Sunday, March 26, 2023

FT 1000: 7th ranking of Europe’s fastest-growing companies 2023

Ireland has no native-born firms in the tech categories. The only entry is in the Food & Beverage category: Bevcraft Group (181), a specialist process and packaging business. Last December it merged with a Norwegian firm — Cubicle 7 Entertainment (192); System.I0 (271); Zoosh Digital (423) — these 3 Irish firms were founded by foreign nationals.

The Irish Venture Capital Association (IVCA) last month reported  an estimate that venture capital investment "in Irish tech firms and SMEs in 2022 totalled €1.33bn, no change on the previous year." The data are not reliable as it includes foreign firms, mainly American, that become Irish for tax purposes. 

The Organisation for Economic Cooperation and Development (OECD) says "Ireland has a large population of very low-productive SMEs that co-exist with high-productive large firms (mainly foreign firms)." Employer firm births are low (even including foreign firms) and the number of firms that export is also low (separate article pending). 

The Financial Times's FT 1000 published in March 2023 with Statista, a research company, data on the European companies with the highest compound annual growth rate in revenue between 2018 and 2021.

The minimum CAGR (Compound Annual Growth Rate) required to be included on the rankings, was 36.2% — slightly below the 35.5% in last year’s ranking.

The Big 4 countries Italy (260); Germany (217); the UK (155) and France (140) accounted for 772 of the 1,000 firms or 77%.

Wednesday, March 15, 2023

Children of 1960s refugees/asylum seekers to UK push for migrants to return to Africa

Their parents fled Africa as refugees in the 1960s. Now they want to ship migrants to Rwanda

Rishi Sunak, the British Prime Minister, Priti Patel, the former Home Secretary in the Johnson administration, and Suella Braverman, the current Home Secretary, all support sending refugees to the African country of Rwanda, even if they had no family ties in that East African country. In the 1960s their parents fled Africa and likely broke the then-British laws.

Last year Suella Braverman said, “I would love to have a front page of The Telegraph with a plane taking off to Rwanda, that’s my dream, it’s my obsession.”

Britain abolished slavery in 1807 but existing slavery remained in the British Empire until 1834-1838. In effect for Indians a form of slavery remained called an indenture. Many Indians agreed to become indentured labourers to escape British-controlled India's widespread poverty and famines. Some travelled alone; others brought their families to settle in the colonies they worked in. 

Between 1834 and 1917, Britain took more than 1mn Indian indentured labourers to 19 British colonies, including Malaya, with its tin mining and rubber plantations.

In Africa, they settled in South and East Africa. Mauritius was successively a French and a British Colony during the period 1715-1968 and under British rule, Mauritius became a sugar-producing island.

White South Africa got its independence from Britain in 1961; Tanzania / Tanganyika in 1961-1964; Uganda in 1962; Keyna in 1963 and Mauritius in 1968.

Both the newly independent states in East Africa and the Republic of India did not want the Indo-African populations. Free Indian migrations in the 20th century had become elites in the countries.

Sunday, March 12, 2023

Plunge in Irish rental residential properties raises prices

On February 1, 2023, it was estimated that the number of housing units for rent in Ireland was just over 1,000. This plunge in the market has resulted in pushing up the rents of the existing stock of rental properties.

Until land reforms in Ireland by the British administration, in the late 19th century and the early 20th century, the Anglo-Irish "absentee landlord" was a hated figure in Ireland. Today the term "landlord" is still a pejorative for some of the population.

There is a misleading notion that most landlords are making a lot of money, squeezing poorer people.

However, in 2021 the CSO (Central Statistics Office) reported that landlords (86%) owned only one or two properties. Most of them owned one. It added that half of all landlords earn less than €10,000 on these investments after allowable expenses — such as mortgage interest, depreciation on fittings and furniture, repair and maintenance costs and letting costs.

If an individual was taxed at a higher rate the net annual income from their investment was €5,150 or less. If the lower tax rate was applied it could be as high as €7,150.

The median price of a dwelling purchased in the 12 months to July 2022 was €295,000.

The return of 1.75% is not extortion.

The lowest median price for a house in the 12 months to July 2022 was €145,000 in Longford, while the highest median price was €610,000 in Dún Laoghaire-Rathdown.

According to Ronan Lyons of Trinity and producer of the Daft rental report, "Fewer than 1,100 homes were available to rent on February 1, 2023. This is largely unchanged from the number three months ago, at the time of the last report, and down almost 22% on the figure available on the same date a year ago.

But that figure from 2022 was itself a complete outlier in a series that stretches back to 2006. Between 2015 and 2019, a time when supply was very weak relative to demand — pulling up rents — there were typically 3,800 homes available to rent at the start of February. The average for February 1st over the full period 2006-2021 was 8,500."

Thursday, March 09, 2023

Jon Stewart on gun control and Irish useful idiots

Jon Stewart is an American comedian, political commentator, actor, director and television host. Stewart hosted The Daily Show, a satirical news program on Comedy Central, from 1999 to 2015 and he is now the host of The Problem with Jon Stewart, which premiered in September 2021 on Apple TV+.

In an episode, "Chaos, Law, and Order" on gun control with Oklahoma state senator Nathan Dahm, Jon Stewart argues Dahm's support of anti-drag show laws directly conflicts with the logic he uses for loosening gun restrictions.

Dahm and other Republicans want to shield children from drag but firearms are the biggest cause of death among children in America.

During the pandemic, firearm-related deaths rose among children, with seven children per day dying by firearm in 2021. From 2011 to 2021, nearly 18,500 children ages 17 and younger died by firearm.

Dahm has introduced several bills loosening gun restrictions, including the first anti-red flag law against restricting gun access to those deemed dangerous.

Jon Stewart: “And what you're telling me is you don't mind infringing free speech to protect children from this amorphous thing that you think of. But when it comes to children that have died, you don't give a flying fuck to stop that, because that shall not be infringed. That is hypocrisy at its highest order.”

Not only does he want to protect the Second Amendment, but he also believes that more guns make Americans safer.