Latest news with #CompetitivenessChallenge


Irish Independent
a day ago
- Business
- Irish Independent
Week ahead in business: Trump tariffs, inflation data and Competitiveness Summit
The 'pause', which already imposes a 10pc import tax on Irish and other EU goods, was begun after bond markets tanked in response to the original 'Liberation Day' proposal for sweeping tariffs on partners including the EU and Japan. Previous experience of Mr Trump's unilateral imposition of conditions on trading partners indicates he will ratchet up rhetoric and potentially even launch a bruising new round of tariffs once the July 9 deadline hits and only walk that back once the potential financial fallout particularly on America's own borrowing costs, starts to become clear. The US president has shown a very high tolerance for shocks to the stock markets, by contrast. Yesterday, White House economic adviser Kevin Hassett indicated he believes some trade negotiations will push past Wednesday's deadline but the situation remains fluid and volatile. Meanwhile, back home, there is inflation data due on Thursday from the Central Statistics Office (CSO). Inflation is largely contained but resurgent pressure on the cost of food and groceries is becoming increasingly stark. Economic data from the CSO also due on Thursday will tell whether gross domestic product growth has moderated on the back of the uncertainty over trade. National Competitiveness and Productivity Council (NCPC) is scheduled to publish this year's Ireland's Competitiveness Challenge report tomorrow. The second annual Competitiveness Summit is scheduled to take place today, hosted by An Taoiseach. In September 2024, the first Competitiveness Summit was attended by a number of ministers, the chair of the NCPC, along with representatives of the OECD, IDA Ireland, Enterprise Ireland and the CCPC. The High Court has extended the examinership of the Workman's Club Ltd in Dublin, to Thursday.


Irish Examiner
a day ago
- Business
- Irish Examiner
Government seeks to beef up Ireland's competitiveness
The Competition and Consumer Protection Commission is to be given new powers and there will be a significant investment in artificial intelligence (AI) as part of a range of measures aimed at boosting competitiveness. On Monday, Taoiseach Micheál Martin is hosting a competitiveness summit along with Tánaiste Simon Harris and enterprise minister Peter Burke as trade talks between the EU and US enter a crucial phase. Under plans to protect the economy, three pilot clusters will be set up to enable collaboration between businesses, research centres, and third-level institutions, in particular high-potential and high-growth sectors. Critical skills review A critical skills review will also be completed by the end of the year to inform how to prioritise skills-based migration for those sectors facing particular shortages, including the tourism industry. The Taoiseach has met with most of the multinationals based here in recent months, and when he was last in US, the key message was the EU, and as part of that Ireland, is falling behind on AI because of over-regulation instead of innovation. A key focus will now be on investing in AI, speeding up policymaking, and reducing red tape to give Ireland an edge. The meeting, which will be attended by IDA Ireland and Enterprise Ireland, will include a presentation by Frances Ruane, chair of the National Competitiveness and Productivity Council on the recommendations in the forthcoming Ireland's Competitiveness Challenge report. 'Major investment needed' Mr Burke has stressed the importance of actions that must be taken now to improve the country's competitive offering and retain jobs. He will tell colleagues that a major investment is needed to ensure we do not lose out on jobs of the future and action must to be taken now on six key areas to attract foreign direct investment. Mr Harris will tell the summit the focus must be on working constructively to protect Irish jobs and investment and shield Irish businesses and consumers from any negative impacts. A competitiveness action plan, expected to be finalised in the coming weeks, will help insulate businesses from some of the global trade uncertainty. With the clock ticking to Donald Trump's July 9 deadline, Mr Burke struck a cautionary note on Sunday, saying the 'best case' scenario is now agreeing an outline framework that would then create a pathway to further negotiation between the US and EU. 'Obviously, there are number of areas that the EU are looking for, zero for zero carve-outs and favoured nation status,' he told RTÉ's This Week. 'These centre on aviation, life science, semiconductors, and spirits,' Mr Burke said.


Business Mayor
29-04-2025
- Business
- Business Mayor
Banking, housing remain challenges to Ireland's competitiveness, NCPC report says
The Government has made 'substantial progress' on key recommendations for the economy's competitiveness, but further work is needed in housing and retail banking competition, a new report has said. The review from the National Competitiveness and Productivity Council said vital competitiveness areas covering planning delays, energy infrastructure, and meeting climate targets also required more action. The report looked at 79 recommendations made between 2020 and 2023 and concluded that the Government had fully delivered on 45, with the remaining 34 classed as 'in progress'. Among the key areas reviewed were macroeconomic sustainability, business environment, education and skills, and technology and innovation. Of those 34, some have been consistently highlighted by the NCPC in previous reports. In retail banking, for example, the council noted it had highlighted the lack of robust competition in three separate recommendations, and noted there was a need for greater urgency in following through on the outcomes. The report found interest rates for loans to non-financial corporations in Ireland have been consistently higher than in euro area overall, impacting small and medium sized enterprises. The review is the first by the council that looks at the degree of progress made by Government on delivering on each of its previous recommendations. The organisation makes up to 20 recommendations each year to the Government in its Competitiveness Challenge report. Competitiveness has become a key issue at EU level, with the bloc seeking to close the innovation gap with the US. The NCPC report also noted that Ireland performs well in basic digital skills, but is falling behind its EU peers in scientific infrastructure and certain research and development metrics. 'The lack of progress on these recommendations – in particular, given the innovation gap between Europe and US – underscores the scope for improvement,' the report said. Decarbonisation, particularly in the gas network, climate goals and progress on the R&D tax credit are also areas in which Ireland still needs to make progress, the NCPC said.


Irish Times
29-04-2025
- Business
- Irish Times
Banking, housing remain challenges to competitiveness, NCPC report says
The Government has made 'substantial progress' on key recommendations for the economy's competitiveness, but further work is needed in housing and retail banking competition, a new report has said. The review from the National Competitiveness and Productivity Council said vital competitiveness areas covering planning delays, energy infrastructure, and meeting climate targets also required more action. The report looked at 79 recommendations made between 2020 and 2023 and concluded that the Government had fully delivered on 45, with the remaining 34 classed as 'in progress'. Among the key areas reviewed were macroeconomic sustainability, business environment, education and skills, and technology and innovation. Of those 34, some have been consistently highlighted by the NCPC in previous reports. READ MORE In retail banking, for example, the council noted it had highlighted the lack of robust competition in three separate recommendations, and noted there was a need for greater urgency in following through on the outcomes. The report found interest rates for loans to non-financial corporations in Ireland have been consistently higher than in euro area overall, impacting small and medium sized enterprises. The review is the first by the council that looks at the degree of progress made by Government on delivering on each of its previous recommendations. The organisation makes up to 20 recommendations each year to the Government in its Competitiveness Challenge report. Competitiveness has become a key issue at EU level, with the bloc seeking to close the innovation gap with the US. The NCPC report also noted that Ireland performs well in basic digital skills, but is falling behind its EU peers in scientific infrastructure and certain research and development metrics. 'The lack of progress on these recommendations – in particular, given the innovation gap between Europe and US – underscores the scope for improvement,' the report said. Decarbonisation, particularly in the gas network, climate goals and progress on the R&D tax credit are also areas in which Ireland still needs to make progress, the NCPC said.