Why stock in Facebook, Apple and Google has fallen

Why stock in Facebook, Apple and Google has fallen

The share prices of Facebook, Apple and Google have slumped. Apple’s is down almost 20 per cent in a few weeks, and the story for the other two isn’t much better.

Over the past few weeks, the so-called Faangs – Facebook, Amazon, Apple, Netflix and Google – have lost $1 trillion in value.

Before examining the situation on Wall Street, let’s step back and examine the process whereby world-beating companies go from rude health to fragility in short order; the process is so much more interesting than the event.

Brexit provides Ireland with a commercial opportunity

Brexit provides Ireland with a commercial opportunity

Rosenthaler Platz in Berlin is a busy hub to the northeast of the city centre. The last time I sat on the U-Bahn here, the train slowed down and then passed through a creepy, dimly-lit and empty station with only East German border guards on the platform. It was the summer of 1989, just three months before the wall came down. Rosenthaler Platz was what was called a “ghost station”. The underground was constructed before the wall went up in 1962 and this was one of the stations which was boarded up when the city was divided. The trains from West Berlin passed through East Berlin, weaving right through the middle of the city, only to re-emerge back into the West and literally into the light.

Today it is buzzing with foreign students, start-ups and cafes that have turned themselves into communal workspaces. In fact, the one I am in, Oberholz provides a vision of what much of work life in the future may be like: semi-autonomous, creative teams working together on a project by project basis, hiring space in a cafe for a limited time rather than being full-time employees with full-time tenancy in a fixed office. Right now this is still only a small minority of workers but it could become the norm.

Want to find the cause of the housing crisis? Look in the mirror

Want to find the cause of the housing crisis? Look in the mirror

Let’s look at the housing shortage through the lens of planning permission objections. We rarely think about the impact on house prices of individuals or groups of individuals opposing planning permission.

Each objection may be legitimate but, in the aggregate, planning objections have a knock-on effect on the availability and cost of housing. Indeed, the trade-off between individual rights and the collective good, so evident when planning restrictions are sought via objections, goes to the very heart of macroeconomics.

Dublin generates 56% of Irish tax, but can’t keep a cent of it

Dublin generates 56% of Irish tax, but can’t keep a cent of it

Mayer Amschel Rothschild, founder of the Rothschild banking dynasty, is said to have declared: “Permit me to issue and control the money of a nation, and I care not who makes the laws”. The implication is that parliaments can talk about laws or indeed change them, but the real power in a country or a city lies with whoever controls the money. Everything flows from this.

The story of Rothschild’s ascent from the closed, embattled, ghetto – the Judengasse of Frankfurt – to the seats of power in London, Paris and Madrid is one of the most fantastic entrepreneurial odysseys imaginable. His ability, courage and daring were extraordinary and he took advantage of exceptional circumstances and world-shattering events.

We have witnessed the Dún Laoghaire-isation of Ireland

We have witnessed the Dún Laoghaire-isation of Ireland

It’s 9am in the Dominican Convent in Dún Laoghaire, Co Dublin. A patient column of people runs all the way down the street as far as the Chinese-run New Paddy phone repair shop. The only other shop doing business so early on a Friday morning is May’s Occasions, which is busy selling communion dresses, tiaras and parasols to cater for the last-minute panic ahead of the big celebratory weekend.

Irish citizens might be about to repeal the constitutional amendment on abortion, but no one would lay a finger on our divine right to host a full-on, over-the-top communion, replete with bouncy castles, gazebos and Instagram poses.

Under the bonnet of Trump’s purring economic engine

Under the bonnet of Trump’s purring economic engine

Mystic, Connecticut is one of those beautiful New England fishing villages, all wooden clapboards and two-storey homes. US flags fly from at least half of them. Cars slow down 10 yards from zebra crossings, as young mothers push outsized strollers to organised playdates.

The Mystic river flows into the Atlantic here, and most riverside homes have their own boats, tied up to family piers. People here are ridiculously helpful. Mystic doesn’t do surly. Pumpkins are everywhere, and the colours are gorgeous, but it’s getting cold.