logo
Minister commits to Cork light rail

Minister commits to Cork light rail

Irish Examiner10 hours ago
The period between now and 2030 will be 'transformational for our public transport' across the country, according to the minister overseeing it.
As he confirmed his department will publish a development plan, transport minister Darragh O'Brien vowed that the Government is 'committed' to a light rail system for Cork.
However, he warned that it will take several years to make its way through the planning system.
He made the comments at the opening of the new Dart station at Woodbrook in Shankill, south Dublin.
Woodbrook is situated between Bray and Shankill and will serve around 2,300 homes. It cost €24m.
Mr O'Brien stated this will be one of many new public transport projects to be opened across the country.
The National Development Plan review, published last month, allocated an additional €24bn to the department.
Mr O'Brien stated that the Government will continue to invest in public transport.
Transport minister Darragh O'Brien speaking to media after arriving by DART at the newly-opened Woodbrook station in Dublin on Sunday. Picture: Gráinne Ní Aodha/PA
'These are your taxes that you paid invested in infrastructure for the good of all of our citizens and, indeed, visitors alike,' he said.
'We'll continue to do that over the course of the term of this [Government over] five years between now and the end of the decade. I believe that this period of time can be transformational for our public transport system, particularly our rail system right the way across the country.'
Mr O'Brien told reporters that the Department of Transport received a 'significant allocation' in the National Development Plan and will now examine which projects can be progressed.
Expanding rail network in Cork, Waterford, and Galway
He said the priority route for the Cork Luas is 'out on display' and it is now a 'matter for public consultation'.
He stated that the Government is 'committed' to the project but that it will have to go through the planning process, which will take several years.
'Cork commuter rail, the gun is underway, the double tracking there as well [and] changes in the station,' said Mr O'Brien.
'Galway too [and] a new station and Waterford. It's about really increasing frequency and capacity across our rail network.
'For the first time, this Government has put funding directly associated with Metrolink.
"Metrolink will be a game-changer for not just the North Dublin region, but the whole region.
It'll drive economic development. It'll get more people out of their cars. It will improve quality of life as well.
'I'm waiting in anticipation for a decision from An Coimisiún Pleanála in that regard. Hopefully, if there's no challenges with that, we can move to commence construction on that within the next two years, subject to it not being challenged in court. What I'll be doing later in the autumn is actually publishing our own department's National Development Plan for the five-year period.'
Mr O'Brien also said he disagreed with comments by businessman Dermot Desmond that the Metrolink will not be required, as advancements in AI will lead to more autonomous cars on the road.
He said: 'This is a project of significant national importance. It would not be replaced by self-driving cars. AI will certainly advance our public transport offering, unquestionably.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Paschal Donohoe on How Countries Go Broke by Ray Dalio: a bleak picture of volatility
Paschal Donohoe on How Countries Go Broke by Ray Dalio: a bleak picture of volatility

Irish Times

time3 minutes ago

  • Irish Times

Paschal Donohoe on How Countries Go Broke by Ray Dalio: a bleak picture of volatility

How Countries Go Broke: The Big Cycle Author : Ray Dalio ISBN-13 : 978-1398551466 Publisher : Simon & Schuster Guideline Price : £ 30 The earliest known occurrences of sovereign states defaulting on their debts are the Greek city states in the 4th century BC. Cities such as Rhodes and Byzantion refused to pay tributes to Athens. The consequences stretched beyond economics to the decline of Athenian power. A recent example of Greek creditworthiness is their recovery from the debt crisis. Their government bonds are now performing at historically positive levels due to the extraordinary improvement in their public finances. These are all reminders that confidence in the debt of a country reflects the performance of their economy and a confidence in future prospects. However, it is not just a passive indicator. It also contributes to economic growth or decline. Low interest rates make government borrowing affordable. READ MORE This funds investment. Alternatively, high rates of interest can cause big problems. Ray Dalio is a famous founder of one of the most successful hedge funds in the world. He is now imparting his economic wisdom through a sequence of books. The latest, How Countries Go Broke, is an immense reflection on the causes of the loss and recovery of national creditworthiness. While occasionally technical, this is an analysis of the epic trends of history: why countries rise and fall. It explains the importance of short- and long-term debt cycles and how governments and central banks respond to their development. Short-term cycles last for approximately six years. Central banks create additional credit to revive a flagging economy. Rising inflation causes a change in policy that results in lower growth and higher debt. The author is precise in his analysis of economic history. With some authority, he concludes that the United States has experienced 12 complete short-term debt cycles and has completed two-thirds of the 13th cycle. Dalio concludes that two full cycles have been completed in the US and within the wider global economy. Photographer: Michael Nagle/Bloomberg via Getty Images A longer debt cycle is the gradual build-up of indebtedness due to the accumulation of shorter-term cycles. This eventually leads to efforts to make debt more sustainable. Dalio writes that this creates a 'period of big market and economic turbulence'. The gradual interplay between short- and long-term dynamics creates the Big Cycle. Over a longer time period, changes in productivity and the impact of this long-term debt cycle will shape the rise and fall of economies. Five important factors influence the Big Cycle. They include the operation of the normal economic cycle, acts of nature and the impact of human creativity through the development of new technologies. [ The Mission. The CIA in the 21st Century by Tim Weiner: Tale of an evolving agency Opens in new window ] The author acknowledges the role of political and social decisions in causing the cycle. Changes in the order of societies have repercussions for the performance of economies. This occurs when 'those who don't run the existing order acquire more power than those who do and want to change it'. Dalio examines 180 years of economic history through this framework. He concludes that two full cycles have been completed in the US and within the wider global economy. The decision by president Nixon, on August 15th, 1971, to cease the conversion link between the dollar and gold was a seminal economic moment. It increased the ability of central banks to create money and credit. Authorities were now able to 'more freely create money and credit than in the past ... and this affects all mediums of exchange and storeholds of wealth'. The consequences of these changes for China and Japan are examined. These chapters are full of insights. The changes in the living standards of Japanese workers and the growth of debt in China are just some examples of this analysis. This book also lucidly explains how central banks and governments co-ordinated their policies to support economies during the pandemic. The explanation of his Big Cycle framework and the validation of it through economic history sets the stage for the most interesting part of the book. The concluding chapters look to the future, and paint a bleak picture of volatility. Conclusions are grim. Dalio writes that 'the current configuration of conditions is most analogous with those that existed in 1905-14 and 1933-38″. He forecasts major debt difficulties and is very pessimistic about the future of international co-operation. [ 'What are you doing in the pub on your own then?' A brush with scandal at Sackville Place Opens in new window ] One hope is the benefits that technology will create. The best recipe for national success, in this harsh scenario, is to keep debt under control and invest in people. This work understates the importance of growth as an ingredient in the elixir that infuses the ebb and rise of economies. It also underestimates the political difficulty of the most important economic decisions. How Countries Go Broke is oddly thrilling and extremely relevant, full of wisdom, mostly expected and all forensically explained. Dalio cautions of the need to look for signals amid the intense noise of the everyday. It explains his huge success as an investor but, more importantly, offers policies for economic safety and security as our world rapidly changes. These recipes apply both to the individual investor and to a country. Paschal Donohoe is the Minister for Finance and president of the Eurogroup

