Podcast appearances and mentions of Paul Walsh

Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emett, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmett, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.

Live from Morgan Stanley's European Tech, Media and Telecom conference in Barcelona, our roundtable of analysts discuss artificial intelligence in Europe, and how the region could enable the Agentic AI wave.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European head of research product. We are bringing you a special episode today live from Morgan Stanley's, 25th European TMT Conference, currently underway. The central theme we're focused on: Can Europe keep up from a technology development perspective?It's Wednesday, November the 12th at 8:00 AM in Barcelona. Earlier this morning I was live on stage with my colleagues, Adam Wood, Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology Hardware. The larger context of our conversation was tech diffusion, one of our four key themes that we've identified at Morgan Stanley Research for 2025. For the panel, we wanted to focus further on agentic AI in Europe, AI disruption as well as adoption, and data centers. We started off with my question to Adam. I asked him to frame our conversation around how Europe is enabling the Agentic AI wave. Adam Wood: I mean, I think obviously the debate around GenAI, and particularly enterprise software, my space has changed quite a lot over the last three to four months. Maybe it's good if we do go back a little bit to the period before that – when everything was more positive in the world. And I think it is important to think about, you know, why we were excited, before we started to debate the outcomes. And the reason we were excited was we've obviously done a lot of work with enterprise software to automate business processes. That's what; that's ultimately what software is about. It's about automating and standardizing business processes. They can be done more efficiently and more repeatably. We'd done work in the past on RPA vendors who tried to take the automation further. And we were getting numbers that, you know, 30 – 40 percent of enterprise processes have been automated in this way. But I think the feeling was it was still the minority. And the reason for that was it was quite difficult with traditional coding techniques to go a lot further. You know, if you take the call center as a classic example, it's very difficult to code what every response is going to be to human interaction with a call center worker. It's practically impossible. And so, you know, what we did for a long time was more – where we got into those situations where it was difficult to code every outcome, we'd leave it with labor. And we'd do the labor arbitrage often, where we'd move from onshore workers to offshore workers, but we'd still leave it as a relatively manual process with human intervention in it. I think the really exciting thing about GenAI is it completely transforms that equation because if the computers can understand natural human language, again to our call center example, we can train the models on every call center interaction. And then first of all, we can help the call center worker predict what the responses are going to be to incoming queries. And then maybe over time we can even automate that role. I think it goes a lot further than, you know, call center workers. We can go into finance where a lot of work is still either manual data re-entry or a remediation of errors. And again, we can automate a lot more of those tasks. That's obviously where, where SAP's involved. But basically what I'm trying to say is if we expand massively the capabilities of what software can automate, surely that has to be good for the software sector that has to expand the addressable markets of what software companies are going to be able to do. Now we can have a secondary debate around: Is it going to be the incumbents, is it going to be corporates that do more themselves? Is it going to be new entrants that that benefit from this? But I think it's very hard to argue that if you expand dramatically the capabilities of what software can do, you don't get a benefit from that in the sector. Now we're a little bit more consumer today in terms of spending, and the enterprises are lagging a little bit. But I think for us, that's just a question of timing. And we think we'll see that come through.I'll leave it there. But I think there's lots of opportunities in software. We're probably yet to see them come through in numbers, but that shouldn't mean we get, you know, kind of, we don't think they're going to happen. Paul Walsh: Yeah. We're going to talk separately about AI disruption as we go through this morning's discussion. But what's the pushback you get, Adam, to this notion of, you know, the addressable market expanding? Adam Wood: It's one of a number of things. It's that… And we get onto the kind of the multiple bear cases that come up on enterprise software. It would be some combination of, well, if coding becomes dramatically cheaper and we can set up, you know, user interfaces on the fly in the morning, that can query data sets; and we can access those data sets almost in an automated way. Well, maybe companies just do this themselves and we move from a world where we've been outsourcing software to third party software vendors; we do more of it in-house. That would be one. The other one would be the barriers to entry of software have just come down dramatically. It's so much easier to write the code, to build a software company and to get out into the market. That it's going to be new entrants that challenge the incumbents. And that will just bring price pressure on the whole market and bring… So, although what we automate gets bigger, the price we charge to do it comes down. The third one would be the seat-based pricing issue that a lot of software vendors to date have expressed the value they deliver to customers through. How many seats of the software you have in house. Well, if we take out 10 – 20 percent of your HR department because we make them 10, 20, 30 percent more efficient. Does that mean we pay the software vendor 10, 20, 30 percent less? And so again, we're delivering more value, we're automating more and making companies more efficient. But the value doesn't accrue to the software vendors. It's some combination of those themes I think that people would worry about. Paul Walsh: And Lee, let's bring you into the conversation here as well, because around this theme of enabling the agentic AI way, we sort of identified three main enabler sectors. Obviously, Adam's with the software side. Cap goods being the other one that we mentioned in the work that we've done. But obviously semis is also an important piece of this puzzle. Walk us through your thoughts, please. Lee Simpson: Sure. I think from a sort of a hardware perspective, and really we're talking about semiconductors here and possibly even just the equipment guys, specifically – when seeing things through a European lens. It's been a bonanza. We've seen quite a big build out obviously for GPUs. We've seen incredible new server architectures going into the cloud. And now we're at the point where we're changing things a little bit. Does the power architecture need to be changed? Does the nature of the compute need to change? And with that, the development and the supply needs to move with that as well. So, we're now seeing the mantle being picked up by the AI guys at the very leading edge of logic. So, someone has to put the equipment in the ground, and the equipment guys are being leaned into. And you're starting to see that change in the order book now. Now, I labor this point largely because, you know, we'd been seen as laggards frankly in the last couple of years. It'd been a U.S. story, a GPU heavy story. But I think for us now we're starting to see a flipping of that and it's like, hold on, these are beneficiaries. And I really think it's 'cause that bow wave has changed in logic. Paul Walsh: And Lee, you talked there in your opening remarks about the extent to which obviously the focus has been predominantly on the U.S. ways to play, which is totally understandable for global investors. And obviously this has been an extraordinary year of ups and downs as it relates to the tech space. What's your sense in terms of what you are getting back from clients? Is the focus shifts may be from some of those U.S. ways to play to Europe? Are you sensing that shift taking place? How are clients interacting with you as it relates to the focus between the opportunities in the U.S. and Asia, frankly, versus Europe? Lee Simpson: Yeah. I mean, Europe's coming more into debate. It's more; people are willing to talk to some of the players. We've got other players in the analog space playing into that as well. But I think for me, if we take a step back and keep this at the global level, there's a huge debate now around what is the size of build out that we need for AI? What is the nature of the compute? What is the power pool? What is the power budgets going to look like in data centers? And Emmet will talk to that as well. So, all of that… Some of that argument's coming now and centering on Europe. How do they play into this? But for me, most of what we're finding people debate about – is a 20-25 gigawatt year feasible for [20]27? Is a 30-35 gigawatt for [20]28 feasible? And so, I think that's the debate line at this point – not so much as Europe in the debate. It's more what is that global pool going to look like? Paul Walsh: Yeah. This whole infrastructure rollout's got significant implications for your coverage universe… Lee Simpson: It does. Yeah. Paul Walsh: Emmet, it may be a bit tangential for the telco space, but was there anything you wanted to add there as it relates to this sort of agentic wave piece from a telco's perspective? Emmet Kelly: Yeah, there's a consensus view out there that telcos are not really that tuned into the AI wave at the moment – just from a stock market perspective. I think it's fair to say some telcos have been a source of funds for AI and we've seen that in a stock market context, especially in the U.S. telco space, versus U.S. tech over the last three to six months, has been a source of funds. So, there are a lot of question marks about the telco exposure to AI. And I think the telcos have kind of struggled to put their case forward about how they can benefit from AI. They talked 18 months ago about using chatbots. They talked about smart networks, et cetera, but they haven't really advanced their case since then. And we don't see telcos involved much in the data center space. And that's understandable because investing in data centers, as we've written, is extremely expensive. So, if I rewind the clock two years ago, a good size data center was 1 megawatt in size. And a year ago, that number was somewhere about 50 to 100 megawatts in size. And today a big data center is a gigawatt. Now if you want to roll out a 100 megawatt data center, which is a decent sized data center, but it's not huge – that will cost roughly 3 billion euros to roll out. So, telcos, they've yet to really prove that they've got much positive exposure to AI. Paul Walsh: That was an edited excerpt from my conversation with Adam, Emmet and Lee. Many thanks to them for taking the time out for that discussion and the live audience for hearing us out.We will have a concluding episode tomorrow where we dig into tech disruption and data center investments. So please do come back for that very topical conversation. As always, thanks for listening. Let us know what you think about this and other episodes by leaving us a review wherever you get your podcasts. And if you enjoy Thoughts on the Market, please tell a friend or colleague to tune in today.

This week on Simcast, Matt is stuck in eternal and endless traffic on the M5 and Simcast media wizard Ellie has jumped into the vacant seat! They discuss the epic return of “The race for metal health” hosted by Jimmy Broadbent and its unique choice of classes available. Also, Steven catches up with upcoming esports commentor Paul Walsh.

On today's show we speak with people who feel answers from politicians during the campaign may have been lacking. They want concrete but what they're hearing isn't solid. So we talk about those issues and some solutions as we look ahead to voting day next week. GUESTS: Nancy Reid, COD-NL; Tari Ajadi, Stella's Circle; Jeff Bourne, U-Turn Recovery; Susan Green, Unseen and Unheard No Longer; Melanie Walters, Gateway Status of Women Council; Glenn Roil, mental health advocate; Paul Walsh,Autism Society Newfoundland and Labrador

We're thrilled to welcome back The Green Horizon from the incredible Paul Walsh beginning with "Voiders". Alone in Galaxy Burger, disgraced Fleet Commander Grace Molloy ponders her life. That is until her troublesome brother Luke offers her a job too good to be true Learn more about your ad choices. Visit megaphone.fm/adchoices

We're thrilled to welcome back The Green Horizon from the incredible Paul Walsh beginning with "Voiders". Alone in Galaxy Burger, disgraced Fleet Commander Grace Molloy ponders her life. That is until her troublesome brother Luke offers her a job too good to be true Learn more about your ad choices. Visit megaphone.fm/adchoices

