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 Commission President announced a sixth round of sanctions against Russia for waging war on Ukraine and pledged to minimise the impact on European economies. The plan, if […]
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 slight slowdown in new orders and output growth, a survey showed today. The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) fell slightly to 59.1 from 59.4 […]
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 call for better pay and conditions and for greater recognition of the work being carried out by employees in the sector. The workers involved are employed by […]
€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. Under the proposed scheme, farmers will be entitled to a payment of €100 per hectare of silage they cut, up to a maximum of 10 hectares. The […]
AIB in talks for Ulster Bank’s tracker mortgages
AIB said it has started exclusive discussions with NatWest for the acquisition of about €6 billion of Ulster Bank’s performing tracker mortgages. The bank said that any potential transaction remains subject to negotiations and agreement. It is believed that up to 40,000 tracker mortgages could be included in the sale. The Competition and Consumer Protection […]
KBC Bank Ireland extends current account closure notice
KBC Bank Ireland said it has decided to extend the notice period for the closure of current accounts from 90 days to six months. The move brings it in line with Ulster Bank, which is giving customers six months to move their accounts, and comes days after the regulator told banks that they need to […]
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 growing demand and ensure security of supply. In a trading update ahead of its AGM today, Europe’s largest paper packaging producer said demand remains strong in the […]
Alphabet chief says Google will continue to invest in Ireland
Google will continue to invest in Ireland, saying changes to the international corporation tax regime make “no difference at all” to their investment plans. In an exclusive interview with RTÉ News, the chief executive of Alphabet, the parent company of Google, said: “We are going to continue to invest – We have invested over €1.5 […]
Kerry Group reaffirms full year earnings guidance
Food technology and ingredients company Kerry Group said it was seeing continued strong business growth during the first quarter of 2022 as it reaffirmed its full year earnings guidance. In a trading update, Kerry reported group volume growth 5.6% for the three months to the end of March. Kerry said its Taste & Nutrition division […]
Glenveagh Properties on track to deliver 1,400 new homes this year
Home builder Glenveagh Properties said it is on track to deliver 1,400 suburban homes in 2022 with 80% now sold, signed, or reserved. In a trading update ahead of its AGM today, Glenveagh said it has a total order book of 2,160 units across its suburban and urban segments. These include 358 suburban homes currently […]
Bank of Ireland CEO moving to Credit Suisse role
Outgoing Bank of Ireland chief executive Francesca McDonagh is to take up a new job at Swiss bank Credit Suisse. Ms McDonagh will take up the role of CEO of the Europe, Middle East and Africa region of Credit Suisse by October. Bank of Ireland confirmed yesterday that Ms McDonagh would be stepping down from […]
Bank of Ireland reports positive start to 2022
Bank of Ireland said it has made a positive start to 2022 with its income, costs and capital all performing in line with expectations. In an interim management statement, Bank of Ireland said that customer loan volumes were lower at €75.2 billion at the end of March compared to €76.3 billion at the end of […]
Euro falls below $1.06 for first time in five years
The euro fell below $1.06 for the first time in five years against a broadly strong US dollar today amid rising concerns around energy safety and growth slowdown in China and Europe. The euro slipped to a five-year low of $1.05890 after Russia’s Gazprom said it would cut gas supply to Poland and Bulgaria. The […]
Twitter’s 500 Irish staff closely watching developments
Elon Musk’s $44 billion deal to buy Twitter has attracted massive attention around the world. Here at home, the latest developments are no doubt being watched closely by the company’s Irish staff. The social media platform employs more than 500 people at its European Headquarters in Dublin. What will the change of ownership mean for […]
Primark to raise prices due to inflationary pressures
Associated British Foods has today reported a near doubling in first-half profit but said its Primark clothing business would have to raise prices because of the severe inflationary pressures it was facing. The group said today that inflationary pressures were such that it is unable to offset them all with cost savings, and so Primark […]
Currency fintech aims to ‘bring hedging to everyone’
Irish foreign exchange technology firm Assure Hedge is launching a service which it describes as aiming to ‘bring hedging to everyone’. Hedging is a method – deployed by businesses usually – to protect against future changes in currency exchange rates, whether expected or unexpected. Research indicates that while 80% of large companies with currency risks […]
How businesses can take the edge off their energy bills
The dramatic increase in energy prices in recent months has brought sharp focus to the need for businesses to cut their usage – fast. The biggest changes generally require a significant up-front outlay – something that may take years to see a return on. Against a backdrop of rising costs across-the-board, and growing uncertainty about […]
EU agrees on internet rulebook for Google, Facebook, other tech giants
EU member states, the European Commission, and the European Parliament have reached agreement on new rules requiring large tech companies to do more to police illegal content on their platforms and to pay a fee to regulators monitoring their compliance. The agreement came after more than 16 hours of negotiations. The Digital Services Act (DSA) […]