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The chief executive of Aer Lingus has said it is inevitable that fares at the airline will rise as a result of rising oil prices. Lynne Embleton said fuel costs are a large part of the overall cost base of an airline, typically making up 25-30%. “When fuel price goes up it is inevitable eventually…

The National Transport Authority has said passenger numbers on public transport have increased as fares are being reduced as part of Government plans to help ease the cost of living and to encourage more sustainable travel. It is the first time public transport fares have been cut nationally since 1947. Fares on Dublin Bus, Luas,…

Oil prices slipped today, along with stock markets in Asia, sparked by fears a global recession could dampen oil demand. Investors are also eying European Union talks on a Russian oil embargo that is expected to tighten global supplies. Brent crude dropped 28 cents, or 0.3%, to $112.11 a barrel early this morning while US…

Aer Lingus and British Airways-owner IAG said today it had seen a strong recovery in business travel in the first quarter and it expected to be profitable from the second quarter onwards and for the full year. The company, which also owns Iberia and Vueling, said the continued easing of government-imposed travel restrictions, resulted in…

The International Monetary Fund has said growth in the Irish economy is expected to “remain strong”. But it warned that risks are “tilted to the downside” as there is “substantial uncertainty” due to the fall-out from the ongoing war in Ukraine. The IMF forecasts growth in GDP (Gross Domestic Product) terms of 6% this year…

World food prices eased slightly in April after hitting a record high in March, but global food security remained a concern because of the difficult market conditions, the UN food agency said today. The Food and Agriculture Organization’s (FAO) food price index, which tracks the most globally traded food commodities, averaged 158.5 points last month…

Around 6% of businesses that were operating in 2019, before the Covid-19 pandemic began, appeared to have closed by the end of last year, new data from the Central Statistics Office has found. Of the 1.5 million people employed in all the businesses captured by the survey, just 2% had been working in those that…

European Union countries will stop importing Russian oil and refined products by the end of the year, Ursula von der Leyen has told the European Parliament. The European Commission President announced a sixth round of sanctions against Russia for waging war on Ukraine and pledged to minimise the impact on European economies. The plan, if…

The average household is facing a €330 price increase on their annual grocery bill, according to the latest figures from consulting company Kantar. 23% of households also said they are now struggling to make ends meet when it comes to their weekly food shop, Kantar added. Today’s figures show that grocery price inflation hit 4.7%…

Farmers are set to benefit from a new silage support scheme that is being brought to the Cabinet for approval by Minister for Agriculture Charlie McConalogue later today. Under the proposed scheme, farmers will be entitled to a payment of €100 per hectare of silage they cut, up to a maximum of 10 hectares. The…