Behind the scenes at MIPIM - Pages 6-7 - Capital music centre - London Chamber of Commerce
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(Print) ISSN 1469-5162
(Online) ISSN 2051-9524
Issue 154 | April 2019 INSIDE
Capital music centre
Page 3
www.londonbusinessmatters.co.uk
COV ER S TO RY
Behind the scenes
at MIPIM
Pages 6-7
2 April 2019 Issue 154 (Print) ISSN 1469-5162 (Online) ISSN 2051-9524
Regulars
Trade missions
Upcoming overseas visits
Page 16
Overseas business opportunities
Page 17
Events
Networking opportunities in the extensive
LCCI programme
Pages 22-24
Two minute interview
Bhavini Kalaria of The London Law
Practice
Page 28
Enterprise Europe Network
News and events
Pages 38 -39
New members
Inspirational women in business – LCCI’s Asian Business Association Who has recently joined LCCI?
11 celebrates international women’s day early at Home House. Page 44
Features
BREXIT Christine Lagarde
The head of the IMF on
David Frost CMG
LCCI’s new chief executive
UPDATE building a better financial
system
5 8
Post-Brexit business priorities
Page 3 Blockchain El Salvador
Coming into its own Ready for trade and
Top of the news agenda investment
Page 4
10 14
Export documents
Page 15
Yintong talks with … Julie Nel
Brexit Q&A Kevin Sui of China Hour A modern pathfinder for
What happens next? women in business
Page 26
18 20
Energy efficiency Alternative finance At the races
Easy as ABC Raising awareness Lingfield Park with
Frankie Dettori
27 35 42
Front cover picture of Cannes from the LCCI stand at MIPIM by Cathy Scott
London Business Matters is edited by London Business Matters is published
on behalf of London Chamber
Peter Bishop – pbishop@londonchamber.co.uk
of Commerce and Industry by
Official Publication of International business BRANCH CONTACTS
London Chamber of Commerce Vanessa Vlotides – 020 7203 1838 Croydon Chamber
33 Queen Street, London EC4R 1AP Membership sales Annabel Fogden – 020 7556 2389
Tel: 020 7248 4444 Josie Rogers – 020 7203 1881
Fax: 020 7489 0391 East London Chamber of Commerce Crosby Associates Media Limited
Member support Liverpool (Head Office):
www.londonchamber.co.uk Nick Charles – 0207 203 1957 Irene Fatuzzo – 020 7203 1965
Burlington House. Crosby Road North
CHAMBER CONTACTS Patron members Liverpool L22 0PJ
Ian Binns – 020 7203 1954 Tel: 0330 124 3780
Events www.crosbyassociates.co.uk
Victoria Jayne – 020 7203 1875 International trade events PEFC Certified
Zuzana Brutenicova – 020 7203 1823
Export Documents
This product is
Media relations
from sustainably
PUBLISHING CONTACTS
Davor McKinley – 020 7203 1856
managed forests and
controlled sources
020 7203 1897 Advertising sales
Enterprise Europe Network PEFC/16-33-254 www.pefc.org
Elena Molinari – 020 7203 1929 Sponsorship opportunities Gina Forshaw – 0161 274 9329
020 7556 2382 gina.forshaw@crosbyassociates.co.uk
Information
Alexa Michael – 020 7203 1866 Production/design
Andy Bellis – 0161 274 9326
www.londonchamber.co.uk | www.londonbusinessmatters.co.uk andy.bellis@crosbyassociates.co.uk
April 2019 News 3
Right immigration system
key to post-Brexit future government’s proposed £30,000 sal-
“Our polling also indicates the high priority ary threshold and also why we are
by Steven Reilly-Hii that is placed on tackling knife crime, an issue calling for devolution of immigra-
L
tion decision-making to a London
ondon’s businesses and public that is likely to continue to be significant in City Hall level, rather than a UK-
have said that allowing Lon- wide approach from Whitehall.
don to set its own immigration the 2020 London Mayoral elections.” “Our polling also indicates the
targets (for people with key skills) high priority that is placed on tack-
is the most important thing to keep post-Brexit, whilst giving the May- 113 London councillors. ling knife crime, an issue that is like-
the capital successful post-Brexit, or more powers to encourage the The polling supported LCCI’s ly to continue to be significant in the
whilst tackling knife crime should building of new homes should be London Tomorrow – After Brexit, 2020 London Mayoral elections.”
be the capital’s highest priority after London’s highest priority. what next for the Capital? debate
Brexit. Independent research agency which took place at City Hall at the Steven Reilly-Hii is LCCI press and
The polling, released last month ComRes carried out the polling on end of March. media relations manager
by LCCI, also showed that London’s behalf of LCCI during February and
councillors believe that building March, interviewing 502 London Challenging London Tomorrow: Towards the
more homes is the most important business decision makers, 1,011 LCCI commented: “Not for the Megacity is a thought leadership
thing to keep the capital successful members of the London public, and first time, the importance of Lon- initiative by LCCI in association
don having the right immigra- with PwC and supported
tion system in order to ensure the by London City Airport.
capital continues to be successful
post-Brexit has been evidenced in
our polling of London’s businesses
and residents.
It is why LCCI is challenging the
Concept Design Centre for Music. Courtesy of Diller Scofidio and Renfro
Capital music centre MAKE YOUR AMBITIONS
HAPPEN SOONER WITH
The Barbican, London Symphony Orchestra and Guildhall School of AUGUST OR OCTOBER 2019
Music & Drama have released concept designs for their project to START DATES IN LONDON.
create a world class Centre for Music in London, as part of a progress Courses include Accounting,
Finance, Tourism, Public Health,
update on their plans for the proposed new building. Nursing, Business, MBA’s and
Health & Social Care.
