Eoin Burke-Kennedy

Eoin Burke-Kennedy

Eoin Burke-Kennedy is a journalist with The Irish Times. He writes on a diverse range of subjects from business and politics to science and health.

The IMF estimated that economic growth across the EU would fall by as much as 1.5 per cent by 2030 should Britain fall back on WTO rules for trading with the bloc after Brexit.
No-deal Brexit could cost Ireland more than 50,000 jobs, IMF warns

Washington-based fund study finds hard Brexit would hit State severely

The latest quarterly headline GDP rate here was more than three times the euro-area average. Photograph: Alan Betson
Value of Irish GDP hits record €294bn despite revision

CSO revises 2017 growth rate down to 7.2 per cent but cautions on GDP figures

Property agents Savills is predicting a sharp slowdown in house price growth in Dublin. File photograph: Ali Waggie/PA Wire
Sharp slowdown in Dublin house price rises is predicted

Savills says it expects a ‘cooling-off’ period as the supply of new homes ramps up

Persistently high housing costs will eventually erode the Republic’s competitiveness with workers demanding higher wages, the Parliamentary Budget Office warned. Photograph: Alan Betson
Housing undersupply to have ‘severe’ long-term consequences

Parliamentary Budget Office cautions about consequences of housing crisis if unresolved

Grant Thornton’s office on City Quay: “The underlying economic success we are achieving is being frustrated by the consequence of almost-full employment.” Photograph: Tom Honan
Full employment bigger threat to Irish firms than Brexit, survey finds

Grant Thornton report highlights recruitment concerns of Irish businesses

Traders work on the floor of the New York Stock Exchange on July 16th. Photograph: Brendan McDermid/Reuters
Oil price drop puts pressure on energy shares as financials rally

Energy sector proves biggest drag as crude prices falls sharply as supply concerns ease

The IMF says the global economic outlook is “clouded by ongoing trade tensions, and waning support for global economic integration in some advanced economies.” Photograph: Getty Images
IMF warns escalating trade tensions cloud outlook for global economy

Washington DC-based fund says trade war could derail recovery and halt two-year upswing

Minister for Justice Charlie Flanagan and Siobhán Talbot, Glanbia Group managing director, at the announcement of the new joint mozzarella facility in Portlaoise. Photograph: Dara Mac Dónaill
Glanbia’s new €130m Portlaoise plant to be hub for Europe’s mozzarella

Irish-listed food group and US partner Leprino announce plans for major cheese plant in Co Laois

Latest trade numbers from the CSO show exports to Britain fell by €508 million to €5.5 billion between January and May this year. Photograph: Alan Betson
Value of Irish trade with UK falls amid Brexit uncertainty

Latest trade numbers show value of exports to Britain falls by 8 per cent since start of year

Trinity College Dublin lost its status as Ireland’s only top-100 university in the latest QS World University Rankings. Photograph: Robert Alexander/Getty Images
‘Rainy day’ money should be redirected into education – Ibec

Business lobby says easing third-level funding crisis would be wiser use of fund

Figures from the Central Bank of Ireland show the average rate charged on new mortgages here over the past 12 months was 3.21 per cent, compared to a euro area average of 1.8 per cent
Mortgage rates in Ireland are highest in Europe

Banks accused of fleecing home-buyers, who pay €2,500 a year more than EU average

Ireland’s contribution to the EU budget is forecast to be around €2.7bn this year. File photograph: Francois Lenoir/Reuters
Republic’s EU contributions based on ‘distorted figures’

PAC urges Paschal Donohoe to pursue a legal basis for adoption of alternative measures

Minister for Finance Paschal Donohoe said he was not planning “significant tax reductions” in the next budget. Photograph: Tom Honan.
Tax cuts in budget will not be significant, says Donohoe

Minister denies friction with Taoiseach and says changes will be gradual and affordable

Traders work on the floor of the New York Stock Exchange (NYSE) in New York . Photograph: Brendan McDermid/Reuters
Stocks hit by new US-China trade war salvo

US raises stakes as Trump hints he may target more than $500bn worth of Chinese goods

The Dáil Public Accounts Committee is chaired by Fianna Fáil TD Seán Fleming. Photograph: Gareth Chaney/Collins
PAC criticises local authorities for lack of housing inspections

