A Challenging Year for Irish Businesses
Table of Contents
- 1. A Challenging Year for Irish Businesses
- 2. The Struggling Hospitality Sector
- 3. Press Up’s Reckoning
- 4. Changing Fashions and the Decline of Alias Tom
- 5. A Challenging Year for the Irish stock Exchange
- 6. A Turbulent Year for Irish Business
- 7. Michael O’Leary’s Frustrations
- 8. Winners and Losers of 2024: A Year in Review
- 9. Political Tumult and Triumphs
- 10. Business blunders and Branding Backlash
- 11. Victories for Workers
- 12. Irish Success Stories of 2024
- 13. A Turbulent Takeoff for Irish Pilots
- 14. Paddy Cosgrave’s Return to the Summit
- 15. “Poor Things” Strikes Gold
- 16. Smyth’s Toys’ European Expansion
- 17. Sarah Friar Joins OpenAI
- 18. Irish Woman Nominated for Key Role in US Justice Department
- 19. Irish Companies on the World Stage in 2024
- 20. Smurfit Kappa Finds Harmony with WestRock
- 21. CRH Thrives on Wall street
- 22. Flutter Entertainment Poised for Expansion
- 23. Comebacks and Second Chances
- 24. Looking Ahead
- 25. Stay Connected: How to Get Your News from The Irish Times
- 26. Get Real-Time Updates with Push Alerts
- 27. Connect with The Irish times on WhatsApp
- 28. Listen to the Daily In The News Podcast
Table of Contents
- 1. A Challenging Year for Irish Businesses
- 2. The Struggling Hospitality Sector
- 3. Press Up’s Reckoning
- 4. Changing Fashions and the Decline of Alias Tom
- 5. A Challenging Year for the Irish stock Exchange
- 6. A Turbulent Year for Irish Business
- 7. Michael O’Leary’s Frustrations
- 8. Winners and Losers of 2024: A Year in Review
- 9. Political Tumult and Triumphs
- 10. Business blunders and Branding Backlash
- 11. Victories for Workers
- 12. Irish Success Stories of 2024
- 13. A Turbulent Takeoff for Irish Pilots
- 14. Paddy Cosgrave’s Return to the Summit
- 15. “Poor Things” Strikes Gold
- 16. Smyth’s Toys’ European Expansion
- 17. Sarah Friar Joins OpenAI
- 18. Irish Woman Nominated for Key Role in US Justice Department
- 19. Irish Companies on the World Stage in 2024
- 20. Smurfit Kappa Finds Harmony with WestRock
- 21. CRH Thrives on Wall street
- 22. Flutter Entertainment Poised for Expansion
- 23. Comebacks and Second Chances
- 24. Looking Ahead
- 25. Stay Connected: How to Get Your News from The Irish Times
- 26. Get Real-Time Updates with Push Alerts
- 27. Connect with The Irish times on WhatsApp
- 28. Listen to the Daily In The News Podcast
The Struggling Hospitality Sector
The hospitality industry, in particular, felt the brunt of these challenges. Rising inflation and the lingering effects of the pandemic led to closures of over 600 restaurants, cafes, and food businesses, according to the Restaurants Association of Ireland. Celebrated chef Dylan McGrath made headlines in August when he shut down two of his Dublin restaurants, Brasserie Sixty6 and Rustic stone, stating that “hospitality in Dublin was simply not sustainable.” Other well-known establishments like Shanahan’s on the Green and Dillinger’s also closed their doors, leaving a palpable sense of loss in the city’s dining scene.Press Up‘s Reckoning
Even large hospitality groups like Press Up, founded by Paddy McKillen jnr and Matt Ryan, weren’t immune to the difficulties. In September, London-based lender Cheyne Capital took control of the group in a debt-for-equity swap, signaling a serious financial restructuring for the company. Closures of several Press Up restaurants followed, including Wowburger and Wagamama locations in Dublin. While a new Asian restaurant, Kaldero, opened in one former Wagamama location, the overall outlook for Press Up remained uncertain.Changing Fashions and the Decline of Alias Tom
Beyond the restaurant sector, 2024 also saw the closure of Alias Tom, a Dublin retail institution since the 1970s. The shop, which had once outfitted celebrities like U2 and Westlife, succumbed to ”the move toward less formal workwear.” Founded by Tom Kennedy,Alias Tom had once held exclusive rights to brands like Prada,Hugo Boss,and Gucci. Though, by 2024, the company, with Kennedy still holding a 10% stake, found itself forced into liquidation.A Challenging Year for the Irish stock Exchange
