Consumer spending declined last month as households cut back after Christmas and as the Covid lockdown reduced shopping opportunities, the Irish Times reported. Total spending fell 14 per cent year on year, with increased sales of digital content and spending on home-related goods failing to offset big declines in hospitality, travel and clothing. Figures compiled by fintech Revolut show spending in bars was down 94 per cent compared with January 2020, while expenditure in hotels and restaurants fell 86 per cent and 70 per cent respectively.

Aer Lingus has secured €150 million from the State-backed Ireland Strategic Investment Fund’s (Isif) pandemic recovery scheme, the Irish Times reported. The three-year loan will be used to strengthen the airline’s liquidity position as it seeks to deal with the impact of the Covid crisis. Isif, which operates under the umbrella of the National Treasury Management Agency, said the loan was agreed on commercial terms. Rival airline Ryanair has been critical of State supports availed of by competitors across Europe.

The Irish High Court said on Friday it had granted an extension to Norwegian Air’s creditor protection, as requested by the examiner overseeing the process, Reuters reported. The extension to Feb. 25 was granted after a lawyer representing the Irish examiner told the court that the examiner believed the budget carrier had a reasonable prospect of survival. Norway’s government backed the airline’s survival plan on Thursday, saying it would stump up cash if private investors did too. “I will grant that application and extend the time for reporting...

North Ireland is facing an “abyss” once the Brexit “grace period” on imports from Britain ends unless action is taken, one of its major haulage companies has warned, the Irish Times reported. “Northern Ireland’s going to get worse in April if we don’t get some easement,” said Paul Jackson of McBurney Transport in Ballymena, Co Antrim. “As a haulage business this is currently an unsustainable model, and we have to be engaged with directly and we have to have it sorted out before the first of April, we have to.” Mr.

Ireland's High Court has approved a further payment of €3.29 million out of the State’s Insurance Compensation Fund (ICF) concerning personal-injury claims against collapsed Maltese-registered motor insurer Setanta, the Irish Times reported. The €3.29 million sum includes a sum of €1.97 million for third-party legal costs. The remainder comprises some €1.06 million in awards, orders to pay and agreement settlements; some €224,000 in minor court awards; and some €35,581 in property damage.

Business failures in Ireland barely rose last year despite the economic challenges posed by the Covid crisis, new figures show, the Irish Times reported. Measures deployed by government during the pandemic had helped to sustain companies during the year, said accountants Deloitte, which compiled the figures. The number of corporate insolvencies rose by just 1 per cent to 575. This compares to 568 insolvencies in 2019.

Ryanair slashed its annual traffic forecast by around 5 million passengers on Thursday, saying fresh lockdowns in Britain and Ireland targeting a highly contagious new variant of COVID-19 would leave the countries with “few, if any” flights, Reuters reported. The Irish low-cost carrier, Europe’s largest, also harshly criticised public health measures, saying Ireland’s travel curbs were “inexplicable and ineffective” and called on the country and Britain to accelerate the pace of vaccine rollouts.

Insurance reform must be “sorted” in 2021, a group representing businesses across the country has argued, if small and medium sized businesses are to help the economy recover from the Covid-19 pandemic this year, the Irish Times reported. The Alliance for Insurance Reform, which represents civic and business organisations across the country and whose members include the Vintners Federation of Ireland, the Irish Hotels Federation and ISME, has put forward five priority reforms for the sector in 2021.