s hospitals have just logged their worst October on record, and the fixes on offer are measured in years.
The INMO counted 12,672 patients treated on trolleys, chairs or in corridors last month, with more than 110,000 so far this year. Health Minister Jennifer Carroll MacNeill told the Dáil on Tuesday that the HSE’s narrower trolley count was 454 that morning, down from 544 a week earlier but up from 375 on Monday. The HSE blames the public-sector work-to-rule for adding pressure, while the INMO blames recruitment limits and wants elective work halted.
Department of Health Secretary General Derek Tierney said on Tuesday that a national electronic health record needs ten years of investment to replace hundreds if not thousands of unconnected systems, with vendors shortlisted.
Irish-headquartered Perrigo agreed on 29 October to sell its infant formula business to MeridianMade for up to $175m (€156m), but only $40m is upfront cash, with $135m tied to performance targets to 2030. The unit had $380m of sales in the year to June but only $8m of adjusted operating income, and Perrigo expects a non-cash charge of $275m to $375m in the fourth quarter. Closing is expected in the first half of 2027, subject to regulatory approval.
In the US, CVS moved from reports to announcement on Wednesday, with plans to separate its pharmacies from Aetna and its drug-benefit manager Caremark by the first half of 2028. Its shares fell 12.6%, according to Reuters.
Watch whether the HSE curtails elective activity as the INMO demands.
In Friday’s Tá, the Sector Spotlight will be Property & Energy.
The Rotation
Thursday - The Deal Desk…
Harpstone → Three Acquisitions: Irish recruitment group Harpstone has acquired Kildare's Sonas Technical, Cork's Hamilton French and Waterford's Aphex, bringing its portfolio to 13 businesses generating approximately €175m in annualised revenue. Read more: Business Post
DoorDash → Instacart: US food-delivery giant DoorDash agreed to acquire grocery-delivery rival Instacart for $17bn in cash and shares, expanding its reach in online grocery shopping. Read more: Business Post
Thrive Holdings → ADT: OpenAI-backed Thrive Holdings announced a $15.3bn takeover of US home-security company ADT, adding another established business to its investment portfolio. Read more: Business Post
Perrigo → Infant Formula Business: Irish-headquartered consumer-health group Perrigo agreed to sell its infant formula business for up to $175m, comprising $40m upfront and up to $135m in contingent payments, as it streamlines its operations. Read more: Business Post
The Craic & the Scéal
Apparently, booking a hotel early isn't always cheaper, with RTÉ reporting that last-minute guests can sometimes get better rates than the organised ones, that’s if you can handle the anxiety and the inevitable disappointment. Meanwhile, the hackers behind Binance's $6.3bn heist are discovering that stealing cryptocurrency in 20 minutes is considerably easier than spending it, with billions already frozen or seized. RTÉ explains that investigators can track the stolen funds as they move. So apparently, both hotel guests and international cybercriminals are learning the hard way that timing is everything.
Worth Your Time
The Read – Business Post – ‘Disposable income is key in life’ – Voya founder Mark Walton’s money rules (Requires free subscription)
Voya co-founder Mark Walton answers a run of money questions with refreshing plainness, and the habits travel well beyond skincare. He started a pension in his mid-20s on roughly the price of a few pints, and prizes clearing the mortgage even where investing might pay more. He reviews bank payments every couple of months, catching app subscriptions that outlived the app and media rates that jumped after the introductory period. Spending goes on experiences and fewer, better clothes, not impulse buys. A quick, practical read for anyone whose budgeting has become a matter of faith rather than Excel. Link: ‘Disposable income is key in life’ – Voya founder Mark Walton’s money rules
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