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Irish Independent
19 hours ago
- Business
- Irish Independent
Competitiveness Council sees echoes of Celtic Tiger bust in waning economic energy
The warning is contained in a bulletin issued in response to the IMD World Competitiveness Rankings for 2025, in which Ireland slipped from 4th to 7th place globally. As recently as 2023 Ireland ranked as the second most competitive economy. The NCPC says the slide is a sign of a loss of competitiveness in the Irish economy that echoes trends seen at the start of the 2000s. While Ireland retains a highly competitive position globally, the NCPC says the trend is concerning. "It is clear, however, that our ranking is trending downwards. More importantly, there is no reason to expect a significant, near-term improvement in many of the factors that are currently weighing on our competitiveness (ie basic infrastructure, the cost of living, indigenous energy production, listed domestic companies, etc.),' the NCPC warns. It says that headline economic metrics such as tax receipts and the numbers at work remain strong, but there are other signs of a potential softening in the economy. "The current downward trajectory in Ireland's international competitiveness is one such sign, but this is not occurring in isolation. Rather, this is happening in tandem with an ongoing rise in the incidence of insolvencies and a slowdown in the rate of FDI projects being won by Ireland. Indeed, the Celtic Tiger era may prove to be instructive in this regard, albeit we cannot know from this remove,' the bulletin warns. Ireland attained a global competitiveness ranking of 5th in 2000, the NCPC says, but almost immediately a period of extended deterioration set in. By 2004, Ireland had fallen to 10th and by 2011 it was ranked just 24th out of 69 countries surveyed, after a fall was recorded in five out of seven years. The International Institute for Management Development's (IMD) World Competitiveness Centre has been publishing its rankings of the competitiveness of countries for 37 years. It now assesses 69 economies based on their ability to create and maintain a competitive business environment, taking in more than 262 indicators grouped across four pillars: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure. Its competitive metrics are based on a mixture of quantitative and qualitative data. In this year's rankings, Switzerland reclaimed the top spot, moving up one place to overtake Singapore. Both are high-cost economies with strong quality of life outcomes. Ireland remains one of the most competitive economies in the EU and has been placed in the Top 20 most competitive economies globally since 2012. The NCPC says competitive traits which Ireland has developed – including its skilled workforce, business-friendly environment and strong institutions – continue to be strengths. However major weaknesses now include the quality of infrastructure – where we place just 44 out of 69 countries assessed. The NCPC, chaired by Prof Frances Ruane, says the upcoming Action Plan of Competitiveness and Productivity will seek to address these weakness while continuing to maintain our strengths.
Yahoo
6 days ago
- Business
- Yahoo
Trump and White House take their Powell battle to Fed HQ
Renovations at the Federal Reserve are set to get a high-profile probing today when President Trump and his allies visit the central bank's headquarters after weeks of mounting criticisms over a $2.5 billion renovation. Trump is set to arrive at 4:00 p.m. ET in a highly unusual presidential visit to the building on the National Mall, less than a mile from the White House. The construction site tour is just one of numerous political pressure points being put before Federal Reserve Chair Jerome Powell by Trump and his team — even as the latest rhetoric from the president and Treasury Secretary Bessent has downplayed the chances of any imminent attempt to fire the central banker. "In eight months, he'll be out," Trump noted on Tuesday, with Bessent adding Wednesday in various television appearances that "we're in no rush" to change leadership and that a new chair nominee would be announced in December or January. In short, Powell's job is looking slightly more secure this week — but the central bank chief's problems clearly aren't going away. Up first is today's visit from Trump. The focus there is ongoing construction of the Federal Reserve headquarters amid critiques from newly appointed Trump allies on the National Capital Planning Commission (NCPC) that could go so far as to seek to stop ongoing construction pending further review. In addition to Trump, today's tour is expected to include White House deputy chief of staff James Blair (who is also a new member of the NCPC), budget director Russell Vought, and Federal Housing Finance Agency Director Bill Pulte, who has emerged as another vocal Powell critic. Then, in the coming weeks, Powell will wrestle with calls for an "exhaustive internal review" of the Fed's