NETWORK LONDON / NEW YORK
Zebra Technologies – The Internet of Things Tottenham Hotspur – Come on you SPVRS An interview with the New York Times
M A R C H 2 017
NEVER STOP CHASING THE
HORIZON. Delta is committed to pushing the limits of how great travel can be. Whether you are catching an early flight to pitch new business or taking your next holiday, you deserve the best experience along the way. We’re honored to have been named Business Airline of the Year 2017 from Business Travel Awards and we vow to keep moving forward in the years ahead. DELTA.COM
Contents
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60 Seconds with Tom Stevens
An Interview with the New York Times
The Internet of Things
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The magic of Royal Ascot
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Stadium Project Virtual Reality Suite
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Upcoming Events
2 Welcome from our CEO
Features
Insight
3 Meet The New Members
12 Regulating robots – The challenges of regulating AI
5 60 Seconds with Tom Stevens, President, BABC Chicago
14 Still got it… The UK remains highly attractive for US dealmakers
20 New GDPR data laws – What’s changing? Energy, oil and gas: The road ahead 21 The evolution of the ‘modern day intern’ National Army Museum re-development
Cover Stories
15 How technology is changing the flying experience
New IAB and Board Members
6 Capitalising on the Internet of Things (IoT) with 16 In 2017, change becomes reality visibility and intelligence 8 Tottenham Hotspur – Come on you SPVRS
17 Brexit: Time to get your house in order?
10 An interview with the New York Times
18 The magic of Royal Ascot
Office Address
London Staff
BritishAmerican Business
Jeffries Briginshaw CEO, BritishAmerican Business jbriginshaw@babinc.org Emanuel Adam Director of Policy and Trade eadam@babinc.org John Adam Office Manager, Accountant jadam@babinc.org Theo Bachrach Public Affairs and Policy Manager tbachrach@babinc.org Dan Barabas Trade and Investment Content Editor dbarabas@babinc.org Sherry Dolatshahi Executive Assistant to CEO sdolatshahi@babinc.org
London 12 Phillimore Walk West Wing, 2nd Floor London W8 7RX Tel: +44 (0)20 7290 9888 ukinfo@babinc.org New York 52 Vanderbilt Avenue, 20th Floor New York, NY 10017 Tel: +1 (212) 661 4060 nyinfo@babinc.org
Editor Tim Horan
www.babinc.org
Policy
22 (Re)Building a single framework for transatlantic data flows
Events
23 London Event Highlights 24 New York Event Highlights 25 Events Calendar: London and New York
Pru Fiddy Member Relations Manager pfiddy@babinc.org Jillian Gable Forums Programme Manager jgable@babinc.org Tim Horan Communications Manager thoran@babinc.org Sabina Hussain Events Manager shussain@babinc.org Jon Kudlick Director of Membership and Communications jkudlick@babinc.org Brooke Lawrence Events and Marketing Manager eventandmarketingmanager@babinc.org
Alice Mount Director of Events and Marketing amount@babinc.org Lindsay Walker Member Relations Manager lwalker@babinc.org
Get Social @BABLondon
“BritishAmerican Business”
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CEO I BritishAmerican Business
Welcome
Jeffries Briginshaw I jbriginshaw@babinc.org
In their 2016 report ‘Digital Globalization: The New Era of Global Flows’ BAB Member McKinsey & Company opens with a startling fact: ‘Soaring flows of data and information now generate more economic value than the global goods trade’.
the world’s most innovative companies by Fast Company for its partnership with another BAB Member, the National Football League.
Equally incredible, a recent report by the World Economic Forum stated that 65% of children entering primary school today will work in a job that doesn’t currently exist.
We also look at Tottenham Hotspur, who are employing cutting edge technology to showcase their new stadium that is currently under development. BAB staff were recently invited to Lilywhite House to trial the Stadium Project Virtual Reality Suite (SPVRS) technology and walked away incredibly impressed.
Globally, businesses are on the one hand responding to rapid technological advancements while at the same time attempting to anticipate the next major breakthrough and what it means for them.
In this edition of NETWORK you will also find articles from the New York Times, Delta Air Lines, Clifford Chance, Deloitte, Portland Communications, Fragomen and Royal Ascot Racecourse.
Governments, too, have a significant role to play in ensuring our businesses remain competitive. In that spirit it was encouraging to see a commitment to new technology infrastructure announced by the Chancellor in the UK Government’s Budget.
BAB’s extensive 2017 events programme has already seen us hold more than ten events in the first ten weeks of the year including an exclusive roundtable with Ohio Governor and Former Presidential Candidate John Kasich who spoke about the benefits of doing business in the 7th most populous American state.
As technology advances, so too do the opportunities that businesses are presented with to sell products and services across an everexpanding and inter-connected global marketplace. This edition of NETWORK looks at a number of those companies, across a wide range of sectors, who are embracing new technologies in their own business models. Zebra Technologies is one such company whose work around the Internet of Things has led to its inclusion on the 2016 list of
This year will also mark the re-branding of our inspirational Women’s Forum and a host of new events and speakers, culminating in our annual Women’s Conference in November. Another not to be missed event is our Corporate Citizenship Awards on June 15 to be held at Merchant Taylors’ Hall. 2017 is, once again, set to be a big year for BritishAmerican Business and we look forward to working with you.
