Categorized as: Syndicated News

Brexit negotiations face crunch issues

Brexit negotiations between the UK and the EU are due to reconvene on Thursday in Brussels.

The European Union is signalling that it wants to make September a decisive month in the divorce negotiations, while British Prime Minister Theresa May is more in favour of a late-autumn deadline. The talks are expected to continue on Friday.

Tomorrow, China will release its industrial production and retail sales data for July.

Of …

Construction growth raises building costs

Ireland’s construction sector is now growing so fast that shortages of some building materials and services are being reported.

That’s led to higher prices for steel, insulation and transport.

The latest Ulster Bank Construction Purchasing Managers’ Index (PMI), which tracks the country’s building activity, rose to 60.7 in July from 58.4 in June. Any reading above 50 indicates expansion, any figure below, contraction.

The survey’s participants noted housing construction is …

Explainer: Why families will pay €300 extra for fuel to warm their homes in winter

Householders face paying an extra €300 this winter for oil to fuel their heating systems.

A surge in the cost of home heating oil and the price of petrol and diesel have pushed up the inflation rate to its highest level in more than a year.

The cost of filling an oil tank has gone up by almost a third in the past year, according to the latest consumer price …

Doubts grow about Musk’s drive to take Tesla private

Doubts about Elon Musk’s ability to take Tesla private mounted across Wall Street yesterday, wiping out the gains reaped from his initial tweet floating the idea.

The stock plunged as much as 4.6pc to $353.33, below where it was trading two days ago and well off the $420 at which Mr Musk said shareholders would be bought out.

The shares have dropped on back-to-back days after having jumped 11pc on …

UK business leaders urge scrapping of immigration targets after Brexit

Targets to limit immigration should be scrapped after Brexit, UK business lobby group the CBI has recommended.

Businesses need a new immigration policy, avoiding visas for EU citizens and putting migration on the table for trade talks, according to its new report ‘Open And Controlled – A New Approach To Migration’.

Evidence from 129,000 firms across 18 industry sectors in the report showed the importance of migration at all skill …

Revenue increases at Kerry, but currency headwinds impact results

Revenue at Kerry Group rose 1.4pc year-on-year to €3.2bn in the six months to June 30.

The growth in revenue reflected volume growth of 3.6pc and a 0.6pc improvement in pricing, as well as the contribution from acquisitions, according to interim results from the group.

However the consumer foods business saw its trading margin decrease by 10 basis points to 10.5pc, as strong volume growth and contribution from acquisitions were …

Profits jump 80pc at North’s biggest firms

Northern Ireland’s biggest companies have seen their profits increase by almost 80pc in 12 months.

This is according to the 2018 ‘Top 100 Companies’ from industry magazine ‘Ulster Business’.

Leading the way was Armagh-based poultry producer Moy Park, which reported a turnover of £1.4bn (€1.57bn) over 12 months.

This is the seventh year in a row that the North’s largest private sector business has topped the list.

Moy Park processes …

Building costs rapidly rising to Celtic Tiger peak: surveyors

Construction costs will surpass 2006 levels this year and are rapidly approaching the highest levels of the Celtic Tiger bubble, according to new figures from the Society of Chartered Surveyors Ireland (SCSI).

The higher prices have big implications for delivery of the Government’s ‘Ireland 2040’ strategic development plan, in particular for the success and cost of large infrastructure projects.

Higher wages, plus steel and timber costs are driving up the …

Counties in the west worst hit as 161 postmasters take redundancy

The west of the country looks set to lose dozens of post offices after it was confirmed 161 postmasters have been granted voluntary redundancy.

An Post said the 161 postmasters’ offices, from among a network of 1,111, were now “likely” to close.

It comes after a leaked document containing a portion of those taking the redundancy showed how rural areas in the west are particularly exposed in comparison to eastern …

Increasing rental income sees profits at Ireland’s biggest private landlord more than double

Profits at Ireland’s biggest private landlord, I-RES Reit, more than doubled to €69.5m in the six months to 30 June.

The performance was driven by a 13pc increase in net rental income to €19.3m, according to six month interim results from the group.

I-RES Reit also reported an increase in its EPRA earnings for the period of 9.8pc to €13m.

EPRA earnings measure the underlying operating performance of an investment …

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