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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Scottish Referendum vs. UK Election: Return of the IPO

In the last 12 months, two political events have succeeded in concerning the CityFirst the September 2014 referendum was called on Scottish independence, and brought with it a wave of populism not seen for generations. With the SNP and the calls for an independent Scottish state, came the first internal threat to the makeup of our country for centuries, and with this threat, came fear. Fear of a devalued currency, fear that the face of commodities in the UK was about to change, and fear that some of the Country’s great companies were going to have to be described as ‘English’ or ‘Scottish’ rather than the ‘British’ in which they had revelled.

Having attempted a feigned indifference for over a year, financial institutions finally scrambled to limit the damage. The first noticeable victim was the value of the Pound. Having stood strong against the Dollar for some time, it saw a sharp decline to a then seven month low. Next, an almost overnight drying up of IPO work. Concerned by uncertainty, the roadshow wheels grounded to a halt, with businesses deciding to take to the water once a yes / no decision had been made.

Following the no vote, an audible sigh went up in EC2. Within a week, £3 billion’s worth of deals were mooted. From Aldermore to Jimmy Choo, there was a spring in the step of the City again. However, with the election this month, the City again came to a juddering halt. Populism had been caught south of the border, and following the SNP into battle was UKIP, another party not ruled by sense, but by ideals. Between them, and their disruptive might, they threatened to turn the 2015 general election into a fight from which it seemed there could be no winners. With a hung parliament seemingly an inevitability, the bids to woo bedfellows became more important than offering the country sensible policies.

For several fear inducing weeks, especially to the world of finance, it seemed that the only realistic solution able to get over the line would be a Labour/SNP coalition. Even the Conservatives, for years the bastion of business, had to make drastic anti finance moves to appease the blue collar workers it has promised to help. The banking levy, recently raised from 0.156% to 0.21% of all debt held in UK banks. Seemingly inconsequential, but has seen HSBC, one of the country’s leading institutions, making unveiled threats to leave the UK, reverting to its original headquarters of Hong Kong. From the thought of insecurity, markets all but closed. For almost a month, the City was devoid of many IPO’s with companies being warned by advisers that their fundraisers would be very difficult. The Stirling plummeted again, with many believing that $1.40 would have been more than possible if ugly scenes and recrimination had followed on 7 May.

However, markets are resilient, and populist parties live and die by the frenzy they create. UKIP, at one point claiming potential victory in 40 seats, came away with only a solitary voice, Carswell in Clacton, with even their leader barred from Westminster by the voters of Thanet South. Even with the SNP’s astonishing numbers north of the border, the unexpected rout of Labour around the country led to a combined total of 288, nowhere near enough to damage the Tories. In achieving 331 seats, David Cameron achieved something that no PM with over 18 months experience has done since 1900, increasing his margin of victory from the start of his incumbency.

From this, the City took heart. Money and goods has been traded within its walls since the Roman’s first came to this country, and the election could never truly stop this. World Wars, disease, and political turmoil far greater than that seen today have not immobilised finance, only pausing it, and therefore, the only likely casualty of this election will be the bankers’ summer holidays. Hindsight of the Scottish referendum shows us just how quickly institutions can dust themselves off. History is a long study of applying hindsight to the future, therefore, come Summer, the wheels will be turning once more. With promises of floats already abounding, the City is already leaving the election behind.

Nevertheless, there is one final caveat. During the last parliament, the Conservatives, in a bid to appease their back benches and the increasing Eurosceptic population, promised an in/out EU referendum by 2017. This leaves the City in quandary. Nearly three quarters of those working within the Square Mile plan to vote in favour of staying within the European Union, and yet, as with the Scottish referendum before it, fear will descend on the City and quite possibly global markets again. With his slim majority, Cameron is acutely aware of his potential ‘bastards’ – Rees Mogg, Bone, Davies – all back bench heavyweights and therefore able to wield power in the future. Mark Reckless, the Eurosceptic and UKIP defector who was recently ousted from his seat in Rochester and Stroud, must be looking at the power his former colleagues now hold longingly. For this entire election, the public were sold a story that it would be the outside powers who would force the issue, the days of majority were over, with small parties for the first time ever holding the keys to Number 10. Ironically, the biggest threat to the City’s interests are now not from a raging bunch of Scottish and anti- EU populists desperate for financial blood, but in fact the very Government that EC2 was so happy to elect.