The announcement followed news that the City of London
Corporation has backed the next phase of work by providing Study in South Quay
Course enquiries:
£2.49 million for the three partners to undertake further design +44 (0)20 7531 7333
development, and to progress fundraising, business modelling and london.sunderland.ac.uk
capital funding plans.
The Centre for Music would be a world-class venue for
performance and education across all musical genres, harnessing
the power of three internationally-recognised cultural organisations
to inspire a new generation with a love of music. The centre would
include a world class concert hall and spaces for performance,
education and rehearsal. It is designed, above all, to be a place
for people of all ages and backgrounds to experience the joy of
making music first hand.
www.culturemile.london/centreformusic
28481_DLR_CAMPAIGN_6SHEET_1200x1800_@25%_AW.indd 2 10/09/2018 09:53
4 Brexit April 2019
Brexit stays top of the agenda
– LCCI in the news
such as a power failure.
LCCI polling and related policy
by Steven Reilly-Hii formed the basis of a story for the
Evening Standard, City Matters and
From Canada and Mexico to trade press titles, and a Chamber let-
the west, China to the east, ter was published in CityAM.
and across Europe – it’s fair
to say that LCCI’s media Challenges
coverage has been far- At the end of March the Chamber
reaching since I last wrote for saw its big Brexit debate taking place
London Business Matters in at City Hall as part of the London
February Tomorrow series with PwC and Lon-
R
don City Airport. The thought-lead-
eaders won’t be surprised that ership series is looking at how the
much of that coverage has capital tackles the major challenges
related to Brexit. The media that it faces as it heads towards a 10
appetite to hear the Brexit views of million population and megacity
London’s oldest and most represent- status. And what bigger challenge
ative business organisation, and its than Brexit? More on this surely
respective members, has ensured we next time in LBM.
have reached millions of people over As we move into April the LCCI
the last two months. welcomes David Frost to the chief
executive role – see page 8. His
Highlights high-profile international trade
Particular highlights include: background and his experience
• Mention on a BBC World News leading the Scotch Whisky Associ-
programme that is broadcast in ation ensured that his appointment
over 200 countries gration. Ensuring that London has Resilience was covered by CityAM and the
• Interviews with China Global the right immigration system in Also vital to London is its resil- Evening Standard, as well as early
Television Network and Finnish place post-Brexit is more vital than ience capability. Over recent weeks morning Westminster key-read –
broadcaster YLE ever, given the capital’s unique im- LCCI unveiled polling that showed Politico London Playbook.
• BBC TV News evening broad- migration footprint and its reliance that emergency services spending I’m sure LBM readers will all wish
casts that included LCCI as the on international workers. was judged to be London’s biggest risk the new chief executive well as he
only business group reaction after Over recent weeks the Chamber to coping with and recovering from a leads LCCI into one of the organisa-
late-night parliamentary votes has featured in two CityAM stories crisis. This polling further built on tion’s most important times within
• Live-feed inclusion domestically and in OnLondon.com related to LCCI’s Brown for Blue policy – which its long and illustrious history. I’ve
in a host of titles including The immigration policy, and we have proposes that areas of brown space no doubt his international trade
Financial Times, Daily Express targeted decision-makers and opin- land within the green belt are devel- background will result in continued
and the Guardian. ion-formers on social media regard- oped for affordable housing for emer- demand for LCCI opinion amongst
The ‘backstop’ seems to have ing our calls for the salary threshold gency services workers. Currently 54 the media, especially when we final-
made many of the political and me- to be set lower than the proposed per cent of those frontline workers ly talk trade specifics with the EU.
dia headlines, but arguably the most £30,000 and increased devolution live outside London owing to housing
prominent Brexit issue around the of immigration decision-making to affordability – posing a key risk to the Steven Reilly-Hii is LCCI press and
time of the referendum was immi- City Hall. city in the event of a prolonged crisis, media relations manager
April 2019 Your business 5
Time to build a better financial system
Christine Lagarde, chair and
managing director of the
“Not just for today’s
International Monetary Fund, stakeholders, but for
addressed the current sense
of unease about the role of future generations.”
finance in her World Traders’
2019 Tacitus Lecture. Clare of business schools and should be
Brooks was there taught “at the highest level and by
N
the most engaged people.”
o surprise that the IMF’s top Her message was clear: encour-
advocate highlighted the fi- aging a broader common respon-
nance industry’s critical role sibility is now more important
in serving ordinary people, com- than ever – “not just for today’s
munities and future generations. stakeholders, but for future gener-
But, Christine Largarde argued, the ations.”
global financial crisis, and the steady
‘drip-drip’ of financial scandals had Clare Brooks is a director of the
created a persistent caricature of Commercial Education Trust
‘bad bankers’, akin to the slick bank- (CET) which is an independent
er villain of the most recent Mary charity whose mission is to
Poppins film. prepare people for employment,
“It doesn’t take magic to trace Standards self-employment and enterprise.
much of this recent frustration” she The key, she argued, is for both CET originated out of the London
stated, adding that too often the fi- public and private investments to Chamber of Commerce. It is now
nancial professionals were perceived be mobilized to deliver on higher a funder of education projects.
