Over 40% of workers did not use full holiday entitlements last year – survey
More than four out of ten people did not make full use of their full holiday entitlements last year, according to new research on annual leave. The survey undertaken by FRS Recruitment shows that almost one in five people did not take five days of annual leave or more, which in business terms represents a […]
Darkening global outlook, central banks’ pivots signal more turbulence
Growing signs of lacklustre growth and risks emerging to the job market overshadowed a gathering of global policymakers at the US Federal Reserve’s annual Jackson Hole conference, highlighting the changing trajectory of monetary policy as US and European central banks eye cutting interest rates. Even as the focus of US and European central bankers shifts […]
Third of firms put money aside to pay cyber ransoms
Almost a third of businesses in Ireland have money put aside to pay for ransoms arising from ransomware attacks, a new survey has found. Half of the firms surveyed admitted their defences had been breached by a ransomware attack in the last year. While more than half said they had fallen victim to social engineering […]
ECB has room for gradual rate cuts, Kazaks says
The European Central Bank has room to cut interest rates possibly two more times this year as inflation remains broadly on the declining path policymakers envisaged, ECB policymaker Martins Kazaks said. The ECB cut rates for the first time after a record string of hikes in June and markets expect a second move on 12 […]
Employment rate rises, female participation at record high
The employment rate in Ireland has increased almost 3% to over 74%, while female participation is at a record high. New figures from the Central Statistics Office show that over 2.7 million people over the age of 15 and uder 65 were in employment between April and June. That is 71,000 more than the same […]
Economy moderating after years of rapid expansion
Rising global trade tensions and direct competition for Foreign Direct Investment from large economies is already challenging Ireland’s growth potential. This is according to business group, Ibec, which is calling for a renewed focus on the economy’s long-term potential sources of growth. In its latest economic outlook, the group notes that the economy is showing […]
Euro zone August business activity surprisingly strong
Euro zone business activity showed surprising strength in August despite firms raising prices, a survey showed, potentially weakening expectations for two more rate cuts from the European Central Bank this year. However, the recovery was mixed as a strong rebound in the bloc’s dominant services industry offset a deeper downturn among manufacturers. HCOB’s preliminary composite […]
Third level education costs double in five years research finds
Parents of young adults attending third-level expect it will cost them €9,511 this year, when in reality if the student is living in rented accommodation they will need €16,100 – almost double the figure five years ago, new research has found. However, if the child is living at home while going to college, the cost […]
Microbusinesses facing profitability pressures – survey
Microbusinesses with three or less employees are under severe pressure, particularly when it comes to profitability, a new survey has found. Three out of every 10 are not optimistic about trade in the third quarter of the year, tipping them into loss-making territory for the first time since the pandemic, according to the research. The […]
Gas generates 45% of electricity in July, demand rises
Demand for gas increased by almost 6% in July when compared to the previous month, new data shows. The report from Gas Networks Ireland shows that demand was up 3% on the same month last year. Gas was the largest contributor to electricity generation, generating 45%. This was up from 42% in June, and down […]
Fresh delay to decision on Dublin airport passenger cap
The planning application by Dublin airport operator, daa, to raise the current 32 million passenger a year cap at Dublin airport to 40 million passengers has been hit by a fresh planning delay. This follows Fingal County Council granting daa a three month extension to the deadline by which it needs to submit a response […]
Mortgages make up 10% of credit union loan book
Mortgage lending at credit unions increased by 10% to €518 million in the three months to the end of June. That’s according to the latest quarterly results from the Irish League of Credit Unions. Mortgages now make up nearly 10% of the total credit union loan book. The ILCU puts this growth down to demand, […]
ECB may need to cut rates again in September, Rehn says
The European Central Bank may need to cut interest rates again in September given persistent economic weakness, Finnish central bank chief Olli Rehn has said. The ECB was among the first major central banks in the world to cut interest rates in June, partially reversing a record string of hikes, but held rates steady in […]
Grocery price inflation picks up again
Grocery price inflation has picked up for the second month in a row, according to the latest figures from Kantar. Prices were 2.8% higher in the 12 weeks to the 4th August – compared to a 2.6% rise in prices in the 12 weeks to 7th July. The increases follow 15 consecutive months of easing […]
Fuel sector seeks action on high petrol and diesel prices
The proportion of the price of diesel accounted for by tax will hit 54% following an expected increase in the carbon tax in October’s budget. This will put Ireland at the top of the European league when it comes to tax on diesel, alongside Malta, according to Fuels for Ireland. While 57.2% of the cost […]
Goldman Sachs lowers odds of US recession to 20% from 25%
Goldman Sachs has lowered the odds of the United States slipping into a recession in the next 12 months to 20% from 25% following the latest weekly jobless claims and retail sales reports. Earlier this month, the brokerage raised the odds of a US recession from 15% after the unemployment rate jumped to a three-year […]
Hospitality was the sector with the biggest employment drop in June – CSO
The sector that recorded the largest decrease in employment in June was accommodation and food services, new data from the Central Statistics Office (CSO) shows. Amid claims from industry organisations of widespread closures of restaurants and cafes, employment in the sector fell by 1% in the month according to the CSO’s monthly estimates of payroll […]
Population growth exceeds new home delivery by almost 4 to 1
The growth in the Irish population between 2015 and 2023 exceeded the delivery of new homes by a ratio of nearly four to one, new research by property advisory Savills has found. Countries across the world are facing housing shortages, but Savills said its report demonstrates the extent to which Ireland is an outlier in […]