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Euro falling towards parity pain point

A stampede for dollars as global recession risks mount has left other currencies battered and bruised, with the euro getting trampled on more than most as surging European gas prices worsen economic growth fears. Analysts predict the single currency, which yesterday hit its weakest since 2002, will soon fall to parity. The euro is seen…

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Euro zone business growth slowed sharply in June – PMI

Business growth across the euro zone slowed further last month, according to a survey in which forward looking indicators suggested the region could slip into decline this quarter as the cost of living crisis keeps consumers wary. S&P Global’s final composite Purchasing Managers’ Index (PMI), seen as a good guide to economic health, fell to…

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30% tax rate idea still being examined – Varadkar

A new 30% tax rate for middle-income earners has not been ruled out, according to Tánaiste Leo Varadkar. Last March, the Fine Gael leader said he had asked the Minister for Finance to examine the viability of a new 30% tax rate for middle-income earners. He told the Institute of International and European Affairs that…

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Euro hits 20-year low against dollar on recession risk

The euro sank today to its lowest level against the dollar since 2002 as data pointed to a growing recession risk in the euro zone. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans…

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Rising costs of living hitting back-to-school expenses

Cost of living increases are impacting parents budgeting for back-to-school expenses, according to a new survey for the Irish League of Credit Unions. Back-to-school expenses are leaving more parents with debt, including credit card debt, according to the findings of the survey of 764 parents. As the cost of living continues to rise in Ireland,…

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Over 220,000 new current accounts opened as banks exit market

The main retail banks have opened 222,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland begin switching providers ahead of the exit of the two banks from the Irish market. The figures from Banking and Payments Federation Ireland (BPFI) show more than 55,000 personal accounts were opened…

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Irish inflation estimated at 9.6% in June – Eurostat

Inflation across the euro area rose to 8.6% in June, according to an initial estimate by the EU’s statistical agency Eurostat. Its estimate for inflation in Ireland was 9.6%, which is higher than many forecasters had predicted. The Central Statistics Office will publish detailed inflation figures later this month. Looking at the components of the…

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New low cost Covid-19 loan scheme for businesses

The Government has launched a further low cost Covid-19 loan scheme for businesses. The finance will be available to small and medium businesses (SMEs) including farmers, fishers and food businesses. Low cost loans between €25,000 and €1.5 million will be available with terms of one to six years. Credit will be available without security where…

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€6.7bn Budget package expected as Summer Economic Statement due

The Government is to publish its Summer Economic Statement later today, which will set out the parameters of the Budget. Last year’s Summer Economic Statement published the parameters of the Coalition’s Budget plans for the next five years. It included a spending rule which would limit increases in public spending to 5% a year to…

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Cost-of-living crisis could last ‘years’, says Tánaiste

Tánaiste Leo Varadkar has told the Dáil that the cost-of-living crisis could last for years. Speaking during Leaders’ Questions, Mr Varadkar said that the issue was something people would be “grappling with for months, if not years, ahead”. He added that what he termed the “global inflation crisis” would not end as a result of…

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