Asian Companies Listing on AIM

In the past few decades, the Chinese economy has experienced phenomenal growth. And while growth had since slowed, it can’t be ignored that in 2014, China became only the second country in history (after America) to achieve economic output in excess of $10 trillion. In fact, even at the current rate of growth, China expected to surpass the US as the world’s largest economy within the next two decades.

It is no wonder then that foreign investors have been looking for ways to benefit from the Chinese success story. And there are plenty of Chinese investment opportunities right here in the UK. SMEs in China have long struggled to secure capital from Chinese banks and that has sent them elsewhere, including London’s AIM market.

But more recently, the reputation of Chinese AIM listed companies has taken a serious hit. It seems that after a few scandals involving Chinese companies, the market has lost faith in all of them. The problem for most Chinese companies therefore seems to be the result of suspicion and rumour. Of course, this is unfair – the Quindell and Tesco scandals have not resulted in investors blacklisting every UK Company.

So the question is, what can Chinese companies do to increase their appeal to UK investors and continue to tap a valuable source of funding through the AIM market? The simple answer: Transparency. After all, the best way to quash suspicions and rumour is by getting the truth out. So for any Chinese companies listing in London, effectively communicating to potential investors from the beginning is critical – and there are plenty of ways to do this.

The suspicions surrounding Chinese companies listing in London are largely fuelled by a literal lack of visibility. So first and foremost, Chinese companies seeking admission to the London Stock Exchange need to bear in mind that potential investors are based abroad and therefore not able to directly observe the day to day operations of the business. Transparency, achieved in part through increased publicity, is therefore key to bolstering investor confidence.

But an effective communications program requires much more than reaching out to the UK national and investor press only briefly ahead of the IPO. Companies need to communicate through wider media outlets and for a longer period of time in the build up to Admission in order to achieve a successful and hopefully oversubscribed fundraising.

One way to do this is by launching Corporate profiling exercises on the home front. Even when targeting a predominantly overseas audience, the relevance of local and trade press coverage should not be underestimated before an IPO.

This is particularly salient for smaller companies. UK journalists are unlikely to have heard of an Asian based SME considering an AIM IPO. If British journalists can discover an existing profile through good trade and local press coverage (and where appropriate a social media profile) as they go online for further information, it will increase the likelihood of positive UK press coverage at IPO.

Local media coverage is also important for investors, as it plays a key role in reassuring their confidence. If a company attempts to promote itself amongst UK investors without an already established press profile, it could make a company’s story, no matter how compelling, harder to believe. And given the current climate of suspicion, that is risk Chinese companies simply can’t take.

Simply put, a proactive communications program is strong evidence of a company’s willingness to honour its commitment to new and existing shareholders. And, perhaps more importantly, increased transparency will help reassure investors and help regain trust of the market. This strategy will not only help Chinese companies: With London seeking to cement its status as the world’s leading financial centre there is simply no way investors here can dismiss companies operating in a country set to become the world’s economic powerhouse.

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Weekly Wrap Up: Please don’t increase my wage

The honeymoon appears to be over for the newly elected Conservative government. After basking in the glow of an unexpected majority win in the recent elections, the UK’s Tories have become caught up in a media firestorm - although it may not be one they could have avoided.

Before the election, David Cameron had described a 10% pay increase for MP’s – from £67 060 to £74 000 – as unacceptable. And on the surface, it does look bad for a government that is rumoured to be planning an additional £12 billion in welfare cuts to bump up their own pay. But the government has little choice when it comes to the pay rise – it’s decided by an independent body.

Nevertheless, in the UK media, taxpayer money is a hot button issue. Just ask the banks that received bailout money: banker’s salaries and bonuses have come under intense scrutiny and the media likes to suggest that taxpayer money is being used to pay for them. And there’s no class discrimination when it comes to receiving a taxpayer funded salary: welfare recipients who are deemed to be receiving too many benefits are also popular subjects in some major UK publications.

The lesson here is that when people are giving you their hard earned money they will want to know exactly what you are doing with it and why. This is as true for taxpayers as it is for shareholders. The unavoidable reality of increased scrutiny therefore requires increased transparency. Clearly communicating what is being done with the money and why will not only prevent the media from sensationalizing the story, it will also help win the trust of those who are providing the funds.

In the case of the MP pay rise, the government actually appears to be at least trying to do right by the taxpayer. Earlier this week a spokesperson explained that David Cameron could not do anything to prevent the pay rise. Ironically, the process of having an independent body decide on MP pay was put into place to prevent politicians from being paid excessive salaries on the taxpayer dime. Downing Street has followed this explanation with a letter to the authority that decides on MP pay to appeal the increase. At the very least, Downing Street has attempted to show that they are trying to protect taxpayer money.

So while most people living in UK would be thrilled to get a 10% wage increase, for politicians that extra money is likely not worth the public backlash – especially since after tax that £7000 won’t go very far for MP’s based in London.



This week, Abchaps attended the Watson Farley & Williams Commodities Summer Reception at The Salt Point Bar and the London Stock Exchange Summer Advisory Drinks at the Marchant Taylors’ Hall, where we caught up with lots of familiar faces. We also hosted a market lunch that discussed various topical subjects affecting the IPO market.



EY appointed Klaus Woeste, of KPMG, as a Partner and Head of the HR advisory team in its financial services human capital practice. Andrew Charnley joined Lloyds Bank’s Global Transaction banking business as Regional Head of the Trade and Working Capital Team from Barclays. Lloyds also appointed Paul Smith, who has worked at the bank for over 31 years, as Head of Trade Finance. Finally Gareth Lewis joined PwC’s real estate practice as Director, moving from a consultant role at EY and the Urban Land Institute.



“Hot button issue” – an issue that elicits a strong emotional reaction, such as MP’s who receive a 10% pay increase while the wages of those who pay that salary stagnate.



Enjoy Sunset Safari, where London Zoo opens its doors until 10pm, allowing guests to witness nature whilst the sun goes down.

Polo in the Park returns to the Hurlingham Club in Fulham. Nothing gives better excuse to Champagne before lunch than polo, so enjoy the atmosphere as the England team plays its first match there since 1939.

Over in east London, Field Day marks the start of festival season, being held in Victoria Park. With names like Caribou, Clarence Clarity, and Django Django, this promises to see the season kick off in style.

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Weekly Wrap Up: The Anti-immigrant Immigrant

Bank of England Governor Mark Carney inadvertently put himself in the running to become UKIP’s new leader this week while delivering the quarterly Inflation Report. Never mind that Carney comes from a country built on the backs of immigrants, somehow the Bank’s forecast of economic conditions in the UK was translated into an anti-immigration rant by some newspapers.

