NETWORK - July 2017

NETWORK LONDON / NEW YORK

Boeing’s big investment Business loves Northern Ireland Global corporate leaders choose Ohio J U LY 2 017

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Contents ACROSS THE POND American Trade & Investment Success Stories

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Boeing Announces New Manufacturing Site in Sheffield, UK

BritishAmerican Business Interview

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Northern Ireland A hot spot for international companies

Across the Pond – Bringing Transatlantic Trade and Investment to Life

3 Meet The New Members 5 60 Seconds with Joseph Quinlan

Cover Stories

6 Boeing Announces New Manufacturing Site in Sheffield, UK 8 Northern Ireland: A Hot Spot for International Companies 10 Global Corporate Leaders Choose Ohio to Scale Profitability

London Staff

BritishAmerican Business

Jeffries Briginshaw CEO, BritishAmerican Business jbriginshaw@babinc.org Emanuel Adam Director of Policy and Trade eadam@babinc.org John Adam Office Manager, Accountant jadam@babinc.org Theo Bachrach Public Affairs and Policy Manager tbachrach@babinc.org Rita Davids Esat Membership Assistant rdavids@babinc.org Sherry Dolatshahi Executive Assistant to CEO sdolatshahi@babinc.org

Editor Tim Horan Assistant Editor Zoe Farkas

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Global corporate leaders choose Ohio to scale profitably

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12 US Corporates are Optimistic about Brexit 13 Expansion Plans Create Jobs and Growth 14 America’s Favourite Steakhouse 16 Making Flying Enjoyable 17 Open for Business 18 What You Don’t Know Can Cost You Dearly 19 American Airlines Invests and Improves on Customer Experience 20 Doing Good is Good for Business 22 George Washington’s Mount Vernon 24 How should Brexit Impact Investment Decisions?

Office Address

New York 52 Vanderbilt Avenue, 20th Floor New York, NY 10017 Tel: +1 (212) 661 4060 nyinfo@babinc.org

UK

Features

2 Welcome from our CEO New IAB and Board Members

London 12 Phillimore Walk West Wing, 2nd Floor London W8 7RX Tel: +44 (0)20 7290 9888 ukinfo@babinc.org

in the

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Upcoming Events

Insight 25 What Workers Want Pro bono programme is a Win-Win

Policy 26 Across the Pond – Bringing Transatlantic Trade and Investment to Life

Events 27 London Event Highlights 28 New York Event Highlights 29 Events Calendar: London and New York

Jillian Gable Events and Marketing Manager jgable@babinc.org

Alice Mount Director of Events and Marketing amount@babinc.org

Tim Horan Communications Manager thoran@babinc.org

Lindsay Walker Member Relations Manager lwalker@babinc.org

Sabina Hussain Senior Events and Marketing Manager shussain@babinc.org

Get Social

Jon Kudlick Director of Membership and Communications jkudlick@babinc.org

@BABLondon

Brooke Lawrence Events and Marketing Manager eventandmarketingmanager@babinc.org

“BritishAmerican Business”

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CEO I BritishAmerican Business

Welcome

Jeffries Briginshaw I jbriginshaw@babinc.org

As we head towards a second post referendum Autumn, it is an understatement to say that ‘uncertainty’ continues to prevail.

Consequences and opportunities still are difficult to fathom, and trade and investment planning decisions often complicated. Some future ‘footprint’ decisions are already cast, while some businesses are resigned to following the roller coaster of events.

Government and politics will, of course, play an important part in directing the future business environment in both countries.

However, what we have seen over the past 12 months is that regardless of political agendas and personalities, business continues to get on with the job. We continue to generate economic growth through trade and investment that in turn provides employment opportunities for millions of people on both sides of the Atlantic.

Business will continue to lead towards sustainability with increasing levels of corporate social responsibility to recover and sustain trust, and overall there is a continuing energy for innovation delivered by our greatest asset: our people.

This edition of NETWORK examines the continued strength of the dynamic trade and investment relationship between the two countries, featuring a wide range of BAB members who are committed to further advancing the US-UK relationship.

We take a closer look at Boeing, who recently chose Sheffield as the location for a £20 million investment to build a new manufacturing site. This site is in partnership with Advanced Manufacturing Research Centre, the result of a long-standing relationship. We also speak with Smith & Wollensky, America’s favourite steakhouse, about their first restaurant in the United Kingdom.

BAB has been very busy in recent months. In June, we held our Annual Corporate Citizenship Awards Dinner honouring Douglas

Flint, Group Chairman of HSBC Holdings; Kate Robertson, Founder of One Young World and Arthur O. Sulzberger, Jr., Chairman of The New York Times Company for their exceptional commitment and innovative approach to corporate responsibility. We also convened our Women’s Network Series to inaugurate the 2017/2018 programme and hosted a Spring Reception at Chelsea Football Club’s iconic Stamford Bridge venue. And plans are already well underway for our Annual Gala Dinner at One Great George Street in September with the Defence Minister Sir Michael Fallon.

This month, in partnership with the UK Embassy [in Washington D.C.], we also launched a flagship publication ‘Across the Pond: American Trade & Investment Success Stories in the UK’ looking at case studies from companies including Boeing, NBC Universal, NFL, Zebra Technologies and IBM among others. A sister publication focusing on UK company success stories in the US will be released later this year.

Finally, it is with a mixture of pride and sadness that I shall be moving on from my role as CEO of BritishAmerican Business. It has been an honour to serve this organisation for five years including the last two as CEO. I am proud of the work our teams in both London and New York have achieved on behalf of our Members to deliver a modern, forward looking business organisation. I am confident the organisation is in a strong position, under the leadership of our Chairman Christopher Perry and NY Managing Director Wendy Mendenhall, but most importantly with the support of you, our fantastic members who are the backbone of BritishAmerican Business.

I look forward to staying in contact and hope to see many of you at future events.

New Board and IAB Members BritishAmerican Business (BAB) is governed by a transatlantic Board of Directors, led by our Chairman Christopher Perry, President Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions. The Board’s active support and commitment to BAB and its objectives are important to ensuring our continued success as an organisation. We also enjoy strong support from our International Advisory Board, consisting of Chairmen and CEOs from more than 100 major multinational companies. We are delighted to announce that the following new members have recently joined our Board of Directors and International Advisory Board.

NEW BOARD MEMBERS Bill Waite Group CEO The Risk Advisory Group Ltd 2

NETWORK

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New Members

www.cicero-group.com

www.nalco.com Every day, we make the world cleaner, safer and healthier – protecting people and vital resources. The global leader in water, hygiene and energy technologies and services. Providing and protecting what is vital, including clean water, safe food, abundant energy and healthy environments.

Cicero Group is an integrated full-service communications and market research agency. We deliver award-winning campaigns across all major business sectors from our principal offices in London and Brussels. Our practices include Corporate and Consumer PR, Digital, Public Affairs and Market Research.

Iain Anderson, Executive Chairman iain.anderson@cicero-group.com 10 Old Bailey, London EC4M 7NG, UK +44 (0)20 7665 9530

Paul Hey, Senior Vice President paul.hey@ecolab.com Winnington Avenue, Winnington, Northwich, Cheshire CW8 4DX, UK +44 (0)1606 74488

www.suttonwinson.com

www.canaccordgenuity.com We are part of Canaccord Genuity Group Inc., a leading global financial services firm, trading publicly on the Toronto Stock Exchange. In the UK and Europe, Canaccord Genuity Wealth Management is wellestablished and offers a broad range of services including discretionary and advisory portfolio management, stockbroking and independent wealth planning. We also have a range of in-house funds.

Sean Taylor, Director sean.taylor@canaccord.com

With roots going back more than 60 years, Sutton Winson is the main insurance broker of the privately-owned Sutton Group Holdings Ltd. Provide insurance and risk management solutions for: • Businesses • Non-profit organisations • Private clients • Organisations looking to provide employee benefit schemes

41 Lothbury, London EC2R 7AE, UK +44 (0)20 7523 8000

Hamish Kent, Account Executive hamish.kent@swib.co.uk

The world’s first predictive global influence mining and monitoring platform, Enflux was built to allow forwardfacing companies to identify what matters to their target customers now, and what will drive their decisionmaking process in the months ahead. Enflux merges the latest in machine learning and artificial intelligence with patent-pending predictive time-series analysis.

St James House, Grosvenor Road, Twickenham, Middlesex TW1 4AJ

www.enflux.com

Avery Booker, Cofounder and CEO avery@enflux.com 6th Floor One London Wall, London EC2Y 5EB, UK +44 (0)7453 332455 www.babinc.org

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New Members

www.utc.com United Technologies Corp. (UTC) is a leader in the global building and aerospace businesses. Our commercial businesses comprise Otis, the world’s leading manufacturer of elevators, escalators and moving walkways, and UTC Climate, Controls & Security, a leading provider of heating, ventilating, air-conditioning, refrigeration, fire and security systems, and building automation and controls. Our aerospace businesses consist of Pratt & Whitney aircraft engines and UTC Aerospace Systems.

Pascale Goffin, Co-ordinator Government Relations Europe pascale.goffin@utc.com Unit 9, Hobbs Cross Ind Est, Theydon Garnon, Epping, Essex CM16 7NY, UK +44 (0)1992 812929

www.rsmuk.com RSM is a leading mid-market accountancy firm with around 3,500 partners and staff based in 36 offices across the UK. We are part of the world’s 6th largest global network of firms with internationally recognised experts located in 800 offices in over 110 countries. RSM UK and RSM US are the two largest member firms of the RSM network.

