Geopolitics the top concern for international banks here
Nearly eight in ten international banks in Ireland say global political tensions could hit their business in the next five years. That’s according to a new report by the Federation of International Banks in Ireland (FIBI) and Banking and Payments Federation Ireland (BPFI). FIBI represents more than 30 international banking and investment organisations – including […]
New EVs licensed in April rose by 23% on last year – CSO
New figures from the Central Statistics Office show that the number of new electric vehicles licensed in April increased by 23% on the same time last year – rising to 1,783 from 1,444. This means the share of EVs among new private cars from January to April was 16% compared with 13% during the same […]
US to cut ‘de minimis’ tariff on China shipments to 54% from 120%
The US is to cut the low value “de minimis” tariff on China shipments to 54% from 120%, with a flat fee of $100 to remain, starting from May 14, modifying an earlier order imposed by Washington, a White House executive order has said. The move comes several hours after Beijing and Washington announced a […]
Oil prices jump over 3% on US-China tariff reductions
Oil prices rose more than $2 today after the US and China said they would ease some of their tariff measures, lifting market sentiment that the world’s two largest crude users may be moving toward resolving their trade dispute. Brent crude futures climbed $2.11, or 3.3%, to $64.14 a barrel this morning. US West Texas […]
ECB should keep steady hand, hold rates close to current levels, Schnabel says
The European Central Bank should stop cutting borrowing costs as turmoil in the global economy is fuelling price pressures and inflation was at risk of exceeding the bank’s 2% target in the medium term, ECB board member Isabel Schnabel has said. The ECB cut interest rates seven times in the past year as inflation has […]
Donohoe to attend Eurogroup and ECOFIN meetings this week
The Minister for Finance and President of the Eurogroup Paschal Donohoe is in Brussels this week to chair the Eurogroup meeting today and attend the Economic and Financial Affairs Council (ECOFIN) meeting tomorrow. At the Eurogroup meeting, Mrr Donohoe will update his colleagues on the latest developments at the recent IMF Spring meetings, including key […]
Senior civil servants to highlight concerns over AI
Senior civil servants are to highlight concerns over the use of artificial intelligence in the public service at the annual conference of the Association of Higher Civil and Public Servants. Delegates will gather in Portlaoise to discuss a range of motions put forward by the union’s more than 4,000 managers across 50 branches in the […]
China’s exports top forecasts helped by foreign rush to beat tariffs
China’s exports topped forecasts in April, buoyed by demand for materials from overseas manufacturers who rushed out goods to make the most of US President Donald Trump’s 90-day tariff pause. The fortunes of trade-reliant businesses on both sides of the Pacific now hinge on talks between China and the US taking place in Switzerland this […]
Annual inflation rate rises to 2.2% in April – CSO
New figures from the Central Statistics Office show that annual consumer prices rose to 2.2% in April from 2% a month earlier. The CSO said this marks the second month in a row where inflation has been at, or above, 2%. The CSO also said the Harmonised Index of Consumer Prices (HICP), which strips out […]
Government publishes new AI guidelines for public service
The Government has published new guidelines for the responsible use of artificial intelligence (AI) in the public service. The framework advises against the use of free generative AI (GenAI) models. This would include popular chatbot tools like ChatGPT and DeepSeek. “Free GenAI tools are very accessible but because they lack suitable management and oversight pose […]
Faster housing delivery could mitigate impact of tariffs
Faster housing delivery could mitigate the impact of tariffs, according to the latest report from Davy. Updated forecasts from the Department of Finance show that economic growth will slow next year due to US tariffs. Davy believe that this presents a compelling rationale for the Government to use all available levers to accelerate housing and […]
Taoiseach to discuss EU response to US tariffs with von der Leyen
Taoiseach Micheál Martin will meet the President of the European Commission Ursula von der Leyen in Brussels this morning. His visit coincides with the EU publishing its proposed countermeasures to US tariffs, which would be implemented if it proves impossible to reach a trade deal with the Trump administration. The agenda for this morning’s meeting […]
Motor insurance costs rose by 9% in first half of last year
The average cost of a motor insurance policy increased by 9% (€49) during the first half of last year, when compared with the first six months in 2023. Latest figures from the Central Bank’s National Claims Information Database show that the average premium increased from €567 to €616 over the period. This compares with an […]
US, Chinese officials to hold trade talks in Switzerland
Senior US and Chinese officials will travel to Switzerland later this week to kickstart stalled trade talks following US President Donald Trump’s sweeping tariff rollout, according to statements from both countries. The talks mark the first official public engagement between the world’s two largest economies to resolve a trade war escalated by Mr Trump shortly […]
Tax take to end of April up 15% on same time last year
Tax receipts for the first four months of the year are up 15.3% on the same time last year, the latest Exchequer Returns from the Department of Finance show. Today’s figures show that the tax take reached €28.6 billion at the end of April. When once-off tax revenues from the Apple tax case are excluded, […]
Department of Finance’s economic forecasts to take US tariffs into account
The Department of Finance will publish economic forecasts for Ireland to take account of tariffs imposed by the Trump administration in the United States. The document will be brought to a meeting of the Cabinet and launched by Minister for Finance Paschal Donohoe and Minister for Public Expenditure Jack Chambers. The forecasts set out two […]
Enterprise Minister to urge agencies to cut red tape for SMEs
Minister for Enterprise Peter Burke is to meet with the heads of 19 agencies and offices under his remit to instruct them to reflect on their processes and the obligations they put on small businesses. They will be called on to significantly simplify their policies, slash red tape and make any forms or statutory applications […]
Services sector growth slows in April amid trade concerns, PMI shows
Growth in the country’s services sector slowed in April to its lowest level in over a year as international trade tensions weighed on business sentiment, a survey shows today. The AIB Global S&P Purchasing Managers’ Index (PMI) fell to 52.8 in April from 55.3 in March, still above the 50 level that separates growth from […]