Latest news with #Europe
Irish Times
31 minutes ago
- Business
- Irish Times
The Unaccountability Machine by Dan Davies: an excellent diagnosis but a depressing prognosis
The Unaccountability Machine: Why Big Systems Make Terrible Decisions – and How the World Lost its Mind. Author : Dan Davies ISBN-13 : 978-1788169547 Publisher : Profile Books Guideline Price : £22 In this informative and ambitious book, Dan Davies looks at contemporary systems. He looks at economics, airlines, banks and corporations and posits that recent fiascos (the 2008 financial crash; Brexit; the rise of populism) are not the result of 'conspiracy or cock-up' but of the growing complexity of these systems. Within these systems the idea of individual decision-making is redundant because the decisions are inscribed within the system itself, which produces its own results, independent of the individuals within the systems. This may initially seem like a plea bargain and excuse for those involved in nefarious activities, but ultimately the book is an indictment of the organisation and management of these systems within a neo-liberal environment. He introduces the term 'accountability sinks' where no person has agency therefore no one is responsible. He examines specific examples: Fox News reporting of voter fraud; airline flight experiences; squirrels getting shredded at Schiphol airport. READ MORE We all know the Ryanair experience where we have a problem but the person we engage with offers the interaction of a recorded message machine. For the system to function, 'it has to prevent the feedback of the person affected by the decision from affecting the operation of the system.' This last point he sees as a primary reason why many have abandoned mainstream politics and embraced Trump and populist politics. He identifies three main revolutions that have got us here: the managerial revolution, where control was passed over from owners and capitalists to professional administrators; the 1970s neo-liberal revolution which has shaped our current society; and the aborted cybernetic revolution. [ The Irish Times view on the Ryanair wheelie case controversy: making a bags of it Opens in new window ] He explores cybernetics ('the study of decision-making systems') through the eccentric, leftist Stafford Beer. Beer held meetings that were 'unstructured, informal connections between staff at different levels and performing different functions'. He wanted to create systems that were open, as opposed to closed systems – such as banking, where a limited focus on profit ended up with an implosion that led to them being bailed out by governments: the socialisation of private debt. Cybernetically speaking, there was not enough variety in the controlling system that would have provided feedback that the system was unstable and needed readjustment. There was no feedback channel beyond the closed system with regard to wider society. This is in keeping with Milton Friedman and the Chicago school of economics (the home of neo-liberal economics), which rejected a consideration of society. This was best expressed in Margaret Thatcher 's famous claim that there is no such thing as society. She, along with Ronald Reagan , was one of the two main political enforcers of this ideology. The closed neo-liberal system has led to the insanity where people still chase profit at the expense of planetary destruction. In cybernetic terms, it's the problem of emphasising one outcome of maximisation to the detriment of others. 'Every decision-making system set up as a maximiser needs to have a higher-level system watching over it.' Davis looks at the technical aspects and details of cybernetics, which are well explained yet require an extra level of concentration if, like me, you are not familiar with it. He claims that cybernetics could have changed the way economics developed in the 1950s and 1960s, instead of creating a system that supported the neo-liberal agenda. This agenda produced models of the world which neglected so many variables that they became self-fulfilling prophecies in their results: they were models of wish fulfilment posing as science. As Stafford Beer has it: 'Where analysis fails, ideology steps in.' That ideology was neo-liberalism. The strength of this book is its ability to provide an overarching theory of why the world is in crisis and how economic and societal development has lead to this. The book wraps up by reiterating that nobody in a corporation was or is responsible. This seems to me to let too many people off the hook. What about whistleblowers? There are always people doing the right thing. Davis, though, would argue that the systems were set up without the channels for this information to reach the ears of those in power. The profit motive is amplified as information within the system to the detriment of all other information/inputs. He ends by saying that, as systems get more complicated, we need to become use to more accountability sinks: '...we cannot afford the luxury of explainability; we can't keep on demanding that an identifiable human being is available to blame when things go wrong.' So morality is out the window. Our human status declines as he sees 'the death of responsibility' coming, and that 'I blame the system is something we will have to get used to saying, and meaning it literally'. An excellent diagnosis but a depressing prognosis. Highly recommended.