New Board and IAB Members BritishAmerican Business (BAB) is governed by a transatlantic Board of Directors, led by our Chairman Christopher Perry, President Global Sales, Marketing & Client Solutions, Broadridge Financial Solutions. The Board’s active support and commitment to BAB and its objectives are important to ensuring our continued success as an organisation. We also enjoy strong support from our International Advisory Board, consisting of Chairmen and CEOs from more than 100 major multinational companies. We are delighted to announce that the following new members have recently joined our Board of Directors and International Advisory Board.
NEW BOARD MEMBERS Wyatt Crowell Senior Executive Vice President, Commercial Banking HSBC Bank USA
Sabry Salman Head of Inbound UK, Global Corporates Barclays
Peter Badenhuizen Partner Deloitte LLP
Kyle Schoppmann Executive Managing Director, New York CBRE
Alasdair Gardner Head of Global Corporates Lloyds Bank
Casey Santos Chief Information Officer General Atlantic
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New Members
www.travelers.co.uk The Travelers Companies, Inc. (“TRV”) is a leading provider of property liability insurance for motor, home and business. The Group has more than 30,000 employees and operations in the United States, Canada, UK and Ireland, and through a joint venture in Brazil, under the brand J. Malucelli Participações em Seguros e Resseguros S.A. The group has total assets of approximately $103 billion, shareholders’ equity of $25 billion and total revenue of $27.1 billion, as of December 31, 2014. Jo Shaw, Events Manager JShaw5@travelers.com Europe & Multinational Travelers 1st Floor, 23-27 Alie Street, London E1 8DS, UK +44 (0)20 7488 6200
www.nam.ac.uk The National Army Museum is the leading authority on the history of the British Army. It was founded by Royal Charter in 1960 for the purpose of telling the story of the British Army and the personal experiences of the soldiers who have served in it. In collecting, preserving and exhibiting objects relating to the Land Forces of the British Crown, it is a museum that moves, inspires, challenges, educates and entertains. It is set to reopen in March 2017 following a £23.75 million redevelopment. Laura Palmer, Assistant Director of Development lpalmer@nam.ac.uk Royal Hospital Road, Chelsea, London SW3 4HT, UK +44 (0)20 7730 0717
www.sbs.ox.ac.uk Saïd Business School is a department of the University of Oxford, one of the top five universities in the world. We are a full-service provider of business education: full-time UG/PG & MBA programs, executive education, part-time Diploma qualifications and EMBA with an established open and custom portfolio. The Custom Executive Education team at Oxford Saïd specializes in working with complex global organizations in the development and execution of their strategic agendas. Konrad Mould, Executive Officer, Custom Executive Education Konrad.Mould@sbs.ox.ac.uk University of Oxford, Park End Street, Oxford OX1 1HP, UK +44 (0)1865 288800
www.hudsonmckenzie.com Hudson McKenzie is a multi-award-winning boutique law firm advising both corporate and private clients on all aspects of UK and Global immigration, including major international organisations, SMEs and mid-sized companies. The firm also advises high net worth and ultra-high net worth individuals in relation to Tier 1 Entrepreneur and Investor visas for the UK and Global Citizenship programmes. Sarah Butler, Immigration Partner s.buttler@hudsonmckenzie.com 8 St Thomas Street, London SE1 9RS, UK +44 (0)20 3318 5794
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New Members
www.ihg.com InterContinental Hotels Group (IHG) is a global business with a broad portfolio of hotel brands including InterContinental Hotels, Kimpton Hotels Crowne Plaza Hotels and Resorts, Holiday Inn Hotels and Resorts and Candlewood Suites. IHG franchises, leases, manages or owns nearly 5200 hotels and 770,000 guest rooms in almost 100 countries, with nearly 1500 hotels in its development pipeline. More than 350,000 people work across IHG’s hotels and corporate offices globally. Robert Grant, Director, Global Public Affairs robert.grant@ihg.com Broadwater Park, Denham, Buckinghamshire UB9 5HR, UK +44 (0)1895 512000
www.excelion.com Excelion is a leadership advisory firm providing organisation design, management assessment and executive search services. We advise ambitious U.S. companies that are looking to enter or expand in the U.K. and EMEA region. Beyond executive search, we analyse and optimise organisational structures and assess capabilities of management teams to help clients achieve their business goals.
www.worldviewcap.com Worldview Capital Management is a private investment management firm founded in 2000 by Angelo Moskov. The business works with major US private equity firms in European frontier markets. Our mission is to pursue a range of investment opportunities in Central and Eastern Europe, South Eastern Europe, Russia and other countries of the Former Soviet Union, Central Asia and Africa across a range of asset classes including debt and equity.