The Daily Mail headline that followed Carney’s press conference read, “Foreign workers drag down UK wages, says bank chief: Carney’s explosive intervention as number of EU migrants working here hits 2 million.” The Express ran the following emphatic headline: “Foreign workers ARE dragging down UK wages: Bank of England’s shock warning to Britain.”

But it wasn’t just the predictable Daily Mail and Express that ran the immigrant scare story: The Times headline stated, “Migrants ‘threaten economic recovery’.”

So how did the apolitical Central Bank suddenly make headlines usually attributed to Nigel Farage?

It seems the Canadian banker fell victim to the UK media’s drive for sensational headlines. What he actually said was: “In recent years, labour supply has expanded significantly owing to higher participation rates among older workers, a greater willingness to work longer hours and strong population growth, partly driven by higher net migration. These positive labour supply shocks have contained wage growth in the face of robust employment growth.”

Yes, Carney mentions net migration. But his first two points focus on British workers, which the Daily Mail and others conveniently chose to ignore. However, Carney clarified his comments on BBC Radio 4 the next morning by pointing out that the increase in labour supply is down to British workers taking more hours, and older workers staying in employment, and that over the last two years, increases in those two factors have been 10 times more important than migrants. In other words, you can blame your colleagues that stay late every day and refuse to retire for your stagnating wage.

Shortly after that clarification, the headlines began to look much more sensible: The Independent ran a story titled, “Bank of England governor Mark Carney says UK productivity not harmed by migrant workers.” Business Insider bluntly headlined its story, “No, Mark Carney is not anti-immigration.”

Of course it’s almost absurd that Carney, a foreigner who came to work in the UK, even has to defend himself against anti-immigration allegations. Still, what happened to him can happen to any business or prominent individual. The media can, and will, twist the truth. So that’s why it’s important to note that the Bank of England responded almost perfectly by having Carney quickly dispel any misunderstandings. In short, Carney and the Bank of England won this battle against bad press because they fought back in a timely fashion with the best weapon possible: The Truth.



This week Abchaps took some special guests to mingle with old friends at City institution Gulls Egg Luncheon at Merchant Taylors Hall; and attended Rushlight’s Cleantech event ‘Getting CCS in the UK to happen’, hosted by Smith and Williamson. Abchaps also headed to the Gorkana Media breakfast briefing with Bloomberg, to hear the Company’s new direction, including the newly launched Bloomberg Europe website and how PRs can use Bloomberg’s services to benefit their clients.

Two of our graduates also attended the next stage of their FinanceTalking training, “Finance Essentials for Communicators” focusing on understanding corporate finance and accounting concepts, as well as learning how to use numbers and KPIs in order to tell a positive financial story. Back at home, we hosted another successful Oil and Gas focused Market Lunch, where it was reassuring to see deals are still being for near term projects with good management teams.



Charles Russell Speechlys promoted Suzi Gatward to real estate Partner, whilst WH Ireland has appointed Roland Kitson Head of Business Development for wealth management. Paul Stevens, who has headed up Olswang’s international intellectual property practice group since 2013, was appointed Chief Executive of the law firm.



“Quarterly inflation report”: It’s normally about as exciting as the title implies, but this week the Bank of England’s forecast of economic conditions in the UK made headlines for Mark Carney’s supposed anti-immigration rhetoric.



This weekend, the international rugby 7s is coming to Twickenham, so celebrate in a carnival of fancy dress. For this year, the theme is ‘out of this world’. Go big or go home!

If beer, rugby, and aliens aren’t necessarily your thing, the Natural History Museum is holding an afterhours ‘Night Safari’. Seen as time travelling across three centuries, visitors will be able to see this cathedral of knowledge devoid of its usual madding crowds.

Finally, with spring finally showing its face, London’s rooftops are becoming pleasant places to be again. The Rooftop Film Club is one of the best ways of seeing a film, out in the open air, with cocktails and deckchairs.

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Weekly Wrap Up: The Biggest Loser this Election

Before the polls even opened on Thursday, there was already a clear loser in the UK general election: banks. Regardless of which party takes power, it seems that UK bank earnings are set to be hit by a wave of new legislation that could result in a rising bank levy, ring-fencing of operations, and even capping of retail banking market shares.

To be clear, banks and individual bankers whose recklessness and criminal behaviour precipitated the financial crisis deserved to be punished. And yes, the government should play a strong role in ensuring economic stability and therefore has to keep an eye on the financial industry.

Some proposed policies aimed at banks suggest politicians have become irrational. How, for example, would a Labour Party proposal to increase the bank levy to support free childcare have prevented the next financial crisis? Tory plans to use the money from fines to create apprenticeships also suggest politicians are simply using this money for political gain. It’s no wonder then that the Institute for Fiscal Studies recently felt compelled to warn politicians against treating banks like a “cash cow”.

But still, banks have been remarkably silent when it comes to defending themselves against political attacks in the post credit crunch era. This is particularly surprising because many politicians were themselves complicit in creating the conditions that led to the financial crisis.

So perhaps it’s time for banks to change their PR strategy and speak up. Already there are rumblings: The Chief Executive of the British Bankers’ Association was recently quoted in the Financial Times reminding politicians that “Banking is by far Britain’s leading export industry, and one of its biggest taxpayers, but…it is very internationally mobile.”

But instead of running away, as HSBC and Standard Chartered have threatened, it would be refreshing to hear more about the value that the financial industry brings to the UK and how banks are working to prevent further bad behaviour. After all, the staggering fines paid by banks since the financial crisis are not just the result of overzealous politicians on a witch hunt – banking culture was clearly dysfunctional pre crunch.

According to the FT, most bank bosses recognize that the industry is not doing enough to convince sceptics it has changed. Increased transparency would be a step in the right direction since it would prevent people from coming to their own conclusions, which has been mostly that banks are still up to no good.

So it’s time for the banks to take back control of the narrative. Until now, it may have been easier for banks to remain silent and for the public to hate them, but in reality if the financial industry continues to be a political target the biggest loser in this election will ultimately be the UK economy.



This week, Abchaps have been networking across the continent with our global partners at IPREX’s Annual Meeting in Berlin. We also met CMS Advisory over breakfast, discussing the ever increasing importance of social media in the City. Our Market Lunch series continued unabated; with this generalist lunch as the last held before the election, understandably, politics was at the forefront of the agenda.



