News

Our team has summarised the key developments for NI businesses in the news this week.

Business News

The family-owned Henderson Group has further grown its estate by acquiring two neighbourhood Spar stores - the Barbican in Annalong and Anderson Gardens in Omagh - The Annalong premises has been operated by Simon Heenan and his family for 30 years, while Anderson Gardens has been owned by Jimmy and Una McGirr for the past 27 years. It brings the total number of Spar and EuroSpar stores operated by the company in Northern Ireland to 106, while a significant number of projects by Henderson Retail has also seen the expansion and renovation of stores across the north in recent months. (Source: Irish News) 

200 jobs coming to Derry as US firm Vertiv invests in manufacturing facility – American infrastructure provider Vertiv is setting up a major manufacturing base in Derry in a multi-million pound investment which will lead to 200 skilled jobs in the city.  And the recruitment process to hire engineering staff for the facility in Campsie has already begun. New York Stock Exchange-listed Vertiv’s focus is on solving key challenges facing data centres, communication networks and commercial and industrial facilities by building a portfolio of power, cooling and IT infrastructure devices. (Source: Irish News) 

Private healthcare operator Duality to add three more clinics - A private healthcare and general practice and urgent care service founded by two Newry businessmen has announced a major expansion to three other locations in a move which will create more than 70 jobs. John McEvoy and Dr Declan Morgan are behind Duality Healthcare, which operates two new purpose built private GP clinics in Newry city centre and at Galgorm Castle business park outside Ballymena, which represented an investment of £2 million.  And to complement their Newry headquarters, which first opened in 2017, the pair are planning a further rapid expansion, including clinic openings in Omagh, Derry and Belfast city centre throughout 2024. (Source: Newryie)

The award-winning family-run Bertie’s Bakery in Magherafelt is creating 12 jobs after securing a £2 million-a-year deal to have 12 of its lines initially available across 19 Tesco Express stores across the north. And this will be followed by the roll-out of 30 lines into 24 of Tesco’s main estate superstores later this year. (Source: NI Good Food) 

An estimated 80 businesses in Newry are counting the cost after the city’s canal burst its banks on Monday night, submerging sections under water. (Source: The News Letter) 

Pre-tax profits increase at BT Group - Broadband and mobile provider BT Group has reported increased pre-tax profits with "predictable and consistent revenue and EBITDA growth" in its half year results. (Source: Insider Media)

HSBC’s third-quarter pre-tax profit more than doubles (Source: The Standard)

Danske Bank's nine month pre-tax profit up 91% to £152m for Belfast-based lending business (Source: The Irish News)

Wrightbus, the company behind the world's most efficient battery electric double deck bus, has secured a multi-million pound order to deliver 34 more vehicles to Arriva in London. (Source: The Irish News) 

Elon Musk tells Rishi Sunak AI will put an end to work - Tech billionaire Elon Mus(k has predicted that artificial intelligence will eventually mean that no one will have to work. He was speaking to Prime Minister Rishi Sunak during an unusual "in conversation" event at the end of this week's summit on AI. The 50-minute interview included a prediction by Mr Musk that the tech will make paid work redundant. (Source: BBC News) 

 

Economy

The announcement that the Bank of England will maintain the base rate at 5.25% is welcome news.(Source: Sky News)

Slump in NI construction workload balance - A slowdown in house building and a reduction in public investment saw the NI construction workload balance of the RICS Construction Monitor dip to its lowest level, outside of lockdowns,  in more than ten years. The NI balance is now significantly more negative than all other UK regions. (Source: Insider Media) 

NI experiences falling levels of financial distress - Northern Ireland has put in a "stalwart performance" in the last quarter seeing falling levels of both early and advanced financial distress, according to the latest Red Flag Alert data from business rescue and recovery specialist Begbies Traynor, despite the worsening UK-wide economic picture. (Source: Insider Media) 

Renters in Northern Ireland are now forking out an average of £887 per calendar month, according to the latest HomeLet Rental Index. (Source: Irish News)