Archive for December 2022

The European Central Bank will hike interest rates further in the euro zone to combat high inflation, ECB’s Vice-President Luis de Guindos said today. “There will be more interest rate hikes, until when, I don’t know. I am absolutely honest, I don’t know,” De Guindos said. He added that the institution was committed to bring…

European Union countries’ energy ministers meet in Brussels today to attempt to agree a cap on gas prices – their latest idea to tame Europe’s energy crisis but one that countries are still split over. Country leaders last week urged their ministers to approve the cap today, in a bid to finalise a measure that…

The Government has announced plans for a single application procedure for employment permits and immigration permissions. Currently to work in Ireland, a person from outside the European Economic Area has to first make an application to the Department of Enterprise, Trade and Employment for a work permit. They then have to make a second application…

After an absence of more than two years, work Christmas parties are back with a bang. Staff and employers are being reminded that workplace policies and procedures still apply while at the office party. Many companies are throwing lavish social events this year and using parties to give them an edge in the current tight…

The European Central Bank raised interest rates for the fourth time in a row today, although by less than at its last two meetings. It also pledged further hikes and laid out plans to drain cash from the financial system as part of its fight against runaway inflation. The ECB has been raising rates at…

European new car registrations increased sharply in November, data from the region’s carmaker association showed today. The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) rose by 17.4% to 1.01 million units, the European Automobile Manufacturers Association (ACEA) said. In the EU, the rise was 16.3%.…

The Minister for Finance has said he expects Ireland’s corporation tax rate will be increased to 15% in 2024 for large companies that are subject to last year’s global tax deal. It follows a deal brokered at EU level earlier this week, which saw Hungary drop its opposition to a minimum corporation tax rate of…

The Economic and Social Research Institute expects the economy to grow “at a significantly reduced pace” next year given the likelihood of recession in overseas markets and continuing cost of living pressures at home. In its latest Quarterly Economic Commentary, the institute also predicts that households with mortgages are likely to see their repayment burdens…

The Minister for Environment has said he did not expect to see a significant reduction in energy prices in the next year or two, despite a dip in costs on wholesale markets. Eamon Ryan said suppliers had hedged a price at which to buy commodities in advance. However, Mr Ryan added he did not expect…

Hungary has dropped its opposition to the introduction of a global minimum corporation tax rate of 15% as part of a wider deal with the EU allowing implementation to proceed. The country has agreed to unblock €18bn in financial aid to Ukraine, in return for reducing the amount of funding Budapest has seen frozen by…