Richard Hughes joined Norton Rose Fulbright as a Partner in its banking and finance practice, having previously worked with Simmons & Simmons. Alistair Mackenzie joined Associate Sales Director at UBS Global Asset Management, from Curzon Capital. Finally Cavendish Corporate Finance appointed Kate Gibbon, David Harris, Victoria Clarke, and Nathan Harroch into its Corporate Finance team.



The Saatchi Gallery the annual Contemporary Craft Fair ‘2015 edition’, presenting 35 international galleries showcasing the most exciting examples of applied arts craftsmanship.

To all you wannabe Sir Bradley Wiggins’ out there, SPIN London – The Urban Cycling Show celebrates the urban cycling scene with international brands and smaller independent makers in fixed gear, single speed, custom and BMX bikes in attendance as well as emerging cycle fashion brands, cyclic artwork, talks, demonstrations and workshops.

If you happen to be having a stroll with your dog on Hampstead Heath this Sunday, then why not enter The Great Hampstead Bark Off 2015? With a dog-themed-cake bake off, a dog show, and prizes awarded in categories like ‘cutest pup’ and ‘best rescue’. The event, in association with charity All Dogs Matter, will also give you the chance to meet some lovely mutts in need of a new home.

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Weekly Wrap Up: Throwback to 1999

The financial world is, on the surface, abuzz this week as the FTSE 100 broke two records that have stood for over 15 years. On Tuesday, the FTSE 100 reached a new intraday high of 6,958.89 and also bettered its previous closing record by finishing the day at 6,949.63. While this is undoubtedly good news, undertones of uncertainty remain over what the repercussions of this success might be.

There is currently a great deal of talk about the strong tech start-up bubble that is forming around London. In 1999, Britain was in the peak of the dotcom boom, with telecoms and technology firms accounting for 23.4pc of the FTSE 100 index. However, that figure has now fallen to just 6.7pc. Nowadays, the index is dominated by raw materials: between them, the oil & gas and mining sectors account for 22pc of the FTSE compared with 15.1pc at the turn of the century. This shows that for a start, to compare the two periods is difficult due to the fact that the FTSE 100 is very different to the one in 1999.

But what does this new all-time high really mean for the real world? Guy Ellison, head of equities at Investec Wealth & Investment, said that the record is largely “symbolic” and that the London index is likely to kick higher in coming trading sessions. This was proved yesterday when the FTSE reached a new closing high of 6,949.73 – helped by a surge in the share price of the Asian focused bank Standard Chartered who announced the appointment of new Chief Executive, former JP Morgan investment bank boss Bill Winters.

Many will breathe a sigh of relief with the new records. As they have been so long in the making, the event holds great psychological significance, seeming to draw a line under the duel traumas of the dotcom bubble burst and the financial crisis. However this has led to speculation that the highs of the FTSE are a sign of a bubble, meaning that the burst might be around the corner. Peter Sullivan, head of European equity strategy at HSBC, said the new record “inevitably raises questions about how sustainable it is and whether it has got ahead of itself. Is this a sell signal? Absolutely not in our view.” Another reason why the 2015 high cannot be compared to 1999 is that the earnings picture is completely different. Sullivan adds that “earnings are 99pc higher than they were in 1999” meaning that we should be pleased and not worried that the FTSE is back to its best. Current earnings mean that we can start to worry when the index nears 10,000, which, according to Professors Elroy Dimson and Paul Marsh and Dr Mike Staunton of London Business School, has a 50pc probability of happening by the end of 2022 and a 50pc chance it will take longer



This week Abchaps hosted a market lunch, and enjoyed Shore Capital’s wine tasting wine event. The team is also hosting and attending the IPREX Global Leadership Conference in London, where our partners from all over the world are coming together to discuss integrating a wide range of modern services, channels and techniques in pursuit of client results and agency success.



Olswang appointed senior corporate TMT partner Mark Bertram as head of corporate, who has been at the firm since 2007. Charlie Jolly became accountancy firm Baker Tilly’s head of private equity, whilst Jurga McCluskey joined Deloitte from PwC as partner and head of its UK immigration practice.



A monthly late opening of the Natural History Museum and temporary exhibitions continues tonight. This event includes free entry to the Central Hall and Images of Nature gallery, changing discussions on timely themes, open-mic performances by up and coming musicians throughout the evening and British farmers’-market style food and drink in the pop-up restaurant.

For sports lovers, the Six Nations Championship is back on our screens this weekend with Scotland playing Italy (at the moment for the wooden spoon) and France versing Wales, both on Saturday. Then pick between the possible Championship decider on Sunday with England playing Ireland or choose to watch the footy, as Chelsea and Tottenham fight for the first major trophy of the football season, the Capital One Cup.

If you want a trip back in time on Sunday, head to Judy’s Affordable Vintage Fair at Lambeth Town Hall in Brixton. Browse hand-picked stalls packed with affordable vintage fashion, accessories and homewares.

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How to profit from Chinese consumers’ growing demand for food safety

When the Chinese government recently released its first policy paper of the year, known as the “number one document”, food safety was listed as one of its top priorities for 2015. It’s a policy decision that will certainly be welcomed by Chinese consumers. However, at the same time it serves as a stark reminder of the many food safety scandals that have plagued China in recent years.

First there was the tainted milk scandal in 2008 that sickened an estimated 300,000 babies, killing six, after they consumed milk powder tainted with melamine, a chemical compound often found in laminate flooring and dry erase boards. This scandal was followed by several incidences involving tainted pork. In one incident the pork was treated with paraffin and other industrial chemicals to make it look like beef, which is more expensive. In fact, selling fake meat in China is a fairly common practice.

However, the high number of nausea-inducing food scandals is very much at odds with the rapid rise of China’s consumer class. China’s strong economic growth has resulted in a wealthier population, which in turn has increased levels of consumption. With increased purchasing power comes the demand for higher quality, and this is especially true in terms of food consumption.

While the government has already made some efforts to crack down on food safety, the public remains sceptical. After the tainted milk scandal, for example, there was a significant drop in domestic output of baby formula. The Chinese consumer made it clear that safety matters, and subsequently almost half of the country’s milk powder market has now been dominated by foreign brands, which are perceived as more trustworthy.

What this tells investors looking to cash-in on China’s changing consumer class is that reputable food suppliers are a pretty good bet. Reputable doesn’t always necessarily mean foreign though: One high-profile food safety scandal in China involved a U.S-owned meat factory operating in China that sold tainted meat to clients including McDonald’s, Starbucks, KFC and Pizza Hut.

