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OPEC+ has agreed to delay a planned December oil output increase by one month, the group said, as weak demand notably from China and rising supply outside the group maintain downward pressure on the oil market. Eight members of OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, were…

New figures from the Society of the Irish Motor Industry (SIMI) show that new car registrations for October rose by 9.7% to 2,423 when compared to the figure of 2,208 the same month last year. Registrations so far this year are down 1.2% to 119,668 on the 121,134 cars registered the same time last year.…

The Government has been told that National Broadband Ireland should seek to ramp up its capacity to meet the demand for new connections in anticipation of continued strong take-up. The recommendation is contained in an independent evaluation report of the National Broadband Plan which was prepared by EY Ireland. The study was based on extensive…

International visitors are spending less time in Ireland, but more money. New figures from the Irish Tourism Industry Confederation (ITIC) show that the length of overnight stays between July and September fell 7%, when compared to the same time last year. However, revenue was up 10% with visitors spending €2.14 billion. Nearly 2 million international…

New figures from the Central Statistics Office show that wholesale electricity prices increased by 12.2% in September compared to August, and were 1% higher compared to September of last year. But wholesale electricity prices have fallen by 70.9% when compared with their peak seen in August 2022. The price index for all energy fuels dropped…

Euro zone inflation accelerated more than expected in October and could still pick up further in the coming months, bolstering the case for caution in European Central Bank interest rate cuts as price growth is not yet fully tamed. Inflation in the 20 countries sharing the euro currency accelerated to 2% from 1.7% in September…

Almost three quarters of Irish businesses have reported an increase in cyberattacks in the past year, according to new research. The Hiscox Cyber Readiness Report shows that Irish companies have experienced an average of 58 cyberattacks over the last 12 months. Almost half of businesses surveyed said they had suffered reputational damage due to the…

The Government is establishing a pilot scheme for reimbursing apartment owners who fix Celtic Tiger era defective properties at their own expense. Two years ago the total cost for repairing the homes was estimated at €1.5 billion to €2.5 billion. The total number of properties affected is up to 100,000, according to the working group…

Ireland’s infrastructure is lagging 25% behind that of high-income European economies, according to the Irish Fiscal Advisory Council. In a new report the spending watchdog said housing, health, transport and electricity all require investment. The fiscal council estimated 68,500 homes need to be built a year to catch up and meet a growing population. That…

Euro zone inflation is “well on track” to hit the European Central Bank’s 2% target next year, ECB President Christine Lagarde said today, repeating the bank’s most recent guidance. “The incoming information on inflation shows that the disinflation process is well on track,” Lagarde said at the International Monetary Fund’s annual meeting in Washington. “Recent…