Job vacancies continuing to fall
The level of job vacancies continued to fall in the first quarter of the year according to the latest ‘Jobs Index’ from hiring platform IrishJobs. Vacancies were down ...
Diesel & petrol prices hit highest level so far this year
The latest AA Ireland fuel price survey shows that petrol and diesel prices have hit their highest level so far this year. AA Ireland said that petrol and ...
BPFI says SMEs face adjusting profit expectations as costs rise
Small and medium sized businesses will need to adjust their profit expectations in order to ensure the viability and continued growth of the sector, a new analysis has ...
EU new car sales drop by 5.2% in March, says ACEA
New car sales in the European Union fell by 5.2% year-on-year in March, marking the first decline this year and the biggest since July 2022, Europe’s auto industry ...
Property price growth speeds up to 6.1% in February – CSO
New figures from the Central Statistics Office show that residential property prices grew at the fastest annual pace in just over a year in February. Property prices increased ...
Confirmed euro zone inflation fall bolsters ECB’s June rate cut plan
Euro zone inflation slowed across the board last month, reinforcing expectations for a European Central Bank interest rate cut in June, even as rising energy costs and a ...
Both exports and imports fall in February – CSO
Ireland’s exports and imports fell in February, according to the latest figures from the Central Statistics Office. Goods exports in the month were worth €15.9 billion on an ...
Makhlouf expects that ‘all things equal’ the ECB will cut interest rates in June
The Governor of the Central Bank has said he expects that “all things equal” the European Central Bank will cut interest rates in June. However, Gabriel Makhlouf said ...
Govt agrees to delay date of Patent referendum
The Government has agreed to defer the date for the referendum on the EU’s Unified Patent Court, Minister for Enterprise Peter Burke has confirmed. It was expected that ...
‘Significant’ drop in job openings in first quarter
There was a “significant” drop in job openings in the first quarter of the year, according to the latest Quarterly Employment Monitor from recruitment firm Morgan McKinley. The ...
Global cooperation needed around systemic risks from non-bank sector – Makhlouf
The Governor of the Central Bank has called for continued global coordination that will lead to progress in dealing with systemic risks arising from the non-bank sector. Gabriel ...
Euro zone inflation heading to 2% after ‘bumpy’ road – ECB’s Lane
Euro zone inflation is heading to the European Central Bank’s 2% target next year after a “bumpy” road that will see it hover near current levels for now, ...
ECB could cut rates more than three times in 2024 – Simkus
The European Central Bank could cut interest rates more than three times this year and the reductions should not be held back if the US Federal Reserve delays ...
Construction activity returned to growth in March
Construction activity rose in March for the first month since June of last year and at the most marked rate for nearly two years, new data shows. The ...
Ibec forecasts 2% growth but global uncertainty will weigh on Irish economy
Business group Ibec has said the Irish economy is still performing robustly, despite rising inflation and higher interest rates. In its first Quarterly Economic Outlook for the year, ...
Households saved €19 billion in 2023 – CSO
New figures from the Central Statistics Office show that households saved 12.09% of their income in the last quarter of 2023 – and 12.4% in 2023 as a ...
AI-enabled workforce critical for future investment – IDA
IDA Ireland has said that an AI-enabled workforce is critical to transforming Ireland’s enterprise base and supporting future investment in the country. The agency has published its latest ...
Global IPO activity ‘cautiously optimistic’ in Q1
The global IPO market began the year on a cautiously optimistic note, according to analysis by EY, with activity declining in volume in the first quarter of the ...
Irish mortgage rates edge higher in February – Central Bank
New figures from the Central Bank show that average mortgage rates in Ireland rose to 4.29% in February from 4.27% in January. The euro zone average mortgage fell ...
ECB expected to hold rates steady when it meets today
The Governing Council of the European Central Bank (ECB) will consider whether to make any changes to interest rates at a meeting in Frankfurt later today. But markets ...
WTO eyes global trade rebound but warns of risks
The World Trade Organization said today that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic ...
60% would turn down a job that does not offer hybrid work
60% of people would turn down a job if it did not offer hybrid working, new data shows. The latest Cpl Salary Guide reveals that 66% of those ...
Euro zone banks lower bar on mortgages but demand keeps falling – ECB
Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years but demand for credit kept falling amid high borrowing ...
Supreme Court rules personal injuries awards guidelines legally binding
The Supreme Court has ruled that guidelines on personal injuries awards voted into force by Ireland’s judges three years ago are legally binding and remain in force. In ...
NAMA sought resolution unit as part of wind down
The State’s bad bank asked the Government to set up a ‘NAMA resolution unit’ because there was no way they could finalise all legal cases, insolvency, and property ...
Higher level of affinity for family business in Ireland
Nearly three quarters of third level students who come from a family business background believe that the next CEO of the firm will be a family member, according ...
Live Register figures ease by 0.2% in March – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for March decreased by 400 to 174,500 people – a fall of 0.2%. ...
Euro zone investor morale hits two-year high in April
Investor morale in the euro zone improved for the sixth consecutive month in April to its highest level in more than two years, a survey showed today, adding ...
Record March for wind energy production
The amount of electricity produced by wind hit a new record for March last month, new data shows. 1,541GWh of power was generated by wind farms here during ...
AIB, EBS and Haven cut fixed Green mortgage rates by 0.2%
AIB and affiliates EBS and Haven are cutting the fixed rates on their “Green Mortgages” by 0.2%. The changes will take place from tomorrow and will be available ...
Govt publishes bill paving way for pension auto-enrolment
The Government has published a bill which will pave the way for 800,000 workers to be brought into a pension scheme for the first time. Publishing the Automatic ...
Over €25 million stolen in investment fraud last year, say gardaí
Gardaí have said over €25 million was stolen in investment fraud last year, a crime which has increased by over 90%. Almost 1,000 people have reported an investment ...
Office leasing in Dublin falls in first quarter
There was a drop in the amount of office space leased in Dublin in the first quarter of the year, new data shows. Research from commercial real estate ...
Drop in injury claims’ costs but premiums rise by 8% – NCID report
The average cost of settling public and employer liability claims through the Injuries Resolution Board dropped by a third in 2022 compared to 2020, according to a new ...
Service sector grows at fastest pace in eight months
The service sector grew at its fastest pace in eight months in March, new figures show. The latest AIB Purchasing Managers’ Index (PMI) reveals that the index reached ...
Euro zone inflation unexpectedly eases, boosting rate cut case
Euro zone inflation fell unexpectedly last month, solidifying the case for the European Central Bank to start lowering borrowing costs from record highs. Consumer price growth in the ...
Inflation falls below 2% for first time since June 2021 – flash CSO reading
Annual inflation in Ireland fell below the euro zone-wide target of 2% for the first time in almost three years after slowing to 1.7% in March, a flash ...
ECB’s Holzmann says warming to June rate cut but keeping an eye on Fed
The European Central Bank could start cutting interest rates in June as inflation may fall quicker than expected but should not get too far ahead of its US ...
Unions join forces in call for major reforms of workers’ rights
Several of Ireland’s largest trade union groups have joined forces calling for a major reform of workers’ rights. The Respect at Work campaign says there should be cross ...
Pension auto-enrolment: What is it and what will it cost?
After decades of discussion and debate, the prospect of workers being automatically added into a private pension scheme took a step closer this week. On Wednesday the Cabinet ...
Cost of second hand homes in Dublin rise 1.9% in first quarter
The average price of a used property in Dublin rose 1.9% between January and March compared to the previous three months, new data from DNG shows. That’s more ...
Manufacturing contracts again in March – PMI
The manufacturing sector contracted in March after briefly returning to growth a month earlier, a survey showed today, with confidence among firms also slumping to the lowest level ...
Price increases in store for consumers from Monday
Inflation in Ireland has fallen significantly in recent months, but a number of cost increases will weigh on consumers from next Monday. From midnight on 1 April, the ...
Cabinet approves Bill to introduce pension auto-enrolment
Draft legislation designed to set up the new pension auto-enrolment system has been approved by the Cabinet. If enacted, the Automatic Enrolment Retirement Savings System Bill will result ...
€10m paid out so far under €125m mortgage interest relief scheme
Just €10m has so far been paid out in mortgage interest relief under the Government scheme announced in the budget, despite €125m being allocated for it. 12,107 PAYE ...
ESRI forecasts return to growth in household incomes this year as inflation falls
The ESRI has upgraded its outlook for economic growth this year, amid falling inflation, an expected normalisation of exports and moderate expansion of the domestic economy. In its ...
Record levels of first-time mortgages approved in Feb
Mortgage approvals for first-time buyers hit a record annualised high in February. Figures from Banking and Payments Federation of Ireland (BPFI) show that in the year to the ...
Bill to introduce pension auto-enrolment scheme to go before Cabinet for approval
The Minister for Social Protection will seek Cabinet approval today for draft legislation designed to set up the new pension auto-enrolment system. If enacted, the Automatic Enrolment Retirement ...
Consumer sentiment falls in March amid ongoing caution
Consumer sentiment dropped again this month, new research has found, amid ongoing caution and concern. The Credit Union Consumer Sentiment Index found rising living costs and another increase ...
ECB confident wage growth slowdown on track – Lane
The European Central Bank is increasingly confident that wage growth is slowing back toward more normal levels, potentially opening the door to rate cuts, ECB chief economist Philip ...
Credit unions main lender for personal loans – research
Overall non-performing consumer loans at banks and credit unions remain near recent historical lows, despite a slight increase observed in new early arrears cases. That is according to ...
House prices spike in counties Cavan, Longford and Tipperary
House price increases in lower-priced counties soared above the national average in the first three months of the year as buyers chase affordability, the latest REA Average House ...
Europe’s IPO market hits bump but recovery still on course, bankers say
A strong debut by Swiss skincare company Galderma on Friday is steadying nerves around Europe’s IPO market, a day after a poorly received listing from German retailer Douglas, ...
Wholesale electricity prices down almost 47% in past year
There was a decrease in the price of wholesale electricity in February 2024 with prices 15.3% lower than the previous month. The price of electricity was 46.8% lower ...
ECB rate cut probability increasing, Nagel says
Euro zone inflation is set to fall back to the European Central Bank’s 2% target by next year so an interest rate cut could come possibly as soon ...
Housing commencements up 85% year-on-year
Notices that work was beginning on 3,699 new homes across the country were received in February, new data from the Department of Housing shows. This is up 85% ...
EU leaders to back tighter euro zone fiscal stance in 2025
European Union leaders will today back a slightly tighter fiscal policy for the euro zone next year, to help bring down inflation and make public finance more stable ...
New State induced employment supports to cost tourism sector €456m this year
State-induced employment support measures will increase payroll costs for the tourism sector by €456m this year, a new analysis claims. Between now and 2026, the cost of the ...
Residential property prices rise by 5.4% in January – CSO
New figures from the Central Statistics Office show that residential property prices rose by 5.4% in the 12 months to January, up from 4.1% the previous month. The ...
UK posts bigger than expected budget deficit in February
Britain posted a larger budget deficit than expected in February, boosted by cost of living payments and the effect of past inflation on the public finances, official data ...
McGrath to update Cabinet on new EU fiscal rules
Minister for Finance Michael McGrath will update Cabinet this morning on new EU fiscal rules which will require every member state to publish their net expenditure plans for ...
€750m paid to Revenue in unpublished tax settlements last year
Almost €750m was paid last year to Revenue in unpublished tax settlements with more than €200m of that linked to the finance and insurance industries. The Revenue Commissioners ...
Housing remains the top challenge for US firms here
Housing is viewed as the top challenge for US firms operating here, a survey of members of the American Chambers of Commerce in Ireland has found. 98% of ...
Irish exports jump 22% as pharmaceuticals rebound – CSO
Irish exports jumped 22% in January when compared to the same month of 2023, according to the Central Statistics Office. There were more than €18.9 billion in exports ...
ECB ready in June to discuss rate cuts, de Guindos says
The European Central Bank will be in position to discuss an interest rate cut in June, Vice President Luis de Guindos said today, joining a long list of ...
Cost of a fry-up rose by 3.1% in the past year – CSO
The cost of a fry-up has risen by 3.1% in the past year, according to the Central Statistics Office. That figure is based on the data the CSO ...
Pace of inflation continued to ease in February – CSO
The rate of inflation continued to ease last month, according to new data from the Central Statistics Office. Consumer prices rose by 3.4% in the year to the ...
0.35% rate cut likely for tracker mortgage customers in September
The holders of tracker mortgages in Ireland look set to benefit from a 0.35% reduction in their interest rates in September. The development follows a technical change by ...
Consumer queries to CCPC increase by 20% in 2023
Consumer queries to the Competition and Consumer Protection Commission were up 20% last year, with faulty goods and services being the subject of most contacts. Almost 40,000 people ...
Mortgage rates rose in January to seventh highest in eurozone
The average interest rate on new mortgages in Ireland rose in January, according to new data from the Central Bank. At the end of the month, the average ...
What’s included in the new EU law on AI
The European Parliament has given the final nod to far-reaching rules on artificial intelligence that the EU hopes will both harness innovation and defend against harms. The law, ...
Concern as credit funds increase borrowing from banks
Europe’s private credit funds are increasingly borrowing from banks to boost their performance, fuelling concerns about the wider risks posed by this interconnectedness. A record 80% of new ...
Central Bank revises down forecast for domestic economy this year
The Central Bank has revised downwards slightly its forecasts for growth in the domestic economy this year, but still expects that it will continue to grow at a ...
Central Bank said mortgage interest relief not focused on those suffering from rising rates ‘shock’
The Central Bank told the Department of Finance a scheme for mortgage interest relief would almost exclusively benefit homeowners aged over 40 who were the least likely to ...
Slight fall in household saving at the end of 2023 – CSO
New figures from the Central Statistics Office show that the rate of household saving fell slightly in the last three months of 2023 and in the year as ...
House construction growth could stall in 2024 – BNPPRE
Construction activity continued to contract in February, but at a slower pace than a month earlier, new data shows. The BNP Paribas Real Estate Ireland Construction Index climbed ...
A fifth of motorists are planning to get rid of their car, survey finds
One in every five car owners are planning to get rid of their car over the coming years, new research has found. The rising cost of running a ...
ECB rate cut coming, but not just yet, says Governing Council’s Kazimir
The European Central Bank is increasingly confident that inflation is coming down, but should still hold off on an interest rate cut until June, Slovak Governing Council member ...
78% of consumers feel they are “doing what they can” to be sustainable
Three quarters of Irish consumers feel they are doing as much as they can, within their means, to be sustainable, a new survey from EY has found. The ...
Live Register figures down 1.2% in February – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for February fell by 1.2% to 174,600 people, a decrease of 2,100 from ...
New wind farm a ‘significant step’ in meeting renewable energy targets
The Chief Executive of Bord na Móna has said the Oweninny Wind Farm, which is set to be Ireland’s largest onshore wind farm, represents a “significant step” towards ...
Central Bank launches consultation on new consumer code
Enhanced clarity, predictability and accessibility on consumer protection obligations are among the key aims of a new Consumer Protection Code being developed by the Central Bank. As part ...
China’s trade surges in first two months of 2024
China’s exports sharply accelerated in the first two months of 2024, official figures showed today, providing policymakers a bright spot as they battle to revive the world’s second-largest ...
NAMA on track to complete wind-down by 2025
Finance Minister Michael McGrath has today confirmed that NAMA will complete its wind-down by the end of 2025 while the Special Liquidation of Irish Bank Resolution Corporation (IBRC) ...
Grocery price inflation falls for 10th month in a row
Grocery price inflation fell for the tenth month in a row in February, new figures show today, with the decline expected to continue during the rest of the ...
Ireland lagging on retail payments Central Bank warns
Ireland lags other part of Europe when it comes to retail payments, the Central Bank has claimed. The result is an unsatisfactory situation for both consumers and businesses ...
OECD warns of urgent need to take action on disinformation
A new OECD report has found that there is an urgent need to take stock of anti-disinformation policies in countries around the world and to set a path ...
Service sector growth picks up in February, PMI survey shows
The service sector here grew at its fastest pace in five months in February after slowing to a near standstill a month earlier, as firms reported rising levels ...
Cabinet to discuss energy top-up payment for businesses
Businesses in the retail and hospitality sectors are in line for a top-up payment of up to €3,000 in the Energy Efficiency Grant, under proposals Minister for Enterprise ...
Euro zone business activity moves closer to recovery – PMI
Business activity in the euro zone showed signs of recovery last month as the bloc’s dominant services industry expanded for the first time since July, offsetting a deeper ...
Ireland ahead of US, Germany and France for remote working opportunities
More than 15% of job postings in Ireland offer remote or hybrid work opportunities, ranking the country ahead of Germany, France and the US, but behind the UK, ...
Mortgage approvals down across all groups, except FTBs
The slowdown in the mortgage market is continuing, driven by a declining numbers of switchers and mover purchasers. The latest figures from Banking and Payments Federation Ireland show ...
Manufacturing activity improves, production volumes rise
Business condition in the manufacturing sector improved in February, the latest AIB Purchasing Managers Index shows. It comes as production growth accelerated to the highest in 22 months, ...
ECB waiting for data before starting to cut interest rates
Inflation in the euro zone is expected to fall further but the European Central Bank needs more data before starting to cut interest rates, ECB Vice-President Luis de ...
Central Bank warns of risks coming from payment and e-money sector
The Governor of the Central Bank has warned of the heightened risk level associated with both the payment and e-money sector and the investment fund sector. Gabriel Makhlouf ...
CEOs in Ireland more optimistic than in previous two years, research shows
CEOs in Ireland are more optimistic than in the previous two years as businesses adjust to geopolitical challenges, a new survey shows. The research carried out by business ...
Internet watchdog ‘not an online censor’, committee to hear
The Digital Services Commissioner at media regulator Coimisiún na Meán will tell an Oireachtas committee that it is not their job to act as an online censor. John ...
Access to Cash Bill may damage competition in banking sector, BPFI warns
The organisation representing the banking sector has warned that certain provisions contained in draft legislation aimed at ensuring continued availability of cash services pose a very real risk ...
Weekly earnings rose at half the rate of inflation in fourth quarter
New preliminary estimates from the Central Statistics Office show that average weekly earnings stood at €921.81 in the fourth quarter of 2023, up 2.1% compared with €902.56 in ...
Commercial vacancy rate at highest in a decade
The commercial property vacancy rate nationally has increased to its highest level since GeoDirectory started tracking the data a decade ago. According to its latest Commercial Buildings Report, ...
A third of workers have no cover outside of State pension
68% of workers aged between 20 and 69 have some form of pension cover outside of the State pension, new figures from the Central Statistics Office show. The ...
ESRI estimates strong MDD growth of 3.7% in December
A new estimate suggests that the domestic economy here grew reasonably strongly in December, despite challenging conditions. The “Nowcast”, produced by the Economic and Social Research Institute, predicts ...
WTO meets with calls for consensus amid geopolitical tensions
The World Trade Organization today opened a high-level ministerial meeting in Abu Dhabi with calls for consensus as geopolitical tensions and the looming US election undermine chances of ...
Thousands facing mortgage bill hike as fixed terms end
While tracker and variable mortgage customers have borne the brunt of the European Central Bank’s interest rate raising programme, those who managed to fix at the right time ...
Consumer sentiment dips in February after January bounce
Consumer sentiment fell again in February, undoing some of the gains it made a month earlier. The Credit Union Consumer Sentiment Index dropped to 70.2 in the month, ...
Vast majority of Irish tech start-ups embracing AI – survey
The vast majority of Irish tech start-up and scaling companies are deploying or preparing to deploy artificial intelligence (AI) according to a new survey. The research from Scale ...
Ireland’s national debt stands at €42,000 per capita
Ireland’s national debt continued to fall last year but remains one of the highest in the world at €42,000 per capita, the Department of Finance’s report on public ...
Location for EU Anti-Money Laundering Agency to be decided
The competition to select a city to host the new EU Anti-Money Laundering Agency (AMLA) will get underway in Brussels today, with Dublin in contention along with eight ...
Credit Unions report mortgage lending up 15%
Mortgage lending at credit unions was up 15% in the last three months of the year, with the mortgage book now over €500m for the first time. The ...
Big jump in cyber-attacks using stolen identities – IBM
There has been a 71% global spike in cyber-attacks involving stolen identities according to IBM. Its latest X-Force Threat Intelligence Index found there was a growing trend in ...
Lower income households disproportionately hit by effects of indirect taxes
Lower income households are disproportionately hit by the effects of indirect taxes like VAT and carbon taxes when compared to those with higher incomes, a new analysis has ...
Increase in SMEs’ interest in green supports – survey
A new report shows the level of small and medium-sized businesses who are interested in grants to help them invest in sustainable measures increased by over 40% in ...
Faulty goods, services cost nearly €1bn last year – CCPC
The cost to consumers in Ireland to deal with faulty goods and services last year was close to €1 billion, according to the Competition and Consumer Protection Commission ...
New online safety rules come into force across EU
The European Union’s new online safety rules come into full force today in Ireland and across the EU. The Digital Services Act requires online platforms to do more ...
Ireland to assume new EU online safety powers from tomorrow
Ireland’s media regulator Coimisiún na Meán has said it is ready to assume new EU online safety powers from tomorrow. It has been tasked with enforcing the Digital ...
Inflation slows to 4.1% in January from 4.6% in December – CSO
The annual rate of inflation fell to 4.1% in the 12 months to January from 4.6% in December, new figures from the Central Statistics Office show today. This ...
European Commission cuts Irish growth forecasts to 1.2% from 3%
The European Commission has today revised down its expectations for the performance of the Irish economy in its Winter 2024 Economic Forecast, which was published today. The Commission ...
ECB needs more data but inflation going in right direction – Lagarde
Euro zone economic data indicates that inflation is heading back towards target as earlier predicted but the European Central Bank still needs more information before it can be ...
Germany overtakes Japan as world’s third-biggest economy
Once forecast to become the world’s biggest economy, Japan slipped below Germany last year to fourth place, official data showed today, although India is projected to leapfrog both ...
Euro zone Q4 GDP confirmed flat on a quarterly basis
Euro zone economic growth was flat in the last three months of the 2023 against the previous quarter and up 0.1% against the same time in 2022, Eurostat ...
Government approves public sector pay deal
The Government has given formal approval to the public sector pay deal agreed last month. Following negotiations at the Workplace Relations Commission (WRC), unions, staff associations and government ...
US consumer prices rise more than expected in January
US consumer prices increased more than expected in January amid rises in the costs of housing and healthcare, but the pick-up in inflation likely does not change expectations ...
Romance fraud warning as €7m stolen over five years
People have been urged to beware of romance scams and criminals who are seeking to take advantage of the increased popularity of dating apps this St Valentine’s Day. ...
Labour and materials continue to drive construction costs higher
Labour and raw material costs continue to drive pricing higher in the construction sector, new research has found. The Construction Industry Federation Construction Outlook Survey for the first ...
New plan aims to improve childcare policy for parents and providers
Chartered Accountants Ireland has outlined a plan aimed at improving childcare policy for the benefit of both providers and parents. The institute has proposed a series of steps ...
Contraction in construction at lowest level since October
Construction activity contracted for the seventh consecutive month in January, but by the smallest amount since October. Housing activity, while reducing further, slowed by the least extent since ...
ICTU recommends private sector pay increases of 4% to 6%
The Irish Congress of Trade Unions (ICTU) is recommending that unions in the private sector should seek to secure pay increases in the range of 4% to 6% ...
Advertising spend predicted to grow 4.1% in 2024 – Core
Advertising spend is predicted to grow by 4.1% this year, according to marketing advisory firm Core. That marks a slightly slower pace of growth than the 4.6% seen ...
Oil prices slip after rally last week on Middle East, tight supply
Oil prices slipped today as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed ...
Personal loan draw downs hit new high, car loans surge
The volume and value of personal loan draw downs reached a new high between July and September last year, new data shows. The figures from Banking and Payments ...
Over a third of electricity produced by wind power last month
A report today shows that more than one third of electricity used in Ireland last month was generated by wind power. The latest figures, published by Wind Energy ...
Over supply of Dublin offices could continue until 2027
The over supply of office space in Dublin could continue until the end of 2026 or start of 2027, new research suggests. The study by BNP Paribas Real ...
Dublin Airport expansion ‘essential’ for economic growth, says Chambers
Minister of State Jack Chambers has said he believes the personal criticism of Minister for Transport Eamon Ryan by Ryanair CEO Michael O’Leary was “very unfair”. “I think ...
New tenancy rents rose faster than existing ones last year, says RTB
Rents in new tenancies went up faster than in existing tenancies, according to new figures from the Residential Tenancies Board (RTB) for July to September last year. National ...
Tech employers faced with wage pressures and talent shortages
Employers in the tech sector are facing challenges when it comes to wage pressures and the availability of talent. According to the 2024 Stelfox Salary Guide Survey, 70% ...
Tax take rises in January, driven by VAT, income tax
The amount of tax collected by the State increased by almost 5% in January when compared to the same time last year, driven by strong VAT and income ...
Interest cut on tax debt warehoused by businesses since Covid
Minister for Finance Michael McGrath has announced that the interest rate on tax debt frozen since the pandemic has been cut to 0%. The Revenue Commissioners have also ...
Global economy to fare better than thought in 2024 – OECD
The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets ...
Weakest pace of services expansion in 3 years in January – AIB PMI
There was a marked slowdown in the rate of expansion in activity in the services sector in January, according to AIB in its latest Purchasing Managers’ Index. The ...
Investment scams growing in frequency and complexity – BPFI report
Consumers are being warned to be on the alert for elaborate investment scams involving online and mobile banking transfers. Figures from FraudSMART, the fraud awareness initiative led by ...
Construction costs rise but rate of increase eases – SCSI report
Construction costs are continuing to rise, but the rate of increase eased significantly in the second half of last year, the latest Tender Price Index from the Society ...
Inflation estimated to have slowed to 2.7% in January from 3.2% in December
The latest figures from the Central Statistics Office show an easing in the estimated annual rate of inflation in January. The latest “flash” inflation estimate from the CSO ...
New controls on exports from Ireland to Britain begin
New controls on imports entering Britain from the Republic of Ireland have come into effect. The changes, which are a result of Brexit, require firms to pre-lodge customs ...
Mortgage interest relief scheme opens for homeowners
From today, PAYE taxpayers can submit claims for mortgage interest relief for last year. The relief aims to help homeowners who have borne the brunt of interest rate ...
Euro zone narrowly avoids technical recession in Q4
The euro zone’s economy stagnated last year, weighed down by an industrial malaise in Germany, its former powerhouse, data showed today. The 20 countries that share the euro ...
Offshore wind could be worth at least €38bn to economy
The development of offshore wind in Ireland could be worth at least €38 billion to the economy, a new study has estimated. However, the report produced for Green ...
Job vacancies down 28% in final quarter of last year
Job vacancies fell 28% in the final three months of last year, compared to the same period in 2022. According to IrishJobs the number of open positions advertised ...
Turnover in Irish investment property market down 70%
Turnover in the Irish investment property market dropped almost 70% last year to €1.85bn when compared to 2022 – the lowest since 2012. A new report by BNP ...
GDP down 1.9% in 2023, CSO’s preliminary estimate shows
New preliminary figures from the Central Statistics Office show that the country’s GDP is estimated to have fallen by 0.7% in the fourth quarter of 2023 when compared ...
Social welfare recipients to receive double payment this week
Around 1.3 million social welfare recipients will receive a double payment this week. Up to €342m will be paid out to pensioners, carers, people with disabilities, lone parents ...
Falling energy prices help boost consumer sentiment – survey
Falling energy prices and announcements of grocery price cuts have boosted consumer sentiment at the beginning of 2024, according to the latest Credit Union Consumer Sentiment Index. The ...
Mortgage drawdowns decline but first time buyers active in 2023
Overall mortgage drawdown volumes declined in 2023, new figures from Banking and Payments Federation Ireland show, but the reduction was driven largely by a falloff in switching and ...
Global economy outlook at odds with aggressive rate cut bets
Global growth is set to stay resilient this year and only pick up pace a bit in 2025, according to a Reuters poll of economists, a stable outlook ...
10% increase in number of new homes completed last year – CSO
A total of 32,695 new homes were completed last year, up 10% on a year earlier, new data from the Central Statistics Office shows. It follows the completion ...
Nearly 30,000 housing units held up in planning or legal review – report
Up to 29,000 housing units are being held up in the planning process or in judicial reviews, a new report from construction consultancy Mitchell McDermott has found. That ...
ECB to meet on rates, but no changes expected
The ECB’s Governing Council will meet in Frankfurt today to consider whether to make any changes to interest rates. No adjustments are expected though, despite some progress being ...
Property price growth increases to 2.9% in November – CSO
Property price growth picked up on an annual basis for the third successive month in November, increasing by 2.9% after prices rose by 0.8% on a monthly basis, ...
Enterprise Committee to discuss minimum wages
The Oireachtas Committee on Enterprise, Trade and Employment will discuss the regulatory and legislative changes required for the transposition of an EU directive on minimum wages. The Directive ...
New proposals to keep cash in circulation welcomed
The Chief Executive of Irish Rural Link has welcomed proposed legislation that will keep cash circulating in society as more people turn to digital payments. Under plans being ...
Professional employment market stabilising
The professional jobs market is showing signs of stabilising with a 30% decline in the number of job seekers and an 18% drop in the number of vacancies ...
New remote working rules expected this month
The Workplace Relations Commission (WRC) is expected to complete a new code of practice on the right to request remote working by the end of this month. The ...
€129.5m paid out under film tax relief scheme last year
New movies starring Cillian Murphy and Jamie Dornan were some of the big winners in the Section 481 film corporation tax credit scheme for the Irish movie and ...
Jump in new homes under construction, vacancy rate dips
The number of new homes under construction has jumped, while the residential vacancy rate has dipped, a new report shows. The data from GeoDirectory, a database of commercial ...
Majority want stricter regulation of social media algorithm – survey
Almost three-quarters of Irish people believe that social media algorithms, that select the content users see, should be regulated more strictly. The findings are contained in new research ...
Ibec says Government-imposed labour costs are adding €4bn to employer wage bill
Employers group Ibec has written to the Taoiseach to highlight concerns about the rising cost of doing business, and specifically the pace and scale of Government-imposed labour costs. ...
Engineering and construction among hardest to fill jobs
New data shows that instrumentation engineers, ad reviewers, and mechanical and electrical project managers are the most difficult jobs to fill. The ‘Hardest to Fill Jobs’ analysis of ...
Number of new homes under construction hits record high
Building work began on 32,801 new homes last year, the highest number on record, new data shows. The figure for commencement notices lodged in 2023 compares to 26,957 ...
Stamp duty on block-buying homes to be reviewed
Minister for Housing Darragh O’Brien has said that the 10% stamp duty rate, which is applicable to international investors who buy more than ten residential properties, will be ...
Oil prices rise on strong IEA and OPEC demand estimates
Oil prices rose today as the International Energy Agency (IEA) joined producer group OPEC in forecasting strong growth in global oil demand and as cold winter weather disrupted ...
Ireland top European country for data fines
Ireland has once again topped a league table of European countries for issuing data fines. The 2024 edition of global law firm DLA Piper’s annual GDPR and Data ...
Wage growth in Ireland eases to 3.7%
Wage growth in Ireland slowed at the end of 2023 and has dropped to 3.7% year-on-year, according to a new report from jobs site Indeed and the Central ...
Taoiseach to meet world leaders and CEOs in Davos
Taoiseach Leo Varadkar is in Davos for the World Economic Forum, which has so far been dominated by the conflicts in the Middle East and Ukraine. Mr Varadkar ...
Plan launched for future of digital creative industries
The Government has launched a plan to boost growth in the digital creative industries. The roadmap will focus on commercial design, digital games and content creation including advertising ...
Inflation rate moves up to 4.6% in December – CSO
The annual rate of inflation rose in December, driven by increases in prices in areas such as restaurants and hotels, mortgage interest repayments and rents and package holidays. ...
Minister assures flexibility over tax debt warehousing scheme
Minister for Finance Michael McGrath has said the Government will introduce flexibilities to the Tax Debt Warehousing Scheme. Speaking to RTÉ News in Davos, Mr McGrath said: “We ...
Cybercrime top financial crime threat in Ireland, survey finds
Hacking, phishing, online scams, and other variations of cybercrime are thought to be the most prevalent financial crimes in Ireland, according to a new survey. The study was ...
CSO: Exports down 3% in November to €16.5bn, imports up
Exports of goods from Ireland fell by 3% or almost €600 million in November 2023 when compared to the same time the previous year. In total, goods valued ...
Wind farms supplied 35% of electricity in Ireland in 2023
Wind farms supplied a record 35% of all electricity used on the island of Ireland last year, according to the annual report of Wind Energy Ireland. This saved ...
Construction activity contracts for a sixth month
There was a contraction in construction activity for the sixth month running in December, the latest Purchasing Managers’ Index for the sector from BNP Paribas Real Estate Ireland ...
Higher hotel prices not deterring customers
More than 1,800 new hotel rooms came on stream here in 2023, bringing total stock to an estimated 66,200, an analysis by Deloitte has concluded. But the new ...
38% of employers want workers back in the office in 2024 – survey
A new survey has shown that 38% of Irish employers will require their employees to spend more time in the office in 2024. The study from recruitment consultants ...
Varying regulation within EU a top barrier for trade, new research shows
Varying regulation across the EU is the top challenge for businesses trading across borders, new research shows. The latest survey by Eurochambres, of which Chambers Ireland is a ...
Household saving rate eases to 10% in Q3 from 11% – CSO
The savings rate among households here has fallen back to pre-pandemic levels, according to the latest figures from the Central Statistics Office. The latest National Accounts data shows ...
Changes to salary thresholds for sponsored foreign workers may hit SMEs
Many small and medium sized businesses may struggle to retain existing staff due to upcoming changes to the required salary thresholds for some workers from outside the European ...
Average interest rate on new mortgage falls slightly, Central Bank data shows
The average interest rate on a new mortgage in Ireland fell slightly again in November, new figures from the Central Bank show. The rate dropped from 4.27% in ...
Consumers more optimistic on economy – PTSB
Consumers are more optimistic about the outlook for the economy than was the case a year ago, according to the latest Reflecting Ireland survey from PTSB. Less than ...
Energy costs set to fall by 18% this year – analyst
Some relief may be in store for Irish households and businesses when it comes to energy costs, with one analyst predicting the short-term power market price in Ireland ...
Housing supply unlikely to improve in coming months, Lisney says
Housing supply is unlikely to improve in the coming months, a new report from estate agent Lisney suggests. However, it states that more rental homes will become available ...
Irish food and drinks exports declined in 2023 – Bord Bia
The value of Ireland’s food, drink and horticulture exports declined by 4% last year to reach €16.3 billion, following a record breaking year in 2022 when exports grew ...
Drop off in switching drives mortgage approvals lower
Mortgage switching activity dropped 75% last November when compared to the same time the previous year, new figures show. The latest report from Banking and Payments Federation Ireland ...
Record employment at Enterprise Ireland-supported companies in 2023
Enterprise Ireland has announced that net employment at its client firms grew by just over 5,000 last year to a record 225,500 in what was a “very challenging ...
Euro zone inflation rises to 2.9%, cooling case for ECB rate cuts
Euro zone inflation surged in December and could still go higher in the early part of 2024, easing financial markets pressure on the European Central Bank to start ...
Cyberattacks top concern for businesses in Ireland
Cyberattacks and data breaches are the top risks for Irish business, according to a new study. Aon’s Global Risk Management Survey gathered insights from 2,842 respondents across 61 ...
Buoyant labour market boosts property prices
Ireland’s buoyant labour market had a significant effect on the housing market, reducing the negative impact of high interest rates on property prices last year. Asking prices for ...
Annual inflation rate climbs to 3.2% in December – flash data
The annual rate of inflation rose in December to 3.2%, the latest “flash estimate” from the Central Statistics Office shows. After falling from over 3.5% to 2.5% in ...
Euro zone business activity shrank again in December, pointing to recession
The contraction in euro zone business activity continued at the end of 2023 due to a persistent downturn in the dominant services industry, a survey showed today, indicating ...
Exchequer surplus falls to €1.2 billion in 2023 from €5 billion in 2022
The Exchequer recorded a surplus of €1.2 billion in 2023, according to figures released by the Department of Finance. This compares with a surplus of €5 billion in ...
Service sector expansion sustained in December
Irish firms continued to report rising levels of new business, but the pace of growth slowed in December to the second weakest in 2023. The AIB Irish Services ...
ECB’s cyber stress test will not affect capital requirements
The European Central Bank’s cyber resilience stress test in the coming months will not affect bank-specific capital requirements but instead form part of a broader supervisory assessment, the ...
US interest rates likely to stay high ‘for some time’
US Federal Reserve officials expect interest rates will need to remain high “for some time” to tackle stubborn inflation, according to minutes of the most recent rate decision ...
Slight dip in manufacturing activity in December
There was a slight deterioration in business conditions in the manufacturing sector in December, the latest AIB Purchasing Managers Index showed. The headline index – which is measured ...
Up to €1,800 in refunds available to taxpayers
Taxpayers could be leaving up to €1,800 on the table by not availing of a range of yearly tax refunds, a consumer tax specialist has warned. Marian Ryan ...
Corporation tax rate increasing to 15% for some large firms
Hundreds of companies here will be liable to pay 15% corporation tax, as the biggest shake-up in the State’s corporate tax system in three decades is implemented. It ...
Oil prices jump 1.5% in first session of New Year
Oil prices jumped 1.5% in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red ...
House price growth slowed in 2023 as supply dwindled
The rate of growth in prices being sought for properties listed on the market slowed in 2023, despite a significant drop in supply, according to the website, Daft.ie. ...
188,000 non-domestic water users may face higher bills next year
Up to 188,000 non-domestic customers of Uisce Éireann are facing higher bills for water and waste water treatment from October, if proposals from the regulator are adopted. The ...
NAMA transfers another €350m to Exchequer
The National Asset Management Agency has today completed a €350m cash transfer to the Exchequer as it approaches its orderly wind down. Today’s transfer brings the total cash ...
Consumer sentiment improves but anxiety remains
Consumer sentiment improved slightly in December and was significantly higher year-on-year, according to the latest report by the Irish League of Credit Unions. The latest survey had a ...
Govt makes significant changes to work permit system
The Government has announced the largest ever expansion of the employment permits system, in an effort to address the skills gap in a range of key areas amid ...
Oil prices set to end winning streak over US stock build
Oil prices fell today and were on track to snap a three-day winning streak, as concerns over low demand following a surprise US crude inventory build outweighed jitters ...
UK inflation rate falls to lower than expected 3.9% in November
British inflation plunged in November to its lowest rate in over two years, prompting investors to pile further into bets that the Bank of England will cut interest ...
Surge in flight bookings in January – AIB spending report
January was the busiest month for flight bookings this year as consumers sought to escape the winter blues, an annual review of AIB’s Spend Trend has revealed. Wednesday, ...
Quarter of employees expect to deal with work emails over Christmas – survey
More than a quarter of employees expect they will be responding to work emails over Christmas, according to a new survey. The Human Workplace Index from Workhuman found ...
Build costs up by almost 25% since 2019 – BPFI
Construction costs here have gone up by almost a quarter in the last four years, an analysis by the Banking and Payments Federation Ireland has concluded. In its ...
ECB raises capital demands for 20 banks over bad loans
The European Central Bank said today it had raised capital requirements for 20 banks after judging they had not set aside enough cash to cover for loans that ...
Central Bank predicts economy will shrink this year
The Central Bank has become the latest economic forecaster to predict that the economy will shrink this year. Its latest Quarterly Bulletin also shows that lower income families ...
Euro zone likely in recession, PMI surveys show
The downturn in euro zone business activity surprisingly deepened in December, according to closely watched surveys which indicated the bloc’s economy is almost certainly in recession. It was ...
Prices at the pump down again in December – AA Ireland
The AA Ireland’s latest monthly fuel price survey has shown another drop in petrol and diesel prices over the last month. Petrol is down from €1.80 a litre ...
Air passenger numbers in third quarter up 13% compared to last year
New figures from the Central Statistics Office show that almost 1.4 million more passengers used Irish airports in the third quarter of this year compared to the same ...
Inflation slows to 3.9% in November from 5.1% in October – CSO
The annual rate of inflation fell to 3.9% in November, new figures from the Central Statistics Office show today. This marks the first time since September 2021 that ...
Short term mortgage arrears up 3% in third quarter
The number of mortgages on private homes that were in short term arrears of less than 90 days rose 3% between July and September compared to the previous ...
Housing commencements up almost 30% in past year
Work began on 3,087 new homes across the State last month, according to commencement notices registered with the authorities. That’s up 18% on the 2,624 that were started ...
EU agrees plan to boost conditions for app based “gig” workers
The European Parliament and EU member states have struck a deal on rules to strengthen conditions for those working through apps, such as ride-hailing drivers. Under the new ...
ESRI further downgrades economic growth forecast
The Economic and Social Research Institute has further downgraded its forecast for growth in the economy this year. However, in its latest Quarterly Economic Commentary the think-tank says ...
Fed flags end of rate hikes, sees lower borrowing costs in 2024
The US Federal Reserve held interest rates steady today and signaled in new economic projections that the historic tightening of US monetary policy engineered over the last two ...
House price growth picks up to 2.3% in October – CSO
Residential property price growth picked up on a yearly basis for the second month in a row in October, Central Statistics Office figures showed today. Prices for residential ...
Interest rate on new mortgages dips in October – Central Bank
The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average ...
Average motor insurance premiums fell 7% last year despite rise in cost of damage claims
The average cost of a private motor insurance policy fell by 7% last year to €568, new data from the Central Bank has found. That is despite a ...
Retail Ireland predicting extra €1.1bn spend in December
Retailers are predicting an increase in household spending in the run-up to Christmas, despite cost-of-living pressures and the difficult economic backdrop for many. Retail Ireland, the Ibec group ...
Talks on fish quotas resume in Brussels
Talks between EU fisheries ministers to finalise quota arrangements for national fishing fleets for 2024 have resumed in Brussels Talks were suspended last night with firm proposals for ...
Grocery price inflation falls again to 8.6%
Grocery sales are expected to exceed €1.4 billion for the first time ever in December, according to the latest predictions from Kantar. New figures from Kantar today show ...
Construction activity falls for fifth month in a row
Construction activity fell in November, new data from BNP Paribas Real Estate Ireland has found. The fall in its Construction Total Activity Index is the fifth successive monthly ...
Revenue warns of tax implications for planning payments
Revenue has warned of “potentially serious consequences” for people who do not disclose payments they have received as part of the misuse of the planning appeals system. It ...
Stamp duty on health insurance policies reduced
The health insurance regulator has cut the level of stamp duty on all health insurance policies next year. The move should result in around three quarters of consumers ...
Wind provided 37% of Ireland’s electricity in November
Wind provided 37% of Ireland’s electricity in November, new data shows. The latest report from Wind Energy Ireland reveals that November was the third highest month for wind ...
Christmas shopping set to peak on 23 December
Christmas shopping is set to peak on 23 December, new data from AIB shows. Its latest spend trend report shows that 2.8 million card transactions were carried out ...
China says exports rise for first time in seven months
Chinese exports rose in November for the first time in seven months, officials said today, as the country navigates a troubled recovery from the Covid-19 pandemic. However, the ...
Gas demand sets new record for the month of November
The last three days of November saw exceptional levels of gas demand, new figures from Gas Networks Ireland show, amid a cold snap which saw a sharp increase ...
Around half of companies experienced a cyber incident – survey
Almost half of organisations in Ireland have encountered cyber incidents in the last three years, while one in five have suffered resulting financial loss, according to new research ...
Corporation tax take in November up 27% on last year
Corporation taxes recovered strongly in the month of November, helping the Exchequer to deliver a surplus of €5.4 billion. Just over €6 billion was collected in corporation tax, ...
Highest level of new credit union lending in 14 years
Credit unions affiliated with the Irish League of Credit Unions (ILCU) reported the highest level of new lending since 2009 in the last year, the latest results for ...
Irish savers missing out on up to €3.5 billion in interest a year
New research from price comparison website Bonkers.ie shows that Irish savers are collectively missing out on up to €3.5 billion in interest a year as they are slow ...
