T H E
M A G A Z I N E
F O R
A N G L O - F R E N C H
FRENCH CHAMBER OF GREAT BRITAIN  www.frenchchamber.co.uk
B U S I N E S S
SEPTEMBER / OCTOBER 2017
The
Future of the City
ALSO IN THIS ISSUE:
Exclusive interview with Vincent de Rivaz CBE, CEO EDF Energy Interview with outgoing French Ambassador Sylvie Bermann Analysis of the City by Jonathan Reynolds MP and much more...
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EDITORIAL
Estelle Brachlianoff President, French Chamber of Great Britain Senior Executive Vice President of Veolia UK & Ireland
I
hope you had an enjoyable summer and a good rentrée. This issue of INFO focuses on the financial sector which is critical for the UK economy. Providing a
significant amount of jobs, it contributes more than £70bn in taxation every year to the national coffers. It is a global leader in a number of areas, including investment banking, insurance, market infrastructure, asset management and, newly, FinTech. Yet amid the turbulence of Brexit, the future of UK financial services – what we are calling The Future of the City – is far from certain. Questions abound around its ability to remain competitive in areas such as staffing, funding and innovation. How, for instance, will the City continue to attract the best and brightest? Will the tax system be simplified? Will emerging services, like FinTech, continue to attract the kind of funding it needs to grow? Not to mention talk of banks relocating their headquarters to the continent. We tackle these issues and look ahead to what is in store for financial services. Far from a unified picture of what may happen, we see diverse opinion and debate around the issues central to Brexit – the effect of staying or leaving the customs union, the concerns of the business community and how this all flows through the British economic ecosystem. We hear from big players in insurance and professional services – AXA and PwC respectively – who diverge on issues of Brexit’s ultimate impact. Innovate Finance and Kantox provide a view from the fledgling FinTech industry, sharing concern about its ability to continue to thrive in the capital. The Centre for London, London’s dedicated think tank, proposes a road map which complements the contribution of the Confederation of British Industry: namely, that a period of guaranteed status quo is needed to allow companies the chance to adapt. Importantly, most experts we spoke to believe that London’s (and Britain’s) resilience will see us through whatever Brexit has in store. In this issue we also bid farewell to two friends and valued supporters of the Chamber. Vincent de Rivaz is to step down from the helm of EDF Energy after more than a decade in the role. He opens up about his fondest memories and greatest challenges in our interview with him on page 10. We will also greatly miss HE Ms Sylvie Bermann, the outgoing French Ambassador to the UK, now French Ambassador to Russia. We remember the countless events she attended and hosted on our behalf and the exceptional contribution she made to the Franco-British community. We are pleased to welcome her successor, Jean-Pierre Jouyet, and look forward to working closely with him and his team at the French Embassy. Finally, please make sure you have a look at our Forums & Clubs and Events sections, which detail the important work of the Chamber over the past months, and announce the great line up of events we have planned for the autumn. I hope you enjoy reading this exciting issue. I
info
- september / october 2017 - 5
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Future of the City 30 37
42
INFO
8
60
CONTENTS
The
T H E
M A G A Z I N E
F O R
A N G L O - F R E N C H
FRENCH CHAMBER OF GREAT BRITAIN www.frenchchamber.co.uk
Interview: HE Ms Sylvie Bermann
BUSINE S S WOR LD
Interview: Vincent de Rivaz CBE Five minutes with... Christine Ourmières-Widener, Flybe Brexit: Analysis and Key Dates Business News & Analysis Success Story: Ponant Start-up and SME News Profile: AMA XpertEye Education news Profile: Kaplan Reports and research
47 49 50 49 52
Culture: What's on Book reviews Lifestyle: Eat, Drink, Stay Interview: Marcus Wareing, Chef, Marcus at the Berkeley Cheese & Wine
The
SEPTEMBER / OCTOBER 2017
10 12 14 19 23 24 25 26 27 28
CULTUR E AND LIFE S T YLE
THE FUTURE OF THE CITY
8
B U S I N E S S
SEPTEMBER / OCTOBER 2017
Future of the City
ALSO IN THIS ISSUE:
Exclusive interview with Vincent de Rivaz CBE, CEO EDF Energy Interview with outgoing French Ambassador Sylvie Bermann Analysis of the City by Jonathan Reynolds MP and much more...
AT THE CHAMBE R
54 55 57
Managing Director: Florence Gomez
Introduction by Florence Gomez French Chamber News 10-year Anniversary: Florence Gomez New members
FOCUS | THE FUTUR E OF THE CIT Y
FORUMS & CLUBS
30 Introduction 34 London After Brexit Centre for London 35 The Time to Prevaricate is Over Vicky Pryce 36 Remaining in the City Banque Transatlantique 37 London's Potential Banking Exodus UBS Wealth Management 38 The State of London's FinTech Kantox 39 FinTech's Passporting Problem Innovate Finance 40 Brexit: Not an Existential Threat Jonathan Reynolds MP 41 Resilient Markets London Stock Exchange Group 42 Weathering the Brexit Storm AXA 43 The Need for Transitional Arrangements UK Finance 44 Why We Need the Digital Skills Visa PwC 45 What next?
60 62 63 64 65 66 71
Editor: Jakob von Baeyer Cover & Graphic Design: Katherine Millet Editorial Assistant: Sophie Achary Sales Manager: Suzanne Lycett Contributors: Abdul Basit, Amanda Blanc, Nicolas Bosetti, Richard Brown, Gwenolé Le Blevennec, Nick Forrest, Philippe Gelis, Serge Harry, Sapna Patel, Vicky Pryce, Jonathan Reynolds MP, Andrew Rogan, Dean Turner
Luxury Club 'The Most Popular Art Exhibition Ever' Start-up and SME Club The Art of the Pitch Retail Forum Property: Key Challenges and Drivers HR Forum Developing High Performance Teams Climate Change & Sustainability Forum Energy Efficiency: The Forgotten Priority Finance Forum The Impact of Brexit on Finance Forthcoming Forums & Clubs
Advertise in INFO: Please call our sales team on +44 (0)207 092 6651. Alternatively, please email: advertising@ccfgb.co.uk INFO is published every two months Printed by: CPI Colour
CHAMBER EVENTS
69 70 75
Distribution: French Chamber members, Franco-British decision makers, Business Class lounges of Eurostar, Eurotunnel and Air France in London, Paris and Manchester
Past event highlights Rendez-vous chez Belle Assiette; Sylvie Bermann Book Launch; Summer Champagne Reception; Business Club Cocktail Hauts-de-France; Business Club Cocktail Coorpacademy From Scratch to Success: Business Stories Pascal Cagni and Didier Rappaport Forthcoming events
INFO is published by: French Chamber of Great Britain Lincoln House, 300 High Holborn London WC1V 7JH Tel: (020) 7092 6600 Fax: (020) 7092 6601 www.frenchchamber.co.uk
info
- september / october 2017 - 7
AMBASSADOR'S DEBRIEF
HE Ms Sylvie Bermann ‘Bilateral relations will not replace European cooperation, but they will become more important’ The outgoing French Ambassador to the UK, HE Ms Sylvie Bermann, reflects on her time in the UK, the challenges ahead and what she will miss most about life in the capital
Looking back over the past three years, what are some of
Do you believe in a potential ‘reversal’?
your lasting memories?
I have noticed that the people I speak to have been
In my three years in the UK, I have witnessed two
mentioning the possibility of a ‘reversal’ of Brexit increasingly
referendums. I arrived in the context of the Scottish
often. Many things are possible so long as Brexit negotiations
referendum – which made for a very interesting first weeks.
aren’t finished. However, though the door remains open, it is
My most memorable moment, however, is undoubtedly the
much more difficult to backtrack the further talks progress.
June 23rd referendum. I usually describe it as my ‘longest night,’ as we waited for the final result into the early hours. It
As the first woman in the role, what can you say about
was a moment of great disappointment for me. I, along with
the role of women in top diplomatic jobs?
many others, did not expect such a result.
I am thrilled to see that a growing number of women are
I was also deeply touched by the poignant displays of
working in the highest ranks of French diplomacy. The
solidarity, following the terrorist attacks in France and the
number of female Ambassadors has more than doubled since
UK in recent years. I remember the tributes organised at
2012. And while I don’t think the way in which diplomatic
Wembley Stadium in November 2015 and at the Stade de
jobs are done varies greatly between men and women, I am
France in June this year, and how they highlighted the unity
convinced that it is necessary to reinforce the role and place
between our nations and in particular, London and Paris.
of women at all levels of the administration. Doing so would help change perceptions, show leadership by example, and
You’re leaving the UK at a time of great uncertainty, what
inspire new generations to work in this field.
does the future hold for Britain? I will not take the risk of making any predictions, given the
What are your expectations for the newly launched the
number of surprises and unexpected outcomes we’ve seen
Franco-British Young Leaders Programme?
in the past years. The future of the UK will, in my opinion, be
My hope for the programme is that it serves to foster ties
determined to a great degree by the Brexit negotiations. It’s
between an incoming generation of French and British
up to the UK to say what it wants from it. Europe is ready
leaders. Over time, our expectation is that this will have a
and waiting. Whatever happens, one thing is certain: Franco-
positive impact on bilateral relations at many different levels:
British relations will continue.
politics, business, arts, culture, media, etc. I am extremely proud to have seen this project come to life. I hope it will be
As Brexit continues to be worked out, how do you see the
regarded as one of the legacies of my ambassadorship.
relationship between France and Britain evolving? Bilateral relations will not replace European cooperation
London has been your home for the past three years,
in every instance, but they will of course become more
what will you miss most about life in the capital?
important in the aftermath of Brexit. We will continue to
I’ve loved living here. Four things have stood out when I reflect
cooperate in many fields, such as defence, research, and
on my experience here. First its greenery. London boasts
education.
so many parks which make life here so unique. I remember
8 - info - september / october 2017
H E M S S Y LV I E B E R M A N N
telling a surprised reporter that I loved being able to see
You’ve been a great supporter of the French Chamber. Of
foxes, from time to time. The second thing I’ll miss most is
the many events you attended, which ones stand out to
the culture. London is truly a global city, and an international
you and why?
centre for art, literature, theatre, film, and photography. I’ve
The Chamber’s annual gala dinner is a very important event
loved being able to see so much, so often – it’s sensational.
on London’s social scene. The invitees and speakers are
The capital also strikes a unique balance of tradition and
always remarkable, and it reflects the importance and quality
modernity. From Marylebone to Shoreditch, London is so
of the work of the Chamber. This year, the Chamber used
diverse, and has managed to preserve its history all the while
its annual dinner to organise a fundraiser for the French
fostering some of the most avant-garde ideas and talents.
charity Emmaüs, which I particularly appreciated. The annual
The City is a perfect example of this: one minute, you walk
conference is also something which shouldn’t be missed, as,
past a Victorian pub in a tiny alley – the next, you’re standing
every year, it delves into a subject which is of shared interest
in front of a glass and steel skyscraper. Finally, I will miss the
for British and French companies. I also have fond memories
extraordinary people who call this city home. London attracts
of the Chamber’s ‘Dîner des chefs’, which never fails to bring
the most amazing individuals from all corners of the world,
together fascinating individuals around exquisite tables and
and I will miss the privilege of being able to exchange and
food. I
learn so much from them.
The Ambassador’s London My favourite thing to see has to be an opera or ballet at the Royal Opera House in Covent Garden. There’s something so special about this legendary stage and house. I’ve also been a regular wanderer in the Theatreland. One of my favourite productions has been James Graham’s ‘This House’ at the Garrick Theatre. Combine that with a dinner at Rules (London’s oldest restaurant) a few roads down, and you have a perfect evening. I’ve also loved going for a stroll in Kensington Gardens. On a beautiful day, in the middle of the park, it’s hard to believe you’re in one of the world’s busiest cities
info
- september / october 2017 - 9
Exit Interview
Vincent de Rivaz CBE, CEO EDF Energy When Vincent de Rivaz formally steps down from the helm of EDF Energy at the end of October, he will have been in the role for sixteen years and forty at the EDF Group. Starting from London Electricity Group, and through several acquisitions, he led the creation of EDF Energy, which has become the largest supplier of electricity in the UK and the country’s largest producer of low carbon electricity. He was instrumental in overseeing and delivering the long process behind Hinkley Point C, currently under construction in Somerset. It will be the first new nuclear power plant in the UK since Sizewell B became operational in 1995. Hinkley, which will soon become one of the largest construction projects in Europe, has been challenged many times and continues to attract attention. In this interview, Rivaz reflects on the highlights of his career, as he begins a farewell tour of the company, visiting a number of their offices and power plants across Britain.
What are the key messages that you will deliver on your
right balance between our shareholders, our customers,
farewell tour?
our employees and the planet. The message was: we cannot
The first thing is to thank the people. I’m deeply thankful for
be profitable if our customers are not happy. We cannot
everything they have done. From the power plants to the call
be sustainable, in the long term, if our employees are not
centres. Technicians, finances, HR, graduates. Apprentices,
happy. We cannot succeed durably if we are not a force for
everybody. They are great people. The second message is
good. This was the basis of social sustainability and corporate
pride in our achievements. In sixteen years, we have had
responsibility at EDF Energy, combined, at the same time, with
our highs and lows, challenges and mistakes. But overall it
safety, operational performance and profitability. At the time, it
is a very successful story. And I can share this great sense
was considered a bit of a novelty in the UK.
of achievement with them. The third message is confidence in the future. In the first three months of this year, we have
What role did concerns about climate change play in this
developed a project called EDF Energy 2020. We have a very
strategy?
clear road map of what we need to do in the next three years
In the early years, regarding energy policy, I saw a kind of
to continue the success story into the next decade.
‘trilemma.’ Today the questions of security of supply, climate change and affordability are commonly shared in our industry.
What are the priorities outlined in the EDF Energy 2020
If our number one priority as an energy company is to keep
project?
the lights on, how do we progress? We have a common enemy,
It is not about business as usual. It is about adapting and
which is climate change. We have a common goal, which is
transforming in many areas. It is about innovation. It includes
security of energy supply. We have a common objective, which
entering in new businesses, like new offshore wind, batteries,
is to deliver this supply in an affordable way. This is the gist
auto-consumption, and the business of deconstruction of
of our vision. It is not about either/or, it is about considering
our existing nuclear plants. Digital transformation will have
these questions and their solutions together. Dare I say: to
to accelerate in all parts of the business, crucially in our
do these things at the same time. Therefore our low carbon
customers’ business. We will continue to expand our energy
future is nuclear and renewable.
services business, which we began in July with the acquisition of a new energy services company. We are not sitting on our
Nuclear energy can be a controversial issue. You spoke
hands. We will continue to innovate with our people at the
about it with Andrew Marr on the BBC.
centre of all we do. My farewell tour is not backward-looking. It
It was in March 2011, after Fukushima. A terrible event. As
is about the company in 2020 and beyond.
the leader of nuclear in the UK, I decided to respond to Andrew Marr’s invitation to come and speak about it, even
How does this reflect the values you instilled in the
as the events in Fukushima were still unfolding. They were
company?
not easy circumstances for me. I told him three things. One:
In the early years, my motto was: ‘Striking the right balance’.
there are casualties and we have to think about the victims of
EDF Energy was founded on this principle. Obviously, we
the tsunami. Two: The nuclear industry has to learn. And the
have to be profitable and give a return to our shareholders;
lessons will be applied. And three: we have the good fortune
which we do. But, at the same time, we have to strike the
in this country to have a strong, credible and independent
10 - info - september / october 2017
E X I T I N T E R V I E W : V I N C E N T D E R I VA Z
Vincent de Rivaz meeting with employees at Torness power station during a farewell tour in Scotland
nuclear safety regulator. It has to play a critical role to assess
business with a strong brand, a British business – but without
what has happened, and what the consequences are the UK.
hiding our flag. We were the pioneers in doing that. I would
I concluded by saying that at the heart of my values there
not have chosen the name of EDF if it were for the short term.
are two words: humility and leadership. Humility is about
If we entered the market and left by a revolving door, as our
acknowledging the facts, and respecting the people, including
competitors did in the early days, I would not have done this.
those who have a different view to yours. Leadership is about
When you have such a brand, such a flag, it is wrong to step
keeping the long-term vision in sight and doing what it takes
back from it. We signalled that we were here for the long-term.
to meet the country’s needs. In these circumstances, what this
It was a very strong message.
country needed was to continue with new nuclear and not abandon it like the Germans did, with huge consequences on
One of the ways that some British people would have
CO2 emissions.
encountered EDF was not as an energy supplier, but as a
Hinkley Point C shows that others believed in EDF Energy’s
I remember when, in 2005, Keith Mills, one of the leaders of
vision.
the London bid, visited me in my office. The bid was in a very
There has been a cross-party consensus in the UK over the
poor state at that stage. If you refer to what was being written
past decade on the role of nuclear as part of a diverse low
in the newspapers, London was a likely loser. Mills pitched the
carbon generation mix. The attitude of the general public
vision for 2012. I was really impressed. And he asked me if EDF
towards nuclear has remained positive in recent years –
Energy was interested in becoming a sponsor. It did not take
around 50 percent. None of these would have been possible
me long to say yes. I was convinced by his vision. And I had
without EDF Energy being recognised as a credible nuclear
only just created EDF Energy in July 2003. The brand was not
operator in this country. When EDF Energy acquired its eight
known. The problem was, I was about to put my money on a
nuclear power stations in 2008, the output was 40TWh.
bid expected to lose. Big risk, big reward.
sponsor of the London 2012 Olympics.
Last year, they achieved an historic 65.1TWh, a 60 percent improvement, coupled with highest-ever safety records. This
Of course, London did not lose the bid. It beat Paris, the
outstanding result has been instrumental in the success
capital of your native country.
of Hinkley Point C. I visited the site earlier this month.
I was in the room in Singapore in 200 when the winner was
Construction is now well underway with 2,000 people working
announced. Jacques Rogge, Chairman of the IOC was alone on
there every day. We are making it happen. Today Hinkley Point
stage. The last two candidates, Paris and London, were there.
C, and tomorrow Sizewell C and Bradwell B, will play a major
All of the journalists were next to the Paris delegates, believing
role in the country’s future energy infrastructure. Of course I
they were the sure winners. Mr Rogge opened his envelope
am conscious of the critical cost issue. We have re-launched
and spoke slowly, ‘and the winner is...’ In a blink of an eye all
nuclear construction at Hinkley Point C with a project that will
the journalists rushed over to us, not to miss this moment
deliver good value to customers. As a result, we will be able to
of our explosion of joy – which was also in Trafalgar Square
build our future projects at lower cost, delivering reliable low-
where people were waiting for the news.
carbon power at a lower price per megawatt hour.
Incidentally there was a colleague from EDF in the Paris bid team. He came over to shake hands and say well done.
What led to your decision to retain EDF – the name of
It was a bold move for me to support the London bid as a
the French national energy supplier – in name of your
Frenchman. But the gamble paid off. The mood of the country
company in Britain?
was great, the mood of the company was great. Now, of
The message was clear: We are going to build a strong
course, I wish all the best to Paris 2024. I Interview by JVB
info
- september / october 2017 - 11
Five minutes with...
Christine Ourmières-Widener CEO, Flybe Christine Ourmières-Widener has had a lengthy career in the aviation and travel sectors, having started in the maintenance department of Air France before working her way up to become the airline’s Vice President. She joined Flybe as CEO in January 2017. As a recently appointed CEO of the UK airline Flybe, what
was born in Jersey – we will celebrate our fortieth anniversary
are your priorities for the business?
there in 2019. We also have experience connecting to the
It is a very exciting time for Flybe. For the first time, we are in
Channel Islands and the Isle of Man. And just last Friday we
control of our capacity. What does this mean? Our fleet size
opened routes to Shetland, Orkney and Stornoway.
is under control. This was not the situation before this year, because we were opening new routes with too many aircraft.
Where does your passion for aviation come from?
We reached our peak fleet in May of this year. Now we have
I am an engineer by training. Early on in my studies I decided
begun to hand back aircraft – we will hand back six planes
to study aeronautics, and for me there were only two career
this year. And by doing this, we can optimise our network, our
options: working in the defence or civil aviation sectors. So
routes. It is not only about destinations, it is also about finding
I started as an engineer, and then did exactly what I had in
the best network, frequency, and timing, which are in line with
mind. I moved into IT, then to commercial, then owning a P&L.
our customers’ expectations, both for leisure and business
Then I moved to a CEO job. The airline industry can provide
travel.
fantastic careers, though it can be a very difficult industry. Not
At the same time, we have put in place a strategy for the
only does it have a very complex distribution model, because
regional UK market. We already have 53 percent of the UK
you have to cover everything – B2B, B2C – but from an
domestic market outside of London, which is a very strong
operation perspective it is 24/7 job. The operations process is
position. We are particularly strong in airports such as
also highly complex because of the number of stakeholders.
Southampton, Birmingham, Manchester and Belfast. We want
In addition to that, it is a highly regulated industry, in ways
to be clear in our strategy as a UK airline connecting regions,
definitely more complex than other industries.
firstly throughout the UK, but also to Europe and to the world. We have partnerships with other airlines, and our customers
What have been the keys to your success in a male-
can connect through Heathrow, and through the regional
dominated industry?
airports we serve.
It is a fact that aviation is a male-dominated industry. But to be a bit controversial, it’s not that different from other
What are your longer-term ambitions for the airline?
industries. You have to be good at what you do. I started my
Our long-term ambition is to be the best regional airline in the
career in the hangar. I was the only woman, surrounded by a
UK. We want to provide the best service, and be very close to
male supervisor and other male engineers. But I received a
our customers. We have a loyal customer base. One reason
very warm welcome from the beginning. They were interested
for this, is that we service communities where there is little or
in my passion for aviation, and why I wanted to make my
no alternative methods of transportation, or where it cannot
career in the industry. When you show that you want to work
compete on time, price and convenience. For example, we
with a team, that you want to achieve team results, you can be
provide services for many island communities with life line
successful. It is just hard work, showing that you can actually
connections to the mainland. This is part of our history. Flybe
successfully deliver, each day – maybe even each second.
