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Government announces expansion of Covid-19 supports

The Government has announced enhanced business support schemes for the hospitality and arts sectors hit by the latest restrictions. This includes reopening the Employment Wage Subsidy Scheme to new applicants and a relaxation of the turnover reduction figure for the Covid Restrictions Support Scheme scheme to 40%. There is also an extension of tax warehousing. …

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Donohoe says optimistic about economic recovery in 2022

Minister for Finance Paschal Donohoe has said that the heightened level of pandemic supports will remain in place until the end of January in line with most recent public health restrictions. Paschal Donohoe said the Government will monitor the current level of restrictions on a daily basis, but that the plan is not to change …

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Consumer confidence drops, driven by Covid concerns

Irish consumer confidence dropped again in December, as concerns around Covid-19 and the cost of living intensified. The KBC Bank consumer sentiment index dropped to 74.9 from 83.1 in November – its weakest reading since February, indicating a clear deterioration in the mood of Irish consumers. December saw the third largest monthly fall since the …

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Demand for gas rises as temperatures drop

Demand for gas was up by almost a fifth in November as temperatures plummeted around the country. The usage of gas for domestic purposes was up 16% on the previous month and was up 7% on the same month last year. It comes as consumers are being hit with higher energy costs as inflation impacts …

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Cabinet to discuss changes to Covid business support scheme

The Cabinet will meet this morning where changes to the Covid Restrictions Support Scheme (CRSS) are expected to be discussed. Businesses affected by the latest round of Covid-19 restrictions will be able to avail of the financial supports. The number of businesses that will be able to receive financial assistance is set to be increased …

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Donohoe announces plan to reduce stake in AIB

Finance Minister Paschal Donohoe said he intends to sell part of the State’s 71.12% directed shareholding in AIB Group over the next six months. The shares will be sold through a pre-arranged trading plan that will be managed by Merrill Lynch International (“BofA Securities”). BofA Securities was appointed to the role from the Department of …

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Health insurance: Why you should review before you renew

Most of us shop around for the best deal on our car insurance, but when it comes to health insurance we’re not so quick to switch. Changing provider or plan isn’t an easy job, but it is well worth setting aside some time each year to review your options. With almost one million people due …

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Views sought on EU multinational tax reporting law

The Government is seeking views from interested parties on a new EU law intended to make multinationals disclose their tax payments and activities in each member state. Ireland had opposed the so-called country-by-country reporting proposal at an EU level which would force multinationals with revenue over €750m to be more transparent about their tax activities. …

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‘Follow the spirit’ of new Covid guidelines – Holohan

Chief Medical Officer Dr Tony Holohan has said that the new restrictions beginning today will substantially cut the volume of total social contact across society if people follow “not just the letter but the spirit” of the guidelines. Dr Holohan said that “it is now down to people individually” to confine social engagements to small …

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Profitable firms should refund wage subsidies – Tánaiste

The Tánaiste has told the Dáil that profitable companies “should refund the money they received under the employment wage subsidy scheme”. Taking Leaders’ Questions, Leo Varadkar said that if a company “could pay their shareholders dividends, but they didn’t really need the wage subsidy money, well, I think that money should be repaid.” He was …

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Irish consumers could pay extra €170m in customs duty due to Brexit

Irish consumers could pay as much as €170m in additional customs duty this year as a consequence of Brexit, an analysis suggests. Figures to the end of November show that €465m in customs receipts were recorded by the exchequer. Based on the trend in recent months and the increased consumer spending in the run into …

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NPHET in new recommendations amid Omicron concern

The Cabinet is expected to meet today to consider the latest advice from the National Public Health Emergency Team (NPHET) in response to the rise of the Omicron variant of coronavirus. NPHET has expressed “exceptional concern” about the impact of Covid-19 and the new variant in its latest advice to Government. The National Public Health …

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Annual property prices jump by 13.5% in October – CSO

Property prices in October rose by 13.5% on an annual basis to mark the fastest annual pace of growth in over six years, according to the latest figures from the Central Statistics Office. This is an increase on the 12.5% rate recorded in September. Today’s figures show that prices in Dublin rose by 12.3% while …

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ESRI predicts economy will grow by 14% this year

Growth in the economy this year will be “robust” and “unprecedented”, according to the Economic and Social Research Institute. In its latest quarterly economic commentary, the ESRI predicts the economy will grow by almost 14% this year and 7% next year. Inflation, however, is expected to be higher peaking at 6% early next year. The …

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ECB set to dial back stimulus one more notch

The European Central Bank is all but certain to dial back its stimulus one more notch today while pledging to keep supporting the financial system next year, sticking to its long-held view that alarmingly high inflation will abate on its own. With the euro zone’s economy now back to its pre-pandemic size, pressure is mounting …

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Risks remain for credit unions despite improvements – Central Bank

A new report on the credit union sector by the Central Bank reveals another challenging year as credit unions continued to navigate through the impacts of Covid-19 as well as other business challenges. The Central Bank’s eighth Financial Conditions of Credit Unions Report said credit unions participated in the recovery in credit demand as Covid …

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Govt announces supports for firms hit by flooding

The Government has opened the Humanitarian Support Scheme to small businesses, sports clubs and voluntary organisations that have been affected by flooding as a result of Storm Barra, and are unable to secure flood insurance. The scheme will also provide funding to a small number of business impacted by flooding in Fermoy in County Cork …

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Is it time to rethink employment services for the long-term unemployed?

Opinion: the experience of those using public employment services such as JobPath shows they’re not fit for purpose At the last count, just over 225,000 people were on the Live Register or receiving the Pandemic Unemployment Payment. This figure will no doubt increase in the coming weeks, as the latest wave of restrictions take hold. …

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