Alan Healy

Cork

Business Editor at Irish Examiner

Business Editor for the Irish Examiner.

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Articles

Solar power delivers record 173 Mwh during sunny May

3 weeks ago | irishexaminer.com | Alan Healy

Solar power reached its highest recorded figure on the national electricity grid in May, as Ireland recorded its warmest and sunniest spring in history. Provisional data from the national grid operator EirGrid shows 173,163 MWh of electricity was produced from grid-scale solar in May, representing 6.5% of electricity generated for the month. In comparison, May 2023 saw 2.7% of all electricity come from solar power, accounting for 71,731 MWh of electricity.
After surging all year US imports of Irish products plunge in April as tariffs come into effect

3 weeks ago | irishexaminer.com | Alan Healy

New US data shows imports of products from Ireland plunged last month as companies here ended the massive front-loading of goods ahead of the tariff impact. According to the US Commerce Department, the trade deficit the country has with Ireland fell $19.9bn (€17.4bn) to $9.5bn (€8.3bn) in April. Ireland's Central Statistics Office is not set to publish Ireland's export data for April until later in the month.
May sees a sharp fall in corporation taxes

3 weeks ago | irishexaminer.com | Alan Healy

Corporation tax receipts saw a marked drop in May, falling by almost a third compared to the same month last year. The latest Exchequer Returns show that on a cumulative basis, corporation tax receipts to the end of May amounted to €5.7 billion, down 9.4% on the same period last year. The drop again highlights the volatile nature of the tax pillar, dominated by a small number of multinational companies.
Unemployment drops as Ireland's labour market shows resilience to global instability

3 weeks ago | irishexaminer.com | Alan Healy

Ireland's unemployment rate remains at historic lows, falling slightly in May to 4% from 4.1% in April, data from the CSO shows. The seasonally adjusted unemployment rate was 3.9% for males and 4.1% for females, with the youth unemployment rate for those aged between 15 and 25 dropping to 10.9% from 11.2%. The resilient employment data comes amid growing fears of a softening in the labour market over Ireland's exposure to the current global instability and trade war.
Clonakilty Food Company's Colette Twomey on instilling the right culture in your company

3 weeks ago | irishexaminer.com | Alan Healy

Colette Twomey, managing director of Clonakilty Food Company, was the speaker at this month's Cork Chamber Business Breakfast, where she detailed the history of one of Ireland's most recognisable food brands. Speaking to business leaders, she detailed the history of the company, which dates back to the 1800s, and has since grown into an international brand available in outlets across the world, including the UK, Europe and Australia.
Trump tariffs are hurting Irish, US and global economies - OECD

3 weeks ago | irishexaminer.com | Alan Healy

Heightened uncertainty over tariffs will encourage Irish households to save more despite rising wages, the Organisation for Economic Co-operation and Development (OECD) has predicted. The OECD noted the United States was Ireland’s biggest export market, and multinationals play a large role in Irish exports and tax revenues. In its economic outlook, the OECD said higher tariffs or non-tariff trade barriers would lower Irish growth and exacerbate medium-term fiscal challenges.
Grocery prices jump 5% as inflation surges

3 weeks ago | irishexaminer.com | Alan Healy

Grocery prices increased almost 5% in the past year with the rate of inflation rising by 2.4 percentage points to 4.96%. Latest data from Kantar shows Irish shoppers spent an extra €73m on groceries in May, with the warmer weather, longer days and time spent outdoors driving consumer spending. “Rising prices are influencing both sales performance and consumer behaviour,” according to Emer Healy, Business Development Director at Kantar.
Irish manufacturing expands in May, outperforming Europe, the US and the UK

3 weeks ago | irishexaminer.com | Alan Healy

Irish manufacturing output recorded another month of robust growth in May, with output volumes increasing for a fifth consecutive month. A solid rise in total new work, along with improving domestic demand, helped to offset weaker export order books. The AIB Irish Manufacturing PMI came in at 52.6 in May, down slightly from 53.0 in April but above the 50.0 mark, indicating output growth.
Funding to electrify Cork rail reaches next EU round

4 weeks ago | irishexaminer.com | Alan Healy

The electrification of Cork's commuter rail service is amongst key investments in the Irish recovery and resilience plan included in the second payment request for €115.5m under the EU Recovery and Resilience Facility. The European Commission endorsed a positive preliminary assessment of Ireland's second payment request under the facility, the centrepiece of NextGenerationEU.
Central Bank recorded loss of €795m last year

4 weeks ago | irishexaminer.com | Alan Healy

The Central Bank of Ireland made a loss of €795.4m last year as a consequence of using its balance sheet as a tool for monetary policy. Publishing its annual report, the CBI said the utilisation of its general risk provision brought the result to a nil profit for the year. Central Bank governor Gabriel Makhlouf said the bank's financial position remained robust, despite the losses.