€419m half year underlying pre-tax profit reported by Bank of Ireland
Bank of Ireland has reported an underlying profit before tax of €419 million for the first six months of 2022. It was down on the €465 million reported at the same time last year. Net profit of €279 million was down from €341 million for the same period last year. The bank recorded an impairment […]
OPEC+ might have to raise oil output so market doesn’t overheat, Kazakhstan says
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said, as the group of oil producers meets amid US pressure to add barrels to the market while most members have already exhausted their output potential. “We have always said that the preferred price corridor is $60-80 per barrel. Today the […]
Australia’s central bank raises rates again
Australia’s central bank has today raised interest rates for a fourth month in a row, but tempered guidance on further hikes as it forecast faster inflation but also a slowdown in the economy. Wrapping up its August policy meeting, the Reserve Bank of Australia (RBA) lifted its cash rate by 50 basis points to 1.85%. […]
Shoppers overspending by chasing supermarket discounts, research suggests
Half of Irish shoppers are overspending, shopping more frequently or buying what they don’t need – just to qualify for supermarket money-off vouchers. That’s according to a new study by Coyne Research, commissioned on behalf of Aldi Ireland. It found that consumers spent on average €9 extra, with three in ten claiming the additional spend […]
Rising inflation continues to hit manufacturing sector
Rising inflation is continuing to hit Ireland’s manufacturing sector, according to a new survey. The AIB manufacturing Purchasing Managers’ index shows that output dropped for the second month running in July. It states that demand conditions had weakened both domestically and abroad, in part due to rising costs. “Inflationary pressures remain pronounced, with prices rising […]
Bord Gáis Energy reports 74% rise in operating profits in first six months of 2022
Bord Gáis Energy saw its adjusted operating profits rise by 74% in the first half of the year, as its parent company Centrica also reported a massive jump in earnings. The Irish utility had an adjusted profit of £33m (€39.5m) in the first six months of 2022, compared to a profit of £19m (€22.7m) in […]
Changes to work permits system planned
The Government is to make changes to the employment permits system amid growing demand for workers from outside the European Economic Area. A new law will be published in the autumn, which is designed to make the permits system more flexible and better able to respond to evolving labour market needs. A seasonal employment permit […]
PIAB reports €118m drop in value of personal injuries awards in last two years
There were also major cuts in overall claims costs as a result of a reduction of 18% in the number of personal injuries claims made to PIAB last year. This follows a reduction in 2020 of 16% and an overall drop in claims volumes in the last two years of 31% The decreased volume in […]
Slowdown may already be under way in domestic economy – Ibec
A slowdown may already be under way in certain sectors of the domestic economy, according to Ibec. In its latest economic quarterly outlook, the business group says shifts in global capital markets and ongoing increases in commodity prices – especially energy – are undermining the recovery seen in the first half of the year. “Leading […]
No levy due on construction sector over defective apartments – Report
A report on defective apartments built during the boom years will not recommend a levy on the construction sector to help the State meet the bill for repairs. The independent review, commissioned by Minister for Housing, Darragh O’Brien last year, says an industry levy would target those who did not cause the defects, would face […]
Residential building activity picks up by close to a fifth in first half – GeoDirectory
The construction of residential buildings picked up quite substantially in the first half of the year, according to GeoDirectory in its latest Residential Buildings Report. 22,390 residential buildings were under construction in June which represents an increase of over 18% on the same time last year. Construction was constrained in the first half of 2021 […]
IMF cuts global growth forecasts, warns high inflation threatens recession
The International Monetary Fund cut global growth forecasts again today, warning that downside risks from high inflation and the Ukraine war were materialising and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, […]
Cost of data breaches hits record high
The global average cost of a data breach has hit a record high of $4.35 million, an increase of almost 13% over the last two years. The annual ‘Cost of a Data Breach Report’ from IBM Security also reveals that it is often consumers who have to pay the price of cybercrime with 60% of […]
EU to seek cuts in heating, cooling of buildings to save gas
The European Commission is expected next week to ask EU countries to reduce heating and cooling of public buildings and offices to cut demand for gas. This is according to a document seen by AFP. In order to better withstand the drastic fall in Russian gas supplies, which could be cut off altogether, the commission […]
Dublin Port volumes recover strongly in the first half of 2022 with growth up 10%
Dublin Port volumes recovered strongly in the first half of 2022 with growth of 10.1% to 18.6 million tonnes. In trading figures out today, it said container and trailer volumes are now less than 1% behind the record pre‑pandemic and pre-Brexit levels of 2019. The number of ship arrivals increased by 150 to 3,694 versus […]
House hunters have less spending power than a year ago – daftmortgages
House hunters have €27,000 less spending power than a year ago, according to daftmortgages.ie. The website analysed the buying plans of over 170,000 people preparing for a mortgage and it found that the typical mortgage seeker now has €11,000 (15%) less savings to put towards a deposit than mortgage seekers in the same position a […]
Switching activity drives mortgage approvals in June – BPFI
The latest figures from the Banking & Payments Federation on the mortgage market point to a substantial increase in mortgage switching activity in recent months. The volume of approvals in this category was up over 150% year on year in June to 1,789 mortgages, the BPFI calculates. Boosted by this increased switching activity, the number […]
Plan on reduction of greenhouse gas emissions delayed
A plan to apply stringent greenhouse gas emission reduction targets on different parts of the economy will not go to Cabinet next week, as had been planned. Instead, Environment Minister Eamon Ryan will continue to engage with his Cabinet colleagues on how that burden should be shared – with agricultural emissions the most controversial issue. […]