Credit union limit, Penneys stays shut, more stimulus and shopping for Ireland

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Mark Paul’s Caveat column has a simple solution if you want  to help Ireland recover from coronavirus: Go shopping

Mark Paul’s Caveat column has a simple solution if you want to help Ireland recover from coronavirus: Go shopping

 

One of the country’s largest credit unions plans to introduce a maximum limit on savings accounts of €40,000 from July 1st due to the cost of placing money on deposit with banks and a lack of demand for new loans resulting from the Covid-19 lockdown of the economy.

Penneys has confirmed that it will not be reopening its 37 Irish stores next week, despite an expected move by the Government to accelerate the easing of restrictions to allow larger retailers trade from Monday. Meanwhile, the Government’s tourism taskforce wants changes to school holidays to boost ‘staycations’.

Mark Paul’s Caveat column has a simple solution if you want to help Ireland recover from coronavirus: Go shopping.

Internationally the economic stimulus continues. The German government yesterday agreed a ¤130 billion fiscal package centred on a big cut in VAT, while the ECB increased the size of emergency bond purchases by ¤600 billion to €1.35 trillion.

Financial services company Fexco is the latest to announce job cuts, seeking to let go around 150 of its Irish workers as it grapples with the impact of Covid-19 travel bans on tourism.

There was some good news, however, with Gulf carrier Emirates will resume flights from Dublin to Dubai from the middle of this month.

Cairn Homes has agreed in principle a €30 million deal to sell 61 apartments to Dublin City Council for social housing from its planned development on former RTÉ lands at Donnybrook in Dublin 4.

Staying with the property sector, in this week’s Agenda, Barry O’Halloran studies the harsh lessons facing the burgeoning student accommodation sector as it comes to terms with the new social distancing regime.

Backing EU plans for a financial transaction tax could be politically wise for Ireland, argues John FitzGerald, as it may prove a useful ‘pawn’ in the bigger battle to protect Ireland’s corporation tax regime.

For those working from home it’s easy to slip into bad posture, so Olive Keogh looks at some solutions to the ergonomic challenges.

Finally, last night’s EY World Entrepreneur of the Year for 2020 was announced online rather than at the traditional gala event in Monaco. Top prize went to the founder of one of India’s largest biopharmaceutical companies, who started it all with just $500.

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