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Irish Independent
2 days ago
- Business
- Irish Independent
Louth's €20,000 trip to New York for St Patrick's Day was ‘not a jaunt'
Cllr. Maeve Yore led criticism, saying she had been an Independent Councillor for many years, and in that time had 'never, ever agreed to the trip to New York, and the Dundalk businesses and Louth public are telling me they don't agree with it either.' She added that she had been asked by businesses to relay the message that: 'No business in Louth would send a six person delegation off on a trade mission with no guarantees of a return in jobs or tourism.' But there was strong defence of the visit from many, with Cllr. Emma Coffey saying that, historically, Louth has had a strong and unique relationship with America, adding that 'in the current climate we need to protect that as we have benefitted both socially and economically from the relationship.' "It is a preservation exercise as far as I am concerned. It is invaluable. If you are not at the table, you can't fight for the meal, and the scraps that come off it,' said Cllr. Coffey. Cllr. Yore reviewed a breakdown of the trip, and detailed six attendees travelling for six days, including four councillors and two management from Louth County Council. She queried the subsistence provided during the six day trip, asking for an explanation of the cost of meals, separate from subsistence. She asked about the County Louth Society of New York, how many members it has, and how long each meeting lasted with Tourism Ireland and other agencies the Louth delegation met with in Dundalk. She further queried if, following these meetings in New York, these agencies had forwarded 'their plans to promote Louth as a destination, and if so, can we see a copy of them.' 'Was infrastructure challenges in the county, such as water capacity and housing discussed, and what solutions were offered?' Cllr. Yore queried the 'year on year cost of this trip, when local parades struggle annually, and are told there is no money,' She listed the cost of the trip at €20,600 in 2025, and over €17,000 in 2024. Deputy Chief Executive at Louth County Council, Thomas McEvoy, said the council had provided a report last month which broke down the costs. He said the times of meetings had varied, but were given to the delegation by the various agencies, ranging from 1 hour to 1 hour 30 minutes. "We did discuss infrastructure and we did discuss housing,' said Mr. McEvoy, adding that the meetings were an opportunity to highlight the range of developments and housing progress that was being made in the county. He pointed out that they had asked the IDA what the top issue for overseas clients was, and they were clear in the response that it was housing. The locations that are showing housing activity would get prominence. "We were able to show them a report we have prepared on housing in Louth, and the investment promotion website which is very much aligned with the IDA website. That helps them promote us as at the centre of the region.' Mr. McEvoy told councillors: 'We are there with the sole purpose of promoting jobs, promoting tourism, and the cultural links we share.' The delegation met with the County Louth Society of New York, inviting them to dinner which had been listed in the costs provided. "I would say that the county societies in New York are struggling in recent years to maintain the numbers they once had, so they value the relationships even more so now.' The Deputy Chief Executive said 'They are asking us to maintain that link, and we are responding to what they have asked of us.' He said that all expenses claims were subject to audit, and he had checked every claim that had gone through. New Cathaoirleach, Cllr. Sean Kelly, told the meeting that the 'invaluable contacts' which the Deputy Chief Executive had were beneficial to the Louth delegation during their visit. and in meetings with various agencies. "We are well ahead of many other local authorities, and this was clear in the dialogue we had, and in getting the message across that Louth is a great place to do business.' responded: 'Well it hasn't translated into jobs.' Cllr. Kevin Callan, who travelled with the delegation said: 'We do not go out on a trade mission, we go out at the invitation of the County Louth Society.' "I am kind of at a loss in this chamber, as all counties go, with the exception I think of one or two. We either go and present and fight for the county or we just stay at home. It has been said before that we should invite the delegation here, but this is nonsense as they want us to go over and meet their members in New York for St, Patrick's Day.' He added: 'I am conscious that generations have gone from Louth, like in every other county. It is extremely important, it keeps that connection alive with people who have come from here, and whose families have come from here.' "It is not fair to tag it as a jaunt, because it's not. It is hard work, and the officials who go out with members put in a lot of hard work.' Cllr. Pio Smith, who had also taken part in the visit, added that he had learned much from the meetings in New York, including how important the reputation of individual towns was to CEO's who might be looking to invest. Cllr. Kevin Meenan told the meeting that he was 'One of those who decided not to go a few years ago and then did go the second time around. I would definitely recommend that you go, and in terms of what the county gets out of it.. I don't think you can quantify that.' He said there was a 'huge amount of work involved in this trip, and you are flat to the mat from the moment you get there until you leave.' Cllr. Meenan said it was: 'a huge honour for the people from Louth who are over there to host us,' and highlighted the St. Patrick's Day Parade in the city as a huge event for the diaspora. Cllr. Paddy McQuillan said that as Mayor of Drogheda he 'chose to stay at home this year' and added that the costs of these trips will rise every year. Cllr. Michelle Hall, the current Mayor of Drogheda, added: 'I think that the majority in this chamber agree with the trip, and once it's agreed that's it.' She added that the council should also be building links throughout Europe. 'We have to promote County Louth, it is the smallest county in Ireland, and we need the inward investment as well as our own exports. I am a great believer that we need to be travelling to Europe a lot more.' Cllr. Emma Coffey agreed, adding that a recent survey of democracies had shown that Ireland was 'on par with Hungary at local authority level, which I don't think is right as a democracy in Europe that is well regarded.' "The one thing that we lag behind in is our independence. Central government has completely eroded the independence of local government,' She acknowledged the taskforce which has been launched, but added: 'From 2014 we have been eroded, and it is shocking to think that we are now on a par with Hungary, and that has been acknowledged by the Minister of European Affairs, it is not something that we should be proud of.' Cllr. Marianne Butler said it was important to preserve the relationships with Louth people in New York. 'I do want to make the point that it is not an either or. We can look for better support for our festivals and parades, and still send a delegation to New York, or Europe, or wherever we need to go.'