Growth in service sector picks up in November
The rate of growth in the service sector picked up in November, new figures show. The latest AIB Purchasing Managers’ Index (PMI) shows the rates of expansion in ...
Jump in retail salaries predicted for next year
Fashion and other non-food retailers in Ireland are increasing salaries by 10%-12% in a bid to secure and retain top-tier talent, according to the Excel Recruitment 2024 Salary ...
Average Christmas spending set to fall 13% this year – CCPC
Consumers expect average expenditure this Christmas to be down 13% compared with last year, according to a survey conducted for the Competition and Consumer Protection Commission (CCPC). The ...
New cars registered in November slows by 4%
The number of new cars registered in November fell 4% according to new data from the Society of the Irish Motor Industry (SIMI). 947 cars were registered during ...
Latest CSO figures confirm economy in recession
Figures today from the Central Statistics Office confirm that the economy is in recession. The economy, as measured by gross domestic product (GDP), fell by 1.9% in the ...
33,450 homes may be built here in Ireland in 2024 – Euroconstruct
A new analysis has estimated that around 33,450 new homes could be completed here next year. The research also predicts that around 31,000 will be finished this year. ...
Manufacturing conditions stabilise in November
Business conditions in the manufacturing sector stabilised in November, new figures show. The latest Purchasing Managers Index from AIB reveals the second highest reading since February. The index ...
New tenants are paying 18% more for rent than existing ones – RTB
New tenants are paying considerably more rent than renters with existing tenancies, new official data has shown for the first time. According to information released by the Residential ...
Big increase in demand for construction workers in 2023
The resurgence of construction here meant professional roles in that sector recorded the biggest increase in demand this year, new data shows. IrishJobs TalentBank, a database containing over ...
ECB picks ‘European culture’ and ‘rivers and birds’ as themes for new euro banknotes
The Governing Council of the European Central Bank said it has selected “European culture” and “Rivers and birds” as the possible themes to choose from for future euro ...
Weekly earnings rose by 4.6% in third quarter – CSO
Workers average weekly earnings rose 4.6% between July and September compared to the same period last year, new data from the Central Statistics Office (CSO) shows. On average, ...
Brent tops $80 ahead of OPEC+ meeting
Oil prices crept higher today as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send ...
EU agreement on reducing industrial emissions
EU member countries and the European Parliament have said they have reached a preliminary agreement on curbing industrial emissions, including those from intensive poultry and pig farms and ...
New domestic violence leave entitlements begin
Employers will be required to offer paid leave to workers who are subjected to domestic violence from today. The Work-Life Balance Act, which was passed earlier this year, ...
Oil prices rise slightly due to weak dollar
Oil prices rose slightly today due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would ...
ECB rate hikes not necessarily over, Nagel says
The European Central Bank may need to raise interest rates again if the inflation outlook worsens, and the bank should not rush to ease policy too quickly after ...
39% of daily internet users almost always online – CSO
New figures from the Central Statistics Office shows that 94% of internet users go online daily, and of these, 39% use it all the time or nearly all ...
Irish agri-food exports were worth €19 billion in 2022
Irish agri-food exports were worth €19 billion in 2022, with 165,000 people employed across the sector, according to the latest annual review and outlook report from the Department ...
Public sector pay talks to begin at WRC
Talks on a new public sector pay deal involving unions, staff associations and the Government are due to begin at the Workplace Relations Commission (WRC) today. Last week, ...
Mortgage approvals for first time buyers hits record in year to October
The number of mortgages approved last month increased by 2.7% compared to a month earlier. But versus the same month in 2022, volumes were down 20%, as switching ...
Central Bank’s Makhlouf not ruling out another interest rate hike
The full effect of higher interest rates has yet to feed through the economy, according to the Central Bank’s Financial Stability Review published today. The Review has left ...
Labour market participation rate highest since 2008 – CSO
New figures from the Central Statistics Office today show that the estimated labour market participation rate in the third quarter of 2023 reached 65.8% – the highest rate ...
€1,000 reduction in third level college fees comes into effect
Minister for Further and Higher Education Simon Harris has announced further details on the cost of education measures first outlined in the Budget. A reduction of €1,000 in ...
OPEC+ postpones policy meeting to November 30, oil falls
OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to November 30 from November 26 as producers struggled to agree on production levels and hence ...
€110 billion collected in taxes in 2022, up 17% on 2021 – CSO
The Exchequer collected €110 billion in 2022 in taxes and PRSI, according to figures from the Central Statistics Office published today. This is an increase of €16.3 billion ...
Consumer caution warning as Black Friday approaches
It’s that time of year again when Black Friday advertising is inescapable. Offers galore are touted on social media feeds, in broadcasting and newspapers in the run up ...
Euro zone to tighten fiscal policy in 2024 – Commission
Euro zone fiscal policy will be tighter on aggregate next year but several countries, including France and Italy, plan to spend too much, breaking EU recommendations, the European ...
Government agrees increases in all classes of PRSI
The Government has signed off on a plan to increase PRSI over five years to replenish the Social Insurance Fund. Under the plan there will be incremental increases ...
Business confidence in “experience economy” weakens
A quarter of businesses in the “experience economy” are less confident than they were six months ago, new research has found. A similar proportion of firms indicated they ...
EU Parliament to vote on new ‘right to repair’ consumer rules
New rules to make it easier for consumers to request repairs for goods will be voted on by the European Parliament. The legislation seeks to introduce a “right ...
EU October car sales up 14.6%, EV sales jump more than 36%
New car sales in the European Union rose 14.6% in October, boosted in part by a big jump in sales of fully electric cars, while hybrid electric vehicles ...
Consumers planning a more positive but prudent Christmas
Planning to cut back on Christmas spending is now a seasonal norm, according to analysis of the Credit Union Consumer Sentiment survey for November. It contained a special ...
‘Buy now, pay later’ in focus as festive season nears
It’s the time of year when the purse strings are being loosened in the run into the festive season. Most of us are at the stage where we’re ...
Record online spend forecast for Black Friday
One week out, AIB is forecasting that online Black Friday spend in Ireland this year will surpass last year’s record-breaking total. In 2022, customers of the bank spent ...
More expensive services, food drive euro zone inflation in October
More expensive services and food were the main drivers of consumer price growth in the euro zone in October, data showed today, as the EU’s statistics office confirmed ...
Oil prices head for fourth week of declines in a row as supply grows
Oil prices were little changed today but on track for their fourth week of losses in a row after tumbling about 5% to a four month-low yesterday on ...
Paid sick leave to increase to 5 days from January
The Government has announced that the entitlement to paid sick leave will increase from three to five days on 1 January 2024. It is the second stage of ...
Central Bank publishes new accountability rules for financial companies
The Central Bank has today published regulations and guidance for firms who have to comply with the Individual Accountability Framework (IAF). This is a set of rules governing ...
Dublin property prices fall again in September – CSO
Residential property prices rose nationally in September, compared to the same month last year, by 1.4%. This compares to an annual rate of 1.1% in August, the latest ...
Exports slow by 17% in September on lower pharma and electronics
Exports of goods from Ireland fell 17% in September, compared to the same month of last year, driven in large part by a further sizeable drop in sales ...
Unions invited to public sector pay talks
The Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe has invited public service unions and staff representative associations to enter negotiations with the Government on a ...
Govt to build emergency reserve LNG storage facility
The Government is to build a new floating gas storage facility for Liquified Natural Gas to use as a strategic emergency reserve in case of global supply disruptions. ...
‘Out of home’ food sector hits record €9.3bn in 2023
A more discerning, occasion-led approach to dining out is likely to take hold next year, the latest Bord Bia annual Foodservice Market Insights report concludes. It comes against ...
44% would change job to meet remote working needs
The fourth annual National Remote Working Survey has revealed that 44% of workers would change job, even if it means taking a pay cut, if their remote working ...
Governance rules could deter executives from seeking senior posts
New governance rules, which would see individuals being held accountable for willful wrongdoing in the financial sector, could stymie recruitment to senior executive positions within organisations, a survey ...
Grocery inflation falls to 9.8% from 10.5%
New figures from Kantar show that grocery inflation has fallen below 10% for the first time this year. Grocery inflation fell to 9.8% in the 12 weeks to ...
Rents rising nationally but marked slowdown in Dublin
Rents being sought for properties on the open market nationally are continuing to increase, but there has been a continued slowdown in the rate of increase in Dublin, ...
Construction sector activity slows for fourth month
Activity in the construction sector in Ireland slowed further last month. It is the fourth month in a row that activity has fallen. According to the BNP Paribas ...
Skills shortage, talent retention among key challenges for employers
Skills shortages and the retention of talent remain among the key challenges facing organisations, a survey of employers conducted by recruitment specialists, Hays Ireland, has concluded. Almost all ...
US Fed could hike rates again if ‘appropriate’ – Powell
The US Federal Reserve is prepared, if needed, to increase interest rates further in order to bring inflation down to its long-term 2% target, Fed Chair Jerome Powell ...
DPC warned proposed new structures could slow inquiries
The Data Protection Commission (DPC) has warned the Government that new proposed structures for the organisation could slow down the pace of major data protection inquiries involving high-tech ...
Annual production in manufacturing industries sinks 23% in Q3 – CSO
New figures from the Central Statistics Office show that production in manufacturing industries decreased by 22% in the third quarter of this year compared to the same second ...
Near 50% jump in value of car loans – BPFI
There has been a surge in the volume and value of car loans being issued here, according to the latest Personal Loans Report from Banking and Payments Federation ...
‘Cautious optimism’ among Irish firms about their outlook – Eurochambers
A slight improvement in business sentiment has been captured in the latest European Economic Survey carried out on behalf of Eurochambres, of which Chambers Ireland is a member. ...
ECB must keep rates at or near 4% in 2024 to get inflation down – IMF
Rapid wage growth in the euro zone could keep inflation elevated longer and the European Central Bank should hold interest rates at or near record highs during next ...
Underlying inflation progress not enough, says ECB’s Lane
The European Central Bank is seeing some progress in its efforts to push down underlying inflation but this is not yet enough, ECB chief economist Philip Lane told ...
Tánaiste hopeful for decision on beef exports ‘within months’
Tánaiste Micheál Martin has said that he is hopeful that Chinese authorities will reach a decision on the resumption of Irish beef exports to China “within a matter ...
Euro zone economy started Q4 on back foot, stoking recession fears – PMI
The downturn in euro zone business activity accelerated last month as demand in the dominant services industry weakened further, a survey showed today, suggesting there is a growing ...
Just 4% of top companies meet UN climate target guidelines – study
Half of the world’s 2,000 biggest listed companies have set a target to get to net-zero emissions by mid-century, but just a fraction meet tough United Nations guidelines ...
Competitiveness and costs top issues for manufacturers
Competitiveness and the cost of doing business in Ireland are among the top issues for the manufacturing sector, new data shows. However, the report by business group Ibec ...
Irish Entertainment & Media industry to grow 3.6% a year up to 2027
The Irish entertainment and media industry is to grow by an annual compound rate of 3.6% between now and 2027, a new report from PwC has predicted. That ...
Value of output from agriculture to fall 8% this year, CSO figures show
The value of output from agriculture this year will be down 8% compared to 2022, according to the Central Statistics Office. The CSO says the decrease is mainly ...
Corporation tax take drops for third month in a row
The Exchequer recorded a deficit of €900m at the end of October, the latest figures from the Department of Finance show. The Exchequer returns, published this afternoon, also ...
Shortage of builders a risk to housing construction, warns BPFI
The lack of skilled trades people could affect growth in the economy, according to the latest SME Monitor by Banking and Payments Federation Ireland. Construction firms have reported ...
Jobless rate moves up to 4.8% in October – CSO
New figures from the Central Statistics Office show that the number of people unemployed rose marginally in October. When adjusted for seasonal factors, the unemployment rate moved up ...
Service sector growth slows for sixth month in a row – PMI
The rate of expansion in the country’s services sector slowed for the sixth month in a row in October with a survey today showing it at the second-weakest ...
Two thirds of adults think Irish banks lack competition
Two thirds of adults in Ireland think the banking sector lacks competition, new research has found. While almost three quarters agree that the process of opening a new ...
New Central Bank campaign to help consumers avoid personal finance scams
The Central Bank has launched an information campaign to help consumers avoid personal finance scams. It said fraudsters are using increasingly sophisticated methods which calls for an increased ...
New electric car registrations slow down by 17% in October – SIMI
The latest figures from the Society of the Irish Motor Industry show that new car registrations for October were down 16.8% to 2,178 when compared when the figure ...
Energy suppliers set to cut electricity, gas charges
A number of energy suppliers are set to cut charges for electricity and gas from today. Nearly two million customers will benefit from cuts in unit prices and ...
Euro zone inflation, growth slow as ECB hikes weigh
Inflation in the euro zone hit a two-year low a month after its economy began contracting, data showed today, illustrating the dual impact of a steady diet of ...
Manufacturing conditions continue to weaken amid fall in new orders
Business conditions in the manufacturing sector continued to weaken in October, new figures show. The latest Purchasing Managers Index from AIB reveals that activity weakened to the greatest ...
Inflation rate estimated to have slowed to 3.6% in October from 5% in September
There has been a significant slowing in the estimated annual rate of inflation in October. According to the latest “flash” estimate of inflation from the Central Statistics Office, ...
Consumer sentiment improves following Budget measures
Consumer sentiment has improved slightly this month, boosted by the measures announced in Budget 2024. The latest Credit Union Consumer Sentiment Index registered a pick up in the ...
Where next for interest rates as ECB pauses?
It has certainly been a busy eighteen months for the Monetary Policy Committee of the European Central Bank. Having spent several years repeating pretty much the same script, ...
ECB breaks record streak of rate hikes as economy weakens
The European Central Bank left interest rates unchanged as expected today, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which signals steady policy ...
Mortgage drawdowns fall 22%, driven by switching slump
Mortgage drawdowns were down almost 22% between July and September when compared to the same period last year. New figures from Banking and Payments Federation Ireland show that ...
New guidance on social media advertising for influencers issued by CCPC and ASAI
New guidance for Irish influencers on how to clearly label ads on social media has been issued by the Competition and Consumer Protection Commission (CCPC) and the Advertising ...
Job vacancies down 28% on last year
Job vacancies declined by 28% year-on-year and by 7% on a quarterly basis according to the latest Jobs Index from hiring platform IrishJobs. The data is for the ...
Housing completions up 14% in third quarter – CSO
There was an increase of 8,452 in new dwelling completions in the third quarter of this year, according to the latest figures from the Central Statistics Office. This ...
ECB Governing Council expected to leave rates unchanged
The Governing Council of the European Central Bank (ECB) meets in Athens today where it’s widely expected to leave interest rates on hold for the first time since ...
Petrol and diesel prices dip in October – AA Ireland
The latest AA Ireland monthly Fuel Price Survey shows a slight drop in petrol and diesel prices over the last month, while the cost of running an electric ...
Calls for more modular housing to address shortages
Modular housing units need to be constructed in higher volumes in order to address the housing shortage crisis, according to the Director General of Engineers Ireland. Damien Owens ...
Four in five firms plan pay increases next year with average of 3.8%
Around four in five businesses are planning on increasing pay for employees in 2024, with an average pay rise of 3.8%. This is according to the latest Pay ...
EU signs digital services agreement with Ireland
The European Commission has signed an administrative arrangement with the newly established media regulator, Coimisiún na Meán, to support new EU online safety rules. The Digital Services Act ...
New competency framework to drive higher standards in corporate governance
A new competency framework to drive higher standards in corporate governance is being launched today by the Institute of Directors. The new Continuing Professional Development (CPD) Framework has ...
Euro zone PMI hits lowest in nearly three years, stirs recession worries
Euro zone business activity took a surprise turn for the worse this month as demand fell in a broad-based downturn across the region, a survey showed, suggesting the ...
55% of office workers spend two to three days a week ‘on-site’
New research has found that 55% of office workers in companies in Dublin now spend two to three days on site each week. That marks a 7 percentage ...
Planned changes to rules around minimum corporation tax among measures contained in the Finance Bill
The Finance Bill, which puts the tax changes announced in last week’s Budget into legislation, has been published by the Minister for Finance, Michael McGrath. It runs to ...
Average home rebuilding cost rose 12% over last year
The average cost of rebuilding a house rose by 12% over the last year, new research has found. That i’s less than the 21% rate of increase in ...
National Women’s Enterprise Day takes place today
Events marking the 17th National Women’s Enterprise Day are taking place around the country today. The Local Enterprise Office-led initiative aims to celebrate female entrepreneurs and female-led start-ups, ...
Values-led approach to food security required – DCU report
A report on Global Food Security will be presented to the UAE ambassador to Ireland by DCU’s Centre for Religion, Human Values and International Relations ahead of COP ...
ECB starts ‘preparation’ for digital euro
The European Central Bank took a further step today towards launching a digital version of the euro that would let people in the 20 countries that share the ...
Report finds Ireland’s pension system ranking has improved slightly
Ireland’s pension system has improved slightly in the past year when compared with global peers, a new index has found. The Mercer CFA Institute Global Pension Index ranked ...
Grocery price inflation falls to 5 month low – Kantar
Grocery price inflation in the Irish market has fallen to a five month low, but prices are still going up steeply. That is according to the latest figures ...
Exports down 17% in August on lower sales of chemicals – CSO
Exports from Ireland dropped by 17% in August, driven by falls in sales of chemicals and related products, as well as electrical machinery, new figures from the Central ...
Clear-out urged as study finds Ireland generates millions of kilos of e-waste
Irish households are being urged to begin a collective clear-out of small electronic waste this weekend, after a United Nations study showed Irish consumers generated 11 million kilos ...
Ireland’s economic growth will slow by 2050 – report
A new report has suggested that Ireland’s economic growth will slow over the medium to long-term due to a range of factors, including the ageing of the population. ...
2,600 buyers approved for First Home Scheme
The latest progress report on the First Home Scheme shows that 2,598 buyers have been approved and 699 homes already bought using the scheme since it was launched ...
Annual inflation rate up slightly to 6.4% in September – CSO
The annual rate of inflation rose again in September to 6.4% compared to an annual rate of 6.3% in August, new figures from the Central Statistics Office show ...
Budget benefited lower income groups proportionately more – ESRI
The Economic and Social Research Institute has said Tuesday’s Budget was “progressive”, meaning lower income groups will benefit proportionately more than higher income groups. However, the ESRI says ...
Online payments continue to grow, cheque payments drop further
Online and mobile banking payments are continuing to grow in the country while usage of cheques has dropped to the lowest level since 2008. That is according to ...
Used car price inflation rises to 3.3% in third quarter
The rate of inflation in the used car market was 3.3% in the period from July to the end of September, up from 0.9% in the previous quarter. ...
€1.17bn allocated to Arts, Sport and Media in budget
The Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media, Catherine Martin has announced details of the €1.17 billion in funding allocated to the department in Budget 2024. ...
Number of insurance firms in Ireland down 39% since 2009
The number of insurance and reinsurance businesses based in Ireland has fallen 39% since 2009, a new study has found. Life companies have dropped by 42% over the ...
Budget 2024 won’t overheat the economy – Varadkar
Some Budget 2024 measures came into force at midnight, after the Dáil voted to increase tobacco duties and also maintain the lower VAT rate on household energy bills. ...
Banking levy increased in Budget 2024
Ireland will revise how it calculates its levy on banks after announcing plans to raise €200m from the measure next year, up from €87m in 2023, Finance Minister ...
Some Budget measures in force with fuel prices up since midnight
Some of the Budget 2024 measures came into force at midnight after the Dáil voted to increase tobacco duties and maintain the lower VAT rate on household energy ...
Global natural gas demand set for slower growth to 2026 – IEA
Global natural gas demand is expected to experience slower growth to 2026 after peaking in mature markets such as Europe and North America in 2021, a report by ...
Over 2.4m people have private health insurance, up 3%
The number of people with private health insurance at the end of last year rose by 3% compared to a year earlier. 2.44m customers had health insurance policies ...
Budget to include €250m scheme to help firms with costs
A new €250m grant scheme to help small and medium sized businesses with rising costs is set to be announced in today’s budget. The one-off scheme will offer ...
Coalition party leaders discuss final Budget details
The Coalition party leaders met until the early hours of this morning to finalise most of the details of tomorrow’s Budget. Some items remain outstanding, however, and there ...
Insolvencies and startups both grew in third quarter
The number of insolvencies in the third quarter of the year was up 54% on the same period last year. Between July and September, 185 insolvencies were recorded, ...
Construction activity saw modest slowdown in September – PMI
Activity in the construction sector slowed again in September, according to the latest purchasing managers index from BNP Paribas Real Estate Ireland. The index stood at 48.6 in ...
Expansionary Budget ‘makes little economic sense’ – Nevin Economic Research Institute
The Nevin Economic Research Institute (NERI) has said an expansionary Budget next week “makes little economic sense” at this time. This is because it believes the economy is ...
Key tourism month of July not as strong as hoped – ITIC
The rising cost of doing business and reduced tourism accommodation supply meant the key tourism month of July wasn’t as strong as hoped, new data from the sector ...
World food price index little changed in September despite sugar surge – FAO
The United Nations food agency’s world price index was largely stable in September, as declines in the indices for vegetable oils, dairy and meat offset a surgein sugar ...
Energy generation sources remain stable in September
Gas was responsible for generating 46% of Ireland’s electricity in September, amid mild, sunny and wet weather. That proportion was similar to the previous month, but down from ...
ESRI forecasts slowdown in Irish economy this year
A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic ...
Value of Irish M&A deals up 48% over first nine months of 2023
The value of mergers and acquisitions with Irish involvement hit $33.3 billion during the first nine months of the year. That represented an increase of 48% compared to ...
ESRI predicts slower rate of economic growth this year due to falling exports and rising inflation
A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic ...
Services activity growth has slowed to lowest this year
The growth in activity in the services sector was the slowest since the beginning of the year, according to the latest AIB Ireland Services Purchasing Managers Index. Concerns ...
Corporation tax take below estimate again in September
Corporation tax in September came in below the Department of Finance’s estimate for the second month in a row, according to the latest Exchequer figures published this afternoon. ...
Changes to personal taxation to be ‘central’ part of Budget – McGrath
The Minister for Finance has said that changes to personal taxation will be a “central element” of a just over €1.1 billion tax package that will form part ...
ECB’s Lane says rising wages underpinning euro zone inflation
Rising wages in the euro zone are underpinning inflation in the bloc but wage growth should moderate in the coming months, the European Central Bank’s chief economist Philip ...
Goodman firm to inject up to €6.35m into Barryroe
A company controlled by businessman Larry Goodman is to make up to €6.35m available to Barryroe Offshore Energy (BOE), which is currently in examinership, as part of a ...
Signs of property rebound with asking prices up 4% – MyHome.ie
The Irish property market is experiencing a rebound with a period of falling house prices – seen in the early months of 2023 – coming to an end ...
Fresh setbacks for manufacturing sector in September
The manufacturing sector experienced some renewed headwinds in September which saw the index going back into contractionary mode having bounced back in August. The headline AIB Ireland Manufacturing ...
Companies urged to file returns early amid ID changes
The Government is urging companies to make their annual return filings early ahead of the peak filing period next month, following the introduction of new identification requirements for ...
House prices rising amid ongoing supply shortage – daft.ie
Demand for property is holding up, despite interest rate increases, and an ongoing supply shortage is supporting prices, the latest House Price Report from property listings website daft.ie ...
Inflation rises to 5% in September – flash estimate
Inflation is estimated to have risen to an annual rate of 5% in September, according to the latest “flash” estimate from the Central Statistics Office. This compares to ...
Mortgage switching down almost 80% on last year
There was a huge drop in the number of people switching their mortgages in August compared to the same time last year, new figures show. The latest report ...
Competitiveness Council urges action to meet new economic challenges
The National Competitiveness and Productivity Council has published its annual Challenge Report, which outlines some of the key issues facing the economy. Chair of the Council Dr Frances ...
Banks defend interest rate policies at committee
Representatives of the country’s main banks have defended their policies around the passing on of interest rate increases to customers when they appear before an Oireachtas committee later. ...
Corporation tax growth levelling off – McGrath
The Minister for Finance has said there appears to be a “levelling-off” of the growth in corporation tax compared to the extraordinary levels in recent years. Michael McGrath ...
Living wage should rise to €14.80 per hour – technical group
The reference hourly living wage rate should rise to €14.80 per hour, according to the Living Wage Technical Group (LWTG). This is an increase of 6.9%, or €0.95, ...
Rise in number of electricity, gas customers in arrears
There has been a notable increase in the number of domestic electricity customers falling into arrears since the end of the Government’s Emergency Electricity Credit in March, according ...
Competition authorities given new powers to fine companies up to €10m
From today, the Competition and Consumer Protection Commission (CCPC) will be able to fine companies for breaching Irish and EU competition law. The new powers come as the ...
UN charter aims to promote gender equality in sustainable finance
A new United Nations charter aimed at promoting gender equality in the area of sustainable finance is being launched in Dublin this morning. The Financial Centres for Sustainability ...
Semi-states and public bodies most attractive employers – survey
Irish semi-state and public bodies are the most attractive employers for professionals working in Ireland, according to new research from Universum, which is part of IrishJobs. The Most ...
Irish stock market departures are symptom of wider EU malaise
Irish people have a rich history of looking to the US for a better life. That appears to be the thinking of Dublin-listed paper packaging company, Smurfit Kappa, ...
‘”Enormous’ opportunity to double Irish exports to Canada within five years
A new report shows that Ireland’s goods exports to Canada reached a record high of €3.39 billion in 2022, while 2023 is set to be another record year, ...
Wholesale electricity prices up 10% in August, CSO data shows
Wholesale electricity prices rose in August but were still much lower year-on-year, according to the Central Statistics Office. Its latest Wholesale Price Index shows a more-than 10% increase ...
EU urges Ireland to speed up copper switch-off
The European Commission has urged Ireland to speed up the switching off of out-of-date copper wire networks for phone and broadband services. The switch-off of legacy copper networks ...
Housing commencements up 30.6% in August
New figures from the Department of Housing, Local Government and Heritage shows that the number of new commencement notices for August rose by 30.6% compared to the same ...
Consumer confidence drops to lowest level in six months
Consumer confidence dropped to a six month low in September, amid a rebound in oil prices, a further rise in interest rates and a gloomier economic outlook. The ...
Govt must balance support and inflation in budget – McGrath
The Minister for Finance has said the Government faces a challenge in the upcoming budget in getting the balance right between providing an appropriate amount of support needed ...
March ‘probably too early’ to expect interest rates to fall – Makhlouf
The Governor of the Central Bank has said his view is that March is probably too early a time to expect interest rates in the eurozone to start ...
McGrath wants public bodies to keep taking cash payments
The Minister for Finance has written to Government colleagues asking that public bodies under their remit maintain their existing payment methods in relation to accepting cash pending the ...
Unlikely energy prices will return to 2020 levels over coming months – CRU
It is unlikely that households will see energy prices return to the previous low levels seen in 2020 and 2021 over the coming months, a new report from ...
Euro zone August inflation revised slightly lower
Euro zone consumer inflation in August was slightly lower than initially estimated, the European Union’s statistics office Eurostat said today. But it still remained more than twice the ...
First Home Scheme extended to self-builders building first home
The Government has extended the First Home Scheme to self-builders who are building their first home. The scheme, which was launched just over a year ago, works by ...
Spending on homewares up 18% in August, but pub spend dips 1% – AIB
Summer spending recovered slightly last month despite the continuing bad weather, a new survey shows today. The AIB August Spend Trend report reveals that overall spending rose by ...
Economic growth expected to slow as multinational exports weaken – Central Bank
The Central Bank has lowered its forecasts for growth in the economy based on weaker exports from multinationals in Ireland, but has left its outlook for inflation broadly ...
Annual house price growth cools to 1.5% in July – CSO
New figures from the Central Statistics Office show that residential property prices rose by 1.5% in the 12 months to July. This marked the slowest annual rate of ...
Grocery price inflation falls to lowest level in a year – Kantar
Grocery price inflation slowed to 11.5% in the 12 weeks to September 3, new figures from Kantar show today. This marks the lowest level of grocery price inflation ...
Wholesale energy prices fell again in August
Wholesale electricity prices continued their decline in August compared to prices last year, according to the latest report published by the Single Electricity Market Operator (SEMO). SEMO operates ...
What next for Irish stock market amid departures of key players?
Vladimir Lenin is widely credited with the phrase ‘there are decades where nothing happens; and there are weeks where decades happen’. He could well have been talking about ...
Construction activity continued to slow in August – PMI
A slowdown in construction activity continued in August, according to the latest construction purchasing managers index from BNP Paribas Real Estate Ireland. There was a sharper contraction in ...
Plans for participation exemption to Irish corporation tax
The Government has announced plans to introduce changes to how dividend income received from foreign branches of companies with bases in Ireland are taxed here. The reforms, if ...
Budget will help with cost of living, McGrath says
The Minister for Finance has said the latest European Central Bank interest rate increase will undoubtedly add pressure to many households who already are carrying the burden of ...
ECB raises euro zone interest rates again by 0.25%
The European Central Bank raised interest rates for the 10th meeting in a row today to counter stubborn inflation but signalled that it is likely done tightening policy. ...
ECB governing council to make decision on interest rates
The European Central Bank’s governing council meets in Frankfurt today to decide if it will continue to increase interest rates as part of its efforts to bring inflation ...
Campaign encourages SMEs to save time, money and energy
Local Enterprise Offices have launched a campaign encouraging small businesses to avail of supports that will help them save time, money and energy. The “All In A Day’s ...
Research reveals extent of shift to digital banking
One in three people in Ireland now use banking apps from outside of the traditional sector, nearly double the number a year ago, new research has found. The ...
Gas demand down by a fifth during mild August – GNI
Overall gas demand in August was well down on the same month last year amid mild and changeable weather. According to the latest Gas Demand Statement from Gas ...
Energy companies told to ‘go further’ on price cuts
The four main energy companies have been told that they must go further on price cuts, during a meeting with Taoiseach Leo Varadkar and energy minister Eamon Ryan ...
Surge in demand for IT and digital roles – ManpowerGroup survey
Despite fears of AI replacing jobs in the tech sector, there has been a surge in demand for workers in IT and digital roles, according to the latest ...
Number of female business leaders continues to rise, but slowly – CSO
New figures from the Central Statistics Office show that Irish businesses continue to increase female representation at both senior executive and board level, albeit slowly. However, the number ...
Disconnect between employers and older workers, survey finds
Recruitment firm Hays Ireland has said that new research it has conducted has revealed a disconnect between employers and older workers. The company said its survey of 1,600 ...
EU Commission cuts euro zone growth forecast as Germany in recession
The euro zone economy will grow slower than previously expected this year and next, the European Commission forecast today. This comes as consumer demand suffers from high inflation ...
Oil prices ease but supply cuts keep Brent above $90 a barrel
Oil prices eased today as a stronger US dollar and economic concerns in China weighed on the outlook for fuel demand, but extended supply cuts by Saudi Arabia ...
64% of consumers buy sustainable goods, cost an issue
Two thirds of Irish consumers buy sustainable products sometimes or often, a new survey has found. The research by Deloitte found the level of sustainable purchasing was higher ...
Lack of state support a barrier to fintech expansion – report
A lack of government support for growth and innovation has been identified as a major barrier to expansion in the financial technology, or fintech, sector in a report ...
Euro zone economy grew just 0.1% in second quarter
The euro zone economy grew by a mere 0.1% in the second quarter, lower than previously estimated, official data showed today. The European Union’s Eurostat data agency had ...
Higher mortgage rates, oil costs push inflation to 6.3%
Inflation rose at an annual rate of 6.3% in August, up from 5.8% in July, according to the latest Central Statistics Office figures. Inflation took a step in ...
Texts and phone calls down, data usage up
A new report reveals that mobile phone users are sending less texts and making less calls, but using more data. New figures from the Commission for Communications Regulation, ...
Commercial vacancy rate hits 14.1% – highest on record
There were 29,798 vacant commercial units recorded across the country between April and June. There were 29,798 vacant commercial units recorded across the country between April and June. ...
Women encouraged to consider construction careers
The shortage of construction workers is one of the biggest challenges facing the building industry amid warnings that there is not enough skilled labour to meet the demand ...
Euro zone August downturn deeper than was thought – PMIs
The decline in euro zone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction. This is according to a ...
Banking industry’s new support measures for mortgage customers
The main Irish bank and non-bank lenders have agreed a new set of criteria designed to provide clear guidance to mortgage holders whose loans are managed by credit ...
National Broadband Plan marks 50,000th connection in Cork
The company marked the latest milestone in the NBP rollout at a farm in rural Co Cork. Peter Hendrick, the chief executive of National Broadband Ireland, the number ...
Activity in Ireland’s service sector continues to grow
The latest Purchasing Managers Index from AIB marks two and a half years of successive monthly improvement in business activity, new business and employment. The report states that ...
Study reveals stress and financial woes facing workers
Many employees are increasingly feeling cash-strapped as inflation continues to impact their ability to spend, according to a survey of Irish workers by PwC. The proportion of the ...
Corporation tax take in August down over €1bn on last year
The amount of corporation tax collected in August was over a billion euro less than the amount taken in the same month last year. In a statement, the ...
Deposit rates finally rise but ‘the devil is in the detail’
When the banks published their half year results in the early part of last month, it was clear that pressure was going to mount on them to improve ...
Economy sees growth of 0.5% in second quarter – CSO
The economy continued to grow in the second three months of the year, according to the latest figures from the Central Statistics Office. Measured by GDP, which includes ...
‘Concerning gaps’ in pension coverage – CCPC
The Competition and Consumer Protection Commission (CCPC) has said that research it has carried out into pensions has revealed some concerning gaps in retirement planning. The survey of ...
AIB and EBS increase rates on saving accounts
AIB has become the latest bank to increase its interest rates on certain savings products, as well as on EBS saving accounts. The move comes amid growing calls ...
NTMA to increase State Savings interest rates
The National Treasury Management Agency said it is increasing the rates that apply to new fixed term and variable rate State Savings products. It also said it will ...
Inflation rises to 4.9% in August – flash estimate
An initial estimate for inflation, measured by the Harmonised Index of Consumer Prices (HICP), shows prices rose by 4.9% in the 12 months to August. Today’s latest Central ...
Motorists facing hike in petrol and diesel prices
Motorists are facing a hike in the cost of refuelling their vehicles from midnight tonight, as excise rates are increased by the Government. Petrol excise rates will increase ...
Reduced 9% VAT rate to expire at midnight
The reduced 9% VAT rate for tourism, hospitality and some other services will expire at midnight and return to 13.5%. The planned increase is set to go-ahead despite ...
European car sales rise 15% in July, EVs up nearly 61%
European new car registrations jumped 15.2% in July, the 12th consecutive month of growth as the auto industry recovers from pandemic-related supply chain issues, data from the European ...
Europe’s bumper Q2 puts global dividend payouts on track for record year
Companies around the world are on track to pay investors a record $1.64 trillion in dividends this year following a more than 6% jump in the second quarter, ...
McGrath: Excise duty hike will go ahead in September
Minister for Finance Michael McGrath has confirmed that the planned hike in excise duty will go ahead in September as it is already “locked in”. He said the ...
Annual retail sales up 5.9% in July, CSO figures show
The volume of retail sales increased by 5.9% in the 12 months to July, new figures from the Central Statistics Office show. On a monthly basis, sales volumes ...
€17m fund for community-based tourism projects
A fund of €17 million for private and community-based small tourism projects is opening for applications today. Failte Ireland was allocated €68 million in funding in total, the ...
Irish economy tops OECD league table for growth in Q2
Ireland recorded the highest level of economic growth in Gross Domestic Product terms among OECD countries in the second three months of the year. There are 38 member ...
Third of workers do not feel companies treat everyone fairly
A third of workers in Ireland do not feel their organisations treat everyone fairly according to new research on workplace diversity and inclusion. The study by the Irish ...
Do your homework: How to manage back-to-school costs
From shoes and uniforms, to school bags and stationary, back-to-school costs are mounting. It is an expensive time of year for those with children in both primary and ...
Oil inches up after China moves to support flagging economy
Oil prices ticked higher today after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US ...
Mortgage approvals fall in July despite FTB activity
A slowdown in the market meant the number of new mortgages approved in July was down 9.7% on the same month last year and 0.4% on June, despite ...
Employment rate at highest level since records began in 1998
The employment rate rose to over 74% in the second quarter of 2023, the highest rate since the current series of records began in 1998. The latest Labour ...
Construction inflation moderates but remains high
Tender prices for commercial construction projects rose by 2.4% during the first half of the year. That’s down from 3.7% during the second six months of 2022, according ...
52% of SMEs raise prices to counteract inflation squeeze
52% of Irish SME businesses have taken the step to raise their prices, according to the latest Linked Finance SME Confidence Index. Recent Central Statistics Office figures show ...
Consumer sentiment slips for first time in five months
Sentiment among Irish consumers slipped for the first time in five months this month, amid bad news on the jobs front, global economic difficulties and ongoing inflation pressures. ...
Tourism chiefs concerned at pace of sector’s recovery
The body representing the tourism industry here has said it is concerned that the recovery of the sector is still some way off the levels reached prior to ...
ESRI estimates domestic economy grew by 3.5% in June
The domestic economy grew by around 3.5% in June when compared to the same month last year, according to a new estimate from the Economic and Social Research ...
Government launches action plan on construction jobs
The Government has published a plan to boost employment in the construction sector. The ‘Careers in Construction Action Plan’ highlights the need for the construction industry to recruit ...
Annual wholesale electricity prices down 64% in July – CSO
New figures from the Central Statistics Office show that wholesale electricity prices fell by 64% in July compared to the same time last year. The CSO said that ...
Ireland among top countries for jobseekers globally
Ireland is among the most attractive countries for international jobseekers, according to new research from job website Indeed. Just over 11% of searches for jobs in Ireland in ...
Grocery inflation drops to lowest rate since November 2022
Grocery inflation rose by 12.8% in the 12 weeks to August 6 – the lowest level of growth since November 2022 and the third drop in a row, ...
Finance Minister expects to see deposit rates rising soon
The Minister for Finance has said he anticipates the rate of interest which is paid on savings accounts will increase in the weeks ahead. Michael McGrath said that ...
6 in 10 don’t know about tax relief on dietary needs – survey
A new survey shows that six in ten people are unaware they can get tax relief on the cost of special foods if they have to restrict their ...
Euro zone set for growth over next ‘couple’ of years – Lane
The euro zone economy will keep growing in the coming years and is unlikely to experience a deep or sustained recession, European Central Bank chief economist Philip Lane ...
Euro zone inflation fall confirmed, easing pressure on ECB to hike
Euro zone inflation slower further and even underlying price pressures appear to have peaked, Eurostat data showed today. Today’s figures will ease pressure on the European Central Bank ...
SMEs struggling to fill skills gap – Chambers Ireland
Small and medium sized companies here are struggling to find adequately skilled individuals to fill a variety of roles, a Chambers Ireland Skills Gap survey has found. Nine ...
Awareness of EU taxonomy system low among Irish firms
New research has found that many Irish financial services firms are not aware of a European Union system that is designed to help companies, investors and policymakers to ...
Over 11,000 extra tourist beds needed by 2032 – ITIC report
An estimated 11,500 additional tourism beds will be required here in the next decade if Ireland is to meet projected demand, a new report on the sector has ...
EU greenhouse gas emissions fall 3% in first quarter of 2023
Greenhouse gas emissions in the European Union fell by nearly 3% in the first quarter of 2023, even as the bloc’s economy grew slightly, statistics agency Eurostat said ...
Industrial output jump gives euro zone growth small boost
The euro zone’s vast industrial sector rebounded in June, giving overall growth a small boost to end an otherwise weak quarter on a positive note, data from Eurostat ...
House prices post first month-on-month growth this year – CSO
Residential property prices recorded their first monthly increase this year in June, growing by 0.6% compared to May, new figures from the Central Statistics Office show. But annual ...
Exports down 3% in first half of 2023, imports up 2% – CSO
New figures from the Central Statistics Office figures show that the country’s unadjusted exports increased by €1.8 billion to €19.5 billion in June compared with the same time ...
44% of people now work from home at least 1 day a week – ComReg survey
A new consumer survey shows that 44% of respondents now work from home online at least one day a week. The Commission for Communications Regulation’s latest Broadband Connectivity ...
Historically low housing stock levels impacting market – Sherry FitzGerald
The stock of second-hand homes available on the market has reached a historic low, according to estate agents Sherry FitzGerald. Its analysis shows that there were 13,750 homes ...
Irish economy will outperform EU peers – Mastercard
The Irish economy will continue to outperform its EU peers, according to the Mastercard Economics Institute, as consumer fundamentals remain strong. It said Irish consumers have been relatively ...
Conveyancing delays leading to failed property sales – IPAV
Growing and serious delays in the conveyancing process are leading to property sales falling through, estate agents are reporting. A survey conducted by the Institute of Professional Auctioneers ...
Plans to double public service apprenticeship places
The Government has announced plans for nine new apprenticeship programmes in the public service. If realised, the proposals will lead to the doubling of apprenticeship places in the ...
Decline in construction activity in July – BNP Paribas Real Estate
After having returned to growth in June, construction activity in Ireland saw a renewed decline in July, after the BNP Paribas Real Estate Purchasing Managers’ Index. It also ...
Gas demand down by 20% in July – Gas Networks Ireland
New figures today show that gas demand decreased by 20% in July compared to the same month last year, and by 8% when compared to June. Gas Networks ...
84% rise in commercial bus use in 2022, significantly below pre-Covid levels – report
The number of passengers using commercial bus services in Ireland rose last year by 84%, according to new figures from the National Transport Authority (NTA). The report shows ...
Government body faced difficulty in arranging power supplies for state agencies due to market volatility
The Government body responsible for arranging power supply for state agencies could not even get companies to bid to provide electricity because of “extreme volatility” in energy prices ...
Average interest rate on new mortgages here now above 4%
The average interest rate on new mortgage arrangements in Ireland has breached the 4% mark. Figures from the Central Bank show that the average interest rate on new ...
Advertised rents rise another 2.4% in second quarter – Daft.ie
Advertised rents across the country increased by 2.4% between April and June, when compared to the first three months of the year. According to property listings website Daft.ie, ...
Euro zone bond yields drop as risk sentiment worsens, inflation fears ease
Euro zone bond yields dropped today as a European Central Bank (ECB) survey showed consumers expect inflation to keep slowing, while risk sentiment worsened on sticky inflation in ...
Ireland had highest consumer prices in EU in 2021
Ireland had the highest price levels for consumer goods and services across the 27 countries of the European Union in 2021, a report from the Central Statistics Office ...
Retail spend in capital rose again in second quarter
Retail spending in Dublin rose again between April and June, the ninth consecutive quarterly increase. Spend was up 1.1% on the previous quarter and 4.7% on the same ...
Restaurants seek retention of 9% VAT rate
Ireland should retain the hospitality sector’s reduced VAT rate but only for food-related businesses, according to a restaurant representative group. Chief Executive of the Restaurants Association of Ireland ...
Live Register figures edge 0.1% higher in July – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for July rose by 0.1%, or 200, from June to reach a total ...
Ireland tops EU poll for working from home growth
Ireland is leading the charge in terms of how rapidly remote working is taking the place of traditional office-based work, according to analysis of Eurostat data by BNP ...
Decline in euro zone business activity accelerated in July – PMI
The downturn in euro zone business activity worsened more than initially thought in July as the slump in manufacturing was accompanied by a further slowing of growth in ...
Indeed economist says it is still job seekers’ market
The labour market remains a positive backdrop for job seekers with postings on job site, Indeed, 30% higher than before the pandemic. The rate of unemployment in July ...
Surge in car and home improvement loans in Q1 – BPFI
There has been a surge in car and home improvement loans in the first quarter of 2023 as personal lending hit €481m, according to the Banking and Payments ...
Service growth remains robust, inflation pressures ease – PMI
Service sector growth remained robust in July amid a strengthening in business sentiment and a slight easing in still high input and output cost pressures, a survey showed ...
Exchequer tax take up 4.6% to €4.57bn in July
Almost €6.57 billion in tax was received by the Exchequer in July, up €303m (4.6%) on the same month of last year. Figures from the Department of Finance ...
