NEWS
FESTIVAL HIGHLIGHTS UK TRADE LINKS WITH ASIA
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Our pick of the business columnists
REALITY BENEFITS TSB On Twitter, furious customers were united in proclaiming how they will leave TSB just as soon as they can. Indeed, some will, but the reality is that most won’t, and the banks know it. During the RBS crash, the customers of its
INTERNATIONAL TRADE SECRETARY, Dr Liam Fox MP, was centre stage at the GREAT Festival of Innovation in Hong Kong recently as over 1,500 people heard from 160 world leading business experts. The festival, and its accompanying awards, was a key focus of the UK government’s mission to boost trade and seize the opportunities of global growth, with the IMF predicting 90% of growth will come from outside the EU in the coming year. Said Dr Fox: “The award winners, like the
festival itself, highlight the brilliant cutting-edge collaborations between UK and Asian companies that will help create the products and services which will change the way we work, live, play or learn in the future.”
The full winners include: LEARN: INDE (UK) and AIA Carnival (Hong Kong SAR) A giant augmented reality screen using high- quality 3D visuals that allows children to get up close with fascinating extinct creatures, from the T-Rex to the pterodactyl. LIVE: Foster + Partners (UK) and Harbour City Estates (Hong Kong SAR) A new public plaza extending the Ocean Terminal in Hong Kong – providing an outdoor space for the people of Hong Kong and a distinctive getaway to the city for its visitors. PLAY: Arts Council England (UK) and Arts Council Korea (South Korea) Three UK based artists were commissioned to produce an array of site specific artworks as part of an urban regeneration project connecting Busan and Sheffield. WORK: Medopad (UK) and China Resources (China) Health-tech pioneers developed a data-capture platform that allows doctors to remotely track and monitor patients in real time thanks to wearables like the Fitbit.
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subsidiary Ulster Bank were abandoned for the best part of a month. That Ulster Bank nonetheless kept most of its customers in Northern Ireland is testimony to either complete apathy, or the belief that switching accounts is even more hassle. The business owner I spoke to hated TSB but said moving accounts would bring him even more grief. Patrick Collinson, The Guardian
---------------------------------------------------------------------------------------------------------- LESSON FOR INVESTORS Albert Einstein famously called compound interest “the eighth wonder of the world” and noted that “he who understands it, earns it… he who doesn’t… pays it”. The magic of compound interest is that an amount of money invested (and reinvested) at a fixed rate of interest will grow geometrically, not arithmetically. In other words, both the principal and the amount of interest received will increase rapidly over time. Over long periods of saving and reinvestment, your money will have grown vastly more than if you had simply pocketed much of the cash paid out in interest. Matthew Partridge, MoneyWeek
--------------------------------------------------------------------------------------------------------- NO END IN SIGHT We might think the economy is fixed. The truth is it isn’t, and may not even be close. The ripples from 2008 will carry on for at least another decade – and any expecting regular growth to be restored from here on is likely to be disappointed. Matthew Lynn, Daily Telegraph
--------------------------------------------------------------------------------------------------------- TEACHING AI Artificial intelligence (AI) is not new but its influence in our lives has ballooned in the last few years. Search engines, music streaming, and our morning commutes are all affected by an AI of some description, while Alexa, Google and Siri are in our living rooms. As it becomes a bigger part of our lives and makes increasingly important decisions that affect society, we need to make sure AI is learning in the right way. We need to teach it – not just information, but the principles of good citizenship: responsibility, fairness, and transparency. Emma Kendrew, City AM
SME 13
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