The Big Tech Show: The Tesla Files: What it's really like to work for Elon Musk
In May 2023, a mass of internal documents from a Tesla worker were leaked to German newspaper Handelsblatt. The 'Tesla Files' have shed light on deep-rooted issues in how the company manages data, workplace safety, and product reliability.
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RTÉ News
2 hours ago
- RTÉ News
Pacific microstate sells first passports to fund climate action
A remote Pacific nation has started selling passports to fund climate action, but is so far struggling to attract new citizens to the low-lying, largely barren island. Pacific microstate Nauru, one of the world's smallest nations, has a novel plan to fund its fight against climate change by selling so-called "golden passports". Selling for $105,000 (€90,000) each, Nauru plans to drum up more than $5 million (€4.3 million) in the first year of the "climate resilience citizenship" programme. Almost six months after the scheme opened in February, Nauru has so far approved just six applications - covering two families and four individuals. Despite the slow start, Nauru hopes to sell 66 passports in the scheme's first year, with President David Adeang remaining upbeat. "We welcome our new citizens, whose investment will assist Nauru to secure a sustainable and prosperous future for generations to come," he told AFP. Nauru believes the passport programme could eventually generate $43 million (€37 million), or about 500 successful applicants, which would account for almost 20% of total government revenue. But there are fears the scheme could be ripe for exploitation. Edward Clark, who runs Nauru's climate passport programme, said one application has already been withdrawn after officials flagged "adverse findings" during background checks. "The application would have been rejected had it not been withdrawn," he said. A previous Nauru attempt to sell passports ended in disaster. In 2003, Nauru officials sold citizenship to Al-Qaeda members who were later arrested in Asia. Among the first batch of climate passports approved was an unnamed German family of four living in Dubai, said Clark, touting the "major milestone". 'Political volatility' "They were looking for a second citizenship to provide them with a Plan B given the current global political volatility," he said. The Nauru passport provides visa-free entry into more than 80 countries or territories. More than 60 different nations offer some form of migration for investment schemes, Australia's Lowy Institute has found. Pacific nations such as Vanuatu, Samoa and Tonga have all dabbled in selling passports. The island republic of Nauru sits on a small plateau of phosphate rock in the sparsely populated South Pacific. With a total landmass of just 21 square kilometres, it is one of the world's smallest nations. Unusually pure phosphate deposits - a key ingredient in fertiliser - once made Nauru one of the wealthiest places, per capita, on the planet. But these supplies have long since dried up, and researchers today estimate 80% of Nauru has been rendered uninhabitable by mining. What little land Nauru has left is threatened by encroaching tides. Scientists have measured sea levels rising 1.5 times faster than global averages. Nauru will eventually need to relocate 90% of its population as creeping seas start to eat away at its coastal fringe. The first phase of this mass relocation is estimated to cost more than $60 million (€51 million).
