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 […]
Gap between electricity demand and supply likely to get worse – EirGrid
The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes the situation as “stark” and “serious” and warns the number of system alerts will increase. Eirgrid’s chief executive said there will be a ‘tight’ winter ahead and […]
Gap between electricity demand and supply likely to get worse – EirGrid
The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes the situation as “stark” and “serious” and warns the number of system alerts will increase. Eirgrid’s chief executive said there will be a ‘tight’ winter ahead and […]
Residential property market may be overvalued by 7%, ESRI warns
The Economic and Social Research Institute (ESRI) has warned that the residential property market in Ireland may be overvalued by over 7%. In its latest Quarterly Economic Commentary, the think-tank says it is likely that savings built up over the pandemic found their way into the market but this will not be sustained over the […]
Sterling softens after UK PM Truss speech
Britain’s pound weakened against the dollar today, ending a six-day rally but avoiding recent lows as British Prime Minister Liz Truss sought to overcome a chaotic first month in office with her speech to the annual Conservative party conference. Truss urged Conservatives to stick together and help transform the economy and the country, as she […]
Lower growth next year but no recession – Central Bank
The Central Bank has reduced its forecasts for growth in the domestic economy next year and raised its outlook for inflation. However, its latest Quarterly Bulletin says the economy will not fall into recession and it expects the labour market to remain strong. Inflation has become more widespread and energy prices will be higher for […]
Overall tax revenue to end of September just under €58bn
Overall tax revenue for the first nine months of the year came in at just shy of €58 billion, the latest Exchequer Returns from the Department of Finance show. It was up over a quarter on the same period last year. All of the tax headings performed strongly with income tax receipts up 16% on […]
Cabinet signs off on plan for three €200 energy credits
The Cabinet has approved a plan to pay three electricity credits to every household over the next six months. It is expected that the €200 credits will be paid in November, January and March. Minister for Public Expenditure Michael McGrath said the Government has to ensure the energy credit payment is implemented “smoothly”. He also […]
Govt to discuss how €200 energy credits will be paid
The Cabinet is to discuss how the energy assistance measures in Budget 2023 will be implemented. Minister for the Environment, Climate and Communications Eamon Ryan will bring a memo to Government outlining how the three €200 energy credits for all households will be paid. One credit will be paid before Christmas and two afterwards. A […]
IMF to consider emergency funding for Ukraine
The International Monetary Fund’s executive board will consider Ukraine’s request for $1.3 billion in additional emergency funding on Friday as Russia’s war against the country continues, two sources familiar with the matter said. IMF staff have prepared the necessary documents and believe Ukraine has received sufficient financial assurances from its global partners to meet the […]
Updated finance strategy sets target of 5,000 new jobs
The Government has set a target of growing the level of employment in the international financial services sector by 5,000 net by 2026. The target is contained in an update to the Ireland for Finance strategy, which sets out the future development of the sector over the next four years. The Government says it will […]
UK government in U-turn on 45% tax rate
British Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have, in a dramatic U-turn, abandoned a plan to abolish the top rate of income tax for the highest earners. Ms Truss and Mr Kwarteng announced a new “growth plan” on September 23 that would cut taxes and regulation. The plan would be funded by vast […]
Euro falls after inflation data but heads for weekly gain
The euro dropped today after inflation in the euro zone hit a record high, but was heading for a weekly gain on hawkish signals from the European Central Bank as some calm returned to foreign exchange markets at the end of a wild week. Sterling was also lower as end-of-quarter demand boosted the dollar. But […]