Archive for June 2023

The Government has published a plan to boost cybersecurity, which includes measures to support the potential growth of the cybersecurity industry. The Mid-Term Review of the National Cyber Security Strategy 2019-2024 sets out 18 new actions to be implemented within the lifetime of the strategy. In a bid to address skills shortages, the plan will…

The volume of contactless payments rose by almost 18% year-on-year to more than 268 million in the first quarter of the year, hitting three million payments a day. According to the latest Payments Monitor from Banking & Payments Federation Ireland (BPFI), the value of contactless payments also increased, rising by 22% to almost €4.6 billion…

The Economic and Social Research Institute (ESRI) has downgraded substantially its outlook for growth in Gross Domestic Product terms for the Irish economy, but it says the underlying position of the economy is still very strong. The ESRI says the domestic economy – as measured by Modified Domestic Demand (MDD) – is expected to experience…

Euro zone inflation has entered a new phase which could linger for some time, European Central Bank President Christine Lagarde said today, outlining a lengthy fight against price growth that must dampen demand and force firms to curb prices. The ECB has raised rates at each meeting over the past year, taking its deposit rate…

EU countries and EU lawmakers has agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments gaining illegal access. The European Commission proposed the Data Act last year to cover data generated in smart gadgets, machinery and consumer products, part of a raft…

The EU is set to take the next crucial step towards launching a digital version of the euro, a controversial project that has come under attack from the public, politicians and banks before it even exists. From China to the United States, Jamaica to Japan, dozens of central banks worldwide are exploring or have already…

May was the busiest month for first-time buyer mortgage approvals in both volume and value terms since the figures started being collected in 2011, new figures from Banking and Payments Federation Ireland show today. First-time buyer approvals rose by 26.4% to €926m in May, bringing the annualised value of FTB approvals to a total of…

New figures from Kantar show that grocery inflation rose by 15.8% in the 12 weeks to June 11, down on last month’s level of 16.5% and the lowest level of inflation seen so far this year. Today’s figures show that take-home grocery sales increased by 10.8% in the four weeks to June 11. Kantar noted…

A new study from the Economic and Social Research Institute (ESRI) shows that a third of the wages paid in the Irish economy in 2021 came from Multinational Enterprises (MNEs). The research by economist John Fitzgerald is entitled ‘Understanding the Irish Economy’. It shows that rapid growth in highly paid employment and corporate tax income…

The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation. Despite the relentless rise in rates over the last 18 months, inflation in many top economies remains stubbornly high.…