A special day, American elections and Irish fridges under siege

03 November 2026

Good morning. Today is a special day with US midterm elections and the news that Irish fridges are now under cyberattack. Elsewhere, another public-sector strike is on the calendar, the Central Bank is worrying about an AI crash, and the Government is explaining why repaying €8bn doesn't actually mean owing €8bn less. Quite a lot to celebrate for a Tuesday. Let's get into it.

1. Public-Sector Unions Announce Second National Strike. Public-sector unions have announced a 24-hour strike for Thursday, 12 November, after pay negotiations ended without agreement on Friday. The action follows last month's stoppage involving more than 300,000 workers, with unions arguing the Government has yet to make a credible offer. Public Expenditure Minister Jack Chambers warned of significant disruption to essential services. Both sides are due to engage with a Government-appointed group today, leaving another opportunity to avert the strike. Read more: RTÉ, Business Post

2. Cyberattack Hits SuperValu Refrigeration Systems. Refrigeration systems at 13 SuperValu stores were disrupted by a suspected cyberattack yesterday, forcing retailers to remove chilled and frozen products from sale. Owner Musgrave confirmed the issue was resolved by Monday evening, with stores operating normally and stock replenishment underway. Similar incidents affected supermarkets in Belgium, Sweden and Luxembourg, alongside an Ikea store. The disruption highlights how connected equipment can expose businesses to cyber threats well beyond their traditional IT systems. Read more: RTÉ, Business Post

3. Central Bank Warns AI Crash Could Threaten Irish Tax Receipts. Central Bank governor Gabriel Makhlouf warned that a market correction driven by stretched AI valuations would not surprise him, citing heavy borrowing and circular financing arrangements. Ireland's exposure extends beyond financial markets to its dependence on multinational corporation tax. Just ten companies contributed 56% of receipts in 2025. Makhlouf expects pharmaceutical revenues to be relatively insulated but says the impact on technology companies remains uncertain. He also wants more windfall taxes saved in State funds. Read more: Business Post: Market Warning, Business Post: Tax Exposure

4. Government's €8bn Bailout Repayment Is Actually Refinancing. The Department of Finance has clarified that plans to repay €8bn in European bailout loans involve replacing them with new Irish sovereign debt, rather than reducing the national debt by that amount. Finance Minister Simon Harris has authorised the NTMA to consider refinancing loans originally due in the mid-2030s, potentially in 2027 and 2028. The agency will proceed only where financially beneficial, with lower interest costs a possible advantage. Ireland's gross debt is separately projected to reach €243.2bn by 2030. Read more: Business Post

5. State Investment Fund Commits €100m To Dublin Offices. The Ireland Strategic Investment Fund (ISIF) is investing €100m in Dublin property company IPUT to support the redevelopment of 29 Earlsfort Terrace. The investment forms part of IPUT's wider €500m programme targeting premium office space, with the company managing approximately €2.7bn in property assets. IPUT has raised more than €400m in equity this year, reflecting investor appetite for high-quality Dublin offices even as demand for older, less desirable buildings remains more challenging. Read more: Business Post

Americans head to the polls today for midterm elections that could hand Democrats control of Congress, potentially limiting Donald Trump's ability to advance his tax, trade and spending agenda. More than 57 million votes have already been cast, with rising living costs dominating voter concerns. Meanwhile, Alphabet launched its second euro bond offering of the year and Oracle sought another $10bn in borrowing, as investors grow more sceptical of debt-funded AI spending. French trainmaker Alstom saw shares plunge as much as 31% after German project delays forced steep cuts to profit forecasts and raised the prospect of asset sales. Anthropic reported quarterly revenue approaching $17bn, but also a $23.3bn net loss ahead of its planned IPO. AI is still growing at extraordinary speed, but the financing bills are getting harder to ignore.

Legal & Regulatory

Legal and regulatory pressure is now about who gets heard before a decision is made.

Justice Minister Jim O’Callaghan and the Law Society agreed “time-bound” talks, due to start last Friday 30 October and run about a week, on adjusting the flat-fee criminal legal aid scheme. Solicitors want exceptions for same-day cases and those needing many hearings. The department says the reform’s speed-up aim must survive. Invoices for August and September fell 80% year on year, from more than 13,400 to 2,649.

Mr Justice Michael Quinn reserved his ruling on 30 October on whether to approve Bawag’s €2.97-a-share, €1.62bn takeover of PTSB. Objector Piotr Skoczylas argues the Minister’s vote should be counted separately, which he says would leave July support at 64%, below the 75% required. PTSB says the Minister receives the same price as everyone else. Axis Capital’s possible €3.20 approach still is not a formal offer.

Magnum Ice Cream Company and three subsidiaries are suing Aldi’s Irish arm in the Commercial Court, alleging trademark infringement and passing off, meaning trading on a rival’s reputation, through “copycat” ranges. It returns in May. In the music royalties trial mentioned in yesterday’s newlsetter that began on 27 October, performers’ body Raap alleges Phonographic Performance Ireland, controlled by major record labels, kept more than half of licence fees from 2013; PPI disputes this.

The CCPC gained a member, Clara Thornton, from 2 November, and the Legal Services Regulatory Authority reported 914 complaints, 9% fewer than the previous six months, with costs an emerging theme.

Watch for Mr Justice Quinn’s PTSB ruling, expected within two weeks of 30 October.

In Wednesday’s Tá, the Sector Spotlight will be Finance & Markets.

Tuesday – On the Move…

Keith O'Neill, BNP Paribas Real Estate Ireland: Appointed chief executive of the property advisory firm, having joined the business in 2007. He succeeds Adrian McCarthy.

Lidia Ponce de Leon, Coca-Cola Ireland: Appointed country manager, succeeding Amruta Vaidya. She will oversee the company's Irish operations and commercial strategy.

Ryan O'Reilly, WrxFlo: Appointed chief commercial officer at the Limerick-based manufacturing and logistics software company. The former Nuvei executive will lead international commercial growth.

Nadja D'Arcy, Salesforce: The company's Ireland country leader is targeting a 50/50 split between sales and engineering/R&D roles by 2030, as Salesforce looks to expand its technical footprint within its 3,000-plus Dublin workforce.

Ann Kirwan and James Meighan, Addleshaw Goddard: Promoted to counsel at the international law firm's Irish practice, alongside Ross Shaughnessy's promotion to managing associate.

A new survey found 43% of Irish workers aren't taking all their annual leave, presumably saving it for when the Galway Ring Road finally opens. After decades of delays, its final legal challenge has been withdrawn. Meanwhile, Magnum is taking Aldi to court over allegedly copycat ice creams even the nation's fridges are having a difficult week, with hackers apparently discovering that the freezer aisle is now part of the internet. Meanwhile, Central Bank governor Gabriel Makhlouf reckons Philip Lane would make a great next president of the ECB. Lane is Irish, previously ran our Central Bank and is already the ECB's chief economist. Not a bad promotion, although the Germans might want a word.

The Read – Business Post – From first click to final contract: An estate agent’s bet on ‘digitising’ property sales (Requires Free Account)

Michael O’Connor of OCM Estate Agents has spent three years and more than €1.2m building Property Links, a platform putting buyers, sellers, agents, developers and solicitors on one live dashboard. He says its new-home product has handled over 400 transactions and cuts administration by about 70%. The useful part is the limits: banks releasing deeds can still stall second-hand sales, and solicitors may keep talking off-platform. He is seeking €500,000 for UK expansion. Link: From first click to final contract: An estate agent’s bet on ‘digitising’ property sales

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