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Central Bank to conduct major review of mortgage rules

The Central Bank of Ireland will begin a major review of its mortgage lending rules next month, the first since the measures were introduced in 2015. The review will consider the effectiveness of rules, whether they have achieved their aims and the evolution of the housing and mortgage markets since their inception. It comes amid …

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Guidelines for reopening of hospitality sector due out

Guidelines for the reopening of the hospitality sector are expected to be published today. They have been drawn up by Fáilte Ireland ahead of Friday’s Cabinet meeting which will look at a further easing of Covid-19 restrictions in June and July. The guidelines are expected to say that tables will have to be a metre …

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Gas supply driving power generation in April

Gas demand for power generation reached its highest level in six months in April as wind generation fell to its lowest in nine months, new figures show today. Gas Networks Ireland said that over 53% of Ireland’s electricity demand was met by the national gas network, a 4% rise on March. Wind’s contribution to the …

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What will be the result of the global remote work experiment?

A pioneer of remote work, IBM installed remote terminals in employees’ homes as early as the 1980s, and by 2009, when the idea of remote work was still a novelty for most, 40% of IBM’s global workforce worked at home. The technology company saved about $100 million in the US annually as a result of …

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Publicans call for indoor opening ‘no later’ than July 1

Publicans have called for indoor trading to resume no later than Thursday July 1. The Vintners’ Federation of Ireland said that after “sacrificing” their businesses for over 15 months, now is the time for Government to confirm that pubs can fully reopen by the first week in July in time for the traditional start of …

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Unemployment could exceed 390,000 post-pandemic – Social Justice Ireland

Unemployment could end up exceeding 390,000 when the pandemic ends – a higher rate than at the peak of the last recession, according to the Social Justice Ireland research body. Its latest Employment Monitor also shows that over a fifth of people whose jobs have been impacted by Covid-19 do not expect to return to …

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Euro zone economy not near ‘super bounce back’ – Lane

The chief economist of the European Central Bank Philip Lane has said he does not believe economies are “entering some new inflationary environment”. He said there is “zero connection between spikes in prices in the reopening of the world economy and inflation trends.” Professor Philip Lane was speaking at an online event hosted by the …

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Tax increases needed to fund public services – ESRI

The Economic and Social Research Institute has said “sizeable tax increases in the years ahead” will be needed to fund public services. In a paper published today, the think-tank said an over-reliance on corporate tax receipts and changes to motor tax means alternative sources of revenue will have to be found. Even before the pandemic, …

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Consumer confidence hits 23-month high, as optimism builds

Consumer confidence hit a 23-month high this month, according to KBC Bank Ireland’s latest consumer sentiment index. The index rose to 85.8 in May from 77.9 in April, as the Covid-19 virus incidence declined and the vaccination rollout picked up pace. It now stands at its strongest level since June 2019, when it was at …

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Firms pledge to improve diversity, inclusivity in workplace

New research has found that a person with a disability is four and-a-half times more likely to be unemployed than those in the general population. The study also shows that a black person is six times more likely to be without a job. This rises to 13 times amongst Travellers. The research, which aims to …

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Prospective buyers unhappy over omission of apartments from scheme

Demand is high and supply remains low. That’s the stark reality of the country’s housing market. The Government hopes its proposal to introduce a stamp duty charge of 10% on the purchase of ten or more houses will free up some of that limited supply. But the big question is will it work? Joanne Hogan …

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Personal injury reforms to ‘positively’ impact premiums – Zurich CEO

New personal injury guidelines for the insurance industry will “positively” impact premiums, according to the CEO of Zurich Ireland. Anthony Brennan said in the coming weeks, the company will implement changes to customers premiums to reflect the impact of the reforms. Mr Brennan was addressing the Committee on Finance, Public Expenditure and Reform, which today …

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EU proposes ‘business-friendly’ unified tax rulebook for companies

The European Commission has proposed new corporation tax rules in Europe that could allow companies to file one tax return for all its operations in the EU. The EU’s “Business in Europe: Framework for Income Taxation” (BEFIT) will be a single rulebook for companies trading in Europe. It will replace an earlier Commission proposal called …

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Post-Covid ‘balancing act’ the next challenge for business

A new survey shows that 43% of organisations overall reported that absenteeism fell during 2020. This figure was even higher in the public sector at 59%, according to the CIPD Ireland annual HR Practices in Ireland survey, carried out with the Kemmy Business School at University of Limerick. The survey also revealed that while 89% …

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Donohoe defends 10% stamp duty proposal on bulk buying

Minister for Finance Paschal Donohoe has defended the decision to exempt apartments from the Government’s proposal to introduce a stamp duty charge of 10% on the purchase of ten or more houses. He said the reason it is a house-focused measure is because he is “genuinely convinced” that if apartments were brought into the scheme, …

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Talent exodus could cost business up to €1.2 billion

55% of employees are looking to change roles in either the next six or 12 months or once the economy has strengthened, new research from HR firm Personio shows. Personio has urged businesses to prioritise their people as the country emerges from the pandemic, or risk paying the price. Today’s research finds that while 60% …

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Consumer prices rise for first time since start of pandemic – CSO

The annual rate of consumer inflation rose by 1.1% in April, according to the latest figures from the Central Statistics Office. This marks the first positive annual rate since March of last year. The main factors behind the prices increases last month were higher energy and fuel prices. On an annual basis, petrol is up …

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NTMA raises €1.5bn as bond yields creep up again

The National Treasury Management Agency (NTMA) successfully raised €1.5bn in an auction of benchmark Irish government bonds this morning. The three bonds, maturing in 2031, 2033 and 2050, were all sold with a positive yield, meaning the State will be paying it back with interest. The NTMA has now raised €12bn of its target of between …

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