as self-serving. “It is time to build a employment, greener growth and CET supported the Tacitus Lecture
better financial system: one that is good living standards for all across with a grant to the Worshipful
safer, more sustainable and ethically the planet. Company of World Traders
sound”. Equally, she commented, it is up Charitable Trust. CET believes a
To do so, she explained, would to educators, employers and poli- coordinated approach involving a
require good innovation, better reg- cy-makers to work together to pre- range of stakeholders – educators,
ulation and better incentives. Equally Firstly, the creation of cheap and pare young people for the jobs of employers and policy-makers – is
important was “strong individual more accessible fintech products the future, including those in the required to help young people
responsibility that is grounded in to bring millions of ‘unbanked’ financial sector: “I see too many choose the right career path, to
ethics and values… For financial people around the globe into the countries where the educational make a successful transition from
professionals, it simply means doing financial system (an ‘inclusion rev- system is operating in its bubble, education into work, and to thrive
the right thing, even when nobody is olution’). in a silo, totally disconnected from in their careers.
watching. It sounds so simple and yet Secondly, more diverse leadership what happens in the real world … www.theCET.org
is perhaps the hardest thing to do.” in finance as a guard against group- It requires these three groups to
think (at present only two per cent come together, to constantly iterate
Priorities of bank chief executives are women) amongst themselves without any
Highlighting the $24 trillion of as well as more practical ways to in- preconceived agenda or turf. It is
wealth which will be inherited by clude women. not so much about training some
millennials over the next 15 years – a Thirdly, a shift to more sustain- of those young people for a task
generation more than twice as like- able finance, grounded in better but about training them to learn The World Traders’ Tacitus Lecture
ly to invest in companies and funds risk management and longer-term how to adjust and to learn more was inaugurated in 1988. It is held
that provide social and environmen- thinking, so as to tackle pressing skills.” annually and focusses on issues
tal outcomes – she championed three problems such as climate change She added that ethics must also affecting world trade.
priorities. and poverty. have its full space in the curriculum www.world-traders.org
career excellence
starts here
Begin your journey to business success with award-winning
professional courses. Call today on 0207 183 6657 or visit
londontfe.com for more information.
Training | ConferenCes | ConsulTaTion
6 Your business April 2019
Cannes do
For the seventh year
running LCCI played
a significant role at
MIPIM in Cannes last month
writes Cathy Scott
T
he Chamber championed the
capital’s key role in the prop-
erty and construction sector
with support from Apex Airspace,
AHR, Mitsubishi Electric, NLG
Associates, Regal London, UCEM,
Wagstaffs and Henry Construction.
Stunning attracted the most influential inter-
Established in 1990, MIPIM – Le national property players from the
marché international des profession- office, residential, logistics and in-
nels de l’immobilier – is the world’s dustrial sectors.
foremost international property
event which brings together the Networking,
major players in the global property networking …
sector in a stunning location in the LCCI events during the four-day
south of France. event included:
With over 24,000 participants • A Prestige reception on the roof
from over 100 countries MIPIM terrace at the Five Seas hotel with
LCCI’s MIPIM Partners
Time to revisit your Talent
Management Strategy?
Technological advancement is the year after? Does your
growing at a pace which robotics performance management
and AI significantly impacting system measure and reward the
on the type and number of skills and knowledge that you
jobs required. Jobs that are have identified as priorities for
made up of routine tasks are sustainable growth? Ensuring
more likely to be automated that policies and procedures
whereas occupations requiring are horizontally integrated
We believe interpersonal and cognitive skills so that they are aligned
areget your to
expected CIPD qualification
see growth. rather than contradictory will
that strategic Certainly, the future workforce maximize staff engagement.
change in the will need to be able to think Preparation is crucial and
workplace starts with analytically, be innovative, able might involve undertaking a
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to solve complex problems, skills audit and ensuring that
your own development hold high levels of emotional empathetic leadership is in
intelligence and engage in place to support technological
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technology design. What does to be adaptable, collaborative
Whether you’re already working in a people management this mean for organisations? and entrepreneurial will be key
role or not, a qualification through the Chartered Institute
Finding, sourcing and elements of any learning and
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April 2019 Your business 7
SPONSORED COLUMN
IP Business Beyond Brexit
Victor Caddy, Partner, Wynne-Jones IP
Brexit presents a daunting
range of challenges to
businesses of all kinds.
Increasingly important to
the value of any business,
Intellectual Property (IP) rights
will be impacted in a variety of
ways and no more so than for
corporates with IP portfolios
that require ongoing
L-R Steven Hale, Julian Bell and Colin Stanbridge
management. For some these practices are best suited to
guest speaker Jules Pipe, deputy land, Richard Heath, managing di- time now we’ve been telling serving local clients which is, after
mayor for planning, regeneration rector of real estate and housing at readers of this column that it’s all, why they were originally set
and skills Lloyds Banking Group, and Peter not something to be ignored up. The ultimate goal is to retain
• An Apex Airspace reception at Mason, cabinet member for hous- and you should take advice links between IP owners and their
the London stand ing, planning and transformation and look at your Trade Marks law firm contacts in the UK, whom
• A cocktail reception with the City at the London Borough of Ealing and Designs to ensure you’re they already know and trust, while
of London Corporation and the • AHR reception on the London properly protected, regardless minimising complications from
City Property Association hosted Stand of deal, no-deal, delay or a working with multiple European law
by Catherine McGuinness • Avison Young villa party second referendum. We’ve firms, differences in local national
• The regular Crofton Breakfast • Trowers & Hamlins brunch also told you that Wynne- laws, languages and cultures.
at the Riviera Beach restaurant • BDO drinks reception Jones IP solved the Brexit There’s also the question of who
hosted by Crofton’s Steven Hale • And finally … the Mitsubishi issue long before we knew UK charges the client for the work
and LCCI’s Colin Stanbridge with Electric wind-down party at citizens would vote ‘leave’ and done, all of which are part of the
a keynote speech from Julian Bell, Charly’s bar. our new offering is already UK’s exit from the EU.”