0:53 Mikey Harris: Childhood Sports Memories and InfluencesMikey Harris reminisced about his childhood sports experiences, particularly his time watching Portsmouth play football with his dad and the memorable atmosphere at Fratton Park. He also discussed his interactions with football icons like Alan Ball and Paul Walsh, which shaped his understanding of the game. Mikey expressed how these experiences have influenced his current perspective on sports and parenting, as he shares similar moments with his son, Charlie.12:47 - Mikey Harris' Coaching JourneyMikey Harris detailed his coaching career, starting as a player coach at Salisbury City and transitioning to assistant manager for five years. He discussed his time at Portsmouth's Academy, Brighton, and coaching the England youth team, emphasizing the valuable experiences gained along the way. Mikey also mentioned his role at Southampton, where he won the under-18s Premier League South, before returning to Brighton as the assistant coach of the under 21s.17:54 Game Models and Coaching PhilosophyMichael Wright initiated a discussion on game models in coaching, asking Mikey Harris how coaches can understand and adapt to different models. Mikey highlighted the significance of authenticity and aligning with a club's values while being open to evolution. He shared his preference for principle-based coaching, focusing on dominating possession and creating high-quality chances, while also emphasizing the importance of player enjoyment and hard work.26:20 -Understanding Trade-offs in Youth DevelopmentMichael Wright shares a quote from economist Thomas Sowell, stating that there are no solutions, only trade-offs, which resonates with Mikey Harris. They both reflect on how this perspective applies to youth development and life decisions, highlighting the necessity of understanding the implications of choices made. Mikey notes that he frequently emphasizes this concept in his discussions.29:37 -Alignment and Success in Football AcademiesMichael Wright elaborated on the factors contributing to success in football academies, noting that alignment from leadership down to coaching is crucial. He cited Brighton as an example of a well-aligned club, while also referencing his experience at Southampton, where a clear game model and strong player connections led to success. Timing also plays a significant role in player development and opportunities.38:49 - Understanding Timing and Emotional Learning in Player DevelopmentMikey Harris elaborates on the concept of "Kairos time," where players must be ready for opportunities that may come at any moment. He stresses the significance of building connections and trust between players and coaches to effectively communicate ideas and foster readiness. Michael Wright adds that understanding emotions and behaviors is crucial for young players, as they navigate their development.53::01 -Understanding Player Behavior and Coaching ApproachesMikey Harris recounted a situation where he misinterpreted a player's lack of effort in training, not realizing the player was mourning the death of his grandmother. This experience highlighted the necessity for coaches to approach players with empathy and to investigate underlying issues before providing feedback. Mikey stressed that understanding players' personal circumstances can lead to more effective coaching conversations. Hosted on Acast. See acast.com/privacy for more information.

Our analysts Paul Walsh, James Lord and Marina Zavolock discuss the dollar's decline, the strength of the euro, and the mixed impact on European equities.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Markets. I'm Paul Walsh, Morgan Stanley's Head of European Product. And today we're discussing the weakness we've seen year-to-date in the U.S. dollar and what this means for the European stock market.It's Tuesday, July the 15th at 3:00 PM in London.I'm delighted to be joined by my colleagues, Marina Zavolock, Morgan Stanley's Chief European Equity Strategist, and James Lord, Morgan Stanley's Chief Global FX Strategist.James, I'm going to start with you because I think we've got a really differentiated view here on the U.S. dollar. And I think when we started the year, the bearish view that we had as a house on the U.S. dollar, I don't think many would've agreed with, frankly. And yet here we are today, and we've seen the U.S. dollar weakness proliferating so far this year – but actually it's more than that.When I listen to your view and the team's view, it sounds like we've got a much more structurally bearish outlook on the U.S. dollar from here, which has got some tenure. So, I don't want to steal your thunder, but why don't you tell us, kind of frame the debate, for us around the U.S. dollar and what you're thinking.James Lord: So, at the beginning of the year, you're right. The consensus was that, you know, the election of Donald Trump was going to deliver another period of what people have called U.S. exceptionalism.Paul Walsh: Yeah.James Lord: And with that it would've been outperformance of U.S. equities, outperformance of U.S. growth, continued capital inflows into the United States and outperformance of the U.S. dollar.At the time we had a slightly different view. I mean, with the help of the economics team, we took the other side of that debate largely on the assumption that actually U.S. growth was quite likely to slow through 2025, and probably into 2026 as well – on the back of restrictions on immigration, lack of fiscal stimulus. And, increasingly as trade tariffs were going to be implemented…Paul Walsh: Yeah. Tariffs, of course…James Lord: That was going to be something that weighed on growth.So that was how we set out the beginning of the year. And as the year has progressed, the story has evolved. Like some of the other things that have happened, around just the extent to which tariff uncertainty has escalated. The section 899 debate.Paul Walsh: Yeah.James Lord: Some of the softness in the data and just the huge amounts of uncertainty that surrounds U.S. policymaking in general has accelerated the decline in the U.S. dollar. So, we do think that this has got further to go. I mean, the targets that we set at the beginning of the year, we kind of already met them. But when we published our midyear outlook, we extended the target.So, we may even have to go towards the bull case target of euro-dollar of 130.Paul Walsh: Mm-hmm.James Lord: But as the U.S. data slows and the Fed debate really kicks off where at Morgan Stanley U.S. Economics research is expecting the Fed to ultimately cut to 2.5 percent...Paul Walsh: Yeah.Lord: That's really going to really weigh on the dollar as well. And this comes on the back of a 15-year bull market for the dollar.Paul Walsh: That's right.James Lord: From 2010 all the way through to the end of last year, the dollar has been on a tear.Paul Walsh: On a structural bull run.James Lord: Absolutely. And was at the upper end of that long-term historical range. And the U.S. has got 4 percent GDP current account deficit in a slowing growth environment. It's going to be tough for the dollar to keep going up. And so, we think we're sort of not in the early stages, maybe sort of halfway through this dollar decline. But it's a huge change compared to what we've been used to. So, it's going to have big implications for macro, for companies, for all sorts of people.Paul Walsh: Yeah. And I think that last point you make is absolutely critical in terms of the implications for corporates in particular, Marina, because that's what we spend every hour of every working day thinking about. And yes, currency's been on the radar, I get that. But I think this structural dynamic that James alludes to perhaps is not really conventional wisdom still, when I think about the sector analysts and how clients are thinking about the outlook for the U.S. dollar.But the good news is that you've obviously done detailed work in collaboration with the floor to understand the complexities of how this bearish dollar view is percolating across the different stocks and sectors. So, I wondered if you could walk us through what your observations are and what your conclusions are having done the work.Marina Zavolock: First of all, I just want to acknowledge that what you just said there. My background is emerging markets and coming into covering Europe about a year and a half ago, I've been surprised, especially amid the really big, you know, shift that we're seeing that James was highlighting – how FX has been kind of this secondary consideration. In the process of doing this work, I realized that analysts all look at FX in different way. Investors all look at FX in different way. And in …Paul Walsh: So do corporates.Marina Zavolock: Yeah, corporates all look at FX in different way. We've looked a lot at that. Having that EM background where we used to think about FX as much as we thought about equities, it was as fundamental to the story...Paul Walsh: And to be clear, that's because of the volatility…Marina Zavolock: Exactly, which we're now seeing now coming into, you know, global markets effectively with the dollar moves that we've had. What we've done is created or attempted to create a framework for assessing FX exposure by stock, the level of FX mismatches, the types of FX mismatches and the various types of hedging policies that you have for those – particularly you have hedging for transactional FX mismatches.Paul Walsh: Mm-hmm.Marina Zavolock: And we've looked at this from stock level, sector level, aggregating the stock level data and country level. And basically, overall, some of the key conclusions are that the list of stocks that benefit from Euro strength that we've identified, which is actually a small pocket of the European index. That group of stocks that actually benefits from euro strength has been strongly outperforming the European index, especially year-to-date.Paul Walsh: Mm-hmm.Marina Zavolock: And just every day it's kind of keeps breaking on a relative basis to new highs. Given the backdrop of James' view there, we expect that to continue. On the other hand, you have even more exposure within the European index of companies that are being hit basically with earnings, downgrades in local currency terms. That into this earning season in particular, we expect that to continue to be a risk for local currency earnings.Paul Walsh: Mm-hmm.Marina Zavolock: The stocks that are most negatively impacted, they tend to have a lot of dollar exposure or EM exposure where you have pockets of currency weakness as well. So overall what we found through our analysis is that more than half of the European index is negatively exposed to this euro and other local currency strength. The sectors that are positively exposed is a minority of the index. So about 30 percent is either materially or positively exposed to the euro and other local currency strength. And sectors within that in particular that stand out positively exposed utilities, real estate banks. And the companies in this bucket, which we spend a lot of time identifying, they are strongly outperforming the index.They're breaking to new highs almost on a daily basis relative to the index. And I think that's going to continue into earning season because that's going to be one of the standouts positively, amid probably a lot of downgrades for companies who have translational exposure to the U.S. or EM.Paul Walsh: And so, let's take that one step further, Marina, because obviously hedging is an important part of the process for companies. And as we've heard from James, of a 15-year bull run for dollar strength. And so most companies would've been hedging, you know, dollar strength to be fair where they've got mismatches. But what are your observations having looked at the hedging side of the equation?Marina Zavolock: Yeah, so let me start with FX mismatches. So, we find that about half of the European index is exposed to some level of FX mismatches.Paul Walsh: Mm-hmm.Marina Zavolock: So, you have intra-European currency mismatches. You have companies sourcing goods in Asia or China and shipping them to Europe. So, it's actually a favorable FX mismatch. And then as far as hedging, the type of hedging that tends to happen for companies is related to transactional mismatches. So, these are cost revenue, balance sheet mismatches; cashflow distribution type mismatches. So, they're more the types of mismatches that could create risk rather than translational mismatches, which are – they're just going to happen.Paul Walsh: Yeah.Marina Zavolock: And one of the most interesting aspects of our report is that we found that companies that have advanced hedging, FX hedging programs, they first of all, they tend to outperform, when you compare them to companies with limited or no hedging, despite having transactional mismatches. And secondly, they tend to have lower share price volatility as well, particularly versus the companies with no hedging, which have the most share price volatility.So, the analysis, generally, in Europe of this most, the most probably diversified region globally, is that FX hedging actually does generate alpha and contributes to relative performance.Paul Walsh: Let's connect the two a little bit here now, James, because obviously as companies start to recalibrate for a world where dollar weakness might proliferate for longer, those hedging strategies are going to have to change.So just any kind of insights you can give us from that perspective. And maybe implications across currency markets as a result of how those behavioral changes might play out, I think would be very interesting for our listeners.James Lord: Yeah, I think one thing that companies can do is change some of the tactics around how they implement the hedges. So, this can revolve around both the timing and also the full extent of the hedge ratios that they have. I mean, some companies who are – in our conversations with them when they're talking about their hedging policy, they may have a range. Maybe they don't hedge a 100 percent of the risk that they're trying to hedge. They might have to do something between 80 and a hundred percent. So, you can, you can adjust your hedge ratios…Paul Walsh: Adjust the balances a bit.James Lord: Yeah. And you can delay the timing of them as well.The other side of it is just deciding like exactly what kind of instrument to use to hedge as well. I mean, you can hedge just using pure spot markets. You can use forward markets and currencies. You can implement different types of options, strategies.And I think this was some of the information that we were trying to glean from the survey was this question that Marina was asking about. Do you have a limited or advanced hedging program? Typically, we would find that corporates that have advanced programs might be using more options-based strategies, for example. And you know, one of the pieces of analysis in the report that my colleague Dave Adams did was really looking at the effectiveness of different strategies depending on the market environment that we're in.So, are we in a sort of risk-averse market environment, high vol environment? Different types of strategies work for different types of market environments. So, I would encourage all corporates that are thinking about implementing some kind of hedging strategy to have a look at that document because it provides a lot of information about the different ways you can implement your hedges. And some are much more cost effective than others.Paul Walsh: Marina, last thought from you?Marina Zavolock: I just want to say overall for Europe there is this kind of story about Europe has no growth, which we've heard for many years, and it's sort of true. It is true in local currency terms. So European earnings growth now on consensus estimates for this year is approaching one percent; it's close to 1 percent. On the back of the moves we've already seen in FX, we're probably going to go negative by the time this earning season is over in local currency terms. But based on our analysis, that is primarily impacted by translation.So, it is just because Europe has a lot of exposure to the U.S., it has some EM exposure. So, I would just really emphasize here that for investors; so, investors, many of which don't hedge FX, when you're comparing Europe growth to the U.S., it's probably better to look in dollar terms or at least in constant currency terms. And in dollar terms, European earnings growth at this point are 7.6 percent in dollar terms. That's giving Europe the benefit for the euro exposure that it has in other local currencies.So, I think these things, as FX starts to be front of mind for investors more and more, these things will become more common focus points. But right now, a lot of investors just compare local currency earnings growth.Paul Walsh: So, this is not a straightforward topic, and we obviously think this is a very important theme moving through the balance of this year. But clearly, you're going to see some immediate impact moving through the next quarter of earnings.Marina and James, thanks as always for helping us make some sense of it all.James Lord: Thanks, Paul.Marina Zavolock: Thank you.Paul Walsh: And to our listeners out there, thank you as always for tuning in.If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