Committee says millions being handed to private landlords in absence of inspections

Aidan O’Driscoll was appointed secretary-general at the Department of Justice nine months after the position became vacant.
Justice department criticised over appointment of new secretary-general

Labour’s Alan Kelly says lack of transparency disappointing in light of controversies

Mario Draghi was appearing before the committee as chairman of the European Systemic Risk Board.
Draghi links rise in Irish property prices to international investors

ECB president says Irish market is overstretched and vulnerable to repricing

Minister for Finance Paschal Donohoe has committed to lowering the tax burden for middle-income earners but on a “gradual” basis.
Budget 2019: Donohoe pledges to reduce tax burden on ‘gradual’ basis

Minister says doing too much too quickly ran risk of overheating economy

Ireland has largely bucked the trend towards income inequality seen in other countries such as the UK and the US
Rapid growth in Irish incomes despite crash, research shows

ESRI study also reveals that State has largely bucked trend towards income inequality

The number of used, imported vehicles licensed here for the first six months of the year rose by nearly 12 per cent to 50,272, CSO figures show.
Sterling weakness triggers surge in imports of used cars

New car sales being eroded by used imports from UK, CSO figures show

Photograph: Trinity Mirror, now called Reach, agreed to pay £127 million (€144 million) in cash and shares to buy rival titles The Daily Express and Daily Star. Simon Dawson/Bloomberg
Competition authority to carry out further analysis of Daily Star acquisition

UK’s Trinity Mirror group is acquiring a 50 per cent stake in the Irish Daily Star

A total of 112,005 flights were handled in Irish airspace last month, an increase of 4 per cent on the same month last year, the IAA said. Photograph: Niall Carson/PA
Irish skies set for busiest summer

Irish Aviation Authority reports record air traffic figures for June

Irish bank shares weaker after Central Bank orders extra buffer

Financial authority says banks must hold additional capital to guard against shocks

ESRI finds 22 per cent of Irish-owned firms rely on the UK for over 75 per cent of imports.
Report highlights Irish exposure to Brexit charges on imports

ESRI finds 56% of Irish-owned firms’ imports from UK used as intermediate input in goods

Currently about 23 per cent of the State’s goods imports comes from the UK either as materials to be used as inputs in Irish business or as consumer goods for the retail sector.
Irish grocery sector could be hardest hit from Brexit - study

Imposition of customs checks could see big retailers exit Irish market, IIEA report says

On a seasonally-adjusted basis the latest Live Register shows a monthly decrease of 3,100 men and 1,700 women in June.
Live Register falls to new 10-year low as employment grows

Latest monthly figures show number of claimants fell 4,800 to 219,300 in June

Traders work on the floor of the New York Stock Exchange.
Markets flat as investors await US tariff deadline

In Dublin, FBD shares tick up despite internal inquiry

Ireland is host to some of the biggest tech firms in the world, including Apple, Google, Facebook and Microsoft, and there presence here has led to a rapid increase in national income.
‘Superstar’ tech firms may be to blame for sluggish wage growth

OECD employment report highlights changing nature of global labour market

The exchequer figures show the Government collected just under €25 billion in taxes in the year to the end of June, which was 5 per cent up on last year and more than €168 million ahead of target. File photograph: Getty Images
Corporation tax fuels strong half-year exchequer position

Concerns grow over reliance on corporate sector, and health overspending

The decision to increase the so-called living wage will boost wages at companies such as Aldi, Lidl and Ikea, which have signed up to the living wage campaign. Photograph: Alan Betson
Rising rents blamed for hike in suggested living wage rate

Wage campaigners claim €11.90 an hour labour rate required to cover jump in rents

Minister for Finance Paschal Donohoe: The latest half-year exchequer returns, released by the Department of Finance this evening, show the Government collected just under €25 billion in taxes so far this year.
Bumper corporation tax receipts leave public finances in rude health

Half-year exchequer returns show Government collected €25bn in taxes so far this year

The latest figures indicate the seasonally-adjusted number of people unemployed was 120,200 in June, down from 123,100 the previous month.
Unemployment in Ireland falls to post-crash low of 5.1%

