Govt delays PUP move to Jobseekers payments to October
The Government has said that no recipients of the Pandemic Unemployment Payment (PUP) will be transitioned to Jobseeker payments before October 22. It had planned to move recipients whose payment was at or had been reduced to €203 over to Jobseekers payments in September as part of the wind down plan for the scheme. “This […]
1 in 5 SMEs expect to pass on higher costs
Over a fifth of SMEs expect to pass higher prices on to their customers as a result of inflationary pressures, according to a survey of SMEs by the peer to peer digital lending platform Linked Finance. That is up from just 6% a year ago. Rising costs are particularly apparent in larger SMEs – defined […]
Covid costs Ireland’s tourism sector an estimated €13.4bn
The Covid-19 pandemic has cost the tourism sector here €13.4bn and 100,000 jobs have been lost as a result, a new report claims. The study by the Irish Tourism Industry Confederation (ITIC) says the reduction of overseas visitors has cost the industry €8.1bn since 2019, with lost fares to Irish carriers accounting for €3bn. The […]
New Covid scheme for business opens to applicants
A new targeted Government funded support scheme, aimed at assisting vulnerable but viable businesses whose earnings have collapsed due to Covid-19 restrictions, has opened for applications. Under the Business Resumption Support Scheme (BRSS) registered firms can claim a single payment equivalent to three times their average weekly turnover in 2019. Businesses availed of other schemes […]
ISIF makes €450m gain in H1 as it plans green investment
Ireland’s €9.2 billion sovereign investment fund has almost doubled its total investment gains in eighteen months. The Ireland Strategic Investment Fund – which has a mandate to invest on a commercial basis to support economic activity and jobs – generated an investment return of €450 million in the first half of 2021. It brings to […]
Call for €10 rise in core social welfare rates in budget
An increase of €10 per week in core social welfare rates, enhancing the support grant for carers and a single rate state pension are among the measures being called for by Social Justice Ireland in its pre-Budget submission. As well as increasing welfare payments, SJI is urging the Government to commit to benchmarking core social […]
First EI in-person Enterprise Ireland trade mission since pandemic onset
Enterprise Ireland’s first in-person trade mission since the onset of the Covid pandemic starts today in London, before moving on to Paris and Berlin. The three day mission is being led by Tánaiste and Minster for Enterprise Leo Varadkar. It is also the first physical trade mission since the new post-Brexit trade agreement between the […]
European banks still booking profits in tax havens – report
Top banks in Europe continue to use tax havens to book chunks of profits, a trend that has changed little since 2014 despite country-by-country disclosures becoming mandatory, the EU Tax Observatory said in a report. The independent research body is co-financed by the European Union. It said disclosures from 36 major European banks showed they […]
Quarterly GDP up 6.3% in second quarter as Covid curbs ease
New figures from the Central Statistics Office show that the economy – as measured by Gross Domestic Product – grew by 6.3% in the second quarter of 2021 compared to the first three months of the year. On an annual basis, GDP showed growth of 21.6% in the second quarter, the CSO said, as the […]
Services sector continues to grow, expansion rate slows
The Irish services sector continued to grow strongly in August, according to AIB’s Purchasing Managers’ Index. The monthly measure of activity in the sector shows further rapid increases in both new and outstanding business last month. While total services output expanded at a slower rate than in July, it was still the second-strongest since the […]
Campaign under way to tackle hospitality labour shortage
Fáilte Ireland is launching a campaign aimed at attracting workers into the tourism and hospitality industry. The recruitment marketing and awareness campaign is targetted at both jobseekers and businesses. Around nine out of every ten businesses in the sector say they have had difficulty in recruiting new staff with just over two thirds saying they […]
Jobless rate including Covid-19 payouts falls to 12.4% – CSO
The unemployment rate, when adjusted to include those on the Pandemic Unemployment Payment, stood at 12.4% in August. The latest release from the Central Statistics Office shows the jobless rate fell from 13.5% in July and compares to 17.1% the same time last year. The CSO said the seasonally adjusted traditional rate of unemployment was […]
Higher debt and deficits increase risks to the economy – Governor
The Governor of the Central Bank has warned that higher debt and deficit projections out to the middle of the decade increase the risks to the public finances and the economy. In a pre-budget letter to the Minister for Finance, Gabriel Makhlouf refers to the revised projections for the public finances in the Summer Economic […]
Govt to launch multi-billion euro housing strategy
The Government will today launch its housing plan titled Housing for All, with the multi-billion euro strategy set to detail guaranteed spending plans for the next five years. Minister for Housing Darragh O’Brien is also expected to announce planning exemptions to develop homes above shop and business premises. The long-awaited plan commits to a €4 […]
Calls for continued supports for hotels and restaurants
The Restaurants Association gave a cautious welcome to the Taoiseach’s announcement on the easing of Covid restrictions. Chief executive Adrian Cummins said the measures went a long way towards outlining a roadmap for the sector with the provision of key dates, metrics and targets. However, he said there was more work to be done regarding […]
Broad welcome from business groups for reopening update
There’s been a general welcome for the measures announced by the Taoiseach about the next phase of reopening of the economy and society. Business group Ibec said the announcement provided clarity on the timeline for a phased and safe return to offices. The roadmap would provide added momentum to what has already been a very […]
Manufacturing loses momentum as bottlenecks constrain output
Irish factory activity lost some momentum in August with growth in output, new orders, exports and purchasing all lower than the previous month, a survey showed today. The AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) stood at 62.8 in August. This marked the fourth highest reading since the survey began in 1998 but lower […]
Euro zone economic sentiment eases in August
Euro zone economic sentiment eased more than expected in August from a record high in July, hit by a sharp drop in optimism in France and the Netherlands, while selling price expectations peaked. The European Commission’s economic sentiment index, released today, eased to 117.5 in August from an all-time high of 119 in July. Optimism […]