12 - info - september / october 2017
FIVE MINUTES WITH... CHRISTINE OURMIÈRES -WIDENER
We have put in place a strategy for the regional UK market. We already have 53 percent of the UK domestic market outside of London, which is a very strong position. We are particularly strong in airports such as Southampton, Birmingham, Manchester and Belfast
As a French CEO of a British company, what cross-cultural
fact that our routes are mainly starting or ending in the UK.
challenges do you face?
We are monitoring developments. And we are not looking at
I have been living in the UK for more than 13 years, so I don’t
establishing a new Air Operator Certificate (AOC) in Europe,
feel this as profoundly as when I first moved here. My first
like easyJet has already announced.
job in the UK was in 2005. I can remember taking my first job
Having said that, we do have other concerns. The cost of
abroad. It meant really having to listen. You need to take time
new infrastructure might fall to business. Or the government
to understand what the differences are, and what people
may choose to increase tax on the aviation industry. In some
expect. But the fact is we are in an international industry.
cases these costs would be transferred to higher ticket prices,
Aviation is global. People are used to working with people
which would not be good. But much of this still needs to be
coming from different cultures and experiences. I think that
worked out before we can make a definitive comment.
the caricature of the differences between British culture and French culture don’t apply in my job – except of course for
What does being a Patron member of the French
food and wine preferences!
Chamber bring to Flybe? It is an opportunity to connect with key players. We are one
What sort of challenges does Brexit pose for British
of the largest providers of flights to and from regional France,
aviation?
which connects us to UK and French businesses. We’d like
I wish I had an answer to this question today. But the first
to grow our network. I’m sure our membership will have a
thing we need is clarity from the government. You have read
positive impact on our business, through the opportunity
in the press the concerns raised by Flybe and our colleagues
the Chamber creates to build partnerships. We are also
in the industry. We need answers regarding flights between
interested in seeing how our regional airline is contributing
the EU and the UK, post-Brexit. It is very important for us to
to local economies. This is something that we would like to
have an answer as soon as possible because we build our
develop and share with members of the French Chamber.
flight network 12 to 18 months in advance. If we don’t get an
On a personal level, I am also interested in the initiative of
answer soon, it will impact our business.
the Chamber of Women in Business. I’m looking forward to
At the same time we are less impacted than other
contributing in the future. I Interview by JVB
airlines, because of the structure of our network and the
FLYBE: BY THE NUMBERS
• Annual turnover: £707m
• Number of routes: 207 serving 14 countries*
• Number of staff: +2,000
• Number of passengers 2016/17: 8.8m
• Including +700 pilots
*all routes on sale Sep’17 –Jun’18
info
- september / october 2017 - 13
Analysis and look ahead INFO looks at the latest news on Brexit and its impact on the Franco-British community
N
obody said it would be easy.' This is what we heard this
controls on the Irish border. Yet a leaked Home Office memo
week from David Davis, the man in charge of UK Brexit
suggested that Britain would end the free movement of labour
negotiations – in spite of a clear win for the government, as
after Brexit, to deter all but the most-skilled EU workers. Guy
its EU Withdrawal Bill passed by a narrow margin. His remarks
Verhofstadt, Brexit coordinator for the EU Parliament, warned
were jeered in the House of Commons, where some members
that the proposal would ‘discriminate between ‘high-skilled’ and
were quick to remind pro-Brexiteers of their past hubris. Liam
‘low-skilled’ workers.’
'
Fox, the international trade secretary, had claimed that the
The EU’s position papers demanded greater UK thinking
trade negotiations with the EU would be the ‘easiest in human
on the Irish border. In a statement, Barnier advocated that the
history.’ So what is proving so hard?
Irish problem requires a ‘unique solution’, and one which does
The two sides are at odds. The UK wants a great deal—the divorce bill weighs heavily on the British conscience—while the
not use the Irish border as a ‘test case’ for wider EU/UK border arrangements.
EU contingent wants to expedite Britain’s exit. Michel Barnier,
This, as Brexit fatigue sets in on the continent. A recent
the EU’s chief negotiator, said the UK was backpedalling on
YouGov poll showed that more people in France want the UK
financial commitments, saying ‘you cannot have 27 countries
to leave the EU than to stay. In Britain, the Bank of England and
paying for what was decided by 28.’
industry bodies have warned of a Brexit cliff edge, should a
The UK’s position papers published this month argued for
transition plan not be agreed soon. I JVB
‘frictionless’ trade with the EU and against installing border
Key dates Conservative Party Conference
European Council Meeting
Autumn Budget 2017
Manchester, UK – 1-4 October
Brussels, Belgium – 19-20 October
London, UK – 22 November
Party
Britain was hoping for trade talks to begin
Philip Hammond is due to deliver the
Conference may be overshadowed by
after this meeting, the first after this
government's first budget since the
the first pro-EU rally in the North of
year’s big elections in the UK, France and
general election. The Chancellor says
England. David Davis and Liam Fox are
Germany. But the lack of progress has
this is the moment to 'keep the economy
set to talk on 3 October on the subject
postponed them to December, delaying
strong and resilient and fair, an economy
of ‘securing the best Brexit deal for
the second phase of talks as well.
that works for everyone.'
This
year’s
Conservative
Britain.’
So far we have noted that no concrete proposals have arrived, only very foggy proposals
We should be under no illusions, Brexit is having an effect on the economy, no question. The main effects are sterling and confidence
ANTONIO TAJANI, President of the European Council, speaking on 7 September
SIR CHARLIE MAYFIELD, Chairman of the John Lewis Partnership, speaking on 14 September
14 - info - september / october 2017
Achieving a Smooth Transition is Crucial A defined transition period is key to Brexit success for British-based businesses, says Nicole Sykes, Head of EU Negotiations of the Confederation of British Industry (CBI)
T
he UK needs to seek to stay in the single market and a
airline, you are getting ready to schedule where your planes will
customs union until a final Brexit deal is up and running,
be in 18 months, post-March 2019. And you don’t know what
according to Nicole Sykes, Head of EU Negotiation at the
your legal basis for flight will be.’
Confederation of British Industry. The CBI’s proposal is a response to concerns firms have
Preferred deal
about loss of access to EU markets, interruption in supply
While many British businesses continue to favour barrier free
chains, and barriers to hiring workers once Britain exits in less
trade, there is still uncertainty about what will replace access to
than two years’ time.
the single market.
‘There are decisions that are being made today, that we
There is a clear interest in achieving barrier free trade, or as
need answers to,’ says Sykes. ‘The answer for us is to have a
much as is possible, including limiting or excluding additional
transition period, to agree as soon as possible, to have as much
paperwork, tariffs, fees, and delays at customs.
stability and economic status quo as possible, so that business have the ability to carry on.’ She cites a recent CBI survey of their membership, which showed that up to 40 percent of British businesses have altered or postponed investments, in light of the uncertainty around Brexit.
Sykes notes that a strong and stable legal framework is vital. ‘It is part of the UK’s international reputation, but it is also vital for day-to-day business. The repeal bill will play a role in that, but all still needs to be negotiated.’ Negotiation is also complicated by the nature of the talks. ‘It is clear that we are asking for something that is unique, says
The timeline for a transition period is undefined, though
Sykes. ‘We are not negotiating a trade deal in the traditional way,
Sykes notes that it would not be indefinite. ‘People have thrown
where you bring two markets closer together. You’re talking
around two or three years. That sounds about right. All we need
about two perceived markets which are actually one market,
is economic stability while the finer points are worked out.’
and what form it will have in the future.’
Need for transition
The right tone
As of early September, UK government negotiators have yet
The tone of the negotiation and of the governments
to raise the issue in talks. ‘The clock is ticking,’ says Sykes.’ And
communication, will also be key to a successful Brexit, says
timing is crucial. You have got businesses that are putting
Sykes.
decisions on hold.’
‘If you put yourself in a CEO's shoes, you have to make
‘You have got businesses that are beginning to put
decisions about investments, about your recruitment strategies,
contingency plans in place. If you need 18 months to change
about your export strategies. If it sounds like negotiations
your business model or adapt, however is required, that 18
are heading in the right directions, you are going to be more
months will come up pretty soon.’
confident about making those investments.’
Another issue is businesses who are preparing products
The government’s messaging about British business beyond
and services to go on sale post-March 2019, without knowledge
the Brexit narrative will also be important, including their ability
of what the business and regulatory environment will be at that
to promote the UK’s fundamental strengths, including its
time.
universities, work force and technology hubs.
‘If you’re a car supplier, and you’re building cars post-2019,
‘When the government is selling the UK to the rest of the
you don’t actually know how they’re going to be priced, because
world, they should be talking up those strengths – just as they
you don’t know if there will be tariffs. Similarly, if you are an
should be doing at home.’ I
THE BREXIT ECOSYSTEM The CBI is working with some of its larger members to address the challenge of Brexit on small businesses. They are empowering large manufacturing businesses concerned about their supply chains to share information, or help prepare contingency plans, with their downstream suppliers. ‘There is an ecosystem here. We're helping the big businesses help the smaller business cope. We all rely on each other, there are no big businesses or small businesses that work alone,’ says Sykes.
info
- september / october 2017 - 15
The 'Chunnel': FULL SPEED AHEAD Traffic through the Channel Tunnel continues apace, despite Brexit worries, reports John Keefe, Director of Public Affairs, Eurotunnel
T
he cross-Channel link between the
Frequency Identification (RFID) tracking
UK and mainland Europe, which
and the ability to pre-declare goods for
accounts for roughly £100bn of the UK’s
duty and tariffs.
£550bn trade with the EU, has yet to
We are now looking to introduce
be impacted by Brexit, says John Keefe,
a ‘Flexiplus’ pass, an annual ticket
Director of Public Affairs at Eurotunnel.
remediable anytime without having
‘Going back to last June there was a
to join the queue. Work is ongoing
sudden panic across the industry,’ says
to consider how to better gather
Keefe. ‘They thought Brexit would be a
information and exit checks on
total catastrophe. In reality, we haven’t
holding steady at roughly ten million
seen that at all.’
passengers per year. ‘We’ve seen
passengers leaving the UK. ‘Obviously security in transportation
The company’s outlook for 2017
growth in all of these sectors. There has
pre-dates Brexit, we’ve been working
and 2018 builds on record profits of
been no sign of trailing off in movement
on these issues for quite some time.
£131m in 2016, fuelled by an 11 percent
or trade with the EU.’
But it is important to keep in mind
increase in the number of vehicles on
Most tellingly, 85 percent of
that if processes are too secure – too
its truck shuttle service and a 2 percent
passenger car traffic is outward bound
burdensome for passengers and
in increase in the number of passenger
from the UK, demonstrating the
businesses – people will stop using the
cars.
continued British affinity for holidaying
tunnel. Speed of flow needs to be built
in Europe.
in to the system.’
French electricity grids via the tunnel by
Infrastructure challenges
Open border
2020, has also had a positive impact on
‘Ease of movement is key for passengers
The Channel tunnel resulted from a
company ledgers.
and freight,’ says Keefe, noting that
bilateral agreement between France
infrastructure is needed to meet new
and Britain – the 1991 Sangatte
Appetite for Europe
customs, traffic and border checks as
Protocol. It continues to play an
Additional reasons for this continued
Brexit re-defines the British/French
emblematic role, connecting the British
upturn include an appetite for seasonal
border.
Isles with mainland Europe beyond the
Eurotunnel’s acquisition of ElecLink, responsible for linking British and
products and a high volume of express couriering of internet purchasing.
Indeed, with more than 2.6m
physical practicalities of the tunnel.
passenger vehicles and 1.64m trucks
‘Symbolically it is a very important
passing through the tunnel in 2016, the
link. Industry sees it that way, and no
about lifestyle, too,’ says Keefe. ‘If you’ve
manual process of looking at passports
government would ever countenance
just ordered something from Amazon, it
and checking vehicles becomes more
changing that.’
can be delivered the next day. If you’re
onerous.
Indeed, the company’s mission was
‘It’s not just about the economy, it’s
looking for strawberries in the middle of
Eurotunnel had begun a digitisation
buoyed in March by British PM Theresa
January, they come from Spain through
programme aimed at speeding up
May, who declared an interest in a
the tunnel.’
border crossing by pre-registering
‘frictionless border’ in the context of
passengers prior to the referendum
Northern Ireland.
every ten minutes – with an end year
result. We have also piloted a scheme
‘There is a possibility’ says Keefe, ‘that
goal of one every seven minutes.
with the UK Home Office and Border
traffic may even be enhanced and more
Eurostar, their biggest customer, is
Agency introducing freight Radio
efficient.’ I
The tunnel carries freight shuttles
Symbolically [the Eurotunnel] is a very important link. Industry sees it that way and no government would ever countenance changing that 16 - info - september / october 2017
MAKING YOUR OWN BREXIT:
Three things for your to-do list when you leave the UK There are key legal preparations that need to be made for the hundreds of thousands of people who emigrate from the UK every year, says George Merrylees, Personal Tax Lawyer at Irwin Mitchell
M
ore than 342,000 people left Britain last year, according to the
UK Office of National Statistics. This number shows an increase in past years, largely driven by EU citizens leaving the UK, where net migration from the EU is down by 51,000. In addition to packing bags and buying flights, these leavers must make some important legal decisions, advises George Merrylees, of Irwin Mitchell Solicitors, including tax, immigration and pensions. 1. UK Tax – When have you actually left? You will not leave the UK tax net fully
of any gain you realise on the sale. If you keep your home and rent it
• If you have spent at least a year in the UK living with permanent
until you cease to be UK tax resident.
out you will be subject to UK tax on the
residency, applying for UK
Generally, if you leave the UK to work
rental profit, provided the terms of your
citizenship. Check you can hold
fulltime abroad, you cease UK tax
mortgage allow you to let it.
dual citizenship.
residence immediately. But in some
If you have been employed in the
cases, 16 days per year in the UK can
UK, file a Form P85 with HMRC to tell
3. Pensions
make you a UK tax resident, even
them you are leaving/have left and
If you have been working in the UK
once you have acquired tax residence
reclaim any overpaid tax.
you will have been paying National
elsewhere. The basic rule is that you are tax
If you file UK tax returns, file your final one telling HMRC that you have left.
resident until the end of the tax year
Insurance (NI) contributions towards a UK state pension. Generally you will only be entitled to even a partial UK
in which you leave. But there is a “split
2. Immigration
state pension if you have at least 10
year rule” that can stop this. If you have
Regardless of the basis upon which
years of contributions. If you are an
lived in the UK for more than 15 out of
you have been living in the UK, there
EU citizen, under the current rules,
the 20 years before you leave, be aware
is no legal requirement to inform
you will be entitled to a partial UK state
that you remain deemed domiciled for
the UK department which deals with
pension even if you have fewer years
inheritance tax purposes for at least 4
immigration of your departure.
of contributions. It is not clear whether
full tax years after you leave. The UK/
Unless you are a UK citizen, leaving the
this right will remain after Brexit.
French tax treaty may prevent your
UK can affect your current or future
Most employees in the UK also pay into
non-UK assets being subject to UK
rights to live or work in the UK. If you
a private “defined contribution” pension
inheritance tax but you should take
intend to return to the UK in future you
plan where employee and employer
advice on this.
may be able to secure the rights you
contribute to a pension pot for the
have acquired before you leave. For
employee. You may wish to transfer
example:
this pension pot to a pension plan in
If you have a home in the UK, consider selling it within 18 months of your departure. If you sell it more than
• If you have spent five continuous
your new or home country. However,
18 months after it ceases to be your
years in the UK as an EU citizen,
this can be complicated and may lead
main home, you will be subject to UK
applying for permanent residency.
to a UK tax charge, so you should take
capital gains tax (at 28%) on at least part
advice before doing so. I
INNOVATIVE OR
IMPERIAL
Don’t settle for black and white For the full perspective, turn to the Financial Times
NEWS
A ND
A N A LY S I S
Banks collaborate on new digital cash Six of the world’s biggest banks, including UBS, HSBC and Credit Suisse, have joined a project to launch a digital currency
T
he Utility Settlement Coin (USC) received a bump last
computers. Payment tokens would go straight to the owner
month, when a consortium of banks signed on to the
of the asset being sold, rather than passing through clearing
development of the new crypto-currency project. UBS and the London-based Clearmatics Technologies
houses. USC is not planned to be an outright crypto-currency like
launched the USC project two years ago, with the idea
bitcoin, rather it will act as a digital stand in for other major
to create a streamlined payment system between major
currencies, backed by central banks.
financial institutions. The addition of Credit Suisse, HSBC,
Plans are in place for the banks involved in the project to
Barclays, CIBC, MUFG and Slate Street – alongside Santander,
prepare test transactions, with the first live token exchanges
Deutsche Bank, BNY Mellon and Icap – has accelerated the
planned for the end of the year.
project as it enters the third phase in its development. Priorities are now to reach agreements with central banks
As of 2017, there are more than 900 crypto-currencies available on the internet, including Ethereum, Ripple and
and to address issues of data privacy and digital security.
Litecoin, yet none with the name recognition and uptake of
Hyder Jaffrey, Head of Strategic Investment and FinTech
bitcoin. USC is the first project of its kind developed by major
Innovation at UBS, says that the project will be formally
mainstream banks. I
launched towards the end of 2018.
We believe that the USC project can serve as a stepping stone for a central bank-issued digital currency ‘The applications of USC extend beyond payments and could ultimately optimise efficiencies in margin and collateral obligations and reduce systemic risk. We believe that the USC project can serve as a learning experience or stepping stone for a central bank-issued digital currency,’ said Romain Dumas of Credit Suisse. The currency will use blockchain technology, similar to what underpins bitcoin, a complex system of algorithms
Cryptocurrency SWOT analysis A cryptocurrency is a way to exchange cash, like government issued money, which uses cryptography to secure the exchange of digital information and control the creation of new units. Strengths – Can bypass money-transfer hurdles, like wait times, exchange rates and fees. Weaknesses – Lack of widespread adoption, causing thin markets and volatility. Opportunities – Positive shifts in attitude from major financial institutions, which have started to experiment with digital currencies. Threats – Capacity limits, which may limit the scalability of cryptocurrency.
which allow cash trades and verification over a network of
info
- september / october 2017 - 19
BUSINE S S WOR LD – NE WS AND ANALYSI S
Veolia accepts first structure into Great Yarmouth facility Veolia has received the
first offshore structure for decommissioning at its Great Yarmouth facility. The Shell Leman BH platform accommodation block, known as the ‘topside’, comprises roughly 1,600 tonnes of materials and assets. It will be deconstructed and recycled, in partnership with Peterson, who jointly operate the fullservice decommissioning facility. Estelle Brachlianoff, Senior Executive Vice President, Veolia UK and Ireland said: ‘These are valuable assets in our seas and by
Thales to equip Royal Navy’s latest warships
Thales has been awarded a contract by BAE Systems to supply its anti-submarine warfare sonar for the Royal Navy’s new Type 26 frigates. Phil Jones, Head of maritime missions systems, said: ‘We are pleased to be able to announce this contract with BAE Systems which re-affirms our market position as a world class provider of anti-submarine warfare sensors and systems.’ The main manufacturing and maintenance work will be carried out across Thales sites in Manchester and Brest in France.
decommissioning these platforms we can unlock resources to give them a second, third or even fourth life. This latest project will continue to show how we can maximise the recycling of these platforms and drive sustainability in the industry.’ I
UBS boosts performance with artificial intelligence
Pinsent Masons to advise on West Midlands development
International law firm Pinsent Masons has been appointed by Birmingham City Council to advise on the Peddimore development - a future flagship employment site in the West Midlands. Pinsent Masons will advise on the procurement of a delivery partner, and on the planning and development of the site. David Meecham commented: "This is one of the most strategically important sites that Birmingham City Council has brought forward in a number of years. We are delighted to be working on the delivery of Peddimore and our appointment further cements our relationship with the council, which we have worked with since 2004.' I
WPP's Grey acquires French digital agency Sensio WPP announces that its wholly-owned operating company Grey, the global marketing communications agency, has acquired a majority stake in Extrême-Sensio (Sensio) in France. Sensio is a full service digital agency that offers services including consulting, design, technology and customer acquisition. As a result of UK’s referendum decision to leave the European Union, WPP is placing an even greater emphasis on growth in Western Continental Europe, which includes Germany, France, Italy and Spain. This acquisition continues WPP’s strategy of investing in fast growth markets and important sectors. I
20 - info - september / october 2017
UBS has unveiled the artificial intelligence systems that will be used to optimize performance in its City of London offices. The systems will be able to execute clients’ requests and develop adaptive strategies. An increasing number of companies are using AI in back office role, but UBS is the first to explore front office application for the technology. Artificial intelligence will ‘free people up to do more complex tasks,’ says Beatriz Martín Jiménez, COO of UBS Investment Bank.
NE WS AND ANALYSI S – BUSINE S S WOR LD
VINCI is awarded two railway infrastructure projects
EDF Energy expands by buying new wind farm sites
VINCI Construction Terrassements and VINCI Construction
in Scotland, with a potential capacity of 600MW. This
UK, along with long-term partner Balfour Beatty, have been
acquisition is further evidence of EDF Group’s commitment
awarded two government contracts to design and build
to Scotland, as it follows the opening of its new offices in
sections of the new ‘High Speed 2’ railway, linking London to
Edinburgh earlier this year. EDF Energy Renewables Chief
Birmingham and to Manchester and Leeds.