Daniel Hall, Partner dhall@excelion.com 31-35 Kirby Street, London EC1N 8TE, UK +44 (0)20 7492 1875
Angelo Moskov, CEO angelo@worldviewcap.com 1 Berkeley Street, London W1J 8DJ, UK +44 (0)20 3551 7650
www.frm-united.com FrankfurtRheinMain GmbH International Marketing of the Region is a company comprised of 17 districts, towns and cities in the FrankfurtRhineMain region. Our task is to present and actively market the numerous strengths of our region. In addition, we implement targeted measures to position the region in the global competitive environment. Niina HagstrĂśm, Senior Manager USA niina.hagstroem@frm-united.com Unterschweinstiege 8, 60549 Frankfurt am Main, Germany +49 (0) 69 60 38 99
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Feature
60 seconds with... INTERVIEW
Tom Stevens
President, BABC Chicago
Tom Stevens is an English solicitor and American attorney who is principal of the law firm, Stevens & Associates. Tom also serves as President of the British-American Business Council, Chicago who will host the 2017 Transatlantic Business Conference from 10-11 May. Find out more at www.babc-chgo.org Following on from the success of the 2016 BABC Conference in London, this year the event moves to your home city of Chicago. What goes into organising such a large event? London was an exceptionally strong Conference because of the breadth of the thought leadership which was assembled in that room. I, among all other participants, walked away buoyed by the experience. Chicago is similar, in that we have a substantial number of senior executives who steadfastly offer great support and connection to additional thought leaders. My job was, in reality, to get out of their way and allow those most passionate about the British-American Business Council – and with a keen sense of its demonstrable relevance – to usher in remarkable content.
The theme of the BABC Transatlantic Conference is ‘Navigating the New World’. Can you tell us a little bit about how you settled on this theme? The 2017 Transatlantic Conference is a practical recognition of broad volatility across markets, economies, governance and borders. It is a much-needed investigation and celebration of the thought leadership across the breadth of the 22-city BABC family, throughout the US, Canada and UK. Our incredible strength is founded upon a diversity of industry, capitalization and geography – and there is much leadership and brilliance to harvest as we all must – today – define opportunities, make weighty business decisions, commit capital, secure
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performance, mitigate risk, and be responsible corporate actors – a heavy weight on executives’ shoulders.
As part of the Conference you have launched a Thought Leader’s Platform. Are you able to tell us more about this? The Thought Leadership Platform is our embrace of the remarkable expertise and experiences of the 2,000 member companies across BABC. In terms of the Conference, it brings it into a dialogue during the 4 months preceding the May event. Rather than focus on pushing for registration, we instead seek to promote why each of these companies can be a valuable strategic partner. What I take away from each author’s contribution is the transcendent nature of the piece: it goes well beyond that author’s own industry, capitalization and geography. Similarly, for the 4 months following the Conference, we will offer video segments encapsulating specific and practical ideas presented during the event, together with thoughts of editorial writers as to how such information might be incorporated into one’s company. Thus, the in-Conference thought leadership is also continued on, bringing the entirety of the Conference to an 8 month experience.
Who will be speaking at the Conference? Across the three components of the Conference (Opening Reception, Conference proper, and Gala Dinner) we will have some 40 speakers. They are each captains of their respective industries. They are disruptors and provocateurs. They are the innovators who have engineered solutions to weighty
problems. Most importantly, as context to understand opportunity, risk, and partnership: they each bring that slightly longer reach, that slightly better view of the horizon. In addition to individual speakers, there will be panels exploring Global Talent Migration, Healthcare, FinTech, HealthTech, Energy, Dynamics of Enterprises and Startups, Global Economic Outlook, Financial Markets, the Practical Role of Big Data to Profits, US and UK Consumer Trends, and Edelman’s 2017 Trust Barometer.
There are more than 300 UK companies operating in the state of Illinois. What makes the State so attractive to UK companies? Access to capital, industry, great talent pool, educational institutions, lower labor and leasehold costs, transportation, geographically centered in the US... and each of the areas can be further parsed to describe granular relevance. Finally, the collegial environment of the American Midwest. There is a reason business incubators flourish here: it is part of our culture to seek common ground and celebrate important differences. Longitudinally, that yields over 59,000 people employed by UK companies in Illinois, with US$3.5 billion in Illinois-UK trade. It is incredibly dynamic.
What is the value of the BABC Network to both UK and US companies? It is two-fold: exchange of substantive information and connectivity. When brilliant, the two elements generate a profitable strategic partnership. If less than brilliant, then step back and be introspective: partnerships thrive from honest engagement.
