Archive for March 2020

European exchanges have vowed to stay open for business despite extreme volatility triggered by the coronavirus epidemic and four countries banning short-selling to shield some of Europe’s biggest companies. The Federation of European Securities Exchanges (FESE) said European exchanges will and should continue to remain open at all times.  “Closing the markets would not change…

It is estimated that around 140,000 people have been laid off work in Ireland because of the measures taken to tackle the coronavirus. This is a combination of 70,000 restaurant workers, 50,000 pub and bar staff, and around 20,000 crèche and childcare workers. Those eligable are being urged not to go to Intreo, the public employment service,…

The European Commission (EC) will encourage member states to co-ordinate border closures amid fears that unilateral closures by individual countries could inhibit the flow of goods and critically needed people. More and more member states have announced restrictions on people entering their territory as the coronavirus continues to spread throughout Europe. Spain said it was considering closing…

The US Federal Reserve has tonight cut rates back to near zero, restarted bond buying and launched other measures from its crisis-era toolkit. The measures are part of efforts by other central banks to put the floor under a rapidly disintegrating global economy assailed by efforts to contain the escalating coronavirus pandemic. “The effects of the coronavirus will…

Telecoms companies have said they are equipped to handle any increase in traffic over their networks that may come as a result of more people working remotely. Many companies had already directed staff to work from home in response to the outbreak of Covid-19. Today the Government urged more employers to use remote working where possible,…

European markets posted their worst one-day drop in history today, as investors reacted to US President Donald Trump’s decision to impose restrictions on travel to the US from some countries in Europe. The pan-European Stoxx 600 had plummeted 11% by the close, with travel and leisure stocks sinking 12.8% following Trump’s announcement of a ban…

Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite eking out a 2% today, as investors eyed evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.  Brent crude was up 70 cents, or 2.1%, at $33.92 in early trade after falling more than 7% on…

The EU will today assess the travel ban on Europe imposed by US President Donald Trump, European Council President Charles Michel said, adding: “Economic disruption must be avoided.”  Michel coordinates action by the leaders of the EU’s 27 member states. His tweet follows an overnight decision by Trump to suspend travel from Europe – but…

The Irish Tourism Industry Confederation (ITIC) has said a VAT deferral scheme is vital to alleviate serious cashflow pressures in the tourism and hospitality sectors. The representative body said immediate action is critical because thousands of jobs are at stake due to the volume of cancellations and lack of future bookings. “Coronavirus is first and foremost…

Europe’s banks have called on European Union authorities to ease capital rules and other regulatory barriers to helping businesses struggling because of the coronavirus epidemic.  The European Banking Federation (EBF) comprises national banking industry bodies from across Europe. It has set out a three-stage plan in a letter to the European Union, European Central Bank and…