Euro zone lending growth slows again in April
Bank lending to euro zone companies and households slowed again in April, continuing the steady decline since last autumn as the economy stagnated and rapid rate hikes dented demand for credit. This is according to the latest European Central Bank data today. Lending to businesses in the 20 nation currency bloc expanded by 4.6% year […]
ECB warns of hit to top European banks if funds run into trouble
The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, the European Central Bank has warned. The ECB study looked into the risk of spillovers from so-called shadow banks – such as funds and other financial companies […]
Consumer confidence hit 14-month high this month
Consumer confidence here hit a 14-month high this month, as concerns eased about the economic outlook. Hopes for additional Government measures to offer some respite from price pressures may also have boosted sentiment, the Credit Union Consumer Sentiment Index suggests. Confidence continues to be fragile though, with a majority of consumers still feeling that the […]
Car sales push retail sales sharply higher again
The volume of annual retail sales rose sharply again last month due to another surge in car sales, jumping 7.5% on an annual basis, new figures from the Central Statistics Office show today. The volume of retail sales rose by 2.8% in the month The CSO said that when the increase in motor trades was […]
Gas generated 47% of electricity in April
Demand for gas fell by 10% in April compared to the same month last year, according to the latest figures from Gas Networks Ireland. Gas demand was also down 14% in April compared to March as several sectors required less energy during the month. Gas accounted for 47% of electricity generation in Ireland in the […]
Solar power due to overtake oil production investment for first time – IEA
Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said today, with solar projects expected to outpace outlays on oil production for the first time. Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil […]
ICTU calls for €2 increase to minimum wage
The Irish Congress of Trade Unions (ICTU) has called for the national minimum wage to be increased in January 2024 by €2, making the hourly rate €13.30. In a submission to the Low Pay Commission, ICTU said such an increase would go a considerable distance to providing a decent standard of living for low paid […]
ICTU calls for €2 increase to minimum wage
The Irish Congress of Trade Unions (ICTU) has called for the national minimum wage to be increased in January 2024 by €2, making the hourly rate €13.30. In a submission to the Low Pay Commission, ICTU said such an increase would go a considerable distance to providing a decent standard of living for low paid […]
Finance, tech and media have highest gender pay gaps – Deloitte analysis
Financial Services, Technology and the Media and Telecommunications sectors command the highest gender pay gaps in Ireland, according to an analysis by Deloitte. The study was based on information supplied by 350 organisations across six sectors in their Gender Pay Gap reports. Firms of all sizes are being mandated to produce a report outlining the […]
Age Friendly: Why companies should value older customers
Around 800,000 people over the age of 65 are currently living and shopping in Ireland, but do companies really value their business? This age group is the wealthiest in the country, with the customer base set to grow to a massive 1.6 million by 2051. We’ve been finding out what it means to be an […]
Optimism among businesses, with 55% on ‘stable footing’
Over half of businesses are on a “stable footing”, according to new research by InterTradeIreland. Its latest all-island business monitor suggests that 2023 is off to a smoother start for many companies. 36% of businesses said they have reported growth in the first three months of the year, while a third of businesses said they […]
Pressure likely to mount on banks to hike deposit rates
Banks are likely to come under pressure in the months ahead to offer better rates to customers putting money on deposit, according to one treasury specialist. The ECB has hiked interest rates by 3.75 percentage points since July of last year. While the main banks have not passed on the full extent of the rate […]
Finance union calls for regulations for surveillance of staff
The Financial Services Union (FSU) will today urge TDs and senators to consider new regulations and legislation to cover the technological surveillance of staff by their employers. In an address to the Oireachtas Committee on Enterprise, Trade and Employment, the FSU will highlight the findings of a recent survey of its members which showed that […]
Home prices rose faster than mortgage values in second half of last year
The increase in median mortgage values was slower between 2020 and 2022 than the rise recorded in property prices over the same period, new data shows. According to the figures compiled by the Banking and Payments Federation Ireland (BPFI), while the median value of properties purchased by first time buyers rose by €35,000 over the […]
McGrath to bring plan to Cabinet over corporation tax windfall surplus
Minister for Finance Michael McGrath has said he is planning to bring a proposal to Cabinet on how Ireland should deal with the large corporation tax windfall surpluses forecast to flow into the State. Speaking on RTÉ’s Prime Time last night, he said there was a surplus last year of around €8 billion, and the […]
New electric vehicles 13% more expensive than last year
New data from DoneDeal shows the average price of a brand new electric vehicle (EV) now stands at €64,755, 13% higher than the same time last year. Despite these price hikes, demand for new EVs has jumped 35% this year. The report states that the decision by the Government to reduce the EV grant from […]
Consumers more frugal due to rising costs – global survey
A new survey of global consumer sentiment shows people everywhere adjusting to higher living costs by taking action regarding their spending behaviour. The 12th EY Future Consumer Index is based on the views of 21,000 people across 27 countries and finds consumers are taking action to reduce spending in their lives. 94% of respondents globally […]
Wholesale electricity prices down over 40% in April
Prices paid for raw materials by manufacturers fell in April for the first time since November 2021, new Central Statistics Office figures show today. The Wholesale Price Index fell by 1% compared to March and by 0.7% compared to April 2022. Producer prices for exported goods fell by 1% in the month and are down […]