Government approves pay increases for early learning and childcare workers
The Government has approved a new pay agreement which will provide pay increases and wage structure for early learning and childcare workers. Employment Regulation Orders will commence on 15 September and will provide new minimum hourly rates of pay for various roles in the early years services sector, ranging from €13-an-hour for early years educators […]
Energy credit, temperature settings on Cabinet agenda
Green Party leader Eamon Ryan has said there will be another form of universal energy credit and new measures for small business in this month’s Budget to help people manage increases in the cost of living. The Cabinet is meeting at Dublin Castle this morning to discuss an energy reduction plan for the public sector, […]
Oil prices inch lower on symbolic OPEC+ output cut
Oil prices edged lower today, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market’s recent slide. Brent crude futures had fallen 49 cents, or 0.5%, to $95.25 a barrel in early […]
Euro zone July retail sales rise, but weaker than expected
Euro zone retail sales rose in July, but by less than expected because of a continued slump in demand for non-food products, data form the EU’s statistics office Eurostat showed today. Eurostat said retail sales in the 19 countries sharing the euro, a proxy for consumer demand, increased 0.3% month-on-month in July for a 0.9% […]
Energy-related emissions up 5.4%, SEAI data shows
Energy related emissions were up 5.4% last year, according to new figures from the Sustainable Energy Authority of Ireland (SEAI). This comes despite a commitment by Ireland to reduce CO2 emissions by 4.8% per year from 2021- 2025 under the first carbon budget. Today’s Energy Balance data show that emissions are now back at the […]
Cost of living figures are ‘off the Richter scale’
The Richter Scale measures the intensity of earthquakes. It ranges from the unnoticeable to the highly destructive. So, when Taoiseach Micheál Martin said energy prices are “off the Richter scale”, the chosen figure of speech was more than apt. In the year to July, electricity was up 40%, gas up 56%, and home heating oil […]
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. […]