Malay Mail
31 minutes ago
- Health
- Malay Mail
Devil in a white coat: How French surgeon Le Scouarnec got away with 25 years of child sexual abuses
VANNES (France), May 29 — Joel Le Scouarnec practised medicine in France for decades as an outwardly respected surgeon while preying on victims to sexually abuse and rape them, often while under anaesthesia or waking up after operations. A court in western France on Wednesday convicted Le Scouarnec, 74, who during the trial confessed to sexually assaulting or raping 299 patients between 1989 and 2014 and is already in jail after a previous sexual abuse conviction. Le Scouarnec, one of the most prolific convicted sex predators in France's history, received the maximum 20-year sentence for aggravated rape demanded by prosecutors. The former surgeon, who said himself he deserves no 'leniency,' will be ineligible for parole until he has served two-thirds of his sentence. Throughout the trial, Le Scouarnec admitted to the crimes but repeated apologies in a monotone voice that led some to doubt his sincerity. And questions remain over how he was allowed to continue working despite a conviction for possessing images of child sexual abuse. His 42-year-old son told the court that his father's 'perversion exploded like an atomic bomb' within the family, shattering the carefully maintained facade of a devoted surgeon. Authorities found some 300,000 child sexual abuse images, along with diaries in which the surgeon meticulously recorded the sexual abuse of children and animals. Le Scouarnec, who wrote in his notes that he was 'very happy' to be a 'paedophile', admitted the abuse of his patients – 256 of them under 15 – but claims he remembers little of what he did. 'Dangerous nature' 'You were the devil and he sometimes is dressed in a white coat,' prosecutor Stephane Kellenberger told Le Scouarnec, warning an additional trial could be required to cover the cases of further victims whose abuse is not part of the current case. The former surgeon is already in prison after being sentenced in December 2020 to 15 years for raping and sexually assaulting four children, including two of his nieces. Victims and child rights advocates say the case highlights systemic failures that allowed Le Scouarnec to repeatedly commit sexual crimes. In 2005, he received a four-month suspended prison sentence after investigators linked his credit card to the online purchase of child sexual abuse material. But Le Scouarnec was neither required to undergo treatment nor barred from practising medicine. And even after a colleague at Quimperle hospital alerted local and regional medical authorities in 2006 to his conviction and 'dangerous nature', Le Scouarnec continued practising in hospitals across western France. In one instance, he told the then-director of the Jonzac hospital in western France about his 2005 conviction but she hired him nonetheless in 2008. Nearly a decade would pass before he once again came under suspicion. 'Good surgeon, pervert' Le Scouarnec said during the trial he had two distinct personalities: both 'a good surgeon', and a 'pervert' who had no qualms about what he did to his patients. The divide between those two sides began to unravel in 2017, when his neighbour in Jonzac filed a complaint for indecent exposure in front of her six-year-old daughter – who later accused Le Scouarnec of digital rape. After his arrest, Le Scouarnec told authorities he first 'touched' a child – his niece – between 1985 and 1986. Investigators found in 2000 one of his nieces told her mother that she had been raped by her uncle, who, when confronted, admitted the abuse but no complaint was filed. During the trial, he also admitted sexually abusing one of his granddaughters. Le Scouarnec said that his wife has known about the abuse since 1996, an allegation she denies. 'There's nothing to make me think this. Nothing, nothing, nothing... I never had any doubts,' Marie-France, who divorced Le Scouarnec in 2023, told the court. While Le Scouarnec insisted his expressions of regret towards the victims were genuine, many said they did not believe him and some expressed anger with the court's decision. The court rejected a rare request to place him in a treatment facility after his release, citing his age and 'desire to make amends.' One of the victims, Amelie Leveque, 43, expressed anger that the court stopped short of imposing that measure on Le Scouarnec. 'I feel humiliated by this verdict. There are 300 victims. Why not go all the way?,' she said. 'How many victims does it take, 1,000?' — AFP
