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REInvest makes first Dublin buy in €65m deal for 5 Harcourt Road

Luxembourg property asset manager REInvest Asset Management has bought a property in Dublin for the first time in the company’s history. The office building, 5 Harcourt Road, was bought for €65m from Henderson Park, a private equity property manager based in London. 5 Harcourt Road is fully let on a long-term basis to WeWork, which […]

Taoiseach says cost-of-living crisis could last into next spring

The Taoiseach has warned that the cost-of-living crisis could last into the spring of 2023. Speaking on RTÉ’s Prime Time, Micheál Martin said Russia’s approach to gas and the uncertainty around the price of energy meant the situation could get worse before it gets better. “We think the winter is going to be very difficult. […]

Euro clings to parity as markets await U.S. inflation data

The euro hovered a whisker above parity to the dollar today, with traders wary of the single currency being forced to levels unseen for decades if US inflation data, due to be released later today, shows a sky-high reading. The greenback was firm in Asia trade, and neither the New Zealand dollar or South Korea’s […]

Exports by Enterprise Ireland backed companies increased by 12% to record level in 2021

Exports by companies supported by Enterprise Ireland increased by 12% to a €27.29 billion last year – the highest level of export growth ever recorded by EI supported firms in value terms. Strong increases were experienced across almost all sectors in 2021, according to the state agency responsible for helping Irish companies to grow and […]

Skill shortage threatens financial services talent pipeline – report

A shortage of people with a well-rounded skill set, including role-specific technical skills and in-demand soft skills, represents a threat to the health of the talent pipeline in financial services, a new report has found. In particular data analytics, machine learning, digital transformation and risk and compliance are the specialties where the greatest skills gaps […]

Euro nears parity with dollar on growth fears

The euro sank to within a whisker of parity with the dollar today and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors. The dollar’s role as the safe-haven go-to currency for investors worried about the economic outlook has been burnished in recent […]

Banks not trusted by farmers – Irish Banking Culture Board report

There is an “absence of trust” amongst farmers in banks, according to the latest report from the Irish Banking Culture Board. The farming community was surveyed as a specific cohort for the first time and registered a -77 trust score, ranking significantly lower than both the general population and SMEs. The report reveals that the […]

High prices forced first contraction in construction sector in over a year

Severe price pressures forced the Irish construction sector to contract marginally in June, the first time it has reduced in size since April of last year when the pandemic was still restricting activity. The BNP Paribas Real Estate Ireland Construction Purchasing Managers Index (PMI) found new orders fell at a sharp and accelerated pace. Purchasing […]

Cabinet agrees stricter controls on online platforms advertising short-term lets

The Government has approved moves to strengthen regulatory controls on the short-term letting of property. These controls will apply to non-principal private residences in rent pressure zones and are due to come into effect in September. The amendment, if enacted, will mean that from 1 September online platforms will not be able to advertise properties […]

Job vacancies stabilise as caution enters the market

New data from hiring platform IrishJobs.ie shows a continued stabilisation in the number of job vacancies across the country. While the Index reveals 15% year-on-year growth in the number of jobs available this quarter, this is a deceleration of growth compared to the year-on-year figure for last quarter of 44%. In addition, quarterly growth is […]

The Summer Economic Statement: What you need to know

What’s the Summer Economic Statement? It is a document that sets out the parameters of the forthcoming Budget. That means, in broad terms, how much ‘new’ money will be spent or used to lower tax rates on Budget day. It also shows the total amounts of Government spending planned for budgets out to 2025. And […]

Investor demand for Irish debt remains high – NTMA

The organisation which manages Ireland’s national debt has said the country’s borrowing position remains strong, despite the rising cost of servicing it. In a mid-year update, the National Treasury Management Agency (NTMA) said that because of its multi-year programme of pre-funding and its decision to take advantage of historically low rates in recent years, it […]

Inflation could peak at over 10% in coming months, Central Bank warns

The Central Bank has warned that inflation could peak in the coming months at over 10% but should start to decline after that. In its latest Quarterly Bulletin, the bank also says household incomes will decline this year but are expected to recover next year with strong wage growth. It also describes the current high […]

New authority to crack down on corporate wrongdoing

The Office of the Director of Corporate Enforcement (ODCE) has now become a statutory and independent agency called the Corporate Enforcement Authority, with additional resources to investigate and prosecute white collar crime. The Government is to increase staffing levels by nearly 50%, including doubling the number of gardaí. The authority’s budget has also been increased […]

Rising costs of living hitting back-to-school expenses

Cost of living increases are impacting parents budgeting for back-to-school expenses, according to a new survey for the Irish League of Credit Unions. Back-to-school expenses are leaving more parents with debt, including credit card debt, according to the findings of the survey of 764 parents. As the cost of living continues to rise in Ireland, […]

Euro falling towards parity pain point

A stampede for dollars as global recession risks mount has left other currencies battered and bruised, with the euro getting trampled on more than most as surging European gas prices worsen economic growth fears. Analysts predict the single currency, which yesterday hit its weakest since 2002, will soon fall to parity. The euro is seen […]

Euro zone business growth slowed sharply in June – PMI

Business growth across the euro zone slowed further last month, according to a survey in which forward looking indicators suggested the region could slip into decline this quarter as the cost of living crisis keeps consumers wary. S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good guide to economic health, fell to […]

30% tax rate idea still being examined – Varadkar

A new 30% tax rate for middle-income earners has not been ruled out, according to Tánaiste Leo Varadkar. Last March, the Fine Gael leader said he had asked the Minister for Finance to examine the viability of a new 30% tax rate for middle-income earners. He told the Institute of International and European Affairs that […]