Average mortgage rate unchanged for third consecutive month despite ECB cuts – Central Bank
The average interest rate on new Irish mortgages remained unchanged for the third month running in August at 4.11%, new figures from the Central Bank shows today. The standstill comes despite a European Central Bank rate cut in June of 0.25%. It means that the average cost of a new mortgage in Ireland remains the […]
Slight contraction in construction activity in September
Construction activity contracted slightly in September, the fourth time it has decreased in the last five months. The BNP Paribas Real Estate (BNPPRE) Ireland Construction Total Activity Index fell to 49 from 50 a month earlier. Activity in the housing sector resumed expanding following a tiny dip in the previous month. It means that activity […]
ECB accounts show cautious stance on further policy easing
European Central Bank policymakers appeared content with the drop in inflation when they met last month but argued for a gradual policy easing given stubborn price pressures, the accounts of their September 12 policy meeting showed today. The ECB cut interest rates last month and said it would keep an open mind about October but […]
Annual inflation falls to 0.7% – lowest since March 2021
A drop in energy prices has resulted in a significant fall in inflation which declined from 1.7% in the 12 months to August to 0.7% in September – the lowest level since March 2021. This means that prices are still rising on an annual basis, but they are doing so at a much lower pace […]
Half of all contactless payments made using mobile wallets
Smartphones and watches are becoming the preferred payment method for many, new data shows. The latest figures from Banking and Payments Federation Ireland (BPFI) show that half of all contactless payments are now made using mobile wallets such as Apple Pay or Google Pay, rather than cards. In the 12 months to June, a total […]
EU’s financial watchdog warns of growing budget risks
There are growing risks to the EU budget due to a record amount of debt, Russia’s war against Ukraine and high inflation, according to the annual report of the EU’s financial watchdog. The report warns that the EU will need to find new funding models to pay for upcoming commitments, such as enlargement, and potentially […]
Public encouraged to recycle electronics which may contain valuable metals
The public is being encouraged to dig out unwanted electronics and cables which could contain valuable metals. Ahead of International E-Waste Day next Monday, WEEE Ireland, the country’s national compliance scheme for the recycling of e-waste, has warned that disposing of e-waste incorrectly has high financial and environmental costs. Increasing recovery and recycling rates, it […]
61% of business leaders believe Budget 2025 will support growth
More than three in five business leaders believe Budget 2025 will help them achieve their strategic priorities amid pressing business challenges, a new survey from the Irish Management Institute reveals. The new research is based on a survey of 180 senior business leaders across private, public and semi-state organisations in Ireland attending the IMI’s National […]
Govt legislation over planning system to go before TDs
The Government’s extensive legislation to overhaul the planning system is due to go before TDs tonight for a final vote. The proposed law will see An Bord Pleanála renamed to An Coimisiún Pleanála and a reformed process for taking judicial reviews introduced. Running to more than 900 pages, the legislation is a key part of […]
Govt’s move to increase spending above 5% will aggravate inflation, Central Bank Governor says
The Governor of the Central Bank has the Government’s decision to increase spending above 5% over an extended period will aggravate price inflation and wage pressures. Gabriel Makhlouf said given current macroeconomic conditions, the continued expansionary fiscal stance adds unnecessary stimulus to an economy at full employment. The situation will undermine competitiveness and create risks […]
ECB policymakers press case for October rate cut
Several European Central Bank policymakers argued their case today for another interest rate cut next week, even if some of their colleagues remained unconvinced as turmoil in the Middle East fuels volatility in energy costs. The ECB has already lowered rates twice this year and a cut to the 3.5% deposit rate on October 17 […]
Poll suggests ECB to cut rates by 25bps in Oct and Dec
The European Central Bank (ECB) will cut its deposit rate by 25 basis points on October 17 and again in December, according to more than 90% of economists polled by Reuters who now see a quicker decline in euro zone inflation. Only 12% of economists polled last month had predicted an October cut. But most […]
EU drops Antigua and Barbuda from tax haven blacklist
The European Union has removed Antigua and Barbuda from its tax haven blacklist, an instrument that has been slammed as ineffective in the past by anti-poverty groups. The list, approved by the EU’s member states, now counts 11 jurisdictions deemed non-cooperative for tax purposes, particularly where it comes to sharing tax information. It now has […]
Hiring and retention big challenge for all firms – survey
Almost all business leaders are experiencing difficulties with hiring, retention, or both, new research has found. The study also revealed that the top hiring challenges encountered by enterprises include having an undesirable office location, which was cited by almost a third of respondents. A lack of the right skillsets in applicants was also referenced by […]
Oil prices dip after strongest weekly rise in over a year
Oil prices fell today, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region. Brent crude futures fell 28 cents, or 0.36%, to $77.77 per barrel early this morning, while […]
ECB will probably cut rates in October on risk of too low inflation – Villeroy
The European Central Bank will probably cut interest rates on October 17 as economic growth is weak and this raises the risk that inflation will undershoot its 2% target, French Central Bank Chief Francois Villeroy de Galhau told an Italian newspaper. The ECB cut rates from record highs twice already this year and markets now […]
Asking prices for homes nationally up 7.5% over the year
Asking prices for homes have risen 7.5% over the last year, new data from listings website MyHome.ie shows. That is the highest rate of increase in two years, the latest house price report shows. It means the median price sought for a home nationally in the third quarter stood at €365,000. That represents an increase […]
Western Region ‘continues to lag other regions’, says development commission
A landmark report commissioned by the Western Development Commission (WCD) has found critical challenges facing the western and north western region in the areas of infrastructure, housing and income. The report found that average disposable income in the region is over €3,000 below the national average. New house completions in the western region fell from […]