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Irish Daily Mirror
8 hours ago
- Business
- Irish Daily Mirror
Ireland's economy 'significantly' outperformed expectations for 2025
Ireland's economy has "significantly" outperformed expectations for 2025, as a GDP forecast has been modified to 8.1 per cent growth. Bank of Ireland's latest economic forecasts have been revised upwards for 2025, with GDP now at 8.1 per cent growth from 3.5 per cent previously. Modified domestic demand has been forecast at 2.9 per cent, compared to 2.8 per cent previously, and employment to 2.6 per cent growth (1.8 per cent previously). However, this forecast assumes that US tariffs on Irish exports remain at 10 per cent, with pharmaceuticals exempt. Any change to this from August 1 or after would lead to a revision downwards for Irish GDP projections. Bank of Ireland's Chief Economist Conall Mac Coille said the revised projections reflect an "exceptional surge in multinational output and exports early in 2025" as well as strong momentum in consumer and public spending. He added: "Our upwardly revised forecasts also reflect the strong performance of the domestic economy early in 2025. "Revisions to CSO data show consumer spending growing at a substantially faster pace (3 per cent) than first thought. The 3.3 per cent pace of job creation is also ahead of expectations. The big picture is that the economy has so far weathered the uncertainty posed by President Trump's tariffs and EU-US trade negotiations." However, Mr Mac Coille said the outlook is "especially uncertain currently" with looming tariffs. He continued: "Our forecasts assume US tariffs on Irish exports remain at 10 per cent, with pharmaceuticals exempt. "Any escalation would necessitate a downward revision. We are also concerned by growing evidence that bottlenecks and capacity pressures are not being addressed. The decline in housing completions in 2025 has been well flagged but the 5 per cent contraction in non-residential construction in 2024 (a 5th consecutive year of contraction) reflects further delays in the delivery of infrastructure and the NDP." However, Bank of Ireland has noted that tariff-related uncertainty has had little impact on the housing market. It is forecasting a 5 per cent house price inflation in 2025, the same as its previous prediction. Dublin is the least affordable city for homebuyers in Ireland (Image: Getty) In the first half of 2025, exports rose by 9.6 per cent, up 23 per cent on the year. The economic outlook report noted that this largely reflected firms front-running expected US tariffs. However, there was also a structural upward shift in exports, reflecting new pharmaceutical production facilities coming online and fresh investments in intellectual property assets. Job creation has beaten expectations, up 3.3 per cent on the year with an unemployment rate of 4 per cent in June. However, Bank of Ireland predicts "a gradual softening" of job creation to 2.6 per cent for all of 2025 and 1.4 per cent in 2026 due to US tariffs and an "uncertain global environment". This would raise the unemployment rate slightly to 4.4 per cent next year. Subscribe to our newsletter for the latest news from the Irish Mirror direct to your inbox: Sign up here.
CBC
12 hours ago
- Politics
- CBC
Manitoba NDP make flurry of Westman funding announcements prior to area byelection
Social Sharing Premier Wab Kinew and members of his cabinet have made a flurry of cabinet appearances and funding announcements in southwestern Manitoba in advance of a byelection in Spruce Woods, a vacant electoral district in the region, that must be held by mid-September. Since May, Kinew or members of his cabinet have made five southwestern Manitoba appearances where they have announced or reannounced at least $334 million worth of operating or capital funds for the province. Another announcement is planned for Thursday in Brandon, where Justice Minister Matt Wiebe is slated to speak about public safety. Kinew on Wednesday nonetheless dismissed the idea the funding announcements and appearances are connected to the pending byelection in Spruce Woods, which has been without a representative in the Manitoba Legislature since March 29, when Progressive Conservative MLA Grant Jackson resigned to run for federal office. "I think there's much, much bigger questions that we should be entertaining these days" than those about the byelection, Kinew said during a Wednesday funding announcement at Brandon University. Kelly Saunders, a political scientist at the university, questioned the timing of the NDP funding announcements in southwestern Manitoba given a looming deadline to call a byelection in Spruce Woods, a conservative constituency that includes towns and rural areas around the city of Brandon. "We are heading into a byelection at some point. It has to be held by September, and to see this flurry of activity and announcements, I think, will raise some questions in some voters' minds," said Saunders, who nonetheless said the projects and programs slated to receive more provincial funds are needed in the region. The Spruce Woods byelection must be called by the middle of August and held by Sept. 16. As of Wednesday, 109 days have elapsed since Jackson resigned the seat, which has only elected PC representatives since its formation. For months, PC Leader Obby Khan has implored Kinew to call the Spruce Woods byelection, noting the premier waited only 43 days to call a byelection in Tuxedo and 63 in vacant Transcona — two Winnipeg ridings the NDP went on to win. In a statement Wednesday, Khan accused Kinew of "playing political games and trying to buy votes," referring to the flurry of NDP funding announcements in Brandon and Spruce Woods. "Manitobans can't be bought with empty promises. Elections are about democracy, not about the premier trying to circumvent democracy and give himself an edge," said Khan. Earlier this month, Kinew suggested he was waiting to call the Spruce Woods byelection until his party is more competitive in what has been a safe PC seat. "I don't know if everyone in the province knows what I'm like, but there's no freebies with me," Kinew said in Winnipeg on July 4. "I want to put a serious effort forward in the Spruce Woods byelection. I'm speaking now as a leader of the Manitoba NDP. I want our team out there canvassing. I want our team out there contesting. I want us in the communities that have never put up an NDP sign before in southwestern Manitoba to talk to our canvassers and to hear our plan." On Wednesday, the premier said the PCs used to dither on byelection calls, and questioned the need to call a byelection promptly. "What's the rush?" he asked a Brandon Sun reporter, who responded that voters in the constituency don't currently have a voice in the legislature. "Well, I'm your premier," Kinew said. "What would you like me to do?" The NDP has not identified its nominee for the forthcoming byelection, though Kinew stated he knows the identity of that candidate. The PCs have nominated longtime party volunteer Colleen Robbins, a Souris resident, while the Liberals have nominated educator Stephen Reid. Flurry of funding announcements ahead of southwest Manitoba byelection 2 hours ago The NDP government says at least $334 million in recent funding announcements and reannouncements in southwestern Manitoba has nothing to do with a pending Spruce Woods byelection Premier Wab Kinew says he wants to win.
