View this email in your browser Business Today Thursday, 01 October, 2026 Editor's Note Good morning, reader A senior S&P Global Ratings economist has said financial markets have got it wrong by pricing in four more quarter-of-a-percentage point rate hikes by the European Central Bank (ECB) over the next 12 months. As Joe Brennan reports, speaking at an event in Dublin on Wednesday, Sylvain Broyer, S&P’s chief economist for Europe, the Middle East and Africa, said the world’s largest debt ratings agency sees the ECB increasing its main rates by a quarter of a point – or 50 basis points – in December and possibly again in March. One of Europe’s most valuable companies, German software giant SAP, consolidated its Irish entities earlier this year, while its main Dublin-based subsidiary paid another €157 million dividend to its European parent in 2025, newly filed accounts reveal. Ian Curran reports. Ian also has details of Irish manufacturing output, which rose in September at its fastest pace in almost five years, according to AIB. Still, factory managers also reported the “steepest increase” in average costs since June, as fuel and transport prices continued to rise sharply. Continue Reading Peter Flanagan   TOP BUSINESS STORIES Business Irish factory output surges to almost five-year high in September as export orders expand Business European shares mark first monthly loss in six months Business Senior project manager wins €67,500 constructive dismissal award after late-pay complaint Business Surging petrol and diesel prices trigger drop in fuel sales Business EU’s top judges to rule on Dublin Airport passenger cap in two weeks Martin Wolf Is the world really drowning in debt? MORE BUSINESS STORIES Business SAP consolidates Irish businesses and pays €157m dividend Business ECB may resume rate cuts as soon as 2028, says ratings agency S&P Business Irish factory output surges to almost five-year high in September as export orders expand Business European shares mark first monthly loss in six months Do you have questions about becoming an Irish Times subscriber, or about your subscription? You'll find handy guides in our FAQs, and you can manage many aspects of your subscription in the My Account section. Never miss a business story Subscribe now for just €1 for your first month SUBSCRIBE