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European markets posted their worst one-day drop in history

European markets posted their worst one-day drop in history today, as investors reacted to US President Donald Trump’s decision to impose restrictions on travel to the US from some countries in Europe. The pan-European Stoxx 600 had plummeted 11% by the close, with travel and leisure stocks sinking 12.8% following Trump’s announcement of a ban […]

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Telecoms firms prepared for increased network demand from remote working

Telecoms companies have said they are equipped to handle any increase in traffic over their networks that may come as a result of more people working remotely. Many companies had already directed staff to work from home in response to the outbreak of Covid-19. Today the Government urged more employers to use remote working where possible, […]

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Oil rises 2% but set for biggest weekly drop since 2008

Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite eking out a 2% today, as investors eyed evaporating demand from the coronavirus pandemic and a production ramp-up by top producers.  Brent crude was up 70 cents, or 2.1%, at $33.92 in early trade after falling more than 7% on […]

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EU warns against ‘economic disruption’ after Trump Europe travel ban

The EU will today assess the travel ban on Europe imposed by US President Donald Trump, European Council President Charles Michel said, adding: “Economic disruption must be avoided.”  Michel coordinates action by the leaders of the EU’s 27 member states. His tweet follows an overnight decision by Trump to suspend travel from Europe – but […]

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Tourism industry says VAT deferral scheme vital

The Irish Tourism Industry Confederation (ITIC) has said a VAT deferral scheme is vital to alleviate serious cashflow pressures in the tourism and hospitality sectors. The representative body said immediate action is critical because thousands of jobs are at stake due to the volume of cancellations and lack of future bookings. “Coronavirus is first and foremost […]

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Banks urge EU to ease capital rules to fight coronavirus fallout

Europe’s banks have called on European Union authorities to ease capital rules and other regulatory barriers to helping businesses struggling because of the coronavirus epidemic.  The European Banking Federation (EBF) comprises national banking industry bodies from across Europe. It has set out a three-stage plan in a letter to the European Union, European Central Bank and […]

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World market emerge from rout as stimulus hopes calm panic

Wall Street stocks bounced in opening trade today, recovering some of the losses from yesterday’s rout, in anticipation of stimulus measures to address the economic hit from coronavirus.  About 15 minutes into trading, the Dow Jones had gained 2.7% after losing more than 2,000 points yesterday in its worst session since 2008. Meanwhile, the broad-based S&P 500 […]

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Restaurants seeing 80% corporate booking cancellations

The Restaurants Association of Ireland has urged the Government to immediately implement emergency business supports to prevent closures and job losses as the spread of coronavirus hits the industry. The association said that its members are experiencing 80% corporate booking cancellations due to Covid-19.  It said the cancellation of the St Patrick’s Day parade in […]

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Revenue urges early engagement if virus causing tax difficulties

Revenue has said it will engage with any viable business that experiences temporary cashflow difficulties as a result of exceptional circumstances such as the Covid-19 outbreak.  Collector-General Joe Howley said that Revenue is aware that when temporary cashflow issues arise for a business, it can be a worrying time in terms of the ability to […]

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Emergency legislation aims to amend rules on sick pay

The Government is to introduce emergency legislation in the Dáil to amend the rules on sick pay, which will see Illness Benefit rise from €203 per week to €305. It will be available from the first day of illness rather than after six days as at present, and conditionality will be waived to allow the […]

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