Growth in the Irish economy last year has been revised upwards, making it one of the strongest performers globally, despite the pandemic and the restrictions imposed on domestic activity, the Irish Times reported. The economy grew by 5.9 per cent in gross domestic product (GDP) terms last year, according to updated figures from the Central Statistics Office (CSO). The CSO said headline GDP has been revised upwards from a preliminary figure of 3.4 per cent due to the availability of more comprehensive data.
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Resources Per Country
- Albania
- Austria
- Belarus
- Belgium
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Guernsey
- Hungary
- Iceland
- Ireland
- Isle of Man
- Italy
- Jersey
- Kosovo
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- Norway
- Poland
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Ukraine
- United Kingdom
- Vatican City
Britain’s financial watchdog will not formally oppose Provident’s compensation plan for its doorstep lending unit in court even as it voiced concerns on Wednesday that consumers were being short-changed, Reuters reported. The Financial Conduct Authority (FCA), which successfully argued for a similar proposal by guarantor lender Amigo to be rejected in London’s High Court in May, said in a statement its decision to not oppose Provident’s plan was because the only likely alternative was the insolvency of the business.
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U.K. inflation unexpectedly accelerated to the highest level in three years in June, driven by widespread price increases that challenge the Bank of England’s argument that the surge will be temporary, Bloomberg News reported. Consumer prices climbed 2.5% from a year earlier, exceeding all but two estimates in a Bloomberg survey of 35 economists. Prices rose from May in the vast majority of 12 broad divisions, the Office for National Statistics said Wednesday. The pound advanced.
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A silver mine in Bosnia and Herzegovina that sat derelict through the years of civil strife that gripped the region from the early 1990s may soon be taken out of mothballs to benefit from an optimistic price outlook, Bloomberg News reported. Adriatic Metals Plc’s Vares project could resume production by the end of 2022 following a hiatus of more than three decades, according to Chief Executive Officer Paul Cronin.
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Britain's fisheries have been sold out by the post-Brexit trade deal agreed with the European Union, the head of an industry body said on Wednesday, urging the government to do more for the sector when a so-called adjustment period ends in 2026, Reuters reported. Winning back "control" of Britain's fishing waters was one of the main drivers for Brexit, with the industry becoming the poster child for many supporters of the country's departure from the EU during the 2016 referendum and beyond.
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Increased risk taking in global financial markets, particularly in leveraged debt, could worsen future downturns, according to U.K. monetary authorities, Bloomberg News reported. As borrowing in global junk-rated debt markets continues to climb, valuations are vulnerable to changes in growth prospects and the path of interest rates, officials wrote in the Bank of England’s Financial Stability Report. “Elevated asset valuations and compressed risk premia imply a vulnerability to a sharp correction in asset prices,” according to the report.
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The Bank of England signaled it’s not overly worried that the U.K.’s current housing boom, fueled by a temporary tax cut, will lead to an unsustainable buildup in mortgage debt, Bloomberg News reported. In its twice-yearly assessment of financial stability, the central bank said while the share of households struggling with debt increased “slightly” during the the pandemic, it “remains significantly below its pre-global financial crisis level.” The sanguine assessment comes amid a surge in U.K. house prices as buyers race to take advantage of a cut in stamp duty, a levy on transactions.
The U.S. private equity group in talks with Sanjeev Gupta over refinancing his Australian operations, White Oak Global Advisors, is moving deeper into the trade credit business after snapping up one of Greensill Capital’s subsidiaries, the Australian Financial Review reported. White Oak Global Advisors CEO Andre Hakkak, who is in refinancing talks with Sanjeev Gupta, has bought Greensill Capital subsidiary Finacity. White Oak has been named the successful bidder of Finacity, a US firm which helps companies raise cash by acquiring their invoices.
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Mainly people who are vaccinated or recently tested negative for Covid-19 will be allowed in bars, restaurants and malls in France starting from August, President Emmanuel Macron said on Monday, as the spread of the virus increases across the country, the Wall Street Journal reported. The new restrictions will also apply in trains, domestic flights, theaters, amusement parks, concert halls, hospitals and nursing homes. Authorities will reinforce border controls this week and impose quarantines on travelers who aren’t vaccinated and have arrived from countries at risk, he added.
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German EV hopeful Next.e.GO Mobile SE is in talks to go public through a blank-check company or an initial public offering that could value the manufacturer of compact cars for shorter trips at as much as 2 billion euros ($2.4 billion), Bloomberg News reported. The company, saved from insolvency last year, may go through with the plan within the next 12 months, Chairman Ali Vezvaei said in an interview. “There are advantages to both and we’re examining our options,” Vezvaei said, while the company has plans to produce a total of 300,000 vehicles over the next five years.
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