News

Euro zone faces 2% recession, 10% if lockdown lasts – S&P Global

March 26, 2020By splasheurozone, Syndicated

The coronavirus pandemic will push the euro zone and Britain into recession this year, with their economies expected to shrink by as much as 2%, the international ratings agency S&P Global warned today. “The euro zone and UK are facing recessions. We now expect GDP (gross domestic product) to fall around 2% this year due […]

Economy to shrink by at least 7.1% due to virus – ESRI

March 26, 2020By splasheconomy, Syndicated

The economy could contract by over 7% this year and unemployment could soar to around 18% as a result of measures taken to slow the spread of the coronavirus, the Economic and Social Research Institute warned today. The ESRI said the Covid-19 pandemic is the greatest threat that the Irish economy has faced since the financial crisis. […]

EU tells banks to be flexible over loan losses rule during epidemic

March 25, 2020By splashbanks, Syndicated

European banks have the flexibility to avoid a huge rise in provisioning for non-payment of loans during the coronavirus outbreak, the European Union’s securities and banking watchdogs said today. Banks have warned they face mounting provisions as businesses and households they lent money to struggle to repay loans during the outbreak. EU states have approved […]

World markets rally as US agrees $2 trillion stimulus package

March 25, 2020By splashMarkets, Syndicated

After earlier strong gains, European shares were mixed today after an enormous $2 trillion US stimulus package and evidence of moves by companies to deal with the financial effects of the Covid-19~crisis failed to offset the impact on markets of a surge in cases around the world. After jumping as much as 5.1% in earlier trade, […]

Covid-19 unemployment support payments to be increased to €350

March 25, 2020By splashSyndicated, unemployment

The Government is to increase the Covid-19 Pandemic Unemployment Support payment for people who have been laid-off due to the virus from €203 to €350. The payment will also apply to the self-employed affected by the virus. However, people who are already unemployed due to reasons other than Covid-19 will remain on the usual Jobseekers’ […]

Virus hit firms will be able to defer rates payments

March 23, 2020By splashpayments, Syndicated

Businesses most impacted by the coronavirus outbreak will be able to defer the payment of their commercial rates for three months under a plan agreed by the Government with local authorities. The deal will relate primarily to the retail, hospitality, leisure and childcare sectors and will last until the end of May. In a statement, […]

EU to suspend budget rules as ECB relaxes regulations

March 23, 2020By splashbudget, Syndicated

The European Commission has said the EU would suspend its strict rules on public deficits to allow governments to open the money taps to face the coronavirus pandemic. In an unprecedented decision, Brussels triggered something called the “general escape clause”, giving countries free rein to “inject spending into the economy as needed,” EU chief Ursula […]

Recession a possibility as a result of virus; Davy

March 23, 2020By splasheconomy, Syndicated

Stockbroker Davy has said the Irish economy could contract in 2020 as a result of the coronavirus pandemic. In a range of possible scenarios outlined in a paper on the economy, chief economist Conall MacCoille describes the impact as ‘highly uncertain’. He said the stockbroking firm was delaying revising downwards its forecast for growth in […]

European rout pauses as ECB stimulus measures calms recession panic

March 19, 2020By splashecb, Syndicated

European shares edged higher from near-seven year lows today as another set of dramatic stimulus measures by the European Central Bank injected a ray of hope around its preparedness to tackle a major health crisis gripping the world. The pan-European STOXX 600 index was up 0.5% in opening trade. The European Central Bank joined peers […]

Banks announce measures for customers and businesses impacted by Covid-19

March 19, 2020By splashSyndicated

The main banks are to introduce a range of measures to help those affected by the outbreak of coronavirus. They include including a payment break up to three months, the deferment of court proceedings and the provision of working capital support to support businesses and personal customers. It follows a meeting between representatives of the […]

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