Archive for October 2020

The Central Bank has said the economy has fared better than forecast during the pandemic but the impact on jobs has been worse. In its latest quarterly bulletin, the bank warns recovery will remain uneven and a ‘no-trade deal’ Brexit will hamper any growth next year. Ireland recorded the smallest fall in GDP across Europe due to…

A third of exporting firms have seen their sales fall so far this year, a new survey from Enterprise Ireland has found. The research also found that 85% of companies expect that Brexit will add up to 10% to their cost base. The survey of 728 firms conducted by Enterprise Ireland details the contrasting fortunes…

Business leaders have expressed surprise and concern at the recommendation from the National Public Health Emergency Team (NPHET) to move the entire country to Level 5 Covid-19 restrictions. Organisations representing firms said if such a decision is taken by Government, additional measures would be required to support businesses. Chief executive of the employers’ group Ibec Danny McCoy said that given…

The employers’ group Ibec has called on the Government to expand the employment wage subsidy scheme to include companies threatened by a no-trade deal Brexit. In its latest quarterly Economic Outlook, Ibec also says the key to next week’s Budget will be unlocking “turbocharged” savings by households. The employer’s group believes the key to the economy’s recovery, will…

The state should maintain investment in capital infrastructure programmes despite the economic difficulties caused by Covid-19, but the construction sector must guarantee value for money, according to the Secretary General of the Department of Public Expenditure Reform.  Addressing the Construction Industry Federation conference earlier today, Robert Watt said there was no imperative to cut back…

Small and medium sized businesses here could record a combined total shortfall in revenue this year of between €10.3bn and €11.7bn, according to a new analysis by the Central Bank of Ireland. However, the bank says the estimates are subject to significant uncertainty because of the current economic and health situation and the inability of…

Europe’s stock markets have dived more than 1% in early trade after news that US President Donald Trump and his wife have tested positive for Covid-19. The region’s main bourses later clawed back some losses but were still languishing in negative territory, while many investors flocked to the safety of haven currencies. The news compounded uncertainty on…

The Government has urged commercial landlords to show forbearance to tenants who cannot meet their obligations under their leases because of the financial pressures caused by the Covid-19 pandemic. The request came as it published a new voluntary code of conduct on commercial rents that has been agreed between landlords and business representatives. The code…

The President of the European Commission, Ursula von der Leyen, is due to make a statement on Brexit shortly. It will reference the UK’s Internal Market Bill, which breaches the Northern Ireland Protocol. The statement comes as Taoiseach Micheál Martin joins other EU leaders for a two-day summit in Brussels today, which will be dominated by the EU’s…

The Tokyo Stock Exchange suspended share trading for the full day today as a glitch in its electronic trading system caused the worst outage ever suffered by the world’s third-largest stock market.  The shutdown frustrated investors looking to buy back shares after the first US presidential debate. It could also tarnish the exchange’s credibility just…