Aquatic Foods Group Plc seafood product

One company that defies the food scandal stigma in China is Aquatic Foods Group Plc. The marine foods and seafood processor, which recently successfully listed on London’s AIM market, spent many years adhering to international food safety standards and procedures that mitigate the risk to consumers. Aquatic Foods’ strong track record of exporting to international markets, has further enhanced the perception of quality and reliability at home something which the growing Chinese Middle Class demands. In short, Aquatic Foods is helping to fill the gaping hole in Chinese consumer demand for safe and healthy food.

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Weekly Wrap Up: The Great Firewall of China

Will economic ambitions force Beijing to liberalise internet policy?

In the build-up to the unveiling of China’s answer to Apple, Xiaomi’s new smartphone this week, a source leaked to Reuters that they had previously been approached by Facebook CEO Mark Zuckerberg about a possible investment, but that the deal fell through.

The meeting between Zuckerberg and Xiaomi CEO Lei Jun came ahead of the smartphone maker’s $1.1 billion fundraising last month. That brought the company’s valuation to $45 billion, making Xiaomi the world’s most valuable start-up just four years after being founded. In fact, Xiaomi now comes in just behind Samsung and Apple in sales, meaning it is one of the top three smartphone makers in the world. So it’s pretty obvious why Zuckerberg was eager to go into business with Xiaomi.

Why, then, did the talks fail? It was said that part of the reason Lei turned down the offer was due to the potential political fallout of selling a stake in his company to Facebook. The U.S. social network is banned in China. It’s all part of a bigger effort by the Chinese government, which is afraid of the impact of a free internet. This has led to the implementation of all sorts of controls, dubbed the ‘Great Firewall of China’, and the blacklisting of a number of popular social media sites. In 2009, Facebook was added to that list.

Facebook is hardly alone in this regard. A more recent example came at the end of 2014 when Google’s Gmail was blocked. There was a huge outcry, including complaints from business travellers who could no longer access their email. Their Chinese counterparts were also frustrated with the increasing difficulty of conducting business internationally.

Both the failed Facebook/Xiaomi deal and the Gmail ban highlight the difficulty that international companies can face when investing in China. It is essential that any PR strategy takes into account that many means of communication are banned. Words must be carefully chosen because both domestic and international companies can have their online presence shut down completely if they violate the ban.

It is a delicate balancing act. Consider the example of Yahoo!, which decided to comply with China’s restrictions. Yahoo! then came under fire in the U.S. and found themselves defending their decision to Congress. The Company then had to admit that that it could not protect the privacy of its Chinese customers from authorities. One customer whose identity was turned over to authorities was sentenced to 10 years in prison. Obviously, when this news leaked it resulted in plenty of bad press for Yahoo! outside of China. 

The internet ban is certainly something to consider for any company wanting to do business in China. Ultimately, the economic implications of this firewall could be a far greater threat to sentiments amongst citizens than any online communications would have been. In order to facilitate cross-border investments, it is vital for the CCP to revise its media policy. For a little advice, Communist Party leaders might want to Google the phrase, “it’s the economy, stupid.” Oh wait. They can’t.



This week Abchaps hosted a market lunch with a focus on Asia. The group discussed the market sentiment and how Asia-based companies are developing in the London market in order to gauge future investor interest. Abchaps also celebrated David Brennan’s recent promotion at Gowlings to celebrate his. We congratulate him again on reaching Partner at the firm.



Charles Stanley appointed Peter Geikie-Cobb, formerly at F&C to head its Matterley business, with a new bond fund to be provided. Meanwhile, Ian Williams, previously at SGH Martineau,joined Baker Tilly as the International Lead for its Restructuring and Recovery service line. Eric Pang joined JLL to lead its UK markets group China desk.



“Great Firewall of China”- a term to describe Internet Censorship in China under a variety of laws, administrative regulations, and execution effort



Celebrate having Scotland as part of the UK tonight by attending the Ceilidh Club Burns Night – London’s biggest Burns Night event. With three hours of energetic ceilidh dancing and a buffet dinner of traditional Scottish haggis, neeps and tatties, it is a great way to socialise, exercise and have a laugh with friends!

If you are around Greenwich over the weekend or next week pop into the Royal Observatory which hosts the Astronomy Photographer of the Year competition. The free exhibition showcases remarkable feats of astrophotography entered into four categories: ‘Earth and Space’, ‘Our Solar System’, ‘Deep Space’ and ‘Young Astronomy Photographer of the Year’ for under-16s.

Take the opportunity over the weekend to visit The Nation Gallery’s exhibition which has become one of London’s biggest attractions since opening last week. ‘Rembrandt: the Late Works’ shows just four self-portrait canvases and a tiny etching by Rembrandt Harmenszoon van Rijn, all made during the last 11 years of his life. This may not sound like a great deal but tell that to the queues outside the National Gallery!

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Weekly Wrap Up: International Tax Regulation – A Law to be Inverted?

The Democrat Party’s recent proposal to restrict companies from moving abroad for tax inversion has continued to cause considerable concern amongst US companies this week. It has been proposed that companies should be banned from tax inversions in destinations where less than 50% of the company’s dealings change hands. Previously, inversions were banned where less than 20% of the company changed hands, which would place home companies in a  disadvantaged position when compared to their foreign competitors.

Whilst many could, and do, argue that this change of regulation will be a positive step towards supporting domestic business; the international business community would do well to take into consideration the important part that Foreign Direct Investment (FDI) has to play in the growth of many of our world’s economies, and in the US itself. In the light of this new regulation, we should ask: how could the US economy suffer if tax inversion is banned?

Legal infrastructure is extremely important to Foreign Direct Investment. Asian cities like Singapore and Hong Kong have had great success in attracting FDI among their Asian counterparts due to their their transparent tax and fair arbitration systems, the explanation of their almost legendary success stories.

US trade groups have traditionally had a strong influence over tax policies, thus resulting in a distorted corporate tax system. America has the highest corporate tax rate among the 34 richest members of the Organisation for Economic Co-operation and Development (OECD), yet it implements tax breaks for interested parties from machinery investment to the highly popular NASCAR race tracks. This not only disturbs the business ecosystem, but it also increases tax risks and legal costs. The current attempt to ban tax inversion might drive businesses further away from investing into the US.

Aggressive and non-transparent tax authorities are often a great deterrent for foreign investors. One recent example being India’s Tax Authority’s attempt to recollect £1.55 billion of “outstanding” tax from Vodafone for its takeover of Hong Kong-based Hutchison Whampoa’s Indian mobile unit in 2007. Whilst under the previous tax regime it was stated that Vodafone should be subjected to no tax liability as the £6.5 billion transaction took place between two overseas companies (the transactions were made through both companies’ subsidiaries in the Cayman Islands), the Authority argues that they had the jurisdiction to tax the companies in question because the transfer of stock involved an interest in the Indian company. Despite the Supreme Court’s judgement in favour of Vodafone, the Tax Authority has reattempted to over-rule the Supreme Court judgement and collect the tax. The action has posted strong threats to multinationals that have wanted to invest into India, thus further hindering an economy already suffering from stagnation of growth.

