McCullough-Pigott, a beloved favourite of Irish musicians closed its doors in late February. The news came about on behalf of the owner, Hal Leonard, who since decided to move away from the sheet music business towards e-commerce. Nonetheless, an online petition to save the shop appeared which garnered over 3,200 signatures in a short space of time. Aideen Cooney, owner of the Cooney School of Music in Lucan, kick-started said petition. Aideen sat down with The City to explain why she felt the need to do so, and the importance of McCullough-Pigott to the music scene in Dublin.
It has not been easy for American banks the last couple of weeks. What started out as a shock with the collapse of Silicon Valley Bank on March 10, quickly turned into a landslide that took other banks with it. Signature Bank and Credit Suisse soon followed, while First Republic Bank of San Francisco is barely hanging in there.
Of course, Central Banks, the Federal Reserve and other factors came to the rescue, multi-billion deals were signed and the Earth still keeps turning; but let’s break down the what, the how and the why.
The aforementioned banks are not the average person’s go-to for transactions so why should we care? Well, experts describe this as the biggest collapse since 2008. And what followed 2008 has left the world still reeling from it: the global financial crisis.
THE WHAT:
Silicon Valley Bank (SVB) & Signature Bank
The US-based banks that faced destruction first (10/3 and 12/3 respectively) are now subject to a bidding contest by the Federal Deposit Insurance Corporation, with First Citizens and The Raleigh being among the first bidders for SVB, according to Business Today. It is worth noting that British giant, HSBC, bought SVB’s UK branch for the symbolic amount of £1.
Credit Suisse
One of the thirty pinnacles of the global economy and based in Switzerland, Credit Suisse was in trouble. With its shares dropping significantly within days, banking rival UBS and the Swiss government rushed to salvage whatever they could, according to reports on CNBC and Al Jazeera. UBS closed the deal on March 19th to buy out Credit Suisse for $3.2 billion, with an additional support of $108 billion from the Swiss Central Bank.
First Republic
Another American bank facing a similar fate, only this time, the ‘big guns’ came to the rescue. According to CNN, 5 of the biggest US Banks, including JPMorgan Chase, are pumping First Republic with $30 billion to protect it.
THE HOW AND WHY
Economics Professor Shivam Agarwal of Maynooth University explained to Thecity.ie why this is happening.
“For banks, public deposits are liabilities and loans are assets. Some banks, in particular, had a huge growth in their deposits during and post covid, i.e. increase in liabilities. However, the banks could not lend out at the same pace. They, therefore, put a lot of this cash into government securities. As long as, the interest rates were going down, they made money using this strategy”, says Prof Agarwal.
Central Banks across the world had to increase the interest rates to counteract inflation.“Since the banks invested money into these securities, at low yields, an increase in yield meant they started losing money continuously. The banks were caught off-guard as they had not hedged their positions to protect themselves against this loss. This, combined with SVB selling nearly all their available-for-sale securities at a loss of 1.8 billion USD, triggered a bank run, which meant, that the bank now needed to further liquidate to keep up with the reimbursement.”
REPERCUSSIONS
Prof Agarwal explains: “Banks and everyone else are now realizing the perils of the combination of increasing borrowing and low-interest rates environment. In the short term, it will put significant pressure on the central bankers to reduce the interest rate rise. In the long-term, in the US and everywhere else, they will reassess the stress tests not only for systemically important banks (SIB), but perhaps widen the net to include non-SIBs too.”
WHAT’S NEXT?
“In the near term, we will see its spill-over effects not only in the US but across the world. Investors moving quickly to identify the weaker banks and short them. The regulators are moving to ringfence and protect the interests of the depositors as their first move. The long-term implication would be to move away from the unconventional monetary policies which keep interest rates superficially low. This will allow us to understand the dynamics and implications of such moves and will strengthen the system to prevent future similar situations,” said Prof Agarwal.