operations and pressure from Republicans on Capitol Hill that could ramp up in the fall. The Fed got another new headache Thursday when a money manager — and Trump ally who recently served as an adviser to the Department of Government Efficiency — filed a lawsuit arguing the central bank is violating a 1976 federal law by keeping its policy meetings behind closed doors. There's even a long-shot call for the Department of Justice to get involved and look at Powell personally. This comes as Powell is set to gather the Federal Open Market Committee (FOMC) next week for another interest rate decision. Markets and many analysts say this is pushing all of Trump's actions as the president continues a daily pressure campaign to press the central banker and his colleagues to cut interest rates. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Up first: A high-profile site tour Today's tour of the Federal Reserve headquarters is at the behest of Trump allies recently appointed to the National Capital Planning Commission (NCPC). Blair, one of Trump's top aides, has leveled a series of attacks on Powell for weeks now over the building cost overruns, even charging at one point, "What do they not want us to see?" The central bank has repeatedly defended itself against the charges, even publishing a page on its website devoted to the renovations. It says the increased costs came because of increased material costs and "unforeseen conditions" like asbestos, toxic contamination in the soil, and a higher-than-expected water table. The project costs have grown from around $1.9 billion to $2.5 billion after the Fed submitted designs to the NCPC and received approval from that agency in 2020 and 2021. The two buildings, Powell added in a recent note, were in need of "significant structural repairs" after not having a comprehensive renovation since they were built in the 1930s. The changes, argue Trump allies like Vought, could mean the project is out of compliance with the approved plan, leading to a possible standoff as to whether the central bank needs to resubmit to the NCPC. Powell is clearly looking to avoid that scenario, writing that the bank "does not regard any of these changes as warranting further review." But White House officials are sending a different message. "We want to see it for ourselves," Blair recently told reporters, adding that he is also looking to obtain "all of the revised plans since 2021." Federal Housing Finance Agency Director Bill Pulte is also expected to join and has already traveled to the site to film a video, as he called the construction costs "very disturbing." Other key pressure points This week's site visit comes as Powell is weathering an array of additional pressure points, with many lines of inquiry ongoing from Capitol Hill. Rep. Dan Meuser of Pennsylvania is a subcommittee chair on the House Financial Services Committee and told Semafor this week that he is weighing a congressional investigation of the Fed — even as his Senate colleagues have shied away from that idea. Rep. Anna Paulina Luna of Florida, another Trump ally, formally requested that the DOJ investigate Powell for perjury over June comments about the renovations. That is seen as a long shot at best. Perhaps more pressing is that House Speaker Mike Johnson said in an interview with Bloomberg reporters and editors this week that he is "disenchanted" with Powell and is even open to modifying the 1913 act that created the Fed. That would be a major change, but it is not expected to be before Congress in the near term, as the House of Representatives went home Wednesday evening for a recess that is scheduled to last for the rest of the summer. Republican Sen. Tim Scott — who asked Powell about the Fed's renovations during a June 25 hearing — sent Powell a letter Wednesday asking for more questions to be answered by Aug. 8. He said there were "distinct differences" between public plans about the renovation, Powell's testimony, and what the Fed has said on its website. Treasury Secretary Bessent has also called for an "exhaustive internal review" of the Fed, saying it could be Powell's "legacy," as he accused the central bank of mission creep in its non-monetary policy activities. Trump has signaled his support for the effort, and some observers say this could be the most consequential change if the idea gains steam and looks to reshape how the central bank operates. A recent note from Signum Global Advisors called this potentially "an even more holistic reshaping of the Fed than a 'mere' dismissal of Chair Jerome Powell," adding it's an effort that could extend even beyond the end of Powell's chairmanship. This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Trump and White House take their Powell battle to Fed HQ
