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 been misleading statements about the sector. The organisation also said that comments made by Mr Martin suggesting the actions of the organisation’s members were morally reprehensible should […]
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 said the average interest rate on new Irish mortgages was 2.76% in January, up from 2.69% in December but down three basis points on the same time […]
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 buy the majority of its own fuel. Asked about the prospect of price regulation – which has been called for by the Opposition and touted by the […]
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. The reduction is 20 cent per litre on petrol, 15 cent per litre on diesel and a cut of 2 cent per litre on green diesel. The […]
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 Human Rights and Equality Commission. The new codes of practice, published in the week of International Women’s Day, set out the procedures and steps to ensure that […]
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 energy, grains and metals could crimp long-term demand. The euro hovered around $1.0913 in Asian trade, a modest recovery from Monday’s 22-month low of $1.0806. The euro […]
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 effect from midnight if, as expected, the Dáil passes the financial resolution. Work was ongoing at the Department of Finance late last night on proposals to decrease […]
Pandemic Unemployment Payment reduced to €208 a week
The Pandemic Unemployment Payment will be reduced to €208 a week from today, in the next step in the winding down of the scheme. People who previously earned less than €151.50 per week will receive a payment of €150. The PUP was first introduced in March 2020 and at one stage it was paid at […]
Enhanced security for certain card payments introduced
Higher security standards for certain card payments have come into effect. The changes are part of the ongoing rollout of Strong Customer Authentication (SCA) and relate to recurring card payments such as subscriptions where the cardholder’s details are retained for future use. From today, service providers and online retailers must process these payments in line […]
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 Covid-19 infections. The European Union’s statistics office Eurostat confirmed its earlier estimates that gross domestic product in the 19 countries sharing the euro rose 0.3% on a […]
Is the banking system really ready for the ‘big switch’?
This week was a busy one in the Irish banking landscape as AIB, Bank of Ireland and Permanent TSB all reported annual results for 2021. There were many angles arising – from a return to profits, to the resumption of dividends, and progress on the purchase of new assets, to the reduction of the State’s […]
Oil spikes to 2008 highs as US, Europe mull Russian oil import ban
Oil prices soared more than 9% today, touching their highest since 2008, as the US and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Brent crude futures jumped $12.61, or 10.6%, to $130.72 a barrel early this morning. US […]
€200 electricity credit to appear on bills from next month
Measures to give electricity users a €200 credit on their bills has been signed into law and it is expected that people will start receiving the discount from next month. The €200 credit, designed to soften the blow of rising energy costs, will be listed on people’s bills as a €176.22 credit line – but […]
Nothing off the table over further EU sanctions against Russia – McGuinness
The European Commissioner for Financial Services, Financial Stability and Capital Markets Union, has said nothing is off the table when it comes to potential further action by the European Union on sanctions against Russia. Mairead McGuinness said everything the EU does will be about attacking Russia’s war machine by “pulling away money” but while also […]
Why are there not more women workers in Ireland?
One of the surprises of the recession caused by the pandemic is that, unlike the financial crisis over a decade ago, this time round there has not been significant permanent destruction of jobs nor a semipermanent rise in unemployment. Quite the contrary: many economies, including Ireland, are experiencing shortages of workers in some sectors, as […]
Price shock from Russian invasion reverberates around world
Since the end of last summer, inflation has rebounded across our own economy as well as the rest of the euro area, the UK and the US. But this week, as the war in Ukraine became more brutal and the impact of sanctions against Russia rippled out, it became clearer that what we’ve experienced up […]
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 market turmoil but also respond to mounting price pressures. Inflation in the 19 countries sharing the euro accelerated to 5.8% from 5.1% in January, beating expectations for […]
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 PMI rose sharply to 61.8 from 56.2 in January and 55.4 in December. Readings above 50 indicate overall rises in activity. The latest reading signalled the fastest […]