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The Minister for Finance, Paschal Donohoe has said he will be pushing for changes to the EU Covid-19 recovery fund so countries like Ireland might receive more funding. Speaking on Morning Ireland, Minister Donohoe said he does not think the EU funding allocated to a country like Ireland reflects the challenges faced here as a…

Over 65% of global firms expect Covid-19 to have a negative impact on revenues in 2020, according to the Grant Thornton International Business Report, which provides insight into the views and expectations of more than 10,000 businesses across 29 economies. It reveals that 40% of businesses anticipate a decline of less than 20% in revenues,…

Hoteliers here are reporting occupancy rates of between 23 and 26% for the summer months, according to figures from the Irish Hotels’ Federation.  This is based on confirmed bookings and compares to an average 90% occupancy over the summer months last year. The IHF said that occupancy for September, traditionally a popular time for US…

The Government will consider extending a rent freeze and moratorium on evictions which was introduced as an emergency measure at the start of the Covid 19 crisis. The measures were due to expire on July 20th, but the Minister for Housing, Darragh O’Brien, has told the Dail he will write to the Minister for Health,…

The Irish drink and hospitality sector is urging the Government to deliver a VAT reduction in the July stimulus economic plan. The call comes after the UK announced it was cutting VAT (Value Added Tax) on hospitality services from 20% to 5%. At present, there is a 13.5% VAT rate in Ireland for hotel, tourism, food and drink services. The Restaurants…

Fraudulent emails and text messages tricking people to share personal and banking details increased during the Covid-19 crisis, according to gardaí. They have also issued a warning to ‘staycationers’ who are being targeted by cyber criminals on fake and cloned websites purporting to sell holiday equipment.  The bogus websites advertise caravans, campervans and small pleasure boat sales in a bid to defraud…

The European Commission has said that Ireland’s GDP is projected to contract by 8.5% in 2020. The economy here is then expected to grow by 6.25% in 2021, on the back of the pent-up domestic demand release and the global post-crisis recovery.  This compares with the Commission’s earlier forecast of a downturn of 7.9% for…

House sale prices fell by an average of 3.3% in the year to June, according to the latest Daft.ie Housing Market Report.  Daft.ie’s new monthly report looks at the health of both the sale and rental markets, with figures showing a 0.2% rise in rents nationwide in the year to June this year. The report reveals…

Consumers in the euro zone returned en masse to shops in May as lockdowns were eased, estimates from the EU statistics agency showed today, signalling a sharp recovery of sales after record drops in March and April.  Sales in the 19 countries sharing the euro zone rose by 17.8% in May from April, Eurostat said,…

The euro zone economy will drop deeper into recession this year and rebound less strongly in 2021 than previously thought, the European Commission forecast today, with France, Italy and Spain struggling the most due to the Covid-19 pandemic.   The EU executive said the 19 nation single currency area would contract by a record 8.7%…