Unemployment rate falls to 4.1% in July from revised figure of 4.2% in June – CSO
New Central Statistics Office show that the seasonally adjusted unemployment rate for July eased to 4.1%, down from a revised rate of 4.2% recorded in June. The CSO ...
Euro zone factory July activity fell at fastest pace since onset of Covid – PMI
Manufacturing activity across the euro zone contracted in July at the fastest pace since Covid-19 was cementing its grip on the world as demand slumped despite factories cutting ...
Irish economy on course for more moderate growth – Ibec
The Irish economy is nearing the peak of the current economic cycle and is on course to enter a period of more moderate growth, Ibec forecasts in its ...
Manufacturing sector continues to contract, amid drop in new orders
Business conditions in the manufacturing sector continued to deteriorate in July, new figures show. The latest Purchasing Managers Index from AIB reveals the sharpest decline in new orders ...
Ireland posts highest GDP growth in Q2 as euro zone returns to growth
Ireland recorded the highest increase in economic growth in the euro zone in the second quarter of this year, new figures from Eurostat show today. The country recorded ...
Euro zone inflation falls further in comforting sign for ECB
Consumer prices in the euro zone grew by 5.3% this month from 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, ...
Temporary Business Energy Support Scheme ends today
Today marks the last day of the Temporary Business Energy Support Scheme, which was designed to help businesses with their electricity or natural gas energy costs as they ...
Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in ...
GDP rebound of 3.3% in second quarter may mean economy is out of recession
The Irish economy as measured by Gross Domestic Product (GDP) returned to growth in the second quarter of the year, new preliminary figures from the Central Statistics Office ...
Sharp slowdown in property investment market in first half – BNPPRE
The Irish commercial property market suffered the third sharpest slowdown in investment across 27 countries in Europe over the first half of 2023, according to BNP Paribas Real ...
ECB raises interest rates again but keeps options open for September
The European Central Bank has today raised interest rates for the ninth consecutive time and said it was open-minded about further tightening as stubbornly high inflation and recession ...
SMEs to maintain or increase sustainability investments
Over 90% of small and medium sized businesses in Ireland plan to maintain or increase their investment in sustainability practices over the next year. The SME sustainability sentiment ...
Census 2022 shows falling home ownership rates – CSO
New figures from the Central Statistics Office show that the number of homes owned without a mortgage or loan increased by 11% to nearly 680,000 while the number ...
Further 0.25% increase in interest rates expected from ECB today
The European Central Bank (ECB) is expected to raise interest rates again at a meeting of its Governing Council in Frankfurt today. Markets are expecting a further 0.25% ...
Gas demand 9% lower in June compared to last year
Warmer weather and the ending of the academic year in education institutions led to demand for gas dropping by 10% in June compared to May. Overall, gas demand ...
Corporate insolvencies rise 30% in first half of year
329 corporate insolvencies were recorded in Ireland in the first half of the year, new figures from Deloitte show. This is up 30% on the same time last ...
Government extends Abhaile scheme for four more years
The Abhaile scheme, which supports families who are in serious or long-term mortgage arrears and are at risk of losing their homes, has been extended by the Government ...
Mortgage activity slows but lending to FTB remains robust
The volume of new mortgages drawn down by first-time buyers in the second three months of the year fell for the first time since the pandemic in 2020. ...
20% never carry cash, younger people leading the way
Younger people are leading the way when it comes to cashless living, with half of 18-24 year olds saying they never carry money. New figures from Royal London ...
Euro zone firms slash loan demand to lowest on record – ECB poll
Euro zone firms’ demand for loans dropped to the lowest on record last quarter and a further decline is likely over the summer as lenders continue to tighten ...
41% of charities failed to file annual finances on time
Many Irish charities failed to meet their obligations under governance standards last year, according to the Charities Regulator. Its latest annual report shows that 41% of charities failed ...
Annual wholesale electricity prices down over 35% in June
New figures from the Central Statistics Office show the price of wholesale electricity in June rose by 11.3% from May, but fell by 35.6% compared to June of ...
‘Consumers feeling strengths as well as strains’
The pressures facing Irish consumers are fading but are far from finished, according to the Credit Union Consumer Sentiment Index, which showed the mood among consumers improved fractionally ...
Oil edges higher, buoyed by tighter supplies
Oil prices rose today, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, ...
‘Embarrassment of riches’ should be spent on capital infrastructure – Goodbody
The chief economist at stockbroker Goodbody said he supports a proposed new capital spending stabilisation fund for the country’s “embarrassment of riches”. “The public finances have been the ...
New home construction starts down 16% in June
The number of new homes that building work commenced on in June was down 16% on the previous month. However, compared to June of last year, the number ...
ECB to raise rates by 25 basis points in July, slim majority say September too
The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom ...
Ireland’s home ownership age gap among the highest in Western Europe – ESRI
Ireland has one of the biggest gaps in home ownership between younger and older people in western Europe, a new study has found. The research by the Economic ...
June sunshine boosted spending in pubs and restaurants
The June sunshine boosted spending in pubs by 28% compared to the previous month, new figures from AIB show. Spending in hotels jumped by 12%, while restaurant spend ...
Warning of businesses going bust if VAT goes back to 13.5%
Hairdressers and restaurant owners have warned that if the reduced 9% VAT rate increases back to 13.5% again as planned at the end of August, it will put ...
Refundable tax credits could cost €1bn Tax Strategy Group report claims
The Tax Strategy Group paper on income tax has examined the issue of refundable tax credits. This is when those on low incomes do not earn enough to ...
Paper explores cost of hiking social welfare payments in budget
A €1 increase in the personal rates of all weekly paid social welfare schemes in October’s budget would cost €69.4 million, according to new estimates. If an additional ...
Job vacancies fall by 25% compared to last year – report
Job vacancies fell by 25% in the second quarter of the year, on an annual basis, according to the latest Jobs Index from hiring platform IrishJobs. The report ...
Petrol and diesel prices remain steady in July – AA
Fuel prices remained stable in July and are virtually unchanged compared to June, the latest AA fuel prices survey shows. The average petrol price is €1.65 in July, ...
Exports slow by €1.2 billion in May – CSO
New figures from the Central Statistics Office show that Irish unadjusted exports of goods decreased by €1.2 billion to €16.7 billion in May compared to the same time ...
Exports to boost Irish economic growth – Accenture
A new survey published today shows that despite the global economic challenges, Ireland’s growth forecast has emerged strongly. The latest Accenture/S&P Global Ireland Business Outlook survey show a ...
Irish GDP slowed by 2.8% in Q1, revised CSO figures show
The Irish economy, as measured by Gross Domestic Product (GDP), contracted by 2.8% in the first three months of the year, updated data from the Central Statistics Office ...
Interest rates and inflation – the search for the ‘sweet spot’
On paper, the job of a Central Bank Governing Council sounds fairly straight forward. Maintain price stability and ensure the stability of the financial system. The guiding principle ...
Annual rate of inflation falls to 6.1% in June – CSO
The annual rate of inflation stood at 6.1% in June, down from 6.6% in the 12 months to the end of May, new figures from the Central Statistics ...
Infrastructure deficit is leading to lost opportunities, Ibec warns
Ibec has warned that Ireland is currently losing out on business opportunities because of constraints in capacity in the economy, including around housing. The employers’ organisation claims the ...
Used cars 79% more expensive than pre-pandemic
Asking prices for used cars are 79% higher than they were pre-pandemic, but the rate at which prices are rising is slowing. New figures from listings website DoneDeal ...
Disadvantaged areas hit harder by unemployment during pandemic – ESRI
A new report from the Economic and Social Research Institute (ESRI) has found that people living in disadvantaged areas experienced greater disruption to their employment during the Covid-19 ...
New platform aimed at addressing skills gap launched
A new platform aimed at addressing skills gaps in the workforce and wider economy is being launched today. MicroCreds.ie has been developed by the Irish University Association in ...
96% of Ulster Bank and KBC Bank Ireland accounts now closed
New Central Bank figures show that just over 96% of all current accounts that were open in Ulster Bank and KBC Bank Ireland at the beginning of 2022 ...
27% of jobs at high risk from AI revolution – OECD
More than a quarter of jobs in the OECD rely on skills that could be easily automated in the coming artificial intelligence revolution, and workers fear they could ...
New home starts up 7% compared to same period last year
The three coalition leaders and Minister for Housing Darragh O’Brien will unveil the latest progress report on the Government’s “Housing For All” plan. The data relates Q2, from ...
Home asking prices up 2.2% in second quarter – MyHome
Asking prices for homes across the country were 2.2% higher between April and June than they were during the same period last year, as the market began to ...
New electric car sales up 65% in first half of 2023
New figures from the Central Statistics Office show that the number of new electric cars licensed has increased by 65% from 8,309 in the first half of 2022 ...
First increase in construction activity recorded since September of 2022
Construction activity in Ireland increased in June for the first time since September of last year, albeit slightly. New data from the BNP Paribas Real Estate Ireland Construction ...
Euro zone price pressures finally easing – ECB’s de Guindos
The ECB has raised interest rates at every meeting over the past year and promised another hike this month The ECB has raised interest rates at every meeting ...
€783m paid in unpublished tax settlements last year
A massive €783m was paid last year in unpublished tax settlements involving close to 55,000 separate companies and members of the public. A total of €665m was paid ...
IFAC: Govt to boost core spending by more than stated in Summer Economic Statement
The Irish Fiscal Advisory Council has calculated that the Government plans to increase core spending next year by €5.5 billion, some €250 million more than set out in ...
Euro zone retail sales flat in May, still down year-on-year
Retail sales volumes in the 20 nations sharing the euro currency were unchanged from April and were 2.9% lower year-on-year. That compared with average forecasts in a Reuters ...
1 in 3 struggling to survive financially – CCPC report
One in three people in Ireland say they are just about getting by financially, a new report conducted on behalf of the Competition and Consumer Protection Commission (CCPC) ...
1 in 3 struggling to survive financially – CCPC report
One in three people in Ireland say they are just about getting by financially, a new report conducted on behalf of the Competition and Consumer Protection Commission (CCPC) ...
2022 sees biggest fall in Government debt since 2014 – NTMA
Ireland’s General Government debt fell by €11 billion to €225 billion in 2022 and has the potential to fall below €200 billion by 2030, according to the National ...
Euro zone consumers see lower inflation ahead – ECB poll
Euro zone consumers cut their inflation expectations for the following 12 months again in May, although they still saw prices growing faster than the European Central Bank would ...
Steady service sector growth reignites inflationary pressures
The services sector covers areas as diverse as communication, financial and business services, IT and the tourism trade The services sector covers areas as diverse as communication, financial ...
Euro zone business activity contracts in June – PMI
Euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc’s dominant services industry and a deepening decline of factory output, a ...
Most US companies plan to increase employment here – AmCham survey
The majority of American multinationals with operations here expect to increase employment in the coming year, according to the American Chamber of Commerce Ireland. In a survey of ...
53% of Northern Ireland’s exports go to Ireland – ESRI
New research from ESRI shows that the Republic accounts for more than half of Northern Ireland’s exports, mainly due to Brexit. According to the Economic and Social Research ...
Summer Economic Statement may increase core spending by 6.1%
The Ministers for Finance and Public Expenditure and Reform Michael McGrath and Paschal Donohoe are expected to publish their Summer Economic Statement today. This document sets out the ...
Toll charges on national road network increases
Toll charges on most of the country’s national road network have increased today after a six-month deferment by the Government and there have been warnings that tolls are ...
Manufacturing slump drags employment lower – PMI
A slump in manufacturing activity deepened slightly last month, hitting a fresh three year low and leading to a fall in employment in the sector for only the ...
Work-life balance act to extend leave for parents and carers
Workers will be able to avail of extended breastfeeding breaks and new unpaid leave entitlements as part of the work-life balance act. Under the legislation, the entitlement to ...
Rate of house price inflation moderates further as first time buyers dominate
The annual rate of house price inflation continued to ease during the first half of the year, the latest residential market review from property advisors DNG shows, while ...
Inflation rate estimated to have slowed to 4.8% in June from 5.4% in May – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.8% in June from 5.4% in ...
Contactless payments surge to 3 million payments per day
The volume of contactless payments rose by almost 18% year-on-year to more than 268 million in the first quarter of the year, hitting three million payments a day. ...
Government announces plan to boost cybersecurity
The Government has published a plan to boost cybersecurity, which includes measures to support the potential growth of the cybersecurity industry. The Mid-Term Review of the National Cyber ...
ESRI downgrades GDP growth outlook for Irish economy
The Economic and Social Research Institute (ESRI) has downgraded substantially its outlook for growth in Gross Domestic Product terms for the Irish economy, but it says the underlying ...
EU reach data rule deal targeting Big Tech
EU countries and EU lawmakers has agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments ...
ECB’s Lagarde sees no rate peak call in near term
Euro zone inflation has entered a new phase which could linger for some time, European Central Bank President Christine Lagarde said today, outlining a lengthy fight against price ...
EU to take next step towards digital euro
The EU is set to take the next crucial step towards launching a digital version of the euro, a controversial project that has come under attack from the ...
Grocery price inflation slows to 15.8% from 16.5%
New figures from Kantar show that grocery inflation rose by 15.8% in the 12 weeks to June 11, down on last month’s level of 16.5% and the lowest ...
First-time buyers mortgage approvals hit record high
May was the busiest month for first-time buyer mortgage approvals in both volume and value terms since the figures started being collected in 2011, new figures from Banking ...
Third of wages in 2021 came from multinationals – ESRI
A new study from the Economic and Social Research Institute (ESRI) shows that a third of the wages paid in the Irish economy in 2021 came from Multinational ...
BIS warns world economy at critical juncture in inflation fight
The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for more interest rate hikes, warning the world economy was now at a crucial ...
Review of occupations on critical skills list
The Government has announced a review of the occupations eligible for employment permits under the Critical Skills Occupation List and Ineligible Occupations List. Employers and stakeholders are being ...
Optimism among Irish firms but taking action on sustainability a challenge – KPMG
Over half of Irish businesses expect to increase turnover in the next 12 months and 38% expect to expand their workforce, according to the latest research from KPMG. ...
27% of consumers can’t afford a holiday this year
As the holiday season begins, 27% of consumers say they cannot afford a holiday this year, compared with 23% last year and 19% in 2021, according to the ...
Euro zone business growth stalls in June – flash PMI
Manufacturing activity has been in decline since July Manufacturing activity has been in decline since July Euro zone business growth virtually stalled this month as the downturn in ...
Wholesale electricity prices fall to lowest in 2 years, CSO figures show
Wholesale electricity prices continued to fall last month and are now back to levels not seen in two years. Figures from the Central Statistics Office show that prices ...
Central Bank warns Govt not to exceed 5% spending rule in Budget or risk stoking inflation
The Central Bank has warned that if Government expenditure in next year’s Budget goes beyond its 5% spending rule, it runs the risk of stoking inflation further. In ...
Eurostat: Prices here 46% above EU average last year
Prices in Ireland were higher than in any other European Union country last year, according to statistics agency Eurostat. Data on household consumption show that Irish prices were ...
Oil eases on uncertain demand, market eyes US inventory data
Oil futures dipped today amid demand fears after the Federal Reserve chairman hinted at further interest rate hikes, while traders awaited official US inventory data following an industry ...
Supply and rate rises contributing to property price moderation – BPFI
A significant increase in housing supply since pandemic restrictions were lifted together with recent interest rate increases have contributed to a substantial moderation in property price growth, the ...
Fuel prices jump 4% following rise in excise duty
Duty on petrol increased by 6 cents per litre and 5 cents per litre on diesel on June 1st Fuel prices have jumped over 4% when compared to ...
Tax cuts could contribute to persistent inflation – TASC report
Tax cuts in the budget would add fuel to an over-stimulated economy and could contribute to persistent inflation, a new report warns. The study from the economic and ...
Nearly half of those eligible for rent relief scheme yet to apply
Almost half of people eligible for the Government’s rent credit tax relief scheme have yet to apply for the help, nine months after the policy was first announced. ...
Call for State pension to be set at 34% of average earnings
A new campaign will be launched today calling for the Government to honour its commitment to introduce a State pension rate of 34% of average earnings. The ‘Pension ...
ECB risks losing sight of ‘greedflation’
The European Central Bank risks losing sight of corporate profits as a driver of inflation – or “greedflation” in market parlance – by zeroing in on wage growth ...
Euro zone May inflation confirmed at 6.1%
Euro zone consumer inflation sharply decelerated in May, the European Union’s statistics office confirmed today, with the core price growth measure, watched closely by the central bank, also ...
ECB rate hikes may need to last beyond summer
The European Central Bank needs to keep raising interest rates, policymakers said today, reaffirming the bank’s stance after fresh projections showed that inflation is even more stubborn than ...
Oil set to snap two-week losing streak
Oil prices were set to snap a two-week losing streak today amid optimism about higher energy demand from top crude importer China and a weaker dollar. Brent futures ...
Mortgage approvals fell in April as fewer movers and switchers secure loans
A decline in the numbers of people looking to switch mortgage provider or move home led to a decline in mortgage approvals in April, according to Banking and ...
Oil extends downtrend as China economy stumbles
Oil rebounded today after the previous day’s plunge, as data showed a jump in refinery runs at the world’s top crude importer China, though a weak economic backdrop ...
ECB expected to hike interest rates by another 0.25%
The Governing Council of the European Central Bank is meeting in Frankfurt today where it’s widely expected to increase interest rates by another quarter of one percent. This ...
US Fed expected to leave rates unchanged
The US Federal Reserve is expected to leave interest rates unchanged today for the first time since the US central bank kicked off a historically aggressive round of ...
AIB increases interest rates for deposit holders
AIB and EBS have increased their interest rates on a number of deposit accounts to 2%. The 2% rate will apply to its regular online saver, its AIB ...
Residential property prices rose 3.6% in April
Residential property prices nationally rose in April by 3.6% on an annual basis, according to the CSO. This compares to an annual rate of 4% in March. Prices ...
Calm weather leads to drop in wind energy generation in May
Wind generated just 23% of Ireland’s electricity in May, with calm conditions leading to a 38% drop in generation when compared to April. New figures from Gas Networks ...
Prices paid for farmers’ produce drop 2.2%
Returns to farmers for their produce have fallen overall from March to April this year, according to the latest figures from the CSO. Output prices for produce fell ...
Data centres needed as economy ‘tech-centred’ – Martin
Tánaiste Micheál Martin has said Ireland is a “technology-centred economy” with a need for further data centres. He was responding to reports of concern over a surge in ...
Government urged to tackle energy poverty in Budget
The Government is being urged to use October’s Budget to tackle energy poverty and break Ireland’s dependence on fossil fuels for home heating. A cross-section of social, environmental ...
Slight contraction in construction activity in May
Construction activity contracted again in May, but only slightly, as demand improved. The latest BNP Paribas Real Estate (BNPRE) Ireland Construction index was still below the crucial 50 ...
McGrath calls on banks to keep mortgage customers out of arrears
Speaking at a Banking Payments Federation Ireland conference, Micheal McGrath said genuine people should not be allowed to fall into arrears due to higher interest rates. Speaking at ...
INAB calls on businesses to be ‘accreditation aware’
Today on World Accreditation Day, the Irish National Accreditation Board (INAB) is calling on businesses to employ accredited services to test, inspect, verify or certify their products or ...
Mortgages from credit-servicing firms face higher interest rates, Central Bank data shows
The Central Bank has published data showing customers with mortgages at credit-servicing firms face higher interest rates. The analysis shows that 90% of loans held by the so-called ...
Annual inflation rate slows to 6.6% in May from 7.2%
The annual rate of inflation slowed to 6.6% in May, compared to 7.2% in April, new figures from the Central Statistics Office show today. The rate of goods ...
Euro area falls into technical recession in Q1
The euro area fell into a technical recession in the first quarter of this year, according to figures from Eurostat. However, across the EU as a whole, growth ...
Household saving rate back at more typical levels in Q1 – CSO
New figures from the Central Statistics Office show that the Households Saving Rate fell to 14% in the first three months of 2023, down from 24% at the ...
NTMA sells €1.25 billion of 2033, 2050 bonds
The National Treasury Management Agency said it sold €1.25 billion of bonds maturing in 2033 and 2050 at auction today at yields of 2.84% and 3.359%. With the ...
Airlines urge co-operation to help curb emissions
Global airlines have called for broad co-operation to reach “very tough” emission targets and pledged to release interim climate targets next year as the industry aims for a ...
US tightens crackdown on crypto with lawsuits against Coinbase, Binance
The top US securities regulator has sued cryptocurrency platform Coinbase, the second lawsuit in two days against a major crypto exchange. This marks a dramatic escalation of a ...
Euro zone consumers hopeful of slowing inflation – ECB survey
Euro zone consumers lowered their inflation expectations, a fresh European Central Bank survey showed today, a relief for policymakers after an unexpected surge a month earlier, even if ...
Slight fall in corporation tax in May
Corporation tax receipts dropped slightly in May according to the latest exchequer returns, underlining the volatile nature of this source of revenue. A total of €2.7 billion in ...
Services sector growth slows in May – PMI
Growth in the services sector slowed slightly in May but new export business grew at its fastest rate since last summer and business expectations improved, a survey showed ...
Increased Child Benefit payment being made this month to assist with cost of living
A once-off additional €100 in Child Benefit is being paid this month to help 650,000 families with the cost of living. The extra support means that €240 per ...
Demand for new-build homes up 114%, Daft report shows
Demand for new-build homes jumped 114% in May when compared to the same month last year, according to new figures from property listings website Daft.ie. When all homes ...
Ireland is on course to miss 2030 climate targets, says EPA
Ireland is on course to miss its 2030 climate targets by a large margin unless all sectors, including agriculture, electricity and transport, rapidly deliver further emission reductions and ...
Euro zone inflation drops more than expected in relief for ECB
Euro zone inflation eased more than expected last month as underlying price growth also slowed, fuelling a debate about the need for further European Central Bank rate hikes ...
Government approves pay increase for employment support scheme staff
The Government has approved a 5% pay increase for more than 1,600 supervisors and team leaders of employment support schemes. The pay deal will benefit employees of organisations ...
Excise duty on fuel to increase from midnight
Motorists can expect to see a jump in the cost of petrol and diesel from midnight tonight as cuts to Government excise charges begin to reverse. Petrol prices ...
Home prices may slump in euro zone as rates rise – ECB
Home prices in the euro zone may be headed for a “disorderly” decline as high mortgage rates make purchases unaffordable for households and unattractive for investors, the European ...
Engineering and construction roles among hardest to fill jobs – report
Engineering and construction related jobs are some of the hardest positions for employers to fill, according to a new report from hiring platform Indeed. The analysis looked at ...
Euro zone lending growth slows again in April
Bank lending to euro zone companies and households slowed again in April, continuing the steady decline since last autumn as the economy stagnated and rapid rate hikes dented ...
ECB warns of hit to top European banks if funds run into trouble
The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, ...
Car sales push retail sales sharply higher again
The volume of annual retail sales rose sharply again last month due to another surge in car sales, jumping 7.5% on an annual basis, new figures from the ...
Gas generated 47% of electricity in April
Demand for gas fell by 10% in April compared to the same month last year, according to the latest figures from Gas Networks Ireland. Gas demand was also ...
Consumer confidence hit 14-month high this month
Consumer confidence here hit a 14-month high this month, as concerns eased about the economic outlook. Hopes for additional Government measures to offer some respite from price pressures ...
ICTU calls for €2 increase to minimum wage
The Irish Congress of Trade Unions (ICTU) has called for the national minimum wage to be increased in January 2024 by €2, making the hourly rate €13.30. In ...
Finance, tech and media have highest gender pay gaps – Deloitte analysis
Financial Services, Technology and the Media and Telecommunications sectors command the highest gender pay gaps in Ireland, according to an analysis by Deloitte. The study was based on ...
Age Friendly: Why companies should value older customers
Around 800,000 people over the age of 65 are currently living and shopping in Ireland, but do companies really value their business? This age group is the wealthiest ...
Optimism among businesses, with 55% on ‘stable footing’
Over half of businesses are on a “stable footing”, according to new research by InterTradeIreland. Its latest all-island business monitor suggests that 2023 is off to a smoother ...
Pressure likely to mount on banks to hike deposit rates
Banks are likely to come under pressure in the months ahead to offer better rates to customers putting money on deposit, according to one treasury specialist. The ECB ...
Finance union calls for regulations for surveillance of staff
The Financial Services Union (FSU) will today urge TDs and senators to consider new regulations and legislation to cover the technological surveillance of staff by their employers. In ...
Home prices rose faster than mortgage values in second half of last year
The increase in median mortgage values was slower between 2020 and 2022 than the rise recorded in property prices over the same period, new data shows. According to ...
McGrath to bring plan to Cabinet over corporation tax windfall surplus
Minister for Finance Michael McGrath has said he is planning to bring a proposal to Cabinet on how Ireland should deal with the large corporation tax windfall surpluses ...
New electric vehicles 13% more expensive than last year
New data from DoneDeal shows the average price of a brand new electric vehicle (EV) now stands at €64,755, 13% higher than the same time last year. Despite ...
Consumers more frugal due to rising costs – global survey
A new survey of global consumer sentiment shows people everywhere adjusting to higher living costs by taking action regarding their spending behaviour. The 12th EY Future Consumer Index ...
Wholesale electricity prices down over 40% in April
Prices paid for raw materials by manufacturers fell in April for the first time since November 2021, new Central Statistics Office figures show today. The Wholesale Price Index ...
Ireland’s credit rating upgraded to AA by S&P
Ireland’s credit rating has been upgraded by the ratings agency, Standard & Poor’s. Improved ratings by agencies such as S&P help Ireland borrow more easily and at lower ...
ECB banking on a digital euro
The European Central Bank is investigating introducing a digital currency, to keep pace with a rapidly evolving digital economy. It would be a major change in the way ...
Almost a quarter of Irish workers are fully remote – survey
Almost a quarter of Irish workers are fully remote, according to new research from Leitrim County Council. The study shows that 61% of millennials (25-35-year-olds) are considering a ...
Two thirds of SMEs feel Govt doesn’t understand them
Two thirds of small and medium sized businesses do not believe that the Government understands them, new research has found. The study also shows that four out of ...
Number of house commencements down 20% in April
The number of new homes which construction started on fell 20% in April compared to the previous month, according to new data released by the Department of Housing. ...
Drivers interested in idea of long-term car insurance
Almost half of drivers would support the introduction of some sort of long-term motor insurance, a new survey has found. More than one in every four respondents said ...
Hospitality spend jumps in April, overall spend flat – AIB data show
Spending in hotels, pubs and restaurants increased last month, according to new debit and credit card data from AIB. The average daily spend in hotels jumped by 7% ...
5 tips for clearing credit card debt ahead of the summer
With summer round the corner, thoughts of the two week vacation, parties, barbeques, open air concerts and fun are the order of the day. For many people, using ...
Property price growth cools further to 3.9% in March – CSO
Prices in the residential property market continued to cool in March, according to the latest figures from the Central Statistics Office. The annual rate of residential property prices ...
European car sales rise by 16% in April – ACEA
The number of new vehicles registered in April in the European Union, Britain and the European Free Trade Association (EFTA) grew by 16.1% to 964,932 units The number ...
Euro zone first quarter GDP growth confirmed at 0.1%
Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the EU’s statistics agency confirmed today, with rising employment and a sharp increase ...
Central banks have lost a degree of trust – Makhlouf
Central banks around the world have lost a degree of trust and need to rebuild it by explaining their decision making to a wider audience and not just ...
Climate mandate aims to phase out parking for some workers
Minister for the Environment and Climate Eamon Ryan will request Cabinet approval today for a plan to ensure public sector bodies lead by example on climate, and help ...
One in three can’t afford to retrofit their homes
One in three homeowners cannot afford to make their properties more energy-efficient, according to a survey by property advisor, Savills Ireland. It also found that most homeowners do ...
Fuel prices fall again in May ahead of June excise duty increase – AA Ireland
Fuel prices have fallen again slightly but are set to increase by six cents per litre for petrol and five cents per litre for diesel on June 1. ...
Construction sector activity shrinks for seventh month in a row
Activity in the construction sector contracted more sharply in April than in the previous month as the industry continues to struggle. The BNP Paribas Real Estate Ireland Construction ...
Rate of rise in market rents slowed in first quarter – Daft.ie
The rate of increase in advertised rents slowed during the first three months of the year, rising just 1% compared to the previous quarter. Latest data from the ...
EU failing to police how big tech uses data – ICCL
Marking five years since the introduction of the General Data Protection Regulation (GDPR), the Irish Council for Civil Liberties (ICCL) has accused the EU of being unable to ...
Inflation rate falls to 7.2% in April from 7.7% in March – CSO
New figures from the Central Statistics Office show that inflation fell to 7.2% in the 12 months to April, down from 7.7% in March. This marked its lowest ...
Barriers remain for young people finding employment
The shortage of housing and a lack of transport options are among a range of barriers preventing young people from finding jobs and entering the labour market, a ...
Younger people more likely to invest in cryptocurrency – BPFI
Generational differences in investment behaviour among consumers in Ireland has been highlighted in a survey by Banking & Payments Federation Ireland. It found that younger people more likely ...
FDI into Ireland grew by 21% last year
Foreign direct investment into Ireland jumped by 21% last year, according to a new analysis. The EY European Attractiveness Survey shows that 184 new and expansion projects were ...
Govt not planning intervention on grocery prices – Tánaiste
The Government has no plans for any “legislative intervention” to reduce the cost of groceries, Tánaiste Micheál Martin has said. It comes after the Competition and Consumer Protection ...
TD calls for windfall tax for ‘profiteering’ supermarket chains
Supermarkets should be treated like energy companies and subject to a windfall tax if they are found to be profiteering, according to Labour’s finance spokesperson. Ged Nash said ...
Sovereign wealth fund among options considered for €65bn public finance surplus
The Taoiseach has said debt reduction, increasing some of the capital budgets, and the establishment of a new sovereign wealth fund, are among the options being considered for ...
Govt to urge retailers over high cost of groceries, as inflation declines
Representatives of large supermarkets chains, smaller shops and the grocery industry are due to attend a meeting of the Retail Forum at the Department of Enterprise later today, ...
Taoiseach ‘concerned’ as 23% in arrears on gas bills
The number of domestic gas customers falling into arrears has increased from 20% to 23% in the first quarter of 2023. However, the number of domestic electricity customers ...
Increase in gas customers falling into arrears
The number of domestic gas customers falling into arrears has increased from 20% to 23% in the first quarter of 2023. However, the number of domestic electricity customers ...
Minister to outline options for expected €65bn public finance surplus
The Taoiseach has said debt reduction, increasing some of the capital budgets, and the establishment of a new sovereign wealth fund, are among the options being considered for ...
Split among taxpayers around vacant homes tax
More than half of taxpayers are in favour of the Vacant Homes Tax, a new survey has found. But almost three quarters of respondents who support it think ...
Oil prices climb as recession fears begin to fade
Oil prices rose today as fears of a recession in the US, which drove prices down for three weeks in a row for the first time since November, ...
Government to work with retailers on rising prices – Richmond
Minister of State at the Department of Enterprise Neale Richmond has said that the Government wants to work with retailers to make sure costs people pay are reasonable ...
Lack of understanding of new EU anti-greenwashing rules, research shows
Almost half of Irish companies are concerned about the costs or time involved in meeting new EU rules on greenwashing, new research shows. The Corporate Sustainability Reporting Directive ...
Ireland’s ‘macroeconomic fundamentals’ are strong, says NCPC
The National Competitiveness and Productivity Council has said that overall the country’s “macroeconomic fundamentals” are strong. In its Competitiveness Scorecard report, published every three years, the council found ...
ECB raises rates by 0.25% and signals ‘not pausing’
The European Central Bank raised interest rates by 25 basis points to 3.25% as expected today and signalled that more tightening would be needed to tame inflation. The ...
Unemployment falls to match previous record low of 3.9% – CSO
New figures from the Central Statistics Office show that the country’s unemployment rate fell to 3.9% in April from a revised 4% a month earlier to match the ...
ECB expected to increase interest rates for 7th time
The Governing Council of the European Central Bank meets in Frankfurt today where it is widely expected to increase interest rates for the seventh time since it began ...
Irish services activity expands rapidly in April
The latest AIB Services Business Activity Index grew from 55.7 to 58.4 during the month, well above the 50 threshold separating growth from contraction. It was the twenty-sixth ...
Weekly wages down €76 due to inflation – Unite
There has been a €76 drop in real weekly wages over the past two years due to rising inflation, according to new research from the Unite trade union. ...
Irish Residential Properties REIT’s Q1 revenue up 4.9%
The country’s largest private residential landlord, Irish Residential Properties REIT, saw its revenue increase by 4.9% in the first three months of the year, driven by additions to ...
Fear of losing money the biggest barrier to investing
Fear of losing money is the biggest barrier to people investing (67%), according to a survey by Bank of Ireland which also revealed low levels of investment knowledge. ...
Number of homes provided by approved housing bodies grew by 10% – report
The number of homes provided by approved housing bodies grew by 10% last year, according to the latest report from the Irish Council for Social Housing. It amounts ...
Organisations wanted for four-day working week trial
Recruitment for a new four-day working week pilot programme has been launched today to coincide with International Workers’ Day. Companies and organisations of all sizes from every sector ...
18% drop in corporate property investment in first quarter
Corporate property investment fell by 18% in the first quarter, as foreign investors paused their activity, new research has claimed. In total, €625m was invested in the Irish ...
Weak demand hits production in manufacturing sector
The downturn across Ireland’s manufacturing sector deepened at the start of the second quarter of the year amid a sharper contraction in factory production and a sustained decline ...
New mortgage drawdowns fell by a third in first quarter – BPFI
The volume and value of new mortgages drawn down in the first three months of this year fell by around a third, compared to the final three months ...
Q1 GDP fell 2.7% on a quarterly basis, preliminary estimate shows
The country’s gross domestic product fell by 2.7% on a quarterly basis in the first quarter of 2023 but stood 6.4% higher than a year ago, a preliminary ...
IMF urges European central banks to kill inflation ‘beast’ with rate hikes
The International Monetary Fund has today urged European central banks to “kill the beast” of inflation by pursuing interest rate hikes. “You need to go and kill that ...
VC investment into Irish firms plummeted 57% in the first quarter
Venture capital investment into Irish firms plummeted 57% between January and March, compared to the same period last year. Irish businesses raised $172.8m during the period through 24 ...
Economic concerns cause job ads to drop 20% in first quarter
Job vacancies fell 20% in the first three months of the year when compared to the same period in 2022, according to hiring platform IrishJobs. In comparison to ...
Significant improvement in consumer sentiment in April
Consumer sentiment has improved significantly this month as negativity about the economy and household finances subsided, new data has found.The Credit Union Consumer Sentiment Index rose to its ...
Income tax receipts surged between 2020 and 2022
Income tax receipts in Ireland rose by more over the two year period up to 2022 than they did over the seven year period up to 2019, new ...
18,856 home owners pay LPT for first time in 2022 – Revenue
Revenue has today published its annual report for 2022, which it said reflected a year of strong performance with a record amount of tax and duty collected during ...
Proportion of corporation tax paid by 10 multinationals rose to 57% in 2022 – Revenue
An analysis by Revenue of corporation tax returns last year has revealed that the proportion paid by just ten multinationals rose to 57%. Last year the amount of ...
Motor insurance premiums fell 5% in first half of 2022 – Central Bank
Motor insurance premiums fell by 5% in the first six months of last year, according to new data compiled by the Central Bank of Ireland. The first mid-year ...
Agricultural land prices to continue to rise this year – report
The cost of farmland and renting farmland is set to continue to rise in 2023, according to a new report from the Society of Chartered Surveyors and Teagasc. ...
New share buyback to cut State’s stake in AIB to 53.35%
The Minister for Finance has taken part in AIB Group’s 2023 share buyback programme on a directed basis, which will further reduce the State’s shareholding in the bank. ...
Corporate insolvencies rose 22% in first quarter
The number of corporate insolvencies recorded in the first three months of the year rose 22% compared to the same period last year. But overall the number of ...
Cabinet to consider abolishing development levies temporarily
Development levies for housing could be abolished temporarily under plans to be considered by Cabinet tomorrow. The measure, yet to be approved, is designed to help increase “near-term ...
Moody’s upgrades Ireland’s credit rating to highest level in 13 years
Ratings agency Moody’s has upgraded Ireland’s sovereign credit rating. The move to the Aa3 ratings brings Ireland back to Moody’s AA category for the first time since 2010. ...
Dollar, euro steady after strong US bank results
The US dollar and euro steadied today after strong US banking results firmed up expectations that the Federal Reserve and the European Central Bank will keep raising interest ...
Dublin office lettings slump in first quarter
Office lettings in Dublin slumped in the first three months of the year, caused by the retrenchment in the tech sector and the growth in hybrid working. New ...
Cryptocurrency regulations to be approved in EU parliament
The first set of regulations for the trading of cryptocurrency are to be approved by the European Parliament today. If passed, the measures are designed to ensure that ...
Core euro zone inflation edges up in March, keeping ECB on alert
Euro zone inflation eased last month but underlying readings remained stubbornly high, Eurostat said today. The latest figures confirmed preliminary data that raised worries at the European Central ...
Exports by Enterprise Ireland clients rose 19% to new record high in 2022
Exports by Enterprise Ireland (EI) backed companies grew by a record 19% last year to €32.1 billion, fuelled in part by the inflationary environment. It was the highest ...
Government can’t rely on ‘volatile’ corporation tax – McGrath
The Government says the right decisions must be made with the budget surplus recorded this year, according to the Minister for Finance. Michael McGrath says the Government cannot ...
Irish jobs market stable despite tech layoffs – Morgan McKinley
The Irish jobs market has remained resilient despite recent layoffs in the technology sector, according to the latest Morgan McKinley Ireland Quarterly Employment Monitor. It shows there was ...
Euro zone inflation to slow but ‘considerable uncertainty’ – Lagarde
The high rate of inflation in the euro zone ought to come down over the coming months, European Central Bank President Christine Lagarde said today. But she warned ...
Euro, dollar status should not be taken for granted – ECB’s Lagarde
The US and the euro zone should not take the international status of their currencies for granted as countries such as China and Russia seek to create their ...
State to charge 30% on increased value of land rezoned for housing
A new bill could see landowners and developers pay a charge of 30% on the difference in the value of land before and after residential zoning. The Land ...
Property price increases slow to 5% in February – CSO
The annual rate of residential property price increases slowed nationally to 5% in February, compared to 6.1% in January, new figures from the Central Statistics Office show. This ...
85% of Ulster Bank and KBC Bank Ireland accounts now closed
New figures from the Central Bank show that a total of 86,298 current and deposit accounts were closed in Ulster Bank and KBC Bank in four weeks to ...
Inflation eases to 7.7% in March from 8.5% – CSO
The annual rate of inflation eased to 7.7% in March from 8.5% in February, according to the latest figures from the Central Statistics Office today – the lowest ...
Irish mortgage rates see surprise dip in February
New figures from the Central Bank show that the average interest rate on a new mortgage dipped in February to 2.92% from 2.93% in January. Ireland once again ...
UK’s De La Rue warns FY profit below expectations on dwindling cash demand
Struggling British banknote printer De La Rue warned its fiscal 2023 profit was set to miss market expectations and next year’s outlook was uncertain, as demand for cash ...
Inbound tourism visits during Q1 still down 16% on pre-pandemic levels
The number of international visitors to Ireland over the first three months of the year remained down 16% compared to the same period in 2019, before the pandemic ...
Live register numbers down almost 1% in March – CSO
The seasonally adjusted number of people on the Live Register in March stood at 180,500 – a decrease of almost 1%, or 1,600 from the position in February. ...
Interest rates likely to fall to pre-pandemic levels – IMF
The International Monetary Fund has said it expects interest rates in major economies to fall back to pre-pandemic levels because of low productivity and ageing populations. In a ...
Euro zone consumers more optimistic on inflation – ECB survey
Euro zone consumers cut their inflation expectations in February and also took a more optimistic view on growth and unemployment, a fresh survey by the European Central Bank ...
150,000 letters sent about unpaid Local Property Tax
Revenue has sent 150,000 letters to property owners who haven’t yet paid their Local Property Tax (LPT) or made an arrangement to pay. All residential properties were required ...
ECB may need to increase rates again in May – Lane
The chief economist of the European Central Bank, Philip Lane, has said the bank’s next decision on interest rates in May will be “data-dependent” but another rise could ...
Growth in service sector slows in March
Growth in the country’s service sector slowed in March, according to the latest AIB Services Purchasing Managers’ Index (PMI). The data shows that the rates of increase in ...
Euro zone recovery gathered pace in March on demand for services – PMI
The euro zone recovery picked up pace last month but the upturn was uneven across industries and countries, according to a survey which showed price pressures remained elevated ...
Corporation tax take jumps by 71% in first quarter of 2023
The amount of corporation tax collected in the first three months of this year is running €1.35 billion ahead compared to the same time last year. The latest ...
Ireland the 6th largest exporter of financial services in the world
The number of international banks and investment firms operating in Ireland continues to grow, with 17 of the world’s top 20 global banks now located here. That is ...
Most don’t shop around for financial products – ESRI
Most people do not shop around for bank accounts or financial products like loans, a survey carried out by the Economic and Social Research Institute has found. The ...
Retailers urged to avail of €3.4m fund to enhance their online presence
Retailers are being urged to apply to a €3.4m Government fund to enhance their online presence. In the latest round of the Online Retail Scheme, funded by the ...
‘Historic’ corporate tax changes to take effect from next January
Minister for Finance Michael McGrath has said changes to Ireland’s corporate tax rate will take effect from next January and described it as a “historic change” in the ...
Asking prices for homes fall for third consecutive quarter – MyHome.ie
New data from property listings website MyHome.ie has found that asking prices for homes fell by 0.3% in the first three months of the year when compared to ...
Manufacturing activity weakens amid drop in new orders
Activity in the manufacturing sector weakened in March, as demand dropped, new figures show today. The latest Purchasing Managers Index from AIB shows that new orders and factory ...
Company profits driving up inflation more than higher wages – ECB
A European Central Bank staff paper published today says bigger company profits are driving inflation more than higher wages. The paper – “How tit-for-tat inflation can make everyone ...
New legal association launched for media, internet and data protection
The Bar of Ireland has launched the Media, Internet and Data Protection Bar Association (MIDBA). It is a new Specialist Bar Association aimed at legal professionals who practice, ...
Inflation rate estimated at 7% in March, down from 8.1% in February – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 7% in March, the latest figures ...
ICTU welcomes passage of Work Life Balance Bill
The Irish Congress of Trade Unions (ICTU) has welcomed the passage of the Work Life Balance Bill by both Houses of the Oireachtas. The legislation will introduce a ...
IFAC recommends Govt sets up State pension fund
The Government has been urged by budgetary watchdog the Irish Fiscal Advisory Council to take steps now to ensure State and public sector pensions are funded into the ...
Migrant employment harder hit by Covid restrictions – ESRI
Migrant labour market outcomes were more affected by the Covid-19 pandemic and associated public health restrictions than those of Irish-born workers, a new study from the Economic and ...
Small firms conned out of €8m through fraud last year
Small firms were conned out of €8m last year as a result of cases of invoice and so-called CEO impersonation fraud. The Banking and Payments Federation Ireland’s (BPFI) ...
Financial literacy levels here lag other countries – Bank of Ireland study
Financial literacy levels in Ireland appear to lag those in other comparable jurisdictions, a study carried out on behalf of Bank of Ireland concludes. The survey of over ...
Economy facing risk of overheating this year – ESRI
The economy is set to grow more strongly this year than had been expected and may even overheat, according to the latest quarterly bulletin from the Economic and ...
Total value of Irish pensions fell almost 16% in 2022
The total value of Irish pensions fell by almost 16% last year, according to new figures. Rising interest rates and the geo-political uncertainty caused by the war in ...
Irish base for EU Anti-Money Laundering Authority to be considered
Minister for Finance Michael McGrath will today seek Cabinet approval for Ireland to apply to become the base for the new EU Anti-Money Laundering Authority (AMLA). The AMLA, ...