Our analysts Paul Walsh, James Lord and Marina Zavolock discuss the dollar's decline, the strength of the euro, and the mixed impact on European equities.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Markets. I'm Paul Walsh, Morgan Stanley's Head of European Product. And today we're discussing the weakness we've seen year-to-date in the U.S. dollar and what this means for the European stock market. It's Tuesday, July the 15th at 3:00 PM in London.I'm delighted to be joined by my colleagues, Marina Zavolock, Morgan Stanley's Chief European Equity Strategist, and James Lord, Morgan Stanley's Chief Global FX Strategist. James, I'm going to start with you because I think we've got a really differentiated view here on the U.S. dollar. And I think when we started the year, the bearish view that we had as a house on the U.S. dollar, I don't think many would've agreed with, frankly. And yet here we are today, and we've seen the U.S. dollar weakness proliferating so far this year – but actually it's more than that.When I listen to your view and the team's view, it sounds like we've got a much more structurally bearish outlook on the U.S. dollar from here, which has got some tenure. So, I don't want to steal your thunder, but why don't you tell us, kind of frame the debate, for us around the U.S. dollar and what you're thinking.James Lord: So, at the beginning of the year, you're right. The consensus was that, you know, the election of Donald Trump was going to deliver another period of what people have called U.S. exceptionalism. Paul Walsh: Yeah.James Lord: And with that it would've been outperformance of U.S. equities, outperformance of U.S. growth, continued capital inflows into the United States and outperformance of the U.S. dollar. At the time we had a slightly different view. I mean, with the help of the economics team, we took the other side of that debate largely on the assumption that actually U.S. growth was quite likely to slow through 2025, and probably into 2026 as well – on the back of restrictions on immigration, lack of fiscal stimulus. And, increasingly as trade tariffs were going to be implemented…Paul Walsh: Yeah. Tariffs, of course…James Lord: That was going to be something that weighed on growth.So that was how we set out the beginning of the year. And as the year has progressed, the story has evolved. Like some of the other things that have happened, around just the extent to which tariff uncertainty has escalated. The section 899 debate. Paul Walsh: Yeah. James Lord: Some of the softness in the data and just the huge amounts of uncertainty that surrounds U.S. policymaking in general has accelerated the decline in the U.S. dollar. So, we do think that this has got further to go. I mean, the targets that we set at the beginning of the year, we kind of already met them. But when we published our midyear outlook, we extended the target.So, we may even have to go towards the bull case target of euro-dollar of 130.Paul Walsh: Mm-hmm. James Lord: But as the U.S. data slows and the Fed debate really kicks off where at Morgan Stanley U.S. Economics research is expecting the Fed to ultimately cut to 2.5 percent... Paul Walsh: Yeah. Lord: That's really going to really weigh on the dollar as well. And this comes on the back of a 15-year bull market for the dollar. Paul Walsh: That's right. James Lord: From 2010 all the way through to the end of last year, the dollar has been on a tear. Paul Walsh: On a structural bull run.James Lord: Absolutely. And was at the upper end of that long-term historical range. And the U.S. has got 4 percent GDP current account deficit in a slowing growth environment. It's going to be tough for the dollar to keep going up. And so, we think we're sort of not in the early stages, maybe sort of halfway through this dollar decline. But it's a huge change compared to what we've been used to. So, it's going to have big implications for macro, for companies, for all sorts of people.Paul Walsh: Yeah. And I think that last point you make is absolutely critical in terms of the implications for corporates in particular, Marina, because that's what we spend every hour of every working day thinking about. And yes, currency's been on the radar, I get that. But I think this structural dynamic that James alludes to perhaps is not really conventional wisdom still, when I think about the sector analysts and how clients are thinking about the outlook for the U.S. dollar. But the good news is that you've obviously done detailed work in collaboration with the floor to understand the complexities of how this bearish dollar view is percolating across the different stocks and sectors. So, I wondered if you could walk us through what your observations are and what your conclusions are having done the work.Marina Zavolock: First of all, I just want to acknowledge that what you just said there. My background is emerging markets and coming into covering Europe about a year and a half ago, I've been surprised, especially amid the really big, you know, shift that we're seeing that James was highlighting – how FX has been kind of this secondary consideration. In the process of doing this work, I realized that analysts all look at FX in different way. Investors all look at FX in different way. And in …Paul Walsh: So do corporates.Marina Zavolock: Yeah, corporates all look at FX in different way. We've looked a lot at that. Having that EM background where we used to think about FX as much as we thought about equities, it was as fundamental to the story...Paul Walsh: And to be clear, that's because of the volatility…Marina Zavolock: Exactly, which we're now seeing now coming into, you know, global markets effectively with the dollar moves that we've had. What we've done is created or attempted to create a framework for assessing FX exposure by stock, the level of FX mismatches, the types of FX mismatches and the various types of hedging policies that you have for those – particularly you have hedging for transactional FX mismatches. Paul Walsh: Mm-hmm. Marina Zavolock: And we've looked at this from stock level, sector level, aggregating the stock level data and country level. And basically, overall, some of the key conclusions are that the list of stocks that benefit from Euro strength that we've identified, which is actually a small pocket of the European index. That group of stocks that actually benefits from euro strength has been strongly outperforming the European index, especially year-to-date.Paul Walsh: Mm-hmm.Marina Zavolock: And just every day it's kind of keeps breaking on a relative basis to new highs. Given the backdrop of James' view there, we expect that to continue. On the other hand, you have even more exposure within the European index of companies that are being hit basically with earnings, downgrades in local currency terms. That into this earning season in particular, we expect that to continue to be a risk for local currency earnings. Paul Walsh: Mm-hmm.Marina Zavolock: The stocks that are most negatively impacted, they tend to have a lot of dollar exposure or EM exposure where you have pockets of currency weakness as well. So overall what we found through our analysis is that more than half of the European index is negatively exposed to this euro and other local currency strength. The sectors that are positively exposed is a minority of the index. So about 30 percent is either materially or positively exposed to the euro and other local currency strength. And sectors within that in particular that stand out positively exposed utilities, real estate banks. And the companies in this bucket, which we spend a lot of time identifying, they are strongly outperforming the index.They're breaking to new highs almost on a daily basis relative to the index. And I think that's going to continue into earning season because that's going to be one of the standouts positively, amid probably a lot of downgrades for companies who have translational exposure to the U.S. or EM.Paul Walsh: And so, let's take that one step further, Marina, because obviously hedging is an important part of the process for companies. And as we've heard from James, of a 15-year bull run for dollar strength. And so most companies would've been hedging, you know, dollar strength to be fair where they've got mismatches. But what are your observations having looked at the hedging side of the equation?Marina Zavolock: Yeah, so let me start with FX mismatches. So, so we find that about half of the European index is exposed to some level of FX mismatches. Paul Walsh: Mm-hmm. Marina Zavolock: So, you have intra-European currency mismatches. You have companies sourcing goods in Asia or China and shipping them to Europe. So, it's actually a favorable FX mismatch. And then as far as hedging, the type of hedging that tends to happen for companies is related to transactional mismatches. So, these are cost revenue, balance sheet mismatches; cashflow distribution type mismatches. So, they're more the types of mismatches that could create risk rather than translational mismatches, which are – they're just going to happen.Paul Walsh: Yeah. Marina Zavolock: And one of the most interesting aspects of our report is that we found that companies that have advanced hedging, FX hedging programs, they first of all, they tend to outperform, when you compare them to companies with limited or no hedging, despite having transactional mismatches. And secondly, they tend to have lower share price volatility as well, particularly versus the companies with no hedging, which have the most share price volatility. So, the analysis, generally, in Europe of this most, the most probably diversified region globally, is that FX hedging actually does generate alpha and contributes to relative performance.Paul Walsh: Let's connect the two a little bit here now, James, because obviously as companies start to recalibrate for a world where dollar weakness might proliferate for longer, those hedging strategies are going to have to change.So just any kind of insights you can give us from that perspective. And maybe implications across currency markets as a result of how those behavioral changes might play out, I think would be very interesting for our listeners.James Lord: Yeah, I think one thing that companies can do is change some of the tactics around how they implement the hedges. So, this can revolve around both the timing and also the full extent of the hedge ratios that they have. I mean, some companies who are – in our conversations with them when they're talking about their hedging policy, they may have a range. Maybe they don't hedge a 100 percent of the risk that they're trying to hedge. They might have to do something between 80 and a hundred percent. So, you can, you can adjust your hedge ratios…Paul Walsh: Adjust the balances a bit.James Lord: Yeah. And you can delay the timing of them as well.The other side of it is just deciding like exactly what kind of instrument to use to hedge as well. I mean, you can hedge just using pure spot markets. You can use forward markets and currencies. You can implement different types of options, strategies. And I think this was some of the information that we were trying to glean from the survey was this question that Marina was asking about. Do you have a limited or advanced hedging program? Typically, we would find that corporates that have advanced programs might be using more options-based strategies, for example. And you know, one of the pieces of analysis in the report that my colleague Dave Adams did was really looking at the effectiveness of different strategies depending on the market environment that we're in.So, are we in a sort of risk-averse market environment, high vol environment? Different types of strategies work for different types of market environments. So, I would encourage all corporates that are thinking about implementing some kind of hedging strategy to have a look at that document because it provides a lot of information about the different ways you can implement your hedges. And some are much more cost effective than others.Paul Walsh: Marina, last thought from you? Marina Zavolock: I just want to say overall for Europe there is this kind of story about Europe has no growth, which we've heard for many years, and it's sort of true. It is true in local currency terms. So European earnings growth now on consensus estimates for this year is approaching one percent; it's close to 1 percent. On the back of the moves we've already seen in FX, we're probably going to go negative by the time this earning season is over in local currency terms. But based on our analysis, that is primarily impacted by translation.So, it is just because Europe has a lot of exposure to the U.S., it has some EM exposure. So, I would just really emphasize here that for investors; so, investors, many of which don't hedge FX, when you're comparing Europe growth to the U.S., it's probably better to look in dollar terms or at least in constant currency terms. And in dollar terms, European earnings growth at this point are 7.6 percent in dollar terms. That's giving Europe the benefit for the euro exposure that it has in other local currencies. So, I think these things, as FX starts to be front of mind for investors more and more, these things will become more common focus points. But right now, a lot of investors just compare local currency earnings growth.Paul Walsh: So, this is not a straightforward topic, and we obviously think this is a very important theme moving through the balance of this year. But clearly, you're going to see some immediate impact moving through the next quarter of earnings. Marina and James, thanks as always for helping us make some sense of it all.James Lord: Thanks, Paul. Marina Zavolock: Thank you.Paul Walsh: And to our listeners out there, thank you as always for tuning in.If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

