Banking deal passed
THE Cabinet ratified the Single Resolution Mechanism yesterday, part of the European Union's efforts to reform the banking sector across the continent.
The deal, which was agreed last month, is the final step in a European banking union that means one supervisor for all eurozone banks, one set of rules to close or restructure those in trouble and one common pot of money to pay for it.
CALL FOR BUILDING BOOST
UP to 29,000 jobs would be created in Ireland's construction sector if the numbers employed could be brought in line with EU levels, Savills has claimed.
Reducing VAT on new homes and cutting local authority development levies should also be among the top goals for Government, the property consultants said ahead of the release of the Government's construction strategy.
US GROWTH EASES OFF
AMERICAN consumers took a respite from going to shopping centres and restaurants as retail sales climbed less than forecast in April, after the strongest gain in four years. The 0.1pc increase followed a revised 1.5pc surge in March that was the biggest since March 2010, Commerce Department figures showed.
David Berson, chief economist at Nationwide Insurance in Columbus, Ohio, said: "We've seen a reasonably good pick-up in job growth. That's ultimately the key to everything. The economy is getting stronger."
SPAIN TO RAISE €5BN
SPAIN is expected to raise €5bn in its first sale of bonds tied to inflation. The securities will be priced to yield 107 basis points less than conventional debt maturing in April 2024, sources told Bloomberg.
Investors are scooping up the euro region's higher-yielding government bonds amid speculation that the European Central Bank will expand steps to stimulate the economy.
ONLINE HELPING HAND
SMALL businesses are in line for a financial boost to help them start trading online, Jobs Minister Richard Bruton said. Some 25 small businesses will be able to spend up to €2,500 on a new online trading voucher scheme to develop or upgrade their websites or to roll out their digital marketing strategies.
Mr Bruton, speaking at the opening of the Fingal Local Enterprise Office in Swords, said: "There is a huge opportunity here for Irish SMEs and providing supports in this area."