The National
an hour ago
- Business
- The National
Europa Conference League win can be 'starting point' for Chelsea, says Maresca
Enzo Maresca says Chelsea's emphatic Europa Conference League final victory over Real Betis can serve as a launchpad for a new era of success at Stamford Bridge, following the club's turbulent spell since their last Premier League title in 2017. The Blues came from behind in Wroclaw to win 4-1, lifting their first European trophy since the 2021 Uefa Champions League. Cole Palmer was the architect of the comeback, supplying assists for Enzo Fernandez and Nicolas Jackson before late goals from Jadon Sancho and Moises Caicedo sealed a convincing win. Having secured Champions League qualification with Sunday's Premier League victory over Nottingham Forest, Maresca hailed the midweek triumph as further proof that his youthful squad is capable of challenging for major honours once again. 'Hopefully it can be a starting point to build a winning mentality,' said Maresca. 'You need to win games, you need to win competitions. And for sure, the trophy we won tonight is going to make us better.' Maresca, 44, took charge of Chelsea last summer in what was his first top-flight managerial role, inheriting a side that finished mid-table last season and had struggled to find consistency since their 2021 Champions League success under Thomas Tuchel. Despite the challenges, the Italian coach has overseen a resurgence. Chelsea ended the Premier League season in fifth and lifted their first silverware in three years, all while fielding the youngest squad in the division. 'I'm very proud about the journey we've done in the Premier League,' Maresca added. 'It's the most difficult competition in the world. You have to be consistent in 38 games – and with the youngest squad in the history of the Premier League, it's something unbelievable.' That youthfulness appeared to show early in Wroclaw. The Blues were rattled by the partisan crowd, and a defensive lapse from Malo Gusto allowed Abde Ezzalzouli to put Betis ahead inside nine minutes. The Spanish side dominated much of the first half, and Chelsea were fortunate not to fall further behind after Johnny Cardoso missed a clear chance. But Palmer, Chelsea's standout player this season, turned the game on its head with a moment of brilliance – floating a pinpoint cross for Fernandez to head home. Minutes later, he delivered another precise ball that Jackson converted, using his shoulder to steer it in. That brief flurry broke Betis' resistance. Sancho, on as a substitute, curled in a third before Caicedo capped the night with a fourth deep in stoppage time. 'We all know Cole is a top player,' said Maresca. 'He can decide games with a goal or an assist, and tonight he did both. Our job is to keep putting him in the right areas.' With a trophy secured and Champions League football returning to Stamford Bridge next season, Maresca said Chelsea's ambitions are only growing. 'This season, the Conference League was our target – and we won it. Next season, it's the Champions League. We'll see what we can do.'
Globe and Mail
an hour ago
- Business
- Globe and Mail
Dollar Supported by Trade Optimism and Higher Bond Yields
The dollar index (DXY00) today is up by +0.18%. The dollar today is adding to Tuesday's gains on positive carryover from President Trump's action over the past weekend to extend the deadline for a 50% tariff on US importers of EU goods by about 5 weeks to July 9 from June 1. The dollar also has support from higher T-note yields. Gains in the dollar are limited by some negative carryover from last Thursday when the House passed President Trump's tax and spending plan, which would add to the burgeoning US budget deficit. The US May Richmond Fed manufacturing survey rose by +4 to -9, right on expectations. The markets are discounting the chances at 2% for a -25 bp rate cut after the June 17-18 FOMC meeting. EUR/USD (^EURUSD) today is down by -0.11%. Today's dollar strength is undercutting the euro. Also, weaker-than-expected economic news is weighing