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From his family’s undertaking business in Tobermore to the "Glass House" in Detroit, Lyle Watters’ journey to the top of Ford Motor Company is a masterclass in resilience. In this episode of Trading Up, Lyle reveals how he navigated an unconventional career path to lead operations across three continents. We dive deep into his toughest assignments: negotiating with Prime Ministers in Romania; managing a 100-day Covid lockdown in China; and turning around a "hopeless" $1 billion loss in South America while under armed guard. Lyle shares candid insights on the burden of leadership, recounting how he personally addressed staff during painful plant closures to tell them, "This is not your fault". Packed with actionable lessons on radical transparency, the EV revolution, and why organisations must "stay paranoid" to survive, this is essential listening for aspiring leaders and business strategists. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

The rules-based world order is dead. That is the brutal wake-up call from former Bank of England Governor Mark Carney at Davos. In this episode of Trading Up Unpacked, Jim Fitzpatrick and Richard Ramsey break down Carney’s "Churchillian" analysis of the shifting global economy. They unpack Carney’s argument that international rules have become a "fiction" and explore his strategy of "variable geometry" and how that applies to the UK, Europe and even Northern Ireland. Key topics include: The Lie of the Old Order: Why economic integration has become a weapon rather than a mutual benefit.At the Table or On the Menu: The urgent need for middle powers (UK, Canada, Japan) to forge a "Third Path" or submit to hegemons.The End of the Peace Dividend: The difficult trade-offs facing Europe between funding welfare and increasing defense spending.The Globalisation Trilemma: Applying Dani Rodrik’s theory on why you cannot have globalisation, sovereignty, and democracy all at once but can have only two of the three. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Join Jim Fitzpatrick as he interviews Paul and Clare Vallely, the brother-sister duo behind Kukoon. Learn how they scaled a rug business from local market stalls to a £20 million turnover global brand. This episode dives deep into the realities of modern e-commerce, exploring the shift from eBay to building an independent brand amidst the high marketing costs of Google and Amazon. Discover essential insights on successful rebranding, the surprising value of physical retail stores for building trust, implementing advisory boards to navigate business crises, and taking a stand on humanitarian issues. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Jim Fitzpatrick and Richard Ramsey explore the shifting dynamics of Northern Ireland’s economy with employment falling and economic inactivity hitting a new grim record high. They examine the political deadlock over Stormont's multi-year budget and the impossibility of proper government in its absence. Turning to car sales for some insight, they discuss why Tesla sales have more than doubled in NI despite a European decline, while Chinese giant BYD has seen fivefold growth. Globally, the discussion turns to "Regime Roulette," analysing the US incursion into Venezuela for its vast oil reserves and Jerome Powell's high-stakes stand for Federal Reserve independence against the Trump administration. The Fed may seem far away, but its independence is a vital pillar of the global economy. The duo provide their usual critical insights into the intersection of global headwinds and local consequences. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Join host Jim Fitzpatrick on Trading Up as he welcomes Claire Murray, Head of Development and Marketing at the Lyric Theatre, to deconstruct the "business" of show business. Claire discusses her transition from the high-stakes world of FMCG marketing at Coca-Cola and Heineken to steering the financial and creative success of Northern Ireland’s premier self-producing theatre. Celebrating the Lyric's 75-year history, this episode explores how corporate strategy can sustain cultural institutions. Claire details her implementation of flexible pricing models that significantly boosted ticket yield and the theatre's vital earned income, which now accounts for two-thirds of its turnover. Beyond the stage, the discussion highlights the arts as an economic engine, using "soft power" to attract inward investment and enrich the civic life of Belfast and Northern Ireland. This is an essential listen for anyone interested in marketing, entrepreneurship, and the symbiotic relationship between culture and commerce. Just as a master welder in the Lyric's scene shop carefully joins steel to build a set, this episode illustrates how Claire Murray fuses corporate marketing with artistic vision to build a sustainable future for this vital cultural institution. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

