Industry & Business

Economy

Construction Industry Set to Grow by 9% Annually up to 2020

    Construction Industry Set to Grow by 9% Annually up to 2020

The Construction Industry Federation (CIF) launched a website featuring career opportunities on Monday in the wake of a report that construction activity can sustain an additional 112,000 jobs up to 2020 with an estimated €17.8billion worth of projects in the pipeline in 2017.
The DKM economic consultants report, Demand for Skills in Construction to 2020, indicated […]

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Ulster Banks Construction PMI Shows Sharp Rise in Employment

    Ulster Banks Construction PMI Shows Sharp Rise in Employment

Irish construction firms continued to record strong activity growth during November, supported by a further sharp increase in new orders, according to the Ulster Bank Construction PMI released on Monday. Rising workloads encouraged companies to up their rate of job creation and increase purchasing activity. Meanwhile, there were further signs of intensifying price pressures. The […]

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Dublin Ranked Fourth Most Attractive City for Property Investment

Photo credit: Hans-Peter Bock hpbock@avaapgh.de
Dublin is the fourth most attractive city in Europe for real estate investment, according to an analysis by PwC and the Urban Land Institute (ULI) released on Thursday. Dublin saw €4 billion of real estate activity in the 12 months before September 2016, putting it behind Berlin, Hamburg and Frankfurt, and […]

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During Euro Crisis, Finance Costs Increased Disproportionately for Small Enterprises

Photo credit: Doyler79
A research technical paper published by the Central Bank of Ireland on Monday, shows that the cost of bank finance “increased disproportionately for smaller enterprises” during the euro crisis.
The paper, written by Sarah Holton and Fergal McCann, showed that banks with a greater market share were more likely to pass on greater interest […]

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CSO Publishes Statistical Guide to Brexit

    CSO Publishes Statistical Guide to Brexit

The Central Statistic Office released “Brexit: Ireland and the UK in numbers”, on Wednesday, December 7. The publication provides the available figures covering the main areas of Ireland’s engagement with the UK.
“Following the vote by the electorate in the United Kingdom to leave the European Union in June 2016, the CSO decided to compile a […]

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ESRI Publishes Medium-Term Outlook for the Irish Economy

    ESRI Publishes Medium-Term Outlook for the Irish Economy

The Economic and Social Research Unit (ESRI) published a medium-term outlook for the Irish economy on Monday, December 5. Called “Ireland’s Economic Outlook: Perspectives and Policy Challenges”, the research uses a new macroeconomic model, COSMO (COre Structural MOdel of the Irish Economy), developed by the ESRI to determine the potential path of the Irish economy […]

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Ireland’s Prospects Bright, But Uncertain – ECB

    Ireland’s Prospects Bright, But Uncertain – ECB

The European Commission and ECB finished the sixth post-programme surveillance review for Ireland on Friday, December 2, in which they said that Ireland’s economic prospects remained bright, but warned that “some clouds are on the horizon”.
The main objective of review was to assess the country’s capacity to repay loans granted under the former EU-IMF financial […]

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Uncertain Economic Outlook Keeps Irish Consumers Cautious

    Uncertain Economic Outlook Keeps Irish Consumers Cautious

Irish consumers have remained cautious in the face of uncertain economic conditions, contrasting with changing attitudes in other areas, according to the November Consumer Sentiment Index, released by the ESRI on Thursday, December 1.
The consumer sentiment index rose slightly to 97.8 in November, compared with 97.3 in October. However, it remains lower than the 103.1 […]

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Trade Mission to France Focuses on Cleantech, Brexit

    Trade Mission to France Focuses on Cleantech, Brexit

Minister for Foreign Affairs and Trade Charles Flanagan led an Enterprise Ireland Trade Mission to Lyon, on Wednesday, November 30, focusing on the high potential Cleantech sector. Today he will have a bilateral meeting with his French counterpart, Foreign Minister Jean Marc Ayrault. During the two day visit, Flanagan will brief key business contacts on […]

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Value of Irish Money Market Funds Decreased by €16 Billion in September

    Value of Irish Money Market Funds Decreased by €16 Billion in September

Net asset value of money market funds (MMFs) in Ireland decreased by €16 billion to €444 billion in September 2016, according to statistics on money market funds during the third quarter of 2016, released by the Central Bank on Tuesday, November 29. This decrease was largely driven by devaluations of the Sterling which makes up […]

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2016 Set to be ‘Best Year Ever’ for Irish Tourism

