Russia extends mandatory sale of forex revenue by exporting companies
Major exporters must repatriate at least 40% of their foreign currency earnings and sell at least 90% of the repatriated earnings on the domestic market from May 25, the government said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BreakingNews.ie
8 minutes ago
- BreakingNews.ie
Taoiseach welcomes trade deal between EU and US
The Taoiseach has welcomed a deal between the European Union and the United States, which will see a 15 per cent tariff on most EU imports to the US. The deal was reached during a meeting between Donald Trump and the president of the European Commission on Sunday. Advertisement The US president met European Commission president Ursula von der Leyen to hammer out the final details on the trading relationship between Europe and the US. Reacting to the deal, Taoiseach Micheál Martin said the agreement was very welcome. I welcome the outcome of trade talks today between the European Commission and the US. — Micheál Martin (@MichealMartinTD) July 27, 2025 'It brings clarity and predictability to the trading relationship between the EU and the US – the biggest in the world,' the Fianna Fáil leader said. 'That is good for businesses, investors and consumers. It will help protect many jobs in Ireland. Advertisement 'The negotiations to get us to this point have been long and complex, and I would like to thank both teams for their patient work. 'We will now study the detail of what has been agreed, including its implications for businesses exporting from Ireland to the US, and for different sectors operating here. 'The agreement is a framework and there will be more detail to be fleshed out in the weeks and months ahead.' Mr Martin said the higher tariffs will have an impact on trade between the EU and the US, which will make it more expensive and more challenging. Advertisement 'However, it also creates a new era of stability that can hopefully contribute to a growing and deepening relationship between the EU and the US, which is important not just for the EU and the US, but for the global economy,' he added. 'Given the very real risk that existed for escalation and for the imposition of punitively high tariffs, this news will be welcomed by many.' The deal was also welcomed by Tánaiste and Minister for Foreign Affairs and Trade Simon Harris, who said it brings clarity to businesses. 'While we have yet to see the detail, I welcome that an agreement has been announced by Commission President von der Leyen and US President Trump,' Mr Harris said in a statement. Advertisement 'A deal provides a measure of much-needed certainty for Irish, European and American businesses who together represent the most integrated trading relationship in the world. Ireland makes a key contribution to this with the Ireland-US economic relationship valued at more than one trillion euros. 'The US had made clear, and this has been replicated in other recent agreements, which the US has reached with other countries, that a baseline tariff was always going to be part of the outcome. 'I have always stressed that tariffs are damaging and will have a negative impact on companies exporting to the US. 'While Ireland regrets that the baseline tariff of 15% is included in the agreement, it is important that we now have more certainty on the foundations for the EU-US trade relationship, which is essential for jobs, growth and investment. Advertisement 'President von der Leyen described this as 15% tariffs across the board, all-inclusive.' He said further detail is needed around pharma, aviation and other sectors. Mr Harris said he will examine the details of the agreement over the coming days to establish the effect on Irish businesses and the economy. Earlier, EU commissioner Michael McGrath said the meeting was a 'significant and decisive moment'. Mr McGrath, EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, said it would involve substantive negotiations between both sides. US President Donald Trump enjoyed a round of golf before his meeting with Ursula von der Leyen. Photo: Jane Barlow/PA. 'It's a significant moment, we hope a decisive moment, and it builds on an enormous amount of work that has been done over quite a period of time,' Mr McGrath said ahead of the meeting. 'President Trump invited President von der Leyen to Scotland for a meeting. 'This follows on the back of intensive negotiations over a number of months. He added: 'It is not a case of turning up and signing on the dotted line. There will be a real discussion that will happen, and it will take on a dynamic of its own, and let's see what happens over the course of the afternoon. World US and EU clinch trade deal to avert prohibitive U... Read More 'But from the EU's point of view, we are determined to do all that we can to get a deal for European businesses, because we recognise the cost of uncertainty. 'It manifests in trade and in investment decisions and ultimately in employment and of course tariffs can cost consumers at the end of the day. 'We want a good deal. We have negotiated hard, and we're at a point now where hopefully the two leaders can today bring it to a concluding phase.'
Daily Mail
38 minutes ago
- Daily Mail
Unilever ice cream spinoff should free up cash
Unilever is set to update investors on the listing of its ice cream business this week. The consumer goods giant spun off the division behind Magnum (advertised by actress Eva Longoria), Ben & Jerry's and Wall's at the start of this month after snubbing London for an Amsterdam listing earlier this year. The group – whose brands also include Dove, Comfort and Hellmann's – will update investors on its plans for a fourth quarter listing on Thursday. Aarin Chiekrie, from broker Hargreaves Lansdown, said the ice cream demerger should 'free up plenty of cash to pay down debts and invest in other, higher-returning areas of the business'. It is looking to save £700m by cutting 7,500 jobs.
Daily Mail
38 minutes ago
- Daily Mail
Charging point shortage dents demand for EVs
A shortage of charging points is denting demand for electric vehicles, according to industry experts. Figures show there are just 82,369 public chargers in the UK with 48 added each day on average so far this year. Analysis by the Mail reveals Britain needs to build around 130 a day – nearly triple the current number – to reach the goal of having 300,000 public charging points by 2030. The shortage of charging points – which has fuelled so-called 'range anxiety' among motorists worried about where they can plug in – has been highlighted as one of the reasons why demand for electric cars has dwindled. Drivers have also been put off by the price of electric vehicles, which are typically more expensive than petrol and diesel cars. The Government has this summer announced plans to give motorists up to £3,750 to switch to EVs in a bid to boost demand to meet net zero targets. But experts said the shortage of charging points was a major threat to these efforts. Quentin Willson, founder of FairCharge, said the Government 'should do more to fast track and better support installations, especially in areas where there are charging deserts'. He added: 'Consumers rightly worry that there aren't enough public chargers. 'Government needs to send out a clear message to drivers that they are in control of the EV charging narrative, that they will support investment into the charging sector and help keep prices down.' According to charging point statistics website Zapmap, about 8,670 were added to the public network in the first half of this year. But this is less than half of the 19,834 added in 2024, suggesting the rollout is slowing. Just 1,371 were added to the Zapmap database in June – or 46 a day. Susan Wells, a director of EV charging point firm Hive, said: 'Charging must become as straightforward as filling up a petrol or diesel car.' A Department for Transport spokesman said: 'We're adding a public charge point every half an hour.
