Ireland continues to hold its position as Europe’s most active data protection enforcer, according to the latest annual Data Breach Survey published by DLA Piper. Since the introduction of GDPR in May 2018, Ireland’s Data Protection Commission has issued fines totalling €4.04 billion, placing it well ahead of all other EU regulators.

The report shows that Ireland’s cumulative fine total is almost four times higher than that of France, which now ranks second overall. A major contributor to Ireland’s lead was the largest GDPR penalty imposed during 2025, a €530 million fine issued to TikTok over the transfer of European users’ personal data to China. That decision is currently under appeal.

Across Europe, total GDPR fines for 2025 reached approximately €1.2 billion, broadly in line with the previous year. Ireland and France together accounted for more than €1 billion of this figure. Since GDPR came into force, cumulative fines across the EU have now reached €7.1 billion.

The single largest GDPR fine on record remains the €1.2 billion penalty imposed on Meta by the Irish regulator in 2023. Overall, eight of the ten highest GDPR fines ever issued have been imposed by the Irish DPC, underlining its central role in European enforcement.

Despite the scale of penalties announced, legal challenges continue to delay payments. Of the €4.04 billion in fines imposed by the Irish regulator to date, €20 million has been collected so far.

The survey also highlights a sharp increase in reported personal data breaches across Europe. Average daily breach notifications rose by 22% to 443 per day during 2025, marking the first time daily reports exceeded 400 since GDPR began. Ireland moved in a different direction, with breach notifications increasing by 3% year on year.

France has overtaken Luxembourg to become the second-largest GDPR enforcer and is now the only other EU country, alongside Ireland, to have issued more than €1 billion in fines since 2018.

According to DLA Piper, regulators remain focused on large technology and social media companies, while expanding scrutiny into sectors such as financial services, telecommunications and utilities. Commenting on the findings, John Magee, Partner and Global Co-Chair of DLA Piper’s Data, Privacy and Cybersecurity Group, said regulators continue to impose significant penalties, even amid criticism from outside the EU. He also pointed to rising breach notifications as evidence of a more challenging cybersecurity environment, influenced by geopolitical tensions and high-profile cyberattacks.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

Gold prices surged to a new record today, moving beyond $4,700 per ounce for the first time, as renewed geopolitical tensions unsettled global markets and pushed investors toward traditional safe-haven assets. The rally comes amid fresh threats from US President Donald Trump to impose additional tariffs on European allies, reigniting fears of an escalation in transatlantic trade disputes.

Spot gold rose by around 1% to trade at approximately $4,717 per ounce after briefly touching an intraday high above $4,720. US gold futures also climbed sharply, reflecting heightened demand for protection against political and economic uncertainty. Silver, which had reached a record earlier in the session, eased slightly but continued to trade near historic highs, underlining the broader strength across precious metals.

Market sentiment has been shaken by the US administration’s increasingly confrontational stance toward Europe, particularly in relation to Greenland and wider trade policy. These developments have raised concerns about potential retaliatory measures from the European Union and the risk of renewed disruption to global trade flows.

Analysts note that gold has benefited from several converging factors. Ongoing geopolitical uncertainty has coincided with a weaker US dollar, making dollar-denominated commodities more attractive to international investors. At the same time, expectations that US interest rates could remain under pressure have reduced the opportunity cost of holding non-yielding assets such as gold.

Since the start of President Trump’s second term, gold prices have risen dramatically, with silver showing even stronger gains over the same period. This performance highlights how sensitive precious metals are to political risk and policy uncertainty, particularly when markets perceive a shift away from predictable international cooperation.

The dollar fell to a one-week low as tariff threats triggered a sell-off in US equities and government bonds. This move reinforced demand for alternative stores of value, including gold and the Swiss franc. Investors appear wary of a repeat of the volatility seen during previous trade disputes, which had only stabilised once negotiated agreements were reached.

Attention now turns to an emergency meeting of EU leaders in Brussels, where potential responses to the latest developments will be discussed. Until there is greater clarity on the direction of negotiations, analysts expect defensive positioning to continue dominating market behaviour.