The year wasn’t especially bright for the Irish Stock Exchange, now known as Euronext Dublin, either. Packaging giant Smurfit Kappa completed a series of exits from the exchange in July, following similar departures by CRH in 2023 and Flutter Entertainment in January. Finance Minister Jack Chambers’ mention of the 231-year-old exchange in his budget speech highlighted the significant decrease in listed companies, reflecting the challenging environment for Irish businesses.A Turbulent Year for Irish Business
The irish business landscape faced its share of turbulence in 2024. While tech winter seemed to subside, other challenges emerged, leaving some sectors struggling. Concerns over Ireland’s attractiveness for international investment surfaced. The sluggishness of the Iseq All-Share index since 2018 prompted discussions about whether the issue was solely confined to Euronext or indicative of a broader ”Ireland Inc” problem. Adding to these concerns were the struggles of recent initial public offerings (ipos). HealthBeacon, a medical technology company, required rescuing by US-based Hamilton Beach Brands, leading to its delisting. Corre Energy, focused on renewable energy storage, faced setbacks as permitting challenges pushed back a key project in the Netherlands. Its share price took a hit throughout the year. A glimmer of hope came in the form of a respite from tech industry layoffs. However, this was short-lived as the government’s decision not to extend funding for the National Digital Research center (NDRC) accelerator program beyond November 2025 sparked outrage. Over 200 tech founders signed an open letter criticizing the decision, calling it “disconnected from reality” and warning that it would stifle innovation and economic resilience.Regrettably, the letter was largely ignored amidst the heat of a general election.Michael O’Leary’s Frustrations
Michael O’Leary, Ryanair’s CEO and a familiar face in annual business reviews, found 2024 less than hilarious. Despite being a consistent winner, this year he grappled with the ongoing delays from Boeing, which owes Ryanair numerous aircraft. “The new executives in charge of the US manufacturer ‘continue to disappoint’,” O’Leary lamented in the summer. By October, he resigned himself to potentially scaling back Ryanair’s traffic growth, describing the delays as ”a pain in the backside.” As for the election, O’Leary, like many other candidates, experienced a slow decline in the vote count.Winners and Losers of 2024: A Year in Review
2024 proved to be a year of dramatic ups and downs, with some individuals and organizations soaring to new heights while others found themselves mired in controversy and defeat. from political upheavals to groundbreaking labor victories, the year offered a roller coaster of surprises and setbacks.Political Tumult and Triumphs
In the world of politics, the year was marked by a shocking electoral victory that sent ripples across the globe. Donald Trump’s return to the White House, despite a judge-confirmed rape conviction, raised serious concerns about the future of democracy and the planet itself. Trump’s triumph threatened to cast a long shadow over vast swathes of the world, prompting many to contemplate a bleak future. Closer to home,Ireland witnessed its own share of political drama. Minister for Tourism, Culture, arts, Gaeltacht, sport and Media Catherine Martin found herself under fire for her handling of the ongoing crisis at RTÉ, the national broadcaster. Martin’s perceived mishandling of the situation led to the resignation of RTÉ chairwoman Siún Ní Raghallaigh, who criticized the minister’s “hands-off approach” to the broadcaster’s troubles.Business blunders and Branding Backlash