As part of Newstalk's Summer Tour, The Hard Shoulder is live from Wexford today!Joining Kieran to kick off the day, and discuss what makes Wexford so special is Paul Walsh from WexWalks Tours, Labour Councillor Vicky Barron and Chairperson of the Fleadh and CE of Wexford County Council, Eddie Taaffe.

It's National AccessAbility Week. Today on the show we ask what does accessibility really mean? And we talk about the what role a disability advocate could play in Newfoundland and Labrador. Guests: Nancy Reid, executive director COD NL; Joanne MacDonald accessibility advocate and Paralympian; Paul Power, Power Productions; Paul Walsh, CEO, Autism Society, Newfoundland & Labrador; Valerie Maidment, advocate and author; Steve Denty manager, commercial development and customer experience with St. John's International Airport.

Sony Interactive Entertainment, the company behind the iconic PlayStation brand, today announced it is to open an office in Dublin, with plans to hire 100 employees to staff the new operation. The establishment of this office is supported by the Irish government through IDA Ireland. The Dublin team will focus on research and development in projects that optimise digital operations, customer and employee servicing, as well as external operations through technology, digital tools, and data. Applications for the roles are open, effective immediately. "Establishing a presence in Dublin allows Sony Interactive Entertainment access to top-tier talent in digital innovation and technologies, in a region I know full well is ready to support our innovative approach to interactive entertainment," said Paul Walsh, SVP, Head of Digital Technology, Engineering, IT, and Operations, Sony Interactive Entertainment. "We're excited to contribute to Dublin's vibrant economy and looking forward to bringing onboard bright minds at all career levels. Through IDA Ireland, we're seeing first-hand how the Irish business community is nurtured at all levels, creating an environment that we'll be proud to play our part in supporting." Minister for Enterprise, Tourism and Employment Peter Burke said: "This significant investment by Sony Interactive Entertanment highlights Ireland's commitment to advancing our vibrant tech ecosystem and providing opportunities for top tier talent. I very much welcome Sony Interactive Entertainment's decision to establish its digital innovation centre here which demonstrates the continued appeal of our business environment." Michael Lohan, CEO of IDA Ireland said: "I am delighted to welcome Sony Interactive Entertainment to Ireland. Their decision to expand and hire 100 talented software engineers here underscores Ireland's reputation as a hub for innovation and technology. This investment is also testament to the quality of our workforce and the vibrant tech ecosystem we have in Ireland.'' Information on career opportunities can be found at https://www.playstation.com/en-us/corporate/playstation-careers/ More about Irish Tech News Irish Tech News are Ireland's No. 1 Online Tech Publication and often Ireland's No.1 Tech Podcast too. You can find hundreds of fantastic previous episodes and subscribe using whatever platform you like via our Anchor.fm page here: https://anchor.fm/irish-tech-news If you'd like to be featured in an upcoming Podcast email us at Simon@IrishTechNews.ie now to discuss. Irish Tech News have a range of services available to help promote your business. Why not drop us a line at Info@IrishTechNews.ie now to find out more about how we can help you reach our audience. You can also find and follow us on Twitter, LinkedIn, Facebook, Instagram, TikTok and Snapchat.

Paul Walsh, director of Wexford Drama Group, for the third year running, the group has made it to the RTÉ All Ireland Drama Finals—this time with their gripping production of Skylight by David Hare. Paul joins us to talk about the production, the cast, and the pride of flying the flag for Wexford once again on the national stage.

The stage is set for an unforgettable night as the grand finale of Ability's Got Talent which takes place this Friday, April 11th, at White's Hotel from 7 to 10pm. Hosted by Paul Walsh and judged by a stellar panel including Dean Walsh, Michelle O'Neill, Sharon Colgon, and Andrew Berry, the event celebrates the diverse and inspiring talents within our community. Joining me in studio are organiser Caroline Flanagan and one of the talented finalists, Carina Browne, to give us a preview of what to expect.

Martin Lipton and Gerry Cox welcome back Paul Walsh for this special interview where we dive yet deeper into his career. On April 30th The Spurs Show podcast is proud to present its final monthly live show at The Albany after five years of great guests and shows. The longest running Spurs podcast in the world will continue to present one off live shows but this is your chance to attend our final regular soiree in Centra London with a player who will be forever in our history- Tony Parks (1980-1988). Come and hear about that extraordinary glory glory Euro night at the Lane in 1984. Tickets here: https://tinyurl.com/4p8pvpk2 spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Our analysts Paul Walsh, Mike Wilson and Marina Zavolock debate the relative merits of U.S. and European stocks in this very dynamic market moment.Read more insights from Morgan Stanley.

Theo Delaney welcomes Paul Hawksbee and Sean Singleton for this week's therapy session! Next week come and join our live recording of The Spurs Show podcast with special guest ex Spurs striker and FA Cup winner Paul Walsh. A great chance to meet an ex player and hear about his time at the club. Get your tickets here: https://tinyurl.com/4kpcm9sb And on April 30th The Spurs Show podcast is proud to present its final monthly live show at The Albany after five years of great guests and shows. The longest running Spurs podcast in the world will continue to present one off live shows but this is your chance to attend our final regular soiree in Centra London with a player who will be forever in our history- Tony Parks (1980-1988). Come and hear about that extraordinary glory glory Euro night at the Lane in 1984. Tickets here: https://tinyurl.com/4p8pvpk2 For exclusive Spurs Show merchandise including new Sonny and new beautiful retro designs go to https://the-spurs-show-store.creator-spring.com   Come and join us at our #SpursShowLIVE events for just £10 a month! Grab your season ticket now from season.spursshow.net  For more exclusive daily Spurs Show podcasts check out Patreon.com/spursshow  spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Mike Leigh is joined by Nathan Kosky and Neil Ashby to discuss the defeat in Holland and Sunday's draw and preview the biggest game of the season on Thurs night. Come and join our live recording of The Spurs Show podcast with special guest ex Spurs striker and FA Cup winner Paul Walsh. A great chance to meet an ex player and hear about his time at the club. Get your tickets here: https://tinyurl.com/4kpcm9sb spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Theo Delaney is joined by Martin Lipton to welcome the great Steve Sedgley for the second time on The Spurs Show for this month's special live show recorded at the Albany in Great Portland Street! On March 26th we're welcoming special guest ex Spurs striker and FA Cup winner Paul Walsh for our live show. A great chance to meet an ex player and hear about his time at the club.   Get your tickets here: https://tinyurl.com/ydedrrha For exclusive Spurs Show merchandise including new Sonny and new beautiful retro designs go to https://the-spurs-show-store.creator-spring.com   Come and join us at our #SpursShowLIVE events for just £10 a month! Grab your season ticket now from season.spursshow.net  For more exclusive daily Spurs Show podcasts check out Patreon.com/spursshow  spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

The use of sandwich boards and sleeve to advertise local businesses on the streets of the town centre is being clamped down on, affecting local businessman Paul Walsh who says, “It could ruin his livelihood”. He joined Alan to voice his concerns.