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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: Greece's communications strategy tragedy

Greece’s new left-wing government proved that they had the right message when it came to national voters after they won the January election. But when they used that same message to try and renegotiate the terms of their bailout, it quickly became a lesson in how to lose friends and alienate people for Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis.

Tspiras and Varoufakis entered bailout negotiations with all guns blazing, determined to end Greece’s “fiscal waterboarding”. As soon as they took office in January, they went out of their way to offend Germany, Greece’s biggest lender. Alex Tsipras’ first move after being sworn in as Prime Minister was to lay a wreath at a WWII memorial for Greeks killed by Nazis, in Greece, and Varoufakis brought up Nazism at a press conference during his first visit to Berlin. Apparently the saying, “don’t bite the hand that feeds you” gets lost when translated into Greek.

But Greek politicians did not just ruffle German feathers – they have even managed to alienate potential allies.

Tspiras lashed out at Spain and Portugal, countries which have also been forced to implement austerity in return for bail-outs, publicly accusing the governments of forming an ‘anti-Athens axis’. Business Insider reports that this outburst led to German Finance Minister Wolfgang Schaeuble bluntly pointing out that, "Greece has made its position worse with a rhetoric that is difficult for someone on the outside to understand."

This was certainly true for Slovakia. Prime Minister Robert Fico, also an opponent of austerity, came out strongly against Greek demands to ease the terms of its bailout. Fico told the Financial Times, “It would be impossible to explain to the public that ‘poor’ Slovakia…should compensate Greece…for their salaries and pensions…” Greek politicians were demanding a minimum wage increase to about €750 per month as part of the renegotiations. The minimum wage in Slovakia is €380 per month.

The new Greek government has been good at one thing: proving the relevance of the communications industry. They managed to offend almost everyone and they never actually presented a clear strategy, which did not go unnoticed. This was perhaps best summed up by Schaeuble’s remark to reporters during the February bail-out negotiations, “None of my colleagues have understood so far what Greece really wants in the end. Whether Greece itself knows is also the question.”

Without clearly demonstrating how they could prevent history from repeating itself, the demand to get rid of austerity was doomed from the start. This message may have worked for the Greek voters but it certainly wasn’t the message that should have been conveyed to the people who have for the past five years been footing the bill for Greece’s previous welfare state spending binges.

The lesson here: know your audience and cater your messages accordingly. Whether that audience is voters and lenders or investors and the media, an effective communications strategy is incredibly valuable, while the absence of one can result in complete disaster.



This week Abchaps hosted two market lunches, one of which had a focus on Malaysia, where advisers discussed opportunities and sentiments towards Malaysian companies seeking an AIM admission. We also attended Gorkana PR’s breakfast briefing with CityAM where topics such as creativity and the greater influence of digital were discussed.



The broking, advisory and trading house Peel Hunt appointed Edward Knight as head of media in its corporate team. He has previously held senior positions at Merrill Lynch and Morgan Stanley, whilst Fabian Wallmeier joined Capital Group Fidelity.



Fiscal waterboarding: The Greek term used to describe austerity



At Abchurch, we’re keen on good graphic design. This weekend at protein Studios, see 100 years of graphic design in a single space, with everything from Polish cinema posters of the 1960s to the propaganda images of Latin American radicals.

For electronic fans, LEAF, the London Electronic Arts Festival, is a two day cultural celebration of electronic music, art, technology, and digital futurism. Forget the image of your wasted ‘90s, this event offers everything from contemporary cinema, to live music, to the sort of hedonistic rave that you thought you had left behind along with the day-glo paint.

Finally, if your perfect weekend consists of throwing paint at total strangers, look no further than Play Holi in the City. Organised by Cinnamon Kitchen, you can take part in centuries old festival of colours, safe in the knowledge that some of London’s finest Indian food will be following shortly afterwards. But don’t wear your Sunday best.

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Weekly Wrap Up: A booster for energy companies’ PR

Public contempt for UK energy companies has hit an all-time high since the Great Recession. In fact, energy bosses managed to achieve the impossible: they became an even greater embodiment of greed than the bankers who actually caused the financial crisis.

So how did energy companies knock banks off the top position and assume the role of public enemy number one?

Well it certainly didn’t help that energy bosses decided to impose steep price hikes on a UK public enduring the longest ever squeeze in living standards. It helped even less that the decision to raise prices was apparently not a necessity but simply a way to increase profits. The average profit that energy companies made per household tripled from £30 in 2011 to roughly £105 by 2014. Those figures certainly make it difficult to fathom the claims by energy companies that the price increases were beyond their control.

