Business
Can you learn better leadership by working with horses?
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One of the late Robert Redford’s films, The Horse Whisperer, is a beautiful film about grief and overcoming loss after a tragic accident.
Much of the story focuses on unspeakable pain and how finding your way to honestly connect with others can lessen the load.
Redford’s character uses techniques now known as equine assisted learning (EAL), which has been used successfully for decades as a therapeutic tool for those with mental or physical challenges, trauma or addiction.
In more recent years though, it has been developed as a corporate tool to help team building and communication skills.
Now well established as a leadership development tool in the UK thanks to innovators like David Harris, in Ireland it is relatively new. A quick internet search shows corporate days using EAL are available in a few locations from Horses Connect and Therapy Through Horses, both in Galway to Ainrush Stables in Limerick and Martinstown Lodge in Meath.
How does it work? Leadership and wellbeing coach Emma Jane Clarke runs corporate team building sessions at her 200-year-old Martinstown Lodge farm outside Dublin. She says her four horses, DJ, Danny, Misty and Rua, are the real teachers.
“Horses are like mirrors, they reflect immediately how you’re feeling and not how you’re acting. They don’t care who you are or what car you drive. Hierarchy and ego are out the window in these sessions.”
Like many animals who are vulnerable to predators in the wild, horses’ survival depends on co-operation within the herd and on quickly reading body language and emotions.
Horses are effective in team development for humans because the animals provide immediate, powerful, non-verbal feedback on human interaction or lack of it.
Recent research in the Administrative Sciences journal found EAL “complements traditional leadership training by developing relational and embodied leadership skills, including trust building, adaptability and emotional intelligence, which contribute to organisational resilience and sustainable growth”.
What’s involved? A typical EAL team-building session is not horseback riding; it’s a learning experience where individuals work together with horses to perform structured, goal-oriented activities. For example, they might have to work together to get a horse to walk around obstacles or move in a certain direction.
[ Team building trips your employees will never forgetOpens in new window ]
“Let’s say the team needs to move the horse but it won’t move. Maybe the team hasn’t aligned on the how or the why of the task or they’re not clear on their roles. Until they connect, the horse won’t budge no matter what,” says Clarke.
To successfully complete each activity, team members need to regulate their emotions, improve their focus, communication, leadership and problem-solving skills. “Everyone needs to find congruency. You want the horse to walk with you but, if confidence-wise you’re a three out of 10 or you’re scared or nervous, then the horse won’t step along with you. It’s all about how we interact with others, or don’t, and how to communicate well. You can’t hide from the horses, they really see you,” she says.
Paula Mullin, a leadership professional who tried EAL at Martinstown recently, found she had to be present in each moment.
[ Organising a work day out that doesn’t fill staff with dreadOpens in new window ]
“My horse DJ knew when I was steady and when I was not. Without words, he showed me how to ground myself, he showed me so much about myself in such a short time,” she said.
“Horses respond not to roles or titles, but to energy, intention and presence. You can’t pretend with a horse. They feel who you are and reflect it back, instantly and honestly. This wasn’t about learning new techniques. It was about remembering how to be.”
Clarke chooses the horses carefully. “The horses don’t need to be specially trained but they need to be special. It takes a certain type of personality to do this work.
“They need to be horses that can forgive very easily. It’s tiring for them too. They can choose to work that day or not. If they come to the fence, they want to work. If not, they can go back out.”
Clarke took up horseback riding as a child in south Dublin and spent much of her career working to increase participation in sport with communities and policymakers. Her career as a director at Sport Ireland was flying but she had an unspoken desire.
Much like Scarlett Johansson’s young equestrian character in The Horse Whisperer, Clarke’s equine epiphany occurred following an accident eight years ago. She spent three months in hospital and then several more in a wheelchair recovering in her mid-terraced Dublin home.
“The worst had happened to me, why not go for my dreams? I dreamed of owning a farm but I’m not from a farming family. I was scared,” she recalls. The reflection time helped her realise that anything was possible once she changed her thinking patterns.
“Thoughts aren’t real. You have to challenge your limiting thoughts and beliefs. Once you realise this, it helps you move forward and get out of your own way. Nothing else had changed except how I thought about it.
“A few months later, my partner Ken [an engineer] and I got the farm; I arrived still on crutches. We’d bought a 16-acre farm with multiple barns and 20 stables. It was an old riding school. We didn’t have this business in mind at first but wanted to add value to farms and bring business to a rural area. I had no idea what I was getting myself into; I just wanted my dream.”
As they struggled to get the farm in shape, Clarke had to accept some hard truths about her new life.
“I like things done well but it took me some time to realise nature will always win. You’re never in your comfort zone on a farm. You have to let go of perfection and embrace the beauty. You keep it neat and tidy but realise it’s a farm.