Theo Delaney is joined by Martin Lipton, Richard Cracknell and Matthew Hamilton for this month's special live show recorded at the Albany in Great Portland Street! On March 26th we're welcoming special guest ex Spurs striker and FA Cup winner Paul Walsh for our live show. A great chance to meet an ex player and hear about his time at the club.   Get your tickets here: https://tinyurl.com/ydedrrha For exclusive Spurs Show merchandise including new Sonny and new beautiful retro designs go to https://the-spurs-show-store.creator-spring.com   Come and join us at our #SpursShowLIVE events for just £10 a month! Grab your season ticket now from season.spursshow.net  For more exclusive daily Spurs Show podcasts check out Patreon.com/spursshow  spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Mike Leigh alongside Danny Fenton and Martin Lipton welcome back John Pratt for another special interview with some wonderful stories, carrying on from where we left off last time back in 2020. On Feb 25th The Spurs Show podcast is delighted to welcome FA Cup winner Steve Sedgley along for a night of Spurs chat. These nights are intimate and entertaining as Spurs fans old and young mingle and socialise with former players with a chance for photos and signings. Come and hear about that 91 Cup run and much much more!  Get your tickets here: https://tinyurl.com/28fjmjht And on March 26th we're welcoming special guest ex Spurs striker and FA Cup winner Paul Walsh for our live show. A great chance to meet an ex player and hear about his time at the club.   Tickets here: https://tinyurl.com/ydedrrha For exclusive Spurs Show merchandise including new Sonny and new beautiful retro designs go to https://the-spurs-show-store.creator-spring.com   Come and join us at our #SpursShowLIVE events for just £10 a month! Grab your season ticket now from season.spursshow.net  For more exclusive daily Spurs Show podcasts check out Patreon.com/spursshow  spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Mike Leigh is joined by Abbi Summers and Jason Collie to look back at the much needed home win against Man United and preview the Ipswich game on Saturday. On Feb 25th The Spurs Show podcast is delighted to welcome FA Cup winner Steve Sedgley along for a night of Spurs chat. These nights are intimate and entertaining as Spurs fans old and young mingle and socialise with former players with a chance for photos and signings. Come and hear about that 91 Cup run and much much more!  Get your tickets here: https://tinyurl.com/28fjmjht And on March 26th we're welcoming special guest ex Spurs striker and FA Cup winner Paul Walsh for our live show. A great chance to meet an ex player and hear about his time at the club.   Tickets here: https://tinyurl.com/ydedrrha For exclusive Spurs Show merchandise including new Sonny and new beautiful retro designs go to https://the-spurs-show-store.creator-spring.com   Come and join us at our #SpursShowLIVE events for just £10 a month! Grab your season ticket now from season.spursshow.net  For more exclusive daily Spurs Show podcasts check out Patreon.com/spursshow  spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Theo Delaney is joined by Danny Fenton, Kevin Hill and Rob White for yet another crisis show!! Join us as we delve into issues and potential solutions… On Feb 26th The Spurs Show podcast is delighted to welcome FA Cup winner Steve Sedgley along for a night of Spurs chat. These nights are intimate and entertaining as Spurs fans old and young mingle and socialise with former players with a chance for photos and signings. Come and hear about that 91 Cup run and much much more!  Get your tickets here: https://tinyurl.com/28fjmjht And on March 26th we're welcoming special guest ex Spurs striker and FA Cup winner Paul Walsh for our live show. A great chance to meet an ex player and hear about his time at the club.   Tickets here: https://tinyurl.com/ydedrrha For exclusive Spurs Show merchandise including new Sonny and new beautiful retro designs go to https://the-spurs-show-store.creator-spring.com   Come and join us at our #SpursShowLIVE events for just £10 a month! Grab your season ticket now from season.spursshow.net  For more exclusive daily Spurs Show podcasts check out Patreon.com/spursshow  spursshow.net  @spursshow  Support us at season.spursshow.net  Produced by Paul Myers and Mike Leigh  A Playback Media Production- contact us here too for show sponsorship playbackmedia.co.uk  Copyright 2025 Playback Media Ltd - playbackmedia.co.uk/copyright Learn more about your ad choices. Visit podcastchoices.com/adchoices

Live from a pile of dark chocolate-dipped kittens, it's an all-new Terrific Tuesday edition of Business Pants. Joined by Analyst-Hole Matt Moscardi! On today's calorie free Double Big Mac called February 4th 2025: the Who Do You Blame? Game!Our show today is being sponsored by Free Float Analytics, the only platform measuring board power, connections, and performance for FREE.DAMION1Who Do You Blame? GameWells Fargo CEO Charlie Scharf Gets Pay Bump To $31.2 Million CEO Charlie Scharf: for being greedy. His pay ratio was already an alarming 325:1 last year.Shareholders: Say on Pay 57% approval in 2021; 73% approval in 2022. Despite policy tweaks which resulted in 92% support in 2023 and 93% in 2024: the song remains the same: the CEO's pay steadily and magically increases annually: $21M, $25M, $26M, and now $31MPay Committee chair Ronald Sargent: why on earth would you ask the former CEO of Staples to control setting the pay of a fellow S&P 500 CEO brother? It's an immediate conflict of interest.Female board power: at -19% this is a board that chooses to underpower female leadership. 5 women control an aggregate 20% influence while the top 5 men control 68%Citi bucks back-to-office trend and embraces hybrid workingThe board: 8 of 14 directors are womenThe CEO: In 2021, Jane Fraser became Citi's CEO and the first woman to lead a major U.S. bank Shareholders: 26% in 2024 supported a SHP requesting a report on the effectiveness of Citi's policies and practices in respecting Indigenous Peoples' rights in Citi's existing and proposed financingChief Human Resources Officer Sara Wechter: Sara serves on the board of Onex Corporation (relatively rare for CHROs and is not afraid in her Citigroup bio to state that “she has championed diversity, equity and inclusion efforts across Citi, leading the firm in exceeding its original 3-year aspirational representation goals set in 2018 for women globally and black talent in the U.S.”McDonald's Shamrock Shake returns — and so does Grimace's uncleThe CEO: Chris Kempczinski's CEO pay ratio of 1,212:1 proves he doesn't care what anybody thinks.The Chair: oh wait, that's also Chris KempczinskiThe Lead independent Director: Miles White, clearly not independent having served on the board since 2009The Sustainability & Corporate Responsibility Committee Chair: The Committee that monitors strategies covering food, sourcing, the environment, human rights, community engagement, philanthropy, and DEI is Paul Walsh. A man who sold alcohol (former CEO at Diageo) and is currently the Executive Chair at a company that sells expensive racing cars (McLaren Group).OpenAI files a trademark application for humanoid robots and VR headsets as Sam Altman teases big hardware ambitionsThe CEO: Sam Altman the guy who refused to be fired for his board while subverting the company's mandate and mission.The Chair: Bret Taylor, the guy who comes from Twitter/Facebook/Google and is clearly disinterested in what humanity actually needs.The board: for allowing a CEO who was previously fired partly for lying to the board to sit on the board as a director.The two women who nearly fired Sam Altman: former OpenAI directors Helen Toner and Tasha McCauleyTarget hit with national boycott call over decision to drop DEI initiativesThe CEO: Brian Cornell's CEO pay ratio of 719:1 proves he doesn't care about anybody but himself.The double DEI-hating director: Dmitri Stockton also on the board of Deere The lead independent director: woman of color Monica Lozano, former CEO of The College Futures Foundation, whose “commitment to diversity, equity, and inclusion is paramount to its vision for advancing a racially, socially, and economically just California where generations of learners can thrive.”The chair of the committee responsible for Human capital management, specifically “DE&I in support of our business”: Compensation & Human Capital Management Committee chair Monica LozanoCoca-Cola and Novartis's CEOs don't care if ‘ESG' has become a toxic phrase among someNovartis CEO Vasant (Vas) Narasimhan: whose ego is so strong and secure he doesn't even need to serve on the board responsible for his oversight.Coca-Cola CEO James Quincey: for having the strength to say it:“If ESG becomes toxic as a phrase, which it basically has in the U.S., it doesn't matter to me. I'm just going to stop saying ‘ESG.' But the idea that for my basic product, I want to be water positive, I want to have a circular economy on my packaging, and I want to grow our business with less sugar—you can call it anything you like, but no one with common sense says those are bad ideas.“My business strategy is constant and clear and centered around the business and the things that consumers care about and that fix societal problems. If people want to attach labels to it, that's their issue. I'm saying this business will be great if I fix these problems, and it will be good for shareholders and be good for society.”Coca-Cola's Lead Independent Director and Corporate Governance and Sustainability Committee chair Maria Elena Lagomasino: maybe some of the woke messaging of Disney movies altered her conscience?Female board power at Coke: 49% influenceMATT1Ryder's $2.5M Settlement Brings 4-Year Governance Overhaul: What's Changing for Shareholders - suit alleged Ryder's management team and board artificially inflated the values of certain Ryder assets and made materially misleading statements regarding those values - suit alleged breach of fiduciary duties, unjust enrichment, and waste of corporate assets. Board has to create a Corporate Risk Steering Committee, company must hire a Chief Compliance Officer, a Management-level “Disclosure Committee”, at least two Audit Committee members must be financial experts, they have to hire a third party to do market research, they have to have a “pricing” team to examine market prices, they have a clawback, and they have a non-retaliation policy.CEO Robert Sanchez - CEO since 2013, the Man in the ChairThe Audit Committee - a FIVE person audit committee, all of whom they disclosed in 2020 were “financial experts”, all but one of whom was a CEO at another company that made them a “financial expert” (the fifth was an accounting professor), one of whom was the lead independent director who had been there since 2002Dmitri Stockton! The director who now has the wonderful distinction of having sat on the Deere board the flipped on DEI, the Target board that flipped on DEI, Stanley Black and Decker who was sued for not disclosing executive perks, and the Ryder board who was sued for sucking at being a board - all while he was there!DEI! Dmitri Stockton is BLACK and Robert Sanchez SOUNDS MEXICAN!US Steel Flags Trump DEI Order as Risk Factor for InvestorsRacist old white guys and tech bros! The order was written, ostensibly, by Stephen Miller, Trump, and Musk, the three horseman of the brownpocolypse, and US Steel is now including Trump's DEI order as a material risk to the companyThe lawyers! The company said in its annual report last year that it aims “to have an engaged and diverse workforce to promote new ideas and innovation, reflect the communities where we operate, and deliver exceptional customer service.” This year, that same sentence omitted a reference to having a “diverse” workforce. That sounds like Duane D. Holloway, chief ethics and compliance officer and general counsel, right?DEI! Duane Holloway… is BLACK! Mr. Holloway serves on the board of directors of the Minority Corporate Counsel Association (MCCA), the Carnegie Hero Fund Commission, the Allegheny County Parks Foundation and Gilman School. He also serves as Executive Sponsor of U. S. Steel's SteelPARENTS Employee Resource Group. That all sounds exceedingly woke and DEIish.The board! US Steel managed to find 8 white males for their 12 person board, 3 white woman, and 1 black woman… so people of color have a whopping 6% influence on the board. It DOES feel risky to talk about them though, right?Walgreens stock plunges. Its dividend payout changes are to blameRoz Brewer! She was a DEI hire after all, right? Can't we pin this on her tenure as fake CEO?Steffano Pessina! The man with 61% of board influence, the man who fired Roz Brewer, the man who we'll find out today won re-election despite cratering the company as executive chair!DEI! Did you see this line in the announcement about the dividend cessation? “In fiscal 2024, WBA scored 100% on the Disability Equality Index for disability inclusion”. SO WOKE.

