Category: 3. Business

13 December 2025

Weaker milk prices, elevated costs and global market uncertainty mean that Irish dairy farmers are facing into a more challenging year in 2026.

That’s according to Dr. Emma Dillon, Senior Research Officer and Economist with the Teagasc National Farm Survey who addressed the recent Teagasc Outlook 2026 Conference, and presented a paper co-authored with Trevor Donnellan, Head of the Agricultural Economics and Farm Surveys Department, Teagasc.

Dr. Dillon highlighted the importance of the global supply and demand context, noting that 2025 marked a year of significant production growth worldwide. Irish milk production is estimated to increase by 4-5% in 2025, EU production up slightly, less than 0.5%, while other key exporting regions such as the US and New Zealand are also expected to publish production increases.

As a result of this increased supply, Dr. Dillon explained, global dairy commodity markets have been under downward pressure in recent months.

This volatility fed directly into milk price movements this year. Irish milk prices are estimated to have risen by about 3% year-on-year in 2025, but Dr. Dillon stressed the sector’s reliance on commodity markets: “When those markets are performing well, the Irish milk price will do well. When they are in difficulty, we are in difficulty.”

Illustrating the impact on this volatility, Dr. Dillon noted that the average dairy farmer is estimated to generate a net margin of 21c/L in 2025 or €2,600/ha, the outlook for 2026 is less positive, however.

Driven largely by the global trade imbalance, ongoing geopolitical and economic uncertainty, along with oversupplied markets, Dr. Dillon provided a forecast for Irish dairy farms for the year ahead: “We are expecting more moderate supply growth in 2026, with lower prices anticipated in the first half of the year,” Dr. Dillon said. “It is very difficult to pinpoint when prices will recover.”

For her forecast on margins for the year ahead, Dr. Dillon used an average Irish milk price of 42c/L (actual constituents) or 37c/L (base price), with production expected to remain stable and costs sticking to their elevated levels. Overall, the Teagasc economist forecast that the average dairy farm net margin would fall to €1,500/ha or lower in 2026, with the net margin per litre forecast to dip to 11.5c/L. However, increased returns from calf and cull cow sales are expected to buffer dairy farmers somewhat from lower market prices, especially in the early half of the year.

Dr. Dillon concluded her presentation by explaining that the Irish dairy sector remains highly exposed to swings in global commodity prices due to the relatively inelastic nature of dairy demand and the slow supply response possible within the sector. However, she noted that the medium to long term prospects look favourable, driven by expected global growth in protein demand and strengthening economic conditions in Southeast Asia, though challenges around inflation and cost of living persist.

For dairy farmers preparing for the year ahead, Dr. Dillon reinforced the messaging from the recent Teagasc National Dairy Conference on cost control and benchmarking.

“Dairy farm incomes need to be viewed in the context of almost 1.9 labour units per farm (1.4 labour units being family labour),” Dillon noted. “Benchmarking costs, controlling overheads, stress-testing cash flow and maintaining liquidity will be essential in the year ahead.”

For full insights and to read Dr. Dillon’s paper from the Teagasc Outlook 2026 Conference, visit here.

But Wernham said most passengers cannot make the walk to other transport links and asked Cumberland Council and Stagecoach to confirm what assessments were undertaken before the decision was made.

He has also questioned whether options such as using a smaller single decker bus were considered to keep operating costs down.

Stagecoach said it had engaged closely with Cumberland Council throughout the review process and will continue to work with the authority to explore any feasible alternatives.

It comes after the Labour-controlled council launched “Cumberland Go” – a set of subsidised bus services to enhance services operating in and around Carlisle, Anthorn, Whitehaven, Ravenglass, Millom, Barrow and Egremont.

The BBC has approached Cumberland Council for comment.

Fred Bretzke has amassed about two million views on YouTube for what he describes as “boring” plumbing videos.

Ten years ago, Bretzke, an instructor in SAIT’s School of Construction, saw an opportunity to inject new life into teaching Plumbing using computer animation. As the 2024/25 Cadmus Trades Teaching Chair, he went a step further — creating a 3D-enhanced supplement to the 2020 National Plumbing Code appendix.

The Cadmus award is designed to foster faculty excellence in skilled trades teaching. Award recipients receive $20,000 in funding and a four-month break from teaching to work on their project.

It’s in the code

As the manual of technical requirements for all plumbing design and installation in Canada, the code book is a critical tool in Bretzke’s teaching toolbox.

“Parts of the book haven’t changed much over the years,” says Bretzke. “The figures are just stick drawings — many from 40 to 50 years ago. It’s hard to teach from a drawing like that.”

Securing computer equipment, digital tools and a handful of AI voice programs through his Cadmus budget, Bretzke used his project time (plus some) to create 65 3D animations and eight holograms to help interpret existing code appendix articles from basic installations to detailed plumbing designs.

After uploading everything to YouTube, he combined screenshots and a QR code link to each animation into a handy reference guide in book form.

