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Recession a possibility as a result of virus; Davy

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 […]

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European rout pauses as ECB stimulus measures calms recession panic

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 […]

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

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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ECB announces €750bn bond purchase scheme amid Covid-19 crisis

The European Central Bank on Wednesday announced a surprise €750 billion scheme to purchase government and corporate bonds. It comes as it joined other central banks in stepping up efforts to contain the economic damage from the coronavirus.  The ‘Pandemic Emergency Purchase Programme’ comes just six days after the ECB unveiled a big-bank stimulus package that failed to […]

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Retail group expects 200,000 more job losses over Covid-19 pandemic

Retail Excellence has forecast that another 200,000 people will be out of work by the end of this week because of the measures put in place to tackle the coronavirus. This is in addition to the estimated 140,000 people who have already lost their jobs since the measures were announced last Thursday. Retail Excellence Chief […]

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EIB pledges €40bn to tackle virus fallout

The European Investment Banks (EIB) is to make up to €40bn available to counteract the economic crisis caused by the Covid-19 outbreak. The organisation has also called on its members to set up a further guarantee for small and medium sized firms. The bank said the money could be made available at short notice. It […]

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European exchanges pledge to stay open in face of coronavirus stampede

European exchanges have vowed to stay open for business despite extreme volatility triggered by the coronavirus epidemic and four countries banning short-selling to shield some of Europe’s biggest companies. The Federation of European Securities Exchanges (FESE) said European exchanges will and should continue to remain open at all times.  “Closing the markets would not change […]

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Fears for flow of goods after EU border closures

The European Commission (EC) will encourage member states to co-ordinate border closures amid fears that unilateral closures by individual countries could inhibit the flow of goods and critically needed people. More and more member states have announced restrictions on people entering their territory as the coronavirus continues to spread throughout Europe. Spain said it was considering closing […]

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140,000 workers laid off due to coronavirus

It is estimated that around 140,000 people have been laid off work in Ireland because of the measures taken to tackle the coronavirus. This is a combination of 70,000 restaurant workers, 50,000 pub and bar staff, and around 20,000 crèche and childcare workers. Those eligable are being urged not to go to Intreo, the public employment service, […]

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US Federal Reserve cuts US rates to near zero

The US Federal Reserve has tonight cut rates back to near zero, restarted bond buying and launched other measures from its crisis-era toolkit. The measures are part of efforts by other central banks to put the floor under a rapidly disintegrating global economy assailed by efforts to contain the escalating coronavirus pandemic. “The effects of the coronavirus will […]

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