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Oil falls as US, China add more tariffs in trade war

Oil falls as US, China add more tariffs in trade war

Oil prices weakened this morning after new tariffs imposed by the US and China came into force, raising concerns about a further hit to global growth and demand for crude.

Brent crude slipped 22 cents, or 0.4%, to $59.03 a barrel this morning, while US oil was down two cents at $55.083 at barrel.

The US began imposing 15% …

Third week of gains for the pound after volatile few days

Third week of gains for the pound after volatile few days

After a volatile week, the British pound was on course for its biggest monthly gain since February.

It was partly accounted for by a drop in the euro which encouraged investors to buy the pound.

The single currency fell more than half a percent after figures showed that inflation across the euro zone remained at 1%, well below the …

Stock markets boosted by fresh trade hopes

Stock markets boosted by fresh trade hopes

Renewed hopes for trade talks boosted stock markets today after China said it would not retaliate against the latest US tariffs, setting up a positive end to a volatile week.

New trade optimism helped alleviate gloom about predictions for a coming slowdown in the world economy, analysts said.

“We may be facing up to the reality of recession but optimism continues to flow …

Biggest growth in consumer lending in over 10 years; Central Bank

Biggest growth in consumer lending in over 10 years; Central Bank New lending for car purchase in the year to July reached its highest level since the Central Bank started measuring the indicator in 2012.

According to the regulator’s figures, gross new lending for car purchase hit €2.1 billion in the twelve month period.

Arrangements other than personal contract plans accounted for much of the increase.

Overall consumer lending in …

Euro zone inflation remains low

Euro zone inflation remains low

Euro zone inflation remained low at 1% in August, well below the European Central Bank’s target, bolstering market expectations that the bank will further ease monetary policy next month.

The European Union’s statistics office said that inflation in the 19 countries sharing the euro was unchanged from the July reading, in line with expectations in a Reuters poll.

The rates of price increases in July …

Government urged to set up €1bn Brexit Response Fund

Government urged to set up €1bn Brexit Response Fund

The British-Irish Chamber of Commerce has called on the Government to set up a €1bn Brexit Response Fund to help Irish businesses withstand a ‘Brexit shock’.

It said such a fund would assist the most vulnerable businesses through the Brexit period.

The chamber said the Government should re-allocate Corporation Tax revenue to the fund to offer targeted supports for industries …

Average weekly pay increased at fastest pace in a decade in Q2

Average weekly pay increased at fastest pace in a decade in Q2

Wage pressures are continuing to take hold in the economy with average weekly earnings growing by 3.5% in the year to June, the highest rate of growth in around a decade.

According to figures from the CSO, average weekly earnings stood at €771.12 at end June, up from €745.09 a year earlier.

Earnings increased in 12 of the …

‘Reduce national debt with any corporate tax windfall’ – Central Bank

‘Reduce national debt with any corporate tax windfall’ – Central Bank

The Acting Governor of the Central Bank has urged the Minister for Finance to use any unexpected windfall in corporate tax this year to reduce the national debt, which stands at just over €200 billion.

In a pre-Budget letter to the Minister published today, Acting Governor Sharon Donnery has warned that the reduction of Ireland’s very high level …

Car sales slump drives Ireland’s retail activity 4.3pc lower in July

Car sales slump drives Ireland’s retail activity 4.3pc lower in July An unseasonal slump in new car purchases drove Ireland’s retail sales sharply lower last month, the Central Statistics Office reported on Wednesday.

Sales declined by 4.3pc in both value and volume terms versus June levels, chiefly because many Irish car hunters are opting to buy cheap used UK imports on the back of the British pound’s Brexit-fuelled weakness.

Irish …

Sterling dives as fears of no-deal Brexit grow

Sterling dives as fears of no-deal Brexit grow

Sterling dived as concerns rose that the United Kingdom may be headed for a disruptive no-deal Brexit after Prime Minister Boris Johnson moved to restrict parliamentary time before October 31.

Mr Johnson said he would schedule a Queen’s Speech for October 14 in order to launch new legislation. He denied he was seeking to prevent parliament from obstructing his Brexit plans.

The …

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