EU LEADERS TO MEET IN BRUSSELS TO BREAK NEGOTIATING DEADLOCK
European Union leaders plan to meet physically in Brussels for the first
time in months in a bid to break deadlock over a recovery plan intended
to counter the economic damage of the coronavirus pandemic.
The European Commission has proposed a €750 billion recovery
fund of grants and loans and a generous new seven-year budget, but
member states disagree on the size of the package and how to split
it between member states.
A group of so-called “frugal” states led by the Netherlands also
oppose giving out grants that member states would not need to
repay, while countries such as France insist this is essential to avoid
burdening weaker economies with additional debt.
To break the deadlock, a summit will be held in mid-July, ending
months in which leaders of the member states have conferred only
remotely due to the health restrictions of the pandemic.
CONSTRUCTION OUTPUT IN IRELAND TO SUFFER WORST DECLINE IN EU
Construction output in Ireland is expected to suffer a contraction that
would surpass any single-year decline during the financial crisis,
according to figures from industry forecaster Euroconstruct.
New figures show output in the sector is expected to fall by 37.7pc
this year. According to stockbroker Davy, this would be worse than
the most significant fall during the financial crisis of 33.6pc in 2009.
Expectations regarding the fall are the worst in Europe, though
reflect the UK figures, where a fall in output of 33.4pc is expected.
Annette Hughes, a director at EY-DKM Economic Advisory, which
compiled the figures for Ireland and is a member of Euroconstruct,
said the drop in output is expected due to the shutdown of construction
sites after the onset of the Covid-19 pandemic here. She believes onsite
health guidelines may also affect productivity.
OFFICE WORKERS SEEK TO EMBRACE AUTOMATION, SURVEY SAYS
The majority of Irish office workers want to see more automation in
their workplace, with almost half saying they would change jobs for
a company embracing it more, a new survey claims.
The research, which was carried out by Censuswide for digital
transformation specialist OpenSky and involved 1,000 people across
Ireland, found 62 per cent would like to see their organisation
embrace more automation, such as robotic process automation
(RPA) which reduces time-consuming, repetitive tasks. That was
more pronounced in Carlow, Dublin and Cork.
Just over a quarter believed automation would result in a four day
work week, and 35 per cent said they thought automation would
allow them to do their work more effectively.
OVER HALF OF YOUNG PEOPLE REPORT CONCERN OVER POTENTIAL COVID-19 JOB LOSSES
Over half of Ireland’s young people have concerns about losing their
job as a result of the Covid-19 pandemic, according to a survey
commissioned by Bank of Ireland (BoI).
The survey, carried out by Ipsos MRBI, of 1,000 consumers aged
16 and over took place over the first half of May. It found that 53pc
of people under the age of 30, who were only coming into the jobs
market at the time of, or since, the last recession, are most concerned
about losing their job, compared with 38pc for the population.
BoI found that those most impacted by the health aspect of the
virus, such as those over 60, were the least affected financially,
as they typically are mortgage-free with lower regular bills.
Conversely, the least affected health-wise, mainly those under
30, are some of the most affected by the economic and financial
aspects of Covid-19.