Business News

Senior officials have warned ministers that Ireland’s rapid growth in data centres is using up electricity capacity and adding to the risks around energy costs and climate targets. In a confidential memo issued in November last year, the Secretary General at the Department of Public Enterprise, NDP Delivery and Reform (DPER) said that soaring electricity…

The US and the European Union agreed a joint statement on the framework trade deal struck at the end of July to end months of uncertainty for industries and consumers. Here are the main elements of the statement, produced after weeks of wrangling, spelling out what both sides have agreed to. EU to eliminate tariffs…

New figures from the Central Statistics Office show that the estimated number of people in employment in the second quarter of this year stood at 2,818,100, an increase of 2.3% compared with the same time a year ago. The CSO said the 2.3% rise in the number of people in employment was equivalent to 63,900…

Government borrowing in the UK slowed to a lower-than-expected £1.1 billion in July, providing some relief for Chancellor Rachel Reeves in the run-up to the autumn budget. The Office for National Statistics said the figure, which was £2.3 billion less than the same month a year earlier, is the lowest July borrowing figure for three…

New figures from the Central Statistics Office show that property prices registered monthly growth of 0.9% in June, the highest rate since November last year. Home prices across the country grew by 7.8% in the year to June, unchanged from the rate of growth the previous month, the CSO added. The CSO said the median…

US technology shares are showing signs of vulnerability after a massive run, which has some investors pointing to overdone AI-driven gains while funds have taken steps to position away from the high-flying sector. Investors are looking to de-risk portfolios or lock in profits during a seasonally difficult period for stocks. Tomorrow’s looming speech by US…

The Restaurants Association of Ireland, supported by economic research from economist Tony Foley, today launched a significant report making the case for the restoration of the 9% VAT rate for food services and addressing recent criticisms of the policy measure. The Restaurants Association of Ireland said it rejects some recent commentary and claims questioning the…

No matter what way you look at it, residential electricity prices in Ireland are expensive. When comparing electricity prices across European countries, we can look at direct ‘euro’ price, or we can adjust prices to account for differences in living standards and wages. Either way, Ireland is well above the European average. The reason electricity…

Most hospitality establishments in Northern Ireland are operating at under 80% of capacity due to rising costs, a survey has found. It found that hospitality businesses have had to dramatically cut their workforce, with 87% of respondents operating below 90% of required capacity, with the majority (55%) operating below 80% capacity. It also found that…

Goods exports fell in June, but this does not imply any slowdown in real economic activity, according to new analysis from Davy Stockbrokers. Last week’s figures from the Central Statistics Office show that on a monthly basis, the value of exports fell sharply in June, down 26.3% from May as exports to the US slowed…