Latest news with #MarkReynolds
Irish Times
6 days ago
- Business
- Irish Times
First-time buyers in Dublin now locked out of Help-to-Buy scheme, warns Savills
Homes in Dublin are now beyond the reach of first-time buyers using the Government's Help-to-Buy scheme , estate agents Savills have warned. The property group says the average price of a new home in the capital is now €562,000 overall, citing Central Statistics Office figures. Among first-time buyers, it is €515,000. That is beyond the upper price limit of €500,000 that qualifies buyers for Help-to-Buy. The Government scheme allows people claim back income tax and Dirt paid over the previous four tax years up to a maximum of €30,000 or 10 per cent of the property's price. 'This means more and more new homes are simply out of reach under the current help-to-buy limit,' Mark Reynolds, managing director of Savills Ireland. READ MORE It says the help-to-buy scheme threshold should be aligned with inflation by increasing it from its current €500,000 cap to at least €621,000, reflecting the 24.2 per cent rise in inflation since 2017 and ensuring the scheme 'remains effective'. In its pre-budget submission , Savills also says the Government should reduce commercial stamp duty from 7.5 per cent to 2 per cent. The group warns that persistently high transaction costs are dampening investment in the commercial property sector. A reduction in stamp duty would 'stimulate investment in office, retail, and logistics assets and support FDI', it says. Mr Reynolds said bringing commercial stamp duty back to 2 per cent, as it was between 2011 and 2017, 'would send a strong signal that Ireland remains a competitive, investor-friendly location'. 'At a time when international capital is more selective, cost matters – and so does confidence,' he said. 'This is about restoring Ireland's competitiveness for investment and ensuring we have the modern offices, retail, and logistics spaces needed to support economic growth and jobs.' Savills also outlines additional priority measures that it says are required to remove structural barriers to housing delivery. These include expanding Uisce Éireann's statutory remit to 'enable the proactive delivery' of water and wastewater infrastructure 'rather than focusing solely on regulatory compliance'. 'This should be supported by increased capital funding to ensure timely and co-ordinated infrastructure delivery essential to meeting Ireland's housing needs,' it says. Among other recommendations is a call to fast-track the Shannon to Dublin water pipeline to secure long-term water supply for the Greater Dublin Area. Savills further calls on the Government to update construction labour forecasts in line with the 50,000-unit housing target and invest in construction skills pathways, including guarantees that apprenticeships are completed within four years. It notes there are approximately 62,000 fewer construction workers in the Irish workforce today than there were at the peak in 2007 – a reduction of around 26 per cent. 'We believe this is a fundamental issue that warrants immediate attention,' it says, echoing comments in the quarterly economic commentary published by the Economic and Social Research Institute (ESRI) earlier this week. 'Without action to expand and retain construction talent, we risk setting targets that are unachievable in practice.' Finally, the group is pushing for investment in enhanced housing market data services, including funding for real-time data systems to support better decision-making by policymakers and industry.
Irish Examiner
6 days ago
- Business
- Irish Examiner
Stamp duty of 2% needed to unlock stalled housing investment, says Savills
The Government need to revert commercial stamp duty from 7.5% back to 2% to unlock stalled investment and accelerate its housing delivery, Savills Ireland has said. Publishing its pre-budget submission, the property advisor warned that persistently high transaction costs are dampening investment in the commercial property sector, while buyer supports that haven't kept pace with inflation are making it harder for first-time buyers to access new homes. It is also recommending the Government update the Help-to-Buy (HTB) scheme threshold from its current €500,000 cap to at least €621,000, reflecting the level it would be today if it had kept pace with inflation since the scheme's introduction in 2017. Consumer inflation has surged by 24.2% in that time, Savills said, but the threshold has remained unchanged which it says has eroded the scheme's effectiveness. "Reverting commercial stamp duty to 2%, as it was between 2011 and 2017, would send a strong signal that Ireland remains a competitive, investor-friendly location," said Mark Reynolds, Managing Director of Savills Ireland. "At a time when international capital is more selective, cost matters, and so does confidence." Ireland currently has one of the highest commercial property transfer taxes in Europe, making it less attractive for investors compared to peer markets, Savills warned. "For example, at a 7.5% rate, an investor acquiring a property yielding just 3.75%, effectively loses two full years of rental income to stamp duty," it added. 'This means more and more new homes are simply out of reach under the current HTB limit,' said Mr Reynolds. 'Updating the threshold to align with inflation will directly support buyers and help maintain a pipeline of viable new housing supply in urban areas where demand is highest." In addition to stamp duty and the HTB scheme, Savills is also calling for Uisce Éireann's statutory remit to be expanded to enable the proactive delivery of water infrastructure, and is urging the Government to update Ireland's construction labour modelling to reflect the reality of the stated 50,000-unit annual housing target, alongside investment in training and guarantees that apprenticeships are completed within four years.
