Domestic electricity bills to rise by up to €100 a year to cover network charges
Household electricity bills could be set to rise by up to €8.42 a month over the coming year. The increase is the result of the energy regulator setting network charges for the period. The Commission for the Regulation of Utilities (CRU) said network charges are needed to enable ongoing investment to take place in the […]
Average weekly earnings up 5.6% in second quarter – CSO
Preliminary figures from the Central Statistics Office show that average weekly earnings for the second quarter of 2024 reached €963.17, an increase of 5.6% or €51.43 compared with the same time last year. The CSO said that average weekly earnings rose across all 13 sectors in the year to the second quarter, with the largest […]
Chambers set to extend bank levy as part of Budget 2025
Minister for Finance Jack Chambers is planning to extend the bank levy as part of Budget 2025. The levy was first introduced in 2014 and has been extended on a number of occasions over the past decade. The bank levy is calculated based on eligible deposits at the four institutions that received State assistance during […]
Zoned Land Tax to go ahead in Budget, O’Gorman says
Green party leader Roderic O’Gorman has said that the Residential Zoned Land Tax will go ahead in the upcoming Budget. The Minister for Children and Integration said that he had spoken to his Cabinet colleague Minister for Finance Jack Chambers about the matter, and that there will now be a “carve out” for farmers. Minster […]
Over 40% of workers did not use full holiday entitlements last year – survey
More than four out of ten people did not make full use of their full holiday entitlements last year, according to new research on annual leave. The survey undertaken by FRS Recruitment shows that almost one in five people did not take five days of annual leave or more, which in business terms represents a […]
Some mortgage holders with non-bank lenders to face big rate hikes this year
Thousands of mortgage holders who have their loans with non-bank lenders could be set to be see their mortgage rates leap by as much as 3.5 percentage points later this year. The increase will come when their current low fixed rates come to an end and they are forced to choose from one of the […]
Over 40% of workers did not use full holiday entitlements last year – survey
More than four out of ten people did not make full use of their full holiday entitlements last year, according to new research on annual leave. The survey undertaken by FRS Recruitment shows that almost one in five people did not take five days of annual leave or more, which in business terms represents a […]
Darkening global outlook, central banks’ pivots signal more turbulence
Growing signs of lacklustre growth and risks emerging to the job market overshadowed a gathering of global policymakers at the US Federal Reserve’s annual Jackson Hole conference, highlighting the changing trajectory of monetary policy as US and European central banks eye cutting interest rates. Even as the focus of US and European central bankers shifts […]
Third of firms put money aside to pay cyber ransoms
Almost a third of businesses in Ireland have money put aside to pay for ransoms arising from ransomware attacks, a new survey has found. Half of the firms surveyed admitted their defences had been breached by a ransomware attack in the last year. While more than half said they had fallen victim to social engineering […]
ECB has room for gradual rate cuts, Kazaks says
The European Central Bank has room to cut interest rates possibly two more times this year as inflation remains broadly on the declining path policymakers envisaged, ECB policymaker Martins Kazaks said. The ECB cut rates for the first time after a record string of hikes in June and markets expect a second move on 12 […]
Employment rate rises, female participation at record high
The employment rate in Ireland has increased almost 3% to over 74%, while female participation is at a record high. New figures from the Central Statistics Office show that over 2.7 million people over the age of 15 and uder 65 were in employment between April and June. That is 71,000 more than the same […]
Economy moderating after years of rapid expansion
Rising global trade tensions and direct competition for Foreign Direct Investment from large economies is already challenging Ireland’s growth potential. This is according to business group, Ibec, which is calling for a renewed focus on the economy’s long-term potential sources of growth. In its latest economic outlook, the group notes that the economy is showing […]
Euro zone August business activity surprisingly strong
Euro zone business activity showed surprising strength in August despite firms raising prices, a survey showed, potentially weakening expectations for two more rate cuts from the European Central Bank this year. However, the recovery was mixed as a strong rebound in the bloc’s dominant services industry offset a deeper downturn among manufacturers. HCOB’s preliminary composite […]
Third level education costs double in five years research finds
Parents of young adults attending third-level expect it will cost them €9,511 this year, when in reality if the student is living in rented accommodation they will need €16,100 – almost double the figure five years ago, new research has found. However, if the child is living at home while going to college, the cost […]
Microbusinesses facing profitability pressures – survey
Microbusinesses with three or less employees are under severe pressure, particularly when it comes to profitability, a new survey has found. Three out of every 10 are not optimistic about trade in the third quarter of the year, tipping them into loss-making territory for the first time since the pandemic, according to the research. The […]
Gas generates 45% of electricity in July, demand rises
Demand for gas increased by almost 6% in July when compared to the previous month, new data shows. The report from Gas Networks Ireland shows that demand was up 3% on the same month last year. Gas was the largest contributor to electricity generation, generating 45%. This was up from 42% in June, and down […]
Fresh delay to decision on Dublin airport passenger cap
The planning application by Dublin airport operator, daa, to raise the current 32 million passenger a year cap at Dublin airport to 40 million passengers has been hit by a fresh planning delay. This follows Fingal County Council granting daa a three month extension to the deadline by which it needs to submit a response […]
Mortgages make up 10% of credit union loan book
Mortgage lending at credit unions increased by 10% to €518 million in the three months to the end of June. That’s according to the latest quarterly results from the Irish League of Credit Unions. Mortgages now make up nearly 10% of the total credit union loan book. The ILCU puts this growth down to demand, […]