Mark Harwood, Partner mark.harwood@rsmuk.com

www.thelondongeneralpractice.com

31 Finsbury Circus, London EC2M 5SQ +44 (0)20 7628 2040

The London General Practice was founded by Dr Paul Ettlinger, one of London’s most respected and well established private doctors. The Practice is based at 114a Harley Street, London, providing UK and international patients with a comprehensive range of excellent private healthcare.

We pride ourselves on the flexible, personal care we provide to our patients, available 24 hours a day, 365 days a year.

The Practice consults for many private families, leading insurers, the entertainment industry, numerous multinational companies and prestigious London hotels. As well as general medicine the Practice specialises in health screening and medical concierge services.

Claire Potel, Business Development Manager claire@thelondongeneralpractice.com 114a Harley Street, London W1G 7JL, UK +44 (0)20 7935 1000

www.nortonrosefulbright.com/uk Norton Rose Fulbright is a global law firm. We provide the world’s preeminent corporations and financial institutions with a full business law service. We have more than 3500 lawyers and other legal staff based in more than 50 cities across Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia.

Henrietta Scott, Marketing and Communications Manager henrietta.scott@nortonrosefulbright.com 3 More London Riverside, London SE1 2AQ, UK +44 (0)20 7283 6000

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Feature

60 Seconds With...

INTERVIEW

How significant is the Transatlantic economy to both countries?

The United Kingdom and the United States are not only key entities of the transatlantic economy, but also among the most dynamic economies in the world. American and British firms are global leaders in such sectors as finance, insurance, transportation, life sciences and defence, to name just a few.

Many of the goods and services of US and British firms are sold within the transatlantic economy, and the latter is hugely important to both the US and UK. Remember: the transatlantic economy is the largest and wealthiest economic bloc in the world – no other country or region comes close to the commercial importance and dynamism of this region. The roots of the transatlantic economy run deep, notably between the US and UK.

The last 12 months have seen seismic, unexpected, events on both sides of the Atlantic. What’s been the impact on the Transatlantic economy?

Thus far, the impact of “Brexit” and the unexpected victory of President Trump have been limiting – for now at least. Trade and investment flows between the US and EU, including the United Kingdom, remain relatively robust. That’s not surprising in that both the United States and Europe are in the midst of a cyclical economic upswing, with cross-border trade and investment on the rise. 2016 was another strong year for bi-lateral trade and investment, with the US and the EU emerging, again, as each other’s investment partner. US foreign direct investment flows to the UK totalled a record $48 billion last year, while flows from the United Kingdom to the United States were also quite robust ($43 billion). Meanwhile, total trade between the two parties topped $110 billion last year, representing one of the largest bi-lateral trade figures in the world.

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Joseph Quinlan

Managing Director and Chief Market Strategist, US Trust, Bank of America Private Wealth Management

That said, transatlantic relations are frayed and have been undermined by Brexit and the populist and protectionist stance of the new US administration. The transatlantic economy is too big to fail – the stakes are too high, something policy makers must recognize.

A year on from Brexit, what are the biggest investment challenges the UK faces?

There is little doubt US and other firms are re-thinking their strategic positioning in the United Kingdom relative to European Union. The former has long been a bridge or gateway to the Continent, thanks to its preferential access to one of the largest markets in the world. However, Brexit null and voids the privileged access firms have to the European Union; the pending divorce has forced US firms to re-think and reassess their presence in the UK. The key challenge to the UK: how to remain an attractive destination for foreign firms; how to convince existing foreign entities in the UK to remain. In the end, the UK faces significant challenges when it comes to competing and attracting the capital of firms. In that a more pro-Europe axis is being formed between Germany and France, I think Brexit talks will be very challenging and difficult for the UK.

President Trump recently celebrated his first 100 days in office. With the rhetoric of the campaign in the rear-view mirror, what has the Trump Administration’s approach to trade and investment, particularly in regards to the UK, told us?

It has been a mixed picture overall. The Administration has decided to opt out of the Transpacific Partnership (TPP) and has abandoned the Paris climate accord.

NAFTA looks likely to be re-opened for negotiation. However, the administration has been more accommodating towards China. “America First” does not spell the end

of globalization or America’s commitment to the key multilateral institutions spawned in the post-war era. The US wants more nations to share in the burden of policing the world’s key trading lanes and more defence spending from NATO alliances. The US economy remains one of the most open and liberal in the world; US multinationals are just that – multinational firms with extensive operations/footprints all of the world. That isn’t going to change any time soon. For instance, while the US does not plan to abide by the Paris climate accord, US firms will remain key players/drivers in reducing the planet’s carbon footprint.

Where does Europe fit?

US-EU relations have soured over the past few months – in particular, US-German relations have hit a rough patch, with the US’s $65 billion trade deficit with Germany a bone of contention between the two parties. I don’t expect a US-European trade war; cooler heads will prevail since the losses to both parties would be substantial.

However, I don’t see much hope for TTIP and believe US technology firms will remain in the cross hairs of EU regulators bent on adopting more stringent data privacy/ sharing policies.

During a recent visit, US Speaker of the House Paul Ryan vowed to ‘chart a course forward’ on TTIP, raising hope that it may be revived.

What are your predictions for TTIP? The prospects of TTIP being revived under current circumstances are slim. There is no appetite in the US for such a deal, and EU trade negotiators are busy preparing for Brexit. The latter is going to happen – TTIP most likely not, so not much manpower is expected to be expended on TTIP. Another key concern: would TTIP include or exclude the United Kingdom? The UK will most likely have to negotiate a trade agreement with each party – the EU and the United States.

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Cover Story

Boeing Announces New Manufacturing Site in Sheffield, UK INVESTMENT

Sheffield was recently announced to be the location of the first European manufacturing facility for Boeing, the world’s largest aerospace and defence company.

The manufacturing site will produce and assemble high-tech trailing edge components to be used in Boeing’s next generation of 737, 737 MAX and 777 aircrafts. Trailing edge actuation systems are responsible for extending and retracting the wing’s flaps during different phases of flight. The flaps add lift to enable take-off and landing at lower speeds and provide drag to help slow the aircraft.

The proposed site, subject to planning permission from the relevant local authority, will be 2,300 square metres (25,000 square feet) and built alongside the University of Sheffield’s Advanced Manufacturing Research Centre (AMRC), a world class machining

and materials research campus founded over a decade ago in partnership with Boeing. As part of the new facility, Boeing plans to initiate a major Research and Development programme with the AMRC. The goal will be to develop innovative manufacturing techniques that can be applied to future technological development and utilised in the Boeing Sheffield facility. “Boeing Sheffield is an investment in manufacturing that will benefit our customers by driving improvements in quality and efficiency,” said Jenette Ramos, vice president and general manager of Boeing Fabrication. “The expanded fabrication capability will grow our existing operations and strengthen our global services.”

The Sheffield City Region Combined Authority will support this through the provision of grant funding, subject to agreeing to the formal terms and conditions of that funding. Recruitment of UK employees is expected to begin in late 2018.

This £20 million investment in Sheffield is the first step in a larger process by Boeing to begin in-house manufacturing of key actuation components and systems in the United States and the United Kingdom to enhance production efficiency and reduce costs in the supply chain. “The UK provides Boeing with the talent and infrastructure we need to grow and maintain a high level of productivity and quality to meet our significant order books,” stated Sir Michael Arthur, President of Boeing Europe and managing director of Boeing UK and Ireland. “We are proud to expand our relationship with the UK still further with Boeing Sheffield. Our decision to start manufacturing high-value components in the UK is a step-change in our engagement and a further example of Boeing’s commitment to grow here.”

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The establishment of Boeing Sheffield will support global economic growth and competition as the first manufacturing facility in Europe, enabling access to UK talent and capability. Boeing Sheffield will be working closely with Boeing Portland, a company Centre of Excellence for complex machining, gear systems, and flight controls.

The opening of this site in the city of Sheffield is the result of a long-standing affiliation between Boeing and the AMRC. “This announcement is the culmination of a successful relationship that has developed since the AMRC was founded and reinforces that our region is a leading location for high-value advanced manufacturing,” said Professor Keith Ridgway CBE, Executive Dean of the AMRC with Boeing. “We look forward to supporting Boeing and continuing to ensure that UK manufacturers remain competitive, through access to our expertise here at the AMRC.” The AMRC was established in 2001 as a result of a £15 million partnership in research between the University and Boeing. Today, the centre is at the forefront of collaborative research involving universities, academics, and industry. It is considered preeminent in its manufacturing problem solving www.babinc.org

and invention of new engineering methods. Since its inception, it has grown to include over 90 industrial partners from various sectors including construction, automotive, aerospace and medicine.

“Areas such as Sheffield can play a crucial role in a new industrial revolution for the UK, one centred on science and innovation, but working hand in hand with industry,” stated Professor Sir Keith Burnett, President and Vice Chancellor of the University of Sheffield. Boeing is capitalising on the skilled workforce in Sheffield, largely provided by the AMRC and two world class universities based in the city, as well as the capabilities and infrastructure of the AMRC. The city has also received an influx of business recently, including a decision by McLaren to open a chassis factory in the same area also in partnership with the AMRC. Boeing employs more than 2,200 people across the UK at numerous civil and military sites, and the company is experiencing solid growth. Boeing has doubled its direct employment since 2011 and tripled its spending with the UK supply chain over the same period to £2.1 billion. This supports an additional, estimated 16,500 jobs in the UK tier one supply chain, a rise of 80% since 2011.