Robust exchequer returns put Government on course to exceed budgetary targets

Taoiseach Leo Varadkar and British prime minister Theresa May on the sidelines of the EU summit in Brussels, last week. Photograph: Yves Herman/AP
Ireland-UK trade ‘more significant’ than Brexit Border question

Dairy farmer body hits out at Government’s focus on the Border over west-east trade

Prof Robert Gordon believes that most of the really important innovation associated with the “Third Industrial Revolution” – the internet and the smartphone – is already behind us
Third ‘industrial revolution’ will not transform our lives

US economist Robert Gordon takes aim at technophiles and their faith in innovation

The four other centres in the Valley Healthcare portfolio are located in counties Kerry, Cork, Wicklow and Mayo
Valley Healthcare acquires healthcare centres in Cork and Kerry

Acquisitions bring Valley’s portfolio to six

Philip Lane, governor of the Central Bank of Ireland at “The Euro at 20” conference hosted by the bank in Dublin. Photograph: Conor McCabe Photography.
Central Bank move to boost ‘resilience’ could tighten lending market

Move could make it more difficult and expensive for putative home buyers and borrowers to get access to finance

IMF chief Christine Lagarde with Philip Lane, governor of the Central Bank of Ireland, at the Central Bank for the conference “The Euro at 20.” Photograph: Dara MacDónaill
Lagarde wants proper regulation of financial firms relocating to Ireland

IMF chief is in Dublin to open two-day conference on the euro hosted by the Central Bank

AIB’s report suggests operators are generally seeking larger out-of-town distributions centres and a network of smaller logistics properties near final delivery markets. Photograph: iStock
Online retail sales driving logistics demand, report finds

Dublin at centre of major pick-up in demand for parcel delivery specialists

Since 2013, prices have risen again by 57 per cent. Photograph: Frank Miller
Expert warns of another boom and bust in Irish house prices

ESRI research suggests State has most volatile property market in the world

Traders in the NYSE as markets react to worries of a trade war between the US and China. Photograph: Epa/Justin Lane
European shares enjoy timid rebound

Investors remain wary as trade tensions stalk markets

“With the economy approaching full employment the biggest challenge facing the Irish labour market will be finding workers to fill vacancies,” Ibec economist Alison Wrynn said. Photograph: Cyril Byrne
Employment surpasses pre-crash peak as jobless rate sinks to 5.3%

CSO data shows that statistically all jobs lost during downturn have now been recovered

Minister for Finance Paschal Donohoe wants to shift the focus to what he calls the Government’s “budgetary stance”, presumably to stop the endless speculation about what the Government can or will have to spend
The Summer Economic Statement: what you need to know

A quick explainer on what is and what’s in the statement

Minister for Finance Paschal Donohoe: “As capacity constraints are increasingly becoming a feature of some sectors this, in turn, could lead to overheating of the economy.” Photograph: Tom Honan.
Donohoe earmarks €800m for new tax and spending measures in budget

Minister for Finance warns Government needs to be wary of overheating economy

Central Bank deputy governor Sharon Donnery said the risks arising from Brexit, especially a ‘hard’ or disruptive Brexit, were “far-reaching” for Ireland. Photograph: Nick Bradshaw
Central Bank may review housing forecasts in wake of CSO data

Bank’s latest macro-financial review highlights risks from overheating and Brexit

In the first quarter of 2018, 3,500 homes were completed, up 26 per cent on the same period last year. Photograph: Chris Ratcliffe/Bloomberg
New homes overstated by nearly 60%, CSO figures show

Fewer than 15,000 dwellings built in Republic last year, new figures reveal

The real addition to the State’s housing stock in 2017 was probably closer to 10,000 than to the headline output number of 14,500 units. Photograph: Alan Betson
New housing data justifies criticism of Government numbers

Analysis: CSO numbers reveal calamitous fall-off in residential construction since crash

Traders on the floor of the New York Stock Exchange. Photograph: Brendan McDermid/Reuters
Euro falters, stocks jump as ECB holds off on rate hikes

Euro hits two-year low but equities jump nearly 1.5 per cent

The ESRI said the additional data would help policymakers understand what is driving growth in the Republic.
ESRI calls for new set of ‘deglobalised’ national accounts

