Euro hits 20-year low against dollar
The euro sunk below $0.99 this morningy, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline. The euro fell 0.7% to 0.9884 in early trade – its lowest since December 2002. The European currency has continued to weaken against the dollar since the […]
Oil prices climb ahead of OPEC+ meeting
Oil prices jumped over $1 a barrel today, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later today. Brent crude futures rose $1.88, or 2%, to $94.90 a barrel in early trade after gaining 0.7% on Friday. US West Texas Intermediate crude was at […]
Online and mobile banking payments hit record high
Online and mobile banking hit record highs in the second quarter of the year growing to 36 million payments, the highest level since the current data series began in 2016. The figures are contained in the latest Payments Monitor from Banking and Payments Federation Ireland (BPFI). It is the first time that digital banking payments […]
Electric Ireland to increase gas and electricity prices again
Electric Ireland has announced further increases to its residential electricity and gas bills from 1 October after increasing them in August. The company said its electricity bills will increase by 26.7% and residential gas bills by 37.5% from next month. Electric Ireland said the price hikes were due to the unprecedented increases in international energy […]
Revenue refuses to recognise workers rent as an expense
A worker forced to work from home during the Covid-19 pandemic has failed in his bid to have part of his accommodation rental bill recognised as an expense. In January of last year, the worker filed an Income Tax return and sought to have €587 of the rental cost of his accommodation treated as an […]
Easing cost pressures give manufacturers a little breathing room – PMI
The pace of increase in input and output costs for manufacturers here eased to the lowest level in months in August, offering some slight relief to firms who could only eke out modest growth overall. The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) fell to 51.1 in August from 51.8 in July, the lowest […]
Ireland’s CAP plan approved by European Commission
The European Commission has approved Ireland’s plan for the implementation of the new Common Agriculture Policy that comes into affect in 2023. The plan had to be resubmitted to the Commission earlier this month after thef irst version was rejected last March. Among the reasons cited by the Commission at the time was the need […]
PrepayPower gas and electricity prices to increase in October
Energy provider PrepayPower has said that it will increase it gas and electricity prices from 1 October. Electricity prices are to rise by 19%, while gas prices will increase by 29%. The increases will add an additional €339 to the average electricity bill and €428 to the average gas bill. The company, which has 170,000 […]
Euro zone inflation rate hits new record high of 9.1%
Euro zone inflation rose to another record high this month, beating expectations and solidifying the case for further big European Central Bank rate hikes even before prices peak near the turn of the year. Consumer price growth in the 19 countries sharing the euro currency rose to 9.1% in August from 8.9% a month earlier. […]
Competition watchdog concerned by impending concentration levels in banking market
The competition watchdog has said it is concerned by the impending increase in the concentration levels of the retail banking sector in Ireland as a result of the exits of KBC Bank Ireland and Ulster Bank. The Competition and Consumer Protection Commission (CCPC) said that while non-bank lenders have brought some new products to the […]
Unemployment rate back up to 4.3% in August – CSO
New figures from the Central Statistics Office show that the unemployment rate rose slightly in August, rising to 4.3% from the 21-year low of 4.2% a month earlier. The jobless rate has bounced up and down on a monthly basis this year but the falls have been greater in a tightening labour market and reduced […]
Firms advised to act early on moving banks
Businesses are being advised to act early if they need to establish new banking arrangements in the months ahead. With Ulster Bank and KBC Bank Ireland leaving the market here, thousands of individuals and businesses are being given six months to close their accounts with the departing banks and move their custom to another institution. […]
Oireachtas committee to hold energy security hearing
The Oireachtas Joint Committee on Environment and Climate Action will hold a hearing today on energy security amid growing concern over the supply of electricity. Committee Cathaoirleach Green Party TD Brian Leddin said there are now “…fears of supply restrictions and even blackouts this winter”. The energy crisis in Europe has intensified in recent weeks, […]
Pro Football Focus to create Irish jobs
US football analytics company Pro Football Focus (PFF) has announced its expansion into Europe with a diversification of its core products to service the US and European soccer market with its first club-focused product set to launch next month. The expansion is expected to create 21 remote full time and 175 seasonal analyst roles in […]
Slight improvement in confidence indicators but from very low base – Bank of Ireland
There was a slight improvement in confidence among consumers and businesses in August, according to the latest Economic Pulse from Bank of Ireland. However, the uplift in mood was from a very low base and the overall Pulse reading sits at well below where it was last year. Consumer confidence remains subdued at just under […]
Cost of living crisis hitting prospective home buyers
Half of prospective home buyers say the rise in the cost of living has affected their ability to buy a property, according to new research by property website MyHome.ie. The survey of almost 3,000 people carried out in August shows that inflation is having a significant effect on the homebuying, rental and home renovation markets. […]
Public sector pay talks set to resume at WRC
Public sector pay talks are due to resume today at the Workplace Relations Commission. Talks ended without agreement in June after unions and staff associations rejected a 5% pay increase over two years saying it fell far short of inflation. The Government defended the offer saying that the increases would come on top of a […]
Mortgage approvals drop, switching activity rises
The number of mortgages approved in July fell by almost 12% when compared to the previous month, according to new figures from Banking and Payments Federation Ireland. A total of 5,255 mortgages were approved last month. While this is down on the previous month, approvals were still up 4.4% on the same month last year. […]