on the euro after German May unemployment rose more than expected and after German Apr import prices fell more than expected, dovish factors for ECB policy. Losses in the euro are limited after the ECB's Apr 1-year CPI expectations were the highest in 14 months, a hawkish factor for ECB policy. The ECB Apr 1-year CPI expectations indicator of +3.1% y/y was stronger than expectations of +2.8% y/y and the highest in 14 months. The ECB Apr 3-year CPI expectations indicator was unchanged from March at +2.5% y/y, right on expectations. German May unemployment rose by +34,000, higher than expectations of +12,000 and the most in 2-3/4 years. The May unemployment rate was unchanged at 6.3%, right on expectations. The German Apr import price index fell -1.7% m/m, a bigger decline than expectations of -1.4% m/m and the largest drop in more than two years. Swaps are discounting the chances at 98% for a -25 bp rate cut by the ECB at the June 5 policy meeting. USD/JPY (^USDJPY) today is up by +0.24%. The yen today added to Tuesday's sharp losses and fell to a 1-week low against the dollar on negative carryover from Tuesday when Bloomberg News reported that Japan's finance ministry sent a questionnaire to market participants regarding appropriate issuance amounts for government bonds, a sign the finance ministry may seek to reduce debt issuance. Also, higher T-note yields today are bearish for the yen. June gold (GCM2 5) today is up +4.10 (+0.12%), and July silver (SIN2 5) is down -0.021 (-0.06%). Precious metals today are mixed on consolidation after Tuesday's sharp losses. Demand for gold as an inflation hedge rose today after the ECB's Apr 1-year CPI expectations indicator of +3.1% y/y was stronger than expectations of +2.8% y/y and the highest in 14 months. In addition, precious metals prices have continued safe-haven support from uncertainty about global trade relations and geopolitical tensions in Ukraine and the Middle East. Bearish factors for precious metals include today's stronger dollar and higher global bond yields. Silver prices are also under pressure on concern that an escalation of the global trade war would dampen economic activity and demand for industrial metals.
News.com.au
an hour ago
- Business
- News.com.au
Top 10 at 11: ASX lifts 0.2pc against global market falls
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading. With the market opening at 10am sharp eastern time, the data is taken at 10:15, once trading kicks off in earnest. In brief, this is what the markets have been up to this morning. Global markets subdued as EU-US trade talks continue Global markets fell across the board last night, as both Europe and the US digest the potential fallout of ongoing trade talks between the two trading blocs. The Dow and the S&P 500 fell 0.6%, the Nasdaq 0.5%. The Euro FTSE 300 shed 0.7% and the UK FTSE 100 0.6%. US President Trump threatened the EU with a flat 50% tariff just a few days ago, but has since extended the deadline for talks until July 9. Diplomats and politicians on both sides of the negotiations have indicated they are progressing, perhaps moving toward something similar to the UK's trade deal with the US. That left a 10% tariff in place but removed several other barriers to automotive and agricultural exports. Court of International Trade rules tariffs unlawful Adding another healthy dose of chaos to the mix, a three-judge panel at the Court of International Trade in New York has unanimously ruled President Trump's tariffs as 'contrary to the law'. They found that the International Emergency Economic Powers Act does not give him 'unlimited' power to impose tariffs. 'Because of the Constitution's express allocation of the tariff power to Congress, we do not read IEEPA to delegate an unbounded tariff authority to the President. We instead read IEEPA's provisions to impose meaningful limits on any such authority it confers,' the ruling said. Trump's new tax bill included a clause that could potentially limit the ability of the courts to enforce contempt citations for breaches of injunctions or temporary restraining orders. The impact of the Court of International Trade's judgement may depend on whether the tax bill passes the US Senate in its current form. Fed Reserve in 'wait and see' mode Either way, the US Fed isn't happy with how things have evolved. The Fed's latest minutes revolved around the increasing threat of inflation, coupled with rising unemployment and falling economic productivity. 