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Search resuls for: "Business insolvencies"


5 mentions found


☆ Ireland Eases Repayment Terms on COVID-19 Deferred Business Taxes
  + stars: | 2024-02-05 | by ( Feb. | At P.M. | ) www.usnews.com   time to read: +2 min
DUBLIN (Reuters) - Ireland's finance minister said on Monday the country's tax office would not force firms to pay interest on taxes deferred during the COVID-19 pandemic and allow extra time to repay the debt once they keep on top of current liabilities. The government introduced the tax warehousing scheme in May 2020 and firms that had deferred liabilities that arose during one of Europe's toughest lockdown regimes had already been given extra time until May 2024 to enter into repayment arrangements. The tax office said that 5,265 taxpayers were responsible for the bulk of the warehoused debt – 1.5 billion euros – and that almost 70% of the firms with deferred debts owe less than 5,000 euros each. Business insolvencies in Ireland rose 32% year on year in 2023, but were still below pre-pandemic levels. Accounting firm PwC, which compiled the figures, expects a similar rise in 2024 and a return to the 20-year average of annual closures.
Persons: Michael McGrath, McGrath, Padraic Halpin, David Evans Organizations: DUBLIN, Reuters, Ireland's, insolvencies Locations: Ireland
☆ Markets pin hopes on soft landing, with one eye on recession risk
  + stars: | 2023-12-01 | by ( Yoruk Bahceli Dhara Ranasinghe Naomi Rovnick | Yoruk Bahceli | Dhara Ranasinghe | ) www.reuters.com   time to read: +5 min
Yet labour markets are softening, the euro zone faces recession and China's property sector is in crisis. Here's what some closely-watched market indicators say about global recession risks:1/ AMERICAN EXCEPTIONALISM? Britain's economy avoided the start of a recession in the third quarter but still failed to grow. Economists broadly expect the global economy to slow next year but avoid a recession. If supply shocks resulting from the Israel-Hamas war become severe enough to push Brent crude to $150, a level it has never breached, a "mild and fleeting" global recession could result, Oxford Economics reckons.
Persons: Brendan McDermid, Guy Miller, COVID, Zurich Insurance's Miller, Torsten Slok, Austria's, David Katimbo, We've, Brent, Yoruk Bahceli, Dhara Ranasinghe, Naomi Rovnick, Alexandra Hudson Organizations: Wall, REUTERS, Zurich Insurance, Reuters, Traders, U.S . Federal Reserve, ECB, Apollo Global Management, P, Sweden's SBB, HK, Bank of England, Business insolvencies, EdenTree Investment Management, Oxford Economics reckons, Reuters Graphics Reuters, Alexandra Hudson Our, Thomson Locations: New York, U.S, China, Zurich, England, Wales, Europe, Israel
☆ Ground down: Australia coffee shops an early inflation casualty
  + stars: | 2023-07-10 | by ( Byron Kaye Lewis Jackson | Byron Kaye | Lewis Jackson | ) www.reuters.com   time to read: +5 min
The cost to make a flat white, one of the most popular Australian coffee orders, jumped by nearly one-fifth. The result is smaller profits, a shrinking pool of regular customers and business owners heading for the exit. Before COVID-19, hospitality venues were about one-third of Australian small businesses advertised for sale. It paused in July but warned it may resume hiking if inflation, still running at 7%, fails to slow. "Some of my regulars I used to have will still come and get coffee and say, 'We had to bring lunch.
Persons: Jack Hanna, Hanna, Damian Krigstein, Peter Meredith, Guy Cooper, insolvencies, Patrick Coghlan, that's, David Cox, Cox, Byron Kaye, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: Reuters, SBS Business, Link Business Sales Australasia, Australian Securities and Investments, Thomson Locations: SYDNEY, Europe, Sydney, Ukraine, Sydney's
☆ Bank stress likely to lead to tighter lending, corporate defaults - BofA credit survey
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
LONDON, April 26 (Reuters) - Bank stress will likely be limited to a small number of banks but lead to tighter lending conditions and a pick-up in corporate defaults, a Bank of America April credit investor survey released on Wednesday showed. The gap between high-yield bonds and government debt has tightened on 63% of days so far in 2023, an all-time record, signalling that credit markets are faring well in face of recent market turmoil, BofA said. The biggest share of respondents to its latest survey, some 36%, said they expected bank stress to remain confined to small banks with challenged business models, with the United States more vulnerable than Europe given different regulatory supervisions. However, over 20% said they believed that a credit crunch resulting from the bank stress would lead to a noticeable pick-up in corporate defaults. As banks may withdraw from lending to high-risk assets, credit investors did not believe that private credit markets would step in and replace it.
☆ Bank stress likely to lead to tighter lending, corporate defaults, Bank of America credit survey shows
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +1 min
LONDON, April 26 (Reuters) - Bank stress will likely be limited to a small number of banks but lead to tighter lending conditions and a pick-up in corporate defaults, a Bank of America April credit investor survey released on Wednesday showed. The gap between high-yield bonds and government debt has tightened on 63% of days so far in 2023, an all-time record, signalling that credit markets are faring well in face of recent market turmoil, BofA said. The biggest share of respondents to its latest survey, some 36%, said they expected bank stress to remain confined to small banks with challenged business models, with the United States more vulnerable than Europe given different regulatory supervisions. However, over 20% said they believed that a credit crunch resulting from the bank stress would lead to a noticeable pick-up in corporate defaults. As banks may withdraw from lending to high-risk assets, credit investors did not believe that private credit markets would step in and replace it.
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