Lack of state support a barrier to fintech expansion – report
A lack of government support for growth and innovation has been identified as a major barrier to expansion in the financial technology, or fintech, sector in a report carried out by Ibec group Financial Services Ireland. Fintech is defined as the use of new technology to improve and automate the delivery and use of financial …
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Oil prices ease but supply cuts keep Brent above $90 a barrel
Oil prices eased today as a stronger US dollar and economic concerns in China weighed on the outlook for fuel demand, but extended supply cuts by Saudi Arabia and Russia helped keep Brent above $90 a barrel. Brent crude fell 15 cents, or 0.2%, to $90.50 a barrel in early trade, while US West Texas …
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64% of consumers buy sustainable goods, cost an issue
Two thirds of Irish consumers buy sustainable products sometimes or often, a new survey has found. The research by Deloitte found the level of sustainable purchasing was higher among those who considered themselves middle-income earners, at 65%. While among those who categorised themselves as lower income earners, 59% said they purchase sustainable products sometimes or …
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Higher mortgage rates, oil costs push inflation to 6.3%
Inflation rose at an annual rate of 6.3% in August, up from 5.8% in July, according to the latest Central Statistics Office figures. Inflation took a step in the wrong direction last month with the increase mostly driven by higher mortgage interest rates and higher prices for home heating oil and motor fuels. The recent …
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Texts and phone calls down, data usage up
A new report reveals that mobile phone users are sending less texts and making less calls, but using more data. New figures from the Commission for Communications Regulation, ComReg show on average people make 145 minutes of calls every month, down over 26% on the same time last year. The amount of text messages being …
Euro zone economy grew just 0.1% in second quarter
The euro zone economy grew by a mere 0.1% in the second quarter, lower than previously estimated, official data showed today. The European Union’s Eurostat data agency had previously put growth at 0.3% between April and June compared with the previous quarter in the countries that use the euro currency. Eurostat also revised its first-quarter …
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Banking industry’s new support measures for mortgage customers
The main Irish bank and non-bank lenders have agreed a new set of criteria designed to provide clear guidance to mortgage holders whose loans are managed by credit servicing on how they could potentially switch their loan to another provider. The criteria lay out agreed requirements that borrowers whose mortgages are with credit servicers would …
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Commercial vacancy rate hits 14.1% – highest on record
There were 29,798 vacant commercial units recorded across the country between April and June. There were 29,798 vacant commercial units recorded across the country between April and June. By Gill Stedman The commercial vacancy rate in Ireland has hit 14.1%, the highest level since GeoDirectory started recording the data ten years ago. GeoDirectory is Ireland’s …
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Women encouraged to consider construction careers
The shortage of construction workers is one of the biggest challenges facing the building industry amid warnings that there is not enough skilled labour to meet the demand for housing. Efforts are under way to try to encourage more women to enter the sector. Samantha Kelly works for Glenveagh Construction Programmes have also been launched …
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Banking industry’s new support measures for mortgage customers
The main Irish bank and non-bank lenders have agreed a new set of criteria designed to provide clear guidance to mortgage holders whose loans are managed by credit servicing on how they could potentially switch their loan to another provider. The criteria lay out agreed requirements that borrowers whose mortgages are with credit servicers would …
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National Broadband Plan marks 50,000th connection in Cork
The company marked the latest milestone in the NBP rollout at a farm in rural Co Cork. Peter Hendrick, the chief executive of National Broadband Ireland, the number of of homes, farms and businesses connected to the NBI network has doubled in the last nine months. “Over 180,000 premises are ready to connect by signing …
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Euro zone August downturn deeper than was thought – PMIs
The decline in euro zone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction. This is according to a survey which suggests the bloc could drop into recession. HCOB’s final Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and seen as a good barometer of …
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Activity in Ireland’s service sector continues to grow
The latest Purchasing Managers Index from AIB marks two and a half years of successive monthly improvement in business activity, new business and employment. The report states that demand in the sector continued to bolster these increases. The index dropped slightly to 55, down from 56.7 in July and 56.8 in June. Readings above 50 …
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Study reveals stress and financial woes facing workers
Many employees are increasingly feeling cash-strapped as inflation continues to impact their ability to spend, according to a survey of Irish workers by PwC. The proportion of the Irish respondents who said that they are able to pay all the bills and have money left over for savings, holidays etc at the end of the …
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Corporation tax take in August down over €1bn on last year
The amount of corporation tax collected in August was over a billion euro less than the amount taken in the same month last year. In a statement, the Department of Finance said ‘a sharp decline’ had been expected but the 36% drop was ‘somewhat higher than anticipated.’ In August last year, the public finances received …
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‘Concerning gaps’ in pension coverage – CCPC
The Competition and Consumer Protection Commission (CCPC) has said that research it has carried out into pensions has revealed some concerning gaps in retirement planning. The survey of 757 people showed that one-in-ten 45-64 year olds do not have a pension. Pension ownership among the 45-54 age group stands at 76%, a sharp decline since …
Deposit rates finally rise but ‘the devil is in the detail’
When the banks published their half year results in the early part of last month, it was clear that pressure was going to mount on them to improve the returns that they have been offering depositors. All of the main lenders reported bumper profits for the half year with interest income and interest margins looking …
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Economy sees growth of 0.5% in second quarter – CSO
The economy continued to grow in the second three months of the year, according to the latest figures from the Central Statistics Office. Measured by GDP, which includes the activities of multinationals, the economy grew by 0.5% compared to the first quarter of the year. Modified Domestic Demand, which excludes some of the activities of …
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