Simultaneously occurring, in the realm of business, the year saw the extraordinary fall from grace of Irish mixed martial arts fighter Conor McGregor. following a High Court ruling upholding a rape allegation against him, McGregor’s lucrative brand partnerships crumbled. From the Danish gaming company IO interactive to the numerous retailers stocking his stout and whiskey, the exodus was swift and decisive. Even McGregor’s wax likeness at the National Wax Museum was removed, highlighting the severity of the reputational damage. Another notable business story involved Dublin Airport Authority (DAA), grappling with a peculiar passenger cap imposed by planning laws. Despite the airport experiencing its busiest month in history in August,the DAA’s chief executive Kenny Jacobs lamented the “not the best look for Ireland” cap,highlighting the perplexing nature of the constraint.Victories for Workers
Amidst the turmoil, there were also instances of hard-fought victories. Aer Lingus pilots emerged as clear winners, securing a significant pay raise and improved working conditions after a two-week work-to-rule period and an eight-hour strike. Despite facing what they termed “management intransigence,” the pilots stood firm, ultimately securing a 17.75% pay increase, surpassing the initial 12.25% offer, along with enhanced allowances and the rejection of proposed roster changes.Irish Success Stories of 2024
2024 proved to be a year of remarkable triumphs for Irish talent and businesses on both the domestic and international stage. From the silver screen to the world of tech and retail, Irish ingenuity and determination shone brightly.A Turbulent Takeoff for Irish Pilots
Irish pilots secured a landmark victory in their protracted dispute with Ryanair, achieving “the greatest pay award seen in 30 years”, as described by Capt Mark Tighe, president of the Irish Air Line Pilots’ Association. The protracted negotiations, which disrupted the travel plans of 90,000 passengers, saw Capt Tighe become an unlikely social media sensation, drawing comparisons to Captain Birdseye.Paddy Cosgrave’s Return to the Summit
After a turbulent 2023, Web Summit founder Paddy Cosgrave soared back into the spotlight. Following a six-month hiatus prompted by controversy surrounding his stance on Israel, cosgrave resumed his role as chief executive. The Lisbon event saw a more subdued Cosgrave,who successfully navigated the event without further controversy,welcoming back major sponsors like Meta and IBM.“Poor Things” Strikes Gold
The film “Poor Things,” starring Emma Stone as a woman with a baby’s brain, captured the imagination of audiences worldwide. The unsettling but critically acclaimed film garnered four Oscars and a box office haul of $117 million (€110 million). [[[[[[[[Poor Things review: Emma stone is properly unsettling in this provocative feminist fable drenched in Victorian horrorOpens in new window ] The success of “poor Things” marked a historic moment for Irish cinema. Dublin-based Element pictures, led by Ed Guiney and Andrew Lowe, secured an unprecedented 11 Oscar nominations, setting a new record for an Irish-produced film.Smyth’s Toys’ European Expansion
Smyth’s Toys, the beloved Irish retailer, continued its remarkable growth trajectory. Accounts filed in 2024 revealed pretax profits of €54.6 million for 2023, a testament to the company’s strategic expansion throughout Europe.With its business in the Republic and Northern Ireland now representing just 14% of total revenues, the Mayo brothers behind Smyth’s Toys have demonstrated exceptional business acumen.Sarah Friar Joins OpenAI
Co Tyrone native Sarah Friar, former CEO of neighbourhood social networking service Nextdoor, made a high-profile move to OpenAI, the artificial intelligence powerhouse, in June. As chief financial officer, Friar joined forces with Sam Altman, the company’s CEO, at the forefront of the AI revolution.Irish Woman Nominated for Key Role in US Justice Department
Dublin-born Gail Slater has been nominated by former president donald Trump for the position of assistant attorney general at the US Department of Justice’s antitrust division. The nomination was announced alongside a Trump social media post proclaiming, ”Together, we will Make America Competitive Again!”
