Lidl launches new EV and HVO vehicles into Irish fleet
Lidl has today started the rollout of its first electrical truck and hydrogenated vegetable oil (HVO) heavy goods vehicle (HGV) into its logistics fleet. The pilot scheme will see the sustainably powered vehicles join Lidl’s logistic fleet at its Newbridge Regional Distribution Centre. It marks the start of the retailer’s transition from fossil fuel commercial …
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AIB’s €400m non-performing loan sale cuts NPE ratio to 4.4%
AIB has sold a non-performing loan portfolio in long-term default to Everyday Finance, part of a consortium that includes Everyday, affiliates of Cerberus Capital Management and LCM Partners Limited. AIB said the €400m loan sale cuts its non-performing loan ratio to 4.4%. It added that it remains on track to reach its 3% target by …
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Ireland and Denmark most expensive countries in EU – Eurostat
Ireland and Denmark had the highest price levels for consumer goods and services across the EU in 2021, according to Eurostat. The EU’s statistics agency published data today showing price levels here and in Denmark were 140% of the EU average. The lowest prices levels were in Romania and Bulgaria at 56% of the average. …
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New €85m digital transition fund for businesses
The Government has announced a new €85 million digital transition fund that will provide grant aid for businesses. The funding is designed to help companies develop new digital products, processes and services and will allow them invest in software, new equipment, staff training, automation and Artificial Intelligence (AI). €85 million in funding will be made …
Primark to trial click & collect service in UK
Budget fashion chain Primark will trial a Click & Collect service on children’s products in the UK but said the move should not be seen as a precursor to an online delivery offer. Parent Associated British Foods said today the Click & Collect trial will take place in up to 25 stores in the northwest …
Kingspan seeing ‘significant’ dip in May and June orders
Building insulation specialist Kingspan said today it had seen the mood in most end markets deteriorate over the last two months with order intake volume down significantly year-on-year in May and June. But orders were still up this month and last on the same pre-pandemic time in 2019. The Co Cavan-based firm said today that …
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Tesco sees early signs of changing customer behaviour as inflation hits
Tesco said today it was seeing early indications of changing customer behaviour due to surging inflationary pressures that had made the market environment “incredibly challenging”. Chief executive Ken Murphy vowed to work with suppliers to mitigate the impact of inflation as much as possible and support customers who are facing the most difficult economic conditions …
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Why experts see storm clouds over the economy
The beginning of the pandemic in 2020 brought with it an end to years of bullish economic growth. As Ireland headed into the general election, the economy was in rude health. Predictions were bright. Nobody predicted two years of Covid turbulence, followed swiftly by war in our neighbourhood. But, though Covid restrictions have eased, the …
HCS invests €3.2m to double its workforce and revenues
IT, security and telecoms company HCS is investing €3.2m to double the size of its workforce and business revenues within the next three years. HCS has started its recruitment programme and will grow its workforce to 60 over the next three years. Following the investment, HCS is forecasting increased annual revenues of €9m by 2025. …
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Increased risk of more ‘medium-term’ inflation, Central Bank warns
The Central Bank has warned that broad based price pressures have increased the risk of more medium-term inflation. The regulator also said that these inflationary pressures present new challenges for borrowers. However, the bank said these pressures are coming at a time when many borrowers have built up higher resilience over the past decade. The …
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ISIF to invest €500m in five regional cities
The Ireland Strategic Investment Fund, known as ISIF, has announced plans to step up its regional investments. The fund, which is part of the National Treasury Management Agency, has a mandate to invest on a commercial basis to support economic activity and jobs. A new €500m investment programme will target the five regional cities of …
Government funding of €55m to help businesses move away from fossil fuels
The Government is to make €55m available to businesses to help them move away from the use of fossil fuels. The new Green Transition Fund, to be launched later, will be made up of two parts. The Climate Planning Fund for Business, worth €25m, will provide firms with funding to help them plan how they …
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Ireland ranked third-most competitive euro area country
Ireland has been ranked as the third most competitive country in the euro area by the latest IMD World Competitiveness Rankings. It has also been placed as the 11th most competitive economy in the world out of 63, up from 13th last year. The development has been welcomed by the National Competitiveness Council (NCC), but …
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Musgrave invests €25m in Centra and SuperValu stores as part of sustainability strategy
Musgrave is investing €25 million in SuperValu and Centra stores as part of a new sustainability fund aimed at helping retailers to achieve net zero carbon by 2040. The supermarket supplier said the investment will result in an estimated 12% carbon reduction by the company over a two-year period. In the Republic of Ireland, Musgrave …
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Irish tourism sector sees ‘unprecedented’ level of inflation
New research from the Irish Tourism Industry Confederation shows that inflation in May in the tourism industry was seven times higher that the same time in 2019, which is putting significant cost pressure on the sector. The Irish Tourism Industry Confederation’s latest dashboard for May shows that the sector’s recovery continues to gather pace. But …
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Ryanair CEO says summer fares will be up 7-9% on 2019 levels
Ryanair Group chief executive Michael O’Leary said today that bookings at Europe’s biggest budget airline are strengthening and he expects summer fares to be between 7% and 9% higher than pre-pandemic levels. Speaking to Reuters, he said the load factor, a measure of how well an airline is filling available seats, should be around 94% …
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Taoiseach says UK protocol plans are ‘anti-business and anti-industry’
The Taoiseach has described the legislation on the Northern Ireland Protocol published by the British government yesterday, as “anti-business and anti-industry”. Speaking on his way into Cabinet this morning, Micheál Martin said the action by the UK represented a “fundamental breach of trust”. He said he did not believe that the legislation was well thought …
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Public sector pay talks to resume at WRC
Formal public sector pay talks between the Government and unions will resume at the Workplace Relations Commission. The negotiations opened yesterday and were adjourned after around four hours. The talks come after unions triggered a review clause within the existing public sector pay deal ‘Building Momentum’ due to rising inflation. Under the current agreement, public …