Regulation, Records & Rate Hikes: Movers Fined in US, Irish Mortgages Hit New High, Dollar Slides

Seven Moving Companies Fined in US

Close to 10 moving companies were targeted as part of a joint enforcement effort combating unlicensed operators.

The operation led by the Oregon Department of Transportation saw various law enforcement agencies take part.

Moving companies not certified by the ODOT face fines of up $1,000 civil penalty with an increase of up to $3,000 beginning next year under Senate Bill 839 and will also apply to movers who advertise or offer services without a certificate.

The following companies received citations:

• Axle LLC: Operating without proper authority.
• Bustami Movers LLC: Operating without proper authority; driving while suspended; driving uninsured.
• Confidence Moving Labor LLC: Operating without proper authority.
• Ohana Moving Company LLC: Operating without proper authority; driving while suspended; driving uninsured.
• Portland Movers Ready: Operating without proper authority; no proof of liability insurance; driving without a license; operating without an active USDOT number.
• RJ's Moving & Hauling LLC: Operating without proper authority.
• Supreme Portland Movers LLC: Operating without proper authority.

Mortgage Values Hit Record High

Irish lender's mortgage approvals hit a record high last month as property prices skyrocket.

In the year to May, over 14bn in residential mortgages were approved with first time buyers and movers topping over 40,000 for the first time since figures have been collated in 2011.

May saw over 5,000 mortgage approvals with first time buyers consisting for 3,092 of the total or six out of 10 approvals - up 7% month-on-month or 10.5% year-on-year.

According to the Banking and Payments Federation (BPFI) there were a total of 43,070 mortgage approvals in the year to last month with many of those approved unable to draw down as they could not find a home.

This time last year approvals were at 12.7bn reflecting how high house prices have become with average values at 320,000 up 20,000 in a year.

First time buyers approval amounted to 325,000 up 20,000 from last year with buyers forced to borrow more as prices rise.

Dollar Hits New Lows Against Euro

The US dollar hit a three-and-a-half-year low against the euro reaching 1.1744 – the highest since September 2021.

A strong euro is beneficial for Irish buyers of dollar-priced goods such as oil but will hurt exporters as a rising currency makes such goods less competitive.

Indeed, with exporters facing the double whammy of a 10% tariff and a rising euro there are growing fears of increased costs.

The Trump administration has set a deadline of July 9 to conclude talks or a higher tariff rate will be imposed. Due to Ireland's trade surplus in good with America of 70bn in 2024 it accounted for over 30% of EU's overall trade surplus with the US. The original tariffs were calculated by dividing the trade deficit in goods with the EU by imports from the EU divided by 2 which amounted 20%.

Last year exports reached 223.8bn – up 14% year-on-year as medical and pharmaceutical makers prepared for potential tariffs.