Oil prices tick up on supply woes but Fed rate hike bets cap gains
Oil prices ticked up today on supply concerns, but expectations of another aggressive US interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand. Brent crude futures rose 11 cents, or 0.1%, to $90.73 a barrel in early trade after falling $1.38 the previous day. US West […]
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection Heather Humphreys has confirmed. Long-term carers will also be provided with a pension for the first time. The Government has also committed to explore a new scheme […]
Cabinet to hear State pension age should not go beyond 66
Minister for Social Protection Heather Humphreys is bringing proposals to Cabinet to ensure the State pension age remains at 66 – rather than 68 as recommended by the Pension Commission. It is understood Ms Humphreys is also recommending a flexible pension age, in which people who choose to work beyond 66 years of age receive […]
Level of mortgage arrears continue downward trend in Q2 – Central Bank
New Central Bank figures show the downward trend in the level of mortgage arrears seen over the past number of years continued during the second quarter of 2022. The Central Bank said the number of home mortgage accounts in arrears fell by 2,071 in the second quarter of the year after a decline of 292 […]
CCPC survey shows gaps remain in pension planning
New research shows that significant gaps remain in Irish pension planning, with 38% of people surveyed having no pension in place. The research was carried out by the Competition and Consumer Protection Commission (CCPC) and comes during Pensions Awareness Week. When asked by the CCPC the reasons for not having a pension in place, 32% […]
People pushing out retirement plans due to cost of living – survey
A new survey shows that more than two in five people in Ireland without a pension have either delayed starting one or delayed their planned retirement date due to the cost-of-living crisis. The survey was commissioned by Pensions Awareness Week. It also reveals that 4% of pension holders have actually cashed in their pensions in […]
Budget about ‘putting more money in people’s pockets’ – Varadkar
Tánaiste Leo Varadkar has said the main objective of this year’s Budget is “putting more money in people’s pockets” and also reducing the bills people have to pay. Speaking on RTÉ’s The Week in Politics, he said there are three elements to a household budget, “what you get paid, how much you get to keep […]
Making a small income from solar power in the home
Most of us have been peering at our gas and electricity bills through our fingers in recent months. And the fear that accompanies the arrival of what increasingly resembles a mortgage repayment is about to intensify even further. Some have already reported receiving utility bills that are two to three times what they were paying […]
Cost-of-living crisis adding to competitiveness challenge – NCPC
The global cost-of-living crisis has added to the urgency for the Government to address Ireland’s competitiveness and productivity position. This is according to the National Competitiveness and Productivity Council, as it launches its 2022 Competitiveness Challenge report. The publication of this year’s study coincides with an economic environment in which businesses and consumers are grappling […]
European car sales rise in August, ending 13 month run of falls
European new car registrations grew in August, bringing an end to 13 months of consecutive decline, data from the region’s carmaker association showed today. The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) grew by 3.4% on the year to 748,961 units, the European Automobile Manufacturers […]
Oil ticks up, but on track for weekly loss on recession fears
Oil prices edged higher today but were on track for a weekly decline amid fears of sharp interest rate hikes that would slam global growth and hit fuel demand. Brent crude futures were up 56 cents, or 0.6%, to $91.40 a barrel in early trade, but were down 1.5% for the week so far. US […]
Oil edges higher as market weighs weak demand, potential supply disruption
Oil prices edged higher today as the market balanced weak demand with supply disruption amid a looming rail stoppage in the US, the world’s biggest crude consumer. Brent crude futures was up by two cents to $94.12 a barrel in early trade, while US West Texas Intermediate crude rose 18 cents, or 0.2%, to $88.66. […]
VAT hikes, congestion charges among tax report recommendations
The phasing out of relief on private health insurance premiums, increases in VAT, the extension of PRSI to all sources of employment income and congestion charges in key urban areas are among the many recommendations contained in the Commission on Taxation and Welfare report. The document, published today, runs to 500 pages. It also suggests […]
Mortgage interest rates fall for fourth month in a row
New figures from the Central Bank show that the average interest rate on new Irish mortgages in July fell to 2.63%, the fourth fall in a row. Irish mortgage rates were the fourth highest in the euro zone in July, coming behind Greece, Latvia and Germany. This is the first time in over two years […]
Cabinet to discuss energy measures for businesses
The Tánaiste will update the Cabinet this morning on proposals to help firms deal with spiralling energy costs. The measures are expected to be finalised in just under a fortnight and will be outlined in the Budget. Leo Varadkar is likely to tell his Government colleagues that the energy inflation crisis is comparable to Covid […]
Oil prices inch lower on prospect of rising US interest rates
Oil prices inched lower today on concerns of another US Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast. Brent crude futures fell 17 cents, or 0.2%, to $93.00 a barrel in early trade. US West Texas Intermediate crude was […]
Cabinet to approve 80 cent rise to minimum wage
The Cabinet is tomorrow set to approve an €0.80 rise to the minimum wage, bringing it to €11.30 per hour from the beginning of next year. Tánaiste Leo Varadkar will bring a recommendation from the Low Pay Commission to Government in the morning. This is one of the biggest increases in the minimum wage but […]
Managing energy demands in Europe ‘key to avoiding blackouts’ – energy commissioner
The EU Energy Commissioner has said managing energy demand will be key to avoiding blackouts in Europe this winter and citizens will have to play their part. Speaking exclusively to RTÉ News, Kadri Simson said a lot of work has been done to diversify the supply of energy, but that “now we also have to […]