It’s a morning of grim economic news: The Irish Fiscal Advisory Council sees Ireland’s recovery from the pandemic as having stalled, as the cost of living crisis strangles economic growth. Ifac’s warning echoes similar concerns from the OECD, which sees Ireland’s domestic economy barely growing next year, while many countries are facing a year long recession. Eoin Burke-Kennedy read both reports.
Staying with the economy, the latest surveillance report from the EU on the country – a legacy of the bailout a decade ago – warns that risks are increasing for the housing market here, even if another EU report published on Tuesday makes clear they don’t appear to be overvalued. Naomi O’Leary has the details.
Meanwhile Joe Brennan reports that Pepper, which services about 80,000 mortgages in the state, is increasing its variable interest rates, with some going as high as 6.5 per cent.
Losses narrowed at the company which controls Kildare Village last year, although the occupancy rate at the venue plunged by almost a fifth. That illustrates just what a devastating impact Covid-19 had on the retail sector. Gordon Deegan has the story.
Beef magnate Larry Goodman agreed a €40 million funding deal with oil and gas explorer Barryroe Offshore Energy – formerly Providence Resources – in an effort to secure a long sought-after Government lease to progress work on its key prospect off the Cork coastline. Joe has the story.
Aircraft lessor SMBC is the latest firm in that sector to report earnings. It posted profits of $134 million (€130 million) for the six months to the end of September. Barry O’Halloran reports.
Mobile carrier Three narrowed its losses last year, even as pandemic restrictions helped slow its phone sales. Ciara O’Brien has the accounts.
Element Pictures Ltd, the producers of the screen adaptations of Sally Rooney’s Normal People and Conversations with Friends, returned to profit last year.
In his column, Martin Wolf argues that big business will fund the transition to green energy sources, but it needs to be quicker.
The green transition has become front and centre amid soaring energy prices and inflation this winter. Now a new report warns that Ireland is not yet prepared for the switch to renewables, in part because of high prices now. Barry has the story.
CRH saw operating profit rise 14 per cent in the first nine months of the year, and its sticking to its full year forecasts. Joe has the details.
In Spain, the government is introducing a raft of measures to aid mortgage holders who are being hit hard by soaring interest rates. Guy Hedgecoe has the story.
The Competition and Consumer Protection Commission has found no evidence that fuel firms are colluding to increase prices at the pump. Instead, as Ciara reports, it blames price increases on wholesale markets driven by the war in Ukraine.
Joe also reports that the head of Citigroup’s pan-European banking unit in Dublin, Cecilia Ronan, has stepped down from the position due to ill health.
IDA Ireland and lobby group Technology Ireland will appear before an Oireachtas committee today to discuss the recent lay-offs in the tech sector, with the industry group warning the talent pool for tech here is slowing. Jack Horgan-Jones has read their opening statements.
In the US, a rail union has rejected a new pay deal with possible freight train strikes next month. As Martin Wall writes, that could have huge implications for supply chains there ahead of Christmas.
The saga that is Twitter under Elon Musk continues. This time he is reported to have delayed the relaunch of the sites Twitter Blue function.
In commercial property, Ronald Quinlan reports that a group of Davy investors are closing in on €30m deal for Dundalk’s Marshes Shopping Centre. US real estate firm Kennedy Wilson acquired Louth retail scheme for €44.5m in 2014. A rare loss for Kenney Wilson in Ireland.
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