The recent spotlight being shone on the tax situation in the US creates a useful thinking opportunity about the UK tax position going forward. Arguably, the UK has a very strong legal infrastructure in place. Its access to international arbitration, adoption of Common law, and a relatively simple tax regime places it in a much more business friendly position when compared to other places in the World. It seems that US companies are increasingly choosing to turn away from their home country so as to focus on investing into regions with more transparent and simple tax regimes. The proposed US regulation has highlighted the tax issues that US businesses currently face, issues that must be addressed if that economy is going to retain its best companies, technologies and talent.

From a British perspective, however, this development of the US tax system could represent a great opportunity to the UK for Foreign Investments. By maintaining the transparency and simplicity of the UK tax system, London could position itself as an attractive location for foreign investment, and therefore look forward to a prosperous future a buoyant economy.



As always, Abchaps were busy meeting up with City advisers this week. At a lunch completely dedicated to the Social Stock Exchange, the future of impact investing was discussed and debated. A little later in the week Abchaps swapped credentials with Altitude Corporate Finance, discussing each other’s expertise in the green and life sciences spaces. In smaller groups, Abchaps continued to be busy catching up with one of the City’s most prestigious lawyers, Richard Jordan of K&L Gates, who recently returned from cycling to Paris on a Boris Bike, as well as nurturing our relationships with a number of key journalists.



Neil McPherson has been appointed as Managing Director of pensions trustee company Capital Cranfield. He will be joining from the Conference Board’s European Pensions Council where he is currently the Council Director.

Hill Hofstetter has appointed Simon Halberstam to be the head of the firm’s technology law practice in London. He was most recently head of IT law of Kingsley Napley.



“Economic Refugee” - A person (or entity) who leaves their home country for a new country, in search of better prospects, opportunities and an improved working environment.



The Phoenix Fringe – Can’t make it up to Scotland for this summer’s Fringe Festival? Do not fear; the comics are also descending on London, with big names like Frankie Boyle, Al Murray and Ed Bryne all "doing their thing" on stage as well as some of the smaller names on the circuit.

Camden Beach – The sun is shining in London; those who can’t get away this summer but who may still be in need of some sand between their toes should head over to Camden, where a 900 sq metre beach has been constructed for Londoners who are confined to the concrete jungle this weekend. There will be great music to help sunbathers relax too!

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The A-Z of Generation Y

Recently we’ve seen several press articles on the tastes, working habits and culture of those categorised as ‘Generation Y’. Why all the fuss? Why should we turn our attention to this demanding demographic? At first glance, it just seems experts are advising we change working environments to play to their strengths, and, in many ways, protect businesses from Gen Y’s weaknesses.

Dave Baxter wrote an article in The Business Reporter, distributed by City AM, stating that Generation Y, generally considered those born between 1980 – 1990, are often described as "collaborative, workshy, digitally savvy and anti-authority”. These are, of course, generalisations, but looking around the City, each of these ‘Millennials’ (as they are otherwise known) that I spy undoubtedly demonstrates, at times, most of these characteristics. And the scary bit? In workplaces across the world they are starting to climb the career ladder.

This new workforce breed will undoubtedly affect how companies and leaders operate and manage their teams. Let’s consider what this could mean for employers in the communications industry…

Collaboration

The possibility for collaborative working methodologies is undoubtedly a positive. Working in silos would almost be an oxymoron for any natural-born communications professional. As new sources of information emerge and communications channels constantly evolve, resources need to be pooled to ensure optimal internal communications, in order to deliver the best quality of service to your clients. Collaboration in the workplace also improves the creativity of content, allowing more perspectives to shape the final product. This is essential when vying for column inches or coverage for smaller companies in an increasingly crowded marketplace.


Digitally Savvy

Last week, Morgan Stanley gave the green light to its Brokers to post self-authored content on firm-approved Twitter profiles. The majority of journalists are also active Twitter users. In fact, with hundreds of emails and calls a day, often the most responsive and standout way to get in contact is via the social media platform. If financial journalists and advisors are using it, surely the platform is perceived as influential? Could the content even influence a share price? If communications professionals have grown up using social media, tweeting an equity story is as natural as putting something down the RNS, or indeed arranging a night out. It’s probably therefore a good thing to have Millennials as members of the team

Anti-authority

But let’s not tweet before we can talk. An anti-authoritarian attitude can be difficult to manage and, more importantly, to teach. But for Millennials, it’s more a case of a lack of awareness of authority. Due to the more regimented family lives of generations past, young people were taught, ‘only speak when you are spoken to’. However, due to the flexibility and fluidity of modern family units, relationships are more relaxed at home, which can often translate to the workplace. This modern mentality means that Generation Y simply do not feel constrained or restricted by authority, so are not afraid to voice opinions. Their creative and often well-educated minds are therefore freer to help shape a company’s strategy and business decisions. Maybe that’s not a bad thing?

At the end of the day, Generation Y is becoming a more senior and dominant demographic in the workplace. Surely it would be better to facilitate their preferences and habits in order to make the most of their strengths? A diversity of skills is an asset to any business. It can lead to the evolution of a new differentiator or USP.

But then again maybe I would say that?

I was born in 1990. Oh and workshy is just a rumour!

Stephanie Watson

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Weekly Wrap Up: AstraZeneca - protectionist or practical?

This week, Pfizer’s potential takeover of AstraZeneca continued to draw huge attention from the media. Whilst AstraZeneca defended the bid and retained its integrity, it now has to deal with criticism from angry shareholders for turning down Pfizer’s offer of £55 per share, which could have resulted in an immense boost of the share-price and reduced tax liabilities for the company.

In several outlets, AstraZeneca’s rejection of Pfizer’s offer has been portrayed as an attempt of retaining British ownership in the multi-national drug company. Some have criticised the company and the UK scientific community for being protectionist; putting personal sentiment before professional. They question why a company of such size and scale should allow British sentiment to triumph over economic benefits.

Surely, British superiority should not have been the only reason for AstraZeneca to turn down the offer from Pfizer. The deal could have brought structural changes to the UK economy and R&D capabilities, changes which raised concerns amongst the wider public. In addition to this, the company’s rejection of the deal might also have been an attempt to negotiate a better deal. Indeed, AstraZeneca told Pfizer that it needed at least £58.85 per share to start negotiations, implying that the Company could have been prepared to sacrifice independence for a deal of just £3.85 more per share.

