Business News

When the banks published their half year results in the early part of last month, it was clear that pressure was going to mount on them to improve the returns that they have been offering depositors. All of the main lenders reported bumper profits for the half year with interest income and interest margins looking…

The Competition and Consumer Protection Commission (CCPC) has said that research it has carried out into pensions has revealed some concerning gaps in retirement planning. The survey of 757 people showed that one-in-ten 45-64 year olds do not have a pension. Pension ownership among the 45-54 age group stands at 76%, a sharp decline since…

The National Treasury Management Agency said it is increasing the rates that apply to new fixed term and variable rate State Savings products. It also said it will almost treble the Prize Bond fund on offer to holders of Prize Bonds to €48m. All new interest rate changes and the new Prize Bond fund structure…

AIB has become the latest bank to increase its interest rates on certain savings products, as well as on EBS saving accounts. The move comes amid growing calls for the benefit of European Central Bank rate increases to be passed on to savers. Increased deposit rates of up to 3% for both Regular Savers and…

Motorists are facing a hike in the cost of refuelling their vehicles from midnight tonight, as excise rates are increased by the Government. Petrol excise rates will increase by 7c per litre while diesel prices will rise by 5c. Agricultural diesel will go up by 1c. It is the second of three increases in excise,…

An initial estimate for inflation, measured by the Harmonised Index of Consumer Prices (HICP), shows prices rose by 4.9% in the 12 months to August. Today’s latest Central Statistics Office figures show that prices rose by 0.5% over the month and the annual rate was higher than the 4.6% recorded in July. The HICP for…

The reduced 9% VAT rate for tourism, hospitality and some other services will expire at midnight and return to 13.5%. The planned increase is set to go-ahead despite last minute pleas by business organisations for its retention. The Government extended the lower rate for the final time in February. It made the decision after an…

Minister for Finance Michael McGrath has confirmed that the planned hike in excise duty will go ahead in September as it is already “locked in”. He said the decision had already been made by Government and legislated for by the Oireachtas. However, he said it should take some time to reach consumers. “In the same…

Companies around the world are on track to pay investors a record $1.64 trillion in dividends this year following a more than 6% jump in the second quarter, a report today showed. The figures by fund manager Janus Henderson estimated that 88% of companies globally had either increased their dividends or held them steady in…

European new car registrations jumped 15.2% in July, the 12th consecutive month of growth as the auto industry recovers from pandemic-related supply chain issues, data from the European Automobile Manufacturers Association (ACEA) showed today. Electric vehicle sales jumped 60.6%, continuing a rise buoyed by subsidies in a number of European Union countries. Full EVs accounted…