For American presidents visiting Ireland, the undertaking resonates like no other foreign visit the White House sets up. To be sure, there are the happy images that play well on campaign trails, rallying the estimated 40 million people in the US who tick the box that says Irish heritage.
There is also how it goes down in Ireland. Yes, there are the familiar pillars of such trips, an address to the Irish parliament and handshakes in the presidential parlour. There is also the impact for the Irish in renewing the bond with America. Since the Good Friday Agreement, there is also the specific US presence in the relationship between the North and South of the divided island.
Joe Biden is so avowedly Irish in identity that he watches keenly when the Irish rugby team is playing in the big games. (One very Irish aspect of this is that his cousins Rob and Dave Kearney have been star players in the team.)
You’d be hard put to get an American president so close to his Irish roots. But Mr Biden has some big shoes to fill on his trip this week.
John Fitzgerald Kennedy set a high watermark for all presidents visiting Ireland in the 1960s. Such was the impact of the glamorous presidential couple that for decades afterwards, ceramic plates with JFK’s image would hang on the walls of Irish homes. Certainly many of the houses during my youth, 20 years later, had a Kennedy looking down.
Tammany Hall is a byword for the political machine in the US, but it rings familiar and reassuring in Irish ears
Richard Nixon and Jimmy Carter visited in the 1970s. Then Ronald Reagan, the great communicator, set a Kennedy-style spell during his 1984 trip to Ballyporeen in County Tipperary. As the presidential helicopter circled to land, the MC on the makeshift stage told the crowd: “Whatever your views of the president, this is his best view of you.” A hint there was that sympathies lay more with Democratic presidents than Republican ones, but as the dancers did their stuff in the summer sun, Mr Reagan was warmly received.
Mr Reagan used the Irish element of his heritage to mitigate the fierce rivalry with then US House of Representatives speaker Tip O’Neill on Capitol Hill. When Mr O’Neill gibed that Ballyporeen translated into English as “valley of the small potatoes”, Mr Reagan took the joke heartily. The Irish bond between the two was such that Mr Reagan said if he had a ticket to heaven and Mr O’Neill did not, he’d throw it away to go to hell with him.
Tammany Hall is a byword for the political machine in the US, but it rings familiar and reassuring in Irish ears. This is partly because Bill Clinton took the most active role in Ireland in modern times. He said last week that the signing of the Good Friday Agreement 25 years ago was the happiest day of his life.
Barack Obama conducted a happy visit during his presidency, too, when part of his mother’s family were traced to a place called Moneygall. As Mr Obama noted during his time in the White House – designed and built by an Irishman called James Hoban – there is only one foreign leader with a fixed date in the calendar for a visit, and that is the Irish leader for St Patrick’s Day.
Mr Biden’s trip this week will take him to Belfast for the 25th anniversary celebrations. In a ceremony on Friday, Mr Biden’s senate contemporary George Mitchell was celebrated as an architect of that agreement. Mr Mitchell did indeed play an instrumental role to reconcile the republican and unionist traditions to a point of history where all could agree on local power sharing. But while the deal is honoured this week, the power sharing is no longer functioning. The unionists are alienated by the post-Brexit fallout that saw Northern Ireland retain economic ties to the rest of the island through the EU.
The US leader’s next stop is Carlingford, a harbour village that looks across the peninsula to Northern Ireland. It is between these two that Mr Biden can provide some unifying focus on his trip.
There are strong Irish ties established to 17 of the 46 US presidents. These are marked both in the North and the South. The homestead of Ulysses S Grant sits in the hills of Tyrone. Not far away from there is the Ulster-American Folk Park that monumentalises the Irish-American relationship with an Ulster-Scots twist. It is the ancestral property of Andrew Mellon, the Depression-era US treasury secretary and the scion of a banking family.
Mr Clinton straddled the Northern divisions, or at least he was more touched by them than most. In 1995, as his interests grew, there was what was described as a tussle between the Catholic side of his heritage in Fermanagh (Cassidys) and the Protestant side (Blythe) in Armagh. So confident was Mr Clinton in the Irish scene that he once quipped that he could still see the scars in the White House left by William Ross of County Down, who was commander of the British forces that sacked Washington in 1812.
The space for jokes is narrower today. The Belfast realities mean that Mr Biden’s trip there will have a curtailed feel while his reception in the South is cued up to be an open-armed celebration. The Carlingford stop is a chance for Mr Biden to draw together the political and the personal by reinforcing his messages from Belfast.
The last leg of the visit is on the western side in County Mayo, and is likely to be a repeat of his stopover as vice president to Mr Obama. The bid for a second presidential term for the 80-year-old will shape this part of the trip, too. His message from there would be that the US is, in local terms, the “next parish over the Atlantic”. Indeed, the millions who began their voyage from County Mayo to America ended up playing an outside role in US politics and business over centuries. Their descendants, such as Mr Biden, are paying it back.
Mr Biden likes to quote the Irish poet Seamus Heaney to provide inspiration to his audiences that hope and history can meet at the same point. And the Irish are again in need of some American balm for the island’s sores.
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.