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Oil prices fell today on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic.  US oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.  US West Texas Intermediate June futures fell $2.86, or 16.88%, to $14.08 a…

A housing alliance which is building affordable homes is getting a site ready to reopen next week, despite not having permission to re-start work from the State Housing Agency. The Ó Cualann Cohousing Alliance has said they want to re-open their construction site in Ballymun in Dublin, but the development is not on the list of 35…

Oil prices were broadly steady today but were headed for their third weekly loss as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.  Brent crude was up 18 cents, or 0.84%, to $21.51 so far today, having risen 5% yesterday, while US oil was steady at $16.50 a barrel,…

A new survey shows that with the country more or less in full lockdown, job losses soaring and incomes under pressure, consumer and business confidence both sank in April.  The Bank of Ireland Economic Pulse came in at 34.3 in April, the lowest reading in its history.  The index, which combines the results of the…

The Central Bank has said that small and medium-sized businesses will need up to €5.7 billion in emergency cash as a result of the Coronavirus lockdown to cover costs. The deputy governor of the Central Bank, Ed Sibley, said that SMEs have a really important role to play in the Irish economy, both socially and…

New figures show that digital advertising spend in the Irish market for 2019 rose by 17% to reach €673m, but the outbreak of Covid-19 will hit spending this year. The latest IAB PwC Online Adspend report shows that display advertising grew by 30% to €326m last year, driven by the growth of Social – which…

Small and medium sized firms here could need up to €5.7bn in liquidity supports over the coming months as a result of the Covid-19 crisis. According to a new paper from the Central Bank, the policies to contain the spread of the virus have placed a temporary block between the consumption demands of households and…

EU leaders have set a target of two weeks to reach agreement on a trillion euro plus recovery plan for countries stricken by the coronavirus pandemic. This follows a four hour video conference today. The plan will involve leveraging the EU’s one trillion euro seven year budget in order to provide loans and grants to the…

Oil prices extended their gains today amid signs that producers are cutting production to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world’s economies.  Brent crude was up 33 cents, or 1.6%, at $20.70 a barrel in early trade after rising more than 5% yesterday.  US West Texas Intermediate…

The European Commission has said it is to implement a series of measures to assist the agri-food sector as a result of the impact of Covid-19. In a statement issued from Brussels, the Agriculture Commissioner Janusz Wojciechowski sad that he had decided to take what he called “swift action” because of the impact of the virus…