“Each AI-narrated video is about three minutes,” he says. “I did the design, made the animations, wrote the scripts, managed the narrations and put everything together.”

^{A screenshot of Bretzke’s 3D code supplement animation for A-2.6.3.1.(2)-A pertaining to potable water systems in commercial kitchens.}

Made for teaching

The animations are primarily intended as teaching tools for trades instructors.

“When you’re teaching with the videos, the idea is you stop and start as needed,” he says. “I could probably spend three hours teaching to a three-minute video and explaining all the references.”

According to Bretzke, a single animation can cover about 15 pages in an apprentice’s Individual Learning Module — the standardized training materials used in trades and technical courses.

“Trades are very visually oriented,” he says. “Seeing things in 3D helps expedite learning and makes everything more accessible to the student.”

Bretzke even translated the script for a few of the animations into additional languages, including French, Hindi and Mandarin.

When he first started using animations in the classroom, some of his students were hesitant, he admits. But if the tech is easy to use, people will use it, he says.

“I’m teaching my students not to ignore technologies like AI and 3D,” says Bretzke. “I’ve been on construction sites where there’s a 3D artist with no knowledge of the trade working with a plumbing foreman to try and turn a hand drawing into a 3D image. Imagine being a tradesperson who could do both? You’d be a hot commodity.”

French and Dutch regulators have stymied a controversial plan by stock exchange group Euronext that could have driven the settlement of more than 1,250 exchange traded funds to its own platform.

Euronext unveiled plans earlier this year to consolidate ETF listings on its bourses as a way of improving liquidity. But a related plan that could have made its own central securities depository (CSD) the default settlement venue for Paris and Amsterdam-listed funds triggered an industry backlash over fears of higher costs. Rival Euroclear and market maker Jane Street were among those critical of the plan.

However, intervention by regulators the Autorité des Marchés Financiers and the Autoriteit Financiële Markten has pushed Euronext to change its plans.

“The regulators took a view and we are now adjusting that,” said Pierre Davoust, head of Euronext’s depository Euronext Securities. He added that regulators “have asked us to review” the connectivity between it and Euroclear — a move that maintains a choice of settlement venue for traders.

“We never intended to discriminate against any CSD,” he said. “The purpose of the project was never to deny customers the choice. It was to give them choice.”

Euroclear said in a statement that, as a result of complaints it had made, the AMF and the AFM judged Euronext’s plans to be “discriminatory . . . not justified by a risk which may affect the smooth and orderly functioning of the financial markets . . .[and] not justified by the necessity to ensure the efficient and economic settlement of the transactions”.

The AMF declined to comment. The AFM said it could not comment on specific cases, but added: “In general, the AFM aims to ensure fair competition between CSDs. Open access, where market participants such as exchanges, central counterparties and CSDs grant access to each other’s infrastructures, contributes to this goal.” 

The intervention by regulators has been greeted positively by many in the industry.

“Our members welcome recent developments that will grant them the flexibility to continue to settle through the ICSD [international central securities depository],” said Lara Shevchenko, markets structure expert at the European Principal Traders Association, an industry body representing 20 market makers.

“This will ensure current levels of settlement efficiency in European ETF markets are maintained,” she added.

Jim Goldie, Emea head of capital markets, ETFs and indexed strategies at Invesco, said keeping a choice of depositories “is a good outcome for investors”.

The plan by Euronext — which operates seven stock exchanges across Europe, including Milan, Paris and Amsterdam — to consolidate ETF listings was broadly welcomed by the industry, as it was seen to be tackling the fragmentation and illiquidity that often stems from a single ETF being listed on several exchanges.

But many in the sector had feared the related proposal to make Euronext Securities, where its Milan ETFs are already settled, the default settlement venue for ETFs listed in Paris and Amsterdam would mean a rise in post-trade fragmentation.

At present, most European ETF trades are settled on international CSDs operated by Euroclear and Clearstream, which has the effect of unifying trade settlement.

One issue with the Euronext plan was the fact that many of the ETFs listed in France and the Netherlands are also cross-listed on other European bourses, such as the London, Swiss and Xetra exchanges, where market participants settle through ICSDs.

Even for Euronext’s own listings, its settlement plans would have only applied to the quarter of ETF trading conducted on exchange, with other trades still settled via ICSDs.

Moreover, Euronext Securities only supports euro-denominated ETFs, meaning a trader wanting to switch between dollar and euro share classes would need to settle in two different locations. It also only covers secondary market trades, with primary market activity — the creation and redemption of ETF shares — still settled via Euroclear.

The fear was that this fragmentation would have split inventories, meaning more switching of stocks between venues would be necessary. This would have raised costs and increased the risk of settlement “fails”, which market makers would be penalised for.

The cost of paying these penalties would likely be recouped by market makers quoting wider bid-offer spreads, which would disadvantage end investors.

Jane Street put out research earlier this year saying that Euronext’s proposed changes may “make timely settlement more operationally challenging”.

