Applications open for Sport to Start-Up programme
Applications open today for the fourth round of the Sport to Start-Up programme. The online course aims to help full time Irish sports people start their own business while still competing or training. It is an initiative of the Local Enterprise Offices, and is funded by the Department of Enterprise, Trade and Employment through Enterprise […]
Euro zone October PMI adds to evidence bloc is heading for recession
The euro zone is likely entering a recession with business activity contracting at the fastest pace in nearly two years this month as the cost-of-living crisis keeps consumers cautious and saps demand. Factories have been particularly hard hit by energy price rises and due to supply chains still recovering from the coronavirus pandemic taking a […]
Cabinet to discuss longer opening hours for pubs and clubs
Plans to introduce longer opening hours for pubs and nightclubs will be discussed by the Cabinet this morning. Minister for Justice Helen McEntee is seeking Government approval to reform the country’s 200-year-old licensing system. Under the plan, pub opening hours would be standardised across the week giving them the option of opening from 10.30am to […]
No plans to lift cap on bankers’ pay, says finance department
The Department of Finance has said Minister Paschal Donohoe recognises that restrictions on pay create recruitment and retention problems for banks, but that there are currently no plans for a change in policy. Chairman of Bank of Ireland Patrick Kennedy met Mr Donohoe in June to express concerns over the cap on bankers’ pay. According […]
Food industry prices jump, but electricity costs down – CSO
The price of raw materials for the food industry rose last month, according to the latest Wholesale Price Index from the Central Statistics Office. However, the wholesale price of electricity fell sharply last month while inflation in construction materials continued to moderate. Overall, the rate of price increases for manufactured goods for the domestic market […]
Diesel nearly 20 cents more expensive than petrol – AA
Diesel is now at its second-highest monthly average price on record, the latest fuel price survey from AA Ireland shows. The AA said the average price for petrol across the country remains at €1.84 per litre, with diesel now at €2.02 per litre, 4% more expensive than last month. Petrol is on average 11% more […]
Gas generated 55% of Ireland’s electricity in September
Gas demand fell by 11% in September from August, new figures show today. as temperatures were above average in most parts of the country. But Gas Network Ireland said that gas demand was up 6% in September compared to the same time last year. It said that compared to September 2021, when Covid-related public health […]
Most consumers make multiple spending cutbacks – Credit Union consumer sentiment survey
Consumer sentiment improved slightly in October as consumers took some comfort from Government measures introduced in its annual budget to support household spending, a new survey shows today. The Credit Union Consumer Sentiment index climbed to 46.1 in October from 42.1 in September, recovering part of a 11.3-point decline from August. The index was previously […]
Euro zone’s current account deficit widens on soaring energy bill
The euro zone’s current account deficit widened in August as soaring energy costs pushed up the bloc’s import bill, data from the European Central Bank showed today. The currency bloc of 19 countries had run a current account surplus for years before Russia’s war in Ukraine. It recorded an adjusted deficit of €26.32 billion in […]
EU leaders agree to press ahead with gas price cap
EU leaders have agreed to press ahead with a cap on the wholesale cost of gas as a way to bring down electricity prices during talks in Brussels, which concluded in the early hours of this morning. The price cap will be conditional on safeguards to ensure it does not lead to a reduction in […]
Finance Bill to widen energy support scheme to include professionals
The Government is expected to confirm that its new support scheme aimed at assisting businesses with the rising cost of energy will be extended to include professional firms, when it publishes the Finance Bill today. When the €1.25 billion Temporary Business Energy Support Scheme (TBESS) was announced in last month’s budget, it was originally planned […]
Euro zone September inflation revised down slightly, but still at record high
Euro zone consumer inflation was marginally lower in September than estimated earlier, data showed today. But euro zone inflation still remained at a record high, underlining market expectations of more interest rate rises before the end of the year. The European Union’s statistics office Eurostat said consumer prices in the 19 countries sharing the euro […]
Consumer sentiment up slightly after Budget measures
Consumer sentiment improved slightly in October as consumers took some comfort from Government measures introduced in its annual budget to support household spending, a new survey shows today. The Credit Union Consumer Sentiment index climbed to 46.1 in October from 42.1 in September, recovering part of a 11.3-point decline from August. The index was previously […]
Oil prices stable as economic fears offset supply woes
Oil prices were stable today as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown and lower Chinese fuel demand. Brent crude futures eased by seven cents, or 0.08%, to $91.55 a barrel, while US West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.14%, at $85.34. WTI had […]
5% concrete levy to be introduced in September
The Government has agreed that the concrete levy announced in the Budget will be cut to 5% rather than the 10% announced in the Budget last month. It will also now be introduced in September 2023 rather than next April. The charge will not include pre-cast concrete products in an effort to ensure that jobs […]
Central Bank set to ease mortgage lending rules
The Central Bank looks set to relax its mortgage lending rules when it publishes the outcome of a review of them later this morning. Currently, most house buyers can only borrow up to 3.5 times their income from lenders. However, following a year-long review of the situation, it is expected that the regulator will announce […]
Value of Irish exports and imports jump in August – CSO
The unadjusted exports of goods in August increased by €6.3 billion to €19.5 billion compared with August last year, today’s CSO figures show The unadjusted exports of goods in August increased by €6.3 billion to €19.5 billion compared with August last year, today’s CSO figures show The latest Central Statistic Office trade figures show a […]
Sterling jumps against dollar on UK U-turn
The dollar lost ground against sterling and other major peers today as investor sentiment picked up following the UK’s dramatic U-turn over the tax-slashing mini budget that had roiled global markets. The British pound extended gains following a media report that the Bank of England is set to delay quantitative tightening until bond markets calm. […]