These life lessons helped inspire Clarke to use her leadership and team-building experience to help other executives develop greater self-awareness and acceptance. She now works with her sister Lisa Chalfa, a fellow certified EAL trainer, helping corporate teams and leaders work better together.
She recently worked with a number of CEOs in siloed organisations, who didn’t realise how stressed they were. The horses showed them how to be more present and the ways that the stress impacted on how they showed up at work and the unconscious messages that the team took from their stress.
[ Be a team player: bring all your selves to workOpens in new window ]
Leadership development tools and techniques are always evolving and this approach seems promising based on the research so far.
The Administrative Sciences journal found EAL “improves self-awareness, emotional intelligence, non-verbal communication, trust building, adaptability and problem solving. Participants report behavioural changes, such as improved empathy, clarity under pressure and team cohesion”.
“Despite the growing popularity of EAL in therapeutic and educational domains, its application within organisational behaviour and corporate leadership development remains underexplored”.
Clarke’s horses have taught her leading is “a verb, not a title”. She said: “Teams need to become like a murmuration of starlings where everyone is moving together in that beautiful synchronised way to achieve their goals and the company strategy.”
Margaret E Ward is chief executive of Clear Eye, a leadership consultancy. margaret@cleareye.ie
Business
‘Every idea is a good idea’ – how would 64-team World Cup look?
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18 minutes ago
A 64-team World Cup?
The concept will sound like a step too far to some, but others believe it deserves real consideration.
In April, the South American governing body Conmebol raised an official proposal to expand the 2030 tournament to 64 teams, and Fifa will discuss it with leaders from the continent in New York this week.
The first 48-team World Cup will take place next summer across the United States, Canada and Mexico – expanded from the current 32-team format – but there are serious attempts from some to make it even bigger for 2030.
That tournament will be the first to be spread across three continents to mark its 100-year anniversary, with main hosts Spain, Morocco and Portugal being joined by Argentina, Paraguay and Uruguay in hosting opening-round matches.
But is the World Cup about to make more history? BBC Sport looks at whether a 64-team tournament could really happen and what it might look like.
What is being suggested?
So, what is going on?
The idea was first “spontaneously raised” at a Fifa council meeting in March by Uruguayan Football Federation president Ignacio Alonso.
It was then presented at Fifa congress in April by Conmebol, which believes it would be a fitting way to mark the World Cup’s centenary.
Fifa’s official position has always been it will discuss expansion ideas with its stakeholders and it is duty bound to consider any proposals from its council members.
The Fifa council would make the ultimate decision, but there are no signs it is something expected to be made imminently.
How dramatic would this expansion actually be?
Fairly seismic is the obvious answer.
The pace of change has been remarkable, since the long-standing 16-team format increased to 24 teams in 1982.
It became a 32-team event in 1998 before being expanded to 48 teams for next summer’s showpiece.
Adding another 16 teams for 2030 would mean the World Cup had doubled in size in eight years and would mean more than 30% of Fifa’s current 211 members would participate.
Who is in favour and who is against it?
Fifa president Gianni Infantino said “every idea is a good idea”, but the proposal for a 64-team tournament has divided opinion among the six Fifa confederations and national associations.
Conmebol president Alejandro Dominguez said expanding the World Cup for its centenary would ensure “nobody on the planet is left out of the party”.
Uefa president Aleksander Ceferin is among those to have dismissed the proposals, with the Slovenian saying it is a “bad idea” for both the tournament itself and the qualifying process.
Victor Montagliani, president of the governing body for football in North and Central America and the Caribbean (Concacaf), said the suggestion “doesn’t feel right” and believes the expansion would damage “the broader football ecosystem”.
Asian Football Confederation (AFC) president Sheikh Salman bin Ibrahim Al Khalifa agreed, saying further expansion would bring “chaos”.
While there has been limited further public discussion, there are a few obvious reasons why people would be in favour and against the proposal.
Financially, more games would surely mean bigger TV deals and sponsorship possibilities.
The expanded 2026 format is already predicted to be generating more money than any previous World Cup through sponsorships, merchandising, ticket sales and broadcast revenues, with Fifa expecting to earn $11bn (£8.2bn) over the four-year cycle to December 2026.
By flinging its doors open wider than ever before, the tournament would be more inclusive and the change would probably result in a host of nations reaching the World Cup for the first time.
At the 2022 World Cup, hosts Qatar were the only team making their tournament debut.
Cape Verde are only one win away from joining already-qualified Jordan and Uzbekistan as debutants at the 2026 competition, while New Caledonia and Suriname could add to the growing number of debutants already in next summer’s World Cup.
A 64-team tournament would also increase the likelihood of all the world’s top players competing.
On the flip side, the competitive nature of the event would be brought into question. The potential for one-sided matches would increase, while qualifying would become even more a foregone conclusion for many nations than it is already.
