Aer Lingus loses altitude, Harris discovers spending, and Guinness charges €350 to teach you how to drink it

06 November 2026

Good morning. It's Friday, and Irish business is closing the week with airlines feeling the squeeze, personal borrowing hitting records and ministers arguing that Ireland needs to spend less and Europe needs to do less paperwork. We've also got a €350 Guinness tour, a Cybertruck in search of a retirement home and a rather good Business Post podcast with Greencore boss Dalton Philips. Let's get into it.

1. Irish Aviation Sees Profits Going In Opposite Directions. Aer Lingus reported a 57% fall in nine-month operating profit to €108m, citing fuel costs and intensifying North Atlantic competition. Parent company IAG's Q3 operating profit also fell to €1.73bn, below expectations, with annual capacity now forecast slightly lower. Meanwhile, Dublin-based aircraft lessor Avolon reported a 43% jump in Q3 net income to $214m, having recently ordered 250 aircraft. Airlines are struggling with the costs of flying, while Irish aircraft leasing continues to benefit from global demand. Read more: Aer Lingus, IAG, Avolon.

2. Harris Warns Ireland Is 'Addicted To Spending' As Chambers Targets EU Red Tape. Speaking at the Business Post Economic Outlook Forum yesterday, Tánaiste Simon Harris called for a reassessment of how much corporation-tax revenue is permanent, warning against excessive spending, almost as though he isn’t the Finance Minister. Public Expenditure Minister Jack Chambers defended efforts to find savings across Government departments and criticised the EU's slow progress on reducing bureaucracy. With Ireland holding the EU Council Presidency, Chambers wants faster implementation of the Draghi and Letta competitiveness recommendations, particularly to make European business and investment easier. Read more: Harris, Chambers

3. Irish Personal Borrowing Reaches Record Levels. More than 288,000 personal loans worth €3.1bn were taken out in the year to June, the highest volume since BPFI records began in 2020. Second-quarter lending increased 13.7% in value to €857m, with home-improvement loans reaching a quarterly record of €262m. Car lending also grew, while the number of green loans jumped 61.5% year-on-year. Irish consumers are borrowing more for homes, cars and energy upgrades, even as higher living costs continue squeezing household budgets. Great for business... Read more: Business Post

4. Ireland Ranks Second Globally For Pharmaceutical Competitiveness. Ireland has climbed to second place among 40 countries in BAK Economics' latest pharmaceutical and chemical industry competitiveness index, just behind the US and ahead of Switzerland. Strong productivity helped Ireland score 123 against America's 124, although researchers warned of underlying weaknesses and falling exports of ingredients used in weight-loss drugs. Ireland remains a global pharma heavyweight, but its competitive position cannot be taken for granted. Read more: Business Post

5. Irish Companies Are Becoming Major Investors In America. Enterprise Ireland chief Jenny Melia told yesterday's Economic Outlook Forum that Ireland's ten largest employers in the US now employ over 125,000 people, with Ireland ranked sixth for foreign direct investment into America. US states are competing for Irish businesses, particularly those specialising in data centres and energy infrastructure. Irish investment in America is becoming as important a story as American investment here. Read more: Business Post

The Bank of England raised interest rates from 3.75% to 4% as the Iran war's energy shock pushed UK inflation to an 11-month high, with another increase possible in December. Across the Atlantic, Wall Street's post-midterm rally faded on Thursday, with the Nasdaq falling 1.22% in early trading amid concerns that Democratic control of Congress could bring tighter AI and data-centre regulation. European markets fared better, with the Stoxx 600 and FTSE 100 reaching record levels. Germany's Rheinmetall saw shares plunge 17% after cutting sales forecasts over delays to a €12bn military contract, while Airbus faces a year-end scramble to deliver another 250 aircraft and meet its annual target. European industry has plenty of demand, but meeting it is proving rather expensive.

Property & Energy

Demand for Irish property and power is outrunning supply, and the week’s news is about who builds and at what cost.

Dublin offices show it most clearly. Knight Frank counts about 1.5 million sq. ft. let this year, 72% of it pre-let. Tech, media and telecoms firms take 30% and Dublin 2 vacancy is 6%. Knight Frank flags a constrained pipeline beyond 2027, with Business Post saying 2028 looks thin unless building starts within six months.

On housing, the Government published its National Planning Statement on Apartment Standards on Wednesday. It mirrors July 2025 guidelines whose legal challenge has been referred to the European Court of Justice, so the dispute stays open, and Sinn Féin and the Social Democrats criticised it. South Dublin County Council dropped councillors’ proposed limits on bulk home purchases after the planning regulator, the Land Development Agency and Cairn objected, while the LDA applied for 564 Ballymun apartments, subject to permission, with building targeted for 2028.

On energy, Energia opened its seven-turbine Crossmore wind farm in Clare, one of three projects to reach commercial operations under its 2022 Microsoft agreement. Orsted has reportedly hired KPMG to explore options, possibly including a stake sale, in the ESB joint venture on the Tonn Nua offshore wind project, according to the Sunday Times. The partners say development is progressing. Meanwhile ESB raised public EV charging prices on 2 November, reportedly by 15% to 18% after a July rise, citing wholesale costs.

Watch for the Energy Affordability Action Plan, which Minister Darragh O’Brien promised for October and which does not yet appear to be published.

In Monday’s Tá, the Sector Spotlight will be Tech & AI.

Friday – The Week in Summary…

Irish business had a week of strong economic figures, rising costs and some uncomfortable corporate results. GDP grew 5.5% in the third quarter, housing completions increased 10.4%, and manufacturing activity strengthened, but retail employment continued to decline and service firms reported their fastest price increases since 2023. Bank of Ireland raised its earnings outlook, while Ryanair, Aer Lingus, CRH and Smurfit Westrock showed how fuel, freight and operating costs are eating into profits. Abroad, the Democrats' US midterm sweep changed the outlook for Trump's trade and tax agenda, while renewed doubts about AI valuations matter particularly for Ireland's multinational-dependent tax base. At yesterday's Economic Outlook Forum, Simon Harris warned against treating exceptional corporation-tax receipts as permanent. Ireland's economy is growing strongly, but the week's results suggest businesses and the State have less room for expensive mistakes.

Guinness is offering a €350 tour of St James's Gate, complete with secret underground tunnels, a three-course lunch and a certificate proving you can pour a pint. At that price, you'd want to be qualified to brew the stuff too. Meanwhile, Elon Musk plans to wind down Cybertruck production in Texas to make room for the driverless Cybercab, potentially retiring the world's most expensive stainless-steel kitchen appliance. And then in Wexford, a rather unusual home has hit the market for over €995,000, complete with 4.3 acres, a basketball court, some out there shapes, and an EV charger. Ideal if you've already bought the Cybertruck and need somewhere to hide it.

The Listen - Business Post - Greencore’s Dalton Philips on Brown Thomas, DAA and his big regrets

Dalton Philips has led Brown Thomas, Morrisons, DAA and now Greencore, and this Business Post Podcast conversation with Peter O’Dwyer ranges across all of it. He discusses working under Galen Weston during the Celtic Tiger, managing disgruntled Morrisons shareholders, and why he thinks DAA’s limits on executive terms are “bonkers”, before addressing his exit ahead of his seven-year term. He also covers Greencore’s centenary, the £1.2bn Bakkavor takeover, completed in January, and the move towards premium food. A useful listen as this isn’t a podcast where questions are held back. Link: Business Post, Spotify

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