SME optimism drops amid Ukraine war and inflation
Irish SMEs are feeling less optimistic about the future, according to a new report by peer-to-peer lender Linked Finance. Its latest SME Confidence Index for the first quarter of this year, shows that companies are more wary about current business conditions amid the war in Ukraine and rising inflation. The index, which is based on […]
Taoiseach in Belfast to meet political and business leaders
The Taoiseach is in Belfast today to meet politicians and business leaders as efforts continue to break the Stormont impasse over the Northern Ireland Protocol. Micheál Martin will meet party leaders for talks and will host a delegation from the business community. The DUP is refusing to restore power-sharing until its concerns about the protocol […]
Hauliers given more time to apply for fuel cost support
Hauliers are to be given more time to apply for an emergency support scheme put in place by the Government to assist them with the soaring cost of fuel. Those who have not yet applied for the assistance will now have until 6 June to lodge their completed applications. Under the Licensed Haulage Emergency Support […]
Aer Lingus owner IAG orders 50 new Boeing planes
Aer Lingus and British Airways owner IAG is to order 50 Boeing 737 MAX jets for delivery between 2023 and 2027, in a vote of confidence in the struggling US planemaker. The order for 25 737-8-200 and 25 737 MAX 10 jets to be used for short-haul operations at IAG-owned airlines is worth $6.25 billion […]
Amid hiring surge, 79% of businesses struggling to fill vacancies
A new report has revealed record levels of hiring by Irish businesses but also shows that many are struggling to fill vacancies. According to the latest ManpowerGroup Employment Outlook Survey, employers of all sizes plan to expand headcount significantly. The study shows that Ireland has recorded the highest net employment outlook in Europe, closely followed […]
Fórsa says improving pay ‘must be our priority’
The General Secretary of Fórsa, the country’s largest public sector trade union, has said that improving pay must be his union’s priority. In an address to delegates at Fórsa’s national conference in Killarney, Co Kerry, Kevin Callinan said that runaway inflation was leading to a cost of living crisis. “Our job is to do what […]
Gas generated over half of Ireland’s electricity in April
Gas reliably generated more than half the country’s electricity in April as the contribution from wind generation dropped to about one third, new figures show today. The figures from Gas Networks Ireland show that gas generated 52% of Ireland’s electricity in April, up 27% on March’s level of 41% and 37% on the first quarter […]
Fáilte Ireland launches drive to tackle staff shortages in tourism sector
A national campaign to address staff shortages in the tourism and hospitality sectors is being launched today by Fáilte Ireland. The €700,000 marketing drive will run across national radio, print, online platforms and social media. The aim of the initiative is to attract more people to jobs in the sector as the tourism industry faces […]
UK inflation hits 9%, highest since modern records started
British inflation leapt last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up help for households facing a worsening cost-of-living crisis. UK consumer price inflation hit 9% in April, the Office for National Statistics said. This surpassed even the peaks of the early 1990s recession that […]
Cost inflation top threat to growth in food sector
Rising input costs and inflationary pressures have been identified as the top threat to business growth in the food sector here. In a survey of 70 small and medium sized food firms carried out by the food business representative group Love Irish Food, and professional services firm, PwC, 97% identified those areas as presenting the […]
Bank CEOs to meet Central Bank on account transfers
The chief executives of the main banks here are to meet representatives of the Central Bank today to discuss plans for the departure of Ulster Bank and KBC from the market. The regulator summoned the remaining banks to a meeting in recent weeks as it called publicly on them to do more to facilitate hundreds […]
C&C’s annual revenues fizz 88% higher
Drinks group C&C has reported a near 88% increase in revenues for the year to the end of February and said its new fiscal year had started strongly with more price hikes likely on the way. C&C said its revenues jumped by 87.8% to €1.438 billion from €765.8m the previous year. The company also reported […]
Ryanair cautious about ‘fragile’ recovery after smaller annual loss
Ryanair has today posted a €355m loss for the pandemic-hit 12 months to the end of March. The airline said it was impossible to accurately forecast anything beyond hoping for a return to “reasonable profitability” this year. The airline has been operating more flights than any other European airline according to air traffic regulator Eurocontrol. […]
New construction orders fall as cost increases bite
New orders in the construction sector fell last month, as a result of near-record cost increases, the latest construction purchasing managers index for Ireland from BNP Paribas Real Estate has found. However, despite the depressed demand, purchasing, activity and employment all rose further, it found. “The latest PMI confirms that construction activity continued to expand […]
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, […]