leader of the London Borough of paying off for those who work He concludes: “AIPEX solves
Ealing Quite a week for the property indus- with the Wynne-Jones team all of these issues simply, smartly
• The Regal/LCCI London dis- try but one that will stand London and our pan-European sister and cost effectively. AIPEX has
cussion and reception at which in good stead for what may be un- IP law firm, AIPEX. offices in 16 of 27 EU states with a
speakers included Marc Eden, certain times ahead. head office located in The Hague,
Regal London’s investment and Here’s a recap as to how Wynne- Holland. As a Europe-wide IP law
legal director, Gordon More, chief Cathy Scott is executive assistant to Jones IP and AIPEX, working firm, we offer a tailor-made solution
investments officer of Homes Eng- the chief executive’s office at LCCI together, can help ensure you get to managing the IP portfolios of
your IP ducks in a row. pan regional and international
If you’re an owner of IP rights businesses. The team of more than
operating globally and regularly 500 professionals, with more than
work with multiple law firms in 200 qualified attorneys, means
different markets to execute your we can work across a company’s
portfolio requirements, the Brexit entire IP portfolio, including patents,
challenge is daunting as you will trade marks and design, as well as
need to work in a different way key areas such as infringement,
by separating the EU and the UK prosecution, renewals and strategy.
work; furthermore, lack of solid We are a law firm, not an alliance.”
Government guidance has not Through AIPEX, Wynne-Jones
sufficiently helped you get your represents its clients before the
‘house in order’. But, you will need EUIPO. AIPEX is the address of
to re-work the protection of your service for all the Community
trade marks and design strategies designs and EU trade marks on the
and we urge you to heed the word books of Wynne-Jones, so we retain
‘strategy’ as management is key complete control of all client affairs.
and far too frequently ignored. Most importantly for UK-based IP
Victor Caddy, Leading Partner businesses, there’s no difference
and head of our central London day to day and the benefit of no
Office sums it up simply : double charging.
“Anyone can file an EU trade A solution on your doorstep to
mark application or a Community being IP Brexit ready. Get in touch
design application. After Brexit only with Victor for a consulting meeting
a national of an EEA member state to see if Wynne-Jones and AIPEX
can represent you subsequently can help you be ready for business
in processing your application and when the UK leaves the EU.
dealing with ongoing matters.
“To overcome these difficulties T: London - +44 (0)20 3146 7888
UK businesses may plan to divert W: www.wynne-jones.com
their EUIPO work to firms located
in the 27 remaining EU states.
However, we realise that many of
8 Your business April 2019
Frost in springtime
David Frost CMG takes up the
“I am excited to be
reins at LCCI this month as chief
executive. The appointment taking up this post.
LCCI is a long-
is Frost’s second leadership
role of an internationally-
focused business group, after established business
a successful Whitehall career
mainly focused on trade, organisation with a
economics and business, and
European issues
proud track record
of serving the
A
s chief executive of the Scotch
Whisky Association over capital’s firms at
three years, David Frost mod-
ernised the Scotch producers’ body to
home and abroad.”
operate and compete globally, while was as director for Europe, trade to be taking up this post. LCCI is
navigating the industry through the and international affairs at the then a long-established business organi- Experience
waters of the Scottish independence Department of Business, Innovation sation with a proud track record of LCCI chairman Jeff Adams
and EU membership referendums. and Skills where he was the UK’s serving the capital’s firms at home said: “I am delighted that David is
member of the EU’s top-level trade and abroad. Having spent so much joining the Chamber. His wealth of
Strategy policy committee. He also returned of my diplomatic career on econom- experience, as a senior Whitehall
A career diplomat, Frost served to the FCO for a time as foreign pol- ic, business, and trade issues, I very official promoting Britain interna-
as the British Ambassador to Den- icy adviser to the Foreign Secretary much look forward to engaging and tionally and then in running a key
mark from 2006 to 2008, and as the from November 2016 to July 2018. working with the Chamber’s mem- trade body, will help to shape and
Foreign Office’s director for the EU bers and other stakeholders at this equip LCCI to confidently face fu-
and later for strategy and policy Stakeholders vital moment for London’s busi- ture challenges and maximise op-
planning. His last civil service role David Frost said: “I am excited nesses and the London economy”. portunities”.
DEVELOP YOUR
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asthe
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investment with
with buyers
buyers shrugging off
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concernstotospend
spend£16.2
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onoffices
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inin2018.
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in Manhattan,
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billionininParis
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and£8.4
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billionininHong
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Kong.
We
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cannow
nowoffer:
offer:
•• Market
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Rolledup
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10 Your business April 2019
Blockchain is coming into its own
there are many examples of those
who claim capability of adoption.
by Nish Kotecha Blockchain is at the inflection point.
Attending recent hackathons and
Bitcoin’s rise and fall are meet-ups, the buzz is so loaded that
rightly becoming the sideshow you dare not ask the obvious: does it
of what is the core value really work outside the laboratory?
proposition – the emergence Blockchain adoption may be at
of blockchain as the trust the beginning of the curve but the
substitute technology winners are starting to emerge.
