ECB can start cuts before Fed, says Finnish bank governor Rehn
The European Central Bank did not have to take its cues from the US Federal Reserve and could start to lower rates as soon as June, Bank of Finland governor Olli Rehn has told AFP. “While we don’t make policy in a vacuum, the ECB is not the 13th Federal district of the US Federal […]
EU new car sales jump 13.7% in April, industry body says
New car sales in the European Union rose 13.7% in April on the year for their biggest jump since last October, Europe’s auto industry body said today, after registrations fell in March. The European Automobile Manufacturers Association (ACEA) said an uptick in major markets Spain, Germany, France and Italy drove the increase, while an early […]
UK inflation falls less than expected, dashing June rate cut hopes
Inflation in Britain fell by less than expected in April and a key core measure barely dropped, prompting investors to pull bets on a rate cut next month which could have boosted embattled Prime Minister Rishi Sunak before an election this year. UK consumer prices rose by an annual 2.3% last month, down sharply from […]
Europe sets benchmark for rest of the world with landmark AI laws
Europe’s landmark rules on artificial intelligence will enter into force next month after EU countries today endorsed a political deal reached in December, setting a potential global benchmark for a technology used in business and everyday life. The European Union’s AI Act is more comprehensive than the US light-touch voluntary compliance approach while China’s approach […]
Most food and drink companies positive about future
Irish food and drinks companies are generally positive about the future, despite issues with inflation, input costs and labour availability. That is according to a survey of over 100 companies undertaken by Love Irish Food and Bank of Ireland in March and April of this year. Much has been said about rising costs for businesses […]
Budget will widen gap between better off, those on low incomes – survey
A new analysis of Budget 2024 has warned that it will widen further the gap between the better off and those on the lowest welfare and work incomes. The study by Social Justice Ireland found that the temporary measures contained in the Budget are more concentrated among welfare dependent households and those at work but […]
Revenue reminds employers of enhanced reporting obligations
Revenue has issued notices to 115,000 employers reminding them of their obligations under the Enhanced Reporting Requirements (ERR) scheme. Since January 1st, employers who provide the remote working daily allowance, untaxed travel and subsistence payments or qualifying incentives under the small benefit exemption to their employees and directors, without the deduction of tax, are required […]
Fuel prices see slight fluctuation in May
New figures from AA Ireland show a a slight fluctuation in petrol and diesel prices over the last few weeks after a sharp increase in April. The AA Ireland’s latest monthly Fuel Price Survey shows that average petrol prices rose by two cent per litre to €1.83, while diesel dropped two cent a litre to […]
Inaugural Global Economic Summit to open in Co Kerry
More than 400 leaders from politics, business, economics and civic life are gathering in Killarney, Co Kerry over the next three days for the inaugural Global Economic Summit. They will discuss themes including climate change, energy sustainability, health ecosystems, education, technology and artificial intelligence. The summit is a not-for-profit event which aims to develop new […]
Pace of rise in advertised rents slowed in first quarter
Advertised rents rose by just 0.6% between January and the end of March, new data from the property listings website Daft.ie shows. It meant that average rent sought in the first quarter was €1,836 per month, an increase of 4.9% on the same period last year. That is the lowest annual rate of asking price […]
Exports rise by €2.3 billion in first quarter of 2024 – CSO
New figures from the Central Statistics Office show that Ireland’s unadjusted exports of goods increased by €2.3 billion to €53.2 billion in the first quarter of this year compared with the same time last year. The CSO said that seasonally adjusted exports of goods amounted to €17.6 billion in March, virtually unchanged on the previous […]
Economic benefits at risk from data centre uncertainty – DII
Failure to address the policy constraints around data centres in Ireland will put the country at risk of missing economic benefits of next generation technologies, an industry body has warned. Digital Infrastructure Ireland (DII), which is made up of ten data centre developers and operators here, has called for the Government to set up a […]
FSU conference to discuss pay, AI and surveillance
Pay increases, the rise of artificial intelligence and staff surveillance are among the topics to be discussed at the triennial conference of the Financial Services Union (FSU) which opens in Belfast. Delegates will vote on 26 motions covering issues such as the four-day week, branch closures and collective bargaining. In his opening address to the […]
Public sector workers call for higher starting salaries
Public sector workers will today call for an increase in starting salaries amid claims that pay for new entrants is far too low. The issue will be debated at the biennial conference of Fórsa, the country’s largest public sector trade union. More than 700 delegates have gathered in Killarney for the event which began last […]
Over €12bn spent using mobile wallets in past year
Over €12 billion was spent using mobile wallets such as Apple Pay and Google pay in the 12 months to March, new data shows. The figures from Banking and Payments Federation Ireland reveal that mobile wallet payments accounted for more than half of the value of all contactless payments made during the period. €24 billion […]
Home prices increased by 7.3% in March amid tight supply
New figures from the Central Statistics Office show that residential property prices grew by 7.3% on an annual basis in March. This marked the fastest rate of increase since December 2022 and the tenth monthly increase in a row. The CSO said that home prices rose in Dublin by 7.2% and outside of Dublin by […]
PTSB cuts mortgage rates for the third time this year
Having eased considerably last year, fuel forecourt prices are on the rise once again. In the space of a month average fuel prices have risen by 10-13.5%, according to AA Ireland, in no small part due to the latest phase of the Government’s excise duty restoration. PTSB has announced cuts to its standard three-year fixed-rate […]
Irish economy forecast to grow by 1.2% this year – EU
The European Commission has maintained its expectations for the performance of the Irish economy this year with a predicted GDP growth rate of 1.2%. In its Spring 2024 Economic Forecast, published today, the Commission has also forecast GDP growth of 3.6% for 2025, up from 3.2% predicted in the Winter Economic forecast which was published […]