Numbers on Pandemic Unemployment Payment fall again

465,900 people are now receiving the Covid-19 Pandemic Unemployment Payment – a drop of 32,800 over the last week. This is according to the latest figures from the Department of Employment Affairs and Social Protection today.  At the peak of the Covid-19 crisis, 598,000 people who had lost their jobs were claiming the Pandemic Unemployment Payment. Since…

5 Irish banks have granted borrowers mortgage breaks

5 Irish banks have granted borrowers mortgage breaks

Low repayments on mortgages across the property industry have shown the adverse effect of the pandemic on businesses. The fall in economic activity has translated into a fall in consumer disposable income and financial incapacity to honor financial obligations. To cushion mortgagors against this loss of income, Irish banks have granted 45,000 loan repayment breaks…

Air freight rates head back to earth as virus-driven boom cools

An air cargo boom driven by demand for protective gear against the coronavirus has peaked. Rates, while still 50% above normal levels, are falling in a worrying trend for airlines relying on freight revenue in the absence of passengers. Declining prices may deal a blow to carriers that are scrambling to move cargo to offset…

‘The financial system is stronger than a decade ago, but its resilience is not limitless’ – Donnery

The Deputy Governor of the Central Bank has said while the financial system is stronger than a decade ago, its resilience is not limitless. Sharon Donnery made her comment as she addressed an online presentation hosted by the Institute of International and European Affairs. She said she recognised the resilience of Irish households, businesses and the…

Property sales slow by 40% in April due to Covid-19 – CSO

The number of property transactions slowed dramatically in April, according to the latest figures from the Central Statistics Office. House prices also fell last month but are marginally ahead of where they were a year ago, the CSO figures show. The CSO’s Residential Property Price Index shows that house prices nationally were 0.5% higher in…

Just 12% of bosses predict all staff will be back in offices post Covid-19

A new survey has found that just 12% of business leaders believe all staff will be back in their companies’ office/workspace once the Covid-19 lockdown is lifted, while 40% predict an equal mix of staff working in the office and remotely. 31% of bosses are either planning to downsize their office space or having it under consideration,…

European new car sales fall 56.8% in May – ACEA

European passenger car sales slumped in May but the drop was not as sharp as in the previous month because of an easing of restrictions imposed to contain the coronavirus pandemic, industry data showed today.  In May, new car registrations dropped by 56.8% to 623,812 vehicles in the European Union, Britain and the European Free…

Central Bank warns of unprecedented economic shock due to Covid-19

The Central Bank has warned that the scale of the economic shock due to Covid-19 is “unprecedented” and will create pressure on the financial position of both borrowers and banks.   Central Bank Governor Gabriel Makhlouf said governments are facing “fantastic levels of uncertainty” over the future and warned that while the financial system is resilient,…

78% of CFOs see more remote working and work flexibility in future plans

A new survey shows that 76% of Ireland’s chief financial officers expect a decrease in their company’s revenues and profits this year as a result of Covid-19. 28% of CFOs expect this decrease to be 25% or more, the latest PwC CFO Pulse survey shows.  PwC said that fewer global companies – 20% – expect this…