T
Those focussed on enterprise grade
here is no doubt that bitcoin solutions adopting private block-
and general cryptocurrency chain frameworks are gaining
speculators have made rich- ground.
es and lost them just as quickly as Recently, in my role as president
in 1637 when the crazily-popular of the Deep Tech Summit 2018, I
tulips fell into the abyss after the was evaluating blockchain compa-
famed bubble. nies and those that were in cryp-
Worrying about a bubble risks tocurrencies quickly fell through
diverting your attention from the the sieve. What remained claimed
disruptive technology powering a technology leadership which was
crypto today, and potentially our exploring how innovative the tech-
world tomorrow. The next block- Nish Kotecha and Juan M. Rosas, co-founders and chairs of Finboot Ltd with nology is in e.g. turning a messy
Alvaro Llobet, commercial strategy director
chain winners will be those who process into an efficient and trans-
use this technology for real world Coupled with transparency come in 2019 – and this from a diverse parent one – a blockchain platform.
challenges – so-called front-end security concerns. While you may range of sectors from oil and gas How easy is it to use, implement and
services – and that’s what is captivat- accept the principle of a supply to fintech to automotive, retail, and scale are all fundamental.
ing technologists in London, India, chain being open to its participants, media. It seems that the new way of
China, Europe and Silicon Valley. do you really want it open to any- thinking is catching on. Solutions
one? Repsol, the leading Spanish
Trust platform In a recent study by Deloitte 39 Inflection point oil and gas group valued at over
Blockchain is the technology be- per cent of the surveyed 1,053 global Identifying the winners is tough. €24 billion, announced a partner-
hind a distributed network of com- C-level/senior executives stated they Apart from bitcoin, there are very ship with Finboot, based in Lon-
puters that can be used to store data were likely to invest more than $5 few examples of large- scale imple- don and Barcelona, where their
securely but which, uniquely, has million in blockchain technologies mentations of the technology while product Marco has been success-
a single memory. That means data fully tested to improve the prod-
cannot be copied to sell the same
asset again. Imagine duplicating
Book review uct certification process. Marco
– the Spanish for ‘frame’ – acts as
the deeds of your house and re-sell-
ing it – a common enough practice Exploring myths a platform for end-to-end block-
chain applications which can be
in the developing world; that risk easily developed and deployed us-
Blockchain Babel’s author has ideal
remained even with the passage ing a single dashboard and there-
credentials to explain the latest crypto craze
from stamped paper to a digital file. by bringing these solutions to the
writes Peter Bishop.
Blockchain removes this risk. It’s desk of every employee.
why blockchain technologists refer Igor Pejic has worked in banking and payments, The early adopters of blockchain
to it as the ‘trust platform’. most recently as head of marketing at BNP such as Walmart, Repsol, IBM,
The technology is still nascent Paribas. He is a trained and practising journalist; Accenture, BP will encourage the
though evangelists believe it can and he has a Masters from the University of mainstream to come onboard.
fundamentally change the way we Vienna in English Linguistics. His book is billed as the essential myth- It is clear the technology is at the
live, work and transact. Storing and busting guide to the world-changing technology that is blockchain. start of the adoption curve. As an
managing data in a distributed way A clear, concise book on the subject is definitely needed and evangelist, I say move on and don’t
vs today’s single guardian of your Blockchain Babel comes as close as is possible for the time being. If let the froth get in the way. The hype
data approach requires a new way of you get through the seven chapters – each headed with a myth to of blockchain will demand interest
thinking. explore such as: With the success of the blockchain comes the downfall and resource; a deeper and wider
of the banks – you will be much better placed to assess blockchain’s ecosystem of developer and design
Prized potential use in, and impact on, your business. skills, mentoring, early-stage capi-
I was recently asked by the chief tal and a maniacal start-up culture
And you may be persuaded why the security element of the
executive of a leading retail group: phenomenon is so critical. This could be because you appreciate the
which each technology centre of ex-
“Why use blockchain for your supply technical elements of blockchain. Or because you are horrified by cellence is running to make block-
chain when the same can be achieved the reported recklessness displayed by people in relation to online chain their own.
on existing technologies?” I replied: security. One experiment involved asking random pedestrians for
“If you are transparent in your busi- their passwords. Seven out of ten revealed them in exchange for a Nish Kotecha is a serial
ness dealings then why not be trans- bar of chocolate! entrepreneur, investor, and
parent about your transparency by advisor. Based in London, he is co-
using blockchain?” After the finan- Blockchain Babel by Igor Pejic founder and chairman of Finboot
Published by Kogan Page. £14.99
cial crisis of 2008, trust has become a and a member of the LCCI board
www.koganpage.com
prized credential for business. nish@spherepartners.comApril 2019 Your business 11
Inspirational women
(l-r) ABA chairman Tony Matharu, Tonia Buxton, Trishna Baradia, Kamel Hothi,
Ahlia Rafique Fateh, and Ed Thurman
The LCCI’s Asian Business • Tonia Buxton – of My Greek
Association bought together Kitchen and My Cypriot
four inspirational women –
together with a man who has
done much to promote diversity
Kitchen fame … the face of
Greek food and culture International students
• Trishna Baradia – advocate
– for an evening in advance of Dr Helen Hill has been working
and champion of the disabled
International Women’s Day to with schools around London
and chronically ill … and a
celebrate and promote women as part of the Young Chamber
former star of Strictly Come
in business. project to help bring the world
Dancing
of business closer to students
The event took place at Home
• Ahlia Rafique Fateh – and help them make the right
House in Portman Square and
managing director of Amanda choices in future careers. As part
featured:
Wakeley, the luxury lifestyle of the programme Peter Bishop,
• Kamel Hothi OBE, her brand LCCI deputy chief executive,
honour having been awarded recently led a session on working
• Ed Thurman – managing in international trade with sixth
for services to promoting
director and head of global formers at The Elmgreen School
diversity in banking
transaction banking at Lloyds in Herne Hill, London SE27.
who sponsored the event.
The Prince of Thieves
Perseverance is important for success. overwhelmed by the task before you. You’re
The opposite of perseverance is still allowing yourself to be dominated
procrastination. Perseverance means by a negative vision of the future where
you never quit. Procrastination means you see yourself criticised, laughed at
you never start or never finish. or losing. This negative vision is really a
mechanism that allows you to do nothing.
