Latest news with #SocialDemocrats
Irish Examiner
43 minutes ago
- Business
- Irish Examiner
Legal action launched against Central Bank over Israel bonds investments
A Social Democrats TD has launched legal proceedings against the Central Bank of Ireland over claims that investors in Israeli bonds could be legally complicit in genocide in Gaza. Lawyers for Gary Gannon lodged legal papers against the Central Bank in Dublin on Thursday. It is alleged that the Central Bank's failure to ban the marketing, distribution and sale of Israeli bonds exposes investors to risks that have not been disclosed to them. (The) continued issuing and trading of those bonds gives rise to significant investor protection concerns, in light of the complicity of Israel in genocide in Gaza, and the use of the proceeds of the Israeli bonds to facilitate same Letters, seen by the PA news agency, sent to Gabriel Makhlouf, the governor of the Central Bank, in recent weeks by McGarr Solicitors, acting on behalf of Mr Gannon, claim that these risks were not made known to investors in prospectuses for bonds, which had been approved by the Central Bank. The letter warns Mr Makhlouf that the 'continued issuing and trading of those bonds gives rise to significant investor protection concerns, in light of the complicity of Israel in genocide in Gaza, and the use of the proceeds of the Israeli bonds to facilitate the same'. It goes on to say that the Central Bank is empowered under EU law to prohibit the marketing, distribution or sale of the Israeli Bonds. 'We call upon it to do so,' the letter adds. There have been ongoing calls for the Central Bank to end its role in approving Israel Bonds for sale in the EU. The bank is the designated authority in relation to the sale of Israel bonds in the EU, and has determined the securities meet the standards of the bloc's prospectus regulations. Israel bonds have been advertised as supporting the country's economy and, more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza. Protesters and opposition parties have called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns. They say the bonds are intended to fund the war in Gaza, while Ireland has an obligation under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. 'Politicians have spoken too long, all the while a genocide is being inflicted upon the population of Gaza. The demands today are clear – act Mr Gannon issued the letters to the bank about investor protection concerns relating to the bonds, as well as the use of the bonds to finance the war in Gaza at the end of last month. In response, the Central Bank, through its solicitors, said that there is 'no valid legal basis' to support Mr Gannon's purported judicial review proceedings. They claimed that Mr Gannon lacked locus standi to bring the proceedings and that the bank is satisfied it does not meet the relevant criteria to exercise its powers under EU law. The letter also claims that judicial review proceedings would lead to court time being 'expended unnecessarily and substantial costs being incurred'. However, Mr Gannon said the Central Bank has the power to stop the sale of the bonds. The judicial review was formally issued on Thursday afternoon. Speaking at a pro-Palestinian rally on Saturday, Mr Gannon said: 'Politicians have spoken too long, all the while a genocide is being inflicted upon the population of Gaza. The demands today are clear – act. He added: 'On Tuesday, I'll be lodging papers against the Central Bank. Genocide can never be considered a technical matter – our only duty is to prevent it and punish those responsible.' Read More EU agrees €93bn worth of counter tariffs against the US if trade talks fail
Irish Examiner
5 hours ago
- Business
- Irish Examiner
Call for empty buildings in Cork to be used for arts and business purposes to tackle dereliction
Empty buildings across West Cork should be put to use for arts, small business and community purposes in an effort to combat dereliction according to Social Democrats councillor Isobel Towse. Ms Towse raised the issue in a motion proposed to the recent meeting of Cork County Council's Western Division that asked: 'That the Western Division of Cork County Council would develop a strategy to encourage and facilitate 'meanwhile-use' of vacant and derelict buildings in West Cork.' The motion was seconded by her party colleague Ann Bambury. Meanwhile use is the temporary use of empty buildings for various purposes while they await longer-term development or occupancy, said Ms Towse, and examples of uses include pop-up shops, street markets and exhibition spaces. Ms Towse said: 'I am appealing to the council to do everything within its power to facilitate and indeed encourage meanwhile use, in both public and private buildings where possible. The commercial vacancy rate in Cork county is 12.4%, much higher than our European counterparts. 