Business News

The Government will outline progress made on insurance reform later today, when it publishes its third Insurance Reform Implementation Report. It states that around 90% of actions in its Action Plan for Insurance Reform have been completed or are ongoing. Sinn Féin however has criticised the plan, saying that premiums for businesses and voluntary organisations…

ISME has today launched its 2022 Shop Local campaign calling on shoppers and businesses to “Think, Spend and Support Local”. The campaign has been developed to promote products and services from SMEs across Ireland. The focus of the campaign is for consumers to “Think Local” before they buy, then “Spend Locally” and “Support” with recommendations…

The European Union has agreed to a law to expand its forests, marshes and other “sinks” that absorb carbon dioxide (CO2), a measure that could allow the bloc to raise its target for cutting net emissions of greenhouse gases. Negotiators of the European Parliament and the European Council, which represents EU governments, agreed to a…

The annual rate of inflation rose to 9.2% in October, new figures from the Central Statistics Office show today. This compares to an annual rate of 8.2% in September and marks the highest rate of inflation since June 1984 when inflation was 9.7%. The CSO noted that consumer prices have been rising on an annual…

The European Commission has proposed changes to the EU’s onerous debt rules that would allow member states to negotiate their own debt reduction path, using the carrot of more flexibility if governments introduce reforms and investment. The Irish Government is understood to be supportive of the measures. The new measures will form part of the…

Insurers have urged customers of Ulster Bank and KBC Bank Ireland to be aware of the risks for their insurance and pension policies posed by the departure of the two lenders. Insurance Ireland said customers of the banks whose policies are paid by direct debit need to be sure to update the payment details and…

Just over 47,000 personal loans were drawn down in the third quarter of this year, up over 12% in volume and 11% in value when compared to the same period last year. The figures from Banking and Payments Federation Ireland (BPFI) show that both the volume and value of drawdowns between July and September reached…

The European Central Bank will continue to raise borrowing costs even as the euro zone economy suffers because letting inflation stay high would be even more painful, two top ECB policymakers said today. The ECB has been raising interest rates at a record pace and steering investors towards more hikes ahead to bring double-digit inflation…

International travel has recovered quickly from the worldwide Covid-19 pandemic lockdowns, with overseas tourism to Ireland this year expected to reach 75% of the 2019 figures – a year which saw more than 11 million overseas visits to the island and revenue of nearly €6bn. Despite challenges, research in ten key markets shows the desire…

Wages are going up at more than three times their pre-pandemic rate across euro area countries, according to a new study published by the Central Bank. However, the study also finds that wage growth may have levelled off in some countries as employers face “an increasingly uncertain and deteriorating economic outlook”. Central Bank economist Reamonn…