EU agrees law to remove CO2 with woodlands, other carbon sinks
The European Union has agreed to a law to expand its forests, marshes and other “sinks” that absorb carbon dioxide (CO2), a measure that could allow the bloc to raise its target for cutting net emissions of greenhouse gases. Negotiators of the European Parliament and the European Council, which represents EU governments, agreed to a […]
ISME launches new Shop and Support Local campaign
ISME has today launched its 2022 Shop Local campaign calling on shoppers and businesses to “Think, Spend and Support Local”. The campaign has been developed to promote products and services from SMEs across Ireland. The focus of the campaign is for consumers to “Think Local” before they buy, then “Spend Locally” and “Support” with recommendations […]
Personal loan drawdowns jump 12%, BPFI report reveals
Just over 47,000 personal loans were drawn down in the third quarter of this year, up over 12% in volume and 11% in value when compared to the same period last year. The figures from Banking and Payments Federation Ireland (BPFI) show that both the volume and value of drawdowns between July and September reached […]
Insurance policies could be impacted by exit of banks, Insurance Ireland warns
Insurers have urged customers of Ulster Bank and KBC Bank Ireland to be aware of the risks for their insurance and pension policies posed by the departure of the two lenders. Insurance Ireland said customers of the banks whose policies are paid by direct debit need to be sure to update the payment details and […]
Commission proposes changes to EU’s debt rules
The European Commission has proposed changes to the EU’s onerous debt rules that would allow member states to negotiate their own debt reduction path, using the carrot of more flexibility if governments introduce reforms and investment. The Irish Government is understood to be supportive of the measures. The new measures will form part of the […]
Wages rise at over three times their pre-pandemic rate, study finds
Wages are going up at more than three times their pre-pandemic rate across euro area countries, according to a new study published by the Central Bank. However, the study also finds that wage growth may have levelled off in some countries as employers face “an increasingly uncertain and deteriorating economic outlook”. Central Bank economist Reamonn […]
Overseas tourism to Ireland expected to reach 75% of 2019 figure
International travel has recovered quickly from the worldwide Covid-19 pandemic lockdowns, with overseas tourism to Ireland this year expected to reach 75% of the 2019 figures – a year which saw more than 11 million overseas visits to the island and revenue of nearly €6bn. Despite challenges, research in ten key markets shows the desire […]
ECB to continue raising rates even as economy suffers
The European Central Bank will continue to raise borrowing costs even as the euro zone economy suffers because letting inflation stay high would be even more painful, two top ECB policymakers said today. The ECB has been raising interest rates at a record pace and steering investors towards more hikes ahead to bring double-digit inflation […]
‘Positive response’ to second Eurogroup term – Donohoe
Minister for Finance Paschal Donohoe has said eurozone finance ministers have agreed that an election to appoint the president of the Eurogroup will take place on 5 December 5, with a deadline of 24 November for prospective candidates to put their names forward. Mr Donohoe said he was “very privileged” to have received the support […]
Agri-food exports hit €15.4 billion last year
Irish agri-food exports were worth €15.4 billion in 2021, an increase of 51% since 2012, new figures show today. Irish produce was exported to more than 180 countries with the largest export being dairy, which exceeded €5 billion for the third year in a row. Agri-food exports accounted for 9.5% of total goods exports from […]
Euro, sterling jump, dollar falters as market shifts to risk assets
Euro and sterling rose against the safe-haven US dollar today, supported by a risk-on sentiment across markets with European stocks rising on persistent hopes China will ease Covid restrictions. A survey showed today that investor morale in the euro zone improved in November, the first time it rose in three months, reflecting hopes that recent […]
Taoiseach to attend UN climate summit in Egypt
Taoiseach Micheál Martin will arrive at the COP27 Climate Conference in Sharm el-Sheikh, Egypt later this morning and will stay for two days to outline Ireland’s climate priorities. The priorities include a commitment to scale-up the country’s contribution to international climate finance as well as resolute support for progress to be made on compensation for […]
Exporters keep anxious eye on sterling movements
Some economists and bankers are warning that the US economy and the global economy will enter recession by the middle of 2023. The Central Bank and employers body Ibec have also downgraded their growth outlooks for Ireland, but are still predicting economic growth next year. Simon McKeever, the CEO of the Irish Exporters Association, said […]
Euro zone downturn deepens, points to winter recession
The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading for a winter recession. A closely-watched survey showed euro zone October business activity contracted at the fastest pace since late 2020. German industrial orders also slumped more […]
October unemployment rate steady at 4.4% – CSO
The unemployment rate stood at 4.4% in October, unchanged for the third month in a row after the August and September figures were both revised up from 4.3%, the latest Central Statistics Office figures show today. The jobless rate has inched up since hitting a 21-year low of 4.2% in May and June. The CSO […]
Exporters keep anxious eye on sterling movements
Some economists and bankers are warning that the US economy and the global economy will enter recession by the middle of 2023. The Central Bank and employers body Ibec have also downgraded their growth outlooks for Ireland, but are still predicting economic growth next year. Simon McKeever, the CEO of the Irish Exporters Association, said […]
Europe could face gas shortage next year – IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency has warned. The IEA said the shortfall would occur if Russia stops pipeline deliveries completely and China steps up its imports of liquefied natural gas, which Europe […]
High corporation tax levels may not be sustained – McGrath
Minister for Public Expenditure Michael McGrath said the Government is “avoiding making permanent expenditure commitments” on the back of receipts that may “prove to be temporary”. The Minister’s comments follow the release of the latest Exchequer figures yesterday which show more than €16 billion in corporate tax receipts were collected up to the end of […]