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Cover Story

Northern Ireland:

A Hot Spot for International Companies

By Steve Harper Executive Director for International Business, Invest Northern Ireland

INVESTMENT

Steve Harper, Executive Director for International Business at Invest Northern Ireland, explains why international investors continue to find Northern Ireland such an appealing business location A sweet spot is defined as the ‘optimum combination of factors or qualities’, a description that perfectly fits Northern Ireland, a small region within the UK that punches well above its weight on the inward investment landscape.

The factors and qualities that make Northern Ireland so appealing include a young, highly educated and cost-effective workforce, superb telecommunications, a business-friendly environment, a supportive government and an inherent drive in the people that pushes them to go the extra mile to deliver that little bit more.

It’s no wonder then that when international investors set up in Northern Ireland, their experience is so positive that almost 75 per cent of these companies go on to further invest in the region.

Well connected Located in Europe and the UK, Northern Ireland has a population of around 1.8 million people, is English speaking and has excellent connectivity to the rest of the UK, Ireland and many international locations. Several major airlines operate out of its two main airports and a transatlantic submarine optical fibre link provides 100-gigabyte per second communications to North America and continental Europe.

Well educated Northern Ireland’s education system is considered one of the best in Europe and consistently outperforms all other UK regions at GCSE and A-level qualifications (high school leaving equivalent). Its two world-ranked universities – Queen’s University Belfast and Ulster University – which turn out 15,000 graduates a year, have close links to industry. This ensures that education is aligned with business needs and safeguards the pipeline of talent required by inward investors.

Both universities are also highly regarded as research institutes and are focused on the commercial exploitation of research and development. They have been key drivers in the development of the region’s technology and knowledge industries.

Belfast

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This strong link between industry and academia is evident in the region’s highly successful governmentfunded training programme, Assured Skills. It invites investors to specify the skills they need, and the programme’s Academy Model delivers these through bespoke, pre-employment training at a local college or university. It has been used to develop skills ranging from data analytics to human resources and cyber security, and ensures investors can recruit staff who can hit the ground running. www.babinc.org

Derry/Londonderry

Well respected As Northern Ireland’s credentials have become known around the world, its reputation as a place that promises much and delivers more has grown. The result has been an influx of new investors in recent years, particularly in the technology, financial services and legal sectors, joining companies that have enjoyed long-term success in the region.

Global institutions in banking, insurance, asset management and capital markets have operations in Northern Ireland. These include Citi, the Allstate Corporation, Liberty Mutual, Augentius, Mercer, Heritage, Lloyds and Chicago Mercantile Exchange. In fact, according to the Financial Times fDi Markets, Belfast is the number one destination globally for financial technology investments.

In the legal services sector companies such as Baker McKenzie, Allen & Overy, Herbert Smith Freehills and Axiom have chosen to invest in the region, drawn by many factors including the number and calibre of law graduates available.

Business and professional services companies are well represented too with Concentrix, Convergys, Alexander Mann and SSE Airtricity all having operations in Northern Ireland.

Northern Ireland’s tech sector is thriving and to date, over 100 global technology leaders have established business operations there, including IBM, SAP, Fujitsu, Cybersource (VISA), BTI Systems and Puppet. Northern Ireland is now the number one global location for cyber security inward investment. Specialist university research and companies are delivering expertise on advanced persistent threats to national security, critical infrastructure, networks, capital markets and web applications. Investors include Anomali, Black Duck, Proofpoint, Rapid7 and Whitehat Security.

Northern Ireland also has a vibrant advanced engineering and manufacturing sector. The region has a depth of expertise across several sectors including aerospace, automotive, materials handling and life and health sciences. International companies operating in the region include Bombardier, Caterpillar, Seagate, Terex, Terumo, Sensata and Linamar. The region is also home to many internationally successful indigenous companies such as Almac, Randox, Norbrook and Wrightbus. All of these companies are carrying out the full range of activities from R&D through new product design to manufacturing.

Well positioned for cost Operating costs in Northern Ireland are highly competitive. Investors can save significantly on staff costs compared to many other UK or European locations, and prime office rents are low.

Added to this is the low rate of employee turnover and absenteeism – a consequence of the inbuilt work ethic and loyalty of the people – which delivers not just cost savings but also continuity of service.

The planned reduction in the rate of Northern Ireland’s corporation tax to 12.5 per cent adds a further dimension to the region’s attractiveness to investors looking for the best combination of tax, talent and value.

Investors can also benefit from generous research and development tax credits and from the tailored support packages offered by Invest Northern Ireland, the region’s development agency.

Welcoming Investors in Northern Ireland report that it’s an easy place to do business. Indeed, in 2016 Belfast was named Europe’s most business friendly city of its size (FT fDi’s European Cities and Regions for the Future).

They also find that it delivers on its promise of ‘more for less’, which is why almost 75 per cent of investors, from Citi to Seagate, have reinvested.

But Northern Ireland is not only a great place to do business; it’s also a great place to live. At a personal level, Northern Ireland is hugely welcoming and offers an enviable lifestyle.

Its compact size means that the sea, the mountains or its beautiful lake lands are all within easy reach, as is its vibrant capital Belfast and historic second city Londonderry. For outdoor spirits, it boasts world-class golf courses, superb angling and scenic countryside trails; for culture seekers a wealth of historic buildings, theatres, museums and a dynamic music scene.

Royal County Down Golf Course

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All of which adds up to a region that is definitely worth taking a closer look at.

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Cover Story

Global Corporate Leaders Choose Ohio to Scale Profitability

By Andrew Deye Director of Strategy, JobsOhio

INVESTMENT

Making a decision to locate or expand in the United States can be a difficult one for global corporations.

Fifty different states represent 50 sets of laws, regulations and cultural nuances.

However, the decision is often made easier in Ohio, which has taken a streamlined, client-centric approach to serving corporations.

The foundation of this system is JobsOhio, the state’s innovative, private economic development organization. The organization works within an infrastructure of six regional economic development partners as well as state and local government entities.

Together, JobsOhio and its partners work to connect businesses with funding options, tax incentives, talent, site selection and redevelopment help.

This regional approach is particularly helpful to industries that tend to cluster loosely in distinct regions of Ohio, but also provides a deep bench strength when helping a new business choose the perfect location.

Ohio advantages Ohio has a number of notable benefits that attract business. The state’s economic diversity, infrastructure, millennial talent and Midwestern work ethic are reasons Ohio often rises to the top of a corporation’s site selection shortlist.

Home to the fifth largest concentration of Fortune 500 and Fortune 1000 companies, Ohio presents an opportunity to find customers, partners and suppliers – all in one place.

Companies such as Procter & Gamble, Cardinal Health, Marathon Petroleum, Progressive Insurance and many others contribute to its thriving business ecosystem.

Companies from both the United Kingdom and the United States – home of the world’s leading financial centres – will have an interest in Ohio’s emerging Fintech cluster, which is expanding quickly due to a growing pool of millennials and an ecosystem that gives both domestic and international financial service companies strategic and cost advantages.

Additionally, Ohio offers: • Easy access to customers and supply chains from Ohio’s strategic geographic location • Streamlined regulatory and straightforward compliance processes

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• Low and consistent state taxes that help maximise shareholder value • A customised talent acquisition service and an abundant, well-educated talent pool • An established collection of public and private research institutions, connected to businesses with a statewide, high-speed, broadband network • Customised site-selection support that allows businesses to enter the market quickly • A low cost of living and high quality of life conducive to business growth and recruiting talent • A distinctive Midwestern hospitality that contributes to a collaborative environment UK investments in Ohio Ohio today hosts more than 3,800 international establishments, owned by more than 1,000 foreign companies from 45 countries. Among them are 379 UK establishments employing more than 31,250 individuals – numbers that continue to grow. In fact, the UK is Ohio’s second-largest international investor, ranked only behind Japan.

In recent years, Ohio has welcomed a number of notable investments from UK companies, including: Barclaycard, the payments business of Barclays in the United States, opened a customer contact centre that will create 1,500 jobs.

Scotland-based BrewDog chose central Ohio for its US headquarters and a new brewery, where the company will create more than 100 jobs.

Alexander Mann Solutions, a leading provider of talent acquisition and management services, announced its continued expansion in Cleveland.

Other UK corporate leaders operating in Ohio include Reed Elsevier (LexisNexis), FirstGroup and Dunnhumby, among others.

Doing business with JobsOhio JobsOhio welcomes inquiries from UK companies with US expansion plans. Ohio has an economic development model unlike any other in the US JobsOhio, in collaboration with its partners, can help UK companies find a smooth, soft landing in the US and position themselves for future growth. www.babinc.org

Feature

Wells Fargo Survey Finds,

US Corporates are Optimistic about Brexit

By Michael Schmittlein EVP Head of Global Banking, EMEA, Wells Fargo

BREXIT

According to the annual International Business Indicator (IBI) survey, conducted by Wells Fargo, which measures the global economic outlooks of US Corporates, there was general optimism around Brexit with 68% of respondents not expecting it to impact their business strategies in the UK or Europe in the short term or long term.

