(Bloomberg) — Ireland’s government unleashed a record package of budget measures to counter the dual threats of Brexit and the pandemic, as new restrictions threaten to derail a nascent economic recovery.



a group of people walking on a city street: Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it's entrenched them even more.


© Bloomberg
Shoppers walk along Donegall Place in view of the Belfast City Hall in Belfast, Northern Ireland, U.K., on Friday, Jan. 3, 2020. Nationalists who want to bring the island of Ireland together made advances in the U.K. general election while unionist parties that want to remain in the U.K.lost their majority. Brexit may have blurred the lines between political tribes in the U.K., but in Northern Ireland it’s entrenched them even more.

Speaking to lawmakers in Dublin on Tuesday, Finance Minister Paschal Donohoe said the entire 2021 budget package is worth close to 18 billion euros ($21.2 billion), with most being earmarked for a fund to deal with the virus and Brexit, more health spending and other

Read More

  • Secretary of Defense Mark Esper said Tuesday that the US Navy needs more than 500 ships by 2045 to counter China.
  • The Pentagon envisions a force of 355 traditional warfighting vessels by 2035 and a larger for of over 500 manned and unmanned vessels by 2045.
  • The plan, known as Battle Force 2045, calls for more submarines and hundreds of unmanned or optionally-manned assets, among other changes.
  • Visit Business Insider’s homepage for more stories.

Secretary of Defense Mark Esper argued Tuesday afternoon that the US Navy needs more than 500 ships by 2045 to counter China.

Speaking at an online Center for Strategic and Budgetary Assessments event, Esper unveiled his plan for the future fleet: “Battle Force 2045.” The plan calls for a force of 355 traditional warfighting vessels by 2035 and a larger force consisting of over 500 manned and unmanned vessels by 2045.

While Esper made note of

Read More

The company did not reveal what percentage of its workforce that entailed, but it’s believed the U.S. theme parks employ about 200,000 people, which would make the layoffs a workforce reduction of 14 percent.

Disney parks in California remain closed while Florida parks, which reopened in July, have been underperforming.

The company had furloughed 100,000 employees worldwide at the height of the lockdowns in the spring. Many were brought back when Walt Disney World reopened this summer.

Theme parks have taken the brunt of the toll as the virus has limited or scuttled public gatherings. In the most recent April-June quarter, Disney’s theme-park division reported less than a billion dollars in revenue, after taking in nearly $7 billion in the same period in 2019. The division posted a loss of $2 billion over the period.

Business has not significantly picked up since. On an earnings call in August, Bob Chapek,

Read More

Meredith laid off more than 100 staffers this week, the first round of layoffs at the media company since the start of the Covid-19 pandemic.

In all, the Iowa-based publisher laid off 130 people at its Local Media Group and 50 more from its National Media Group, the portfolio of magazine brands. The layoffs were company-wide and particularly affected teams already dealt a blow by the pandemic in events and ad sales.

The layoffs came amid historic print ad declines that have affected all publishers. In all, print advertising was down 33% in the second quarter of 2020, according to the latest U.S. advertising data from Magna.

These steps were cost-cutting measures due to the revenue losses sustained in the Covid-19 pandemic and represent “a reallocation of resources to higher-growth areas,” according to a Meredith spokesperson.

As other media organizations have gone through rounds of layoffs, or temporarily adjusted salaries

Read More

Updates number of employees laid off

SAO PAULO, Sept 17 (Reuters)Brazil’s largest lender Itau Unibanco Holding SA ITUB4.SA has laid off at least 270 employees since the beginning of September, according to a bank employees union leader on Thursday.

Layoffs reached 130 positions in the car loan unit and also hit workers located at bank branches, the union added.

Itau, which ended June with roughly 95,000 employees, pledged not to cut any jobs for an unspecified period of time during the coronavirus pandemic.

“Banks had committed not to fire workers during the pandemic and now are breaking their promise,” said Juvandia Moreira, head of the national bank employees union Contraf.

In a statement to Reuters, Itau said it resumed in September both hirings and layoffs, which had both been halted since the pandemic slammed Brazil in March. The bank did not

Read More

Rotunda Rumblings

Measuring Cupp: Jeremy Pelzer has a profile of Bob Cupp, the quiet but experienced new Ohio House speaker. Included is what’s on Cupp’s priority list through the end of the year (potentially repealing House Bill 6, passing a long-sought education-funding reform bill) and what’s not (Gov. Mike DeWine’s gun-reform package).

Mail time: More than 1 million Ohioans have requested absentee ballots by mail, a figure that’s already approaching the total 1.2 million mail-in votes cast for the November 2016 election, Andrew Tobias reports. Six counties — Athens, Lucas, Portage, Summit, Trumbull and Wayne, have already exceeded their 2016 totals. Five more counties, Franklin, Hamilton, Lorain, Sandusky and Wood, were at 90% or more of their 2016 totals.

Return to sender: In his capacity as top Republican on the House Judiciary Committee, U.S. Rep. Jim Jordan on Tuesday sent its Democratic chairman, Jerry Nadler of New York, a

Read More

Australian carrier Vocus is unsurprisingly looking to focus on its underlying earnings, after a AU$202 impairment to the goodwill of its retail division and a AU$56 million purchase price allocation that sent its statutory earnings plunging.

For the year to June 30, the company reported a 6% drop in revenue to AU$1.78 billion, with its recurring revenue down 1.1% to account for all but AU$25.5 million of the total and the remainder flowed from the large infrastructure line item, which was down by AU$94 million due to the completion of the Coral Sea subsea cable.

Statutory earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 3.5% to AU$361 million, before the significant items came into play. Statutory EBIT dropped AU$215 million to a AU$109 million loss, thanks mainly to the impairment, and statutory net profit fell by a similar number to a AU$178 million loss.

In underlying terms, the company

Read More

Mozilla, the company behind the well-known Firefox internet browser, announced on Tuesday that it would be laying 250 employees, roughly a quarter of its workforce, in the wake of the COVID-19 pandemic. The company’s remaining employees will also be refocused on projects expected to generate the most money.

“Economic conditions resulting from the global pandemic have significantly impacted our revenue. As a result, our pre-COVID plan was no longer workable,” CEO Mitchell Baker said in a blog post about the layoffs. “Though we’ve been talking openly with our employees about the need for change — including the likelihood of layoffs — since the spring, it was no easier today when these changes became real. I desperately wish there was some other way to set Mozilla up for long term success in building a better internet.”

As part of its initial plan to generate more revenue, Mozilla will shift focus to

Read More