UK exits recession with better-than-expected 0.6% GDP growth
Britain’s economy grew by the most in nearly in three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election. The Office for National Statistics said UK gross domestic product expanded by […]
Revenue issues demands to 11,700 firms over warehoused debt
Almost 90% of the €1.65 billion debt which was still warehoused at the start of last month has been repaid or is in the process of being repaid, Revenue has said. The debt warehousing scheme was introduced near the start of the Covid-19 pandemic to help firms struggling with cash flow as a result of […]
Inflation rate slows to 2.6% in April from 2.9% in March – CSO
Inflation in Ireland rose by 2.6% in the 12 months to April, according to the latest figures from the Central Statistics Office, down from the rate of 2.9% the previous month. However when energy and unprocessed foods are excluded, the inflation rate stood at 3.5%. The difference reflects the fact that consumers have benefitted from […]
Irish mortgage rates see third monthly increase in a row
The average interest rate on a new mortgage in Ireland rose for the third month in a row in March to reach the highest level since 2017, new figures from the Central Bank show. Ireland had an average interest rate of 4.31% in March – the sixth highest rate in the euro zone, up one […]
Half of adults happy with current State pension age of 66
One in every four adults would choose to take the State pension six years earlier, even if it meant they received €60 less a week from it, new research has found. But less than one in five said they would stay at work until they were 70 in order to get an additional €60 a […]
Over 70% of businesses plan to increase staff salaries in 2024
Over 70% of businesses expect to increase salaries this year, while 40% plan to hire more staff, new data shows. The latest KPMG Enterprise Barometer reveals overall optimism among Irish businesses, with 65% expecting turnover to increase in the next 12 months However, those surveyed highlighted a number of challenges facing businesses this year, with […]
PTSB reports 10% increase in Q1 net interest income
PTSB said today it had recorded a strong financial performance in the first quarter of 2024, including an increase in net interest income and a doubling of business lending. In an interim management statement today, the bank said its mortgage market share during the three months from January to March declined slightly from the fourth […]
Just 13% of prospective homebuyers think over the next year a good time to buy
Almost 80% of prospective homebuyers are worried about the state of the property market, new data shows. The consumer sentiment research from property website MyHome.ie reveals that just 13% believe the next year would be a good time to buy. Meanwhile, nearly half said the cost of living crisis has meant they have had to […]
Public-private pay differential ranged from 0.9% to – 6.6% in 2022
New figures from the Central Statistics Office show that the public-private pay differential on average ranged from 0.9% to a decrease of 6.6% in 2022. The CSO said that trends in the public-private pay differential show that public sector employees on higher incomes are worse off in terms of gross pay in comparison with private […]
Private healthcare – a boom area for investment?
Private healthcare has come under the spotlight of late with the sale of the Beacon Hospital in Dublin and the planned move by Aviva back into the health insurance market. It comes at a time of sharp medical cost inflation and an apparent stalling in the proportion of the population holding private health insurance. However, […]
Scammers re-target investment fraud victims promising to recover money
The banking industry is warning people who have previously fallen victim to investment fraud about new scams where the fraudsters are promising to recover their lost money. The scam is particularly being targeted at people over the age of 50. The Banking and Payments Federation Ireland’s FraudSMART campaign says it is seeing growing numbers of […]
Glenveagh Properties set to build over 2,700 homes this year
Homebuilder Glenveagh Properties said its forward order book now stand at €963m, up from €805m at the end of February. In a trading statement issued ahead of the company’s AGM in Dublin today, Glenveagh said it was well positioned to deliver over 2,700 new homes across its three business segments in 2024. It noted that […]
AIB’s first quarter income up by 18% due to higher interest rates
AIB said its total income increased by 18% in the first quarter of the year on the back of the higher interest rate environment and after what it called “a very strong first quarter performance”. In an interim management statement ahead of its AGM today, AIB said its Net Interest Income was 27% higher in […]
Smurfit Kappa posts 16% drop in first quarter profit
Smurfit Kappa shares rose this morning after its first quarter core profit fell sharply year-on-year but was higher than the final quarter of 2023 when it had signalled a dip in demand for packaging was at an end. Smurfit Kappa, Europe’s largest paper packaging producer, posted a 16% year-on-year fall in core profit to €487m […]
New targets for female representation at senior levels
Balance for Better Business (B4BB), an independent review group established by the Government, has today launched a new strategy, targets and roadmap to improve gender balance at board and leadership level among businesses in Ireland. The group has set a new target for organisations to exceed 40% female representation on boards and leadership teams in […]
Trade unions to mark International Workers’ Day with Dublin event
Trade unions will mark May Day today which is celebrated as International Workers’ Day. A rally and march will be held this evening at the Garden of Remembrance in Dublin. Ireland’s first ‘Trade Union Week’ began on Monday and includes a series of events to promote union membership. As part of the campaign, the Government […]
Manufacturing activity deteriorates amid fall in new orders
Activity in the manufacturing sector deteriorated again in April, new data shows. The latest AIB Purchasing Managers Index shows that the fall last month was the sharpest rate of decline in nine months. The headline index dropped from 49.6 in March to 47.6. Readings above 50 indicate overall growth in activity. The drop in the […]
Euro zone grows more than expected in Q1 after recession
The euro zone economy grew by more than expected in the first quarter of 2024, buoyed by a return to growth for Germany and strong expansion in Spain, preliminary data from the European statistics agency Eurostat showed today. Gross domestic product increased by 0.3% quarter-on-quarter for a 0.5% year-on-year rise, compared with market expectations that […]