    2016 Set to be ‘Best Year Ever’ for Irish Tourism

2016 is set to be the best year ever for Irish tourism, surpassing all previous records, according to Tourism Ireland who launched its marketing plan to promote Ireland as a tourist destination in 2017 on Sunday, November 27. Tourism Ireland said that, by the end of the year, 10.5 million people will have visited the […]

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Minister Mitchell O’Connor Supports EU Proposal to Prevent Geo-Blocking

    Minister Mitchell O’Connor Supports EU Proposal to Prevent Geo-Blocking

Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor attended a day-long meeting of EU Single Market Ministers in Brussels on Monday, November 28, to support the proposal for an EU Regulation to prevent geo-blocking, the practice whereby consumers are charged different prices on websites based on their nationality or the location from which they […]

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CSO Finds Average Weekly Earnings up in Third Quarter of 2016

    CSO Finds Average Weekly Earnings up in Third Quarter of 2016

Preliminary estimates released by the Central Statistics Office on Friday, November 25, show that average weekly earnings and average hourly total labour costs both rose by 0.2% in the third quarter of 2016 over the second quarter. Average hourly earnings increased by 0.3% during the same period.
The figures also showed that average weekly earnings rose […]

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Ireland’s Tax System ‘Most Effective’ in EU, Says PwC Report

    Ireland’s Tax System ‘Most Effective’ in EU, Says PwC Report

A report by PwC and the World Bank Group, released on Tuesday, November 22, says that Ireland is the most effective country in the EU for paying business taxes, and the fifth most effective in the world.
The report, which covers 190 countries worldwide, found that Ireland’s tax system is the most efficient in the EU […]

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Medtronic Releases Second Quarter Financial Report

    Medtronic Releases Second Quarter Financial Report

Dublin-headquartered medical device company Medtronic reported the financial results of its second quarter on Tuesday, November 22.
The company reported second quarter worldwide revenue of $7.345 billion, an increase of 4 percent, or 3 percent on a constant currency basis, however Medtronic CEO  Omar Ishrak said that second quarter revenue was “disappointing and did not meet […]

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State Prepares to Sell Shareholding of AIB

    State Prepares to Sell Shareholding of AIB

The Department of Finance announce on Thursday, November 17, that they have launched a competition to appoint investment banks to help coordinate in a potential Initial Public Offering (IPO) of Allied Irish Bank. The coordinators will be appointed for a 18-month period, into 2018. The department cautioned that the Minister for Finance has not given […]

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Record Number of Collaborative Agreements Signed Between Industry and Researchers in 2015

    Record Number of Collaborative Agreements Signed Between Industry and Researchers in 2015

Research by Knowledge Transfer Ireland found that 748 collaborative new research agreements between research performing organisations and industry were signed in 2015, a record number, according to a November 18 report by Department of Jobs, Enterprise and Innovation. This was an increase of 16% over 2014.
Results of the Annual Knowledge Transfer Survey, which tracks activity […]

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14,270 Days Lost to Industrial Disputes in the Third Quarter of 2016

    14,270 Days Lost to Industrial Disputes in the Third Quarter of 2016

Figures released by the Central Statistics Office on Thursday, November 18, show that 14,270 days were lost to industrial disputes in the third quarter of 2016. The figures can be compared to the second quarter of 2016 where 1,127 days were lost to industrial disputes, or the third quarter of 2015 where no disputes were […]

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136 New Office Buildings to be Built in Dublin

    136 New Office Buildings to be Built in Dublin

136 new office buildings, totaling more than 12 million square feet, are planned to be built in Dublin over the next five years, according to Savills’ 2016 Skyline Survey. The developments, intended to provide working space for more than 100,000 employees, are largely centered in Dublin’s central business district, with the majority of the developments […]

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CSO Estimates 3.7 Billion Euro Trade Surplus for September

    CSO Estimates 3.7 Billion Euro Trade Surplus for September

Preliminary figures released by the Central Statistics Office on Tuesday, November 15, indicate that Ireland’s seasonally adjusted trade surplus will fall to €3.7 billion in September 2016, from €4.6 billion in August.
The value of goods exported in September 2016 rose by 6% to over €10 billion compared to the previous year, largely driven by a […]

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Irish SMEs will get chance to avail of lower corporation tax, says Minister

    Irish SMEs will get chance to avail of lower corporation tax, says Minister

Minister Mary Mitchell O’Connor has announced that new legislation will allow Irish SME’s involved in research and development activities to avail of a lower corporation tax rate of 6.25% in a bid to further incentivise innovation in the country.
Under the scheme, profits from Irish inventions resulting from R&D activities in Ireland will be taxed at […]

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Central Bank Revises Irish Growth Projections

After Brexit, the Central Bank has revised its growth projections for the Irish economy for the next year.

