Month: October 2023

A growing number of social ventures are emerging from universities, aiming to make a real difference to communities across London and further afield.
These companies need capital if they’re to grow, and a new project launching this autumn will lay the foundations for a self-sustaining social venture fund.
The London Social Venture Fund will seek to provide early funding for new London startups pursuing a social goal. To get there, a new project arising from a collaboration between Queen Mary and UCL, has brought together an innovative coalition of London universities and partners to generate a critical mass of new social ventures activity which will provide the foundations to raise an investment fund that can back university social ventures emerging across the capital.
Dr Phil Clare, Chief Executive of Queen Mary Innovation, comments: “This project is all about benefiting London through social entrepreneurship. There’s been an explosion of interest in social ventures in recent years, as academics, students, and indeed all members of university communities are turning to commercial tools to tackle the myriad problems we face in our society.
Entrepreneurship allows researchers to implement innovative ideas in a new way – whether it’s cleaning up London’s air, developing new medical technology for the NHS, or tackling ingrained poverty. But without support, structure and capital, many new social ventures will find the early stages of growth challenging. Our new Social Venture Fund programme will offer all three.”
The project will build a pipeline of new ventures from London universities and develop a London-wide university support network of legal support, business model development and mentoring. Furthermore, the universities hope to gather sufficient data to demonstrate proof of concept for this approach and share the lessons learned with like-minded colleagues across the UK.
Social ventures set up by academics and students are going from strength to strength in Britain, yet significant hurdles remain which the Social Venture Fund seeks to address.

Firstly, the field is too new for financial or impact data on how student and research-based social ventures perform. Early-stage social funders must therefore work harder to attract investors – who prefer established markets with rich data on performance. This project seeks to generate that data.
Secondly, social ventures by their nature often work in areas covered by the public sector – particularly health and social care. Public procurement is complex, unwieldy and – worst of all – slow. An established business can absorb this. A new social venture cannot. This project will provide support for companies to navigate the procurement process – thereby promoting innovation in public services.
Thirdly, investors are less likely to fund startup founders from minority backgrounds or female founders. University social ventures have a higher percentage of female founders, and London has the most diverse student body in Britain. By backing university social ventures, this project could improve the diversity of London startups.

Dr Steven Schooling, Director of Engineering and Physical Sciences at UCL Business, comments: “We’re delighted to collaborate with other London Universities and partners to see this important initiative get off the ground. UCLB is proud to have pioneered technology transfer for university social ventures. Our social ventures have made real impact on causes as diverse as improving sustainable farming practices in developing countries, helping promote healthy eating to under-5s, and even creating paint from coal mine waste. Early-stage social ventures, however, require pre-seed capital, access to public sector procurement and leveraging the local ecosystem, which the London Social Venture Fund will seek to provide.”
Professor Colin Bailey, President and Principal of Queen Mary University of London said: “I am delighted that this unique partnership of universities, companies, and local authorities has come together to harness our capabilities and experience to deliver a social venture pipeline that will benefit our communities for years to come.”
The London Social Venture Fund Project launches this autumn. The participating universities are Queen Mary University of London, UCL, London Metropolitan University, London Business School, King’s College London, University of London, Goldsmiths University of London, University of the Arts London, London School of Economics, University of East London, and City University. Other partners and investors include Barclays Eagle Labs, Sodexo, Central London Forwards, Royal Docks, Royal Albert Docks, the London Borough of Newham, and the Federation of Small Businesses.
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London universities team up to support new startups with a social purpose

