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Three ships loaded with grain, one of which is bound for Ireland, have left Ukrainian ports under a recently concluded safe passage deal, the Turkish defenсe ministry said. The first grain ship to set sail from a Ukrainian port since the start of the Russian invasion, departed Odesa on Monday. “We expect that the security…

Growth in the country’s services sector picked up in July, amid a sharp uplift in new work. The AIB Services PMI rose to 56.3 last month, from 55.6 in June, though this was still below the May reading of 60.2. Readings above 50 indicate overall growth in activity. By comparison, the flash July Services PMI…

UN Secretary-General Antonio Guterres has called for taxation on windfall profits of oil and gas companies to ease the impact of the global energy crisis on the most vulnerable people. “It is immoral for oil and gas companies to be making record profits from this energy crisis on the back of the poorest people and…

Consumers in the euro zone are bracing for the economy to shrink and for high inflation to continue eating into their income in the next year, a European Central Bank survey shows. The Consumer Expectations Survey is used by policymakers for input in their deliberations and was published today for the first time. It showed…

OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said, as the group of oil producers meets amid US pressure to add barrels to the market while most members have already exhausted their output potential. “We have always said that the preferred price corridor is $60-80 per barrel. Today the…

A new minimum pay rate of €12.50 per hour is to be introduced for workers in the security industry. The new pay scale is scheduled to come into effect on August 29th and will be followed by another increase to €12.90 per hour from February 1st next year. The minimum rate of pay has been…

Bank of Ireland has reported an underlying profit before tax of €419 million for the first six months of 2022. It was down on the €465 million reported at the same time last year. Net profit of €279 million was down from €341 million for the same period last year. The bank recorded an impairment…

Rising inflation is continuing to hit Ireland’s manufacturing sector, according to a new survey. The AIB manufacturing Purchasing Managers’ index shows that output dropped for the second month running in July. It states that demand conditions had weakened both domestically and abroad, in part due to rising costs. “Inflationary pressures remain pronounced, with prices rising…

Australia’s central bank has today raised interest rates for a fourth month in a row, but tempered guidance on further hikes as it forecast faster inflation but also a slowdown in the economy. Wrapping up its August policy meeting, the Reserve Bank of Australia (RBA) lifted its cash rate by 50 basis points to 1.85%.…

Half of Irish shoppers are overspending, shopping more frequently or buying what they don’t need – just to qualify for supermarket money-off vouchers. That’s according to a new study by Coyne Research, commissioned on behalf of Aldi Ireland. It found that consumers spent on average €9 extra, with three in ten claiming the additional spend…