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June PMI Shows Growth in Service Sector

According to Investec’s latest Purchasing Managers’ Index, the service sector is experiencing growth. It showed that this sector has been increasing in activity for the past 47 months.

While the service sector is expanding, the travel and leisure sector fell. New businesses rose significantly in the past month as well.

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Brexit Hits Irish Stock Market

Many of Ireland’s largest companies are seeing downgraded stock ratings as recent analysts are predicting lower earnings as a result of the Brexit.

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Irish Business Sectors Consider how Brexit will Affect Trade

The business sector in Ireland is preparing for the blows that the economy will face after hearing the results of the Brexit vote.

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JCD Group Bringing Over 150 Jobs to Cork

New construction for a commercial property company is expected to create 150 jobs for Cork as they are looking for employees to run the new data center.

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Argos Reports Rise in Sales

Argos total sales have risen by 2.6% in the past 13 weeks due to the rise in online sales.

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Manufacturing growth reaches 8 month high for the month of March

According to the latest Purchasing Managers’ Index, growth in Manufacturing rose to an eight month high in March. Expansion has slowed compared to the strong growth that was seen in 2014 and the beginning of 2015.
The PMI for Manufacturing shows an rise in the rate of growth for March. The rate of growth in new orders quickened in March, while new […]

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Both Ireland and Northern Ireland’s economies would benefit financially if reunified

    Both Ireland and Northern Ireland’s economies would benefit financially if reunified

Political and economic reunification of both the North and South of Ireland could potentially deliver a €35.6bn boost in GDP for the island in the first eight years – according to a new report launched today.
The report, Modeling Irish Unification, is published by KLC Consulting in Vancouver, British Columbia and was written by economist Dr […]

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Irish economic growth tops euro zone again

    Irish economic growth tops euro zone again

New preliminary figures from the Central Statistics Office show that GDP increased by 7.8% for the whole of 2015. This made the Irish economy the fastest growing economy in the Europe Union for the second successive year after growth accelerated sharply in the final three months of the year.
The 7.8% boost to all business done in […]

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MyHome.ie predicts house price growth of 5% for 2016

Property website MyHome.ie has predicted another year of “robust” house price growth this year on the back of rising incomes and the ongoing economic recovery.
A new house price survey from MyHome, in association with Davy, has pencilled in growth of around 5% for 2016.
Davy economist Conall MacCoille, who authored the report, said the disparity between […]

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Irish salaries to rise in 2016

    Irish salaries to rise in 2016

According to a survey by consultant company, Mercer, salaries in Ireland are forecast to rise by over 2% in 2016.
Mercer surveyed 135 organisations and 97% said they were planning pay hikes in the next year.
Firms in the life sciences, hi tech and services industries are forecasting the largest increases of between 2.5% and nearly 3%.
As […]

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ESRI predicts growth close to 5% in 2016

    ESRI predicts growth close to 5% in 2016

The Economic and Social Research Institute (ESRI) has forecast that the economy will grow by 6.7% this year and close to 5% next year, with employment breaking through the two-million mark.
Seven years after collapsing into national bankruptcy Ireland is outperforming every other country in the EU.
However, ESRI said the Government may have to think about […]

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Ibec increases its projections for Irish economy

    Ibec increases its projections for Irish economy

Business group Ibec has improved its GDP forecast for the Irish economy this year, and now expects it to grow by 7.1%, after last week it indicated that annual growth was running at around 7%.
Ibec warns that the current high growth rates are temporary and we cannot rely on a number of factors; like ultra low interest […]

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Forecast predicts 6% growth in Irish economy

    Forecast predicts 6% growth in Irish economy

The Irish economy is expected to grow by almost 6% this year, according to a new forecast.
The EY Economic Eye forecast for winter shows that Ireland’s economy is on track to outpace all other EU states in 2015.
The growth is still mainly centred around the big cities however, with Dublin showing an 8% unemployment rate […]

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OPEC set to maintain oil output levels

    OPEC set to maintain oil output levels

OPEC appeared unlikely to cut oil production to lift languishing prices at a meeting in Vienna on Friday, potentially worsening one of the worst crude gluts in history.
Despite oil prices plunging by more than 60% in 18 months, OPEC kingpin Saudi Arabia and the cartel’s other Gulf state members are defying calls to cut output.
This […]

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IEDR: Only 35% of Irish SMEs can process sales online

    IEDR: Only 35% of Irish SMEs can process sales online

Irish shoppers are expected to spend €100 million (or €4 million an hour) on Black Friday, but only 35% of Irish SMEs with a website can process payments online and only 42% can take sales orders online, according to new research undertaken by the IE Domain Registry (IEDR).
Black Friday is the day after the US […]

