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Irish Independent
2 days ago
- Business
- Irish Independent
The Irish Independent's View: Hard-pressed families need clarity on what cost-of-living measures lie ahead
It's viewed as a classic ambush question aimed at catching out politicians. Politicians who have stumbled on the question include former US president George HW Bush and former New York mayor Rudy Giuliani. Former UK prime minister Rishi Sunak was less than convincing on grocery prices when he was Britain's chancellor of the exchequer. The logic is that a politician is to legislate on ordinary people's lives, so the voters want down-to-earth leaders aware of their realities. Depending on what week the question is asked, the answer can now shift such is the growth in the price of shopping basket staples like milk, cheese and butter over the past year. And besides, most people are buying milk by the litre these days. The Central Statistics Office confirmed last week that the rate of food inflation since June of last year has been more than double that of the general rise in prices across the economy, running at 4.6pc compared to 1.8pc. Two litres of full-fat milk up by 27c in the year, a pound of butter is now up by €1.10, cheddar cheese is almost €1 dearer per kilogram and meat prices are up by more than a fifth. Food inflation is double the rate of general inflation, with many families being forced to stump up an additional €3,000 a year due to the rise in grocery prices. Any add-on payments won't be across the board The Government is arguing it is acutely aware of the cost-of-living pressures on families, but inflation is expected to be lower this year than in previous years. The Coalition is trying to wean the public off cost-of-living packages that have featured in recent budgets, due to the post-Covid 19 pandemic surge in inflation and energy. Given the economic clouds on the horizon, the Government doesn't want to see these packages being baked into public expectations. And the argument is that the energy price surge has now been becalmed. Coincidentally, there is no general election coming immediately after the Budget this year. Taoiseach Micheál Martin has spoken about targeted measures in Budget 2026. Reforms to child benefit are being examined to give a second tier top-up payment to less well-off families and tackle child poverty. Therefore, any add-on payments won't be across the board, albeit the existing level of child benefit will remain universal. But the Coalition has been at odds over what will happen with the €1,000 reduction in the student registration fee, which was also part of the cost-of-living package. Indications from Fianna Fáil minister James Lawless that the fee will revert to normal this year sparked a spinning row with Fine Gael. While nobody expects the Budget to be announced in July, the Summer Economic Statement does present the Government with an opportunity to clarify its intentions around helping those still struggling with the cost of living.
Indian Express
4 days ago
- Business
- Indian Express
America is going back on all the things that made it great. India's must seize the opportunity
An autoimmune disease occurs when your body's immune system treats its own healthy tissues as invaders and attacks them. America's policies currently targeting its three powerful muscles — universities, companies and immigration — create short-term pain for India in remittances, student enrolment, manufacturing jobs, foreign investment and exports. While these attacks feel like a passing shower, it's too early to conclude they aren't the climate change of Pax Americana ending. Regardless of how politics unfolds in America, India must seize the long-term economic opportunities by making itself stronger through a 180-day plan for deregulation for employers, decentralisation of power and deepening of human capital. Some people date Pax Americana — US dominance in the world order — to World War II. I prefer January 1992, when President George H W Bush, referring to the Soviet Union's collapse, said, 'The last year has seen changes of biblical proportions. By the grace of God … a world once divided … now recognises one sole and preeminent power, the United States of America.' Despite this biblical hubris — and 9/11, two wars, a financial crisis and Covid since — the US has dominated in digital innovation, new drugs and stock market growth because it stole the best people in the world, made public investments in basic science and its companies globalised their supply chains. But America is now pouncing on all three. America's universities are home to 50 per cent of Nobel Prize winners. Funding from the National Institutes of Health contributed to 99 per cent of all drugs approved between 2010 and 2019. In biotech, US government funding accounted for 38 per of total investment in 2024, almost as much as all global venture capital combined. Global consumers of medicine and information technology innovations (chips, internet, and GPS) have benefited from generous US government funding that supported cutting-edge basic science research and grants to academic scientists. Some of the backlash against universities is earned as some intolerant humanities professors with physics envy gift-wrapped their disciplines as social sciences, ignoring Richard Feynman's warning that physics would be impossible if electrons had feelings. This conversion of economics to mathematics, political