23 October 2026
Good morning, and happy bank holiday weekend! We're closing the week with a Irish-founded tech acquisition, stronger results from Kerry, a busy mortgage market and some expensive problems for Meta. Property is also finding new uses for old buildings, while Lidl is putting €420m into Munster. Further in, there's possibility of an €8 matcha replacing your local dry cleaners. Let's get into it!
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The Top 5
1. Irish-Founded Sequence Acquired. Irish co-founded fintech Sequence has been acquired by US software giant Intuit, owner of QuickBooks and Mailchimp. Founded three years ago by Riya Grover, Eamon Jubbawy and Enda Cahill, Sequence uses AI to automate contracts, billing and revenue management. Having raised around $40m, the London and New York-headquartered business is now joining a Nasdaq-listed company seeking to strengthen its offering to larger business customers.
2. Kerry Delivers Growth As Ryanair Secures Shannon Expansion. Kerry Group reported third-quarter volume growth of 4.1%, beating expectations, and announced a €300m share buyback. Chief executive Edmond Scanlon pointed to stronger demand in the Americas and improving retail sales, although inflation remains a concern for 2027. Meanwhile, Ryanair secured planning permission for a €50m Shannon maintenance expansion, promising over 400 jobs. As global IPO proceeds have more than doubled this year, EY is also urging Irish companies to consider public markets for growth funding.
3. Irish Tech Founders Make Their Mark Abroad. Microsoft has nominated Stripe co-founder John Collison to its board, with shareholders voting on 8 December. Separately, Irish-founded property-tech company MARC raised $5m from investors including Irish tech founders Des Traynor and Ian Nolan. MARC has sold its original Irish business to focus on North America, where its AI platform checks property expenses and supplier invoices. Both developments show Irish entrepreneurial experience finding commercial opportunities well beyond the domestic market.
4. Irish Banking Sees Higher Rates, Stronger Lending And A Takeover Twist. Mortgage drawdowns reached €4.6bn in Q3, with first-time buyer volumes at their highest third-quarter level since 2008. PTSB raised fixed mortgage rates by an average 0.3 percentage points, while Bank of Ireland increased savings returns and Bankinter's Irish profits rose 21%. Meanwhile, Axis Capital secured provisional US investor interest for its possible €1.74bn PTSB counterbid, ahead of Tuesday's crucial High Court hearing on Bawag's agreed takeover.
5. International Companies Expand And Face Scrutiny In Ireland. French insurer AXA is investing over €10m to enter Ireland's life-insurance market through Laya Life, while UK transport-booking platform Trainline has launched Irish rail and coach bookings despite facing a UK pricing investigation. Meanwhile, the Central Bank fined Coinbase Ireland €3.2m over customer-fund safeguarding breaches, subject to High Court confirmation. Separately, proposed EU sanctions currently exclude restrictions on Aughinish Alumina's exports to Russia, although negotiations could change that.
World in 60 Seconds
Global markets fell on Thursday as Brent crude climbed above $112 a barrel following renewed Houthi attacks on Saudi Arabia, while the Nasdaq dropped more than 2%. Meta shares fell as much as 7% after the company raised its 2026 AI spending plans to as much as $145bn. The company was also ordered to pay a staggering $25bn (€22.2bn) civil penalty in New Mexico after a jury found more than 43 million consumer-protection violations. Barclays plans to cut 5,000 jobs as it expands AI use, despite stronger quarterly profits and a £500m buyback. Meanwhile, major US banks are reportedly detecting unauthorised AI agents accessing customer accounts. Between investment bills, legal penalties and workforce cuts, technology is becoming very expensive indeed.
Today’s Sector Spotlight
Property & Energy
Irish property is splitting between buildings occupiers are chasing and buildings nobody can make pay.
Demand is strongest where AI and logistics need space. CBRE’s third-quarter report, published on 13 October, found AI-native companies have leased 10,676 sq. m of Dublin offices this year, 2.3 times the previous decade combined, including OpenAI’s 8,200 sq. m move. Anthropic is seeking 100,000 to 150,000 sq. ft near St Stephen’s Green, big enough for up to 1,000 staff, the Business Post reports. PwC, with 3,500 Irish staff, is exploring a move from One Spencer Dock when its lease ends in 2032, though it says no decision has been made. These are searches, not signed leases.
Warehouses tell a similar story. Savills recorded 824,400 sq. ft of Dublin industrial take-up, meaning space leased, in the third quarter, up 65% on a year earlier and the strongest since 2023. South-west vacancy is just 1.5%.
Where demand is weaker, owners are changing use. Golden Lane Liffey, reportedly a KGAL subsidiary, has applied to replace a vacant Dublin 8 office block with a 225-bedroom hotel, with construction and finance costs of about €50m. Its consultants call a hotel the only commercially viable option in principle. That is an application, not a permission.
Housing still runs into process. Ardstone’s September permission for 562 homes at Milltown Park, Dublin 6, faces a third judicial review, a court challenge to how a decision was made, from Cherryfield Avenue Residents Association.
In Monday’s Tá, the Sector Spotlight will be Tech & AI.
The Rotation
Friday – The Week in Summary…
It was a week of some fairly big decisions for Irish business. Flutter's proposed job cuts and Glenveagh's decision to leave London showed established companies reassessing their operations, while fresh investment and hiring plans suggested others see plenty of room to grow. Housing policy shifted towards more direct State construction, though developers continued battling planning decisions and adjusting their projects. Meanwhile, public-sector pay negotiations resumed after last week's strike, Irish borrowing plans attracted attention, and the PTSB takeover became more complicated. The economy isn't standing still, but plenty of companies and institutions are reconsidering how they spend and grow.
The Craic & the Scéal
Apple's first foldable iPhone goes on sale today for €2,369, giving customers an expensive new way to fold their phone in half. It's also an early test for new CEO John Ternus, who will be hoping the device can do for foldables what the original iPhone did for smartphones. Meanwhile, the Business Post is having a look at Dublin's Bram Stoker Festival where Montblanc is celebrating Dracula with a collection of luxury fountain pens, proving bloodsucking remains a profitable business nearly 130 years later. And finally, a former dry cleaners in Dublin's IFSC is heading to auction for €195,000. Give it six months and it'll probably be selling €8 matcha to people wearing €400 fleeces. The suits can find somewhere else to get cleaned.
Worth Your Time
The Read – RTÉ – Lidl to invest €420m across Munster, creating 500 jobs
Lidl has announced a €420m Munster investment, with €306m earmarked for Cork. The centrepiece is the €200m Little Island distribution centre, alongside 14 new stores and 10 redeveloped ones. The company says it will create more than 500 permanent jobs, 250 of them in Cork, lifting its regional workforce from over 1,300 to above 1,800. These are projections, not delivered outcomes. The €420m sits within Lidl’s wider €600m five-year programme for up to 35 new stores. A useful read on grocery competition and regional logistics. Link: Lidl to invest €420m across Munster, creating 500 jobs
See you on Tuesday. ☘️ Your Morning Tá – Ireland's daily brief for professionals.
