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Corporation tax receipts dropped slightly in May according to the latest exchequer returns, underlining the volatile nature of this source of revenue. A total of €2.7 billion in tax was collected from businesses during the month, down €200m or 6.2% on the same month last year as higher repayments and lower profitability impacted returns. However,…

Growth in the services sector slowed slightly in May but new export business grew at its fastest rate since last summer and business expectations improved, a survey showed today. The AIB S&P Global Purchasing Managers’ Index (PMI) slipped to 57 from 58.4 in April. But it remained above the 50 mark separating growth from contraction…

Euro zone inflation eased more than expected last month as underlying price growth also slowed, fuelling a debate about the need for further European Central Bank rate hikes beyond an increase later this month. Inflation in the 20 nations sharing the euro eased to 6.1% in May from 7% in April, below expectations for 6.3%…

Ireland is on course to miss its 2030 climate targets by a large margin unless all sectors, including agriculture, electricity and transport, rapidly deliver further emission reductions and sustain this delivery into the future, according to the latest report from the Environmental Protection Agency (EPA). The EPA has analysed how far emissions would fall if…

Demand for new-build homes jumped 114% in May when compared to the same month last year, according to new figures from property listings website Daft.ie. When all homes were taken into account, the data shows that demand nationwide was 17% higher than it was 12 months ago. Demand for homes in Dublin saw the strongest…

The Government has approved a 5% pay increase for more than 1,600 supervisors and team leaders of employment support schemes. The pay deal will benefit employees of organisations that manage Community Employment Schemes, Tús, the Rural Social Scheme and Job Initiative. The workers will see a pay increase of 3% from 1 April 2023, which…

Bank lending to euro zone companies and households slowed again in April, continuing the steady decline since last autumn as the economy stagnated and rapid rate hikes dented demand for credit. This is according to the latest European Central Bank data today. Lending to businesses in the 20 nation currency bloc expanded by 4.6% year…

The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, the European Central Bank has warned. The ECB study looked into the risk of spillovers from so-called shadow banks – such as funds and other financial companies…

Home prices in the euro zone may be headed for a “disorderly” decline as high mortgage rates make purchases unaffordable for households and unattractive for investors, the European Central Bank said today. It was one of several risks flagged in the ECB’s Financial Stability Review (FSR) along with higher borrowing costs and slower growth hurting…

Motorists can expect to see a jump in the cost of petrol and diesel from midnight tonight as cuts to Government excise charges begin to reverse. Petrol prices will rise by six cent per litre, while diesel will go up by five cent. Agricultural diesel will also go up a cent. In March last year,…