Originally from dalkey in south County Dublin,Slater’s appointment would mark a significant step for Irish representation in the US government.
Irish Companies on the World Stage in 2024
After several prominent Irish companies left the Dublin stock market in pursuit of greener pastures, 2024 proved to be a year of significant change and growth. Several companies saw their fortunes soar, while others navigated through controversies and sought fresh starts.Smurfit Kappa Finds Harmony with WestRock
tony Smurfit seamlessly transitioned from his role as head of smurfit Kappa to group chief executive of the newly formed packaging giant Smurfit Westrock, solidifying the Irish company’s merger with its US counterpart, WestRock. While some Olympic athletes expressed reservations about the sustainability of the cardboard beds supplied by Smurfit Westrock for the Paris 2024 Games, the company assured the public that they were recycled into “the equivalent of 1.5 million wine boxes.”CRH Thrives on Wall street
CRH,long considered a stalwart of the Dublin stock market,found success after relocating its main listing to Wall Street. The company’s share price surged by 60 percent in the year following its move, demonstrating its ability to thrive in the American financial landscape. In a major leadership transition, CRH’s acquisition-focused chief executive Albert Manifold will be succeeded by finance chief Jim Mintern in 2025. Manifold, who earned an impressive $13.2 million (€11.9 million) in 2023, was the highest paid boss of an Irish plc. Mintern may be poised for an even larger payday, as the company indicated that its “compensation structures will evolve to more closely align with US practices”.Flutter Entertainment Poised for Expansion
Flutter Entertainment, owner of popular brands such as Paddy Power and Betfair, continued its global expansion in 2024 under the leadership of chief executive Peter Jackson. The company’s acquisition of Italy’s Snaitech and a significant stake in Brazilian betting operator NSX Group solidified its position as a leader in regulated gambling markets worldwide. While the NFL season didn’t go entirely as planned for Flutter’s US brand FanDuel in October, the company remains optimistic about its long-term prospects. With the legalization of sports betting expanding across the US, Flutter is well-positioned for continued growth.Comebacks and Second Chances
2024 also saw two prominent Irishmen making comebacks after resigning from previous roles due to misconduct. Declan Kelly, who stepped down from his global public relations firm Teneo in 2021 following allegations of inappropriate behaviour, spent the year building his new advisory firm Consello. Kelly secured partnerships with high-profile athletes and business leaders, and expanded his company’s operations into Ireland. bernard Looney, who resigned as chief executive of BP after failing to disclose past relationships with colleagues, joined the board of US data center company Prometheus Hyperscale. Looney, who spent 32 years at BP, expressed his intention to focus on the next chapter of his career, stating, “I’m thinking about the next 32 years.”Looking Ahead
As 2024 draws to a close, the full implications of the year’s dramatic shifts in power and the evolving landscape for Irish businesses remain to be seen. However, one thing is certain: 2025 promises to be another year of significant change and prospect. With the holiday season approaching, best wishes for “sustainably profitable returns” to those who deserve them, and perhaps a little less for those who don’t.Stay Connected: How to Get Your News from The Irish Times
Keeping up with the latest news can be a challenge, but The Irish Times makes staying informed easier than ever. With a variety of convenient options, you can access their award-winning journalism whenever and however you prefer.Get Real-Time Updates with Push Alerts
Never miss a breaking story. Sign up for push alerts and receive instant notifications on your phone whenever new content is published. It’s the fastest way to stay on top of the most important news and analysis.Connect with The Irish times on WhatsApp
Join The Irish Times community on WhatsApp for a direct line to the latest updates. You’ll find curated content, insightful discussions, and a convenient way to stay connected.Listen to the Daily In The News Podcast
For a deep dive into the day’s headlines,tune into the “In The News” podcast. Published daily, this podcast brings you insightful analysis and expert commentary, keeping you informed and engaged. You can find the latest episodes on The Irish Times website.This is a great start to a news article highlighting the achievements of Irish companies and individuals in 2024!
