Exports slow by 17% in September on lower pharma and electronics
Exports of goods from Ireland fell 17% in September, compared to the same month of last year, driven in large part by a further sizeable drop in sales of pharmaceutical related products and electronics. In total, goods valued at just under €16 billion were exported during the month, compared to €19.4 billion in September of […]
Unions invited to public sector pay talks
The Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe has invited public service unions and staff representative associations to enter negotiations with the Government on a new public sector pay agreement. The talks will take place under the auspices of the Workplace Relations Commission (WRC). The current public sector pay deal, Building Momentum, […]
Govt to build emergency reserve LNG storage facility
The Government is to build a new floating gas storage facility for Liquified Natural Gas to use as a strategic emergency reserve in case of global supply disruptions. It is one of 28 actions included in its new and long-awaited energy security strategy launched today. The plan is to pay for the construction and operation […]
‘Out of home’ food sector hits record €9.3bn in 2023
A more discerning, occasion-led approach to dining out is likely to take hold next year, the latest Bord Bia annual Foodservice Market Insights report concludes. It comes against the backdrop of continued increases in consumer prices together with growing economic uncertainty, as well as a ‘rebalancing’ of consumer demand following a post-pandemic surge. Figures from […]
Governance rules could deter executives from seeking senior posts
New governance rules, which would see individuals being held accountable for willful wrongdoing in the financial sector, could stymie recruitment to senior executive positions within organisations, a survey of firms has found. The Individual Accountability Framework rules are being rolled out by the Central Bank and are due to come into operation over the coming […]
Grocery inflation falls to 9.8% from 10.5%
New figures from Kantar show that grocery inflation has fallen below 10% for the first time this year. Grocery inflation fell to 9.8% in the 12 weeks to October 29, down from 10.5% and marking the sixth month of falls in a row. Figures last week from the CSO showed that the annual rate of […]
44% would change job to meet remote working needs
The fourth annual National Remote Working Survey has revealed that 44% of workers would change job, even if it means taking a pay cut, if their remote working preferences are not facilitated. This is an increase on the same finding in last year’s study, in which 30% of respondents said they would change jobs to […]
Rents rising nationally but marked slowdown in Dublin
Rents being sought for properties on the open market nationally are continuing to increase, but there has been a continued slowdown in the rate of increase in Dublin, according to the latest daft.ie Rental Report. Rents on the open market are now 8% higher that they were a year ago, with the average market rent […]
Construction sector activity slows for fourth month
Activity in the construction sector in Ireland slowed further last month. It is the fourth month in a row that activity has fallen. According to the BNP Paribas Real Estate Ireland Construction Total Activity Index, the pace of decline was solid and faster than that seen in September. A further reduction in activity on housing […]
Skills shortage, talent retention among key challenges for employers
Skills shortages and the retention of talent remain among the key challenges facing organisations, a survey of employers conducted by recruitment specialists, Hays Ireland, has concluded. Almost all of the firms surveyed – 94% – said they had faced skills shortages in 2023, up slightly from the 92% who gave the same response last year. […]
US Fed could hike rates again if ‘appropriate’ – Powell
The US Federal Reserve is prepared, if needed, to increase interest rates further in order to bring inflation down to its long-term 2% target, Fed Chair Jerome Powell has said. “We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes,” Powell told a conference in […]
DPC warned proposed new structures could slow inquiries
The Data Protection Commission (DPC) has warned the Government that new proposed structures for the organisation could slow down the pace of major data protection inquiries involving high-tech companies and other multinationals. In a pre-budget submission, the DPC said there “simply aren’t enough people” if plans for a new system of governance involving multiple committees […]
Annual production in manufacturing industries sinks 23% in Q3 – CSO
New figures from the Central Statistics Office show that production in manufacturing industries decreased by 22% in the third quarter of this year compared to the same second quarter. But the CSO said that production in manufacturing industries rose by 1.3% in September compared with August. Meanwhile, on an annual basis, production in manufacturing industries […]
Underlying inflation progress not enough, says ECB’s Lane
The European Central Bank is seeing some progress in its efforts to push down underlying inflation but this is not yet enough, ECB chief economist Philip Lane told a conference in Riga today. Professor Lane said he does not take a lot of comfort from the recent rapid fall in overall inflation because this is […]
Near 50% jump in value of car loans – BPFI
There has been a surge in the volume and value of car loans being issued here, according to the latest Personal Loans Report from Banking and Payments Federation Ireland. The report, which covers the three month period to the end of June, captured a year on year increase of 36% in the volume of car […]
‘Cautious optimism’ among Irish firms about their outlook – Eurochambers
A slight improvement in business sentiment has been captured in the latest European Economic Survey carried out on behalf of Eurochambres, of which Chambers Ireland is a member. The outlook among businesses in Ireland for the year ahead has been described as one of “cautious optimism” with the majority of firms putting the emphasis on […]
Tánaiste hopeful for decision on beef exports ‘within months’
Tánaiste Micheál Martin has said that he is hopeful that Chinese authorities will reach a decision on the resumption of Irish beef exports to China “within a matter of months”. Exports to China have been stopped after a case of atypical BSE was detected in a bovine animal in Ireland. Mr Martin, who is on […]
ECB must keep rates at or near 4% in 2024 to get inflation down – IMF
Rapid wage growth in the euro zone could keep inflation elevated longer and the European Central Bank should hold interest rates at or near record highs during next year to extinguish price pressures, the International Monetary Fund said today. The ECB broke a streak of ten rate hikes in a row last month, fuelling market […]