Latest news with #US firms
BBC News
3 days ago
- Business
- BBC News
National Development Plan: Can Ireland deliver on €112bn schemes?
It is a mark of the Republic of Ireland's recent economic performance that listeners to a popular politics podcast had to be reassured this week they will not face a "hair shirt" budget in the an economic context "hair shirt" tends to mean punitive austerity policies which make citizens uncomfortable and was in the wake of Ireland's pre-budget report which pointed to a 6.5% increase in core public spending, a tax cut for hospitality businesses and a €112bn (£98bn) package of infrastructure most European finance ministers those numbers would be closer to a silk shirt than a hair podcasters perhaps felt they had to give a reassurance as the budget will not deliver quite as much to household finances as it has in recent years. Big cash injection for housing For example a €250 universal energy credit introduced during the worst of the cost of living crisis will not be the run up to October's budget is expected to be dominated by a drip feed of announcements on the specific projects which will flow from that huge infrastructure fund, known as the National Development government is able to spend this money because Ireland's long-held policy of low corporation tax has come good in spectacular fashion, delivering a huge windfall from US firms who pay their global taxes in the is money which desperately needs to be spent because Ireland's basic infrastructure is example, a chronic failure to build enough housing is contributing to economic and social problems, such as tensions around infrastructure backlog has built up because public and private investment collapsed during Ireland's years of financial crisis and firms across construction and development failed during that period and the workforce shrank as the economy recovered rapidly and the population grew there wasn't the capacity to provide the investment which was National Development Plan (NDP) is an attempt to remedy this as quickly as the biggest allocation is for housing which will get €36bn between 2026 and 2030. The next biggest chunk is for transport, which gets €22bn. Of that, €2bn is supposed to be used to start work on a long-planned underground Metro rail line from Dublin city centre to the airport and northern experience of the Dublin Metro can help explain some of the scepticism around the Metro has been planned since 2000 but not a centimetre of track has been current planning application has been under consideration for more than 1,000 days and the man leading the project has conceded it is likely to face more legal is also the continuing saga of the new National Children's Hospital in Dublin which has missed 15 completion dates and is almost €1bn over government has attempted to show people that the state does have the capacity to section of the NDP is a list of recent projects across education, health, roads and broadband which have been built without much section lists the reforms to procurement and planning which should reduce delays, such as changes to judicial review there is a more fundamental issue: who will do the actual construction work required to turn the €112bn into houses, roads and sewers?The most recent figures suggest there are around 177,000 active construction workers in Ireland, the highest number in a an analysis by the Department for Further and Higher Education estimates that another 80,000 workers will have to be found to meet the government's targets on housing, let alone other those additional workers at a time when the Irish economy is at close to full employment will be a challenge in itself.
Arab News
21-07-2025
- Business
- Arab News
Egyptian PM directs government to prepare investment package for US firms
RIYADH: Egypt's prime minister has instructed his government to prepare a package of investment opportunities for US firms, aiming to strengthen bilateral relations. In a meeting with his Cabinet ministers, Mostafa Madbouly stated that several opportunities are available, particularly given the significant advantages offered by the country's government to foreign investors, according to Egypt's State Information Service. Egypt is intensifying efforts to attract foreign direct investment as part of its broader economic reform agenda and Vision 2030 strategy for sustainable development. Amid global headwinds and domestic economic challenges, the Egyptian government has launched several initiatives to deepen economic partnerships with major international players, notably the US. One key milestone in this effort was the US–Egypt Policy Leaders Forum 2025, held in May, at which Madbouly announced that over 1,800 US companies are currently operating in the country, generating $47 billion in investments over the past two decades. Discussing the latest Cabinet meeting, the Egyptian State Information Service reported that Madbouly 'highlighted the government's interest in supporting Egyptian-US relations in light of the strategic and historical ties between the two sides, noting the many opportunities for cooperation that could be exploited to support joint collaboration.' The Egyptian prime minister added that his government is keen to remove all obstacles to joint cooperation, as well as to propose specific projects that will be discussed for collaboration in the upcoming period. During the gathering, Egypt's Minister of Industry and Transport, Kamel Al-Wazir, reviewed investment opportunities presented to US companies in sectors such as ports, maritime transport, and industrial zones. Minister of Planning, Economic Development, and International Cooperation Rania El-Mashat outlined Egypt's development cooperation efforts with the US, highlighting successful collaborative programs that contribute to the country's development and further strengthen relations between the two sides. At the conclusion of the meeting, Madbouly instructed all relevant authorities to coordinate on preparing a set of promising investment opportunities and to ensure they are presented to US companies, to boost foreign direct investment in Egypt. Egypt, Germany in talks for €100m debt swap deal International Cooperation Minister Rania Al-Mashat spoke at a joint press conference in Cairo with Foreign Minister Badr Abdelatty and Germany's Minister for Economic Cooperation and Development Reem Alabali-Radovan. State Information Service In another major development, Al-Mashat announced that the country is in talks with Germany over a new debt swap agreement worth €100 million ($116.48 million), to be disbursed in two tranches. The first tranche is expected in December 2025 and the second in June 2026, according to the north African country's State Information Service. 'These negotiations reflect the strength of Egyptian-German development cooperation and shared priorities in supporting sustainable development projects,' said Al-Mashat. According to Egypt's Ministry of International Cooperation, the total value of debt swaps between Egypt and Germany would reach €340 million with this new agreement.
Free Malaysia Today
17-07-2025
- Business
- Free Malaysia Today
Fed survey shows US firms passing some cost hikes to consumers
Federal Reserve officials closely monitored the impact of Donald Trump's tariffs as they considered further cuts to the benchmark lending rate. (EPA Images pic) WASHINGTON : Many US firms passed along 'at least a portion of cost increases' to consumers in recent weeks, as businesses faced higher prices linked to President Donald Trump's tariffs, the Federal Reserve said Wednesday. Businesses also expect costs to remain elevated, 'increasing the likelihood that consumer prices will start to rise more rapidly by late summer,' according to the central bank's 'Beige Book' survey of economic conditions. Economic activity nonetheless picked up slightly from late May through early July, the Fed said, but 'uncertainty remained elevated, contributing to ongoing caution by businesses.' Consumer spending outside autos also declined in most districts, easing slightly overall. The survey comes about two weeks before the Fed's next policy meeting in late-July, when observers expect the central bank to again stand pat on interest rates. Fed officials are closely monitoring the effects of Trump's tariffs on the world's biggest economy as they mull further reductions to the benchmark lending rate. Economists have warned that the sweeping levies could fuel inflation and weigh on growth, but the impact on costs has been muted for now. 'In all twelve Districts, businesses reported experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction,' the Fed said Wednesday. It added that 'many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges,' even as some avoided doing so over fears that households might be increasingly sensitive to price changes. 'Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, increasing the likelihood that consumer prices will start to rise more rapidly by late summer,' the Fed said. The central bank added that employment edged up overall but companies were cautious with hiring due to policy uncertainty. Some districts also noted less availability of foreign-born workers due to restricting immigration policy under the Trump administration. Reports of layoffs were limited, the report said, but they were 'somewhat more common among manufacturers,' while many businesses expect to hold off big hiring and layoff decisions until uncertainty eases. While a recent uptick in consumer inflation could cause the Fed to hold interest rates steady for longer as it seeks to sustainably rein in price increases, a rapidly weakening labor market could change its calculus.
