Syndicated

New rules agreed for distressed mortgage holders

An agreement on how to resolve disputes between lenders and distressed mortgage holders has been reached between two leading agencies.

MABS, the State-backed Money Advice and Budgeting Service and the Banking and Payments Federation have announced the agreement, saying it will help consumers who are struggling with mortgage debt.

The agreement extends to so-called vulture funds, which have been the subject of much controversy for how they handle home repossessions.

Manufacturing conditions improve after four month slump

Manufacturers reported an improvement in business conditions during October, following four months of steady decline.

The latest AIB Manufacturing Purchasing Managers’ Index has recorded growth in new orders and output, with employment also improving in the month.

It marks the first improvement since May, with the headline PMI rising three points on September’s reading to 50.7.

Average selling prices increased during the month, though cost burdens were also higher due …

New parents to get two weeks extra paid leave

New working parents will be able to take two extra weeks of paid leave from today.

The leave will be available to parents of children born or adopted from today, the 1st of November and must be taken in the first year following the birth or placement of a child.

The Department of Employment Affairs and Social Protection will be responsible for making the benefit payment of €245 a week.

It …

Plans to auto-enrol workers in pension schemes announced

The Government is to introduce a system of pension auto-enrolment on a phased basis from 2022.

The details have been published by the Department of Employment Affairs and Social Protection.

Under the system, a worker will be automatically enrolled in a pension scheme when they start a job.

It will apply to all employees aged between 23 and 60 earning more than €20,000 a year and not already in a workplace pension …

Pound set for biggest monthly rise in a decade as no-deal Brexit fears fade

The pound rose today and could score its biggest monthly rise in more than a decade as the combination of a weak dollar and the falling risks of Britain leaving the European Union without a deal has fueled demand. 

The immediate catalyst for the pound’s gains was a cautious US Federal Reserve who kept the door open for further policy easing after cutting interest rates for the third time this …

Euro zone Q3 growth unexpectedly steady, inflation slows on cheaper energy

Euro zone economic growth in the third quarter defied market expectations of a slowdown and was steady quarter-on-quarter, preliminary data showed today.

The euro zone’s headline inflation also slowed because of a sharp fall in energy prices. 

The European Union’s statistics office Eurostat estimated gross domestic product in the euro zone grew 0.2% in the three months from July to September – the same as in the second quarter. 

Economists …

Ireland out of step on green R&D targets

Ireland has emerged as one of a handful of smaller European countries not to commit to double public investment in green energy R&D by next year, under an international collaboration called Mission Innovation.

To date, 24 countries, including smaller European nations such as Austria and Denmark, as well as the EU itself, have signed up to the target.

Even larger countries often regarded as climate change laggards, such as Brazil, …

Business sentiment rises on Brexit deal hopes but consumers remain wary

A new economic survey, which combines consumer and business sentiment, rose slightly in October as the risk of a Halloween Brexit crash out receded. 

A new economic survey, which combines consumer and business sentiment, rose slightly in October as the risk of a Halloween Brexit crash out receded. 

The Bank of Ireland Economic Pulse stood at 77 in October, up 0.8 on the previous month but 15.6 lower than a …

Airport numbers set to top 38 million

Passenger numbers at Dublin Airport will be 34 million next year and to rise to 38.1 million in 2024, according to a projection by the Commission for Aviation Regulation (CAR).

Passenger numbers at Dublin Airport will be 34 million next year and to rise to 38.1 million in 2024, according to a projection by the Commission for Aviation Regulation (CAR).

That’s based on a fairly modest growth rate of 3pc …

Euro zone business activity stagnates as Draghi bows out

Euro zone business activity stagnated in October as demand withered, according to a downbeat survey published today just hours before European Central Bank President Mario Draghi makes his swansong appearance. 

The ECB last month cut its deposit rate deeper into negative territory and said it would revive its bond-buying programme indefinitely to cut borrowing costs and stimulate investment and growth in the euro zone. 

But inflation in the euro zone …

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