Latest news with #post-Covid
Irish Post
17 hours ago
- Business
- Irish Post
Northern Ireland's economy shrinks amid global uncertainty
NORTHERN Ireland's economy contracted by 0.6% in the first quarter of 2025 after a full year of steady growth. This downturn, revealed in the latest Northern Ireland Composite Economic Index (NICEI), marks the first economic reversal since the end of 2023. Construction output dropped by 5.1% quarter-on-quarter, while industrial production, particularly manufacturing, also shrank. The NICEI attributes the quarterly fall to these sectors, though it noted that services - the economy's largest sector - remained flat rather than in decline. Despite the recent contraction, the overall economic picture is more complicated. Year on year, Northern Ireland's economy has grown by 1.6%, outperforming Britain's 1.3% growth. On a rolling four-quarter basis, growth stood at 2.7%, double the British average of 1.3%. Economic output is now 10% above pre-pandemic levels, with private sector output alone 10.5% higher than in late 2019. The services sector, covering everything from hospitality to legal services, has been a key driver of this post-Covid recovery. Richard Ramsey, Professor in Economics at Queen's University Belfast, said the figures point to a 'reversal in fortunes' for the private sector. While public sector jobs and agriculture provided some stability, they were not enough to offset losses elsewhere. Mr Ramsey also raised concerns about global factors. The temporary suspension of US tariffs introduced by Donald Trump is set to expire soon. The uncertainty around potential new tariffs has already led to revisions in growth. 'The local economy is expected to see a growth rate of around one third of last year's figure,' he said, noting that businesses are already grappling with new tax burdens introduced in April. In contrast, agriculture in Northern Ireland is enjoying a remarkable boom. Total income from farming (TIFF) is expected to rise by over 60% this year, reaching £766m - up from £471m in 2023. The increase is driven by reduced input costs and improved prices for dairy, beef and lamb. Average farm business income is projected to more than double, thanks to falling prices for feed, fertiliser, and machinery. Agriculture Minister Andrew Muir said in a public statement: 'My department is focused on helping farmers mitigate cost and price pressures while improving productivity and sustainability."
Otago Daily Times
21 hours ago
- Politics
- Otago Daily Times
Minister not impressed with council
Resources Minister Shane Jones has challenged the West Coast Regional Council to explain why it exists if it cannot approve mining consents in a reasonable timeframe. He also repeated his warning to Local Democracy Reporting that the country's regional councils are on borrowed time under the coalition government. West Coast goldminers have appealed to the minister over long delays as consent applications are processed by environmental consultants in the North Island. Some miners — including a regional councillor — have waited for more than a year for the go-ahead, and the council recently shut down a gold mine that had been bulk-sampling and waiting 17 months for consent to mine. Prominent mining adviser Glenys Perkins this week told the minister that her family has put off expanding the gold mine on their farm and hiring two more workers because a consultant wants a drain monitored for a year before granting consent. Mr Jones told LDR he was not impressed with the council's performance. "If the council cannot perform this core role, of issuing resource consents in a timely fashion, what is its purpose? "What other role does it have down there?" It was distressing to hear of obstacles being placed in the way of miners when the government was trying to grow exports and the West Coast was "riddled" with all sorts of mining opportunities. "I feel I've acted with a great deal of credibility and supported the Coast, so why can't local government on the West Coast support me? "Why are local bureaucrats importing people from other parts of New Zealand to protract, delay and undermine the agenda of our government?" That agenda was to promote growth in the regions, boost economic resilience, generate jobs and dig the country out of the post-Covid fiscal hole, Mr Jones said. Regional council chief executive Darryl Lew defended the council's record, saying consents staff have been under pressure with high numbers of consent applications including complex ones leading to hearings that were taking up large amounts of staff time. External consultants have been hired to ease the workload, but he now believed it