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Coronavirus: And the economic impactThe coronavirus outbreak, which originated in China, has infected more than 500,000 people. Its spread has left businesses around the world counting costs.Q1 Outline how you think the coronavirus has impacted business and the economy in Ireland.__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Additional visual settingsEnter fullscreenUnmutFishermen in the south and west are being urged to cease fishing this weekend until a system is put in place to keep the industry afloat. With the restaurant trade drying up due to #coronavirus, the market for fish has completely collapsed here and throughout Europe.Q2 Outline the impact on the Irish fisheries industry of restaurant trade closures.______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Banks announce measures for customers and businesses impacted by Covid-19They include including a payment break up to three months, the deferment of court proceedings and the provision of working capital support to support businesses and personal customers. Outline the effects on the Irish economy of customers not paying mortgages for 3 months.____________________________________________________________________________________________________________________________________________________________________Q4 Outline the importance of the Irish government helping businesses by providing money to ensure businesses have enough capital to work with?______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Aer Lingus to cut wages by 50% as airline reduces working hours for month of April due to travel restrictions and reduced demand amid the ongoing coronavirus crisis.?Fórsa said it was assured by Aer Lingus that these are emergency, temporary measures. 07112000Q5 What employment law would set out rules for industrial action if Aer Lingus staff wanted to go on strike over wage cuts?_______________________________________________________________________________________________Q6 Do you think Aer Lingus staff should take industrial action? Explain your answer.__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________SO SHELF-ISH?Coronavirus panic-buying shoppers spent ?60million extra in first week of MarchQ7 Explain the economic impact on food retailers from the increased spending by consumers.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Property tax due date deferred for Kilkenny homeownersREVENUE CHANGES DATE FOR PAYMENT OF LOCAL PROPERTY TAXQ8 Explain why the government decided to change the date for payment of Local property tax.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Working at home? You can avail of tax reliefThousands of people who have been asked to work from home as a result of Covid-19 can claim a special tax relief.They are eligible for Revenue's e-worker relief, according to experts at .And people working from home are also entitled to be paid €3.20 a day by their employer to cover heating, electricity and broadband. This payment is tax-free, which means the employer won't be deducting PAYE, PRSI or USC from that amount.Q9 Explain why workers would get this payment from employers.____________________________________________________________________________________________________________________________________________________________________ON THE BRINK?Coronavirus – New Look offers 13,000 workers voluntary unpaid leave as chain feels the pinch from pandemicNEW Look is offering thousands of workers unpaid leave as it feels the pinch from the coronavirus outbreak.The company has offered its 13,000-strong workforce the option of unpaid voluntary leave, voluntary reduced hours or the chance to use their holiday allowance for the foreseeable future.Q10 Why has New Look offered workers unpaid leave? __________________________________________________________________________________If workers do not volunteer for this leave, how would the business be impacted in terms of wages, expenses and overall profit?______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Consumer demandThe key ways Coronavirus could impact on dairy and livestock marketsThe recent government advice to stay at home and avoid public places will divert foodservice and on-the-go consumption back into the home, pushing up retail purchases. It is reported that this is already happening with a surge in retail purchases of liquid milk and minced beef for example, and a drop off in the use of coffee shops and restaurants.A more serious situation is facing those processors who service the foodservice markets. The immediate and significant drop off in demand in this sector could mean processors are left with high stocks, and need to divert product elsewhere. The higher demand at the retail level may not provide an alternative however, as retailers often source from a single supplier.Q11 Explain why the retail purchase demand of food increased and the foodservice market consumer demand dropped? ____________________________________________________________________________________________________________________________________________________________________Q12 Explain why retailers like Lidl and Aldi are advertising for workers while thousands of workers lose their jobs due to the coronavirus.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Q13 What impact would the closure of businesses have on the Irish economy in terms of employment, taxes, growth and social welfare payments.__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Carlow Farmers Market set to introduce delivery service from next weekThe popular Saturday market is trying to help their more vulnerable customer.Q14 Outline the opportunity identified by farmer markets to deliver.__________________________________________________________________________________How innovative is this move in terms of entrepreneurship and consumer demands.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________350,000 to lose jobs in coronavirus crash -ESRIThe economy is set for a deep and harsh recession this year as a result of the impact of the coronavirus pandemic, the Economic and Social Research Institute warned today.“Under this scenario, the Irish economy would shrink by 7.1pc in 2020,” ESRI said of a situation in which the current lockdown continues for 12 weeks.“Consumption, investment and net trade would all fall sharply; households would cut spending, firms would cancel or postpone investment and external demand for Irish goods and services will fall,” the institute said in a report.It said that 350,000 would lose their jobs under this scenario and the unemployment rate would rise to 18pc from 4.8pc. Why is the Irish economy set for a deep and harsh recession according to this article?______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Q16 What economic indicators are set to change and by how much due to the coronavirus?______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Q17 The building crash and recession in 2008 saw unemployment rates rise from 6.5% in July 2008 to 14.8% in July 2012. Outline if the coronavirus is set to have a worse impact on the Irish economy and why.________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ................
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