Think tank says traditional accounts failing to capture true level of economic activity

Minister for Finance Paschal Donohoe stressed that the Republic had changed its tax regime in line with OECD recommendations. Photograph: Nick Bradshaw
Paschal Donohoe insists Ireland is not ‘world’s biggest tax haven’

Report finds more multinational profits moved through Republic than Caribbean

Incoming chairman of DAA Basil Geoghegan
Dublin Airport could lose 3 million passengers, incoming chairman warns

Basil Geoghegan says planning restrictions on third runway could be disastrous

The European Commission’s Berlaymont building. Brussels is pushing for a shake-up of European tax rules to standardise the way corporation tax is calculated in a bid to clampdown on corporate tax avoidance. Photograph: Jasper Juinen/Bloomberg
Brussels includes controversial tax plan as part of funding proposals

Proposed Consolidated Common Corporate Tax Base is vehemently opposed by Ireland

China is the world’s largest outbound travel market, and one of the fastest-growing, with trips from China predicted to grow to 200 million a year by 2020
Beijing bound: first direct air route from Dublin to China takes off

China’s fourth-largest carrier begins new service between Dublin and Beijing

Greencoat Renewables recently acquired Dromadda More wind farm in Co Kerry for €88.4 million
Greencoat well placed for further acquisitions, says Davy

Energy group raised €270 million when it floated in London and Dublin last year

STATS and eBecs announce up to 250 new Irish jobs

Sports data firm says it plans to employ 150 staff at its new Limerick base by 2020

Former Greek finance minister Yanis Varoufakis: “Ireland is a divided society. There are two Irelands. There is the real Ireland which remains depressed.” Photograph: EPA/Bernd Von Jutrczenka
Yanis Varoufakis: Ireland a tax haven ‘free-riding’ on Europe

Former Greek finance minister says Ireland remains deeply divided since crash

Live Register falls as growth drives down unemployment

Latest monthly figures show number of claimants fell 4,100 to 224,900 in May

Yew Grove Reit, which raised €75 million on its initial public offering (IPO), is first to list in Dublin since Euronext bought the Irish Stock Exchange. Photograph: Dara Mac Dónaill
Yew Grove Reit floats on Dublin and London exchanges

Real estate investment trust is latest to go public, with shares up 7% on first day’s trading

US president Donald Trump is expected to get a cold reception at the G7 summit in Canada later this week. Photograph: Joshua Roberts/Reuters
Ireland is most vulnerable nation in a global trade war, report shows

The Republic is ranked first out of 42 countries in a new index of globalisation

The overhang of so-called ghost estates from the boom has muddied the picture, with many units built previously coming back into stock, effectively exaggerating the true level of supply. Photograph: Eric Luke
CSO develops new measure of housebuilding activity

Agency to launch new housing series next week amid controversy with official figures

The most significant monthly change affecting the Irish CPI was an increase in the cost of transport, reflecting higher oil prices internationally. Photograph: Getty Images
Inflation rises to 0.4% on foot of stronger oil prices

Latest Irish figures show prices are being driven by higher transport costs

Paschal Donohoe said the Government wanted build resilience in “our national finances”. Photograph: Brenda Fitzsimons
Resilience of Irish bonds evidence of financial strength, says Donohoe

Minister highlights performance of bonds in wake of recent market turbulence

Minister for Finance Paschal Donohoe .Photograph: Brenda Fitzsimons / THE IRISH TIMES
Government’s finances on target for first time this year

Exchequer returns show Government collected €20.5bn in taxes in five months to May

The Central Bank expects Irish economy to reach full employment next year. Photograph: iStock
State’s jobless rate falls to post-crash low of 5.8%

Latest official figures show unemployment is now at its lowest rate since April 2008

Deputy governor of the Central Bank Ed Sibley
Sale of distressed loans ‘legitimate and necessary’ - Sibley

Central Bank’s deputy governor defends sell-off of bad loan portfolios by banks

Nama sold its Northern Ireland property loans portfolio, Project Eagle, to US vulture fund Cerberus in 2014. Photograph: Cyril Byrne
Nama inquiry delayed as agency fails to hand over documents