Public outrage over the nearly 75% increase in profits has made the UK’s so-called ‘big six’ energy companies an easy target for both media and politicians. As some politicians began to call for an energy price freeze, the media gleefully produced a slew of damaging headlines about the evil energy companies.

This week is a prime example: news outlets published a number of stories highlighting the fact that energy companies are actually punishing customers for their loyalty after a report by the Competition and Markets Authority revealed that dual fuel customers were over-paying by up to £234 per year – for Londoners that amount is even higher at nearly £350.

Bad publicity isn’t just coming from the media: some politicians have jumped on the anti-energy company bandwagon, which means that depending on who wins the May 2015 General Election, there could be an energy price freeze. If this happens, the energy companies will finally really lose: they won’t be able to raise prices if they actually need to and the good publicity that lower energy bills will generate goes to the politicians that implemented the freeze.

This makes the recent drop in oil price a very interesting turn of events. It presents a massive opportunity for energy companies to turn around their battered image without hurting their bottom line, since oil and gas prices are expected to stay low until at least 2017.

Yet none of the big six have managed to do this. Yes, some energy firms announced price drops at the beginning of this year. But oil prices have been nearly halved since last June’s peak of $115, and the biggest reduction announced, by British Gas, was a measly 5%. EDF only cut prices by 1.3%. What’s more, these lower prices only come into effect at the end of this month – in other words when the worst of the winter cold is over and energy bills will reduce anyway.

This week the CEO of British Gas owner Centrica hinted that the company could cut prices again later this year, it will probably be too little too late.

Energy companies need to act fast. Passing savings onto the customer would generate plenty of good headlines and could relieve some of the political pressure. After all, if a company is not price gouging its customers with unjustifiably high bills, it is much less likely to incur the wrath of media, politicians and watchdogs.

Energy companies have certainly managed to dig themselves into a hole. But there’s a very good opportunity for any one of the big energy companies to turn this around, especially if they are the first to act. It seems almost incomprehensible that a business would not take the simple steps of following the law and introducing fair pricing and rewards for loyal customers. And since these are conditions that will very likely be enforced soon anyway, why not take the bull by the horn and benefit from all the good publicity that would follow?



Northland Capital partners appointed Mark Treharne, previously of Daniel Stewart & Co, to its corporate bank team, whilst FinnCap appointed Christian Hobart as Sales Director, who joins from Cenkos Securities.



"Price gouging" – a situation in which a seller prices goods or commodities at a level much higher than is considered reasonable or fair. In other words, a synonym for UK energy companies’ pricing methods.



This week we moved from horse to sheep, and not just in a Tesco Shepard’s pie. With the celebration of the Chinese New Year and the changing of the Zodiac, London will be awash this weekend with paper dragons, red envelopes, and Shou Sui. Our pick of the lot is the traditional Chinatown display, which is the largest in the world outside of China.

Love the history of the Tower of London but find the crowds something more akin to Dante? Well this weekend you’re in luck, as the Tower has just relaunched their twilight tours. Be guided round this 1000 year old castle by a yeoman warder, and see a side of the White Tower you’d never usually get to see.

Finally, if you like nothing more than a quiet beer on a Sunday, but Fosters isn’t quite your brew, Truman’s is your best bet. Craft Beer Rising are hosting their annual festival at the Old Truman Brewery, with 70 different producers in attendance, all hoping to remove the usual Sunday fear from your day.

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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: Boris Johnson - zip wire to Prime Minister?

This week Mayor of London Boris Johnson announced the explosive news that he will, “in all probability”, work towards becoming an MP at the next general election.

As with every statement that Boris puts out, the media coverage was both wide ranging and abundant. The Express was kind to the incumbent Mayor, quoting the Culture Secretary Sajid Javid “it’s fantastic news”, whilst The Guardian was more sceptical. It focused on how the announcement “drew accusations of hypocrisy” in regards to his previous statements that he would not hold two political offices at once.

Stepping past the issue as to whether or not he would make a good MP (again), the dramatic announcement through Bloomberg says more about his long-term political intentions than his short-term plans to become an MP. A Mayor of London running to be an MP is not a new thing. It is exactly what his predecessor Ken Livingstone did for a year, so the news should not have attracted as much attention as it did.

Some in the City have speculated that Boris will do anything for a headline, an idea that suggests this announcement was just another headline grabbing ploy ahead of a much bigger campaign. Few can forget the famous zip wire event of 2012 when he was famously left stuck and dangling and his name subsequently splashed across the media. Did the zip wire really stick by accident, or was it planned?