No matter what the real motive of the company was for rejecting the deal, it is interesting to see how the protectionism vs capitalism debate continues to dominate public discourse. Despite how dramatically the global society has evolved over the years, nationalistic dialogue continues to stimulate interest and public engagement, even in the private sphere.



Abchaps were  busy in the City this week. We kicked off the week at an Investis seminar about the importance of Digital communications at IPO.

We attended some brilliant adviser events including Hub Capital Partners Summer Party, Pinsent Masons Spring Drinks Party, as well as joining Hill Dickinson in their offices for drinks.

Abchaps also attended a very interesting roundtable discussion by Farrer & Co on ‘Economics and climate change – implications for investment in the UK’.



This week, BDO welcomed Chris Bellairs as a Partner in the firm to the Financial Services practice, whilst Addleshaw Goddard appointed John Joyce as managing partner of the law firm



“Big Pharma” - The nickname given to the pharmaceutical industry. Critics of the industry often use this nickname when discussing abuse by the industry, however the term is also used to describe M&A at an international scale.



Having dominated the pages of the weekly papers, it is time for the petals of the one of the most famous flower shows to flutter across and be wrapped up in our weekly report. The last day of the RHS Chelsea Flower Show, Chelsea’s world renowned annual show, will take place on Saturday 24th May. Held in the grounds of the Royal Hospital, it will present the work of more than 800 botanical brains. Head to the RHS website for more details.

Saturday 24th May will also be the last day for the run of “Moonrock Boombox” at the Udderbelly Festival, London. Held in Southbank Centre, this performance is the latest installation of the Abandoman band, a band that hilariously combines hip-hop rap and comedy to create a bubbling period of entertainment. The Udderbelly Festival will continue to run in the Southbank Centre until 13th July.

Fancy seeing something a little more conventional? A new exhibition has just opened up at the Natural History Museum: Mammoths – Ice Age Giants. As the title suggests, this exhibition tells the story of the woolly creatures that once walked the earth. The exhibition will feature life-size models, fossils and will reveal how these ancient creatures used to live, and survive.

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Weekly Wrap Up: A Flow of Israeli IPOs

Is London well positioned to capture the next wave of Israeli tech IPOs?

There has been hype and a buzz in the City this week about the number of Israeli tech companies that are currently eyeing a listing in London. Companies include digital advertising company Matomy who now has ten global offices in Israel, Spain, Germany, Mexico, San Francisco and New York and employs 400 people. The Company is looking to raise £60m which will value it at between £200 and £300m. Another is digital advertising Company, Marimedia.

Israel, dubbed the 'start up nation', is the second largest source of innovation after Silicon Valley and is the third largest source of listings on New York’s NASDAQ. Global tech companies, Apple, Google, Intel and HP have been building up their research and development operations in Israel, making the country a major tech hub in its own right. Its leading tech companies have engineered cutting edge medical technology such as Given Imaging, a producer of swallowable camera pills.

Inspiring Innovation
Source: Oliver Thompson - Flickr CC

News of foreign tech companies, particularly from this innovative market, choosing to come to London to list is welcome news; London must do all it can to attract these companies. For too long London has failed to do so due to the lack of fund managers and analysts focusing on tech. Many argue that London’s capital markets are too immature in this respect when compared to NASDAQ or even NYSE, and until London sees a consistent number of tech companies floating successfully on the London Stock Exchange (LSE) then investors will continue to go to the US to tap into its attractive infrastructure, analysts and flourishing IPO market. Was it presumptuous of Joanna Shields, Tech City Chief, to claim in October 2013 that London had reached parity with New York when one of the most exciting companies and gaming giant, King chose to float in New York last year?

Nonetheless, London has been making positive steps to capture this market and the most attractive sector for growth. The LSE launched the “High Growth Segment” (HGS) in March 2013 with the goal of enticing firms to the market; companies wouldn’t have to comply with the usual free-float rules and would also be able to list by selling as little as 10% of their equity. This initiative has been received positively by fast growing companies, and according to Marcus Stuttard, Head of UK primary markets at the LSE, there is a rising interest in the broader IPO market. It is hoped that the arrival of Facebook and Google as established presences in East London will bring a new wave of commercial expertise. The government has also launched its Future Fifty scheme, designed to attract and support online entrepreneurs to push the UK into the front of the global race in this respect. These are all great initiatives, but more will be needed to ensure that London successfully rides the next wave of Israeli tech companies looking to IPO.



Abchaps welcomed Mazars Finance and Corporate Finance teams into our offices and heard about their focus on Israel, as well as their specialist sectors: media, technology and telecoms. We also entertained some special guests at Chelsea, who were victorious over Newcastle 3-0 at Stamford Bridge.



Love wasn’t the only thing in the air this week; promotions and new appointments were also on the cards at a number of top City firms. Our friends at Cavendish Corporate Finance appointed Joe Stelzer as a managing partner after four successful years at the Company.

Octopus Investments announced that Debu Purkayastha is to be their entrepreneur-in-residence at the fund management Company. No doubt he will use his previous experience at Google to drive the business forward with his keen eye for exciting new opportunities. In the legal domain, Pinsent Masons have also now appointed Michael Ruck as a senior lawyer in its corporate crime team.

Finally, following our client Lighthouse Group’s announcement last week that Rowan Dartington had been brought on board, the Group have also appointed Mark Evans as business development director, moving over from his senior executive position at Pearl Assurance.



'BitTag' – In a week where the burgeoning BitCoin industry was writ large across our newspaper headlines, our tech-loving friends over in East London introduced the ‘BitTag’ concept. BitTags are physical price tags that provide the consumer with a real-time indication of an item’s price according to market fluctuations, displaying both local currency and BitCoin value.

“Darling, you’ve left the BitTag on my valentines day present. This may have been a pricey gift at Harrods, but you could have got it at a knock-off price with BitCoin, you cheap…”



It’s the big Valentine’s Day today, so whether you have been struck by Cupid’s love arrow or are single and ready to mingle, the City is hosting numerous options for both love and lust...

Instead of gazing longingly into each others eyes over a candlelit dinner, get physical with some couples’ aqua zorbing or a ‘Lovers Leap Bungee Jump’! 

For you singletons, fear not – love could be found exploring the beautiful and the ugly at the Natural History Museum’s Valentine’s Day Night Safari. Alternatively, head to Bounce club for its anti-val, strictly no kissing, just ping pong night of partying!