Despite macro-economic concerns regarding the execution and final divorce terms of the UK from the European Union (EU), the findings from this survey demonstrate that the UK and Western Europe continue to be important marketplaces for Wells Fargo’s US customers. This is evidenced by more than two-thirds of US business leaders characterizing their business relationships in the UK and Europe as moderately/very important.

Drivers of Optimism Along with the overall positivity around Brexit, which was an underlying factor contributing to the IBI’s record score of 74, US business leaders were bullish about their company’s international growth prospects, with 81% of respondents expecting an increase in international business activity over the next 12 months.

Additional positive drivers worth noting include a strong US dollar (97%); US economic conditions (91%); US regulatory environment (91%); US political stability (88%); the international regulatory environment (81%); international economic conditions (77%); and political stability outside of the US (75%).

Interestingly, the global business confidence of the respondents could be correlated with the sequential rise of the Dow Jones Industrial Average topping the 20,000 mark on 25 January, a few days after the inauguration.

Also, the current administration’s pro-business pledges to revoke or at least diminish Dodd-Frank and revive the traditional energy and manufacturing industries may also have driven confidence.

Wait and See Among the 32% of respondents indicating that Brexit would have somewhat of an impact on their businesses, US Corporates shared their concerns that increased regulation, less favorable taxes, and protectionist trade policies were of primary concern to US companies.

Nevertheless, the UK was viewed as the seventh most important region/country for US businesses and in spite of the potential issues following Brexit, 48% of US

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business leaders said they were taking a “wait and see” approach before devising plans post-Brexit.

Tellingly, 40% of respondents advised that they had started their go forward planning processes in light of Brexit, and 9% were willing to work with the UK and EU separately to ensure continued access to those markets – including Germany, which was recognized as the only European country in the top 5 for international growth hot spots in the survey. Looking outside of Europe, a smaller group of 8% of US Corporates indicated that they would seek alternative markets, as a result of Brexit, and look to Canada, Japan and China.

Trade Pacts As the survey was conducted just after Election Day to just before Inauguration Day, the political rhetoric regarding the current US administration’s protectionist stance on trade was taken into account.

The survey found that 78% of US business leaders were somewhat/very concerned about the growing negative attitudes towards trade agreements during the 2016 Presidential election cycle. After taking office, these concerns were proved valid with the current US administration’s withdrawal from the Trans-Pacific Partnership (TPP) trade pact; the announced desire to renegotiate the North American Free Trade Agreement (NAFTA); and the halt to talks on the Transatlantic Trade and Investment Partnership (TTIP) with the EU. Most saliently, 86% of US business leaders indicated that if important trade pacts failed, this action would have somewhat a great deal of impact on their companies’ international business. With 74% of business leaders feeling that the TTIP was an important trade agreement for their international operations, Western Europe (excluding the UK) was viewed as the third most important region for trade relations according to respondents.

Brexit Uncertainty Essentially, the findings from this survey demonstrate that the UK and Western Europe continue to be important international marketplaces for US business leaders. Even though the survey uncovers concerns around an increasingly protectionist world, alongside the “wait and see” approach that has been adopted by many US Corporates operating in the UK and Europe with regards to regulations and taxes, overall US Corporates were optimistic about Brexit and their growth potential when polled.

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Expansion Plans Create Jobs and Growth

By Emma Gilthorpe Executive Director, Expansion, Heathrow Airport

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TRADE

As Britain’s only hub airport, Heathrow underpins the investment, trade and tourism relationship between the UK and the USA. The Heathrow to JFK service is the busiest long-haul route in the world, serving over 3 million passengers a year. Also, 25 other US airports have a daily connection to Heathrow. And it’s not just passengers who benefit; Heathrow is the UK’s most valuable port, facilitating over £31 billion of trade annually between our two countries.

Heathrow has been at capacity for a decade.

Meanwhile, our competitors across Western Europe – Paris, Frankfurt, Madrid and Amsterdam – have space to grow and are able to attract additional flights to new and existing markets.

Last October the UK Government decided to support the expansion of Heathrow and have recently closed their consultation on a policy document that will set out the framework for expansion. At Heathrow, we have been getting on with delivering our plans.

Another runway will introduce more choice and competition for passengers and double our cargo capacity. It will enable up to 40 new long-haul routes and increased connectivity within Britain so that more of the UK can reach more of the USA, and vice versa.

Expanding Heathrow will also provide a substantial boost to the British economy. Up to 180,000 jobs will be created and 10,000 apprenticeships delivered. But we reject the idea that creating good quality jobs is necessarily in tension with our responsibilities to our community and our planet. This is not a choice between the economy and the environment.

At a time when the political consensus on climate change is being challenged, it is heartening to see British and American companies alike responding.

There has been real corporate leadership on show; recognising the threat to future prosperity and publicly reiterating commitments to drive sustainable change. For our part, two years ago Heathrow became the first airport in the world to sign the Paris Accord which aims to limit global warming to less than 2 degrees. Last year, the aviation industry reached a global agreement on carbon neutral growth. This is something that we had spent a decade campaigning for, alongside British Airways and Virgin Atlantic. And earlier this year, we

announced our aspiration for growth from our new runway to be carbon neutral.

More locally, here in London we face another challenge. Poor air quality is a problem across the capital, primarily a result of diesel road vehicles. By developing plans to ensure that as we expand, we do not put any additional airport-related vehicles on the road, we are playing our part in tackling this.

We’re also committed to using our buying power to drive innovation in this field. We’ve recently launched a new app to enable cargo operators at the airport to consolidate freight journeys in and out of the airport, thereby reducing emissions.

Another example is the Heathrow “pod”. This was the world’s first electric driverless vehicle to be put into commercial use – invented by academics in Bristol and then developed in partnership with Heathrow.

They are zero emission and save around 70,000 bus journeys between Terminal 5, the car parks and hotels every year. They also provide a fun, predictable, high quality way of connecting our T5 business car park with the terminal. We are now working with businesses in Greenwich and the West Midlands to develop a second-generation model which could operate on public roads. These are examples of projects that businesses like Heathrow have the scale and expertise to develop and promote.

This is what corporate leadership means to us: real, tangible solutions. Not only meeting our environmental obligations but working in partnership to exceed them. Which is why we are now developing plans to become a centre of excellence for sustainable aviation.

As we prepare for life outside the European Union, we cannot take the UK’s position in the world economy for granted. We must consciously and deliberately make decisions that will help us remain an outwardlooking, trading nation. Many of our competitive advantages are shared across the Atlantic – our history, our language, our people – but these are undermined if we can’t connect with each other. Our expansion plans will help to deliver the connectivity we need. We will create jobs and growth in both the UK and the USA, and we will do so whilst exceeding our environmental responsibilities.

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Feature

America’s Favourite Steakhouse & the Journey Across the Pond

By Nathan Evans

INVESTMENT

Operations Director, Smith & Wollensky

Ever since Smith & Wollensky’s original 1977 restaurant on 3rd Avenue & 49th was described by the New York Times as “A Steakhouse to end all arguments” it has well and truly earned its stripes among the often bluntly critical New York diners.

A roll-out to other major cities came with hugely successful businesses in Chicago, Miami, Las Vegas, Boston and Washington to name a few. But it took 38 years for the steakhouse to make it out of America, when finally in 2015 the first S&W opened in London.

There were many challenges, not least supply chain.

The core of Smith & Wollensky’s offer has always been the quality of the steak and that means USDA Prime grade only from the Midwest, dry aged and butchered on site at the restaurant, allowing true field to fork traceability and quality control.

The 8,000 kilometer land and sea journey is a small part of the complicated process of getting beef from our Greater Omaha Packing partners to the London consumer.

Firstly in our process, we only purchase Prime grade beef that on average only 3 out of 100 cows are capable of delivering. As the amount of Prime fluctuates based on time of the year, demand in the market and cost of feed, prices can vary significantly.

The second major challenge is the quota for US beef imports into Europe. Following the Memorandum of Understanding agreed between the USA and the European Union in May 2009, a quota of 20,000 tonnes per annum of High Quality Beef can be exported from the USA to Europe, duty free, provided it is hormone free. This quota was expanded to 48,200 tonnes in August 2012 and included 3,200 tonnes allocated to Canada

Greater Omaha Packing back in 1920 when it began

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As hormones are widely used in the US beef industry, the cost implications of rearing without hormones to achieve EU accreditation adds time to the rearing, which again impacts price. As so few of the US beef producers are accredited ‘hormone free’ it means the choice of suppliers for our London store is also restricted to a handful. www.babinc.org

The difficulty of landing beef directly into the UK is our next hurdle.

Rotterdam in Holland has become the main route to the market, which in part is due to Holland’s meat processing industry which has over 100 companies turning over €1 billion per annum. As it is mainland Europe that consumes the lion’s share of USDA beef imports, it is Rotterdam that has become the conduit for product.

Therefore, it was imperative that a European meat partner was found, with the logistical and legal experience to assist S&W with its supply chain.

That partner was Albers based in Düsseldorf. Frank Albers is a small player in European beef terms, dwarfed by ‘Tyson’, ‘Nice-to-Meat’ and ‘Zandberg’.