Other precious metals also saw gains. Platinum rose modestly, while palladium edged higher, reflecting a broader shift toward assets perceived as resilient during periods of economic and political stress.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

Permanent TSB has announced further reductions to its fixed-rate mortgage offerings, cutting rates by as much as 0.45% across a range of products. The revised rates take effect immediately and are available to both new and existing personal customers.

This marks the sixth round of fixed-rate mortgage reductions introduced by the bank since December 2023. The latest changes apply across three-year, four-year, five-year and seven-year fixed-rate terms, reinforcing increased competition within the Irish mortgage market. In addition, selected green mortgage rates have been reduced by up to 0.20%.

The bank confirmed that customers who have already received loan approval at previous rates but have not yet drawn down their mortgage will automatically move to the lower rates. Borrowers currently at the pre-approval stage will also benefit from the updated pricing.

According to Dermot Ryan, Head of Bank Products and Pricing Strategy at PTSB, the bank remains focused on offering greater choice and value to mortgage customers. He noted that the revised rates are designed to support first-time buyers while also appealing to borrowers seeking longer-term repayment certainty, alongside the bank’s ongoing cashback incentives.

The largest single reduction applies to the seven-year fixed-rate mortgage for loans with a loan-to-value ratio between 80% and 90%. This rate has fallen by 0.45% to 3.6%. On a mortgage balance of €200,000 over a remaining term of 20 years, this reduction equates to a saving of approximately €47 per month.

The announcement follows further rate adjustments made by PTSB last week, when it introduced an interest rate of 2.99% and cuts of up to 0.56% on its Home Energy Upgrade Loans. Together, these changes highlight a continued easing of borrowing costs for homeowners and buyers, particularly those investing in energy-efficient upgrades.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

European leaders are taking an early lead at the World Economic Forum in Davos this week, as renewed trade tensions with the United States cast a long shadow over the annual gathering. The focus is firmly on the prospect of new US tariffs, linked to an escalating dispute involving Greenland, which threatens to strain already fragile transatlantic relations.

Senior figures including European Commission President Ursula von der Leyen and French President Emmanuel Macron are scheduled to address the forum ahead of an anticipated appearance by US President Donald Trump. They are joined by leaders from other major economies, reflecting the broad unease caused by Washington’s increasingly assertive trade stance. China and Canada, both of which have experienced recent trade friction with the US, are also prominently represented.

President Trump is expected to dominate discussions when he speaks later in the week. A sizeable US delegation is already in Davos, promoting an economic agenda that has unsettled many allies and challenged long-standing assumptions about global trade cooperation. The message from Washington has been clear: tariff measures remain firmly on the table as a tool of negotiation.

European leaders are now weighing potential countermeasures following threats of tariffs against several EU member states. While there is little appetite for escalation, officials have signalled that Europe is prepared to defend its economic interests if required. At the same time, there is a recognition that retaliation could deepen divisions at a time when cooperation is needed on issues ranging from security to climate policy.

Speaking in Davos, EU leaders stressed the importance of respecting national sovereignty, particularly in relation to Greenland and Denmark. Behind the scenes, diplomatic engagement continues, including meetings with members of the US Congress, aimed at cooling tensions and keeping dialogue open.

Germany has indicated a willingness to pursue direct talks with President Trump during the forum, underlining a shared European desire to avoid a spiral of retaliatory measures. This cautious approach reflects concern that tariff disputes between allies risk weakening the transatlantic relationship and creating broader economic uncertainty.

An emergency summit of EU leaders is scheduled in Brussels to assess the situation and agree on a coordinated response. The tone so far has been measured, with emphasis on de-escalation rather than confrontation. Nordic leaders have also weighed in, warning that tariff threats between allies undermine trust and could trigger a damaging cycle of economic retaliation.

Beyond Europe and the US, Davos discussions are highlighting a shifting global landscape. Canada is exploring ways to reduce its dependence on the US market, while also seeking to reset relations with China. Chinese officials, facing their own long-running trade disputes with Washington, are using the forum to project stability and openness to dialogue.