Commission says Nama is co-operating but failing to retrieve relevant material

US stocks rose after the latest monthly jobs report pointed to strength in the world’s largest economy. Photograph: Michael Nagle/Bloomberg
European shares jump as Italy reaches government deal

Italian stocks advance after government sworn in to end worrying political deadlock

Martin Keane, who will jointly be chairman of the plc and the co-op. “I will continue to build on the work of all those who have had the vision to make Glanbia the global nutrition group it is today.”
Glanbia appoints Martin Keane as group chairman

Kilkenny-headquarter food group also reduces number of co-op directors on plc board

The Trump administration is imposing a 25% tariff on steel and a 10% tariff on aluminium from the EU, Canada and Mexico. Photographer: Bloomberg
US tariffs: the opening salvo in a global trade war or another Trump bluff?

A quick explanation of how this came about and what’s likely to happen next

Hong Kong’s financial secretary Paul Chan Mo-po met with officials from Enterprise Ireland and some of its key fintech clients during his visit to Dublin
Hong Kong trade delegation highlights opportunities for Irish firms

Region’s highest-ranking financial official visits Dublin to cement trading ties

OECD says Ireland's economy may be overheating: should we be worried?

Five reasons to be concerned by the OECD’s warning on the Irish economy and five reasons not to panic

European Commission president Jean-Claude Juncker: “The euro is the currency of our union – a strong and stable euro area is key to its members as well as to the EU as a whole.” Photograph: Getty Images
European Commission unveils plan for new crisis-fighting budget

Proposed fund will allow euro members hit by once-off shock to borrow up to €30bn

OECD headquarters in Paris. The agency predicted economic activity here would remain robust in the near term, fuelled by “solid employment growth and consumption”, before gradually easing. Photograph: AFP/Getty Images
High debt levels could damage Ireland’s economic prospects, OECD warns

Agency says high private debt levels left State ‘sensitive to rising interest rates’

In its report, the OECD raised the prospect of “another property bubble” if the current rate of annual house-price growth continued
OECD warns of overheating in Irish economy

Paris-based agency points to rapid increase in new mortgage loans and loans to SMES

The report recommended that each government department should develop its own goals for promoting opportunities for women. Photograph: iStock
Government should place ‘gender-equality goals’ at heart of budget

Gender budgeting report recommends each department should set specific goals

The OECD said the Central Bank’s lending caps may need to be “extended if necessary”. Photograph: Getty Images
Signs of overheating in Irish economy, OECD warns

Paris-based think tank highlights rapid rise in new mortgage and SME lending

Research published by the Central Bank found that households with a high current loan-to-value ratios on their mortgages were vulnerable to a shock.
One in 25 healthy mortgages may default in shock scenario

Study published by Central Bank assesses vulnerability of mortgaged Irish households

Carlo Cottarelli after a meeting with Italian president Sergio Mattarella that gave him a mandate to form a government. Photograph: Alberto Pizzoli/AFP/Getty
The Italian crisis: what you need to know

A quick explainer on why it erupted and what’s likely to happen next

The sectors with the largest month-on-month volume decreases were electrical goods and department stores. Photograph: Eric Luke / The Irish Times
Retail sales rebound with 1.5% increase in April

Having contracted in March, retail sector accelerates again

The Westend Retail Park in Blanchardstown, orginally developed by the Cosgrave Property Group, was one of the first open-use retail parks in the Republic .
Deutsche Bank acquires Dublin’s Westend Retail Park for €148m

German bank signals first major investment in Ireland with purchase of shopping centre

Goodbody’s report shows some 3,223 housing units were completed in the first four months of 2018. Photograph: Alan Betson
Uncertainty over apartment standards hinders supply of new homes

Goodbody says housing supply growth slowed in first four months of 2018

SSE Airtricity, which said it had 740,000 household and business customer accounts in the Republic and Northern Ireland, linked the decline to increased competition and increased energy costs.
SSE Airtricity blames increased competition as profits fall

Energy firm sees drop of 22.5 per cent in year to March

The New York Stock Exchange on Wednesday: US stocks fell after president Donald Trump signalled a new direction for US-China trade talks. Photograph: Brendan Mcdermid/Reuters
Markets trend down as US-China trade talks hit obstacle

