Latest news with #economicChallenges
Bloomberg
28-05-2025
- Business
- Bloomberg
AfDB Sees Cedi, Naria Among African Currencies Slipping in 2025
Almost half of the currencies in Africa will weaken against the dollar this year, according to the African Development Bank, citing geopolitical strains and domestic economic challenges. The Abidjan-based development institution predicts 21 African countries' currencies will depreciate against the dollar, with 25 possibly appreciating, out of 54 nations, according to the bank's Africa Economic Outlook.
Irish Times
26-05-2025
- Business
- Irish Times
Why we decided to relocate the headquarters of our AI company from the US to Ireland
Earlier this month, Central Bank of Ireland governor Gabriel Makhlouf issued a warning that the Trump-era tariffs could pose fresh challenges for Ireland's economy and have consequences for foreign direct investment coming from the United States . These concerns are valid and deserve serious attention. But as the chief executive of Partsol, a US AI company that made the decision this year to relocate our global headquarters from the US to Ireland, I'd offer a different perspective rooted in our lived experience. Partsol's move to Ireland didn't happen despite the global uncertainty or because of who sits in the White House. It happened because of Ireland's stability, its deep alignment with European regulatory clarity and its position as a bridge between the best of American innovation and the rigour of European accountability and regulation. READ MORE Ireland offered the right mix of ambition and assurance – a rare and valuable combination in a world where both are in short supply. Partsol is not your average AI company. Our technology – what we call Cognitive AI – is the next stage in AI's evolving journey and is specifically engineered for high-stakes sectors where the cost of error is too high to tolerate. Specifically these are healthcare, law, accounting and financial services. What makes our platform different is that it doesn't 'hallucinate'. It's engineered with what we describe as AI Stem Cells, drawing from the four pillars of foundational science to ensure every output is based on verifiable truth. That means there are no fabrications, no guesswork. You can't build this kind of technology in a vacuum. It requires robust oversight, scientific transparency and, above all, a regulatory environment that doesn't just permit innovation but actively, and ethically, guides it. That's where Ireland, and by extension Europe, stands out. Regulation is often cast as the enemy of innovation, a brake on progress or a drag on agility. I reject that view entirely. Frameworks such as the EU's AI Act and GDPR don't slow us down. On the contrary, they speed us up – not by removing friction, but by replacing uncertainty with clarity. These are not merely bureaucratic guardrails that are holding up the show, they are trust-building tools that enable long-term growth and adoption. Partsol made its decision to move to Ireland during one of the more turbulent moments in recent transatlantic economic relations, not as an act of risk mitigation, but as a signal of our long-term strategy. We are a US company and are enormously proud of that fact, but where others might see volatility, we see vision. The EU's principled approach to AI and digital governance, embodied by Ireland's leadership on these issues, gave us the confidence to invest, grow and scale from here. We're already putting that commitment into practice. Partsol is in the process of hiring 25 highly-skilled team members in Ireland this year alone. We've already raised $28.6 million (€25.2 million) in funding and are on track to raise roughly double that again this year. Our ambition is to build the world's most reliable, most transparent, most scientifically-grounded artificial intelligence platform – and do it from Ireland. Of course, Ireland's appeal goes beyond policy. Its talent pool is exceptional, particularly in data science and engineering. The universities here are producing world-class graduates, and the local tech ecosystem is both intellectually rigorous and entrepreneurially dynamic. There's a unique cultural chemistry at work in Ireland, an openness to new ideas, matched by a healthy scepticism that insists on integrity and evidence. That suits us just fine and, no doubt, it will continue to suit other similarly minded US businesses irrespective of our own domestic politics. None of this is to say that we should ignore the macroeconomic threats. The global economic terrain is shifting, and no country, Ireland included, is immune to its tremors. But what matters most in moments of change is not just resilience, but direction. Is a country simply weathering the storm, or is it steering toward something greater? Ireland, in my view, is doing the latter. It has made deliberate, thoughtful choices about regulation, about talent and education, and about economic openness that make it positioned to continue to thrive even amid the present global uncertainty. The Trump tariff era, with all its disruption, has ironically highlighted just how valuable this kind of principled consistency can be. For US companies looking abroad, the decision about where to grow isn't just about tax rates or access to markets. It's also about trust, stability and a shared purpose. It's about finding a place where the rules align and make sense, where the people are brilliant and where the future is being built with both ambition and care. That's why Partsol is here and that's why, despite the warnings, we are optimistic that Ireland's role as a pro-innovation, pro-regulation gateway to Europe will not just endure, it will continue to thrive. Darryl Williams is the CEO and founder of Partsol
