Timetable set for credit union laws
THE Department of Finance has set out a timetable for implementing new sections of legislation for credit unions.
The Credit Union and Co-operation with Overseas Regulators Act 2012 provides for major reforms in the credit union sector, including allowing a process of amalgamations and transfers to be undertaken on a voluntary, incentivised and time-bound basis and overseen by the Restructuring Board or 'ReBo'.
MANUFACTURING SHOWS RISE IN US
US manufacturing activity grew in June on the back of a pick-up in new orders and stronger production. The increase suggests factories could rebound in the second half of the year and help the economy grow.
The Institute for Supply Management said yesterday that its index of factory activity increased to 50.9 in June. That is up from 49 in the May, which was the lowest reading in four years. A reading above 50 suggests growth, while those below indicate contraction.
MORE OVER-50S SOUGHT IN BUSINESS
OVER-50s make up only 16pc of new businesses started in Ireland, but the County and City Enterprise Boards is aiming to increase this to a quarter.
It has just concluded a two-day workshop in Athlone, attended by more than 100 entrepreneurs aged over 50. It is estimated that by 2050, nearly a third of developed economies' populations will be aged 50 and over.
RELATIVE STABILITY IN HOUSING MARKET
THE housing market enjoyed a second quarter of relative stability in the three months to the end of June, with overall prices rising in both the Dublin and Irish housing market, estate agency Sherry FitzGerald said.
The stability is largely emanating from the regional centres and the counties surrounding Dublin, specifically Kildare, Wicklow and Meath.
AON HEWITT FUND IN POSITIVE TERRITORY
THE Aon Hewitt Managed Fund Index of managed pension funds fell by 2.8pc in June. Despite the negative return, the index has delivered a positive return of 6.6pc since the start of 2013.
Equity markets endured a turbulent month, which resulted in a large-scale sell- off as investors seemed to feel the equity markets had "topped".