But as the sole owner, Frank was able to take a more pragmatic approach to a partnership with S&W. Beef is collected from the port, paperwork is completed, the product is inspected and delivery to the restaurant in London is made. All with the usual German efficiency and attention to detail.

Frank issues his invoices in Euros and here lies our final challenge – FX. www.babinc.org

The biggest threat to our entire business comes from Brexit. While manufacturers have on the whole seen business improve through the weakness of the pound, the opposite is true for operators like S&W who rely so heavily on imports.

Nothing demonstrates this more clearly than the example of a pre-Brexit order of 1.5 metric tonnes last June. Following the shock referendum vote and the subsequent fall in sterling, £7,000 was lost by the time the bill was paid after 30 days credit. The continued uncertainty in markets, not only through the doubt over our future relationship with Europe, but more recently the hung parliament have resulted in diminished returns.

Many businesses would re-address their business model to rely more upon domestic beef, but as a bastion of USDA Prime in London we must hold firm on our commitment to our USP. As Britain looks outwards to forge new global partnerships, the time has arrived for new trading arrangements that will see USDA beef arrive directly on Britain’s shores, reducing both the distance to market, the carbon footprint and the reliance on the middle men.

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Feature

Making Flying Enjoyable in the Technological Age

By Corneel Koster Senior Vice President Europe, Middle East, Africa and India at Delta Air Lines

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AVIATION Since starting life as a humble crop-dusting company in 1924, Delta has become one of the world’s biggest carriers taking care of more than 180 million passengers each year. Success on this scale, and in such a competitive environment, demands continuous change and investment. As Delta looks forward, the airline is putting billions of dollars into delivering an innovative customer experience that puts the enjoyment back into flying.

As well as growing its network, the airline is enhancing in-flight services, modernizing cabins and providing free in-seat entertainment for every passenger. Delta is investing heavily in technology and striving to deliver greater reliability – the airline notched-up 241 days in 2016 without a mainline cancellation.

One of the latest initiatives is RFID tracking – a first for a US airline. At check-in a Radio Frequency Identification (RFID) tag is attached to luggage and automatically scanned at set points throughout the journey, with push notifications on the Fly Delta app showing the last scanned location. The technology is fast rolling out across the Delta system in the US and will eventually be available across 344 locations, including the UK. In today’s ‘always on’ society, Wi-Fi is something that people expect everywhere – even in the sky. With more than 1,000 Wi-Fi enabled aircraft, customers can stay connected at 30,000 feet. Delta’s entire international fleet and a growing number of domestic aircraft feature Gogo’s high-speed Ku-Band satellite technology, allowing passengers to catch up on email, surf the web, log-in to intranets and more.

On the ground, Delta is investing in infrastructure at its major hubs to create world-class facilities. In May of this year, Delta completed the most challenging terminal move in commercial aviation history – shifting its hub operations from Los Angeles International Airport’s Terminals 5 and 6 to 2 and 3. The move was the first step towards the Delta Sky Way at LAX, a $1.9 billion plan to modernize and connect Terminals 2, 3 and the Tom Bradley International Terminal over the next seven years.

Billion-dollar investments in Atlanta and New YorkJFK hubs have created state-of-the-art international terminals, with facilities including Sky Clubs featuring outdoor Sky Decks. Meanwhile, programs such as TSA Precheck, which is also available to eligible Virgin Atlantic passengers, a partnership with CLEAR to trial biometric technology and new boarding procedures offer a smoother on-the-ground experience.

Fleet investment is another priority. Delta takes delivery of its first A350-900 aircraft later this year and is renewing its domestic and international fleet with more fuel-efficient and quieter planes including A330-900 neos, Airbus A321s and Boeing 737-900ERs. The A350 is the launch aircraft for two new onboard cabins: the Delta One Suite, the world’s first all-suite business class; and Delta Premium Select, a premium experience available on select international routes.

Delta’s goal to become the number one US carrier in the UK means it is always looking for ways to offer more destinations and convenient schedules, as well as an enhanced in-flight experience. London was the first city in the airline’s transatlantic network to feature 180-degree flat-bed seating on every flight. Other investments in onboard service include chef-curated menus and a premium wine selection exclusive to London Heathrow routes, plus a host of high-end amenities.

In May, Delta launched a new seasonal service between London Heathrow and Portland, Oregon.

The first and only direct service to and from the UK, it will operate four-times weekly. Delta also launched a seasonal nonstop daily service from Glasgow to JFK, complementing its existing Edinburgh flight. This brings Delta’s network to 13 daily nonstop flights to 8 US destinations from the UK during the summer season. With Virgin Atlantic, the airline offers up to 39 daily flights to destinations across the US from six UK airports.

While delivering innovative products and services, Delta is also investing in the communities it serves around the world, donating 1% of its annual profits to good causes. In the UK, Delta is partnering with a number of charitable organisations including the Prince’s Trust, Great Ormond Street Hospital Children’s Charity, The Trussell Trust, Young Enterprise and The British Red Cross. Meanwhile, Delta’s sponsorship of The National Theatre and The Donmar Warehouse is helping to make the arts more affordable and accessible for thousands of young people. Delta is also the Official Airline at this year’s Pride in London and will join the celebration of diversity in July with partner, Virgin Atlantic.

By looking forward and investing in every aspect of the travel experience, Delta is setting industry standards: offering customers a reliable, innovative and enjoyable experience whenever they fly.

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Feature

Open for Business Maurice von Bertele Partner, Corporate & Business Services, Buzzacott

Liam McKeevor Senior Manager, Corporate & Business Services, Buzzacott

TRADE & INVESTMENT For many years, the UK has held the top spot as the European destination for foreign direct investment.

Is this set to change in the face of the UK’s decision to leave the EU? As the world’s fifth largest economy, the UK has long been a popular destination for foreign investment. Its proximity to continental Europe, skilled workforce and business-friendly tax climate attract investors. Moreover, the UK has one of the most established judicial systems worldwide, a key consideration for overseas business.

And significantly, English remains the preferred language for international business.

The UK’s popularity seemed unquestionable, but after the Brexit vote last year and the further political uncertainty created by the recent general election, what does the future hold for foreign investment?

Doubtless there will be significant implications for the tax environment as we make moves to leave the EU, but the UK remains an attractive place to do business. Let’s explore why.

The dwindling tax burden Wherever a business looks to set up a new site, tax burden will always be one of the most important factors to consider. In 2010 corporation tax stood at 28%; currently it’s at 19% and by 2020 the plan is to bring it down to 17%, among the lowest in the G20.

In recent years, changes to our domestic laws have made the UK a desirable place for setting up a holding company. Most dividends received by a UK holding company are exempt from corporation tax. And where the conditions are met, UK holding companies are able to dispose of trading subsidiaries tax free. Furthermore, there is no withholding tax on dividends paid by UK companies, meaning that often dividends or gains realised from subsidiary operations may be paid up to their owners free of UK tax.

Leaving the EU will likely result in our removal from the European Directives that enable interest, royalties and dividends between member states to be paid free of withholding tax. But the UK has one of the world’s widest network of tax treaties, meaning companies will continue to receive interest, royalties and dividends from overseas subsidiaries with no or low levels of withholding tax.

Relief schemes A number of generous schemes providing tax relief are also encouraging investment in the UK, including:

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• Tax credits and enhanced deductions for companies incurring expenditure on Research & Development (R&D); • A reduced 10% tax rate for UK companies receiving income from patents under the Patent Box regime • Tax credits for companies operating in creative industries (including film, TV, video games and theatres).

Impact of the 2017 general election result The general election resulted in no party winning a parliamentary majority. At the time of writing, the Conservatives are expected to remain the governing party, forming a minority Government with parliamentary support from the Democratic Unionist Party.

Minority governments, while uncommon in the UK, have historically been short-lived. This creates the potential for another general election, increasing political uncertainty. What could be the impact?

In the short-term, we expect Finance Bill changes that were put on hold until after the general election to be reintroduced. The planned reduction in the corporation tax rate to 17% by 2020 is already legislated. However, further reductions in corporation tax or significant business tax reforms are less likely due to political opposition.

A further election could result in a change in government. The main opposition, the Labour Party propose significant increases in personal and business taxes as well as major increases in public spending, including increased spending on healthcare and scrapping tuition fees. Labour’s tax plans specifically target large businesses and wealthy individuals. Plans include an increase in the corporation tax rate to 26% and to raise income taxes on those earning over £80,000 – such policies represent a significant departure from current Government policy of lower business taxes to encourage investment.

Looking ahead A minority government keeps open the prospect of fresh elections, which together with developments in the UK’s post-Brexit tax environment, creates uncertainty and risks but also presents new opportunities.

As Brexit unfolds, the Government will be keen to demonstrate that the UK remains open for business, emphasising the UK’s continued advantages and numerous tax incentives implemented in recent years to encourage businesses to set up in the UK.

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Feature

What You Don’t Know Can Cost You Dearly

By Kelsey Froehlich

INSIGHT

Partner, Mintz Group

While emerging markets offer attractive investment opportunities, failure to conduct sophisticated due diligence can cost investors dearly. Failure to identify concerns before an investment is made leaves investors vulnerable to regulatory and legal action, and tarnished reputations. Although effective due diligence can cost substantial time and money, especially with complicated and multi-jurisdictional corporate structures, it helps investors make the right business decision, and avoid costly mistakes.