science to statistics, and sociology/anthropology to racism paralleled a crisis in peer-reviewed, journal-published academic papers around replicability, scalability, and generalisability. It's also unclear whether a private university like Harvard, with an endowment of $50 billion, should take $90,000 per student per year in government funding. President Donald Trump's economically illiterate advice to Walmart, a hyper-efficient American retailer with 3 per cent profit margins, to 'eat' his import tariffs is a long way from the global supply chains described in the new book Apple in China by Patrick McGee. Ignoring the author's patronising and unfair portrayal of Apple's motivations, the book insightfully demonstrates how the globalisation of manufacturing supply chains became the most significant factor in reducing global poverty by attracting investment, training managers and accelerating productivity. India came late to manufacturing supply chains; only one in 10 of our workers works in a factory. However, China's recent dismissal of Deng Xiaoping's economic genius presents India with a manufacturing opportunity to attract factory refugees despite America's tariff drama. If demography is destiny, immigration has ensured America doesn't face the problems of Japan (adult diapers outsell baby diapers) or China (Nigeria may have more people by 2060). Approximately 14 per cent of Americans are foreign-born, and immigrants, including their US-born children, account for 27 per cent of the country's population. These numbers conceal the disproportionate contributions of Indian immigrants to new company formation, university teaching, scientific research, technology innovation, and taxes. India's improbable success in two Indian industries — economists never envisioned poor countries exporting software and medicines — benefited from America's skilled worker visa regime and brain circulation. A new book by Srinath Raghavan of Ashoka University on the Indira Gandhi years suggests they represent conjoined crises of hegemony, representation, and governance. This may also explain America's political backlash. Universities became idealists with illusions. The geographic (rural) and sectoral (manufacturing) concentration of wage declines were ignored. Liberals denied that illegal migration would hurt legal migration, a path to citizenship is not necessary for a path to work. And migrants are easier to vilify than technology. The political popularity of America's economic irrationality — Make America Great Again, feels like Make America White Again —suggests healing will take time. But Indians showing schadenfreude at America's challenges should pause. Despite our short-term pain from the US's actions, its democracy remains the best partner for India's students, emigrants, investment needs and exports. Suppose the government-funded American research engine in basic science suffers. It's hard to imagine the Indian state or pharma, software, and manufacturing companies responding with resources of the same intensity and impact. Let's compare America to the alternative; imagine the tyranny and soullessness of a global order hinged on China. Every problem is an opportunity. India must capitalise on this one in three ways. First, cut employer compliance, filing and criminal provisions. Second, shift some of Delhi's power (funds, functions and functionaries) to state and city governments. Third, while the troubles of America's Ivy League universities are probably temporary, granting poorna swaraj to IISC, IITs, IIMs, and Ashoka to innovate, disrupt and teach would accelerate their disruption of global university rankings. All three reforms are hard. But as a song from the movie Pink reminded us, Jo tujh se lipti bediyaan samajh na inko vastra tu/ ye bediyaan pighal ke banale in ko shastra tu (Don't mistake the chains that bind you for clothes/ Melt these chains into weapons). In policy, there is no such thing as being too late, but there is a 'fierce urgency of now'. Success is far from guaranteed but the moment feels auspicious. The writer is co-founder of Teamlease Services
The Guardian
4 days ago
- Business
- The Guardian
Georgia Republican's Ponzi scheme defrauded people of $140m, say officials
A prominent Georgia Republican was running a Ponzi scheme that defrauded 300 investors of at least $140m, federal officials alleged in a complaint filed on Thursday. The civil lawsuit by the US Securities and Exchange Commission (SEC) said First Liberty Building and Loan, controlled by Brant Frost IV, lied to investors about its business of making high-interest loans to companies. Instead, investigators said, it raised more money to repay earlier investors. Frost is alleged to have taken more than $19m of investor funds for himself, his family and affiliated companies even as the business was going broke, spending $160,000 on jewelry and $335,000 with a rare coin dealer. Frost is also said to have spent $320,000 to rent a vacation home over multiple years in Kennebunkport, Maine, the town where the family of late president George HW Bush spent summers. The SEC said Frost kept writing checks even after the commission began its investigation. First Liberty said in June that it would stop making loans and paying interest and principal to investors in those loans. The company said it was not answering phone calls or emails. First Liberty has not responded to an email seeking comment, and no one was present