Dublin’s Iseq falls in line with other European bourses

Paschal Donohoe will set aside the first €500 million as part of the next budget, which will be announced in October. Photograph: Dave Meehan
Rainy day fund to reach €3bn by 2021, Paschal Donohoe pledges

Minister says aspiration was to have a fund worth €8 billion over medium term

Consumer finance group Avantcard is to offer ‘personalised pricing’ for credit cards and loans in a bid to garner a bigger share of the Irish market.
Avantcard unveils ‘personalised pricing’ for credit cards and loans

Customers with better credit history will get access to lower interest rates on debt

Minister for Finance Paschal Donohoe: “The forthcoming Summer Economic Statement 2018 will outline the parameters for Budget 2019.” Photograph: Nick Bradshaw
Donohoe may have €1.3bn for tax cuts and increased spending

Higher than expected figure means Minister has more room to manoeuvre on spending

The National Farm Survey found in 2017, the average income on dairy farms was €86,000, compared to €52,000 in 2016. File photograph: Getty Images
Average dairy farm income in Ireland now above €86,000

Teagasc survey shows dairy is most profitable agricultural activity in State

Chief executive Patrick Coveney: “The first half of FY18 has been challenging for Greencore and its shareholders.” Photograph: Mark Stedman/Photocall Ireland
Greencore shares jump 10% amid stronger revenue, more upbeat outlook

Investors stay positive after company posts operating loss of £4.4m for six months to March

The CSO noted that while increases in productivity growth are associated with improvements in living standards, in Ireland’s case much of the growth was generated by the multinational sector, with limited spillover into the domestic sector
Ireland was only EU state to experience fall in labour costs since 2000

CSO report shows growth in competitiveness driven by multinational capital investment

Brendan Burgess. File photograph. Photograph: Cyril Byrne
10,000 borrowers should lose homes, says expert

Brendan Burgess on banks, houses and vulture funds

Sky new fibre broadband product will allow for broadband speeds of up to one gigabit per second. Photograph: David Jones/PA Wire
Sky pursues Eir and Virgin with launch of high-speed fibre broadband

Company to spend several hundred million euro rolling out new product across Ireland

Oil stocks and online supermarket Ocado buoy European equities

In Dublin, Paddypower still goes up despite UK’s restrictions on betting terminals

Almost 5 per cent of funds of worldwide investment fund assets are now domiciled in Ireland
Sales of Irish-domiciled funds hit record level of nearly €300bn in 2017

Figure represents over 30 per cent of net sales of all European funds

David Hall: predicts that up to 17,000 mortgage holders in long-term arrears could see their homes repossessed.
Vulture funds are a ‘cancer’ that will trigger thousands of repossessions

Campaigner tells Oireachtas committee State has entered dangerous phase of arrears story

The Central Bank said the level of mortgage activity needed to be “carefully monitored”. Photograph: Alan Betson
Central Bank research sounds warning on mortgage lending

Despite strict lending rules, mortgage lending is growing too fast, posing risk to economy

About 40% of the revenue generated from corporation tax comes from 10 companies. Photograph: Getty Images
Shock to Ireland’s corporation tax base ‘inevitable’

Vital receipts from business levy are volatile and highly concentrated, says top economist

Photograph: SeongJoon Cho/Bloomberg
Value of Irish exports falls again but underlying trend still positive

Latest official numbers show value of exports fell by 5% to €10.4bn in March

Tony Brabazon. Photograph: Shane O’Neill, SON Photographic
UCD announces new business school boss

Prof Anthony Brabazon will head up UCD’s College of Business

Daft.ie says the stock of homes on the Dublin rental market was likely to dip below 1,000 units by the end of this year, for the first time since 2001. Photograph: Bryan O’Brien
One of every two Dublin rentals now only for tourists, Daft.ie study claims

Website claims landlords are increasingly opting to let to tourists rather than find long-term tenants

Chief excecutive of health insurer Bupa, Evelyn Bourke
Two high-profile appointments at Bank of Ireland

Bank appoints Bupa boss and senior figure from Cerberus Capital to its board

The IMF said the Government risked over-stimulating an already fast-growing economy with tax cuts
IMF urges Government not to cut taxes in budget

Fund calls for tighter fiscal stance to offset potential future shocks to economy

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