National Post
14-05-2025
- Business
- National Post
Conservative MP says Carney should appoint a labour minister and pay more than 'lip service' to workers
OTTAWA — A Conservative MP is calling on the federal government to dedicate a full cabinet position to the issue of labour, saying Prime Minister Mark Carney must pay more than 'lip service' to workers in his region affected by General Motors' planned shift cuts. Article content Article content Jamil Jivani, the recently reelected MP for Bowmanville—Oshawa North, released a letter through his office on Wednesday, the day after Carney unveiled his new cabinet. Article content Article content Of the 38 cabinet positions, ten were designated as secretaries of state who will not attend every cabinet meeting and are assigned to specific issues. Article content Article content In his public letter, Jivani argues that unions and businesses in his region of Durham, which forms part of the Greater Toronto Area, are 'facing serious economic challenges' after General Motors' announced it would be cutting back on shifts at its Oshawa plant this fall, with rotating layoffs starting this June, according to the local union. Article content The local union has warned that hundreds of jobs remain at risk. Article content 'With these local economic factors in mind, it is no surprise that many Canadians are concerned by Prime Minister Mark Carney's decision to exclude a Minister of Labour from the newly unveiled federal Liberal cabinet and relegate the labour portfolio to a junior position in government,' Jivani said. Article content He points to comments made by the Canadian director of LiUNA, which represents more than 160,000 union members in fields like construction. Article content Joseph Mancinelli said on X that Carney's decision to exclude a labour minister from his cabinet was a 'slap in the face to our members.' Article content 'If the Canadian government wants respect from labourers, perhaps let's start with a Minister of Labour if cabinet,' Mancinelli wrote. Article content Conservative Leader Pierre Poilievre has focused his party on building support among workers and union members, with Conservatives receiving at least 12 union endorsements in the April 28 federal election and capturing seats in areas affected by U.S. tariffs like southern Ontario Article content Poilievre, who lost his own seat in Parliament and now plans to run in a byelection in rural Alberta, has said Conservatives are prepared to work with the minority Liberals in certain areas, such as when it comes to negotiating with the U.S. 'if the government does a good job.'
Irish Times
10-05-2025
- Business
- Irish Times
Paschal Donohoe on How Feminist Economics Can Change Our World; Making Sense of Chaos; and Why We're Getting Poorer
Deficit: How Feminist Economics Can Change Our World Author : Emma Holten, tr. Sherilyn Nicolette Hellberg ISBN-13 : 978-0753561461 Publisher : WH Allen Guideline Price : £18.99 Making Sense of Chaos: A Better Economics for a Better World Author : J Doyne Farmer ISBN-13 : 978-0141981208 Publisher : Penguin Guideline Price : £10.99 Why We're Getting Poorer: A Realist's Guide to the Economy and How We Can Fix It Author : Cahal Moran ISBN-13 : 978-0008637958 Publisher : William Collins Guideline Price : £22 When US president Donald Trump announced a pause in his tariff plan, he said 'people were jumping a little bit out of line – they were getting yippy' . This 'yippy' behaviour referred to the volatility in the markets for US government debt. This is a reminder of the famous observation of James Carville, the great campaign strategist of president Bill Clinton. He said that if he was reincarnated, he 'would like to come back as the bond market. You can intimidate everybody'. These books examine this power; the influence that economics have on our societies. They seek to further understand the behaviour of economies and how it can be altered for the benefit of citizens. Cahal Moran writes, 'The emergence of capitalism and the market economy is a historically unique and curious phenomenon, and managing it is not at all easy.' With this, his work, Why We're Getting Poorer, begins to describe the many economic challenges confronted by citizens. READ MORE They include the costs of inflation, the lack of affordable homes and the consequences of extreme inequality. To his credit, the author does not just diagnose difficulties, he proposes solutions. He aims to be, as the subtitle notes, a 'realist'. His proposals mostly advocate a stronger and bigger State and a scepticism of the claims of free markets. An important quality of this book is that Moran does not suggest that his solutions are perfect or lacking in trade-offs. He warns that 'notions of abolishing the system make good rallying calls, but they need to be translated into concrete proposals for a better future'. In an era of certain and loud claims, this is welcome. The accessible tone of this work will allow any reader to evaluate both his analysis of the problems and his solutions. An important theme is to refute the suggestion that the economy is autonomous, that it is independent of choices made by societies. The first and last chapters passionately, and correctly, make this argument. [ Becoming Irish American: The Making and Remaking of a People from Roanoke to JFK Opens in new window ] Moran reminds the reader that 'most settled civilisations did not believe there was a separate economic sphere'. He calls for a revival of a 'demos' that is more considerate of how economies