ECB to focus on quarterly meetings with slow, gradual rate cuts – Knot
The European Central Bank can gradually reduce interest rates given the decline in inflation, and decisions on future cuts could centre around quarterly meetings with new economic projections, Dutch central bank chief Klaas Knot said today. The ECB has all but committed to a rate cut on June 6 when new economic forecasts will also […]
Cost-of-living measures ‘must be a focus’ of Budget 2025 – Harris
Cost-of-living measures “must once again be a focus” for Budget 2025, Taoiseach Simon Harris has said. Mr Harris made the comments during an address at the National Economic Dialogue in Dublin Castle this morning. He said that while there is a record number of people at work at just over 2.7 million, inflation is moderating […]
Over two thirds of firms concerned about pension auto-enrolment
A new report has found that over two thirds of businesses are concerned about the introduction of pension auto-enrolment. The research by Aon found that more than a quarter of respondents are worried about the increased costs of additional contributions. A similar proportion have reservations about the impacts on existing contributions. 38% of participants said […]
Credit union lending up almost 14%, driven by mortgages
Lending at credit unions increased by almost 14% in the past year, driven by a significant rise in mortgage lending. That is according to figures from the Irish League of Credit Unions (ILCU), which represents over 90% of the credit unions here. Its latest results show that around 1,800 mortgages were issued by ILCU-affiliated credit […]
Grocery price inflation falls to 2.6% in May from 13.3% last year
New figures from Kantar show that grocery inflation stood at 2.6% in the 12 weeks to May 12, down from 13.3% the same time last year and the lowest level since March 2022. Today’s figures also show that take-home grocery sales rose by 4.7% in the four weeks to May 12, with volumes per trip […]
Lack of funding the main barrier to innovation by firms
60% of Irish based businesses say a lack of funding is the main barrier they face when it comes to increasing their innovation levels, new research has found. 41% of those surveyed also said the time consuming nature of the grant administration was a large obstacle when it comes to research, development and innovation (RDI) […]
ECB’s Lane says ready to start cutting interest rates
The European Central Bank is ready to cut interest rates next month but policy must continue to be restrictive this year as wage growth will not normalise until 2026, ECB chief economist Philip Lane told the Financial Times today. The ECB has all but promised a rate cut for June 6, so the debate has […]
Mortgage approvals up again in April driven by first time buyers
New mortgage approvals rose again by both value and volume in April, driven by continued strong demand from first time buyers. The Banking & Payments Federation Ireland (BPFI) said a total of 4,446 mortgages were approved last month. That is up 17.7% month-on-month and by 14% compared with the same period last year. In total […]
Lowest rate of annual increase in employment in three years – CSO
The number of people in employment in the first quarter of the year stood at 2.7 million, a rise of 1.9% or 51,500, compared to a year ago. The annual change of 1.9% is the lowest annual increase in three years. The latest Labour Force Survey from the Central Statistics Office shows that 2,704,200 people […]
EU critical materials rules could lead to new Irish mines
New EU rules have come into effect aimed at ensuring the union has access to a secure and sustainable supply of critical raw materials. The Critical Raw Materials Act (CRMA) is focused on protecting access to materials that are considered to be of high economic importance to the EU, but vulnerable to supply disruption. At […]
Annual wholesale electricity prices fell by almost 30% in April – CSO
Wholesale electricity prices – the prices that suppliers pay to generators – fell nearly 30% in the 12 months to April, the latest Central Statistics Office figures show. Wholesale electricity prices had rocketed in the period after Russian invasion of Ukraine, and today’s figures show they have fallen back nearly 60% since April 2022 and […]
Revenue issues new guidance on employment status
Revenue has published new guidance on determining the employment status of workers for tax purposes. It follows a recent Supreme Court judgement relating to Domino’s Pizza delivery drivers. In October 2023, the court ruled that the drivers should be treated as employees and not contractors. The case related to delivery drivers working on 2010/2011 contracts […]
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 […]