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Inflationary pressures impact food and drink sector

Irish food and drink businesses are experiencing inflationary pressures across most cost headings, according to Food Drink Ireland (FDI) the Ibec group representing the food and drink sector. FDI surveyed member companies in July to assess the extent and impact of input cost increases. It found that these increases were due to a combination of …

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Updates to hospitality guidelines on outdoor events being discussed

The Cabinet sub-committee on Covid-19 will meet today when it is expected to discuss updates to hospitality industry guidelines on outdoor events. It follows questions raised over an event hosted by former minister Katherine Zappone in a Dublin hotel last month and subsequent advice from the Attorney General. Fáilte Ireland is the State agency charged …

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Post-pandemic path to global economic health in sight

Financial and health imperative will be to invest in vaccinating the entire world The northern hemisphere is sweating through a second long summer of Covid-19. As the Delta variant gains ground in the US, Europe and even China, the contours of the global economic challenge are now clear. Libertarians and statists should lay down their …

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AIB extending negative rates to all deposits over €1m from October

The chief executive of AIB has confirmed that the bank will be extending negative interest rates to all customers with deposits in excess of €1 million from later this year. At the moment, AIB levies negative interest rates on personal customer deposits in excess of €3 million and on business customers with deposits greater than …

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Nightlife sector criticises ‘inadequate’ Covid response by Govt

A group representing workers in the nightlife sector has criticised the Government’s response to its reopening, warning that a continued shutdown will result in an upsurge of unregulated events. In a letter to the Taoiseach, Tánaiste and Minister for Arts, the ‘Give Us the Night’ campaign said its industry is the only remaining one without …

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Irish services sector expands at fastest rate in more than 20 years

Inflationary pressures evident in latest purchasing managers’ index data from AIB Irish service sector companies reported the strongest month-on-month growth in business activity in July since August 2000 as lockdown restrictions eased further and the Health Service Executive’s vaccination programme accelerated. The latest purchasing managers’ index (PMI) survey data, published by AIB, shows new services …

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Number on PUP at lowest level since pandemic began

The number of people in receipt of the Pandemic Unemployment Payment is just under 163,400 this week – the lowest level since the pandemic began. The number receiving the payment dropped almost 29,000 on last week, as people returning to work closed their claim. This week, the Department of Social Protection issued weekly payments valued …

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Minister starts process of selling State stake in Bank of Ireland

The Minister for Finance has started the process of selling the State’s shareholding in Bank of Ireland. According to a filing at the London Stock Exchange, the Government’s stake in the bank has fallen from 13.95% to just below 13%. Paschal Donohoe announced in June that he intended to start the process of selling the …

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Strong growth in business activity – AIB PMI

Irish service sector companies reported the strongest growth in business activity since August 2000 in July, according to the latest AIB PMI survey. New business expanded at the fastest rate since January 2016, while incomplete workloads rose the most in over two decades despite faster workforce growth. The latest survey data also signalled rising inflationary …

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Bank of Ireland reports strong recovery in H1

Bank of Ireland is reporting a strong recovery in its business performance with a €465 million underlying profit before tax, according to the bank’s interim results for the first half of the year. The bank reports a net credit impairment charge of €1 million at the end of June compared to €937 million in H1 …

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Used cars holding value and may even be appreciating – DoneDeal

Used cars in Ireland are now holding their value better than any time in the recent past, DoneDeal claims in its latest Car Price Index. The car website cites analysis undertaken by the TCD and NUIG Economist Dr Tom Gillespie which shows that limited supply and intense demand has meant that cars are currently holding …

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Manufacturing sector maintains rapid growth in July but cost pressure remain

The manufacturing sector continued to grow at a rapid pace in July, albeit at a slower rate than the previous two months. According to AIB’s latest monthly check on conditions in the manufacturing sector, new order growth hit another record high for the third month running. Output, while up, was partly constrained by ongoing supply …

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Over 1,000 complaints to FSO were pandemic related with business interruption insurance dominating

The Financial Services Ombudsman said his office had to date received 1,051 complaints arising from the circumstances surrounding the Covid-19 pandemic. 180 of them related to business interruption insurance. Ger Deering said the Office of the FSO had dealt with 760 of the total, including 113 of the business interruption insurance complaints. The information was …

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Construction sector bounces back in second quarter – CSO

The construction sector bounced back in the second three months of this year with the lifting of Covid-19 restrictions, according to the Central Statistics Office. The completion of houses and apartments is now running at a higher rate than the same period two years ago. The CSO’s New Dwelling Completions for the second quarter of …

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In-store spending on credit and debit cards jumps in June – Central Bank

There was a fall in online spending as consumers returned to shops and spent more on their credit and debit cards in-store in June, according to statistics from the Central Bank. Spending on cards in-store increased by 10%, or €304 million, last month compared to May, while online spending fell by 5%, or €133 million. …

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Retail sales rose 3.3% in June, CSO figures show

Retail sales volumes grew 3.3% in June compared to the previous month after restaurants and bars were allowed to serve customers outdoors for the first time this year. Sales were 10.6% higher than the same month a year ago, when stricter curbs were in place, and 13% up on pre-pandemic levels in June 2019. Non-essential …

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NAMA made €20m profit in first three months of 2021

The National Asset Management Agency recorded a €20m profit in the three months to the end of March, according to accounts submitted to the Oireachtas. The State body had revenues of €114m in the period, the majority of which came from the sale of loans and collateral relating to properties. NAMA said it was holding …

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Best first half for .ie domain registrations – report

A total of 33,815 new .ie domains were registered in the first six months of 2021, according to the latest .IE Domain Profile Report. That was up 1.6% on the same period last year and marked the best first half-year period on record for new .ie domain registrations, the report from the company that manages …

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