Over 60,000 homes could be built on State-owned land – report
More than 60,000 homes could be built on State-owned land, according to a report going to Cabinet this morning. The Report on Public Land identifies 83 State-owned sites ...
80% rise in home energy upgrades last year – SEAI
The Government supported almost 27,200 home energy upgrades or retrofits last year through the Sustainable Energy Authority of Ireland. The SEAI says this is an 80% increase on ...
Interest rates on some State savings products to rise
The interest rates on a range of medium to long-term State savings products are to increase, on foot of several hikes of European Central Bank interest rates since ...
Overall gas demand down 11% in February from January
Mild weather February saw the country’s overall gas demand fall by 11% compared to January, and decrease by 25% in the residential sector month on month. Demand for ...
35% of consumers struggling to cope with inflation – study
The latest monthly Credit Union Consumer Sentiment Survey has found that 35% of consumers said they are struggling to cope with the impact of inflation on their household ...
Decline in switching activity leads to drop in new mortgage approvals in February
A decline in switching activity following a busy period that saw many borrowers lock in fixed rates, contributed to a fall in new mortgage lending last month according ...
EU leaders to focus on risk of banking contagion
EU leaders meeting for the second day of a summit in Brussels will be briefed by the European Central Bank about the risks of contagion in the banking ...
Electric car grant to be cut to €3,500 from €5,000 from July
The Department of Transport has today confirmed that the maximum private vehicle electric car grant will be set at €3,500 from July 1, down from the current maximum ...
Govt to set up tillage group amid doubts on land targets
A new group to examine the future of the tillage sector is being established by Minister for Agriculture, Food and the Marine Charlie McConalogue. The development comes as ...
Tech sector in a ‘state of flux’ as job cuts continue
The director of Technology Ireland has said recent lay-offs by technology companies shows that the sector is somewhat in a state of flux. Speaking on RTÉ’s Morning Ireland, ...
Many vacant home refurbishments unviable unless grants rise – report
A new report has cast doubt on the financial viability of renovating many vacant or derelict properties, without a significant increase in Government grants being made available. The ...
EU to propose clampdown on companies using fake ‘green’ claims
The European Commission wants to require companies in Europe to back up climate-friendly claims about their products with evidence, under draft rules to stamp out misleading green labels ...
McGrath confident Irish banking sector can withstand global turbulence
Minister for Finance Michael McGrath has expressed confidence in the Irish banking sector to withstand the turbulence being experienced in the global market. Mr McGrath updated his Cabinet ...
Unions and employers call for inclusive workplaces
The Irish Congress of Trade Unions and business group Ibec have released a joint statement to mark International Day for the Elimination of Racial Discrimination. The two organisations ...
Programme for young entrepreneurs to be expanded
Patch, an accelerator programme for young entrepreneurs, has announced an all-island expansion. The initiative is open to 16-21-year-olds in Ireland and Northern Ireland and has received a new ...
Six out of ten people don’t claim medical tax refunds
Six out of ten taxpayers in Ireland still do not claims tax relief on their medical expenses, a new survey has found. While four out of every ten ...
Fuel merchants seek crackdown on coal smuggling
An organisation representing solid fuel merchant in Ireland has called for Government action to stem smuggling of coal into the country. Solid Fuel Merchants Ireland (SFMI) claims coal ...
A quarter of respondents said they were thinking of opening a credit union account
82% of the public fear that consumers will be impacted by the decrease in banking competition caused by the exit of Ulster Bank and KBC Bank Ireland from ...
Tourism trade event Meitheal gets underway in Killarney
Significant business deals are expected to be signed over the next three days at Meitheal – the largest trade event for the Irish tourism industry. More than 450 ...
ECB expected to raise interest rates again today
The European Central Bank’s governing council is widely expected to raise interest rates by another half a percentage point today after its meeting in Frankfurt. The ECB’s move ...
Home price growth slows to 6.1% in January – CSO
The pace of residential property price inflation slowed to an annual rate of 6.1% in January, compared to an annual rate of 7.7% in December, according to the ...
Irish banking sector ‘in good stead into the future’ – BPFI
The level of capitalisation and liquidity in the Irish banking sector is very strong, the chief executive of the Irish Banking and Payments Federation Ireland (BPFI) has said. ...
EU publishes proposed changes to electricity market rules
The European Commission has proposed changes to Europe’s electricity market rules, to try to increase the use of fixed-price power contracts, shield consumers from price spikes and speed ...
Consumers warned over pitfalls of online shopping
Irish online consumers can be led into over consumption, over indebtedness and may lose out on fair pricing and terms due to online e-commerce practices by some sellers, ...
ECB likely to stick to big rate hike despite banking turmoil – source
European Central Bank policymakers are still leaning towards a half-percentage-point rate hike tomorrow, despite turmoil in the banking sector, as they expect inflation will remain too high in ...
MEPs to vote on minimum energy standards for buildings across EU
MEPs will vote later today on proposals to set minimum energy standards for buildings across the EU. Among the changes, the heating and cooling of new buildings will ...
Finance Ireland to increase fixed mortgage rates by up to 0.75%
Non-bank lender, Finance Ireland, is increasing its fixed mortgage rates by up to 0.75%. The company said 5-year fixed rates will increase by 0.5%, while 3-year fixed rates ...
Nearly 27,000 new homes to be delivered this year, BPFI predicts
Nearly 27,000 new housing units will be delivered this year, new figures from Banking and Payments Federation Ireland (BPFI) suggest. The latest BPFI housing market monitor shows that ...
Hotels almost sold out for St Patrick’s weekend despite high prices
Hotel rooms in Dublin city are almost completely sold out ahead of St Patrick’s Day, with rooms also in demand for the Six Nations championship and Mother’s Day ...
Fall in workplaces trialling four-day week, survey finds
There has been a fall in the number of companies implementing or trialling a four-day working week, according to a new survey. The study by recruitment company Hays ...
In the money – Irish banks are boosted by rates bounce
The banking sector has been no stranger to dramatic developments in recent years. Indeed, the past 15 months have not been without their fair share of twists, which ...
Irish mortgage rates increase in January after ECB hikes
Mortgage rates went up in January reflecting some of the effect of successive interest rate rises from the European Central Bank. New data from the Central Bank also ...
Warning issued about serious rise in investment scams
Consumers have been warned of a serious rise in highly convincing investment scams that are being carried out by fraudsters. The scams are particularly targeted at those over ...
Households saving rate stays high at 20% in Q4 – CSO
New figures from the Central Statistics Office show that households’ saving remained high during the last three months of 2022. The CSO said the Households Saving Rate stood ...
US and EU to begin talks on free-trade-like status
US President Joe Biden and European Commission President Ursula von der Leyen are expected to agree to begin negotiations on ensuring free-trade agreement-like status for the European Union, ...
Central Bank forecasts inflation to fall to 5% this year
Inflation is forecast to fall to 5% this year and household incomes are expected to improve, according to the Central Bank. In its latest Quarterly Bulletin, the bank ...
23% of consumers struggling with higher grocery prices
Nearly a quarter of consumers are struggling to make ends meet due to rising grocery prices, according to research conducted on behalf of Love Irish Food. The study, ...
Temporary changes to how BIK is charged on company cars and vans
The Government has announced temporary changes to how Benefit-in-Kind (BIK) is charged on company cars and vans, after complaints that reforms introduced at the start of the year ...
1 in 12 private vehicles in Ireland are uninsured – MIBI
The Motor Insurers’ Bureau of Ireland (MIBI) will tell an Oireachtas committee later today that Ireland may now have the highest level of uninsured vehicles in the EU. ...
87% of women feel more burnt-out at work since pandemic
The survey was carried out among 1,000 women and men across Ireland, with the findings published today to mark International Women’s Day. The data suggests that maintaining work-life ...
Grocery price inflation hits new record high of 16.4%
Shoppers spent an additional €113.56 per buyer in the 12 weeks to February 19 compared with the same time last year, new figures from Kantar show today. The ...
Rising costs set to impact summer holiday plans for most
74% of Irish consumers expect rising costs to impact their summer holiday plans for this year, according to new research by global tech company Wise. When respondents factored ...
More work needed on women moving into senior leadership roles
Listed companies here have on average 32% female representation at board level, new figures from the Balance for Better Business Review Group show. For the first time, Ireland ...
Energy rating an important consideration for prospective house buyers – MyHome study
Energy concerns are to the fore among prospective house buyers, a new survey suggests, as the cost-of-living squeeze continues to bite. The property website MyHome.ie sought the views ...
Is the market bounce of 2023 fading rapidly?
2022 was a pretty dismal year for equity markets. Having kicked January off at all-time highs, stock valuations rapidly went south as inflation precipitated a round of interest ...
Local Enterprise Week kicks takes place against challenging commercial backdrop
Up to 10,000 business people, and those hoping to establish a business, are expected to take part in more than 300 events over the coming days to mark ...
More than a third of employees feel invisible or under-appreciated at work
More than one third of employees in Ireland feel invisible or under-appreciated at work, according to a new survey. The Workhuman Human Workplace Index found that almost half ...
Public finances show deficit of €2.5bn at end of February
The public finances were €2.5 billion in deficit at the end of February. However, this was due to the transfer of €4 billion to the National Reserve Fund. ...
Growth in service sector picks up in February
The latest AIB Services Purchasing Managers’ Index (PMI) reveals that growth in the country’s service sector picked up in February. The business activity index rose to 58.2 last ...
Unemployment rate eases to 4.3% in February from 4.4% in January – CSO
The country’s unemployment rate fell to 4.3% in February from 4.4% the previous month, new Central Statistics Office figures show today. The jobless rate has remained between a ...
Global energy-related CO2 emissions edged up to record high in 2022 – IEA
Global energy-related emissions of carbon dioxide hit a record high last year, although more clean technology such as solar power and electric vehicles helped limit the impact of ...
Inflation back up to 8% in February from 7.5% in January – CSO flash reading
The annual rate of inflation went back up to 8% in February, compared to 7.5% in January, according to an initial estimate from the Central Statistics Office. Energy ...
Manufacturing activity improves amid rise in new orders
Activity in the manufacturing sector improved in February amid a rise in new orders, according to the latest AIB Purchasing Managers Index (PMI). After a period of weak ...
Young inventors targeted as part of engineering award
The annual James Dyson Award, an engineering competition focused on sustainability, is accepting submissions from young inventors from today. The award is aimed at undergraduates and recent graduates ...
Energy firms urged to include households in discounts
A charity has called on energy companies to pass on discounts to struggling families. On Monday, Electric Ireland said it was cutting its electricity tariffs for small and ...
€16bn worth of mortgages approved in 12 month period – record high
Almost €16 billion worth of mortgages were approved in the 12 months ending January 2023, according to new figures from Banking and Payments Federation Ireland. This was the ...
Electric Ireland to cut rates for SMEs from next month
Electric Ireland will reduce its electricity tariffs for small and medium enterprises in the Republic of Ireland by an average of 10% from next month. Gas prices for ...
ECB has started to win inflation fight – Lane
Euro zone inflation pressures have begun to ease, including for all-important core prices, but the European Central Bank will not end rate hikes until it is confident price ...
Inflation rate expected to fall ‘much more rapidly’ than assumed
The Minister for Finance has said he expects inflation to fall “much more rapidly than previously assumed.” Speaking ahead of a speech to the Irish Tax Institute in ...
Ibec upgrades economic growth forecasts
Employers’ group Ibec has upgraded its forecasts for growth in the economy this year in its latest Quarterly Economic Outlook. It now forecasts that the domestic economy will ...
Gas still biggest source of electricity generation despite dip in January
Gas generated 42% of the country’s electricity demand in January, new figures show today Gas generated 42% of the country’s electricity demand in January, new figures show today ...
Signs of easing in rate of construction price inflation – SCSI Index
The rate of increase in prices in the construction sector is showing signs of easing, a new report from the Society of Chartered Surveyors suggests. The latest SCSI ...
Access to finance biggest challenge for tech start-ups – Scale Ireland
Access to finance is the biggest challenge facing tech startups here, a survey of founders by Scale Ireland concludes. Four in five respondents to the latest State of ...
Number of people in employment hits record high – CSO
The number of people in employment increased by 68,600 or 2.7% to 2,574,500 in the year to the fourth quarter of 2022, according to the Central Statistics Office. ...
Monthly wholesale electricity prices down 41% – CSO
The wholesale price of electricity fell further in January, dropping by 41.4% compared to December, according to the latest figures from the Central Statistics Office. Wholesale electricity prices ...
Households €1,000 worse off due to inflation – CSO
Households were €1,000 worse off last year when inflation was taken into account – despite a rise in the median annual household disposable income – according to new ...
Global debt sees first annual drop since 2015 – IIF
The post-pandemic rebound in world growth and inflation last year meant the amount of debt sloshing around the global economy saw its first annual fall in dollar terms ...
Fruit and veg imports hit by poor weather in Europe
A number of retailers in Ireland say they are experiencing availability issues with certain fruit and vegetables. They say salad products such as tomatoes, peppers and cucumbers are ...
Govt to expand TBESS, keep 9% VAT rate until September
The Government has today announced more measures to help businesses deal with cost-of-living increases. It announced a final extension of the 9% reduced VAT rate for the hospitality ...
Welfare bonus announced but no new energy credit
The Government has agreed a more targeted cost-of-living package, along with some universal payments, with €470m set to be allocated for social protection measures. It follows a meeting ...
Working group set up to tackle disinformation
The Government has established a working group to coordinate efforts to combat the spread of disinformation on the internet. The multi-stakeholder group will be tasked with providing a ...
European new car sales up 10.7% in January
European new car sales up 10.7% in January European new car registrations jumped in January, data from the region’s carmaker association showed today. The number of new vehicles ...
Welfare and child benefit bonuses in cost-of-living plan
The Government’s latest cost-of-living package is on course to exceed €1.2bn, of which €400m looks set to be allocated for social protection measures. It follows a meeting last ...
1 in 12 vehicles on Irish roads not insured – Motor Insurer’s Bureau of Ireland
The number of uninsured private vehicles on Irish roads grew for the third year in a row, according to new research carried out by the Motor Insurers’ Bureau ...
Coalition leaders set to finalise cost-of-living plans
Senior coalition figures will meet this evening to finalise plans on cost-of-living measures, with the final package due to be signed off by the full Cabinet tomorrow. It ...
Could rising interest rates cause property prices to fall?
Property markets worldwide are showing signs of slowing in response to higher interest rates with some going into reverse already. Here, the annual rate of growth in property ...
Ministers finalising proposals on cost of living measures
Work is set to continue across Government over the next few days on drawing up another round of measures to assist households to cope with the rising cost ...
1 in 5 Irish firms experienced cyber attack last year – survey
Almost one in five Irish firms experienced a cyber attack or data breach in 2022, according to a new survey. The study from professional services firm Aon shows ...
Annual rate of inflation slows to 7.8% in January – CSO
New figures from the Central Statistics Office show that the annual rate of inflation slowed to 7.8% in January from 8.2% in December. The CSO said that prices ...
Irish exports and imports hit record highs in 2022
The value of Irish exports and imports hit a new record high last year, according to the Central Statistics Office, despite the challenging economic backdrop. Total exports reached ...
Govt examining new round of cost-of-living supports Draft
The Coalition leaders and senior ministers will consider a new round of cost-of-living financial supports later today, ahead of a decisive Cabinet meeting on Tuesday. Taoiseach Leo Varadkar ...
House price growth slows to 7.8%, down from 8.5% – CSO
The rate of increase in residential property prices nationally continued to slow during the final month of last year, according to the latest data from the Central Statistics ...
Decision on VAT rate for hospitality expected next week
Taoiseach Leo Varadkar said there will be further meetings this week in relation to the hospitality VAT rate, involving the key ministers of finance, public expenditure, social protection ...
For richer, for poorer: The wedding business is booming
After a pandemic imposed shutdown, the wedding sector is booming once again. But that surge in demand, coupled with inflation means those looking to say ‘I do’ can ...
‘Golden visa’ programme to be scrapped
Applications will no longer be accepted under the Immigrant Investor Programme (IIP) from the close of business on Wednesday, the Minister for Justice has confirmed. Simon Harris said ...
European Commission raises Irish, euro zone growth forecasts
The European Commission has revised upwards its forecasts for economic growth this year in Ireland. In its Winter 2023 Economic Forecast, released today, the Commission predicts the economy ...
€18m support scheme for haulage businesses proposed
Minister of State Jack Chambers is set to bring proposals for the Licensed Haulage Support Scheme to Cabinet that will provide €18 million to assist licensed haulage businesses ...
Further health insurance price hikes this year ‘cannot be ruled out’ – expert
Further increases in health insurance premiums cannot be ruled out later this year, according to one health insurance expert. Laya Healthcare followed rivals Irish Life Health and VHI ...
Commercial semi states paid out dividends of €199.4m
Commercial semi-state companies last year paid out aggregate dividends of €199.4 million to the exchequer. The €199 million paid out in 2022 is a 31.4% increase on the ...
Consumer spending in January up 17.8% – Revolut
Consumer spending last month rose by 17.8% compared to the same month a year ago, according to the latest data released by online bank Revolut. However, the growth ...
Call for extension and streamlining of ‘extremely complex’ TBESS application process
IMSE, the group representing small and medium sized firms, has called for the continuation of the Temporary Business Energy Support Scheme beyond the end of February and for ...
EU prepares response to new US green subsidy plan
Confronted by competition from the US’s vast green tech investment plan, European leaders have opened the way towards a relaxation of their own restrictions on state aid. Meeting ...
McGrath rules out introducing mortgage interest relief
The Minister for Finance has ruled out introducing mortgage interest relief for owner-occupiers, warning that such a move could cost €655m a year. Speaking in the Dáil, Michael ...
Electricity customers to get payment of €89.10 – CRU
will receive a payment of €89.10 as the charge to fund renewables is not needed due to the high wholesale price of electricity. The payment will be made ...
€1.6 billion of personal loans drawn down in 2022, up 18.8%
€1.6 billion worth of personal loans were drawn down last year, up almost 19% on 2021, new figures show today. The figures from Banking and Payments Federation Ireland ...
Borrowers struggling financially urged to contact their financial institution
Deputy Governor of the Central Bank, Monetary and Financial Stability, Vasileios Madouros has said borrowers who find themselves in financial difficulty or who expect they may experience financial ...
Wednesday the most popular day for office workers
Wednesday is the most popular day of the week for employees to work from the office, according to a survey by Dublin Chamber in association with Savills Ireland. ...
Grocery price inflation soars to new record of 16.3%
New figures from Kantar show that grocery price inflation hit 16.3% in the 12 weeks to 23 January – the highest level seen since the consultants started tracking ...
Dry and High: The boom in 0% drinks in Ireland
Non-alcoholic drinks are far from a new concept in the Irish market. 30 years ago Billy Connolly was starring in adverts for Kaliber – the non-alcoholic lager brewed ...
€4 billion transferred to National Reserve Fund
€4 billion has been transferred into the National Reserve Fun by the exchequer. It follows a decision in the budget in September to bolster the State’s reserves. “On ...
New legislation to reduce cost of injury claims
A Government initiative to increase the number of personal injury claims settled through mediation will begin to come into force next week. Last year, the Government steered legislation ...
Increase in searches for part-time and casual work as wage growth slows
There has been an increase in job searches for part-time and weekend work, as well as jobs requiring no experience, according to job site Indeed. The company said ...
Cabinet to hear planned changes to State-backed mortgage scheme
The Cabinet will be briefed by Minister for Housing Darragh O’Brien today on plans to increase thresholds for a State-backed mortgage scheme for people who cannot get loans ...
Growth in service sector picks up in January
Growth in the country’s service sector picked up in January, according to the latest AIB Services Purchasing Managers’ Index (PMI). The data shows that activity and new business ...
Work-life balance, not pay, biggest factor for Irish job seekers
Work-life balance is now the number one influence for Irish professionals when they are seeking a new job, research has found. The study also revealed that nearly six ...
Irish debt burden among highest per capita in the world at €44,250
The national debt stood at €226 billion at the end of last year, according to the Department of Finance’s Annual Report on Public Debt in Ireland. That is ...
Euro zone inflation drops to 8.5% in January from 9.2% in December
Inflation in the euro area fell to an annual rate of 8.5% in January from 9.2% in December, according to an initial estimate from Eurostat. Energy inflation fell ...
European Parliament President to address Oireachtas
European Parliament President Roberta Metsola will address a joint sitting of the Oireachtas later today. Ms Metsola arrives in Ireland this morning for the start of a two-day ...
ECB expected to hike interest rates by further 0.5%
The Governing Council of the European Central Bank meets in Frankfurt today where it is widely expected to increase interest rates by a further half a percentage point. ...
Annual rate of inflation slows to 7.7%, CSO estimates
The annual rate of inflation slowed to 7.7% in January, according to an initial estimate by the Central Statistics Office. This compares to an annual rate of 8.2% ...
Irish economy grows three times faster than euro zone average in 2022
The EU’s statistical agency, Eurostat, has estimated that the euro area economy, measured by GDP, grew by 0.1% in the last three months of last year compared to ...
Hairdressers warn salons at risk if VAT rate rises
The Irish Hairdressers Federation has called for the retention of the 9% VAT rate for the sector ahead of its planned rise in the coming weeks. The rate ...
Rent tax credit adds to volume of calls to Revenue
Revenue is experiencing a higher volume of calls due to tenants enquiring about the new rent tax credit. The measure, introduced in Budget 2023, allows tenants paying rent ...
70% of consumers considering buying an electric vehicle
70% of consumers in Ireland are considering an electric vehicle as their next car purchase, a new survey by DoneDeal shows. The figures show that demand on the ...
RTB pausing and refunding late fees to landlords
The Residential Tenancies Board is applying a temporary pause on the charging of late fees in recognition of “the genuine difficulties” experienced by landlords who have been trying ...
Businesses urged to avail of energy bill aid scheme
Businesses are being urged to claim for State help with energy bills as new figures show there has been a low take-up so far of a Government scheme. ...
2023 travel trends: Cruises, safaris and budget trips
From cruising around the Mediterranean, to backpacking across South America, international travel is set to return full force this year. ‘Revenge travel’ is a phrase being used to ...
More interest rate hikes in prospect? Almost certainly
After six years of interest rates sitting at rock bottom, it came as a bit of a jolt when the European Central Bank started raising rates last summer. ...
Almost 30,000 new home completions in 2022 – CSO
The number of new dwellings completed in 2022 reached 29,851, according to new figures from the Central Statistics Office today. The CSO said this represents an increase of ...
Warning of unsustainable mortgages due to rising rates
The Central Bank faced strong criticism from some TDs at the Oireachtas Finance Committee yesterday over the higher mortgage rates being paid by customers whose loans were sold ...
28,786 housing units in large developments await An Bord Pleanála permission
There are 28,786 proposed units in a series of large housing and apartment developments currently awaiting a planning permission decision from An Bord Pleanála, according to a new ...
Consumer sentiment hits seven month high in January
Irish consumer confidence hit a seven month high in January, according to the latest Credit Union Consumer Sentiment index. The data suggests that consumers had a less negative ...
75 ‘ghost estates’ still in place across Ireland
A total of 75 so-called “ghost estates” still exist across Ireland more than 15 years after the Celtic Tiger economic and property crash. New figures obtained by RTÉ ...
Irish film industry hopes Oscar nods will drive further investment
Buoyed by the number of Oscar nominations for Irish films and actors ahead of this year’s awards, the industry is hoping the international spotlight will drive further investment ...
677,000 visitors to Irish whiskey distilleries in 2022
Visitor numbers are still down a third on the pre-Covid peak of 1.02 million Irish whiskey distilleries around the island of Ireland attracted 677,000 visitors last year, an ...
Recent market rally prompted by improved outlook
Europe’s main stock markets were little changed at the open today, failing to mirror strong overnight gains in Tokyo and on Wall Street. Stock markets have notched up ...
Euro zone January business activity returns to growth – PMI
Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared ...
370,000 tax returns processed for PAYE taxpayers so far
New data from Revenue shows more than 370,000 tax returns have been processed for PAYE taxpayers who have filed their returns for last year. This represents a 30% ...
Hairdressers call on Govt to cut VAT rate to 5%
Hairdressers have become the latest group to appeal to the Government to retain the 9% VAT rate, which is due to expire at the end of February. But ...
Under-insurance leaving thousands of householders exposed
Nobody needs reminding that we’re in the midst of a cost-of-living crunch. With the price of pretty much everything rising, we’re looking for ways to make savings wherever ...
365 jobs secured under small firm rescue process – Baker Tilly
365 jobs have so far been secured as a result of 16 small businesses availing of the expedited restructuring process for viable small firms which need to be ...
Euro clears nine month peak as ECB hawks let fly
The euro scaled a nine-month high on the dollar today as more hawkish comments on European interest rates contrasted with market pricing for a less aggressive Federal Reserve. ...
Ireland to avoid recession in 2023 report predicts
Ireland will avoid recession this year, due to record household savings and the capacity for the Government to provide support with what a report describes as “the best ...
Taoiseach meets big tech at Davos
The Taoiseach is attending the World Economic Forum in Davos where he is meeting political leaders and the chief executives of US multinationals. In the Swiss mountain resort, ...
Wealthier households more likely to receive inheritances – Central Bank
Research published by the Central Bank today reveals that over one third of households in Ireland have received an inheritance. The accumulated value of these inheritances is estimated ...
Jobs market ‘cooling’ amid fall in vacancies
Job vacancies were down by 11% in the fourth quarter of 2022 compared to the previous year, according to a new study. The latest IrishJobs.ie Jobs Index also ...
Property price growth slows as Dublin prices fall
Residential property price inflation slowed further in November to a rate of 8.6%, down from 9.7% in October, according to the latest figures from the Central Statistics Office. ...
‘Whole range of measures’ as part of EV charging plan – Ryan
Minister for Transport Eamon Ryan has said “a whole range of measures” will be rolled out as part of the national strategy for electric vehicle charging infrastructure being ...
Euro zone inflation eases to 9.2% as expected
Euro zone consumer inflation decelerated as expected in December, the European Union’s statistics office Eurostat confirmed today, thanks to a continued fall in energy prices that had earlier ...
Over half of professionals here considering moving jobs
Despite economic uncertainty and the global hiring slowing down, 59% of Irish professionals are considering changing jobs in 2023 according to new research from LinkedIn. The data also ...
Annual rate of inflation slows to 8.2% in December – CSO
The annual rate of inflation last month continued to moderate, according to the latest figures from the Central Statistics Office. The Consumer Price Index eased to 8.2% in ...
Govt urged to introduce pension auto-enrolment ‘as quickly as possible’
The Pensions Authority is expected to tell the Oireachtas Committee on Social Protection today that the Government should introduce pension automatic enrolment as quickly as possible. In October, ...
Employers hope to attract workers to the north west with Dublin event
A number of agencies will come together to promote the north west with some of the region’s biggest employers at an event in Dublin next month. The goal ...
ECB must keep raising rates to fight off inflation – Lane
The European Central Bank must raise interest rates to a level that starts to restrict growth and their peak will depend on how the economy responds to the ...
3,500 net new jobs created by LEOs last year
Nearly 3,500 net new jobs were created by companies supported by Local Enterprise Offices (LEOs) around the country last year despite the economic challenges. In total 7,870 new ...
Live Register numbers up marginally in December
All counties saw an increase in the number of people on the Live Register in the 12 months to December All counties saw an increase in the number ...
Agreement over NI Protocol important – Enterprise Ireland CEO
The Chief Executive Officer of Enterprise Ireland has said that Ireland was uniquely placed to do well in global markets, but reaching an agreement on the Northern Ireland ...
Movies and TV productions share in €127.3m corporation tax credits for 2022
New movies starring Liam Neeson, Kerry Condon, Sarah Greene and Russell Crowe were some of the big winners in the Revenue Commissioners’ Section 481 film corporation tax credit ...
Sales of electric cars increased by 81% in 2022 – CSO
The number of new electric cars licensed for the first time in 2022 increased by 81% to 15,462 compared with the previous year, according to figures from the ...
Payments to businesses of €9.5m approved under TBESS so far
€9.5m has been approved for payment so far under the Government’s €1.3 billion Temporary Business Energy Support Scheme (TBESS). The scheme was announced as part of Budget 2023 ...
Changes in shopping behaviour due to food inflation
Irish people are changing their shopping behaviour and their attitudes toward food and drink, according to detailed new consumer research prepared for Bord Bia. The research shows more ...
Unemployment rate drops slightly in December to 4.3% – CSO
The unemployment rate declined marginally in December to 4.3% from 4.4% in November, according to the Central Statistics Office. This compares to a rate of 5.1% in December ...
Irish food and drink exports reach record high of €16.7 billion
The value of Ireland’s food, drink and horticulture exports increased by 22% last year to reach a new record high of €16.7 billion. Bord Bia’s Export Performance and ...
New Irish mortgage rates 3rd lowest in euro area
Interest rates on new mortgages remained unchanged in November, according to the latest figures from the Central Bank. The weighted average rate on new mortgages was 2.57%. This ...
Employment at Enterprise Ireland backed firms rose 5% last year
The number of people employed at firms backed by Enterprise Ireland (EI) rose 5% last year to 218,178, despite the difficult trading environment. It said 10,841 net new ...
Grocery sales hit a record-breaking €1.3 billion as inflation bites
New figures from Kantar show that grocery inflation here now stands at a record high of 15.4% for the 12-week period ending December 25, 2022. Kantar said this ...
EU reaches agreement with UK on access to IT system
The EU and UK have reached an agreement on EU access to UK IT systems governing the movement of goods from Britain to Northern Ireland in what is ...
Retail sales volumes slow down in November – CSO
Retail sales volumes in November declined from the previous month as increases in sales of clothing and electrical goods failed to offset sharp falls in the bar and ...
Euro zone inflation falls sharply in December but offers ECB little respite
Euro zone inflation fell by more than expected last month but underlying price pressures rose, making it likely the European Central Bank will continue raising interest rates for ...
Remote and hybrid job posts up 43%
Irish job posts offering remote and hybrid work have increased by 43% over the last 12 months according to a new study. The report has been published by ...
Inflation hit a 38 year high in 2022 but economy strong – CSO
The Central Statistics Office has published an online compilation of significant statistics about the economy and business recorded last year. The report notes that inflation reached a 38 ...
Flexible working hours good for business – UN
Flexible working arrangements like those introduced during the Covid-19 crisis are not only good for employees but also boost productivity and potentially a business’s bottom line, the United ...
Euro zone producer prices fall as expected in November
Euro zone producer prices fell month-on-month as expected in November, the EU’s statistics office said today, pulled down by falling costs of energy. The European Union’s statistics office ...
Services sector growth picks back up in December
Expansion in the services sector picked up in December following four months of slowing growth in a row to push overall activity in the private sector back into ...
Exchequer collected record €83bn in tax last year
The Exchequer collected a record €83.1 billion in tax last year, according to figures published this evening by the Department of Finance. That is €14.7 billion ahead of ...
Euro zone recession may not be as deep as expected – PMI
Euro zone business activity contracted less than initially thought at the end of last year as price pressures eased, according to a survey which suggested the bloc’s recession ...
105,253 new cars registered in 2022, down 10% on 2019
105,253 new cars were registered last year, up marginally on 2021, but down 10% on the pre-Covid levels recorded in 2019. The figures from the Society of the ...
Remote working, new employment laws and pay claims – the world of work in 2022
The Covid pandemic led to a reimagining of the concept of work. Forced to stay at home, employees and businesses quickly realised that tasks they had always performed ...
Croatia joins the Euro and enters Schengen area
Croatia has switched to the Euro and entered Europe’s passport-free zone – two major milestones for the country after joining the European Union nearly a decade ago. At ...
Manufacturing contracts amid sharp fall in new orders
The Irish manufacturing sector contracted for the second month running in December, the latest Purchasing Managers Index (PMI) from AIB concludes. The deterioration in conditions came on the ...
Euro zone business lending growth slows sharply in November
Bank lending to euro zone companies slowed in November, easing back from the sector’s biggest borrowing binge in over a decade as rising interest rates and a looming ...
Rate of growth in prices being sought for properties slows to 6% – MyHome.ie report
The annual rate of growth in prices being sought for properties nationally slowed to 6% in the final three months of 2022, a new report from property website ...
Hiring rates decline but focus on ‘green talent’ – report
Hiring rates have declined from post-pandemic highs, according to IDA Ireland’s latest Labour Market Pulse. The study, which is published in partnership with Microsoft and LinkedIn, shows that ...
ECB might raise interest rates at current pace for a while – de Guindos
The European Central Bank may raise interest rates at its current pace for a “period of time” to curb inflation, Vice-President Luis de Guindos said today. “We have ...
Updated Climate Action Plan ‘charts the way forward’ – Taoiseach
Taoiseach Leo Varadkar has said Ireland can become energy independent within a generation or less and that this generation should be the one that turns the tide on ...
Businesses to get first TBESS payments this week – McGrath
Finance Minister Michael McGrath said that so far over 7,000 businesses have registered for the Temporary Business Energy Support Scheme, which was announced in the Budget. The Temporary ...
Reducing car journeys in updated Climate Action Plan
An updated national Climate Action Plan outlining accelerated economy-wide measures to reduce greenhouse gas emissions will be unveiled by the three Government leaders later this afternoon. It is ...
Consumers feel some Christmas cheer as outlook steadies
Consumer sentiment improved in December to its best level for four months as cheaper fuel and an improved economic outlook brought some seasonal cheer to hard-pressed households, a ...
ESRI identifies pros and cons of universal basic income
The possible future introduction of a universal basic income (UBI) would have both positive impacts and drawbacks, according to a new study from the Economic and Social Research ...
Remote workers account for 22.5% of those in work in Q3 – CSO
New figures from the Central Statistics Office show that people who usually worked from home accounted for 22.5% of people in employment in the third quarter of 2022, ...
Energy price hikes drive customers to switch providers
New figures from the Commission for Regulation of Utilities (CRU) show that wholesale gas prices increased by 380% in 2021, while wholesale electricity prices jumped by 260% compared ...
Gas demand in November up 13% on a monthly basis
New figures from Gas Networks Ireland shows that colder temperatures in November compared to October saw a 13% increase in gas demand last month. But as November was ...
EU countries make final push for gas price cap deal this year
European Union countries’ energy ministers meet in Brussels today to attempt to agree a cap on gas prices – their latest idea to tame Europe’s energy crisis but ...
ECB will hike interest rates further – De Guindos
The European Central Bank will hike interest rates further in the euro zone to combat high inflation, ECB’s Vice-President Luis de Guindos said today. “There will be more ...
Christmas party warnings for staff and employers
After an absence of more than two years, work Christmas parties are back with a bang. Staff and employers are being reminded that workplace policies and procedures still ...
Plans to simplify work and immigration permit process
The Government has announced plans for a single application procedure for employment permits and immigration permissions. Currently to work in Ireland, a person from outside the European Economic ...
ECB increases interest rates by 0.5%, signals more hikes to come
The European Central Bank raised interest rates for the fourth time in a row today, although by less than at its last two meetings. It also pledged further ...
European car sales jump 17.4% in November
European new car registrations increased sharply in November, data from the region’s carmaker association showed today. The number of new vehicles registered in the European Union, Britain and ...
ESRI expects economy to grow at ‘significantly reduced pace’ in 2023
The Economic and Social Research Institute expects the economy to grow “at a significantly reduced pace” next year given the likelihood of recession in overseas markets and continuing ...
Corporation tax rate for larger firms here expected to rise to 15% in 2024, Donohoe says
The Minister for Finance has said he expects Ireland’s corporation tax rate will be increased to 15% in 2024 for large companies that are subject to last year’s ...
15% tax rate can proceed after Hungary drops opposition
Hungary has dropped its opposition to the introduction of a global minimum corporation tax rate of 15% as part of a wider deal with the EU allowing implementation ...
Ryan: No significant reduction in energy costs in next year or two
The Minister for Environment has said he did not expect to see a significant reduction in energy prices in the next year or two, despite a dip in ...
Fuel prices ease by around 10% in December – AA
A survey from the AA shows that the average price of fuel dropped by an average of about 10% in December. The average price of a litre of ...
EU agrees to tougher draft gig labour rules
EU lawmakers have agreed to tougher draft gig labour rules ahead of negotiations with EU countries to thrash out details, drawing dismay from a lobby group whose members ...
Number of people working for multinationals hits highest ever level – IDA Ireland
32,426 new jobs were created by multinational companies with operations in Ireland over the past year, despite difficult economic conditions globally – the highest level of annual growth ...
Contactless payments hit new high, cheque volumes drop
€4.8 billion worth of contactless payments were made in the third quarter of this year, the highest ever recorded. New figures from Banking and Payments Federation Ireland show ...
Cost of energy biggest cause of worry for public
The cost of energy is the biggest cause of worry among the public, followed closely by the broader cost of living, a new survey by employers’ organisation Ibec ...
29% increase in insolvencies this year – Deloitte
New figures show a 29% increase in insolvencies so far this year with corporate insolvencies expected to exceed pre-pandemic levels over the next two years. More than 500 ...
Construction activity slows for second month in a row
Activity in the construction sector here continued to slow down last month, the second consecutive month a decrease was recorded. The latest fall in the BNP Paribas Real ...
48% of Ireland’s electricity provided by wind in November
New figures show that wind energy provided 48% of the country’s electricity in November, which means it was the biggest source of electricity in Ireland last month. Wind ...
Wage growth tracker shows first slowdown in over a year
Wage growth in November slowed across economies in Europe, the UK and the US, according to the Indeed Wage Tracker published by the online jobs site Indeed.com. Its ...
Annual rate of inflation eases to 8.9% in November
The annual rate of inflation, as measured by the Consumer Price Index, moderated to 8.9% in November, new figures from the Central Statistics Office show today. This compares ...
Pension auto-enrolment should include young, self-employed – ICTU
The Irish Congress of Trade Unions (ICTU) is expected to tell the Oireachtas Committee on Social Protection today that the Government’s new auto-enrolment pension scheme should include young ...
Govt business energy support scheme open for claims
Businesses that are seeking assistance with meeting the cost of rising energy bills can now submit claims under the Government’s support scheme. Revenue has said eligible firms which ...
Households’ savings rate eases to 19% in Q3 – CSO
The rate of household savings fell in the third quarter of this year to 19% of disposable income, according to data published by the Central Statistics Office today. ...
Euro zone likely heading into mild recession – PMI
Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a ...
96% of consumers worried about current cost of living – CSO
A new survey from the Central Statistics Office shows that 96% of respondents are concerned about the current cost of living, with 56% being very concerned. The CSO’s ...
ECB needs more rate hikes but inflation close to peak, says Lane
The European Central Bank will have to raise interest rates several more times to tame price pressures, even if headline inflation is now close to its peak, ECB ...
Record level of corporation tax collected in November
A record €5 billion in corporation tax was collected in November, according to the latest Exchequer returns, the biggest monthly figure ever. The tax take, underpinned by a ...
Economy grew by 2.3% in Q3 – CSO
The economy grew by 2.3% from July to September of this year when measured by Gross Domestic Product. However, activity in the domestic economy measured by Modified Domestic ...
Most consumers to use savings to fund Christmas spend
Consumers are set to spend more this Christmas but plan to be less reliant on debt, according to research by the Competition and Consumer Protection Commission. Consumers are ...
Growing chance of global growth falling below 2% – IMF chief
IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below 2% – last seen during the coronavirus outbreak and the global financial crisis of ...
One in 4 consumers switch insurance providers – Central Bank
Eight out of 10 car and home insurance consumers engage with their provider on renewal and one in four switch, according to research conducted by the Central Bank ...
Euro zone factory downturn eased in November
The downturn in manufacturing activity across the euro zone eased in November, according to a survey which suggests while the bloc’s factories still face a harsh winter it ...
Firms to start reporting on gender pay gaps from today
Companies across Ireland will start to publish information on their gender pay gaps from today. Firms of all sizes are being mandated to produce a report outlining the ...
Euro zone inflation falls for first time in 17 months, bolstering hopes for smaller ECB hike
The annual rate of inflation across the euro area eased back to 10% in November, according to an initial ‘flash’ estimate from the EU’s statistical agency Eurostat. This ...
New tipping laws come into force today
New laws governing the practice of tipping come into force from today, providing a boost to workers’ rights. Under the Payment of Wages Act employees now have a ...
Euro zone economic sentiment rebounds in November
Euro zone economic sentiment rebounded in November slightly more than expected, data showed today, rising for the first time since the Russian invasion of Ukraine in February on ...
Average weekly earnings up 3.2% to €864 – CSO
New figures from the Central Statistics Office show that average weekly earnings were €864.32 in third quarter of this year, up 3.2% on the same period last year. ...
Paid sick leave entitlement on track for New Year
An entitlement to paid sick leave is scheduled to come into effect in the New Year after the Tánaiste, Leo Varadkar signed the commencement order. From January, workers ...
Annual retail sales down for sixth month in a row – CSO
New Central Statistics Office figures show that the volume of retail sales rose by 0.7% in October but fell 2.6% on the same month last year. This marked ...
New rights for consumers on faulty goods and services
New laws covering consumer rights around faulty goods and services, digital products and sale pricing take effect from today. The Consumer Rights Act introduces stronger rights of redress ...
ECB’s Lagarde says we haven’t reached inflation peak
Euro zone inflation has not peaked and the risk is that it will turn out even higher than currently expected, European Central Bank President Christine Lagarde said today. ...
Christmas spend set to match last year – Retail Ireland
Irish households are expected to spend the same amount of money this Christmas as they did last, as the impact of the higher cost of living reins in ...
More small firms to be offered export help through LEOs
An extension by the Government of the mandate of Local Enterprise Offices (LEOs) will mean that thousands more small businesses here will be eligible for export grants. Under ...
Euro zone credit growth remains brisk despite gloomy outlook
Bank lending to euro zone companies held steady, maintaining the sector’s biggest borrowing binge in over a decade, despite rising interest rates and a looming recession, European Central ...
ECB will increase rates again in December – Makhlouf
The Governor of the Central Bank has said the European Central Bank will increase interest rates at its meeting next month but he had “an open mind” on ...
Firms can register for energy support scheme tomorrow
The Temporary Business Energy Support Scheme (TBESS), which will assist businesses with their energy costs during the winter months, will open for registrations tomorrow – Saturday 26 November. ...
Busy day expected as Black Friday sales get under way
Originally an American construct, Black Friday was ideal for retailers and consumers in the United States to kick off the busy Christmas shopping period. In Ireland, where Christmas ...
Govt’s budget strategy strikes ‘appropriate balance’ – IFAC
The Irish Fiscal Advisory Council has said the Government’s budgetary strategy struck the “appropriate balance between protecting vulnerable households and avoiding inflation”. In its Fiscal Assessment Report published ...
Over €93 billion in tax generated by Govt in 2021, up 21% on 2020 revenue
Total tax revenue collected by the Exchequer in 2021 was €93.3 billion, according to the Central Statistics Office. This was €15.9 billion more or 21% higher than in ...
Growth in mortgage approvals driven by sharp increase in switching activity
The number of first time buyers being approved for a mortgage has dropped to its lowest level since 2019, new figures from Banking and Payments Federation Ireland show. ...
Investments looking ‘slightly weaker’ next year – IDA
IDA Ireland is expected to tell the Oireachtas Committee on Enterprise, Trade and Employment that it has sight of a healthy pipeline of investments for the first half ...
Government hosts major tech sector conference in Dublin
The Government will host a major conference in Dublin focusing on Ireland’s technology sector. The Digital Ireland Conference will hear from speakers including the Taoiseach, Tánaiste and Government ...
Wholesale electricity prices down 52% in October – CSO
Wholesale electricity prices fell sharply last month and are back to levels not seen since August of last year, according to the latest Wholesale Price Index from the ...
Housing starts slow by 31% in October from last year
The number of new housing starts continued to slow last month, according to new figures from the Department of Housing. Commencement notices show 1,841 units began construction in ...
Windfall tax on electricity companies set for Cabinet sign off today
The Government is expected to agree to cap the revenues of electricity generating companies which do not use gas. The Cabinet is also set to sign off on ...
ESB to increase charges for use of public electric car charging network by up to 52%
The ESB is increasing charges for the use of its public electric vehicle charging points by up to 52%. The changes will take place from December 20th. It ...