are shaped by political decisions. This approach is then used to examine a variety of challenges. The chapter on housing considers very familiar problems and relates them to underlying issues of the value of land and its use in the construction of homes. Moran argues for rent controls but acknowledges the debate regarding the impact of this policy on the supply of rental accommodation. The strongest section of this book is an evaluation of the origins of money and the role of central banks in our economies. This is explained through a simple book-keeping exercise that leads to an analysis of the relationship between central banks and governments. Claims that central banks should print more money to assist governments are considered. The author acknowledges that this could cause prices to rise. There is an anger in Why We're Getting Poorer. The anger about injustices is real. In the last line of the acknowledgment, the author thanks his enemies for the energy that keeps him going! Many readers of this review have lived through two crises in the global economy – the financial crisis and the pandemic. At the time of writing, it is unclear whether we are in the early stages of a historic transition in the global economy or a disorderly moment of fracture Anger, however, does not prevent the acknowledgment of nuance in policy choices. This may frustrate some activists but it will reward more readers. Making Sense of Chaos by J Doyne Farmer also aims to explain how modern economies work. Moran does so as a social scientist, Farmer as a physicist. He explains complexity economics, a framework for studying economic behaviour that draws upon the progress of modern physics and biology. A good example of this approach is the comparison made between forecasting the weather and predicting the performance of economies. He compares the progress made in predicting our weather systems with the difficulties in modelling economic behaviour. These and other examples allow the contrasting of different approaches to understanding economies. Standard economic theory assumes that every individual aims solely to maximise their satisfaction and has perfect access to all available information about every single decision. [ The Great Betrayal: The Struggle for Freedom and Democracy in the Middle East by Fawaz A Gerges – engaging read for seasoned observers Opens in new window ] In this world, every decision is made perfectly rationally. Complexity economics contends that economic decision makers have access to limited information and that decisions are imperfectly made. Individuals are 'boundedly rational' with 'a limited ability to reason'. Standard economics assumes that transactions occur only when the supply of a good or service is equal to the demand for it. Complexity theory is more generous in recognising the inherent messiness of economic life. This new approach models how the decisions of a group of individuals can cascade to influence the behaviour of the group. A nonlinear system is one where 'the whole is different from the sum of its parts'. That recognition is critical because this 'is the norm in the real world and economics is no exception'. Early chapters clearly explain these different approaches. They are lucid and authoritative. Hints of a personal memoir are lightly sprinkled throughout, describing an academic and business career devoted to exploring new concepts. As economies change we must work harder to understand them, without which we have little hope of influencing them for the benefit of societies A chapter summarising the key principles of more traditional economics is an eloquent and extremely clear summary of a huge canon of thinking. Other sections of this book are less accessible. The chapters explaining different financial market theories will be of less use to the general reader, and more to students or professionals. The chapter on the economics of climate change are difficult, but worth the effort. This book concludes by reminding the reader of how research drives progress in physics. Farmer notes, 'Progress in fundamental physics over the last 50 years illustrates how science succeeds when we have the right data to test theories, and how it is stymied when this is lacking.' The sizzle of the early part of this book lessens as the author explains the potential of more effective research that will develop better economic policies. The practicality of these proposals is a little mundane after the thrill of diagnosing a different approach to the study of economies. However, if this work only slightly reduces the possibility of a financial crisis, it is overwhelmingly worth doing. The goal of complexity economics is ambitious and necessary, the development of theories to 'guide us toward greater prosperity, make our planet healthier and help humanity thrive'. Making Sense of Chaos demonstrates the promise of economics. As economies change we must work harder to understand them, without which we have little hope of influencing them for the benefit of societies. This book explains ideas that were outside the boundaries of mainstream economics for too long. It is a compelling, though not an easy or even, read. [ Careless People: The controversial book is shocking and reveals Facebook is far worse than we could have suspected Opens in new window ] Emma Holten also grasps the power of economics in Deficit, describing it as 'the mother tongue of politics. It is the language of power'. This language is used to exclude the value of caring. It is not priced by the market and not included in the calculation of income, for individuals or for countries. In this world, if something is