Questions will be asked about the added amount of travel that players and fans will have to make, with sustainability likely to be an important issue with the increased number of flights needed to transport teams, fans and media.
What might it look like?
This is a difficult question to answer.
The notion of a 64-team tournament is almost unprecedented in top-level international sport, so it is difficult to cite any examples.
Next summer’s expanded format is complicated enough, with the top two and best eight third-place finishers from 12 groups of four qualifying for the last 32.
The obvious structure for a 64-team World Cup in 2030 would be for the top two from 16 groups of four to qualify for the last 32. Perhaps a bit tidier than next years?
Should the proposal eventually be accepted, the 2030 edition would include 128 matches – up from the 64-game format played between 1998 and 2022.
Next year’s World Cup will have 104 matches and will take 72 games – eight games more than an entire 32-team World Cup – just to get down to 32 teams.
From the start of the 2026 tournament until the end of the last 16 there will be 96 games across 27 days, with no rest day.
Just one of those days will feature a single match, and just two days will have only two matches. The remaining 24 days will feature three, four or even six matches.
Therefore, the impact of another 16 teams joining the fray is rather mind-boggling.
How would they fit in the extra matches?
Fifa has already stated the 2030 finals will run from 8 June, with the final on 21 July, and the possibility of making the tournament longer would seem unlikely with the footballing calendar already more tightly packed than many would like.
This would mean the need for more games per day in the group stages and thus extra stadiums would have to be considered.
There have been suggestions Argentina, Uruguay and Paraguay could host more games during these group stages.
And what would the impact be on qualifying?
For starters, it would be almost inconceivable that the world’s top football nations would not qualify for the World Cup.
While Italy are currently preparing to sit out a third consecutive World Cup, such shock scenarios, which are all part of the drama, are hard to envisage should a 64-team tournament become a reality.
Conmebol could already see a maximum of seven teams qualify for next summer’s event, and they would clearly want more members qualifying for an expanded tournament.
All other continents would also be expected to have more qualifying spots, but the logistics around this are purely guesswork for now.
The mere potential of a 64-team World Cup has raised plenty of questions – as well as eyebrows. Whether it gets off the ground or not remains to be seen, a matter for sporting and political power-brokers to figure out.
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Business
Office investor demand was way up in the first half of 2025, according to exclusive JLL data
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- JLL found office transaction momentum strengthened significantly in the first half of this year, with total industry volume up 42% year over year to $25.9 billion.
- The report notes that as we move through the third quarter, JLL is actively seeing the transition from “office curious” to “office serious” take hold across the industry.
- There’s a flight to quality, with top-tier office buildings seeing the bulk of the demand.
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.
The recovery in the U.S. office market has been gaining steam this year and may be set to accelerate. While vacancy rates and return-to-office employee volume have been focal points in gauging demand, a new look at interest in office from the capital markets points to an even stronger recovery than previously thought.
JLL, a global commercial real estate and investment management company, gave Property Play exclusive access to a limited distribution client report. It found that office transaction momentum strengthened significantly in the first half of this year, with total industry volume up 42% year over year to $25.9 billion.
Looking at JLL’s office sales transactions alone, volume was up 110% from the first half of 2024 to the first half of 2025, more than double the momentum of any other major property type, including data centers.
The report notes that as we move through the third quarter, JLL is actively seeing the transition from “office curious” to “office serious” take hold across the industry. Lower interest rates are propelling much of that.
In addition, the number of bids on a given transaction was up 50% over the same period, with the second quarter alone experiencing $16 billion in office bid volume, which is the highest quarterly total since the second quarter of 2022 when the 10-year treasury yield was below 3%. Bid volume can measure growth and health of a sector from a capital markets perspective.
“What typically happens is, after a downturn, the high-net-worth private capital comes back in because of opportunistic returns, and they start buying. The REITs follow, and then the institutional capital flows, like pension funds, separate accounts, offshore capital, follow the REITs. That’s exactly what’s playing out right now,” said Mike McDonald, senior managing director and office group leader at JLL.
Larger deal demand, that of $100 million or more, is increasing, up roughly 130% in the first half of this year compared with the same period in 2024. This is due to increasing institutional investor appetite for higher quality office, as well as better debt availability, according to the report.
There is, of course, a flight to quality, with top-tier office buildings seeing the bulk of the demand. As those buildings fill up, second-tier buildings will start to see increased demand and could actually outpace the top tier buildings as it relates to rental rates and absorption over the next five years, according to McDonald.
The massive office downturn in the first years of the pandemic caused a pullback in planning for new buildings, so there is now very little new office space under construction. The market will see just 6 million square feet of office space delivered next year, which is 90% below the four year annual average following the great financial crisis.
