Grocery inflation still rising, hitting 5.86% in August
New figures from Worldpanel by Numerator show that grocery inflation continued to rise in August, increasing from 5.43% to 5.86% now. Today’s figures show that shoppers contributed an additional €68.2m to the grocery market’s overall performance in August, due to several festivals, sell-out concerts and the Galway Races. Take-home value sales rose 6.2% over the […]
Dutch online bank Bunq fined for sloppy money laundering control
Dutch online bank Bunq has received a €2.6m fine for failures in its money laundering controls, Dutch central bank DNB said today. Bunq said it disagreed with DNB’s decision, to which it has formally objected. DNB said Bunq was fined in May for “serious shortcomings” in four cases between January 2021 and May 2022, in […]
German economy shrank 0.3% in second quarter as US tariffs slowed exports
German economy shrank 0.3% in second quarter as US tariffs slowed exports Germany’s economy shrank by 0.3% in the second quarter compared with the first three months of the year, as demand from its top trading partner the US slowed following months of buying ahead in anticipation of US tariffs. The statistics office today revised […]
Number of people at work rises by 2.3% in second quarter – CSO
New figures from the Central Statistics Office show that the estimated number of people in employment in the second quarter of this year stood at 2,818,100, an increase of 2.3% compared with the same time a year ago. The CSO said the 2.3% rise in the number of people in employment was equivalent to 63,900 […]
What’s in Trump’s trade deal with Europe?
The US and the European Union agreed a joint statement on the framework trade deal struck at the end of July to end months of uncertainty for industries and consumers. Here are the main elements of the statement, produced after weeks of wrangling, spelling out what both sides have agreed to. EU to eliminate tariffs […]
Government warned of rising household bills as data centres strain grid
Senior officials have warned ministers that Ireland’s rapid growth in data centres is using up electricity capacity and adding to the risks around energy costs and climate targets. In a confidential memo issued in November last year, the Secretary General at the Department of Public Enterprise, NDP Delivery and Reform (DPER) said that soaring electricity […]
US tech stock stumble shows vulnerability in AI trade
US technology shares are showing signs of vulnerability after a massive run, which has some investors pointing to overdone AI-driven gains while funds have taken steps to position away from the high-flying sector. Investors are looking to de-risk portfolios or lock in profits during a seasonally difficult period for stocks. Tomorrow’s looming speech by US […]
Property prices see fastest monthly growth since November – CSO
New figures from the Central Statistics Office show that property prices registered monthly growth of 0.9% in June, the highest rate since November last year. Home prices across the country grew by 7.8% in the year to June, unchanged from the rate of growth the previous month, the CSO added. The CSO said the median […]
UK government borrowing less than expected in July in boost for Reeves
Government borrowing in the UK slowed to a lower-than-expected £1.1 billion in July, providing some relief for Chancellor Rachel Reeves in the run-up to the autumn budget. The Office for National Statistics said the figure, which was £2.3 billion less than the same month a year earlier, is the lowest July borrowing figure for three […]
NI hospitality businesses ‘squeezed’ due to rising costs
Most hospitality establishments in Northern Ireland are operating at under 80% of capacity due to rising costs, a survey has found. It found that hospitality businesses have had to dramatically cut their workforce, with 87% of respondents operating below 90% of required capacity, with the majority (55%) operating below 80% capacity. It also found that […]
Why are Irish consumers paying the most for electricity in Europe?
No matter what way you look at it, residential electricity prices in Ireland are expensive. When comparing electricity prices across European countries, we can look at direct ‘euro’ price, or we can adjust prices to account for differences in living standards and wages. Either way, Ireland is well above the European average. The reason electricity […]
Restaurants Association of Ireland repeats call for return of 9% VAT rate
The Restaurants Association of Ireland, supported by economic research from economist Tony Foley, today launched a significant report making the case for the restoration of the 9% VAT rate for food services and addressing recent criticisms of the policy measure. The Restaurants Association of Ireland said it rejects some recent commentary and claims questioning the […]
June figures show how volatile goods exports can be – Davy
Goods exports fell in June, but this does not imply any slowdown in real economic activity, according to new analysis from Davy Stockbrokers. Last week’s figures from the Central Statistics Office show that on a monthly basis, the value of exports fell sharply in June, down 26.3% from May as exports to the US slowed […]
Laya to increase health insurance prices from October
Laya Healthcare is to increase the prices of its health insurance polices by an average of 4.5% from the start of October. The provider, which has more than 700,000 customers, is also retiring ten of its existing policies. Customers will be informed of any changes affecting them when renewing their policies. Any price increases will […]
Google agrees $55m fine for anti-competitive deals with Australia telcos
Google agreed today to pay a $55m fine in Australia after the consumer watchdog found it had hurt competition by paying the country’s two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia, where last week a […]
Car loan values surge 25% to highest level on record in Q1 – BPFI
New figures out today show that car loan volumes and values reached their highest levels on record in the first quarter of this year. The latest Banking & Payments Federation Ireland (BPFI) Personal Loans Report shows that the number of car loans rose by 21.5% year on year to 19,552, while the value of these […]
Is your boss paid too much?
The CEOs of major corporations earn seemingly absurd sums. The Wall Street Journal’s list of the top 10 highest-paid CEOs listed annual pay packages of $60 to $164 million, but these figures sometimes grossly underestimate the value of their total compensation. For example, Elon Musk, who is not even on the Wall Street Journal list, […]
Green Fables: The ways firms have misled on their sustainability
Shein has been hit with its second fine from European regulators in as many months – with both including accusations of greenwashing. The Chinese fast fashion retailer was accused by Italian authorities of making “misleading or omissive” environmental claims about its products, which centred on what were seen as vague, misleading and often confusing information […]