Minister commits to Cork light rail
Minister commits to Cork light rail

Irish Examiner

time10 hours ago

  • Irish Examiner

Minister commits to Cork light rail

The period between now and 2030 will be 'transformational for our public transport' across the country, according to the minister overseeing it. As he confirmed his department will publish a development plan, transport minister Darragh O'Brien vowed that the Government is 'committed' to a light rail system for Cork. However, he warned that it will take several years to make its way through the planning system. He made the comments at the opening of the new Dart station at Woodbrook in Shankill, south Dublin. Woodbrook is situated between Bray and Shankill and will serve around 2,300 homes. It cost €24m. Mr O'Brien stated this will be one of many new public transport projects to be opened across the country. The National Development Plan review, published last month, allocated an additional €24bn to the department. Mr O'Brien stated that the Government will continue to invest in public transport. Transport minister Darragh O'Brien speaking to media after arriving by DART at the newly-opened Woodbrook station in Dublin on Sunday. Picture: Gráinne Ní Aodha/PA 'These are your taxes that you paid invested in infrastructure for the good of all of our citizens and, indeed, visitors alike,' he said. 'We'll continue to do that over the course of the term of this [Government over] five years between now and the end of the decade. I believe that this period of time can be transformational for our public transport system, particularly our rail system right the way across the country.' Mr O'Brien told reporters that the Department of Transport received a 'significant allocation' in the National Development Plan and will now examine which projects can be progressed. Expanding rail network in Cork, Waterford, and Galway He said the priority route for the Cork Luas is 'out on display' and it is now a 'matter for public consultation'. He stated that the Government is 'committed' to the project but that it will have to go through the planning process, which will take several years. 'Cork commuter rail, the gun is underway, the double tracking there as well [and] changes in the station,' said Mr O'Brien. 'Galway too [and] a new station and Waterford. It's about really increasing frequency and capacity across our rail network. 'For the first time, this Government has put funding directly associated with Metrolink. "Metrolink will be a game-changer for not just the North Dublin region, but the whole region. It'll drive economic development. It'll get more people out of their cars. It will improve quality of life as well. 'I'm waiting in anticipation for a decision from An Coimisiún Pleanála in that regard. Hopefully, if there's no challenges with that, we can move to commence construction on that within the next two years, subject to it not being challenged in court. What I'll be doing later in the autumn is actually publishing our own department's National Development Plan for the five-year period.' Mr O'Brien also said he disagreed with comments by businessman Dermot Desmond that the Metrolink will not be required, as advancements in AI will lead to more autonomous cars on the road. He said: 'This is a project of significant national importance. It would not be replaced by self-driving cars. AI will certainly advance our public transport offering, unquestionably.'

Woman, 74, arrested in Belfast for wearing Palestine Action T-shirt released
Woman, 74, arrested in Belfast for wearing Palestine Action T-shirt released

Irish Examiner

time16 hours ago

  • Irish Examiner

Woman, 74, arrested in Belfast for wearing Palestine Action T-shirt released

A 74-year-old woman who was arrested for wearing a Palestine Action T-shirt in Belfast has been released. The woman was arrested at a protest in Belfast on Saturday. Police said she was arrested on suspicion of possession of an article that indicates support for a proscribed organisation in the Linenhall Street area of Belfast. Peaceful protest is a basic human right It comes after the British Government in July made expressing support for, or being a member of, Palestine Action a criminal offence under terrorism legislation. In London, some 466 people were arrested for supporting the banned group after protesters gathered in Parliament Square on Saturday. In Belfast, videos shared online show a woman wearing a Palestine Action T-shirt being told by police officers she was being arrested on suspicion of 'possessing an article, namely a sign or T-shirt, that indicates support for Palestine Action'. Northern Ireland director of Amnesty International UK, Patrick Corrigan, criticised the protester's arrest as 'outrageous'. 'Peaceful protest is a basic human right,' he said. Read More Police arrest 466 people over Palestine Action support at protest

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store