A strong leader who demonstrates caring for their team is more likely to have a team who in turn care about their own personal goals and successes. A team that cares can mean the difference between moderate and maximum productivity and performance.
Not everyone is born with the skillset to lead a team. However, like many skills, it can be taught. The more you practice a skill, the better at it you become. The steps below can form part of the building blocks to developing this skillset.
Have Their Back
A good leader is one that takes the brunt of the force in order to alleviate the challenges of the team. They look out for their team members who can rest assured their leader has their back. This will increase their faith in you and establish a relationship of trust and cooperation.
Be Adaptable
Many team leaders can find it hard to change their direction considering new information or circumstances, or when plans fail. Most people don’t admit when they are wrong, mistakenly assuming that this may highlight weaknesses when in actual fact it can reveal their strength. Team members need to trust the judgment of their leader and support their decisions because they appreciate honesty and transparency.
Unite Your Team
The best team leaders try to get to know and understand their team members on a personal level. Creating and sharing positive social experiences with your team helps to establish a connection and build a trusting relationship. Spending quality time with your team, rather than hiding away in the office, is known to build trust as it leads to the release of oxytocin, a hormone that helps us empathise and relate to others.
Put Yourself in Their Shoes
It is said that the higher up in the company you go, the lower your emotional intelligence may become, including the ability to empathise. However, it is important to relate to, and engage with your team members, being able to put yourself in their shoes. Why they might do something, or how they might be feeling. Imagine the fears, challenges, and problems that they may be experiencing.
Set Goals
Think about the way a sports coach trains an athlete to perform. The athlete delivers the result and while the coach feels pride and happiness for them, they don’t stop there. They show them what can go wrong or how they can do better. They set their sights on the next goal and strive to achieve more. Teams appreciate leaders who challenge them and push them to reach and exceed their goals.
Don’t Get Too Invested
While it is good to genuinely care and engage in authentic, trusting relationships with your employees, too much emotion can lead to an unproductive team. Leaders are trusted to do what is right, not what is easy. It can be tempting to find an easier way out; however, this may not work in the long-term.
Communicate
You can probably tell when something is bothering a friend. That same skill set is drawn upon when things aren’t quite right with members of your team. We hear that people would rather deal with risk, as opposed to ambiguity. So, it is important to clearly communicate and listen. Provide as much information as you can for your team, otherwise they can come to lose trust in you.
Value Your Team
Feeling valued is one of the most important emotional, human needs to be met. Failing to provide recognition or advance people’s progression is the leading cause of employee dissatisfaction.
When you are at work, you want to know that you’re an integral part of the company. You want to know when you have done a good job. It is the same for the rest of your team. Teams feel happier and driven to improve when they receive recognition and incentives.
Do you want to lead your teams successfully?
If the answer is ‘yes’, then there are some simple easy-to-implement tools to help you to lead your teams more effectively.
Leading isn’t a skill that people are necessarily born with, and even those that are good at it may face difficulties at some point in time. You might like some help and in which case, our coaching service might be helpful to you if you would like to learn how to improve your leadership skills.
Good luck with these tips which will help you to get a better grasp on leadership and create more productive teams.
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Leading Your Teams Successfully

JP Morgan boss, Jamie Dimon, has warned the world may be living through “the most dangerous time the world has seen in decades” as Israel prepares to launch an expected ground offensive on Gaza.
The escalating conflict could have “far-reaching impacts” on energy prices, food costs, international trade and diplomatic ties, he said as JPMorgan Chase, America’s largest bank, reported earnings for the latest quarter.
While the lender posted another robust set of results, Dimon cautioned that interest rates may increase further in the United States, as the savings of consumers dwindle.
Dimon said: “The war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade and geopolitical relationships. This may be the most dangerous time the world has seen in decades.
“While we hope for the best, we prepare the firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”
Earlier this week, Dimon informed staff that JP Morgan employees in the region had been confirmed safe. “This past weekend’s attack on Israel and its people and the resulting war and bloodshed are a terrible tragedy”.
In a later memo, he also told employees that the conflict in the Middle East would have “ripple effects that extend far beyond the region”.
Global companies have scrambled in recent days to account for their staff and formulate public comments on developments. Antonio Neri, chief executive of Hewlett Packard Enterprise, described Saturday’s attack by Hamas as “unjustified and inexcusable”.
In a statement issued alongside the bank’s earnings on Friday, Dimon said US companies and consumers “generally remain healthy”, but noted that Americans have been “spending down their excess cash buffers”.
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JP Morgan boss Jamie Dimon: The world is witnessing ‘most dangerous time in decades’

