From Midleton to Tokyo: Selling Irish whiskey to the Japanese
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Irish Independent
18 minutes ago
- Irish Independent
The week ahead in business: trade-deal deadline, bank earnings and results for Euronext and IAG
This year, in complete contrast, August 1 marks the deadline set by US president Donald Trump for a trade deal between America and the EU, or else he imposes a 30pc tariff on imports from Europe. A deal has now been done on the basis of a 15pc baseline tariff. While the details remain scanty this is in line the agreement reached between the US and Japan last week. There is likely to be further back and forth as the two sides quibble over what is and isn't in the deal in the coming days. Mr Trump may not get his way on something else – a cut in US interest rates. The Federal Reserve is due to decide on Wednesday whether to leave rates unchanged at 4.25pc-4.5pc for a fifth consecutive meeting, as it waits for more clarity on the outlook for inflation in particular. The other 'season' that kicks off this week is Irish banks' earnings season, which begins on tomorrow with Bank of Ireland. It will be followed by PTSB on Thursday and AIB on Friday. These should be relatively jolly affairs, given the announcement last week that gross lending amounted to €3.4bn in Q2 2025, which was up 18pc year on year. Davy is forecasting gross mortgage lending of €14bn this year, which would represent 11pc growth. Denis McGoldrick of Goodbody is predicting that capital distributions and loan growth will be key areas of focus for the banks in their interim results. 'We are forecasting that AIB Group will announce an interim dividend – their first since the global financial crisis – of 13c per share and 26c per share for Bank of Ireland. 'Meanwhile at PTSB, we expect confirmation that the updated internal ratings-based mortgage models have been submitted to the regulator which we believe could release as much as c.€200m in capital, once approved. This would allow the bank to begin directed buybacks with the Irish State, increase loan growth ambitions and pursue M&A opportunities which may arise in the non-bank sector, in particular.' Results to watch out for include Euronext, the stock market operator, which will publish its Q2 figures on Thursday, after markets close. IAG, the owner of Aer Lingus, will announce its Q2 results on Friday The Central Statistics Office will have tourism figures for June, which will be closely watched given the recent downward trajectory of visitor numbers.
Irish Independent
18 minutes ago
- Irish Independent
Businesses ask for extension of foreign-earnings tax break
The FED can be claimed by people who are tax-resident in Ireland but who work overseas for part of the year in certain other countries. It provides relief from income tax up to €35,000 of annual pay, which means the most that can be saved in one year is €14,000. The person must spend a minimum of 30 days working in one of the relevant countries in a tax year. First introduced in 1994, the relief was cancelled in 2003, but reintroduced in Budget 2012 by Michael Noonan with the stated aim of supporting 'our export drive by aiding companies seeking to expand into emerging markets'. The original list had just five countries – the so-called BRICS of Brazil, Russia, India, China and South Africa. This has been expanded on several occasions since, and the total number of countries now covered is 30. In the push for Asian markets, the likes of Singapore and Korea have been added, and several Middle Eastern countries are there too – including Saudia Arabia, Qatar and Bahrain. The relief is now most often claimed by people working in the United Arab Emirates. The minimum number of qualifying days required in order to be eligible has also been steadily reduced, from an initial 60 to 40 from 2015 onwards, and to the current 30 from 2017. The cost of the tax relief to the Exchequer in 2022 – the most recent year for which data is available – was €3.2m. There were 447 claimants, down from the 720 recorded in 2019, but it is not clear as yet how big an impact the Covid pandemic had. The Department of Finance is currently doing a review of FED, with the final report due to be completed in advance of the Budget on October 7, when minister Paschal Donohoe will announce any tax changes. 'Part of the review process will involve gathering stakeholder feedback and reflecting on their insights,' according to a recently published report by the Tax Strategy Group. 'Based on engagements with industry thus far, stakeholders have asserted that FED plays an important role in encouraging and incentivising Irish businesses to expand their operations internationally. The most common proposals put forward by stakeholders have been to enhance the level of the relief to make trips abroad more worthwhile for employees and to extend the list of qualifying countries to further encourage diversification of markets.' The report by the Tax Strategy Group notes that the current economic uncertainty underlines the importance of building resilience, and that a Government push towards trade diversification could help promote this. In his speech to the National Economic Dialogue, a pre-Budget discussion forum, Foreign Affairs and Trade Minister Simon Harris said the diversification of trade is 'more important than ever before', and that a set of actions focused on trade and market diversification is underway. 'There is an opportunity now for new ambition in our approach to market diversification,' Mr Harris said. 'This can encompass EU, UK or further afield. We are working with Irish exporters in exploring new markets, leveraging existing EU trade agreements, and strengthening their international presence.'
Irish Independent
18 minutes ago
- Irish Independent
Majority of us shop for groceries more than once a week, research shows
The surge in the cost of groceries is seen as the main reason people go to supermarkets so frequently. TDs claimed in the Dáil last week that many families have been hit with a €3,000 rise in the annual cost of groceries. The cost of food and other items bought for the kitchen are rising at twice the rate of general inflation. This has left people reeling from 'sticker-price shock' as inflation eats away at consumer confidence, according to the latest Credit Union Consumer Sentiment Index. Food prices, in particular, are shooting up. Some meat prices are up 22pc in the past year alone, with the price of butter up by 30pc in a year. Food and non-alcoholic beverage prices are rising at more than twice the level of general inflation, up by 4.6pc in the year. The cost of a pound of butter is now up by €1.10 in the year. Irish cheddar cheese is almost €1 dearer per kilogram, with two litres of full-fat milk up by 27c. People are grocery shopping more frequently to better manage budgets, reduce waste, or shop fresh The cost of striploin steak is up more than €5 per kilogram (22.5pc) in the past year to €28.63. Even cheaper cuts of meat have jumped in price. Diced beef is now €13.26 per kilo, an increase of €2.42 in a year. This works out as a surge of 22pc. ADVERTISEMENT University College Cork economist Oliver Browne has estimated that grocery prices are up more than a third in the last four years. The grocery shopping research was commissioned by the State's newest bank, Avant Money, and carried out by Empathy Research. Avant's head of consumer finance, Daniel Pelluz, said people are shopping more often as a way to cope with rising prices. 'People are grocery shopping more frequently to better manage budgets, reduce waste, or shop fresh.' Mr Pelluz was commenting after Avant Money launched a new credit card that gives money back on everyday purchases, including a sizeable chunk on grocery shopping. The Everyday+ credit card gives 5pc cashback on grocery shopping for the first 12 months, up to €25 a month. That means shoppers can earn up to €300 in the first year.