Unveiling Ultimate Beneficial Owners Recent scandals have increased public awareness about shell companies’ money laundering, evading taxes and financing terrorism. Failure to identify an entity’s ultimate beneficial owner (“UBO”) in a deal structure opens investors to the legal risk of unknowingly doing business with a sanctioned party, or making ostensible bribes to a government-exposed entity. Many companies have found themselves on the wrong side of public opinion after doing business with entities in which the UBO is later revealed to be persona non-grata.

Recently, a European business reached a sizable settlement with authorities after its Asian subsidiary failed to conduct sufficient due diligence on an acquisition target. The beneficial owner of a Cypriot company in the holding structure was later revealed to be tied to a local public official. While the board asked the right questions about the commercial viability of the acquisition, the pre-deal due diligence was not sophisticated enough to find the government interest hidden in the holding structure. Authorities took a dim view of the “off-the-shelf” investigation, only doing the minimum – unsuccessfully – to satisfy regulatory requirements.

Supply Chain Risk Reputational issues can have a massive impact on revenue and brand value. Investors should holistically asses an acquisition target and all associated entities that present potential reputational risk, including third parties and supply chain actors. Thorough assessments of the supply chain may reveal human rights violations, environmental concerns and labour issues.

In 2015, the United Kingdom introduced The Modern Slavery Act, which requires British companies to 18

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ensure that their “supply chains are free from human trafficking and slavery.” When the potential acquisition includes a complex supply chain structure, the due diligence investigation should include steps such as site visits, local newspaper screening, and product origin identification.

Data Overload Although Google may make some investors question the need for detailed due diligence investigations, the exponential increase of accessible data makes experts’ assessment even more crucial. Finding relevant results amongst thousands from Google requires sophistication and local knowledge. A Google search will not identify information in local social networking sites or indices of legal and corporate filings or analyse data for relevance and context.

Effective due diligence arms investors with the right information and context to allow deals to advance with the right contractual provisions to deal with identified risks. Furthermore, ruling out false matches helps investors progress deals which may have been inaccurately flagged.

Boots on the Ground While reviewing public records is a necessary first step to identify potential red flags, understanding the reputation of a target company and its principals is particularly important in opaque jurisdictions. Where the press is state-influenced, a media or internet search will provide little information or an overly-biased account.

Recently the partial lifting of the international sanctions against Iran has offered promising investment opportunities. However, investors still need to exercise caution regarding affiliations with the Islamic Revolutionary Guards Corps, which remains under sanction and deeply ingrained in the economic tissue of Iran. Detailed investigations, including speaking to local contacts, are essential given the lack of transparency in public records and local media.

Sophisticated due diligence investigations arms investors and compliance professionals with the information needed to make sound business decisions.

Knowing how to navigate, gather and analyse this information is key because what you don’t know can cost you dearly. www.babinc.org

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American Airlines Invests and Improves on Customer Experience INVESTMENT

American Airlines knows a thing or two about crossing the Atlantic. As the world’s largest Airline, American operates up to 30 flights a day to the United States from London Heathrow, Manchester, Edinburgh, Glasgow, Dublin and Shannon. When coupled with American’s transatlantic joint business partner, British Airways, the number and frequency of flights between the two countries grows further.

Critically for business travelers, American’s network from the UK provides connections across the Americas and into Asia from our nine US hubs. At our peak, American operates up to 6,700 flights a day to nearly 350 destinations in more than 50 countries – now that’s a lot of flights!

However, the size of our network isn’t everything, as the saying goes, and so American is investing $3billion in elevating the travel experience for our customers, both on the ground and in the air.

Beginning with our inflight product, in 2016 American took delivery of 84 new aircrafts with a further 69 expected in 2017 – that works out to an average of one new plane every five days. We are also retrofitting our existing fleet with Wi-Fi, power ports, refreshing cabins and improved seating. From London for instance, American and British Airways combined fly 60,000 flat beds a week to the US, an enticing figure for business travelers flying these key routes.

We are also expanding and enhancing our lounge offerings at home and internationally. Last summer, American revamped its Flagship Arrivals Lounge at London Heathrow, the only lounge of its kind in American’s network. Awaiting customers are 29 shower suites with a shirt pressing service, à la carte dining, a conference room and a host of other facilities.

On the other side of the pond, on May 25th, American opened its new Flagship First and Flagship Lounge in New York John F. Kennedy Airport.

Here, customers on qualifying international and transcontinental itineraries can start their journey with Flagship First Check-In, an exclusive check-

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in area in JFK’s terminal 8, allowing for speedy and stress-free access to the Flagship Lounge.

Enhancements such as these are part of an ongoing $200million lounge refreshment program taking place across our network.

These investments are testament to the level of confidence in our brand, and indeed the aviation industry as a whole. During 2016, American received $1billion backing from Warren Buffet’s investment firm Berkshire Hathaway. Mr. Buffet, one of the world’s most successful investors famously remarked in 2008 “If a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a large favor by shooting Orville down.” Fortunately, it appears Mr. Buffet may have changed his mind!

Indeed, looking at our recently published May traffic results, American Airlines Group’s total revenue passenger miles (RPMs) were a record 19.9 billion, up 2.6 percent versus May 2016. If we consider capacity, May 2017 saw a 2.3 percent increase in available seat miles, taking the Company’s total capacity to 24.3 billion with a passenger load factor of 82.1 percent.

Investment, however, is only one piece of the puzzle.

Improving customer service, building efficiencies and planning. For the future requires people, and the right ones. Of American’s 120,000 colleagues, more than 800 of those are based in the U.K spread across our operations in London, Liverpool, Manchester, Scotland and Ireland. Thanks to the hard work and dedication of these team members across the globe, American was recently named ‘2017 Airline of the Year ’ by Air Transport World, an award that American hasn’t won for almost 30 years. ATW commended American on the flawless integration between US Airways and American, despite it being the largest, most complex airline merger in history.

There is of course always more work to do as we strive to become not only the world’s largest but also the world’s greatest airline but it is truly exciting times to be working for, and travelling with American Airlines.

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Feature

Doing Good is Good for Business

By Tony Matharu Chairman, Asian Business Association (London Chamber of Commerce) Managing Director, Grange Hotels Vice President, Oracle Head & Neck Cancer Research Trust Chairman, Lord’s Taverners (London City Region) Chairman, Indian Ocean Disaster Relief

INSIGHT

You’ve just taken over as the new Chairman of the London Chamber of Commerce’s Asian Business Association. Can you see any synergies between the ABA and the BAB? Whilst it’s very early days and I’m still learning it is evident that the ‘connect -influence-support’ agenda of the ABA, and more widely in the London Chamber of Commerce, resonates with the networking, trade enhancing and advocacy work BAB encourages and provides to its members.

Your company has a partnership with LCC and BAB. Why? I’m an advocate of any partnerships between different organisations where individual benefits can derive from collective action, and both the ABA and the BAB aim to drive opportunities through a collaborative approach. Our business is able to reach further and to be a contributor to change in a way that would be impossible without such partnerships.

Can you give me some other examples of where this has worked or where you see this might work?

There are far too many instances to recount here, but from my own businesses point of view my company was the first in our sector to establish a specialist partnerships team. I practice what I preach. I’ve always believed in business as a series of relationships rather than deals or transactions. Partnerships by definition are designed to enable mutual benefit, with common purpose and reasons for understanding at the core.

We partner with the broadest range of organisations – from trade organisations and associations to venues, retailers, media outlets, festivals and many more – adding value to their offer and providing value to their members, visitors or consumers.

You signed a letter with 1280 senior business leaders favouring a ‘remain’ vote in the referendum, what are your thoughts on the future of business a year on from the vote?

I must emphasise that my opinion over the remain vote not made as the Chairman of the ABA or as the Managing Director of the Grange Hotels Group or in any other official capacity with any other organisations with which I am connected, but was a personal

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opinion. My fears at that time are the same as they are today. Things were uncertain. Uncertainty is bad for business. And it was obvious to me that no one knew nor could they predict the consequences of whatever exit the nation might take. My view, and I think it was a common view from a London perspective, is that we need to keep “London open” to investors, workers and visitors; all of whom make substantial positive contribution to the UK economy and nothing should be done to impair that. The London Mayor’s campaign of London’s Open recognises this. Specifically in my sector the hospitality industry has been repeatedly articulating its concerns to not impose damaging restrictions on migration or trade. The hospitality industry is Britain’s fourth largest industry, representing £143 billion, employing 4.5 million people across the country. Over the last five years we’ve created one in five new jobs. Apart from employing nearly 700,000 people from the European Union we are often the first point of contact for business and other visitors and investors. Nothing should be accepted which may jeopardise this. The departure of EU migrants which we are already experiencing is economically detrimental, given that they contribute much more than they take. The recent statistics that registrations from the European Union for applicants for nursing which state a drop of 95% is frightening.

What would you like to see?

It strikes me that a regional visa system will be an absolute requirement to address localised demand for labour and to respond to regional skills shortages.