Insolvencies climbed 17 per cent on last year in September as companies struggled under the burden of the Bank of England’s interest rate hikes.
There were 1,967 company insolvencies in September, higher than levels seen both before and during the pandemic, when support measures were in place.
Voluntary liquidations made up the bulk of the total, with 1,576 recorded in September – 14 per cent higher than last year. In addition there were 255 compulsory liquidations and 125 administrations.
The number of compulsory liquidations and administrations have increased from historically low levels and are now close to pre-pandemic levels.
Although the number of insolvencies was down slightly on August’s figure, David Kelly, head of insolvency at PwC said: “While this dip is welcome, we expect the respite to be short-lived, with the UK remaining on track for the highest number of insolvencies since 2009.”
The rise in insolvencies reflects the unwinding of decades of low interest rates. In an attempt to contain stubbornly high inflation, the Bank of England has brought interest rates to a post-financial crisis high of 5.25 per cent.
This has piled pressure onto firms as it forces the cost of borrowing higher.
Linton Bloomberg, Partner, Reed Smith said that “the significant challenge presented by the combination of high interest rates and reduced disposable income is likely behind the increase in the number of insolvencies compared to this time last year.”
Research suggests that much of the impact of rising interest rates has yet to be felt by borrowers, meaning there is further pain in store for businesses.
Last month, research from the Centre for Economics and Business Research suggested there will be 26,700 insolvencies across 2023 as the impact of the Bank’s rate hikes filtered through the economy.
Bloomberg said that “with the full effect of the economic challenges facing the UK yet to be felt, we should expect this pattern of rising numbers of insolvencies to continue for the foreseeable future.”
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Insolvencies will continue to rise for ‘foreseeable future’ under burden of high interest rates