The Star
25-06-2025
- Business
- The Star
Feature: Americans more cautious on spending amid tariffs
WASHINGTON, June 25 (Xinhua) -- Mark Reynolds, 48, a marketing professional outside of Washington, D.C., said he and his family used to take a lot of trips once the lockdowns were lifted after the COVID-19 pandemic -- to Asia, Europe and in the United States. Over the last four years he and his family took about five trips a year. "We've cut that to two trips per year," he told Xinhua. He has also canceled an expensive gym membership and cut his time with a personal trainer in half, and is now focusing on retirement savings. Since U.S. President Donald Trump announced sweeping tariffs in April, Americans have become increasingly cautious about opening their wallets. Consumer spending rose by a sluggish 0.2 percent in April, down from a 0.7 percent rise in the month prior, amid Americans' concerns over how tariffs would impact the economy, according to data released last month by the Bureau of Economic Analysis. Many Americans seek to increase their savings, after splurging for several years after the pandemic. The personal savings rate rose to 4.9 percent in April from 4.3 percent in March, according to data from the Bureau of Economic Analysis. Since taking office, Trump has announced a slew of sweeping tariffs, including a general 10 percent duty on all goods coming into the United States. That has caused some products to go up in price. Gary Clyde Hufbauer, a non-resident senior fellow at the Peterson Institute for International Economics, told Xinhua that he expects Americans to continue making cutbacks. "Late payment rates on credit cards are high, and many households are buying food on short-term credit, housing sales are weak. All these indicate the financial problems average Americans are facing," Hufbauer said. Sharon Erdhart, 68, a retiree in the U.S. state of New Jersey, said she shops at cheaper supermarkets even though she has to drive outside of her area a little further. "I don't dine out anymore because of price increases. I have curtailed my credit card use," she told Xinhua. U.S. retail sales declined 0.9 percent in May, exceeding the 0.6 percent drop that economists had forecast, according to data released by the U.S. Department of Commerce. Accounting firm KPMG's recent consumer pulse report showed that in response to tariffs, "50 percent are cutting back on purchases, and 49 percent are actively seeking deals and discounts." "We're seeing a more selective and cost-conscious summer travel season," said Duleep Rodrigo, KPMG's consumer and retail leader. Joe Chance, a retired security professional in Philadelphia, told Xinhua he continues to take his family on vacation, but is taking bargain airlines now. "They don't get movies or anything on board even like meals, but it's cheap," he said. Meanwhile, discount stores, such as Dollar Tree, Walmart, and TJX Companies -- the firm that owns T.J. Maxx and Marshalls -- have been gaining steam in the retail sector. Shoppers are opting toward lower prices, and consumers are more likely to seek bargains on goods ranging from beauty products to clothing. Hufbauer said he expects discount stores to do well in this environment. Dean Baker, a senior economist at the Center for Economic and Policy Research, told Xinhua: "Wage growth seems to have slowed, so that will slow spending and cause people to look to discount stores."
Yahoo
08-05-2025
- Yahoo
Fallen South Carolina officers inducted into law enforcement Hall of Fame
COLUMBIA, S.C. (QUEEN CITY NEWS) — The South Carolina Law Enforcement Officers Hall of Fame formally inducted seven fallen officers Wednesday. One of the officers honored was South Carolina State Transport Police Officer First Class Mark Reynolds, who experienced a medical emergency during training and died hours later in 2024. 'Each year, we come together on this solemn occasion to pay tribute to those who made the ultimate sacrifice in service to their communities,' said SCDPS Director Robert G. Woods IV. 'This ceremony is especially personal for DPS because one of our own, Officer First Class Mark Reynolds, lost his life last year in the line of duty. And while we can never repay Officer First Class Reynolds and the other brave men for their courageous acts, we offer a humble recognition of their lives and legacies by permanently inducting them into the Hall of Fame.' Sheriff Elijah Nunn of the Chester County Sheriff's Office was also honored. Sheriff Nunn was remembered as a Revolutionary War veteran and a devoted family man. On March 17, 1809, Nunn was attempting to serve a bail writ on Samuel Floyd, who had reportedly been carrying a firearm and threatening to use deadly force against anyone who attempted to arrest him. When Nunn approached Floyd in a field, Floyd fatally shot him. Sheriff Max Dorsey, along with two of Sheriff Nunn's great-granddaughters were there for the ceremony. South Carolina Department of Public Safety Pictured: Sheriff Dorsey and Sheriff Nun's great-granddaughters Other officers honored were: Deputy Sheriff Elias Grantham : Marion County Sheriff's Office End of Watch: July 11, 1864 Sheriff William P. Campbell : Marion County Sheriff's Office End of Watch: November 17, 1864 Deputy Sheriff William B. Page : Marion County Sheriff's Office End of Watch: December 12, 1873 Special Agent James F. 'Jimmy' Grayson III : Bureau of Alcohol, Tobacco, Firearms and Explosives End of Watch: January 10, 1976 Patrolmen Sammie Lee McCoy Jr .: Lancaster Police Department End of Watch: February 29, 1980 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to Queen City News.