Winnipeg Free Press
13 hours ago
- Business
- Winnipeg Free Press
Tory claims against cabinet minister Moroz baseless, ethics commissioner rules
Cabinet Minister Mike Moroz did not violate conflict of interest laws in his personal handling of Telus shares, the ethics commissioner has ruled. The office of Jeffrey Schnoor released the findings Wednesday of its recent probe into the NDP MLA for River Heights, who is minister for innovation and new technology. The Tories had accused Moroz of wrongdoing for owning shares in Telus and said he used confidential information about a tragic March 22-24 service outage to inform his decision to sell them. MIKE DEAL / FREE PRESS FILES Innovation and New Technology Minister Mike Moroz Moroz issued a statement thanking the commissioner for his prompt investigation that 'accurately reflects that I am innocent of the PC's harmful allegations.' 'I look forward to being able to return to focusing on the important matters in my portfolio, including holding the telecom companies accountable for ensuring that Manitobans have timely access to 911 services when they need it,' the minister said. MLAs are not prohibited from buying into a publicly traded corporation. Schnoor pointed that out in his 13-page report, as well as the fact that Telus is regulated by the federal government. 'There is no evidence that Minister Moroz had any confidential information that was not available to the public,' he wrote, referencing the MLA's decision to sell 500 shares in Telus on May 8. The commissioner noted that Moroz received $10,391.25, which translated into a loss of $1,591.75, after the transaction and followed proper disclosure protocols. He first invested in Telus in April 2021, before he was an MLA. Dean Switzer, a 55-year-old from the Fisher Branch area, died of a heart attack on March 23 while his loved ones repeatedly and unsuccessfully tried to call 911 on their cellphones. Two months later, following debate on the subject in the legislature and learning that Moroz had cut his financial ties to Telus, PC MLA Konrad Narth requested an ethics investigation. Narth alleged his colleague should not have owned shares in Telus in the first place and leveraged his position of power for his own financial interests. Schnoor dismissed all of Narth's allegations involving sections two, three and four of the Conflict of Interest (Members and Ministers) Act. His report deemed Moroz's interest in Telus as 'very small' in the context of the company's overall valuation. 'Moroz's interest in Telus was so remote and insignificant that it cannot reasonably be regarded as likely to have influenced him,' the ethics commissioner wrote. When reached by phone Wednesday, Narth said he accepted the commissioner's findings, but questions remained unanswered. 'If there was no red flag here, why would you be selling at a loss?' he said, noting that he has not received clarity about why Moroz decided to sell his shares. Narth said he hopes this is a learning opportunity for the minister and NDP caucus. 'The public's ruling of politicians' integrity is more important than the commissioner's ruling, in my opinion,' he said. Schnoor's detailed timeline indicates Moroz learned about the March 23 fatality from a journalist on April 3. Wednesdays A weekly dispatch from the head of the Free Press newsroom. The day after an article was published, Moroz wrote to the president of Telus to express concerns on behalf of Manitoba and he received a reply two days later on April 11. Aside from that exchange, the minister's direct correspondence with Telus was limited to an in-person meeting on May 15 — multiple days after he sold his shares, Schnoor found. The ethics commissioner repeatedly noted that publicly available information about the outage was posted on the Canadian Radio-television and Telecommunications Commission website. Telus has revealed its roughly 40-hour outage, which began around 8:15 p.m. on March 22, affected 117 calls made by 59 individual Manitobans. Maggie MacintoshEducation reporter Maggie Macintosh reports on education for the Free Press. Originally from Hamilton, Ont., she first reported for the Free Press in 2017. Read more about Maggie. Funding for the Free Press education reporter comes from the Government of Canada through the Local Journalism Initiative. Every piece of reporting Maggie produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Winnipeg Free Press
13 hours ago
- Business
- Winnipeg Free Press
Bipole project could make Manitoba ‘energy superpower': Kinew