at its office on Thursday evening in Newnan, a suburb south-west of Atlanta. A lawyer who acts as the company's registered agent for corporate purposes said earlier that he had no information. The collapse rocked the religious and political networks that the business drew investors from. It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates that Frost and his family have favored. Investigators said Frost spent $570,000 from investor funds on political contributions. The SEC said the business had only $2.67m in cash as of 30 May, although regulators are also seeking to claw back money from Frost and associated companies. With 300 investors out $140m, that means the average investor put in nearly $500,000. First Liberty said it made loans to companies that needed cash while they waited for more conventional loans from the US Small Business Administration (SBA). It charged high rates of interest – 18% on some loans, according to a document obtained by the Associated Press. First Liberty promised investors equally high rates of return – 16% on the 18% loans. In recent months, the business advertised heavily on conservative radio shows promising 'Wall Street returns for Main Street investors'. 'The promise of a high rate of return on an investment is a red flag that should make all potential investors think twice or maybe even three times before investing their money,' Justin C Jeffries, associate director of enforcement for the SEC's Atlanta regional office, said in a statement. The company has represented that it is 'cooperating with federal authorities as part of an effort to accomplish an orderly wind-up of the business'. The SEC said Frost and his companies agreed to the SEC's enforcement actions 'with monetary remedies to be determined by the court at a later date'. While the SEC says there were loans to companies, as many as 90% of those companies have defaulted. By 2021, the company was running as a Ponzi scheme, the complaint said, even as Frost withdrew increasing amounts of money. The business is being investigated by the Georgia secretary of state for possible violations of securities law, said Robert Sinners, a spokesperson for the office. A 2023 document obtained by the AP is titled as a 'promissory note', and Sinners said anyone issuing promissory notes is supposed to be registered with Georgia securities officials. Sinners encouraged any victims to contact the state securities division. Federal prosecutors have declined to comment on whether they are considering criminal charges. Sometimes both an SEC civil case and a federal criminal case are filed over investment frauds. Frost has been an important player in Georgia politics since 1988, when he coordinated televangelist Pat Robertson's Republican presidential bid in the state. His son, Brant Frost V, is chairperson of the Coweta county Republican party, where the company is based – and is a former second vice-chairperson of the state Republican party. Daughter Katie Frost is Republican chairperson of the third congressional district, which includes Coweta county and other areas south-west of Atlanta. At June's state Republican convention, Katie chaired a nominating committee that recommended delegates re-elect state party chairperson Josh McKoon. Delegates followed that recommendation, rejecting a number of insurgent candidates.
The Guardian
4 days ago
- Business
- The Guardian
Georgia Republican's Ponzi scheme defrauded people of $140m, say officials
A prominent Georgia Republican was running a Ponzi scheme that defrauded 300 investors of at least $140m, federal officials alleged in a complaint filed Thursday. The civil lawsuit by the US Securities and Exchange Commission (SEC) said First Liberty Building and Loan, controlled by Brant Frost IV, lied to investors about its business of making high-interest loans to companies. Instead, investigators said, it raised more money to repay earlier investors. Frost is alleged to have taken more than $19m of investor funds for himself, his family and affiliated companies even as the business was going broke, spending $160,000 on jewelry and $335,000 with a rare coin dealer. Frost is also said to have spent $320,000 to rent a vacation home over multiple years in Kennebunkport, Maine, the town where the family of late president George HW Bush famously spent summers. The SEC said Frost kept writing checks even after the commission began its investigation. First Liberty said in June that it would stop making loans and paying interest and principal to investors in those loans. The company said it was not answering phone calls or emails. First Liberty has not responded to an email seeking comment, and no one was present at its office on Thursday evening in Newnan, a suburb south-west of Atlanta. A lawyer who acts as the company's registered agent for corporate purposes said earlier that he had no information. The collapse rocked the religious and political networks that the business drew investors from. It also could have ramifications in state Republican politics, cutting off funding to the far-right candidates that Frost and his family have favored. Investigators said Frost spent $570,000 from investor funds on political contributions. The SEC said the business had only $2.67m in cash as of 30 May, although regulators are also seeking to claw back money from Frost and associated companies. With 300 investors out $140m, that means the average investor put in nearly $500,000. First Liberty said it made loans to companies that needed cash while they waited for more conventional loans from the US Small Business Administration (SBA). It charged high rates of interest – 18% on some loans, according to a document obtained by the Associated Press. First Liberty promised investors equally high rates of return – 16% on the 18% loans. In recent months, the business advertised heavily on conservative radio shows promising 'Wall Street returns for Main Street investors'. 