Executive Matthieu Hue said: ‘This deal underlines our
After the 16 months ECI (Early Contractor Involvement)
ambitions to develop our business further and to expand the
phase, the £2.45bn projects will include rail links spanning
number of windfarm projects we are developing.’ I
VINCI, represented by VINCI Construction Grands Projets,
EDF Energy Renewables has bought 11 wind farm sites
from the Long Itchington Wood Green tunnel to the Delta Junction/Birmingham Spur, and from the Delta Junction to the West Coast Main Line. VINCI’s recent experience with the opening of the High Speed Tours-Bordeaux project in France will be combined with Balfour Beatty’s expertise of British transport to tackle one of Britain’s largest rail infrastructure projects in decades. Mark Cutler, Balfour Beatty VINCI Managing Director HS2, said: ‘This iconic rail infrastructure project will create significant opportunities for the UK construction industry and will drive growth in skills, jobs and prosperity. We look forward to building on our successful track record delivering high profile projects, and help to engineer Britain’s second great railway age.’ I
Deloitte promotes diversity in new partners
BNP Paribas and Groupe PSA to acquire the financial activities of Opel and Vauxhall
Deloitte’s promotion of new partners in the UK shows a
The proposed acquisition by Groupe PSA and BNP Paribas
North West Europe, says: ‘We have seen positive growth in
of the captive companies of Opel/Vauxhall was approved
female representation amongst Deloitte UK’s new partners.
by the European Commission. BNP Paribas’ car financing
We strongly believe that diversity is something that can only
business will grow by a third after the acquisition of Opel/
be achieved if we have an inclusive culture.’ I
commitment to workplace diversity. Across the UK firm, 57 new partners were hired, of which 13 (23%) are women, and 11% of are BAME (Black, Asian, Minority Ethnic). Emma Codd, managing partner for talent of Deloitte UK and Deloitte
Vauxhall’s financing arm for €900m with Groupe PSA. The acquisition was announced alongside Groupe PSA’s agreement to buy Opel from General Motors in a deal valuing the business at €2.2bn.' I
Atos renews commitment as Stonewall Global Diversity Champion Atos has renewed its commitment to the Diversity
Champions Programme, which brings together top employers from across the UK to promote and support diversity in the workplace. Atos highlights its commitment to making the working environment a place where LGBT+ employees can be themselves. The company will help LGBT+ employees across the firm find support and community within the organisation. ‘We are proud that we celebrate diversity in our teams and, that we are a LGBT+ friendly organisation with firm plans to continue to raise awareness From left to right: Groupe PSA CEO, Carlos Tavares; GM CEO, Mary Barra and Opel CEO, Dr. Karl-Thomas Neumann
across our company”, says David Haley, Senior Vice President Business Transformation Services (BTS) at Atos UK&I. I
info
- september / october 2017 - 21
BUSINE S S WOR LD – NE WS AND ANALYSI S
LSEG and IBM to develop blockchain solution for SMEs
French banks launch SME blockchain venture BNP Paribas
Borsa Italiana,
and Société Genérale have
part of the London Stock Exchange
announced the creation of
Group (LSEG),
the European FinTech venture
and IBM announced they
LiquidShare,
are building
working in
a blockchain
partnership with CACEIS, Caisse des Dépôts, Euroclear,
solution to digitise the issuance of securities for small and
Euronext, S2iEM and Paris EUROPLACE. The venture aims
medium enterprises (SMEs) in Europe. The new system
to improve SME access to capital markets using blockchain
intends to create a distributed shared registry containing a
technology, a virtual ledger that assembles data for shared
record of all shareholder transactions, helping to open up
distribution between many different users. Thibault de Maintenant, Chief Executive Officer of LiquidShare, said: ‘With the launch of LiquidShare, we will use the great potential
new opportunities for trading and investing. ‘Through our work with IBM on this blockchain solution, Borsa Italiana is taking the lead in transforming the way European SMEs can
of the blockchain technology to become a key player in the
manage their shareholder data and at the same time expand
post-trade industry. Supported by shareholders across the
credit access - all on a trusted digital platform,’ said Raffaele
European financial market ecosystem, this initiative is the
Jerusalmi, CEO, Borsa Italiana.' I
first of its kind.' I
SPIE UK awarded a contract at Kilmarnock campus
SPIE UK has been awarded an £8m contract for mechanical and electrical works at East Ayrshire Council’s new William Mcllvanney Campus in Kilmarnock. The campus will accommodate over two thousand pupils between the ages of two and eighteen. I
The Financial Times wins Employer of the Year
The Financial Times has been recognised as Employer of the Year in the publishing category at the inaugural Digiday WorkLife Awards. The prize recognises the best work environments in media and marketing, including the values and cultural initiatives that make them unique. I
Mazars launches SME advisory service
Mazars, the international accountancy and advisory firm, has launched ‘elev8 by Mazars’, a bespoke solution for SMEs which offers the full range of business support services. This includes tax and accounting compliance, payroll, company secretarial, financial outsourcing, receivables management and business support. I
AccorHotels consolidates acquisitions in the luxury rentals market AccorHotels will re-group three of its luxury home-rental divisions under its ‘onefinestay’ brand, as the French hotelier increases market share in the luxury private rentals sector. Recent acquisitions Travel Keys and Squarebreak will contribute to a total of 10,000 private luxury homes and concierge services over six continents. I
22 - info - september / october 2017
S U C C E S S
S T O R Y
PONANT: The World by Sea
As the luxury cruise operator prepares to celebrate its thirtieth anniversary, Ponant, acquired by Groupe Artemis in 2015, expands its operation with new vessels in the adventure cruise market
P
onant was founded in 1988 by Jean-
luxury brands that they sell around the
business with a single 32-cabin sailing
Emmanuel Sauvée, then an out-of
world,’ says Winter. ‘As an international
ship, The Ponant, still in operation.
work 27-year-old French Merchant Navy
luxury cruise operator, we fit seamlessly
‘Preserving
officer, with the goal of reviving the
in this group.’
experience – and the idea that small is
cruise industry in France. Next year, when they celebrate their
Sense of adventure
the
private
expedition
beautiful – is key to what we want to do,’ says Winter.
thirtieth anniversary, they can take stock
The operator offers two kinds of cruises,
of their growing fleet – four cruise ships
the traditional luxury yachting experience
French heritage
and four more in production – and global
and expedition cruises, which involve
Ponant is the only luxury cruise operator
offices in Paris, Sydney, New York and
trips to less-visited places and activities
which flies the French flag – a distinction
Hong Kong. Their ships travel to more
geared to exploration and adventure
which holds particular importance for
than a hundred countries every year on
travel – yet with all of the comforts and
the brand.
cruises in each continent, including the
amenities of a luxury cruise.
Antarctic.
In addition to French gastronomy
Winter sees expedition cruises as a
available aboard their vessels, their
Yet despite this global reach, they
booming market. Future routes for the
French heritage is something that sets
are relatively unknown in Britain. Their
operator include the Amazon, the Great
them apart in a crowded industry,
development strategy includes plans
Barrier Reef and the Kimberleys. ‘In the
dominated by the American market.
to expand in the UK, buoyed by new
past 8-10 years, the segment is growing
‘When people see the French flag,
ownership. ‘We’ve been knocking on the
quickly. We’ve seen a lot of ships being
they think quality, a heritage of savoir
door of the UK market,’ says Stephen
built for luxury expeditions, but the
faire,’ says Winter. ‘We don’t want to
Winter, International Sales Director at
industry seems to absorb a lot of the new
Americanise, we want to internationalise
Ponant. ‘We’re definitely underserved
boats because of the great demand.’
under a French identity.’
in Britain, but are confident about our
Part of this identity includes a
Ponant’s new fleet of ships currently being built are designed specifically
commitment
The turning point in the company
for this market, and will include multi-
particularly in response to the reputation
came in 2015 when they were acquired
sensory underwater viewing rooms,
of the cruise industry polluting the
by Groupe Artemis, the French holding
allowing passengers to see and hear the
ocean. Each of their new ships will be
company which specialises in the luxury
ocean and its wildlife.
equipped with water filtration systems,
potential.’
fuel
efficiency
to
the
systems,
environment,
and
idling
sector. The group owns Christie’s auction
The new ships will have fewer
house, the Château Latour winery and
cabins than their predecessors – down
technology which prevents damage to
is the controlling stakeholder in Kering,
from roughly 130 to 90 – to foster the
coral by negating the need for dropping
which includes Gucci, Saint Laurent,
exclusivity that passengers are seeking
anchor. ‘Our ships are some of the few
Stella McCartney, Bottega Veneta and
on these trips.
in the industry that have this capability,’
Balenciaga.
The idea of exclusivity is part the
says Winter. I
‘They have a portfolio of French
company’s DNA, having launched the
Launched in: 1988 • Team: 1,000 • Ports visited p.a: 450 info
- september / october 2017 - 23
BUSINE S S WOR LD – SME NE WS
The founders of Launchworks & Co publish book on digital platforms & Entrepreneurship
L
aure Claire and Benoit Reillier, founders of Launchworks & Co, have published a new book on digital platforms. Platform Strategy: How to unlock the power of communities and networks to grow your business, translates the complex management and economic models behind commercial platforms such as Uber, Airbnb, Etsy and eBay into a practical guide for business. I
Moore Stephens opens start-ups programme
T
he accounting and advisory network is offering a new two-year programme of accountancy and tax services, combined with a structured programme of business support. Moore Stephens will deliver a series of strategy workshops, finance and legal mas terclasses and networking events, aimed at alleviating the common barriers to growth that businesses face in early stages. The applications are open until 27 October 2017. I
Devialet launches iconic new store
G
lobal sound company Devialet has announced the launch of a new store at The Royal Exchange in London. The opening is the latest step in the company’s UK expansion plans, which will also see the opening of a Devialet store in Canary Wharf and the launch of an immersive mobile experience – Phantom on the Road. 'At Devialet, we want everything we do to be exceptional. This ambition starts with our products and extends through to the design of our stores and to the experiences we provide to the public. We want to be able to give as many people as possible the chance to experience the Devialet sound for themselves,' says Victor d’Allancé, general manager Devialet UK & Ireland. I
24 - info - september / october 2017
Left Productions expands in the US
T
he TV and digital video campaign production company, created five years ago, continues its expansion after coming to London last year. Having already worked with American clients, they have opened a new office in Los Angeles, where a team of marketers, directors and technicians work on video production and distribution. I
Lookiimedia launches password management app
D
esigned for nontechnical users to make saving and retrieving passwords fast and painless, Mycena provides up to three levels of password security, free for the first five passwords. It uses fingerprint, voice and face keys to protect passwords and other sensitive information, such as bank account details. I
Ligne Roset at London Design Festival
F
rom the 16 to 24 September, Ligne Roset will present its new collection at the London Design Festival. The company’s tradition of investing in dynamic collaborations, technical innovation and craftsmanship will be represented in the collection of furniture and home accessories. Marie Christine Dorner’s new designs will be enhanced by creations by designers from a wide spectrum of cultural and ethnic backgrounds. I
S TART- UP PROFILE - BUSINE S S WOR LD
From the Arcade to the Operating Room Software for ‘smart’ glasses at the forefront of technological advances in medicine and industry is designed to cutting-edge gaming standards, explains Christian Guillemot, founder of technology startup AMA XpertEYE
C
hristian Guillemot, of the Guillemot brothers who founded the French gaming giant Ubisoft, makes no secret of the
gaming pedigree of his new technology that links smart glasses with a web-based interface. ‘Having a gaming background has been crucial in the design of our solutions. Since smart glasses are meant to be used by professionals in a large variety of activities our solutions needed to be plug and play, and easy to use with the right ergonomics, which is also typical of the gaming world.’ Its application in the medical sector enables a broadcast video of what the surgeon sees, allowing them to collaborate with other medical staff and surgeons. In the industrial environment, AMA XpertEye links field workers to experts through an encrypted connection over 3G, 4G, Wi-fi or Ethernet cable.
Inspiration strikes The company, founded in 2016, took its initial inspiration from
solution connecting smart glasses to a powerful and dedicated smartphone.’
a French surgeon, who wanted to find a way to train Japanese
Google partner
surgeons through live operations. Guillemot explains that this
The company has grown quickly, now certified by Google as
precipitated a pivot away from his thinking about smart glasses
one of ten 'Glass Partners.' According to Guillemot, the move
strictly in the context of gaming.
has given them a high level of credibility when demonstrating
They conducted a test. ‘We found the first live operation
their technology to medical bodies and industrial corporations.
had a taste of how it should be done in the future and we
They also received a boost from Guillemot’s associations with
decided to develop a robust solution fully dedicated to
gaming giant Ubisoft.
telemedicine.’ ‘Two years later we had a robust and efficient solution
‘Google is a fantastic door opener and is playing a major role in our industry. Some customers even considered that
linking smart glasses to a PC for tele-consultations and a year
XpertEye was the conjunction of Ubisoft and Google that could
later we had produced a fully operational, easy to use robust
therefore not fail.’
The new normal The aim, explains Guillemot, is to make the technology ubiquitous. ‘If we all work well, in three to four years from now, one should wonder, seeing smart glasses in action, how things were made before smart glasses existed.’ His company, already enjoying a three digit yearly growth rate, has plans to target customers on a worldwide basis, with the potential uses of the technology seemingly limitless. ‘We believe that we are at the very beginning of this technology. We’re discovering new medical and industry use cases seemingly every week.’ I
If we all work well, in three to four years from now, one should wonder, seeing smart glasses in action, how things were made before smart glasses existed info
- september / october 2017 - 25
E DUC ATION – NE WS
A.T. Kearney sponsor ESCP Europe Master in Management Class
EDHEC and UC Berkeley launch Masters in economic transformation and technology The Global Economic Transformation & Technology (GETT)
A.T. Kearney will accompany
track within its Master in Management programme, a
900 ESPC Masters students
track that will provide students with core global business
throughout
transformation skills and a unique immersive educational
until graduation. The class will
experience on three continents. ‘This curriculum affords our
benefit from the opportunity to
students a unique opportunity to grasp the future issues
be in direct contact with real-
their
schooling
for the global economy, while experiencing at close hand
world corporate activity of the
the cities and ecosystems currently transforming the world,’
global management consulting firm. ‘ESCP Europe conceives,
says Emmanuel Métais, Associate Dean for Graduate Studies,
projects, and shapes the world of tomorrow. This can only be
EDHEC Business School. I
done in close collaboration with companies like A.T. Kearney,’ says Frank Bournois, Dean of ESCP Europe. I
The Royal Opera House to host World Ballet Day web-cast
Grenoble Ecole de Management enters the Shanghai Ranking Grenoble
Ecole
de
Management
takes
place
influential
in
the
its
Shanghai
Ranking
the
Management
new
The Australian Ballet, the Bolshoi Ballet, The Royal Ballet, The National Ballet of Canada and San Francisco Ballet will partner for the fourth year in a row to celebrate classical dance and provide viewers around the world with an exclusive look behind the scenes at what life is like at the world's top ballet companies, on 5 October. The day-long livestream will offer glimpses into morning class, rehearsals for upcoming performances and backstage preparations. I
in
category. ‘It’s a historical occasion.
For
the
first
time, Grenoble Ecole de Management is in the Shanghai Ranking, where it sits just behind INSEAD, HEC and ESSEC. Our niche focus technology and innovation management, is finally bearing fruit,’ says Loïck Roche, Managing Director of Grenoble Ecole de Management. I
French business schools collaborate on new research initiative Four Parisian schools, including EISTI and ESSEC Business School, are supporting 35 new research projects and ESSEC’s PhD programme in a joint venture under the banner Paris Seine Initiative d’Excellence. The initiative aims to become an international research university, positioned as a leading international player in the fields of social sciences, management and scientific modelling. I 26 - info - september / october 2017
PROFILE - E DUC ATION
Kaplan International: An English education Delivering the best English-language education requires adapting to new trends and going beyond the classroom, says David Fougere, Senior Vice President at Kaplan International Tell us about Kaplan International’s activities. Kaplan International is part of the Kaplan Inc. group, an established organisation which has been a leader in education for almost 80 years. We are specialised in English courses to international students as well as preuniversity programmes. What kinds of trends are you seeing across the education sector? The ESL sector is constantly evolving and there is more and more awareness that English is a global language needed
A weaker pound has actually pushed more students from Europe towards UK destinations. We believe that Brexit might have only a marginal impact on our business
for traveling, working or studying abroad. We have seen a trend in which
Apart from the educational services
well-established nationality mix which
people want to achieve more with
it offers, what is Kaplan’s role
helps students become familiar and
English, especially for their education
in introducing students to new
comfortable with different cultures
and career. Work experience abroad,
countries and cultures?
and backgrounds. Specifically in UK,
technical and specialised English
In order to help students feel at home
the largest proportion of nationalities
courses, university placements are all
and integrated into the local culture,
is Swiss, Italian and French as well as
services that we provide in order to
we provide great accommodation
growing numbers from the Middle East,
meet students’ needs and respond to
services and activities which go beyond
Asia and many Latin countries.
these latest trends.
the classroom. All our schools have a comprehensive social programme
What is the impact of Brexit on the
What are Kaplan’s main priorities in
plan with activities which help students
education sector in the UK?
terms of growing the business?
get to know the other international
So far Brexit has not had an impact
Our priority is to ensure that our
students and also learn more about the
on demand from European countries.
students enjoy the best possible
local culture and habits. We organise
On the contrary, a weaker pound has
experience abroad, with opportunities
fun day trips and other activities
actually pushed more students from
to develop their skills, expand their
which help students make the most
Europe towards UK destinations, given
ambitions and empower their
of their experience, professionally or
their stronger purchasing power. We
aspirations. We want to be the best
academically.
believe that Brexit might have only
educator to answer our customer’
a marginal impact on our business.
needs and this is the best way to grow
Where are students coming from to
English is a global language which
our business. Of course, in order to
study in the UK?
people will always want to learn, and
do so, we closely observe new trends
The UK is an iconic destination for
the UK will still be one of the top
and adapt our offer by including more
European students, mostly because
destinations for studying it. I
flexible and tailored programmes which
of its history, traditions and heritage
fit best with the curriculum of our
as well as the convenient distance to
students.
most countries in Europe. We have a
• Parent company founded in: 1938 • Number of schools worldwide:
40
• Number of students: 100,000 • Number of schools in UK and Ireland: 12
info
- september / october 2017 - 27
R E PORT S & R E SE ARCH – BUSINE S S WOR LD
A selection of research papers and reports produced by Chamber member companies and partners
CBRE: European Commercial Real Estate Finance CBRE’s European Commercial Real Estate Finance 2017 Update identifies the underlying trends explaining the European debt market. It highlights principal features affecting the European loan sale market in 2016, while also providing a deeper review for 2016 and a 2017 outlook for key jurisdictions across Europe. Key conclusions include: the total nominal value of the European Commercial Real Estate (CRE) investment debt decreased slightly over the course of 2016 from €1.14 trillion to €1.06 trillion, which is largely attributed to reduced levels of investment transactions in 2016. In 2017, we expect loan sale activity to pick up from 2016, albeit the activity will be relatively concentrated across several key jurisdictions, for instance Italy and Spain. European Commercial Real Estate Finance – 2017 Update Available at: http://bit.ly/2wH2nOd
Deloitte: Open banking: How to flourish in an uncertain future UK banks have been required to ‘open up’ by regulatory initiatives, to be more transparent with transaction data and level the field for new market entrants, while innovative financial technology firms increase concurrence. Deloitte’s report explains how the market will evolve, while banks will need to optimise their use of data to improve their services. It gives them options and solutions to thrive in an open-banking future, with case studies to provide deeper insight. How to flourish in an uncertain future: Open banking – 2017 Available at: http://bit.ly/2woOjr2
EY: FinTech Adoption Index 2017 Exploring firms, business models and consumer propositions, the EY FinTech adoption index, with a survey of more than 22,000 digitally active consumers, offers an insightful analysis on the rapidly growing FinTech market. Even now that FinTech has achieved initial mass adoption in most markets, the industry will continue to grow. This comprehensive report identifies what drives success in FinTech ventures, the implications of that traction in the banking, wealth management and insurance industries, and presents case studies of successful firms. EY FinTech Adoption Index 2017: The rapid emergence of FinTech – 2017 Available at: https://go.ey.com/2tcFfIh
info
- september / october 2017www - 28
KPMG: UK CEO Outlook 2017 According to a new KPMG report, today’s CEOs need to be multi-dimensional, capable of understanding issues and uncertainties brought by a new and disruptive environment. The report identifies the key characteristics of CEOs who are succeeding in providing clarity and securing consumer’s trust. It provides a UK perspective, giving the views of British business leaders, with key insights, numbers and data on talent, innovation, regulation and more. UK CEO Outlook 2017: Disrupt and grow – 2017 Available at: http://bit.ly/2wWDDUF
Providing capital, experience and network to entrepreneurs
O u r m ission is t o nu r t u re i n novat ive st a r t-ups a nd SM Es
i nto global lea der s Entrepreneurs Partners is a proactive investors syndicate for entrepreneurs powered by entrepreneurs. The syndicate is composed of successful entrepreneurs and senior corporate executives, handpicked for their expertise and track record, who share the same passion for nurturing SMEs by committing their capital and time. Entrepreneurs Partners has been created by Bruno
www.entrepreneurspartners.com
Deschamps in 2010 and has since then invested in several leading companies in the UK, France and the USA: Concord, Dynamixyz and Solus Scientific among others.
Entrepreneurs and co-investors, join us !