The UK competition regulator has finally approved Microsoft’s $69 billion deal to buy the gaming giant Activision Blizzard 21 months after it was first agreed.
The revised deal for Microsoft to buy Activision without cloud gaming rights has been cleared after the Competition and Markets Authority (CMA) concluded that it would preserve competitive prices and better services. In blocking the original deal earlier this year the watchdog had previously cited concerns about fair competition in the cloud gaming market.
In August Microsoft made a concession that would result in Ubisoft, instead of itself, buying Activision’s cloud gaming rights over the next 15 years, putting them in the hands of a “strong and independent competitor”. Activision, based in the United States, makes games including Call of Duty, Candy Crush and World of Warcraft.
As a result of the concession the CMA agreed to look afresh at the deal and opened a new investigation. Its original decision against the tie-up had provoked a furious backlash, with both companies claiming that it showed that the UK was “closed for business” and resulted in the regulator being questioned by politicians about the decision.
Sarah Cardell, chief executive of the CMA, said today: “With the sale of Activision’s cloud streaming rights to Ubisoft, we’ve made sure Microsoft can’t have a stranglehold over this important and rapidly developing market. As cloud gaming grows, this intervention will ensure people get more competitive prices, better services and more choice. We are the only competition agency globally to have delivered this outcome.”
A spokesman for Activision Blizzard said: “The CMA’s official approval is great news for our future with Microsoft, and we look forward to becoming part of the Xbox team.”
Brad Smith, Microsoft’s president, said: “We’re grateful for the CMA’s thorough review and decision today. We have now crossed the final regulatory hurdle to close this acquisition, which we believe will benefit players and the gaming industry worldwide.”
Smith’s words this morning are quite at odds with his reaction at the time the deal was blocked, when he said on national radio that the regulator’s decision showed that the UK was “clearly closed for business”.
His words provoked handwringing from politicians and business leaders about the UK business landscape. The CMA’s original investigation blocked the deal on the grounds of Microsoft’s strength in cloud gaming.
Cardell hit out at the politicisation of the case in a statement: “The CMA is resolute in its determination to prevent mergers that harm competition and deliver bad outcomes for consumers and businesses. We take our decisions free from political influence and we won’t be swayed by corporate lobbying.
“Businesses and their advisers should be in no doubt that the tactics employed by Microsoft are no way to engage with the CMA. Microsoft had the chance to restructure during our initial investigation but instead continued to insist on a package of measures that we told them simply wouldn’t work. Dragging out proceedings in this way only wastes time and money.”
The tussle over the outcome has led some to criticise the CMA for being too heavy handed as it was the only regulator to block the deal; others have praised it, though, for standing up to Big Tech. Some in the City have watched the process nervously, concerned that Smith was right and the regulator’s initial block would put businesses off trying to do deals or invest in the UK.
Gareth Mills, partner at the law firm Charles Russell Speechlys, said the change of position on such a high-profile case by the CMA was unprecedented: “Competition law is about to get sexy again. A raft of competition issues relating to the massive tech companies are coming down the track and will be with us very shortly indeed. Why? It largely comes down to just how big these businesses have become, some pushing $1 trillion valuations, leading to growing concern from regulators as to their supranational dominance.”
With this final hurdle out of the way, Microsoft no longer has to pay a $5 billion break-up fee and the companies will now turn to considering their future strategy. Microsoft has a product called Game Pass, like a Netflix for games, and there is speculation that Activision’s blockbuster games might soon be made available on the platform.
Microsoft still faces legal problems in the US. The Federal Trade Commission will move forward with its in-house trial against the acquisition after pausing that process over the summer, according to an order the agency issued in September.
Read more:
Microsoft’s $69bn deal to buy Activision Blizzard given CMA clearance

Taxpayers need to be honest with the Revenue as soon as their affairs are challenged and not call HMRC’s bluff; otherwise, they will end up in the position that Bernie Ecclestone finds himself, say leading tax and advisory firm Blick Rothenberg.
Bernie Ecclestone, the former boss of Formula 1 Racing, pleaded guilty to tax evasion before the High Court today regarding £400m of assets which he controlled in Singapore. This is despite having – in 2015 – previously declared that he had no such overseas assets under his control.
Fiona Fernie, a Tax Disputes and Resolutions Partner with the firm, said: “By not admitting to the offence when initially challenged by HMRC in 2015, Mr Ecclesone will face significantly more punitive penalties than might have been the case.”
She added: “If Mr Ecclestone had admitted to the position in 2015, he might only have faced a tax penalty of 15% of the tax due (depending on HMRC’s assessment of his behaviour up to that point) and would probably have avoided a criminal record. Even if HMRC had considered Mr Ecclestone’s behaviour to be both fraudulent and deliberately concealed, had he come clean in 2015, it should have been possible to reduce the penalty to just over 100% of the tax due.”
Fiona said: “However, by trying to hide the position in the way which he has, Mr Ecclestone became liable for a penalty for foreign tax evasion, which is likely to be as high as 200% of the tax which was illegally avoided, together with a criminal record. The poor behaviour of Mr Ecclestone in this case helps explain why the overall liability he now faces (ca. £652m of tax, penalties and late payment interest) is so high.”
She added: “This case represents a perfect example to taxpayers with ‘problematic tax positions’ of how they should not handle something.
“It is always better to be honest and pro-actively look to ensure that an incorrect position is corrected. Such a response to HMRC challenge helps ensure that any penalties etc. are minimised and the taxpayer’s position is resolved as quickly, cheaply and cleanly as possible.”
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Bernie Ecclestone’s £652M fine – A Lesson for Other Tax Evaders?

