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. […]
Storage will be key to Ireland’s energy security and transition
On a flat piece of land in west Dublin, 96 black container like structures sit in perfectly straight rows. A persistent hum is the only indicator of the electronic equipment packed inside. Each cube is a battery storage unit, full of small lithium-ion batteries, just like the ones you find in your mobile phone. The […]
Not a certainty that blackouts can be avoided – ESRI
A senior research officer with the ESRI has said nobody can say for certain that power blackouts can be avoided this winter, adding that if there are to be interruptions to demand, they will certainly happen at peak times. Speaking on RTÉ’s Morning Ireland, Dr Muireann Lynch said supply on the system has been the […]
National commercial vacancy rate up slightly to 13.9%
The commercial vacancy rate across the country reached 13.9% in the second quarter of this year, up 0.25% on the same period last year. This is the highest level recorded by GeoDirectory since it began reporting on the rates in 2013. There were 29,241 vacant commercial units recorded across Ireland in the second quarter, a […]
German economy beats expectations with 0.1% growth in Q2
The German economy grew in the second quarter, propped up by household and government spending and beating analyst expectations that saw it on the edge of a downturn, data showed today. Europe’s largest economy grew by 0.1% quarter on quarter and 1.7% on the year, adjusted for price and calendar effects, the federal statistics office […]
Euro bounces back above parity as investor sentiment improves
The euro rebounded back above parity with the dollar today as the US currency’s recent rally ran out of steam. Investors are waiting to see whether Federal Reserve Chair Jerome Powell would sound a more hawkish tone at a meeting this week. A more bullish mood across markets also helped the euro, as well as […]
365,000 new current accounts opened so far this year as banks exit
The main retail banks, An Post Money and Credit Unions have opened 365,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland continue switching providers ahead of the exit of the two banks from the Irish market. The figures from Banking and Payments Federation Ireland (BPFI) show that […]
‘New shock’ for European markets as gas price spike fuels inflation fears
Another dramatic spike in natural gas prices appears to have ended any hopes that Europe’s inflation battle is set to ease. Financial markets are now bracing for higher prices, a faster pace of interest rate hikes and a deeper economic downturn. Just a few weeks ago, signs that inflation in the US – which tends […]
Euro edges back towards two-decade low as energy supply crunch adds to growth fears
The euro remained under pressure amid growing recession fears fuelled by a possible energy supply crunch this morning, but the US dollar recouped some data-inspired losses. Disappointing US services and manufacturing surveys and a plunge in new home sales saw the dollar take a breather, after a run that pushed the dollar to its strongest […]
Euro falls to new two-decade low against the dollar
The euro dropped to a fresh two-decade trough today as Europe was buffeted by concerns about energy supply and economic growth, while the dollar held firm against major peers, supported by safe-haven flows. The euro hit $0.9909, its lowest since late 2002, and was last down 0.29% at $0.9914. Russia will halt natural gas supplies […]
Oil climbs as Saudi Arabia warns of OPEC output cuts
Oil rose today as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Brent crude gained 42 cents, or 0.4%, to $96.90 a barrel in early trade, after a choppy session yesterday when they dropped by more […]
Annual wholesale electricity prices up 86% – CSO
Wholesale prices and the price of raw materials for manufacturing businesses rose at an annual rate of 6.2% in July, according to the latest figures from the Central Statistics Office. However, the price of food ingredients, construction materials and energy all rose significantly more. Overall, food product ingredients rose 10.8% in the year to July, […]
Electricity customers may be charged more from 5-7pm
Electricity supply companies may be charged more for their customers to use electricity between the hours of 5pm to 7pm. The Commission for Regulation of Utilities (CRU) has launched a two-week consultation asking industry and electricity providers how they intend to reduce energy usage. Speaking on RTÉ’s Morning Ireland, ESRI economist Dr Muireann Lynch said […]