The
Future
T
he future of the city is far from predictable. The result of the EU referendum – and the potential terms of the final settlement – have created a level of uncertainty in what has become the world’s leading financial centre. Some analysts predict massive job losses and a weakened banking centre, as restricted access to the single market is debated. Others say that the effects of Brexit and the resulting short-term chaos will have minimal impact. They welcome access to new markets across the world. What is not in doubt is the formidable position of the City of London globally, in banking and financial services, and increasingly as a world leader in financial technology. A September 2017 study, the Z/Yen Index, found that London is the world’s number one global financial centre, out-performing its nearest rivals, New York, Hong Kong and Singapore. On the home front, the City is central to the UK economy, contributing more than 11.5 percent annually of the country’s total tax receipts. John MacFarlane, Chairman of Barclays, has described it as ‘a national asset.’ It also holds a pre-eminent position in the European economy, home to hundreds of foreign banks, and responsible for half of all European investment banking. 80 percent of hedge fund assets under management 30 - info - september / october 2017
of the
City
in Europe pass through the City, as does 90 percent of European prime brokerage. It is the world leader in cross-border lending, foreign exchange and over-the-counter derivatives trading. Few expect a total catastrophe, along the lines of the global financial crisis of 2007. The European Centre Bank is putting plans in place to oversee trading, while industry bodies are arguing for longer-term transition plans. Yet there remain serious questions about the relocation of banks to other financial centres, the loss of passporting of services across Europe, and the overall ability of the City to remain competitive by attracting business and talent. As you will read in this FOCUS section, we explore these issues, and more, on a sectoral basis, from banking and insurance, to emerging industries like FinTech. We also get opinion and analysis beyond the big corporate players, canvassing the views of politicians, think tanks and industry associations. Our aim is to provide a litmus test of where the city is now – its concerns and priorities – and how it is planning to adapt to financial services in a post-Brexit world. What is clear, as the centuries-old trading hub undergoes its latest transformation, a new vision of the City will soon be here. I JVB info
- september / october 2017 - 31
The
City now
454,700
=
EMPLOYEES
1 in 100
=
1.5% OF THE UK'S TOTAL EMPLOYMENT
OF THE UK WORKFORCE
3,030 BUSINESSES Source: City of London
EMPLOYMENT HAS INCREASED IN THE CITY OF LONDON BY PAST FIVE YEARS
28 % OVER THE
Source: City of London
12%
ROUGHLY OF CITY WORKERS (FINANCIAL AND INSURANCE SERVICES) ARE EU-BORN Source: City of London
It is crucial the government delivers a flexible system to attract the talent London needs to ensure it remains the best city in the world to do business – Sadiq Khan, Mayor of London
UK Financial Services Salaries Average salary: £51,399 Role
down £1,150 compared to last year
£71,48bn
£.
since 2016
Fund Management
£95,273
£29,811
Director/Senior Management
£87,298
£640
Derivatives
£79,000
-£6,286
2016 FINANCIAL SERVICES TAX RECEIPTS
Corporate Business Sales
£78,602
£27,816
MORE THAN
Private Banking
£66,045
-£15,605
Project Management
£65,894
£7,008
Agribusiness
£64,936
£17,902
Compliance
£62,989
-£1,070
Fixed Income
£59,667
£13,417
Front Office/Trading
£58,000
-£7,750
Source: Reed.co.uk
32 - info - september / october 2017
Half
THE BUDGET OF ENTIRE NHS 2017/18 Source: Vince Cable / CityAM
The
City in the Future
• Economists at HSBC see the pound falling against the euro in the last three months of 2017 • 1 pound will be worth just as much as 1 euro at the start of 2018 Source: Morgan Stanley
= Survey: Brexit concerns
Source: Boston Consulting Group
The Banks
47% Source: Deloitte
OF HIGHLY SKILLED EU WORKERS ARE CONSIDERING LEAVING THE UK WITHIN THE NEXT 5 YEARS
4%
RISE IN OVERALL COSTS
30% Source: The Financial Times / Oliver Wayman
RISE IN CAPITAL REQUIREMENTS
$30bn to $50bn additional capital will be needed by wholesale banks to support new European operations after a hard Brexit
There is a big strategic choice the EU hasn’t yet addressed, which is whether the strategic aim is to establish centres that are complementary to London, or really to supplant it – Jeremy Browne Special Representative for the City of London in the European Union info
- september / october 2017 - 33
London After Brexit London’s needs are different from the rest of the UK, say Research Director Richard Brown and Senior Researcher Nicolas Bosetti of Centre for London, the capital's dedicated think tank
B
rexit presents challenges to the capital that are different
of London’s continued ability to act as a hub for business
both in degree and in character from those posed for the
and trade. A growing services sector, international banks,
rest of the UK, say researchers at Centre for London, the
professional service firms, aviation, and data and tech firms all
capital’s dedicated think tank. Their report, ‘Open City: London After Brexit’, advocates for London’s continued access to domestic, European and global talent in the short term. In the long term, it argues for clarity
rely on the Single Market framework to trade with the EU, and relies on the trade agreements the EU signed with third party countries. ‘If the UK leaves the European Single Market, it is in the
on trade, and new powers over taxation to meet the capital’s
interests of both the UK and other EU countries to negotiate
housing, property and infrastructure needs.
trade agreements that minimise the impact of regulatory
Talent retention ‘The capital is much more reliant on European workers than
barriers on trade in these service sectors, as well as reducing tariff barriers to trade in goods.’ ‘We recommend that interim membership of the European
other areas of the country, with EU citizens working at all skills
Free Trade Association (EFTA) is seriously considered: this would
levels and in all sectors,’ write Brown and Bosetti. Indeed,
enable continuing access to most elements of the Single Market
London workers are twice as likely to be born in the EU
through the European Economic Area, though this would also
than the UK average - and proportions of students are
require interim continuation of freedom of movement.’
similar. ‘Losing access to talent from across the EU would drain
Devolved taxation
London’s businesses and its universities, but could also impair
Brexit makes it more urgent to address London’s long-
London’s character – as an open and welcoming city.’
term challenges – outside the EU, the city will need to work
This applies to all levels of employment, from high-skilled
much harder to attract people and businesses. Brexit is an
professionals in medicine, law, and other highly specialised
opportunity to rethink how London’s dysfunctional housing
sectors, to mid-skilled workers who keep the city’s bars, cafes,
market is taxed: council tax and stamp duty are largely seen as
building sites and care homes running, and on the young
‘outdated, regressive and perverse,’ according to Brown and
people who visit to learn languages and skills and start new
Bosetti. ‘Expensive property is taxed very lightly, adding to its
enterprises.
attraction as an investment, and make buying and selling homes
Open access to higher education across the EU should be maintained, with student numbers removed from net migration
more expensive.’ ‘Devolution of these taxes, as recommended by the London
targets, and a new post-study visa should be introduced in
Finance Commission earlier this year, would help London to
London to enable graduates to stay on to work.
meet its needs and tackle its problems, while supporting the
To make this happen for London, Brown and Bosetti argue
UK economy as a whole. It would enable London to experiment
that the government should introduce a regionally managed
with reforms, from updating council tax ratios to exploring the
migration system, with different regions able to define their
impact of land value taxation in London.’
skills needs and to agree work permit quotas with Government. One-year ‘City Maker Visas’ would allow European citizens to
Keeping London Open
visit the city to look for employment or start-up opportunities,
The end goal, for Brown and Bosetti, is to respond to both
with fast-track work permits for those who are successful.
short-term and long term challenges with ‘resilience and
Clarity on trade
ingenuity’. This means being able to mitigate risks and seize opportunities that come with Brexit. However, to be able to
London’s ability to trade with the EU and globally is in potential
meet these challenges head on, London needs to be open,
jeopardy because of Brexit. Brown and Bosetti argue in favour
liveable and affordable. I
34 - info - september / october 2017
THE FUTUR E OF THE CIT Y – FOCUS
The time to prevaricate is over The signs of a slowing economy are multiplying with business investment at a standstill amidst uncertainty, says Vicky Pryce of the Centre for Economics and Business Research (CEBR)
A
s talks intensify on the UK’s Brexit agreement, tension between party political and the national interest is all too evident. Nevertheless we are seeing some concessions
PWC and EY put the job losses in the City to anything up to 100,000
from the UK side concerning movement of people and an acknowledgment of a continued role of the European Court of
One trigger would be the loss of ‘passporting’ rights now
Justice beyond March 2019. The Labour Party appears to be
available through membership of the single market which allow
moving towards the UK staying in the single market and the
a financial institution with a base in the UK to transact business
customs union during an as yet undefined transition period.
anywhere in the EU. Banks and other institutions affected may
But the time of prevarication must soon be over.
have no other alternative but open subsidiaries in mainland
Only businesses truly understand what the advantages of
Europe. But with the ECB expecting any third country financial
'frictionless' trade with the rest of the EU are – not just tariff
service operation in the EU to be a fully functioning business,
free trade for manufacturers and food but also the absence of
not just a name-plate on an office-building, costly extra capital
non-tariff barriers for a country which is dependent on services
would be required.
for its livelihood.
The international city
If uncertainty remains firms will start putting into operation contingency plans which will see people and activities move out of London. So far preferred locations appear to be Dublin and
Membership of the EU and easy access to talent undoubtedly
Frankfurt but Paris and Milan are also sharpening up their act
helped to internationalise the City, turning it into the world’s
to attract players. All bad news for the sector and the wider UK
primary financial centre with more foreign banks operating
economy alike. I
from London – 250 – than any other centre. Analysis by the consultants Oliver Wyman suggests that 23% of corporate and retail banking activity in the UK comes from EU-related business. A large chunk of the EU’s investment banking is conducted in the City, and London manages 45% of all assets in Europe. The City is a major centre for insurance and reinsurance, wealth management, currency and derivatives trading and clearing. It is also the largest centre for hedge funds and for private equity and investment funds in Europe. Financial innovation has flourished, with FinTech employment growing rapidly.
Likely outcomes An early expectation that the UK might ease financial regulations to continue to attract global firms has proved to be unrealistic, as it would restrict access to the EU market. Hopefully, the EU negotiators will also recognise the benefits of working closely with the City. London's loss, if it is allowed to happen, could as easily be New York's gain – or equally Singapore, Shanghai, Frankfurt or Paris. The likelihood of course is that the City will remain an important, albeit diminished financial centre. With the European Banking Authority soon on the move from London and Euroclearing conducted in the City under threat again, Oliver Wyman research has suggested that up to 50% of EU related revenue could be at risk in the case of hard Brexit . Others such as PWC and EY put the job losses in the City to anything up to 100,000.
info
- september / october 2017 - 35
Remaining in the City Banque Transatlantique continues to invest in its UK operation, as it remains optimistic about the City's future prospects, says its General Manager, Gwenolé Le Blevennec
LONDON
NEW YORK
I
SINGAPORE
n a globalised world, where cities
centres that are being undermined
Continued investment
compete to attract companies and
to the benefits of New York and other
The long term future of the City of London
talented individuals, the competitors
competitors. This is hugely detrimental
will depend on its ability to serve global
of the City of London are not so much
as any impact on the financial sector
customers, defined less by the location
Frankfurt, Paris, Luxembourg or Dublin
will trickle down to the wider economy,
of their headquarters but more by the
but primarily New York, Chicago, Hong
affecting European corporations’ ability
international reach of their services. To
Kong or Singapore.
to raise capital or hedge their risks at an
thrive, the City will need to remain a well-
The Global Financial Centres Index
optimal price. One of the conclusions of
functioning and regulated centre, while
published last March confirmed London
the AFME/BCG report is that European
welcoming foreign banks and financial
in the top position. The next European
small and medium enterprises are likely
firms. Here my colleagues and I are
financial centre, Luxembourg, is far away
to suffer the highest cost of capital in
convinced that the City of London holds
in the 18th position.
case of a hard Brexit.
all the cards to maintain its dominant
chip
This lack of progress in Brexit
position. This is the reason why Banque
companies, international organisations
negotiations is a concern, as March 2019
Transatlantique continues to invest in the
need to access capital markets for
is fast approaching, and 18 months is
development of our UK operations. After
funding requirements. At some point in
not ample time to reach an agreement
the launch last year of our UK private
their life cycle, they may require complex
and to get it approved. I remain firmly
banking services, we will soon start
financial products and services. As a
optimistic that a solution to this deadlock
offering portfolio management services
result, sophisticated and large financial
will be found. This is in the interest of all
headed by Robert Jeffree, who joined us
centres inherently make a better home
Europeans, including the British people.
recently as Chief Investment Officer.
From
start-ups
to
blue
A solution that is emerging would
Banque Transatlantique, founded in
A recent report jointly published by
be for the UK and the European Union
1881, has gained the reputation of being
the Association for financial Markets in
to agree on a transition period during
the private bank of the French overseas,
Europe (AFME) and the Boston Consulting
which the terms of the UK’s access
backed by one of Europe safest and best-
Group (BCG) shows that in the first week
to the European market will remain
rated banking groups. This was also built
of last May EUR 6.5 trillion of interest rate
unchanged. This status quo, lasting
on the Bank’s long history of providing
derivatives were cleared in the UK while
several years, would provide companies
international banking services to the
the rest of the EU was in the fourth place,
with temporary certainty and would allow
French diplomats and supporting French
behind America and Asia/Pacific, with a
the UK and the European Union more
communities abroad.
pale EUR 8 billion.
time to define their future relationship.
The ability to deal with the complex
In consideration, the United Kingdom
cross-border transactions of our clients
for them.
Political deadlock
would agree a financial contribution, a
and to follow them globally is part of
As the UK Government and the European
“pay to play”, which could be itemised for
Banque Transatlantique’s DNA. A post
Commission squabble away over Brexit
specific agencies, services or projects.
Brexit environment should play to our
negotiations, it is all of Europe’s financial 36 - info - september / october 2017
strength. I
THE FUTUR E OF THE CIT Y – FOCUS
London’s potential banking exodus Time is running out for the big banks to move business and staff out of the UK, says Dean Turner, an economist in the UK Investment Office at UBS Wealth Management
T
he future of London's financial services industry, in light of the likely loss of the ‘passport’ that grants UKbased firms access to European markets, is one of the
most important questions arising from Brexit. Most large international banks based in London haven’t gone beyond acknowledging that some business and personnel will have to move to the EU after Brexit. But time is running out. In view of the March 2019 deadline, UK regulators have requested details about the banking sector's plans, which should sharpen the focus on the question. But time, costs, and logistics involved in transferring operations away from London, mean that the process will have to begin soon. It is likely that plans will be announced before the year is out.
Destination unknown Where this business goes is not entirely clear. Politicians
Labour market in flux
representing Europe's financial centres have been trying to
As the UK leaves the EU, it is likely that a portion of financial
woo bankers to move operations to their countries. Emmanuel
services currently conducted in London will move to the
Macron, the former banker turned French president, has been
continent. This will inevitably affect the labour market.
leading the charge for Paris. Yet the banks have not yet let on where – and what – they intend to relocate. It is easy to understand why politicians are keen to lure
Brexit is coming at a time of great technological change for the banking industry. Technology has transformed the way business is conducted and may bring further disruption
business away from London. More than three-quarters of a
in the future. Ultimately, the proliferation of new technologies
million people – greater than the population of Frankfurt –
may have a far greater impact on employment in the financial
work in London’s financial services. The sector paid £71bn of
services industry than changes wrought by Brexit.
taxes to the exchequer in 2015/16, representing 11.5 percent of the total tax take. Jobs and tax revenues are highly sought
When the dust settles
after by Europe's capitals, especially for countries like France
In spite of these pressures, London will likely remain Europe's
still struggling to close their budget deficit.
preeminent financial centre for the foreseeable future.
That decisions have yet to be made illustrates the complex
Other capitals will likely grow their share. But factors behind
nature of the problem for banks – but also for governments
London's current success – its large and deep pool of skilled
and regulators on both sides of the Channel. It is unlikely –
labour, infrastructure, globally-respected legal framework and
though not yet known – that future trade deals between the
institutions, and the often-overlooked advantage of the English
UK and the EU will include financial services. Furthermore,
language – will not change because of Brexit.
with increasing talk of a ‘transition period’ to smooth the UK's
Besides, the City is used to change and renewal, and it
exit, the timing of the loss of access to the EU market is also
always adapts. Brexit be challenging for the financial services
unclear.
industry, but this does not mean that London cannot thrive and prosper when new opportunities arise. I
Time, costs, and logistics involved in transferring operations away from London mean that the process will have to begin soon . It is likely that plans will be announced before the year is out
info
- september / october 2017 - 37
The State of London’s FinTech The fledgling City industry of FinTech, otherwise known as financial technology, is experiencing its first major challenge in Brexit, writes Philippe Gelis, CEO of the fast-growing company Kantox
T
he Brexit result took the FinTech
now
ecosystems
When we created Kantox in London
industry by surprise. No one
with successful companies in France,
in 2011, ‘FinTech’ was not a buzzword,
building
FinTech
expected such an earthquake in
Germany, Holland, Sweden, Ireland, and
the industry was still in a very early stage.
this young industry, especially in London
beyond. In that context, it is unrealistic to
At that time, almost anything significant
– the leading FinTech hub in Europe.
think that London will be able to maintain
related to FinTech was happening in
its place as such a clear front-runner.
London and nowhere else in Europe.
This success was partly due to access to London’s vast talent pool –
Most
FinTech
companies
with
The
early
adopters
in
London
the hundreds of thousands of people
business in continental Europe are now
felt comfortable switching from their
working in the financial industry, who
working on plans to get regulated in the
banks to FinTech companies to remit
knew enough about finance to feel
EU. Cities like Dublin, Berlin, Amsterdam
money abroad. They were people who
comfortable investing in peer-to-peer
or Brussels are well positioned to take
understood the disruption potential
lending,
advantage of this situation. Yet decisions
of the FinTech industry. They also
to
crowdfunding,
or
robot-
advisors. But with the Brexit process now in
relocate
variables:
will
client
depend
on
many
had insider information about unfair
location,
regulatory
products, services and behaviours of
progress, I am not sure I would go back
framework, transport and infrastructure,
to London to build another FinTech
language, and country of origin.
banks and financial institutions. It is also important to recognise
company. There is too much uncertainty,
That said, I will always remember
that local authorities, including both
such as the employability of foreign
what one of our investors once told me:
politicians and the FCA, did a good job
(skilled) workers and the free movement
“Let’s not believe that Paris can replace
in creating a friendly environment and
of people.
London as a financial centre. It will never
a low friction regulatory framework.
Even if London maintains its role as
happen. The same way that the UK will
This, in comparison to most European
a financial knowledge and education
never replace France for fashion, food,
countries, where local regulators waited
leader, other countries in Europe are
wine and lifestyle."
until at least 2015 to act on FinTech. I
F I N T E C H M I L E S TO N E S 1998
2014
The launch of PayPal, the first consumer banking brand on the internet
$1.5bn invested in FinTech companies in Europe
2009
2015
The launch of Bitcoin, the first crypto-currency
More people now use mobile banking than go into a physical branch
2011
2015
Google launches Google Wallet, which allows consumers to use mobile phones to make tap payments
Alibaba, the Chinese e-commerce giant, enables consumers to authenticate payments by scanning their face with a smartphone. I JVB
But with the Brexit process now in progress, I am not sure I would go back to London to build another FinTech company. There is too much uncertainty, such as the employability of foreign (skilled) workers and the free movement of people 38 - info - september / october 2017
FinTech’s ‘passporting’ problem Abdul Basit, CFO of Innovate Finance, an industry association for the UK's global financial technology community, reports on its concerns about the ability to passport services across Europe
T
he outcome of the EU referendum took the UK FinTech
Key pillars of the UK FinTech sector have been access to
sector by surprise. Roughly 80 percent of Innovate
talent and access to capital. Ensuring these are unaffected will
Finance’s members wanted Britain to remain part of
be critical for the wider sector.
the EU. They benefit from talent coming from Europe – not to mention access to the single market.
Reviews pending
These advantages, along with a ready supply of capital and
In response to these issues, the UK government has issued a
a supportive regulatory regime, helped to create a booming
review by the Migration Advisory Committee, which will assess
sector, attracting world-class entrepreneurs to London. Prior to
how the UK’s immigration system should be aligned with a
the summer of 2016, the future looked bright.
modern industrial strategy. Meanwhile, the government’s Patient
Passporting As the UK’s trade body for FinTech, Innovate Finance regularly
Capital Review will seek to identify barriers in accessing longterm finance for growing firms, both of which Innovate Finance will respond to on behalf of our members this autumn.
polls its 285 members. The latest results showed that the loss
While Brexit negotiations continue, the FinTech sector
of passporting rights affected roughly 20 percent of our start-up
continues to thrive, providing 60,000 jobs and generating £6.6
members. For those companies that rely on passporting, such
billion for the UK economy annually. But we cannot rest on our
as money transfer firms, loss of these rights will be a significant
laurels. The industry in the UK must be proactive to attract the
issue.
investment and people it needs to ensure we remain the world’s
If passporting rights are lost, firms may have to apply for
global leader in FinTech. I
separate licenses for every EU country in which they operate. UK FinTech firms are creating contingency plans to avoid any red tape by setting up offices in another EU member state to safeguard against loss of passporting rights. One firm, Azimo, has already announced plans to open an office in Dublin. Established financial institutions, who already have a presence in other EU cities, are looking to rebalance their workforce across their various offices. This suggests that a mass exodus of financial firms from the UK seems unlikely. It is difficult to replicate the powerful ecosystem that underpins Britain’s financial services sector – the largest in the world. Even EU nations don’t anticipate a collapse
F I N T EC H BY T H E N U M B E RS • UK jobs:
60,000
• Contribution to UK economy:
£6.6bn p.a.
• Investment in UK FinTech in first half
of 2017: £500bn
• Increase in investment over same period
in 2016: 37%
of the UK’s dominance, even though they are expected to benefit from new FinTech entrants setting up offices in their capitals, Kieran Donoghue, head of strategy and public policy at Ireland’s inward investment promotion agency IDA, recently told the press that UK’s financial services firms ‘really don’t want to leave decades of infrastructure in London, for them to leave is a disruption to business and a cost. We do not think that London is going to disappear, but the industry will move to a more decentralised model.’
W H Y ‘ PASSPO RTI N G ’ M AT T E RS A license granted by a regulator in one EU country that is valid in other EU & EEA areas, passporting offers potential access to 500
million customers across Europe.
info
- september / october 2017 - 39
BREXIT: Not
an Existential Threat
Clarity and co-operation are key to City’s future, says Jonathan Reynolds MP, Shadow City Minister & Shadow Economic Secretary to the Treasury
O
ne of the first visits I made to the City after taking on
and varied trading histories which have built the foundations for
the financial services brief was to the iconic Lloyd’s
its strength as an international finance hub today.
of London building in the heart of the Square Mile.
Without question, the UK’s exit from the European Union
Extraordinary modern architecture houses a fascinating history
represents a major challenge to its future. However, one of the
spanning over 300 years, from simple beginnings in Edward
City’s main strengths is its adaptability. I have every confidence
Lloyd’s coffee house to an insurance behemoth underwriting
that the City can continue to share a co-operative and successful
nearly £30bn a year. The City is replete with similar tales - long
relationship with its European neighbours. But to do this, it needs an overall framework of certainty and clarity, which has so far been lacking from our Conservative Government.
