Archive for June 2020

European passenger car sales slumped in May but the drop was not as sharp as in the previous month because of an easing of restrictions imposed to contain the coronavirus pandemic, industry data showed today.  In May, new car registrations dropped by 56.8% to 623,812 vehicles in the European Union, Britain and the European Free…

The Central Bank has warned that the scale of the economic shock due to Covid-19 is “unprecedented” and will create pressure on the financial position of both borrowers and banks.   Central Bank Governor Gabriel Makhlouf said governments are facing “fantastic levels of uncertainty” over the future and warned that while the financial system is resilient,…

A new survey shows that 76% of Ireland’s chief financial officers expect a decrease in their company’s revenues and profits this year as a result of Covid-19. 28% of CFOs expect this decrease to be 25% or more, the latest PwC CFO Pulse survey shows.  PwC said that fewer global companies – 20% – expect this…

The head of the National Treasury Management Agency said he is not worried about the next four years from a borrowing perspective but that the state needs to prepare for the decade after that due to an increase in already high debt levels.  “While addressing Covid-19 is today’s urgent priority, Ireland should prepare for dealing…

The draft Programme for Government includes details of a stimulus plan for the economy to be published in July.  It also outlines the parameters of a National Economic Plan which will be published alongside Budget 2021.   At that time, a “medium term roadmap” will be set out to plan a reduction in the budget…

Retail outlets in shopping centres around the country are reopening for the first time since they were forced to close due to Covid-19 restrictions nearly three months ago. However, the shopping centres and shops must adhere to guidelines around social distancing and hygiene, while also taking steps to ensure customers do not congregate in malls.…

Seasonally adjusted exports decreased by 32% to €11.613 billion in April from March, according to preliminary figures from the Central Statistics Office, as Covid-19 shutdowns hit the trade sector.  This marked the biggest one month contraction on record. The CSO said that seasonally adjusted goods imports decreased by 11% to €5.834 billion.  This resulted in…

The number of people receiving the Covid-19 Pandemic Unemployment Payment has fallen to 515,700 – down 15% on the peak of almost 600,000 during the economic shutdown. For the first time, more people are in jobs subsidised by the Temporary Wage Subsidy Scheme than are receiving the PUP. At the peak of the Covid-related unemployment…

Sterling steadied near two-week lows against the dollar and euro as fears of a second wave of coronavirus hit risk sentiment and global markets. Investors were also nervous ahead of a key meeting on Brexit negotiations. A fresh coronavirus outbreak in China and rising infection numbers in the United States – even as major economies…

Retailers in Dublin are reporting steady progress in opening up the city centre since Covid-19 restrictions on all shops were lifted on Monday. Today footfall was around 160,000 people, up from 100,000 on Monday. However, although footfall today was up substantially on the almost 95,000 of Wednesday last week, it is still down considerably on the 400,000 on…