Media Coverage

"Politically, the Finance Ministry is regarded as a heavyweight portfolio and there is some expectation that the appointment... primes (Mr Wong) as the leading candidate," remarked Andrew Yeo, head of strategic consultancy Global Counsel Singapore.

Mr Yeo, however, did not rule out both Mr Ong, the new Health Minister, and former army chief Chan Chun Sing, the new Education Minister, as contenders to be chosen as the new 4G leader.

Giving their thoughts about each of the three potential candidates, the analysts said that the decision behind the new appointments are unconventional at this stage of their political careers.

Mr Andrew Yeo, senior associate at strategic advisory business firm Global Counsel, said that for Mr Wong, for instance, it may seem like his new role as finance minister may place him as the leading candidate.

After all, Mr Wong will be assuming the portfolio at an administratively complex phase, Mr Yeo noted, with the pandemic requiring adept management of competing priorities.

If politicians campaign in poetry and govern in prose, what are they doing when they don’t say anything? This is the central mystery behind one of the untold stories of the pandemic in the UK: the precipitous decline in migration since the lockdown began last year. What does it mean for the economy as it reopens this week and what does the government think about it?

For 20 years the Conservatives have campaigned for stricter controls on migration in order to reduce the total number of people coming to live in the UK, whether for work, study or family reasons. Even Boris Johnson, a supposed liberal on these matters, made it a manifesto promise that “overall numbers will come down”. This was much to the dismay of businesses which benefited from relatively cheap supplies of labour, and which thought ministers were bluffing about wanting to cut net migration even as they pursued ending free movement through Brexit.

Jens Presthus, a senior associate at strategic advisory firm Global Counsel, says that China has faced accusations of political interference, resulting in currency devaluation several times over the last few decades. If the Yuan’s value is low against the dollar or the rupiah, it becomes cheaper for importers in Indonesia to purchase goods from exporters in China rather than turn to Indonesian manufacturers.

“Interventions like this are obviously undermining free and fair trade, but WTO doesn’t have specific rules against countries using their exchange rate as an export subsidy. The International Monetary Fund (IMF) does, but lacks power to enforce such rules,” says Presthus.

He also points out that China did a lot to support its producers during the pandemic, with lots of tax and fee cuts, which reduces overall costs for Chinese companies and allows them to sell their goods at a lower price. “It seems to me that this is a key reason for why Indonesian producers are struggling to compete.”

If you’re not yet sick to the back teeth of hearing politicians intone the words “Build Back Better”, then you will be by the end of the year. Due to take centre stage at the G7 and COP26 summits the UK is hosting over the next six months, it is already a message chiselled into every government pronouncement and even the usually unscripted Boris Johnson faithfully repeats it. 

A panel of experts discussed how Brexit has and will affect the private equity industry, with a focus on deals, portfolio company management, investor queries and more.

SPEAKERS: David Barbour, Managing Partner, FPE Capital; Ken Terry, CEO, Elysian Capital; Malcolm MacDougall, Partner, Stephenson Harwood; Tom King; PDD Practice Lead, Global Counsel.

Elly Darkin, trade adviser at Global Counsel, points out the group’s share of UK trade in 2019 was around 8%, with four countries – Canada, Australia, Singapore and Japan – accounting for 86% of that. The UK already has free trade agreements with three of these countries, and hopes to wrap one up with Australia shortly. Darkin says the true benefit may lie in side agreements on issues like the digital economy and harmonising e-commerce, making it easier for companies to launch.

GC Adviser Denzil Davidson on  how the implementation of the Northern Ireland protocol is a mess that is snarling up the new relationship between the UK and the EU, and what both parties should do to make the arrangement tolerable for the cmmunities of Northern Ireland.

Global Counsel has appointed former parliament member and Asda chief executive Archie Norman as a non-executive vice-chairman. He also serves as the chairman of Marks and Spencer, chairman of Signal AI, and adviser to Lazard & Co and Coles Group.

While political and strategic considerations may push the UK to prioritise speed over substance when it comes to accession negotiations, this strategy may well pay off if joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership is seen as a starting point for greater commercial diplomacy in the Asia-Pacific.

Elly Darkin, Associate, Trade and Manufacturing Practice for the Royal United Services Industry (RUSI).