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Feature
By Richard Hudson Vice President & General Manager, Europe, Middle East and Africa (EMEA), Zebra Technologies
Capitalising on the Internet of Things (IoT) with visibility and intelligence TECHNOLOGY
Richard Hudson at Zebra Technologies explains how the Internet of Things (IoT) and Enterprise Asset Intelligence are changing the way the world does business. Over the past decade, public and private sector enterprises around the world have undergone an active digital transformation to gain greater insight into their processes and operations and to make them more efficient. These changes are largely being driven by more data-centric applications combined with IoT technology to enable organisations to work more effectively and give them greater real-time situational awareness. Zebra Technologies is playing a key role in this transformation by providing the building blocks of IoT. Today, we are focused on helping public and private sector enterprises adopt a more dynamic workflow through IoT-centric sensor technology, powerful cloud computing software, and connected enterprise-class mobile computers. Zebra entered the UK market in 1991, establishing its EMEA HQ in Bourne End, Buckinghamshire and now employs nearly 500 people, including the UK-based employees which became part of Zebra when the company acquired Motorola Solutions’ Enterprise business in 2014. With revenues of approximately $3.57bn and 6,500 employees in more than 40 countries, Zebra is a trusted business partner and strategic enterprise technology advisor for more than 95 percent of all Fortune 500 companies. How IoT is Changing the Way Business is Conducted On any given day, each moment matters to someone, somewhere. From a retail manager responsible for asset tracking and inventory control to a clinician charged with ensuring accurate patient identification 6
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and medical records to a first responder sending and receiving critical information in life threatening circumstances, enterprises have the opportunity to positively impact their customer and employee experiences – and bottom line. The accelerating momentum of IoT means that tomorrow’s products and business processes will be embedded with more and more sensors and ’intelligence’ – software and electronics – which will enable real-time feedback and communication, and exchange information with other platforms, clouds and networks. In turn, these products or devices will send information and insights back to people through back-end data management. As IoT deployment continues to advance, there will be a growing need to maximise its benefits through the addition of key enabling technologies which will allow enterprises to gain higher levels of actionable intelligence on their assets, people, processes, and transactions. Zebra’s solutions are built upon an ‘intelligent enterprise’ framework that focuses on ‘sense, analyse and act’. This includes solutions that automatically ‘sense’ information from enterprise assets, such as packages moving through a supply chain, equipment in a factory, workers in a warehouse and shoppers in a store. Operational data from these assets, including status, location, utilisation, or preferences is then ‘analysed’ to provide actionable insights. These insights can then be mobilised to the right person at the right time so they can be ‘acted’ upon to drive better, more timely decisions by users anywhere, at any time. www.babinc.org
It is this higher level of intelligence that enables more-informed decision making and improved performance. At Zebra, we call this ‘Enterprise Asset Intelligence’, and it is where we help enterprises of all sizes around the world gain maximum value from IoT solutions and applications. Zebra is committed to continuing its global leadership role in providing solutions that generate real-time visibility and meaningful operational intelligence to drive higher levels of efficiency, effectiveness and success. IoT Opportunities and Challenges With increasingly available, affordable cloud and mobile technologies, IoT is presenting businesses with almost limitless opportunities. Organisations can transform their business models using IoT to drive innovation and strategic advantages, utilise advanced analytics to become more predictive and automated, and deliver more personalised customer experiences. Additionally, organisations can gain enhanced insights into their business operations to increase efficiency, reduce costs and improve security and safety, among other advantages. Given this vast potential, industry leaders are embracing IoT solutions, and many have already started to gain a competitive advantage through their use. To gain the full potential value of IoT, however, businesses must add key enabling technologies that will yield true, real-time visibility into their assets, people and transactions and turn their data into actionable intelligence. Such enabling technologies include: • Devices that are equipped for data sensing, tracking and capturing to manage assets, people and transactions. • Cloud technology that provides for the interconnection of smart devices and the hosting of enterprise applications. • Mobile technology that extends business processes and information accessibility throughout the workforce. • Big data solutions that provide the advanced analytics necessary to gain actionable business insight from the raw data that is generated by these devices. As the global move to IoT and the Intelligent Enterprise is transforming enterprises of all types across government, healthcare, retail and other key economic sectors, it is also presenting challenges to both those enterprises which are struggling to manage the data they are gathering and to those which are refusing to adopt the technology in the first place. It is this “data dilemma” that will most differentiate the enterprises working to adopt IoT into their operations. While the data capture device remains important, enterprises will differentiate on what they do with the data. In the end, that will differentiate the winners from the losers in the IoT game. Along the way, there are other issues that also must be worked out as well, including: www.babinc.org
• Data utilisation rate statistics show that only 4-5 percent of big data is actually used. Even if an enterprise is using data to create actionable insights, it’s critical to help them dig deeper and use even more of the data. • Adoption will remain a challenge as some enterprises are resistant to change and have shown a reluctance to embrace IoT solutions. Part of the challenge will be to help enterprises understand the superior outcomes they can achieve with IoTbased solutions in terms of profitability, productivity, resource utilisation, and customer insights. • Enterprises which do adopt IoT and related technology often struggle with adapting, and then sustaining, the change. They will need to aid IT teams to work most effectively with operations to facilitate change and, then, ensure that the application or technology is going to work for those people who must work with it in their daily jobs. In the end, these are all challenges that have to be overcome, but they are by no means insurmountable. As enterprises of all types come to understand the opportunities and advantages of adopting IoT, it is sure to become mainstream across all industries and levels of government. Conclusion The IoT presents a transformative opportunity for enterprises of all types and sizes all over the world. To capture the full value of IoT, users will find great benefit from the deployment of enabling technologies which provide full Enterprise Asset Intelligence. Zebra gives 95% of the Fortune 500 real-time visibility into their operations. Zebra’s software, services, analytics, and hardware are used to connect their assets, systems and people, giving their entire operation a digital voice. All of this saves Zebra’s customers time and money, makes them more agile and gives them a competitive advantage.