With crises in Ukraine, the Middle East, Venezuela and Iran also on the agenda, the Davos meetings underline how trade tensions risk spilling into wider geopolitical challenges. For business leaders and policymakers alike, the coming days will test whether diplomacy can prevail over confrontation.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The combined wealth of billionaires worldwide increased by an estimated $2.5 trillion last year, according to new research from Oxfam. The findings were published to coincide with the opening of the World Economic Forum in Switzerland and highlight the growing gap between the wealthiest individuals and the wider population.

In Ireland, the report estimates that the country’s 11 billionaires now hold combined wealth of more than $54.4 billion, or approximately €46.7 billion. This represents a 2% rise compared with 2024 and places their collective wealth above that of around 66% of the population, equivalent to more than 3.4 million people.

Among those listed are Stripe founders John Collison and Patrick Collison, each estimated to be worth around $10 billion. The report also references businessman Denis O’Brien, with an estimated fortune of $3.1 billion, and investor Dermot Desmond, whose wealth is put at approximately $2.3 billion. The figures are based on Oxfam’s analysis of Forbes’ latest billionaire rankings up to the end of November 2025.

Titled Resisting the Rule of the Rich, the report concludes that the number of billionaires globally has reached a record high. It states that the 12 richest individuals now own more wealth than the poorest half of the world’s population, exceeding four billion people combined.

The analysis also points to the concentration of power alongside wealth. Oxfam notes that billionaires are thousands of times more likely than the general population to hold political office. It adds that ownership of major digital platforms is highly concentrated, with most leading social media and artificial intelligence companies controlled by a small group of billionaires. Women remain significantly under-represented, accounting for only 13% of billionaires and holding the same share of total billionaire wealth.

Commenting on the findings, Jim Clarken, chief executive of Oxfam Ireland, said economic inequality is contributing to what he described as growing political capture across the world. He warned that excessive concentration of wealth allows a small elite to shape rules, influence public debate and dominate digital spaces.

Oxfam Ireland has called on the Government to introduce fairer taxation for the super-rich, strengthen regulation of large technology companies and take stronger action against disinformation and online hate. The organisation also urged Ireland to use its international standing to support debt relief and reforms to the global financial system, while addressing domestic policies that allow economic power to become increasingly concentrated.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

Tourism Ireland has outlined plans to grow overseas tourism revenue to more than €10 billion a year by 2031, representing average annual growth of around 6%. The organisation views international visitors as a cornerstone of employment and economic activity across the island.

Chief executive Alice Mansergh said overseas tourism continues to play a central role in sustaining regional economies and supporting jobs nationwide. She noted that visitors from abroad spent over €6 billion in 2025, with the long-term objective aligned with the Government’s strategy, A New Era for Irish Tourism.

While overall visitor numbers and spend were weaker last year compared with 2024, Tourism Ireland reported a return to consistent growth from August onwards. The sector faced several challenges, including wider economic uncertainty and the impact of passenger limits at Dublin Airport earlier in the year.

Speaking on RTÉ Morning Ireland, Ms Mansergh highlighted how geopolitical developments can influence consumer confidence, particularly around finances and personal security. Research carried out by Tourism Ireland found that a significant proportion of overseas consumers delayed travel plans due to uncertainty, while many became more price-conscious. At the same time, the majority continued to regard an overseas holiday as a priority, providing a solid foundation for future growth.

The United States remains Ireland’s most valuable market in terms of visitor spending, while Great Britain continues to deliver the highest visitor volumes. Tourism Ireland plans to protect these core markets while also expanding its reach. Increased investment is planned across mainland Europe, alongside further development in Canada, which has shown strong growth. Over the longer term, emerging markets such as China and India are also being targeted through partnership-building and promotional activity.

Tourism Ireland will roll out a focused marketing programme across 15 priority overseas markets. This includes creating more opportunities for Irish tourism businesses to travel internationally and promote their offerings directly. New and evolving themes such as food, outdoor activity and year-round regional experiences will form a key part of the strategy.

