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Thursday 1 June 2023 Dublin: 9°C

Business

Last year
2022
# Bills Bills Bills
Explainer: Who benefits from the €200 electricity rebate and how do I make sure I do?
A quick guide to the new electricity credit scheme.
# Gaming
Wordle moved to New York Times website and winning streaks reset
Users who navigate to the game’s original home – powerlanguage.co.uk – are now redirected to the NYT website.
# your stories
Are you struggling with the rising cost of living in Ireland? We want to hear your story
We want to get a sense of how Irish households are coping at the moment – here’s how you can take part.
# Inflation
Targeted welfare payments would ease cost of living pressure on lower-income workers, experts say
The Government is to unveil a “substantial” package of measures tomorrow, the Tánaiste told Fine Gael TDs.
THE MORNING LEAD
Traditional remedies might not work. So how will we cure the surging cost of living?
A report by
Ian Curran
Almost everything is more expensive than it was a year ago, from energy to fuel to bathroom fittings and Big Macs.
Almost everything is more expensive than it was a year ago, from energy to fuel to bathroom fittings and Big Macs.
Usually, governments might cut public spending and central bankers could hike interest rates in response.
But economists say the logic of traditional remedies is 'debatable' in the unprecedented context of the pandemic.
'Suite of measures' to address the rising cost of living expected 'in the next couple of weeks'
No let up in cost of living surge in January as Eurozone inflation hits a record high
# Prime rise
Amazon raises price of Prime membership despite soaring profits
Shares in the online giant rose nearly 17% in after-market trading.
# vimes boots
Explainer: Why is everything more expensive?
In Ireland and across Europe, prices have risen sharply over the past year as economies have reopened.
No let up in cost of living surge in January as Eurozone inflation hits a record high
CSO examining how to show 'disproportionate' impact of soaring inflation on poorer families
# covid flying
Ryanair ranked worst short-haul airline for Covid refunds
The carrier received a refund satisfaction score of just 47% in a survey by consumer group Which?
# price pressures
No let up in cost of living surge in January as Eurozone inflation hits a record high
Amid heightened anxiety over inflation, the European Central Bank’s Governing Council will meet tomorrow.
# digital banking
Revolut takes 'first steps' toward offering loans and bank accounts to Irish users
The digital challenger bank is increasing its offering to Irish customers as Ulster Bank and KBC Bank move to exit the market.
# PTSB
Permanent TSB apologises after 'technical issues' meant some customers didn't get wages
The issue has since been resolved.
# coining it
Ireland's advertising watchdog aware of 'increasing concern' over misleading cryptocurrency ads
Spain and the United Kingdom have both unveiled new rules aimed at tightening advertising standards for crypto-assets.
# Back to Work
People working from home can return to offices 'on a phased basis' from next week
The move was part of the Government’s announcement this evening.
# bank holliers
Explainer: What does Ireland's new public holiday actually mean for workers and employers?
For the vast bulk of workers within the State, a new public holiday will entitle them to an extra day’s paid leave.
# hauliers
Road safety fears raised over relaxation of lorry driver resting time rules
“I am not aware of any scientific evidence that supports this move” a Sinn Féin spokesperson said.
# close contacts
No change to hospitality restrictions until February at the earliest, Taoiseach confirms
Micheál Martin said that Cabinet would discuss the restrictions on hospitality again at the end of January.
# supply and demand
As 'unprecedented' inflation bites, the gap between Irish used and new car prices is tightening
In some cases, a second-hand car is being listed with a higher asking price than a new version of the same model.
# retail sales
Irish shoppers splashed out on clothes and DIY supplies in the lead-up to Christmas
But the volume of sales in pubs was still 29.2% below pre-pandemic levels in November, the CSO said.
# Corporation Tax
Irish corporation tax revenues set to decline from 2023 onwards, says Donohoe
New figures revealed that Irish tax receipts surged to their highest ever level last year at 68.4 billion euro.
# State Finances
Ireland reports record €68.4 billion tax take for 2021 - an annual increase of almost 20%
That’s according to exchequer returns for December published by the Department of Finance this afternoon.
# close contacts
Supermarkets and hauliers struggling with 'higher than normal' rates of staff shortages
Amid industry pressure, the Taoiseach said NPHET will keep the isolation period for close contacts under review.
# covid absences
'Absenteeism': Union officials hit out at use of term to describe workers out for Covid reasons
“Covid-related shortages are not the result of ‘absenteeism’, which is defined as an avoidable absence from work.”
All time
# Climate Change
Ibec boss warned Taoiseach that climate budget could cost economy €7.8bn a year
A move to include emissions from land usage in the budgets would ‘totally undermine the viability’ of the agri-food industry, CEO Danny McCoy wrote.
THE MORNING LEAD
Incoming cold snap looks likely to bring inflated Irish energy bills with it in early 2022
A report by
Ian Curran
The arrival of freezing temperatures in parts of Europe will likely increase European demand for natural gas.
