15 October 2026
Good morning. Ireland’s €2bn electricity link to France is running three years late, Irish businesses are changing hands, and yesterday’s public-sector strike may not be the last. Meanwhile, Dublin’s AI Summit has given Europe plenty to think about, and a Clare manufacturer is preparing to close its doors. Let’s get into it.
The Top 5
1. Ireland's Energy Ambitions Face Another Delay. The Celtic Interconnector, the 700MW electricity link between Ireland and France, will not become operational until 2029, three years later than originally planned, according to Energy Minister Darragh O'Brien. The project's estimated cost has climbed to €2bn, with construction now expected to finish in late 2028. Meanwhile, Irish energy-services company NetZero Group plans to double its workforce to 2,000 by 2030. Demand for energy infrastructure and the businesses supporting it is growing, but a key project intended to strengthen Ireland's electricity security is still years away.
2. Irish Businesses Are Changing Hands As Government Pushes For Scale. Dermot Desmond's Betdaq has been acquired by UK betting exchange Matchbook, while insurance broker Arachas has acquired Dublin-based Ben McArdle. Separately, four BMC executives received Kingspan shares worth more than €200m following its acquisition of the Meath company. The activity comes as Government's new Startup Ireland initiative aims to help 1,000 startups develop by 2030. Ireland has proved it can build businesses attractive to buyers; the ambition now is to produce more companies with the scale and capital to become major international players themselves.
3. Public-Sector Strike Ends, But Another Looms. More than 300,000 public-sector workers took part in yesterday's 24-hour strike, disrupting schools, hospitals and public services across Ireland. Leaders of Fórsa, SIPTU, INMO and INTO are meeting today to discuss the dispute, with another stoppage planned for 21 October. The Government has allocated €1.2bn towards a new pay agreement, but unions want outstanding commitments addressed and a credible multi-year settlement. With the first strike completed, attention turns to whether both sides can find enough common ground—which appears to require the constantly repeated “talk about pay”—to prevent another day of disruption.
4. Dublin AI Summit Produces Agreement On Stronger Oversight. European governments backed a Dublin Declaration on trusted and safe AI following yesterday's International AI Summit. Google DeepMind's Demis Hassabis called for international safety standards, while Microsoft's Brad Smith and OpenAI's Sarah Friar supported stronger oversight of advanced systems. Not everyone welcomed more regulation, however, with Ryanair's Eddie Wilson warning that European red tape risks holding back competitiveness. Nonetheless, Leo Varadkar was in attendance, having returned from his Ibiza trip, and he said it was a one of the better EU Council Presidency events from Ireland. Great work.
5. Daktronics Confirms Closure Of Clare Manufacturing Plant. US digital-display manufacturer Daktronics has confirmed plans to close its Ennistymon facility over the next 12 months, affecting approximately 100 workers. The company is withdrawing from the highly customised segment of its international transportation business, which the Clare plant primarily serves. The closure marks the loss of a longstanding manufacturing employer in the area, with workers facing a phased wind-down over the coming year.
World in 60 Seconds
US inflation rose to 3.7% in September, above expectations, sending the 10-year Treasury yield to a 24-year high of 5.3% and pushing Irish borrowing costs higher, although European shares managed to finish Wednesday in positive territory. Netflix is reportedly cutting around 1,000 jobs globally, equivalent to 6% of its workforce, while Nvidia announced plans for a $2bn European investment drive as the continent looks to strengthen its AI industry. Bank of America has been fined $1.21bn by US regulators over failures to detect and report potentially suspicious financial activity, a costly compliance failure even by Wall Street standards. Meanwhile, Chinese exports surged 36% in September, adding another twist to the global trade picture.
Today’s Sector Spotlight
Health & Pharma
Health & Pharma is running two clocks at once with a strike that was set to pause routine care, and a waiting-list backlog that never pauses.
The Irish Medical Organisation said NCHDs (non-consultant hospital doctors) would work a Sunday rota during Wednesday’s stoppage, while consultants would carry out only duties tied to patient management and care. Cancer, dialysis, transplant and palliative care were to continue, with maternity at Sunday level plus one. A work-to-rule by IMO members then begins today and runs until further notice. The HSE said non-urgent services would be cancelled on 14 October and rescheduled.
The National Treatment Purchase Fund recorded 1,000,226 people on hospital waiting lists at the end of September, 692,524 of them awaiting a first outpatient consultation. Community services are counted separately: 258,629 were awaiting a first appointment in June data.
Structural change continues. Officials told an Oireachtas committee Children’s Health Ireland should be folded into the HSE by the end of 2027 under legislation due next year, with €1.5m in one-off costs and longer-term administrative savings expected. A scoping report separately recommended a commission of investigation into CHI, a recommendation, not an established inquiry.
On regulation, the Irish Association for Counselling and Psychotherapy has complained to the European Commission that the required proportionality assessment was not properly carried out before CORU’s new standards were finalised, and wants implementation paused. The complaint is yet to be examined. In industry, Hvivo named Angela Hildreth CFO from 18 November, succeeding interim CFO Richard Cotton.
Watch whether talks reopen before a second stoppage, expected on 21 October if there is no progress.
In Friday’s Tá, the Sector Spotlight will be Property & Energy.
The Rotation
Thursday - The Deal Desk…
Elgin / BayWa r.e.: Irish renewable energy company Elgin has acquired the 40MW Kilderry solar project in Kilkenny from Germany’s BayWa r.e., expanding its Irish portfolio. Financial terms were undisclosed.
Kestrel Capital / Kinsale Capital: Wealth manager Kestrel Capital has agreed to acquire Kinsale Capital, bringing combined assets under management to €1.5bn if completed. The deal remains subject to regulatory approval.
Galderma / ZO Skin Health: Swiss skincare group Galderma has agreed to acquire Blackstone-owned ZO Skin Health for approximately $1.5bn (€1.34bn), strengthening its position in the US skincare market.
Betdaq / Matchbook: UK betting exchange Matchbook has acquired Dermot Desmond’s Betdaq for an undisclosed sum. Betdaq will cease trading on 21 October, with customer withdrawals remaining available until 4 November.
The Craic & the Scéal
Séamus Coleman is ending his Everton playing career after 17 years, 428 appearances, captaincy, comebacks and a level of decency that should probably be taught in schools. U2 were in Mexico for the Street Child World Cup finals, with Larry Mullen doing the coin toss. Unfortunately, that is the closest Ireland can get to any sort of World Cup participation these days. RTÉ daytime radio is also changing again and of course it comes with a pay scandal. So “who’s on air?” still feels slightly secondary to “and for how much?”.
Worth Your Time
The Read – Business Post – We have missed yet another opportunity to reform our unfair inheritance tax system (Requires free account)
Budget 2027’s inheritance tax changes were modest, and Carl Donnelly, head of tax at accountancy firm Cronin, argues the real problem is what rising house prices have done to a 1976 tax. A child’s lifetime threshold rises from €400,000 to €420,000, saving at most €6,600 at the 33% rate. His example is stark of a €500,000 family home inherited with the full threshold available, and no relief produces a tax bill of about €26,400, while a niece or nephew inheriting the same sum faces €150,480. Opinion from a tax adviser, but practical for anyone planning succession. Link: We have missed yet another opportunity to reform our unfair inheritance tax system
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