Lower-income households experiencing greater inflation
Inflation continues to be greater for households on lower incomes, rural households and those headed by people over 65. This is largely because these households spend a greater ...
Energy costs the main challenge for manufacturing
There has been a marked deterioration in the outlook for the manufacturing sector over the coming months, a major survey of industry leaders conducted on behalf of Ibec ...
Gardaí warn shoppers to beware of Black Friday scams
The call comes as it is predicted as much as €26 million will be spent on shopping in upcoming Black Friday sales. New figures also show more than ...
Euro zone inflation revised marginally lower, but still at record high
Eurostat confirmed that inflation in the euro zone rose by 1.5% on a monthly basis to give a 10.6% annual increase This marked a revision from the 10.7% ...
Revenue warns of potential extra costs when buying goods online
Revenue has warned shoppers to check whether the advertised price of online goods includes all tax and duty costs due before deciding to buy. It said where the ...
Wind was biggest single electricity source in October
High winds for weeks meant 45% of the country’s electricity last month came from wind, setting a new record. This meant wind was the biggest single contributor to ...
Toll charges rising to ‘maximum level’ from January
Toll charges on most toll roads around the country are to increase to their “maximum level” from 1 January 2023. The price hikes are linked to the current ...
Property price growth slows to 10.8% in September – CSO
New figures from the Central Statistics Office show that annual property price growth slowed to a 14-month low in September. The CSO said that residential property prices eased ...
European car sales grow in October – ACEA
European new car registrations jumped in October, data from the region’s carmaker association showed today. The number of new vehicles registered in the European Union, Britain and the ...
Business growth slows amid rising costs
While businesses are still expanding, new data from Intertrade Ireland shows that the pace of growth is slowing as companies feel the pressure of rising prices. The latest ...
Battery storage could cut electricity bills by €35m this winter
Operators of battery storage power plants say they could cut up to €35m off energy bills on the island of Ireland this winter if they were allowed to ...
Govt to keep cost-of-living payments under review – McGrath
The Government will keep the payments to help people deal with the escalating cost of living under review, Minister for Public Expenditure Michael McGrath has said. “We will ...
Profits at motor insurers rose to record €176m in 2021
Motor insurers here saw their combined operating profits increase to a record level for the fifth straight year in a row last year, as lower levels of activity ...
40% of consumers plan to make Black Friday purchase
Just under 40% of consumers plan to make a purchase in the Black Friday sales, according to new research from the Competition and Consumer Protection Commission. On average, ...
Grocery inflation hits new high of 13.4% – Kantar
Grocery inflation rose to another record-breaking high of 13.4% in the last 12 weeks to October 30, new figures from Kantar show today. Kantar said that grocery sales ...
Tourism businesses called on to drive climate action
The Minister for Tourism will call on businesses in the sector to engage with sustainability targets for the sector, as it seeks to cut emissions as part of ...
Falling foul of price hikes – turkeys set to cost more this Christmas
Consumers are being advised that they will have to pay more for a turkey this year for Christmas. Farmer and journalist Hannah Quinn-Mulligan said an average 13lb (6kg) ...
90% of insurance reform actions done or ongoing – Govt
The Government will outline progress made on insurance reform later today, when it publishes its third Insurance Reform Implementation Report. It states that around 90% of actions in ...
EU agrees law to remove CO2 with woodlands, other carbon sinks
The European Union has agreed to a law to expand its forests, marshes and other “sinks” that absorb carbon dioxide (CO2), a measure that could allow the bloc ...
ISME launches new Shop and Support Local campaign
ISME has today launched its 2022 Shop Local campaign calling on shoppers and businesses to “Think, Spend and Support Local”. The campaign has been developed to promote products ...
Annual rate of inflation up to 9.2% in October
The annual rate of inflation rose to 9.2% in October, new figures from the Central Statistics Office show today. This compares to an annual rate of 8.2% in ...
Commission proposes changes to EU’s debt rules
The European Commission has proposed changes to the EU’s onerous debt rules that would allow member states to negotiate their own debt reduction path, using the carrot of ...
Personal loan drawdowns jump 12%, BPFI report reveals
Just over 47,000 personal loans were drawn down in the third quarter of this year, up over 12% in volume and 11% in value when compared to the ...
Insurance policies could be impacted by exit of banks, Insurance Ireland warns
Insurers have urged customers of Ulster Bank and KBC Bank Ireland to be aware of the risks for their insurance and pension policies posed by the departure of ...
Overseas tourism to Ireland expected to reach 75% of 2019 figure
International travel has recovered quickly from the worldwide Covid-19 pandemic lockdowns, with overseas tourism to Ireland this year expected to reach 75% of the 2019 figures – a ...
ECB to continue raising rates even as economy suffers
The European Central Bank will continue to raise borrowing costs even as the euro zone economy suffers because letting inflation stay high would be even more painful, two ...
Wages rise at over three times their pre-pandemic rate, study finds
Wages are going up at more than three times their pre-pandemic rate across euro area countries, according to a new study published by the Central Bank. However, the ...
Agri-food exports hit €15.4 billion last year
Irish agri-food exports were worth €15.4 billion in 2021, an increase of 51% since 2012, new figures show today. Irish produce was exported to more than 180 countries ...
Euro, sterling jump, dollar falters as market shifts to risk assets
Euro and sterling rose against the safe-haven US dollar today, supported by a risk-on sentiment across markets with European stocks rising on persistent hopes China will ease Covid ...
‘Positive response’ to second Eurogroup term – Donohoe
Minister for Finance Paschal Donohoe has said eurozone finance ministers have agreed that an election to appoint the president of the Eurogroup will take place on 5 December ...
Euro zone downturn deepens, points to winter recession
The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading ...
Europe could face gas shortage next year – IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency ...
October unemployment rate steady at 4.4% – CSO
The unemployment rate stood at 4.4% in October, unchanged for the third month in a row after the August and September figures were both revised up from 4.3%, ...
Exporters keep anxious eye on sterling movements
Some economists and bankers are warning that the US economy and the global economy will enter recession by the middle of 2023. The Central Bank and employers body ...
High corporation tax levels may not be sustained – McGrath
Minister for Public Expenditure Michael McGrath said the Government is “avoiding making permanent expenditure commitments” on the back of receipts that may “prove to be temporary”. The Minister’s ...
64% of householders make at least one energy efficiency improvement
New research from Banking & Payments Federation Ireland reveals that 64% of consumers have carried out at least one significant energy efficiency home improvement as energy costs continue ...
Ibec downgrades growth forecasts for 2023
Business group Ibec has downgraded its forecast for domestic demand due to rising costs and a weaker outlook for the global economy. In its latest Quarterly Economic Outlook, ...
Irish households added €32bn to their wealth last year
Irish households added €32 billion to their wealth last year, according to the Central Statistics Office. That is almost the same amount added to household wealth between 2017 ...
1 in 8 switchers yet to decide on new banking provider – CCPC
One in eight consumers who are in the position of having to switch banking providers, because of the impending departure of Ulster Bank and KBC, have yet to ...
Major conference to focus on opportunities and challenges facing financial system
The Central Bank of Ireland is hosting a major conference this week to discuss and debate the driving forces shaping the financial system. Over 300 consumer representatives, industry ...
Average mortgage in Q3 surpassed peak of market in Q1 2008
The average mortgage stood at €284,623 in the third quarter of the year, surpassing levels seen during the peak of the market in 2008 when it was €268,220. ...
Business sentiment fell sharply in October – survey
Business sentiment fell to a near-two year low in October, according to Bank of Ireland’s latest economic pulse survey. The business reading stood at 64.2 in the month, ...
New tipping law to come into effect on 1 December
The Government has announced that a new law designed to protect tips received by workers will come into effect on 1 December. The Payment of Wages Act gives ...
Average rents rose 84% in nine years – ESRI study
The cost of average private rents jumped 84% in the nine years to last year, new research from the Economic and Social Research Institute has found. The study ...
Euro falls against the dollar after ECB rate hike
The euro briefly fell back below parity with the dollar today after the European Central Bank (ECB) raised interest rates, and US data showed that the world’s biggest ...
Banks to write to tracker customers following ECB rate hike
The main retail banks have said they will be writing to their tracker mortgage customers to inform them of their new interest rates, following today’s rate hike by ...
Housing starts down 31% in September
The number of residential units which have commenced construction fell last month, according to the latest figures from the Department of Housing. In September, the Department received commencement ...
Interest rates set to rise again – what does it mean?
The European Central Bank is on course to raise interest rates again today. We’ve been looking at why the bank has been raising rates and how far they’re ...
ECB expected to increase interest rates by further 0.75%
The European Central Bank’s (ECB) governing council meets today in Frankfurt amid speculation it will announce another 0.75% increase in interest rates. The ECB has already increased rates ...
Goods handled by main Irish ports up 1% in Q2
New figures from the Central Statistics Office show that Irish ports handled a total of 13.1 million tonnes of goods in the second quarter of 2022, an increase ...
Applications open for Sport to Start-Up programme
Applications open today for the fourth round of the Sport to Start-Up programme. The online course aims to help full time Irish sports people start their own business ...
World is in its ‘first truly global energy crisis’ – IEA’s Birol
Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”. ...
Cabinet to discuss longer opening hours for pubs and clubs
Plans to introduce longer opening hours for pubs and nightclubs will be discussed by the Cabinet this morning. Minister for Justice Helen McEntee is seeking Government approval to ...
No plans to lift cap on bankers’ pay, says finance department
The Department of Finance has said Minister Paschal Donohoe recognises that restrictions on pay create recruitment and retention problems for banks, but that there are currently no plans ...
Euro zone October PMI adds to evidence bloc is heading for recession
The euro zone is likely entering a recession with business activity contracting at the fastest pace in nearly two years this month as the cost-of-living crisis keeps consumers ...
Diesel nearly 20 cents more expensive than petrol – AA
Diesel is now at its second-highest monthly average price on record, the latest fuel price survey from AA Ireland shows. The AA said the average price for petrol ...
Gas generated 55% of Ireland’s electricity in September
Gas demand fell by 11% in September from August, new figures show today. as temperatures were above average in most parts of the country. But Gas Network Ireland ...
Food industry prices jump, but electricity costs down – CSO
The price of raw materials for the food industry rose last month, according to the latest Wholesale Price Index from the Central Statistics Office. However, the wholesale price ...
Euro zone’s current account deficit widens on soaring energy bill
The euro zone’s current account deficit widened in August as soaring energy costs pushed up the bloc’s import bill, data from the European Central Bank showed today. The ...
EU leaders agree to press ahead with gas price cap
EU leaders have agreed to press ahead with a cap on the wholesale cost of gas as a way to bring down electricity prices during talks in Brussels, ...
Most consumers make multiple spending cutbacks – Credit Union consumer sentiment survey
Consumer sentiment improved slightly in October as consumers took some comfort from Government measures introduced in its annual budget to support household spending, a new survey shows today. ...
Finance Bill to widen energy support scheme to include professionals
The Government is expected to confirm that its new support scheme aimed at assisting businesses with the rising cost of energy will be extended to include professional firms, ...
Euro zone September inflation revised down slightly, but still at record high
Euro zone consumer inflation was marginally lower in September than estimated earlier, data showed today. But euro zone inflation still remained at a record high, underlining market expectations ...
Consumer sentiment up slightly after Budget measures
Consumer sentiment improved slightly in October as consumers took some comfort from Government measures introduced in its annual budget to support household spending, a new survey shows today. ...
5% concrete levy to be introduced in September
The Government has agreed that the concrete levy announced in the Budget will be cut to 5% rather than the 10% announced in the Budget last month. It ...
Central Bank set to ease mortgage lending rules
The Central Bank looks set to relax its mortgage lending rules when it publishes the outcome of a review of them later this morning. Currently, most house buyers ...
Oil prices stable as economic fears offset supply woes
Oil prices were stable today as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown and lower Chinese fuel demand. Brent crude futures eased ...
Sterling jumps against dollar on UK U-turn
The dollar lost ground against sterling and other major peers today as investor sentiment picked up following the UK’s dramatic U-turn over the tax-slashing mini budget that had ...
European car sales grow for second month in a row in September – ACEA
European new car registrations jumped in September, the second month in a row of growth after 13 months of consecutive decline, data from the region’s carmaker association showed. ...
Value of Irish exports and imports jump in August – CSO
The unadjusted exports of goods in August increased by €6.3 billion to €19.5 billion compared with August last year, today’s CSO figures show The unadjusted exports of goods ...
Economic co-operation between EU, US ‘at a new high’ – Donohoe
Minster for Finance Paschal Donohoe has said economic co-operation between Ireland, the European Union and the United States is at a new high point. Speaking in Washington DC ...
International Sustainable Finance Centre to be set-up
Ireland is to be the location for a new International Sustainable Finance Centre. The centre will act as an international hub from which the finance community based in ...
Sterling edges up on UK fiscal policy U-turn
Sterling inched cautiously higher following British Prime Minister Liz Truss’s partial reversal of her government’s economic plan. The pound gained 0.42% to stand at $1.1225, after Truss said ...
Oil inches up on weaker dollar, low US diesel stocks
Oil prices reversed earlier losses and inched up in Asian trade today, supported by a weaker US dollar and falling diesel inventories, while Saudi Arabia and Washington continued ...
Home price growth slows to 12.2% in August – CSO
Residential property prices increased by 12.2% in the year to the end of August according to the Central Statistics Office, down from 13.3% in the 12 months to ...
Inflation rate moderates to 8.2% in September – CSO
New Central Statistics Office figures show that the annual rate of inflation rose by 8.2% in September, down from an annual increase of 8.7% in August. The latest ...
Years before Ireland has secure enough LNG storage – Ryan
It will be years before Ireland has enough secure liquid natural gas (LNG) storage, the Minister for the Environment has said. Eamon Ryan said Ireland needs storage as ...
Irish mortgage rates steady in August – Central Bank
New figures from the Central Bank show the average interest rate on new Irish mortgages rose to 2.64% in August 2.63% in July. The equivalent euro area average ...
UK economy on brink of recession as it shrinks in August
Britain’s economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on ...
Oil falls around 2% on recession, China Covid fears
Oil prices fell about 2% today, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global ...
EU countries seek way out of impasse over gas price caps
The question of how, when and whether to cap gas prices is set to dominate another meeting of EU countries today, as they pursue a joint plan to ...
Sterling falls again as turmoil dogs the bond market
The pound fell for a fifth day today as the turmoil engulfing UK government bond markets forced the Bank of England to step in yet again to attempt ...
Govt to outline dates for payments announced in Budget
The Government will today outline the payment dates for the €1.2 billion worth of lump sum social protection supports announced in last month’s Budget. Minister for Social Protection ...
Consumers urged to support local designers and makers amid cost-of-living squeeze
Consumers are being urged to consider buying Irish-made crafts and designs amid the ongoing cost-of-living squeeze, as spending in the wider economy retrenches. The Irish craft and design ...
Oil steadies as supply tightness duels with recession fears
Oil prices steadied today, recovering from earlier losses, as investors weighed potentially tight supply against economic storm clouds that could foreshadow a global recession and erosion of fuel ...
Reducing gas prices dominating European summit
Taoiseach Micheál Martin has said Europe will develop a coordinated approach to the energy crisis, but it will take time. Mr Martin has joined other EU leaders at ...
Oil falls as investors take profit on China demand concerns
Oil prices fell today, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world’s biggest crude importer, re-ignited ...
‘Historic milestone’ as new auto-enrolment pension scheme approved
The Government has approved details of the new pension auto-enrolment scheme ahead of its expected introduction in 2024. Workers will be automatically signed up to a pension plan ...
Residential property market may be overvalued by 7%, ESRI warns
The Economic and Social Research Institute (ESRI) has warned that the residential property market in Ireland may be overvalued by over 7%. In its latest Quarterly Economic Commentary, ...
Sterling softens after UK PM Truss speech
Britain’s pound weakened against the dollar today, ending a six-day rally but avoiding recent lows as British Prime Minister Liz Truss sought to overcome a chaotic first month ...
Gap between electricity demand and supply likely to get worse – EirGrid
The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes ...
Overall tax revenue to end of September just under €58bn
Overall tax revenue for the first nine months of the year came in at just shy of €58 billion, the latest Exchequer Returns from the Department of Finance ...
Cabinet signs off on plan for three €200 energy credits
The Cabinet has approved a plan to pay three electricity credits to every household over the next six months. It is expected that the €200 credits will be ...
Lower growth next year but no recession – Central Bank
The Central Bank has reduced its forecasts for growth in the domestic economy next year and raised its outlook for inflation. However, its latest Quarterly Bulletin says the ...
IMF to consider emergency funding for Ukraine
The International Monetary Fund’s executive board will consider Ukraine’s request for $1.3 billion in additional emergency funding on Friday as Russia’s war against the country continues, two sources ...
Updated finance strategy sets target of 5,000 new jobs
The Government has set a target of growing the level of employment in the international financial services sector by 5,000 net by 2026. The target is contained in ...
Govt to discuss how €200 energy credits will be paid
The Cabinet is to discuss how the energy assistance measures in Budget 2023 will be implemented. Minister for the Environment, Climate and Communications Eamon Ryan will bring a ...
UK government in U-turn on 45% tax rate
British Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have, in a dramatic U-turn, abandoned a plan to abolish the top rate of income tax for the highest ...
Euro falls after inflation data but heads for weekly gain
The euro dropped today after inflation in the euro zone hit a record high, but was heading for a weekly gain on hawkish signals from the European Central ...
Coining it: What currency shifts mean for Ireland
The euro has been drifting against the dollar for some time now, but has been getting stronger against sterling for months. But what this means for consumers – ...
Once-off Budget measures will insulate ‘most households’ – ESRI
The package of once-off measures announced as part of this week’s Budget will insulate “most households” from higher energy prices this winter, according to the ESRI. The analysis, ...
Euro zone inflation hits record high of 10%, raising pressure on ECB
Euro zone inflation zoomed past forecasts to hit a fresh record high this month, reinforcing expectations for another jumbo interest rate hike from the European Central Bank in ...
Covid-19 higher rate illness benefit ends
A higher rate of illness benefit for people who miss work due to Covid-19 comes to an end today. The Enhanced Illness Benefit (EIB), paid at €350 per ...
Tánaiste to discuss recommendations on pay, conditions at gender equality committee
Tánaiste Leo Varadkar is to appear before the Oireachtas Committee on Gender Equality today to discuss the recommendations of the Citizens’ Assembly on Gender Equality regarding pay and ...
Switching activity drives growth in mortgage approvals
Just over 5,500 mortgages were approved in August, up 5.5% on the previous month and 21.3% compared with the same period last year. New figures from Banking and ...
Stocks bounce but sterling slippery after BoE buys bonds
Asian share markets rose today after Britain’s central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling ...
Tánaiste ‘does not envisage’ mini-budget next year
Tánaiste Leo Varadkar has said he does not envisage a mini-budget being implemented next year. Speaking on RTÉ’s Morning Ireland, Mr Varadkar said Budget 2023 is being front-loaded ...
Budget’s political test will be when big winter bills arrive
It was, according to the Minister for Public Expenditure, Michael McGrath, a “budget for its times”. The biggest ever giveaway, in pure monetary terms, was necessitated by the ...
At a glance: Here are the key points from Budget 2023
The Government has pledged to spend billions – but how much of all this extra monetary support will make it into your pocket? With winter looming amid an ...
€11bn Budget announced due to ‘exceptionally challenging times’
Minister for Public Expenditure Michael McGrath said he is making €100 million available in 2022 to ensure schools are supported in dealing with energy cost pressures and transport ...
Budget: Spending, tax measures worth nearly €11bn expected
The formal announcement of Budget 2023 will be made in the Dáil this afternoon. Minister for Finance Paschal Donohoe is due to begin his speech in the chamber ...
Falling pound pauses as investors await policy response
Sterling steadied this morning but was perched above its record low only thanks to soaring yields on British debt and the hope of a response from policymakers or ...
Two new schemes set to help businesses with energy costs
The Government looks set to unveil two new schemes worth over a billion euro to assist businesses with rising energy costs in tomorrow’s budget. It is understood that ...
Economic sentiment down in September amid energy woes
A new survey shows that with households facing the prospect of even higher gas and electricity bills over the coming months, consumer confidence sank to an all-time low ...
Sterling collapses as investors move into dollars
Sterling tumbled to a record low this morning as traders scampered for the exits on speculation the new government’s economic plan will stretch Britain’s finances to the limit. ...
High stakes Budget to tackle inflation being finalised
Budget discussions continued into the early hours of this morning as the coalition leaders and the Ministers for Finance and Public Expenditure met to finalise measures ahead of ...
Govt approves draft bill on family-friendly working
The Government has approved a draft bill aimed at improving family-friendly work practices and supporting women in the workforce. It is part of the Government’s plan to bring ...
Oil prices edge down, recession fears back in focus
Oil prices fell today amid recession fears and a stronger US dollar, though losses were capped by supply concerns after Moscow’s new mobilisation campaign in its war with ...
Govt to help businesses with energy bills in Budget – Tánaiste
The Government is to introduce broad-based measures in next week’s Budget to help tens if not hundreds of thousands of businesses with their energy bills, the Tánaiste has ...
Farmers will be included in measures focused on energy bills – Tánaiste
The Tánaiste has said that farmers will be included in any scheme to reduce energy bills. Speaking at the National Ploughing Championships in Ratheniska in Co Laois, Leo ...
Consumer sentiment sinks to 14-year low on higher energy costs
Consumer sentiment tumbled to levels last seen during the global finance crisis 14 years ago as concerns about the impact of sharply higher energy bills hammered the outlook ...
Rising inflation threatens medicine shortages – MFI
The organisation that represents the suppliers of the majority of medicines in Ireland has warned of an increasing risk of shortages due to the impact of inflation. Medicines ...
Oil prices tick up on supply woes but Fed rate hike bets cap gains
Oil prices ticked up today on supply concerns, but expectations of another aggressive US interest rate hike capped gains amid investor concerns it could lead to a recession ...
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection ...
86% of Irish believe energy crisis is harming EU economy, poll suggests
More than three quarters of Irish people believe the energy crisis is harming the EU economy while nearly 60% of people say member states should be allowed to ...
Level of mortgage arrears continue downward trend in Q2 – Central Bank
New Central Bank figures show the downward trend in the level of mortgage arrears seen over the past number of years continued during the second quarter of 2022. ...
CCPC survey shows gaps remain in pension planning
New research shows that significant gaps remain in Irish pension planning, with 38% of people surveyed having no pension in place. The research was carried out by the ...
Cabinet to hear State pension age should not go beyond 66
Minister for Social Protection Heather Humphreys is bringing proposals to Cabinet to ensure the State pension age remains at 66 – rather than 68 as recommended by the ...
People pushing out retirement plans due to cost of living – survey
A new survey shows that more than two in five people in Ireland without a pension have either delayed starting one or delayed their planned retirement date due ...
Budget about ‘putting more money in people’s pockets’ – Varadkar
Tánaiste Leo Varadkar has said the main objective of this year’s Budget is “putting more money in people’s pockets” and also reducing the bills people have to pay. ...
Making a small income from solar power in the home
Most of us have been peering at our gas and electricity bills through our fingers in recent months. And the fear that accompanies the arrival of what increasingly ...
Oil ticks up, but on track for weekly loss on recession fears
Oil prices edged higher today but were on track for a weekly decline amid fears of sharp interest rate hikes that would slam global growth and hit fuel ...
Cost-of-living crisis adding to competitiveness challenge – NCPC
The global cost-of-living crisis has added to the urgency for the Government to address Ireland’s competitiveness and productivity position. This is according to the National Competitiveness and Productivity ...
European car sales rise in August, ending 13 month run of falls
European new car registrations grew in August, bringing an end to 13 months of consecutive decline, data from the region’s carmaker association showed today. The number of new ...
Oil edges higher as market weighs weak demand, potential supply disruption
Oil prices edged higher today as the market balanced weak demand with supply disruption amid a looming rail stoppage in the US, the world’s biggest crude consumer. Brent ...
VAT hikes, congestion charges among tax report recommendations
The phasing out of relief on private health insurance premiums, increases in VAT, the extension of PRSI to all sources of employment income and congestion charges in key ...
Mortgage interest rates fall for fourth month in a row
New figures from the Central Bank show that the average interest rate on new Irish mortgages in July fell to 2.63%, the fourth fall in a row. Irish ...
Cabinet to approve 80 cent rise to minimum wage
The Cabinet is tomorrow set to approve an €0.80 rise to the minimum wage, bringing it to €11.30 per hour from the beginning of next year. Tánaiste Leo ...
Cabinet to discuss energy measures for businesses
The Tánaiste will update the Cabinet this morning on proposals to help firms deal with spiralling energy costs. The measures are expected to be finalised in just under ...
Oil prices inch lower on prospect of rising US interest rates
Oil prices inched lower today on concerns of another US Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a ...
Cost of living package expected to be over €2bn in Budget 2023
There are strong indications this evening that the Government’s once off cost-of-living package will run to well over €2 billion when it is announced on Budget day. Minister ...
Oil prices rise on concerns over tight supplies
Oil prices rose in volatile trade today as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude ...
Managing energy demands in Europe ‘key to avoiding blackouts’ – energy commissioner
The EU Energy Commissioner has said managing energy demand will be key to avoiding blackouts in Europe this winter and citizens will have to play their part. Speaking ...
Oil prices drop amid China Covid curbs, possible rate hikes
Oil prices fell today with the global fuel demand outlook overshadowed by Covid-19 restrictions in China and the potential for further interest rate hikes in the US and ...
Households still saving 19% of their incomes – CSO
New Central Statistics Office figures show that households in the second quarter of this year continued to save more than they did pre-Covid, despite inflationary pressures. The CSO ...
Euro jumps to 3-week high amid ECB interest rate signals
The euro jumped to a more than three-week peak to the dollar today, and sterling rose to the highest this month as European Central Bank officials pushed the ...
EU energy ministers to meet for talks on easing cost pressures
EU energy ministers will attempt to forge a united response to the energy shock from Russia’s war in Ukraine that has sent prices for electricity and heating skyrocketing. ...
‘Help on way’ as Budget being finalised – McGrath
The Minister for Public Expenditure has promised that help is on the way, in response to increases in inflation and interest rates announced earlier. Speaking this afternoon in ...
Annual inflation slows for first time in 7 months – CSO
Annual inflation slowed for the first time in seven months in August, with prices up 8.7% compared to a 38-year high of 9.1% in the previous two months, ...
ECB expected to raise interest rates again
The European Central Bank’s Governing Council meets today and is widely expected to agree an increase in interest rates. Inflation in the euro area escalated over the summer ...
Oil prices climb on tight supply worries
Oil prices rose by as much as $1 per barrel today after dropping below key technical support levels in the previous session, as an energy standoff between Europe ...
EU proposes limits on energy use during peak hours
The European Commission is proposing a mandatory reduction in electricity use during peak hours as part of sweeping new measures to tackle the energy crisis. Other measures include ...
Energy credit, temperature settings on Cabinet agenda
Green Party leader Eamon Ryan has said there will be another form of universal energy credit and new measures for small business in this month’s Budget to help ...
Euro zone Q2 growth revised up, supported by household spending
Euro zone economic growth was stronger than previously estimated in the second quarter, data showed today. Today’s figures show that household spending recovered after a half of year ...
Government approves pay increases for early learning and childcare workers
The Government has approved a new pay agreement which will provide pay increases and wage structure for early learning and childcare workers. Employment Regulation Orders will commence on ...
Energy-related emissions up 5.4%, SEAI data shows
Energy related emissions were up 5.4% last year, according to new figures from the Sustainable Energy Authority of Ireland (SEAI). This comes despite a commitment by Ireland to ...
Oil prices inch lower on symbolic OPEC+ output cut
Oil prices edged lower today, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as ...
Euro zone July retail sales rise, but weaker than expected
Euro zone retail sales rose in July, but by less than expected because of a continued slump in demand for non-food products, data form the EU’s statistics office ...
Euro hits 20-year low against dollar
The euro sunk below $0.99 this morningy, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline. ...
Oil prices climb ahead of OPEC+ meeting
Oil prices jumped over $1 a barrel today, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later ...
Cost of living figures are ‘off the Richter scale’
The Richter Scale measures the intensity of earthquakes. It ranges from the unnoticeable to the highly destructive. So, when Taoiseach Micheál Martin said energy prices are “off the ...
Revenue refuses to recognise workers rent as an expense
A worker forced to work from home during the Covid-19 pandemic has failed in his bid to have part of his accommodation rental bill recognised as an expense. ...
Online and mobile banking payments hit record high
Online and mobile banking hit record highs in the second quarter of the year growing to 36 million payments, the highest level since the current data series began ...
Electric Ireland to increase gas and electricity prices again
Electric Ireland has announced further increases to its residential electricity and gas bills from 1 October after increasing them in August. The company said its electricity bills will ...
PrepayPower gas and electricity prices to increase in October
Energy provider PrepayPower has said that it will increase it gas and electricity prices from 1 October. Electricity prices are to rise by 19%, while gas prices will ...
Easing cost pressures give manufacturers a little breathing room – PMI
The pace of increase in input and output costs for manufacturers here eased to the lowest level in months in August, offering some slight relief to firms who ...
Ireland’s CAP plan approved by European Commission
The European Commission has approved Ireland’s plan for the implementation of the new Common Agriculture Policy that comes into affect in 2023. The plan had to be resubmitted ...
Euro zone inflation rate hits new record high of 9.1%
Euro zone inflation rose to another record high this month, beating expectations and solidifying the case for further big European Central Bank rate hikes even before prices peak ...
Competition watchdog concerned by impending concentration levels in banking market
The competition watchdog has said it is concerned by the impending increase in the concentration levels of the retail banking sector in Ireland as a result of the ...
Unemployment rate back up to 4.3% in August – CSO
New figures from the Central Statistics Office show that the unemployment rate rose slightly in August, rising to 4.3% from the 21-year low of 4.2% a month earlier. ...
Pro Football Focus to create Irish jobs
US football analytics company Pro Football Focus (PFF) has announced its expansion into Europe with a diversification of its core products to service the US and European soccer ...
Firms advised to act early on moving banks
Businesses are being advised to act early if they need to establish new banking arrangements in the months ahead. With Ulster Bank and KBC Bank Ireland leaving the ...
Oireachtas committee to hold energy security hearing
The Oireachtas Joint Committee on Environment and Climate Action will hold a hearing today on energy security amid growing concern over the supply of electricity. Committee Cathaoirleach Green ...
Public sector pay talks set to resume at WRC
Public sector pay talks are due to resume today at the Workplace Relations Commission. Talks ended without agreement in June after unions and staff associations rejected a 5% ...
Slight improvement in confidence indicators but from very low base – Bank of Ireland
There was a slight improvement in confidence among consumers and businesses in August, according to the latest Economic Pulse from Bank of Ireland. However, the uplift in mood ...
Cost of living crisis hitting prospective home buyers
Half of prospective home buyers say the rise in the cost of living has affected their ability to buy a property, according to new research by property website ...
Storage will be key to Ireland’s energy security and transition
On a flat piece of land in west Dublin, 96 black container like structures sit in perfectly straight rows. A persistent hum is the only indicator of the ...
Not a certainty that blackouts can be avoided – ESRI
A senior research officer with the ESRI has said nobody can say for certain that power blackouts can be avoided this winter, adding that if there are to ...
Mortgage approvals drop, switching activity rises
The number of mortgages approved in July fell by almost 12% when compared to the previous month, according to new figures from Banking and Payments Federation Ireland. A ...
German economy beats expectations with 0.1% growth in Q2
The German economy grew in the second quarter, propped up by household and government spending and beating analyst expectations that saw it on the edge of a downturn, ...
Euro bounces back above parity as investor sentiment improves
The euro rebounded back above parity with the dollar today as the US currency’s recent rally ran out of steam. Investors are waiting to see whether Federal Reserve ...
National commercial vacancy rate up slightly to 13.9%
The commercial vacancy rate across the country reached 13.9% in the second quarter of this year, up 0.25% on the same period last year. This is the highest ...
365,000 new current accounts opened so far this year as banks exit
The main retail banks, An Post Money and Credit Unions have opened 365,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank ...
‘New shock’ for European markets as gas price spike fuels inflation fears
Another dramatic spike in natural gas prices appears to have ended any hopes that Europe’s inflation battle is set to ease. Financial markets are now bracing for higher ...
Euro edges back towards two-decade low as energy supply crunch adds to growth fears
The euro remained under pressure amid growing recession fears fuelled by a possible energy supply crunch this morning, but the US dollar recouped some data-inspired losses. Disappointing US ...
Euro falls to new two-decade low against the dollar
The euro dropped to a fresh two-decade trough today as Europe was buffeted by concerns about energy supply and economic growth, while the dollar held firm against major ...
Oil climbs as Saudi Arabia warns of OPEC output cuts
Oil rose today as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent ...
Annual wholesale electricity prices up 86% – CSO
Wholesale prices and the price of raw materials for manufacturing businesses rose at an annual rate of 6.2% in July, according to the latest figures from the Central ...
Government seeking return of €34m in PUP over-payments
The Government is seeking the return of almost €34m which was wrongly claimed in Pandemic Unemployment Payments (PUP) at the height of the Covid-19 outbreak. The Department of ...
Electricity customers may be charged more from 5-7pm
Electricity supply companies may be charged more for their customers to use electricity between the hours of 5pm to 7pm. The Commission for Regulation of Utilities (CRU) has ...
No small thing: The growing value of microtransactions
Having once been the butt of the joke amongst gamers, microtransactions have grown into a multi-billion dollar industry. Today, some of the most popular games in the world ...
Euro zone inflation reaches record high of 8.9%
Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU’s statistics office has confirmed, with the core measure, excluding the most volatile components ...
M50 toll income rose 13% last year as traffic recovered
Toll income on the country’s busiest road, the M50, surged 13% to €140 million last year as traffic volumes recovered from the early phases of the pandemic. The ...
Electricity supply companies may be charged more between 5pm-7pm – ESRI
Electricity supply companies may be charged more for their customers to use electricity between the hours of 5pm to 7pm, according to the Economic and Social Research Institute. ...
Turnover of Irish multinationals down 7% to €238bn in 2020
The turnover of Irish-owned multinationals reached €238bn in 2020, down 7% when compared to the previous year. New figures from the Central Statistics Office (CSO) show the US ...
ECB’s Schnabel says inflation outlook hasn’t improved
The euro zone inflation outlook has failed to improve since a July rate hike, European Central Bank board member Isabel Schnabel said, suggesting she favours another large interest ...
Personal loan drawdowns jump by 20% – BPFI
The value of personal loan drawdowns increased by 20.1% in the second quarter of this year to €414 million, compared to the second quarter of last year. The ...
Sharp decline in Irish construction activity in July
New data indicates an accelerated decline in Irish construction activity in July, as demand fell sharply amid strong inflationary pressures. In turn, firms scaled back their purchasing activity ...
Inflation, staff shortages top concerns for Irish firms
Inflation and the shortage of talent are the two biggest concerns facing Irish businesses in the coming year, according to a new survey of executives here. Research by ...
Oil reverses losses, demand concerns persist
Oil prices rose by about 1% on Tuesday, erasing earlier losses, as the market awaited clarity on talks to revive a deal that could allow more Iranian oil ...
Inflation remains at 38-year high of 9.1% in July – CSO
Consumer prices rose by 9.1% in the year to July, the same level of inflation as in June, the latest Central Statistics Office figures show today. This marked ...
Car traffic volumes in July still below pre-Covid levels
Public transport journeys and car traffic volumes in July were still below pre-pandemic levels. New data from the Central Statistics Office (CSO) show that public transport journeys in ...
Value of services increased in June – CSO
The value of services increased by 2% in June when compared to the previous month, according to new figures from the Central Statistics Office (CSO). The biggest monthly ...
Goods exports rose 31% in record first half performance
The value of goods exported from Ireland rose by 31% in the first half of the year as the recovery from the pandemic gathered pace, new figures from ...
Mainstream Rewewable Power to create 100 jobs as it plans three offshore wind farms
Mainstream Renewable Power is to create 100 jobs in Dublin as it looks to develop three offshore wind energy projects in Ireland. The renewable energy firm is conducting ...
Rising costs put consumers off sustainable goods – EY
More than two thirds of consumers are being put off buying sustainable goods due to the rising cost of living, according to a report by EY. Its survey ...
78% of workers want to stay working from home – new research
Large levels of working from home (WfH) were induced by social distancing and viral control measures undertaken to mitigate the Covid-19 pandemic. Representing an unpredicted change in the ...
Ireland’s gas demand up 5% in July despite warm weather
Despite the warmer weather, Ireland’s gas demand in July was up 5% on the previous month, according to new figures from Gas Networks Ireland. When compared to the ...
Will the 30% income tax rate make it into Budget ’23?
Ireland has what is generally regarded to be quite a progressive personal taxation regime. In other words, those who earn most pay the most, while the taxation burden ...
Home prices equal 2007 peak for first time in June – CSO
Residential property prices returned in June to levels not seen since the credit-fuelled peak of 2007, after rising 14.1% on an annual basis, new Central Statistics Office figures ...
Gardaí warn of increased ransomware attacks on SMEs
The National Cyber Security Centre and the Garda National Cyber Crime Bureau are warning small and medium business owners of an increased threat of ransomware attacks. They also ...
Households could save €13,000 by switching, changing habits
Households could save over €13,000 a year by switching service providers and changing their spending habits. That’s according to new figures from Irish personal finance company Moneysherpa. They ...
Irish Residential Properties REIT’s H1 revenues up 6.7%
The State’s largest property owner, Irish Residential Properties REIT, said its net rental income for the six months to the end of June rose by 4.1% on full ...
Ireland’s competitiveness ‘under threat’, tourism body warns
One million people visited Ireland last month, as recovery across the tourism sector continued to gather pace. However, new figures from the Irish Tourism Industry Confederation (ITIC) show ...
30% income tax rate ‘technically possible’ – Donohoe
Minister for Finance Paschal Donohoe has said a 30% rate of income tax is “technically possible” and that Budget 2023 will contain an overall personal tax package that ...
Surge in scams expected as banks depart market
Victims of text message scams were left out of pocket to the tune of €1,700 on average during the first six months of this year, according to FraudSMART ...
Just 716 homes available to rent on 1 August – Daft
Advertised rents for homes were 12.6% higher between April and June than they were in the same three-month period last year. That is according to the latest rental ...
Department to publish Tax Strategy papers today
The Department of Finance will publish its Tax Strategy Group papers this morning, which will outline options for next month’s Budget. The papers are expected to cover a ...
Wind electricity generation helps moderate wholesale price – report
There was a €40 difference in the cost of wholesale electricity here in July between the days on which most energy was generated from wind and those with ...
Rise in number of termination notices received by RTB
The number of termination notices received by the Residential Tenancies Board in the first half of the year rose by 58%, compared with the latter half of 2021. ...
Consumers spending more as essentials inflate – Revolut
Spending on groceries, restaurants and fuel is increasing month-on-month, according to banking app Revolut, as consumers prioritise while inflation surges. In contrast, spending on clothes shopping, and leisure ...
Lidl Ireland removes mandatory retirement age of 65
Lidl Ireland has removed its mandatory retirement age clause for current and new employees from today. This means the company will give all employees the option to continue ...
Oil prices climb on supply shortage concerns
Oil prices rose today, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel ...
Three grain ships leave Ukraine, one bound for Ireland
Three ships loaded with grain, one of which is bound for Ireland, have left Ukrainian ports under a recently concluded safe passage deal, the Turkish defenсe ministry said. ...
Euro zone consumers brace for recession and high inflation – ECB survey
Consumers in the euro zone are bracing for the economy to shrink and for high inflation to continue eating into their income in the next year, a European ...
Growth in services sector picks up amid uplift in new work
Growth in the country’s services sector picked up in July, amid a sharp uplift in new work. The AIB Services PMI rose to 56.3 last month, from 55.6 ...
UN chief slams ‘excessive’ profits of oil, gas firms amid Ukraine war
UN Secretary-General Antonio Guterres has called for taxation on windfall profits of oil and gas companies to ease the impact of the global energy crisis on the most ...
New minimum pay rate for security workers
A new minimum pay rate of €12.50 per hour is to be introduced for workers in the security industry. The new pay scale is scheduled to come into ...
€419m half year underlying pre-tax profit reported by Bank of Ireland
Bank of Ireland has reported an underlying profit before tax of €419 million for the first six months of 2022. It was down on the €465 million reported ...
OPEC+ might have to raise oil output so market doesn’t overheat, Kazakhstan says
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said, as the group of oil producers meets amid US pressure to add barrels ...
Rising inflation continues to hit manufacturing sector
Rising inflation is continuing to hit Ireland’s manufacturing sector, according to a new survey. The AIB manufacturing Purchasing Managers’ index shows that output dropped for the second month ...
Australia’s central bank raises rates again
Australia’s central bank has today raised interest rates for a fourth month in a row, but tempered guidance on further hikes as it forecast faster inflation but also ...
Shoppers overspending by chasing supermarket discounts, research suggests
Half of Irish shoppers are overspending, shopping more frequently or buying what they don’t need – just to qualify for supermarket money-off vouchers. That’s according to a new ...
Changes to work permits system planned
The Government is to make changes to the employment permits system amid growing demand for workers from outside the European Economic Area. A new law will be published ...
PIAB reports €118m drop in value of personal injuries awards in last two years
There were also major cuts in overall claims costs as a result of a reduction of 18% in the number of personal injuries claims made to PIAB last ...
Bord Gáis Energy reports 74% rise in operating profits in first six months of 2022
Bord Gáis Energy saw its adjusted operating profits rise by 74% in the first half of the year, as its parent company Centrica also reported a massive jump ...
Residential building activity picks up by close to a fifth in first half – GeoDirectory
The construction of residential buildings picked up quite substantially in the first half of the year, according to GeoDirectory in its latest Residential Buildings Report. 22,390 residential buildings ...
Slowdown may already be under way in domestic economy – Ibec
A slowdown may already be under way in certain sectors of the domestic economy, according to Ibec. In its latest economic quarterly outlook, the business group says shifts ...
No levy due on construction sector over defective apartments – Report
A report on defective apartments built during the boom years will not recommend a levy on the construction sector to help the State meet the bill for repairs. ...
IMF cuts global growth forecasts, warns high inflation threatens recession
The International Monetary Fund cut global growth forecasts again today, warning that downside risks from high inflation and the Ukraine war were materialising and could push the world ...
Cost of data breaches hits record high
The global average cost of a data breach has hit a record high of $4.35 million, an increase of almost 13% over the last two years. The annual ...
EU to seek cuts in heating, cooling of buildings to save gas
The European Commission is expected next week to ask EU countries to reduce heating and cooling of public buildings and offices to cut demand for gas. This is ...
Dublin Port volumes recover strongly in the first half of 2022 with growth up 10%
Dublin Port volumes recovered strongly in the first half of 2022 with growth of 10.1% to 18.6 million tonnes. In trading figures out today, it said container and ...
House hunters have less spending power than a year ago – daftmortgages
House hunters have €27,000 less spending power than a year ago, according to daftmortgages.ie. The website analysed the buying plans of over 170,000 people preparing for a mortgage ...
Switching activity drives mortgage approvals in June – BPFI
The latest figures from the Banking & Payments Federation on the mortgage market point to a substantial increase in mortgage switching activity in recent months. The volume of ...
Plans to extend DART to Maynooth and M3 Parkway
Iarnród Éireann will lodge plans this week for the extension of the electrified DART network from the Connolly/Spencer Dock area to west of Maynooth and on to the ...
New digital training scheme launched for SMEs
Google, Enterprise Ireland and the Local Enterprise Offices have partnered to launch a new digital training scheme for SMEs. The ‘You’re the Business’ scheme provides online training and ...
Plan on reduction of greenhouse gas emissions delayed
A plan to apply stringent greenhouse gas emission reduction targets on different parts of the economy will not go to Cabinet next week, as had been planned. Instead, ...
HBFI reports busiest 6 month period for loan approvals
The state agency established to help fund the delivery of new homes grew loan approvals to €1.16bn at the end of June 2022. That was an increase of ...
Euro gets boost after ECB supersizes rate hike
The euro advanced against the dollar after Russia resumed gas supplies to Europe and the European Central Bank surprised markets with a 0.5 percentage-point rate hike. The advance ...