'The culprit is Trump's tariff plans,' Stockhead's Eddy Sunarto wrote earlier this morning. 'If they stick, they could jack up prices while slowing the economy, putting the Fed in a pickle: raise rates to cool inflation, or cut them to save jobs?' Chair Jerome Powell has signalled the Fed has its hands tied until the dust settles around Trump's tariff plans. It seems it's simply impossible to set monetary policy when the future impact to the economy is so uncertain. The Fed will next meet on June 17-18, due to release new projections from policymakers on their outlook for employment, inflation and the wider economy. ASX bucks global trend to gain in early trade The ASX has lifted in the first hour of trade this morning, gaining 0.21% as of about 10.30am AEST. Energy is leading the bourse up, riding higher on a 1% lift to oil prices overnight. Tech and Bank stock indices are also in the green this morning, joined by 9 of 11 sectors. The ASX All Ords Gold index is dragging, pushed lower by a cut to gold prices overnight as the US dollar recovered against major currencies. Onto our winners and laggards for the morning... WINNERS Code Name Last % Change Volume Market Cap BMO Bastion Minerals 0.002 100% 1299995 $903,628 AXP AXP Energy Ltd 0.0015 50% 50000 $6,574,681 MOM Moab Minerals Ltd 0.0015 50% 1042927 $1,733,666 TMK TMK Energy Limited 0.004 33% 36750 $30,667,149 BPP Babylon Pump & Power 0.005 25% 8000000 $11,082,268 BYH Bryah Resources Ltd 0.005 25% 2100000 $3,479,814 CAV Carnavale Resources 0.005 25% 16666 $16,360,874 EVR Ev Resources Ltd 0.005 25% 500000 $7,943,347 CCO The Calmer Co Int 0.003 20% 1351982 $7,528,289 FBR FBR Ltd 0.006 20% 3288732 $28,447,261 In the news... Oncology biotech Invion's (ASX:IVX) non-melanoma skin cancer trial has shown early indications of strong promise, achieving an observable reduction in lesion size after a single treatment cycle. The safety review committee noted no adverse events, and patients experienced no pain during the treatment according to clinician feedback. The trial also demonstrated IVX's INV043 treatment has potential as a diagnostic tool, with suspected cancers fluorescing (glowing) under violet light. BPH Global (ASX:BP8) is preparing its first shipment of Indonesian seaweed biomass under a sales cooperation agreement with PT Kebula Raya Bestari, delivering 60 metric tonnes to South Korea-based food ingredient manufacturer MSC. Eden Innovations (ASX:EDE) has sold just over $878,000 in EdenCrete® products between February 6 and May 23, with year-on-year sales for April and May 86% higher than the sales for all of Q4 FY 2024. The EdenCrete product is designed to lower the cost of concrete and reduce the amount of Portland Cement used, the main driver of carbon emissions in the concrete industry. A farm-in agreement with Condor Energy has furnished Red Sky Energy (ASX:ROG) with the funding to advance the KN2 well at the Killanoola Oil Project. The farm-in participants will collectively fund 75% of drilling and completion costs of the KN2 well, while Red Sky retains a 55% interest in the well and full control of the licence, remaining as its operator. Education technology platform ReadCloud (ASX:RCL) has boosted its organic revenue growth 13% in the first half of the 2025 financial year. The company also lifted its underlying EBITDA by 73%, holding cash of $3.5m with operating cash inflow of $1.9m. Bryah Resources (ASX:BYH) has kicked off a flora survey for its manganese mining licences, held with joint venture partner OM Ltd. Manganese prices have lifted by about 4.52% since the beginning of 2025, prompting Bryah to push the project toward production. LAGGARDS Code Name Last % Change Volume Market Cap FTC Fintech Chain Ltd 0.003 -50% 2185603 $3,904,618 ALR Altairminerals 0.002 -33% 1756764 $12,890,233 VML Vital Metals Limited 0.002 -33% 5110645 $17,685,201 OVT Ovanti Limited 0.003 -25% 378539 $11,174,060 CHM Chimeric Therapeutic 0.004 -20% 5476493 $9,253,431 EPM Eclipse Metals 0.005 -17% 1 $17,194,914 DTM Dart Mining NL 0.003 -14% 100000 $4,193,195 OLI Oliver'S Real Food 0.006 -14% 1663 $3,785,123 TMS Tennant Minerals Ltd 0.006 -14% 300000 $6,691,233