Political failures In all the time the Government has failed to offer a clear outline on its negotiating plans for financial services, investment and key decisions have continued to stall among both domestic and international financial institutions of all sizes, as they lack the information they need to properly plan for the future. This anxiety is understandable for a sector which is reliant on interconnectedness. London is a trading hub which attracts capital flows from around the globe, often relying on the mutually dependent industries within the City: insurance, law, accounting, FinTech, clearing – the list continues. As a result, the treatment of the sector in Brexit negotiations will be key to its future. How will services be passported into the European Union post-Brexit? How can it continue to participate with the rest of Europe in building robust regulation? What transitional period will there be to avoid a cliff-edge scenario? Critically, what will be the approach to the status of EU nationals, upon whose talent the financial sector is dependent?
Lessons learned Post-financial crisis, the City and its European counterparts have collectively worked hard to integrate better safeguards and stability into our financial infrastructure. Simultaneously, financial
markets
are
becoming
more
global,
more
interconnected and more automated, in many ways to the benefit of the consumer and the overall stability of the system. Brexit should not be a reason to turn back the clock on that progress, and it is essential the City can retain its internationalist outlook. If managed properly, Brexit should not represent an existential threat to the prospects for London as a financial services hub. The City has built a strong reputation in recent years as an incubator for cutting edge financial technology and investment. This should be able to grow, so that in tandem with the attractions offered by Frankfurt, Paris and Barcelona, London can continue to form part of a European financial market which is a serious global competitor. The future for the City remains bright, but it can only be forged in a coherent and considered framework for Brexit. I 40 - info - september / october 2017
THE FUTUR E OF THE CIT Y – FOCUS
Resilient Markets London is still the global listing venue of choice, says Serge Harry, Member of the Executive Committee of the London Stock Exchange Group
T
he UK has voted to leave the EU but, despite many predictions to the contrary, UK Capital Markets
have proved resilient. Despite macro economic
helping to increase productivity. The potential of companies like these to transform the European
European countries access critical growth capital. Moving away from capital markets,
economy is clear. The potential of equity
even our clearing business saves costs.
is even clearer: companies listed on
On clearing, for instance, we believe
uncertainty, the first half of 2017 has
AIM are five times more likely to export
that a single pool of products is more
seen strong inflows of capital into
than the national average. It is no
efficient and more cost-effective for
equities and a surge in IPO activity in the
coincidence that independent research
clients than fragmentation. London’s
UK. By the middle of August, 66 IPOs
has shown a one per cent increase
global liquidity pool for Clearing saves
in London had raised over £9 billion,
in high growth potential companies
our customers billions in regulatory
already more than the total number of
could add two per cent to GDP. Some
capital – which is consequently
IPOs and money raised for the whole
governments in the EU and the US have
deployable as investment capital in the
of 2016.
already announced reforms easing life
real economy.
Also encouraging: London’s
for SMEs.
London remains a city open to
international market for growth companies – AIM – has already surpassed the total number of IPOs in 2016. The average market capitalisation of these companies is nearing €100m. These figures demonstrate, once again, that London is the global listing venue of choice. It is not just London that is benefiting. Between 2014 and 2016 over three quarters of European growth market capital was raised on AIM. Given two-thirds of AIM finance is through further issues, this crucially provides European and international companies with a long-term source of funding.
Dynamic growth We at London Stock Exchange Group believe it is the EU’s army of dynamic,
By the middle of August, 66 IPOs in London had raised over £9bn, already more than the total number of IPOs and money raised for the whole of 2016
high growth companies that hold the key to economic success. In a report published on 5 September at the
A job for London
the world and a dynamic place to do
European Parliament, we identified,
This is why Capital Markets Union is
business. 2017’s IPO activity is only one
for the second time, a thousand of the
vital. It will break down barriers and
example of the enduring strength of
most dynamic SMEs across the 28 EU
simplify access to multiple sources of
London’s unique ecosystem and the
member countries.
finance for SMEs, including accessing
benefits of long term patient equity
non-EU capital. London is ready to help
capital to European economic growth. I
150 of them come from France and boast very impressive average twoyear job creation rates and compound
make CMU a reality. London’s global liquidity pool stands
growth rates of 36 per cent. Being highly
ready to do its bit. As well as AIM, we
innovative (these companies count
also have ELITE, our pan-European
nearly 600 trademarks and patents
business development and capital
between them) the jobs they create
raising programme. ELITE helps over
tend to be high quality and well paid –
600 companies from across 24 mainly
info
- september / october 2017 - 41
INSURANCE:
Weathering the Brexit Storm Brexit presents a new kind of threat, says Amanda Blanc, Group CEO of AXA, yet there is reason to be optimistic about the future of the insurance industry
T
he insurance industry has typically
have a number of employees from the
The future is rosy
been able to adapt to anything
EU and uncertainty around their ability
It’s not all doom and gloom. The future
that comes its way. After all, it has
to continue working in the UK is a real
of the UK insurance market is rosy.
been around in one form or another for
concern.
This is partly due to the pre-eminence
more than three-hundred years.
If the UK cannot agree some kind of
of the UK FinTech and InsurTech
Brexit is newly problematic precisely
freedom of movement for EU citizens,
industries.
because it defies definition and is
UK businesses will be less attractive to
unpredictable. As such, Brexit has the
the brightest and most talented that
regarded as the hub for innovation,
capacity to lure financial services into
Europe has to offer.
and a key source of new thinking
a ‘phony war’ mentality. Yet there is reason to be optimistic.
Risk factors
SMEs in peril
In the AXA Group, the UK is
and action in insurance. There is a vibrant ecosystem in the UK that
The potential impact of Brexit goes
has developed with support from
beyond the confines of our business.
government and industry alike.
The big risks for financial services are
This includes a concern about the
the ability to passport into the EU and
impact on the British SMEs. AXA is a
overnight. It cannot be shifted to
the associated financial brain drain out
major insurer of this sector and they,
another time zone in a matter of
of London. These concerns are felt at
collectively, are a vital element of our
months. And it cannot be ignored when
AXA, but not to the degree they are in
economy.
global institutions are making long term
the big banks and investment firms.
So much time has been spent on
decisions about their global footprint.
The ability to continue trading private
worrying about the big financial
healthcare abroad is also a real concern,
institutions and how they will fare post-
about what a post-Brexit world looks
as is the uncertainty around the border
Brexit that I worry we are forgetting the
like, I am also full of confidence for
between Northern Ireland and its
grassroots of our economy.
the future. We have a world-leading
southern neighbour. AXA has a vested
Any significant damage to this sector
position in the global insurance
interest in seeing an amicable solution
will be felt directly by AXA in the UK. We
marketplace and much of that is down
to both problems. However we are at
all have a responsibility to make sure
to our willingness to change and find
the mercy of the politicians and their
that the government, so often a vocal
new ways of trading. I
ability to reach a sensible conclusion in
supporter of the sector, takes the risks
negotiations.
seriously and takes action to mitigate
Closer to home is the risk to current
what could be a mortal blow to the long
staff and the ability to attract the best
term health of the UK economy.
This success cannot be replicated
Although there are real concerns
talent from across the continent. We
Although there are real concerns about what a post-Brexit world looks like, I am also full of confidence for the future 42 - info - september / october 2017
THE FUTUR E OF THE CIT Y – FOCUS
FINANCIAL SERVICES:
The need for Transitional Arrangements Customers and firms on both sides of the Channel rely on European financial institutions to grow their businesses, says Andrew Rogan, Executive Director, Capital Markets at industry association UK Finance. A clear transition plan is needed now
A
inconvenience, costs and disruption resulting from the above
the access EU business currently has to the huge range
protective measures may be significant enough to justify setting
of services provided by UK firms. Continuing these relationships
up a treasury function in the UK to benefit from its deep and
will be crucial to safeguarding future economic growth.
efficient markets. All of these options could force customers and
s European policy-makers sit down to discuss the details
Larger European businesses may decide that the operational
of the UK's exit from the EU, it is important to consider
Our analysis shows the UK hosts roughly 60 percent of the capital markets activity of EU firms. This includes supporting international trade, raising capital, and risk management. Both
the banks that serve them into costly, inefficient and potentially premature restructuring of their own supply chains. It is unlikely that EU-based banks have the capacity to
UK currently hosts roughly 60% of EU firms’ capital markets activity sides have a common interest in reaching a deal that ensures a
meet the scale and depth of the services needed by European
smooth path towards Brexit – not a sudden cliff-edge.
corporates, and would struggle to do so in a compressed time-
Without securing transitional arrangements, EU firms risks losing access to a wide range of services. Commercial lending
frame.
finances their manufacturing; derivative writing and trading
Clear priorities
services help manage currency risk from sales across markets.
As negotiations continue, the priority for customers across the
Costly replacements Inevitably, the shallower depth of provision of these services inside the EU 27 means that the cost of the financial infrastructure relied on by European exporters will increase. Restructuring existing products and services that are
UK and EU is for an agreement on transitional arrangements that ensures consistent provision of services after the point of a formal UK exit, before a formal EU-UK deal is in force. This isn’t simply a matter for the technocrats. Agreeing the principles of a clear transition framework will be the first tangible signal of a mutually beneficial arrangement.
Get it wrong and we risk undermining the future health of both the EU and UK economies no longer available is likely to involve substantial transfer or
Getting this right will be crucial to ensuring customers
termination costs, particularly if market pricing is less favourable
remain at the heart of the services provided by banks across
than when the product was first purchased. There may also be
the continent. Get it wrong and we risk undermining the future
tax implications if the transfer or termination results in a taxable
health of both the EU and UK economies. I
gain, or accounting charges.
info
- september / october 2017 - 43
Why we need the Digital Skills Visa Directors Nick Forrest and Sapna Patel make the case for the digital skills visa, one 35 specific recommendations set out by PwC UK to protect London as a global financial hub
T
he digital tech sector is an increasingly important
• Youth Mobility Digital Skills Visa targeted at individuals
element of the UK economy. It generated an estimated
aged 18-30 from recognised leading technology centres. It
turnover of £170 billion in 2015, with growth twice as
fast as non-digital businesses. The sector has benefitted greatly from access to EU talent with the London Assembly Economy Committee reporting that
would require successful completion of an aptitude test targeted at key skills shortages and would not require a specific job offer. • Digital Skills Visa targeted at individuals meeting defined
around one third of those working in London’s tech sector are
skills shortages. It would require a job offer from an
EU nationals. Furthermore, 50 percent of technology start-ups
endorsed employer, but would allow entrepreneurial
in London are being founded by people from the EU.
activity.
Following Brexit, it is likely that free movement of EU
We recommend more financing is made available to help
nationals into the UK will end, potentially making the UK less
UK FinTech companies scale up their activities; and further
attractive to talent. When combined with the Government’s
collaboration between the UK government, universities
commitment to reducing net migration, this could have a
and the sector in the emerging fields of blockchain, artificial
significant impact on the UK technology sector’s ability to
intelligence, quantum computing and the ‘Internet of Things’.
attract the best talent to the UK.
Lastly, we need the development of a regulatory environment
The UK Government has recently commissioned the
that both encourages innovation and leads the development
Migration Advisory Committee to undertake a review of the
of international standards. This should present opportunities
impact of EU migration on the UK economy and how the
for the UK in areas of ‘RegTech’: improving the efficiency of
immigration system should be developed to align with the
firms meeting their regulatory obligations.
modern industrial strategy. The current UK immigration system is predominantly geared towards traditional roles and employment structures
Collectively, these actions can help to position the UK’s financial and related professional services sector to prosper long after the impact of Brexit has faded. I
(e.g. minimum salary levels, full time jobs, etc.). In contrast, the digital technology sector requires a more flexible approach which can meet growing demand for constantly changing skills sets and reflects nuances of the industry such as: (i) more
Digital Business Growth
entrepreneurial structures; (ii) individuals may take roles in a number of organisations; (iii) individuals may hold equity stakes rather than receiving a salary and may not meet thresholds set for more traditional roles; and (iv) a higher proportion selftaught individuals. We recommend that a bespoke Digital Skills Visa (DSV) will best meet the future needs of the sector by providing a flexible immigration system. We propose that the DSV would apply to three distinct groups who do not fall within the current immigration system and would provide the opportunity to develop ideas and build networks within the UK: • Post-Study Digital Skills Visa targeted at students qualifying within relevant fields from the best UK and global technology institutions. It would not require a specific job offer.
50 percent of technology start-ups in London are being founded by people from the EU
44 - info - september / october 2017
THE FUTUR E OF THE CIT Y – FOCUS
Making sense of Brexit, Europe and the financial sector requires exploring beyond the ever-changing daily press. INFO presents the best long-reads and long-listens, which help shape the conversation
POLITICS Tim Shipman: All Out War: The Full Story of How Brexit Sank Britain’s Political Class (2016) Based on unrivalled access to all the key politicians and their advisors, Shipman provides a political history that reads like a thriller. A gripping, day-by-day account of what really happened behind-the-scenes in Downing Street.
Yanis Varoufakis: Adults in the Room: My Battle with Europe’s Deep Establishment (2017) The former Greek finance minister’s candid account of the struggle with the austerity imposed on Greece by the EU. An extraordinary tale of brinkmanship, hypocrisy, collusion and betrayal intended to shake the deep establishment to its foundations.
LISTEN FT Banking Weekly Financial Times banking team discusses the biggest banking stories of the week, bringing global insight and commentary on the top issues affecting the sector. Listen here: http://on.ft.com/2whpQDR
ECONOMICS Mervyn King: The End of Alchemy: Money, Banking, and the Future of the Global Economy (2017) Ten years at the helm of the Bank of England gives King the insight to reveal profound truths about the mechanisms of our capitalist society. An essential work about the history and future of money and banking, the keys to modern finance
Philip Coggan: The Money Machine: How the City Works (2015) In this excellent guide, now fully revised and updated, leading financial journalist Philip Coggan cuts through the headlines, and shows why we should all be more familiar with a system we so intimately depend upon
FICTION Amanda Craig: The Lie of the Land (2017) Part of a new vanguard of novels that tackle the EU referendum and its wider implications, Craig’s book is a satirical take on the disparity between town and country, and the emotional levers that led to the Brexit vote.
The Guardian’s Brex and the City Brexit Podcast Jon Henley is joined by Vincenzo Scarpetta, Jill Treanor, Dan Roberts and Anthony Browne to discuss how Brexit will affect Britain’s multibillion-pound financial services industry. Listen here: http://bit.ly/2gSAP4u
The Brexit Podcast This independent podcast is brought to you by three jobbing journalists, and features straight-talking experts and average people from all walks of life. It aims to rise above the fray and offer a no-nonsense take on the issues surrounding Brexit. Listen here: http://bit.ly/2eQLpFa
info
- september / october 2017 - 45
This is not the car of the future.
It’s already Europe’s best-selling 100% electric vehicle.
Renault ZOE
With a 250 mile NEDC range*, easy charging options and ultra-low running costs, it’s time to make the switch from petrol. Go electric with the multi award-winning Renault ZOE.
Find out more at renault.co.uk CO2 whilst driving: 0g/km, MPG: n/a according to NEDC homologation tests. *Homologated range according to NEDC test cycle, for comparison purposes, 250 miles, and may not reflect real life driving results. Range will vary on various factors including driving conditions, driving style, temperature and topography but is likely to be between 124 miles in winter conditions and 186 miles in temperate conditions with the Z.E. 40 battery.
CULTURE – WHAT'S ON A SELECTION OF RECOMMENDED CULTURAL EVENTS IN LONDON... AND FURTHER AFIELD
T H E ROYA L AC A D E MY O F A RTS, LO N D O N Matisse in the Studio
Right: Photograph by Lee Stalsworth. ©Succession H. Matisse/DACS 2017
‘I have worked all my life before the same objects… The object is an actor. A good actor can have a part in ten different plays; an object can play a role in ten different pictures.’ French artist Henri Matisse is best known for his work as a painter, sculptor, and printmaker, but the Royal Academy’s exhibition allows visitors to discover him with a new perspective. Matisse in the Studio gathers the artist’s eclectic collection of objects from all around the world, which inspired him and his work. Teapots, curtains, panels and chairs owned by the artist are shown alongside their depictions in his works, transformed by the emotions he tried to convey through them. Organised in five sections (The Object is an Actor, The Face, The Nude, The Studio as Theatre and The Language of Signs), the show provides a unique insight into different eras of Matisse’s career, and reveals the intimacy of the artist’s studio.
I Until 12 November 2017 / Open daily from 10am to 6pm, until 10pm on Friday / £15.50
Left: Safrano Roses at the Window, 1925, Oil on canvas, 80 x 65 cm. Private collection. Right: Two Women, modelled 1907-8, cast 1908. Bronze. Hirshhorn Museum and Sculpture Garden, Smithsonian Institution. Gift of Joseph H. Hirshhorn, 1966.
BA RB I C A N C EN T ER, LO N D O N
©Image courtesy Waddington Custot. Photo: Robin Brown
Waddington Custot Gallery at Frieze Masters 2017 This year’s Frieze Masters, will feature Waddington Custot’s tribute to Peter Blake, one of the leading figures of the British pop art movement. The evocative installation will recreate aspects of Blake’s private studio, with books, photographs and cut-out figures taken directly from his desk. Major pieces from Blake’s six decade career will also be displayed, including seminal early work loaned by private collections, and important work from Blake’s personal collection, unseen by the public until now. I 5-8 October / Open from 11am to 7pm (and to 6pm on Sunday) / From £35
Waddington Custot at Frieze Masters 2017
info
- september / october 2017 - 47
CULTUR E – WHAT ' S ON
TAT E B RI TA I N, LO N D O N Rachel Whiteread ©Rachel Whiteread. Photograph courtesy of the artist
Rachel Whitehead, born in London in 1963, is one of Britain’s most iconic contemporary artists. Her concrete cast of a Victorian terrace house, entitled House, is a prime example of her best known work: sculptures made from casts. Whitehead’s sculptures, from the intimate to the monumental, will be displayed in a vast open gallery space in the Tate. The comprehensive exhibition tracks her career and showcases the sculptor’s most renowned work alongside more recent pieces. I Until 21 January 2018 / Open daily from 10am to 6pm / £16.50
Untitled (Room 101), 2003. Plaster, wood and metal, Musée National d'Art Moderne - Centre Pompidou, Paris
M USEU M O F SC I EN C E A N D I N D US T RY, M A N CH ES T ER Manchester Science Festival ©Science Museum Group
The eleven-day Manchester Science Festival will celebrate all things science. Experiments, debates, and other activities will be available at England’s biggest science festival. The annual event, now celebrating its tenth anniversary, aims to make science accessible for everyone. Not to be missed is the headline act, Robots, an exhibition about humanity’s chase ‘to recreate ourselves in mechanised form,’ which features more than a hundred robots, from a 16thcentury mechanical monk to robots from both science fiction and modern-day research labs. I From Thursday 19 October to Sunday 29 October
WEL LCO M E CO L L EC T I O N, LO N D O N Can Graphic Design Save Your Life?
© Rubio Arauna Studio, Rai Pinto Studio. Picture by Victòria Gil.