Business Recorder
3 days ago
- Business
- Business Recorder
$3bn financing for Reko Diq project advances with IFC/IDA approval of loan
QUETTA: Reko Diq Mining Company (RDMC) is continuing to progress with the raising of up to $3 billion of limited recourse project finance to support the development of Phase 1 of the Reko Diq project involving a group of lenders including the International Finance Corporation (IFC) and the International Development Association (IDA), Asian Development Bank (ADB), US International Development Finance Corporation (DFC), Export-Import Bank of the United States (US EXIM), Export Development Canada (EDC), Euler Hermes AG and KfW IPEX-Bank GmbH of Germany, Export kreditnämnden (EKN) of Sweden, and Finnvera Oyi (Finnvera) of Finland, together with a covered commercial bank tranche. RDMC remains on track to sign project finance documents and have the project loan available for initial drawdown in the second half of 2025. In line with this, RDMC welcomes the approval on 12 June 2025 by the IFC and IDA of a direct loan of up to $700 million for RDMC at a joint board meeting. The target for first production from the project remains the end of 2028. Copyright Business Recorder, 2025
BreakingNews.ie
11-06-2025
- Business
- BreakingNews.ie
Making detailed assessment of Trump tariff impacts was challenging, says IDA
The IDA said they needed to focus on what they could control and that it was challenging to make a 'detailed assessment' of the impact of President Donald Trump's tariffs for Ireland. In a series of briefings, the investment agency said the immediate difficulty was likely to hit firms that worked with 'tight operating margins.' Advertisement They said while geopolitics would become a bigger part of investment decisions, large multinationals would still seek market access, talent and proven expertise in countries like Ireland. One briefing said clients were continuing to assess the impact of tariffs on their business but some indicated there was little effect so far. It said all the IDA could do was watch developments and keep in close contact with companies both within Ireland and through their international headquarters. The document said: '[We should] continue to advocate for improvements in Ireland's relative competitiveness – a factor within our control.' Advertisement A slideshow prepared for a trade forum in April said that US companies accounted for 70 per cent of the 300,000 people employed by IDA clients. However, 85 per cent of their exports were intended for markets other than North America. The presentation said: '[Multinationals] consider a range of factors in deciding where to invest. Policy changes (e.g., on tariffs) [are] one part of a wider decision-making matrix with investments implemented over a multiyear timeframe.' It said Ireland's need to improve national competitiveness remains 'critical.' Advertisement The presentation said the key factors in this were relative costs, planning, infrastructure delivery, talent development, as well as incentive offerings through tax or grants. It said US companies still saw Ireland as their 'entry point' to the European Union and to service wider global markets. Ongoing engagement with firms showed that with the 'prevailing uncertainty', most were still assessing the impact of tariffs and preparing potential contingencies. It said Ireland still had key attractions for investment including a stable business environment, access to a skilled workforce, and a 'transparent, competitive tax regime.' Advertisement Another update for the Department of Enterprise from February said US trade policy would change the weighting of how multinationals made investment decisions. However, it said that while tax or tariffs were one part of this, other factors like property prices, utility costs, and infrastructure remained just as important. Ireland Blind woman falls after Dublin Bus driver 'refuses... Read More A note for the department said: 'Cost of moving intermediate and final products are one part of wider factors considered in investment decisions. 'In the medium-term, [a] mix of US policy changes across tariffs, tax, incentives and restrictions could impact future investment decisions.' Asked about the records, a spokesman said: 'IDA Ireland sees no justification for the imposition of tariffs on EU exports. Tariffs are counter-productive and deeply disruptive. They drive inflation, hurting consumers on all sides. 'We are fully supportive of the EU's approach of engaging in substantive, calm, measured and comprehensive dialogue to reach negotiated solutions with the goal of achieving frictionless and mutually beneficial trade with the United States going forward.'
