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Enterprise Ireland announces ‘repayable’ fund for SMEs

Enterprise Ireland has a Business Response Unit, and in these times, it has been busy. Over 1,000 businesses have engaged with the unit since March, with 60% of those companies saying Covid-19 has had a very negative or critical impact on their business. Financial planning was listed as one of the key priorities identified by […]

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Economy forecast to contract by 8% in 2020

Ireland’s economy will contract by 8% in 2020 and expand again by 6% in 2021 as the coronavirus pandemic takes its toll, according to the European Commission’s latest economic forecast. The economic uncertainty has been compounded by “specific” Irish factors, such as Brexit and changes in international taxation, the outlook says. Overall, Ireland’s unemployment, deficit and debt levels […]

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China exports see surprise 3.5% jump in April, imports fall

China’s exports saw a shock 3.5% rise in April despite the global impact of the coronavirus pandemic, official figures showed today, but analysts warned of weakness ahead as key markets suffer downturns.  The brewing threat of a renewed trade war with the US could also pose a problem, observers said. Imports fell 14.2% on-year, a […]

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Grocery sales up by 17% amid coronavirus crisis

The latest retail data shows that 50% of households in Ireland bought baking supplies in recent weeks, with flour sales up 52% and sugar sales rising by 43%. The data from Kantar also shows that home grocery sales grew by 17.2% in the 12 weeks to 19 April. But Kantar said that sales of non-grocery […]

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Covid-19 unemployment payment recipients rises to nearly 600,000

There are now 598,000 people dependent on the Covid-19 Pandemic Unemployment Payment, which is up 7,000 in the last week, according to the latest figures from the Department of Employment Affairs and Social Protection. This week’s Pandemic Unemployment Payments will cost €209.3m, with 11,000 recipients receiving the payment for the first time this week. Workers […]

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Challenging times ahead as mortgage market looks set to be impacted by Covid-19 crisis

New figures from Banking and Payments Federation Ireland show that a total of 8,728 new mortgages worth €1.996 billion were drawn down by borrowers during the first quarter of 2020. BPFI said this represents an increase 1.8% in volume and 6% in value on the corresponding first quarter of 2019.   Today’s figures show a […]

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23% of firms cease trading temporarily due to Covid-19 – CSO

New figures from the Central Statistics Office show that 23.3% of businesses have ceased trading temporarily since the outbreak of Covid-19, while 0.6% have ceased trading permanently and 76% continue to trade. The CSO today published the first results of its Business Impact of Covid-19 Survey, the first of a temporary fortnightly snapshot of how […]

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Markets drop on US-China trade war fears

European stock markets and oil prices fell this morning as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5% with U.S. stockfutures trading close to 1% in the red. Earlier, MSCI’s broadest index […]

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Residential property sales at lowest level since 2017

The residential property market is now at its lowest level for a first quarter since 2017, while sales in six counties in Leinster down by at least 6% compared with the same time last year, a new study shows.  The study, based on an analysis of residential property sales recorded in the Property Price Register, […]

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More than 427,000 workers now on wage subsidy scheme

More than 427,000 workers are now having their wages subsidised by the Government under the Temporary Wage Subsidy Scheme, according to the latest figures published by the Revenue Commissioners.  More than 50,900 employers have registered for the TWSS with the Revenue Commissioners, who administer the scheme. Of those, 43,000 have already received subsidy payments.  In total, […]

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