Premier Wab Kinew says the $7-billion, overdue overhaul of two major hydro transmission lines in Manitoba is an investment opportunity and part of the 'building blocks to be an energy superpower' — but won't say how the cost will impact customers. The Free Press reported Tuesday that maintenance and upgrades on the high-voltage direct current (HVDC) lines of Bipole I and II will require a 3.5 per cent annual rate increase every year for up to 15 years. On Wednesday, the premier called it an opportunity 'to flex our economic muscle.' 'Over the next two decades, Manitoba Hydro is going to spend in the ballpark of $30 billion on acquiring new electrical equipment: to renew our HVDC lines, to ensure that the lights keep running — no matter how cold it gets in winter, how hot it gets in the summertime, and to do that in a low emissions manner,' Kinew said at an unrelated news conference in Brandon. His NDP government ran on keeping hydro rates affordable, and froze them for one year after winning the 2023 provincial election. In March, Manitoba Hydro asked the Public Utilities Board to approve an 11 per cent increase over three years starting in 2026. Kinew said the government would invest in putting tens of thousands of Manitobans to work, creating jobs on First Nations and in Métis communities. The NDP has rejected private wind power projects but endorsed Indigenous-owned proposals with private sector involvement. 'We've got hundreds of megawatts of low-carbon electricity that we can use to build the future in our province,' he said. Kinew will meet with Prime Minister Mark Carney and his fellow premiers next week to discuss tariffs and the trade war launched by U.S. President Donald Trump. 'Manitoba can come to the table and say, 'What are we doing, Team Canada? Are we going to keep spending that $30 billion in procurement … on American companies and on building up the economy under the Trump administration? Or, are we going to work together and send a message to our American neighbours (and) keep building our province into being a clean energy superpower by working with countries that treat us well?'' The premier said it was time to invest in tradespeople, engineers and consultants in Manitoba. 'That's how we build up our economy — no matter which way we go with tariffs, which way we go with AI.' Progressive Conservative hydro critic Lauren Stone said she's concerned the premier is bluffing, and that Manitobans may lose their shirts. 'I don't think the NDP are being forthcoming with the state of Manitoba Hydro. We're gonna be watching this project very closely. We know that the NDP have a history of financially mismanaging major hydro projects,' Stone said Wednesday, referring to the construction of Bipole III and the Keeyask generating station, that saw a combined $3.7 billion in cost overruns. That led to Hydro's debt soaring to $24.6 billion. The public utility has said 33 cents of every dollar Manitobans pay on their electricity bill goes towards interest payments on the debt. 'It just doesn't seem that they have a grasp on the needs of Manitoba Hydro and what the future costs for ratepayers will be. I'm certainly concerned about that,' said Stone. Kinew called the PCs the greatest threat to Manitoba Hydro. 'There's more power in a donut at Tim Hortons than the PCs have brought online during their recent time in government.' MIKE DEAL / FREE PRESS FILES Premier Wab Kinew will meet with Prime Minister Mark Carney and his fellow premiers next week to discuss tariffs and the trade war. A spokesperson for the Canadian Taxpayers Federation said taxpayers should be worried about any Hydro megaprojects. 'Governments of all stripes should be working to complete these costly infrastructure projects on budget and on time so taxpayers and ratepayers aren't stuck paying even more interest on Hydro's debt for cost overruns,' Gage Haubrich said. Kinew said, as it relates to cost overruns, they're taking the time to get it right. 'It's going to be carefully scoped, there's going to be contingency plans and we're going to work with partners who have experience in doing this,' the premier said. 'The good news is Manitoba Hydro is pretty much the most experienced company around when it comes to large-scale HVDC projects.' The Bipole upgrades are required if Manitoba wants a reliable energy grid, said a University of Winnipeg political science professor who studies Crown corporations. Wednesdays A weekly dispatch from the head of the Free Press newsroom. 'If it's -30 here, and we lose power, we're all refugees in two days,' said Malcolm Bird. 'System reliability is just absolutely paramount. Obviously, this is going to affect rates, but that's part of the price that we have to pay for the electricity. 'Power is so cheap in this province — it's almost too cheap.' Next to Quebec, Manitoba has the lowest electricity rates in Canada. 'It's kind of this cultural, God-given right to have cheap electricity, which is great, but that means that we're often not fully covering the costs. These capital costs are a part of the cost — capital investments that have to be made,' Bird said. Carol SandersLegislature reporter Carol Sanders is a reporter at the Free Press legislature bureau. The former general assignment reporter and copy editor joined the paper in 1997. Read more about Carol. Every piece of reporting Carol produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
CBC
13 hours ago
- Business
- CBC
Flurry of funding announcements ahead of southwest Manitoba byelection
The NDP government says at least $334 million in recent funding announcements and reannouncements in southwestern Manitoba has nothing to do with a pending Spruce Woods byelection Premier Wab Kinew says he wants to win.
