More than half of the UK’s biggest companies report that last June’s referendum vote to leave the European Union (EU) is already having a negative impact on their business.
Research firm Ipsos Mori polled 114 chairmen, chief executive officers (CEOs), managing directors and finance chiefs from the UK’s largest 500 firms. It reports that 58% said the Brexit vote was already having a negative impact on their firm and only 11% said it had helped business.
Two in three business leaders predict that their business situation will be more negative once Britain leaves the EU, although they are less pessimistic in the longer term: 32% predict a positive impact on their business in five years’ time and 45% expect to feel a negative impact.
The survey also found that many are particularly worried about losing access to skilled workers.
Ipsos Mori’s CEO, Ben Page, said that the results show that businesses are already feeling the pain of the economic upheaval of leaving the EU. “According to respondents there is no sign that this is likely to ease this year, with two thirds saying they thought their business situation would get worse in the next 12 months,” he added.
Asked what UK’s priorities should be in the Brexit negotiations, the respondents cited:
- Movement/access of skilled labour (54%).
- Securing free trade/single market (47%).
- Passporting rights (16%).
- Controlled/clarity on immigration (13%).
- Continuing being a trading partner with Europe (9%).
- Tariff agreement (9%).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Far and away, the largest financial market on the planet is the foreign exchange currencies market, where on average individuals and organisations trade more than $5 trillion daily. In the FX world, the ability to master the market isn't considered a luxury for treasury officers–it's a necessity.
Using data for predictive analytics is the future of banking success, argued Jean-Laurent Bonnafé, CEO of BNP Paribas, in his session on how the bank is reinventing its approach to innovate with and for corporates.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.