Primark to raise prices due to inflationary pressures
Associated British Foods has today reported a near doubling in first-half profit but said its Primark clothing business would have to raise prices because of the severe inflationary pressures it was facing. The group said today that inflationary pressures were such that it is unable to offset them all with cost savings, and so Primark […]
Currency fintech aims to ‘bring hedging to everyone’
Irish foreign exchange technology firm Assure Hedge is launching a service which it describes as aiming to ‘bring hedging to everyone’. Hedging is a method – deployed by businesses usually – to protect against future changes in currency exchange rates, whether expected or unexpected. Research indicates that while 80% of large companies with currency risks […]
How businesses can take the edge off their energy bills
The dramatic increase in energy prices in recent months has brought sharp focus to the need for businesses to cut their usage – fast. The biggest changes generally require a significant up-front outlay – something that may take years to see a return on. Against a backdrop of rising costs across-the-board, and growing uncertainty about […]
EU agrees on internet rulebook for Google, Facebook, other tech giants
EU member states, the European Commission, and the European Parliament have reached agreement on new rules requiring large tech companies to do more to police illegal content on their platforms and to pay a fee to regulators monitoring their compliance. The agreement came after more than 16 hours of negotiations. The Digital Services Act (DSA) […]
Ibec downgrades growth outlook, warns of ‘misjudged’ reactions to inflation
Business group Ibec has scaled back its outlook for growth for this year to account for the economic impact of rising costs and supply chain challenges, exacerbated by the Russian invasion of Ukraine. The group estimates that the war will knock somewhere between 1 and 2 percentage points off the rate of growth relative to […]
15% of SMEs considering job cuts due to rising costs
15% of small and medium sized businesses in Ireland are considering laying off some staff when the Employment Wage Subsidy Scheme (EWSS) comes to an end – due to rising costs and falling profitability. That is according to new research by the Association of Chartered Certified Accountants (ACCA) and Grant Thornton. They surveyed 200 finance […]
Consumer confidence falls again as inflation fears spread
Consumer confidence suffered its second successive sharp monthly drop as concerns about living costs that hurt the macro economic outlook in March spread into a weakening of spending plans in April. The KBC Bank Ireland consumer sentiment index dropped to 57.7 from 67. This was an almost identical fall to that from February to March, […]
Tourism industry recovering but facing new inflation, Ukraine threats
New figures from the Irish Tourism Industry Confederation suggests that the sector continued to recover in March – traditionally the period that kick-starts the tourism season with the Saint Patrick’s Festival. The Irish Tourism Industry Confederation’s Tourism Dashboard is published in association with AIB and compares each month to the same month in 2019, the […]
IMF cuts global growth forecast, warns of inflation danger
The International Monetary Fund has slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. The war is expected to slow growth and further increase inflation, the IMF said in its latest World […]
Work-life balance bill being discussed at Cabinet
Parents will receive five days of unpaid leave to look after sick children under new legislation to be signed off at Cabinet today. Minister for Children Roderic O’Gorman is bringing a draft of a new Work-Life Balance Bill aimed at providing more family friendly workplaces. This new bill will bring the European Union’s work-life balance […]
Oil prices rebound after sharp losses as supply concerns dominate
Oil prices rebounded this morning from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in US crude inventories last week. Brent crude futures rose 66 cents, or 0.6%, to $107.91 a barrel in early trade. The front-month WTI crude futures contract, […]
High debt could slow countries’ recoveries – IMF
Debt accumulated by businesses and individuals worldwide could slow economic recoveries from the pandemic crisis, the International Monetary Fund has warned. Governments took exceptional measures to support their economies as Covid-19 spread two years ago, including rolling out debt repayment suspensions or offering large-scale loans. However these programmes resulted in higher debt levels for some […]
Foley to address teacher conferences amid calls over pay
Minister for Education Norma Foley will address primary school teachers in Killarney this morning in what will be her first in-person address to a teacher trade union conference. The teachers’ Easter conferences have been held online for the past two years, but this year they return to their traditional in-person format. Ms Foley will speak […]
Cost of supplying Irish electricity ‘wildly out of line’ with Europe
The cost of supplying electricity to Irish homes is “wildly out of line” with the rest of Europe, and the temporary VAT reduction fails to address the underlying causes of high costs, the Irish Solar Energy Association (ISEA) has said. ISEA, which was established in 2013 to advance a policy and regulatory landscape promoting solar […]
VAT cuts on gas and electricity from 1 May
Minister for Finance Paschal Donohoe has said that a temporary cut in VAT on fuel bills will lead to a saving of more than €50 on an annual gas bill and €70 on an annual electricity bill. The VAT cut from 13.5% to 9% will begin on 1 May and last until 31 October. He […]
Family businesses call for creation of taskforce to tackle rising cost of business
The Family Business Network is calling on the Government to establish a dedicated taskforce to address the rising cost of doing business in Ireland. Family-owned businesses employ around a million people in over 170,000 firms across the country. With energy and manufacturing prices increasing by 17.4% and 2.8% respectively, the organisation has proposed the establishment […]
Govt cuts economic growth forecast due to inflation
The Government has cut its forecast for growth in the economy by 2.25 percentage points to 4.25% as a result of higher inflation and the negative impact of the war in Ukraine. At Budget time, Modified Domestic Demand had been forecast to grow this year by 6.5%. Forecasts for inflation have also been increased to […]
Business leaders split on remote working bill
More than one-third of business leaders do not believe the Government’s proposed new Right to Request Remote Working Bill balances the rights and requirements of both employees and employers. However, 28% of business leaders do believe that it strikes the right balance. Of those who are unhappy with the proposed new legislation, 93% think the […]