In this special holiday edition of Trading Up Unpacked, Jim Fitzpatrick and Professor Richard Ramsey dive deep into the pressing economic questions facing Northern Ireland. They tackle the controversial "grant culture" and the "perverse incentives" that have shaped the region since the days of Delorean, arguing for a shift toward competition and tax-based incentives. Jim and Richard explore the "fiscal deficit attention disorder" affecting public services and propose a radical solution: moving the government out of Stormont to reconnect with the people. For business owners, the episode provides essential insights into succession planning, highlighting the Almac trust model and the evolving landscape of Employee Ownership Trusts. Finally, they debate the missed opportunities in the recent licensing review and the need for a more competitive hospitality sector. Whether you are a policymaker or an entrepreneur, this episode offers a masterclass in navigating Northern Ireland’s unique business environment. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

How does a local hospitality group thrive while the wider sector faces "lights out" financial pressures?. In this episode of Trading Up, Galgorm Collection CFO Tiarnán O’Neill reveals the strategy driving the group’s £70 million turnover and remarkable 94% occupancy rates. He discusses Galgorm’s rapid expansion through acquisitions like The Rabbit and Roe Valley Resort, alongside their ambitious project to build Northern Ireland's first new links golf course in over a century. Drawing on his unique career—from PWC to modernising the Diocese of Down and Connor’s 400-year-old financial structure—O’Neill provides a masterclass in scaling luxury hospitality. He addresses critical challenges, including VAT disparities and National Insurance hikes, while outlining an ambitious 10-year vision for growth. Disclaimer Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

On this week's episode with Jim Fitzpatrick and Richard Ramsey they explore how one key private sector survey suggests Northern Ireland's economy is struggling, marked by a sixth straight month of declining business activity and escalating input costs, particularly in construction, outpacing other UK regions. Despite some resilience among cross-border firms, the absence for more than a decade of a multi-year budget from Stormont is fostering short-termism and hindering strategic planning. The commitment to UK public sector pay parity exacerbates financial woes, highlighting Northern Ireland's "cake and eat it" approach of demanding high spending with low taxes and a refusal to countenance measures such as water charges. Brexit frictions - which in Northern Ireland mean things like potential shortages of GB-sourced, non-EU-compliant cars and tumble dryers - are spurring wider UK discussion about rejoining the EU customs union or single market. Meanwhile, the independence of the US Federal Reserve faces political scrutiny, and Ireland's economic model is under pressure due to its low spending on defence, raising concerns about its critical infrastructure vulnerability and reliance on US investment in this new world of disorder. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Trevor Magill is the Northern Ireland Managing Director of the Musgrave Group, one of Ireland's biggest and longest-established family businesses. It's a huge retail, wholesale, and food service business, servicing around 7 million customers weekly and boasting a turnover exceeding €5 billion. As the company approaches its 150th anniversary, Trevor and Jim delve into how this seventh-generation family business has thrived in the competitive, fast-moving consumer goods (FMCG) sector. A cornerstone of their success is the unique independent retail partnership model used for brands like SuperValu, Centra, and Mace across Northern Ireland. McIll explains that this partnership allows independent owners to support their local communities and ensures the company avoids becoming "far too corporate". The discussion covers strategic evolutions, including the development of market-leading private brands like Frank and Honest coffee and the continuous focus on value and convenience for the modern consumer. He also highlights the importance of sourcing 70-75% of their range on the island and details the group's long-term commitment to community initiatives, such as its 25-year relationship with Action Cancer. He shares personal career lessons, emphasising the necessity of strong people, core values, and fulfilling commitments in business. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