“Some people may refer to it as slowing down; it’s really hitting a brick wall,” said McDonald. “There’s going to be a dearth of new deliveries the next three years, as evidenced by the 6 million square feet next year, which is anemic based on 30-year historical averages.”
He also pointed to overall reduction of office inventory, as older office buildings are either torn down or converted to residential, hospitality, self storage, or just reimagined into something other than office.
The lowest quality, distressed segment is still seeing some bargain hunters, so there is something of a bar-bell effect.
“We call them dark matter, and they do matter. It’s that 1-million-square-foot tower in downtown Detroit or Pittsburgh or Cleveland or Dallas that is 40% occupied,” said McDonald. “Capital looking for highly distressed, very opportunistic returns, very low basis, where an asset may have traded five years ago at $300 a foot, and they can buy it now for $50 a foot. At that lower investment, they can reduce rents and have more velocity because their basis is lower, they have more of a competitive advantage.”
Demand tailwinds for office overall continue, as company downsizing rates are stabilizing. Companies are also no longer shedding very much space when they relocate; in 2022, on average, companies were getting rid of almost 20% of their space when they made a move. That is now down to 3%, according to JLL, a clear sign of stabilization.
This year REIT acquisitions have been strong. The stocks of office REITs like BXP, Vornado and SL Green are higher in the last six months, although the largest, Alexandria Real Estate Equities, is still struggling.
Lower interest rates over the next several quarters will certainly help in the cost of debt for dealmaking, but the reason rates are coming down is because of weakness in the economy. That creates a new pressure on the office market when it comes to demand from employers.
“We’re very mindful of the impact, what that’s going to have on the actual tenant and the companies that actually occupy these buildings,” said McDonald. “You have to think about the macroeconomy, geopolitical risks, all the things that go into setting our overall capital market environment, and price of debt is just one component of it.”
McDonald said next year may be more about institutional capital taking the lead. These so-called green shoots in the office market will likely propel both leasing metrics and valuations higher over the next several years.
Business
Former French president Sarkozy given five year sentence after Libya case
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Former French president Nicolas Sarkozy has been sentenced to five years in jail after being found guilty of criminal conspiracy in a case related to millions of euros of illicit funds from the late Libyan leader Col Muammar Gaddafi.
The Paris criminal court acquitted him of all other charges, including passive corruption and illegal campaign financing.
The ruling means he will spend time in jail even if he launches an appeal, which Sarkozy says he intends to do.
Speaking after Thursday’s hearing, the 70-year-old, who was president from 2007-12, said the verdict was “extremely serious for rule of law”.
Sarkozy, who claims the case is politically motivated, was accused of using the funds from Gaddafi to finance his 2007 election campaign.
In exchange, the prosecution alleged Sarkozy promised to help Gaddafi combat his reputation as a pariah with Western countries.
Judge Nathalie Gavarino said Sarkozy had allowed close aides to contact Libyan officials with a view to obtaining financial support for his campaign.
But the court ruled that there was not enough evidence to find Sarkozy was the beneficiary of the illegal campaign financing.
He was also ordered to pay a fine of €100,000 ($117,000, £87,000).
There was a shocked intake of breath in court when the judge read out her sentence.
Sarkozy could be sent to prison in Paris in the coming days – a first for a former French president and a humiliating blow for a man who has always protested his innocence in this trial and the other legal cases against him.
“What happened today… is of extreme gravity in regard to the rule of law, and for the trust one can have in the justice system,” Sarkozy said outside the court building.
“If they absolutely want me to sleep in jail, I will sleep in jail, but with my head held high,” he said.
The investigation was opened in 2013, two years after Saif al-Islam, son of the then-Libyan leader, first accused Sarkozy of taking millions of his father’s money for campaign funding.
The following year, Lebanese businessman Ziad Takieddine – who for a long time acted as a middleman between France and the Middle East – said he had written proof that Sarkozy’s campaign bid was “abundantly” financed by Tripoli, and that the €50m (£43m) worth of payments continued after he became president.
Among the others accused in the trial were former interior ministers, Claude Gueant and Brice Hortefeux. The court found Gueant guilty of corruption, among other charges, and Hortefeux was found guilty of criminal conspiracy.
Sarkozy’s wife, Italian-born former supermodel and singer Carla Bruni-Sarkozy, was charged last year with hiding evidence linked to the Gaddafi case and associating with wrongdoers to commit fraud, both of which she denies.
Since losing his re-election bid in 2012, Sarkozy has been targeted by several criminal investigations.
He also appealed against a February 2024 ruling which found him guilty of overspending on his 2012 re-election campaign, then hiring a PR firm to cover it up. He was handed a one-year sentence, of which six months were suspended.
In 2021, he was found guilty of trying to bribe a judge in 2014 and became the first former French president to get a custodial sentence. In December, the Paris appeals court ruled that he could serve his time at home wearing a tag instead of going to jail.
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