Business News

One in 4 consumers switch insurance providers – Central Bank

2nd December 2022

Eight out of 10 car and home insurance consumers engage with their provider on renewal and one in four switch, according to research conducted by the Central Bank of Ireland. The findings are included in an Economic Letter entitled, “Engagement, switching, and digital usage in consumer and insurance markets: who does it and why it…

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Growing chance of global growth falling below 2% – IMF chief

2nd December 2022

IMF chief Kristalina Georgieva has warned that the chance of global growth dropping below 2% – last seen during the coronavirus outbreak and the global financial crisis of 2009 – is increasing as major economies slow. Her comments come as the world’s biggest economies grapple with fallout from Russia’s invasion of Ukraine, which sent food…

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Euro zone factory downturn eased in November

2nd December 2022

The downturn in manufacturing activity across the euro zone eased in November, according to a survey which suggests while the bloc’s factories still face a harsh winter it may not be as bad as initially feared. S&P Global’s final manufacturing Purchasing Managers’ Index rose to 47.1 from October’s 46.4, but was below a preliminary reading…

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Euro zone inflation falls for first time in 17 months, bolstering hopes for smaller ECB hike

1st December 2022

The annual rate of inflation across the euro area eased back to 10% in November, according to an initial ‘flash’ estimate from the EU’s statistical agency Eurostat. This compares to an annual rate of 10.6% recorded in October and is the first fall in the rate of inflation in 17 consecutive months. The main contributor…

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Firms to start reporting on gender pay gaps from today

1st December 2022

Companies across Ireland will start to publish information on their gender pay gaps from today. Firms of all sizes are being mandated to produce a report outlining the differential in pay and bonuses between their male and female employees. Companies with 250 or more employees were asked to select a date in June this year…

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New tipping laws come into force today

1st December 2022

New laws governing the practice of tipping come into force from today, providing a boost to workers’ rights. Under the Payment of Wages Act employees now have a legal entitlement to receive tips and gratuities paid in electronic form. The new law also requires that this money should be paid to workers in a manner…

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Paid sick leave entitlement on track for New Year

30th November 2022

An entitlement to paid sick leave is scheduled to come into effect in the New Year after the Tánaiste, Leo Varadkar signed the commencement order. From January, workers will be entitled to up to 3 days of sick leave in a year, paid at 70% of gross salary up to a cap of €110. The…

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Average weekly earnings up 3.2% to €864 – CSO

30th November 2022

New figures from the Central Statistics Office show that average weekly earnings were €864.32 in third quarter of this year, up 3.2% on the same period last year. Over the past three years, weekly earnings rose by 12.4%, from €769.14 in the third quarter of 2019. Today’s data shows that average hourly earnings increased by…

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Euro zone economic sentiment rebounds in November

30th November 2022

Euro zone economic sentiment rebounded in November slightly more than expected, data showed today, rising for the first time since the Russian invasion of Ukraine in February on more optimism among consumers and in services. The European Commission said its economic sentiment indicator rose to 93.7 in November from 92.7 in October, marginally beating consensus…

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ECB’s Lagarde says we haven’t reached inflation peak

29th November 2022

Euro zone inflation has not peaked and the risk is that it will turn out even higher than currently expected, European Central Bank President Christine Lagarde said today. “We do not see the components or the direction that would lead me to believe that we’ve reached peak inflation and that it’s going to decline in…

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