'This has a negative impact on a town's economy and the health and wellbeing of the community. Meanwhile, artists are crying out for spaces to create and put on cultural activities; organisations and community groups need places to meet; and micro businesses would benefit from affordable retail spaces. "All of this would boost economic development and innovation, attract tourism, and improve the liveability of towns, and importantly, tackle problematic vacancy and dereliction.' Ms Towse said a good example was the case of the Clonakilty Community Arts Centre, which is facing eviction from its current location as the building was due to be sold. She said a short distance away, the former Clonakilty Fire Station building was currently unoccupied. She added: 'Overall I think we need to develop a model for meanwhile use that would respond to the unique needs of towns and villages in West Cork. We must remember that the most sustainable building is an existing one.' Keith Jones, director of asset management and land development at Cork County Council, said the council was committed to engaging with the owners of vacant and derelict buildings to bring them back into productive use for the social and economic benefit of communities. Divisional manger Michael Lynch said the new formed directorate of asset management and land development was conducting a strategic review of derelict and unoccupied buildings with the aim of developing a strategy to tackle dereliction, and meanwhile use would be part of the overall plan. This article is funded by the Local Democracy Reporting Scheme
Times
20 hours ago
- Business
- Times
Universal basic income is not the answer if AI comes for your job
As artificial intelligence upends the world of work, brace for renewed advocacy of a universal basic income (UBI). Tech enthusiasts, certain AI will turbocharge productivity but at the cost of millions of jobs, see UBI as a necessary monetary cushion for technological unemployment. And their cause attracts strange bedfellows. Social democrats salivate at the prospect of having more stigma-free redistribution; libertarians hope UBI might supplant employment regulation and the means-tested welfare state. Yet UBI's most fervent supporters foresee much broader benefits. To many, UBI isn't just a palliative for creative destruction or even a welfare reform. No, its proponents claim a modest government-guaranteed income is the key to unlocking a freer, healthier, more entrepreneurial society. If only it were that simple. Interest from the tech world has enabled expensive randomised controlled trials of UBI-inspired policies in the US. The results are largely disappointing. • Germans happier — but not lazier — with extra €1,200 a month In the OpenResearch Unconditional Income Study, 1,000 low-income participants across Texas and Illinois were given $1,000 a month, no strings attached, for three years. A control group of 2,000 received $50. One working paper released this week confirms the findings of another last year: the policy was no silver bullet for most economic and social problems. Advocates hoped extra income for families would mean more attentive parenting, greater investment in children's education and reduced family stress. And yes, parents receiving more money reported smacking their kids less and spending $32 more on them each month, including for clothes and essentials. Yet this didn't translate into educational gains or improved behavioural outcomes. In fact, parents reported a jump in issues such as child hyperactivity and fights between children. The researchers speculate that the extra cash freed parents to monitor children more closely, so noticing these problems. But might more intense supervision — edging towards helicopter parenting — itself worsen these outcomes? Nor did parents themselves get lasting relief. Sure, there was a brief improvement in their mental health in year one, but this faded quickly. By year two, anxiety and stress were back where they started. Free cash might calm nerves temporarily, but it didn't buy lasting peace of mind. A paper last year on the same experiment poured cold water on the idea that a guaranteed income would free people to invest in their productive future, too. Recipients, on average, banked the extra cash and enjoyed more leisure time, reducing their earned income. Yet there was little evidence that they used those extra hours to find better job matches, invest in education, or start (rather than just thinking about starting) a business. Instead, passive dependency grew. Even health outcomes showed scant improvement, with self-reported disability rising somewhat. Predictably, UBI's most die-hard supporters have questioned these disappointing results. Is it really a test of 'universal' income if the cash isn't given to everyone, permanently, but targeted temporarily at a young group volunteering to trial? But their quibbles cut both ways. The main reason governments reject UBI out-of-hand is that it is prohibitively expensive. With 69.6 million people, giving everyone in the UK £1,000 monthly would cost £835 billion a year — almost four times the NHS budget. • Britain is broke: how inflation-linked debt costs us £60bn Trials like this, conveniently, never test the higher taxes required to redistribute such sums. And being targeted at those on low incomes to begin with, one suspects this trial's results are, if anything, biased towards overestimating any benefits of the policy. Surely the uncomfortable truth is that most economic and social problems are too complex to solve by handing out cash. Children's development, adult mental wellbeing, and accessing fulfilling work require robust institutions, skills, and countless other factors that money can't buy. Yes, cash definitely helps ease poverty, and this trial confirms that beneficiaries were able to spend and save more. Yet as UBI enthusiasm resurfaces, the results suggest that seeing taxpayer-funded cash handouts as the path to widespread happiness and self-actualisation isn't visionary; it's delusional. Ryan Bourne is an economist at the Cato Institute and editor of the book The War on Prices