Fast forward two years... Does Boris truly plan on running for MP and then “sticking” with these two roles? Or is he simply building his reputation ahead of a bigger and more prime ministerial campaign?

Almost every piece published on the topic speculated that this move could simply be a small step for Boris ahead of challenging David Cameron for the role of Tory Party leader / Prime Minister. Cameron’s quote, interactively shared through social media, suggests that he was delighted with the news. He said that he has always wanted his “star players on the pitch”. Whilst this comment is clearly very supportive towards his old friend Boris, we must bear in mind the old adage: keep your friends close and your enemies closer.

If further building his reputation and positioning himself as a potential PM was Boris’s intention when announcing his MP-ship plans, he satisfied his objective.

Of the comments that resulted from the news, many contained expressions of delight at the idea of Boris becoming Prime Minister:

BBC: Corrigenda (6TH AUGUST 2014 - 16:10): Excellent news. This will liven up politics and will much increase interest and further eclipse Milliwatt-Balls.

nj (6TH AUGUST 2014 - 12:36) I would really love to see this MAN as our Prime Minister who speak TRUTH and stand by his words. Who walks with the current times.

Twitter fans also shared their views: Chris Beech ‏@chris1310beech (Aug 6): Yess Boris Johnson says he is going to run for priminister, come on Bojo!!!!

For now we have to wait and see what comes of both the 2015 election and the Uxbridge & South Ruislip seat. What we can do, however, is take stock of the media coverage that Boris achieved this week and keep an eye out for more headline grabbing moves on Boris’s political road to Westminster.



There was a flurry of activity in the Abchurch office this week with two particularly good Market Lunches taking place. Following the successful float of Savannah Petroleum last week, there was lots to talk about at the Natural Resources lunch. The take-home point from the Environmental lunch was that it is down to larger tech companies to bring environmental technologies to the forefront of consumers’ agendas and so solve the current energy crisis.



This week we congratulate Anne-Sophie Girault on her appointment as managing director of EMEA business development at RBC Global Asset Management, having moved from Aviva Investors. Meanwhile, RPC appointed David Gubbay, from Dechert, as a Partner in their corporate team, whilst Stephenson Harwood announced that Ben Stansfield will join as a real estate partner after having worked in the environment and planning group at Clifford Chance.



“Political stunt” - When a politician seeking to influence a politician or governmental policy takes an action they know will gain attention but is not likely to achieve its stated goal.


Prudential RideLondon FreeCycle will take place this Saturday. 10 miles of road in central London will be closed for the occasion, enabling cyclists to pass through the city safely without regular traffic. The route features Buckingham Palace, Tower of London, and many more sites along the way.

For fans of underground opera, Grimeborn Festival of New Opera will take place from 4 August to 7 September, featuring new composers, musicians, and artists. The festival is taking place at Arcola Theatre in Dalston Kingsland.

The 3 Crowns Wine Fair will take place near the Silicon Roundabout. Branded Portuguese, French, and Italian wine will be available at £5 per glass. There will be original folk music performance throughout the event.

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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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Weekly Wrap Up: Jeremy Paxman & Drama at the BBC

“All the world's a stage and most of us are desperately unrehearsed.” – Sean O’Casey

It is a well-known fact that humans love drama. As unfortunate as it is, it's the world’s population’s fascination with the grotesque and shocking that drives the content of our papers into the realms of the bad, the tragic and the ugly.

Jeremy Paxman, of BBC television fame, is well known for creating drama on his evening news show “Newsnight”. With a direct approach and nerves as hard as steel he can turn the driest of political topics into an argument worthy of an appearance on Game of Thrones. Under his leadership, the famous Newsnight has recorded a number of squirming business leaders and politicians stammering to answer his controversial and provocative questions and, consequently, good audiences. One particularly memorable show was in 1997 when Paxman asked Michael Howard the same questions 12 times over, a technique that clearly unsettled the Home Secretary and made for very entertainment watching. Although it was later revealed that this repetitive technique was actually an error on the part of the Producer’s scripting, it still stands as a threateningly over-ruling point that Paxman is a dramatic and talented reporter.

This week he announced that he would be leaving the BBC’s Newsnight programme after 25 years. Whilst Ian Burrell of The Independent points out that many a politician may be relieved that he will no longer be able to humiliate them or their parties on national television, it's a great loss for both journalism and a news outlet (the BBC) that is reportedly struggling to engage the younger population with the news and current affairs.

