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. […]
European car sales grow for second month in a row in September – ACEA
European new car registrations jumped in September, the second month in a row of growth after 13 months of consecutive decline, data from the region’s carmaker association showed. The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) grew by 7.9% on the year to 1,049,926 units, […]
International Sustainable Finance Centre to be set-up
Ireland is to be the location for a new International Sustainable Finance Centre. The centre will act as an international hub from which the finance community based in Ireland will help develop a response to sustainability. It will conduct research, help develop talent and conduct leadership activities. Its aim will be to help finance firms […]
Sterling edges up on UK fiscal policy U-turn
Sterling inched cautiously higher following British Prime Minister Liz Truss’s partial reversal of her government’s economic plan. The pound gained 0.42% to stand at $1.1225, after Truss said on Friday that Britain’s corporation tax will rise to 25% from April next year instead of keeping it at 19% as part of her government’s initial “mini-budget”. […]
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 […]