Hotel and cinema trips drive higher spending in July
Spending in July jumped 7% on the previous month and 4% on the same time last year, new data from AIB shows. Spend in hotels was up 7% month-on-month, with spend highest among the 35 to 44 year old age group. A surge in cinema spend was driven by cooler than average weather in July. […]
NAMA pays €1.1m in redundancy as it winds down operations
The National Asset Management Agency paid out around €1.5 million last year in redundancy and garden leave payments as it continued to wind down its operations. The State’s bad bank said it had paid €1.1 million in redundancy to 16 different people, with payments ranging in size from less than €25,000 to up to €150,000. […]
Stabilisation in construction activity; signs of momentum ahead
There are renewed signs of momentum in the construction sector, the latest Purchasing Managers’ Index from BNP Paribas Real Estate Ireland indicates. Although activity in the sector registered at just below the 50 break-even point separating expansion from contraction in the month of July, there were encouraging signs in the report. The survey captured a […]
Third best July on record for wind generation in Ireland
Last month was the third best July on record for wind generation in Ireland, a new report shows. The data from Wind Energy Ireland shows that power generation in July reached 656 gigawatt-hours. Wind farms in Cork produced the most energy with 80 GWh, followed closely by Kerry at 66 GWh and Galway at 55 […]
Oil extends gains for fifth session
Oil prices rose for a fifth consecutive session today, extending gains from last week’s more than 3% rise, as US. recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 28 cents, or 0.4%, to $79.94 a barrel by 0635 GMT, while US West Texas Intermediate crude futures rose […]
Higher VAT rate for hospitality to remain – Minister
The Minister for Public Expenditure and Reform has said the higher VAT rate for hospitality will remain, despite claims by the Restaurants Association of Ireland that hundreds of businesses are closing as a result. Paschal Donohoe said the lower 9% VAT rate, reintroduced during the Covid-19 pandemic, was only ever meant to be temporary. “I […]
Drawdown of car loans hits record high in first quarter
Strong demand for cars helped drive volumes in the personal loans market during the first three months of the year. New data released by the Banking and Payments Federation Ireland shows 16,089 car loans valued at €208m were approved over the quarter, an increase of 6.1% in volume and 10.7% in value. That drove the […]
Construction industry calls for ‘expansionary’ Budget
One third of companies surveyed in the latest Construction Industry Federation’s Construction Outlook Survey reported an annual increase in turnover during the second quarter of 2024. 30% of companies also reported a year-on-year increase in the total number of people they employed in the same period, with 26% expecting to employ more staff in the […]
Concern over lack of properties to rent under HAP scheme
A total of 43 properties within the discretionary rate of the Housing Assistance Payment were available to rent in June this year, according to the latest quarterly Simon Communities’ Locked out of the Market report. It is an increase of five properties – or 13% – since March 2024. In 16 areas surveyed by the […]
Number of private residential landlords up 7% to 103,000, new RTB data shows
The number of private registered landlords renting homes to tenants in Ireland rose by almost 7% to 103,035 between the middle of last year and March of this year. New data also shows that the proportion of private tenancies associated with small landlords with just one tenancy remained roughly static across the same timeframe, at […]
Annual inflation flat at 2.2% in July – CSO
The annual rate of inflation came in at 2.2% in July, new figures from the Central Statistics Office show today, unchanged from a month earlier. The CSO said that inflation, as measured by the Harmonised Index of Consumer Prices (HICP), which strips out mortgage interest costs, was unchanged at 1.5% year-on-year, in line with flash […]
31,384 new residential addresses recorded in year to June
A total of 31,384 new residential addresses were recorded over the year to June. GeoDirectory, which records the data, said this represents a 17.1% increase on the same point a year ago. The highest proportion of the new homes were in Dublin, making up a third of the total, followed by Cork, Meath and Kildare. […]
IFAC says Exchequer figures show strong economy but risks remain
The amount of tax collected by the State during the first seven months of the year was up 9.5% on the same period last year, driven by income tax, corporation tax, VAT and excise duty. The Exchequer returns for July, released yesterday, show that during that month alone, €7.6 billion in tax was taken in, […]
Tax receipts to end of July up nearly 10% on same period last year
The amount of tax collected by the State between January and the end of July was up 9.5% on the same period last year, driven by income tax, corporation tax, VAT and excise duty. Latest Exchequer Returns show that in July alone €7.6 billion in tax was received, up 10.4% or €700m on the same […]
Services growth moderates slightly, outlook brightens, PMI show
Service sector growth moderated slightly for the second successive month in July, but a pick up in new business, the year-ahead outlook and jobs growth pointed to positive signs for firms, a survey showed today. The AIB Global S&P Purchasing Managers’ Index (PMI) fell to 53.6 from 54.2 in June, slightly below the trend so […]
Stocks sink with bond yield and dollar on recession fears
Global equities suffered heavy losses today as Wall Street joined a global stock rout that started in Japan while the dollar tumbled against the yen and US Treasury yields dropped on concerns about a recession in the United States. Oil prices also fell in a volatile session today, hit by recession fears, but declines were […]
Tokyo’s Nikkei index closes up 10.2% after previous day’s record fall
Tokyo’s key Nikkei index closed more than 10% higher today, bouncing back from a record selloff the previous day on worries over the US economy and a stronger yen. The benchmark Nikkei 225 index jumped 10.23%, or 3,217.04 points, to end at 34,675.46, while the broader Topix index added 9.3%, or 207.06 points, to 2,434.21. […]
Oil prices set for fourth weekly fall as demand concerns weigh
Oil prices rose today but were set for a fourth successive weekly decline, as signs of disappointing global fuel demand growth outweighed fears of supply disruptions. Brent crude futures gained 55 cents, or 0.7%, to $80.08 a barrel this morning, while US West Texas Intermediate crude futures CLc1 rose 57 cents, or 0.8%, to $76.89. […]