Bank CEOs to meet Central Bank on account transfers

The chief executives of the main banks here are to meet representatives of the Central Bank today to discuss plans for the departure of Ulster Bank and KBC from the market. The regulator summoned the remaining banks to a meeting in recent weeks as it called publicly on them to do more to facilitate hundreds …

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C&C’s annual revenues fizz 88% higher

Drinks group C&C has reported a near 88% increase in revenues for the year to the end of February and said its new fiscal year had started strongly with more price hikes likely on the way. C&C said its revenues jumped by 87.8% to €1.438 billion from €765.8m the previous year. The company also reported …

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Cost inflation top threat to growth in food sector

Rising input costs and inflationary pressures have been identified as the top threat to business growth in the food sector here. In a survey of 70 small and medium sized food firms carried out by the food business representative group Love Irish Food, and professional services firm, PwC, 97% identified those areas as presenting the …

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Ryanair cautious about ‘fragile’ recovery after smaller annual loss

Ryanair has today posted a €355m loss for the pandemic-hit 12 months to the end of March. The airline said it was impossible to accurately forecast anything beyond hoping for a return to “reasonable profitability” this year. The airline has been operating more flights than any other European airline according to air traffic regulator Eurocontrol. …

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New construction orders fall as cost increases bite

New orders in the construction sector fell last month, as a result of near-record cost increases, the latest construction purchasing managers index for Ireland from BNP Paribas Real Estate has found. However, despite the depressed demand, purchasing, activity and employment all rose further, it found. “The latest PMI confirms that construction activity continued to expand …

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Inflation at its highest rate in 22 years

The annual rate of inflation rose to 7% in April, according to figures published by the Central Statistics Office – its highest rate in 22 years. The CSO said this marked an increase from 6.7% in March and was the largest annual increase in inflation since November 2000 when inflation also stood at 7%. The …

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Irish household wealth hits record €198,498 per person

Irish household net worth soared to a record high in the final three months of last year, despite the various economic pressures, new data from the Central Bank shows. In total, household net worth rose €38.5 billion between October and the end of December, to reach €995 billion. This equated to €198,498 for every man, …

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Just how ‘early’ will the ECB start increasing interest rates?

“Early.” This five letter word caused a slight ripple this week for those who read the tea leaves on the utterances of central bankers. Christine Lagarde, President of the European Central Bank, said in a speech in Slovenia that the bank’s purchases of bonds under its Asset Purchase Programme should conclude “early in the third …

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Cairn Homes expects build cost inflation of 6% for 2022

Cairn Homes said it expects total build cost inflation – including infrastructure, materials and labour – of about 6% for this year but reiterated its full year guidance. In a trading update ahead of its AGM in Dublin today, the company said the build cost inflation outlook is uncertain. But it added that it anticipates …

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