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Manufacturing collapses in April due to Covid-19 – PMI

Manufacturing in Ireland is going through record falls in output and employment, according to a new survey.  The AIB Manufacturing Purchasing Managers Index shows that in April output, new orders, exports and purchasing all fell at the fastest rates ever recorded.  The survey also found that it is taking longer for suppliers to deliver raw materials […]

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Carbon tax increase kicks in today

Households face increases in their energy bills from today as the hike in the carbon tax kicks in. The tax was raised by €6 to €26 per tonne of carbon dioxide in last year’s budget.  However, the increase was postponed until today on home heating fuels such as coal, peat, natural gas and home heating […]

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EU sets out ‘quick fixes’ to boost bank lending during pandemic

Banks should rein in bonuses to boost their capacity to help businesses and households hit by the coronavirus crisis, the European Union’s executive said today.  The European Commission set out a fresh package of temporary “quick fixes” offering capital relief that would support extra lending potentially worth up to €450 billion to companies struggling as […]

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S&P revises outlook for Irish banks downwards

Ratings agency S&P Global Ratings has revised down its outlook for three of the main Irish banks from stable to negative, saying that downside risks for the banks’ financial profiles remain substantial. However, the agency has affirmed the current ratings of AIB, Bank of Ireland, Permanent TSB and KBC Bank Ireland. It has also not […]

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Calls for law change to allow virtual AGMs

It is the time of the year when many companies are due to hold their Annual General Meetings, however, because of the Covid-19 crisis, and social distancing requirements, many AGMs have been rescheduled or postponed. Companies have found their firms in a Catch 22 situation – A company must have a physical AGM in order […]

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Oil prices fall on oversupply and storage capacity fears

Oil prices fell today on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic.  US oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.  US West Texas Intermediate June futures fell $2.86, or 16.88%, to $14.08 a […]

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Minister says scale of challenge on national economy and households ‘now very clear’

591,000 people are now receiving the Covid-19 Pandemic Unemployment Payment, with around 21,000 receiving it for the first time this week.  That is on top of around 212,000 eligible for standard “non-Covid” Jobseekers benefit of €203 per week, and 337,400 receiving income support through the Temporary Wage Subsidy Scheme.  The Minister for Employment Affairs and […]

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Housing alliance seeks permission to restart building works

A housing alliance which is building affordable homes is getting a site ready to reopen next week, despite not having permission to re-start work from the State Housing Agency. The Ó Cualann Cohousing Alliance has said they want to re-open their construction site in Ballymun in Dublin, but the development is not on the list of 35 […]

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Housing alliance seeks permission to restart building works

A housing alliance which is building affordable homes is getting a site ready to reopen next week, despite not having permission to re-start work from the State Housing Agency. The Ó Cualann Cohousing Alliance has said they want to re-open their construction site in Ballymun in Dublin, but the development is not on the list of 35 […]

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Central Bank: SMEs will need up to €5.7 billion in funding to weather coronavirus storm

The Central Bank has said that small and medium-sized businesses will need up to €5.7 billion in emergency cash as a result of the Coronavirus lockdown to cover costs. The deputy governor of the Central Bank, Ed Sibley, said that SMEs have a really important role to play in the Irish economy, both socially and […]

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