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Central Bank’s Rowland says onus on firms to set the right standards

The Central Bank’s Director General, Financial Conduct, has said that increasing evidence in the financial services sector shows that ineffective culture is bad for business – both for a firm itself and the consumers or investors it serves. Derville Rowland was speaking at an Institute of Directors webinar today. Ms Rowland said that firms are …

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Supply shortage, rising costs could impact housing affordability – BPFI

A combination of lack of housing supply and rising construction costs could exacerbate property affordability issues in the years ahead, according to the Banking and Payments Federation Ireland. In its latest Housing Market Monitor, the BPFI says while supply is coming back on stream in the aftermath of the pandemic, it will now likely be …

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NTMA raises €1.25 billion in bond auction

The National Treasury Management Agency has raised €1.25 billion this morning in an auction of Irish bonds. Today’s auction brings the total raised by the NTMA so far this year to €13.25 billion. The amounts raised include €600m on the existing 1.1% Treasury Bond 2029 at a negative yield of -0.094%. €325m was raised on …

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Euro zone economic dip milder than expected in first quarter

The euro zone economy contracted by much less than expected in the first quarter of the year, revised data from the EU’s statistics office showed, with a buildup of inventories and investment offset by reduced consumer spending. Eurostat said gross domestic product in the 19 countries sharing the euro contracted 0.3% quarter-on-quarter for a 1.3% …

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Pandemic Unemployment Payment claims at six-month low

The number of people claiming temporary Covid-related jobless benefits fell by 8% to 285,000 this week, its lowest level since December last year, new figures from the Department of Social Protection show today. Non-essential retail, hotels and outdoor bars and restaurants have reopened in recent weeks following their closure in late December during a spike …

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Too early to reconsider 2m rule in workplaces – McGrath

Minister for Public Expenditure and Reform Michael McGrath has said the Government would like to see people return to the workplace as soon as possible, but for now it is about holding on to the gains already made. Speaking on his way into Cabinet this morning, he said it is too early to say if …

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‘Great to be back’ as outdoor hospitality returns

Publicans have said it is “great to be back” as bars, cafés and restaurants reopened for outdoor service. Bars, restaurants and cafés resumed outdoor service as part of the latest lifting of Covid-19 restrictions. Gyms, swimming pools and leisure centres also reopened for the first time this year as part of the easing of other …

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Household energy bills are rising – get ready to switch

This time last year, energy prices were just starting to recover from the record lows reached in the weeks before. Worldwide lockdowns at the onset of the pandemic saw international trade practically grinding to a halt. Economists and analysts were predicting the most severe downturn since the Great Depression in the 1930s. Oil prices in …

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Is Ireland about to lose over €2 billion a year in tax revenue?

Minister for Finance Paschal Donohoe at the G7 meeting in London Over the weekend, finance members from the G7 nations backed a move which will could see the introduction of a global minimum corporate tax rate of 15%. The US-backed plan targets tech giants and other multinationals accused of not paying enough tax. However, Minister …

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G7 to discuss Covid economic challenges and climate

The first in-person meeting of the G7 countries since the start of the pandemic takes place in London today. Minister for Finance Paschal Donohoe will attend the two-day meeting in his capacity as President of the Eurogroup – the collective term for informal meetings of the finance ministers of the eurozone. He said ministers are …

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Confidence among small business owners improving – SFA

Confidence among small business owners has notably improved, according to a new report from the Small Firms Association (SFA). The latest Small Business Sentiment survey shows that over half of SFA members feel that the business environment is improving, compared with just 35% last summer. “Despite the challenges faced by our small business community in …

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Euro zone business growth soared in May as restrictions eased – PMI

Euro zone business activity surged in May as the easing of some coronavirus related restrictions injected life into the bloc’s dominant services industry, a survey showed, echoing data today which showed factories had their best month on record. An acceleration of vaccine programmes across the region and a fall in reported daily cases has allowed …

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ECB to keep policy loose this year despite high inflation risks

The European Central Bank will not change the total size of its asset purchase programme at its June 10 meeting but will start tapering its pandemic purchases later this year, according to a Reuters poll which also showed inflation risks to the upside. With an economic recovery underway and price pressures rising, calls for winding …

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ESRI urges extra borrowing and a doubling of investment in housing

Ireland should borrow more to invest in housing and could borrow an additional €4bn to €7bn a year, according to a new analysis by the Economic and Social Research Institute. It comes as the Covid-19 pandemic has forced the suspension of Europe’s fiscal rules on government borrowing and sparked a debate over how much countries …

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Growth in services accelerates as restrictions are eased

Activity in the services sector expanded at the fastest pace in over five years in May, according to AIB. Its latest Purchasing Managers’ Index, a month-on-month check-up on conditions in the sector, pointed to a marked pick up in growth as pent-up demand was released with the loosening of pandemic restrictions. The services sector accounts …

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Local Property Tax to apply to homes built since 2013

The Cabinet has agreed that owners of new homes built since 2013 will now have to pay Local Property Tax. It follows a decision taken at a meeting to finalise the new €3.5 billion Economic Recovery Plan. Taoiseach Micheál Martin, alongside Tánaiste Leo Varadkar and Green Party leader Eamon Ryan announced the Government’s plan, which …

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Under-25s six times more likely to be in temporary work than older age groups

People aged under 25 are almost six times more likely to be in temporary work than their older counterparts, according to a new study on decent work by the ESRI and the Irish Human Rights and Equality Commission. The research entitled “Monitoring Decent Work in Ireland” finds that young people, along with Travellers, people with …

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Hopes for tourism boost as hospitality sector reopens

Hotels, B&Bs, self-catering accommodation and hostels can reopen from today, as the gradual lifting of Covid-19 restrictions on the tourism and hospitality sector begins. However, services including leisure facilities, as well as indoor restaurants and bars, are restricted to residents only. Around 65,000 people were employed by hotels pre-pandemic, with 270,000 employed in the wider …

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