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Reuters
22 minutes ago
- Business
- Reuters
Irish manufacturing growth continues despite export challenges, PMI shows
DUBLIN, June 3 (Reuters) - Ireland's manufacturing sector grew at a solid pace in May as strong domestic demand offset a second successive monthly decline in export orders due to subdued sales into the United States and Britain, a survey showed on Tuesday. The AIB Ireland Manufacturing PMI fell a touch to 52.6 from April's 53.0, but was above the 50.0 threshold indicating growth for the fifth consecutive month. That marked the longest period of expansion in a bumpy two-and-a-half years for the sector. While domestic demand bolstered new orders, export sales contracted at the fastest pace in five months with manufacturers citing caution among U.S. clients and weaker sales to Britain, two of Ireland's main trading partners. New export sales have generally been weak since the middle of 2022 and only recorded growth on five occasions over that period, including most recently in February and March this year. Ireland's finance ministry last month downgraded its growth forecasts slightly for the domestic economy this year to 2% if a 10% tariff on European Union exports to the U.S. remains in place, or 2.5% if tariffs are removed. Tuesday's survey showed that input price inflation for the sector eased from April's 26-month high, though cost pressures remained high, linked to rising agricultural, commodity and raw material prices. Exchange rate appreciation against the U.S. dollar helped mitigate some import price pressures. Employment increased, with hiring reaching its fastest pace since January, reflecting rising workloads and improved business activity expectations. Around 39% of surveyed firms anticipate increased output in the year ahead, while 9% foresee a decline.
Irish Times
35 minutes ago
- Business
- Irish Times
Irish manufacturing output growing for fifth straight month
Irish manufacturing output recorded another 'robust increase' in May, extending the current period of growth to five months, according to AIB . Some Irish firms recorded subdued spending by US clients, but concerns about the impact of tariffs and global economic uncertainty had eased slightly in May. The bank's manufacturing purchasing managers' index (PMI) retracted slightly to 52.6 in May, after April's 34-month high of 53.0. The index remained above the neutral 50 threshold, indicating overall expansion in the sector for the fifth month running, the longest growth sequence in more than two years. READ MORE The latest improvement in overall business conditions was driven by relatively strong rates of output and new business growth, AIB said. 'The rise in May was broad-based, with robust growth in output and new orders, and signs of easing tariff-related concerns,' said David McNamara, AIB chief economist. Mr McNamara said the reading for the Irish manufacturing industry 'remains above the flash May readings for the Eurozone, US and UK at 49.4, 52.3 and 45.1, respectively'. AIB has increased its activity expectations for manufacturing business, having recovered from April's eight-month low. Staff hiring has increased to its fastest rate since January, in reaction to rising workloads and improving projections for customer demand. 'Export sales remained a weak spot in May, with total new work from abroad decreasing for the second month running,' the PMI said, noting anecdotal evidence from goods producers that export demand from US and UK clients was down on the previous month. [ EU warns it could accelerate retaliatory tariffs over US duties Opens in new window ] The destocking streak ongoing since February continued in May, with survey respondents indicating deliberate inventory reduction strategies or subdued demand as causal factors. Manufacturers saw a 'further sharp increase' in input prices, down only slightly from the 26-month high in April with the input price inflation linked to commodities and other raw materials. There was a corresponding level of output price inflation which increased slightly, with manufacturers passing on higher input costs they incurred in May, but AIB's chief economist noted the rate of inflation remains 'well below that observed throughout the past 12 months'. 'Despite ongoing geopolitical and tariff uncertainty, Irish manufacturers maintained a generally upbeat assessment of the outlook for activity levels over the coming year. 'Around 39 per cent of the respondents predict a rise in output levels during the year ahead, while 9 per cent expect a decline,' Mr McNamara said, reflecting data collected from the May 12th to 22nd.
