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, […]
ECB may need to cut rates again in September, Rehn says
The European Central Bank may need to cut interest rates again in September given persistent economic weakness, Finnish central bank chief Olli Rehn has said. The ECB was among the first major central banks in the world to cut interest rates in June, partially reversing a record string of hikes, but held rates steady in […]
Grocery price inflation picks up again
Grocery price inflation has picked up for the second month in a row, according to the latest figures from Kantar. Prices were 2.8% higher in the 12 weeks to the 4th August – compared to a 2.6% rise in prices in the 12 weeks to 7th July. The increases follow 15 consecutive months of easing […]
Fuel sector seeks action on high petrol and diesel prices
The proportion of the price of diesel accounted for by tax will hit 54% following an expected increase in the carbon tax in October’s budget. This will put Ireland at the top of the European league when it comes to tax on diesel, alongside Malta, according to Fuels for Ireland. While 57.2% of the cost […]
Goldman Sachs lowers odds of US recession to 20% from 25%
Goldman Sachs has lowered the odds of the United States slipping into a recession in the next 12 months to 20% from 25% following the latest weekly jobless claims and retail sales reports. Earlier this month, the brokerage raised the odds of a US recession from 15% after the unemployment rate jumped to a three-year […]
Hospitality was the sector with the biggest employment drop in June – CSO
The sector that recorded the largest decrease in employment in June was accommodation and food services, new data from the Central Statistics Office (CSO) shows. Amid claims from industry organisations of widespread closures of restaurants and cafes, employment in the sector fell by 1% in the month according to the CSO’s monthly estimates of payroll […]
Population growth exceeds new home delivery by almost 4 to 1
The growth in the Irish population between 2015 and 2023 exceeded the delivery of new homes by a ratio of nearly four to one, new research by property advisory Savills has found. Countries across the world are facing housing shortages, but Savills said its report demonstrates the extent to which Ireland is an outlier in […]
Oil prices set for weekly gains on renewed enthusiasm around US economy
Oil prices were set for a second straight week of gains despite edging lower today, as recent US economic data boosted optimism over demand from the world’s top oil consumer. Brent crude futures have risen about 1.3% this week, while US West Texas Intermediate crude futures have increased about 1.2%. On Friday, Brent fell 22 […]
ISME warns no justification for €1 rise in minimum wage
The small and medium sized business organisation ISME has said there would be no justification for a further increase in the national minimum wage of €1 in the budget. It follows a report in today’s Irish Independent that the Low Pay Commission has recommended increasing the basic pay rate to at least €13.70 next year. […]
€250m allocated to new round of Seed and Venture Capital Scheme
€250m has been allocated to a new round of the Government’s Seed and Venture Capital Scheme. The fund will run for four years from 2025 and will be administered by Enterprise Ireland. Its aim is to provide funding to early-stage Irish companies. “Access to finance through the Enterprise Ireland administered Seed and Venture Capital Scheme […]
Oil prices up on hopes of US rate cuts boosting fuel demand
Oil prices rose today, supported by optimism that potential US interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains. Brent crude futures rose 19 cents, or 0.24%, to $79.95 a barrel by 0625 GMT, recovering some of the previous day’s losses. US West Texas Intermediate crude […]
Residential property prices rise 8.6% over year to June – CSO
Residential property prices rose by 8.6% nationally in the year to the end of June, new data from the Central Statistics Office shows. It is the highest rate of property price inflation recorded since October 2022. The monthly rate of increase continued to accelerate, with prices rising by 0.7% in June compared to 0.4% in […]
Property prices on course for 4.5% growth – estate agents
Estate agents expect property prices nationally to increase by an average of 4.5% over the next 12 months. That is up from an expectation of growth in prices of 1% in 2024 in a previous study carried out in January. The surveys were conducted by the Society of Chartered Surveyors Ireland – SCSI – among […]