Services growth moderates slightly, outlook brightens, PMI shows
Service sector growth moderated slightly for the second successive month in July, but a pick up in new business, the year-ahead outlook and jobs growth pointed to positive signs for firms, a survey showed today. The AIB Global S&P Purchasing Managers' Index (PMI) fell to 53.6 from 54.2 in June, slightly below the trend so far this year, having stayed above the 50 mark separating [...]
Irish business leaders less concerned about geopolitical risks than global peers
Irish business leaders are more optimistic but less innovative than their peers in Europe, according to a new report. Fear of a second Donal Trump presidency or of fallout from the wars in Ukraine and Gaza is having no impact on Irish business leaders’ economic outlook. Almost three quarters (73pc) of Irish medium-sized companies surveyed predict a positive year ahead, according to the latest International [...]
Tech funding slumps 48pc in first quarter 2024
Venture capital funding for start-ups and tech companies has fallen sharply in Ireland, according to new industry figures. Cash to fund tech firms sank by 48pc to €259m in the first three months of the year, compared with €502m during the same period in 2023. The fall, which is partly caused by a drop in international venture capital coming into Ireland, echoes a similar slump [...]
Viatel Technology Group to acquire MJ Flood Technology
Digital services provider Viatel Technology Group is set to acquire MJ Flood Technology, the technology division of the MJ Flood Group. The deal will combine two of Ireland's tech solutions providers, bolstering Viatel's capabilities in cybersecurity, cloud and communications. The transaction is subject to regulatory approvals and is expected to close by mid-2024. "With the addition of MJ Flood Technology, we are delivering on the [...]
Over 53,000 businesses still using Revenue’s Tax Debt Warehousing scheme
The outstanding debt owned by businesses that availed of Revenue's debt warehousing scheme stood at €1.58 billion this week, according to the tax commissioners in their annual report for 2023. The scheme was introduced to assist businesses that experienced cash-flow and trading difficulties during the Covid-19 pandemic. It was announced earlier this year that the 3% interest rate that was to apply to outstanding debt [...]
Business insolvencies rise (March 2024)
Business insolvencies rose by 41% in the first quarter of the year with SMEs accounting for 85% of all business failures, according to PwC's latest Insolvency Barometer. If this trend continues, PwC forecasts insolvencies will likely be close to 1,000 by the end of this year. Rescue processes, namely Examinerships and SCARPs, made up just 3% of insolvencies in the first quarter of 2024. There [...]