‘Can Graphic Design save your life?’ examines the link between graphic design and health. The 300 exhibited objects range from leaflets to street art, and are drawn from the past five-hundred years of graphic arts. Curated by graphic designer Lucienne Roberts, design educator Rebecca Wright (founders of publishing house GraphicDesign&) and Shamita Sharmacharja from the Wellcome Collection, the exhibition shows how graphic design plays a role in healthcare communication campaigns, and can raise awareness through visual language. I Until 14 January 2018 / Open Tuesday to Sunday from 10am to 6pm, until 10pm on Thursday and from 11am on Sunday / Free admission Tiger, Hospital Sant Joan de Déu, Barcelona
48 - info - september / october 2017
BOOK S – CULTUR E
THESE BOOKS, RECENTLY PUBLISHED IN ENGLISH, WERE SELECTED BY THE FRENCH INSTITUTE IN THE UK
THE SEVENTH FUNCTION OF LANGUAGE
BLACK MOSES by Alain
Mabanckou
by Laurent
Published by Serpent’s
tail Translated by Helen Stevenson Original title: Petit Piment
Binet
Published by Harvill
Secker Taylor Original title: La Septième Fonction du Langage Translated by Sam
This picaresque novel, inspired by the Congo-Brazzaville of
In 1980, Roland Barthes is knocked down by a laundry truck
Alain Mabanckou’s birth, was longlisted for the Man Booker
in Paris and dies a month later. History has taught us it was an
International Prize 2017. In the 1970s, the Marxist-Leninist
accident, but this novel is about finding the murderer. Simon
revolution ushers in a new era, except in the orphanage ruled
Herzog, a doctoral student teaching a course in semiology, and
by the corrupt director Dieudonné where the hero, Moses, has
Jacques Bayard, a police captain, investigate the incident. Barthes
grown up. Moses escapes to Pointe-Noire where he finds a
had been at a lunch with future French President François
home with a band of prostitutes and thieves. The intervention
Mitterrand. Could the crime have a political dimension? A
of the authorities chases both the Merry Men and the Trois-
mysterious document which Barthes carried with him was stolen
Cents girls out of town. Moses falls into madness. He wanted to
after his death. I
be the Robin Hood of Congo. But he is closer to Don Quixote, striking out on a noble quest. I
MADAME BOVARY OF THE SUBURBS by Sophie
Divry Published by Maclehose Press Translated by Alison Anderson Original title: La Condition pavillonnaire
THE PORTRAIT by Antoine
Laurain Books Translated by Emily Boyce Original title: Le Portrait Published by Gallic
This novel tells the story of a disaffected mid-class life. M.A is a
Pierre-François Chaumont is a lawyer and avid collector of
woman with all the trappings: a job, a loving husband, three
antiques – a passion which his wife Charlotte finds useless and
children, and all the mod cons. Yet the drudgery of her daily
contemptible. When he finds an eighteenth-century portrait
routine begins to eat away at her, and she seeks other outlets to
of a man who looks exactly like him, Chaumont is convinced
appease her wandering interests: adultery, esotericism, yoga, and
that it hides a secret. His friends and his wife do not see the
even house-cleaning. Far away from this comfortable but absurd
resemblance. Yet Chaumont goes on a journey to unveil the
life, M.A wants to find her freedom. I
mysterious secret of the portrait, which seems to offer an opportunity for a new life. I
info
- september / october 2017 - 49
LIFESTYLE: EAT, DRINK, STAY DISCOVER THE L ATEST RESTAURANTS, HOTELS, BARS AND MORE
RAYMOND BLANC hosts a Festival of Music
T
he Raymond Blanc Festival of Music will be back this autumn on 3rd and 4th of October, with a more ambitious programme than ever. It will feature performances by Jack Savoretti, former poet-turned-acoustic singer/songwriter, and the Oxford Philharmonic Orchestra, which will perform one of Raymond Blanc’s favourites, Vivaldi’s Four Seasons. The Orchestra Guests will be welcomed at a champagne reception hosted by Laurent-Perrier. Combining Blanc’s passion for both food and music, the Festival offers performances in extraordinary settings, taking place in front of an intimate audience in the neighbouring St Mary’s Church. Dinner will be hosted afterwards at Belmond Le Manoir aux Quat’Saisons, recently named best hotel in the country on the Hoteliers’ Hotels Top 100 list by The Caterer and Sky. The five-course dinner’s menus will change from one evening to the next, including French onion soup, shellfish bisque, and the meat dishes like roasted Norfolk quail and loin of Rhug estate venison. These and other dishes from the twoMichelin-starred kitchen will be accompanied by selected wines from the cellar. Attendees may choose to spend the night in the 32-bedroom property, located in the picturesque village of Great Milton. I JVB
The Churchill partners with La Fromagerie The Montagu, the restaurant at the Hyatt Regency London – The Churchill, has partnered with La Fromagerie to offer an interactive, cheese-lovers experience, inspired by Churchill’s fondness for a daily cheese platter. Diners can enjoy a selection of Alsop & Walkers finest British cheeses on platters tailored to their pallet, paired with first-class English, French and New World wines or Gonzales Byass’ Solera and Pedro Ximénez Sherry. I
Les 110 de Taillevent wins ‘Best of Award of Excellence’ Les 110 de Taillevent, overlooking Cavendish Square, was awarded the Wine Spectator’s ‘Best of Award of Excellence,’ recognising the restaurant’s deep commitment to wine and wine and food parings. Les 110 de Taillevent offers a selection of 110 wines by the glass, which it pairs with 30 seasonal dishes. The Wine Spectator is an influential industry body; its magazine reaches more than 3 million readers around the world. I
The Four Seasons at Park Lane unveils new Mayfair Suites Overlooking Hyde Park’s green landscapes, the new Mayfair Suites have been recently transformed by acclaimed designer Pierre Yves Rochon. John Stauss, General Manager of the Hotel, has commented: ‘These stunning Mayfair Suites are a fantastic addition to the Hotel, with floor to ceiling windows and a stylish seating area overlooking this green expanse, the suite offers the perfect oasis to enjoy the capital from your own private haven.’ I 50 - info - september / october 2017
E AT, DR INK , S TAY – LIFE S T YLE
In the Kitchen: Marcus Wareing With three restaurants – including two-Michelin-starred Marcus at The Berkeley – and a leading role on Masterchef: The Professionals, Marcus Wareing is one of Britain’s most high-profile chefs. INFO speaks with him about his culinary approach and the debt he owes to French gastronomy
French gastronomy was the basis of my training, and that of all of my peers. It's what we were all built on. In short we owe a lot to the French culinary tradition
Each of your three restaurants – Marcus, Tredwells, The
How would you describe your culinary influences?
Gilbert Scott – have their own specific identity. Which
French cuisine is steeped in tradition. Something British
kitchen do you most enjoy spending time in and why?
cuisine doesn't have. When I was starting out, Google didn't
Marcus at The Berkeley. It's my flagship. It's where I hold my
exist. Books were your only go-to platform to be inspired. Joël
2 Michelin stars. I've been in that space for 15 years now.
Robuchon, Alain Ducasse, Albert & Michel Roux Jr. - these were
Five years as Petrus and next year is the 10th anniversary of
the chefs who were inspiring me, whose books I was reading.
Marcus (originally Marcus Wareing at The Berkeley).
My ambition is to be a pioneer in driving Britain's culinary heritage and for us to be recognised, globally, for great food,
Your protégé Chantelle Nicholson has taken the helm at
great produce and great wines.
Tredwells. Could you describe your approach to nurturing the next generation of British chefs?
Your new cookbook is called ‘New Classics’. What is the
Food will always be the same. It's about creative thinking.
secret to creating new dishes with lasting impact?
Include your chefs in the creative process of a dish's
Only time will tell. This book is all about my versions of what
conception, nurture them and ensure they have the necessary
I believe the classics of the future could be. It might not be a
training. Providing inspiration, empowerment and good
classic today, but I'm hoping that next year, in 10 years time, in
communication are also key.
100 years time even, it might be.
Many of the top chefs in Britain trained in France or under
What, in your opinion, are some of the most exciting
French chefs. How would you describe the debt British
trends in the UK and London food scene at the moment?
cuisine has to the French culinary tradition?
Affordable food has become incredibly tasty. Burgers, pizzas,
Fundamentally, French gastronomy was the basis of my
hot dogs - what we used to think of as junk food is now great
training, and that of all of my peers. It's what we were all built
and has a fantastically affordable price tag to go with it.
on. In short we owe a lot to the French culinary tradition. It forms the foundation of everything I've done and continue
What’s next for Marcus Wareing Restaurants?
to do.
Nurturing existing talent and translating it into business. I JVB
info
- september / october 2017 - 51
LIFE S T YLE – CHE E SE & WINE
A M I DU CHA M BERTI N by La Cave à Fromage Ever since the British referendum, uncertainty and questioning have re-entered the zeitgeist. We are surrounded by a debate which is full of contradictions. Meanwhile, the best products from the terroir—tradition plus agriculture—remain the ones that satisfy us, without the intrusion of politics. Only the delicate balances of nature have the ability to influence the taste of great products. Ami du Chambertin, an elegant bourguignon cheese, summarises the idea perfectly. Created in the 1950s by the famed Raymond Gaugry, Ami du Chambertin is made from the milk of selected cows, and washed in Marc de Bourgogne – a strong Brandy made from the distillation of Burgundy wine – which gives it its strength. Appropriately, it takes its name from the winemaking region in which it is produced (close to Gevrey-Chambertin). The tall cylindrical cheese is soft under its orange rind, with a flaky textured pate, and notes of chocolate and peanut,
E: eric@cheese.biz T: +44 (0)845 108 8222 W: www.la-cave.co.uk
finishing with a juicy, buttery finish. In the autumn, put it in the oven to warm it and elevate it from its tepidness. One taste and any thought of politics will quickly disappear! I Eric Charriaux
TO BUY YOUR CHEESE, VISIT LA CAVE A FROMAGE SHOPS 24-25 Cromwell Place, 229a Chiswick High Street, Kensington, London SW7 2LD Chiswick, London W4 2DW
34-35 Western Road, Hove, Brighton BN3 1AF
TH E I D E AL WI N E WITH TH E A M I DU CHA M BERTI N by Wine Story As we say in France, ‘les amis de mes amis sont mes
on the best soils in the appellation, on which they
amis.’ [The friends of my friends are my friends.] To
hand pick their grapes according to certified organic
match the strong character of Ami du Chambertin, I
practices.
have selected a long-time friend (my father’s friend
A great deal of work has gone on in the vineyards.
as well, which I remember from my childhood):
Its small yields – 30 to 35 hl/ha – produce high-
Madiran.
quality, perfectly-ripe grapes. Very little intervention
The medium and full-bodied red wines of
happens in the cellar, with the aim to draw out the
Madiran come from the foothills of the Pyrenees
greatest potential from the grapes, and allow the
in the South-West of France. They are ideal with
identity of the land to infuse itself into the wine.
local traditional dishes such as duck breast and
The rising-star Mur winemakers (as named by
Cassoulet, the famous bean casserole. Madiran is
Decanter) make two wines. l’Esprit de Basté is an
perfect pairing for the comfort food we crave in the
entry-level wine for relatively early drinking (blend
autumn.
of 70% of the local grape Tannat and 30% Cabernet
Chantal and Philippe Mur created the estate of
Franc). Their top cuvee, made from a hundred
Clos Basté in 1998, when they acquired their Basté
percent Tannat grapes, is ideal for long ageing. Both
house. Today, they have 10 hectares of vineyards
wines will pair perfectly with Ami de Chambertin. I
TO ORDER THE ABOVE-MENTIONED WINES AND OTHERS, CONTACT: E: thibault@winestory.co.uk T: +44 (0)7921 770 691 W: www.winestory.co.uk 52 - info - september / october 2017
It’s all about connections W ho we are
W hat we offer
> The largest foreign Chamber
> The strength of a network
of Commerce in the UK
> The ideal platform to exchange
> 134 years of experience
with decision makers
> 600 members ranging from
> A wealth of information and
SMEs to Blue Chip companies
experience
in all sectors > Half of our members are non French
> Bespoke solutions to develop your business > Access to the right people
www.frenchchamber.co.uk For more information, please contact Justine Kaouane Membership Department e:jkaouane@ccfgb.co.uk t: +44 (0) 207 092 6638
AT THE CHAMBER LO N D O N LU X U RY T H I N K TA N K Tuesday 31 October Wednesday 1 November At Havas LuxHub Thursday 30 November At The May Fair Hotel
A
s we welcome our members back
delighted to introduce Sadia Ricke,
Another exciting event in our autumn
from la rentrée, we are excited
Group Country Head for the United
calendar is the annual Franco-British
about the Chamber’s activities
Kingdom and Head of Coverage and
Business Awards on 30 November,
in the autumn. This includes a busy
Investment Banking at Société Générale
which celebrate the vital trade and
schedule of events and opportunities for
(see p. 56). She began her career at
investment
members to develop their businesses
Société Générale in 1994 in the Financial
countries. The awards acknowledge the
in new and exciting ways. As always, the
Institutions Credit department, and has
accomplishments of both French and
Franco-British relationship lies at the
held roles for the bank in Paris and Hong
British companies of all sizes, from start-
core of what we do, and we look forward
Kong. We are greatly looking forward to
ups to SMES and blue-chip companies
to strengthening these links over the
working with her.
on both sides of the Channel. Please
coming months.
links
between
our
two
Our membership department is
get in touch to find out about applying.
Firstly, we are delighted to welcome
as busy as ever, and we are pleased
Categories include Start-up & SME
the new French Ambassador to the UK
to announce a new Patron member,
and Large Corporate – and this year
Jean-Pierre Jouyet, and his spouse
SGG UK, a leading multi-jurisdictional
we have introduced a new category,
Brigitte Taittinger-Jouyet, to London.
provider of financial services. We look
Sustainability. Other important dates
We wish them both an enjoyable stay
forward to working with them, and to
include our Annual Financial Lunch
in the capital, and look forward to the
networking with their representatives at
on 23 November, where our guest
Ambassador’s
our Events and our Forums and Clubs.
speaker is François Villeroy de Galhau,
involvement
with
the
Chamber’s activities.
On that note, we would like to remind
(pictured), Governor of the Bank of
We have been fortunate to have
you of our upcoming Luxury Think
France; an exclusive Breakfast with
had a close working relationship with
Tank on 31 October and 1 November,
Fabienne Viala (pictured), Chairman of
the French Embassy over the years.
organised in partnership with Walpole
Bouygues UK at the Bulgari Hotel on 29
The outgoing French Ambassador, HE
and the FT as media partner. The
September; and our Trade Delegation
Ms Sylvie Bermann, attended 37 of our
event is the first of its kind in London,
to Dublin on 5 and 6 October. Our
events in her three-year tenure in the
and promises to be an important
delegation will be welcomed by HE Mr
role. She will be greatly missed. As she
new forum to explore topics such as
Stéphane Crouzat, French Ambassador
settles into her new position in Moscow,
Innovation & sustainability, future tech
to Ireland. For those with responsibility
as French Ambassador to Russia, we
(AI, VR, AR), future consumers and new
for UK/Ireland markets, the delegation
wish her great success.
business models. Please stay tuned for
is a great opportunity to meet local authorities and decision makers. I FG
We would also like to welcome a new member to our Board of Directors. We’re
54 - info - september / october 2017
an announcement of our panels and speakers.
NE WS – AT THE CHAMBE R
Announcing the New French Ambassador to the UK
T
he French Chamber welcomes the new French Ambassador to the UK, Jean-Pierre Jouyet and his spouse Brigitte TaittingerJouyet. We wish them all the best in the UK. We also please to welcome Sandrine Gaudin as the Councillor for Economic Affairs;
François Revardeau, Deputy French Ambassador to the UK and Claudine Ripert-Landler, Cultural Councillor and Director of the
French Institute. Mr Jean-Pierre Jouyet graduated from ENA (Ecole Nationale d’Administration) in 1980. He is also a Lawyer. Between 2007 and 2008 he was the Secretary of State for Francois Fillon’s Government. He was the president of the ‘Autorités des marchés financiers’ from 2008 to 2012. In 2012 he was appointed as Director of the ‘Caisse des dépôts et consignations’ and President of the ‘Public Investment Bank’. He held these positions until 2014; he was then appointed Secretary General of the Presidency.
New board member: Sadia Ricke, Group Countr y Head for the United Kingdom and Head of Coverage and Investment Banking in the United Kingdom
W
e are delighted to announce Sadia Ricke has joined the Chamber as a new addition to our Board of Directors. We very much look forward to working with her. Ricke began her career at Societe Generale in 1994 in the Financial Institutions Credit department. She has more than 13 years of structured finance experience in the Natural Resources and Energy Finance division where she was Co-Deputy Head, a position she held until 2010. Sadia was Head of Credit Risk for SG CIB in Paris before moving to Hong Kong to take on the role of Head of Global Finance for Asia Pacific in January 2015. She was appointed Group Country Head for the United Kingdom and Head of Coverage and Investment Banking in the United Kingdom in January 2017.
Florence Gomez celebrates 10 years at the French Chamber
T
he 13th of September marked an important anniversary at the French Chamber. Florence Gomez, Managing Director, assumed her role in 2007. Her ten year milestone was feted with champagne and cake in an intimate celebration in the Chamber’s offices. Under Gomez’s leadership the Chamber has enjoyed an exceptional period of growth and development, surpassing an annual turnover of £2m. A small list of her many accomplishments include strengthening relationships with Patron members, introducing Forums and Clubs, re-launching the Chamber’s flagship publication INFO, and overseeing a consistent year-to-year increase in Chamber membership. We wish her all the best for the next ten years!
info
- september / october 2017 - 55
Forums and Clubs
T
he Chamber offers dynamic and business-oriented Forums and Clubs that gather experts, drawn from the Chamber
membership, on a transversal issue or a sector of activity and that aim to give access to targeted information. Headed by a Chair or co-Chairs, Forums meet up to six times per year, inviting guest speakers, covering specific themes and communicating on their conclusions. The Chamber hosts these meetings with the aim of offering members a free and unique opportunity to
Key Figures for mid-year 2017:
• 26 Sessions • 313 Individual Participants • 41 Guest Speakers and Experts invited • 172 Companies involved • 25 Articles in INFO
exchange experiences at the highest level of management and to share best practices with like-minded professionals.
Members' engagement rate:
Our Forums: Brexit, Climate Change, Digital Transformation
• Active Members: 16% (64 member companies)
& Innovation, Finance, HR, Retail
• Corporate Members: 33% (36 member companies)
Our Clubs: Luxury, Start-up & SME, Women’s Business Club
• Patron Members: 50% (43 member companies)
Enter the Franco - British Business Awards 2017
DEADLINE: 16 OCTOBER 2017
British Business Awards were launched in 2000 to celebrate bilateral trade and investment on both sides of the Channel. The Franco-British Business Awards acknowledge the accomplishments of French and British companies of all sizes, from start-ups to SMEs and blue-chip companies. If your company has grown significantly over the past few years, created jobs, developed innovative services, products or campaigns, engaged in Corporate Social Responsibility, encouraged diversity or been proactive in terms of climate change and sustainability, it could be up for a Start-up & SME award, a Large Corporate award, or – new this year – a Sustainability award. The awards ceremony, sponsored by Eurostar, Mazars, and Frenger International, will take place at the May Fair Hotel on
T
he Franco-British Business Awards (FBBA) are now open
30 November. Make sure you apply before the deadline of 16
for nominations. Organised by the French Chamber of
October, by visiting our website at francobritishbusinessawards.
Commerce under the high patronage of the French Ambassador
co.uk or contacting Anne-Claire Lo Bianco (alobianco@ccfgb.
to the UK and the British Ambassador to France, the Franco-
co.uk) for more information.
Update your director y details
I
t’s that time of year again when we start working on the new edition of the Franco-British Trade Directory. We urge all members to return the forms sent to them with their updated or confirmed information as soon as possible. The directory is a compilation of more than 2,000 French Chamber members’ and their representatives’ contact details as well as key contacts within the Franco-British community, and is a key tool for communication and company visibility. For more information about sponsorship please contact Anne-Claire Lo Bianco, alobianco@ ccfgb.co.uk; for application information, contact Camille Gorin, cgorin@ccfgb.co.uk. To discuss advertising opportunities, contact Suzanne Lycett, slycett@ccfgb.co.uk. The directory is also available to view here: www.ccfgb.co.uk/membership/searchfor-members.
56 - info - september / october 2017
NE W ME MBE R S – AT THE CHAMBE R
NEW MEMBERS 1 NEW PATRON MEMBER SGG UK LIMITED – Financial Services
Represented by Emmanuelle Dotezac, Market Leader UK SGG Group is a leading multi-jurisdictional provider of financial services in Europe and beyond. We pride ourselves on the expertise and responsiveness we bring to our clients, providing tailored, global solutions in a transparent and cost-efficient manner.
www.sgggroup.com
5 NEW CORPORATE MEMBERS HILTON BANKSIDE Luxury Design Led Hotel & Event Venue Represented by Carmen Rademacher, Director of Sales Nestled in London's vibrant Bankside area, Hilton London Bankside offers the perfect base for exploring the city. Located just steps from the Tate modern, the Thames river, Borough Market and Shakspeare's Globe theatre. Stunning meeting and conference facilities make the hotel ideal for your next event, and our exciting location keeps business and travelers in the heart of London. londonbankside.hilton.com
SIGNATURE COMMUNICATION Training & Facilitation Services Represented by Pinar Akkaya, Managing Director Signature specialises in communication training programmes, personal brand and image consulting training, intercultural training and action-oriented facilitation for strategic meetings. The mission of Signature is to help companies, leaders and teams develop their competencies on human communication. Signature’s references include several reputable multinational companies www.signaturecommunication.co.uk
SILVERA Specialises in Designer Furniture and Accessories for Home and Workspace Represented by Brigitte Silvera, Director Founded by the Silvera family in 1990, SILVERA has become the leading contemporary furniture and lifestyle retailer in Paris, turning over 84M euros in 2016. It encompasses 10 Parisian showrooms, 1 London flagship, a 6000 m² logistics centre, a SILVERA vehicle fleet, a French eShop, a dedicated export department and over 170 employees. The SILVERA catalogue contains over 500 international designer brands and showcases iconic and up-and coming designers. www.silveraltd.co.uk
WILLIS TOWER WATSON Global advisory, Broking and Solutions Company Represented by Nick Dussuyer, Head of Clients & Industries Western Europe Gras Savoye Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. We deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Together, we unlock potential. Learn more at grassavoye.fr www.willistowerswatson.com
info
- september / october 2017 - 57
NE W ME MBE R S / NE W MA IN R E PR E SE NTATIVE S – AT THE CHAMBE R
10 NEW ACTIVE MEMBERS Citigate Dewe Rogerson – International Financial and Corporate Public Relations Consultancy www.citigatedewerogerson.com Represented by Agnes Riousse, Director Executive Health Control – Total Healthcare Solution- www.executivehealthcontrol.co.uk Represented by Ryan Lukas Farhad, Founder & CEO IKADIA – Communication Agency - www.ikadia.co.uk Represented by Olivier Bernardi, CEO J2–Reliance LTD – Cross-cultural Leadership, Organisational Culture, Conflict Management - j2reliance.co.uk Represented by Jacques Arnol-Stephan, Leadership Coach & Director LeSalon (LeSalonBeauty Ltd) – Beauty Services Delivered to Your Home or Office - lesalonapp.com Represented by Jean-Michel Chalayer, Co-founder & CEO OMYAGUE – High End Corporate Gifts - www.omyague.com Represented by Nahalie Cozette, CEO OpenWork by Le Monde Après UK Ltd – We Hire Independent Consultants Worldwide - www.lemonde-apres.com Represented by Jean-Hugues Zenoni, President Promosalons UK Ltd – Sales and Marketing for International Trade Shows - www.promosalons.co.uk Represented by Amelie Galatry, General Manager Street League – Young People’s Sport for Employability Charity - www.streetleague.co.uk Represented by Nithee Kotecha, New Business Development Manager The Money Cloud – International Money Transfer Comparison Platform - www.themoneycloud.com Represented by Emmanuel Addy, Chief Commercial Officer
NEW REPRESENTATIVES BÉNÉDICTE DUVAL, General Manager UK & Ireland, Air France KLM, has succeeded Warner Rootliep. Bénédicte has more than 30 years’ experience working in the airline industry. She has held a variety of key management positions. Benedicte started her career with Air France in 1986.
JON SLADE, Chief Commercial Officer, is the new main representative for The Financial Times. He served as Managing Director of B2C at The Financial Times until 2016 and served as its Managing Director of Business for Consumer Operations since 2014.
MIKE HUGHES, Zone President UK & Ireland, Schneider Electric, has succeeded Tanuja Randery. As EVP for strategic customers and segments, Mike leads an organisation that works with large global customers on efficiently increasing their overall operational activities. In his 15 years international career with Schneider Electric, Mike has held numerous business leadership positions across the globe.
PAUL SCALES, Programme Director for Capgemini’s Global Country Boards programme, replaces Bob Scott, Senior Vice President. Paul’s role at Capgemini involves the structuring of large and complex deals as well as Corporate Development involving joint ventures, mergers and acquisitions and corporate recovery.
58 - info - september / october 2017
A PRACTICAL APPROACH TO HUMAN RESOURCES IN GREAT BRITAIN
New to HR in the UK?
