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 demand. Brent crude rose 55 cents, or 0.6%, to $94.67 a barrel early this morning while US West Texas Intermediate crude was up 65 cents, or 0.8%, […]
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. The first grain ship to set sail from a Ukrainian port since the start of the Russian invasion, departed Odesa on Monday. “We expect that the security […]
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 vulnerable people. “It is immoral for oil and gas companies to be making record profits from this energy crisis on the back of the poorest people and […]
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 Central Bank survey shows. The Consumer Expectations Survey is used by policymakers for input in their deliberations and was published today for the first time. It showed […]
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 in June, though this was still below the May reading of 60.2. Readings above 50 indicate overall growth in activity. By comparison, the flash July Services PMI […]
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 effect on August 29th and will be followed by another increase to €12.90 per hour from February 1st next year. The minimum rate of pay has been […]
€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 at the same time last year. Net profit of €279 million was down from €341 million for the same period last year. The bank recorded an impairment […]
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 to the market while most members have already exhausted their output potential. “We have always said that the preferred price corridor is $60-80 per barrel. Today the […]
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 a slowdown in the economy. Wrapping up its August policy meeting, the Reserve Bank of Australia (RBA) lifted its cash rate by 50 basis points to 1.85%. […]
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 study by Coyne Research, commissioned on behalf of Aldi Ireland. It found that consumers spent on average €9 extra, with three in ten claiming the additional spend […]
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 running in July. It states that demand conditions had weakened both domestically and abroad, in part due to rising costs. “Inflationary pressures remain pronounced, with prices rising […]
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 in earnings. The Irish utility had an adjusted profit of £33m (€39.5m) in the first six months of 2022, compared to a profit of £19m (€22.7m) in […]
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 in the autumn, which is designed to make the permits system more flexible and better able to respond to evolving labour market needs. A seasonal employment permit […]
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 year. This follows a reduction in 2020 of 16% and an overall drop in claims volumes in the last two years of 31% The decreased volume in […]
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 in global capital markets and ongoing increases in commodity prices – especially energy – are undermining the recovery seen in the first half of the year. “Leading […]
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. The independent review, commissioned by Minister for Housing, Darragh O’Brien last year, says an industry levy would target those who did not cause the defects, would face […]
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 were under construction in June which represents an increase of over 18% on the same time last year. Construction was constrained in the first half of 2021 […]
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 economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, […]