In a recent report conducted by the BBC Trust, it was revealed that the BBC is “failing to stand out” next to rivals in terms of its news content. The awareness of the BBC’s audience of current affairs is reportedly falling, and the number of people watching the BBC’s news output has significantly fallen over the last two years. It's said that the broadcaster’s journalism standards are dropping and that the producer is failing to engage with younger audiences.

Paxman’s departure from the BBC’s most controversial (and therefore engaging) programme is therefore a big blow for the outlet. Without its hard-hitting and watch-able presenter, will the BBC stand to lose even more of its young audience to arguably more exciting rivals such as Channel 4 and ITV?

What the BBC needs now is for the next generation of investigative journalists to move up from the desks and into the spot-light. There is undoubtedly a great deal of young investigative talent within the journalism community, one only needs to glance at the results of the British Journalism Awards 2013 to appreciate this. With sufficient nurturing of this talent, the BBC has the opportunity to allow its reporters to take take up Paxman's flame and drive the broadcaster forward in terms of the quality and entertainment factor of its news.

Mr Paxman; we salute you. May your life post-Newsnight be full of intrigue and suitable drama.



From technology to Sino-British relationships, Abchaps are always engaged with timely topics. Social impact investment was at the heart of this week’s market lunch, where advisers and companies enjoyed discussing the role of the financial markets in initiating social changes.

 We also joined Grant Thornton at the British Museum, gaining valuable insights from its enlightening panel discussion on Sino-British relationship. Abchaps also learnt the value of innovation in Cleantech at the 2014 New Energy & Cleantech Forum.



Henderson Global Investors appointed James de Bunsen as co-manager of its value trust division, whilst BNP Paribas Real Estate made two senior appointments to its London valuation team; Gillian Bowman joins as a senior director, and Robert Dagwell who has been appointed director. Pinsent Masons also hired Nicholle Kingsley to its planning team, specialising in the commercial real estate, housing, retail and hotels markets.



"Reportage" - the reporting of news by the press and the broadcasting media. Reportage is the word often used to describe the quality of a journalist's output.



Love animals? Love cake? The Great Hampstead Bark Off may be just the ticket. For just £5 you can show off your pooch to London’s other animal aficionados whilst chowing down on some home made baking – what more could you ask for?

Keen to entertain your tastebuds without the animal community in tow? Head over to Shoreditch where the Urban Food Fest is offering a whole host of culinary delights from Jerk Chicken to Hallmoumi Souvlaki. Performances from top local bands and entertainers will add a little more ambiance to the festival.

It seems that this bank holiday is bring out food lovers everywhere. On Putney High Street you can go to the ‘Toast Temple’, a travelling shrine that is frequenting several spots in West London as part of the Wandsworth Arts Festival!

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Another good day to “bury bad news”?

On Thursday 5th December Chancellor George Osborne appeared on the Downing Street to proudly hold up this year’s Autumn Statement. Like a child proudly displaying his shiny new red lunch-box, Osborne happily released the best features of the budget for some rare commendation and applause

• Marriage tax allowance • Free School meals • A pledge of £40m to create 20,000 apprenticeships • A freeze on petrol tax • A freeze on business rates to boost the high-street

One glance at Gov.uk’s beautiful array of infographics must have surely inspired all of the married and far-flung business owning parents of Britain to rejoice in anticipation of a fat Christmas and a portly New Year.

With all of this rejoicing, one would have expected to see the Autumn red of the statement to be tainting the broadsheets and topping the red-tops in reflection of a nation finally satisfied with the work of its chief economist.

But no.

On the evening of the 5th December, the world suffered a tragic loss with the death of the former South African revolutionary and politician Nelson Mandela. Mandela, one of the World’s most celebrated statesman, died at his home after long battle with a respiratory illness. As a result, The Daily Mail had but a small red box banished to the top right hand corner of front-page, the Financial Times led with a hand-by-hand sized picture of the now deceased World icon, and BBC business reporter Ben Morris was quoted thus: “Business coverage on the BBC has been curtailed this morning as programmes cover the death of Nelson Mandela.”

In the Guardian discussing the Autumn Statement: “It took a few days for the full import of the verdict of the Institute for Fiscal Studies to permeate the political world”

The same Guardian article read: “Ed Miliband has set off to South Africa to pay his respects”

A comment in a Daily Telegraph article about the Statement read: “Markmyword49: Assuming of course that the media can tear itself away from the hagiography over Mandela and start doing its job again”

The Burial of Bad News

On September 11th 2001, a day that does not need to be described, Labour aide Jo Moore sent around an internal memo advising her colleagues that “it is now a very good day to get out anything we want to bury. Councillors expenses?”

