Business News

The Government has approved details of the new pension auto-enrolment scheme ahead of its expected introduction in 2024. Workers will be automatically signed up to a pension plan co-funded by their employer and the State but they can opt out if they wish to leave. This plan is for employees who are not already in […]

The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes the situation as “stark” and “serious” and warns the number of system alerts will increase. Eirgrid’s chief executive said there will be a ‘tight’ winter ahead and […]

Oil prices steadied today ahead of key US economic data after rising over 1% in the last session on cuts to OPEC+ production targets. Brent crude futures slipped 11 cents to $94.31 a barrel early this morning. WTI crude futures were down 5 cents to $88.40 a barrel, after earlier hitting $89.37 per barrel, the […]

Taoiseach Micheál Martin is joining other EU leaders at a summit in Prague, which will be dominated by discussions on how to reduce the price of gas after Russia’s invasion of Ukraine and the subsequent energy crisis. European Commission President Ursula von der Leyen will outline detailed proposals on potential price caps and the need […]

Britain’s pound weakened against the dollar today, ending a six-day rally but avoiding recent lows as British Prime Minister Liz Truss sought to overcome a chaotic first month in office with her speech to the annual Conservative party conference. Truss urged Conservatives to stick together and help transform the economy and the country, as she […]

The Economic and Social Research Institute (ESRI) has warned that the residential property market in Ireland may be overvalued by over 7%. In its latest Quarterly Economic Commentary, the think-tank says it is likely that savings built up over the pandemic found their way into the market but this will not be sustained over the […]

The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes the situation as “stark” and “serious” and warns the number of system alerts will increase. Eirgrid’s chief executive said there will be a ‘tight’ winter ahead and […]

The Cabinet has approved a plan to pay three electricity credits to every household over the next six months. It is expected that the €200 credits will be paid in November, January and March. Minister for Public Expenditure Michael McGrath said the Government has to ensure the energy credit payment is implemented “smoothly”. He also […]

Overall tax revenue for the first nine months of the year came in at just shy of €58 billion, the latest Exchequer Returns from the Department of Finance show. It was up over a quarter on the same period last year. All of the tax headings performed strongly with income tax receipts up 16% on […]

The Central Bank has reduced its forecasts for growth in the domestic economy next year and raised its outlook for inflation. However, its latest Quarterly Bulletin says the economy will not fall into recession and it expects the labour market to remain strong. Inflation has become more widespread and energy prices will be higher for […]