Economic co-operation between EU, US ‘at a new high’ – Donohoe
Minster for Finance Paschal Donohoe has said economic co-operation between Ireland, the European Union and the United States is at a new high point. Speaking in Washington DC after a joint meeting of the Eurogroup finance ministers and US Treasury Secretary Janet Yellen, Mr Donohoe, who chairs the Eurogroup, said: “What we have done over […]
Oil inches up on weaker dollar, low US diesel stocks
Oil prices reversed earlier losses and inched up in Asian trade today, supported by a weaker US dollar and falling diesel inventories, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production. Brent crude futures rose 31 cents, or 0.3%, to $94.88 per barrel early this morning. US West Texas […]
Home price growth slows to 12.2% in August – CSO
Residential property prices increased by 12.2% in the year to the end of August according to the Central Statistics Office, down from 13.3% in the 12 months to July. Prices in Dublin rose by 9.7% over the year, while prices outside the capital were up by 14.2%. The median price of a home purchased over […]
Inflation rate moderates to 8.2% in September – CSO
New Central Statistics Office figures show that the annual rate of inflation rose by 8.2% in September, down from an annual increase of 8.7% in August. The latest figures from the Central Statistics Office show food prices increasing but a slight decrease in fuel prices last month. The annual rate of inflation overall moderated last […]
Years before Ireland has secure enough LNG storage – Ryan
It will be years before Ireland has enough secure liquid natural gas (LNG) storage, the Minister for the Environment has said. Eamon Ryan said Ireland needs storage as an extra security layer and a review is under way to come up with real solutions that will give the country greater security in a way that […]
Irish mortgage rates steady in August – Central Bank
New figures from the Central Bank show the average interest rate on new Irish mortgages rose to 2.64% in August 2.63% in July. The equivalent euro area average rate rose by 13 basis points to 2.21% in August – its highest level since at least August 2017 and almost double the rate this time last […]
UK economy on brink of recession as it shrinks in August
Britain’s economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth. Weakness in manufacturing and maintenance work in North Sea oil and gas fields contributed to a 0.3% fall in gross domestic […]
EU countries seek way out of impasse over gas price caps
The question of how, when and whether to cap gas prices is set to dominate another meeting of EU countries today, as they pursue a joint plan to target high gas prices. The EU is plotting its next move to tame soaring energy prices and shield consumers from surging bills, as Europe heads into a […]
Sterling falls again as turmoil dogs the bond market
The pound fell for a fifth day today as the turmoil engulfing UK government bond markets forced the Bank of England to step in yet again to attempt to stem a damaging sell-off in the country’s debt. Sterling fell 0.3% to $1.1036, and was also down 0.3% against the euro at 88 pence. The Bank […]
Oil falls around 2% on recession, China Covid fears
Oil prices fell about 2% today, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation […]
Govt to outline dates for payments announced in Budget
The Government will today outline the payment dates for the €1.2 billion worth of lump sum social protection supports announced in last month’s Budget. Minister for Social Protection Heather Humphreys and Minister for Public Expenditure and Reform Michael McGrath are expected to set out the details of the eight different lump sums that will be […]
Consumers urged to support local designers and makers amid cost-of-living squeeze
Consumers are being urged to consider buying Irish-made crafts and designs amid the ongoing cost-of-living squeeze, as spending in the wider economy retrenches. The Irish craft and design sector is described as being very significant to the overall economy with up to 18,000 enterprises employing over 50,000 people. The sector is estimated to generate over […]
Oil steadies as supply tightness duels with recession fears
Oil prices steadied today, recovering from earlier losses, as investors weighed potentially tight supply against economic storm clouds that could foreshadow a global recession and erosion of fuel demand. Brent crude futures for December settlement fell by as much as 1.1% but recovered to being down 17 cents, or 0.2%, at $97.75 a barrel by […]
‘Historic milestone’ as new auto-enrolment pension scheme approved
The Government has approved details of the new pension auto-enrolment scheme ahead of its expected introduction in 2024. Workers will be automatically signed up to a pension plan co-funded by their employer and the State but they can opt out if they wish to leave. This plan is for employees who are not already in […]
Reducing gas prices dominating European summit
Taoiseach Micheál Martin has said Europe will develop a coordinated approach to the energy crisis, but it will take time. Mr Martin has joined other EU leaders at a summit in Prague, which will be dominated by discussions on how to reduce the price of gas after Russia’s invasion of Ukraine and the subsequent energy […]
Oil falls as investors take profit on China demand concerns
Oil prices fell today, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world’s biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last down 85 cents, or 0.9%, at […]
Reducing gas prices to dominate European summit
Taoiseach Micheál Martin is joining other EU leaders at a summit in Prague, which will be dominated by discussions on how to reduce the price of gas after Russia’s invasion of Ukraine and the subsequent energy crisis. European Commission President Ursula von der Leyen will outline detailed proposals on potential price caps and the need […]
Oil steady as focus turns to US economic data
Oil prices steadied today ahead of key US economic data after rising over 1% in the last session on cuts to OPEC+ production targets. Brent crude futures slipped 11 cents to $94.31 a barrel early this morning. WTI crude futures were down 5 cents to $88.40 a barrel, after earlier hitting $89.37 per barrel, the […]