was time to hire more staff, he said. Shane Jones said he did not know the fine details of the council's hiring practices, but he judged politicians on their results and outcomes. "And the politicians and bureaucrats of the West Coast Regional Council, they owe a high level of duty to that element of the community that's ready to risk their money and take their equity into these enterprises." Processing resource consents and enabling the economy were core business for regional councils, Mr Jones said. "But regional councils in my view have reached a very low ebb." Regional councils had been invented to administer the Resource Management Act, and with the abolition of that Act, he believed they did not have a future, Mr Jones said. "Which is why after the next election there will be local-government rationalisation and the very strong stance we're taking is that there is no longer a purpose for regional councils and I am happy that the prime minister sees that such a development should be a priority, if not for this government then the next." With the RMA split into two new Acts, people working for regional councils would no doubt end up playing some kind of role in a reformed level of regional governance, the minister said. There were already examples of regional and district councils being fused together (in unitary authorities) and after the election there would be a host of options. Councils would need critical mass and a capital base to cope with changing weather, and higher expectations from the community about how to adapt to climatic challenges, the minister said. "I accept a lot of council leaders may be reluctant to openly identify options that might spell their demise, but I just want them to know after next election, we'll do that on their behalf." — Lois Williams, Local Democracy Reporter — LDR is local body journalism co-funded by RNZ and NZ On Air.
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Business Standard
a day ago
- Business
- Business Standard
Gurugram home prices up 84% since 2020: Why buyers must tread carefully now
Gurugram is one of India's most expensive real estate markets, but a viral video by sector expert Vishal Bhargava says it's a "house of cards". Bhargava's concerns about a correction may not be entirely unfounded. Average residential property prices in the National Capital Region increased by 81 per cent between Q1 2020 and Q1 2025, according to a report by ANAROCK, a real estate consultancy. Gurgaon, which is part of the region, witnessed an 84 per cent increase, with rates going from Rs 6,150 per sq. ft. to Rs 11,300. A snapshot of residential prices in Gurugram shared by NoBroker, a real estate platform, shows: 2BHK: Rs 89 lakh 3BHK: Rs 3.7 crore 4BHK: Rs 5.2 crore 'This trend has largely been fuelled by a deep supply-demand mismatch, buoyant NRI inflows and a shift towards luxury housing,' said Prashant Thakur, regional director and head of research and advisory at ANAROCK Group. Developers claim the market is being driven by genuine end-user demand, but not all experts agree with that. 'Troubling bubble' 'Unfortunately, we are seeing increased investor activity once again like in the early 2000s. This increases the worrisome possibility of a bubble forming. If demand weakens or liquidity conditions worsen for any reason, there would be consequences. Long-term sustainable growth will be based on real end-user demand, affordability, and the speed at which new supply comes online,' said Thakur. Varun Chaudhary, managing director at CG Developers, believes much of the growth is speculative. 'Traders are booking properties with a minimum down payment and flipping them instantly for profits. Builders are also encouraging this, as it helps them inflate prices and sell out quickly. Now, with prices flattening, many buyers are unable to exit or make further payments. It will be completely wrong to dismiss the signs of a bubble, especially when price-to-rent ratios are increasingly becoming unsustainable and speculation is gripping new launches,' he said. Sunil Sisodiya, founder and chairman of Neworld Developers, doesn't believe that the surge is purely speculative. 'While home prices in Gurugram have indeed rapidly escalated since 2021, the majority of this price growth is based on structural demand rather than speculative risk.' 