Euro falls against the dollar after ECB rate hike
The euro briefly fell back below parity with the dollar today after the European Central Bank (ECB) raised interest rates, and US data showed that the world’s biggest economy rebounded more than expected in the third quarter. The ECB raised its deposit rate by 0.75% to 1.5%, the highest since 2009, in an effort to […]
Banks to write to tracker customers following ECB rate hike
The main retail banks have said they will be writing to their tracker mortgage customers to inform them of their new interest rates, following today’s rate hike by the European Central Bank. This afternoon the ECB raised rates by a further 0.75% in its third hike this year. This means mortgage repayments for those on […]
Housing starts down 31% in September
The number of residential units which have commenced construction fell last month, according to the latest figures from the Department of Housing. In September, the Department received commencement notices for 2,211 units, down 31% on the 3,203 commencements notified the same month last year. 605 units were started in Dublin local authority areas and 1,219 […]
Interest rates set to rise again – what does it mean?
The European Central Bank is on course to raise interest rates again today. We’ve been looking at why the bank has been raising rates and how far they’re likely to go today – and in the months ahead – and what that will mean for Irish borrowers. Why are interest rates rising? In a word, […]
ECB expected to increase interest rates by further 0.75%
The European Central Bank’s (ECB) governing council meets today in Frankfurt amid speculation it will announce another 0.75% increase in interest rates. The ECB has already increased rates twice this year, a half a percentage point in July and three quarters of a percentage point in September. Market analysts widely expect rates to be increased […]
World is in its ‘first truly global energy crisis’ – IEA’s Birol
Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”. This is according to the head of the International Energy Agency (IEA). Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in […]
Goods handled by main Irish ports up 1% in Q2
New figures from the Central Statistics Office show that Irish ports handled a total of 13.1 million tonnes of goods in the second quarter of 2022, an increase of 1% compared with the same time last year. A total of 3,085 vessels arrived in the seven main Irish ports – Bantry, Cork, Drogheda, Dublin, Rosslare, […]
Applications open for Sport to Start-Up programme
Applications open today for the fourth round of the Sport to Start-Up programme. The online course aims to help full time Irish sports people start their own business while still competing or training. It is an initiative of the Local Enterprise Offices, and is funded by the Department of Enterprise, Trade and Employment through Enterprise […]
Euro zone October PMI adds to evidence bloc is heading for recession
The euro zone is likely entering a recession with business activity contracting at the fastest pace in nearly two years this month as the cost-of-living crisis keeps consumers cautious and saps demand. Factories have been particularly hard hit by energy price rises and due to supply chains still recovering from the coronavirus pandemic taking a […]
Cabinet to discuss longer opening hours for pubs and clubs
Plans to introduce longer opening hours for pubs and nightclubs will be discussed by the Cabinet this morning. Minister for Justice Helen McEntee is seeking Government approval to reform the country’s 200-year-old licensing system. Under the plan, pub opening hours would be standardised across the week giving them the option of opening from 10.30am to […]
No plans to lift cap on bankers’ pay, says finance department
The Department of Finance has said Minister Paschal Donohoe recognises that restrictions on pay create recruitment and retention problems for banks, but that there are currently no plans for a change in policy. Chairman of Bank of Ireland Patrick Kennedy met Mr Donohoe in June to express concerns over the cap on bankers’ pay. According […]
Food industry prices jump, but electricity costs down – CSO
The price of raw materials for the food industry rose last month, according to the latest Wholesale Price Index from the Central Statistics Office. However, the wholesale price of electricity fell sharply last month while inflation in construction materials continued to moderate. Overall, the rate of price increases for manufactured goods for the domestic market […]
Diesel nearly 20 cents more expensive than petrol – AA
Diesel is now at its second-highest monthly average price on record, the latest fuel price survey from AA Ireland shows. The AA said the average price for petrol across the country remains at €1.84 per litre, with diesel now at €2.02 per litre, 4% more expensive than last month. Petrol is on average 11% more […]
Gas generated 55% of Ireland’s electricity in September
Gas demand fell by 11% in September from August, new figures show today. as temperatures were above average in most parts of the country. But Gas Network Ireland said that gas demand was up 6% in September compared to the same time last year. It said that compared to September 2021, when Covid-related public health […]
Most consumers make multiple spending cutbacks – Credit Union consumer sentiment survey
Consumer sentiment improved slightly in October as consumers took some comfort from Government measures introduced in its annual budget to support household spending, a new survey shows today. The Credit Union Consumer Sentiment index climbed to 46.1 in October from 42.1 in September, recovering part of a 11.3-point decline from August. The index was previously […]
Euro zone’s current account deficit widens on soaring energy bill
The euro zone’s current account deficit widened in August as soaring energy costs pushed up the bloc’s import bill, data from the European Central Bank showed today. The currency bloc of 19 countries had run a current account surplus for years before Russia’s war in Ukraine. It recorded an adjusted deficit of €26.32 billion in […]
EU leaders agree to press ahead with gas price cap
EU leaders have agreed to press ahead with a cap on the wholesale cost of gas as a way to bring down electricity prices during talks in Brussels, which concluded in the early hours of this morning. The price cap will be conditional on safeguards to ensure it does not lead to a reduction in […]
Finance Bill to widen energy support scheme to include professionals
The Government is expected to confirm that its new support scheme aimed at assisting businesses with the rising cost of energy will be extended to include professional firms, when it publishes the Finance Bill today. When the €1.25 billion Temporary Business Energy Support Scheme (TBESS) was announced in last month’s budget, it was originally planned […]