Irish Examiner
an hour ago
- Business
- Irish Examiner
Irish manufacturing expands in May, outperforming Europe, the US and the UK
Irish manufacturing output recorded another month of robust growth in May, with output volumes increasing for a fifth consecutive month. A solid rise in total new work, along with improving domestic demand, helped to offset weaker export order books. The AIB Irish Manufacturing PMI came in at 52.6 in May, down slightly from 53.0 in April but above the 50.0 mark, indicating output growth. The figure is derived from indicators for new orders, output, employment, suppliers' delivery times and stocks of purchases. The survey of 250 Irish manufacturing firms across the country also resulted in a stronger reading than the Eurozone, the US and the UK. According to the survey, some Irish firms noted subdued spending by US clients, suggesting concerns about the impact of tariffs and global trade tensions had eased in May. As a result, business activity expectations for the year ahead recovered from April's eight-month low and staff hiring edged up to its fastest since January. Export sales remained a weak spot in May, with total new work from abroad decreasing for the second month running. The pace of the contraction accelerated to its fastest since December 2024. Goods producers noted subdued spending by US and UK clients, linked to elevated global economic uncertainty. Survey respondents commented on resilient demand conditions, improving sales pipelines and the impact of long-term business development plans. "Output rose strongly in May, amid a general rebound in domestic demand conditions," AIB's Chief Economist, David McNamara, said. "This was reflected in robust growth in new orders. Nonetheless, some respondents noted weak US and UK demand, dragging down export orders, for a second consecutive month. Employment expanded, with the pace of hiring picking up as firms reacted to rising workloads." Cost pressures continued in May, despite the rate of input price inflation easing from April's 26-month high. A number of firms noted rising prices paid for agricultural commodities and other raw materials. Some manufacturers suggested that exchange rate appreciation against the US dollar had helped to limit price pressures from imported items. The survey of Irish firms found backlogs of work decreased for the third month running. Improving order books and new projects spurred a sustained upturn in staff recruitment. The rate of job creation edged up to its fastest since January. Greater employment numbers also reflected an improvement in optimism levels, recovering from the eight-month low seen in April amid fewer comments from survey respondents about the likely impact of US tariffs on business prospects. "Despite ongoing geopolitical and tariff uncertainty, Irish manufacturers maintained a generally upbeat assessment of the outlook for activity levels over the coming year. Around 39% of the respondents predict a rise in output levels during the year ahead, while 9% expect a decline," Mr McNamara said.
Yahoo
6 hours ago
- General
- Yahoo
Agencies That Oversee Maryland School Reform Agree to Clarify Roles
This article was originally published in Maryland Matters. Local school systems straining to comply with the state's sweeping Blueprint for Maryland's Future have had to report to both the Maryland Department of Education and the Blueprint's Accountability and Implementation Board, a setup creating confusion 'since the get-go.' Now, more than three years into the process, the two agencies said they are working on a memorandum of understanding that could make things a bit smoother for all concerned. Alex Reese, chief of staff with the Maryland State Department of Education (MSDE), did not tell the state Board of Education on Thursday how long it would take to finalize an agreement, but he said a memorandum is in the works. Get stories like this delivered straight to your inbox. Sign up for The 74 Newsletter State law requires the seven-member AIB to oversee the 10-year plan and approve any Blueprint documents submitted by the state's 24 school systems and other state agencies that craft elements of the Blueprint. The law also requires the department to provide technical assistance and lend expertise on education policy. The AIB and state Board of Education also hold occasional joint meetings and approve certain policies associated with the multibillion-dollar Blueprint plan. Reese said 'MSDE will be fully owning Blueprint implementation. We feel good about that as practitioners. We really do feel like we possess that expertise to be able to be poised to fully implement the Blueprint.' An AIB spokesperson confirmed in an email Thursday evening an agreement is being worked on with the department. 'AIB and MSDE attorneys are working together on an MOU [memorandum of understanding] relating to the agencies' respective roles and duties,' the spokesperson said. 