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CPL Resources to create 200 new jobs

    CPL Resources to create 200 new jobs

Recruitment company CPL Resources announced the creation of 200 skilled, operational roles across the Group’s extensive branch network in the next two years.
These roles will include high value senior positions in Global Sales and Digital, and roles at varying levels in Recruitment, Sales and Marketing. The jobs will be across the organisation in Dublin, the […]

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Credit Suisse plans for major trading floor in Dublin

Swiss bank, Credit Suisse, is on course to become the first international bank to set up a major trading floor in Dublin.
The Swiss bank wants to move 40 traders and 60 support staff to Ireland as part of a cost-cutting drive. The move will create one of the biggest trading floors in Dublin, a city which […]

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Scottish innovation and investment hub in Dublin to increase trade

Fiona Hyslop said that Scotland’s relationship with Ireland, is a clear demonstration of nations working together which symbolises exactly what the EU is all about
Today Fiona Hyslop, the Scottish Cabinet Secretary for Culture, Europe and External Affairs announced the appointment of John Webster to the new Scottish innovation and investment hub in Dublin.
Mr Webster, who is well […]

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Bank of Ireland approves €3.6bn of new SME loans

Bank of Ireland said it approved €3.6bn of new credit for Irish business in the nine months to the end of September.
This result has increased by 13 percent compared to the same period last year.
The figures are boosted by lending to farmers, including approving loans to buy 500 acres of land a week. Bank of […]

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Record 17 percent increase in sales at Kildare Village

Three in ten visitors to Kildare Village are travelling from overseas.
Sales at Kildare Village are at a record high as they increased by 17.7 percent in the year to date ahead of a new phase of extensions that will see 33 new boutiques and 2 new restaurants open.
The new extension will bring the total amount […]

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Strategic Banking Corporation of Ireland makes €50m available to SMEs

The Strategic Banking Corporation of Ireland (SBCI) is to make lending of €50m available to small and medium-sized businesses looking to buy equipment, machinery and vehicles.
The money will be provided through Finance Ireland and will include leasing, hire purchase and rental agreement options.
There is no upper or lower limit on the loans and Finance Ireland […]

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Business Angels reach €50m milestone with Connexicon Medical’s €1.15M investment

Angel investment leads to jobs: 2014 HBAN-supported companies alone will deliver approximately 700 jobs by 2017
HBAN, a joint initiative of InterTradeIreland and Enterprise Ireland responsible for the all-island promotion of business angel investment, today announces that it has breached the landmark of €50 million invested by business angels.
A further €89 million has been leveraged from […]

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Billion dollar aircraft leasing industry paid €23m in corporation tax in 2014

Aircraft leasing is a multi-billion euro industry that employs 2000 people in Ireland
Aircraft leasing is a multi-billion euro industry yet it paid €23m in Irish corporation tax last year.
Ireland is home to nine of the 10 largest leasing firms. The top five are SMBC, Pembroke Capital, Awas Capital, GECAS and Avolon. These companies made aggregate […]

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Philip Lane appointed new Central Bank Governor

Philip Lane, an economics professor at Trinity College Dublin, has been named as the new Governor of the Central Bank.
He replaces Professor Patrick Honohan, who announced in May that he would retire by the end of the year. His retirement comes before his seven-year term as Governor was due to end in September 2016.
Professor Lane […]

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Budget package of tax cuts and spending hikes now set to be €3bn

    Budget package of tax cuts and spending hikes now set to be €3bn

In a note circulated this morning Conall MacCoille said the just-published White Paper on Estimates of Receipts and Expenditure showed that spending will finish 2015 €1.5bn higher than expected due to new policy changes.
“Net voted expenditure is now expected to equal €43bn this year, close to €1.5bn (or 0.7pc of GDP) above the target. The […]

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Consensus forecast predicts economy to grow by 5.6pc in 2015

    Consensus forecast predicts economy to grow by 5.6pc in 2015

The forecast, carried out by DKM Economic Consultants, based its estimate on projections from both Irish and international bodies such as the IMF, the EU and the OECD.
It found that the main driver for growth is a “strong increase for domestic demand”, comprising of areas such as national consumption and government expenditure, rather than external […]

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Central Bank raises 2015 GDP forecast to 5.8 percent from 4.1percent

Ireland’s economic recovery accelerated in the first-half, expanding from the export sector to the domestic economy, prompting the Central Bank to revise its GDP forecast for 2015 up to 5.8 percent from 4.1 percent.

In its quarterly bulletin, the bank said its expects gross domestic product (GDP) to rise by 4.7 per cent next year, up […]

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