Renovations at the Federal Reserve are set to get a probing today when President Trump and his allies make a visit to the central bank's headquarters on the National Mall after weeks of mounting criticisms over the $2.5 billion renovation. The high-profile construction site tour is also just one of numerous political pressure points being put before Chair Jerome Powell by Trump and his team — even as the latest rhetoric from the president and Treasury Secretary Bessent have downplayed the chances of any imminent attempt to fire the central banker. "In eight months, he'll be out," Trump noted on Tuesday, with Bessent adding Wednesday "we're in no rush" to change leadership as both men also showed no signs of making Powell's life simpler anytime soon. Bessent said Wednesday night on Fox News that a new chair nominee would be announced in December or January. In short, Powell's job is looking slightly more secure this week — but the central bank chief's problems clearly aren't going away. Up first is today's visit from Trump at 4 p.m., according to the White House. Some of the other Trump allies due to tour the Fed sit on the National Capital Planning Commission, which could go so far as attempting to stop ongoing construction pending further review. Then in the coming weeks, Powell will wrestle with calls for an "exhaustive internal review" of how the Fed operates as well as pressure from Republicans on Capitol Hill that could ramp up in the fall. There's even a long-shot call for the Department of Justice to get involved and look at Powell personally. And it comes as Powell is set to gather the Federal Open Market Committee (FOMC) next week for another interest rate decision that markets and many analysts say is pushing all of Trump's actions as the president continues a daily pressure campaign to press the central banker and his colleagues to cut interest rates. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Up first: A high profile site tour Up first is a tour of the Federal Reserve headquarters at the behest of Trump allies recently appointed to the National Capital Planning Commission (NCPC). James Blair, one of Trump's deputy chiefs of staff, is a new member of the NCPC and has leveled a series of attacks on Powell for weeks now over the building cost overruns, even charging at one point, "What do they not want us to see?" The charges are ones that the central bank has repeatedly defended itself against, even going so far as publishing a page on its website devoted to the renovations, saying the increased costs came because of increased material cost and "unforeseen conditions" like asbestos, toxic contamination in the soil, and a higher-than-expected water table. The costs of the project have grown from around $1.9 billion to $2.5 billion after the Fed submitted designs to the NCPC and received approval from that agency in 2020 and 2021. The two buildings, Powell added in a recent note, were in need of "significant structural repairs" after they had not had a comprehensive renovation since they were built in the 1930s. The changes, argue Trump allies like White House budget director Russell Vought, could mean the project is out of compliance with the approved plan — leading to a possible standoff as to whether the central bank needs to resubmit to the NCPC. Powell is clearly looking to avoid that scenario, writing that the bank "does not regard any of these changes as warranting further review," but White House officials are sending a different message. "We want to see it for ourselves," Blair recently told reporters, adding he is also looking to obtain "all of the revised plans since 2021." In addition to Blair and Vought, today's tour is also expected to include Federal Housing Finance Agency Director Bill Pulte, who has emerged as another vocal Powell critic. Pulte has even gone so far as to travel to the site already to film a video as he called the construction costs "very disturbing." Other key pressure points This week's site visit comes as Powell is also weathering an array of pressure points, with many lines of inquiry ongoing from Capitol Hill. Rep. Dan Meuser of Pennsylvania is a subcommittee chair on the House Financial Services Committee and told Semafor this week that he is weighing a congressional investigation of the Fed — even as his Senate colleagues have shied away from that idea. And Rep. Anna Paulina Luna of Florida, another Trump ally, even formally requested that the DOJ investigate Powell for perjury over comments in June around the renovations. That is seen as a long shot at best. Perhaps more pressing is that House Speaker Mike Johnson said in an interview with Bloomberg reporters and editors this week that he is "disenchanted" with Powell and even open to modifying the 1913 act that created the Fed. That would be a major change but is not expected to be before Congress in the near term, as the House of Representatives went home Wednesday evening for a recess that is scheduled to last for the rest of the summer. Treasury Secretary Bessent has also called for an "exhaustive internal review" of the Fed, saying it could be Powell's "legacy" as he accused the central bank of mission creep in its non-monetary policy activities. Trump has signaled his support for the effort, and some observers say this could be the most consequential change — if the idea gains steam and looks to reshape how the central bank operates. A recent note from Signum Global Advisors called this potentially "an even more holistic reshaping of the Fed than a 'mere' dismissal of Chair Jerome Powell," adding it's an effort that could extend even beyond the end of Powell's chairmanship. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices
