Air fares will rise due to higher oil prices – Aer Lingus CEO
The chief executive of Aer Lingus has said it is inevitable that fares at the airline will rise as a result of rising oil prices. Lynne Embleton said fuel costs are a large part of the overall cost base of an airline, typically making up 25-30%. “When fuel price goes up it is inevitable eventually […]
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 UN food agency said today. The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 158.5 points last month […]
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 the second quarter onwards and for the full year. The company, which also owns Iberia and Vueling, said the continued easing of government-imposed travel restrictions, resulted in […]
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 is “substantial uncertainty” due to the fall-out from the ongoing war in Ukraine. The IMF forecasts growth in GDP (Gross Domestic Product) terms of 6% this year […]
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 they are now struggling to make ends meet when it comes to their weekly food shop, Kantar added. Today’s figures show that grocery price inflation hit 4.7% […]
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 Central Statistics Office has found. Of the 1.5 million people employed in all the businesses captured by the survey, just 2% had been working in those that […]
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 […]