Central Bank revises downwards economic forecast
The Central Bank has revised its forecasts for growth in the economy downwards, due to higher inflation and the impact on the war in Ukraine on the global economy. In its quarterly bulletin, the bank says inflation this year could peak at 8% and will average out at 6.5% for the year as a whole. […]
Pandemic Unemployment Payment winds down today
Today marks the end of the Pandemic Unemployment Payment (PUP) and remaining recipients will now transition to jobseekers’ payments, if they are deemed eligible. The scheme was closed for new applications in January and last week, final payments to the remaining 44,747 claimants were processed. The PUP was first introduced as the Covid-19 pandemic struck […]
Record inflation in services sector as outlook darkens
The outlook for the services sector, as measured by AIB in its monthly Purchasing Managers’ Index, darkened considerably in March following the Russian invasion of Ukraine and record price inflation across the sector. The drop in sentiment last month was exceeded only twice in the survey history, in March 2020 and September 2001. However, demand […]
Euro zone economy got March boost from reopening but prices soared – PMI
Euro zone business growth got a boost last month from the re-opening of economies following the Omicron coronavirus variant, according to a new survey. But the survey also showed that soaring energy costs and Russia’s invasion of Ukraine threaten the recovery. S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good guide to […]
Irish people are the most ‘crypto-curious’ in the world
58% of Irish respondents, who do not currently own cryptocurrency, are interested in learning more or are likely to acquire it in the next 12 months, according to a new survey. The 2022 Global State of Crypto report, released by cryptocurrency exchange Gemini, found that Irish people are the most ‘crypto-curious’ in the world followed […]
One in five Irish businesses do not have a cyber security policy
One in five businesses in Ireland, the equivalent of 50,000 companies, do not have a cyber security policy in place, according to a new survey. The research from connectivity network Magnet+ shows that 50% of Irish businesses have not implemented an email security solution to prevent cyber threats and attacks. The study also reveals that […]
Oil inches up as supply concerns weigh despite reserves release
Oil prices inched higher today as worries about tight supply persisted even as investors eyed the release of supplies from strategic reserves from consuming nations and a truce in Yemen sparked hopes that supply issues in the Middle East could abate. Brent crude futures were up 9 cents, or 0.09%, to $104.48 a barrel early […]
Irish firms may be adapting faster to pandemic recovery – EY
Irish businesses are emerging stronger from the Covid-19 pandemic than their global counterparts, according to new research by EY Ireland. 37% of Irish CEOs surveyed said their businesses have been reshaped positively in some form by the pandemic, compared with just 13% across the world. The findings suggest that Irish firms may be adapting faster […]
Oil seesaws ahead of IEA meeting on stocks release
Oil prices seesawed today ahead of a meeting of consuming nations to discuss a new release of emergency oil reserves alongside a huge planned release by the US. US West Texas Intermediate (WTI) crude futures dipped 6 cents to $100.22 a barrel in early trade after trading as high as $101.75. The contract had slumped […]
Euro zone inflation surge intensifies ECB policy dilemma
Inflation continued to surge across Europe’s biggest economies this month, leaving households poorer as they picked up the bill for soaring energy costs in the wake of Russia’s shock invasion of Ukraine. Price growth hit multi-decade highs in Italy, France, Germany and Spain in March. This has intensified a policy dilemma for the European Central […]
Levy being introduced on use of disposable coffee cups
A levy on disposable coffee cups will be introduced in the coming months in an effort by the Government to cut their use. The Circular Economy Bill published this morning is aimed at reducing waste and influencing behaviour. It also paves the way for use of CCTV to detect and deter illegal dumping and littering. […]
Used car asking prices are now 30% higher than a year ago
The ongoing supply pinch in the used car market is continuing to force prices higher, with asking prices for pre-owned cars climbing 7.9% in the first three months of this year compared to the same period in 2021. That is according to listings website DoneDeal, which said the inflation represents the tenth consecutive quarter that […]
Average house selling for above asking price – daft.ie
Properties in Ireland are on average selling for over 3.5% above their asking prices at the moment, according to an analysis of the market by the property website daft.ie. This time last year, the gap nationally had been just 0.4%. In early 2020, the typical transaction price was 0.5% below the listed price, the analysis […]
Mortgage switching volumes up over 40% on last year
There was strong growth in mortgage approvals in February with switching volumes up 42% year-on-year, according to the latest figures from Banking and Payments Federation Ireland. A total of 3,894 mortgages were approved last month. First-time buyers (FTBs) were approved for 2,053 mortgages, 52.7% of the total volume, while mover purchasers accounted for 848, almost […]
Cabinet gives go-ahead for new private sector pension scheme
The Cabinet has agreed to draft legislation which will pave the way for a new pension scheme for private sector workers. It is estimated that just 35% of private sector workers have a pension, something which makes Ireland an outlier internationally. The new scheme will cost the Exchequer almost €3 billion every ten years and […]
All employers will have to offer sick pay under proposed new laws
The Cabinet has signed off on proposed new laws on sick pay, that will make it mandatory for all employers to offer a minimum level of cover. The Sick Leave Bill 2022 will now be published and will begin its passage through the Houses of the Oireachtas. The new laws will start to come into […]
SIPTU conference to hear renewed call for pay increases
Members of SIPTU, the country’s largest trade union, will gather in Sligo today for their Biennial Delegate Conference. The union is expected to renew calls for pay increases to reflect the rising cost of living. The conference will run until Thursday with more than 50 motions to be debated and voted on. Today, topics will […]
Banking and customer service dominated FSPO complaints last year
More than half of all the complaints lodged with the Financial Services and Pensions Ombudsman (FSPO) last year were about banking, with customer service issues the main driver. The FSPO’s Overview of Complaints for 2021 also shows that nearly a quarter of the total complaints received by it related to mortgages. Among them were 250 […]