The arrival of freezing temperatures in parts of Europe will likely increase European demand for natural gas.
While the forecast for Ireland is comparatively mild, supplies of gas are in relatively short supply across Europe due to a number of factors.
This could further increase wholesale gas prices, in turn, fueling electricity and gas bill hikes as soon as January.
# omicron
'We can get through Omicron and overcome it' - Taoiseach
All restaurants, bars, cinemas and theatres must close at 8pm until 30 January.
All restaurants, bars, cinemas and theatres must close at 8pm until 30 January
There is speculation that further restrictions could be introduced in the coming weeks
The Taoiseach has said that data on Omicron will be the "key consideration" around restrictions
EU health watchdog approves fifth Covid vaccine
New Covid restrictions come into effect in Ireland as almost 40% of over-18's receive booster
# The Banks
State to sell 15% chunk of its AIB stake over the next six months, Donohoe announces
The plan is similar to the one used by the Government to sell part of its remaining bailout-era stake in Bank of Ireland.
# Trading Places
Brexit drives slump in Irish imports from Britain while cross-border trade flourishes
The food and beverage sector has been particularly affected by the changes, according to the ESRI.
# PTSB
Permanent TSB signs agreement to buy €7 billion of Ulster Bank mortgages and 25 branches
The bank will also acquire Business Direct and Lombard Asset Finance loan business under the deal.
THE MORNING LEAD
'Wild West': Private fertility sector making millions as patients left in debt
A report by
Maria Delaney
The Noteworthy team also reveals numerous decisions have not been finalised by Government on long-promised public IVF services.
Noteworthy reveals numerous decisions have not been finalised on long-promised public IVF services
Reporter Maria Delaney finds people are using house deposits to pay for fertility treatment
A lack of legislation is leaving Ireland a ‘Wild West’ when it comes to treatment provision
# Brexit
Irish trade and politics are being transformed by Brexit - but how? What can we expect in 2022?
We’ve spent the last six weeks attempting to answer these questions at The Good Information Project.
# Inflation
Irish consumer prices rise 5.3% during biggest annual increase in 20 years
Soaring petrol, diesel and energy prices continue to drive inflation, the CSO said.
# BUSINESS SUPPORTS
Govt says it was 'too complicated' to bring in targeted hospitality supports and instead extends EWSS
MIinister Paschal Donohoe says it was too complex to do it before Christmas.
Minister Paschal Donohoe says it was too complex to bring in targeted supports Christmas.
The higher rate of the Employment Wage Subsidy Scheme has been extended across December and January.
Planned reductions building up to the end of the scheme on 30 April will continue.
'It feels like we're the whipping boys': Venues and promoters scramble to implement new 50% capacity rule
New Covid measures would lift if Omicron risks don't meet 'worst fears', Minister says
# Catherine Martin
Minister announces €50 million boost for live entertainment with extra €3 million for pantos
Leo Varadkar said a decision will be made today or tomorrow on a support scheme for businesses affected by new restrictions.
# Frozen Out
Amazon server outage hits thousands of Disney+ and Netflix customers
The e-commerce giant said it has “identified the root cause and are actively working towards recovery.”
# festive spirit
Shop workers facing 'worrying' rise in verbal abuse from customers this Christmas
Mandate is calling for greater respect for retail workers on the frontline.
# Hospitality
'We've had 3,400 cancellations in 3 weeks': Restaurants say Christmas trade has been 'decimated'
Businesses have called for cuts to the Employment Wage Subsidy Scheme to be reversed amid mass cancellations over Covid fears.
# christmas cancellations
Varadkar says hospitality sector is 'taking a hit for the team' as he pledges continued supports
Varadkar said a decision on financial supports will be made in the coming days.
# The Banks
Bank of Ireland fined €24.5 million for IT failures that had potential 'serious' customer impact
The failures could have led to customers being denied access to basic banking services.
# trade winds
Rosslare Europort had one of the busiest days in its history this month - thanks to Brexit
European trade volumes are up close 400% in the first nine months of 2021, according to the port.
The volume of cargo going through the Wexford port has ballooned by 55% this year
A big increase in direct trade with Europe is driving the change, writes Ian Curran
Irish businesses are finding new customers and new suppliers in Europe as an alternative to Britain
Brexit is fuelling a boom in cross-border trade. But why? And what does it mean for the island?
# Power trip
Two big power stations disconnected from the national grid on Monday night in rare 'one-off' event
The national grid operator said two power stations tripping almost simultaneously is a rare, “one-off” event.
The 'tripping' of the two stations resulted in the loss of 820 megawatts of power to the grid.
This was the equivalent of 20% of the total national demand for electricity at that time.
A spokesperson for EirGrid said the incident was unrelated to ongoing issues around security of electricity supply.