not priced then it has no value. That is why the core belief of feminist economics is that 'caring is the work that makes all other work possible'. Holten powerfully identifies the limitations of economic theory. She argues that economists fail to adequately recognise needs that are intrinsic to our humanity: 'being looked after when ill, receiving respect, love and recognition, performing child rearing or education'. This work argues that economics became too preoccupied with self-interest and freedom. It misses the importance of interdependence, of how we care for each other within families and communities. [ Life in Spite of Everything by Victoria Donovan: A sad and angry history of Donbas Opens in new window ] That dimension is explored in chapters on work within the home and on the evaluation of performance in the workplace. The author is correct to conclude that these issues have not received the attention that they merit from economic science. There has, however, been progress. Most democracies now support caring through their social insurance systems. The difficulties in the measurement of national income, and the exclusion of the vital intangibles, beloved by societies, are now well acknowledged by many economists. This, for example, is recognised in publications and analysis that accompany the annual Irish Budget. Improvements have been made, but it is unwise to assume that they are permanent. That is why the arguments in this book have such value. The strongest chapters describe the impact of the valuation of care on our politics and public service. The author concludes, 'A consumer cannot evaluate the utility of care in the moment of purchase.' Care is rarely purchased. If it has a monetary value, it is one that is determined by the State, not the care recipient. The rising size of health and social care budgets do demonstrate the value that societies place upon care. However, this book reminds the reader of the power of the marketplace in determining value within a society. A paradox of care is described; care 'makes all other work possible' but it is not recognised by economists like other forms of work. Most economists now accept the need to improve the foundations of their work. That work is well under way but, as with any branch of social science, it will never be complete. Likewise, the growth of the state in most democracies is a reminder that the shortcomings of free markets are well appreciated. This is not acknowledged in Deficit, but there is a wisdom that is well summarised in the final sentence of this book: 'We create so much value for each other. It's difficult to measure, but it isn't difficult to feel.' Many readers of this review have lived through two crises in the global economy – the financial crisis and the pandemic. At the time of writing, it is unclear whether we are in the early stages of a historic transition in the global economy or a disorderly moment of fracture. We must therefore be ambitious in deepening our understanding of modern economies and of the political choices shaping them. These books share that quest. They all deserve consideration in the urgent and loud debates about how we shape our economies. Paschal Donohoe is the Minister for Finance and president of the Eurogroup
Zawya
07-05-2025
- Business
- Zawya
More CEOs worried about inflation, skills gap —PwC Report
A rising number of Nigerian Chief Executive Officers (CEOs) are increasingly concerned about inflation and a widening skills gap, according to the PwC 28th Annual Global CEO Survey: Nigerian Perspective. The report, released by PricewaterhouseCoopers (PwC), highlighted that economic uncertainty, rising operational costs, and a fast-changing labour market were major challenges for business leaders in the country. The survey revealed that 58 percent of Nigerian CEOs feel highly or extremely exposed to inflationary pressures, well above the African average of 42 percent and the global average of 29 percent. In addition, 31 percent of Nigerian CEOs cite concerns about a looming skills gap — a figure notably higher than the global average of 23 percent. This shortage is particularly alarming for high-growth industries like technology and finance, where specialised skills are increasingly in demand. 'CEOs in Nigeria are navigating a complex environment marked by macroeconomic volatility, high interest rates, inflation, and currency fluctuations,' PwC stated. These issues were compounded by geopolitical tensions and security threats such as trade disputes, terrorism, and violence, with one in four CEOs listing them as major concerns. Interestingly, while only 3 percent of Nigerian CEOs see climate change as a significant short-term risk— compared to 14 percent globally—67 percent have already made climate-friendly investments over the past five years. This reflects a more strategic and opportunity-driven approach to sustainability. However, challenges remain, including limited government support, lack of catalytic capital, and insufficient skills in sustainable finance. To remain competitive, PwC recommends that Nigerian CEOs embrace artificial intelligence (AI), integrating it into business strategies, product development, and operations. CEOs should also prioritize strategic reinvention — adapting to shifting consumer preferences and expanding their market reach. Despite ongoing economic challenges, the survey, which gathered insights from 4,701 CEOs globally, including those in Nigeria, found that local business leaders remain optimistic about the country's economic prospects and their ability to achieve long-term growth. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