This episode of Trading Up Unpacked digs deep into the controversial "Spend Now, Pay Later" Budget, described as the "Klarna" budget, focusing on increased spending and backloaded taxation. Jim Fitzpatrick and Richard Ramsey explore the fiscal strategy of freezing tax thresholds, which functions as a hefty stealth tax, dragging more people into higher payment bands. Economists criticised the measures, noting that the OBR stated none of the proposals would have a material impact on economic growth. We discuss how complex tax "cliff edges," such as the punishing 62% marginal tax rate faced by some earning over £100,000, serve as a "tax on ambition," disincentivising work and career progression. This environment may fuel a concerning demographic trend: net emigration. Over 109,000 more UK citizens left the country than arrived, three-quarters of whom were under the age of 35. The conversation turns to the Northern Ireland housing crisis, where residential property prices have surged by 45% since 2020, yet house building levels remain critically low. We examine how the "no water charges" policy, while politically popular, starves infrastructure of funding, contributing to the severe housing shortage and exploding private sector rents. Finally, we analyse Northern Ireland's peculiar and antiquated licensing laws, highlighting anti-competitive behaviour and how it creates strange outcomes such as the bizarre case of a new Lidl supermarket in Dundonald that's opening an on-site pub. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Join Jim Fitzpatrick as he welcomes former professional cricket player and Ireland International, Andrew Patterson. Andrew shares his incredible journey of dedication and commitment in elite sport, tragically interrupted when a stumble revealed a hateful underlying condition: Hereditary Spastic Paraplegia (HSP). Told he would spend the rest of his life in a wheelchair, Andrew refused to accept this fate, choosing hard, grinding progress and resilience instead. He details the financial and personal struggles involved in undergoing a radical, life-altering operation in the United States. Andrew now leverages his experiences—which include learning new pathways to walk again through intense rehab—to inspire business leaders and students. Discover his core philosophy based on three pillars: perspective, response, and purpose and his inspiring way of emphasising how developing soft skills and embracing incremental change are crucial for long-term success, prioritising health, and transforming adversity into opportunity. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Welcome to Trading Up Unpacked, the business podcast from the Irish News and EY. Hosts Jim Fitzpatrick and Richard Ramsey dig deep into the pressing issues of the day. They scrutinise the Northern Ireland economy, which recorded its 10th monthly decline in activity, noting that the low 2.4% unemployment rate is offset by the UK's highest levels of economically inactive workers. The conversation pivots to UK fiscal chaos, detailing the U-turning Chancellor and the failure to address welfare reform, leading to market-damaging instability. Jim and Richard analyze the proposed "smorgasbord" of stealth taxes, like freezing income tax thresholds and potential changes to salary sacrifice schemes. Internationally, they discuss Donald Trump’s tariff reversals driven by US inflation. They conclude by examining global trade interconnectedness, highlighted by China’s tomato paste surplus following forced labor allegations, and the growing pressure on Ireland’s defense spending and geopolitical stance. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Dive into the massive challenges facing the UK economy with Rupert Soames, Chair of the CBI. Known for running difficult and massive companies like Serco and Aggreko, he describes his "horrible habit of walking towards gunfire" when it comes to choosing which jobs to take. He recounts his bold turnaround strategy: telling employees to “bring out your dead” to fix underlying issues and win back trust. His plucky attitude to such challenges may be reflective of his family background, as a grandson of Winston Churchill. But even this distinguished heritage comes without its own issues to navigate. With the discussion examining the big economic picture, he's mindful that the UK’s GDP per capita has effectively flatlined since 2010, lagging far behind the US. He addresses the staggering national debt accrued since COVID, noting that interest payments on government debt have dramatically soared. He suggests that the growing maturity of AI could be the key to unlocking improved quality and reduced costs in public services. He also weighs in on tax burdens on businesses and celebrates the resilience of ambitious small and medium-sized enterprises in Northern Ireland. He emphasises that the UK needs "a bit of bloody ambition" to secure the kind of growth that would transform the economy, public services and the general mood. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Trading Up Unpacked, Jim and Richard dig deep into the economy and global politics. Northern Ireland is enjoying record pay increases, with annual earnings up 8.1%. We analyse whether this rise translates to real-term gains after years of wage stagnation (which averaged -0.1% over a decade) and how this impacts public and private sector workers. Locally, we examine Stormont's continued paralysis as the proposed $20 billion gold mine in County Tyrone remains stalled, sending a poor message to international investors about barriers to development. Globally, we discuss China's strategic leveraging of rare earth metals in trade negotiations. Finally, a V-Dem Institute report reveals the alarming decline of democracy worldwide—now back to 1985 levels—and we connect this political disillusionment directly to decades of economic stagnation and the rise of autocracy. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.

Join Sandra Corkin and her son Scott of Oasis Travel, an independent family business that has defied the odds in the travel industry. They share how they survived intense competition, the rise of the internet, and the devastating impact of the COVID-19 pandemic, maintaining a substantial turnover now touching £40 million. Celebrating 40 years of growth, Oasis Travel shifted its focus from low-margin bookings to high-end travel (cruise and luxury packages) where staff expertise adds maximum value. Learn how the new generation is blending personalised, one-to-one service with the right tech, including a new customer app, to ensure the business's bright future. Brought to you in association with EY. The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice. Hosted on Acast. See acast.com/privacy for more information.