Banking research reveals huge dependency on main retail banks, as review event takes place
Just 1% of people here have their main current account with a digital bank, a survey of consumers carried out on behalf of the Department of Finance has found. While thousands of people use services like Revolut to transfer money, the fintech recently expanded their presence in the Irish market offering a full banking service […]
Just how ‘early’ will the ECB start increasing interest rates?
“Early.” This five letter word caused a slight ripple this week for those who read the tea leaves on the utterances of central bankers. Christine Lagarde, President of the European Central Bank, said in a speech in Slovenia that the bank’s purchases of bonds under its Asset Purchase Programme should conclude “early in the third […]
Inflation at its highest rate in 22 years
The annual rate of inflation rose to 7% in April, according to figures published by the Central Statistics Office – its highest rate in 22 years. The CSO said this marked an increase from 6.7% in March and was the largest annual increase in inflation since November 2000 when inflation also stood at 7%. The […]
Irish household wealth hits record €198,498 per person
Irish household net worth soared to a record high in the final three months of last year, despite the various economic pressures, new data from the Central Bank shows. In total, household net worth rose €38.5 billion between October and the end of December, to reach €995 billion. This equated to €198,498 for every man, […]
FBD’s car insurance premiums down 9% this year
FBD Holdings said today that its average motor insurance premium is 9% lower than the same time in 2021 and the company is seeing strong retention of existing customers. In a trading update ahead of its AGM today, FBD said the underwriting performance of its business for 2022 to date has been in line with […]
Cairn Homes expects build cost inflation of 6% for 2022
Cairn Homes said it expects total build cost inflation – including infrastructure, materials and labour – of about 6% for this year but reiterated its full year guidance. In a trading update ahead of its AGM in Dublin today, the company said the build cost inflation outlook is uncertain. But it added that it anticipates […]
Market rents rise as supply hits new low – daft.ie
Market rents in the first three months of the year were almost 12% higher than they were in the same period last year, according to the latest report from property website daft.ie. The average market rent between January and March stood at €1,567 per month, the report concludes, which was up almost 3% on the […]
Lagarde suggests ECB rate hike could come as soon as July
European Central Bank president Christine Lagarde has hinted the Frankfurt-based institution could raise its interest rates from historic lows as soon as July as inflation in the eurozone soars. The ECB should end bond-buying “early in the third quarter”, Lagarde said in a speech in Ljubljana, and could then raise interest rates “only a few […]
Sharp rise in revenue reported by ferries group ICG
Shipping operator Irish Continental Group has reported an increase in revenue for the first four months of the year. In a trading statement, the group provides comparisons to the same period last year as well as to the first four months of 2019, the year before the pandemic struck. ICG said group revenue up to […]
Lakeland Dairies CEO Michael Hanley to retire in December
The Chief Executive of Lakeland Dairies, Michael Hanley has announced his decision to retire at the end of this year. He has held the position for 16 years but has worked with the co-operative for 36 years. During his term as CEO, Mr Hanley led the transformation of Lakeland Dairies to become the second largest […]
Govt set to agree to extend lower VAT rate for hospitality
The Government is set to agree to extend the lower VAT rate for the hospitality sector when the Cabinet meets this morning. Minister for Finance Paschal Donohoe is likely to bring what is termed an “under the arm” memo outlining the details of the extension. It is thought that the 9% lower VAT rate, which […]
Writech announces 50 jobs in Mullingar
Fire protection company Writech has announced the creation of 50 jobs with the launch of a new design and innovation centre in Mullingar, Co Westmeath. The company has invested €2 million in the facility which uses state-of-the-art 3D technology to design, engineer, manufacture and assemble products and systems for clients. The centre will lead to […]
British govt to prioritise further talks on Northern Ireland Protocol
The British government is not expected to announce any moves to unilaterally scrap the Northern Ireland Protocol. There had been reports in the British media that the Queen’s speech, which sets out the legislative programme for the year ahead, would announce a law to override the Northern Ireland Protocol. That would be regarded as a […]
Oil slips on global economic concerns, ahead of EU vote on Russia oil ban
Oil prices slipped today, along with stock markets in Asia, sparked by fears a global recession could dampen oil demand. Investors are also eying European Union talks on a Russian oil embargo that is expected to tighten global supplies. Brent crude dropped 28 cents, or 0.3%, to $112.11 a barrel early this morning while US […]
Public transport passenger numbers up as fares reduce
The National Transport Authority has said passenger numbers on public transport have increased as fares are being reduced as part of Government plans to help ease the cost of living and to encourage more sustainable travel. It is the first time public transport fares have been cut nationally since 1947. Fares on Dublin Bus, Luas, […]
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 […]