AsiaOne
24-07-2025
- AsiaOne
Police warn of scammers impersonating staff from National Crime Prevention Council, Singapore News
Scammers are posing as staff members from the National Crime Prevention Council (NCPC) to phish for personal information in a new scam variant, the police have warned. These scammers would make unsolicited phone calls to members of the public, some of whom were told that their identities had been stolen and used to apply for credit cards, or to register phone numbers that were allegedly involved in criminal activities. The police said that in one case, the scammer had transferred the call to another "officer" from NCPC, who talked to the victim via WhatsApp. The scammer sent fake official documents to the victim to enhance his credibility. The victim was then instructed to transfer money into a "safety account" as part of police investigations. The victim only realised he had fallen for a scam after telling his family member about the alleged investigations, prompting the family to verify directly with the police. Senior Assistant Commissioner Devrajan Bala, director of the police's Scam Public Education Office and executive director of NPCP, said they had received information about this scam variant from the ScamShield Helpline. "I would like to assure the public that NCPC staff will never ask you to transfer money or disclose your bank login details," he said, adding that NCPC is a non-profit organisation and does not possess any investigative powers. Scammers also impersonating Citibank staff In a separate joint advisory with Citibank, the police said there has been a recent increase in phishing scams involving the impersonation of the bank's staff. At least nine cases have been reported since June 27, with losses of at least $153,000. Victims of this scam variant would receive calls from unknown caller IDs or private numbers from a "staff" from Citibank's Fraud Department, who would provide the victims' name, recent credit card transaction history and credit card information. Pretending to assist in urgently reversing fraudulent or suspicious transactions, the scammer would then ask victims to disclose the bank's authorisation OTPs which have been sent to them via SMS. These would be used to make unauthorised transaction in their Citibank accounts and in some cases, used to take over the victims' internet banking accounts. Victims would only realise that they had been conned when they discovered unauthorised transactions, typically in foreign currencies such as British Pound Sterling, being made on their cards. The police and Citibank urged members of the public to never provide bank account details or OTP to any unknown persons, and to carefully read OTP notifications and report unauthorised transactions to the bank. The public are also advised to take precautions to avoid falling for scams by using the ACT (Add, Check, Tell) framework, which involves adding the ScamShield app and setting security features. The public can also use the ScamShield app or website to check the legitimacy of suspicious messages, phone numbers and website links. [[nid:720323]]
New Paper
24-07-2025
- New Paper
Scammers are impersonating Singapore crime prevention officials
A scam variant has recently emerged, where scammers impersonate staff from the National Crime Prevention Council (NCPC). In these scams, they phish for personal information from victims, said the police on July 23. In some cases, the scammer informed victims that their identities had been stolen and used to apply for credit cards or register phone numbers that were allegedly involved in illegal activities. At times, the call was transferred to another "officer" from NCPC, who communicated with the victim via WhatsApp. The scammer would then send fake official documents to the victim via the messaging app to enhance his credibility, and instruct the victim to transfer money to a "safety account" for safekeeping as part of police investigations. In one case, the victim realised it was a scam only after he told his family member about the alleged investigations and the family verified directly with the police. NCPC staff will never ask you to transfer money or disclose your bank login details, said Senior Assistant Commissioner of Police Devrajan Bala, director of the Singapore Police Force's Scam Public Education Office and executive director of the NCPC. "As a non-profit organisation, NCPC also does not possess any investigative powers," he added. To find out more about scams, members of the public can call the ScamShield hotline on 1799, or visit