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Chinese companies an improving bet for investors

As the global economy gradually recovers, the investment community in London is expecting a vibrant capital market with surges of IPOs and M&A activity. For the City, IPOs of Chinese companies have gained increasing attention from advisers.

However, the question remains: why should Chinese companies list in London as opposed to listing in their own country, or even Hong Kong? What makes the London stock market attractive for Chinese companies to list?

A year of slower, but concrete, growth in China

Over the past year, investors have been aware of the stagnation in growth of the Chinese economy. In 2013 China experienced its slowest growth since 2000, with only 7.6% increase in GDP, and PMI dropped from 52.5% in November to 50.9% in January 2014. This was partly caused by the US Government’s decision to trim the quantitative easing that had previously encouraged inflows of ‘hot’ money into China. The Chinese government has also brought in tighter controls on shadow banking, including non-government backed banks. Shadow banking was a major source of finance for local governments to facilitate projects which were carried out to meet the central government’s growth initiative targets.

Such concerns, however, do not diminish investors’ optimism towards investing into Chinese companies. Many are attracted to the long-term benefits brought about by recent measures introduced by the Chinese government.

Government reforms drive share price as IPO moratorium is lifted

In November 2013, the Chinese government put forward what has been termed as the biggest “reform package” since the 1990s. One of the most significant changes was the relaxation of China’s strict “Hukou” policy (a policy restricting internal migration from rural to urban areas), which is expected to facilitate urbanisation. Another significant change was the easing of the One-Child policy. Both are expected to encourage much greater demands for consumer products in the future.

The Chinese government has long been attempting to rebalance its current export-dependent and investment-intensive economic model to a more sustainable one that will be led by internal consumption. However it will take time for these measures to come into effect. What is certain, however, is that steady growth will continue in China backed up by relatively concrete and sustainable economic activity.

Various industries have benefited from the recent introduction of these new government initiatives with many Chinese businesses enjoying share price increases. Consumer goods shares were amongst the obvious winners. Companies related to baby products, such as HKSE quoted Goodbaby International, as well as dairy products makers Mengniu Diary and Yashili International soared following the reform announcement.

With the Chinese government increasing its green targets to counter the environmental effects of urbanisation, other winners were those in the renewable energy industry. HKSE quoted Wind-farm operator China Longyuan Power Group Corp saw its share price increase by 86% over the year, whilst Hanergy Solar Group Ltd. saw an increase of over 100%.

Industries that are expected to perform well going forward include the insurance industry, benefited by the Chinese government’s relevant tax policies, and exporters, benefiting from the recovering US and European markets.

In late December 2013 China reopened its market for domestic IPOs, following a moratorium imposed by the government in October 2012 as part of an attempt to reform the capital markets in China. As a result, analysts have predicted 2014 will be a good year for the Chinese stock market. Coupled with confidence in the long-term consumer market, it should be an excellent year for Chinese companies to raise funds in China.

Variety and flexibility of listing in London contribute to continuing popularity

Despite these optimistic predictions, however, Chinese companies are still choosing to list overseas and particularly in London.

London certainly provides more exposure for companies that wish to “go global”. For Chinese companies wishing to expand their business to Europe, London is strategically important and is the undisputed City of choice for a European headquarters. The City of London’s strong track-record of dealing with Africa also makes it favourable for Chinese companies wanting to expand their businesses there.

Furthermore, as the world’s most established stock market, the market regulations in London are undoubtedly more predictable and reliable than the Chinese mainland markets. Stock markets in mainland China are still subject to regulatory changes which makes the market less predictable as regulators seek to mitigate overpricing in the market. Recently, five companies which had announced their intention to list in China have retracted their intentions and postponed their IPOs following newly released rules which strengthen government control on stock price valuations.

Another advantage of listing in London is the flexibility of the London Stock Exchange when compared to, for example, the Hong Kong Stock Exchange where the process is comparatively complicated. On average, it takes two years for a company to list on the Hong Kong Stock Exchange. For smaller companies, this might not be a viable option with the time and financial costs involved. London’s Main Market on the other hand is well-known as having a faster listing process whilst maintaining supervision over public companies. London’s Alternative Investment Market (AIM) also provides an important channel for SMEs to list, with simpler listing procedures and the supervision delegated in part to a Nominated Adviser (NOMAD), who project manages the new issue.

The increasing sophistication of AIM has also made it a more appealing option. In 2013, 25% fewer companies left AIM compared with 2012. £881 million was raised in equity, 70% more than in 2012. Government initiatives have now made AIM stocks eligible for placement in ISAs and these additional tax benefits make AIM-shares even more attractive to investors. In addition to this, from April 2014, AIM shares will be the most tax-advantaged of all investments with exemptions from inheritance tax and stamp duty.

London emphasises its pro-China position

David Cameron in China
to promote UK trade, 2013
Source: The Guardian

The UK’s desire to promote trade with China has never been more obvious. Stories on Chinese investment into the country, and vice versa, have been dominating headlines over the course of the past year, followed by David Cameron and Boris Johnson’s multiple visits to the country.

Although the number of Chinese companies listing in London has fallen slightly in recent years, it is anticipated that IPOs of China-based businesses will increase, particularly bearing in mind what London has to offer. Priding itself on being the world’s most established financial centre, London would certainly be a strategic option for Chinese companies wishing to gain access to international investors. The capital markets remain an interesting place to watch as advisers expect greater deal flow from China in the near future.

Canace Wong

Canace is an Account Executive at Abchurch Communications. Brought up in Hong Kong, she is fluent in Cantonese and Mandarin. Canace has a Master’s Degree in Philosophy and Public Policy from the London School of Economics and is a key member of Abchurch’s China and Asia team.

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What was really behind AIM’s revitalised 2013 performance?

There is a tendency in January to look back and become a little wistful about the previous year; the highs, the lows and all that seemed to run remarkably quickly in-between. Maybe it’s the influence of a little too much festive cheer (obviously, referring to the copious amounts of turkey).

There are now facts and figures (rather than just after-dinner chatter between Corporate Financiers discussing their Q1 / 2 pipeline) which detail the success of the AIM market in 2013. According to UHY Hacker Young’s latest AIM report:

• £881m raised (70% increase on 2012)
• 56 companies joined
• 25% fewer companies left (delisting or insolvency) than 2012. It is widely considered that the Alternative Investment Market is now competing with the FTSE main markets in terms of generating returns for investors.

What has changed to drive this growth?