ÂŁ15 200 pages
W
hether you are working within a large HR team, operating as an external advisor or are a business leader with responsibilities for the HR aspects of your organisation, this guide will help you to prepare for the challenges you face when working with employees in the UK. This guide is also much appreciated by the senior management and HR staff of UK subsidiaries of French companies. Millennials, working conditions, salaries or payroll, the guide provides an overview of all the topics that relate to managing a workforce in Great Britain. It is the reference tool to do HR in the UK! Areas covered include: How to recruit - The legal framework - What salary and benefits? - Payroll, taxation and other charges - Recruitment on the internet - Working conditions
Buy our practical guide on: www.frenchchamber.co.uk
Translated by HL TRAD
LUXURY CLUB
`The Most Popular Art Exhibition Ever!’ The Luxury Club welcomed iconic British artist Grayson Perry CBE for an exclusive tour of his exhibition at the Serpentine Gallery following a breakfast at the Royal Albert Hall
I
t was a very special morning for the Luxury Club, who enjoyed
about how to portray what the media has dubbed a fissure
a classic breakfast in the Prince of Wales room of the Royal
running through the heart of the society. In Perry’s hands, the
Albert Hall, followed by an exclusive tour of Grayson Perry’s
art reflects a wit which toys with the idea of cynicism. Perry
new exhibition at the Serpentine Gallery, led by the artist
admitted as much as he introduced the Luxury Club members
himself.
to the exhibit: ‘Beyond my cynicism that you will see on display
The event was overseen by luxury club chair Tom Meggle,
here, there is idealism, but I keep it protected deep in my heart.’
Managing Director UK, Ireland & South Africa, Louis Vuitton,
The exhibition also features his work on male identity and
and included a short introduction to the proceedings by Craig
masculinity – two tapestries that he made in conjunction with
Hassal, CEO of the Royal Albert Hall. Florence Gomez, Managing
a Channel 4 documentary, based on meetings with out-of-work
Director of the Chamber, noted that this event was part of an
men in industrial towns in the North East and City traders in
ongoing partnership with the Royal Albert Hall. Over the past
London.
three years, they have collaborated with the Chamber on a series of successful luxury and cultural events.
Reflecting
a
particularly
British
pre-occupation,
the
exhibition begins with a piece about money: a two-headed piggy
Tom Meggle spoke about his motivation to select Grayson
bank. The many coin slots on its back are labelled with different
Perry for the event, highlighting Perry’s 2013 collaboration with
descriptive words. ‘Hope’, ‘Urban’, Female’, ‘Rich,’ ‘Poor.’ The two
Louis Vuitton. The brand shares Perry's interest in craftsmanship
heads meant to represent the dichotomy of the EU debate.
and creativity. In 2011, they commissioned the artist to design
‘I like seeing where people put their money, and what it says
a bespoke trunk. Adorned with his trademark folkloric figures,
about their identity. But the irony is all the money goes into one
the trunk is called 'LVAM1' (like a number plate), short for 'Louis
pot,’ says Perry.
Vuitton Alan Measles 1.’ Alan Measles is the artist's 50-year-old teddy bear, who features in much of the his work.
Further into the exhibition are works dedicated to another of Perry’s interests: popularity. The woodcut ‘Reclining Artist’
Meggle noted that Perry’s art often engages with his
portrays Perry at home, surrounded by personal aesthetic
childhood, among other themes such as his life as a transvestite
and lifestyle cues. ‘It’s the idea that people in the art world are
and issues around masculinity. These themes and others feature
as fascinated by me as an artist as they are by my art. Your
in the artwork—including pottery, tapestry and illustration—on
persona is as much of a draw as your work,’ says Perry.
display in the Serpentine exhibition, sarcastically titled ‘The Most Popular Art Exhibition Ever!’
Tour of Serpentine exhibit led by Perry
Yet politics is never far way. And though Perry takes a critical view of politics in the art world – what might be seen a bleeding heart liberal approach – he isn’t above jumping into the fray himself, with a kind of meta-commentary. ‘It’s very trendy for
Perry’s exhibition wrestles with the unique British aesthetics
artists to be political in their work. But I get a little fed up with
and meaning behind the EU referendum, asking questions
all this banging on with all these terrible things going on in the
Left: Breakfast in the iconic Prince of Wales room of the Royal Albert Hall Right: Tom Meggle of Louis Vuitton and Grayson Perry CBE Next page: Luxury Club members with the artist at his Serpentine exhibition
60 - info - september / october 2017
LUXURY CLUB
world. It doesn’t make your art any better. This is my response
where they have these little post shrines outside farms.
to it [pointing to one of his vases], saying things like 'Flat whites
Normally they have the Virgin Mary or Jesus. I thought I’d make
against racism.'
one to my relationship with my wife. Inside my tummy, is the
In front of one of his tapestries reflecting modern British
value stem from our BMW motorbike, because very early on in
masculinity in the City of London, Perry notes: ‘The City Traders
our courting, my wife said she had never been on a motorbike. I
were the most difficult to talk to. They were very well educated
took her on a drive up the M11 one night, and it broke down in
and knew all the feminist lips service, all the right things to say. I
the rain. We spent the rest of the night pushing the motorbike
kept digging to try to get them to consider that their masculinity
back up to motorway in the rain. She said it was one of the most
was playing a part in their business.’
romantic nights of her life.’ I JVB
The financial services sector figures in other work including the woodcut ‘Animal Spirit,’ which is an image of half bull, half bear creature. ‘When we had the 2008 crash, one of the phrases that you heard was ‘animal spirits’. That’s their word for things that got a bit irrational. But men are just as irrational as women, though they like to think that they have the monopoly on objectivity.’ ‘A lot of the imagery on it, is from Japanese candlestick graphs – based on Japanese rice traders from 14-15th Century. I was trying to find imagery in the city, but you walk into these office like bachelor pads, the foyer of big city firm . Black marble, beige, leather – all so bloke-y and boring. Like a big bachelor pad. You never walk into a city firm and think, oh this office is feminine.’ The tour continued to the Brexit pots where Perry elaborated. ‘Through social media I got people to send me their portraits, their favourite brands, people they thought embodied their values, their tattoos. I put them all onto these vases to show their differences. It’s interesting that both the groups chose blue for the colour of their pot.’ Perry’s Marriage Shrine rounded out the exhibition with a personal note. ‘I’ve always liked cultures, particularly Lithuanian,
GRAYSON PERRY CBE RECENT CAREER HIGHLIGHTS • 2011 – Exhibits Tomb of the Unknown Craftsman at the British Museum • 2012 – Exhibits a series of tapestries, The Vanity of Small Differences, at the Victoria Miro Gallery • 2013 – Delivers BBC Reith Lectures • 2014 – Awarded a CBE by the Queen • 2015 – Appointed Trustee of the British Museum and Chancellor of the University of the Arts London • 2016 – Presents a series exploring masculinity for Channel 4, All Man info
- september / october 2017 - 61
START-UP & SME CLUB
The ART of the PITCH As an entrepreneur you’re eager to talk about your business – but there are certain key rules to getting your message across
W
hen it comes to pitching your business to potential customers,
investors, or the public at large, many new businesses struggle to get their message across. The art of a great pitch is something that needs to be learned – and rehearsed – well before the important day. This was the idea behind the inaugural ‘Pitching Session’ of the Chamber’s Start-Up and SME Club – a chance for businesses to try out their sales or business pitch on fellow entrepreneurs, French
story from the customer's point of view.
Montille,
businesses which have crossed the
What is the value that you can bring to
Founder of Merci Maman Personalised
channel to do business in the UK, the
your clients? Put another way: What is
Gifts and Jeanne Monchovet, Founder
session also looked at the problem of
their pain – and what is your solution for
Olystix, set up the session in order
translating your business from a French
that pain?
for entrepreneurs to get meaningful
to British context.
in a relaxed natural environment. Co-chairs
Arnaud
de
half
feedback on how they deliver in front
representing
successful
These simple questions are often overlooked
by
new
entrepreneurs,
of a crowd, to see if their key messages
Pitching: the basics
are getting across. Central to this idea
What are the basics of a great pitch?
because they are too close to the specific
was the fact that the entrepreneurs were
Entrepreneurs need to begin thinking
technological selling points, which often
pitching to their contemporaries, and not
about good, old fashioned story-telling.
don’t resonate with customers.
to industry experts in their respective
According to Monchovet, ‘a story is all
Monchovet also underlined that it
markets.
about establishing a context. Something
is important for businesses to be able
that helps us visualise what you are
to spell out how they are different from
selling.’
the competition. ‘It’s one of the simple
‘Pitching
to
people
who
aren’t
experts is an excellent barometer,’ says Monchovet, a communications training
‘It is about the big vision – staying, if
specialist. ‘This was the beauty of the
you will, with the helicopter view of what
exercise. Can you tell the simple story?’
you are doing and selling.’
With roughly half of the participants
Attendees heard that one way they
being London-based start ups, and
can do this, is by thinking about their
especially in the booming digital space,
recipes for pitching – knowing how they stand out and differentiate themselves.’ As the first pitching session was a success, we have decided to replicate the event in future. I
Testimonials Gaspard Schmitt, Side ‘I pitched about Side. We are an on-demand staffing service. Our clients (HelloFresh, Deliveroo, Levi's...) rated us as the best temp provider in London. We help in customer service, sales assistant and packing roles. This first pitching session was a great way to meet with new thriving entrepreneurs and managers based in London. We have a lot of common challenges to talk about. I even met again later on with some of them. The session helped us get feedback from people who know London well and also make connections with new potential clients.’ 62 - info - september / october 2017
Jean-Philippe Verdier, Verdier & Co. ‘I presented the corporate finance services of Verdier & Co. and the differentiating nature of its independent consultancy nature – hence not exclusively transaction biased like all investment banks. The first session featured very professional presentations by all participants. And it was a great opportunity to receive constructive feedback from an engaged audience, learn from others, all of this in a safe and friendly environment.’
RETAIL FORUM
Property: Key Challenges and Drivers In the last 18 months there has been an unprecedented focus on local property taxation in the UK. Mark Higgin, Head of Business Rates at Montagu Evans LLP examined some of the recent changes
C
o-chaired by Catherine Palmer, Legal Director at the luxury
in some locations, rate bills have gone up by over 50% in the
fashion retailer Joseph, and Alain Harfouche, General
last twelve months. Those expecting reductions have found
Manager at L’Occitane, the latest retail forum heard from
that there is a restriction on those which amount to a few
industry experts Michel Horwitz and Martin Summerscales of
percent for many London properties.
CBRE, and Mark Higgin of Montagu Evans LLP. The key message was that businesses should be aware of
In these circumstances many businesses turn to the appeal system to try to redress the balance, but Government
the recent changes in taxes affecting local property, after an
has been at work here too. The existing, relatively easy to use
unprecedented intervention from government on issues such
method has been replaced by a three stage, 'check, challenge,
as buy-to-let, stamp duty and others in the past year and-a-half.
appeal’ process. This system can currently only be accessed
Many businesses and especially those based in London
through the gov.uk portal. This has proved nearly impossible to
will have seen marked changes in their liabilities with the
navigate and unreliable. Users report data losses and difficulty
introduction of the 2017 Revaluation which came into
in claiming the relevant properties. The Government, through
effect in April. Rate bills are now based on 2015 values. The
the Valuation Office Agency has recognised that the system
postponement of the 2015 Revaluation means that the new
was introduced in a flawed state and is working hard with
figures contain two additional years of rental growth.
professional bodies such as the Royal Institution of Chartered
To make matters worse, the UK has the highest rate of annual property tax in Europe, twice that payable in France.
Surveyors (RICS) to find a solution. With the whole system now in a complex, if not chaotic
Furthermore, the Government has restructured the transitional
state, if you are contemplating an appeal, it is essential to
scheme which had previously helped cushion the effects of a
take proper and timely advice from a suitably qualified (RICS)
revaluation. The combined effects of these changes mean that,
surveyor. I
These changes mean, in some locations, rate bills have gone up by over 50% in the last twelve months
The whole system is now in a complex, if not chaotic state. It is essential to take proper and timely advice from a suitably qualified surveyor
HR FORUM
HR FORUM
Developing High Performance Teams
The idea of achieving better productivity and innovation through teamwork is back on the radar of businesses and organisations, says Roxana Barbulescu, Associate Professor at HEC Paris, in the latest HR Forum
O
nce the hallmark of the post-war
sense of control, and people have a
(including 2500 people) showed that,
Japanese workplace, working in
specific sense of accountability,’ says
in an innovation setting, teams work
teams is once again a productive tool
Barbulescu. ‘It is easier to measure and
well. Included in this study were R&D
for businesses and organisations, says
reward good performance. The key
engineers and scientists, innovation
Roxana Barbulescu, Associate Professor
problem with teams is: “how do you
teams and product development teams.
of Management and Human Resources
motivate them as a team and how do
And especially in instances where
at HEC Paris.
you reward individuals?”’
team-based bonuses were better than
Teams are particularly relevant
individual rewards, greater innovation
now, as time spent by managers and
Building better teams
employees in collaborative activities
It can be a huge investment to re-
increased, and there was a decrease in
has increased by 50 percent in the last
organise a business into teams.
people’s temptation to leave jobs.
two decades. At many companies, 75
Business must decide if the benefits
percent of employees' time is spent
outweigh the costs. According to
were evaluated by their functional boss,
communicating with colleagues.
Barbulescu, in order for a team
rather than the leader of the cross
approach to make sense and function
functional team, showed less positive
properly, these factors must be met:
results. This scenario created conflict
Why use teams? The main advantage, according to
you are pooling a diversity of ideas. Other advantages include: increased
Other results in cases where teams
and reduced productivity, revealing that
Barbulescu, is that they can offer more creative solutions, because
was fostered. Project performance
1. The work requires a range
a key aspect of the success of a team
of skills, view, expertise;
relies on who will be evaluating their
2. The different components of the
ownership, which leads to more
work are highly interdependent; 3. Sufficient time is available to
performance. ‘ The analysis shows that high diversity is good for innovation, because
dedicated staff, and improved
organise and structure the team
of the potential for more ideas to be
coordination and camaraderie across
effort;
brought out,’ says Barbulescu. ‘However
the organisation.
4. Individuals desire a team
However teams are not without
experience and can be
their challenges; including a challenge
trusted to support each other;
to traditional ways of working. They are
5. The organisational reward
it also increases the likelihood of interpersonal conflict.’ ‘We speak different languages, we come from different backgrounds. Of
often not as efficient as independent
structure and culture
course we are not going to be totally
(individual) work. Also it can be simpler
support a team approach.
aligned, we use different words. It
for managers to monitor progress and
requires more training to overcome
achievement in their staff outside of
Does it work?
teams where work is shared.
A comprehensive research programme
productivity and innovation can flourish
at MIT of 21 organisations over 7 years
in new and exciting ways.’ I
‘Individuals have a greater
64 - info - september / october 2017
this problem. But if it is done right,
CLIMATE CHANGE & SUSTAINABILITY FORUM
Energy efficiency: the forgotten priority The latest Climate Change and Sustainability Forum discussed the importance of energy efficiency to UK businesses and households
E
nergy efficiency is an increasingly pressing
are behavioural changes at individual level. ‘It’s
– and often-overlooked – issue facing UK
proven that if you get employees to change their
businesses
and
homeowners,
say
energy
behaviour, you will save 3-10% of your business
industry experts George Adams, Director of
bills,’ says Kennedy.
Energy and Engineering of SPIE UK, and Anne-
For
France Kennedy, Director of ON5.
Kennedy,
achieving
meaningful
behavioural change, poses specific cultural
Speaking to the latest Climate Change and
challenges in the UK. ‘There is a lot of research
Sustainability Forum, they reported that part
that shows that everyone would benefit from
of the response to climate change and the
saving energy. But we don’t do it, and the
shift to environmental sustainability must be a
question is “why not?”’
concerted effort on the part of individuals and
‘The reason we don’t do it is because it is very
organisations to use less energy at home and at
complex and can be costly,’ she continues. ‘For
work.
instance, how do you measure your return on
Adams began his presentation by reminding
investment in your household if you change your
the forum of the big picture. As a global
boiler?’ This is further complicated by the fact that
population, we are still heavily tied to non-
the UK property market is highly dynamic. Homes
renewable sources for our energy needs. ‘Despite the good
change hands frequently, which means that people are tentative
points about solar and wind, we are still dependent on fossil
about investing in home improvements that only see a return on
fuels for the next thirty to forty years, at least.’
investment in the longer term.
This is in addition to the mounting healthcare and associated
Kennedy’s company responds to this unique problem
costs due to air pollution – including 29,000 deaths in the UK
by making energy saving ‘simple, affordable and rewarding.’
annually. Energy efficiency will become increasingly vital to
Whether in the case of the individual homeowner, or the
populations globally, where air pollution costs £225bn per year.
company employee, inspiring them to use less energy on a
As we struggle to achieve the necessary infrastructure of non-
day-to-day basis means offering them meaningful reasons and
renewable energy and meet the needs of an ever-increasing
incentivising them to change.
energy demand in expanding economies.
Making the economic case In the instance of the UK, this shift presents a specific challenge,
‘The benefits of energy efficiency are humongous. It’s not just about climate change. It’s about health, saving costs, and so much more.’
namely the need to make the economic case for energy
The tipping point
efficiency.
Establishing behavioural change in employees of companies
‘Businesses and people want a quicker return on investment when it comes to investing in energy efficiency,’ Adams argues. ‘But they need to be convinced that making longer-term decisions in this area are better for them financially.’ ‘Just doubling solar energy, for instance,’ says Adams, ‘would save the US $4.23tn per year by 2030.’ Adams says that key to winning this argument is showing
also means motivating a core cohort of staff at the outset of any initiative. ‘There are about 5% of environmentally-minded people who will be early adopters,’ she says. In three years, it is possible to scale this up to 35 to 40% of employees. ‘At this point, the new behaviour will be established across the company. This is the tipping point.’
his clients the cost of not choosing the energy efficient solution.
Building partnerships across a range of stakeholders is
For example, one of his major clients, Maclaren, wavered over
also key to this success. In past ventures, ONS has brought
installing more energy efficient cooling systems in their buildings.
together more than 25 different corporate, governmental and
‘After we showed them what not doing it would cost them in the
third-sector partners, such as energy providers, certification
long-term, we had a purchase order the next day.’
companies, NGOs, contractors and local government.
Inspiring behavioural change
energy consumption. Kennedy declares that, in addition to fossil
While retrofit changes to the built environment, like better
fuels, nuclear, wind and solar, the newest form of energy we
cooling systems, are key to the solution, equally important
should we thinking about is ‘energy-saving.’ I
It’s all towards achieving a major pivot in how we think about
info
- september / october 2017 - 65
FINANCE FORUM
HR FORUM
The Impact of Brexit on Finance Liz Martins of HSBC and Philippe Guyonnet-Dupérat of the French Embassy explored the complex terrain for Brexit and its potential impact on a sector which accounts for seven percent of the UK economy
W
hile Brexit will
be the fact that both
clearly have an
sides are keen to
impact on the British
develop a strategy of
economy, analysing
attractiveness.
the potential fallout a deal is struck is
Is a soft Brexit on the table?
complex. As the latest
Martins explored the
finance forum heard,
notion of a soft Brexit
economic arguments
– a Norwegian or
do not necessarily
Swiss solution to the
prevail in Brexit
problem of access to
negotiations, or in the
the single market and
wider debate.
movement of people,
(or windfall) after
goods and services.
Philippe
Norway, for example,
Guyonnet-Dupérat,
has access to the
Financial Counsellor
single market, yet gives
at the French Embassy to the UK, and Liz Martins, Economist at HSBC, reported on
up the ability to restrict inward EU migration. This is the same
current trends and offered their analysis of what may be in
for Switzerland, though it only has partial access to markets
store for British finances.
for services and does not have to adhere to EU social and
According to Guyonnet-Dupérat, London is the leading global financial hub. Several factors are evidence of this: London’s stock market is first in the world for capitalisation/
employment rules (as Norway does). Clearly, many real-world models are available to Britian. In terms of a hard Brexit, central financial concerns include
GDP. Its banks are leaders in foreign exchange (with 37
red tape and regulations, and quantity restrictions and tariffs
percent of all global transactions happening in the City).
imposed on UK goods and services. HSBC has posited that
In insurance, it is third in the world, and first in Europe,
tariffs of 10-15 percent could be instituted. Trading outside
overseeing one quarter of all EU premiums. It is also the leader
of the customs union could also mean that checks on goods
in European hedge fund assets – with 85 percent of the EU
are rigorous. With question marks around the Northern Irish
market.
border and the Channel tunnel, these are still unresolved
Domestically, financial services are a cornerstone of the UK economy. It accounts for 7 percent of GDP for core activities, and 12 percent when related activities are added. The financial
concerns. However, a clear benefit to Britain is the ability to negotiate third party deals. Economically, Martins reported that HSBC expects the
sector represents 4 percent of the total employment in the
pound to fall further; parity with the Euro is not far off. Growth
country – and more than 20 percent of its staff comes from
in the UK economy slowed in the first quarter as inflation
abroad. The sector is also highly linked with the EU, where it
weighed on domestic consumer demand. As inward migration
enjoys a positive trading balance.
is one significant driver of growth, how these issues are
In terms of Brexit negotiations, the stakes are high for
resolved in negotiations will have immediate impact on the
both sides, but particularly for Britain as it currently relies on
British economy. For many of these issues, it is now a case of
access to EU markets and workers. Key to any progress will
wait and see. I
Hard Brexit: HSBC has posited that tariffs of 10-15 percent could be applied to UK goods and services
66 - info - september / october 2017
FORTHCOMING FORUMS & CLUBS By application only
28
DIGITAL TR ANSFORMATION & INNOVATION FORUM
18
WOMEN’S BUSINESS CLUB
Platforms: the number one wealth creators in the 21st century, or the emergence of 09.00 - 11.00 new business models Guest speakers: Alizée Vasseur, International Digital Marketing Strategist and CMO, Buzz&Go and Benoit Reillier, Managing Director, Launchworks & Co Co-chairs: Christophe Chazot, Group Head of Innovation, HSBC and Lucien Boyer, Chief Marketing Officer, Vivendi Sept.