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Feature
Tottenham Hotspur – Come on you SPVRS By Tony Davison
TECHNOLOGY
Commercial Manager, Tottenham Hotspur FC
When building a new sporting stadium, excitement among the fans of the club is guaranteed, but how do you engage with the wider premium market? In anticipation of their new stadium, Tottenham Hotspur looked to use cutting-edge technology to deliver an unrivalled marketing experience. An experience that put fans and potential buyers in their seats at the new stadium using augmented and virtual reality technology. Known as the Stadium Project Virtual Reality Suite (SPVRS) the technology has helped the Club deliver outstanding results in terms of premium sales while revolutionising the visitor experience and setting a new benchmark for premium offerings in sports and entertainment. From its Lilywhite House headquarters, overlooking the stadium construction site, the Club is providing guests with a chance to explore the wide range of premium areas before the stadium is built through an immersive 360-degree virtual reality experience, augmented reality iPad app and Oculus Rift tour. Why has SPVRS been so successful? Seeing is believing – while the new stadium construction is there for all to see, the virtual reality experience gives fans their first ever look behind the scenes of the finished article Changing perceptions – SPVRS features an immersive dome, touch screens, tablets, VR goggles, OLED displays, and AR apps providing an extremely high standard of quality perfectly aligned with the new stadium Technology built around the sales process – the Tottenham Hotspur sales team is trained to take guests through a consultative sales experience incorporating the advanced technological elements, thus enhancing the sales process 8
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Computer generated image of Tottenham’s H-Club lounge
Professional – SPVRS provides a professional sales platform which mirrors the new stadium in terms of the innovation and ground breaking technology. Much of the technology can also be used on a one-to-one basis off site or ‘on the road’ Shareability – the level of client referral has been unprecedented with ‘word of mouth’ resulting in further guests visiting to enjoy the unique SPVRS experience. A popular highlight of the experience is an Augmented Reality photo opportunity with a First Team player that can be shared on social media When completed, Tottenham Hotspur’s new stadium will become London’s largest capacity football club ground and will feature a retractable grass field for Tottenham Hotspur home fixtures with an artificial surface underneath that will be multi-use and capable of hosting NFL matches, concerts and other major events. With bespoke locker rooms and media facilities, the stadium will become the first purpose-built NFL venue outside of the US and host a minimum of two regular season matches per year. Roger Goodell, Commissioner, NFL, said: ‘We are committed to hosting NFL games in world-class venues and are excited to partner with Tottenham Hotspur to play games at their future stadium. We share a vision and commitment to creating the best experience for our teams, fans and the local community.’ Full details of all of Tottenham Hotspur’s new stadium premium packages can be found at http://new-stadium.tottenhamhotspur. com/be-there/ www.babinc.org
Feature
An interview with the New York Times By Patrick Falconer Managing Director, United Kingdom
INSIGHT
After an unprecedented Presidential Election campaign saw them in the spotlight, we caught up with the New York Times to discuss the current state of news and journalism in 2017 and what the future holds for the publication.
During 2016 and into 2017, the New York Times often found itself in the unusual position of being the news, as well as reporting the news. What, if any, impact has this had on the day to day operations of the paper? There have been many times in the 160-year-plus history of The New York Times that we have found ourselves at the center of the news. Our executive editor, Dean Baquet, has spoken about what it has meant this year, after the 2016 American Presidential election:
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“I will say that something amazing has happened – the rise in digital subscriptions, the rise in audience, the literal hundreds of thousands of people who have decided to pay for The New York Times after the election. It has changed our economics, and has made it so that we have to cover the stories that those people want us to cover, and that we want to cover too.” “We are preparing for the story of a generation. I think the next two years are going to be a historic moment in the life of news
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organizations. The combination of the economic realities that are forcing their way in, and a President who’s leading a revolution in Washington, makes this the most compelling political story since the way the United States changed after 9/11, mixed in with this whole debate about what is a journalist – there are going to be 20 books written about the next two years in American journalism.” The first line of the New York Times 2020 Report reads ‘This is a vital moment in the life of the New York Times’. Can you tell us about the 2020 Group and why this is a vital moment for the NYT? The vital moment has a lot to do with the pace of transformation and change that is impacting the media industry at large. The 2020 group was set up to take a hard look at how our newsroom needs to adapt in order for The New York Times to maintain our leadership position and continue to produce the best journalism in the world and to deliver that journalism in new and innovative ways to audiences around the world. We are clearly taking notice of our increasing millennial audience and adapting our report to deliver content to them in a way that they find most useful – that is in some instances through more video, photography and engaging infographics, all areas in which The Times has excelled but for which we believe we must dedicate more resources. In 2015 we launched our NYTVR app which already has more than 900,000 downloads. We also have a 360 film feature everyday on
our homepage, I think you can expect to see much more in the area of innovative storytelling. With the rise of so called fake news and clickbait penetrating all areas of social media, and with no signs of that abating, could we see a renaissance of print news as people turn back to established and trusted publications? I think this question is more about people turning back to trusted brands than to print specifically. In the case of The New York Times, print is still incredibly important and we have large numbers of people who love and are reliant on print in both the U.S. and internationally. In this era of fake news, it certainly appears that people looking for verified and reliable information are beginning to turn back to trusted brands. For us, that has translated to a huge increase in those seeking out our brand of journalism on both our digital and print platforms. The NYT recently ran a new TV advertisement in prime time during the Oscars entitled ‘The Truth is Hard’. Why did the NYT feel the need to run this ad, and what has the response been? This is the first advertisement from The Times in seven years. We chose the Annual Academy Awards for both timing and the potential of amplification and impact. We sought out a high profile media moment where we could begin a conversation about the important messages in the ad. The goal of the ad was to tap into the national dialogue going on right now about facts and the truth and what that means in today’s world. The idea is to be a part of that discussion about what it means to find the truth and – what does that mean in a world of fake news and – what is the role of journalism and journalists in that process and – what is the role of the reader in supporting that journalism. Can you tell us about the new T Brand Studio team in London – what is it and what do they do? T Brand Studio is a key part of the offering from our commercial team. T Brand Studio are a team of editors, designers, content strategists and producers who work with brands to identify engaging stories and then create high quality, impactful content that lives across our digital and print platforms. From docu-style videos to text narratives that have the same integrity as those The New York Times newsroom would produce, they have a passion for storytelling that harkens back to our editorial roots. We have recently made two new strategic acquisitions that broaden the capabilities of the T Brand Studio – Hello Society a network of social influencers which enables brands to extend and promote their content through key opinion leader networks and Fake Love an award winning experiential agency who can turn a print or digital story into a physical experience. The team in London is part of a larger global team based in NY, LA, Paris and Hong Kong and the mission is to seek out and create authentic brand stories that command attention. The T Brand Studio team has created more than three hundred pieces of engaging content for more than 200 brands including Goldman Sachs, Blackrock, EY, UBS, Statoil, Shell and Tiffany.