Morgan Stanley Research looks at how the European defense industry might respond to military spending pressure from the Trump administration.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Europe Product.Ross Law: And I'm Ross Law, Head of the European Aerospace and Defense Team.Paul Walsh: Today, we're discussing the outlook for European defense amid renewed pressure for more military spending from the Trump administration.It's Monday, the 27th of January, at 9.30am in London.Now Ross, the new Trump administration is now in place, and shifting NATO's defense burden to Europe is a top priority for President Trump. In fact, President Trump has made several comments throughout his campaign and after taking office. He has suggested that Europe should increase defense spending to 5 per cent of GDP. And just for reference, right now, many European countries are at or above NATO's target of spending 2 per cent of GDP on defense.What's your reaction? Are President Trump's demands of 5 percent realistic?Ross Law: In short, we don't think so. In a perfect world, yes, 5 per cent is exactly where Europe should be, to make up for the huge underspend that we've seen over the past three decades since the end of the Cold War, which we've calculated at around the $2 trillion mark. There's also a desire in Europe to reduce its reliance on the US, particularly under a Trump presidency. But we see the 5 per cent spending level as unrealistic on multiple fronts.Firstly, from an economic perspective, given the lack of fiscal headroom in Europe; and for reference, 5 per cent would require an additional $600 billion of spend annually. Secondly, from a political perspective, given multiple pockets of uncertainty, and the fact that a rise in defense spending may mean a cut to spending elsewhere. And lastly, from an industry perspective, given the multi-decade underspend I mentioned, we don't think the industry could absorb anywhere close to such a strong increase in demand, at least near-term.So, while we do see upside pressure to European defense spending, our base case is that 3 per cent could be a more reasonable target. Not only would this be a compromise between the current 2 per cent target and Trump's 5 per cent demands; it would also allow Europe to match the spending levels of the US, which is expected at around 3.1 per cent in 2024. Even still, this would represent a 50 per cent increase or around $200 billion per year in additional European spent. This would, of course, further improve industry fundamentals and why we remain very positive on the sector.Paul Walsh: And as of now, Europe is heavily dependent on the U.S. for its defense. According to various data sources, more than 50 per cent of European arms imports came from the U.S. in 2019 through 2023, and that's up from 35 per cent in 2014. Given this, what steps would Europe need to take to reduce its dependence on the U.S.?Ross Law: The first step is to invest in the defense industrial base. Europe buys equipment from the U.S. for several reasons. Firstly, because the U.S. develops some of the most advanced technologies in the world because it has consistently invested in its defense industry. Secondly, because the U.S. equipment is often cheaper due to the benefits of scale. And thirdly, because it supports the very unique relationship between Europe and the U.S., which has essentially provided a security umbrella for the past three decades.So, Europe needs to invest, both to develop capabilities and technologies to rival U.S. peers, and also to expand capacity so that we can meet our own equipment needs. This, of course, all requires investment and also time. So, Europe will remain reliant on the U.S. for many years to come. But if Europe is serious about wanting to be more sovereign, we need a more capable defense industry.Paul Walsh: So, you talked there, Ross, about investment and time. So now the big question, how would Europe fund this upward pressure on defense budgets?Ross Law: Well, this is the million-dollar question, or the 200-billion-dollar question, you might say. Unfortunately, this is part of the equation that is, so far, most unclear – and the basis for an ongoing series of reports we've entitled the “European Defense Dilemma” – essentially the very clear need to spend more on defense, but no clear way to fund it. So far, we've seen some creative ways to fund near-term spending plans, from off balance sheet special funds like in Germany, to using the interest received on frozen Russian assets.But these, in our view, all seem fairly temporary in nature. What we really need is structural change, and that requires political commitment. Clearly, there is a lot of political change happening right now in Europe. Germany is holding an election in a few weeks time. France doesn't yet have a budget. There's also fiscal issues here in the UK. But we're hoping that 2025 is the year in which we may get clearer political commitments to longer-term structural improvements in defense spending. The German election is a clear near-term catalyst for us, where the raising of the debt break may in part be used to fund higher defense spending. But we're also looking to the upcoming NATO summit in June as an opportunity to officially increase the NATO spending target, we think potentially to 3 per cent, to support a more structural increase in European defense spending.Paul Walsh: In light of all of this, what's your outlook for the European defense industry?Ross Law: We remain bullish. In fact, we turned even more bullish as part of our 2025 outlook published earlier this month. The pressure to raise spending even to 3 per cent of GDP should progressively benefit industry fundamentals.So, we see upside to both forecasts. Given these are currently premised on a 2 per cent of GDP assumption, as well as devaluation multiples, which we view today as very attractive, with the sector trading in line with this long-term average – despite the improving fundamentals I've just described.Paul Walsh: And finally, Ross, what developments if any might change your outlook?Ross Law: The key for us this year is seeing clear political commitments from governments on more structural increases in spending. So, we're going to be watching the German election and the outcome of the French budgetary process very carefully. It's unlikely to be plain sailing. There was a media article published just this morning suggesting the UK government may be unwilling to raise spending beyond the current 2.3 per cent level. But we are hoping that as a whole 2025 sees Europe make a stronger commitment to defending itself.Paul Walsh: Ross, fascinating as always. Thanks for taking the time to talk.Ross Law: Great speaking with you Paul.Paul Walsh: And thanks for listening. If you enjoy thoughts on the market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

#347"A slow meat computer"Roundtable2024.05.16In the episode, Mark, Ellen, and Stephen talk local events, including (don't worry everyone's fine) a fire in the clubhouse's building, construction, and the games they are playing, so if you are just here for the topics, go ahead and skip to minute 23. Ellen learns about King Making, Stephen humble brags about being good at Smash Brothers, and Dale plays kingmaker in naming the second topic!NewsMasu Fire - Paul Walsh, Star TribuneBus Rapid Transit (BRT) - Jared Brey, GoverningWhat We are PlayingDragon's Dogma 2 - WikipediaPrincess Peach Showtime NPR Review - Rakiesha Chase-Jackson, NPRKing Making0:23:00Stephen McGregorGame DesignStephen has been QA testing Harvest Kingdom - Ben Hunder, DiscordThe YouTube video that Stephen references - Distraction Makers, YouTubeKingmaking in Root (Leder Games) video - Cole Wehrle, GDCSmallworld - Board Game GeekThinky Bits (Off-Screen Gameplay)0:49:17Ellen Burns-JohnsonGame DesignGames discussedReturn of the Obra DinSpirit Island - Board Game GeekDeath Drives a Bus - itch.io

PJ hears about the dilemma faced by Paul Walsh from 3 Little Piggies cafe who got a torrent warning letter for a song from Eir because of a customer he cannot trace using his free wifi Hosted on Acast. See acast.com/privacy for more information.

PJ chats to Bambie Thug about the LA wildfires, hears from Paul Walsh about Eir expecting him to police his customer wifi, talks about how knitting has got so cool. And more... Hosted on Acast. See acast.com/privacy for more information.

In this cold weather, there’s a risk of pipes bursting. Jerry spoke to Paul Walsh, spokesperson for Peopl Insurance, who says homeowners could face repair costs of €10,000 or more if pipes burst, especially if the home is underinsured.

Posting photos of expensive Christmas gifts on social media could attract the attention of thieves and increase the risk of your home being targeted by burglars over the festive season. This is according to home insurance experts at Peopl Insurance, who are urging people to be very discerning when it comes to what they share on social media - which also includes avoiding posting Christmas vacation shots until they've returned home. Paul Walsh, spokesman for Peopl Insurance, explained: "While Christmas is known as the season of giving, unfortunately, it is also a time that burglars are well aware of the rich pickings sitting under Christmas trees. Social Media has become so ingrained in so many people's lives today that many of us don't think twice about sharing details of - or even bragging about - Christmas gifts on social media. This can be an expensive mistake as it could alert burglars to the pricey new bike or games console in your home." With Christmas being the time that people visit friends and family near and far, Peopl Insurance is also warning homeowners not to share photos of Christmas vacations or family get-togethers abroad as this could tip burglars off that a home is vacant. Mr Walsh added: "Burglaries often increase in the winter months as the longer nights give criminals more time to break into homes under the cover of darkness. If it's common knowledge that your home is vacant, that could very well increase your chances of being burgled. The majority of burglaries take place in unoccupied homes. Opportunistic burglars are always on the lookout for easy targets, and vacant homes, with easily accessible doors and windows, can be attractive. From new smartphones to new bikes to Playstations and so on, many Christmas gifts are worth hundreds of euros - and thieves are well aware of this. So don't let a simple message on social media ultimately be the precursor of a break-in to your home." Top ten insurance and home safety tips for the festive season Peopl Insurance is also urging homeowners to be aware of the festive mishaps that often happen in the home over Christmas - and to check the small print of their home and car insurance to ensure they're covered. 1. Accidental Damage: With lots of excitement and visitors in the home over the festive period, accidental damage of valuable gifts or belongings can easily occur. Such damage may be automatically covered by your home insurance - though check your policy in case accidental damage to the contents in your home is not covered. You may have to pay extra for accidental cover to be insured. 2. Visitor Liability: With so many of us hosting over Christmas - and more visitors in the home as a result, there is potentially more of a risk of visitors falling injured in your home. Most home insurance policies include public liability cover which protects you in the event of a visitor to your home seeking compensation after becoming injured in your home. Be aware, though, that accidents involving family or household members at home are generally excluded from house insurance coverage. You normally must have personal accident or family personal accident insurance on your policy to be covered here - and some insurers allow you to buy this as an optional extra on your home insurance policy, for an additional charge. 3. Car Theft: Be careful about leaving Christmas gifts in the boot of your car. Some car insurers will cover you if presents or other items are stolen from your car boot, but not all will. Even where car insurers cover the theft of gifts from your boot, you'll usually only get a fraction of the cost of those gifts back in the event of a claim. 4. Home Security: If heading away over the festive period, be sure to activate your home alarm before leaving as some policies require their use when the house is vacant. As an extra precaution, consider keeping certain lights on when you leave the house such as those in the hall, on the stairs, or in the landing, so it l...

PJ Coogan gets the lowdown from Paul Montgomery and Paul Walsh on why they have doubts about the new nightlife plan. Hosted on Acast. See acast.com/privacy for more information.