The memo was leaked, Moore was shamed, and Westminster had to once more pull its reputation out of a deep grave of political distaste. Although Moore’s comments were distasteful, it cannot be denied that she is not the only politician to have played puppet master with the media when approaching political strategies.

The news of Mandela’s death was always going to dominate the headlines of every single paper, broadsheet and tabloid in the World (the exceptions probably North Korea and Cuba).

Of course, the main points of the statement were also going to be covered and featured, however it is the finer points that might have been missed because of the tragic news of Mandela’s deaths.

Those journalists that would usually have been tasked with tearing the statement to pieces with a fine tooth-comb were in no doubt directed away to cover the greater news of Mandela’s passing.

Human beings have often been compared to a flock of sheep; we easily spooked and have a tendency to move in packs. When a car crashes on a busy road, is it not a well-known fact that the resultant backlog of traffic is mostly due to the spectators that slow down their cars in order to take a look as they pass the scene?

This statement is a reminder of how much we rely upon and need those journalists that will not just rush to join the rest of the flock to view the spoils at the scene of a car-crash. The investigative journalists that we rely upon to uncover buried boils and keep our society honest are those that would stay behind at the traffic lights to discover that they were actually faulty and thus the cause of said car-crash.

As Rudyard Kipling once famously wrote: “If you can keep your head whilst all around you are losing theirs, you will be a man my son”.

Perhaps this could serve as a lesson to the British media: when big news breaks alongside the release of a seemingly innocent statement by all means pay your respects and cover the story, but also keep your head and remember to continue dissecting the seemingly unimportant.


Olivia Stuart-Taylor


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Weekly Wrap Up: The Royal Charter won’t silence the whispers

The British media were in uproar this week after Wednesday’s announcement that an independent cross-party Royal Charter for press regulation had been approved.

British press publishers had been pushing for High Court judges to place an injunction that would have stopped ministers seeking approval for this new charter. The injunction was refused, the charter approved, and the path paved for the soon to be formed Independent Press Standards Organisation (IPSO).

Editors have made their feelings clearly known; The Times Editor Roger Alton was quoted as being “extraordinarily depressed” and The Spectator Editor Fraser Nelson considers it to be an “illiberal proposal”.

And perhaps it is. One of the arguments sitting at the core of this debate is one of democracy. The British media has always prided itself on maintaining democracy through freedom of speech and subsequent heightened Government accountability. Will the introduction of IPSO threaten said accountability?

In theory, yes; an independent monitoring body would undoubtedly threaten democracy by blunting the point of the media’s knife-edge against totalitarianism.

In practice, however, how effective will this new IPSO body really be in controlling what is and is not published in our red-tops, broadsheets and nowadays apps?

Running simultaneously to the British publishers waving their publications at Lord Dyson, former News of the World Editor Rebekah Brooks and former director of communications at Downing Street Andy Coulson were appearing at the Old Bailey to answer to the charges from the phone-hacking scandal.

What came to light in this shadowy house of justice is that not only were the pair responsible for the sourcing of incredibly private information, but that they were also linked in a highly charged love affair. In a letter written in 2004, Rebekah Brooks wrote that Mr Coulson was: “my very best friend. I tell you everything, I confide in you, I seek your advice, I love you, care about you, worry about you”.

As Andrew Edis, QC, for the prosecution pointed out: “Mrs Brooks and Mr Coulson are charged with conspiracy and, when people are charged with conspiracy, the first question a jury has to answer is how well did they know each other?” Mrs Brooks’s letter to Mr Coulson certainly answers the question.

A number of the stories at the heart of the “Hacked Off” campaign, such as those regarding Sir Paul McCartney and David Blunkett, involved information that had been shared through lovers’ whispers and coffee-house gossip. The fact that the pair confided a great deal in each other demonstrates the amount of whispered information that must get blown down the Street of Fleet and through the alleyways of the City.

Indeed, Andy Coulson was once quoted as saying: “people talk, it’s known”. This comment suggests that even with an independent body regulating journalism techniques and output, it can be safely said that people will continue to talk and share news as they have always done, whispers will still be spread, and journalism; both political, financial and celebrity, will still rely to a certain extent upon information that press regulators will never be able to control.