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Feature
Regulating robots
The challenges of regulating artificial intelligence Jonathan Kewley
TECHNOLOGY
Clifford Chance Fintech Group
Peter Chapman Clifford Chance Fintech Group
Artificial intelligence Did you know that cars can learn how to park themselves? Or that an MIT algorithm can now predict the future… or at least 1.5 seconds of it? These are amongst the latest innovations that were unveiled in Barcelona in December, at the 30th Neural Information Processing Systems conference, or NIPS 2016, the leading conference for machine learning and artificial intelligence. Artificial intelligence is progressing at a rapid pace, infiltrating an increasing number of industries and sectors and posing significant challenges for both companies and the bodies that regulate them. As a law firm, Clifford Chance is no stranger to artificial intelligence. We, like many businesses, are introducing intelligent technology into our own organisation to drive improved quality and efficiency. However, in addition to our own adoption, it’s also our role to advise our clients on the issues that surround the implementation of new technology in their own sectors. Technology disruption In recent years we’ve seen technology disrupt every business, rendering the very definition of a ‘technology business’ a slightly tortured one. As this has happened, it has driven a wave of collaborative arrangements between traditional firms and technology start-ups, and given rise to important commercial and regulatory considerations. For instance, firms and technology companies need to determine the appropriate model for their collaboration exercise – is it a joint venture, an acquisition, licensing or something else? Related to this, the allocation of assets (such as IP and customers) and liabilities between the technology provider and firm will need to be balanced. Finally, all of this must take place within the regulatory schema, granting the appropriate access to the regulator and protections for consumers.
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As technology is applied to regulated industries, businesses on both sides of the disruption can struggle to understand their obligations. This is perhaps unsurprising when the regulation itself was often written before these new technologies were even invented. AI and the law With regard to artificial intelligence, advances in the field mean that the predictions and decisions of algorithms are already entering into a variety of industries that operate under a comprehensive regulatory framework, posing a number of significant legal questions. Legal and regulatory frameworks typically operate around a clear sense of who is acting, what their mindset was at the time of the action and where the act takes place. These are all fine principles in theory but as soon as this approach is applied in the context of AI, it is clear that new ways of thinking are required. For example, who is liable for accidents if cars are driverless? What recourse might an individual have if they are refused insurance based on computer analysis of their social media accounts? Who should be liable for trading losses in a flash crash triggered by a US bank using a news-reading algorithm licensed from an Indian software company? Most fundamentally, how does existing regulation apply when agency over regulated activity is taken away from people and put into the hands of machines? These are just some of the questions that have to be considered afresh and the issues that we continue to confront as we advise our clients on how best to apply the existing legal and regulatory framework to a rapidly changing world. Creating technology-cognisant regulation Navigating existing regulation however is just one piece of the jigsaw, and arguably a much smaller task than that facing the regulators, who must www.babinc.org
formulate a new architecture to realise the potential of new technologies whilst protecting consumers and maintaining effective markets.
to machine learning and the law, seeking to bring together the worlds of technology and law to inform better policy for the future.
Whilst regulators must be aware of the risks presented by new technologies, the opportunity to adopt more efficient ways to regulate is a prize worthy of pursuit by the regulators and the regulated alike. As advisors to both, it is here that we as lawyers have a particularly important role, guiding that necessarily collaborative process.
There is no doubt that artificial intelligence is capable of transforming nearly all industries, creating efficiencies that, handled in the right way, will improve the goods and services available to consumers and businesses. To achieve these benefits it is imperative that the worlds of technology, industry, regulation and academia continue to collaborate over the appropriate legal and regulatory frameworks that make them possible. It is here that we can all contribute to achieving a bright future.
