Almost half a million variable and tracker mortgage holders in the Republic are facing increased monthly repayments on their home loans in wake of the European Central Bank’s (ECB) decision to begin raising interest rates from next month. Eoin Burke-Kennedy, Laura Slattery and Barry O’Halloran have more on this, while Eoin also explains in Q&A format what exactly the ECB’s policy shift will mean for consumers.
And in our longer read Agenda section, Eoin takes an in-depth look at the wider economic picture, asking if we’re in for a recession and, if so, how bad it could get.
Pig farmers are leaving the industry in large numbers as tumbling prices for pig meat have driven monthly losses for some of them to an estimated €62,000 a month, according to a new report seen by Barry O’Halloran. Teagasc estimates one in 10 Irish pig farmers have halted production to date.
Barry also reports on comments from the chief executive of Aer Lingus parent IAG where he blamed staff shortages for the growing travel headaches faced by holidaymakers this summer. Speaking at an event in Spain, Luis Gallego also highlighted poor pay in the sector, which has this week seen flights scrapped and pilots threatening strike across Europe.
Online and mobile banking payments grew 13.2 per cent year-on-year in the first quarter, as cheque volumes declined to a fresh record low, the payments monitor from the Banking & Payments Federation Ireland (BPFI) shows. Laura Slattery has that story.
In his Caveat column, Mark Paul looks at price rises in the hotels sector, which he argues could threaten sector-wide hopes for an extension to the 9 per cent VAT rate that was introduced as a support during the worst of the pandemic. He suggests hoteliers “somehow must be reined in”.
John FitzGerald explores the phenomenon of “Dutch disease”, the term used to describe the economic challenges of a boom based on exploiting finite natural resources. He suggests the State should prepare for over-reliance on the finite resource of multinational corporation taxes by stocking up a rainy day fund.
As more of us return to work in offices after long periods at home, there’s a chance we may have forgotten the rules of the workplace, writes Olive Keogh. She says lapses in personal hygiene and failure to observe dress codes can be problematic, while inappropriate behaviour and comments can be even more serious.
This week’s Wild Goose is Monaghan native Anne-Marie McConnon, who tells Joanne Hunt about life as a top marketing executive in London. McConnon went straight from her Leaving Cert to work, first moving to Edinburgh after enjoying a holiday at the Edinburgh festival.
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