News

Use of cheques halves as electronic payments continue to increase

The phrase ‘the cheque is in the post’ is set to become redundant. New figures show that the use of cheques in this country has plummeted by almost half in the last four years. The pandemic has accelerated the decline in the use of cheques as contactless payments have been encouraged. In the first three […]

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Big challenge in economic stimulus plans is to avoid wastefulness

The Government’s economic stimulus plan, which will be published today if it is signed off by the Cabinet, is a tricky exercise at a time when there is nervousness about rising numbers of Covid-19 cases. It is difficult to reboot the economy if the public remains concerned about a second wave, and no one is […]

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The EU’s €750 billion recovery fund – What is in it for Ireland?

In the ‘deal before dawn’ to secure a multi-billion euro Covid-19 recovery package and a €1.8 trillion budget package to see the EU through the next seven years, how did Ireland play its hand? Our reporter Eleanor Burnhill has been looking at Ireland’s potential gains and losses. Heading into his first EU summit, Taoiseach Micheál Martin indicated that Ireland would […]

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Almost half of firms deferring payments to manage cash flow – Central Bank

Around four in ten firms surveyed by the Central Bank say they have unpaid invoices. The outstanding amounts equate to about 20% of 2019 revenue, according to the regulator, which may result in increased pressure to cash flow. As many as 42% of firms said they had changed or deferred payments to manage cash flow. […]

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Firms spend up to €42,500 to meet Covid requirements, according to CSO

Small businesses spent on average €4,000 on Covid-19 measures to comply with requirements for trading, according to the Central Statistics Office. The findings of its latest survey on the impact of the pandemic on businesses, show the cost of implementing measures varied by the size of the enterprise. Micro enterprises, which have less than 10 […]

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Martin calling for more details on EU recovery proposal at Brussels summit

Taoiseach Micheál Martin has said Ireland will make their own contribution to the “own resources” aspects of the €750 billion Covid-19 recovery fund. Speaking in Brussels ahead of an EU summit, Mr Martin said Europe needs to give far more detailed consideration to other “own resources” proposals, including for example a digital tax. “The full implications […]

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European stocks start week in red

Europe’s stock markets opened lower, as EU leaders struggled to unite over the terms of a vast 750 billion euro post-coronavirus economic rescue plan. Investor sentiment was also dented as a spike in new Covid-19 infections forced some governments to impose fresh containment measures, notably in Australia, Hong Kong and the United States. In initial […]

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Oil prices fall amid rising Covid-19 cases worldwide

Oil prices fell on Monday, unnerved by the prospect that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world. Brent crude LCOc1 was down 25 cents, or 0.6%, at $42.89 a barrel, after dropping slightly last week. U.S. oil was off by 22 cents, […]

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Liquidity and cashflow key concerns for 1 in 3 businesses – survey

Almost half of those working in the accountancy profession have called for greater leniency on filing deadlines, interest and penalties as companies try to cope with the effects of Covid-19, a new survey shows. The survey, conducted by Chartered Accountants Ireland among almost 2,000 members on the island of Ireland, also shows that liquidity and […]

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Temporary Wage Subsidy Scheme has cost over €2bn to date

The government’s Temporary Wage Subsidy Scheme has now cost in excess of €2 billion, according to the latest statistics issued by the Revenue Commissioners. Around 415,000 employees are currently being directly supported by the scheme, having received a TWSS subsidy in their last payroll cycle. However, since the scheme was launched on 26 March, over 618,000 […]

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