Archive for July 2020

The coronavirus pandemic has plunged Europe’s leading economies into historic recessions, figures published on Friday showed. France and Spain both reported double-digit quarter-on-quarter falls in economic output in the three months to June. The figures came after both the US and Germany on Thursday reported a loss of about a tenth of their gross domestic…

Workers in consumer-facing industries such personal services, accommodation, and food and beverage are most at risk of slipping into long-term unemployment once State supports are removed, a study by the Economic and Social Research Institute (ESRI) has warned. The research paper, entitled Managing Mass Unemployment Flows During the Covid-19 Pandemic, aims to categorise claimants of…

The Government has reversed a decision to exclude proprietary directors from the new Employment Wage Subsidy Scheme (EWSS) after small business owners warned the move would lead to the closure of companies. Minister for Finance Paschal Donohoe said late on Friday that he had asked Revenue to reinstate directors to the scheme and has also asked his…

Online marketplace DoneDeal has struck a deal with Stripe to make all sales and purchases on its site cashless and contact-free for the first time. Until now, users of the Wexford-based DoneDeal site – particularly popular for car shoppers – could list goods for sale online. But the sales themselves often required face-to-face cash handovers…

After the European Court of Justice (CJEU) handed down another major judgement two weeks ago in the “Schrems 2.0” data protection case, discussion has focused primarily on its potential impact on the well-known companies that gather data and transfer it between the European Union and United States. Top of the list is Facebook, the company at the…

Switching your mortgage could be one of the most financially savvy things you ever do. The Association of Irish Mortgage Advisors says an estimated eight in 10 Irish homeowners on a standard variable rate could be paying more than they need, so switching to a fixed rate could save you money each month. Switching to…

A Spanish banking giant is to enter the Irish mortgage market in a move sure to put massive pressure on existing lenders to slash their rates. The move came as Permanent TSB cut its variable and fixed rates, and performed a U-turn by making the rates available to existing customers, not just new borrowers. Mortgage…

Customers rushing back into shops as the lockdown eased in June lifted the value of retail sales back to pre-Covid 19 levels. Retail sales rose by a record 38.4pc in June compared to May, according to the Central Statistics Office (CSO). More strikingly, on an annual basis retail volumes were 3.5pc higher in June 2020,…

One of the challenges we face in growing our economy is the limited size of our domestic market. Ireland’s entry into the then EEC in 1973, and subsequent adoption of the euro in 2002, opened the door to a large and developed marketplace. As the EU has progressed and expanded the four freedoms – goods,…

HOUSING Minister Darragh O’Brien has signalled that couples who have a gross combined income of more than €75,000 will be eligible for a new affordable homes scheme. He also told the Dáil that he intends the guide price for such housing to be between €160,000 and €260,000 as he clashed with Sinn Féin’s Eoin Ó…