Often, people who procrastinate reason
that they are perfectionists and everything
must be just right before they can get
on: no distractions, not too much noise,
and they must be physically and mentally
well. The other end of procrastination
– being unable to finish – also has a
perfectionist explanation: ‘I’m just never
satisfied; I’m my own harshest critic; if Turning procrastination into perseverance
the “i”s aren’t dotted and the “t”s aren’t involves principles that foster productivity
crossed, I can’t consider it done.’ instead of passivity:
Do you see what’s going on here? A • Break it down
fault is being turned into a virtue. The • Write it down
perfectionist is saying that his standards • Set a timeline
are just too high. This fault-to-virtue • Take action
syndrome is a common defence when These techniques are extremely powerful,
discussing weaknesses, but has little to do allowing you to stop procrastinating and start
with what’s really behind procrastination. achieving your goals.
Usually, the basis of procrastination is fear Excerpted from the Amazon bestseller ‘Sparks:
of failure. What’s the difference between Ideas to Ignite your Business Growth’ by Shweta
the fear of being less than perfect and that
Jhajharia, a leading global business coach.
of anything else? You’re still paralysed by
fear. What’s the difference between never Claim your FREE copy at
starting and never finishing? You’re still businesscoaching.actioncoach.co.uk/sparks
stuck. You’re still going nowhere and are (P&P extra)12 Your business April 2019
Battersea powers up – London’s
by Helen Carr
Battersea Power Station has
long been a fixture on the
capital’s skyline having, at its
peak, generated electricity for
a fifth of London’s households
including some of the most
notable addresses in the city,
not least Buckingham Palace
and most of Westminster
H
owever, in 1983 it was de-
commissioned and has
largely lain empty ever since.
Now though, over 30 years later
and after a number of false starts,
the highly anticipated revamp of
the iconic Grade II* listed Power
Station and the surrounding area is Photo by Johnny Stephens Photography
now starting to take shape.
apartments where over 1,000 resi- ing up and causing quite a stir, in- hosted the book launch for up-and-
Riverside quarter dents are now living. Over two mil- cluding Fiume, an Italian restaurant coming British chef Isaac Carew,
The first completed phase, Cir- lion people have visited since this where the renowned chef, Franc- who attended with his pop star part-
cus West Village, is a new riverside new stretch of riverside was opened esco Mazzei, can be found serv- ner, Dua Lipa.
quarter comprising shops, restau- to the public less than two years ago. ing up Calabrian cuisines from his British seafood specialists, Wright
rants, bars and cafes, as well as new New eateries have been spring- hometown. Recently the restaurant Brothers have also set up shop with
Showcasing on Instagram
CHANGE,
The LCCI Instagram account
TRANSFORMATION showcases the people behind the
AND RISK SOLUTIONS chamber’s expanding business
network, May Khizman of
SERVICES The Grid Media Ltd shares her
reasons for joining LCCI:
For me, now
being based in
Professional experts in project management London, LCCI
membership is
Specialists in the delivery of change and all about building
transformation connections,
sourcing services
Providing innovative risk solutions and promoting
Management of legacy data platforms how The Grid Media Ltd can help
Data in Business conference for
organisations gain exposure in
approximately 70 academics and
We work with SME to Global corporations the Middle East since we produce
PhD students from around the
and run conferences (academic
in overcoming strategic challenges and putting Middle East (and Asia and Africa) in
and business), seminars and
procedures in place to optimise your business roadshows between the region
October. We are happy to speak to
any organisations that may like to
for success. and the UK.
partner on our events programme.
We are currently partnering
Contact us: When I’m out of the office I head
with Eltizam Asset Management
A2D Solutions Ltd 28th Floor, The Gherkin, St Marys Axe, to the steam room and try to
Group, CMS LLP and Dubai Real
London, EC3A 8EP invest time in long walks across
Estate Institute (Dubai Govt) on
London. I’m more of a city walker
our SMARTInvest Real Estate
enquiries@a2dsolutions.co.uk +44 (0)1242 574999 than a hiker but I did recently
conference series that focuses
www.a2dsolutions.co.uk attempt a six-hour hike of the
on the interplay between real
Seven Sister ‘White Cliffs’ which
estate, investment and technology.
wasn’t for the faint-hearted!
We also have a SMARTInvest
Real Estate: Digitalization in the Connect with @london_chamber
Built Environment conference and chat to your account manager
in April and will be running a Big to find out how to feature.April 2019 Your business 13
newest hotspot
SPONSORED COLUMN
Will your
business qualify
for inheritance
tax relief?
By Clare Munro, Senior Tax Partner,
Lubbock Fine Chartered Accountants
A recent report for the personally and used in the trade
government stated that of a company controlled by the
‘Inheritance Tax appears to be owner, or a partnership in which
an almost uniquely unpopular that person was a partner
tax’, winning the accolade of the (50% relief)
most unfair of 11 major taxes in a
YouGov survey. The property must have been held
Photo by Johnny Stephens Photography
for two years up to the date of
Since 6 April 2009 annual receipts death and the business must not
a restaurant directly overlooking space to find out more. for IHT have doubled to over £5bn consist wholly or mainly of holding
the river, where they serve up their It’s not just food that has set
but the government points out investments. ‘Wholly or mainly’
bestselling oysters and a range of tongues wagging. Vagabond wine
that this affects less than 5% of is not defined in legislation but is
seafood selections. They recently bar has opened its first urban win-
welcomed renowned chef Mark Hix ery at Circus West Village, where all estates. That’s little comfort taken to mean more than 50%.