Have increased regulatory sanctions aligning AIM companies corporate governance with those of the main market shed its reputation as the wild-west of exchanges? Perhaps the government’s effort to facilitate SME innovation, such as “patent box” tax breaks for biotech companies, have captured the imagination of investors? Or has the inclusion of AIM stocks in ISAs provided a fresh incentive?

Journalist David Prosser looks to another veritable driver as he questions whether the audience that AIM appeals to may be responsible for the ever-improving performance. AIM is a market of opportunity for “ordinary investors” to pick out overlooked and undervalued stocks that institutional investors have missed.

Whilst realistically the answer lies in the healthy combination of all these factors, there is one integral (and often undermined) point that has changed:

The maturity of companies coming to market

Maturity does not just equate to the amount of years a company has existed, but it can also be quantified in terms of wisdom and forward thinking; in other words, how thoroughly did the company anticipate and plan an eventual exit.

Companies are beginning to consider their exit from inception… they are not only concerned with profit margins, but also considerations such as working cost of capital and the maintenance of growth. They want to create the optimum final valuation of a well-structured Company that has water-tight Corporate Governance. These factors give investors more confidence upon entry into the public domain and later in the secondary market.

The investment story

The increased maturity of companies is also reflected by their decision to consider financial PR at an earlier stage during the IPO process. Companies are realising that their investment story cannot be created last minute. An integrated communication strategy should be prepared to position the company correctly to key audiences and manage market expectations of their stocks at an early stage. Some of the most successful IPOs of 2013 have proven the virtuous circle of commitment that exists between investment in PR, IR and share price.

An Abchurch client, SyQic, the fast growing OTT provider of live TV and on-demand paid video content across mobile and internet enabled consumer devices, demonstrated a successful flotation when it’s shares soared 30% on it’s first day of dealings following an over subscribed road show thanks to a well communicated investment story. 

Return to the status-quo

Many in the City are now looking ahead to 2014 with eager anticipation. What exciting, profitable and increasingly international companies are going to debut on the London junior market in 2014? The answer, in all likelihood, is many. And yes, there will be some that falter, but we must remember that this was the case pre–2008 too. The existence of one or two non-starters does not indicate the existence of a so called bubble in London markets, but rather a return to the natural status-quo. But as David Prosser pointed out, the AIM market is now a more dominant force and will continue to go from strength to strength.

Stephanie Watson

Follow us on Twitter @AbchurchComms

Weekly Wrap Up: The Independent Christmas Consumer

The run up to Christmas 2013 couldn’t have been more festive for the retail manager; money had returned to the markets, consumer spending was up and (it seemed that) the shopping halls of the high-street were once again pounded again by the much desired feet of the consumer.

The city buzzed with a financially optimistic Q4 2013, and the anticipation of a fat and prosperous Christmas and New Year.

The Scotsman spoke of increased high-street spending, The Mirror muscled in on the topic with “online Christmas shopping boom as November spending rises by 20% on last year”, and Reuters dutifully reported that UK shoppers were set to spend £1.4bn pounds this Christmas (according to Deloitte’s Christmas research).

It has often been mused that the output of the media has a huge part to play in the patterns of consumer spending. This makes sense; when a child is told that it has more money to spend it will tend to buy more more sweets in the shop.

So the media-hooked consumer will read in his chosen paper that economic growth has returned and his wallet will immediately (seem to) feel a little heavier.

One would have expected, therefore, that the “good news” tale of Christmas spending being told by the UK nationals would have caused a proliferation in the amount of money being spent by a more positive consumer.

However, this was not the story that was told this week. This week’s papers reported a completely different story; a story of slashed prices and huge discounts.

This was in response to a survey conducted by the London “big-four” firm PwC. The survey’s statistics revealed that 72% of high-street retailers have been forced to offer discounts of an average of 46% in a last-bid attempt to lure Christmas shoppers into stores and spend the money that is so desperately needed to keep the high-street in action.

As Steve Hawkes of The Daily Telegraph reported: “As well as the cuts at M&S, Debenhams is running a half-price sale, Gap and Austin Reed are offering up to 60 per cent off selected items of clothing, House of Fraser has cut prices by as much as 75 per cent and Argos has launched a half-price toy sale.”

Had the papers been too optimistic about “the health of the consumer”? Had the retailers assumed that consumers were feeling bonny with this recent flow of good economic news, and so were consequently left in the lurch when this optimism didn’t translate into the expected increase in revenue?

Or, has the consumer finally digested the lesson of 2008 and learnt not to take optimistic reporting at face value?

In short, the recession of 2008 was due to the bubble of a few years of optimistic borrowing and spending bursting, and it had disastrous consequences for the spendthrift consumer.

Is it possible that the positive articles that might once have been taken at face value and used as an excuse to hit the high-street are now being digested in a much more thoughtful, cautious and measured manner? Consumers are still reading and being influenced by the media, but perhaps now they are considering the memory of the dark years following the over-optimism of 2008 and keeping their purses firmly zipped.




Abchaps had a busy week in the City and beyond, including a rugby match with Smith Williamson at The Stoop. Tuesday brought our team Christmas party, where supper in the trendy area of Shoreditch preceded the awesome Pongathon at Richmix for a table tennis tournament which saw fierce competition and tears from the losers. We also enjoyed Farrer & Co's Christmas drinks party.



KPMG have announced that Tony Woodhams will head up their Trading Risk Solutions Group. The former trader will bring his 17 years experience as at institutions such as Credit Suisse, HSBC and Marex Sprectron his new team.

This is not the only senior hire to take place; Coutts have announced John Etheridge will be Head of Product and Fiona Whitehead will take the lead as Head of New Business, bolstering the Company’s International Trust Business Team. At Herbert Smith Freehills Sonya Leydecker and Mark Rigotti, former Head of Banking and Head of Corporate, have been appointed as joint Chief Executive, making them the 1st leading law firm, with revenues over £500m to appoint a female CEO.



'Black Friday' - the start of the Christmas shopping season when retailers launch their promotional holiday sales. Usually the last Friday in November to coincide with the last pay day before Christmas.



Is the thought of one more mulled, minced or market-based activity met with a slightly weary sigh? Well, there are other ways you can keep the festive cheer going in the city this weekend!

Freshen up after a week of indulgence and head over to the Tower of London Ice Rink where you can hit the ice from 10:00am onwards with the grandeur of one of the capital’s most iconic landmarks providing a backdrop to the hour long sessions.

Abchaps love a good sing song and so it’s a good thing there are plenty of carol concerts taking place too. Fleet Street Carols are a fantastic opportunity to sing alongside St Bride’s own choir at either noon or 5pm, so take 5 minutes out and enjoy a little serenity in the run up to Christmas.

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