The Journal
a day ago
- Business
- The Journal
Ireland had the second most expensive food prices in the Eurozone last year
FOOD PRICES IN Ireland were the second most expensive in the Eurozone last year, according to new figures from the Central Statistics Office (CSO). The survey compared the prices of food, drinks and tobacco across 36 European countries in 2024. It found that Ireland were 12% above the EU average last year when it came to food prices, making them the third most expensive overall in the bloc of 27 countries. Ireland was also the second most expensive country in both the Eurozone and the EU for alcoholic drinks, with prices just under double the EU average last year. When it came to non-alcoholic drinks, Ireland was the most expensive of the 36 European countries in 2024, with prices 40% higher than the EU average. Tobacco prices in Ireland were also the most expensive of the 36 countries surveyed last year, at some 159% higher than the EU average. Advertisement Central Statistics Office Central Statistics Office The data shows that Ireland was the third most expensive country in the Eurozone for bread and cereals, the sixth most expensive for fruits, vegetables and potatoes, the eighth most expensive for milk, cheese, eggs and fish, and the twelfth most expensive for oils and fats. It was the ninth most expensive country for meat in the Eurozone. Meat was also the only food category where prices in Ireland were not higher than the EU average last year. Of the 36 countries surveyed, food was the most expensive in Switzerland at 61% above the EU average, and the least expensive in North Macedonia at 27% below the EU average. The highest alcohol prices were found in Iceland, at 185% above the EU average, while Italy's alcohol prices were 16% below the average in the bloc and the cheapest overall. At 22% below average, North Macedonia was the least expensive when it came to non-alcoholic drinks. Tobacco prices were found to be the lowest in Turkiye at 74% below the EU average. The findings come after the Consumer Price Index (CPI) for June showed that the price of food in Ireland has increased by more than double the price of everything else over the past year. Earlier this month, a report by children's charity Bardarnos also revealed that four in ten parents had skipped meals or reduced their portion size so that their children had enough to eat over the past six months. Read Next Related Reads Food prices have risen by more than double the price of everything else over the past 12 months Four in ten parents say they skipped meals or ate less to feed their children this year Cost of milk and beef sees Irish farm produce prices rise faster than anywhere in EU The rising cost of groceries has been raised in the Dáil in recent weeks, with the Social Democrats calling on the government to mandate that supermarket chains and retailers publish their profits, something they are not currently required to do. In response, Taoiseach Micheál Martin claimed that the government introduced one of the most significant cost-of-living packages in Europe following Russia's invasion of Ukraine and the subsequent inflation spike. He also pointed to other government measures, such as free school lunches, free school books and free public transport schemes for some students, as ways in which the government has been trying to support households with the cost of living. The government has ruled out any repeat of one-off cost-of-living measures in Budget 2026, something that the opposition has criticised them for. But Fine Gael and Fianna Fáil ministers have repeatedly said that October's budget will include more-targeted measures to help those who are struggling the most, and that public spending needs to be cut back in the face of a threat of US tariffs. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Bloomberg
a day ago
- Business
- Bloomberg
Germany to Smooth Military Procurement in Massive Spending Push
By and Michael Nienaber Save German Chancellor Friedrich Merz's cabinet approved a law designed to accelerate military planning and procurement, part of the ruling coalition's effort to swiftly transform the Bundeswehr into Europe's strongest conventional army. Merz's conservative CDU/CSU bloc and his Social Democrat partners have effectively suspended rules limiting new borrowing to fund defense outlays and pledged to meet NATO's revised spending goal of 5% of gross domestic product on the military.