96% of our EU workers would not qualify for a current UK work permit. Uncertainty in relation to tax, regulation and jurisdiction are all unhealthy and bad for the UK economy. There are some possible upsides if, for example, the government attempted to enhance our competitive edge. UK VAT on tourism is double the average in the EU and our tourism taxes are the second highest in the world. If VAT was brought into line with the EU that would remove one obstacle to our competitive journey. The issues with Passporting in the financial sector and the retention of London as the premier centre for financial services are central to the negotiations on a potential Brexit. www.babinc.org

As to the future who knows? The ‘remain’ voters would now win if a new Brexit vote was held tomorrow and I understand that 58% of those who voted ‘leave’ would now be prepared to pay to keep their own European Union citizenship. Such is the contradiction, confusion and paradox. As we become better informed we better understand the potential negative impacts of Brexit without seeing any implementable benefits. In any event if it happens it will be led by 27 European countries each with their own agenda and a common purpose to provide the collective benefits I described earlier. There is growing opinion that Brexit could be an error or simply too complex to implement. This is a view I share.

And to the future?

I hope that instead of taking an isolationist inward -looking approach we look at increased opportunities elsewhere. In Asia for example, with the ABA at the forefront of negotiations, and with the US, with the BAB enhancing the special relationship the UK has with the US. Currently over a million British citizens go to work for a US company in England and if we are able to increase trade and investment between our two countries this will be a good thing.

And those numbers might grow. Firstly we need to stop those who are here from thinking about relocating elsewhere.

You’re on the board of so many organisations and are known for your contribution to others. Is doing good, good for business?

Yes, absolutely. I think that this is now widely recognised. The outdated short-term approach to value creation is waning. Even in times of austerity the narrow, short-term financial performance motive which ignores broader influences that will harm longterm success are now diminishing. This relates back to what I said earlier about partnership where shared value is a way of achieving

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success. Relationships and community are more important than single deals or transactions. Companies are realising that they cannot overlook the well-being of their customers. They are examining their supply chain and taking heed of the depletion of natural resources. And these now form part of their decisionmaking processes. Economic value should be bound up in creating value for the society in which a business operates, not just by local and state taxation. The concept of shared value can increase productivity and expand markets. Even our political leaders have recognised that there is a clear relationship with overseas aid, security and defence and trade. So doing good works on a micro and macro level. Better educated, richer neighbours contribute to a safer world, increased understanding and expanded markets for our goods and services.

But your interests are so diverse, from sports to film and theatre and the arts to international development and medical research. How do these fit in?

We do not exist in a vacuum. All our families and friends use sports clubs, watch films, go to theatres and galleries and we all benefit from medical research. We are all richer for the existence of these organisations who add to our standard of living. Sometimes they need our support in whichever form it takes.

If we have the opportunity and can help individually or corporately, then we should, whether it’s time, resources or expertise.

What’s your next project?

Other than continuing to be actively involved in my own business I hope to move the Asian Business Association forward. Separately I want to build a community, welfare and vocational training centre in post-earthquake Nepal. There’s a lot to be done in Nepal and I’d like to devote more time to projects there.

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Fifteen miles south of Washington D.C., on the banks of the Potomac River sits Mount Vernon: the home of George and Martha Washington. The house began as a modest, one and one-half story farmhouse built in 1735 by George Washington’s father, Augustine. George acquired Mount Vernon in 1754, and over the next 45 years slowly enlarged the dwelling to create the stunning 21-room residence we see today. Washington personally supervised every aspect of the renovations – even during the Revolutionary War. He also oversaw all aspect of Mount Vernon’s beautiful landscapes and the five farms that comprised his 8,000 acre plantation. Washington himself wrote, “no estate in United America is more pleasantly situated than this.”

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George Washington’s Mount Vernon US HISTORY

By the mid-1800s, Mount Vernon had fallen into disrepair. John Augustine Washington III, the great-grandnephew of George Washington, decided to sell the estate to the Mount Vernon Ladies’ Association (MVLA). Founded in 1853 by Ann Pamela Cunningham, the MVLA is America’s first national historic preservation organization. After raising $200,000, the MVLA purchased the Mansion and 200 acres in 1858 and opened the estate to the public in 1860. Since then, the estate has welcomed presidents, royalty, world leaders, and celebrities, as well as soldiers, veterans, families, and schoolchildren from around the world. Mount Vernon welcomes more than one million guests annually, making it the most visited historic home in the United States.

In addition to the historic estate, the MVLA owns and operates the Fred W. Smith National Library for the Study of George Washington, located at Mount Vernon. The Washington Library, which opened in 2013, houses documents and manuscripts from the founding era, including many letters in George Washington’s hand. The Library has rapidly become the leading center for Washington and MVLA scholarship, welcoming educators and historians from around the world to study the rich collection.

will uncover new information about North American history and the transatlantic worlds of politics, trade, science, and religion.

Through this important alliance, the Washington Library will help cultivate fresh insights into this defining period in American and British history. Both the Washington Library at Mount Vernon and the Archives at Windsor boast rich collections that shed light on the period in which Washington’s life intersected with the life of King George III, who ruled Britain at the time of the American Revolution.

Although the two leaders never met, few men influenced each other’s lives more than these two.

To support the important work of bringing these yet-unseen stories to life, scholars representing both the Washington Library and King’s College London were chosen for reciprocal fellowships beginning in 2016. Dr. Bruce Ragsdale was the first recipient of the Georgian Papers Fellowship, which is funded through the generous support of The Amanda and Greg Gregory Family Fund. He spent one month in-residence at Mount Vernon and two months in London at Windsor Castle researching the connections between agricultural improvement projects of George Washington and George III. Flora Fraser has been named as the 2017 Georgian Papers Fellow.

In order to foster scholarly research on the Founding Era both in the United States and abroad, the Washington Library partnered with King’s College London to support the Georgian Papers Programme. Established in 2015, The Georgian Papers Programme is a collaboration between King’s College London and the Royal Collection Trust, the charitable arm of the Royal Household responsible for the royal family’s most significant artifacts and properties. The five-year project will build an open online collection of nearly 350,000 digitized items from the Royal Archives located at Windsor Castle. By making this collection available to scholars throughout the world, this project will transform research and understanding of the Georgian period and its global impact.

The collection contains royal household ledgers, maps, and correspondences that span the long eighteenth century and includes the papers of the Georgian Monarchs. Astonishingly, nearly 85 percent of these items have never been examined by scholars, ensuring that as the records are digitized and analyzed, researchers www.babinc.org

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Feature

How should Brexit Impact Investment Decisions?

By Carl Thomson

ELECTION

Director, Interel Group

The UK’s decision to leave the European Union following last year’s referendum was one of the most transformative political events in recent times, surpassing the election of President Trump in terms of its long-term impact on international relations and the global economy.

Advocates of Brexit point to the opportunities that leaving the Single Market and Customs Union will bring in terms of the UK being able to negotiate its own bilateral trade deals and shape a legislative and policy framework that will make the country more attractive for jobs and investment.

However, even the staunchest Brexit campaigner will admit that the vote to leave the EU has created significant uncertainty, including for businesses who have relied on the UK as a base for selling into the wider European market.

Indeed, the talks to settle the terms of the UK’s departure and the scope of our future trading relationship look set to be some of the most complex and detailed ever undertaken.

Businesses will doubtless be spooked by some of the heated rhetoric and alarmist stories that have emerged about the likely impact of Brexit, and there are important decisions that will need to be agreed quickly if we are to avoid a cliff edge scenario and the prospect of legal ambiguity.

At the same time, the UK economy has held up considerably well, confounding the predictions of those who warned that a vote to leave the EU would prompt an immediate loss of investor confidence and usher in a recession. Even the potential loss of passporting rights, once held up as the worst possible outcome for the financial services sector, now seems to have been grudgingly accepted by the City.

Businesses will adapt and survive. There are, however, things that investors should bear in mind when planning for the different scenarios that could arise following the conclusion of the negotiations, which must be completed in time for ratification towards the end of next year.

First, it is important to look beyond the outlandish statements made by those who have little say in the 24

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negotiations. The British press will make all kind of outrageous demands – and will be the first to put the worst possible spin on any compromise that the Government may have to make – but their influence is not as great as is often made out.

Likewise, certain dispossessed Members of the European Parliament may call for the harshest possible settlement to punish Britain for walking away from the European project, but the discussions that matter are being run by serious and grown up people with an interest in ensuring the minimum possible economic disruption on both sides.

Secondly, it is important that businesses have a reliable and informed source of political intelligence embedded into their strategic planning.

Once the negotiations commence in detail, there will be important conversations about very nuanced or industry specific policy areas that may not receive widespread attention.

Businesses need to know what discussions are happening, when they are happening, who is involved, and what the likely outcome is likely to be for the sectors in which they are operating. They also need to understand how external political events may shape the priorities of those who are negotiating on their behalf.

Finally, it is important for businesses to use the window of opportunity to communicate their concerns to the Government and influence the UK’s negotiating position.

If there is a part of EU legislation which is crucial to the successful functioning of your industry, or aspects of the talks which are important to your business but have been overlooked, now is the time to make your voice heard.

The Department for Exiting the EU and the Department for International Trade have been open to meetings with businesses to understand their concerns. US companies should not assume they will be shut out of these discussions, particularly given the importance the Government has placed on attracting continued investment from non-EU countries. www.babinc.org

Industry Insight

EMPLOYERS

By Yvonne Smyth

Group Head of Diversity, Hays

Are Organisations doing Enough to Provide employees with the Positive Career Experience they Crave?

The UK workforce is not getting the positive career experience they desire according to the new Hays What Workers Want Report 2017. The report, which includes responses from over 13,600 workers, highlights the main factors that influence an individual’s decision to stay in a job or accept a new one.