Morgan Stanley's European Head of Research Product Paul Walsh speaks to Betsy Graseck, Global Head of Banks and Diversified Finance, and Bruce Hamilton, European Asset Managers Diversified Financials Analyst, about the implications of increasing life expectancy for the financial industry.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product, and today we dig into a topic that really affects us all. Retirement.Life cycles are extending as people are living longer, healthier lives. Coupled with government pension funds that are increasingly under pressure, this means that consumers will need to build much more robust investment plans to substitute for salaries to carry them through a longer retirement. And to understand more about the changing financial needs and challenges of an aging population, I'm delighted to be joined by my colleagues, Betsy Graseck, Global Head of Banks and Diversified Finance, and Bruce Hamilton, our European Asset Managers Diversified Financials Analyst. It's Thursday, October the 24th at 3pm in London. Betsy Graseck: And it's 10 am in New York. Paul Walsh: Now Bruce, let's start with you. As people live longer, they will likely spend more time in retirement. Managing and ensuring retirement income over a longer duration could have a significant impact on asset management. What are the broad trends you're seeing in the industry right now?Bruce Hamilton: So, the asset management industry in large part has focused on the accumulation phase of investors journey. Whilst this remains critical as people build assets for retirement – and we see growing allocations from affluent investors to private markets as a trend which is likely to be reinforced by the aging theme – there's a significant need for decumulation products and solutions that can offer returns and income over a prolonged retirement.We see a lot of innovation as asset managers look to develop products to meet this need.Paul Walsh: So Betsy, people are living longer. How ready are consumers for retirement? Are most retirement plans or similar financial services ready to handle this challenge?Betsy Graseck: Some are ready. But given how rapidly the global population is aging, there is an increasing need to provide solutions to individuals. Just to put a number on it, the global population that is 65 years old or older in the year 2000 was only 7 per cent. This is set to hit 10 per cent next year in 2025 and 16 per cent in 2050. All groups need service and advice – with the affluent group needing the most increase in services especially if government pension funds come under more pressure. Paul Walsh: So, I think you set the scene really well there, Betsy, and I guess the obvious question is, how can wealth and financial planners best respond, do you think? Is it by creating new products? Or do we need a much deeper transformation?Betsy Graseck: We see individuals today having a wide range of retirement choices. What we feel they really need here is personalized, customized advice, delivering solutions that can address their unique needs. These span from affluent individuals needing salary replacement strategies to high-net-worth individuals looking for philanthropic and wealth transfer strategies. A focus on integrated, personalized advice, innovative products, and high-quality service that meets clients as they wish to connect effectively will be critical. Paul Walsh: It seems to me that it is – but is this a positive for the financial services sector? And if so, what do you think is the size of this revenue opportunity and over what time period do you think?Betsy Graseck: Well, the way we've looked at this is across the global asset manager and global wealth manager industry, as they will be the ones called upon to address these needs. And we do see a roughly 30 per cent uplift in global revenues by 2028, which equates to [$]400 billion in incremental revenues across the global industry.And that is driven by the expansion of individuals looking for advice, in particular from the affluent group, as well as an increase in fee-based products to address the income needs. Paul Walsh: And there's some big numbers that you've quoted there, Betsy. So let's dig into the financial subsector and industries. What are the biggest untapped opportunities there?Betsy Graseck: Well, the number one is the affluent customer base that we do see having the biggest need for advice, relative to advice seeking today. And as that group, reaches out and receives advice from wealth channels, that is one major driver here. The second driver is the increase in fee-based products to service the income replacement needs.Paul Walsh: And what are the biggest challenges do you think? Obviously, we've talked about the opportunity there, but the biggest challenges to financial services that you see along the way. Betsy Graseck: Well, the way I think about this is what is required to be a winner, and the winners need to be able to integrate their entire organizations to deliver for clients. And also leverage technology efficiently and effectively to be able not only to deliver the highest quality service in the way the client wants to be serviced; but also to optimize cost structures, which then can get reinvested – you know, higher pretext getting reinvested into the business. The challenges are the opposite of institutions that remain siloed and institutions that have, you know, maybe a tech strategy that is not set to respond to the needs of this client set. Paul Walsh: Thanks for that, Betsy; and Bruce, I just want to pivot back to you. Some asset managers are partnering with insurance companies to offer guaranteed income streams and wealth transfer solutions. What are some of the successful models that you've seen so far? Bruce Hamilton: So, asset managers are adopting a range of approaches. Some have acquired insurance subsidiaries, some have taken significant minority stakes, while others have looked to deepen partnerships with insurance. Trade offs include the degree of control versus the capital intensity that ownership of insurance brings. So, we see more than one route, but a continued push towards greater collaboration between asset managers and insurers.Given the potential for the asset managers to access stable, permanent capital, that can then be deployed in a range of investment strategies to offer diversified sources of income via private or structured credit to support returns for the end insurance clients. Theoretically, the best place models to deliver retirement solutions will have elements of wealth advice, plus a hybrid asset management insurance product approach. Given the importance of providing investors with regular and variable income, a guaranteed minimum level of income, plus an ability to generate a return to offer potential for legacy to pass to heirs.Paul Walsh: And of course, Bruce, it's very difficult to talk about product innovation, without bringing in the topic of AI. As asset managers are working to create ever more personalized retirement solutions as we've heard, how and to what extent do you think they are leveraging AI?Bruce Hamilton: So, our interviews with a range of management players confirmed that many of the potential use cases being worked on 12 months ago have now been put into production. It's still early days, and so far, most use cases are focused on areas that can drive efficiencies. So, for example, in RFP report writing, synthesis of research, and some of the middle and back-office processes for asset managers. But over time, AI can clearly feed more bespoke client service by wealth and asset managers with areas such as customized investment proposals and financial planning offering potential.Paul Walsh: Fascinating topic. Betsy and Bruce, thank you so much for taking the time to talk. It's clear that increasing lifespans are reshaping the financials sector by driving product innovation, influencing asset allocation strategies, and, of course, creating new market opportunities. And to our listeners, thanks as always for taking the time to listen in. If you enjoy Thoughts on the Market, please do leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

Thousands of holidaymakers across the country are concerned for the future of their "week in the sun" whether they have booked with Aer Lingus or not. This is according to the experts at Peopl Insurance, who say they have received a spike in calls in recent days from travel insurance policyholders querying their position if and when industrial action is taken. Would-be holidaymakers are also asking the insurance experts if there is anything at all they can or should do at this stage. Speaking of the influx of calls in recent days, Paul Walsh, spokesman for Peopl Insurance: "People are very understandably worried that the holiday they have been looking forward to and saving for might be scuppered. People very much feel in limbo - that they really have no control over the outcome, and this is, of course, frustrating people and, to be honest, causing a lot of anxiety. Holidays are expensive and most people simply can't afford to be out of pocket - and they certainly can't afford to rebook and pay for different flights, accommodation and so on. Strikes - including air traffic control, pilot, airport baggage handling, airport security, and train and rail strikes - play havoc with people's travel plans every year. The general advice we want to get out there to holidaymakers is that they need to check their travel insurance policy ASAP, providing they have one, to see if they are covered and, if they are, to what extent. If a person or family needs to abandon their holiday, or if their holiday is delayed, or they miss a flight as a result of an unexpected work stoppage or strike, some travel insurance policies will cover such eventualities, but other travel insurers don't cover strikes, and with some policies, the cover is more restricted than others. If your policy has inadequate strike cover, or none at all, you are unlikely to be able to boost your strike cover by buying an add-on at this stage. Most travel insurance policies have a prior knowledge rule which means you will usually not be covered for any claim which arises as a result of a risk which you already knew existed prior to the date of booking your trip and/or travel insurance. However, all is not entirely lost: if you are departing from the EU, under EU law, you'll usually be offered the choice of a refund or reroute if an airline cancels your flight. But again, this really only applies to your flight, and you could struggle to get a refund for other elements of your trip, including accommodation and car hire." Peopl Insurance has set out the following guidelines, which Paul Walsh says " apply to all holidaymakers - not just those impacted by the Aer Lingus issue. Everybody should take precautions where they can and, most importantly, be informed." Action to take now… 1. Check Call your insurer and ask whether or not your policy includes coverage for strikes. Some policies may exclude strikes or only cover them under specific conditions. Check what provisions there are to cover trip cancellation and interruption due to strikes. Also, check what impact delays caused by strikes could have on your cover. 2. Be prepared and be specific Set out any other specific questions you have for your insurance in advance and write them down before you make the call. 3. Claims Aware It can help to have some basic knowledge of how the claims process works in case you do need to make a claim. Filing away the necessary documentation is always a good idea and avoids the unnecessary headaches and stress of having to look for tickets, receipts and other documents in the event of a claim. If you do need to make a claim, make sure that you contact your insurer as soon as possible. 4. Stay Informed Monitor strike news and keep abreast of any developments. Airlines and insurance providers often update their policies and advisories in response to developing situations. They may contact you via email with guidance, so keep an eye out for any correspondence. Stay in touch with Aer Lingus for upd...

PJ talks to Paul Walsh of 3 Little Piggies who first spotted the graffiti and to Izz who is devastated by the hate. Hosted on Acast. See acast.com/privacy for more information.

In the episode, Mark, Ellen, and Stephen talk local events, including (don't worry everyone's fine) a fire in the clubhouse's building, construction, and the games they are playing, so if you are just here for the topics, go ahead and skip to minute 23. Ellen learns about King Making, Stephen humble brags about being good at Smash Brothers, and Dale plays kingmaker in naming the second topic!NewsMasu Fire - Paul Walsh, Star TribuneBus Rapid Transit (BRT) - Jared Brey, GoverningWhat We are PlayingDragon's Dogma 2 - WikipediaPrincess Peach Showtime NPR Review - Rakiesha Chase-Jackson, NPR0:23:00King MakingStephen has been QA testing Harvest KingdomBen HunderDiscordThe YouTube video that Stephen referencesDistraction MakersYouTubeKingmaking in Root (Leder Games) videoCole WehrleGDCSmallworldBoard Game Geek0:49:17Thinky Bits (Off-Screen Gameplay)Games discussedReturn of the Obra DinSpirit IslandBoard Game GeekDeath Drives a Busitch.io

With energy to burn and rules non-existent, street children in Kolkata are wild and free. “They're used to getting bumped” says Tim, “but on the rugby ground, they can bump somebody else!” "Tim made Rugby accessible to all," says Sujata Sen, Future Hope CEO. Four students of the school have gone onto represent the India national team! This is inspiring stuff...Rugby was the first sport introduced at Future Hope; playing a vital role in developing discipline, team work and personal responsibility. For children who would run away when told to sit down, let along enter a classroom to study, it was a way of shackling that energy from the streets and harnessing the wild-side of some pretty wild kids!We meet coaches Paul Walsh, whose Khelo Rugby programme now sits under the Future Hope umbrella, and Sanjay Patro, one of the very first boys at the school. Both have incredible stories to tell...A search for future talent takes us to The Dhapa; the dumping ground of the city. Here, like all over the city, kids play in bare-feet and compete in mixed girls-and-boys teams. The smiles and laughter emphasise the fun...Then, on the weekend, the aspiring fly-halves walk for miles and cram onto crowded buses to reach a tournament. We follow them there, for a surprise result… Hosted on Acast. See acast.com/privacy for more information.

Shane O'Donoghue, Editor for CompleteCar.ie, and Paul Walsh, Chief Executive of Peopl Insurance joined The Last Word to discuss the possibility of economically unviable car ownership in urban centres, following on from yesterday's cabinet's approval on new traffic reduction measures.Catch the full chat by pressing the 'Play' button on this page.

PJ talks to cafe owner Paul Walsh of 3 Little Pigs about the decision by the Council to refuse a Krispy Kreme planning application. Hosted on Acast. See acast.com/privacy for more information.