The organisation plans to engage overseas audiences through a mix of advertising, broadcast and streaming content, digital campaigns, social media and AI-driven activity, with the aim of spreading tourism benefits more evenly across regions and throughout the year.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

Ireland experienced its most active year for new business formation in over a decade, with more than 26,500 companies registered in 2025. According to fresh analysis from CRIFVision-Net, this represents the highest annual total in 15 years and an 11% increase on the previous year.

The data points to strong momentum across several key sectors. Agriculture recorded the fastest growth, with new company formations rising by 38%. The technology sector followed with an increase of 29%, and construction saw an 18% rise, reflecting continued demand for housing and infrastructure projects nationwide. Wholesale and retail activity also expanded, with a 9% increase in new firms, alongside a 5% rise in hospitality start-ups.

Dublin remained the dominant location for new businesses, accounting for more than 40% of all start-ups, or approximately 11,450 companies. Regional activity also strengthened, with Cork adding 2,552 new firms. Galway, Kildare and Meath each exceeded 1,000 new company registrations, highlighting broad-based entrepreneurial activity across the country.

Commenting on the findings, CRIFVision-Net managing director Christine Cullen said the figures demonstrate strong entrepreneurial ambition and resilience throughout Ireland. She noted that sustained economic growth depends on continued support for both new enterprises and existing businesses, particularly as operating costs and credit conditions remain challenging.

Alongside the rise in start-ups, the report also highlights increasing financial pressure on established companies. Commercial judgments against businesses rose sharply during the year, with 1,808 cases recorded, amounting to €47.2 million. This represents a 29% increase in the number of cases and a 67% rise in their total value compared with 2024.

According to CRIFVision-Net, the data suggests that a growing number of businesses are struggling to meet payment obligations, leading creditors to pursue legal action. Ms Cullen warned that without targeted supports, rising costs, tighter lending conditions and volatility in export markets could undermine longer-term sustainability, despite strong levels of start-up formation.

The report concludes that focused measures to support financial resilience will play a key role in maintaining Ireland’s entrepreneurial momentum into 2026.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

New legislation designed to support employees who wish to remain in work beyond their contractual retirement age has formally entered the statute books, although key guidance on how it will operate in practice has yet to be published.

The Employment (Contractual Retirement Ages) Act 2025 was signed into law on 16 December and introduces a new employment right. It allows employees to seek to continue working until age 66, which aligns with the current qualifying age for the State pension, even where their contract specifies an earlier retirement age. The law permits this option but does not require employees to remain in work.

While the Act is now law, it cannot take effect until a formal commencement order is made. No confirmed start date has been announced, although employers are being advised to prepare in advance rather than wait for the final trigger.

What the new law changes

Many employment contracts in Ireland still specify a retirement age of 65 or, in some cases, younger. Under the new framework, employees who wish to work beyond that contractual age will be able to notify their employer of their intention, provided they do so at least three months and no more than one year before their planned retirement date.

This marks a shift in how retirement is approached, although it stops short of creating an automatic right to stay on indefinitely.

Employer responses and objective justification

Employers will be required to respond to such requests within one month and must do so in writing. If a request is refused, the employer must clearly set out the reasons for that decision.

Those reasons must be objectively justified, linked to a legitimate business aim, and proportionate in how that aim is achieved. Historically, case law has accepted broad organisational grounds such as health and safety, succession planning or workforce planning as valid justifications.

What remains uncertain is whether those justifications will now need to be assessed on a more individual basis. If an employee can demonstrate they are fit and capable of continuing in their role, employers may be expected to justify refusal with reference to that specific employee rather than relying on general policy arguments. This raises the bar for decision-making and may increase the risk of disputes if refusals are poorly reasoned or inconsistently applied.

Awaited code of practice

Further clarity is expected through an accompanying code of practice, which has yet to be published. This guidance is widely seen as critical for helping employers understand what will and will not constitute objective justification under the new law, and how requests should be assessed and documented.

Until that code is available, there is a risk that employers either take an overly cautious approach or proceed on assumptions that later prove unsustainable.

Timing and next steps

The Act will only come into force once a commencement order is made by the Minister. While no fixed date has been set, indications suggest this is likely later in the year, with a lead-in period promised to allow employers and employees time to adjust.