In the interest of such collaboration, NIPS 2016 included the conference’s first ever symposium and award, sponsored by Clifford Chance, dedicated
Feature
Still got it…
The UK remains highly attractive for US dealmakers By Cahal Dowds
TECHNOLOGY
UK Head of US/UK M&A Deal Corridor
The flow of US/UK deals is a bellwether of business vitality in two of the most important economies in the world. Companies acquire when they feel an underlying confidence in the future of the markets they select. Six months ago the Deloitte US/UK M&A Deal Monitor forecast that M&A dealmakers would continue to look beyond the uncertainties of Brexit and the US political cycle and do business at record rates in the second half of 2016. That is what happened. As shown in the third edition of the Deal Monitor, which follows trends and analyses the underlying driving forces in the most significant merger and acquisition arena in the world economy today, companies on both sides of the Atlantic have decided to invest in a cross-border future. The last six months of M&A activity across the US/UK M&A corridor reached $126 billion as the US remains confident in buying UK assets. US outbound deals to the UK rose 3.6% in the last six months, while UK outbound deals to the US fell by 20.4%, compared to the same period in 2015. However, the final quarter of 2016 saw UK outbound M&A leap to $86.4 billion in value, ensuring the US/ UK deal corridor performed roughly in line with the global trend for M&A. Indeed, when we talk to US buyers about the balancing act of taking advantage of strong M&A fundamentals versus the risk of substantial political and marketplace uncertainties, we hear the same message again and again: US companies place great value on the closeness of our two nations, the similar business culture, the same language, the governance processes, and they place great weight behind the clarity and strength of our legal system. More than this, they see the UK as a source of innovation and skills with an environment that encourages entrepreneurship. It seems, therefore, that in a time of uncertainty, US buyers are turning to those markets and the cultures that they understand and trust. Indeed, Deloitte research shows the marked difference in scale of investment across the most active bilateral deal corridors. From the first quarter of 2015 to the second quarter of 2016, North America outbound deals to the UK hit 960 transactions, compared to just 350 and 270 outbound to Germany 14
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and France, respectively. This clearly shows that businesses in the US are looking beyond the political uncertainty, to focus on the long-term benefits of investing in a country they see as the bridge to the rest of Europe and to the globalised world. Technology, Media and Telecoms (TMT) is still the leading sector, accounting for 37% of M&A deals, but manufacturing deals were also up 9.5% on the previous year. US outbound manufacturing deals rose to 45 in 2016, with the deal rate rising 45% in the last six months. UK outbound manufacturing deals recorded a 36% fall in the same period. The migration of technology into all business sectors is helping to create a new generation of deals in manufacturing. Deloitte’s analysis shows that manufacturing is increasingly incorporating TMT, and vice versa. Companies everywhere are being tested on their ability to deal with technology convergence. If you have a technology need in your product lines, then today there is a great opportunity to go out and find a company that can fill that need. If you are not investing in these solutions organically then you have to buy these solutions, and quickly. This is going to create a lot of future dealmaking. Given that we’re still in a climate of low economic growth (no matter what the near-term revisions in GDP forecasts are) M&A is now an imperative. It is the one way for UK companies to secure growth and to grab market share. Standing still, while prudent in times of change, may mean UK corporates are playing catch up in the years ahead. With record levels of cash on companies’ balance sheets combined with significant funds raised by private equity, investor appetite remains strong. The US is looking beyond uncertainty as the fundamentals of M&A have seldom been stronger. In this low economic growth environment, a key way to get increased revenue is to buy it. The quest for growth continues. www.babinc.org
Feature
How technology is changing the flying experience By Nat Pieper Senior Vice President, Europe, Middle East and Africa Delta Air Lines
TECHNOLOGY
Delta Air Lines has recently been named the Business Airline of the Year 2017 by the UK’s prestigious Business Travel Awards. And in this article Nat Pieper, Delta’s Senior Vice President Europe, Middle East, Africa and India, casts his eye back and forward to look at how technology has changed the way we travel and how it will continue to do so into the future.
