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Britain’s economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth. Weakness in manufacturing and maintenance work in North Sea oil and gas fields contributed to a 0.3% fall in gross domestic…

New figures from the Central Bank show the average interest rate on new Irish mortgages rose to 2.64% in August 2.63% in July. The equivalent euro area average rate rose by 13 basis points to 2.21% in August – its highest level since at least August 2017 and almost double the rate this time last…

It will be years before Ireland has enough secure liquid natural gas (LNG) storage, the Minister for the Environment has said. Eamon Ryan said Ireland needs storage as an extra security layer and a review is under way to come up with real solutions that will give the country greater security in a way that…

Oil prices fell about 2% today, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation…

The pound fell for a fifth day today as the turmoil engulfing UK government bond markets forced the Bank of England to step in yet again to attempt to stem a damaging sell-off in the country’s debt. Sterling fell 0.3% to $1.1036, and was also down 0.3% against the euro at 88 pence. The Bank…

The question of how, when and whether to cap gas prices is set to dominate another meeting of EU countries today, as they pursue a joint plan to target high gas prices. The EU is plotting its next move to tame soaring energy prices and shield consumers from surging bills, as Europe heads into a…

Oil prices steadied today, recovering from earlier losses, as investors weighed potentially tight supply against economic storm clouds that could foreshadow a global recession and erosion of fuel demand. Brent crude futures for December settlement fell by as much as 1.1% but recovered to being down 17 cents, or 0.2%, at $97.75 a barrel by…

Consumers are being urged to consider buying Irish-made crafts and designs amid the ongoing cost-of-living squeeze, as spending in the wider economy retrenches. The Irish craft and design sector is described as being very significant to the overall economy with up to 18,000 enterprises employing over 50,000 people. The sector is estimated to generate over…

The Government will today outline the payment dates for the €1.2 billion worth of lump sum social protection supports announced in last month’s Budget. Minister for Social Protection Heather Humphreys and Minister for Public Expenditure and Reform Michael McGrath are expected to set out the details of the eight different lump sums that will be…

Oil prices fell today, snapping five days of gains, as investors took profits after a report on slowing economic activity in China, the world’s biggest crude importer, re-ignited concerns about falling global fuel demand. Brent crude futures for December settlement fell by as much as 1.1%, and was last down 85 cents, or 0.9%, at…