Every afternoon, TheJournal.ie brings you 5 things you really need to know by 5pm.

1. #RECESSIONOMICS: It just doesn’t go away, does it? The European Commission’s Olli Rehn has said NAMAgeddon will mean Ireland will have to abandon its economic principle of being a ‘low tax’ economy, while the economist Colm McCarthy – who chaired An Bord Snip Nua – says the government should revisit some of the recommendations he made in his report.

Earlier, the opposition said they wouldn’t consider themselves bound by Brian Lenihan’s four-year budget plan to be unveiled in November. Oh, and the volume of retail sales only rose in the last year because of the upturn in car sales.

2. #PAY: The trade union umbrella group has rejected IBEC’s call for a pay freeze until at least 2013, describing it as a “recipe for conflict“.

3. #BOMB SQUAD: Areas of the southside of Dublin city centre were sealed off earlier after the Bomb Squad was called to the Royal College of Surgeons. Substances being used at the college on Stephens’ Green had ‘solidified’, and become dangerous.

4. #RYDER CUP: Anyone hoping to bury themselves under a rock this weekend to try and avoid the biggest event of the golfing world is out of luck. After play was suspended from 10am til 5pm today, European captain Colin Montgomerie has said this year’s event at Celtic Manor in Wales will go on into Monday – the first time in its 83 year history that it’ll have gone on so long.

5. #HOLLYWOOD FC: Some of Hollywood’s biggest names could appear in a new internet video protesting the ongoing financial trouble at Liverpool FC. Samuel L Jackson and Mike Myers are to appear in the video, which will argue that allowing the club to fall into administration by being repossessed by banks would be a better fate for the club than remaining within the hands of Tom Hicks and George Gillett.

Have a pleasant weekend – and don’t forget, we’ll be here covering all the weekend’s news as it happens.

Oh, and if you’re confused about the image accompanying this post, here’s something to help explain.