Motor insurance premiums fell 5% in first half of 2022 – Central Bank
Motor insurance premiums fell by 5% in the first six months of last year, according to new data compiled by the Central Bank of Ireland. The first mid-year motor insurance report of the National Claims Information Database also shows the cost of claims settled directly or through the Personal Injuries Assessment Board (PIAB) has fallen […]
Agricultural land prices to continue to rise this year – report
The cost of farmland and renting farmland is set to continue to rise in 2023, according to a new report from the Society of Chartered Surveyors and Teagasc. The report, based on returns from 134 SCSI members completed in January and February, forecasts average agricultural land prices will rise 8% in 2023, while average prices […]
New share buyback to cut State’s stake in AIB to 53.35%
The Minister for Finance has taken part in AIB Group’s 2023 share buyback programme on a directed basis, which will further reduce the State’s shareholding in the bank. The buyback will see AIB purchase €215m of its shares from the State by way of an off-market purchase. This represents 54,674,818 shares or 2.05% of the […]
Corporate insolvencies rose 22% in first quarter
The number of corporate insolvencies recorded in the first three months of the year rose 22% compared to the same period last year. But overall the number of insolvencies is down slightly on the last three months of 2022, indicating that the forecasted steep increase in firms going out of business is not currently happening. […]
Cabinet to consider abolishing development levies temporarily
Development levies for housing could be abolished temporarily under plans to be considered by Cabinet tomorrow. The measure, yet to be approved, is designed to help increase “near-term delivery” and will apply for a set time period. Savings to be gained from the abolishment of the development levy will vary depending on where the construction […]
Moody’s upgrades Ireland’s credit rating to highest level in 13 years
Ratings agency Moody’s has upgraded Ireland’s sovereign credit rating. The move to the Aa3 ratings brings Ireland back to Moody’s AA category for the first time since 2010. It is the second time that Moodys has upgraded Ireland in under one year. In May of last year, it bumped the country’s credit rating up to […]
Important to build up an ‘anti-austerity fund’ – Taoiseach
The Taoiseach has said that while there will be tax cuts and a welfare package in the next budget, it is also important to reduce the country’s debt levels and build up an “anti-austerity fund” for the future. Leo Varadkar was speaking at the Bloomberg New Economy Gateway Conference in Wicklow and was asked about […]
Dublin office lettings slump in first quarter
Office lettings in Dublin slumped in the first three months of the year, caused by the retrenchment in the tech sector and the growth in hybrid working. New data from BNP Paribas Real Estate found just 26,500 sq m of office space was let over the quarter. BNPRE is forecasting that the vacancy rate will […]
Dollar, euro steady after strong US bank results
The US dollar and euro steadied today after strong US banking results firmed up expectations that the Federal Reserve and the European Central Bank will keep raising interest rates. Morgan Stanley reported first quarter profit yesterday that beat expectations. This added to rosy results from major US lenders and calming fears of a widening crisis […]
Dublin office lettings slump in first quarter
Office lettings in Dublin slumped in the first three months of the year, caused by the retrenchment in the tech sector and the growth in hybrid working. New data from BNP Paribas Real Estate found just 26,500 sq m of office space was let over the quarter. BNPRE is forecasting that the vacancy rate will […]
Cryptocurrency regulations to be approved in EU parliament
The first set of regulations for the trading of cryptocurrency are to be approved by the European Parliament today. If passed, the measures are designed to ensure that crypto assets can be traced, preventing money laundering, terrorist financing and other crimes. Many MEPs are of the view that cryptocurrencies are still in their infancy, with […]
Core euro zone inflation edges up in March, keeping ECB on alert
Euro zone inflation eased last month but underlying readings remained stubbornly high, Eurostat said today. The latest figures confirmed preliminary data that raised worries at the European Central Bank about the persistence of price pressures. Consumer inflation in the euro zone eased to 6.9% from 8.5%, mainly due to a rapid fall in energy costs […]
Exports by Enterprise Ireland clients rose 19% to new record high in 2022
Exports by Enterprise Ireland (EI) backed companies grew by a record 19% last year to €32.1 billion, fuelled in part by the inflationary environment. It was the highest level of year-on-year export growth recorded by EI supported firms. “These are significant exports results and reflect the incredible innovation and ambition of the Irish enterprise sector,” […]
Government can’t rely on ‘volatile’ corporation tax – McGrath
The Government says the right decisions must be made with the budget surplus recorded this year, according to the Minister for Finance. Michael McGrath says the Government cannot rely on excess corporate tax receipts into the future, adding that at the best of times, it is a volatile source of revenue. “There is an acute […]
Euro, dollar status should not be taken for granted – ECB’s Lagarde
The US and the euro zone should not take the international status of their currencies for granted as countries such as China and Russia seek to create their own systems. The dollar’s 80-year-old reign as the world’s reserve currency is being called into question by some commentators. This is in light of China’s rise as […]
Irish jobs market stable despite tech layoffs – Morgan McKinley
The Irish jobs market has remained resilient despite recent layoffs in the technology sector, according to the latest Morgan McKinley Ireland Quarterly Employment Monitor. It shows there was a slight increase in professional job vacancies in Ireland in the first quarter of 2023 compared to the previous quarter. The number of jobs on offer has […]
Euro zone inflation to slow but ‘considerable uncertainty’ – Lagarde
The high rate of inflation in the euro zone ought to come down over the coming months, European Central Bank President Christine Lagarde said today. But she warned there was “considerable uncertainty” around the forecast. “We expect euro area inflation to continue to fall,” Lagarde said in a statement at the IMF’s spring meetings in […]
Construction activity continued to fall in March
Construction activity here continued to fall last month, albeit marginally. But the latest Construction Purchasing Managers Index from BNP Paribas Real Estate Ireland shows there were some signs of inflation in the sector cooling in March. It also found that growth in new orders, employment and input buying were all sustained. “Order books strengthened progressively […]