Archive for September 2022

The global cost-of-living crisis has added to the urgency for the Government to address Ireland’s competitiveness and productivity position. This is according to the National Competitiveness and Productivity Council, as it launches its 2022 Competitiveness Challenge report. The publication of this year’s study coincides with an economic environment in which businesses and consumers are grappling…

New figures from the Central Bank show that the average interest rate on new Irish mortgages in July fell to 2.63%, the fourth fall in a row. Irish mortgage rates were the fourth highest in the euro zone in July, coming behind Greece, Latvia and Germany. This is the first time in over two years…

The phasing out of relief on private health insurance premiums, increases in VAT, the extension of PRSI to all sources of employment income and congestion charges in key urban areas are among the many recommendations contained in the Commission on Taxation and Welfare report. The document, published today, runs to 500 pages. It also suggests…

Oil prices edged higher today as the market balanced weak demand with supply disruption amid a looming rail stoppage in the US, the world’s biggest crude consumer. Brent crude futures was up by two cents to $94.12 a barrel in early trade, while US West Texas Intermediate crude rose 18 cents, or 0.2%, to $88.66.…

The Cabinet is tomorrow set to approve an €0.80 rise to the minimum wage, bringing it to €11.30 per hour from the beginning of next year. Tánaiste Leo Varadkar will bring a recommendation from the Low Pay Commission to Government in the morning. This is one of the biggest increases in the minimum wage but…

Oil prices inched lower today on concerns of another US Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust OPEC oil demand growth forecast. Brent crude futures fell 17 cents, or 0.2%, to $93.00 a barrel in early trade. US West Texas Intermediate crude was…

The Tánaiste will update the Cabinet this morning on proposals to help firms deal with spiralling energy costs. The measures are expected to be finalised in just under a fortnight and will be outlined in the Budget. Leo Varadkar is likely to tell his Government colleagues that the energy inflation crisis is comparable to Covid…

Oil prices rose in volatile trade today as worries about tight fuel supplies ahead of winter offset investor concerns about lower demand in China, the world’s biggest crude importer, and further increases in US and European interest rates. Brent crude had risen 50 cents, or 0.5%, to $94.50 a barrel in early trade. WTI crude…

There are strong indications this evening that the Government’s once off cost-of-living package will run to well over €2 billion when it is announced on Budget day. Minister for Public Expenditure Michael McGrath said rising energy prices means the situation had become more serious for households and Government spending would most likely have to go…

The EU Energy Commissioner has said managing energy demand will be key to avoiding blackouts in Europe this winter and citizens will have to play their part. Speaking exclusively to RTÉ News, Kadri Simson said a lot of work has been done to diversify the supply of energy, but that “now we also have to…