In reference to par. 17 of Section 3 of the newly formed Royal Charter (as recommended by financial journalist Paul Lewis: “The Board should not have the power to prevent publication of any material, by anyone, at any time although (in its discretion) it should be able to offer a service of advice to editors of subscribing publications relating to code compliance.”

If this week has highlighted anything of interest to the City it is that having total control over what is being communicated and shared both inside and outside of board meetings is still absolutely essential. Whilst the Royal Charter will ensure that rogue journalism is caught up and monitored, press freedom still exists and will continue to exist (even if only in whispers).



A very busy week for Abchaps with a lot of movement around the City. The resources team attended the Baker Tilly Natural Resources reception at the Park Lane Hilton earlier in the week. One Abchap joined the President of the Shanghai Pudong Develop Bank (SPD) in the launch of their London Office, whilst another went Green at the Envirotech and Clean Energy Investor Summit, as well as a United Nations special on “Is a 'Green Industry' approach the key to competitive edge?”



The UK government makes a bit of history this week as it not only appoints its first woman, but also its first black person, as a permanent secretary at the Treasury. Sharon White becomes second permanent secretary and will be responsible for overseeing the fiscal squeeze whilst she manages Britain’s public finances.

Winn Faria has migrated from his role as COO at management consultancy firm ASource Global to become the director of Baker Tilly’s Financial services risk department.

PwC has strengthened its energy and low carbon team with two new appointments Ronan O’Regan and Steve Mullins. O’Regan shifts his PwC role from the energy financing team to head its UK renewables practice, whilst Mullins is welcomed as the new smart grid leader.



'Super-Injunction' - A legal gagging order which not only prohibits the media from reporting the details of a story, but also prevents mention of the existence of the injunction itself.


Remember remember the fifth of November, gunpowder, treason and plot! Celebrate Bonfire Night at one of the many London events being put on this weekend. Check out LBC Radio’s in depth analysis of this year’s spectacular pyrotechnics happening across the capital!

For those scared of things that go bang in the night and those beginning to get those festive feelings, its time to rejoice as the Natural History Museum enchanting Ice Rink makes its debut opening this weekend. So don your skates and ear muffs, get down to Gloucester Road and get gliding!

Finally, for those that missed out on Halloween shenanigans this week with it being a ‘school night’, fear not as The Halloween Playground takes over the deep, dark tunnels underneath Waterloo Station. Fancy dress is compulsory as The Vaults hosts chilling cabaret, musical voodoo and “devilishly good DJs”.

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Weekly Wrap Up: “SHUT DOWN, SHUT DOWN; [do not] READ ALL ABOUT IT”

With the World’s largest economy close to complete its first of week of national shutdown and their failure to address the debt ceiling, it's absolutely inexplicable that the British press has not reported this in greater detail or with a greater sense of urgency. Yes domestic news this past week has indeed been grabbing – such as the Milibands and the Mail, and David Cameron and Boris presenting a relaxed, united if not slightly awkward alliance/ double act. However, the potentially catastrophic consequences that will ensue for the entire global economy should the US Government fail to ratify the Federal Budget means it simply must get more column inches globally, putting pressure on a small bunch of lunatic Republicans, the infamous “Tea Party”.

Government shut down in the US is bad enough but the failure to raise the debt ceiling is going to have catastrophic effects globally. As IMF headmistress Christine Lagarde warned yesterday ahead of the IMF’s annual meeting in Washington next week, virtually every single investment bank and fund is holding US bonds.

Obama wants the debt ceiling raised before 17 October but the right wing Republicans want to roll back the size and scope of the debt ceiling, and the roll the central government takes in politics, a traditional liberal conservative stance. Reality is though that the Tea Party Republicans are only really concerned with not offering a single cent of the Federal purse to go on healthcare, or 'Obamacare' as is it more popularly referred to. The US Government has seen this kind of stand off before, but unlike the Clinton days, there is a greater feeling of mistrust and genuine dislike between with the Grand Old Party and the Democrats, and probably why Christine Lagarde is voicing her concern.

This morning, the Financial Times was the only paper in the UK to place any great importance on the chest puffing going on at Capitol Hill by referencing the goings on on their front page. President Obama has today cancelled a visit to Asia which hopefully might persuade editors to place greater importance on the stalemate in Washington in the coming days.

A deal simply must be made between Democrats and Republicans in Congress otherwise the stories that will be dominating the news will not be of the positive economic outlook and recovery or the latest Daily Mail faux pas but that the World will be in a full blown depression a la 1929.



