Archive for March 2022

The European Commissioner for Financial Services, Financial Stability and Capital Markets Union, has said nothing is off the table when it comes to potential further action by the European Union on sanctions against Russia. Mairead McGuinness said everything the EU does will be about attacking Russia’s war machine by “pulling away money” but while also…

The commercial vacancy rate across the country reached 13.9% in the final quarter of last year, the highest level recorded by GeoDirectory in nine years of reporting. There were 29,317 commercial units vacant across the country, according to the report which was prepared by EY. The data reveals that commercial vacancies increased in 15 out…

Growth in the country’s service sector picked up strongly in February, as the recovery from the pandemic gained momentum following the lifting of Covid-19 restrictions. The AIB Services PMI rose sharply to 61.8 from 56.2 in January and 55.4 in December. Readings above 50 indicate overall rises in activity. The latest reading signalled the fastest…

Euro zone inflation soared to another record high last month, intensifying a policy dilemma for the European Central Bank, which must convey a sense of calm amid war-related market turmoil but also respond to mounting price pressures. Inflation in the 19 countries sharing the euro accelerated to 5.8% from 5.1% in January, beating expectations for…

Oil prices surged to seven-year highs today as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict,. Traders are scrambling to seek alternative oil sources in an already tight market. Brent crude futures gained $5.30, or 5%, to $110.23 a barrel in early trade, a level last seen in…

Groups representing trade unions and employers will address the Joint Oireachtas Committee on Enterprise, Trade and Employment on new remote working legislation. The Irish Congress of Trade Unions and business group Ibec will appear before the committee on Enterprise, Trade and Employment to give their views on the Right to Request Remote Working Bill. Details…

Average awards for personal injuries have fallen by 50% since revised guidelines on the calculation of the awards were introduced, the Tánaiste has said. The data was supplied by the Personal Injuries Assessment Board (PIAB) and represents a further decrease on the average 40% reduction seen in the first five months after they came into…

Subsidy rates for the Government’s Employee Wage Subsidy Scheme (EWSS) are to be cut further from today. The changes will mean that all rates will be reduced to €100 per employee from now until 30 April. At that point the EWSS will end completely. However, those businesses who were directly impacted by the restrictions announced…

The country’s manufacturing sector expanded at the slowest pace in 11 months in February as growth in output, new orders and employment all eased, a survey showed today. But growth still remained at an “elevated level” in historical terms and those surveyed expressed confidence about their output over the coming 12 months. The AIB IHS…

Residential development commencements jumped 40% last year compared with 2020, and were 19% higher than pre-pandemic levels in 2019 – according to new figures from Deloitte Ireland. The data shows that commencement notices were lodged on 24,304 units last year, in residential schemes of more than 20 units. However, Deloitte estimates that around 6,000 units…