World markets fall as new virus variant sparks panic
European stocks sank over 3% this morning as reports of a newly identified and possibly vaccine resistant coronavirus variant stoked fears of a fresh hit to global economy and drove investors out of riskier assets. Cyclical-heavy European stock markets have already been under stress this week as a resurgence in Covid-19 cases prompted new restrictions […]
Euro zone governments urged to keep spending next year
Euro zone governments should keep spending next year to help the post-pandemic recovery, though to different degrees depending on their debt level, the European Commission said today. They should also use cash from the EU’s recovery fund to boost investment, the Commission added. “For the euro area, we call for a moderately supportive fiscal stance […]
First-time buyers getting older, mortgage drawdowns increase – study
Just over a quarter of first-time buyers of homes were aged 30 or under last year, according to an analysis of data carried out by the Banking and Payments Federation. That represents a halving of the proportion in 2004 when six in ten people taking out mortgages for the first time were in that age […]
Half of restaurants adopted new tech during pandemic
Almost half of restaurant and takeaway owners have adopted new technologies since the start of the pandemic, according to new research by Irish food ordering software developer Flipdish. 44% of those businesses invested over €1,500 to do so. The most popular technology adaptations were website ordering and QR code table ordering technology. The research reveals […]
Donohoe publishes terms of reference for banking review
The Minister for Finance has published the terms of reference for a “broad-ranging” review into the retail banking sector, which will consider services provided by both banks and non-banks, as the latter becomes more active in the provision of SME credit and mortgage lending. Back in July, Paschal Donohoe said his department would conduct such […]
Entertainment sector calls for introduction of supports
A spokesperson for the Music and Entertainment Association of Ireland has appealed directly to the Taoiseach to intervene and introduce supports for the industry. On RTÉ’s Drivetime, Matt McGranaghan called for the immediate reinstatement of the Pandemic Unemployment Payment, or an equivalent support, for those in the music industry who were forced off the payments […]
Truckers, hauliers holding Dublin protest over fuel costs
A group of truckers and hauliers are leading convoys from the main motorways around Dublin into the city centre today, protesting for “lower fuel costs at the pump and at home”. The group, describing itself as Irish Truckers Haulage Association Against Fuel Prices, said it is protesting for “lower fuel costs at the pump and […]
Over 70% worried about rising prices of everyday items
74% of consumers are concerned about rising prices for everyday items, according to Deloitte Ireland’s latest consumer tracker survey. Over half of respondents said they believe the cost of groceries have gone up over the last month, while 46% think prices in restaurants have risen. Overall, the survey reveals that consumers’ financial concerns have increased […]
Consumer confidence drops as Covid cases surge
Consumer confidence has dropped to a seven-month low as Covid cases continue to surge, according to the latest KBC Bank Ireland consumer sentiment index. The reading for November declined to 83.1, from 86.8 in October. That is the largest monthly fall since January and brings the sentiment index to its lowest level since April. As […]
Payment card fraud hits €24m in 2020 – BPFI
New figures show that debit and credit card fraud losses rose by 9% to reach €24.1m last year with over 275,000 fraudulent debit and credit card transactions. The Banking & Payments Federation Ireland figures show that 96% of the losses was accounted for by online card fraud which rose by 21% to €23.1m. With shopping […]
Early stage firms benefit as VC funding rises again
Venture capital funding to Irish firms rose by 19% to €231m in the three months to the end of September, according to the Irish Venture Capital Association’s latest VenturePulse survey. The figures also show a renewed interest among investors in start-ups companies, following a sharp drop in early stage investments last year. The overall in […]
Turning Black Friday green: Shoppers encouraged to buy Irish
An important date in the retail calendar, December 8 was the traditional day for country people to venture to the city to do their Christmas shopping. The festive atmosphere, the twinkling lights, and a visit to see Santa Claus, it marked the start of the Christmas trading season in Ireland. Shopping patterns, however, have dramatically […]
Ministers to discuss specific Covid supports for hospitality sector
Senior Government ministers will meet later today to discuss the introduction of specific measures to support the hospitality sector. The Cabinet Sub Committee on Economic Recovery will also consider the ongoing Covid supports amid continued concern about the rise in Covid case numbers and increasing pressure on hospitals. The Government and its public health advisers […]
Risks of cost overruns in NDP, warns IFAC
The Irish Fiscal Advisory Council (IFAC) has said the planned increases in public investment under the National Development Plan (NDP) will help Ireland achieve its climate and housing goals. However, it warns that projects will have to be better run to avoid substantial cost overruns. The NDP raises public investment to an average €11.8 billion […]
Working from home resumes to help curb spread of Covid
Employees should work from home from today unless it is necessary to attend the workplace in person. The measures are among the latest Government restrictions being put in place to stem the spread of Covid-19. Just two months after a gradual return to the workplace began, the situation is going into reverse. Under the latest […]
Irish and British leaders to discuss Covid and protocol
Political leaders in Ireland and Britain are holding a meeting today at which they will discuss Covid-19 and UK-EU talks aimed at breaking the deadlock in the row over the Northern Ireland Protocol. The issues will be debated at a meeting of the British-Irish Council, which is being held in Wales. The council brings together […]
Business community concerned about prospect of more lockdowns
Chambers Ireland said today that there is a growing unease within the business community regarding the Government’s pandemic planning. Ian Talbot, Chambers Ireland chief executive, said there was a serious concern across the network that the country is moving towards another post-Christmas “circuit-breaker” lockdown. “Businesses are paying the price for a continued lack of action […]
Food firms being hit with price rises of up to 30%
Small and medium sized food companies in Ireland are being hit with input cost rises of almost 30%, according to research from the representative group Love Irish Food. Companies said costs were rising across the board, but the most significant hikes were being experienced in the areas of transportation, followed by raw materials and energy […]