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On one of the State’s busiest pieces of road, the M50 between junction 9 (Red Cow) and junction 10 ( Ballymount), traffic peaked at just over 3,800 in the 8-9am period this morning

Much quieter than Christmas day – road traffic levels collapse

Economy
Cliff Taylor
March 30, 2020, 15:52

On the M50 traffic peaked at just over 3,800 compared to a normal morning hourly peak of over 11,000

If the State is subjected to a period of disruption lasting until the end of August, the economy could shrink 13.1%, with potentially 318,000 people losing their jobs. Photograph: Getty Images

Irish economy could contract by 13% if shutdown lasts until August

Economy
Eoin Burke-Kennedy
March 30, 2020, 14:33

EY Ireland paints grim picture of economic fallout from prolonged period of disruption

A worker wearing a protective face mask uses a computer at a check-out area at the Mercabarna food wholesale complex in Barcelona, Spain, on Thursday. Spain, confronting one of the world’s fastest spreading outbreaks, has over the past week enacted a series of measures, ranging from a 400 million-euro aid package for the tourism and transport industries to declaring a state of emergency. Photographer: Angel Garcia/Bloomberg

Euro area sentiment plunges as coronavirus shutdown continues

Economy
Eoin Burke-Kennedy
March 30, 2020, 11:51

Germany council believes economy might shrink by 5.4 per cent in 2020

Customers and their representatives will still be able to have access to their accounts in order to manage their tax, file returns, make payments and so on

Revenue suspends phone helpline services due to Covid-19

Economy
Charlie Taylor
March 30, 2020, 11:31

National employer helpline and ROS technical helpdesk are still available

CSO defers publishing monthly jobless numbers

Economy
Eoin Burke-Kennedy
March 30, 2020, 11:11

Agency says it is currently assessing impact of Government’s income support scheme

The average house price in Dublin was €380,000, up 1.5 per cent over the previous quarter, while outside of the capital the increase was 1.6 per cent to €226,000. Photograph: Bloomberg

Covid-19 crisis to wipe out Q1 housing market recovery

Economy
Mark Paul
March 30, 2020, 06:20

There were 12,170 agreed sales in the first three months of the year, survey shows

Women wearing face masks on an almost deserted Henry Street in Dublin city centre. Photograph: Brian Lawless/PA Wire

Insolvency lawyer warns of ‘disaster’ if firms reject Covid-19 wage subsidies

Economy
Mark Paul
March 30, 2020, 05:55

Arthur Cox partner says fears over trading while insolvent are ‘without foundation’

The boarded-up Monsoon clothes and accessories store on Dublin’s Grafton Street. Photograph: Bryan O Brien

Initial Covid-19 impact on commerce the tip of the iceberg

Economy
Mark Paul
March 30, 2020, 05:41

Economic Pulse shows the services sector witnessed the steepest drop in sentiment

Code Institute’s customers include global companies such as BT, Facebook, Google and Hubspot

Educational technology company Code Institute raises €1.2m

Economy
Mark Paul
March 30, 2020, 05:21

Company was founded by Irish businessman Anthony Quigley in 2015, and offers online coding courses through distance learning

British army truck deploying in London. The nearest Britain got to revolution was the electorate’s rejection of Churchill and the creation of the welfare state. It could have been worse

If you think governments are spending money now, just wait

Economy
Chris Johns
March 29, 2020, 12:47

Chris Johns: A massive stimulus will be needed once economies are off life support

The construction sector employs not far off 150,000 people directly and a significant number will now have no work. Photograph: iStock

Coronavirus: Construction sector most significant part of new shutdown

Economy
Cliff Taylor
March 28, 2020, 20:46

Much of manufacturing to remain open, but more offices and local services will also close

Boris Johnson earlier this week. The PM delayed introducing containment measures in the UK, while trumpeting a controversial ‘herd immunity’ strategy. Photograph: PA Video/PA Wire

British exceptionalism backfires in style as Johnson tests positive for coronavirus

Economy
March 28, 2020, 05:30

Brexiteer PM now finds himself trapped in Downing Street office, cut off from staff

ECB headquarters in Frankfurt, Germany. The regulator has already relaxed capital requirements for euro zone banks. Photograph: Getty

ECB orders banks to freeze dividends and share buybacks

Economy
March 27, 2020, 21:59

Move likely to affect payments from AIB and Bank of Ireland to State

Spanish prime minister Pedro Sanchez warned in an EU Sumit video conference that failure to achieve solidarity on a financial rescue package could imperil the EU itself. Photograph: Borja Puig De La Bellacasa/EPA

Covid-19: Economic downturn worsens old EU splits

Economy
Naomi O'Leary
March 27, 2020, 16:39

Countries hardest hit demand rapid action but ‘frugals’ remain cool on coronabonds

Ambulances outside the ExCeL London exhibition centre ithat is being transformed into a field hospital.

UK needs to be honest about its Covid-19 strategy

Economy
Martin Wolf
March 27, 2020, 16:12

Martin Wolf: the economic and social costs of lockdowns seem likely to increase exponentially over time

The outstanding stock of SME credit on the balance sheets of Irish banks fell by 1 per cent quarter-on-quarter and by year-end stood at €21.5 billion

SME lending rose 1% last year to €5.4bn, Central Bank figures show

Economy
Charlie Taylor
March 27, 2020, 13:52

Gross new lending to SMEs was €1.6bn in the fourth quarter, with net lending at €311m

The outstanding balance on accounts in arrears of more than 90 days was €7.9 billion at the end of December.

Slight decline in number of mortgage in arrears

Economy
Charlie Taylor
March 27, 2020, 12:41

Accounts over 720 days behind are 45% of all in difficulties

Eoin Burke-Kennedy writes that the most frightening aspect of the ESRI forecast is that it fears this scenario may be “too benign” to capture the full scale of the assault

Recession ahead, bills unpaid, and Wetherspoon’s panto-villain chairman

Economy
Michael McAleer
March 27, 2020, 06:30

Business Today: the best news, analysis and comment from The Irish Times business desk

By shifting to renewable energy, the world demand for fossil fuels is likely to fall between 2030 and 2050. Photograph: Eric Taylor/Bloomberg

Big world economies must rebalance relative price of renewables and fossil fuels

Economy
John FitzGerald
March 27, 2020, 05:14

John FitzGerald: Oil price fall reflects the long-term changes in the world market for oil

Just 8 per cent of company directors surveyed said they expected their company’s financial performance to improve this year. Photograph: iStock

Covid-19 is a ‘challenge unlike any other’ for business leaders

Economy
Charlie Taylor
March 27, 2020, 04:45

New survey shows dramatic reversal in confidence among company directors

A quiet Wicklow Street in Dublin city centre on Thursday, closed due to the Covid-19 outbreak. Photograph: Gareth Chaney/Collins

Euro zone leaders fail to agree on how countries finance new crisis borrowing

Economy
Naomi O’Leary
March 26, 2020, 21:49

World leaders wrestle to contain pandemic’s economic fallout

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