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Real wages, allowing for the impact of inflation, fell in Ireland in 2021 but tax on that income increased, according to a new report from the OECD. Photograph: iStock

Inflation and higher taxes hit real wages in Ireland - OECD

Economy
Dominic Coyle
May 24, 2022, 10:01

Report says that taxes on labour still rank favourably against other developed economies

In 2005, 51 per cent of first-time buyer mortgages and 28 per cent of mover purchase mortgages had incomes up to €60,000, the Banking and Payments Federation Ireland finds. Photograph: Sam Boal/Photocall

3:32 First-time buyers need incomes of almost €80,000, banking body says

Economy
Eoin Burke-Kennedy
May 24, 2022, 05:37

New report highlights steep income metrics required to purchase a home in Republic

Climate change, cost of living and the war in Ukraine were top of the agenda on the opening day of the 51st annual meeting of the World Economic Forum in Davos, Switzerland, on Monday. Photograph: Gian Ehrenzeller/EPA

Less showbiz, more down to business at World Economic Forum

Economy
Joe Brennan
May 24, 2022, 05:04

Davos Diary: Taoiseach and Tánaiste attend event, while Zelenskiy appears by videolink

European commissioner for economy Paolo Gentiloni and ECB president Christine Lagarde speak at the start of the Eurogroup finance ministers meeting in Brussels on Monday. Photograph: Olivier Hoslet/EPA

EU prolongs suspension of debt rules due to war turbulence

Economy
Naomi O’Leary
May 23, 2022, 21:12

Limits suspended for extra year as countries cushion economic impact of Ukraine war

Francois Villeroy de Galhau, governor of the Central Bank of France, at the World Economic Forum in Davos. He said Europe’s economy was showing itself to be quite resilient. Photograph: EPA/Laurent Gillieron

Citigroup chief executive says Europe is sliding into recession

Economy
Joe Brennan
May 23, 2022, 21:09

Bank of France governor Francois Villeroy de Galhau claims Europe proving resilient

Ukrainian President Volodymyr Zelensky delivers an address via videolink during the opening plenary session of the 51st annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, on Monday. Photograph: Gian Ehrenzeller/EPA

Zelenskiy calls for maximum sanctions against Russia in Davos address

Economy
Joe Brennan
May 23, 2022, 13:54

Ukrainian president tells global leaders such measures should include embargo on oil

Christine Lagarde has signalled for the first time that the European Central Bank’s eight-year experiment with negative rates will end within months, saying borrowing costs are on track to hit zero by the end of September. Photograph: Shuran Huang/CBS via Getty Images

Euro zone to end negative interest rates within months, Lagarde indicates

Economy
Martin Arnold in Frankfurt and Tommy Stubbington in London
May 23, 2022, 13:19

Euro hit its highest level for a month against dollar

“Candidate supply” has not kept pace with the rapid increase in demand

Jobs vacancies up 57% on pre-pandemic levels, according to recruitment website

Economy
Eoin Burke-Kennedy
May 23, 2022, 06:51

Recruitment firm says candidate supply has not kept pace with rapid increase in demand

Staff and skills shortages are regarded as more pressing issues than Covid or Brexit, according to the findings of a new survey. Photograph: Giuseppe Aresu/Bloomberg News

Resilience of Irish firms in face of higher costs highlighted in new study

Economy
Eoin Burke-Kennedy
May 23, 2022, 05:09

InterTradeIreland’s latest quarterly monitor finds sharp rise in concern about costs

The higher rate of tax in the Republic applies to all gross taxable income above €36,800. Photograph: Franck Prevel/AP

Who pays more income tax, workers in Republic or in North?

Economy
Eoin Burke-Kennedy
May 22, 2022, 15:15

Long-held assumption is it’s better to work in North and receive benefits in Republic

Ukrainian president Volodymyr Zelenskiy will deliver a virtual address to annual meeting in Davos. Photograph: Sergei Supinsky/AFP

Ukrainian president Zelenskiy will deliver virtual address at Davos

Economy
May 22, 2022, 13:45

Economic and political challenges need to be addressed with ‘urgency and speed’ – WEF spokesman

The Kremlin’s towers and passersby are seen reflected in the window of a closed McDonald’s restaurant in Moscow. Photograph: Natalia Kolesnikova/AFP

Operation de-arching: the week McDonald’s confirmed its Russian retreat after 32 years

Economy
Laura Slattery
May 21, 2022, 05:19

Planet Business: Twitter exits, Walmart woes and a UK minister’s top inflation tips

IDA Ireland boss Martin Shanahan addressing an audience in Dromoland Castle on Friday. Photograph: Eamon Ward

Housing ‘not a huge constraint’ in FDI decisions – IDA chief

Economy
Gordon Deegan
May 20, 2022, 18:03

Infrastructure likely to cause most investment challenges, Shanahan says

Putting cash in people’s pockets allows them to make smarter choices around energy consumption. Photograph: Bryan O’Brien

How we can protect the vulnerable in inflationary times

Economy
John FitzGerald
May 20, 2022, 05:32

John FitzGerald: The latest shock to the economy requires different remedies

Some 39 per cent of firms said they increased prices to recoup the cost of higher input prices. Photograph: Franck Prevel/ AP

2:51 SME optimism drops in face of Ukraine war and higher inflation

Economy
Eoin Burke-Kennedy
May 20, 2022, 05:30

Latest sentiment survey from Linked Finance points to big fall in confidence

The median net wealth of households that own their own home was €303,900 while for renters it was considerably less, at €5,300. Photograph: iStock

Wealthiest 10% of Irish households have net wealth in excess of €788,000

Economy
Eoin Burke-Kennedy
May 19, 2022, 14:21

Net wealth of least wealthy 10% is less than €600, according to Central Statistics Office

Cafico is part of a network of invisible middlemen that helped Russian companies borrow at least $145 billion (€137 billion) over the past decade, including after Russian forces invaded Crimea in 2014. Photograph: iStock

On a Dublin backstreet, a once-thriving hub of Russian finance is falling apart

Economy
May 19, 2022, 13:00

If Cafico’s services were discreet, its clients were anything but

The NTMA is aiming to raise between €10 billion and €14 billion in the international bond markets this year. Photograph: iStock

NTMA raises €750m in short-term debt

Economy
Ciara O'Brien
May 19, 2022, 12:40

Total bids amounted to almost twice the offer size

Poorer services in Ireland can reflect lower spending or less efficiency – Ictu’s case is that the State needs to spend more. Photograph: iStock

Do you get enough in return for the taxes you pay?

Economy
Cliff Taylor
May 19, 2022, 12:13

Smart Money: A new report from Ictu shines a light on ‘the social wage’

Higher oil and gas prices have had knock-on effects resulting in higher transport costs, including freight transport. Photograph: Nick Ansell/PA Wire

3:15 Competitiveness council warns of possible wage-price spiral

Economy
Eoin Burke-Kennedy
May 19, 2022, 06:00

High inflation could force the closure of otherwise viable businesses, NCPC says

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