European leaders have debated overnight and remained locked in talks this morning as they try to hammer out a new Greek bailout deal.
Last night an austerity-heavy package which would see fiscal powers, and a massive transfer of €50bn worth of state assets being surrendered to European institutions.
This sparked online protests as #ThisIsACoup trended internationally. US economists Paul Krugman published a New York Times article titled 'Killing the European Project' which described the Eurogroup's list of demands as "madness," he labelled the aggressive negotiations as "a grotesque betrayal of everything the European project was supposed to stand for."
Greece countered with four major proposed alterations to be made to the deal. The current situation is that these issues are still being debated - the involvement of the IMF and the transfer of assets are believed to be the two main sticking points.
UPDATE: Belgium prime minister, Charles Michel has tweeted that an agreement has been reached, more to follow.
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The head of the Industrial Development Authority (IDA), Martin Shanahan has warned that uncertainty regarding Britain's future in the EU is likely to cause companies to delay plans to locate in the UK, and that “it would be naive” for overseas investors to come to the UK without considering the possibility of a Brexit.
“Some of the foreign direct investment [FDI] only serves the UK market, which is a large market in itself, but some of it is to service a European market or the rest of the world. Some of those who are servicing a European market from the UK may choose to hedge their bets because of the referendum. They may wait until the referendum happens and do something only once there is an outcome,” said Mr Shanahan.
He continues: “I am sure they [investors], like everyone, are watching and may delay their decisions if they believe there is uncertainty about the UK’s future in the EU. I think there is a possibility that people may delay an investment into the UK because of this uncertainty.”
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Last weekend's Brics summit has fleshed out the five-country bloc's plans to create a new international financial institution - each country pledged to contribute close to €9bn to the creation of a New Development Bank which will start lending in 2016.
Russian president, Vladimir Putin said that the bank will, "help finance joint, large-scale projects in transport and energy infrastructure, industrial development."
His foreign policy adviser, Yuri Ushakov said that this plan does "not constitute an attempt to oppose” the work of the US-based IMF and World Bank.
The Brics countries (Brazil, Russia, India, China and South Africa) account for 40 percent of the world's population and 20 percent of global economic output.
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Paddy Power has made a bid to acquire 7 shops owned by Galway-based Mulholland Bookmakers.
The deal, which is currently being reviewed by the Competition and Consumer Protection Commission, would leave the Mulholland Group with nine shops in the Galway, Mayo and Limerick areas.
Meanwhile, BoyleSports Commercial Director, Brendan Hughes told the Sunday Business Post that his company is planning to begin operations in Asia in 2016 and possibly at a later date West Africa.
The company already employs close to 100 people in a digital development and customer services unit in Manila in the Phillipines.
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The Irish construction sector grew at its fastest rate last month since November 2004, according to the latest Ulster Bank Construction Purchasing Managers’ Index.
The seasonally-adjusted index rose to 65.7 in June, the second highest reading in its 15-year history. Any measure higher than 50 is an indicator of growth in a sector. The survey measures activity in the housing, commercial and civil engineering sectors.
According to the survey, the rate of job creation jumped to its highest level in eight months due to an increase in new orders and business confidence that growth can be sustained in the second half of the year and beyond.
Meanwhile, the strength of purchasing managers’ indices across a number of industry sectors is one of the factors referenced by many of the country’s leading economists who say they are likely to revise upwards their forecast for economic growth this year.
Austin Hughes of KBC Ireland says he’s likely to increase his outlook from the current 4.5 percent rate for 2015 and of 3.8 percent for 2016.