National Lottery ticket sales exceeded €1bn last year
National Lottery ticket sales exceeded €1 billion last year, up 14.7% on the previous year, according to operator Premier Lotteries Ireland full year results for 2021. For the ...
Consumer sentiment hits 21-month low in July
Consumer sentiment has dropped to a 21-month low this month on broad based concerns about the economy. In particular the KBC Bank Ireland consumer sentiment index found consumers ...
€5m in funding for new construction technology centre
The Government has announced funding of €5 million over five years for a new construction technology centre, which will accelerate research and innovation within the construction sector. The ...
Used car asking prices now 64% above pre-pandemic levels
Asking prices for used cars rose 29% in the year to the end of June, new research from DoneDeal has found. According to the listings website, prices being ...
57% of women in Ireland feel obligated to work while sick compared to 34% of men
A new survey reveals that 57% of women in Ireland feel obligated to work while sick when working remotely, compared with just 34% of men. The survey, from ...
Recruitment squeeze felt by 63% of construction firms here
Nearly two thirds of construction companies here are finding it difficult to recruit skilled workers, according to a survey of over 300 firms here conducted by Core Research ...
Upskilling programme launched for bank staff
A new upskilling programme has been launched to help financial services employees who will be impacted in the coming months by redundancies in the banking sector. As Ulster ...
€9.3m in funding announced for online retail
Over 210 retailers are to receive €9.3m in grants through the latest round of a Government scheme designed to help businesses boost their online presence. The Online Retail ...
Mullingar film studio gets county council approval
A new film studio in the midlands, which has been hailed as “transformative” for the region, has been given planning approval. Westmeath County Council has granted planning permission ...
ECB to discuss rate rise of 25 or 50 points on Thursday
European Central Bank policymakers will discuss whether to raise interest rates by 25 or 50 points at their meeting on Thursday to tame record-high inflation, two sources with ...
Oil prices extend gains on weak dollar and tight supply
Oil prices have extended gains, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China ...
Hiring rate in first five months 27% higher than 2019
Hiring rates in the first five months of this year were on average 27% higher than the same period in 2019, despite the economic pressures being faced by ...
Business confidence plummets on inflationary pressures
Business confidence here has dropped sharply to its lowest level since October of 2020 as a result of concerns about the impact of strong inflationary pressures on demand, ...
200 new R&D jobs for Medtronic in Galway
Medtronic is further expanding its presence in Galway with a $30m investment that will see it grow its workforce in the city by 200. The healthcare technology company ...
Diageo to build new €200m brewery in Kildare
Drinks company Diageo, which owns Guinness, is to build a new €200m brewery near Newbridge in Co Kildare. The carbon neutral facility will be used to produce lagers ...
FinTrU to create 300 new jobs in Donegal
Three hundred new jobs are to be created by regulatory solutions company FinTrU in Letterkenny, Co Donegal. The company is to set up a European Delivery Centre in ...
Taoiseach says cost-of-living crisis could last into next spring
The Taoiseach has warned that the cost-of-living crisis could last into the spring of 2023. Speaking on RTÉ’s Prime Time, Micheál Martin said Russia’s approach to gas and ...
Euro clings to parity as markets await U.S. inflation data
The euro hovered a whisker above parity to the dollar today, with traders wary of the single currency being forced to levels unseen for decades if US inflation ...
REInvest makes first Dublin buy in €65m deal for 5 Harcourt Road
Luxembourg property asset manager REInvest Asset Management has bought a property in Dublin for the first time in the company’s history. The office building, 5 Harcourt Road, was ...
Euro nears parity with dollar on growth fears
The euro sank to within a whisker of parity with the dollar today and stock markets fell as the prospect of further central bank tightening and worries about ...
Exports by Enterprise Ireland backed companies increased by 12% to record level in 2021
Exports by companies supported by Enterprise Ireland increased by 12% to a €27.29 billion last year – the highest level of export growth ever recorded by EI supported ...
Skill shortage threatens financial services talent pipeline – report
A shortage of people with a well-rounded skill set, including role-specific technical skills and in-demand soft skills, represents a threat to the health of the talent pipeline in ...
Cabinet agrees stricter controls on online platforms advertising short-term lets
The Government has approved moves to strengthen regulatory controls on the short-term letting of property. These controls will apply to non-principal private residences in rent pressure zones and ...
Banks not trusted by farmers – Irish Banking Culture Board report
There is an “absence of trust” amongst farmers in banks, according to the latest report from the Irish Banking Culture Board. The farming community was surveyed as a ...
High prices forced first contraction in construction sector in over a year
Severe price pressures forced the Irish construction sector to contract marginally in June, the first time it has reduced in size since April of last year when the ...
Job vacancies stabilise as caution enters the market
New data from hiring platform IrishJobs.ie shows a continued stabilisation in the number of job vacancies across the country. While the Index reveals 15% year-on-year growth in the ...
The Summer Economic Statement: What you need to know
What’s the Summer Economic Statement? It is a document that sets out the parameters of the forthcoming Budget. That means, in broad terms, how much ‘new’ money will ...
New authority to crack down on corporate wrongdoing
The Office of the Director of Corporate Enforcement (ODCE) has now become a statutory and independent agency called the Corporate Enforcement Authority, with additional resources to investigate and ...
Inflation could peak at over 10% in coming months, Central Bank warns
The Central Bank has warned that inflation could peak in the coming months at over 10% but should start to decline after that. In its latest Quarterly Bulletin, ...
Rising costs of living hitting back-to-school expenses
Cost of living increases are impacting parents budgeting for back-to-school expenses, according to a new survey for the Irish League of Credit Unions. Back-to-school expenses are leaving more ...
Euro falling towards parity pain point
A stampede for dollars as global recession risks mount has left other currencies battered and bruised, with the euro getting trampled on more than most as surging European ...
Euro zone business growth slowed sharply in June – PMI
Business growth across the euro zone slowed further last month, according to a survey in which forward looking indicators suggested the region could slip into decline this quarter ...
Euro hits 20-year low against dollar on recession risk
The euro sank today to its lowest level against the dollar since 2002 as data pointed to a growing recession risk in the euro zone. The euro also ...
30% tax rate idea still being examined – Varadkar
A new 30% tax rate for middle-income earners has not been ruled out, according to Tánaiste Leo Varadkar. Last March, the Fine Gael leader said he had asked ...
Over 220,000 new current accounts opened as banks exit market
The main retail banks have opened 222,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland begin switching providers ahead of ...
Irish inflation estimated at 9.6% in June – Eurostat
Inflation across the euro area rose to 8.6% in June, according to an initial estimate by the EU’s statistical agency Eurostat. Its estimate for inflation in Ireland was ...
€6.7bn Budget package expected as Summer Economic Statement due
The Government is to publish its Summer Economic Statement later today, which will set out the parameters of the Budget. Last year’s Summer Economic Statement published the parameters ...
New low cost Covid-19 loan scheme for businesses
The Government has launched a further low cost Covid-19 loan scheme for businesses. The finance will be available to small and medium businesses (SMEs) including farmers, fishers and ...
Solar panels could power ‘quarter of Irish households’
Climate scientists at University College Cork have concluded that a quarter of all the electricity needed by Irish households could be produced by putting solar panels on domestic ...
Cost-of-living crisis could last ‘years’, says Tánaiste
Tánaiste Leo Varadkar has told the Dáil that the cost-of-living crisis could last for years. Speaking during Leaders’ Questions, Mr Varadkar said that the issue was something people ...
New EU roaming rules come into force
New EU roaming rules for mobile phone users have come into effect after the previous EU Roaming regulation of 2017 ended yesterday. The “Roam-like-at-home” initiative has been extended ...
‘Prolonged period of high inflation’ possible – McGrath
The country may be facing in to a “prolonged period of inflation” according to Minister for Public Expenditure and Reform Michael McGrath, who said measures to help with ...
241 new jobs in eight IDA Ireland high growth companies
IDA Ireland have announced the creation of 241 jobs in Dublin, Galway, Letterkenny and Limerick across eight high growth companies from Europe and the US. The new jobs ...
Vodafone Ireland to upgrade its 3G network
nced that it is to begin a phased programme to upgrade its entire 3G service from late 2022. The company said its existing 3G network will be upgraded ...
Dalata says hotel recovery continues to beat expectations
Dalata Hotel Group said today that the faster than anticipated recovery in hotel markets over the last four months has continued to surpass its expectations. In a trading ...
Govt to make changes to rules for tips and service charges
The Government is expected to make changes to new tipping legislation, which will effectively ban so-called ‘service charges’ on bills unless the money goes straight to staff. The ...
Changes to Community Employment schemes to boost recruitment
The Government has announced a number of changes to Community Employment schemes in a bid to boost the recruitment and retention of applicants. The schemes are designed to ...
Three to create 175 jobs in Limerick
The Three telecommunications and data company is to expand its customer contact centre in Limerick, taking on an additional 175 employees there over the next four years. The ...
Mortgage switching activity hits record high ahead of rate hikes
Mortgage switching volumes and values more than doubled in May compared to the same month last year, according to new figures from Banking and Payments Federation Ireland. Over ...
New voucher scheme for remote working goes live
A new voucher scheme that will give remote workers free access to local digital hubs has begun operating. The initiative was announced by the Government earlier this month. ...
One third of households ‘just making ends meet’
Consumer sentiment dropped in June, while the mood among businesses was mixed, according to the latest Economic Pulse report from Bank of Ireland. As cost of living pressures ...
Home prices up 3.8% in Q2 but stock levels rising – Daft.ie
Average home prices rose by 3.8% in the second quarter of this year, the largest three-month gain in nearly two years, while the stock of homes increased slightly, ...
Some Aer Lingus flight cancellations due to air traffic control strikes, Covid
Aer Lingus had to cancel 13 flights yesterday and another three today due to air traffic control strikes in France, Italy and Spain as well as an outbreak ...
AIB’s share trading plan extended up to January
Minister for Finance Paschal Donohoe said today he was extending AIB Group’s share trading plan, which was first announced in December. Since then the Government’s stake in AIB ...
Expleo Ireland announces 200 new jobs for Cork
Expleo, a global technology, engineering and consulting service provider, has announced 200 new jobs and the opening of its first regional hub in Mahon in Co Cork. The ...
Asking prices for homes up almost 11%, growth rate slows – MyHome.ie
Cost-of-living concerns and rising interest rates will slow the demand for houses in the second half of the year, according to the latest house price report from MyHome.ie. ...
Toast to create 100 jobs as it opens new Dublin office
US restaurant management platform Toast said it plans to create 100 jobs this year as it opens its new office on St Stephen’s Green in Dublin. Toast said ...
AIB set for record tracker mortgage fine from Central Bank
The Central Bank is set to hit AIB with a record fine later today for its role in the tracker mortgage issue. The banking group, which includes EBS, ...
More Irish companies sign low carbon pledge
70 of Ireland’s biggest companies have now committed to setting carbon-reduction targets based on climate science, by signing a low-carbon pledge overseen by Business in the Community Ireland ...
AIB’s €400m non-performing loan sale cuts NPE ratio to 4.4%
AIB has sold a non-performing loan portfolio in long-term default to Everyday Finance, part of a consortium that includes Everyday, affiliates of Cerberus Capital Management and LCM Partners ...
Ireland and Denmark most expensive countries in EU – Eurostat
Ireland and Denmark had the highest price levels for consumer goods and services across the EU in 2021, according to Eurostat. The EU’s statistics agency published data today ...
Lidl launches new EV and HVO vehicles into Irish fleet
Lidl has today started the rollout of its first electrical truck and hydrogenated vegetable oil (HVO) heavy goods vehicle (HGV) into its logistics fleet. The pilot scheme will ...
Primark to trial click & collect service in UK
Budget fashion chain Primark will trial a Click & Collect service on children’s products in the UK but said the move should not be seen as a precursor ...
Kingspan seeing ‘significant’ dip in May and June orders
Building insulation specialist Kingspan said today it had seen the mood in most end markets deteriorate over the last two months with order intake volume down significantly year-on-year ...
New €85m digital transition fund for businesses
The Government has announced a new €85 million digital transition fund that will provide grant aid for businesses. The funding is designed to help companies develop new digital ...
Why experts see storm clouds over the economy
The beginning of the pandemic in 2020 brought with it an end to years of bullish economic growth. As Ireland headed into the general election, the economy was ...
HCS invests €3.2m to double its workforce and revenues
IT, security and telecoms company HCS is investing €3.2m to double the size of its workforce and business revenues within the next three years. HCS has started its ...
Tesco sees early signs of changing customer behaviour as inflation hits
Tesco said today it was seeing early indications of changing customer behaviour due to surging inflationary pressures that had made the market environment “incredibly challenging”. Chief executive Ken ...
Increased risk of more ‘medium-term’ inflation, Central Bank warns
The Central Bank has warned that broad based price pressures have increased the risk of more medium-term inflation. The regulator also said that these inflationary pressures present new ...
ISIF to invest €500m in five regional cities
The Ireland Strategic Investment Fund, known as ISIF, has announced plans to step up its regional investments. The fund, which is part of the National Treasury Management Agency, ...
Government funding of €55m to help businesses move away from fossil fuels
The Government is to make €55m available to businesses to help them move away from the use of fossil fuels. The new Green Transition Fund, to be launched ...
Ireland ranked third-most competitive euro area country
Ireland has been ranked as the third most competitive country in the euro area by the latest IMD World Competitiveness Rankings. It has also been placed as the ...
Musgrave invests €25m in Centra and SuperValu stores as part of sustainability strategy
Musgrave is investing €25 million in SuperValu and Centra stores as part of a new sustainability fund aimed at helping retailers to achieve net zero carbon by 2040. ...
Irish tourism sector sees ‘unprecedented’ level of inflation
New research from the Irish Tourism Industry Confederation shows that inflation in May in the tourism industry was seven times higher that the same time in 2019, which ...
Ryanair CEO says summer fares will be up 7-9% on 2019 levels
Ryanair Group chief executive Michael O’Leary said today that bookings at Europe’s biggest budget airline are strengthening and he expects summer fares to be between 7% and 9% ...
Taoiseach says UK protocol plans are ‘anti-business and anti-industry’
The Taoiseach has described the legislation on the Northern Ireland Protocol published by the British government yesterday, as “anti-business and anti-industry”. Speaking on his way into Cabinet this ...
Public sector pay talks to resume at WRC
Formal public sector pay talks between the Government and unions will resume at the Workplace Relations Commission. The negotiations opened yesterday and were adjourned after around four hours. ...
Major blaze hits Smurfit Kappa packaging plant in UK
Smurfit Kappa has resumed some operations at a packaging plant in the UK after a large fire ripped through the facility overnight, the local fire service said. West ...
FSU says staff ‘at breaking point’ over exits of Ulster Bank, KBC
The Financial Services Union, which represents bank workers, has said its members are at breaking point dealing with the increased workload caused by the exits of Ulster Bank ...
Greencore reports return to profits, higher H1 revenues
Convenience food group Greencore has reported a return to profitability and higher revenues for the first half of its fiscal year. Greencore said its profit before taxation increased ...
Car hire costs undermine Irish good value reputation, says Fáilte Ireland
An organisation which supports and promotes tourism in Ireland has said rising car rental prices are undermining Ireland’s reputation as a good value for money destination. Fáilte Ireland ...
307 PayPal jobs under threat in Dublin and Dundalk
307 jobs are under threat at online payment firm PayPal’s offices in Dublin and Dundalk in Co Louth. The company is opening a consultation with impacted staff who ...
CCPC clears Bank of Ireland-KBC deal but imposes conditions
The Competition and Consumer Protection Commission has cleared, subject to a number of legally binding conditions, the proposed €5 billion acquisition by Bank of Ireland of KBC Bank ...
Leitrim-based Cora Systems to create 300 jobs
Irish software company, Cora Systems, is to create more than 300 jobs, half of which will be in Ireland. The positions will be in a range of specialties ...
Start-up activity drops 12% amid rising costs
5,600 new companies were registered in Ireland in the first three months of the year, down 12% on the same time last year. New data from CRIF Vision-net ...
Irish firms suffering with renewed supply chain problems
Irish businesses are once again having to restructure their supply chains, amid renewed disruption caused by the resurgence of Covid-19 in China, the Ukraine war and soaring fuel ...
Wholesale prices rise by 5.2% in April – CSO
Wholesale prices for goods used in manufacturing and construction rose at an annual rate of 5.2% in April, according to the Central Statistics Office. This was up from ...
Hauliers given more time to apply for fuel cost support
Hauliers are to be given more time to apply for an emergency support scheme put in place by the Government to assist them with the soaring cost of ...
Food prices ease slightly in April after record surge – UN agency
World food prices eased slightly in April after hitting a record high in March, but global food security remained a concern because of the difficult market conditions, the ...
Aer Lingus owner expects to be profitable from Q2
Aer Lingus and British Airways-owner IAG said today it had seen a strong recovery in business travel in the first quarter and it expected to be profitable from ...
Irish economy to grow, inflation to fall next year – IMF
The International Monetary Fund has said growth in the Irish economy is expected to “remain strong”. But it warned that risks are “tilted to the downside” as there ...
Grocery price inflation hits 4.7% – Kantar
The average household is facing a €330 price increase on their annual grocery bill, according to the latest figures from consulting company Kantar. 23% of households also said ...
84% of businesses survived Covid pandemic – CSO
Around 6% of businesses that were operating in 2019, before the Covid-19 pandemic began, appeared to have closed by the end of last year, new data from the ...
EU chief proposes phased ban on Russian oil
European Union countries will stop importing Russian oil and refined products by the end of the year, Ursula von der Leyen has told the European Parliament. The European ...
Smurfit Kappa posts 33% profit jump in first quarter
Smurfit Kappa said its revenue and core profit both rose by 33% year on year in the first quarter, which the boxmaker attributed to significant investment to support ...
Employment boost keeps manufacturing growth booming – PMI
Rapid manufacturing growth continued at a similar level in April compared to a month earlier as the strongest boost to employment in almost a year mostly offset a ...
Community sector workers to stage protest in Dublin
Trade union members working in the community sector and for Section 39 healthcare organisations are to hold a protest in Dublin today. The demonstration is being staged to ...
€1,000 for farmers to help prevent fodder shortage
Farmers are set to benefit from a new silage support scheme that is being brought to the Cabinet for approval by Minister for Agriculture Charlie McConalogue later today. ...
Central Bank revises downwards economic forecast
The Central Bank has revised its forecasts for growth in the economy downwards, due to higher inflation and the impact on the war in Ukraine on the global ...
Euro zone economy got March boost from reopening but prices soared – PMI
Euro zone business growth got a boost last month from the re-opening of economies following the Omicron coronavirus variant, according to a new survey. But the survey also ...
One in five workers did not take any annual leave last year – CSO
More than one in five workers did not take any annual leave in 2021, according to a new study from the Central Statistics Office. The CSO’s “Personal and ...
Planned increase in Carbon Tax next month to be ‘offset’ – Martin
Next month’s planned increase in the Carbon Tax would be “offset” so there would not be additional costs for householders, the Taoiseach has told the Dáil. The tax ...
One in five Irish businesses do not have a cyber security policy
One in five businesses in Ireland, the equivalent of 50,000 companies, do not have a cyber security policy in place, according to a new survey. The research from ...
Oil inches up as supply concerns weigh despite reserves release
Oil prices inched higher today as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce ...
Pandemic Unemployment Payment winds down today
Today marks the end of the Pandemic Unemployment Payment (PUP) and remaining recipients will now transition to jobseekers’ payments, if they are deemed eligible. The scheme was closed ...
Record inflation in services sector as outlook darkens
The outlook for the services sector, as measured by AIB in its monthly Purchasing Managers’ Index, darkened considerably in March following the Russian invasion of Ukraine and record ...
Euro zone inflation surge intensifies ECB policy dilemma
Inflation continued to surge across Europe’s biggest economies this month, leaving households poorer as they picked up the bill for soaring energy costs in the wake of Russia’s ...
Irish people are the most ‘crypto-curious’ in the world
58% of Irish respondents, who do not currently own cryptocurrency, are interested in learning more or are likely to acquire it in the next 12 months, according to ...
Levy being introduced on use of disposable coffee cups
A levy on disposable coffee cups will be introduced in the coming months in an effort by the Government to cut their use. The Circular Economy Bill published ...
Used car asking prices are now 30% higher than a year ago
The ongoing supply pinch in the used car market is continuing to force prices higher, with asking prices for pre-owned cars climbing 7.9% in the first three months ...
Average house selling for above asking price – daft.ie
Properties in Ireland are on average selling for over 3.5% above their asking prices at the moment, according to an analysis of the market by the property website ...
All employers will have to offer sick pay under proposed new laws
The Cabinet has signed off on proposed new laws on sick pay, that will make it mandatory for all employers to offer a minimum level of cover. The ...
Asking house price inflation rises to 12.3% nationwide – MyHome.ie
Annual asking price inflation for housing is now running at 12.3%, according to the latest research from property website, MyHome.ie. It follows an increase in asking prices nationally ...
Mortgage switching volumes up over 40% on last year
There was strong growth in mortgage approvals in February with switching volumes up 42% year-on-year, according to the latest figures from Banking and Payments Federation Ireland. A total ...
Cabinet gives go-ahead for new private sector pension scheme
The Cabinet has agreed to draft legislation which will pave the way for a new pension scheme for private sector workers. It is estimated that just 35% of ...
SIPTU conference to hear renewed call for pay increases
Members of SIPTU, the country’s largest trade union, will gather in Sligo today for their Biennial Delegate Conference. The union is expected to renew calls for pay increases ...
Banking and customer service dominated FSPO complaints last year
More than half of all the complaints lodged with the Financial Services and Pensions Ombudsman (FSPO) last year were about banking, with customer service issues the main driver. ...
Diesel shortage in Europe threatens to slow economic growth
European economies face the risk of a shortage of diesel, the preferred fuel for heavy industry, as sanctions on Russian energy threaten to disrupt imports while supply from ...
85% of employers facing skill shortages – report
85% of employers in Ireland are having to contend with skill shortages, according to a new report. The study was carried out by CIPD Ireland, the professional body ...
Digital divide accelerated by Covid pandemic
Ireland’s older and poorer populations risk being left behind unless action is taken to address the nation’s digital divide, according to a new report. The 2022 Accenture Digital ...
Inflation hit to households to average €2,000 this year – KBC
Consumer sentiment plummeted in March, according to KBC Bank Ireland, in what was the biggest month-on-month drop in confidence since the onset of the pandemic. There was a ...
Euro zone business growth stronger than expected in March – PMI
Euro zone business activity has been stronger than expected this month, a survey showed today, although prices also rose at a record pace. This will likely add to ...
Energy security crucial to investment and competitiveness – NCPC report
Ireland has among the highest rates of dependency on imported sources of energy in Europe, although dependency has declined in recent years. This is according to a report ...
Government announces new law for ‘mass harm’ of consumers
The Government has announced plans for a new law that will make it easier for consumers to group together and seek redress if they have been affected by ...
New housing commencements up 20% in February
Commencement notices for new residential homes last month hit their highest rolling 12-month total since the recording of the data began in 2004. According to the Department of ...
ESRI says inflation could peak at 8.5% this summer
The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year and increased its outlook for inflation as a result of the ...
Monthly online retail sales slow to 5.8% in January
New figures from the Central Statistics Office show that the proportion of retail sales conducted online fell to 5.8% in January of this year compared to 9.7% during ...
Soaring price inflation set to continue
The ESRI is set to warn later this week that soaring price inflation could be with us for up to two years. Many economists had predicted high inflation ...
New online portal for disruptive technology companies
A new national online searchable database has been set up by IDA Ireland, in partnership with Enterprise Ireland, to profile Irish based companies and multinational companies that have ...
Customers facing ‘real difficulties’ as energy costs rise
Price increases for gas and electricity announced by Bord Gáis are difficult, but reflect the underlying volatility of wholesale prices in the market, according to the chairperson for ...
How switching bank may not be as simple as you think
Mary* has been a customer with Ulster Bank for 30 years. She is a sole trader based in the west of Ireland. She is 60 and considers herself ...
Record high electricity generation from wind last month – GNI
There was reduced reliance on gas for our electricity needs in February, according to Gas Networks Ireland, as multiple storms brought wind generation capacity to a record high. ...
New website to help Irish businesses welcome Ukrainian refugees
A new website has been launched that will allow Irish businesses to make “welcome offers” of free or discounted goods to people fleeing the war in Ukraine. The ...
More lenders likely to hike fixed rates in weeks ahead – Treasury specialist
More lenders are likely to follow the lead of ICS Mortgages in the coming weeks in raising fixed rate products, according to one treasury specialist who works with ...
New Central Bank rules on insurance loyalty from July 1
New rules aimed at ensuring motor and home insurance customers do not get penalised for their loyalty are to come into effect from July 1. It means that ...
Euro zone to tighten fiscal policy in 2023, but ready to reverse amid Ukraine war
Euro zone finance ministers have agreed to tighten fiscal policy a little next year after three years of pumping billions into the economy due to the coronavirus pandemic, ...
Inflation hits highest level since 2001 in February, with more increases certain
The annual rate of inflation rose to 5.6% in February, according to the latest figures from the Central Statistics Office. This is the highest annual rate in almost ...
Fuel industry engaging in profiteering ‘simply not the case’
Fuels for Ireland, the industry body for fuel suppliers and retailers, has written to Taoiseach Mícheál Martin to express its members’ deep unhappiness at what it claims have ...
Ireland ‘not in a position’ to place a cap on fuel prices
Minister for Finance Paschal Donohoe has said Ireland is not in a position to place a cap on rising fuel prices, as it is a country that must ...
Cut in petrol and diesel excise duty comes into effect
The price of petrol and diesel has been reduced since midnight. Late last night, the Dáil voted in favour of a cut in excise on petrol and diesel. ...
ECB speeds up stimulus exit and opens path to interest rate rise
The European Central Bank has scaled back its bond-buying stimulus plan in response to inflation being driven up by the war in Ukraine, while giving itself more flexibility ...
Euro catches a breath ahead of ECB meeting
The battered euro took a breather today ahead of this week’s European Central Bank meeting, while commodity currencies eased from recent peaks as investors reckoned war-driven surges in ...
Plan to cut fuel excise duties to go before Dáil
It is expected that a proposal will go before the Dáil today that will cut fuel costs through a reduction in excise duties. The changes would then take ...
Irish mortgage rates see biggest rise in five years
New figures from the Central Bank show that Ireland had the second highest mortgage rates in the euro area in January, coming just after Greece. The Central Bank ...
Investment drives euro zone Q4 GDP growth, employment up
Euro zone economic growth was driven mainly by investment and rising inventories over the last three months of 2021, as household consumption dropped because of another wave of ...
New codes of practice on pay inequality and workplace harassment
Two new statutory codes of practice have been launched to help eliminate pay inequality and tackle workplace harassment and sexual harassment. The measures were developed by the Irish ...
Commercial vacancy rate hits highest level in 9 years
The commercial vacancy rate across the country reached 13.9% in the final quarter of last year, the highest level recorded by GeoDirectory in nine years of reporting. There ...
Euro zone inflation soars to new high of 5.8%
Euro zone inflation soared to another record high last month, intensifying a policy dilemma for the European Central Bank, which must convey a sense of calm amid war-related ...
Growth in service sector picks up as restrictions lift
Growth in the country’s service sector picked up strongly in February, as the recovery from the pandemic gained momentum following the lifting of Covid-19 restrictions. The AIB Services ...
Awards for personal injuries have fallen 50% – Tánaiste
Average awards for personal injuries have fallen by 50% since revised guidelines on the calculation of the awards were introduced, the Tánaiste has said. The data was supplied ...
Unions and employers to give their views on remote working
Groups representing trade unions and employers will address the Joint Oireachtas Committee on Enterprise, Trade and Employment on new remote working legislation. The Irish Congress of Trade Unions ...
Oil spikes to 7-year high as markets avoid Russian supply
Oil prices surged to seven-year highs today as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict,. Traders are scrambling to seek ...
Tough sanctions on Russia knock 2% off European stocks
European stocks sank this morning as Western countries imposed tough new sanctions on Russia following its invasion of Ukraine, while soaring oil prices fed into fears of runaway ...
Residential commencements last year topped 2019 levels
Residential development commencements jumped 40% last year compared with 2020, and were 19% higher than pre-pandemic levels in 2019 – according to new figures from Deloitte Ireland. The ...
Manufacturing grows in February sees slowest pace in 11 months – PMI
The country’s manufacturing sector expanded at the slowest pace in 11 months in February as growth in output, new orders and employment all eased, a survey showed today. ...
Wage support rates to be reduced further from today
Subsidy rates for the Government’s Employee Wage Subsidy Scheme (EWSS) are to be cut further from today. The changes will mean that all rates will be reduced to ...
Cost of living and price of housing identified as key challenges
The cost of living and the price of housing are the key issues facing the economy and people’s personal finances, according to a survey by Permanent TSB (PTSB). ...
EC invites comments on proposed insurance data remedies
The European Commission is inviting comments on the commitments offered by Insurance Ireland to address competition concerns around access to a data sharing platform which the insurance body ...
Mask mandate comes to an end as most restrictions lifted
The wearing of masks in retail settings and on public transport is no longer mandatory from today. Close contact rules have also changed for everyone, except healthcare workers. ...
Majority in favour of flexible working arrangements: poll
Women, younger people and the lower paid are strongly in favour of more flexible working arrangements according to a poll carried out on behalf of the Labour Party. ...
Paschal Donohoe ‘optimistic’ on prospects for EU banking union
Minister for Finance Paschal Donohoe is “optimistic” that progress can be made on the completion of the EU banking union in the coming months, identifying it as “an ...
Consumer sentiment dips on inflation, conflict concerns
Consumer sentiment dipped in February, according to the latest survey from KBC Bank Ireland. The drop was blamed on the increase in living costs experienced by households in ...
Ireland’s national debt ‘one of the highest in the world’ on a per capita basis
The State took on an additional €33 billion in debt over the two years of the pandemic, according to a new report from the Department of Finance. The ...
Gas demand up over 10% in January – GNI
Demand for gas in January was up almost 11% on December’s levels, according to Gas Networks Ireland’s latest gas demand statement. A drop in temperatures and the return ...
Housing supply falls to record low level – Sherry FitzGerald
New analysis shows that the country’s stock of houses available for sale is now at the lowest level on record. The analysis from Sherry FitzGerald shows there were ...
New rights for consumers on digital goods and services under new law
A new law strengthening consumer rights has been approved by the Government. The Consumer Rights Bill will provide protections over digital goods and services, meaning people will have ...
Land deals of close to €650m struck in 2021 – report
Land deals to the value of €648 million were transacted in 2021, representing growth of 11% on the previous year, a report from property consultants Savills Ireland concluded. ...
Doherty calls for new EU ‘fiscal standards’
Sinn Féin’s spokesman on finance Pearse Doherty has said the EU’s fiscal rules need to be replaced by “fiscal standards” which would allow for investment in areas like ...
Credit unions want bigger chunk of mortgage market
The Irish League of Credit Unions has called on the Minister with Responsibility for Credit Unions, Sean Fleming, to make the necessary regulatory changes to enable credit unions ...
Jobseekers in the driving seat as labour market tightens
The jobs market is largely cyclical. Highly dependent on the ebb and flow of economic prosperity, the situation generally swings from being in the applicant’s favour to that ...
Office vacancy rate could move above 10% this year – BNP Paribas Real Estate
The vacancy rate in the Dublin office market stood at 10% last year and could edge higher this year, a report from consultants BNP Paribas Real Estate Ireland ...
Inflation down to 5% after first monthly drop since 2020
Annual inflation eased to 5% in January from a 20-year high of 5.5% in December after a 0.4% month on month fall marked the first monthly drop in ...
Number of people in employment exceeds 2.5 million – CSO
The number of people employed in Ireland increased by 10.1% to just over 2.5 million in the year to the fourth quarter of 2021, according to the latest ...
EU ‘not overly alarmed’ at growing use of crypto-assets
The EU is not overly alarmed at the growing use of crypto-assets, the EU Commissioner for financial services, financial stability and Capital Markets Union has said. But Mairead ...
Annual home price growth hits 14.4%, highest level in six years – CSO
Residential property prices rose by 14.4% on an annual basis in December, new figures from the Central Statistics Office show. This was up slightly on the 14% annual ...
85% jump in online and mobile payments since 2016
131 million online and mobile payments were made in 2021, up 85% on 2016 levels. New figures from Banking and Payments Federation Ireland confirm that digital payments are ...
€5m skills plan aims to foster SME, multinational links
A new €5m initiative aimed at fostering greater collaboration between Irish SMEs and global businesses is being launched today. The Innovation Exchange is being launched by Skillnet Ireland ...
Government urged to begin public sector pay talks by May
The head of the country’s largest public service union has called on the Government to open negotiations on a new public service pay agreement by May at the ...
Exports hit highest ever level of €165 billion in 2021 – CSO
The value of exported goods from Ireland rose to their highest level ever last year of just over €165 billion, new figures from the Central Statistics Office show ...
Fuel price hikes adding €600 to the cost of running a car each year
The figures from AA Ireland show fuel prices have increased by more than a third in the past two years. Petrol prices at the pumps are now close ...
€1m Enterprise Ireland Competitive Start Fund open for applications
Early-stage entrepreneurs and entrepreneurial teams have been invited to apply for Enterprise Ireland’s €1m Competitive Start Fund (CSF) which is now open for applications. The competition is open ...
Construction activity growth speeds up on improved demand
Growth in the Irish construction sector accelerated at the start of the year as the impact of the Omicron wave of Covid-19 subsided and demand rose. This is ...
Tánaiste leads trade mission to France
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar will today begin a trade mission to France. France is now Ireland’s closest neighbour in the European Union ...
Oil hits seven year highs before easing, as Ukraine hints at concessions
Oil eased today from its highest in more than seven years as Ukraine hinted at possible concessions to Russia that could alleviate tensions between the two countries that ...
Motor premium history rule may be misleading customers – broker
A requirement for motor insurers to list a customer’s previous five years’ premiums on their renewal notice, which was introduced in an effort to push premiums lower, may ...
Are our mortgages next in line for a price hike?
Ireland has once again risen to the top of the league table in Europe when it comes to the interest rates that we pay on our mortgages. The ...
Government is walking wobbly tightrope on cost-of-living
When Micheál Martin announced an earlier than expected easing of restrictions just three weeks ago, relief was in the air. The worst of the pandemic appeared to be ...
77% of B&B owners confident of recovery this year
Over three-quarters of Irish B&B owners have expressed their confidence in how the industry will perform during 2022 as Covid travel restrictions are dropped. But while the majority ...
Govt defends cost of living measures amid calls for more supports
Minister for Public Expenditure and Reform Michael McGrath has said the Government recognises the latest measures to address the rising cost of living “won’t meet every need” or ...
Donohoe: Impact of EWSS cuts to become clearer in March
The Minister for Finance has said the Government will have a better idea next month what impact the reduction of the employment wage supports is having on vulnerable ...
Irish mortgage rates highest in euro zone again
Ireland once again has the highest mortgage interest rates in the euro zone, new figures from the Central Bank show. The average interest rate on new Irish mortgage ...
Measures to tackle cost of living to be announced
The Government is set to announce measures to address the impact of the rising cost of living on households. The Taoiseach told a meeting of his party last ...
Personal loans for home improvements jump 25% in 2021
Over 43,000 personal loans for home improvements were drawn down last year, up almost 25% on the previous year. New figures from Banking and Payments Federation Ireland reveal ...
Sick pay plan approved by Oireachtas committee
A Government plan to give all workers the right to paid sick leave has been approved by the Oireachtas Committee on Enterprise, Trade and Employment. The committee is ...
Rents up over 10% in final quarter of last year, Daft report reveals
Rents nationally rose at an annual rate of just over 10% in the last three months of last year, according to listed rent prices compiled by the property ...
Grocery price inflation hits highest level since October 2020
New data show that household budgets are coming under pressure as grocery price inflation reached its highest level since October 2020 at 1.7% in the 12 weeks to ...
4,500 companies saved from going bust during pandemic
Government pandemic supports saved at least 4,500 Irish companies from going bust – an average of 50 companies every week, according to analysis by PwC which feature in ...
Banking staff trained to spot signs of financial abuse
Banking staff nationwide are being trained to spot the signs of financial abuse and coercive control. The move follows research which found that over 20% of women aged ...
Govt looking at ‘range of charges’ over cost of living
Taoiseach Micheál Martin has said the Government will look to see what it can do to alleviate pressure quickly on those who are hardest hit by inflation. He ...
Spending in bars more than trebled as Covid restrictions eased
New figures show that spending in pubs and bars more than tripled on the day Covid-19 restrictions on socialising were eased. The latest Revolut Spending Report shows that ...
Road traffic numbers hit pre-pandemic levels, but fewer use public transport
The number of cars on Irish roads has hit pre-pandemic levels, but there are fewer people travelling on public transport. This comes as ESRI behavioural research shows that ...
ECB’s Lagarde downplays inflation concerns
European Central Bank President Christine Lagarde appeared to downplay inflation concerns today, arguing that price pressures could still subside before becoming entrenched and high energy costs would be ...
Govt may take more action on rising cost of living
Taoiseach Micheál Martin and Tánaiste Leo Varadkar have both signalled that the Government is going to take further actions to counter the rising cost of living. Opposition parties ...
Difficult decision for Govt on how best to tackle rising cost of living
The Government faces a difficult decision on how to tackle the rising cost of living for poorer families while balancing environmental considerations, according to Professor of Economics at ...
ECB keeps policy unchanged as expected despite record inflation
The European Central Bank kept policy unchanged as expected today, curbing stimulus over the coming months but maintaining plenty of support for the economy even after inflation unexpectedly ...
Full year deficit could shrink to €5 billion, 1% of GDP
The deficit in 2021 now looks set to fall to as low as €5 billion to €6 billion – only 1-1.5% of GDP – according to an economist. ...
PUP to have five rates between €150 and €350 for new entrants
The Pandemic Unemployment Payment (PUP) will have five rates when it reopens to new entrants laid off as a result of the latest Government Covid-19 restrictions from tomorrow. ...
ESRI reports examine trade in services between Ireland, NI
Two new reports from the Economic and Social Research Institute examine the flow of trade in services between Ireland and Northern Ireland and the factors influencing foreign direct ...
Over 40% of first time buyers use gifts as part of deposit
Over 40% of first time buyers used gifts as part of their deposit in the first half of this year, according to new figures from Banking and Payments ...
Jobless rate, including Covid-19 payouts, falls to 6.9% – CSO
The unemployment rate, including people receiving temporary Covid-19 jobless benefits, fell to 6.9% in November from 7.9% in October, the latest Central Statistics Office figures show today. The ...
Eurogroup head Donohoe confident Omicron won’t derail recovery
Finance Minister Paschal Donohoe is confident the euro zone’s recovery can be sustained into next year even if the Omicron coronavirus variant requires new public health measures, he ...
Health insurance prices to rise, despite stamp duty cut
A health cover analyst has said a cut in the stamp duty rate on private health insurance is likely to be offset by a rise in premiums next ...
Cases of EWSS ‘fraud’ referred to gardaí – Revenue
The Revenue Commissioners have said there have been examples of “absolutely fraudulent behaviour” in relation to the Employment Wage Subsidy Scheme (EWSS). Chairman Niall Cody said these cases ...
NPHET examining hospitality curbs, household visit limit
The National Public Health Emergency Team is believed to be considering a range of curbs on the hospitality sector tonight, with the aim of reducing transmission of Covid-19. ...
Employment Wage Subsidy Scheme rates reduced from today
Employment Wage Subsidy Scheme rates will be reduced from today as part of a plan to gradually wind it down. However, business groups and the opposition have called ...
World markets fall as new virus variant sparks panic
European stocks sank over 3% this morning as reports of a newly identified and possibly vaccine resistant coronavirus variant stoked fears of a fresh hit to global economy ...
Ireland’s skills strategy to be reviewed as part of OECD process
Ireland’s Skills Strategy is to be reviewed as part of a joint project between the state, stakeholders in the skills sector and the OECD. The review, led by ...
Revision of draft OECD tax reform plan positive – Martin
Taoiseach Micheál Martin has said the revision of the text of a draft OECD global corporate tax rate reform plan is a positive step. Diplomatic efforts are set ...
Labour calls for carbon tax credit for households in Budget 2022
Labour is calling for a carbon tax credit for households in Budget 2022 to address the rising cost of gas and electricity. In its pre-Budget submission the party ...
Cabinet set to decide on Ireland’s corporate tax rate
The Cabinet will meet this afternoon to decide whether Ireland should sign up to sweeping global corporation tax reforms that would require the long-standing 12.5% rate to be ...
ESRI forecasts robust economic recovery
The Economic and Social Research Institute (ESRI) has become the latest body to forecast a robust recovery in the economy. In its Quarterly Economic Commentary, published today, the ...
Services sector records strongest growth since Q2 2006
The Irish services sector continued to grow rapidly in September, according to AIB’s Purchasing Managers’ Index. It reveals that the pace of expansion remained unchanged from the previous ...
Central Bank mortgage measures built up resilience during Covid
Central Bank Deputy Governor Sharon Donnery has said the benefits of the mortgage measures were evident over the past year as the resilience built since their introduction helped ...
Minister ‘hopeful’ Government will sign up to OECD corporate tax deal – Ryan
Minister for the Environment, Climate and Communications Eamon Ryan has said he is hopeful and confident that Ireland will “be able to be part of the solution” and ...
Big jump in residential commencements in second quarter
Residential development commencements jumped threefold in the second quarter of the year compared to the same period last year. The figures, compiled by Deloitte, also show a two-fold ...
Central Bank forecasts rebound in domestic economic activity this year
A stronger than expected recovery is forecast to result in activity in the domestic economy returning to pre-pandemic levels this year, according to the Central Bank. In its ...
Govt urged to scrap pandemic bonus plan
The Government needs to scrap its plan for frontline pandemic bonus payments and a new bank holiday because it will burden future generations with increased debt, CEO of ...
Property price growth hits 3 year high of 8.6% – CSO
Residential property prices rose on an annual basis by 8.6% – the fastest annual pace in three years – in July, according to the latest figures from the ...
11% of investors hold crypto-assets, including Bitcoin
Most investors are ‘going digital’, with new research revealing that 56% of those surveyed make investments online. The survey commissioned by the Competition & Consumer Protection Commission (CCPC) ...
Family businesses plan to hire more staff
Family run businesses employ nearly 1 million people in Ireland – and collectively are one of the biggest employers in the country. The National Family Business Sentiment Report ...
State will spend €41bn on pandemic supports, report finds
The State will end up spending €41 billion on pandemic supports, according to a paper from the Tax Strategy Group. The paper also says future changes to the ...
Consultation launched to strengthen rights of employees
A new consultation has been launched on strengthening the rights of employees in Ireland. Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar is seeking views on ...
Staff shortages affecting hospitality industry
Hospitality was one of the industries worst affected by the Covid crisis, or to put it in the words of Adrian Cummins of the Restaurant Association of Ireland, ...
Govt should abandon plans for tax cuts in upcoming Budget – ICTU
The Irish Congress of Trade Unions (ICTU) has said the Government should abandon its plans for tax cuts in the upcoming Budget and instead prioritise increases in public ...
Fund approval will see Credit Unions investing in social housing
The Central Bank has approved a new fund that will facilitate credit unions to get involved in the delivery of social and affordable housing around the country. The ...
Central Bank has not approved shared equity scheme despite Minister’s claim
Earlier this month, Housing Minister Darragh O’Brien told Prime Time that the Government’s proposed shared equity scheme, a core part of the recently published Housing For All plan, ...
Govt debt could end up on ‘unsustainable path’ – IFAC
The Irish Fiscal Advisory Council has said the economy is recovering ‘swiftly’ but government spending plans for the upcoming Budget are “at the limit of what is prudent”. ...
Are consumer prices going to keep on rising?
No sooner had the first Covid-19 vaccine jabs been administered when talk turned to the risk of price inflation accompanying an impending recovery in economies globally from the ...
Economy performing ahead of expectations – Varadkar
Tánaiste and Minister for Enterprise Leo Varadkar said today that the economy is “actually ahead of where we thought we would be”. Mr Varadkar said he still believes ...