The Financial Conduct Authority (FCA) has fined former Barclays boss James Staley, £1.8m and banned him from holding top jobs in the finance industry after finding he misled them over his relationship with convicted sex offender Jeffrey Epstein.
The FCA found that the executive ‘recklessly approved’ a letter sent by Barclays to the FCA, which contained two misleading statements about the nature of his relationship with Jeffrey Epstein which hid the last contact he had with the disgraced financier.
It also concluded the bank boss acted “with a lack of integrity.”

Therese Chambers, joint Executive Director of Enforcement and Market Oversight at the FCA said: “A CEO needs to exercise sound judgement and set an example to staff at their firm. Mr Staley failed to do this. We consider that he misled both the FCA and the Barclays Board about the nature of his relationship with Mr Epstein.
“Mr Staley is an experienced industry professional and held a prominent position within financial services. It is right to prevent him from holding a senior position in the financial services industry if we cannot rely on him to act with integrity by disclosing uncomfortable truths about his close personal relationship with Mr Epstein.”
Epstein was convicted in a US in 2008 of procuring a child for prostitution and of soliciting prostitutes as part of a controversial plea deal despite the fact investigators linked him to 36 victims, some as young as 14.
He was later rearrested on sex trafficking of children charges in 2019 but died in jail cell in New York before he could stand trial.
The watchdog asked Barclays in 2019 to explain what it had done to satisfy itself that there was no impropriety in the relationship between Mr Staley and Mr Epstein. In its response, Barclays relied on information supplied by Mr Staley. Mr Staley confirmed the letter was fair and accurate.
The letter claimed that Mr Staley did not have a close relationship with Mr Epstein but emails emerged between the two in which Mr Staley described Mr Epstein as one of his “deepest” and “most cherished” friends.
The letter from Barclays also claimed Mr Staley ceased contact with Mr Epstein well before he joined Barclays but it was also revealed that Mr Staley was in contact with Mr Epstein in the days leading up to his appointment as chief executive being announced on 28 October 2015. Mr Staley joined Barclays in December 2015.
The FCA said that while Mr Staley did not draft the letter “there was no excuse for his failure to correct the misleading statements when he was the only person at Barclays who knew the full extent of his personal relationship with Mr Epstein and the specific timings of his contact with him”.
The watchdog concluded the executive was aware “of the risk his association with Mr Epstein posed to his career.”
It found that “in failing to correct the misleading statements in the letter, Mr Staley recklessly misled the FCA and acted with a lack of integrity.
The FCA said James Staley was appealing the FCA decision “where he will present his case.”
In a statement, the Bank of England said: ““We support the FCA’s decision announced today against Jes Staley. It is imperative that senior managers act with integrity and are open and cooperative with the regulators.”
Barclays said after the FCA’s decision, it decided Mr Staley was ineligible for, or would forfeit, bonuses and share awards totalling £17.8m.
The banking giant had already suspended all of Mr Staley’s deferred bonuses and long-term share awards while the watchdog investigated

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Former Barclays boss Jes Staley fined £1.8m over Jeffrey Epstein scandal