Tune in as our analysts take a look back at the major themes from 2023 and a look ahead to what investors should be eyeing in 2024.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. And on this special episode of the podcast, we'll take a look back at 2023, which has been an extraordinary year. And we'll also touch on what 2024 could have in store for investors. It's Wednesday, January the 3rd at 2 p.m. in London. Paul Walsh: At the start of last year, we identified ten overarching long term themes that we believed would command investor focus throughout 2023 and beyond. And they ranged from macro developments like inflation, China's reopening and India's economic transformation to micro oriented themes such as Chat GPT, obesity, drugs and a number of others. Of course, the year did throw in a few curveballs, so I wanted to sit down with Ed Stanley to review some of the major themes that did hold investor interest last year, and that will likely continue to unfold in 2024. Paul Walsh: The whole energy and utilities space has been a topic of constant debate, be it at the energy transition or what's been going on around energy security. And then slightly more sort of sector specific with some of the micro dynamics, we've had the value of innovation in pharma at work around GLP-1s proving to be tremendously popular, as one would expect. And clearly the proliferation of artificial intelligence has really been, you know, the other non macro big theme this year, which has been tremendously prevalent, pretty much whichever corner you've looked in. If I take a little bit of a step back, Ed, and I think about the global themes that we've tried to own this year, namely multipolar world, decarbonization and tech diffusion, from a thematics perspective what themes worked and what played out in the way that you thought, and where have we seen things happening that were unexpected? Ed Stanley: I think the three big themes that you talk about remain as relevant, if not more relevant now than when we started the year. If you think about tech diffusion, A.I. has been the theme of the year. In multipolar world, we've had more conflict this year, and obviously that kind of sharpens people's minds to what stocks will and won't work in this kind of backdrop. And then if you think about the decarb theme as the final structural theme, higher interest rates are making investors really question whether the net zero transition is on track. So those three themes remain super relevant. We talked about the China reopening that sort of worked and then it was a bit of a disappointment mid and later on in the year. I'd say we got the micro probably better nailed down than the macro, but in a volatile year, I think we did a fairly good job of picking what to watch out for. Paul Walsh: What themes have people not been talking about that have been on your radar screen over recent years that you think could make a resurgence as we look forwards? Ed Stanley: There is a kind of joke in the tech world that we go in three year cycles, so we have A.I, then we have Web3, which is de facto crypto, and then we go back to AR/VR and we run in these cycles waiting for whatever breakthrough comes next. We've had crypto having another rally and we've had A.I this year, so we've had sort of all of them this year, but those are always rotating on the back burner. There are always things like unexpected news in quantum computing that could have overflow and disruption effects across the economy, which most investors are not thinking about until it becomes relevant. So I think there are a lot of things in the background which very easily could thrust themselves into the core of the debate.Paul Walsh: Well, let's talk a little bit about that and think about what we should be looking out for 2024. So how are you thinking about how the sort of themes and the landscape across the themes is going to develop into 2024 Ed, and what listeners should be thinking about? Ed Stanley: I think if you think on the top down three structural themes, there is very little to change our view that those remain pretty quarter to our thinking. If you think maybe geographically and then from a micro perspective, geographically, not much has changed on our view on the US, we're threading a needle on that. I think what is more of a shift is a much greater focus on Japan and India relative to China and the US. I think the debate will shift a bit, we won't leave generative A.I behind by any means, but we will shift probably more to talking about EDGE A.I. That is where A.I. is being done on your consumer device, in effect rather than in a data center. And this is something where we see many more catalysts. We see the prospect of killer apps emerging in 2024 to really thrust that debate into people's consciousness. So I think you'll be hearing more about EDGE. So now is the time to get clued up on that if it's not on your radar screen. I think if we're keeping up with the healthcare space, obesity will obviously carry on as a debate, but I think, you know, another piece is on smart chemo. And this is a great topic where there are more catalysts coming up. Not an awful lot is being priced into the underlying equities. Where I think there are exciting things to look forward to. And then the final one is what happens to decarbon renewables. This is a huge debate, but this is the question where you have highly polarized views on both sides. Paul Walsh: Ed, thanks for sharing your views and for all of your great insights through 2023. And we really look forward to what I'm sure will be an interesting and exciting 2024. Ed Stanley: Thank you. Paul Walsh: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review on Apple Podcasts and do share the podcast with a friend or colleague today.

Show Notes Host: Jeff Cunningham and Ryan Harris Guest: Paul Walsh, CEO of Meteomatics N.A. Description: “There's an amazing amount of unclaimed value in businesses bringing in weather and climate data.” That's from Paul Walsh, CEO of Meteomatics N.A. and our most recent guest on the Triple Point™.  In order to create repeatable business revenue with weather and climate data, Paul also shares his recipe for success that has helped him throughout his fruitful weather business career: Know the weather, Make it actionable with the right analytics, and (most importantly) Integrate it into existing business decision systems.  Finally, we also learn how a vertically-integrated company like Meteomatics creates digital resilience and uses its data and api platform, high-resolution weather modeling, and unique vertical sounder (the Meteodrone) to create values for a wide array of businesses. The Triple Point™ Podcast Website: https://triplepointpodcast.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/triplepoint/message

Welcome to another riveting episode of the Digital Supply Chain podcast. Today, I'm thrilled to introduce you to Paul Walsh, the CEO of Meteomatics North America. Trust me, if you've ever pondered the intersection of technology, weather, and business, this episode is a must-listen!

Today's story comes from Uwe Rosler, who tells how Pep Guardiola revolutionised German football, and also pays tribute to Paul Walsh, his erstwhile strike partner at Manchester City.Listen to the original full episodes:Uwe Rösler: From Stasi Survivor to City Slicker - The Big Interview with Graham Hunter | AcastUwe Rösler: The Cult Hero of Maine Road - The Big Interview with Graham Hunter | Acast Hosted on Acast. See acast.com/privacy for more information.

These are Paul Walsh's opinions and his alone. They do not reflect the opinion of The Liverpool Connection Podcast. The Liverpool Connection is an LFC podcast that aims to bring the story of our wonderful club to as many fans as possible around the world. The history, the passion, the music, the people, the City – we want to share perspectives on and off the pitch. We're delighted to have you here with us, be sure to Like and Subscribe with Notifications on for our latest podcast.

Education technology, or EdTech, saw significant adoption during the COVID-19 pandemic, yet opportunity remains in this still young industry if one looks long-term. Head of Products for European Equity Research Paul Walsh and Head of the European Internet Services Team Miriam Josiah discuss.----- Transcript -----Paul Walsh:] Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's Head of Products for European Equity Research. Miriam Josiah: And I'm Miriam Josiah, Head of the European Internet Services Team within Morgan Stanley Research. Paul Walsh: And on this very special episode of the podcast series, we'll be talking about the long-term outlook for education technology, or EdTech. It's Friday, it's the 11th of November, and it's 2 p.m. here in London. Paul Walsh: So Miriam, next week you'll be heading to Barcelona for Morgan Stanley's annual Tech, Media and Telecom Conference, which focuses on key debates and trends in these industries. EdTech, while still in its infancy, is a segment where your team sees a lot of potential for growth. But before we get there, let's please start with the basics. What exactly is EdTech? Miriam Josiah: So people often think of it as online learning for K-12 or university students. But we found EdTech to be quite a broad term for the digitalization of learning. So there are actually dozens of segments within EdTech. One of them is workforce education, which we think is particularly interesting and underappreciated. Paul Walsh: And certainly many of us got a firsthand look at EdTech during COVID-19 lockdowns, whether through our children—as was the case for me personally—work related training or for our own amusement. And not surprisingly, companies in the education technology space saw a huge spike from pandemic-driven demand. So what's happening now that schools and businesses have reopened? Miriam Josiah: So here's one of the reasons our team looked closely at EdTech. Essentially, even as we've returned to in-person training and education, the demand for remote learning hasn't dropped off. Yes, COVID 19 accelerated industry growth by about two years, but the global EdTech market, currently valued at $300 billion, is still expected to grow at an annual rate of 16% to reach $400 billion by 2025. So this demand is here to stay. Paul Walsh: It sounds like it, and that's tremendously interesting. So can you explain why that is, please? Miriam Josiah: So we think there are a few reasons EdTech demand will continue to grow. Firstly, the pandemic changed our behaviors in many ways, including how we think about learning. For example, in many classrooms, students watch the lecture on their own time and use the classroom for more hands-on learning. This is one reason demand is still growing, particularly within K-12 education. Paul Walsh: And if we take a step back, Miriam, does a challenging macroeconomic environment help or hurt the outlook for EdTech? And can you help us understand why? Miriam Josiah: So, in many ways, we think it helps. You have global teacher shortages, rising school costs and, in the case of workplace, there's a need to reskill and upskill workers. So these are a few of the important drivers. Meanwhile, there's a few other positives for EdTech, such as a growing global population and lower penetration rates. To put things in perspective, global spending on education is around $6.5 trillion a year and even with double digit growth over the next few years, EdTech will only represent around 5% of total education spending in 2025. Suffice to say, we are in the very early stages of growth. Paul Walsh: Yeah, absolutely. It sounds like it. And thinking about stock valuations, they soared for companies that saw surging demand during the pandemic. And since then, we've seen that trend reverse, in some cases really quite dramatically. So where does that leave us today? Miriam Josiah: So one thing to note is that this segment is very fragmented with many small companies, some of which are not publicly traded. Among the larger players in the space, we've seen a similar trend with stock prices soaring and now correcting. And so valuations are attractive. And we think this is a good entry point for investors, especially if they have a longer time horizon. At the same time, the market's seeing a fair bit of M&A activity, which may present opportunities for upside for investors. Paul Walsh: Absolutely no doubt. Industries that are fragmented, hard to define and still in their infancy can really be fertile ground for investors who have the time and the wherewithal to research and invest in individual companies. So what are the biggest risks to your growth outlook for the EdTech industry? Miriam Josiah: So firstly, as I mentioned, a lot of the sector is made up of private companies and a lot of these are loss-making startups. So in an environment of tighter access to capital, this may be a growth inhibitor for some of the startups and we're already seeing companies starting to trim headcount as a way to cut costs. Another risk is government budget cuts. Remember, education spending is around 4% of GDP, and so cuts here could impact the B2B market in particular. The counter is that tighter budgets could lead to schools turning to EdTech instead, but this still does remain a risk. And then finally, the consumer willingness to pay is also being questioned in a recessionary environment. Paul Walsh: Miriam, that's really clear. I want to thank you very much for taking the time to talk. It's obviously been quite educational. Good luck with the TMT Conference in Barcelona next week. Miriam Josiah: Thank you. Great chatting with you, Paul. Paul Walsh: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review on Apple Podcasts and share the podcast with a friend or colleague today.