It may have been a tumultuous couple of weeks, but it certainly wasn’t out of the blue. As the Financial Times reminded us, after the disastrous UK mini-budget of aytumn 2022 by then prime minister Liz Truss and Chancellor Kwasi Kwarteng, the UK pension market would have collapsed, had the Bank of England not intervened. As Prof Agarwal commented: “This is a vicious cycle which could have only been halted by the regulator stepping in, which is playing out now.”
A study mentioned in Business Today warns that 186 more banks in the USA are in danger of falling down the same rabbit hole, if the government doesn’t devise a plan to intervene and salvage what’s left.
Are we on the verge of another crisis or is the banking system strong enough to handle this?
With technology advancing at a rapid pace, it comes as no surprise that these advancements could take a turn for the good, as well as for the worst.
Artificial intelligence is one such tech product that has been the talk of the town for a number of years. As the name suggests, it is a resource that mirrors human intelligence through machines. While created by people no different than you and me, artificial intelligence has slowly allowed several tasks to be automated – to such an extent that these tasks may never require an actual human to oversee it anymore.
While these AI tools may free up more time for us, they are a cause of concern for some. From data visualization tools that create high-quality, detailed graphics, to fact-checking tools and textual content production, AI is slowly taking over various different facets of our lives. This leaves us with an important question: Will AI replace the working journalist?
Journalism may have been and continues to be a noble profession, but it has come with its fair share of obstacles, some of which exist even today. With As journalists, the last thing we need is to have automated tools that take our very jobs away from us. But are journalists overthinking AI and its offerings or is there more to it than what meets the eye?
As per a report by The Sydney Morning Herald, AI tools are certainly changing the landscape of journalism, as they are for many other fields – however, AI can merely simplify journalism as we know it. It cannot replace the human element that is the barebones of journalism. It cannot relay human emotion, or bring a sense of familiarity to a story, it cannot deliver several other elements that make human-led journalism, well, journalism.
According to Dr Harry Browne, Senior Lecturer of Journalism at TU Dublin, “AI will not take over, because that suggests an element of control. There are clearly journalistic tasks that AI can perform with some ease (though not without some error), and those will increasingly be performed by the tech. In my limited experience of getting ChatGPT to write stories, the copy has been extremely dry and boring: the tech is not good at finding emotive and aesthetically pleasing angles and approaches to stories.”
Keeping this in mind, it is also important to understand that AI is a man-made system that works according to the instructions that are fed into it. What does this mean? Well, it basically leaves some room for errors and misunderstood commands. For example, the images below are nothing as I envisioned them to be. Into a visualizer tool, I entered the words ‘robot journalist,’ ‘AI journalist’ and ‘artificial intelligence journalist’ respectively.
It goes without saying, the tool did a pretty awful job. Had this been a graphic designer, the result would be more accurate and not a complete waste of time either!
This gets you wondering – what are AI tools useful for then anyway? AI can go a long way in enhancing journalism by automating miniscule tasks and allowing us to make more time for things that actually matter. You can enter commands and have AI monitor social media platforms looking for important news events or identifying trends online. For those involved in data journalism, it allows for a quicker and more efficient way of analysing massive amounts of data, creating new learnings and uncovering new insights. Transcription software aid in quick transcriptions which in most cases are accurate – cutting the time journalists put into this by half.
Human journalists continue to play a crucial role in the field of journalism by creating accurate, informative, and timely news stories that express more than what AI could. AI tools, on the other hand will continue to enhance journalism and assist journalists!
In conclusion, I leave you with a question to ponder upon: How much of this article do you think I have produced with the help of AI? Let me know!
Beyond Meat has seen its share price rise, following its launch of a plant-based burger with its partner McDonalds. Double McPlant, a double-patty upgrade from McPlant, has been rolled out in McDonalds outlets in Ireland and the UK. Beyond Meat had more than 60pc of its value wiped off last year and the share price was at its all-time low in December 2022.
Source: Google Finance
The business, a pioneer in plant-based protein, was founded by Ethan Brown in 2008. Its share price surged from $25 to $65 on the day of its IPO on Nasdaq in 2019, over which Ethan Brown said they could have raised more money in the lead-up to going public. But the trading price of the share was generally on the downward trend through 2022, and Beyond cut 19 pc of its jobs globally in October last year to cope with the sales drop.
