Archive for January 2025

The US government said it would further restrict artificial intelligence chip and technology exports, divvying up the world to keep advanced computing power in the US and among its allies while finding more ways to block China’s access. But Ireland and a number of other countries including the UK and the Netherlands will essentially be…

New figures show that, as expected, Monday 23 December was the most popular shopping day of 2024, with consumers spending €107m on that one day alone, an increase of €11.9m on the busiest trading day in 2023. The latest figures from Kantar show that take-home value sales over the four weeks to 29 December increased…

China’s exports gained momentum in December, with imports also showing recovery, though strength at the year-end was in part fuelled by factories rushing inventory overseas as they braced for heightened trade risks under a Trump presidency. Exports have been a vital growth engine for the $18 trillion economy, which is still burdened by a prolonged…

Irish food and drink makers feel “broadly positive” about current economic conditions, but the mood is slightly less positive than other industries, and likely to turn more negative in the months ahead. That is according to Food Drink Ireland, which is part of business group Ibec. Food Drink Ireland’s latest report found that 58% of…

Taoiseach Simon Harris has said that plans remain on track for the partial reopening of Holyhead Port next Thursday. Mr Harris spoke by phone with Welsh First Minister Eluned Morgan earlier. Speaking to media afterwards, Mr Harris said that while Holyhead Port will have to make adjustments to its schedule, it hopes to operate the…

875 corporate insolvencies were recorded last year – the highest number since 2016. New figures from Deloitte show that SMEs continue to be the worst affected. The services sector recorded the highest number of insolvencies, followed by hospitality and retail. There was a significant increase in the retail and hospitality sectors, up 64% and 48%.…

New figures from Banking and Payments Federation Ireland (BPFI) show that first-time buyer mortgage approvals hit a record high last November. BPFI said that first-time buyer volumes rose to 31,049 in the 12 months ending November 2024, while the value of these approvals was almost €9.5 billion. A total of 4,400 mortgages were approved in…

The share of electricity in Ireland supplied by wind fell during 2024 due to grid constraints, an energy company has said. Wind Energy Ireland said that despite wind supplying nearly a third of all electricity to the island of Ireland last year, the share of electricity provided by wind was down by 3% compared to…

First-time buyers are taking on more debt in proportion to their incomes than purchasers in the UK for the first time since the Celtic Tiger, according to a report by property website MyHome.ie in association with Bank of Ireland. The average mortgage loan for a house purchase has also exceeded €300,000 for the first time…