News

The Office of the Director of Corporate Enforcement (ODCE) has now become a statutory and independent agency called the Corporate Enforcement Authority, with additional resources to investigate and prosecute white collar crime. The Government is to increase staffing levels by nearly 50%, including doubling the number of gardaí. The authority’s budget has also been increased…

The Central Bank has warned that inflation could peak in the coming months at over 10% but should start to decline after that. In its latest Quarterly Bulletin, the bank also says household incomes will decline this year but are expected to recover next year with strong wage growth. It also describes the current high…

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…

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…

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,…

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…

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…

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…

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…

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…