Source: Google Finance
Beyond Meat products are sold mainly in grocery shops and restaurants. During the pandemic, when a lot of restaurants were shuttered in many countries all over the world, Beyond adapted by devoting more resources to its grocery channels. Then herd immunity from vaccine rollouts enabled many economies to reopen, as people started to dine out more, denting Beyond’s products sales in groceries.
Prices are a concern for shoppers as the cost-of-living crisis continues to bite in many European countries including Ireland. Brown told CNBC that 93% of Beyond Meat buyers are not vegetarian, ’’a breakthrough’’ for the segment. For these shoppers who are consuming plant-based meat alongside real meat, a reduction in grocery shopping bills seems necessary to cope in the context of soaring food prices. Alternative protein is considerably more expensive in most countries, with a minimum of a 23% difference among the countries surveyed.
Beyond Meat has invested aggressively in facilities, chefs and food scientists to improve the taste and texture of its products. According to SEC, Beyond leases close to 800,000 square feet of space. But a Deloitte survey from January 2023 said some investors were overly optimistic about plant-based meat, and that the reason the market for plant-based meat stagnated after continuous growth in recent years was because the market was saturated, with those who were potential audience having already tried the products.
Since its establishment, Beyond Meat has not achieved a net profit. Its revenue has grown significantly in recent years, reaching $464.7 million in 2021, but the net loss for that year was $182.1 million, despite its products being sold in more than 90 countries in the world. In Ireland, its products like Beyond Burger are available in Tesco, Supervalu and fast food chains including McDonalds, and Burger King. According to the company, its 2022 revenues were expected to be between $400 million and $425 million, a decrease between 14% and 9% compared to that of 2021.
The past two months saw a mild increase of Beyond Meat’s share price after stalling sales and sapping investor confidence that the company went through in 2022. In the fierce competition with other plant-based meat market players and real meat, Beyond launched its McPlant with McDonalds only in Ireland and the UK, without managing to launch the product in other countries.
People’s food choices are getting progressively more driven by concerns with animal cruelty, health and the impact on the environment. The plant-based meat market is expected by Market and Markets to generate a revenue of $15.7 billion by 2027. Deloitte said that in 2022, the investments in plant-based meat by venture capitalists grew dramatically, indicating confidence in the sector in the long run, which hopefully might offset the encroachment of the hyperinflation on the industry.
An interview with Tom Cosgrove, filmmaker and film production lecturer in TU Dublin.
Tis the time of the year. The Oscar Awards are upon us (March 12th) and our very own Irish movie, “The Banshees of Inisherin” claimed 9 nominations. Over the last 20 years, several Hollywood productions have chosen the idyllic setting of Ireland to film, with streaming platforms following suit. It’s no wonder that Variety has called Ireland “the capital of filmmaking in recent years”. Ireland has produced its fair share of Irish movies and series, with some becoming iconic.
But how do local filmmakers experience this reality? Filmmaker Tom Cosgrove gives us an insight into the mystical world behind the cameras.
“I would say the capital of filmmaking is London. Although Ireland has enjoyed a Renaissance in production in the last 10 years”, says Tom Cosgrove.
According to ScreenIreland, Section 481 offers a tax credit to Irish production companies with no limitations for international casting, which helps draw in foreign productions, but Ireland’s experienced film crews also play a part. “It opens up enormous opportunities for crews, but in terms of being an Irish filmmaker, you have a limited number of places that you can go to get financing for your film”, Cosgrove explains.
Million-dollar-budget productions are showing a preference for Ireland, but Ireland doesn’t have the market to support new directors and producers. So how do students navigate in this competitive industry?
“It’s highly unlikely you’ll walk out of film school into a big directing job because you won’t have a track record”, Cosgrove says, whilst also acknowledging that there are exceptions to the rule, like the short film “An Irish Goodbye”. This work directed by two young filmmakers was good enough to win a BAFTA.
