SHOULD EVERYONE BE PAID €752 A MONTH FOR DOING NOTHING? - In recent times there has been an increasing amount of rhetoric pushing the concept of a basic income, which is handed over by the State to all, no questions asked.
So much so that on June 5th, Switzerland voted on whether or not to introduce such a system. What’s behind the movement, though, and could the concept of paying every adult in Ireland €188 a week - regardless of their needs - actually work? In simple terms, a universal basic income (UBI) is an income which is provided without conditions to every adult and child. It would replace most welfare benefits and guarantees a standard amount to every citizen, regardless of need. Like child benefit, such an income would be automatic and would not be means tested, says the Irish Times. “It’s generally defined as an unconditional payment distributed by the State to every legal resident that comes into their bank account every week or every month from cradle to grave,” says Anne Ryan of lobby group Basic Income Ireland. “It’s not enough for luxuries but it’s enough to live reasonably well.” A basic income has three key characteristics: it is sufficient; it is unconditional; and it is universal. “It’s an expression of care within society - everyone deserves a basic element of care,” says Ryan. Proponents of basic income also suggest that it gets rid of the poverty trap that exists when people on social welfare take up some work and end up less well off.
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APPLE'S INTEL CHIPS TIPPED TO BE MADE IN CHINA, NOT IRELAND - The next iPhone will use Intel-made chips, replacing Qualcomm chips in some versions of the new handset, in a move by the world's most-valuable public company to diversify its supplier base, according to a Bloomberg report.
An informed source told the Irish Independent that the chips for Apple will likely be made in China rather than Ireland. Intel began a redundancy programme in Ireland last month as part of a global staffing reduction. An Intel spokesperson in Ireland declined to comment. Apple has chosen Intel modem chips for the iPhone used on AT&T's US network and some other versions of the smartphone for overseas markets, said people familiar with the matter. IPhones on Verizon's network will stick with parts from Qualcomm, which is the only provider of the main communications component of current versions of Apple's flagship product. Crucially for Qualcomm, iPhones sold in China will work on Qualcomm chips, said the people, who asked not to be identified because Apple hasn't made its plans public.
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STATE LEFT BEHIND BY DELAY IN JOINING BANK - The Department of Finance has failed to explain why Ireland did not apply to be a founding member of a major new Asian investment bank.
A number of European nations, such as France, Germany, and the UK, joined the Asian Infrastructure Investment Bank (AIIB) as founding members early last year. Ireland took the decision to make a formal application in December 2015. The estimated cost of Ireland’s membership is €50m over five years, says the Irish Examiner. The AIIB, established to rival the likes of the World Bank and Asian Development Bank, will fund a wide range of infrastructure projects in Asia. “Ireland’s interest in AIIB membership is primarily based on geopolitical and economic considerations, including trade relations with China and the wider Asian economy,” said Finance Minister Michael Noonan. “Over the past 15 years, Ireland has increased its engagement with Asia, particularly China, the world’s second largest economy, in a broad number of areas. Ireland’s priorities relate to bilateral trade and investment, particularly: higher education; agri-food; tourism; and aviation-financing sectors.” A spokesperson for the Department of Finance could not explain the timing of Ireland’s application or whether officials considered founding members to be at an advantage to those countries joining at a later date.
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STANDARD CHARTERED ACTS ON CONDUCT 'CANCER' - Standard Chartered’s chief executive has taken steps to stamp out a "cancer" of complacency and lax controls that he blames for recent misconduct among senior staff at the emerging markets bank.
Since taking charge of StanChart a year ago, Bill Winters has delivered an "angry" address to its 1,500 top managers and sent several staff memos condemning transgressions that include inappropriate financial dealings with colleagues and excessive expenses. "We had employees lending money to other employees at very high interest rates - more than on your Standard Chartered credit card. That is not OK," Mr Winters told the Financial Times. "Frankly they are childish things and individually they don’t add up to material financial exposure for the bank, but culturally they are a cancer," he said. StanChart, which is listed in London but mostly operates across Asia, the Middle East and Africa, came through the 2008 financial crisis relatively unscathed compared to most bigger rivals. But the bank has suffered a tough few years after being fined by US regulators for sanctions breaches and incurring heavy losses on risky loans that turned bad after a downturn in Asian economies and commodity markets.
