EU agrees plan to boost conditions for app based “gig” workers
The European Parliament and EU member states have struck a deal on rules to strengthen conditions for those working through apps, such as ride-hailing drivers. Under the new law, many platform workers in Europe could be reclassified as employees and therefore gain access to labour and social protection rights, the parliament said. At least 5.5 […]
ESRI further downgrades economic growth forecast
The Economic and Social Research Institute has further downgraded its forecast for growth in the economy this year. However, in its latest Quarterly Economic Commentary the think-tank says the underlying performance of the economy is stronger than the headline figures suggest. It has also questioned the assumptions underpinning the national spending rule. Meanwhile, later today […]
Fed flags end of rate hikes, sees lower borrowing costs in 2024
The US Federal Reserve held interest rates steady today and signaled in new economic projections that the historic tightening of US monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024. In a new policy statement, Fed officials took explicit account of the fact that […]
House price growth picks up to 2.3% in October – CSO
Residential property price growth picked up on a yearly basis for the second month in a row in October, Central Statistics Office figures showed today. Prices for residential property increased by 2.3% in October compared with a near three-year low of 1.1% two months earlier. Prices had risen by 1.4% in September. Property price growth […]
Interest rate on new mortgages dips in October – Central Bank
The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average interest rate offered on term deposit accounts rose to its highest level in 14 years. At the end of the month, the average rate on new mortgages […]
Average motor insurance premiums fell 7% last year despite rise in cost of damage claims
The average cost of a private motor insurance policy fell by 7% last year to €568, new data from the Central Bank has found. That is despite a 20% rise in the cost of an average damage claim during the year, amid the inflationary environment. It means that on average, damage claim costs have risen […]
Talks on fish quotas resume in Brussels
Talks between EU fisheries ministers to finalise quota arrangements for national fishing fleets for 2024 have resumed in Brussels Talks were suspended last night with firm proposals for most stocks but no political sign off. Irish sources report both positive and negative decisions on some of the stocks important to Ireland’s fishers, and also some […]
Grocery price inflation falls again to 8.6%
Grocery sales are expected to exceed €1.4 billion for the first time ever in December, according to the latest predictions from Kantar. New figures from Kantar today show that take-home grocery sales increased by 7.2% in the four weeks to November 26. Kantar noted that shoppers visited stores more often in November, making an average […]
Retail Ireland predicting extra €1.1bn spend in December
Retailers are predicting an increase in household spending in the run-up to Christmas, despite cost-of-living pressures and the difficult economic backdrop for many. Retail Ireland, the Ibec group representing the sector, is expecting that on average each household in Ireland will spend €1,019 more during December compared to other months of the year. That represents […]
Construction activity falls for fifth month in a row
Construction activity fell in November, new data from BNP Paribas Real Estate Ireland has found. The fall in its Construction Total Activity Index is the fifth successive monthly drop. The organisation says respondents blamed a slowdown in the economy, the completion of projects and delays in decision making at clients. Activity slipped in all three […]
Revenue warns of tax implications for planning payments
Revenue has warned of “potentially serious consequences” for people who do not disclose payments they have received as part of the misuse of the planning appeals system. It said payments which influence the planning process may have tax implications, and people are obliged to include them in the appropriate tax return. The statement follows an […]
Stamp duty on health insurance policies reduced
The health insurance regulator has cut the level of stamp duty on all health insurance policies next year. The move should result in around three quarters of consumers paying €18 less for their policies in 2024, provided the saving is passed on to them by their providers, which the Health Insurance Authority (HIA) says they […]
China says exports rise for first time in seven months
Chinese exports rose in November for the first time in seven months, officials said today, as the country navigates a troubled recovery from the Covid-19 pandemic. However, the reading compares with a low base from last year when authorities were still wedded to a zero-Covid policy that hammered output and business activity, while a surprise […]
Wind provided 37% of Ireland’s electricity in November
Wind provided 37% of Ireland’s electricity in November, new data shows. The latest report from Wind Energy Ireland reveals that November was the third highest month for wind energy generation this year. The report confirms that wind energy has supplied a third of the country’s electricity in the first 11 months of this year. “These […]
Christmas shopping set to peak on 23 December
Christmas shopping is set to peak on 23 December, new data from AIB shows. Its latest spend trend report shows that 2.8 million card transactions were carried out in shops on that date last year. That was up 84% on the average day in 2022. The busiest time for spending in store was between 12-1pm […]
Around half of companies experienced a cyber incident – survey
Almost half of organisations in Ireland have encountered cyber incidents in the last three years, while one in five have suffered resulting financial loss, according to new research from Microsoft Ireland. The study found that while one-third of companies have experienced a data breach, only 14% have had to report an incident to the National […]
China says exports rise for first time in seven months
Chinese exports rose in November for the first time in seven months, officials said today, as the country navigates a troubled recovery from the Covid-19 pandemic. However, the reading compares with a low base from last year when authorities were still wedded to a zero-Covid policy that hammered output and business activity, while a surprise […]
Gas demand sets new record for the month of November
The last three days of November saw exceptional levels of gas demand, new figures from Gas Networks Ireland show, amid a cold snap which saw a sharp increase in the demand for gas to heat homes and businesses. November 30 and the 28 respectively were the highest two November gas demand days ever recorded with […]