This week Abchaps were delighted to welcome Numis Securities into their city view offices. It was great to meet the team and share ideas about the financial markets and the life sciences industry. As keen as ever to keep up to date with the latest Cleantech innovations, we were fascinated to hear about the latest developments in energy saving and storage at the Cleantech Investor Breakfast. Kiwi Power, Quarry Battery, S&C Electric and Itron, thank you for speaking. Tech was not to be forgotten, however, with the Wine Meets Tech event in Canary Wharf. With wine and cheese in hand, Abchaps were briefed on some very promising tech start-ups. In the latter half of the week we sampled the hospitality of GVC Holdings (at The Gallery) and finnCap (at Coq d’Argent). Both companies were excellent hosts and we hope to be able to return the favour.



FinnCap has announced four new hires: Julian Blunt and Grant Bergman have joined its corporate finance team, whilst Guy Hewett and mining specialist Mark Heyhoe have joined the research team. Investment bank SP Angel has appointed Zac Phillips and Richard Hail to run its oil and gas investment banking team, whilst Investec Specialist Bank appointed Joanna Turney to its growth and acquisition finance division.



'Debt Ceiling'- The debt ceiling is a cap on the total amount the US government can borrow..



Experience a taste of Malaysia at Trafalgar Square tonight. The heart of London will be showcasing the best of Malaysian cuisine, culture and music.

Back by popular demand, the second annual Big Lebowski Party at Bloomsbury Lanes is taking place tomorrow. In addition to the film screening, there will be an all American hot dog eating competition, cocktails and of course the Jesus big strike bowling competition.

To celebrate London’s iconic National Theatre’s 50th anniversary and 800 productions, it is putting on a whole host of talks, tours, exhibitions and much more. Head down tonight to hear Jim Carter and Imelda Staunton discuss their experiences in the National Theatre.

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Weekly Wrap Up: Hold the front page chaps, Osborne’s eating a burger!

This week George Osborne ate a burger. He decided to tweet this fact with a photograph, presumably to portray himself as a ‘man of the people’. However Twitter did what Twitter does best and after a few minutes of crowd-sourced research, said burger had been identified not as some burger the common man might eat but an expensive one bought from posh burger chain Byron. Yes, we now have ‘burgergate’ and it made the front page of The Sun.

Apart from giving Byron Burger some excellent free publicity - so much so that their website went down under the pressure, it also meant that George Osborne, rather than talking about his latest spending review, had to spend the majority of interviews talking about the incident. Maybe this whole event was concocted by Osborne to side step from the issue of £11.5bn more cuts?

The antics of Tory MPs on Twitter didn’t end at burger photos. Osborne, in his speech joked that overweight Cabinet Minister Eric Pickles was “the model of lean government”. This prompted Pickles to poke fun at Osborne by tweeting a similar picture of himself eating a salad. Osborne replied, “Nice one Eric”. Oh, those MPs do have a lot of fun.





Abchaps were busy this week hosting a cred swap with Deloitte; and attending some great events including CIPR Summer Party hosted by Olswang, LSE Summer Advisor drinks, The Summer Shell Seminar, a day in the open air for the Ramster Charity Clay Day and the M&A Awards dinner where our client Camkids was nominated for AIM IPO of the Year. The creative team also attended Marketing Week Live, where we were treated to some insightful videos and presentations by Barclays that only their employees are allowed to see.





Law firm Pinsent Masons has hired David Doogan as Head of Banking in its Birmingham office, who joins from SGH Martineau. Lyceum Capital, the Private Equity firm, expanded its investment team by hiring Matthew Norrington (Investment Director) and Thomas Alldred (Investment Executive), while Gordon Warnke joined Linklaters as Global Head of Tax.





Pepperazzi - A foodie who obsessively insists on snapping photos of everything they eat and of every other dish at the table, to then share on Instagram, Pinterest and other social media sites. Pepperazzos - please refrain from taking advantage of Instagram's new video function!

The City of London Festival arrived in our backyard this week. It offers a summer programme of music, visual arts, film, walks and talks. Starting the 23^rd June it ends 26^th July. Location - St Paul’s.

 ‘Lowryand the Painting of Modern Life’ exhibition opened at the Tate Britain on Wednesday. It's the first of its kind to be held by a public institution in London since the artist’s death. It focuses on the best of Lowry’s urban scenes and industrial landscapes.

Masterpiece London Fair at the Royal Hospital, Chelsea opened yesterday and ends 3rd July. It brings together collectors, exhibitors and curators from around the world for an unparalleled show of fine art, antiques and design.

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