Construction firms see further sharp rises in activity – Ulster Bank PMI
The construction sector reported another month of rapid growth in August, the latest Ulster Bank Construction Purchasing Managers Index shows, as it continued to benefit from improvements in ...
Economy to return to pre-Covid levels early next year – NTMA CEO
The chief executive of the National Treasury Management Agency, Conor O’Kelly, has told an audience of investors that the economy is set to return to pre-pandemic levels of ...
Gender gap in graduates’ pay expectations – survey
Female students have lower salary expectations than their male counterparts across a number of sectors, according to research by Universum, which is part of IrishJobs.ie. The study found ...
ECB trims emergency support, but insists ‘no tapering’
The European Central Bank has today raised its forecast for economic growth in 2021, as the euro zone recovery gathers pace following the easing of many pandemic curbs. ...
Inflation rate rises to near ten-year high in August – CSO
The annual rate of inflation rose by 2.8% in August, its biggest increase in almost ten years. The latest figures from the Central Statistics Office show higher fuel ...
Irish shoppers increase use of electronic payments
Irish consumers’ use of online and mobile payment methods has continued to increase despite the easing of restrictions on physical retail, according to Banking and Payments Federation Ireland. ...
1 in 5 SMEs expect to pass on higher costs
Over a fifth of SMEs expect to pass higher prices on to their customers as a result of inflationary pressures, according to a survey of SMEs by the ...
No changes to Budget framework despite better tax receipts – Donohoe
The Minister for Finance has said he is not looking at making any further changes to the framework for October’s budget beyond what was set out in the ...
Pensions gap widens as pandemic deepens the divide
Psychologists say we have very little appreciation or concept of ourselves in the future. In other words, our future selves are strangers to each of us. This lack ...
AIB paving way for social bonds
AIB is preparing for the issuance of a Social Bond which it says will go towards financing community programmes across the country. The bank has launched a Social ...
ECB still more worried about inflation being too low – Schnabel
This year’s surge in inflation in the euro zone is still seen as temporary, even if prices continue to rise from already high levels, European Central Bank board ...
‘Real opportunity’ to make blended working part of life, says Varadkar
A new report on the right to request remote work has been published with the Tánaiste saying: “We have a real opportunity now to make remote and blended ...
Motor insurers to introduce new compliance measures
Six motor insurance companies have signed legally binding agreements to reform their internal competition law compliance programmes, following an investigation by the Competition and Consumer Protection Commission. However, ...
Govt needs to strengthen role of CCPC, says SF’s Doherty
Sinn Féin’s finance spokesperson, Pearse Doherty, said the Government needs to strengthen the hand of the Competition and Consumer Protection Commission (CCPC) and bring forward legislation to allow ...
The language barrier in the workplace
Over 60% of non-native English speakers working in Ireland say they need to work harder than their Irish peers to progress in the workplace, according to research published ...
Govt approves legislation to establish Corporate Enforcement Authority
The Government has approved the publication of the Companies Bill 2021, which will transform the Office of the Director of Corporate Enforcement into a statutory and independent agency ...
4,400 PUP recipients closed claims this week
Just over 153,000 people received the Pandemic Unemployment Payment this week, according to figures from the Department of Social Protection. Around 4,400 PUP recipients closed their claims in ...
Most consumers expect house prices to continue rising
70% of Irish consumers expect house prices to rise over the next three years, according to a new survey by KBC Bank Ireland. Just 12% said they expect ...
Vaccine status issue may delay some offices reopening survey finds
Legal restrictions that prevent employers from finding out the coronavirus vaccine status of employees risk delaying the re-opening of offices and are costing businesses money, new research has ...
Business leaders feeling more optimistic about economy
Almost two thirds of business leaders are feeling optimistic about the Irish economy, more than twice the level recorded at the start of the year. According to a ...
Affordability sustains harmful use of alcohol – Alcohol Action Ireland
An alcohol price survey by Alcohol Action Ireland confirms “the exceptional affordability of alcohol to every day shoppers” and reaffirms the necessity for the commencement of minimum pricing ...
Inflationary pressures impact food and drink sector
Irish food and drink businesses are experiencing inflationary pressures across most cost headings, according to Food Drink Ireland (FDI) the Ibec group representing the food and drink sector. ...
Updates to hospitality guidelines on outdoor events being discussed
The Cabinet sub-committee on Covid-19 will meet today when it is expected to discuss updates to hospitality industry guidelines on outdoor events. It follows questions raised over an ...
Post-pandemic path to global economic health in sight
Financial and health imperative will be to invest in vaccinating the entire world The northern hemisphere is sweating through a second long summer of Covid-19. As the Delta ...
Nightlife sector criticises ‘inadequate’ Covid response by Govt
A group representing workers in the nightlife sector has criticised the Government’s response to its reopening, warning that a continued shutdown will result in an upsurge of unregulated ...
Irish services sector expands at fastest rate in more than 20 years
Inflationary pressures evident in latest purchasing managers’ index data from AIB Irish service sector companies reported the strongest month-on-month growth in business activity in July since August 2000 ...
AIB extending negative rates to all deposits over €1m from October
The chief executive of AIB has confirmed that the bank will be extending negative interest rates to all customers with deposits in excess of €1 million from later ...
Used cars holding value and may even be appreciating – DoneDeal
Used cars in Ireland are now holding their value better than any time in the recent past, DoneDeal claims in its latest Car Price Index. The car website ...
Manufacturing sector maintains rapid growth in July but cost pressure remain
The manufacturing sector continued to grow at a rapid pace in July, albeit at a slower rate than the previous two months. According to AIB’s latest monthly check ...
Bank of Ireland reports strong recovery in H1
Bank of Ireland is reporting a strong recovery in its business performance with a €465 million underlying profit before tax, according to the bank’s interim results for the ...
Number on PUP at lowest level since pandemic began
The number of people in receipt of the Pandemic Unemployment Payment is just under 163,400 this week – the lowest level since the pandemic began. The number receiving ...
Minister starts process of selling State stake in Bank of Ireland
The Minister for Finance has started the process of selling the State’s shareholding in Bank of Ireland. According to a filing at the London Stock Exchange, the Government’s ...
Strong growth in business activity – AIB PMI
Irish service sector companies reported the strongest growth in business activity since August 2000 in July, according to the latest AIB PMI survey. New business expanded at the ...
Best first half for .ie domain registrations – report
A total of 33,815 new .ie domains were registered in the first six months of 2021, according to the latest .IE Domain Profile Report. That was up 1.6% ...
Over 1,000 complaints to FSO were pandemic related with business interruption insurance dominating
The Financial Services Ombudsman said his office had to date received 1,051 complaints arising from the circumstances surrounding the Covid-19 pandemic. 180 of them related to business interruption ...
Construction sector bounces back in second quarter – CSO
The construction sector bounced back in the second three months of this year with the lifting of Covid-19 restrictions, according to the Central Statistics Office. The completion of ...
In-store spending on credit and debit cards jumps in June – Central Bank
There was a fall in online spending as consumers returned to shops and spent more on their credit and debit cards in-store in June, according to statistics from ...
Consumer confidence hits 23-month high, as optimism builds
Consumer confidence hit a 23-month high this month, according to KBC Bank Ireland’s latest consumer sentiment index. The index rose to 85.8 in May from 77.9 in April, ...
Tax increases needed to fund public services – ESRI
The Economic and Social Research Institute has said “sizeable tax increases in the years ahead” will be needed to fund public services. In a paper published today, the ...
Euro zone economy not near ‘super bounce back’ – Lane
The chief economist of the European Central Bank Philip Lane has said he does not believe economies are “entering some new inflationary environment”. He said there is “zero ...
Prospective buyers unhappy over omission of apartments from scheme
Demand is high and supply remains low. That’s the stark reality of the country’s housing market. The Government hopes its proposal to introduce a stamp duty charge of ...
Firms pledge to improve diversity, inclusivity in workplace
New research has found that a person with a disability is four and-a-half times more likely to be unemployed than those in the general population. The study also ...
Personal injury reforms to ‘positively’ impact premiums – Zurich CEO
New personal injury guidelines for the insurance industry will “positively” impact premiums, according to the CEO of Zurich Ireland. Anthony Brennan said in the coming weeks, the company ...
EU proposes ‘business-friendly’ unified tax rulebook for companies
The European Commission has proposed new corporation tax rules in Europe that could allow companies to file one tax return for all its operations in the EU. The ...
Post-Covid ‘balancing act’ the next challenge for business
A new survey shows that 43% of organisations overall reported that absenteeism fell during 2020. This figure was even higher in the public sector at 59%, according to ...
Donohoe defends 10% stamp duty proposal on bulk buying
Minister for Finance Paschal Donohoe has defended the decision to exempt apartments from the Government’s proposal to introduce a stamp duty charge of 10% on the purchase of ...
Claims on health insurance plans fall by almost a third
THERE has been a sharp drop in the number of claims made on health insurance plans due to the pandemic restrictions. The Covid-19 outbreak has also seen the ...
Cabinet to discuss proposals to prevent bulk buying of homes
The ministers for Housing and Finance are expected to bring proposals to the Cabinet this morning to prevent the bulk purchase of housing estates by investment funds. Minister ...
Over 95% of workers support some form of remote working – survey
Over 95% of workers now favour some form of remote working, with fewer than 5% wanting a full-time return to the office, according to the Second Annual National ...
Most businesses plan return of employees to workplaces within three months – Ibec
More than three quarters of businesses are planning to return employees to their workplaces within the next three months if Government guidelines allow, a new survey by the ...
Majority of businesses stable or in growth mode – IntertradeIreland
Nearly two thirds of businesses surveyed by InterTrade Ireland said they are in stable or growth mode, in a further sign that recovery is taking hold. Optimism levels ...
Progress made on internal bank culture but public trust levels remain low
There is ‘a very substantial number of customers’ who believe that banks handle their data securely, according to the chair of the Irish Banking Culture Board. The board ...
Consumer prices rise for first time since start of pandemic – CSO
The annual rate of consumer inflation rose by 1.1% in April, according to the latest figures from the Central Statistics Office. This marks the first positive annual rate ...
Donohoe says more must be done to help first time buyers
Minister for Finance Paschal Donohoe has said he appreciates the urgency of Ireland’s housing situation, and he acknowledged that the Government must do more to alleviate the challenges ...
NTMA raises €1.5bn as bond yields creep up again
The National Treasury Management Agency (NTMA) successfully raised €1.5bn in an auction of benchmark Irish government bonds this morning. The three bonds, maturing in 2031, 2033 and 2050, were ...
Younger workers most impacted by pandemic – ESRI
Young adults have suffered the worst unemployment and labour market impact from Covid-19, according to the latest research by the Economic and Social Research Institute. The report also ...
Foreign investors accounted for 78% of property funding between 2017 and 2019
€4.2 billion in capital was pumped into the Irish commercial and residential property market by foreign private finance providers each year between 2017 and 2019, new analysis has ...
Numbers claiming PUP down over 8,500 on last week
The Department of Social Protection has advised employers facing difficulties in re-hiring staff to contact it so that it can “follow up” with the workers concerned. The advice ...
‘Faster’ process on the way to help small firms restructure
Minister of State for Trade Robert Troy has said a more cost-effective and faster administrative process will be put in place before the summer to enable “viable, vulnerable” ...
House prices rose by fastest rate in two years in March – CSO
New figures from the Central Statistics Office show hous prices rose at their fastest rate in two years in March of this year. Rents are also increasing across ...
NCPC urges businesses to maximise remote working benefits
Remote working has the potential to bring economic, social and environmental benefits – but some enterprises may struggle with additional costs, according to the National Competitiveness and Productivity ...
Talent exodus could cost business up to €1.2 billion
55% of employees are looking to change roles in either the next six or 12 months or once the economy has strengthened, new research from HR firm Personio ...
12,000 business reopening today as Covid curbs ease
12,000 businesses are expected to reopen their premises this week as Covid-19 restrictions ease further starting from today. Non-essential retailers across the country can resume click and collect, ...
Government to continue to support businesses as Covid curbs ease – Varadkar
Tánaiste Leo Varadkar said that today is “a day of freedom” as society partially re-opens and people can travel freely anywhere on the island of Ireland. Mr Varadkar ...
Proposals to prevent first-time buyers competing with funds
Minister for Housing Darragh O’Brien has said he will share proposals later this week to prevent first-time buyers competing with large investment funds for houses. He said there ...
Covid-related supports for businesses to be set out by month end
Minister for Public Expenditure and Reform Michael McGrath has said Covid-related supports for businesses and individuals beyond June will be laid out by Government by the end of ...
Manufacturing activity surge drives PMI to record high
Conditions in manufacturing improved vastly in the month of April bringing AIB’s monthly measure of activity in the sector to a record high. The Purchasing Managers’ Index – ...
Grants of up to €40,000 under new Online Retail Scheme
€5m is to be made available to help businesses upgrade their websites to boost opportunities in online retail. The latest round of the Covid-19 Online Retail Scheme is ...
Economic revival begins but won’t be easy
Is this really the beginning of the end of the economic misery that’s been heaped upon the country for the past 13 months?
That’s the question that thousands ...
Business groups largely welcome Govt reopening plan
Business groups have largely welcomed the latest Government plan for the reopening of the economy, which will see sectors reopen on a phased basis from 10 May. On ...
Central Bank: Lending by banks beginning to recover
A new report from the Central Bank indicates that lending by banks has begun to recover this year, particularly in the mortgage market. However, it warns that unexpected ...
Number of firms on Covid support in January highest since June 2020
Almost half of businesses surveyed by the Central Statistics Office had employees either on the Pandemic Unemployment Payment (PUP) or the Wage Subsidy Scheme (WSS) in January of ...
Retail sales post annual growth of 8.5% in March – CSO
Retail sales volumes were 8.5% higher in March than in the same month last year, driven by growth in homewares and car sales, new figures from the Central ...
Business group calls for certainty in reopening plan
Certainty on financial supports and the reopening strategy for businesses over the coming months are required from today’s Cabinet meeting on Covid-19 restrictions, Chambers Ireland has said. The ...
Food and drink exports to UK down 35% since 2018 – CSO
A new report from the Central Statistics Office finds evidence that Brexit has led to an overall decline in trade between Ireland and the UK in food and ...
Donohoe: Rise in core spending will be higher than 3.5%
The Minister for Finance, Paschal Donohoe, has said expenditure by the Government will be higher than the average 3.5% increase in core spending detailed in the Stability Programme ...
Retailers’ concern over plans on minimum unit price rules for alcohol
Retailers have expressed deep concern at Government plans to introduce minimum unit price (MUP) rules for alcohol before similar measures are put in place in Northern Ireland. Retail ...
Most Irish food SMEs expect revenue growth this year
Most small and medium sized businesses in the food sector expect their revenues to increase in the year ahead, according to new research by Love Irish Food and ...
Adjustment of Covid reopening plan ‘now vital,’ says Ibec
The chief executive of the employers’ group Ibec has written to the Government to outline what the organisation sees as the key priorities for the reopening of the ...
‘No abrupt end’ to Covid financial supports – McGrath
The Minister for Public Expenditure and Reform has said there will be “no abrupt end” to the Covid financial supports. Over the coming weeks, Michael McGrath said the ...
Health insurance uptake on the rise, but so are prices
Like many economic predictions when it comes to the pandemic, forecasts around the health insurance market have turned out to be wide of the mark. Given the impact ...
Retail and wholesale start-ups jump by 88% in Q1 – CRIFVision-Net
The first quarter of 2021 saw a significant increase in “necessity-led entrepreneurship” across the retail and wholesale sectors, the latest figures from credit risk analyst CRIFVision-Net show. Today’s ...
Business confidence jumps to higher levels than before pandemic – BoI
Business confidence jumped in April to higher levels than seen even before the Covid-19 pandemic, as they eye the rollout of vaccines and some easing of restrictions, according ...
Property transactions up 12% to €4.2bn despite pandemic
New data from the Property Price Register shows that the volume of residential transactions rose 12% in the first three months of the year, despite the lockdown. According ...
ECB sticks with euro zone stimulus plans
The European Central Bank left policy unchanged as expected today, keeping copious stimulus flowing even as it saw reasons to expect a firm rebound of the euro area ...
Consumer sentiment improves to 13-month high in April
Consumer sentiment climbed slightly to hit its highest in April since the onset of the Covid-19 pandemic, a survey showed today, but consumers expressed caution about the long-term ...
Government spent €13 billion on tackling Covid last year – CSO
Figures published the Central Statistics Office today give a provisional breakdown of the €13.1 billion spent by the Government last year to tackle Covid-19. The Pandemic Unemployment Payment ...
Donohoe says Ireland committed to global tax deal – but it must work for small countries
Ireland is committed to reaching an agreement to overhaul global corporate tax, but it must be one that works for small countries and accommodates healthy and fair tax ...
4 in 10 workers have no occupational pension – Age Action
40% of workers aged between 20 and 69 have no occupational pension coverage other than the state pension, according to Age Action. Addressing a Pensions Commission webinar earlier ...
Job postings continue to grow, up 34% in first quarter – IrishJobs
Job postings on e-recruitment platform IrishJobs.ie were up 34% in the first quarter of the year, compared to the final quarter of 2020. The data suggests the Irish ...
Covid supports not a subsidy for insurance firms – McGrath
Minister for Public Expenditure and Reform Michael McGrath has said the Covid-19 supports paid to businesses were “never intended to be a subsidy for insurance companies”. The Minister ...
Report warns of rising houses prices and delays
The construction industry could be unable to meet pent-up demand for housing and infrastructure, even when fully reopened, due to labour shortages and a “boom and bust” cycle ...
Key focus of Government is getting people back to work – Donohoe
The Minister for Finance has said that scaling up the vaccine programme is key to the re-opening of the economy and that is happening now with 170,000 vaccines ...
Covid-19 having ‘profound’ impact on SMEs
A survey by the Central Bank and the ESRI has found the impact of Covid-19 on small and medium sized enterprises (SMEs) has been “profound”. The survey reveals ...
Land prices forecast to rise by 4% on average in 2021
Land prices remained resilient last year despite the threat posed by Covid-19, according to a report by the Society of Chartered Surveyors Ireland and Teagasc. Nationally, the price ...
Call for more transparent pension fees legislation
A report on pensions has found that fees and charges are so high that over time they are wiping out the tax relief given to pension savers by ...
Why is Ireland seen as unattractive by banks?
Ulster Bank, Bank of Scotland Ireland, Rabobank, Danske Bank, and more. There have been plenty of lenders who have dipped their toes in the Irish banking sector, only ...
Dublin Port volumes down 15% in first quarter of 2021
Brexit trigged a major reduction in cargo volumes at Dublin Port in the first quarter of this year, while Covid-19 also hit passenger numbers. The Dublin Port Company ...
Trade with UK declines again in February – CSO
Trade with Great Britain continued to decline in February, according to the latest figures from the Central Statistics Office. Imports of goods from Britain were down €742m, or ...
NTMA raises €3.5 billion through sale of a 20-year bond
The National Treasury Management Agency has raised €3.5 billion through the sale of a new 20-year bond. The bond, which matures in April 2041, was sold at an ...
Home prices see annual increase of 3% in February – CSO
The price of residential property nationally rose by 3% in February, according to the latest figures from the Central Statistics Office. This compares to an increase of 2.6% ...
Digital advertising spend up 8% last year to €726m
New figures show that digital advertising spend in the Irish market reached €726m last year, up 8% compared to 2019. The latest IAB PwC Online Adspend report shows ...
Low Pay Commission to investigate move to €12.30 per hour living wage
The Government has formally authorised the Low Pay Commission to investigate how Ireland can move towards a living wage, and must report in the second half of this ...
IMF predicts uneven European economic recovery
The International Monetary Fund has said Europe’s economy should rebound this year but recovery across the region remains uneven. The IMF is also calling for a “new social ...
Public finances show deficit of €18.4 billion for 2020
Provisional figures from the Central Statistics Office published today show the deficit in the public finances was €18.4 billion last year, which represented 5% of GDP. This is ...
Report suggests penalties for bogus self-employment
Penalties for employers who intentionally misclassify workers as self-employed, resulting in the loss of PRSI and employment rights entitlements, should be explored by the Department of Social Protection, ...
4.5% growth in economy forecast despite Covid damage
Minister for Finance Paschal Donohoe will publish the Stability Programme Update later today which will set out new deficit and growth targets for the economy. RTÉ News understands ...
Numbers set to get PUP down 15,000 this week
The number of people due to receive the Pandemic Unemployment Payment (PUP) this week is down 15,776 on last week. 421,373 people will get a total of €125.52m ...
Work from home whenever possible, Tánaiste reminds
The Government has reminded employers that all staff should continue to work from home, if possible. As some Level 5 restrictions eased yesterday, the Tánaiste and Minister for ...
Car insurance premiums to fall in the ‘near future’
The chief executive of Insurance Ireland has said she would be “optimistic” that consumers will start to see a reduction in their motor insurance premiums “in the near ...
Site shutdown sees building activity stall for third month in a row
Construction activity declined for the third month running in March as most building sites remained shuttered due to Covid-19 restrictions. Activity across all sub-sectors fell sharply, according to ...
Dept issues warning about scam phone calls
The Department of Social Protection has issued a warning about scam phone calls from people claiming to be department officials. The department said that the call displays a ...
Up to 20,000 construction workers to return to sites
Up to 20,000 construction workers will return to work on residential, early-learning and childcare sites around the country today as Covid-19 restrictions ease. But there continues to be ...
Irish mortgage rates still second highest in euro zone – Central Bank
Rates on Irish mortgages remain the second highest in the euro area, according to the latest figures from the Central Bank. In February, the average rate on new ...
Over €26m spent a day in contactless payments in February
New figures from Banking and Payments Federation Ireland reveal that 1.6 million contactless payments were made every day in February. February saw a total of 46.2 million contactless ...
Those on minimum wage hit hard with pandemic job losses
Minimum wage employees in Ireland are likely to be suffering disproportionately from job losses as almost half work in sectors worst hit by the Covid-19 pandemic, according to ...
What is a global minimum tax and how could it affect companies, countries?
US Treasury Secretary Janet Yellen has thrown the weight of the US government behind a push for a global corporate minimum tax rate, possibly carving a path to ...
European rents up 15%, house prices by 28.6% since 2010
Irish house prices rose in line with the EU average of 28.9% over the past decade, according to figures published today by Eurostat, the EU’s statistical agency. The ...
Consumer prices rise at fastest monthly pace in two years
New figures show that consumer prices rose at their fastest monthly pace in two years in March to stand at the same level a year earlier, when the ...
Pandemic spending drives increase in deficit to €4.17bn in March
The public finances recorded a deficit of €4.172 billion in March, according to figures published this afternoon by the Department of Finance. This compares to a deficit of ...
Ibec downgrades growth forecast for 2021 to 3.1%
Ireland’s economy will grow by 3.1% this year, employers’ group Ibec is predicting, down from the 5.3% it said it was anticipating for 2021 just three months ago. Although ...
ECB must remain euro zone’s stabiliser, says Lane
The European Central Bank must remain a key stabiliser of the euro zone economy as the bloc is at risk of suffering longer-term damage from its pandemic-induced double-dip ...
Long lasting damage from tracker mortgage affair
“I don’t know what a tracker mortgage is.” Remember the ad? The ad was released by the financial regulator around 2007, as part of a campaign to educate ...
Rise in consumer confidence in visiting stores – Deloitte survey
Consumer confidence in visiting physical stores, engaging in person-to-person services and attending in-person events has increased, according to a new report by Deloitte Ireland. The latest consumer tracker ...
Govt confirms extension of €2bn Credit Guarantee Scheme
The Government has confirmed that it will extend the €2 billion Credit Guarantee Scheme, with the scheme remaining open for applications until the end of the year. The ...
Ulster Bank hit with record €38m Central Bank fine for tracker mortgage failings
The Central Bank has fined Ulster Bank Ireland almost €38m for dozens of regulatory breaches in its handling of its tracker mortgage customers. The fine of €37.774m is the ...
Poll suggests one in four cut back on food and utilities during pandemic
The Covid-19 pandemic has led to one in four people cutting back on food and utilities, according to research commissioned by the Society of St Vincent de Paul. Almost ...
ESRI lowers economic growth forecasts as Covid restrictions continue
The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year, due to ongoing Level 5 pandemic restrictions. In its Quarterly Economic ...
Consumer sentiment improves to best level in 12 months
Consumer sentiment improved to its best level in 12 months in March, according to the latest KBC Bank Ireland consumer sentiment index. The report said the increase in consumer ...
Europe facing difficult quarter but ECB will do its part – Lane
Europe is facing a difficult second quarter as coronavirus infections rise and governments reimpose lockdown measures, but the European Central Bank will do its part to keep borrowing ...
Dublin-Belfast economic corridor plans to be revealed
Plans for an economic corridor between Dublin and Belfast will be launched by the eight local authorities it passes through. Four local councils on each side of the ...
Rents nationwide rise by 2.7% in fourth quarter
Rental prices increased by 2.7% nationally to stand at an average of €1,256 a month by the end of last year, according to the latest figures from the ...
Employers owe €224m to Revenue for TSSS payments
56% of employers who availed of the Temporary Wage Subsidy Scheme were overpaid under the scheme, and owe a total of €224m to the Revenue Commissioners by the ...
Half of restaurants face permanent closure due to pandemic, says RAI
Half of restaurants face permanent closure in the wake of the coronavirus pandemic, according to the lobby group which represents the industry. The Restaurants Association of Ireland will ...
Increase in Govt spending due to Covid second highest in euro area
The increase in Government spending in response to the Covid pandemic over the first three quarters of last year was the second highest in the euro area, according ...
Retail, transport workers should receive living wage – Varadkar
Essential workers including those in retail, transport, cleaning and food service should receive a living wage with access to an occupational pension, according to the Tánaiste and Minister ...
Mortgage arrears – is this the calm before another storm?
There was a time in the last decade when the Central Bank’s mortgage arrears figures were as keenly anticipated as the property price figures from the Central Statistics ...
Views sought on reform of Personal Injuries Board
A public consultation on enhancing and reforming the remit of the Personal Injuries Assessment Board (PIAB) begins today. Launched by the Minister for Trade Promotion, Digital and Company ...
Average €4,000 loss to SMEs from fraud last year – Bank of Ireland research
The average loss to a small and medium enterprise here arising from fraud stood at just below €4,000 last year, according to research carried out by Bank of ...
Irish family firms cut more jobs than European peers
Irish family firms cut more jobs in the past year when compared to their European peers, according to a new report. The study by the Step Project Global Consortium ...
Slight decline in mortgages in arrears in final quarter – Central Bank
There was a marginal decline in the number of mortgage accounts on private residences that were in arrears at the end of December, according to the Central Bank. ...
Farmland prices see big jump of 15% in 2020, Irish Farmers Journal report shows
The average price of farmland rose by 15% nationally last year, despite the Covid-19 pandemic, the latest Irish Farmers Journal’s county land price report shows. Today’s report shows ...
ECB wants to keep yields in check while economy heals – Lane
The European Central Bank is aiming to stop bond yields from rising before the pandemic-hit euro zone economy is ready to digest higher borrowing costs, the ECB’s chief ...
Central Bank says firms must ‘set the right standards’
The stockbroker Davy need only look in the mirror when it asks itself how things went so catastrophically wrong, the Director General of Financial Conduct at the Central ...
Central Bank says new housing equity scheme could put pressure on prices
The Central Bank has raised questions about the shared equity scheme proposed by Minister for Housing Darragh O’Brien to help first-time home buyers. In a letter to the ...
Half of firms plan to adopt remote working long-term
51% of businesses plan to adopt remote working on a permanent basis, according to new research carried out by CIPD Ireland. The data was published by the umbrella ...
Shift in post-Brexit jobseeker activity evident in certain sectors – Indeed
A shift away from the UK as a destination for European job seekers post-Brexit is manifesting in increased interest in certain categories of Irish jobs, according to research ...
Premium hikes likely as rebuild costs rise
Homeowners could face increased buildings insurance premiums because of a hike in the cost of rebuilding a home, according to a report from the Society of Chartered Surveyors. ...
Lockdown dealt €2bn hit to construction output in 2020 – report
The initial shutdown of the construction sector for seven weeks during the initial stages of the Covid-19 pandemic knocked €2bn off construction output last year. That is according ...
Contactless payment values up by almost a third – BPFI
The value of contactless payments rose by almost 30% year on year in January to €674m as consumers took advantage of the extended ‘tapping’ limit of €50, according ...
UK pushes back timetable for post-Brexit border checks
Britain has delayed by around six months its plans to introduce a range of post-Brexit border checks on goods imported from the European Union, saying it had listened ...
AIB, BoI and PTSB used loss reliefs worth almost €500m over three year period
The Minister for Finance, Paschal Donohoe, has confirmed that the three banks in which the state has shares utilised loss reliefs of almost €500m against their corporation tax ...
Bank boards still not sufficiently tech savvy – Accenture study
A third of the world’s biggest banks still have no board members with professional technology experience, skills needed to help lenders make better decisions as they increase investments ...
Applications for phase 1 of €8,000 SBASC grant opens today
Applications for the €60m Small Business Assistance Scheme for Covid-19 have opened today. The SBASC scheme is in addition to the package the Government has put in place ...
Two thirds of CEOs believe firms will pay more tax arising from pandemic – PwC
Almost two thirds of chief executives here believe that their companies will end up paying more tax as a result of policy changes to address rising debt levels ...
ECB to boost emergency bond buys, keeps rates unchanged
The European Central Bank has left its key interest rates unchanged after today’s Governing Council meeting. However, the ECB has said it expects to buy bonds under its ...
Union calls for ‘transparent’ debate on future of banking
The Financial Services Union is calling on the Government to convene a forum for what it calls an’ open and transparent’ public debate on the future of banking ...
Consumers reluctant to return to in-store shopping, study shows
71% of consumers say they will not feel comfortable shopping on their local high street until the Covid crisis is better controlled, according to a new survey. The research ...
Irish mortgage interest rates highest in euro zone again
Ireland continues to have the highest mortgage interest rates across the euro area in January, new figures from the Central Bank show. The Central Bank said the average ...
Covid restrictions continue to hit Dublin economy
The latest Dublin Economic Monitor shows that although the Dublin economy remains severely impacted by Covid-19 restrictions, it is prepared for recovery once conditions permit. The monitor is ...
Coveney to brief members of US Congress on Brexit
Members of the US Congress are to receive a briefing today on the latest Brexit developments from Minister for Foreign Affairs Simon Coveney and European Commission Vice-President Maroš Šefčovič. ...
ESRI revises downwards economic growth forecast
The Economic and Social Research Institute has revised downwards its forecast for growth in the economy this year. In an opening statement to the Oireachtas Committee on Budgetary ...
Cabinet to consider extension of Covid protections for tenants
The Cabinet will this morning consider a proposal from Minister for Housing Darragh O’Brien to extend protections for tenants whose incomes have been affected by the Covid-19 pandemic. ...
47% of homebuyers think prices will rise by up to 10% this year
47% of prospective homebuyers think prices will rise by up to 10% in the coming year, according to a new survey from property website MyHome.ie. A similar survey ...
Oireachtas Committee to hear stronger regulatory framework needed in wake of Davy
A senior Central Bank representative will tell an Oireachtas Committee today that the regulatory framework requires further strengthening when it comes to holding individuals to account for breaches. ...
Consumer spending down 19% in February – Revolut
Consumer spending fell again in February as the impact of the full coronavirus lockdown continued to bite, new figures from digital banking app Revolut show. Revolut said that ...
Construction sector sees another decline in activity
February saw another steep contraction in construction activity here due to the coronavirus lockdown restrictions. Ulster Bank’s Construction Purchasing Managers’ index remained well below the 50 no-change mark ...
Increase in women taking up leadership roles, and why its beneficial to business
The number of women holding senior leadership roles in Irish businesses improved in the past year, growing from 31% in 2020 to 33% in 2021, according to research ...
EU Parliament declines to set EU-UK trade deal vote
The European Parliament has postponed a decision on ratifying the EU-UK free trade agreement in protest at the UK’s unilateral move on how the Northern Ireland Protocol should ...
Martin says need to move away from supports once Covid under control
The Taoiseach has said that as the Covid-19 pandemic is brought under control there will be a need to move away from the extensive and wide-ranging emergency supports ...
Need for focus on reducing deficit post-pandemic – Donohoe
The Minister for Finance has warned that it is dangerous for a small economy that cannot print its own currency to think that “deficits don’t matter” when evaluating ...
EU negotiating with partner it cannot trust – Coveney
The Minister for Foreign Affairs said the EU is negotiating with a partner it simply cannot trust following yesterday’s move by the British government to unilaterally change how the ...
Permanent TSB talks over Ulster Bank have been positive says CEO
The chief executive of Permanent TSB has described its discussions with Ulster Bank parent NatWest on the possible purchase of parts of the business as positive. Speaking on Morning ...
Covid-19 unemployment rate dips to 24.8% in February
New figures from the Central Statistics Office show that the unemployment rate, including those receiving temporary Covid-19 jobless benefit, fell slightly to 24.8% in February from 25.1% in ...
‘Chronic underinvestment’ harming recovery prospects – Ibec
Decades of chronic underinvestment in key infrastructure is threatening to undermine the prospects for economic recovery, according to Ibec. Publishing its submission to the mid-term review of the ...
Bank branch closures highlight generational digital divide
The decision by Bank of Ireland to close over a hundred branches across its network highlights the digital divide that exists between the generations. The migration of banks ...
Exchequer deficit climbed to €14bn by end of February
Exchequer returns for February show that the budgetary situation has now deteriorated by €1.7bn compared to the same period a year ago, due to the decline in tax ...
Euro zone inflation holds steady before expected spike
Euro zone inflation held steady as expected last month, taking a break in what is likely to be a temporary but sharp spike in consumer prices in the ...
Bank of Ireland reassures on cash facilities and ATMs
Bank of Ireland has said that no location will be left without access to financial services or cash facilities after its decision to close 103 branches in the ...
Dublin benefits most from Brexit financial services relocations – EY
Dublin remains the most popular destination for UK financial services firms looking to relocate staff or operations as a result of Brexit, according to EY. The accounting and ...
How ordinary savers can avoid the negative interest bullet
The notion that ordinary savers could be charged to leave their savings in a bank has alarmed many — yet this is exactly what would happen if customers ...
Ireland’s minimum wage is second-highest in the European Union
Ireland has the second-highest minimum wage across the EU, at €1,724 per month, according to Eurofound. Luxembourg has the highest, at €2,202, the Dublin-based EU agency said in ...
Retailers affected by the pandemic negotiate rental discounts of up to 20pc
Retailers are negotiating rental discounts of up to 20pc in many cases, as they continue to be affected by Covid-19 restrictions. More substantial discounts are being achieved by ...
Youth unemployment worsening, according to CSO figures
Today’s Labour Force Survey figures confirm that the crisis in youth unemployment is worsening. The number of people aged 15-24 in employment fell from 264,000 at the ...
Mortgage approvals fell 16% in January
The number of mortgages approved in January fell by 16% compared to the previous month, according to figures published by the Banking & Payments Federation Ireland. A total ...
Major reset of EU-UK relations being considered by EU
Senior EU figures are contemplating a major reset in relations with the UK that would coincide with the formal ratification of the free trade agreement at the end ...
Commercial property vacancy rate rises to 13.5%
13.5% of commercial properties listed across the country were vacant in the final quarter of last year, according to figures published by GeoDirectory and EY-DKM. The number of vacant properties ...
Key actions needed to reduce insurance costs – NCC
The National Competitiveness Council (NCC) has said key actions must be taken to reduce costs in the Irish liability insurance market, including bringing personal injury award levels in ...
SFA calls for urgent launch of Covid Business Aid Scheme
Many small businesses will be forced to close and cut jobs if the Government does not quickly launch the Covid Business Aid Scheme (CBAS). That is according to ...
Ulster Bank defends decision around plan to withdraw from Irish market
The chief executive of Ulster Bank has defended the decision of the bank and its parent NatWest not to give advance warning of its plan to withdraw from ...
Govt extends key economic supports as restrictions continue
The Government has said that measures to support business, jobs and employment are to remain in place until the end of June. It follows the announcement that Covid level ...
Businesses unhappy with Covid plan and seek supports
Business group Ibec has called for an increase in financial supports for business in the worst impacted sectors of the economy. In a statement this evening, it said current fixed ...
Central Bank mortgage lending rules keeping house inflation down – ESRI
New research by the ESRI has found further evidence that mortgage lending rules put in place by the Central Bank six years ago are helping to keep house ...
Judicial reviews delay Strategic Housing Development
A new report has found that the number of units in planned Strategic Housing Developments (SHD) in Dublin that have been delayed or cancelled as a result of ...
Cautious optimism pushes consumer sentiment higher
Consumer sentiment bounced back in February thanks to cautious optimism about the outlook for the economy, despite the prospect of Covid-19 restrictions lasting for many more months, a ...
The third banking force awakens
For well over a decade, we’ve been hearing talk on and off about the need for a third banking force in Ireland. The notion gained legs in the ...
Too early to predict Ulster loan book sale success – Donohoe
Minister for Finance Paschal Donohoe has said it is too early to say if the negotiations between Permanent TSB and NatWest turn out to be successful on the ...
Licensed Vintners’ Association calls for more clarity
The Special Committee on Covid-19 Response will meet later today as the updating of the Government’s plan on Living with Covid continues ahead of its publication this week. ...
Varadkar promises more targeted Covid-19 supports
The economy will “bounce back” sooner than many people think, the Tánaiste has told the Dáil, but he added that the pandemic will leave “many scars” including lost ...
Consumer prices down 0.2% in January – CSO
New figures from the Central Statistics Office figures show that consumer prices posted an annual fall of 0.2% in January compared to a drop of 1% a month ...
Ulster Bank confirms exit from Irish market
Ulster Bank has announced a phased withdrawal from the Republic of Ireland over the coming years that will be managed in an “orderly and considered manner”. The bank, ...
Bank of Ireland to refund 35,000 mortgage customers
Bank of Ireland is to refund tens of thousands of its mortgage customers after it discovered that it had overcharged them. Around 35,000 accounts were impacted by the ...
Central Bank expects ‘speedy’ resolution of business interruption claims
The Central Bank has contacted a number of insurers on resolving relevant business interruption claims in a ‘proactive and speedy’ manner. It comes as the bank continues its ...
Irish online retail sales soar by 159% in 2020 – Wolfgang Digital
Irish online retail sales grew by 159% in 2020, according to new figures from digital agency Wolfgang Digital, up from average annual growth of 32% between 2017 and ...
Job postings continue to grow, still down 24% – Indeed Ireland
Job postings on Indeed Ireland were down 24% in early February compared with the same time last year, according to new research from the jobs website. However, despite ...
Donohoe says public finances still within overall budget
The Minister for Finance, Paschal Donohoe has said the public finances are still within the overall budget published last October. However, he said if current programmes to support incomes ...
European new car sales drop by 25.7% in January
European car registrations dropped in January, industry data showed today, as measures to restrict a second coronavirus wave hit sales in the region’s largest markets. New car registrations ...
3,666 decrease in PUP recipients over last week
Almost 477,700 people are set to receive the Pandemic Unemployment Payment this week – a decrease of 3,666 over the last week, according to the Department of Social ...
Banking Federation critical of capital reserve rules
The banking industry’s representative association, Banking and Payments Federation Ireland, has published a report claiming Irish banks are forced to hold three times the amount of capital as its ...
Covid supports to extend beyond March, says McGrath
The Minister for Public Expenditure and Reform has confirmed that the various pandemic supports will be extended beyond the end of March. Speaking on RTÉ’s News at One, Micheal McGrath said ...
Decision time on Ulster Bank’s future draws near
This week could be a big one for Ulster Bank’s 2,800 employees in the Republic of Ireland, its 1.1 million customers, the Irish banking market and the economy ...
ICTU warning over reduced redundancy for workers on PUP
Hundreds of thousands of workers could lose out on redundancy payments if their employment is terminated because time spent claiming the Pandemic Unemployment Payment will not count when ...
Are banks about to start charging us for our savings?
It may be hard to believe for those who availed of it, but it’s 20 years since Ireland’s arguably most famous and controversial savings scheme was launched. In ...
UK can’t have equivalence and divergence – McGuinness
The European Union will strive for close co-operation with Britain on financial services, the EU Financial Services Commissioner Mairead McGuinness has said. But she said London cannot expect ...
Irish economy set to grow by 3.4% in 2021 – Commission
Ireland’s overall GDP growth is projected to come in at 3.4% in 2021 and is set to reach 3.5% in 2022 on the back of strong private consumption, ...
Euro zone growth in 2021 to rebound less than expected
The euro zone economy will rebound less than earlier expected from the coronavirus slump this year as a second wave of the pandemic put economies in new lockdowns, ...
88% of online shoppers buy from non-Irish sites – PayPal
88% of Irish consumers who shop online bought from websites outside of Ireland during the last year, according to research carried out by PayPal. The study involving more ...
People on PUP facing reduced tax credits when they return to work
The Director of Public Policy at Chartered Accountants Ireland has said Revenue will collect the tax owed on the Pandemic Unemployment Payment (PUP) for 2021 by reducing people’s tax ...
Business leaders concerned at pace of Covid-19 vaccine rollout – IoD
33% of businesses say a slow roll-out of the Covid-19 vaccination programme is the single biggest risk facing their organisation, according to new research by the Institute of ...
Government €160m Boost to Covid Business Grants
New Scheme targets businesses currently ineligible for CRSS & other sector specific grants Wholesalers, suppliers, caterers & events companies down 75% or more in turnover expected to benefit ...
Firms alerted to Brexit requirements that apply to some workers
Irish companies employing UK nationals working in other EU member states are being alerted to changes arising from Brexit which mean that their employees are now subject to ...
Irish banks ‘latecomers’ on digital services – Deloitte study
Irish banks lag behind their global counterparts when it comes to their digital services offering. This is according to a study of banks globally carried out by professional ...
Brexit pushes cost of buying used car from UK higher
Revenue has warned that anyone buying a used car from the UK needs to be aware of the significant additional costs that may apply, following the end of ...
Security to the fore as firms and consumers opt for digital in greater numbers
Almost half of Irish small businesses surveyed by payments company Visa said they were now offering contactless payments options to their customers for the first time. That is ...
Revenue apologises to hauliers for import system problems
Revenue has apologised for ongoing intermittent performance problems with its main import system. This has led to difficulties and delays for businesses trying to bring goods into the country ...
Warned over financial cost of Covid restrictions, construction may reopen 5 March
The Government has been warned that the financial costs of continued restrictions are very large and that the short-term economic outlook has worsened due to the current Level ...
Steep fall in construction activity as sites remain shuttered
There was a sharp reduction in construction activity in January as the industry was largely shuttered under the latest Government restrictions introduced to curb the spread of Covid-19. ...
Lowest rate of rental inflation in nine years as Dublin prices fall in the year – daft.ie
It was a tale of two rental markets in 2020 with monthly rents in the capital down 3%, but outside of Dublin, rents were up 5%, the latest rental ...
New guidelines on personal injury damages to be considered
A full meeting of the Judicial Council will consider draft guidelines which, if adopted, will recalibrate the level of damages that can be awarded to claimants involved in ...
Small businesses urged to use available Brexit supports ahead of LEO meeting
The Local Enterprise Office network is holding a webinar for small businesses today on changes to the trade regime since the UK left the EU at the start ...
Late year surge in home completions brings 2020 close to 2019 levels
There was a big increase in the number of housing projects completed in the final three months of last year, new Central Statistics Office figures show. That push ...
Covid-19 unemployment rate climbs to 25% in January – CSO
The Covid-adjusted rate of unemployment rose to 25% in January, up from 19.4% in December, according to the latest figures from the Central Statistics Office. Restrictions, including the ...
EU concern over tone of Gove’s demands on NI Protocol
EU sources have expressed concern over the tone of Michael Gove’s letter to his European Commission counterpart on changes the UK is demanding to the Northern Ireland Protocol. ...
Euro zone inflation rate surges in January
Euro zone inflation surged well past expectations last month, driven by rising energy costs and a German tax increase, posing a potential communications challenge for the European Central ...
