Mortgage drawdowns fall 22%, driven by switching slump
Mortgage drawdowns were down almost 22% between July and September when compared to the same period last year. New figures from Banking and Payments Federation Ireland show that just over 11,600 mortgages were drawn down during the three month period, valued at over €3.1 billion. The fall is drawdowns was driven by an 81% drop […]
New guidance on social media advertising for influencers issued by CCPC and ASAI
New guidance for Irish influencers on how to clearly label ads on social media has been issued by the Competition and Consumer Protection Commission (CCPC) and the Advertising Standards Authority for Ireland (ASAI). The advice comes as consumer agencies across the EU, including the CCPC, begin a coordinated sweep of influencer accounts to assess their […]
ECB breaks record streak of rate hikes as economy weakens
The European Central Bank left interest rates unchanged as expected today, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which signals steady policy ahead. The ECB has lifted rates by a combined 4.5 percentage points since July 2022 to combat runaway price growth but hinted last month that it would […]
ECB Governing Council expected to leave rates unchanged
The Governing Council of the European Central Bank (ECB) meets in Athens today where it’s widely expected to leave interest rates on hold for the first time since last summer. Recent economic indicators have shown the euro area is slowing down. The ECB has raised interest rates ten times since July of last year in […]
Job vacancies down 28% on last year
Job vacancies declined by 28% year-on-year and by 7% on a quarterly basis according to the latest Jobs Index from hiring platform IrishJobs. The data is for the third quarter of this year and shows that the IT sector experienced decreases in vacancies of 42% compared to last year and were down by 12% on […]
Housing completions up 14% in third quarter – CSO
There was an increase of 8,452 in new dwelling completions in the third quarter of this year, according to the latest figures from the Central Statistics Office. This marked an increase of just over 14% on the same period in 2022. Apartments, at 3,373, made up 40% of all new units. This was a 47.3% […]
Calls for more modular housing to address shortages
Modular housing units need to be constructed in higher volumes in order to address the housing shortage crisis, according to the Director General of Engineers Ireland. Damien Owens argues that advantage should be taken of modern construction methods that can help to alleviate pressure on the housing market while improving sustainability in construction. He added […]
Four in five firms plan pay increases next year with average of 3.8%
Around four in five businesses are planning on increasing pay for employees in 2024, with an average pay rise of 3.8%. This is according to the latest Pay and HR Update, an annual survey of around 400 firms conducted by business group, Ibec. The figure is in line with the 84% of companies that increased […]
Petrol and diesel prices dip in October – AA Ireland
The latest AA Ireland monthly Fuel Price Survey shows a slight drop in petrol and diesel prices over the last month, while the cost of running an electric vehicle has also fallen. The price of petrol is down from €1.85 in September to €1.83 and diesel has fallen by one cent from €1.85 to €1.84 […]
EU signs digital services agreement with Ireland
The European Commission has signed an administrative arrangement with the newly established media regulator, Coimisiún na Meán, to support new EU online safety rules. The Digital Services Act (DSA) requires big tech firms to do more to police illegal and harmful content on their platforms. Ireland will play a leading role in enforcing the DSA, […]
New competency framework to drive higher standards in corporate governance
A new competency framework to drive higher standards in corporate governance is being launched today by the Institute of Directors. The new Continuing Professional Development (CPD) Framework has been introduced in response to the ever-evolving policy, regulatory, macro-economic and governance environment in Ireland. It is designed to foster improved collective board strength and responsibility, the […]
Euro zone PMI hits lowest in nearly three years, stirs recession worries
Euro zone business activity took a surprise turn for the worse this month as demand fell in a broad-based downturn across the region, a survey showed, suggesting the bloc may slip into recession. HCOB’s flash euro zone Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and seen as a good guide to overall economic […]
Entry requirements for civil service expanded
The Government has announced the expansion of the eligibility requirements to apply for civil service jobs in a bid to promote greater diversity in the service. The move will allow more people from a migrant background to apply to enter the civil service. Potential candidates holding ‘Stamp 4’ permissions will now be able to pursue […]
Annual wholesale electricity prices fall over 60% in September – CSO
Wholesale electricity prices have fallen by 61% in the 12 months to September according to the latest figures from the Central Statistics Office. Despite the overall fall, the last two months have seen the price began to rise again, up nearly 5% in September and 11% in August. The news comes as cuts in domestic […]
Average home rebuilding cost rose 12% over last year
The average cost of rebuilding a house rose by 12% over the last year, new research has found. That is less than the 21% rate of increase in the previous 12 months, the report by the Society of Chartered Surveyors in Ireland found. The rate of increase was broadly steady across the various regions of […]
Planned changes to rules around minimum corporation tax among measures contained in the Finance Bill
The Finance Bill, which puts the tax changes announced in last week’s Budget into legislation, has been published by the Minister for Finance, Michael McGrath. It runs to 270 pages and also includes changes to corporation tax rules to implement the so-called Pillar Two of the OECD tax reforms. Pillar Two refers to one part […]
Average home rebuilding cost rose 12% over last year
The average cost of rebuilding a house rose by 12% over the last year, new research has found. That i’s less than the 21% rate of increase in the previous 12 months, the report by the Society of Chartered Surveyors in Ireland found. The rate of increase was broadly steady across the various regions of […]
55% of office workers spend two to three days a week ‘on-site’
New research has found that 55% of office workers in companies in Dublin now spend two to three days on site each week. That marks a 7 percentage point increase since Dublin Chamber and Savills last measured the trend during the last three months of last year. The study found the increase has been driven […]