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 are built almost entirely on the model – as well as countless smartphone and tablet apps. But they’ve proven controversial too, with critics saying they encourage bad […]
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 Social Protection told RTÉ’s This Week programme that, up to the end of July, just over 18,700 Pandemic Unemployment Payment over-payments were recorded to a value of […]
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. The Commission for Regulation of Utilities (CRU) has launched a two-week consultation asking industry and electricity providers how they intend to reduce energy usage. Speaking on RTÉ’s […]
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 and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1% month-on-month […]
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 2021 annual report by Transport Infrastructure Ireland (TII) shows however that the €140 million in toll income – which includes €7.5 million in penalty income – falls […]
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 generated more than 39% of such turnover, while almost 17% was generated from the UK. Irish-owned foreign affiliates employed more than 1.2 million people in 2020, up […]
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 rate increase next month even as recession risks harden. The central bank for the 19-country bloc surprised investors with a 50-basis-point rate hike last month fearing that […]
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 report on personal loans by Banking & Payments Federation Ireland shows continued strong growth in activity, the most since the data series began in 2020. On an […]
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 business law firm Mason Hayes & Curran and the Irish Management Institute found that 85% of firms see higher costs as having the greatest impact on their […]
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 exports, and bleak economic data from top crude buyer China limited gains. Brent crude futures rose 72 cents, or 0.8%, to $95.82 a barrel by 1219 GMT, […]
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 and took a cautious approach to hiring, according to the latest BNP Paribas Real Estate Ireland Construction PMI. It shows companies were pessimistic towards the 12-month outlook […]
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 increases were recorded in the value of information and communication services, and accommodation and food services. Decreases were recorded in transportation and storage, other service activities, and […]
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 the first time since the start of the year that price growth has not accelerated on a year-on-year basis, the CSO figures show. Inflation is standing at […]
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 the week beginning 25 July 2022 were 80% of the number taken in the first week of March 2020. Bus journeys in Dublin were 78% of pre-Covid […]
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 the Central Statistics Office show. In total, goods worth €105bn were exported, up by €24bn on the same six-month period last year, marking a record first half […]
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 early stage development activity in sites on the east, south-east and west coasts of Ireland, with “significant offshore wind energy developments” planned for each location. This would […]
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 of 18,000 global consumers found that nearly 80% were concerned about their finances, while more than 60% expected their living costs to rise further in the coming […]
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 on those with average incomes and below is considered to be relatively low. Some would like to see an even greater contribution from the wealthiest, but there […]