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 […]
Euro hits 20-year low against dollar on recession risk
The euro sank today to its lowest level against the dollar since 2002 as data pointed to a growing recession risk in the euro zone. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans […]
Over 220,000 new current accounts opened as banks exit market
The main retail banks have opened 222,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland begin switching providers ahead of the exit of the two banks from the Irish market. The figures from Banking and Payments Federation Ireland (BPFI) show more than 55,000 personal accounts were opened […]
€6.7bn Budget package expected as Summer Economic Statement due
The Government is to publish its Summer Economic Statement later today, which will set out the parameters of the Budget. Last year’s Summer Economic Statement published the parameters of the Coalition’s Budget plans for the next five years. It included a spending rule which would limit increases in public spending to 5% a year to […]
New low cost Covid-19 loan scheme for businesses
The Government has launched a further low cost Covid-19 loan scheme for businesses. The finance will be available to small and medium businesses (SMEs) including farmers, fishers and food businesses. Low cost loans between €25,000 and €1.5 million will be available with terms of one to six years. Credit will be available without security where […]
Irish inflation estimated at 9.6% in June – Eurostat
Inflation across the euro area rose to 8.6% in June, according to an initial estimate by the EU’s statistical agency Eurostat. Its estimate for inflation in Ireland was 9.6%, which is higher than many forecasters had predicted. The Central Statistics Office will publish detailed inflation figures later this month. Looking at the components of the […]
New EU roaming rules come into force
New EU roaming rules for mobile phone users have come into effect after the previous EU Roaming regulation of 2017 ended yesterday. The “Roam-like-at-home” initiative has been extended until 2032 and allows travellers in the European Union and the European Economic Area to call, text and surf the internet abroad without extra charges. The new […]
Solar panels could power ‘quarter of Irish households’
Climate scientists at University College Cork have concluded that a quarter of all the electricity needed by Irish households could be produced by putting solar panels on domestic rooftops. The study examined every rooftop in Ireland using satellite imagery and weather data for the first time. The findings come on the same day that the […]
Cost-of-living crisis could last ‘years’, says Tánaiste
Tánaiste Leo Varadkar has told the Dáil that the cost-of-living crisis could last for years. Speaking during Leaders’ Questions, Mr Varadkar said that the issue was something people would be “grappling with for months, if not years, ahead”. He added that what he termed the “global inflation crisis” would not end as a result of […]
241 new jobs in eight IDA Ireland high growth companies
IDA Ireland have announced the creation of 241 jobs in Dublin, Galway, Letterkenny and Limerick across eight high growth companies from Europe and the US. The new jobs will be spread across the technology and business service sectors with a range of activities such as sales and marketing, software development, engineering, customer success and tech […]
Vodafone Ireland to upgrade its 3G network
nced that it is to begin a phased programme to upgrade its entire 3G service from late 2022. The company said its existing 3G network will be upgraded to a more sustainable 4G and 5G service as part of a nationwide network modernisation programme. According to Vodafone Ireland, data dependency on 3G has significantly reduced […]
‘Prolonged period of high inflation’ possible – McGrath
The country may be facing in to a “prolonged period of inflation” according to Minister for Public Expenditure and Reform Michael McGrath, who said measures to help with the rising cost of living must be timed wisely to have maximum impact. He was responding to calls from Sinn Féin for an emergency budget amounting to […]
Changes to Community Employment schemes to boost recruitment
The Government has announced a number of changes to Community Employment schemes in a bid to boost the recruitment and retention of applicants. The schemes are designed to provide long-term unemployed participants with work experience in their local communities to help them find employment. “We now have record employment in Ireland with over 2.5 million […]