European variable pay management leader Qobra has announced a new €10m funding round. This follows an initial fundraising round of €5m in March 2022 and remarkable adoption of the solution by major companies.
The fund-raising was orchestrated by Singular, with the participation of UK group Revenue Syndicate and long-standing investor Breega. This strategic financing will enable Qobra to develop new functionalities, strengthen its customer acquisition strategy and accelerate its international expansion.
Qobra is the innovative platform dedicated to the strategic management of variable pay
Qobra is a French company that is revolutionising commission management. It is already deployed by a number of major accounts. The platform makes it possible to streamline information across the entire payment chain and align all the company’s stakeholders: management, financial decision-makers, sales teams and human resources.
Worldwide, between 2 and 3 trillion dollars are spent each year on variable remuneration for sales staff. However, this investment is rarely controlled, as it is most often based on the use of manual Excel files, which lack clarity, reliability and agility. Manual errors can easily creep into Excel files, needing continuous checking between different departments. This wastes time, money and ultimately causes frustration and a lack of confidence within sales teams.
“Variable pay is the No. 1 sales investment for the vast majority of B-to-B companies, and the commission plan is one of the most powerful tools management has to guide the behaviour of its sales staff. We are part of the new generation of software that is more flexible and more motivating for sales teams”, says Antoine Fort, co-founder and CEO of Qobra.
Automating commission plans to boost sales performance
Qobra automates commission calculations by implementing precise calculation rules in its no-code tool. This saves Operations and Finance teams valuable time and ensures the reliability of commission data. It also provides management teams and senior management with global visibility of performance and the entire commission budget. As for sales staff, they have total transparency over their targets in real time, making variable pay a real motivational lever.
“We can already see that since implementing Qobra, there is 15% to 20% uplift in terms of target achievement” Thomas Hons, GTM Strategy & Operations Manager at Make.
Qobra is compatible with the majority of CRM, ERP and HR software on the market. Data is collected at source and in real time, making commission calculations more reliable and limiting the margin for error. This management solution meets the needs of all companies with more than 100 employees in which sales staff receive variable pay. Antoine Fort and his team have already convinced more than 100 companies worldwide, including Doctolib, CoachHub, SeLoger and Payfit.
“We’re seeing a lot of interest from customers in different verticals, such as advertising agencies, pharmaceuticals, medical devices, real estate, financial services, insurance brokers, automotive… Everyone in sales-led sectors needs us, and we know how to help them,” explains CEO Antoine Fort.
Qobra aims to become the world leader in commission management over the next few years.
On the strength of its first round of funding in March 2022, Qobra can boast annual growth of 300%. With its initial model validated, this new round of funding will enable Qobra to accelerate its international growth, particularly in the United Kingdom. The company will open a London office in early 2024 as a gateway to the United States. A European leader with the ambition of becoming the world’s benchmark software company, Qobra plans to double its workforce from 30 to 60 employees by 2024, and to expand its software offering.
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European variable pay management leader Qobra announces new €10m funding round

Heathrow Airport’s passenger numbers surpassed pre-pandemic levels for the first time in September, marking a major milestone in the hub’s road to recovery.
Over seven million passengers passed through the UK’s biggest hub in September, up 22 per cent year-on-year and ahead of its 2019 equivalent.
That took the total traffic for the year to date to just over 59m, which is currently up nearly a third on 2022 – when the airport was struggling to get back to its best following the lows of Covid-19.
European and North American passengers continued to make up the lion’s share of the figures, with 1.8m coming from across the pond as Heathrow continues to benefit from rising transatlantic demand.
The return to pre-pandemic traffic levels will mark the end of the runway for long-time chief John Holland-Kaye, whose nine year tenure at the airport will come to an end on the 18th October.
Holland-Kaye said “It has been a privilege to lead the very talented team which in less than a decade transformed Heathrow into a hub airport that the whole nation can be proud of.
“We have built a solid legacy for my successor – Heathrow is now a customer service business, with a clear path to net zero by 2050 and a plan to grow and to connect all of Britain to global growth.”
The West London hub’s combative chief led the airport through one of the most turbulent times in its history, as fleets across the globe were grounded during the pandemic.
But he has faced criticism for Heathrow’s mounting multi-billion debt pile, which has seen it remain lossmaking since 2020.
He has also clashed fiercely with a slew of major airlines such as Virgin Atlantic and British Airways owner the IAG, over landing charges at the hub – with the Competition and Markets Authority (CMA) roped in as both sides launched rival appeals to the aviation watchdog’s verdict on what level they should sit at.
Holland-Kaye will be replaced by Thomas Woldybe, the Danish former head of Copenhagen Airport.
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Heathrow finally breaks post-pandemic passenger record