Coffee cup levy ‘sends wrong message’ – retail group
A proposed 20 cent levy on single-use coffee cups “sends the wrong message on sustainability” and the Government needs to rethink its strategy, according to a body representing the retail industry in Ireland. The measure was announced earlier this year by the Government as part of the Circular Economy Bill, which is aimed at reducing […]
Ireland among countries in four-day working week trial
Ireland is among a number of countries taking part in a worldwide initiative trialling a four-day week with no loss of pay. More than 3,000 workers at 70 companies will begin a four-day week with no loss of pay in a trial lasting six months in Britain. The UK experiment is running alongside similar, smaller […]
Inflation hitting lower income households harder – CSO
New research from the Central Statistics Office shows that in March households with the lowest incomes experienced higher inflation, up to 7.6% compared to the average rate of 6.7%. Those in the highest income category had annual estimated inflation of 6.1%, the CSO added. The rate of inflation stood at 6.7% in March and rose […]
Donohoe: Ireland, US, EU at co-operation ‘high point’ on tax
Minster for Finance Paschal Donohoe has said Ireland, the US and the EU are at a “high point” of economic co-operation, particularly over the issue of corporation tax. Speaking in Washington after a meeting with US Treasury Secretary Janet Yellen, Mr Donohoe said he expected the 15% Minimum Corporation Tax Rate will be made law […]
Services growth slows for second month in a row – PMI
More than a year of rapid growth in Ireland’s services sector moderated slightly for the second successive month in May as selling prices and input costs remained close to record highs, a survey showed today. The AIB S&P Global Purchasing Managers’ Index (PMI) fell to 60.2 from 61.7 in March. But the index stayed above […]
Unemployment rate returns to pre-Covid level of 4.7% – CSO
The country’s unemployment rate fell to 4.7% in May from 4.8% in April to return to the level it stood at before the Covid-19 pandemic hit, new figures from the Central Statistics Office showed today. The last time the unemployment rate was lower than 4.7% was in November 2006, towards the end of the “Celtic […]
Construction output falls by 2.4% in Quarter 1
The volume of construction production dropped by 2.4% in the first three months of the year, compared to the final quarter of last year, new data from the CSO shows. This is despite widespread intense activity in the sector as it attempts to catch up from delays caused by the pandemic and ramp up the […]
No disruption expected to gas supply forecast for summer months
Despite the ongoing war in Ukraine, it is expected that restrictions on the importation of Russian gas to the EU will not significantly impact on gas supply to Ireland. That is according to Gas Networks Ireland, which does not envisage any disruption to gas supply during the summer months. In its 2022 Summer Outlook, Gas […]
Factory production growth falls to 15 month low in May
Factory production growth dropped to 15-month low in May, as higher prices reportedly dampened client demand. The latest AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 56.4 in May, down from 59.1 in April. Any figure greater than 50 signals overall improvement of the sector, with the May figure indicating an improvement in […]
Bank of Ireland completes purchase of Davy
Bank of Ireland said today it has completed its €427m deal for J&E Davy Stockbrokers, which was first announced last July. Bank of Ireland said the deal significantly enhances its commercial and strategic objectives. Davy had assets under management of about €20 billion at the end of 2021 and Bank of Ireland said combining its […]
Ornua operating profit up 1.3% to €153.7m for 2021
The country’s largest exporter of Irish dairy products, Ornua, has reported operating profit of €153.7m for 2021, up 1.3%. The dairy co-operative marked 60 years in business and reported an excellent trading performance with group turnover up 6.9% to €2.5 billion. It was another record year for Kerrygold, with volume growth up 12% on 2020. […]
Mortgage approvals drop, switching activity rises
Just over 4,300 mortgages were approved last month, down 5.9% on the previous month and 1.3% on the same time last year. New figures from Banking and Payments Federation Ireland reveal that 53% of the approvals or 2,296 went to First Time Buyers (FTBs), while 923 or 21% went to mover purchasers. The value of […]
Employment Wage Subsidy Scheme for all businesses comes to an end
The Employment Wage Subsidy Scheme (EWSS) ends today for all businesses. In February, most employers moved to a reduced weekly rate of support before the payments were phased out in March and April. Businesses directly impacted by Covid-19 restrictions in December 2021, including many in the hospitality sector, were eligible to continue receiving support under […]
Dublin 4th most attractive European city for FDI – EY report
Dublin is the fourth most attractive European city to foreign investors, according to a new report from EY. The city was chosen by 17% of respondents in the EY European Attractiveness Survey as an attractive city for FDI over the next three years, three times higher than last year. Ireland remains one of Europe’s top […]
Central Bank’s profits boosted by record level of fines
A record amount in monetary fines imposed on financial firms and individuals by the Central Bank in 2021 contributed to profits at the bank last year increasing by 59% to €1.32 billion. That is according to the 2021 annual report for the Central Bank which reveals that a dividend of €1.067 billion will be paid […]
30% would take lower-paid job to guarantee remote work – survey
Almost one third of workers would change jobs – even if it means a pay cut – if their remote working preferences are not facilitated, according to the third annual National Remote Working Survey. 37% of respondents said they would change jobs for remote working, even if it meant fewer promotion opportunities. 30% also indicated […]
Consumer sentiment rallies in May, but business sentiment unchanged
A new monthly economic survey shows that while households remain cautious, the arrival of the holiday season looks to have raised their spirits a little. But the mood among firms was little changed, with three in five still saying that they are finding it difficult to predict the future development of their business situation at […]
62% cutting back on food spending as prices rise – PTSB research
New research has found that 62% of people feel they will have to cut back on food spending over the coming year in response to sharp price rises, while 53% of people worry they will be unable to pay higher energy bills. The findings are part of the latest in the Permanent TSB research series […]