Latest news with #multinationals
Associated Press
11 hours ago
- Business
- Associated Press
Sixth Qingdao Multinationals Summit Held in Qingdao
QINGDAO, China, June 20, 2025 (GLOBE NEWSWIRE) -- On June 19, the Sixth Qingdao Multinationals Summit opened at the Qingdao International Conference Center. Centered on the theme 'Multinationals and China: Connecting the World for Win-Win Cooperation,' the summit serves as a high-level platform for policy dialogue, industrial alignment, and project collaboration among global multinationals. A Media Snippet accompanying this announcement is available in this link. Co-hosted by the People's Government of Shandong Province and Ministry of Commerce, the summit is jointly organized by the Department of Commerce of Shandong Province and the Qingdao Municipal People's Government, among others. This year's summit has drawn wide attention and active participation from the global business community. A total of 465 multinational companies attend the event, including 135 Fortune Global 500 companies and 330 industry-leading enterprises. These firms come from 43 countries and regions, with over 50% from emerging market economies. Reflecting the trend toward greater openness in the services sector, more than 20% of summit delegates represent multinational companies in modern finance, artificial intelligence, and other cutting-edge sectors. In addition to traditional markets such as Japan, South Korea, Singapore, the United States, Germany, and France, the summit has attracted increased participation from emerging regions including ASEAN, the Middle East, and Africa. Notably, enterprises from nine countries such as Vietnam and Egypt participate in the summit for the first time. The summit agenda includes an opening ceremony and high-level forum on the high-quality development of multinationals, three thematic activities, and multiple parallel sessions across four major segments. A new edition of the Multinationals in China research report series will also be released during the event. According to Wang Lei, director-general of the Department of Commerce of Shandong Province, since the launch of the inaugural summit, the past five editions have attracted 421 Fortune Global 500 companies and 967 industry-leading enterprises, with a cumulative attendance of over 3,000 delegates. Source: Qingdao Municipal People's Government Contact person: Ms. Zhang, Tel: 86-10-63074558.
Bloomberg
12 hours ago
- Business
- Bloomberg
US Banks That Fueled Ireland's Finance Rebound Face Tariff Angst
When the US launched sweeping tariffs against trade partners in April, BlackRock Inc. Chief Executive Officer Larry Fink found himself in Ireland, one of the countries with most to lose if US multinationals were forced to curtail their operations overseas. Fink, whose company was in the running for a major contract with the Irish government at the time, toed a careful line, claiming to 'understand the logic' of Donald Trump's move while not agreeing with it, and insisting there 'does not need to be a true trade war.'
BreakingNews.ie
a day ago
- Business
- BreakingNews.ie
Central Bank forecasts lower economic growth and fewer homes built in coming years
Domestic economic growth is expected to slow to around 2 per cent this year and next if the United States hits European Union exports with a 20 per cent tariff, and could fall much more steeply if a deeper trade war follows, the Central Bank of Ireland said. The Republic is among the countries most exposed to US president Donald Trump's sweeping economic policies, with a significant proportion of employment, tax receipts and exports dependent on a cluster of mainly tech and pharmaceutical multinationals. Advertisement The Central Bank also downgraded its forecasts for new home completions in the near term. It predicted completions would increase to 32,500, 37,500 and 41,500 in 2025, 2026 and 2027 respectively but this represents a downward revision on its previous forecast in March. The downgrade was driven by a fall-off in completions and commencements in the first quarter of this year, the bank said. The Central Bank cut its estimate for 2025 modified domestic demand (MDD) – its preferred gauge of economic performance – to 2 per cent from the 2.7 per cent estimated in March and its 2026 forecast to 2.1 per cent from 2.5 per cent due to the uncertainty weighing on investment. Advertisement That was broadly in line with recent Department of Finance forecasts. As a member of the EU, Ireland faces tariffs of 10 per cent on around a quarter of its exports that could rise to 20 per cenr after a 90-day US pause ends on July 8th. The Central Bank said MDD would fall to just 0.8 per cent this year and 1 per cent in 2026 in an adverse scenario where a 20 per cent tariff is extended to all goods, taking in key sectors for Ireland such as pharma and semiconductors, and the EU retaliates with tariffs. The Republic's booming corporate tax revenues, which have risen almost seven-fold over the last decade, could be a major vulnerability in that scenario as most of the tax is paid by US multinationals. Ireland Housing target of 41,000 'not realistic', Minister... Read More The Central Bank said projected big budget surpluses could turn into a deficit of 4 per cent of national income or €17.7 billion by 2030 if the adverse economic scenario is accompanied by a loss of the recent windfall corporate tax receipts and a 20 per cent fall in foreign multinational investment. Advertisement "This is a severe scenario but it is not the extreme scenario where you would see investment leave the State," Central Bank director of economics Robert Kelly said on Thursday. The bank also estimated that gross domestic product – which officials disregard due to the way multinationals distort the data – would jump eight-fold to 9.7 per cent this year due to a surge in exports to the US that data suggests was driven chiefly by ingredients used in weight-loss and diabetes drugs. Some US drugmakers with a presence in Ireland have reported stocking up ahead of threatened tariffs.
Irish Times
2 days ago
- Business
- Irish Times
The Irish Times view on the Central Bank report: high economic stakes for Ireland in trade talks
The negotiations between the US and the EU on trade have a deadline of July 9th and it is clear from the latest estimates from the Central Bank that a lot is at stake for the Irish economy. In analysis published with its latest quarterly bulletin, Central Bank researchers outline the potential risks to Ireland if there is a fall-off in corporation tax, investment and economic growth. The outcome of the transatlantic talks remains entirely unpredictable. The mood music appears a little better, but there are some obvious barriers. One is the apparent US insistence that whatever happens the 10 per cent tariffs imposed already will stay in place. Also, it is uncertain what the EU can offer the US – and what the reaction of president Donald Trump will be. As the Central Bank points out, all this is already having an impact on economic confidence and particularly on investment, leading it to pull back its forecasts for this year. The bank's researchers have also done a valuable job in sketching out the risks that lie ahead and the potential impact of tariffs, adding to work already done in Government and by the Economic and Social Research Institute. The economy is vulnerable because of the narrow base of both corporate tax and income tax, as well as the reliance on US multinational investment. In an adverse scenario – where investment into Ireland falls and tax revenues are hit – this could lead to the public finances moving from surplus now into significant deficit over a period of years. READ MORE This shows clearly what is at stake and the risks if changed US policies lead to a fundamental shift in investment patterns, or in how these firms pay their tax. The policy prescriptions are familiar, but nonetheless important. Caution in budget policy and better control of day-to-day spending is needed . This leaves resources for vital State investment, where faster delivery is essential. And politicians need to consider new revenue sources to widen the tax base and prepare for future costs. It is long-term thinking which can easily get lost in the cut and thrust of daily politics.
Bloomberg
4 days ago
- Business
- Bloomberg
Ireland Signals Budget Caution on Rising Global Trade Risks
Irish government ministers have warned public finances will need to be more carefully managed, signaling a shift in approach ahead of the next budget as global trade turmoil is expected to slow growth in the small, open economy. Ireland 's headline surplus 'arises from a handful of large multinationals,' Finance Minister Paschal Donohoe warned Monday at an event to consult business groups on the upcoming budget. 'The mood-music is changing. It is not appropriate – indeed it could be dangerous – to plan on the basis of these receipts being permanent.'
