Business News

Three grain ships leave Ukraine, one bound for Ireland

5th August 2022

Three ships loaded with grain, one of which is bound for Ireland, have left Ukrainian ports under a recently concluded safe passage deal, the Turkish defenсe ministry said. The first grain ship to set sail from a Ukrainian port since the start of the Russian invasion, departed Odesa on Monday. “We expect that the security […]

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Oil prices climb on supply shortage concerns

5th August 2022

Oil prices rose today, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand. Brent crude rose 55 cents, or 0.6%, to $94.67 a barrel early this morning while US West Texas Intermediate crude was up 65 cents, or 0.8%, […]

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Lidl Ireland removes mandatory retirement age of 65

5th August 2022

Lidl Ireland has removed its mandatory retirement age clause for current and new employees from today. This means the company will give all employees the option to continue working beyond the age of 65. The retailer said its decision will allow the company to attract more “mature” and “life-experienced” talent, as well as offering more […]

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Growth in services sector picks up amid uplift in new work

4th August 2022

Growth in the country’s services sector picked up in July, amid a sharp uplift in new work. The AIB Services PMI rose to 56.3 last month, from 55.6 in June, though this was still below the May reading of 60.2. Readings above 50 indicate overall growth in activity. By comparison, the flash July Services PMI […]

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Euro zone consumers brace for recession and high inflation – ECB survey

4th August 2022

Consumers in the euro zone are bracing for the economy to shrink and for high inflation to continue eating into their income in the next year, a European Central Bank survey shows. The Consumer Expectations Survey is used by policymakers for input in their deliberations and was published today for the first time. It showed […]

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UN chief slams ‘excessive’ profits of oil, gas firms amid Ukraine war

4th August 2022

UN Secretary-General Antonio Guterres has called for taxation on windfall profits of oil and gas companies to ease the impact of the global energy crisis on the most vulnerable people. “It is immoral for oil and gas companies to be making record profits from this energy crisis on the back of the poorest people and […]

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OPEC+ might have to raise oil output so market doesn’t overheat, Kazakhstan says

3rd August 2022

OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said, as the group of oil producers meets amid US pressure to add barrels to the market while most members have already exhausted their output potential. “We have always said that the preferred price corridor is $60-80 per barrel. Today the […]

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€419m half year underlying pre-tax profit reported by Bank of Ireland

3rd August 2022

Bank of Ireland has reported an underlying profit before tax of €419 million for the first six months of 2022. It was down on the €465 million reported at the same time last year. Net profit of €279 million was down from €341 million for the same period last year. The bank recorded an impairment […]

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New minimum pay rate for security workers

3rd August 2022

A new minimum pay rate of €12.50 per hour is to be introduced for workers in the security industry. The new pay scale is scheduled to come into effect on August 29th and will be followed by another increase to €12.90 per hour from February 1st next year. The minimum rate of pay has been […]

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Rising inflation continues to hit manufacturing sector

2nd August 2022

Rising inflation is continuing to hit Ireland’s manufacturing sector, according to a new survey. The AIB manufacturing Purchasing Managers’ index shows that output dropped for the second month running in July. It states that demand conditions had weakened both domestically and abroad, in part due to rising costs. “Inflationary pressures remain pronounced, with prices rising […]

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