News

Central Bank’s Lane banned Finance officials from IMF talks

The Central Bank did not want Department of Finance officials attending meetings on financial supervision during an International Monetary Fund (IMF) visit earlier this year, the Irish Independent has learned. Citing legal “confidentiality obligations”, Central Bank Governor Philip Lane argued against the attendance by Departmental officials at as many as 17 meetings related largely to […]

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Ratings agency S&P: ‘Robust recovery’ in Irish housing market to continue

CREDIT ratings agency Standard & Poor’s expects the “robust recovery” in the housing market here to continue this year. It said prices would rise by 6pc, aided by the ongoing improvement in the labour market and a housing supply shortage. The rise in property prices was likely despite the vote in Britain to leave the […]

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Irish services industry growth hits slowest rate since 2014

Growth in the Irish services industry fell to its lowest rate since February 2014 as the fallout from Brexit continues to take its toll, new research has shown. According to the Investec Purchasing Managers’ Index (PMI), a slight weakening was reported for a second successive month in new business. However, the index points out that […]

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Canadian firm agrees deal for Cork-based Whitegate oil refinery

A Canadian oil firm has agreed a deal to purchase Whitegate Oil refinery in Cork from its US owners. Irving Oil confirmed it has reached agreement with Houston-based Phillips 66 to acquire Whitegate for an undisclosed sum. The east Cork plant currently has a workforce of 160. The refinery’s future had been in doubt for […]

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Unemployment stays at 7.8pc in June

Unemployment in Ireland remained static in the month of July, with figures released by the CSO revealing that 7.8pc of those between 15 and 74 are currently on the live register. That is the same as the rate recorded for June. Unemployment fell by 1.4pc on an annual basis, down from 9.2pc in July of […]

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Irish man takes top job at US telecoms giant

Ronan Dunne, the outgoing Irish chief executive of O2 UK, has been named group president of America’s biggest mobile operator, Verizon Wireless. Mr Dunne will take charge of “all aspects” of Verizon Wireless’ operations in the US, including network, digital and marketing processes, from September. The move places him as a contender for the role […]

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Europe to help fund Irish energy company’s storage project

Irish energy firm Gaelectric is to receive €8.28m in funding from the European Union to develop a storage project in Northern Ireland. Project CAES Larne, NI – a 330 MW energy storage project using compressed air energy storage technology (‘CAES’) – is being developed by Gaelectric on the Islandmagee peninsula near the port town of […]

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Surging world growth makes a mockery of Brexit panic

Global economic growth is accelerating sharply after months in the doldrums, confounding predictions of a worldwide recession following Britain’s Brexit vote. The monthly ‘nowcast’ gauge of global activity assembled by Fulcrum Asset Management has picked up momentum dramatically over recent weeks, signalling robust world growth of 4pc growth over the second half of the year […]

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Drinks industry will take legal action to stave off ‘sugar tax’

Government plans to introduce a controversial ‘sugar tax’ in the upcoming Budget look set to be met by a high-profile legal challenge from the drinks industry, the Irish Independent has learned. Drinks giants are preparing to follow the example set by the tobacco industry – which has already initiated court action against the Government’s plan […]

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AIB to tell 3,000 they are getting trackers back

AIB is set to restore around 3,000 mortgage customers to valuable tracker mortgage rates. The bank, which includes EBS, is as a first move to write to affected customers and restore them to the lower interest rate product, taking them off variables. At a later date, these customers are set to qualify for refunds and […]

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