'Multiple issues triggered this growth, including but not limited to, large infrastructural spends like the Dwarka Expressway, the emergence of Gurugram as a city for corporates and startups, and a post-Covid lifestyle shift of preferring larger homes in planned communities. Although some price moderation may occur in certain micro-markets, a large-scale correction seems unlikely because of strong fundamentals,' he said. The discussion around rental yields provides further context. According to Thakur, yields in some prime locations in Gurugram are between 3.5 per cent and 4 per cent. These are strong by Indian standards and suggest a healthy rental market, especially in the 2-3 BHK and luxury segments located close to commercial hubs. Yet Chaudhary pointed out that capital values are often not aligned with rental returns. 'Rents in Gurugram and Bengaluru are quite similar. However, home prices in Gurugram are around 30 per cent higher, leading to compressed rental earnings. Reports suggest nearly 60-65 per cent of current demand is from investors, not actual occupants. This further makes us question the sustainability of current price levels.' Distress sales and project delays are not widespread, said Sisodiya. 'Distress sales are uncommon in prime sectors, while developers are continuing to improve delivery timelines due to RERA compliance and the flight-to-quality trend. Some older developers have even started completing projects closer to the launch date, in response to higher demand.' Reputable builders are focused on plotted developments and low-rise units with shorter development cycles and fewer regulatory hurdles, said Sisodiya. Speculation vs demand However, Thakur pointed to growing reliance on traders rather than long-term buyers. 'The dominant model now is to sell out on launch, with traders snapping up multiple apartments using very little upfront capital. They intend to flip these before full payment. This approach has resulted in prices being influenced more by speculation than genuine demand. Unlike Mumbai and Bengaluru, Gurugram's market does not rely heavily on its own resident population.' Santosh Agarwal, executive director and chief financial officer at Alpha Corp Development, countered this view. 'While investor interest remains a part of any healthy market, the predominant momentum is coming from families, professionals, and NRIs seeking lasting ownership. Project planning, pricing strategies, and delivery models are all being tailored around this shift. It's no longer about transactional volumes; it's about creating trust, quality, and sustained community value.' The city's real estate boom has also led to a spike in legal disputes. 'Gurugram's real estate market has seen a surge in disputes, especially relating to under-construction projects,' said Rajiv Sharma, partner at Singhania & Co. 'Common legal issues include project delays, structural defects, fund diversion, and violations of RERA's 70 per cent escrow rule.' So what can homebuyers do to assess whether a project is being driven by genuine demand or speculative trading? Experts suggest the following indicators: • Consistent and moderate price growth • High occupancy levels • Low number of resale listings • Well-developed surrounding infrastructure Thakur said, 'Buyers should focus on reputable developers with a proven track record of timely completion. If a location has seen very quick price spikes and too many delays, it's a sign of high investor activity.' Chaudhary added that genuine demand is usually backed by livability. 'A high occupancy rate, quality of amenities and organic price growth are better indicators of demand. On the other hand, projects with aggressive marketing, frequent resale listings, low occupancy, and discounts for early bookings often signal speculative interest. One of the most common signs is when units are being flipped frequently even before completion.' Buyers beware Legal safeguards exist but require vigilance. 'Buyers need to check whether the project is predominantly booked by end users or traders, whether the builder-buyer agreement is ambiguous, and if RERA escrow rules are being followed,' said Sharma. He also noted that section 12 of RERA allows legal recourse in case of misrepresentation. 'Many times, builders create hype using advertisements or brochures that may later turn out to be misleading.' Finally, there's the choice between ready-to-move and under-construction homes. Sharma said each comes with its own risks. 'Ready units reduce risks like non-delivery and quality issues, but are usually more expensive and require upfront payment. Regardless of the type, due diligence is crucial to ensure the title is clear and the property is free from legal hassles.' For Agarwal, confidence is key. "Gurugram today is a trust-driven market. Buyers are focusing on reputation, not just price. They want developers who deliver consistently."
Time of India
2 days ago
- Business
- Time of India
The future is paperless: Are digital wedding invites the new norm?