It added: “This could have a knock-on effect on spreads in ETFs as market makers incorporate potentially higher operational costs and penalties from late settlement into their prices.”

As a result of Euronext’s changes to its plans following discussions with the regulator, it will still name its own depository as the default for Paris and Amsterdam-listed ETFs from September 2026, but will make it easier for market participants to opt out and use an alternative venue.

“Trading members will be able to continue using the Euroclear CSD,” said Euronext’s Davoust. “We want to provide competition and choice and give our clients the option to settle outside of Euroclear. There are retail brokers who would prefer that.”

“Amazon has stepped up when disasters strike since 2017, contributing more than 26 million in emergency supplies and technology in response to more than 200 disasters around the world. This time, a disaster is impacting communities in our home state of Washington, and we’re committed to being the best employer and neighbor that we can be and mobilizing our strengths in volunteering, logistics, and speed to support our teammates and neighbors,” said Amazon’s Head of Community Impact Bettina Stix.

Coal mining extensions and expansions will continue, the New South Wales premier says, despite a government-appointed agency finding further approvals would be inconsistent with emissions targets.

The Net Zero Commission was set up in 2023 to advise the state government on progress towards its legislated goals, including a 50 per cent reduction by 2030 and net-zero emissions by 2050.

In a report released on Friday, the agency found extensions or expansions to coal mining in the state were neither consistent with those targets nor the Paris Agreement to limit global warming.

But Premier Chris Minns on Saturday said it would be “irresponsible” to stop project approvals with immediate effect.

“We’re not going to make that ruling, and I’m not going to make that promise,” he said.

“I’ve said from the very beginning … mining, particularly in the Hunter [region], is still important for the New South Wales economy, it’s our single biggest export.

“Yes, our trading partners are getting out of it. Yes the people that buy that coal will buy less of it in the years ahead.

“At the same time as we are running a million miles an hour to bring on renewable energy in New South Wales, we are trying to manage this transition in the economy as best as we can, and that’s just not consistent with shutting it down overnight.”

Industry critical of report

The NSW Minerals Council, which represents the state’s coal mining industry, said the commission’s report was a “flawed and superficial analysis” that risked thousands of mining jobs.

NSW has 37 operating coal mines, according to the Net Zero Commission report, with 17 expansion or extension projects in the planning pipeline, which the agency warned would significantly increase emissions if approved.

The commission found the existing process for determining the approval of mine extensions failed to robustly address emissions implications.

It recommended consent authorities be required to consider the impact of indirect emissions, called “scope 3” emissions, which are beyond the company’s control.

The report found the vast majority of emissions associated with NSW coal mines were generated overseas as 87 per cent of the state’s coal was exported.

NSW Minerals Council CEO Stephen Galilee said the state’s coal mining industry had cut emissions faster than any other sector.

“Coal mining contributes around 12 per cent of the state’s total emissions,” Mr Galilee said in a statement.

“That means around 88 per cent of New South Wales emissions are generated by sectors other than coal mining.

“If the Net Zero Commission was truly ‘independent’ it would focus on emissions across the wider economy.”

‘Very serious moment’

Nic Clyde from activist group Lock the Gate said the report was believed to be the first instance of a government agency in Australia calling for an end to the expansion of coal mining.

“It’s a very serious moment. It’s a real rock in the pond for climate politics in NSW,” Mr Clyde said.

“It really does require an urgent response from the government.”

HONOLULU — The Hawai‘i Department of Health (DOH) Food and Drug Branch (FDB) is alerting residents to a recall issued by MediNatura New Mexico, Inc. for its ReBoost Nasal Spray. The recall was issued because of potential yeast/mold and microbial contamination, with one species identified as Achromobacter, at levels above specifications.

The recalled product was distributed nationwide, including retailers like Foodland in Hawai‘i, as well as direct-to-consumer via internet sales (medinatura.com). FDB is working with the local stores to ensure that the recalled product is no longer available for sale. The recalled product information is as follows: 

Product	NDC	UPC	Lot	Expiration
ReBoost Nasal Spray 20 mL	62795-4005-9	7 87647 10186 3	224268	12/2027

Microbial contamination in nasal spray may lead to adverse health consequences, including life-threatening effects in immunocompromised individuals who use the product. Symptoms may include fever, swollen sinuses, headaches, face pain or pressure and facial numbness. Consumers should contact their physician or healthcare provider if they have experienced any problems that may be related to taking or using this product. To date, there have been no reports of adverse events related to this recall.

The FDB advises consumers to verify that they possess the recalled product and stop using it immediately. Customers who purchased the product directly from MediNatura New Mexico, Inc. may request a refund by emailing [email protected]. Consumers who purchased it at a local store may return it to the place of purchase.

Consumers with questions regarding this recall may contact MediNatura New Mexico, Inc. at 800-621-7644 Monday through Friday from 5 a.m. to 2 p.m. HST, or by email at [email protected].

Representative images of the recalled product are displayed below: 

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