Irish Independent
11 hours ago
- Irish Independent
‘Ireland's returns are underwhelming' – savers are getting some of lowest value on deposit accounts in eurozone
Depositors remain at the bottom of the pack across the two major deposit categories – instant-access overnight accounts and fixed-term deposits, according to a survey compiled by savings platform Raisin. Overnight deposits – sometimes called 'easy access' – are the most common form of savings accounts in Ireland. Nine out of every €10 in savings is held in these accounts. Over the past year, Irish savers received an average return of just 0.13pc. The Raisin Bank analysis said this puts Ireland among the lowest in the eurozone for returns on demand deposits. German savers could avail of much better average rates of 0.55pc. Savers in this country fare slightly better on term deposit accounts, where money has to be locked away in a savings account for a period to get the full interest rate quoted. Raisin said: 'But even here, Ireland's returns are underwhelming.' The average Irish household received 2.44pc interest on new term deposits over the past year. This is compared with 3.06pc in Italy. Over the past 10 years, Irish savers had seen the lowest annualised returns of all countries surveyed, at 0.62pc, the Berlin-based bank said. Raisin said the loyalty of savers in this country to overnight accounts may be rooted in years of ultra-low or no returns, when moving money did not pay off. ADVERTISEMENT Learn more 'But the interest rate landscape has shifted. Term deposit rates have risen across the EU, and online banks are offering competitive deals that many in Ireland continue to overlook,' Raisin said. Holding on to bad savings habits is costing Irish households millions of euro a year in missed interest. The Central Bank recently revealed Irish households missed out on €800m in deposit interest last year alone. Eoghan O'Hara, country head for Ireland at Raisin, said low competition in the Irish retail banking sector may be a key factor in low rates. 'With only a handful of major players, and limited switching between banks or even account types, there's little incentive for institutions to offer competitive rates. In contrast, countries with more diverse banking landscapes, such as Germany, have passed on more value to savers.' It's the digital equivalent of stuffing it under the mattress He warned that Irish savers were being left behind, not only in relative terms, but also in real returns. 'In a high-inflation environment, earning little to no interest in an overnight savings [account] equates to a negative real return and a loss of spending power.' He said that when Dirt (deposit interest retention tax) is accounted for on the earnings, the net result is even worse. 'Keeping money in a low-paying, overnight account is essentially the digital equivalent of stuffing it under the mattress. It may feel safe, but your spending power is eroding,' Mr O'Hara added. There is about €160bn in household savings in Irish banks. Mr O'Hara said savers should ensure their money was working harder for them. They should explore the options and if possible lock away their money in a fixed-term deposit where they can get a much better rate. He also advised people to shift their savings to a bank that offers higher rates, and to look for serious offers in other EU countries.
Irish Independent
a day ago
- Irish Independent
Karl Lagerfeld's only Irish store to close
It is the latest big-name retail fashion casualty, after River Island pulled down the shutters on its Henry Street store in Dublin last June. Karl Lagerfeld Ireland Limited was registered with the Companies Registrations Office in October 2019, the same year the fashion designer died. The Karl Lagerfeld chief executive Pier Paolo Righi and chief financial officer Renne Frederique Wansink were listed as directors, and the Kildare Village outlet opened later that year. In a new set of accounts just filed with the CRO, the company says the directors have approved a plan to close the store in September, resulting in a wind-down of operations in Ireland. The parent company will continue to support the Irish operation for 12 months, to ensure all obligations are met. The accounts, for the financial period April 1 to December 31, 2023, show that the company employed just seven people, including the directors, who were paid through other companies in the group. 'The directors may decide to liquidate the company in the future but, as of the date of signing these financial statements, have not yet reached a final decision on the future plans for the company,' the accounts say. Karl Lagerfeld Ireland Ltd is a wholly owned subsidiary of Karl Lagerfeld Holding BV, which is registered in the Netherlands. The ultimate controlling company is G-III Apparel Group Ltd, which is listed on the New York stock exchange. The company had €251,385 cash on its books, with €215,149 in credit falling due within one year and €654,559 owed after more than one year. Tangible fixed assets were listed as €87,624, down from €153,233 in the previous reported period. Net current assets were €694,751. 'If we compare versus the same period last year, the revenues are in line with a turnover of €440,000,' the accounts say. 'Ireland is considered a small entity within the Group, and relies on Group support for its cash-flow needs. The liquidity of the Group remains strong, with cash levels of €36.3m as at December 31, 2023, compared to €35.7m in March 2023.' ADVERTISEMENT Lagerfeld, who lived in Monaco up to the time of his death at the age of 85, was a German-born fashion designer who started his career in the 1950s. He joined Chanel in 1983, and was its creative director until he died, building the French fashion house into a multi-million euro operation. Last January, the Irish Independent revealed that Grant Thornton's office in Monaco had filed a petition with the High Court in Dublin to have Photofan, a company controlled by Lagerfeld, wound up. His name had first appeared on company filings in 2017, when he was listed as owning the only two issued shares in the Irish firm. Photofan was established in 1992. Shares in the firm had previously been held through various entities and individuals in jurisdictions such as Cyprus, the British Virgin Islands and Channel Islands, before Lagerfeld was listed as their direct owner.
