Goodman firm to inject up to €6.35m into Barryroe
A company controlled by businessman Larry Goodman is to make up to €6.35m available to Barryroe Offshore Energy (BOE), which is currently in examinership, as part of a rescue package. The development comes as BOE announced that Chief Financial Officer, Colin Christie, has stood down and left the company. In a statement to the stock […]
Companies urged to file returns early amid ID changes
The Government is urging companies to make their annual return filings early ahead of the peak filing period next month, following the introduction of new identification requirements for directors. Around 80,000 businesses will be due to file their returns to the Companies Registration Office (CRO) by November 25 this year. But as that date falls […]
Signs of property rebound with asking prices up 4% – MyHome.ie
The Irish property market is experiencing a rebound with a period of falling house prices – seen in the early months of 2023 – coming to an end as the year entered its second half. The latest report from the property website MyHome.ie captured asking price inflation nationally running at an annual pace of just […]
Fresh setbacks for manufacturing sector in September
The manufacturing sector experienced some renewed headwinds in September which saw the index going back into contractionary mode having bounced back in August. The headline AIB Ireland Manufacturing Purchasing Managers Index – a composite single-figure indicator of manufacturing performance – fell to 49.6 in September from the six month high of 50.8 recorded in August. […]
Mortgage switching down almost 80% on last year
There was a huge drop in the number of people switching their mortgages in August compared to the same time last year, new figures show. The latest report from Banking and Payments Federation Ireland reveals an almost 80% drop in switching and remortgage activity. Just over 300 mortgages were approved for this group in August, […]
House prices rising amid ongoing supply shortage – daft.ie
Demand for property is holding up, despite interest rate increases, and an ongoing supply shortage is supporting prices, the latest House Price Report from property listings website daft.ie suggests. The report captured a 1.1% increase in asking prices for properties in the three months to September compared to the prior three month period. In the […]
Inflation rises to 5% in September – flash estimate
Inflation is estimated to have risen to an annual rate of 5% in September, according to the latest “flash” estimate from the Central Statistics Office. This compares to 4.9% in August and marks the second month in a row that inflation has risen. Inflation is estimated to have risen marginally by 0.1% from August to […]
Competitiveness Council urges action to meet new economic challenges
The National Competitiveness and Productivity Council has published its annual Challenge Report, which outlines some of the key issues facing the economy. Chair of the Council Dr Frances Ruane said “failure to develop and implement appropriate policies now to address new developments, including decarbonisation and tipping points in digital technologies, could leave Ireland in a […]
Banks defend interest rate policies at committee
Representatives of the country’s main banks have defended their policies around the passing on of interest rate increases to customers when they appear before an Oireachtas committee later. In opening statements delivered at the Committee on Finance, Public Expenditure and Reform, and Taoiseach, Banking and Payments Federation Ireland (BPFI) claimed banks have taken a balanced […]
Corporation tax growth levelling off – McGrath
The Minister for Finance has said there appears to be a “levelling-off” of the growth in corporation tax compared to the extraordinary levels in recent years. Michael McGrath made his remarks in his opening address to the Joint Oireachtas Committee on Budgetary Oversight. His colleague, the Minister for Public Expenditure, National Development Plan and Reform, […]
Living wage should rise to €14.80 per hour – technical group
The reference hourly living wage rate should rise to €14.80 per hour, according to the Living Wage Technical Group (LWTG). This is an increase of 6.9%, or €0.95, compared to the previous reference rate of €13.85 per hour. The living wage is seen as the minimum rate required for a full-time worker to afford the […]
Rise in number of electricity, gas customers in arrears
There has been a notable increase in the number of domestic electricity customers falling into arrears since the end of the Government’s Emergency Electricity Credit in March, according to an updated report from the Commission for Regulation of Utilities (CRU). The numbers of domestic gas customers falling into arrears has also been rising. Disconnections for […]
Competition authorities given new powers to fine companies up to €10m
From today, the Competition and Consumer Protection Commission (CCPC) will be able to fine companies for breaching Irish and EU competition law. The new powers come as the Competition Act 2022 takes effect. The main purpose of the Act is to implement an EU directive which is designed to ensure that national competition authorities across […]
Semi-states and public bodies most attractive employers – survey
Irish semi-state and public bodies are the most attractive employers for professionals working in Ireland, according to new research from Universum, which is part of IrishJobs. The Most Attractive Employers Index Ireland 2023 reveals shifts in the most desired employers for professionals across Ireland, with well-established semi-states and public sector organisations becoming more popular, and […]
Irish stock market departures are symptom of wider EU malaise
Irish people have a rich history of looking to the US for a better life. That appears to be the thinking of Dublin-listed paper packaging company, Smurfit Kappa, which is joining a growing number of large Irish firms eyeing share trading in the US. But far from just being just a problem for tiny Ireland, […]
UN charter aims to promote gender equality in sustainable finance
A new United Nations charter aimed at promoting gender equality in the area of sustainable finance is being launched in Dublin this morning. The Financial Centres for Sustainability (FC4S) network has outlined ten objectives which involve the signatories bringing gender considerations into their decision-making, strategies, and operations over the next year. 21 financial networks across […]
‘”Enormous’ opportunity to double Irish exports to Canada within five years
A new report shows that Ireland’s goods exports to Canada reached a record high of €3.39 billion in 2022, while 2023 is set to be another record year, with exports in the first half of 2023 almost 90% ahead of the same time in 2022. The report, by economist Jim Power, was commissioned by the […]
Wholesale electricity prices up 10% in August, CSO data shows
Wholesale electricity prices rose in August but were still much lower year-on-year, according to the Central Statistics Office. Its latest Wholesale Price Index shows a more-than 10% increase in electricity prices compared to July. But prices were still more than 72% lower compared to August 2022. Another category to see a sharp fall in the […]