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The Government will introduce new laws to screen foreign direct investment (FDI) coming to Ireland, Enterprise, Trade and Employment Minister Leo Varadkar has confirmed. The legislation will be brought in to give effect to a European Union regulation and is seen as an important tool to tackle concerns that strategically important assets – including research…

Retailers are fearful that weak sterling will help fuel a surge in online shopping at UK websites in the run-up to Christmas – exacerbating the disastrous impact the pandemic has had on their businesses. The value of sterling plunged this week as talks between London and Brussels on a trade deal faltered, making it more…

The European Union is set to delay a decision on allowing clearing houses in London to continue clearing euro transactions for EU-based clients due to Britain’s plan to breach part of the Brexit divorce settlement, a derivatives industry source said.  Brussels had said it would grant Britain “time-limited” access to euro derivatives clearing from January…

A presentation by the Department of Finance’s chief economist describes the fall in the economy in the second three months of this year as ‘the largest economic contraction on record.’ It also warns that budgetary policy will have to walk a ‘fine line’ between support and ‘fiscal sustainability.’  Chief Economist John McCarthy’s presentation to the…

The Governor of the Central Bank has said price inflation experienced by households may be higher than what is officially measured. Gabriel Makhlouf also said that Covid-19 has highlighted the impact of globalised supply chains, digitalisation and the “interplay between fiscal and monetary policy”. The Central Bank Governor made his comments during an online speech…

he Minister for Public Expenditure and Reform has said government spending this year will be in the region of €86 billion, some €16 billion more than was planned in last year’s Budget.  Michael McGrath said the current estimates process in the run up to the Budget is a “complex one”. He also said it was…

The UK economy grew for a third month in a row in July as pubs, restaurants and other sectors reopened after the coronavirus lockdown, but it remained around 12% smaller than its pre-pandemic level.  After crashing by a record 20% in the second quarter, output expanded by 6.6% in July, slower than June’s monthly rate,…

Britain today said it had secured its first major post-Brexit trade agreement – a free trade deal with Japan – the day after bitter wranglings with the European Union.  The Department for International Trade said the deal will increase trade with Japan by some £15.2 billion.  The UK-Japan Comprehensive Economic Partnership Agreement was agreed in…

The euro zone economy declined by slightly less than initially estimated in the second quarter, but the drop was still the sharpest ever as consumer spending caved in due to Covid-19 restrictions.  Gross domestic product (GDP) fell by 11.8% from the previous quarter and by 14.7% year-on-year, data from the European statistics agency Eurostat showed…

Weaknesses have been identified in a number of credit unions as part of a supervisory analysis conducted by the Central Bank. The difficulties, found as part of the fourth Credit Union Supervisory Commentary Report, were found in a number of risk categories, including governance and credit underwriting. “We acknowledge that some credit unions have made…