After a surge in popularity post-Covid, digital wedding invitations are now seeing a shift as couples embrace a hybrid approach. While digital invites offer practicality and cost savings for a global audience, the emotional connection of physical invitations is making a comeback, especially for close friends and family. Digital invites took the Wedding Industry by storm post Covid. It was fresh, appealing, easy to send out and easy to access. It had its novelty factor and it rode the tide well for the last 4 years. However, in the recent past we are noticing an increasing number of clients opting for a hybrid model. A fun animated invitation to create the initial buzz and a more formal/physical invite for a select intimate guest list. Save the dates and invites that are sent out digitally are definitely more practical because Its hassle free to send to a global audience Helps you save both print as well as mailing cost Simplifies the logistics of inviting RSVPs and gathering responses from the guests are easier However having ridden the practical wave for a while, couples are gradually leaning back to physical invites again albeit a smaller number. Because at the end of the day a wedding is an emotional affair. The charm of personally inviting someone with a physical invitation and a box of treats has its special place. The world is already moving into very isolated segments with minimal human contact making it an extremely impersonal. Weddings by definition were meant to be a celebration of union amongst friends and family and were meant to be as personal as it gets! The warmth that you feel when you receive a personalised invitation at your door step, or have your friend/ family come home to invite you is unparalleled to an mp4 file you receive on your WhatsApp. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เทรด CFDs ด้วยเทคโนโลยีเทรดสุดล้ำ และ รวดเร็วกว่า IC Markets สมัคร Undo What works best is a hybrid list of guests who would receive the digital/physical invites depending on level of closeness, geography, age group or any other parameters. Minimising the quantities for physical invitations allows for enhancing the quality and level of personalisation of the product. Additionally, to address the point about sustainability in a field which was largely print driven, sustainability can be achieved by creating keep sake physical invites, upcycling or refurbishing material, adopting alternate materials or using high grade recycle paper and last but not the least adopting a hybrid model of both digital and physical invites. By Ranjani Iyengar
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Business Standard
3 days ago
- Politics
- Business Standard
Best of BS Opinion: Ghosts return when we forget why they were banished
There's a superstition in every family. Some refuse to say the name of a dead relative who brought more harm than good. Some keep a room locked, an old letter unread, a photograph hidden behind a newer one. Not because they want to forget, but because they want to remember right. That is because a ghost must be remembered, precisely so it is not counted among the living and allowed to raise hell again. Let's dive in. On the 50th anniversary of the Emergency, the unnamed ghost is easy to see. June 25, 1975 was not merely a date, it was a descent into sanctioned silence. With habeas corpus gone, opposition crushed, and media blinded, the darkness was not just metaphorical. As memories fade, so too does vigilance. Yet, as our first editorial notes, the legal aftershocks lasted until 2017. The Emergency was not a one-off horror but a recurring lesson in how institutions like the courts, press, and even Parliament, can be turned against the people they are meant to serve. Meanwhile, another spectre lurks in the form of India's demographic dividend. Our second editorial cautions: the window opened in 2019 when the population between 15 and 64 began to dominate the number of children and the elderly, but time is ticking. Without high growth, skilled labour, and meaningful reform in health and education, our advantage could rot into a liability. Like a ghost that once offered promise, but now rattles chains of regret. A K Bhattacharya shows how the Centre's approach to public sector undertakings is shaped by ghosts of past policies, shifting from privatisation dreams to PSU-led capital expenditure. While this approach powered post-Covid recovery, it may not remain sustainable without new funding sources. And in Debarpita Roy's column, the spectre is social exclusion. The PMAY scheme works in small towns, but in India's largest cities, EWS housing plans are haunted by delays, poor design, and worse demand. Until cities prioritise serviced plots and rental reforms over distant, vertical ghettos, the urban poor will remain stuck in the ghost neighbourhoods of failed intentions. Finally, in Kanika Datta's review of 1945: The Reckoning: War, Empire and the Struggle for a New World, the ghost is colonial hypocrisy. Phil Craig revisits WWII's end not as a heroic Allied victory, but a cynical return to empire-building. While flawed in rigour, the book still reminds us that many post-war promises were buried alive, not fulfilled.