in for a special takeover. it makes its own wine from Brit- if your estate is over £325,000
ish grapes inside the store. Wine (the nil rate band) and your That raises the possibility that
Atmospheric pairing workshops and quiz nights beneficiaries will pay 40% of the a company could still qualify
Other notable names include make this a great spot for corporate excess in tax. for relief despite being up to
Vivek Singh, who has brought his get togethers. Similarly, Battersea
49% non-trading. There are
celebrated Cinnamon Club brand Brewery has also opened its doors,
with an onsite tap room making There is good news, however, other aspects to consider; for
to Battersea with the opening of
Cinnamon Kitchen, where an open its own brand of German lager, as particularly for business owners a company conducting a mixed
kitchen and elevated private dining well as serving a range of beers and who, in the right circumstances, business additional rules operate
room take centre stage in this at- wine. are able to shelter 100% of to restrict the IHT relief if the
mospheric restaurant, set within an For the health conscious, spin their business’s value from company holds assets which
old converted railway arch. studio Boom Cycle is a new fa- inheritance tax. As with any are not used in the business.
Occupying a similarly daring vourite amongst the South London
exemption or relief, there are Significant cash holdings can be a
space is Mother, the cult classic sports-lovers. Known for their mu-
pizzeria from Copenhagen which sic-focused workouts and upbeat conditions to meet before the problem here.
made Battersea the location for its classes, Boom is the perfect place exemption or relief is given.
first ever restaurant outside Den- to work-off any over indulgencies, As there is a two-year holding
mark. Other recent openings in- whilst Paul Edmonds, stylist to the One of these reliefs is Business period for Business Property Relief
cluding Tapas Brindisa, known for stars is the ultimate spot for an after- Property Relief which reduces it makes sense to review your
its charcuterie, cheeses and Spanish noon of pampering or getting you the amount of the value of the business or company for comfort
tapas, No. 29 Power Station West, a ready for any occasion.
qualifying business chargeable to that it will qualify when the relief
neighbourhood bar from the Dar-
win & Wallace group, Tonkotsu, Creation IHT, either by 50% or 100%. is needed. There may be changes
known for its Japanese ramen and Having sat derelict and empty for Qualifying property is: that can be made to improve the
The CoffeeWorks Project, a paired so many decades, it’s exciting to see • a business, or an interest in a prospects of relief.
back coffee shop perfect for an in- the area taking shape and important business (100% relief)
formal ‘off-site’ meeting. to remember that this is only the • unquoted shares in a company If you are interested in finding out
beginning. The whole project will (including AIM shares) (100% more about this relief and how to
Credentials see the creation of thousands of new
relief) avoid the pitfalls of IHT reliefs and
Battersea’s foodie credentials homes, shops, restaurants, event
spaces, a hotel, 19 acres of public • quoted shares or securities exemptions please speak to Clare
were put to the test last summer
when it hosted the first ever Lon- space including a six-acre public where the owner had a Munro or Phil Moss or email them
don Seafood Festival, a five-day park and much needed improve- controlling holding (50% relief) on claremunro@lubbockfine.co.uk
festival in the height of summer ments to local infrastructure, no- • land or machinery owned philmoss@lubbockfine.co.uk
which celebrated all things sea- tably the Northern Line Extension
food. Nearly 25,000 people came to and a new Zone 1 London Under-
experience the festival, which in- ground Station.
cluded pop-up street food vendors
Lubbock Fine
and open-air cinema screenings of Helen Carr is head of food, Paternoster House
sea-related movies and a range of beverage and leisure leasing 65 St Paul’s Churchyard
delicious workshops. Word has it at Battersea Power Station London EC4M 8AB
that the festival is set to be repeat- Development Company t +44 (0)20 7490 7766
ed again this summer so watch this www.batterseapowerstation.co.uk www.lubbockfine.co.uk14 International April 2019
El Salvador ready for
trade and investment
Located in the heart of the
Americas, El Salvador is an
A healthy business
export-oriented free-market climate and an
economy. The country
extends from a coastal plain outstanding labour
to a volcanic upland in the
interior
force has become
very attractive for
T
he country has evolved over
the last two decades and to- foreign investors.
day offers its business part-
ners: • Light manufacturing: medical
• Macro-economic stability, with devices, chemical-pharmaceuti-
the U.S. dollar as legal tender cal and cosmetics, footwear, auto-
• A free economy, among the most parts and electronic components.
liberal in Latin America • Offshore business services: un-
• Openness to global trade and in- precedented growth over the last
vestment few years.
• Democracy and political stability • Tourism: solid and growing tour-
• As of December 2018, El Salva- ist demand.
dor signed up to a customs union • Textiles and apparel: One of the
with Guatemala and Honduras main engines of El Salvador’s de-
who make up the Northern Tri- velopment.
angle of Central America. • Infrastructure: Development of
public-private partnership pro-
Macro-economic jects regarding public infrastruc-
overview ture, public services or activities
El Salvador has implemented of national interest.
reforms to modernize and open
its economy to global trade and In a nutshell
investment; these include the sign- • Attractive investment climate:
ing of free trade agreements with The ease of doing business index
major markets, regional econom- 2017-2018, ranks El Salvador as
ic and trade integration, and the the 2nd best country in Central
adoption of the US dollar as legal America and 6th in Latin America.
tender. • Preferential access to interna-
El Salvador is ranked in 6th posi- tional markets: El Salvador has
tion as easiest country to do busi- trade agreements with 43 coun-
ness in Latin America and in 2nd tries in the Americas, Europe and
place in Central America by the Asia.