Yahoo
05-04-2025
- Yahoo
Body ID'd as missing woman; mystery food show in RI; Westerly soupy: Top stories this week
Here are some of The Providence Journal's most-read stories for the week of March 30, supported by your subscriptions. Tuesday marked the centennial of the Rhode Island State Police, born in a time of rapid technological advances – radio broadcasts, aviation and automobiles, to name a few. At the 100-year mark, the state police are operating in a similar landscape of high-tech change, with ghost guns, drones, artificial intelligence and internet predators. What will the next century bring? The Journal's Mark Reynolds looks back at key moments in the force's history, and what challenges may lie ahead. Rebounding from their March Madness loss to Michigan State and the news that coach Phil Martelli Jr. was moving on to VCU, Bryant University's men's basketball team announced this week that they've found their new coach. Sportswriter Bill Koch explains what Jamion Christian will bring to the Bulldogs. For that and more and sports news, go to . Providence has a record four chefs and restaurants in the finals for the James Beard Foundation Awards, the Oscars of the food world. Find out who the finalists are, and also which spot has Rhode Island's best zeppole, according to voters in The Journal's bracket challenge. Here are the week's top reads on The remains of a missing 56-year-old Warwick woman have been found in a wooded area near Plainfield Pike in Foster, and the circumstances of her death are suspicious, the state police said Monday. Michele Romano's body was found at the location on Wednesday and a group of investigators from multiple agencies worked together to confirm the identity of the remains. Romano was reported missing by a family member on Aug. 18, state police say. Her last known address was 112 Hazard Ave., Warwick. In a later story, the owner of that home in the Oakland Beach neighborhood told The Journal about his reaction when police notified him that his friend and roommate Romano was dead: "I couldn't move," Charles Parisi said. "It just hit me." Local news: Human remains found in Foster identified as Warwick woman missing since August One of the state's top Republicans wants public housing built in his rural town, though he's not exactly calling it that. House Minority Leader Michael Chippendale says Foster badly needs subsidized housing for elderly residents. And since the market isn't providing that, he's proposing that the town build the units itself. Some might label that socialism. But Chippendale sees it as a small town "taking control of its own destiny, rather than being at the whim of a private entity." Across Rhode Island, the housing crisis isn't letting up. And the idea that the government should create affordable housing – rather than funding it in roundabout ways while outsourcing responsibility to private developers – is gaining traction in some unexpected places. Political Scene explores how the public housing issue is creating common ground for the left and right. Political Scene: Which issue seems to be uniting the political right and left in RI? Public housing. NARRAGANSETT − Is celebrity chef Gordon Ramsay preparing to film a restaurant renovation show in town? Ads posted on social media seem to suggest the possibility. "Eat with us for free," the ad says in all caps. "Come be a part of an exciting televised dining experience for a brand new show in your community." Read the full story to see why Ramsay, star of the Fox reality TV series "Kitchen Nightmares," is a likely contender, and how you can sign up to be a diner during filming at the as-yet-undisclosed Narragansett restaurant. Entertainment: Mystery TV food show is coming to a Narragansett eatery. Here's who it might be. Bryce Hopkins will leave Providence College and spend his final college basketball season with a Big East rival. Hopkins committed to St. John's and will transfer to Queens for an expected fifth year, according to his social media accounts. He will pursue a medical redshirt through the NCAA to replace what was a lost 2024-25 season. Red Storm head coach Rick Pitino made it two straight years securing a standout player from a conference foe. St. John's will be hoping Hopkins can recapture the form that made him one of the league's premier performers before he suffered a major left knee injury in January 2024. Read on to see what the loss means to the Friars, who went just 20-30 in the 50 games Hopkins missed over the last two seasons and missed the NCAA Tournament both years. College sports: Ex-Providence basketball star Bryce Hopkins heads to another Big East team. Which one? What is a soupy? And why is there a documentary about it, a festival celebrating it and a street marker noting that Westerly is the home of it? In one word: tradition. In two words: family heritage. Soupy is the Westerly term, a short nickname, for soppressata, a dry-cured, spicy Italian sausage. It has the texture of a pepperoni or hard salami, but the comparisons end there. Ever since their relatives from Calabria settled in Westerly, families have been gathering in their homes to make soupy together using their family recipes and traditional techniques brought to Rhode Island from southern Italy in the early 1900s. Food editor Gail Ciampa explains why each stick of soupy is as unique as the family that made it. What and Why RI: What's soupy and why is Westerly obsessed with it? The story behind the tradition To read the full stories, go to Find out how to subscribe here. This article originally appeared on The Providence Journal: Missing woman's body found; food show in Narragansett; Westerly soupy