Filmmaking in general is one of the hardest industries to stand your ground, with massive competition and great dependence on the production companies that are needed to finance a project. Academic analyses agree that only 20% of motion pictures make a net profit. And yet, the flowers of creativity manage to bloom against all odds and offer us – the audience – what has come to be known as the 7th art.
At the centre of it all, a filmmaker is composed of constant perseverance and tenacity, talent as well as effort and a sprinkle of luck every once in a while, as Cosgrove described.
The challenges, though, don’t begin as soon as you enter the industry. The entire education process comes with its own workload. Just like any other field, filmmaking has a lot of aspects that have to be learned, from shooting techniques to script-writing. The ground, however, is shifting.
“There are so many ways to find knowledge about anything. I teach a course [in TU Dublin] that runs for 12 months, but I’m well aware that if I go to YouTube, there is a video of someone saying they can teach it to you in 12 minutes, And I’ve seen the video and it’s not entirely disproven that it can be learned in 12 minutes”, says Cosgrove.
The implications of this statement strike me immediately. Is university losing its value?
“The immediacy with which we can learn things is so appealing to young people.” However, “until people stop arriving at university, there will always be a place for teachers within that space”, Cosgrove argues.
Streaming platforms, YouTube and social media have proven to be an easily accessible medium for independent filmmakers to promote their work on their own, essentially becoming “their own broadcaster”.
And yes, maybe you can shoot a film on your phone, edit it and broadcast it on platforms – or even YouTube – and showcase your work, but films as we know and enjoy them are made in a whole different way. It is the collective effort of the writer, director, producer, actors and of course the filming crew that does all the heavy lifting.
“It is very hard work. And I don’t think that’s often recognised”, Cosgrove says, explaining the long hours, often unscheduled, that are needed to get the perfect shot that will make it through the final cut and into the movie.
Despite the challenges and hard work a filmmaker must show, there is support, especially from people in the industry. Even famous actors agree to take part in short films by new filmmakers and students.
“When actors come in to the school to work with students, they feel like they’re giving something back, to young people as well.”
“I think Ireland has always had a very strong respect for the culture of writing and creativity,” Cosgrove says. It’s a beautiful thing to see the baton being passed on from the older to the younger generation.
Some pregnant women are refusing to take the Covid-19 vaccine because of fears about its potential impact on their babies, according to a leading women’s health doctor.
Although there is no evidence that the vaccine is harmful to pregnant women, Dr Aseel Almajed, a GP who specialises in gynaecology, says that some pregnant women fear that the vaccine might harm their fertility. Dr Aseel warned that these misconceptions about vaccination make them lose confidence, which consequently deters them from getting the vaccine and taking a booster dose.
Many obstetricians and gynaecologists encourage pregnant women to take the vaccine because it is considered the first line of protection for them and the fetus.
“Covid has many fatal complications, especially for vulnerable people (old age, pregnant, immunocompromised),” said Dr Almajed. “So, to avoid complications, it is necessary to take the vaccine as vaccination also may help protect the fetus through antibodies that transfer from mother to baby.”
In addition, she said that the vaccine can give immunity for 3-6 months, adding that: “We always advise people to take the vaccine and follow the advice of National Immunisation Advisory Committee (NIAC), and take the booster dose when it is available to give good protection.”
NIAC recommends that pregnant women receive an mRNA vaccine (Pfizer and Modern, typo). In addition, they should receive a booster dose at 16 weeks of pregnancy, as it protects the mother and provides the best benefit to the baby.
According to the HSE, “COVID-19 is a risk to your health and your baby’s health. Pregnant women are more likely to get very unwell and need treatment in intensive care than those who are not pregnant. The virus may also cause complications for your baby, including premature labour or stillbirth.”
Raefah Sadwen, who is six months pregnant, said: “ I think that the Covid-19 vaccine is unsafe, and it presents a threat to the lives of the mother, and it has many side effects in the foreseeable future, and women should think about their baby before taking it because it may cause fetal deformities.”
she also explained: “I reckon it is a woman’s freedom to choose whether or not to get the vaccine because it is her private life, and no one may force her to take it.”