Doing Business 2018 report. In one • Productive labour force: re-
year the country improved by 22 nowned for its industriousness,
positions in this ranking and figures efficiency and work ethic.
among the 10 economies worldwide • Competitive costs: A cost-com-
which have shown the most notable tinuous expansion. • Energy: international tender pro- petitive country in which to set
improvement in ‘doing business’ in- • Agro-industry: good location for cesses in place to develop new up and operate a business.
dicators. the production and processing of projects of natural gas, photovol- • Monetary stability: A dollarized
El Salvador is a country of op- food. taic and wind generation. economy that offers greater cer-
portunities with a labour force of tainty to investors.
El Salvador key facts
3 million people of which 56 per • Competitive infrastructure: The
cent is under 40 years old. A healthy World Economic Forum places El
business climate and an outstanding Salvador’s infrastructure among
labour force has become very attrac- the most competitive in Latin
Capital city: San Salvador
tive for foreign investors. In 2017, America and the Central Ameri-
Total Area: 21,041 km2
the FDI stock was of USD 9.6 billion can region.
in which the finance, insurance and Population: 6.6 million • Attractive tax incentives: A solid
manufacturing sectors are the most Labour force: 3.0 million legal framework that provides at-
prominent. Unemployment rate: 7.0 % tractive tax incentives.
FDI inflow (2017): US$792 million • Strategic location: El Salvador’s
Key sectors GDP per capita: US $3,769 geographic location enables a
• Aeronautics: successful world- short access time to major cities
GDP growth (annual): 2.32 % (2017)
class operations with strong, con- in North and South America.Brexit April 2019 15
SPONSORED COLUMN
IMPORTANT INFORMATION
Hiring decisions – potential
Issue of export over experience
documents by LCCI UK employers spent
£633 billion just to
remain productive
D
last year.
epending on events in Par- tius, Madagascar, Seychelles, and
liament there may be no Zimbabwe, and the Faroe Islands, That spend,
change whatsoever in the these being the markets which EU according to 2018’s
immediate future to the issue of: FTAs have been rolled over in a Open University
• Certificates of Origin no deal situation. For other EU Business Barometer,
• EUR and A.TR Movement Cer- FTA markets the EUR will not be covered recruitment
tificates used and duties where appropriate fees and inflated pay
• ATA Carnets. would be paid in the importing for new hires, £1.49
This would be the situation if, country. billion for temporary
during the week, there was an The use of A.TR documents for staff and £1.45 billion to train up team leadership and building
agreed transition or extension shipment of goods to Turkey will workers to plug the skills gap. organisational capability.
with regards to the UK. cease. Again, duties where appro-
priate would be paid in the im- So, in an age where we have Fernández-Aráoz says we’ve
However if there is no agree- porting country. a fierce labour market and been wasting our talent through
ment (‘no deal’) and the UK noticeable skills shortage, what ignorance, apathy and inflated
reverts to World Trade Organi- ATA Carnets criteria are recruitment decisions incentives, when we should
sation (WTO) rules, the situation The big change is that ATA Car- being based on when it comes to strategically invest in training and
(from 12 April 2019 at the nets will now (in a ‘no deal’/WTO hiring, promoting or choosing a coaching our potential executives
earliest) will be as follows. rules situation) be able to be used successor? to finetune their professional
for the EU 27 countries which development.
Certificates of Origin will be treated as one destination. Competencies, skills and
LCCI will be processing and issu- The process for applying for ATA experience are certain to appear Organisations could be cleverer
ing your (non-Arab) certificates as Carnets will remain exactly the high on the list, but what about when managing their recruitment
usual but the format of the docu- same but we have made appro- potential? Where does that and talent pipeline needs. How
ment will change slightly to reflect priate changes to the document come in the search and selection can the organisation invest in
that the UK is no longer in the EU. to reflect the changed status of process? their development? How will the
When you go online you will notice the UK as an EU member. Use business benefit from executives
the slight difference to the form but this link to access our online ATA Some talent management being rotated internally and
not the process. There is no extra Carnet. strategies need turning on their how can experience and skills
action you need to take. If you are head. Businesses should move be enhanced through stretch
holding stocks of the existing EU To enquire further on export away from hiring or promoting assignments?
certificate of origin forms, let us document matters contact candidates just because they have
know and we will replace them. edocuments@londonchamber. the right competencies and also Of course, there is no real
Note that, whatever the circum- co.uk look at what a candidate can do substitute for experience,
stances, there will be no change to or bring to the organisation in the but next time you’re hiring,
the format or processing of Ar- future. consider what the candidate’s
ab-British certificates of origin. learning ability is, how they’ll
Some will have it, some won’t, contribute, how committed they
EUR and A.TR Movement but work is becoming increasingly are, how they might improve
Certificates complex and as functions change, the organisation and what their
EURs will only be relevant for orig- For more general Brexit matters our people need to continue legacy could be.
inating products being shipped the LCCI has set up a Brexit growing and learning to keep
to Switzerland, Chile, Israel and Helpdesk for members; contact up. To move forward, managers We’ve entered a new era where
Palestinian Territories, Mauri- brexit@londonchamber.co.uk should sidestep past and present great people decisions are
experience and start asking what imperative and will be rewarded
potential does this executive with strong growth, sustainable
have? How far can they go? success and a razor-sharp
competitive edge.
Claudio Fernández-Aráoz a senior
adviser with Egon Zehnder is at Please visit www.aoec.com or
the forefront of talent spotting for call 020 7127 5125.
the 21st century. In 30 years of
research, he’s identified that there
are four hallmarks high potential
workers possess – curiosity,
insight, engagement and
determination. And each of these
correlates with and contributes
to leadership competencies such
as strategic or results orientation,
ATA Carnets collaboration and influence,You can also read
