Author: splash

EU warns Brexit trade deal at risk if UK violates Withdrawal Agreement

European Commission vice-president Maros Sefcovic said violating the Withdrawal Agreement would break international law and jeopardise trade deal talks, according to an EU statement. He told British Cabinet Office minister Michael Gove “in no uncertain terms” that the “timely and full implementation” of the divorce deal is “a legal obligation”. “Violating the terms of the […]

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Consumer prices see biggest fall since 2010 in August – CSO

New figures from the Central Statistics Office show that consumer prices on average were 1% lower in August compared with the same month last year.  This marked the sharpest annual fall since 2010, when the economy was hit hard by the global financial crisis. Consumer prices have dropped on an annual basis for five months […]

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Central Bank finds weaknesses in some credit unions

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 […]

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Euro zone GDP revised up, but still a record drop

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 […]

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UK must honour agreement to get free trade deal – Varadkar

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar says he does not believe a free trade agreement can be reached if the UK does not honour the UK EU Withdrawal Agreement. Mr Varadkar said he hopes that proposed new Brexit-related Westminster legislation is simply “sabre rattling”, adding that  the strategy and behaviour of […]

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Pound falls on threat to Brexit divorce deal

Sterling fell to a 12-day low against the US dollar and the euro today as Brexit talks veered into fresh crisis after Britain threatened to undermine its European Union divorce deal.   The pound was down 1% at $1.3145, its lowest level since August 26, while against the euro, it touched a low of 89.90 […]

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Economy in recession over impact of Covid-19 restrictions

New figures from the Central Statistics Office show that the economy contracted by 6.1% during the second quarter of 2020 due to the impact of the Covid-19 restrictions – the biggest quarterly drop ever recorded. This means the economy is now in recession after an initial estimate that it expanded in the first quarter was […]

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UK seeks ‘more realism’ from EU ahead of Brexit talks

The UK has demanded “more realism” from the European Union ahead of crucial post-Brexit trade talks, which get under way in London. However, the mood was soured by reports that the British government was looking to rewrite the Withdrawal Agreement that the two sides have already signed. British Prime Minister Boris Johnson’s chief negotiator David […]

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Eurozone economy stalls as north-south divide emerges

The euro zone’s recovery ran out of steam midway through the third quarter, with gauges of activity pointing to contractions in Italy and Spain. While manufacturing output rose markedly in August, the larger services sector saw only marginal growth, according to an IHS Markit report. Orders increased at a slower pace, job cuts continued and […]

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Most firms are not ready for Brexit’s extra trade burdens

Most Irish firms still aren’t ready for the extra customs costs and workload of Brexit trade, according to Chartered Accountants Ireland. A quarter of firms surveyed by the professional body say they have been “unavoidably diverted” by the Covid-19 crisis. The findings come ahead of tomorrow’s resumption of talks in London between UK and EU […]

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