05 August, 2022 in Industry News

NI Business News Round-Up

Our team has summarised the key developments for NI businesses in the news this week.

BoE raises interest rates to 1.75%, warns of year-long recession & predicts inflation will hit 13%

The Bank of England raised interest rates by 0.5 percentage points to 1.75% yesterday (Thursday), the biggest increase in 27 years, with a prediction that inflation will hit 13% by the end of the year. It is the biggest single increase since 1995 and officials said the Bank are ready to act “forcefully” on interest rates if inflation persists. The Bank said Britain will enter five consecutive quarters of recession with GDP falling by as much as 2.1%, while real household incomes are expected to fall by 3.7% across 2022 and 2023 – the largest hit since records began in 1963. Source - BBC


Half of consumers to rein in big ticket item spending, says Danske Bank report 

Consumer confidence in Northern Ireland has taken a massive turn for the worse, with all vital signs weakening, according to a Danske Bank index. Coming against a backdrop of cheerless domestic news, it shows that almost 50 per cent of people intend to spend less on expensive items this quarter as belts are tightened. Spiralling prices continued to weigh heavily on households over the last quarter, with a consumer confidence reading of 103, which is down from 117 in quarter one and in stark contrast to the 149 reading posted in the same period of 2021. Source - Irish News


Workload expectations diminish amid lack of big infrastructure projects

The lack of major infrastructural projects under construction in the north has not only led to the building sector having a flat start to this year, but is also sucking away its skills to Britain, where the outlook is significantly more positive, a new report claims. The latest construction and infrastructure monitor for the region, compiled by Rics and Tughans, says surveyors expect to see a reduction in workloads and profits over the next year. And the report's authors are demanding the return of a fully-functioning Stormont Executive and Assembly to help ensure the construction industry doesn't go into a further tailspin. Source - Irish News


New car sales down again as cash-strapped buyers opt for second-hand 

First time car registrations in Northern Ireland slumped by 15 per cent in July (as compared with last year) in another sign that the cost of living crisis is steadily eroding disposable incomes. Source - Irish News


Moghrá: Co Tyrone chef James Devine on plans for his new Dungannon restaurant

Award winning chef James Devine is set to realise a life-long ambition by opening his own restaurant in his home town of Dungannon. Four years after acquiring the former McGrath's pub in the historic Irish Street, the Tyrone man has finally secured planning permission for ‘Moghrá'. Source - Irish News


Go-ahead has been given for a £22m distillery and visitor centre at the Old Crumlin Road Goal

Source - Belfast Telegraph


Blind Cobbler Bar and Restaurant in Omagh is up for sale in what is expected to be a multi-million pound deal

Source - WeAreTryone


Global foodservice provider Sysco unveils ambitious plans for £23m Nutt's Corner site

Foodservice provider Sysco Ireland has revealed plans to double the size of its Northern Ireland operation within five years as part of an ambitious growth strategy. And as part of its strategy, it will invest £23 million to develop a massive distribution facility on a 20-acre site at Nutt's Corner near Antrim, which if approved will create 90 jobs and grow Sysco's workforce in the north to 230. Source - Newsletter


Oil giants (BP and Shell) bank more profits in three months than it takes to run Northern Ireland in a year 

BP said second-quarter profits more than trebled to $8.5 billion (£6.9 billion) during April, May and June as it reaped the benefits of soaring oil and gas prices.  It was BP's biggest quarterly profit for 14 years and more than triple the amount it made in the same period last year.  Meanwhile, last month its rival Shell also reported strong results, with second quarter profits of $11.5bn (£9bn). Source - Irish News


Continued growth prompts Wrightbus to recruit IT director

Source - Irish News


Bullitt Hotel Belfast makes its grand reopening after March blaze

Source - Belfast Telegraph


Next hikes profit outlook after hot weather boosted summer sales 

Total sales jumped 5 per cent in the three months to July 30 compared to last year, and leapt 23.8 per cent higher versus to the same period in 2019 before the pandemic struck. Source - The Independent


Greggs sales jump as cash-strapped customers turn to cheaper meals

Source - The Independent

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