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Gas generated over half of Ireland’s electricity in April

Gas reliably generated more than half the country’s electricity in April as the contribution from wind generation dropped to about one third, new figures show today. The figures from Gas Networks Ireland show that gas generated 52% of Ireland’s electricity in April, up 27% on March’s level of 41% and 37% on the first quarter […]

Fáilte Ireland launches drive to tackle staff shortages in tourism sector

A national campaign to address staff shortages in the tourism and hospitality sectors is being launched today by Fáilte Ireland. The €700,000 marketing drive will run across national radio, print, online platforms and social media. The aim of the initiative is to attract more people to jobs in the sector as the tourism industry faces […]

UK inflation hits 9%, highest since modern records started

British inflation leapt last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up help for households facing a worsening cost-of-living crisis. UK consumer price inflation hit 9% in April, the Office for National Statistics said. This surpassed even the peaks of the early 1990s recession that […]

Cost inflation top threat to growth in food sector

Rising input costs and inflationary pressures have been identified as the top threat to business growth in the food sector here. In a survey of 70 small and medium sized food firms carried out by the food business representative group Love Irish Food, and professional services firm, PwC, 97% identified those areas as presenting the […]

Bank CEOs to meet Central Bank on account transfers

The chief executives of the main banks here are to meet representatives of the Central Bank today to discuss plans for the departure of Ulster Bank and KBC from the market. The regulator summoned the remaining banks to a meeting in recent weeks as it called publicly on them to do more to facilitate hundreds […]

C&C’s annual revenues fizz 88% higher

Drinks group C&C has reported a near 88% increase in revenues for the year to the end of February and said its new fiscal year had started strongly with more price hikes likely on the way. C&C said its revenues jumped by 87.8% to €1.438 billion from €765.8m the previous year. The company also reported […]

Ryanair cautious about ‘fragile’ recovery after smaller annual loss

Ryanair has today posted a €355m loss for the pandemic-hit 12 months to the end of March. The airline said it was impossible to accurately forecast anything beyond hoping for a return to “reasonable profitability” this year. The airline has been operating more flights than any other European airline according to air traffic regulator Eurocontrol. […]

New construction orders fall as cost increases bite

New orders in the construction sector fell last month, as a result of near-record cost increases, the latest construction purchasing managers index for Ireland from BNP Paribas Real Estate has found. However, despite the depressed demand, purchasing, activity and employment all rose further, it found. “The latest PMI confirms that construction activity continued to expand […]

Banking research reveals huge dependency on main retail banks, as review event takes place

Just 1% of people here have their main current account with a digital bank, a survey of consumers carried out on behalf of the Department of Finance has found. While thousands of people use services like Revolut to transfer money, the fintech recently expanded their presence in the Irish market offering a full banking service […]

Just how ‘early’ will the ECB start increasing interest rates?

“Early.” This five letter word caused a slight ripple this week for those who read the tea leaves on the utterances of central bankers. Christine Lagarde, President of the European Central Bank, said in a speech in Slovenia that the bank’s purchases of bonds under its Asset Purchase Programme should conclude “early in the third […]

Inflation at its highest rate in 22 years

The annual rate of inflation rose to 7% in April, according to figures published by the Central Statistics Office – its highest rate in 22 years. The CSO said this marked an increase from 6.7% in March and was the largest annual increase in inflation since November 2000 when inflation also stood at 7%. The […]

Irish household wealth hits record €198,498 per person

Irish household net worth soared to a record high in the final three months of last year, despite the various economic pressures, new data from the Central Bank shows. In total, household net worth rose €38.5 billion between October and the end of December, to reach €995 billion. This equated to €198,498 for every man, […]

FBD’s car insurance premiums down 9% this year

FBD Holdings said today that its average motor insurance premium is 9% lower than the same time in 2021 and the company is seeing strong retention of existing customers. In a trading update ahead of its AGM today, FBD said the underwriting performance of its business for 2022 to date has been in line with […]

Cairn Homes expects build cost inflation of 6% for 2022

Cairn Homes said it expects total build cost inflation – including infrastructure, materials and labour – of about 6% for this year but reiterated its full year guidance. In a trading update ahead of its AGM in Dublin today, the company said the build cost inflation outlook is uncertain. But it added that it anticipates […]

Market rents rise as supply hits new low – daft.ie

Market rents in the first three months of the year were almost 12% higher than they were in the same period last year, according to the latest report from property website daft.ie. The average market rent between January and March stood at €1,567 per month, the report concludes, which was up almost 3% on the […]

Lagarde suggests ECB rate hike could come as soon as July

European Central Bank president Christine Lagarde has hinted the Frankfurt-based institution could raise its interest rates from historic lows as soon as July as inflation in the eurozone soars. The ECB should end bond-buying “early in the third quarter”, Lagarde said in a speech in Ljubljana, and could then raise interest rates “only a few […]

Sharp rise in revenue reported by ferries group ICG

Shipping operator Irish Continental Group has reported an increase in revenue for the first four months of the year. In a trading statement, the group provides comparisons to the same period last year as well as to the first four months of 2019, the year before the pandemic struck. ICG said group revenue up to […]

Lakeland Dairies CEO Michael Hanley to retire in December

The Chief Executive of Lakeland Dairies, Michael Hanley has announced his decision to retire at the end of this year. He has held the position for 16 years but has worked with the co-operative for 36 years. During his term as CEO, Mr Hanley led the transformation of Lakeland Dairies to become the second largest […]