'There is not currently a timeline confirmed for finalizing it. Because it is an MOU directly between the AIB and MSDE, there would be no need for General Assembly approval,' the email said. In a quick summation to the state board Thursday, Reese said certain processes will remain the same such as the Blueprint board providing instructions to school systems on what is required in each Blueprint plan. It will continue 'interagency collaboration' with agencies such as the state Higher Education Commission, which focuses on two of the Blueprint's five pillars, or priorities – hiring and retaining high-quality and diverse teachers, and preparing students for college and technical careers. The news was welcomed by school leaders, educators and advocates who have expressed frustration over the process of implementing the comprehensive education reform plan. 'One of the biggest complaints, if not the biggest, has been the lack of clarity and final guidance and where we get questions answered. We've got to run every decision by both entities [MSDE and AIB],' said Mary Pat Fannon, executive director of the Public School Superintendents' Association of Maryland. The association released a 12-page document in December that outlined proposals to help improve the plan. One of those recommendations was clearing up the relationship between the two agencies. 'Restructuring and clarifying the relationship of the MSDE and AIB would be very beneficial in the implementation of the Blueprint. This change would clarify roles and responsibilities, and establish clear guidance to the LEAs [local education agencies, or school systems] that they are governed by the procedures and processes promulgated by the MSDE and the State Board,' the December report said. 'Somebody's got to be the point. Somebody's got to be the team captain on certain things,' Fannon said. 'Otherwise, it's just completely frustrating.' 'We are happy they are doing this. This is all going to help in implementation when these guys are 100% clear with us,' Fannon said of the work on an MOU. Sen. Mary Beth Carozza (R-Lower Shore) was also pleased by the discussions, which she said would help improve the process at the local and state levels. But the senator hopes an agreement can be reached before the 2025-26 school year begins in the fall. 'I would like to think they would make every effort to use the time between now and [when] school starts to give as much clarity to the roles and responsibilities, since it will only have a positive impact at the local level,' Carozza said. 'That would be my expectation to keep that on track and to keep it moving.' Maryland Matters is part of States Newsroom, a nonprofit news network supported by grants and a coalition of donors as a 501c(3) public charity. Maryland Matters maintains editorial independence. Contact Editor Steve Crane for questions: editor@
Time of India
3 days ago
- Entertainment
- Time of India
Shah Rukh Khan didn't want to be a star because of Amitabh Bachchan's advice
In a career spanning over three decades, has often spoken about the advice and wisdom he's received from industry legends. But in a conversation he shared with AIB, the superstar revealed a candid, lesser-known moment where 's well-meaning counsel once left him terrified about the life of a star — so much so that it made him question if he even wanted to be one. Tired of too many ads? go ad free now Recalling the advice, Shah Rukh shared how early in his career, Amitabh Bachchan explained to him the cost of fame, warning that public perception often has little to do with the truth . He stated that Big B told him that if he ever made a mistake just fold your hands and apologize. A young and idealistic Shah Rukh, not quite grasping the complexities of stardom, questioned this logic by asking if he hadn't made that mistake and the answer he got was apologize anyway. He went on to narrate the cautionary scenarios Bachchan laid out for him. If someone were to misbehave or even physically confront him, retaliating would only backfire. Sharing an example Big B explained that if he tries punch back to someone who punched him then it will be told that you were drunk, money has gone to your head, you are an illegal kind of person. For Shah Rukh, this honest but sobering picture of a star's life was daunting. 'I got so scared. I didn't want to be a star.' he recalled. Shah Rukh Khan is now gearing up for an action-thriller King, directed by , The film marks the first on-screen collaboration between Shah Rukh Khan and his daughter, , who plays his protégé. is cast as an antagonist. Abhay Verma portrays Suhana's boyfriend, contributing to the film's emotional depth. and are also part of the cast, with reports suggesting both playing a significant roles. Veteran actors and Jackie Shroff are included in the ensemble, enhancing the film's appeal. and also join the cast. King is slated for a 2026 release, with filming having commenced in Mumbai and plans for international shoots.