Savings continue to rise as debt levels fall – Central Bank
Household savings continue to rise and debt levels continue to fall, according to the latest figures from the Central Bank. The Central Bank’s quarterly financial accounts show that ...
Euro zone GDP falls less than expected at end of 2020
The euro zone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed today. But the euro zone may be ...
Services activity tumbles after new lockdown – PMI
The country’s services sector contracted last month at the sharpest rate since the economy was emerging from an initial Covid-19 lockdown last May after the Government imposed its ...
PUP numbers increase by less than 1% in the last week
Almost 480,000 people will receive the Pandemic Unemployment Payment this week, an increase of 4,269 or less that 1%, according to the latest figures from the Department of ...
Consumer caution urged over fake ‘Irish’ websites post-Brexit
Consumer experts have warned online shoppers they should not be duped by fake ‘.ie’ websites, or they could face additional taxes and duties on what they buy. This comes post-Brexit and a ...
Minister to seek ban on oil and gas exploration
Minister for Transport, Environment and Climate Eamon Ryan will today seek Cabinet approval to introduce legislation to ban oil and gas exploration. Mr Ryan is aiming to add ...
Manufacturing sector growth slows sharply on Brexit, Covid-19
The pace of growth in the manufacturing sector slowed sharply to a three-month low in January as Britain’s exit from the European Union’s trading orbit combined with Covid-19 ...
Volume of goods into Irish ports from UK down 50%
A month after the end of the Brexit transition period, authorities say the volume of goods coming into Irish ports from the UK remains at around 50% of ...
New €55m fund to aid tourism businesses hit by pandemic
A new €55m fund to assist tourism businesses that have been impacted by the Covid-19 pandemic is to be launched later today. The Tourism Business Continuity Scheme, announced ...
Pandemic reduced greenhouse gas emissions in Ireland by almost 6% – study
Greenhouse gas emissions fell in Ireland because of the pandemic, a new study shows. The dramatic declines in economic activity and transport in 2020 translated into greenhouse gas ...
Public debt set to increase to €47,700 per person – Finance
The national debt stood at more than €219 billion at the end of last year, equivalent to €44,000 for every person in the country, according to a new ...
Rebound in mortgage lending in final months of 2020
The value of mortgage approvals in 2020 exceeded €10 billion, despite a slump in lending in the early months of the pandemic. This is according to figures for ...
Business angel investing grew in 2020, despite pandemic
Business angels invested over €14m in start-ups across the island of Ireland in 2020, despite the pandemic induced restrictions throughout the year. This is according to the latest figures ...
Hauliers going to France urged by Govt to pre-book antigen test
The Government is urging hauliers heading to France from tomorrow onwards to pre-book antigen testing before they travel, because of the new French requirement for a negative Covid-19 ...
Record number of new .ie websites registered in 2020
A record number of new .ie Irish websites were registered in 2020, according to a new report by .IE, which manages and administers Ireland’s country domain name .ie. Over ...
Contactless payments topped a record €1bn last December
Irish consumers are tapping their payment cards more than ever. Last December spending using contactless payments topped €1 billion for the first time ever. In the last three months ...
Consumer confidence falls, as Covid worries grow
Consumer sentiment dropped sharply in January as the number of Covid-19 cases surged following the Christmas period, a survey found today. The KBC Bank Ireland consumer sentiment index ...
Survey looks at employers’ view on vaccinations
Thousands of employees could face dismissal or problems in being hired if they refuse to be vaccinated, according to research by human resources technology firm HRLocker. The survey of 750 senior ...
Irish port volumes steadily rising but still lower than last year
The quantity of goods passing through Irish ports from the UK remains around half of what it was this time last year, nearly four weeks after the Brexit ...
No sudden withdrawal of fiscal measures – Donohoe
The Minister for Finance has said there will be no sudden withdrawal of the fiscal stimulus measures put in place across Europe to deal with the Covid-19 pandemic. ...
Almost €100,000 income needed for cheapest Dublin apartments – study
A couple earning average wages still cannot afford even the cheapest new apartments in Dublin, according to a study. The Society of Chartered Surveyors Ireland (SCSI) also found ...
Big consumer rebound expected after Q1 lockdown – Goodbody
The unleashing of €13 billion in household savings and significant pent-up demand will lead to a surge in consumer spending that will fuel a 5% growth in core domestic ...
Interest rates on State savings schemes to be reduced
The interest rates on several State savings schemes are to be reduced, the National Treasury Management Agency has announced. The changes will also impact the prize bond fund, ...
Too much cash, too few homes – property prices in a pandemic
A multi-millionaire Australian property mogul controversially suggested a few years ago that if young people wanted to buy a house, they should stop buying avocado toast and expensive ...
Vaccine roll-out key to economic growth this year – Central Bank
The Central Bank has forecast that growth in the economy will pick up in the second half of this year, if there is a successful roll-out of the ...
Salaries for in-demand skills to increase by up to 5%
Salaries for in-demand and emerging niche skill sets will increase by up to 5% this year, according to the Morgan McKinley Irish Salary Guide. The new guide shows that ...
Setback for banks’ Revolut-style payment app application as CCPC rejects it as ‘invalid’
A plan by the main banks here to develop a person to person money transfer app to rival Revolut and N26 has been dealt an early set back, ...
Delivery costs for Northern Ireland-Britain trade set to rise, hauliers say
The cost of transporting goods to Britain from Northern Ireland is set to rise as a result of the new post-Brexit regulatory border between the two parts of ...
Davy upgrades economic growth forecasts for 2021
Davy has upgraded its growth forecast for the economy for this year on the back of buoyant exports and multinational sector output, especially from the pharmaceutical and information and ...
Job vacancies remain 23% below pre-Covid levels
Job postings for the final quarter of last year were 23% lower than the same time in 2019, according to figures published by e-recruitment platform IrishJobs. Despite being ...
Residential property prices saw a return to growth in November – CSO
Residential property prices rose on an annual basis for the first time in six months in November after disruption from the initial Covid-19 lockdown of the economy halted ...
EU sets out plans to built the power of the euro
Europe is too vulnerable to the global power of the dollar and must ensure the international standing of its euro currency to challenge US dominance, the EU executive ...
Dublin Port records third busiest year in 2020 despite Covid challenges
The volume of cargo passing through Dublin Port in the last three months of 2020 rose by 7.6% as pre-Brexit stockpiling, Christmas trading and a bounce caused by a ...
ITIC calls for more support for tourism industry
The Irish Tourism Industry Confederation has outlined nine key policies which it says are needed to safeguard the industry as it continues to deal with the harsh impact ...
PUP numbers jump by over 15% in the last week
Some 460,000 people will receive the Pandemic Unemployment Payment this week – an increase of over 15% in the last seven days, according to the Department of Social ...
No reason to expect significant shortage of goods – official
A senior Government official has said there is no reason to expect there will be any significant shortages in goods because of ongoing post-Brexit supply chain challenges. Declan ...
Price rises expected as estate agents struggle to meet demand – SCSI
Chartered estate agents say they are struggling to meet demand for property, especially from first time buyers. A survey of 800 agents, carried out by the Society of ...
Number of new firms set up hits four year low in 2020
The Covid-19 pandemic had a big impact on company formations last year, with the number of new firms established in 2020 hitting a four year low. In total ...
New online resource launched for those wishing to upskill or retrain
A new online portal for those hoping to upskill or retrain is being launched by the Minister for Higher Education Simon Harris today. The portal is described as a “one ...
Changes to corporate tax rules will reduce revenue by up to €2bn
The Minister for Finance, Paschal Donohoe, has said planned changes to corporate tax rules will result in a reduction in corporate tax in the future of between €800m and ...
420,000 workers to receive tax bills for Covid payments
Around 420,000 people will be issued tax bills today as a result of payments they received under the two main Covid subsidy schemes last year. 71% of those in ...
Employees to be given right to request remote working under Govt plan
The Government is to legislate to give employees the right to request remote working as part of a National Remote Working Strategy under a permanent framework for after ...
Irish mortgage interest rates joint highest in euro zone
Ireland and Greece had the joint highest mortgage interest rates across the euro area in November, new figures from the Central Bank show. The Central Bank said the ...
Industrial & logistics sector sees spike in demand – Savills
New research from property advisor Savills Ireland shows that demand in Dublin’s industrial and logistics sector was up in the final quarter of 2020. Savills noted demand for 87,318 metre squared of ...
Are NI supermarket issues really just Brexit ‘teething troubles’?
Just how bad is the import/export situation in the UK as a result of Brexit? And in particular, how bad is it in Northern Ireland – where EU Single ...
Ireland to receive €1bn from EU’s post-Brexit fund
Ireland is due to receive over €1 billion from the European Union’s Brexit fund, set up to help member states most affected by Britain’s departure from the bloc. ...
76% of imports into Dublin Port clearing without delays
Revenue has said that 76% of goods being imported through Dublin Port from the UK are now being given green clearance, which is up from 45% one week ago. ...
Some food and drink exports hit hard by Covid-19 pandemic
Some sectors of Ireland’s valuable food and drink industry were severely affected last year as a result the global Covid-19 pandemic. The extent of the decline is highlighted ...
Banks to create payment app to rival Revolut and N26
Four of the five main Irish retail banks have notified the competitor regulator of plans for an app based payment system that would enable consumers to move money ...
People unable to work due to childcare may be eligible for PUP
Workers unable to go to work due to a lack of childcare triggered by Covid-19 closures may be eligible to claim the Pandemic Unemployment Payment, according to the ...
Record €1.2 billion spent on groceries in December – Kantar
New figures show that the average shopper spent €134 more on groceries in December last year than they did in December the previous year. The latest figures ...
Brexit reality bites: The new dawn of trade friction
This week, as Brexit took effect, a company in Cork that sells sports posters to Europe and around the world ceased all direct online sales to the UK. ...
Consumer spending up 6% in December – Revolut
New figures from Revolut shows that total consumer spending in December 2020 rose by 6% from December 2019, with many sectors seeing record levels of expenditure. Digital banking ...
Strong rise in housing activity drives construction sector growth in December
The construction industry finished 2020 in expansion mode on the back of strong levels of housebuilding, the latest Ulster Bank’s Construction Purchasing Managers Index shows. The Ulster Bank ...
Businesses urged to claim 0% tariff on UK-origin goods
Businesses, and especially SMEs, have been alerted of the need to actively claim the zero-tariff rate on UK origin goods. The Minister of State for Business, Employment and ...
The virus shaping our economy is unpredictable and surprising
Covid-19 continues to be the predominant issue in all our lives. It also continues to be the predominant factor shaping our economy. And because it’s the Irish economy, ...
Non-essential construction to stop this evening due to Covid-19 restrictions
Non-essential construction is to cease this evening until at least the end of the month, as part of restrictions introduced on Wednesday to slow the spread of the ...
Unemployment rate dips to 20.4% before latest lockdown
New figures from the Central Statistics Office show that the Covid-19 adjusted unemployment rate stood at 20.4% in December as the Covid-19 crisis continues to have a significant ...
Govt engages with banks on further repayment breaks
The Government is engaging with the banking sector to ensure borrowers who need loan repayment breaks as a result of the further increase in Covid-19 Level 5 restrictions ...
Businesses worst fears realised as 2021 gets off to terrible start
It wasn’t supposed to be like this. When Irish businesses did what was asked of them and substantially shut up shop in mid-October it was in pursuit of ...
Minister seeks to keep current PUP rates until March
Minister for Social Protection Heather Humphreys is expected to ask the Cabinet to approve the retention of the current Pandemic Unemployment Payment rates until the end of March, ...
General Government deficit of €19 billion expected for 2020
The Minister for Finance has said he believes the level of financial support provided in the Budget will be sufficient to cope with the ongoing effect of Covid-19. ...
Online shoppers see extra charges due to Brexit
Consumers are beginning to see the introduction of additional charges and taxes when shopping with British retailers. Since Brexit took effect on 1 January, new rules have been implemented ...
Sterling weakens against euro as post-Brexit deal rally falters
The pound weakened versus the euro on Britain’s first day of trading outside the European Union, but strengthened against a softer dollar, climbing above $1.37 for the first ...
Key actions required to ensure insurance reform – Alliance for Insurance Reform
The Alliance for Insurance Reform has said the insurance crisis can be sorted in 2021 if key actions are completed. Eoin McCambridge, managing director of McCambridge’s of Galway ...
NAMA expects to transfer €1bn to Exchequer during 2021
NAMA generated €900 million cash in 2020, exceeding its target according to an end-of-year review published by the agency today. It expects to report a full-year profit for ...
Irish manufacturing ends 2020 with stronger expansion as end of Brexit transition period looms
The Irish manufacturing sector saw a boost to business in December as firms prepared for the end of the Brexit transition period, according to the latest Purchasing Managers ...
More ways to fine-tune your personal finances for the New Year
Despite it being a record year for savings in Ireland, much of it was accidental given that large sections of the economy were shut down for long periods ...
Central Bank warns Brexit may bring some disruption to financial services
The Central Bank has warned that Irish creditors with direct debits in place for UK customers may need to provide their banks with additional information to avoid payment ...
Brexit breakthrough still out of reach on fisheries
EU and UK officials will continue their last-minute negotiations in Brussels today with the EU signalling that persistent differences over fisheries could mean an agreement is not reached ...
Public liability premiums up 15-20% over three years
Public liability insurance premiums have increased by 15-20% on average over the past three years, new research by the Competition and Consumer Protection Commission (CCPC) has found. Their ...
Varadkar thanks businesses for carrying Covid-19 burden in new letter
The Tánaiste and Minister for Enterprise, Trade and Employment has written to every registered business in Ireland to urge them to prepare for Brexit and to thank them ...
Mortgage approval values at highest level since 2011
New figures show that the number of mortgages approved fell by 0.2% in November on a monthly basis, while they rose by 24.3% compared with the same time ...
Last-minute post will be impacted by transport disruption in Britain – An Post
An Post has said last-minute international letters and parcels to and from Britain and the rest of Europe will be impacted by the serious disruption to international supply ...
Staggered increase in restrictions over holiday period, says Ryan
Minister for Transport Eamon Ryan has said there will be a series of staggered dates regarding changes to restrictions, not all on the one date, over the holiday ...
‘Significant differences remain’ as talks to continue
Talks on a post-Brexit trade pact between Britain and the EU are expected to continue today as “significant differences remain”. A senior UK government source said: “Teams have been ...
Some banks, businesses not to ready to implement new security rules by 1 Jan
The Department of Finance has said that some banks and businesses may not be fully ready to implement new security rules for electronic payments that come into effect ...
European shares tumble on tighter Covid-19 curbs in UK, Brexit uncertainty
European shares slumped in opening trade this morning as the rapid spread of a new strain of the coronavirus led to a more stringent lockdown in England and ...
Just hours left for Brexit talks, says Barnier
Chief European Union negotiator Michel Barnier has warned that post-Brexit trade talks were at a “moment of truth” with just hours left to reach an agreement with Britain. “It’s ...
Ireland the eighth largest exporter of financial services; fifth in Europe – report
Ireland is the fifth largest exporter of financial services in Europe, according to a new report on the contribution of international banking to the economy here. The report ...
Housing supply issues amplified by pandemic – economist
The Covid-19 pandemic has amplified a trend of chronic and worsening shortage of housing and this is already being reflected in house prices and rents. This is according ...
Pay rises of over 2% expected for private sector workers in 2021 – Willis Towers Watson
Despite the impacts of Covid-19 and the uncertainty surrounding the prospects for a free trade agreement between the EU and the UK in the coming weeks, it appears ...
EU should ‘see sense’ and agree trade deal – Johnson
British Prime Minister Boris Johnson has said he hoped the European Union would “see sense” and agree a post-Brexit trade deal. He said all the bloc needed to ...
Economy to grow by 3.4% despite record unemployment – ESRI
The Economic and Social Research Institute has forecast that the economy will end up growing this year by 3.4%, despite record unemployment. In its latest Quarterly Economic Commentary, ...
Brexit negotiators making some progress – Coveney
The Minister for Foreign Affairs, Simon Coveney, has said neither of two remaining obstacles in relation to Brexit are easy to resolve. He said while he is hopeful ...
Consumer sentiment rises for second month in a row
Consumer sentiment rose strongly for the second month in a row to reach its highest level since the Covid-19 pandemic took hold after the reopening of large parts ...
Ulster Bank exiting Irish market could hit SME lending: Central Bank deputy governor
An exit by Ulster Bank from Ireland could lead to a concerning reduction in competition in the SME lending market, the deputy governor of the Central Bank has ...
UK says EU ‘needs to move’ for post Brexit deal
The European Union will need to move in negotiations but it is in the interests of both Britain and the EU to get a trade deal, according to ...
Ibec forecasts economic growth of 0.8% for 2020
The resilience of the Irish economy will mean it will grow by 0.8% this year, the country’s largest business group has forecast in its latest Quarterly Economic Outlook. ...
US tech giants face fines as EU set rules to curb their power
Amazon, Apple, Facebook and Alphabet unit Google may have to change their business practices in Europe or face hefty fines between 6-10% under new draft EU rules to ...
House prices increased by 3.5% in a year – Daft report
House prices have increased by 3.5% in the last year, according to a report by the property website Daft.ie. So far this year more than 630 properties were ...
28,000 new homes a year needed to keep up with population growth – ESRI
Overall, 28,000 new houses will be required to be built each year over much of the next two decades if the country’s housing needs are to keep step ...
Barnier says post-Brexit trade deal still possible
The European Union’s Brexit negotiator, Michel Barnier, has said sealing a new trade pact with Britain is still possible and that negotiations are continuing to attempt to solve ...
‘Low expectations’ for post-Brexit trade deal
There are “low expectations” that a post-Brexit trade deal can be struck between the European Union and Britain, European Commission President Ursula von der Leyen has reportedly told ...
5 reasons why a no-deal Brexit would be bad for Ireland
The talks on Brexit may still be ongoing, just about. But so, too, is the worrying here in Ireland about the potential consequences of no agreement being struck. ...
European Central Bank sees slower growth next year, faster pick up later
The European Central Bank expects economic growth to rebound more slowly next year as the pandemic continues to weigh on output but the recovery could be quicker in ...
PUP earnings threshold increased for self-employed
Self-employed people in receipt of the Pandemic Unemployment Payment (PUP) will be able to earn €960 over eight weeks while also retaining their full entitlement to the payment ...
UK and EU have ‘some scope to keep talking’ – Raab
Britain and the European Union have scope to strike a trade deal but significant differences remain and real progress needs to be made to keep talking beyond the ...
Consumers face VAT and customs duty from 1 January if buying goods from UK
Consumers will be faced with VAT and customs duty when Britain exits the EU on 1 January if buying goods from the UK. However, the changes are likely ...
‘Pivotal’ day in Brexit talks as Johnson heads to Brussels
British Prime Minister Boris Johnson will travel to Brussels in an attempt to reach a breakthrough on a post-Brexit trade deal with European Commission President Ursula von der Leyen. Later this morning the ...
Significant differences remain on Brexit level playing field – Taoiseach
The Taoiseach has told a meeting of the Fianna Fáil parliamentary party that significant differences remain on the issue of the level playing field in the Brexit talks. ...
IFAC warns 6% may be knocked off GDP if no Brexit deal
Up to 6% could be knocked off Irish GDP if there is no Brexit trade deal, the Irish Fiscal Advisory Council (IFAC) has warned. Addressing the Oireachtas Select ...
Housing supply will not meet demand for at least another three years – BPFI
Housing supply is unlikely to meet demand until at least the end of 2023, according to an analysis of the housing market by the Banking and Payments Federation ...
Pandemic has made homebuying more important for some – KBC Bank survey
A survey of potential housebuyers by KBC Bank Ireland has found that about a fifth said the pandemic had resulted in increased interest in buying or moving house. ...
Govt report on insurance reforms to be published
A Government report outlining how to reform the assessment of insurance claims, and strengthen consumer protection, will be published this afternoon after consideration by Cabinet. It is believed ...
Online spending last month double that of last year
Online spending in November was double what it was during the same month last year, as people were precluded from physical shopping in non-essential retail stores due to ...
Fewer contactless payments during Level 5 restrictions
The impact of Level 5 Covid-19 restrictions on consumer spending have been revealed in figures released by the Banking and Payments Federation. Cash withdrawals from ATMs and card spending dropped ...
Barnier briefing EU member states on Brexit talks
EU chief negotiator Michel Barnier is currently briefing EU member states on the state of play in the Brexit negotiations which Taoiseach Micheál Martin last night described as ...
Hope fading post-Brexit trade talks could finish before Monday
Negotiations on a future EU-UK relationship will resume in London this morning, but hope is fading that the talks on a post-Brexit trade deal could finish today. Downing ...
EU regulator says derivatives market faces challenges on Brexit
The European Union’s top markets regulator has delivered a fresh warning that big European banks will face difficulties trading derivatives when they are locked out of London’s dominant ...
More UK supermarkets waive tax relief
Sainsbury’s, Asda, Aldi and B&M will forgo UK property tax relief during the pandemic, following rivals Tesco and Morrisons and taking the total recouped by the UK government ...
Little progress on key issues in Brexit talks
Brexit talks have stretched late into the night as both sides fought their corners with the clock ticking down to the deadline for a trade deal. It was ...
Services activity shrinks faster in November – PMI
Services activity contracted faster in November, ahead of the reopening from this week of large parts of the sector, a business survey showed today. Ireland became one of ...
€8.9 billion deficit in public finances recorded in November
The public finances recorded a deficit of €8.9 billion in November, according to the latest Exchequer figures. This compares to a surplus of €3.355bn in November last year. ...
Lockdown drives early Christmas shopping – PayPal
One third of Irish consumers, or 1.2 million people are Christmas shopping earlier this year due to lockdown, according to new research from PayPal. The study, conducted by Censuswide ...
Dublin sixth most active real estate market in Europe, according to report
Dublin is the sixth most active real estate market in Europe for capital invested, according to a report by PwC and Urban Land Institute. In its 18th year, the report ...
Brexit will impact consumer rights, warns watchdog
Irish consumers are planning on buying Irish after Brexit and many have already switched from UK websites due to concerns around consumer rights. The Competition & Consumer Protection ...
What was the cost of Level 5 on our economy and health?
As the country moves out of Level 5 restrictions today, Health Correspondent Fergal Bowers looks at the impact on health services, while Economics Correspondent Robert Shortt examines the ...
Surge in mortgage approvals in October driven by first-time buyers
New figures from Banking and Payments Federation Ireland show that October was the busiest month for mortgage approvals since BPFI began compiling the numbers in 2011. A total ...
Irish Fiscal Advisory Council critical of Government non-Covid expenditure commitments
The budgetary watchdog, the Irish Fiscal Advisory Council (IFAC), has said the Government’s commitment in the Budget to support incomes and the economy is “appropriate”. However, it was critical ...
80% of law firms see deteriorating outlook for sector – survey
A new report shows that nearly two in three Irish law firms recorded a decline in revenue over the last year. Six out of ten firms cited maintaining profitability ...
Brexit talks resume in London for what could be final week
Crunch talks aimed at securing a post-Brexit trade deal between the European Union and UK will resume today in what could be the final week of discussions. The EU’s ...
€6.85m paid out in Enterprise Support Grants since August
A total of 7,412 people have availed of the Department of Social Protection’s Enterprise Support Grant since applications were opened in August. The once-off payment is worth up ...
Enterprise Ireland survey reveals lack of readiness for Brexit
With just 35 days to Brexit, a new survey from Enterprise Ireland reveals a worrying lack of customs preparedness by Irish companies. A survey by IHS Markit of ...
No changes to Central Bank’s mortgage rules
The Central Bank has today left its key rules on mortgage lending unchanged and also extended its relaxation of certain regulations on bank reserves into next year. However, ...
Bosses concerned about isolation among remote workers – IoD Survey
A new survey shows that the isolation of staff and a lack of cohesion of teams who are working remotely during the Covid-19 pandemic are among the chief ...
ECB warns against early withdrawal of Covid supports
The European Central Bank has said if governments withdraw financial support from households and companies too early, it could “set back the economic recovery”. In its latest Financial ...
Switching off: Do workers have a ‘right to disconnect’?
The line between work and home life has blurred for many over the past few months. While there are countless benefits to remote working, turning your home environment ...
UK fiscal watchdog warns of impact of no-deal Brexit
Britain’s independent fiscal watchdog, the Office of Budget Responsibility, has said a no-deal Brexit at the end of this year will cut economic growth and increase unemployment. In addition to ...
5 top tips for borrowing at Christmas
Last week, I spoke about making cents this Christmas. The expression ‘things are tight at Christmas’ resonates with many of us at this time though the lockdowns have ...
Traffic light system proposed for non-EU air travel
A draft report from the Oireachtas Transport Committee has recommended that a traffic light system for countries outside the EU be developed before Christmas. The draft report, on ...
Government to extend Credit Guarantee Scheme and redundancy provisions
The Government has decided to extend two measures which were brought in to help businesses during the Covid-19 pandemic. The Covid-19 Credit Guarantee Scheme (CGS) will now stay ...
Christmas shoppers urged to be wary of online fraud
Consumers shopping online this week are being advised to be on the lookout for scams. Black Friday and Cyber Monday are expected to see another increase in online ...
Taoiseach remains hopeful Brexit deal can be agreed
The Taoiseach has said that Brexit amounts to the most significant fundamental economic change the country has faced in 50 years. Speaking at Dublin Port, Micheál Martin said ...
Surprise bounce in consumer sentiment in November
Consumer sentiment showed a significant and somewhat surprising rebound in November which may signal a stronger outlook for Christmas spending. The latest KBC Bank Irish consumer sentiment index ...
New Brexit loan scheme for small businesses now available
A new loan scheme to help small businesses to prepare for Brexit has been launched through Microfinance Ireland. Loans for between €5,000 and €25,000 will be available to ...
Saving Ireland – how Covid-19 turbo-charged deposits
We like to save money in Ireland and much and all as we’ve generally disliked ‘lockdown’, and all that it has meant in terms of an erosion of our ...
500 businesses, trade groups in open letter to Taoiseach
Nearly 500 businesses and trade associations involved in the tourism, hospitality and events industries have signed an open letter to Taoiseach Micheál Martin calling for the sector to be ...
Businesses urged to take action on UK direct debit changes
Businesses and other organisations here that use a UK based payment service provider to process direct debits are being urged to check they are ready for important changes ...
€8.24m in funding announced for Enterprise Centres
A total of €8.24m in grants has been announced for 95 Enterprise Centres around the country under Enterprise Ireland’s Enterprise Centres Fund. Enterprise Centres are embedded in communities ...
New company registrations down, but Central Bank finds no evidence of rising insolvencies
The Covid-19 pandemic has not led to an increase in company insolvencies, according to new research from the Central Bank. A report published today by the Central Bank ...
Outlook for Irish economy highly uncertain – Commission
The European Commission has said the outlook for the Irish economy is “highly uncertain” and that risks are “elevated”. In a report published today, the Commission notes that ...
Revenue reminds businesses of Debt Warehousing scheme
Revenue has written to over 100,000 taxpayers confirming that their tax debts totaling €2.2 billion are eligible for Debt Warehousing. The Debt Warehousing Scheme allows VAT and PAYE ...
Ireland in 4th place in survey of most attractive European locations for FDI
A new survey shows that Ireland comes in fourth place in the league table of attractive European locations for foreign direct investment in 2021. The EY European Attractiveness ...
‘Act now to prepare for Brexit’ – Revenue
Revenue is advising businesses who have not fully prepared for Brexit to act now to avoid significant disruption in their international trade. The advice comes following Revenue’s recent ...
Covid continues to hit labour market in third quarter – CSO
The number of people in employment during the third quarter of this year stood at 2,295,200, according to the latest Labour Force Survey published by the Central Statistics ...
Ibec calls for early exit from Level 5 for retail, hospitality and travel sectors
The chief executive of employer’s group Ibec has told the Government that there is serious and urgent concern in the business community around the current phase of Covid ...
Businesses can claim Covid restrictions support cash payments from today
Eligible businesses can claim cash payments under the Government’s Covid Restrictions Support Scheme from today. The scheme is designed to assist firms which have had to close or ...
Time is running out for Brexit deal, EU tells Britain
European Union diplomats have warned Britain that time was fast running out for a Brexit deal, and that it may already be too late to ratify one, as ...
Lenders warned by Central Bank on clear communication with mortgage holders
The Central Bank has warned lenders that it expects them to clearly communicate with customers at all stages of the mortgage application process, including customers who have already ...
40% of jobs here ‘disrupted’ by pandemic – EY
Two in every five jobs here have been disrupted by the Covid-19 pandemic, according to the accounting and professional services group EY in its latest Economic Eye report. ...
UK and EU still ‘far apart’ as Brexit talks resume
EU and UK officials are due to resume intensive negotiations in Brussels this morning on a future relationship treaty. Both sides are said to be still far apart ...
Proposed change to VAT refund scheme will impact jobs, retail sector – report
Proposed changes to a VAT refund scheme, availed of by non-EU residents who purchase craft and gift items here, will impact jobs, tourism and the retail sector, a ...
Brexit grace period for NI retailers considered
The European Commission and British government are discussing a possible grace period to allow retailers in Northern Ireland time to adapt to the significant changes that will come ...
Consumer prices fall 1.5% in year to October – CSO
Consumer prices fell at their fastest rate in a decade in October, with prices down 1.5% compared to the same month a year ago, new figures from the ...
Family businesses most concerned about tax system here
Ireland’s taxation system has been ranked as the number one concern among family businesses, according to the results of the first National Family Business Sentiment Survey published today. ...
Irish mortgage rates third highest in euro zone
Mortgage rates in Ireland still remain elevated compared to the country’s euro zone neighbours, new Central Bank figures show. Ireland had the third highest mortgage interest rates across ...
FDI warns of ‘serious’ disruption even if Brexit trade deal reached
The Irish food and drink industry has warned of serious economic disruption even if EU and UK negotiators reach agreement on a free trade deal in the coming ...
EU-UK trade talks set to go past mid-November deadline
Talks between the UK and the European Union on a post-Brexit trade deal are likely to run into next week, missing a mid-November deadline, Minister for Foreign Affairs Simon ...
Tax policies ‘could be key factor’ in economic performance – ESRI
Researchers at the Economic and Social Research Institute have asserted that Ireland’s tax policy “could be one of the key contributing factors to the country’s strong economic performance”. ...
Covid will cause Irish food service market to contract by half – Bord Bia
The Covid-19 pandemic will cause the Irish food service market to contract in size by nearly half this year, new estimates from Bord Bia have found. However, the report ...
Ulster Bank urges online shoppers to be ‘scam savvy’
Ulster Bank is urging online shoppers to be on the lookout for more than just bargains this Black Friday and Cyber Monday, with criminals increasingly targeting unsuspecting shoppers ...
EU to impose tariffs on US goods but makes last-ditch offer of further negotiations
The European Union will impose tariffs on American goods worth $4bn starting today in a tit-for-tat escalation over illegal aid to aircraft manufacturers Boeing and Airbus. EU trade ...
Insurance firms anxious about rising claim costs from pandemic
More than a third of insurance firms are worried about the cost of claims, particularly from Covid-19, while 60 per cent fear they will see a reduction in ...
Biden victory may boost Brexit talks with UK – Simon Coveney
The Minister for Foreign Affairs said a Joe Biden presidency may make some difference to Brexit negotiations, adding that the US president-elect is a “real friend to Ireland” and supporter ...
ESB to co-develop €3bn offshore wind farm in Scotland
The ESB has teamed up with a Chinese-owned firm to develop a €3bn-plus wind farm off the coast of Scotland. It’s the second major Scottish offshore wind farm ...
Pandemic prompts more people to plan for their financial future – survey
The pandemic has prompted people to put more emphasis on the need to plan for their financial future. More than six out of 10 people said they now ...
Gap between highest and lowest mortgage rates at a five-year record
The gap between the highest and lowest mortgage rates has stretched to a five-year record. It comes after the launch of a mortgage rate of less than 2pc ...
UK trade will face ‘significant disruption’ when Brexit transition ends
UK trade with the EU will face “significant disruption” when the Brexit transition ends, regardless of whether a trade deal is agreed, the UK government spending watchdog has ...
Mortgage lending hit from Covid not as big as feared – Goodbody
Improving trends in the housing market should help banks restore some of their lost income from depressed mortgage activity, according to Goodbody. The stockbroker said it expected mortgage ...
Card spending peaked ahead of Level 5 restrictions
Credit and debit card spending dropped following the introduction of Level 5 restrictions, according to the latest data from the Central Bank. As seen with the original restrictions ...
Housing market outperforms expectations – Goodbody
Housing output was not as severely affected by the pandemic restrictions as previously thought, according to Goodbody. Its latest BER Housebuilding Tracker – which it calculates using data ...
Former Revenue boss Feehily to head up review of pension age
Former head of the Revenue Commissioners Josephine Feehily is to head up a new commission that will make recommendations to the Government on the age that people will ...
Surveyors expect declines in both retail and office rents
Prime and secondary retail rents could fall by 11pc and 13pc respectively over the 12 months to the end of September 2021 according to the latest survey of ...
European stocks drop as US election race tightens
European stocks slid this morning in early trade as the race for the White House remained too close to call. London’s FTSE index had dipped 0.1%, while the ...
11% increase in PUP recipients in seven days
Almost 330,000 people will receive the Pandemic Unemployment Payment this week – up over 11% in the last seven days, according to the latest Department of Social Protection ...
Pandemic uncertainty and Brexit deliver October hit to services
Business activity for Ireland’s services sector suffered a second monthly decline in October as uncertainty over the pandemic and Brexit hit expectations, according to the AIB Ireland Services ...
ISME writes to TDs to express Level 5 lockdown concerns
The Irish SME Association (ISME) has written to all TDs in Ireland to express its grave concern at the latest national “lockdown” due to Covid-19. ISME told the ...
Cabinet to discuss establishment of pensions commission
The Cabinet meets this morning with Social Protection Minister Heather Humphreys expected to bring a memo proposing the formal establishment of a Commission on Pensions. Under the Coalition’s ...
Factory data lifts shares but investors remain wary of US election outcome
Shares recovered globally from one-month lows yesterday as strengthening factory data in China and Europe offset news of new virus lockdowns, while investors prepared for more volatility arising ...
Market for private rentals is strong with shortage of supply a big factor
The private rental market is among the few areas of the commercial property sector to so far escape being negatively impacted by the threat of a hard Brexit ...
Pandemic sparks increase in online shopping
Two in five people stay they began shopping online for the first time at the start of the pandemic. It comes as an initial lockdown in Ireland at ...
Covid lockdowns bring recession threat back to Europe
Europe’s economic recovery is being cut short as governments implement new restrictions to fight the coronavirus that risk driving the region toward another recession. The four biggest economies ...
Ireland set for €8bn more ECB support
IRELAND is in line for €8bn of further borrowing support after the European Central Bank (ECB) signalled it would expand the Pandemic Emergency Purchase Programme (PEPP) in December. ...
AIB says Q3 performance more resilient than expected
AIB said its performance in the third quarter was more resilient than it had expected with positive momentum reported on a quarterly basis. In a trading update for ...
Mortgage holders leaving thousands of euro on the table by failing to switch home loan providers – CBI research
Mortgage holders are leaving thousands of euro on the table by failing to switch home loan providers, according to new research by the Central Bank of Ireland (CBI). ...
Sterling could drop to 97p against the euro if no trade deal struck
Small and medium sized companies are generally showing signs of resilience in the current challenged trading environment, but there are concerns for particular sectors. That is according to ...
Rising infection numbers drag global stocks lower
Stocks tumbled in the US and Europe as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic. The S&P 500 Index ...
Retail sales rise before introduction of tighter restrictions
Retail sales rose by 1.5 per cent in September boosted by car and DIY sales but several sectors, including bars, were still well behind pre-pandemic levels. The latest ...
Over 11,000 customer accounts with Bank of Ireland remain on payment breaks
Just over 11,000 Irish customer accounts with Bank of Ireland are currently on payment breaks, as Covid-19 continues to impact economic activity. The total value of these loans ...
Disposable income in Ireland rose 28% between 2012 and 2019
The average disposable income of Irish households rose by nearly 30 per cent between the financial crisis and last year, according to the Central Statistics Office (CSO). The ...
Accountants plead with Johnson for NI customs solution
Tax practitioners have written to British Prime Minister Boris Johnson to urgently seek some temporary mechanism to ease custom disruption between Ireland and Northern Ireland at the start ...
Q3 mortgage approvals up by a third as mortgage market recovery continues
There was a significant increase in mortgage approvals in September, but the value of mortgages drawn down in the latest quarter was still down significantly on the same period last ...
Ireland ranked top in Europe for startup financing
Ireland is one of the best places in Europe for young companies to source investment, list on the stock market and access global capital, according to a new ...
‘Use your tax deadline extension to invest in pension’: advice for thousands who have an extra four weeks to pay
THOUSANDS of self-employed people and PAYE workers with non-taxed income have an extra four weeks to file a tax return. Some 500,000 people pay and file a return ...
UK retail sales growth beat expectations in September
British retail sales beat expectations in September to cap a record quarter of growth that took total sales volumes further above their pre-pandemic level, but rising Covid cases ...
Barnier says ‘every day counts’ as Brexit talks continue
Post-Brexit trade talks between the UK and European Union will continue in London as Michel Barnier said both sides have a “common responsibility” to strike a deal. The ...
70 days until Brexit transition ends – Coveney
The Minister for Foreign Affairs has called on all Irish businesses who rely on suppliers, producers, clients and customers from the UK to immediately check on their preparations ...
Sterling holds near new highs as Brexit talks restart
The pound slipped slightly this morning, but remained close to six-week highs it touched on the previous day after news that stalled Brexit negotiations were due to resume. ...
Varadkar stresses wisdom of managing public finances ‘soundly’
The Tánaiste has said the framework for the upcoming National Economic Plan would have to be based on the wisdom of managing the public finances soundly. Launching a ...
EU and UK negotiators to resume stalled post-Brexit talks in London
EU and UK negotiators will resume talks in London later today after both sides agreed to set out an intensified schedule of negotiations in the coming weeks. A ...
Half of people on Pandemic Unemployment Payment to get €50 increase
HALF of those claiming the pandemic unemployment payment will get a €50 increase in their payment bringing it to €350 a week. A total of 122,000 people will benefit ...
EU Council chief says UK has choice to make on Brexit
Britain has sovereign choices to make on Brexit and they will determine its future access to the EU’s internal market, European Council President Charles Michel has said. He ...
RTÉ to reinstate frozen incremental wage increases
RTÉ is to make immediate arrangements to reinstate previously frozen incremental wage increases to affected staff, after accepting a recommendation of its internal Industrial Relations Tribunal. Earlier today, ...
EU pledges to intensify talks on Brexit and legal texts
Senior European Union officials have said the EU is ready to intensify talks towards a deal on future trade ties with the UK after a meeting to discuss the ...
Retailers disappointed at decision to close all non-essential retail
Retailers have reacted with deep disappointment to the Government’s decision to close all non-essential retail as part of the move to Level 5. Retail Ireland described it as ...
Urgent need to focus on pension sustainability here – Mercer
Ireland is ranked in 14th place out of 39 countries in the 2020 Mercer Global Pensions Index despite the country’s underlying sustainability issue. The Netherlands topped the index ...
Johnson to set out position on Brexit negotiations
British Prime Minister Boris Johnson will today set out his position on the future of the Brexit negotiations. Last night, there was a firm message from EU leaders ...
Sterling falls as EU leaders press for elusive Brexit trade deal
Sterling weakened today as traders worried about the obstacles keeping the European Union and Britain from reaching a Brexit trade deal. The pound has risen in recent sessions, ...
Tánaiste says Govt may review PUP cut plans in January
The Tánaiste has indicated that the Government would review the plan to further reduce the Pandemic Unemployment Payment in January if the country is still in the teeth ...
Budget measures could see 35,000 new homes a year – CIF
The supply of new homes here could reach the required 35,000 per annum within years, as a result of initiatives announced in Budget 2021, the Construction Industry Federation ...
European leaders gather for two-day summit that will assess EU-UK negotiations
Taoiseach Micheál Martin will join other EU leaders in Brussels this afternoon for a two-day summit in which they will assess the prospects for a breakthrough in the Brexit ...
What essential retailers can remain open under Level 4?
As Donegal, Cavan and Monaghan move to Level 4 in the Living with Covid-19 framework, business owners, service providers and consumers will be wondering what is allowed to stay open and ...
Domestic growth lagged pre-Covid
Multinational corporations (MNCs) were already outpacing indigenous firms in Ireland before Covid made business conditions more difficult for the domestic sector. Sectors dominated by foreign-owned companies – such ...
EU summit to say Brexit progress ‘still not sufficient’
European Union leaders meeting in Brussels tomorrow and on Friday to discuss Brexit will say that progress in talks with Britain is “still not sufficient” to seal a ...
Tourism VAT rate cut to 9% from 13.5%
The VAT rate for the hospitality and tourism sector will be cut from 13.5% to 9% with effect from November 1, Minister for Finance Paschal Donohoe has announced. ...
Retention and creation of jobs central focus of Budget 2021
Jobs were always going to be centre stage in Budget 2021 – not just creating new ones, but clinging on desperately to the imperiled ones that already exist. ...
Lower than forecast budget deficit of €21bn expected this year
The Government expects to run a budget deficit this year of just over €21bn or 6% of GDP. This figure is lower than forecast, largely due to stronger ...
Eurozone facing ‘tougher’ time, says ECB chief economist Lane
The Eurozone economy is facing a “tougher” period than in spring as the pandemic continues to heap pressure on members, according to former Central Bank of Ireland governor ...
PUP may be extended beyond April but at a level affordable over long term: Humphreys
The Pandemic Unemployment Payment (PUP) may be extended beyond its end date of next April, Social Protection Minister Heather Humphreys has suggested. Speaking in the Dáil, she said: ...
From a €4bn ‘super fund’ to the PUP Christmas bonus: Everything we know about Budget 2021 so far
Tomorrow the Government will reveal details of the Budget 2021. Here’s everything we know so far… ■ Between €4bn and €5bn for a ‘super fund’ to deal with the ...
Sterling holds above $1.30 ahead of new lockdown measures
Sterling edged lower against the dollar today, with British Prime Minister Boris Johnson expected to announce new restrictions as the Covid-19 outbreak accelerates, but hopes for a Brexit ...
Reduced construction activity hits Govt’s social housing targets
The Government has admitted that its supply of social housing is only 35% of target due to the reduction in construction during Covid-19 restrictions. Opposition parties have described ...
Another full-blown lockdown ‘not inconceivable’ – Minister Ryan
The Minister for Transport Eamon Ryan has warned that another full-blown lockdown is “not inconceivable”, and that allocating further supports for the aviation sector will involve hard choices ...
UK economy grows by 2.1% in August, lower than expected
The UK economy grew much more slowly than expected in August, setting back its recovery from the coronavirus lockdown. Much of what growth recorded in August was down ...
Core budget spending to rise by €3 billion in 2021 – McGrath
The Minister for Public Expenditure and Reform has said that without accounting for policy measures in key areas, such as health and housing, the Budget estimates for next ...
First broadband plan community connection points open
The first 50 of 300 community Broadband Connection Points (BCPs), that are being rolled out as part of the National Broadband Plan (NBP) have been connected. BCPs are ...
Euro zone economic recovery in danger as Covid-19 resurgence hits service industries
The euro zone’s economic recovery faltered in September with growing evidence sectors and countries in the bloc are diverging as a resurgence of Covid-19 forces the reimposition of restrictions ...
Tourism taskforce urges radical steps to sustain industry
The Tourism Recovery Taskforce has called for radical steps to sustain and revive the industry post-Covid 19 including €120m in grant aid, a loan scheme and staggered school holidays. ...
Revenue brings forward payment date for EWSS
Revenue has brought forward the date of payment for Employment Wage Subsidy Scheme supports to eligible employers. EWSS payments in respect of September payroll submissions, which were due ...
Government approves 10c an hour minimum wage increase
The Government has approved an increase in the National Minimum Wage of 10 cent an hour, which will bring it to €10.20 per hour from 1 January. The move is set ...
Varadkar urges all 225,000 companies to be Brexit ready
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar is writing to every business in Ireland urging them to prepare for the change in relationship between Britain ...
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