Yes, we've turned a corner but tough road lies ahead
Beyond the glimmers of hope that occasionally emanated from the headline data, it was clear that there was a consistent narrative – the domestic economy was stuck in reverse while the export-oriented multinational sector performed resiliently, a function of the composition of much of Ireland’s exports – IT, pharmaceuticals and food.
This narrative began to shift during 2013. After years of decline, there were sustained signs that the domestic economy …
Public servants to be paid by end of day after Bank of Ireland glitch
The issue had a knock-on affect on payments to AIB, Ulster Bank and Permanent TSB accounts although it is not yet known how many people were affected in total, according to Bank of Ireland although it did say that most of the payments have been processed.
Bank of Ireland said in a statement: “Other banks have now received any delayed payment originating from Bank of Ireland.
“Many of these payments …
Burton axes Budget tax bonus for families
Her predecessor, Eamon Gilmore, put a child tax credit on the table as a key Budget demand from the junior coalition partners to ease the burden for hard-pressed taxpayers.
Mr Gilmore hoped it would win favour with families across the country as Labour struggled to regain support.
However, Ms Burton is no longer demanding the tax measure in the negotiations for October’s Budget.
Instead, she wants to cater for low …
Thinking through how to run companies
Limited-liability, privately owned joint-stock companies are the core institutions of modern capitalism. These entities are largely responsible for organising the production and distribution of goods and services across the globe. Their role is both cause and consequence of the revolution in the scale and diversity of economic activity that has taken place over the past two centuries.
Almost nothing in economics is more important than thinking through how companies should …
Banks' mass asset sell-off could finally break Europe's lending freeze
A wave of deals could be a boon to the region’s economy if the banks use it to free up capital to increase new lending.
Banks across Europe have shunted more businesses, bad loans and spoiled investments into units to be sold or wound down.
Such assets jumped by 65pc since the end of 2013, to more than €1.3 trillion, according to data compiled by Bloomberg.
In recent months Irish …
London property boom at fever pitch
Londoners have long abandoned the notion that talking house prices is trashy and – with the property market seemingly at bursting point – even the smartest of people are gripped by land fever.
Property in the capital caught fire in the first half of 2014 with house prices rising by 20 per cent annually. The mini-boom may have been outstripped by Dublin’s runaway 24 per cent year-on-year house price rise, …
Bond yields fall on expectations of ECB move
Irish bond yields fell to fresh lows yesterday as global markets rallied on expectations that the European Central Bank had moved a step closer to making billions of euro in asset purchases to jump-start the region’s spluttering economy.
The yield on the benchmark Irish 10-year bond fell to 1.81 yesterday, the lowest rate in more than 20 years.
Yields are inversely related to the price of bonds and fall when …
Economy set to grow by 3.1pc this year as recovery broadens
Releasing its forecast this morning, Ulster Bank said it expects the country’s gross domestic product (GDP) to rise by 3.1pc in 2014 as the recovery becomes “more broadly based”.
It said that this year will mark the first since 2007 that exports, consumer spending, and investment will all be growing together.
The bank said that’s an important sign that Ireland’s economic recovery is looking “more sustainable”.
Ulster Bank had previously …
We're working longer hours and are being paid less
But the results vary massively from one industry to another, and especially between the public and private sectors.
Average weekly earnings fell to €688.15 by the end of June this year, down from €695.53 a year earlier, according to preliminary data from the CSO.
That works out at €21.63 an hour.
But pay in the public sector – including semi-state companies such as the ESB and Irish Rail – is …
Fine Gael junior minister calls for income tax cuts in budget
The income tax taken from pay packets should be reduced in the upcoming Budget, according to Minister of State for Finance Simon Harris.
Many Government ministers were conscious that people paid 41 per cent income tax once they earned €32,800 which was from a “low point”, said Mr Harris.
“I think that measures there or consideration in relation to that can help incentivise work,” he added.
“I would certainly hope …