The Department of Enterprise, Tourism and Employment has confirmed it is working with the Workplace Relations Commission to develop clear communications on the new rights and obligations. The stated aim is to ensure the legislation is introduced in a consistent and fair manner once all preparatory work is complete.

For employers, the absence of final guidance means preparation now should focus on reviewing retirement policies, documenting objective criteria, and considering how individual assessments may be handled in practice, rather than assuming existing approaches will remain sufficient.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

Ireland is set to promote its residential development ambitions on the international stage by participating in a major global property conference in France this March. The aim is to attract domestic and overseas investment to help increase the supply of new homes.

A broad Irish delegation will attend the event, bringing together Government representatives, State agencies, regional authorities, housing specialists and private sector figures. Central to the effort will be Ireland’s dedicated pavilion at the Marché International des Professionnels de l’Immobilier, known as MIPIM, where Ireland will be presented as a compelling location for residential property investment.

The conference takes place in Cannes from 9 to 12 March and is widely regarded as one of the most influential gatherings for international property investors. It attracts more than 20,000 delegates and represents assets under management estimated at around €4 trillion, drawing investors, developers, lenders, advisers and senior policymakers from across the world.

Ireland’s presence at the event, now in its second year, will include panel discussions and briefing sessions designed to outline the operating environment for housing development and the longer-term growth potential of the Irish residential market.

The State-led participation is being coordinated by the Department of Housing, Local Government and Heritage, working alongside the Department of Finance, the Ireland Strategic Investment Fund and the Housing Agency. Industry bodies such as the Irish Institutional Property and Property Industry Ireland will also be represented.

The Government estimates that approximately €20 billion in private investment is required annually to meet its target of delivering 300,000 homes by 2030. Attracting international capital is therefore a central pillar of the current Housing Action Plan.

Housing Minister James Browne said the event presents a significant opportunity to secure private investment to support housing delivery nationwide. He described Ireland as a stable and attractive investment destination amid ongoing global uncertainty, emphasising that private capital is expected to play a key role alongside unprecedented levels of State funding for infrastructure and homebuilding.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The European Central Bank is unlikely to revisit interest rate changes in the short term if current economic trends remain intact, according to its chief economist Philip Lane. He cautioned, however, that external shocks, particularly any unexpected shift in US monetary policy, could disrupt what is currently a relatively stable outlook.

The ECB has left interest rates unchanged since concluding a period of rapid rate cuts in June. Policymakers indicated last month that there is little appetite for further moves, pointing to resilient economic growth across the euro area and inflation appearing to settle close to the 2% target over the coming years.

One area of concern lies outside Europe. Ongoing political pressure in the United States to reduce borrowing costs more aggressively than the Federal Reserve considers appropriate could create knock-on effects. Mr Lane warned that if US inflation failed to return to target, or if tighter financial conditions in the US pushed up longer-term borrowing costs globally, the euro area could face challenges.

He also noted that any reassessment of the dollar’s future role in global markets could act as a financial shock for the euro. Such developments, he suggested, would become problematic if the Federal Reserve were seen to diverge from its mandate of supporting both price stability and maximum employment.

The euro strengthened notably against the dollar last year as investors reduced exposure to US assets amid policy uncertainty. While this supported the currency, it also weighed on European exporters, who are already under pressure from competitively priced imports from China.

Despite these risks, Mr Lane said he remains confident in the overall direction of US monetary policy and expects inflation in the euro zone to stabilise sustainably at 2%, in line with the ECB’s December projections. On that basis, he indicated there is no immediate discussion around changing interest rates, adding that the current policy stance is expected to remain the baseline for several years, although the ECB stands ready to respond if conditions shift.

Financial markets had briefly priced in the possibility of a rate increase in late 2026, but expectations have since moved towards rates remaining steady at around 2% throughout this year.

Looking ahead, Mr Lane suggested the 21-country euro area could experience a firmer cyclical recovery over the next two years. He also acknowledged that longer-term growth prospects remain subdued, arguing that deeper structural reforms will be required to unlock stronger potential growth.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.