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Activity in construction industry sees first slowdown in 6 years

Activity in construction industry sees first slowdown in 6 years

Activity in the construction sector contracted for the the first time in over six years in September, Ulster Bank’s latest Purchasing Manager’s Index reveals.

The PMI fell to 48.3 in September, a significant drop from 53.7 recorded in August.

Any figure under 50 signals a slowdown in a sector, while a figure over 50 signals growth.

September saw …

Dublin market heading for big gain on Brexit hopes

Dublin market heading for big gain on Brexit hopes

Dublin’s ISEQ index is on track for its biggest one-day percentage gain this year, soaring more than 230 points (3.7%) this evening, boosted by optimism that a Brexit deal can be reached.

After holding talks yesterday in the UK, Taoiseach Leo Varadkar and British Prime Minister Boris Johnson said they saw “a pathway to a possible deal”.

EU negotiator …

China imports, exports down in September as growth cools

China imports, exports down in September as growth cools

China’s imports and exports fell more than expected in September, official data showed today, as US tariffs and cooling demand at home and abroad hit trade in the world’s second largest economy.

Globally, China’s exports dropped 3.2% in September from the same period last year, while imports dived 8.5%, according to data from the customs administration.

The figures were worse than …

Irish mortgage rates still higher than euro zone average

Irish mortgage rates still higher than euro zone average

New figures from the Central Bank show that Irish mortgage holders continue to pay the second highest interest rates in the euro zone.

The average interest rate on all new mortgages issued here in August stood at 2.99%, down two basis points since the beginning of the year but up from 2.98% in July.

This compares to the average rate of …

Tech tariffs may spark retaliation from China

Tech tariffs may spark retaliation from China

China has signalled it intends to hit back after the Trump administration placed eight of the country’s technology giants on a blacklist over alleged human rights violations against Muslim minorities.

Asked yesterday whether China would retaliate over the blacklist, foreign ministry spokesman Geng Shuang told reporters “stay tuned”. He also denied that the government abused human rights in the far west region of …

Manufacturer slowdown starts to hit jobs market

Manufacturer slowdown starts to hit jobs market

Jobs growth in manufacturing stalled for the first time since 2016 this month. A fourth consecutive month of weaker manufacturing conditions has started to feed through to weaker hiring data, according to a survey.

AIB’s Manufacturing Purchasing Managers’ Index showed a drop in new orders led to a further decline in output, with the index posting a reading of 48.7 in September.

“As …

Government will only borrow if it needs to for no-deal

Government will only borrow if it needs to for no-deal

The Minister for Finance has said €650m will be made available to support the Agriculture, Enterprise and Tourism sectors and to assist regions most impacted by a no-deal Brexit.

The money will be made available in the event of a no-deal.

€220 million of that would be deployed immediately.

From this, €110m will be made available for enterprises for the …

€1.2 billion package to deal with Brexit – Donohoe

€1.2 billion package to deal with Brexit – Donohoe

The Minister for Finance and Public Expenditure and Reform Paschal Donohoe has today announced an overall package of over €1.2 billion to respond to the threat of a no deal Brexit.

Delivering Budget 2020 in the Dáil, Mr Donohoe said some of these funds will be spread across a number of departments and agencies to increase the level of staffing, upgrade …

Fuel prices rise as Dáil passes Budget 2020 carbon tax increase

Fuel prices rise as Dáil passes Budget 2020 carbon tax increase

Some key taxation elements of Budget 2020 were passed by the Dáil last night, including the controversial increase in the carbon tax.

The number of deputies who voted in favour of the measure was 97, with only 36 opposing the increase and two TDs abstaining.

Accordingly, both petrol and diesel increased by 2 cent a litre at midnight.

Pound falls as doubts grow over chances of last-minute Brexit deal

Pound falls as doubts grow over chances of last-minute Brexit deal

Sterling fell in early London trading today as investors grow increasingly concerned that Britain and the European Union were no closer to agreeing a Brexit withdrawal deal.

British lawmakers have passed a law requiring Prime Minister Boris Johnson to seek a delay to Brexit if the UK cannot agree a withdrawal deal by October 19.

But a …

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