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MY | MONEY NEWS
Employers will be entitled to a financial incentive of €3,000 to take on apprentices under a new scheme to be announced today. Minister for Higher Education and Innovation Simon Harris wants to expand the model to include more sectors of the economy as it recovers from the impact of the Covid-19 pandemic. More than 18,000 people are currently undertaking an apprenticeship across a wide range of occupations. | Britain's economy shrank by a record 20.4% between April and June, when the coronavirus lockdown was tightest. This marks the largest contraction reported by any major economy so far, official figures showed today. The data showed the world's sixth-biggest economy entered a recession as it shrank for a second quarter in a row. There were signs of a recovery in the month of June alone when gross domestic product grew by 8.7% from May, the UK Office for National Statistics said. | Glanbia has reported a 25.4% drop in earnings to €85 million for the first half of the year, before interest, taxes, and amortisation. The global nutrition group said it is in a strong financial position, with revenues up 2.3% to €1.8 billion from €1.76 billion a year earlier. In its half year results, the group has announced a deal to buy Foodarom, a specialist flavours solutions business based in Canada for 60 million Canadian dollars. | A new €12 million euro fund for enterprise centres has been launched, to help centres impacted by the Covid-19 pandemic. The fund is part of the government's July Stimulus package, a €7.4bn package of measures designed to stimulate a jobs-led recovery and build economic confidence. Enterprise centres provide space, training, advice and administer grants to hundreds of companies and entrepreneurs throughout the country. | Revenues declined by 69% at Hostelworld during the first six months of the year to €12 million. The group said net bookings fell by 67% during the period, which was due to higher cancellation rates as a result of the Covid-19 pandemic. This resulted in a pre-tax loss of €8.3 million for the first half of the year. | UK department store chain Debenhams has axed 2,500 jobs as the coronavirus pandemic piles further pressure onto the long-suffering group. Debenhams was saved from collapse in April after securing a deal with creditors but it had been struggling to survive long before the virus pandemic owing to a surge in online shopping. |||