'The promise of a high rate of return on an investment is a red flag that should make all potential investors think twice or maybe even three times before investing their money,' Justin C Jeffries, associate director of enforcement for the SEC's Atlanta regional office, said in a statement. The company has represented that it is 'cooperating with federal authorities as part of an effort to accomplish an orderly wind-up of the business'. The SEC said Frost and his companies agreed to the SEC's enforcement actions 'with monetary remedies to be determined by the court at a later date'. While the SEC says there were loans to companies, as many as 90% of those companies have defaulted. By 2021, the company was running as a Ponzi scheme, the complaint said, even as Frost withdrew increasing amounts of money. The business is being investigated by the Georgia secretary of state for possible violations of securities law, said Robert Sinners, a spokesperson for the office. A 2023 document obtained by the AP is titled as a 'promissory note', and Sinners said anyone issuing promissory notes is supposed to be registered with Georgia securities officials. Sinners encouraged any victims to contact the state securities division. Federal prosecutors have declined to comment on whether they are considering criminal charges. Sometimes both an SEC civil case and a federal criminal case are filed over investment frauds. Frost has been an important player in Georgia politics since 1988, when he coordinated televangelist Pat Robertson's Republican presidential bid in the state. His son, Brant Frost V, is chairperson of the Coweta county Republican party, where the company is based – and is a former second vice-chairperson of the state Republican party. Daughter Katie Frost is Republican chairperson of the third congressional district, which includes Coweta county and other areas south-west of Atlanta. At June's state Republican convention, Katie chaired a nominating committee that recommended delegates re-elect state party chairperson Josh McKoon. Delegates followed that recommendation, rejecting a number of insurgent candidates.
Yahoo
5 days ago
- Politics
- Yahoo
The Food Melania Trump Absolutely Refuses To Eat (Even When Visiting Foreign Leaders)
We may receive a commission on purchases made from links. The role of the First Lady in American society ranges from cultural influencer to social advocate, with variations as diverse and distinct as the people who held the title. Accompanying the Commander-in-Chief to official dinners held by foreign leaders is another duty assigned to this prestigious position, and First Lady Melania Trump has a strict rule about what she's willing to eat during these auspicious occasions. In "Melania," the First Lady's 2024 memoir, Trump provided a directive to the chefs at Japan's Imperial Palace in 2019. "I made it known that I do not eat raw fish," said Trump (via Hola!). Despite her refusal to consume raw fish — which is commonly enjoyed in Japan — Trump claimed, "I still made an effort to try local cuisine whenever possible." She went on to praise the "delicious blend of flavors and textures" of the foods she was willing to eat during her dinner with the Japanese Imperial Family. While some might question the First Lady's stance, at least it didn't lead to the kind of mishap that befell a different White House occupant. Famously, President George H.W. Bush vomited into the lap of then Prime Minister Kiichi Miyazawa in Tokyo. The cause was later determined to be a bout of acute gastroenteritis, a temporary stomach ailment that often results from bacterial and viral infections. Read more: 12 Cheap Fish You Should Absolutely Never Eat Melania Trump's memoir is brimming with personal insights straight from the unfathomable mind of the First Lady, but it doesn't appear that Trump ever explains her distaste for raw fish. That leaves us to speculate why she might avoid such preparations. For example, concerns about food safety are common when it comes to all types of uncooked items. While some of us at Mashed (i.e., me) have a huge affinity for raw fish (and aren't afraid of questionable gas station sushi), improperly prepared foods can cause severe bouts of foodborne illness in vulnerable people, such as those over 65 and people with compromised immune function. While healthy people face a relatively low risk, they can still experience symptoms like diarrhea and vomiting should they encounter a bad piece of fish. To many people, the tender, toothsome texture of raw fish is one of its biggest selling points, but others find it off-putting. There's no way to tell whether Trump falls into the latter camp, but it's worth considering what we know about the First Lady's preferred foods. It's been reported that she is a fan of breakfast smoothies, Diet Coke, and entrees like chicken Parmigianino. So perhaps her tastes simply veer away from dishes like sushi, sashimi, and ceviche. Read the original article on Mashed.