Irish Independent
11-06-2025
- Business
- Irish Independent
Calls for ‘student-type' accommodation for apprentices in Tipperary to encourage young people into trades
Councillors at the June meeting of Tipperary County Council were briefed by Brian Beck, Director of Services for Economic, Community Rural Development and representatives from Tipperary's Local Enterprise Office (LEO), gave an update on attracting business to the county, and outlined that serviced sites with water and electricity are what multinational companies who are looking for a base are requiring. The call for accommodation to be provided was made by Cahir councillor Andy Moloney at the meeting, who called for student-like accommodation to be built on sites where new industrial buildings were being developed. Speaking to the Irish Independent after the meeting, Cllr Moloney said that the changes would help to encourage more young people into an apprenticeship and help to stem the flow of young people emigrating to Australia and Canada. "They're saying that power and water are the two main sources, now a lot of these IDA companies are going to be coming in and they're going to be looking for young people to do apprenticeships and all that,' Cllr Moloney said. "But you won't get apprenticeships and young lads unless they have somewhere to stay, and housing is an issue, and affordable accommodation for students. What you're really looking for is student-type accommodation on-site in a portion of these lands so that the people can come in of a Monday or a Sunday evening and they can stay until Friday evening and they can go back home again,' he outlined. The plan would aim to encourage young people to undertake an apprenticeship, which traditionally attracts low pay in the first few years, by taking away the stress of finding and affording accommodation on an apprentice wage. "It would encourage kids to stay at home and do an apprenticeship rather than be getting on a plane and going out foreign,' Cllr Moloney added. "I'm not looking for a satellite town, but I am looking for satellite accommodation on the site'. "Say if the IDA come in with a proposal that they're going to create 200 jobs on a site, 10% of that – 20 student-type accommodation units should be provided with it,' Cllr Moloney said. "It should be the first thing on the site and it could be used by the builders while the project is going ahead, and once it's finished it would be signed back over again and becomes part of the whole thing,' the Cahir councillor explained. According to Cllr Moloney, more forward thinking is needed to address issues of accommodation and low rates of people taking up apprenticeships, and would make Ireland an even more attractive workforce to multinational companies. "Most American companies will tell you that they're here because of our educated workforce and that's plain to be seen, but if you're talking about apprenticeships, you're starting off on a low rate but at least if they had the accommodation at least it's something, it's some little bit of a carrot to keep them there'. The County Tipperary Development Plan or local area plans do not allow for any mixed-use space on lands that are zoned as commercial or industrial which would allow for this type of accommodation to be built. "In a lot of cases, these could be modular homes, and I'm not looking for anything fancy, just a bedsit with a shower, toilet and a small kitchenette, it's only the size of a big bedroom,' he said. "I think it's one way of encouraging business in if you can provide these incentives,' Cllr Moloney added. "County development plans are made five years at a time, but we need to be able to make changes midstream if we see the market moving a bit,' he concluded. Funded by the Local Democracy Reporting Scheme
Irish Times
10-06-2025
- Business
- Irish Times
First office block ready for business on former Waterford Crystal factory site
The first building in what is being billed as Ireland's first co-located university enterprise quarter has been launched on the site of the former Waterford Crystal factory site on Waterford City's Cork Road. Extending to 7,432sq m (80,000sq ft) across four floors of LEED Gold, WiredScore Gold and A3 Ber-rated office space, Building One at Glassworks is capable of accommodating approximately 800 workers. The property offers occupiers flexible floor plates ranging in size from 130sq m (1,400sq ft) to 1,579sq m (17,000sq ft). The office accommodation is complemented by a double-height entrance lobby, two lifts, parking, electric-vehicle charging points, a concierge service, and landscaped public spaces including seating. Cyclists will have access to showers, changing rooms and lockers on the ground and first floor, in addition to a secure bike store. Building One forms part of the wider 37-acre Glassworks campus, which upon completion, is expected to have capacity for a 6,000-strong workforce. READ MORE An architect's impression of the planned Glassworks university enterprise quarter on the site of the former Waterford Crystal factory The Glassworks scheme derives its name from the Waterford Crystal works, which ceased production on the site in 2009 after 62 years. Building One incorporates the former Waterford Crystal showrooms which have been remodelled as offices. Located next to the South East Technological University's (SETU) academic and research facilities, the IDA Business & Technology Park and the IDA Industrial Park, the Glassworks development is aiming to emulate the success of other university-enterprise quarters internationally such as the University of Nottingham's Innovation Park and the Cortex Innovation District in St Louis, Missouri. Building One was developed with the assistance of a €43 million investment by a joint venture formed between the Ireland Strategic Investment Fund (ISIF) and Waterford-based developer Frisby. Commenting on the State fund's involvement in the development, ISIF director Nick Ashmore said: 'ISIF's commitment to Building One is an example of its double bottom-line mandate at work, investing on a commercial basis in a manner designed to support economic activity and employment in the State.' He added: 'Glassworks will create unique opportunities for both local and international businesses and act as a cornerstone for the southeast's future development.' Noel Frisby jnr of Frisby said: 'Building One offers sustainable world-class accommodation to innovation-driven businesses keen to take advantage of the resources and commitment that this prime location will benefit from in the years to come.' Building One is being let by Peter O'Flynn and Siobhán Young of Cushman & Wakefield.