A competitive salary in isolation isn’t enough The report revealed that employees expect more than just a competitive salary and although pay remains top priority, it’s important that employers are aware of just how influential other factors are. Our research revealed that culture, career progression and benefits make up 55% of the decision making process for an individual, when considering whether to stay with their current employer or accept a new job elsewhere.

Culture was rated the second most important factor and 58% of respondents said they would take a pay cut of up to 10% to work for an organisation that offered a more diverse, inclusive and engaging culture. 31% of respondents also deemed the existence of diversity policies as an important consideration, highlighting a need for employers to continue to design and deliver programmes and activities which support increased diversity in the workplace and a spirit of greater inclusion.

The demographics of the workforce have changed, which means that employers need to offer a package which is flexible enough in the elements it offers, to keep current employees engaged and attract top talent. By way of example, different generations hold different motivations when it comes to aspects of pay. Three-quarters of Generation Z said they are motivated by bonuses while over half of Generation X and Baby Boomers said bonuses either have no impact on their career choices or are demotivating.

Another key finding is that professionals want training and development opportunities and 39% said they would turn down a job if no training or development is offered. It is clear that employers need to do more, as less than 40% of respondents say they currently receive training.

Employers must look for ways over and beyond offering a competitive salary to nurture ambitious talent and provide the positive career experience their employees want. Effectively communicating workplace culture, professional and personal development opportunities and benefits during the interview process will help employers attract the best person for the job and continued communication of these factors will help to retain highly ambitious professionals.

Pro Bono Programme is a Win-Win LEGAL

By Avnee Thakrar Senior Legal Adviser, 3M United Kingdom

www.babinc.org

Over the past four years, 3M’s International Legal Pro Bono programme has grown from 25 volunteers to more than 100 lawyers, paralegals, legal assistants and other legal, compliance and government affairs professionals.

The goals of the small, but dedicated team of International 3M lawyers are to increase this number still further, to advocate for the rights of in-house lawyers to perform pro bono in countries where regulators do not grant this right, while at the same time helping to inspire other companies’ in-house legal teams to follow suit.

A desire to continue to develop legal pro bono work has been a steady drumbeat within 3M’s Legal Affairs team for some years. The programme first began in the USA, where legal aid is generally not available, and it is now growing steadily in the UK, Australia, Brazil, Mexico, Germany and, most recently, China.

For 3M, the programme is a clear win-win. At the heart of the programme is a deep rooted desire to give real value back to the communities in which the company operates, but additionally, those taking part also gain benefit from effective and long-lasting team-building within their own organisation and from the relationships they create with external partners in their respective countries.

All of those involved in delivering the programme strongly believe that everyone should have access to legal advice regardless of their ability to afford to pay for it.

3M legal advisers act in their own personal capacity when providing their expertise. However, they do so with the full support of the company’s global Legal Affairs function and as part of the company’s Corporate Social Responsibility platform, 3Mgives, which has a mission to “improve every life through innovative giving in education, community and the environment.”

In the UK, our pro bono programme is now in its third year. As corporate, intellectual property and compliance lawyers, we specialise primarily in commercial legal issues and our programme has been focused on advising social enterprises – organisations with a social aim that governs their businesses.

The most recent workshop was hosted by 3M with lawyers from Hogan Lovells, Dell Corporation, HewlettPackard Enterprise and Philips Electronics UK joining with our team to advise social enterprises.

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Policy

Across the Pond

Bringing Transatlantic Trade and Investment to Life Emanuel Adam

TRADE & INVESTMENT

Director of Policy and Trade eadam@babinc.org Follow Policy on Twitter @BABPolicy

There is a general agreement among experts that trade and investment contribute to growth and prosperity, especially in advanced economies such as the UK and the US. Our two countries share a long history of trading and investing with each other, as well as other parts of the word. Trade and investment brings new products, innovations, services and data to consumers and producers; and most importantly it brings jobs and money to local economies.

Contrastingly, it is also no secret that the connotations accompanying trade and investment have been rather negative in recent years. This is partially due to leading debates on the subject under representing how trade and investment will speed up our economies’ shift towards a knowledge economy, the benefits that this will bring to workers, and how trade and investment can work alongside and contribute to the goal to create a sustainable and fair world. The debates also fail to adequately capture how we as a globalized nation are already an integral part of a trade and investment fabric; we often unconsciously benefit from this globalized economic interaction every day, whether it be as a consumer or worker.

This is why we are excited that BritishAmerican Business has joined other leading transatlantic business organisations in the effort to close the gap in the debates. We are doing this by launching an initiative that brings the value and the stories behind trade and investment to life.

Were you aware that the bicycles thousands of New Yorkers ride to work every day are being hand-crafted in London? That over 2,600 people in the US work for a leading British telecommunications firm? Or that Rugby has become so popular that over 115,000 Americans have registered as players?

Over the past eight months, in collaboration with the British Embassy in Washington D.C., BritishAmerican Business has gathered transatlantic trade and investment success stories from British and American 26

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ACROSS THE POND American Trade & Investment Success Stories

in the

UK

companies. Their stories are featured in two ‘Across the Pond’ publications, the first one which was launched in July 2017 in London.

We feature an array of companies from large corporations that established themselves across the pond decades ago to those who have just arrived, as well as those whose products make their way across the Atlantic to reach their customers.

These stories provide a snapshot of the thousands of American and British businesses active in the UK-US trade and investment space, and showcase for UK and US policy makers the importance of transatlantic trade and investment as both countries re-define their role in global trade and investment and with each other. The publication also demonstrates the tangible impact trade and investment can have for local communities – beyond plain economic indicators. And finally, they are proof that trade and investment can work to the benefit of a company’s own growth plan. With that, we look forward to the next transatlantic success story! www.babinc.org

Event Highlights

LONDON

Women’s Network Series: Authentic Leadership At BAB’s Women’s Network Series, attendees heard from our three distinguished speakers, Mary Meaney, Henriette Bergh and Maggie Buggie. The women spoke about their experiences and what they believe it means to be an authentic leader.

Spring Reception BAB’s Annual Spring Reception was a well-attended event hosted by Chelsea Football Club’s Stamford Bridge venue and sponsored by Delta Air Lines.

www.babinc.org

TAG Talk BAB launched our TAG Talk series with Allyson StewartAllen, who spoke about her experience of doing business in the US compared to the UK.

CSR Dinner The 2017 BAB Citizenship Awards honoured Douglas Flint, Arthur O. Sulzberger Jr., and Kate Robertson.

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Event Highlights

NEW YORK

(From Left) Wendy Mendenhall, BritishAmerican Business’ Managing Director, New York, together with Dan Kramer of BNY Mellon, Laurie Ledford of Marsh and McLennan companies, Kyle Schoppman of CBRE, Peter Warwick of Thomson Reuters and Wade Davis of YSC at the launch of the new Diversity and Inclusion series, The Stir, sponsored by YSC and United Airlines, and hosted by CBRE.

Managing Director, YSC, Eric Pliner, addresses a packed pub at New York’s Spring Pub Quiz – “Think You’re Clever?” held in April.

Panelists from Reuters Breakingviews, Teneo Intelligence and Alston & Bird provided an “over the horizon” look at how the resurgence of popular nationalism and protectionism around the world is shaping the future of regional institutions, impacting trade and human rights and combating cybercrime at New York’s Washington Insight program in April, sponsored by Alston & Bird.

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www.babinc.org

Events Calendar

LONDON

July 2017 Across the Pond Launch Thursday 13 July 2017 8.30am – 10.30am

October 2017 Summer Reception with Charge d’Affaires a.i.

Lewis Lukens Tuesday 18 July 6pm – 8pm 8.30am – 10.30am

September 2017

Vice Chairman’s Lunch Wednesday 22 November 2017 12.30pm – 2.30pm

Annual Gala Dinner Tuesday 19 September 2017 7pm – 10pm One Great George Street

December 2017 Chairman’s Lunch Thursday 12 October 2017 12.30pm – 2.30pm

Annual Christmas Luncheon Tuesday 5 December 12pm – 3pm

Women’s Conference 2017 Wednesday 1 November 2017 8am – 2.30pm Co-Sponsored by United Hosted by the University of Chicago Booth School of Business

Bringing the Men to the Table Wednesday 6 December 2017 6pm – 8.30pm Sponsored by Broadridge, Hosted by The University of Chicago Booth School of Business

November 2017 It Takes Two: Engaging Men as Sponsors and Champions Monday 18 September 2017 6pm – 8.30pm Sponsored by Broadridge, Hosted by the University of Chicago Booth School of Business

NEW YORK

June 2017

September 2017

October 2017

Networking Reception with New York City Football Club Thursday 29 June 6.30pm – 9.30pm Hosted by Yankee Stadium

Leadership Forum 2017: Session 2 Thursday 7 September 4.30pm – 7.30pm

CEO Roundtable with Doug Peterson, S&P Global 8am – 9.30am

CEO Roundtable with Allan Murray, Fortune & Time Inc. Wednesday 26 July 8am – 9.30am

EACC World Yacht Reception Wednesday 27 September 6pm – 9pm

Transatlantic Business Awards Dinner Wednesday 18 October 6.30pm – 9.30pm Hosted by the Pierre Hotel

July 2017

View both London and New York’s full events calendar at www.babinc.org/our-events www.babinc.org

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