Ireland to tap multinational tax windfall to hike infrastructure spending by 30%
Ireland has for years failed to turn a multinational-driven corporate tax boom into improving creaking energy, water and housing supply. The IMF recently estimated that Ireland's infrastructure lags competitor economies by around 32%.
"We believe that there's a need to immediately implement a step change in the scale and quality of public investment in critical sectors," Prime Minister Micheal Martin told a news conference on Tuesday.
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Reuters
18 minutes ago
- Reuters
EU's $250 billion-per-year spending on US energy is unrealistic
BRUSSELS/HOUSTON, July 28 (Reuters) - The European Union's pledge to buy $250 billion of U.S. energy supplies per year is unrealistic because it would require the redirection of most U.S. energy exports towards Europe and the EU has little control over the energy its companies import. The U.S. and EU struck a framework trade deal on Sunday, which will impose 15% U.S. tariffs on most EU goods. The deal included a pledge for the EU to spend $250 billion annually on U.S. energy - imports of oil, liquefied natural gas and nuclear technology - for the next three years. Total U.S. energy exports to all buyers worldwide in 2024 amounted to $318 billion, U.S. Energy Information Administration data showed. Of that, the EU imported a combined $76 billion of U.S. petroleum, LNG and solid fuels such as coal in 2024, according to Reuters' calculations based on Eurostat data. More than tripling those imports was unrealistic, analysts said. Arturo Regalado, senior LNG analyst at Kpler, said the scope of the energy trade envisioned in the deal "exceeds market realities." "U.S. oil flows would need to fully redirect towards the EU to reach the target, or the value of LNG imports from the US would need to increase sixfold," Regalado said. There is strong competition for U.S. energy exports as other countries need the supplies - and have themselves pledged to buy more in trade deals. Japan agreed to a "major expansion of U.S. energy exports" in its U.S. trade deal last week, the White House said in a statement. South Korea has also indicated interest in investing and purchasing fuel from an Alaskan LNG project as it seeks a trade deal. Competition for U.S. energy could drive up benchmark U.S. oil and gas prices and encourage U.S. producers to favour exports over domestic supply. That could make fuel and power costs more expensive, which would be a political and economic headache for U.S. and EU leaders. Neither side has detailed what was included in the energy deal - or whether it covered items such as energy services or parts for power grids and plants. The EU estimates its member countries' plans to expand nuclear energy would require hundreds of billions of euros in investments by 2050. Its nuclear reactor-related imports, however, totalled just 53.3 billion euros in 2024, trade data shows. The energy pledge reflected the EU's analysis of how much U.S. energy supply it could accommodate, a senior EU official said, but that would depend on investments in U.S. oil and LNG infrastructure, European import infrastructure, and shipping capacity. "These figures, again, are not taken out of thin air. So yes, they require investments," said the senior official, who declined to be named. "Yes, it will vary according to the energy sources. But these are figures which are reachable." There was no public commitment to the delivery, the official added, because the EU would not buy the energy - its companies would. Private companies import most of Europe's oil, while a mix of private and state-run companies import gas. The European Commission can aggregate demand for LNG to negotiate better terms, but cannot force companies to buy fuel. That is a commercial decision. "It's just unrealistic," ICIS analysts Andreas Schröder and Ajay Parmar said in written comments to Reuters. "Either Europe pays a super high non-market reflective price for U.S. LNG or it takes way too much LNG volumes, more than it can cope with." The United States is already the EU's top supplier of LNG and oil, shipping 44% of EU LNG needs and 15.4% of its oil in 2024, according to EU data. Raising imports to the target would require a U.S. LNG expansion way beyond what is planned through 2030, said Jacob Mandel, research lead at Aurora Energy Research. "You can add on capacity," Mandel said. "But if you're talking about the scale that would be necessary to meet these targets, the $250 billion, then it's not really feasible." Europe could buy $50 billion more of U.S. LNG annually as supply increases, he said. The EU has said it could import more U.S. energy as its plan advances to end Russian oil and gas imports by 2028. The EU imported around 94 million barrels of Russian oil last year - 3% of the bloc's crude purchases - and 52 billion cubic metres (bcm) of Russian LNG and gas, according to EU data. For comparison, the EU imported 45 bcm of U.S. LNG last year. Higher EU fuel purchases would, however, run counter to forecasts for EU demand to decline as it shifts to clean energy, analysts said. "There is no major need for the EU to import more oil from the U.S., in fact, its oil demand peaked a number of years ago," Schröder and Parmar said. ($1 = 0.8571 euro)
Reuters
20 minutes ago
- Reuters
Cincinnati Financial's quarterly profit more than doubles on higher premiums, interest income
July 28 (Reuters) - Property and casualty insurer Cincinnati Financial (CINF.O), opens new tab reported on Monday that its second-quarter profit more than doubled, reflecting higher premiums and investment income. The results reflect the stability of insurance firms, even as trade tensions disrupt other businesses. As consumers and companies grow accustomed to economic uncertainty, spending on policies has remained steady. Earned premiums rose 15% to $2.48 billion, the Fairfield, Ohio-based company said. Investment income jumped 18% to $285 million, driven by higher interest payments from its bond portfolio. The company reported a profit of $685 million, or $4.34 per share, for the three months ended June 30, compared with $312 million, or $1.98 per share, a year earlier. Its shares have risen nearly 4% so far this year as of Friday's close, compared with a nearly 2.3% gain in the S&P 500 insurance index (.SPXIN), opens new tab. Earlier this month, industry bellwether Travelers Companies (TRV.N), opens new tab reported higher profits due to stronger underwriting and investment returns.
The Sun
an hour ago
- The Sun
Premier League side SELL their own women's team to bolster kitty for massive splurge and want Jack Grealish transfer
EVERTON have reportedly SOLD their women's team to their sister company - in a move that could help raise funds for transfers. Companies House shows that Everton Football Club Women Ltd has been transferred to a company called Roundhouse Capital Holdings. 2 According to The Times, records show its controlled by Everton's American businessman owner Dan Friedkin. Roundhouse is the company that The Friedkin Group used to buy Everton during their takeover last December. The move is said to ensure the women's team is a standalone entity that can attract investment from America. But, that profit will help comply with the Premier League's Profitability and Sustainability Rules. Everton become the third Premier League club to take advantage of a law that allows clubs to sell assets such like the women's team to related companies and register that as a profit for PSR calculations. The Premier League requires that fees paid for internal assets are reasonable - with Chelsea and Aston Villa also doing so. Everton were previously deducted six points for a PSR breach in the 2021-22 season and two points in 2022-23. But the Toffees did spend over £800MILLION on a new stadium which they move into this season. CASINO SPECIAL - BEST CASINO BONUSES FROM £10 DEPOSITS Everton took out two new loans in February with US firms Aramark Limited and Glas Trust Corporation. The original estimate for the stadium — which took four years to build — was £500m. Neom Hijack Zeze Deal from Premier League Rivals The old Goodison Park has been scaled down and will now be used by the women's team. Everton are looking to add to their squad this summer and are linked with a move for Manchester City's £100m wantaway Jack Grealish. According to Ben Jacobs, the Merseysiders want a loan and are unlikely to consider to a permanent move unless Grealish lowers his £300,000-a-week wages. 2
