MEP’s set to approve new EU artificial intelligence legislation
The first ever rules for artificial intelligence for the European Union are expected to be approved by MEPs in Strasbourg. The proposed law, which is likely to have widespread support in the European Parliament, will require AI models such as ChatGPT and general-purpose AI systems to comply with transparency obligations before they are put on […]
92% of Irish employees want flexible working – research
92% of Irish employees have a strong preference for continuing in a hybrid or remote work model, according to new research from recruitment company Morgan McKinley. The Global Workplace Guide shows that half of employees would forgo a pay raise if it meant they got their desired flexibility. One to two days in the office […]
Central Bank revises down forecast for domestic economy this year
The Central Bank has revised downwards slightly its forecasts for growth in the domestic economy this year, but still expects that it will continue to grow at a moderate pace over the next three years. The bank is now predicting that Modified Domestic Demand (MDD) will expand by 2.2% this year, down from its forecast […]
Central Bank revises down forecast for domestic economy this year
The Central Bank has revised downwards slightly its forecasts for growth in the domestic economy this year, but still expects that it will continue to grow at a moderate pace over the next three years. The bank is now predicting that Modified Domestic Demand (MDD) will expand by 2.2% this year, down from its forecast […]
Central Bank said mortgage interest relief not focused on those suffering from rising rates ‘shock’
The Central Bank told the Department of Finance a scheme for mortgage interest relief would almost exclusively benefit homeowners aged over 40 who were the least likely to have challenges paying back their home loan. In an analysis of Government plans to help mortgage holders in last year’s budget, the Central Bank said the scheme […]
Slight fall in household saving at the end of 2023 – CSO
New figures from the Central Statistics Office show that the rate of household saving fell slightly in the last three months of 2023 and in the year as a whole as inflation continued to drive consumption during the year. Today’s figures show that the Household Saving Rate eased to 10.19% in the fourth quarter of […]
House construction growth could stall in 2024 – BNPPRE
Construction activity continued to contract in February, but at a slower pace than a month earlier, new data shows. The BNP Paribas Real Estate Ireland Construction Index climbed to 47.4, up from 45.9 in January. With any score under 50 representing a contraction, that was the weakest rate of decline in five months. Residential construction […]
A fifth of motorists are planning to get rid of their car, survey finds
One in every five car owners are planning to get rid of their car over the coming years, new research has found. The rising cost of running a car is among the big drivers, the survey discovered, with almost two thirds citing this as an influence on their decision. However, just over three quarters said […]
ECB rate cut coming, but not just yet, says Governing Council’s Kazimir
The European Central Bank is increasingly confident that inflation is coming down, but should still hold off on an interest rate cut until June, Slovak Governing Council member Peter Kazimir said today. The ECB held rates unchanged at a record high last week, but its chief Christine Lagarde said discussions over easing policy have begun […]
Live Register figures down 1.2% in February – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for February fell by 1.2% to 174,600 people, a decrease of 2,100 from January. The CSO said the unadjusted Live Register total stood at 173,982 people for February. Today’s figures show that 35-44 age group made up the largest number […]
New wind farm a ‘significant step’ in meeting renewable energy targets
The Chief Executive of Bord na Móna has said the Oweninny Wind Farm, which is set to be Ireland’s largest onshore wind farm, represents a “significant step” towards meeting the country’s renewable energy targets. The Oweninny project is a joint venture between ESB and Bord na Móna representing a total investment of €320m. Wind energy […]
78% of consumers feel they are “doing what they can” to be sustainable
Three quarters of Irish consumers feel they are doing as much as they can, within their means, to be sustainable, a new survey from EY has found. The research also discovered that more than half of Irish households think energy providers and Government should take the leading role in the shift to cleaner energy. Just […]
Central Bank launches consultation on new consumer code
Enhanced clarity, predictability and accessibility on consumer protection obligations are among the key aims of a new Consumer Protection Code being developed by the Central Bank. As part of the process, the regulator has launched a consultation paper on its plans today. Among the proposals is a requirement for firms to incorporate customers’ interests into […]
China’s trade surges in first two months of 2024
China’s exports sharply accelerated in the first two months of 2024, official figures showed today, providing policymakers a bright spot as they battle to revive the world’s second-largest economy. Overseas shipments have long served as a key driver of the country’s economic growth, providing vast amounts of jobs for the manufacturing sector. In January and […]
NAMA on track to complete wind-down by 2025
Finance Minister Michael McGrath has today confirmed that NAMA will complete its wind-down by the end of 2025 while the Special Liquidation of Irish Bank Resolution Corporation (IBRC) is on track to “substantially” conclude by the end of this year. The National Asset Management Agency was set up in 2009 to clean the property crash […]
Tax take rises to €12bn so far this year, driven by income tax, excise and VAT receipts
The State collected €12 billion in taxes in the first two months of the year, new figures from the Department of Finance show. That is up 5.5% or €600 million on the same period last year. The increase was driven by income tax, excise and VAT receipts. However, the Department said a technical factor with […]
Cabinet approves new legislation to allow workers stay in job until 66
Minister for Enterprise Simon Coveney has received approval from the Cabinet for legislation which will allow workers to stay in their job until they reach the State Pension age, currently at 66. The General Scheme of the Employment (Restriction of Certain Mandatory Retirement Ages) Bill 2023 strikes out any mandatory retirement age which is below […]
Service sector growth picks up in February, PMI survey shows
The service sector here grew at its fastest pace in five months in February after slowing to a near standstill a month earlier, as firms reported rising levels of new business across all sectors, a survey showed today. The AIB Global S&P Purchasing Managers’ Index (PMI) rose to 54.4 from 50.5 in January. The index […]