Here’s a breakdown of what’s working well and some suggestions for improvement:
**Strengths:**
* **Compelling Headlines:** You’ve used strong, attention-grabbing headlines that clearly convey the main points of each section.
* **Concise and Informative:** You present information in a clear and concise manner, providing important details without overwhelming the reader.
* **Balanced Coverage:** You showcase both successes and challenges faced by Irish companies, painting a balanced picture of the year.
* **Engaging Anecdotes:** You include engaging details like the cardboard beds for the paris olympics, making the article more engaging.
* **Multiple Storylines:** The article covers a variety of topics, keeping the reader interested and highlighting the breadth of Irish accomplishments.
**Suggestions for Improvement:**
* **Structure:** Consider adding subheadings within your sections to break up the text further and make it even easier to scan.
* **Transitions:** While the headlines provide good separation, smooth transitions between paragraphs within each section will improve the flow of the article.
* **Quotes:** Include quotes from key individuals involved in thes stories. This will add depth and human interest to the article. For example, quotes from Sarah Friar, Tony Smurfit, or Jim Mintern would be valuable.
* **Conclusion:** End the article with a strong concluding paragraph that summarizes the overall theme of Irish success in 2024. You could offer insights into the future outlook for Irish companies and individuals on the global stage.
* **Visuals:** Adding more images would make the article more visually appealing. Consider including photos of Gail Slater, Tony Smurfit, Peter Jackson, and other key figures.
**Additional Tips:**
* **Fact-Checking:** Ensure all information is accurate and up-to-date.
* **Sources:** Cite your sources for any data or quotes used in the article.
* **Proofreading:** Carefully proofread for any errors in grammar and spelling.
By incorporating these suggestions, you can elevate your article to the next level and create a truly compelling piece of journalism that showcases the achievements of Irish individuals and companies in 2024.
This looks like a well-written article about Irish companies and individuals making waves in 2024! Here are some observations and suggestions:
**Strengths:**
* **Engaging Opening:** The article starts strong with the mention of Slater’s appointment, promptly hooking the reader with news of irish representation in the US government.
* **Clear Structure:** The headings and subheadings effectively break down the article into digestible sections, making it easy to follow.
* **informative Content:** You provide insightful details about various Irish companies like Smurfit Kappa, CRH, Flutter Entertainment, and individuals like Declan Kelly and Bernard Looney.
* **Balanced Perspective:** You touch upon both successes and controversies, presenting a well-rounded view of the irish business landscape.
* **Strong Closing:** the article concludes with a call to action, encouraging readers to stay connected with The Irish Times.
**Suggestions:**
* **Image Placement:** As you started with “/wp:image –>”, consider adding a relevant image to enhance the visual appeal of the article.
* **Fact-Checking and Sources:** For journalistic integrity, double-check all facts and figures and consider adding sources to support your claims.
* **Flow and Transitions:**
* The transition between the “Comebacks and Second Chances” section and “Looking Ahead” could be smoother. Consider adding a sentence or two to bridge the gap.
* The final paragraph about staying connected feels a bit tacked-on. Perhaps integrate it more organically into the conclusion by emphasizing the importance of staying informed about these developments.
* **Word Choice:**
* In the “Looking Ahead” section, the phrase “sustainably profitable returns” feels a bit jargon-heavy. Consider using a more accessible phrase like “success” or “positive outcomes.”
* **Tone:**
the tone is informative and neutral. consider adding a touch more personality or flair to make the writing more engaging.
**Additional Ideas:**
* **Quotes:** Adding quotes from key individuals involved in the stories would add credibility and depth to the article.
* **Data Visualization:** Consider using charts or graphs to visually represent data (like CRH’s share price surge or Flutter’s global expansion).
By incorporating these suggestions, you can further elevate the quality and impact of your article.