Sally Anne, a TU Dublin student, said she would take a booster and had three total doses.
She added: “COVID-19 is a horrible thing. It has both short-term and long-term side effects, so is there anything we can do to mitigate those side effects to prevent this from spreading?
We should all be rolling our sleeves and getting COVID-19 booster shots.”
Healthcare institutions in Ireland offer guidelines to people about how they can protect their immunity against infection from COVID-19 and protect themselves from a severe illness.
The World Health Organization encourages vaccination and is implementing many campaigns to raise awareness of the danger of the virus to maternal health.
According to the HSE: “There is no evidence that COVID-19 vaccination affects female fertility and or any link to an irregular period.” The Health Protection Surveillance Centre says that Ireland had recorded 1.7 million COVID-19 cases by the end of 2022.
York,England-October 2nd,2011:A new modern hanging Argos sign with web address visable in background.Argos is the largest-goods retailer in the United Kingdom and Ireland with over 800 stores.It lets it customers browse for goods from it\’s comprehensive catalogues !
Argos Ireland joins list of companies that announced lay-offs in Ireland and announces closure of all its stores in the Republic.
Argos is set to close all stores across the Republic of Ireland, this will lead to an estimated loss of 580 jobs across the 34 stores.
Argos will gradually close its stores with the aim of leaving the Republic of Ireland by June 24th with talks currently taking place between the company and Mandate Trade Union to ‘propose an enhanced redundancy package’.
It is said that the company intends to provide employees with more than its statutory obligation and is committed to supporting its staff.
The statement also noted, ‘the small number of colleagues not eligible for redundancy under Irish Law are expected to receive a one-off goodwill payment. To further support colleagues, Argos has also committed to a programme of wider support over the coming months.
Having opened its first stores in January of 1996 in both Limerick and Dublin and having opened many more since then nationwide, Argos has been a success in the country for 27 years, it is unfortunate that its doors will soon close and jobs will be lost. However, Argos will remain operating in Northern Ireland.
In a statement, Argos, which is owned by Sainsbury’s stated it, “arrived at the decision to leave Ireland following a long period of careful consideration and a thorough review of its business and operations in the country. Argos concluded the investment required to develop and modernise the Irish part of its business was not viable and that the money would be better invested in other parts of its business.”
Irish consumers will see the stores close gradually beginning with the Portlaoise stores closing on May 6th with Argos in the Stephen’s Green Shopping Centre due to close at the end of the following week. All Stores will be closed by June 24th.
Argos online will still be available to Irish consumers for home delivery of products until March 22nd.
Argos Ireland Operations Manager, Andy McClelland said, “We understand this is difficult news for our customers and colleagues. As with any major change to our business, we have not made this decision lightly and we are doing everything we can to support those impacted. On behalf of everyone at Argos I would like to thank our colleagues, customers, suppliers and partners for their support to our business.”
Ireland has seen a loss in jobs across the country since the beginning of the Covid 19 pandemic. Unemployment is reported on a monthly basis by the Central Statistics Office and stands currently at 4.4%.
The unemployment rate in the country was at a high during the pandemic, ‘the great resignation’ began as employees were asked to return to their offices and companies due to high costs and inflation have seen a need to let go of staff.
It is clear the loss of Argos will influence these unemployment rates as near 600 people will be losing their jobs. This is a difficult time of year for retailers and all businesses alike, after Christmas and with rising cost of living, consumers do not have as much disposable income to spend.
Dell is set to cut 5% of jobs in Ireland in the coming weeks which was announced on February 7th. Microsoft also announced in January that it will cut 10,000 jobs internationally which is nearly 5% of its entire workforce, this causes worry for Microsoft Ireland which employs 3,500 people. PayPal also announced on February 1st that they will be reducing their staff by roughly 2,000 people which is 7% of their total staff.
All of these job losses are set to influence the unemployment rates in Ireland and are a worry for people and government bodies at present.
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