A global shortage of Guinness is bad news for St. John's pub owners
The CBC's Maddie Ryan reports on why St. John's pubs have run out of Guinness beer and how bar owners are faring without the popular Irish stout.
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26 minutes ago
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Irish Fiscal Advisory Council report raises concerns about US trade tensions
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. A new report from Ireland's fiscal watchdog projects continued surpluses for the island nation but raises warnings about the country's dependence on 'volatile' corporate taxes paid by multinational firms, many of whom are American companies, amid rising trade tensions. In a report released Tuesday by the independent Irish Fiscal Advisory Council, officials noted that without revenue from corporate taxes, Ireland would face a 'substantial debt' to the tune of €5 billion in 2025. 'Phenomenal levels of excess corporation tax are keeping Ireland in surplus,' the council said in the report. 'Without these revenues, there would be a substantial deficit, despite a strong economy. These receipts may well increase, but they remain high risk. Just three companies account for most of the excess corporation tax.' The report said that about 75% of Ireland's corporate tax revenue depends on U.S. companies. Both nations have hailed their tight business connections as mutually beneficial. A March report from the American Chamber of Commerce Ireland, for instance, described Ireland as the 'sixth largest investor in the U.S.' owing to the steady stream of business between the two countries. Ireland is home to the European headquarters of many U.S. firms, including tech giants like Meta, Apple and Google. Ireland's relatively lower corporate tax rate has also led some American companies to move their official legal headquarters there, such as medical device giant Medtronic and consulting firm Accenture. Though many of the businesses with a presence in Ireland are exempt from the Trump administration's tariff regime for now, that could change, the council's report noted. Pharmaceutical products, for instance, have been exempted from U.S. tariffs, but the sector 'remains under active review.' Looking ahead, the sectors that have driven Ireland's recent growth now face critical questions about whether to continue investing in the country. 'Services sectors, such as the tech sector, may not be directly impacted by tariffs. However, if the trade dispute escalates and both sides respond with new tariffs, the services sector could also be directly impacted.' Council researchers said nearly €40 billion worth of pharmaceutical goods were exported from Ireland to the U.S. in the first three months of 2025. That's almost as much as all exports in 2024, according to the report. For now, the report nonetheless projects higher-than-expected corporate tax revenue for Ireland. Though the Irish government has projected about €28 billion in corporate tax revenue, the council said those forecasts are 'simply not credible' and pointed to a range of reasons why the figure might end up being much higher. The jump in pharmaceutical exports was one of them. 'Under current policies, we expect corporation tax revenues to continue rising, at least in the short term,' the council stated. Sign in to access your portfolio
Yahoo
4 hours ago
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Euro zone industry, trade take big hits in April amid tariff turmoil
FRANKFURT (Reuters) -Euro zone industry and trade took major hits in April, likely reflecting U.S. tariffs announcements, challenging the view of economists that the bloc is holding up well in the face of economic turmoil. Industrial production fell by 2.4% on the month in April, more than the already-weak expectations for a 1.7% fall in a Reuters poll of economists, as every segment within industry suffered a contraction, data from Eurostat showed on Friday. Trade also suffered, with the surplus of the 20 nations sharing the euro falling to just 9.9 billion euros compared with the previous month's 37.3 billion euros. The weak figures are not unexpected as U.S. firms frontloaded purchases in February and March in anticipation of the April 2 tariff announcement. But the April reversal is larger than many had anticipated, indicating downside risks to economic growth forecasts, which are already below 1% for the year. The euro zone's exports to nations outside the bloc fell by 8.2% on the month, while figures for the broader EU showed a 9.7% drop, Eurostat said. The EU's total exports to the U.S., its biggest trading partner, totalled 47.6 billion euros in the month, well down on the 71.1 billion reported a month earlier, which included the frontloading and was itself considered unusually high. The drop was mainly driven by sharply lower chemicals exports, likely relating mostly to pharmaceutical exports from Ireland, which hosts a number of international firms that are located there for tax reasons. Irish pharmaceutical exports to the U.S. surged in the months leading up to the tariffs, pushing up economic growth to exceptional levels. The figures also explain why Irish industry contracted by 15% on the month, leading euro zone production lower. The hit to industry was so large that it erased nearly all gains from the past year, and output in April was just 0.8% higher than a year earlier, with only non-durable consumer goods showing any annualised increase. Still, surveys conducted since the April turmoil indicate some modest optimism in manufacturing, suggesting that the sector is not going back into recession even if its recovery will be shallow. Sign in to access your portfolio
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7 hours ago
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WRAP EU leads textile extended producer responsibility talks
The WRAP EU talks brought together European Commission officials, executives from the textile and fashion industry, representatives from non-profit organisations, trusts, foundations, and additional stakeholders. The agenda for the event was to explore strategies for the EU to transition from the traditional linear model of consumption, characterised by the pattern of take, make, and dispose, to a Circular Living approach that emphasises reuse, repair, and remanufacturing. Textiles, and other manufactured goods are collectively responsible for approximately 45% of global greenhouse gas emissions, making the change relevant in these sectors. The special meeting was convened following the postponement in the final vote on the revised Waste Framework Directive. Due to this delay, member states have started accumulating large quantities of used textiles in compliance with requirements effective from January 2025, said WRAP. However, they are doing so without adequate infrastructure to process these materials and with a lack of comprehensive national textile Extended Producer Responsibility (EPR) schemes to facilitate development or growth. WRAP, which focuses on EPR development across the textiles and fashion sector, presented its analysis on varying EPR policies across Europe concerning plastics and its collaboration with the Irish Government to establish a textile EPR scheme in anticipation of the Directive. The summit featured keynotes and discussions led by Catherine David and David Rogers, director of international development at WRAP. Notable speakers included Klaus Berend from DG SANTE at the European Commission, Laura Lourdelle from Sodexo, Paul Kerssens from United Repair Centre, and Stéphane Leroux from IFWC. Catherine David was introduced as the new CEO of WRAP during the meeting, along with Sofie Schop as executive director of WRAP EU. Catherine David assumed the role effective 1 June 2025 to propel the charity's sustainability initiatives globally. 'The incoming textiles EPR will touch every member from Copenhagen to Milan and change how countries make and manage clothes for good. Its Waste Framework Directive is world-leading in ambition for transformative collaborative action, underscored by its long track record of sustainable leadership. Driving Circular Living models on this scale will have a profound impact on global actions to cut greenhouse gas emissions. I am delighted to convene this meeting to show how this should be a blueprint for more action from more countries, more businesses and more governments to secure a prosperous and sustainable future for us all,' said David. Sofie Schop has over two decades of experience in ESG and circular economy principles and having held significant roles at various organisations including Versuni, PVH, Tommy Hilfiger, Karl Lagerfeld, G-STAR RAW, Cascale, Schuttelaar & Partners and Fair Wear Foundation. Under this new role, Schop will lead WRAP EU's efforts to integrate sustainability practices into business operations throughout Europe. "WRAP EU leads textile extended producer responsibility talks" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