Venue TBC Guest speaker: Dame Carolyn McCall OBE, Chief Executive, easyJet 12.30 - 14.00 Chair: Estelle Brachlianoff, Senior Executive Vice-President UK & Ireland, Veolia and President of the French Chamber of Great Britain Oct.
2
RETAIL FORUM
HR (Manpower, staffing, attract & retain talents, change resulting from automation) Guest speaker: TBC 8.30 - 10.30 Co-chairs: Alain Harfouche, General Manager, L’Occitane and Catherine Palmer, Legal & Administrative Director, Joseph Nov.
22
START-UP & SME CLUB
Nov.
‘The finances of clean energy: debt and equity financing markets, returns and 10.00 - 12.00 trends in Mergers & Acquisitions’ + Brainstorming session for 2018 Guest speaker: Jean-Philippe Verdier, Founding Partner, Verdier & Co. Corporate Advisory and second speaker to be confirmed Co-chairs: Richard Brown CBE, Former CEO and Chairman of Eurostar, Chairman Department for Transport Franchise Advisory Panel and Jean-Philippe Verdier, Founding Partner, Verdier & Co. Corporate Advisory
Nov.
8.30 - 10.00
FINANCE FORUM
The CFO, when and why do you need one? Nov. Guest speakers: Patrick Fenton, Partner, Head of Cloud Transformation, KPMG and 8.30 - 10.30 Michaël Elalouf, CFO, iwoca Co-chairs: Co-chaired by John Peachey, Chief Financial Officer, Global Markets, HSBC Bank Plc and Rob Guyler, CFO, EDF Energy
16
21
CLIMATE CHANGE & SUSTAINABILIT Y FORUM
tbc
Brainstorming Session Co-chairs: Sébastien Goldenberg, CEO & Co-Founder, TheHouseShop.com and Jeanne Monchovet, Founder, Olystix
HR FORUM
'How to manage new generation (Millennials…)' + Brainstorming on 2018 agenda 8.30 - 10.00 Guest speakers: Olivier Nicolaÿ, Managing Director Chanel UK and President of the UK and Other Americas Region, Chanel and Julien Codorniou, Vice President, Workplace by Facebook Co-chairs: Pia Dekkers, Regional HR Divisional Director, Chanel We bid farewell to Jean-Baptiste Aloy, Executive Director, Employee Research, Ipsos MORI, who is moving back to France. As co-Chair since January 2017, we thank him for his dedication and contribution to making the Retail Forum a success.
All sessions, excluding the Luxury Club's, the Retail Forum's and the Women's Business Club's, take place at the French Chamber. For more information, please contact Ophélie Martinel at omartinel@ccfgb.co.uk or 0207 092 6634
info
- september / october 2017 - 67
Empowering your business to grow across borders with our e-commerce & mail solutions Talk to one of our consultants & see how your business could benefit from working with Asendia. Call 0330 123 9910 or email info.uk@asendia.com
PAST EVENT HIGHLIGHTS RENDEZ-VOUS CHEZ... LA BELLE ASSIETTE, 6 JULY
An evening to remember
T
he London-based provider of flexible workspaces, eOffice, welcomed French Chamber guests to their stylish Fitzrovia offices for an exclusive networking event. Attendees enjoyed food and wine provided by event partners La Belle Assiette and Le Petit Ballon. The canapés provided by La Belle Assiette showcased their chef-à-domicile approach, providing a private chef dining experience in your home or business, from casual meals to Michelin-style dining. The wine was provided by Le Petit Ballon, a sommelier-led wine supplier, which focuses on local producers and close relationships with their suppliers. I
SYLVIE BERMANN BOOK LAUNCH, 3 JULY
La Chine en Eaux Profondes
H
E MS Sylvie Bermann was invited
holding a number of roles related to Asia.
US, the UK and France, as well as the
to talk about her new book La
This connection with the People’s
country’s return to traditions. The book’s
Chine en eaux profondes [China in deep
Republic of China gives her a particularly
title is a response by Deng Xiaoping’s
water] at Pinsent Masons' offices in the
insight on the country, which she
saying ‘we must feel the rocks as we
heart of the City of London. The French
discussed during her talk. Bermann
cross the river,’ describing reforms he
Ambassador to the UK has a long history
reported that she finds the country
instigated in the 1980s which he felt
with China. As a student, she travelled
‘contradictory,’ pointing to its quixotic
could be led by market experimentation.
and worked in the country. Later on, she
‘market socialism’ which has sparked a
Bermann commented that there are
began her diplomatic career in Hong
spectacular forty-year development that
no visible rocks to ‘feel’ anymore and
Kong and Beijing, and was the French
is set to continue into the future. She
that China has to face its problems in
Ambassador to China from 2011 to 2014,
discussed China’s relationship with the
unknown and potentially deep waters. I
info
- september / october 2017 - 69
Sponsor:
BUSINESS STORIES: FROM SCRATCH TO SUCCESS, 20 JUNE
THE INNOVATORS
Wine partner:
Pascal Cagni, Founder of C4 Ventures and former VP of Apple, and Didier Rappaport, Founder of Dailymotion and dating app Happn, speak about business success and taking risks as entrepreneurs
T
he Ciné Lumière of the French Institute played host to an
team, focused on investment in three areas: smart hardware,
evening of dynamic leaders, who entertained the assembled
e-commerce and digital media,’ he said.
crowd with stories of their business successes in technology and digital sectors. The event featured speeches by Pascal Cagni, Founder and CEO of C4 Ventures and Didier Rappaport, Founder of the
A storied career Cagni also reflected on his career, referring to himself as ‘a meritocrat of the French system.’
dating app Happn. Albin Serviant, Co-Founder of FrenchConnect
‘I wasn’t the head of my class; I was more the second rung.
London, was the moderator of the event, sponsored by HSBC
Essentially, I decided after my time at Sciences Po – this was the
Global Banking & Markets.
1980s – to become a lawyer.’
Attendees heard that before he launched C4 ventures, Cagni
‘I was naive and I listened to others about what I should do.
was a long-time friend of Steve Jobs and a former colleague at
Even worse, I wanted to become a banker. But just as I planned
Apple, where he served as Vice President EMEIA from 2000-
to join a bank, Black Monday happened, and I was out of a job.
2012. Now, he directs his time to investing in technology and
I was advised to go back into selling, and it is at this stage that
digital businesses.
I discovered IT.’
Cagni began his presentation with some of his highlights at
The turning point for Cagni came when he began selling
Apple: the launch of the iPod in 2001, the launch of the iPhone
computers, and things went really well.‘ But I didn’t like working
in 2007, establishing Apple stores in high streets and online,
in a big company, so I quit to pursue a dream of being an
and the launch of the iPad in 2010. He characterised this time
entrepreneur.'
as an ‘unprecedented period of innovation and discovery.' He
After another stint selling computers in his native France,
noted a similar period of innovation in other sectors over the
Cagni was recruited by Apple in 2000. ‘At the time, Apple was
past forty years, such as in medicine and heavy industry. His
seen as a loser,’ he says.
buzzword to reflect this rapid development is acceleration. 'We
But under Steve Jobs, who was now back at the helm of the
are living in a time of acceleration and we need to understand
company, Apple had a tremendous period of success. ‘I had the
what this means,’ he said.
pleasure to run this business in Europe, the Middle East, Africa
For Cagni this means focusing his time on projects close
and India. 126 countries. 51 million customers. We added a
to his experience at Apple. ‘When you are older than fifty, you
billion dollars per quarter. To my knowledge, no other company,
basically focus on the business you know well. For the last
even Google and Facebook have ever been close to that,’ he
four years, I have been focusing on ventures. I have a fantastic
says.
70 - info - september / october 2017
E VE NT S – AT THE CHAMBE R
[At Apple] we added a billion dollars per quarter. To my knowledge, no other company, not even Google or Facebook have ever been close to that — PASCAL CAGNI
When you make a good product, and build a good team, your company will be successful and you will definitely earn money — DIDIER RAPPAPORT
Lessons Learned What are the important lessons that Cagni has learned in his
or an idea is not the most important part of the business. The
career? The digital age is a tough business environment in
most important part is achievement. You can give a project to
which to achieve long-term success. ‘When you look at the
ten different teams. Nine will fail, one will be successful.’
top 10 digital companies back in 1985, they have all been
Rappaport is also often asked what his ‘vision’ for a project
destroyed. They don’t exist anymore. They didn’t do anything
is. ‘What does this mean – to have a vision – when you start
wrong, but they lost.’
something? It doesn’t come from the clouds. The vision comes
Cagni stressed that entrepreneurs need to focus on the future, and be able to react to where current trends are
when you start to know where you are; when you start to understand the business you are doing,’ he says.
leading. And where might that be? ‘My proposal is very simple.
‘Today, when I start a company, my personal feeling is that
We are moving from an adoption phase – where the company
I hate to do things that I have done before. I need to start an
producing a product, like the iPhone, retains some sense of
innovative project. I also check immediately if the company can
ownership of the product – to a phase of adaptation.’ Cagni
be international. That has been the case with Dailymotion, and
points to companies who offer a more adaptive product, like
with Happn.’
Netflix, Airbnb, Tesla and Uber. ‘They took traditional industries
'We launched Happn in February 2014 in Paris. In May, we
– entertainment, travel, cars – and used the strength of their
were in London. In July we were in Berlin, and in September
platform to create a new adaptive market,’ says Cagni.
we were in New York. I need to feel that the company will be
Age of discovery
worldwide.’ He also stressed that money is not a key driver to his
The second speaker of the evening, Didier Rappaport,
success. 'I’m not interested in money. I want to have a successful
Founder of Dailymotion and Happn also experienced a moment
company, and I want to give a good return to my shareholders.
of enlightenment about the potential of digital technology.
I want to have a good business model. I want to be profitable.
‘In the 1990s, I discovered the digital world, and I was amazed. But I couldn’t explain why, because at that time what
But money doesn’t interest me. The only thing that interests me is the product that I am building.’
was available in terms of digital media was very simple. But I
For Rappaport the product is the base of the company.
had this strong feeling that the world would be interested in the
‘When you make a good product, and build a good team, your
digital screen,’ he says.
company will be successful and you will definitely earn money.
Rappaport, who founded the popular video website, is
Building a company is very complicated. Believe me it is very
currently involved in a new start-up, Happn, a dating app which
hard. You must be a workaholic. But if you have a product that
connects users through geo-location on their smart phones.
you love, it can work.’ I
How does he come up with his ideas? ‘I have strong instinct about these things. You never launch a new company because you know you will be successful. When an entrepreneur starts a
Congratulations to Pascal Cagni for his recent
new company, they do not know what the company will be in a
appointment as Chairman of Business France and
few years. You are unable to judge a concept, because a concept
ambassador of Foreign Investments in France
info
- september / october 2017 - 71
SUMMER CHAMPAGNE RECEPTION, 11 JULY
THE BEST OF BUBBLES The Hurlingham Club hosts the annual Summer Champagne Reception, highlight of the summer calendar
A
s the last hurrah of the season before the summer break,
Also popular were the Caviar Petrossian table, where
the annual Summer Champagne Reception has become
attendees sampled the Daurenki and Baika caviar. Paul UK
a not-to-be missed event on the annual calendar, sponsored
provided the sweets, including mouth-watering macaroons
this year by Banque Transatlantique. Peter Alfandary, Head of
and patisseries. The Dentist Gallery, brought photos from
French Team, Reed Smith LLP and Vice President of the French
their collection to display, including prints by the Chamber’s
Chamber, opened the event with a short speech. He introduced
own Managing Director, Florence Gomez. All came together to
the event partners and thanked them for their participation in
create a light-hearted and relaxed mood, with many revellers
making this one of the most enjoyable evenings of the summer
enjoying the event well into the evening. To round things off,
season.
attendees were treated to the sounds of saxophonist Matthew
Once again, the Hurlingham Club provided a stunning
Demetriou, who drew on his large repertoire and broad range
setting for the event, in their Georgian Townhouse and 42 acres
of musical styles in his performance, perfectly complimenting
of manicured grounds. While the champagne flowed, roughly
the sense of fun of the event.
200 guests mingled both inside and outside. Vranken Pommery
The Hurlingham Club is recognised throughout the world
Champagne, the Chamber’s champagne partner for the event,
as one of Britain’s best private members clubs. It retains its
took the opportunity to launch their new champagne, Pommery
quintessentially English traditions and heritage with first-
Brut Royal NV. Blended from equal amounts of Chardonnay,
class social and sporting facilities, and elegant and congenial
Pinot Noir, and Pinot Meunier, the Brut is fresh, light-hearted,
ambience. Vranken Pommery is one of France’s oldest
and fine with notes of citrus fruit and white flower combined
champagne makers. Their storied history includes helping to
with small red fruits.
popularise Brut champagne in the 19th century. I
Vranken Pommery, the Chamber’s champagne partner for the event, used the opportunity to launch their new champagne, Pommery Brut Royal NV
Above: Attendees enjoy the launch of Vranken Pommery Brut Royal NV at London's Hurlingham Club
Sponsor:
72 - info - september / october 2017
Partners:
E VE NT S – AT THE CHAMBE R
BUSINESS CLUB COCKTAIL – RÉGION HAUTS-DE-FRANCE, 27 JUNE
CELEBRATING THE HEIGHTS OF FRANCE The Northern french region launches their new London office at an event at the French Residence
T
he opulent surroundings of the French Residence, official home of the French Ambassador to the UK, provided the
venue for a Business Club cocktail event to celebrate the launch of the London office of the Région Hauts-de-France. The northern French region, which includes Calais and Lille, was newly created in 2014 through a merger of Nord-Pas-deCalais and Picardie. Stakeholders including local government and industry associations are keen to attract business and investment from the UK. On hand at the event were HE Ms Sylvie Bermann, former French Ambassador to the UK, Xavier Bertrand, President of the Hauts-de-France Region, Philippe Hourdain, President of the Hauts-de-France Chamber of Commerce and Florence Gomez, Managing Director of the French Chamber of Great Britain. ‘We want a win-win strategy,’ said Bertrand. ‘It is not just for British businesses to invest in France. It is about French businesses developing partnerships and doing business in your country. The fact is that we do more business with the UK than we do with the South of France. We have more British visitors than Italian or Spanish tourists.’ Philippe Hourdain said that the foundation for working together comes from the fact that ‘we share the same values.’
France region is also opening a business centre for travelling
He announced that in addition to their new London office,
business people in Lille. The new fully-equipped office space will
which will help establish trade and business links, the Hauts-de
be located opposite the Lille Eurostar terminal. He also noted that France and the UK need to take ‘concrete steps together’, in order to plan for, and manage, the outcome of Brexit negotiations. ‘Soft or hard Brexit, we will work together to deal with the situation because we share the same values,’ he said. As one of the UK’s closest neighbours, located only 30 miles from the Dover coast, the Hauts-de-France region has close links with Britain. Easy access to the region via the Channel Tunnel and three maritime ports (Dunkirk for sea freight, Boulognesur-Mer for fishing and Calais for passenger transportation) offer an easy access for British investors and businesses. The region boasts €1.5bn in purchasing power and 78 million people in a 300km radius – the third most popular region in France with 6 million inhabitants. And business is booming: the region is second in France in foreign investment, behind the Paris region. I
Above: Xavier Bertrand, President of the Hauts-de-France Region Left: The stunning backdrop at the French Residence
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E VE NT S – AT THE CHAMBE R
BUSINESS CLUB COCKTAIL – COORPACADEMY, 5 JULY
THE FUTURE OF DIGITAL LEARNING An evening event at the Aviva Digital Garage explored innovations in education in the digital space
Above: Marc Tassetto and Jessica Dehler of Coorpacademy, Stephen Burgin of the French Chamber, and David Jestaz of Faurecia University
A
viva’s chic Digital Garage provided the backdrop for an
traditional e-learning can be and witnessing the Mooc (massive
evening of education and innovation, sponsored by
open online courses) revolution in 2012, they decided to design
Coorpacademy. The garage, a brand new digital environment in
the digital learning platform of their dreams.
the heart of London’s Tech City in Shoreditch, was the perfect
In 2016, the company raised a new round of $11m in
venue to hear about Coorpacademy’s innovative new work in
venture capital, as it sought to develop its online platform for
digital courses and corporate training.
corporate education. Investors in the new round include Serena
The event featured Coorpacademy co-founder Jean-
Capital, NextStageAM, and Debiopharm Investment funds.
Marc Tassetto and Jessica Dehler, Head of Research and
Coorpacademy hopes to use the new money to expand across
Development. Also on hand were David Jestaz, Vice-President
Europe and develop new content partnerships.
of Faurecia University, and the event chair, Stephen Burgin, Deputy-President of the French Chamber. Tassetto, a former CEO of Google France and SFR Grand Public, described how he left behind world-leading corporations to pursue his entrepreneurial ambitions in a sector he has a real passion for: training to improve employability and business competitiveness. His company, which launched in 2013, is based in Paris and Lausanne, at the Ecole Polytechnique Fédérale de Lausanne’s Swiss EdTech Collider. Attendees heard that the start-up is at the heart of research into new learning methods. It is an expert in adapting’ training content to new learning methodologies. Its innovative teaching system is based on four key concepts: gamification, community, flexibility and flipped learning. It has a singular objective: engaging users. In 2013, the co-founders came together around a shared belief that transforming lifelong learning is a determining factor for any business looking to successfully change how it works. Having experienced how dull 74 - info - september / october 2017
‘The problem we had to tackle is that corporate e-learning is boring,” said Tassetto. ‘Our ambition is to bring back the pleasure of learning, and to encourage learners to develop their skills to their full potential.’ I
FORTHCOMING EVENTS
5
October 8.00 - 10.00
RENDEZ-VOUS CHEZ LADURÉE At Ladurée Covent Garden, 1 The Market, London WC2E 8RA £20+VAT per person Open to all members Sponsored by Ladurée Join us in the heart of the iconic Covent Garden Piazza to treat yourself to Ladurée’s new and irresistible sweet and savoury canapés range while networking with new business contacts from a wide range of industry sectors. A great opportunity to get inspirational ideas for your corporate gifts and discover their personalisation services and gift collection, ranging from bespoke hampers, macarons or chocolate luxury gift boxes. For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.
5-6 October
TRADE DELEGATION TO DUBLIN £600+VAT per person Sponsored by Econocom In partnership with IDA Ireland By invitation only
Sponsored by
In partnership with
Welcomed by HE Mr Stéphane Crouzat, French Ambassador to the Republic of Ireland, this trade delegation will be a unique opportunity to meet key local decision makers and businesses, whether you already have a subsidiary in Ireland, are planning to expand your business there, or have recently responded to calls for tenders. For more information, please contact Anne-Claire Lo Bianco at: alobianco@ccfgb.co.uk or on 0207 092 6642.
1
November 9.00 - 20.00
LONDON LUXURY THINK TANK HAVAS LuxHub, The HKX Building, 3 Pancras Square, N1C 4AG Early bird until 30 September: £350+VAT per person - From 1 October: £450+VAT per person. Open to all members
L O N D O N L U X U RY T H I N K TA N K How are disruptors driving the Future of Luxury?
Co-organiser:
31 OCTOBER 1 NOVEMBER 2017 HAVAS LUXHUB
For sponsorship opportunities, please contact Anne-Claire Lo Bianco at: alobianco@ccfgb.co.uk or on 0207 092 6642. Main sponsor
Supporting sponsors
Host sponsor
Media partner
info
- september / october 2017 - 75
8
November 20.00 - 22.30
DÎNER DES CHEFS WITH 2 MICHELIN-STARRED CHEF CHRISTIAN SINICROPI At Regency London, 30 Portman Square, Marylebone, W1H 7BH £120+VAT. Open to all members Christian Sinicropi, Executive Chef of the 2-Michelinstar restaurant La Palme d’Or, is coming especially from Cannes to amaze us with his artistic cuisine, playing with flavours and cinematic references. For more information, please contact Anne-Claire Lo Bianco at: alobianco@ccfgb.co.uk or on 0207 092 6643.
10
November 8.30 - 10.30
CURRENT AFFAIRS UPDATE At the French Institute, 17 Queensbery Pl, Kensington, SW7 2DT £25+VAT per person, £40+VAT, Special price for 2 Speakers: Alexandre Holroyd, Member of the French Parliament at Assemblée Nationale, second speaker to be confirmed shortly Moderator: Philippe Chalon, Director of External Affairs, International SOS Open to all members
Join us to hear from Alexander Holroyd, Member of the French Parliament, on the current French government’s reforms. The event will include a breakfast kindly provided by Aubaine. For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.
23
November 12.00 - 14.30
ANNUAL FINANCIAL LUNCH At the Langham London, 1C Portland Pl, Marylebone, W1B 1JA £120+VAT per person, £1,140+VAT for a table of 10 Speaker: François Villeroy de Galhau, Governor of the Bank of France Sponsored by: Société Générale Open to all members The French Chamber of Great Britain and Societe Generale request the pleasure of your company on the occasion of our Annual Financial Lunch with guest speaker François Villeroy de Galhau, Governor of the Bank of France. François Villeroy de Galhau joined the French Treasury in 1988. He then served as European advisor to the Minister of Finance and Prime Minister from 1990 to 1993. From 1997 to 2000, he was chief of staff of the Minister of the Economy, Finance and Industry. In 2003, he became the Chief Executive Officer of Cetelem, then headed the retail banking activities of BNP Paribas in France. For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.
30
November 19.00 - 22.30
THE FRANCO-BRITISH BUSINESS AWARDS 2017 At The May Fair Hotel, Stratton Street, London W1J 8LT £110+VAT per person, £1,000+VAT for a table of 10 Open to all members Champagne partner: Vranken Pommery Dress code: Black tie
Main sponsors
Supporting sponsor
Held under the high patronage of both the French Ambassador to the UK and the British Ambassador to France, the Franco-British Business Awards acknowledge the accomplishments of French and British companies of all sizes, from start-ups to SMEs and blue-chip companies on both sides of the Channel. For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.
76 - info - september / october 2017
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