As recently as the 1990s, booking a flight took some planning. It involved a good deal of research and a trip to a travel agent or a call to the airline. Tickets would have to be printed for passengers, or, arrive in the post, and they would have headed off to the airport with a big folder of paperwork. Check-in was slow and laborious. There were no kiosks, or simple bag drops. Fast forward to the end of the 1990s, with the emergence of dedicated travel sites that changed the way travellers, and, the industry, thought about booking flights. And as we headed into the 21st century, the advent of mobile connectivity went on to further transform the way we travel. Making travel happen on the go Today, around 2.1 billion people have smartphones, a device that has changed so much including the way people work, communicate, and travel. Would we have predicted 20 years ago that you could book and pay for a flight without ever needing to talk to someone? That it could all be done in the palm of your hand? The latest mobile apps from airlines have revolutionized the travel industry, offering more and more services at the swipe of a finger. To date, the Delta app has been downloaded over 18 million times. It offers services – from checking in, to checking your flight status in real-time, to checking the weather at your destination – to some other neat features that 10 years ago would have been impossible. For example, our customers can customise travel preferences such as selecting where they prefer to sit when they fly, scanning their QR code to board flights, purchasing extra leg-room seats and even using their phones to download music and movies to enjoy during the flight. Wi-Fi: Makes time fly Wi-Fi has become a fabric of our everyday lives and a service that people expect – even in the sky. While some travellers may choose to treat their flight time as down time, for business customers in particular, staying connected is increasingly important. Delta has led the industry in enhancing in-flight connectivity, and to help passengers work at 30,000 feet, our domestic and international www.babinc.org
fleet is Wi-Fi equipped with sufficient speed to catch up on email, connect to colleagues, surf the web, login to intranets and more. But for those who do not want to work, Wi-Fi offers another way to unwind on a flight by streaming movies and downloading music to personal mobile devices. With access to Wi-Fi our customers can really manage their whole travel experience. For example, via the Fly Delta app, passengers can manage onward journeys while in the air, including finding connecting gates, upgrading seats and viewing destination details. They can also ensure their bags are in the hold below. And if problems arise, perhaps with a connection, customers can tweet Delta’s customer services team on the ground who will be at the ready to help. More to come The airline industry is highly competitive. That competition drives continuous innovation, which is helping to tackle bits of travel about which everyone worries, including losing one’s bag. Every passenger at one time or other has watched bags being loaded on to their flight and thought, “Is mine there?” But the days of the lost bag might be numbered. Delta has recently rolled out a new service to track bags, attaching a Radio Frequency Identification (RFID) tag to luggage at check in. The tag is automatically scanned at set points throughout each of Delta’s 344 stations. As data on the location of luggage is captured, it is pushed to the Fly Delta app, sending customers notifications on the whereabouts of their bags. This is just one way technology is helping to make travel more reliable. As Delta looks forward, we are always looking at ways to improve our product and services for our customers. As the airline that created industry leading joint ventures with Air France-KLM and Virgin Atlantic, and invested in an oil refinery to help control fuel costs, Delta will continue to look to do things differently. New technology will play a leading role as we look to give customers more choice and control over their journeys, making flying more convenient and enjoyable.
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Feature
In 2017, change becomes reality By Victoria Dean
BREXIT
Partner, Portland Communications
It may have become a tired cliché, but it’s still true to say 2016 was the year of the political earthquake. In the UK, the received wisdom in favour of a “Remain” vote in the EU referendum was overturned, to the shock of pundits, pollsters and most of the governing class. In the US, the unthinkable occurred as Donald Trump took out the Republican Party’s establishment candidates one by one and ultimately defeated Hillary Clinton. While it’s true there are similarities between the two events, and both benefited from uprisings against the status quo, it’s important not to overstate the case. The US was asked to choose between personalities; the UK was asked about a single, and complex, issue. While the Trump campaign was explicitly protectionist and anti-globalisation, the rhetoric of the Leave campaign was pro-trade, with the UK imagined as a global trading nation, forging new deals around the world. What is certainly true is that both sides of the Atlantic are now grappling with how to implement the outcomes of these shock votes. The adjustment in the US has been sudden, with power transferred immediately from one President to the next in line with the tried and tested arrangements in the US Constitution. In contrast there is no established process on this side of the Atlantic – Brexit is unprecedented. Article 50, the formal instrument by which the UK will notify the EU of its departure, has never been triggered before. Systems in London and Brussels are desperately trying to adapt. This is one of the reasons why there have been remarkably few developments in the actual Brexit process since the referendum on 23 June. It’s true there has been much sound and fury and unprecedented political upheaval. David Cameron’s departure as Prime Minister was followed by a bloody and brutal Conservative leadership contest, while opposition parties consumed themselves with crises of their own. Theresa May’s new Government gave very little away – and all the while the terms of the UK’s relationship with the EU remained practically unchanged. Where progress was slow in 2016, the pace has increased in 2017. The Prime Minister’s speech to Lancaster House on 17 January provided much needed clarity around the UK’s negotiating objectives, even if those objectives were altogether unsurprising. 16
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Following a journey through the courts, the process for invoking Article 50 has been clarified. Despite recent upsets in the House of Lords, Theresa May remains very likely to meet her self-imposed deadline of 31 March to begin Brexit negotiations. The game will then change for good. The lens will no longer be focussed solely upon the domestic situation, as 27 other parties enter the debate. As much importance will be placed upon views in the EU as those in the UK. The EU will name its price for the UK’s stated objectives and reaching agreement will be no easy feat. The real meat of the negotiations will have to wait until the French and Germans have finished elections of their own. The two-year period allowed for Article 50 negotiations will be further squeezed at the other end, as time must be set aside for the European Parliament and the European Council to ratify the deal. The challenge of reaching agreement on a future UK-EU trading relationship in this timeframe is enormous. The European Commission has said the UK must agree to pay a “divorce bill” approaching €60 billion before a future trading relationship can be discussed. The UK says both must be discussed in parallel, with mutterings that the government could simply refuse to pay up if there is no agreement on a future deal, leaving a large hole in the EU’s finances. Relations with the EU have been further strained by the shared enthusiasm in Westminster and Washington for a bilateral UK-US trade deal. Like their counterparts in Washington, the institutions of Whitehall and Brussels have been presented with an unprecedented and colossal task. There is no silver bullet which will resolve this issue amicably. If one thing is lacking in much UK analysis, it is lack of appreciation for how the apparent rejection of European ideals and values - for that is how it is perceived on the continent - has created considerable emotional anguish. Combine this with the EU’s fierce desire to protect its political project at a moment of multiple crises, and it becomes clear that rational economic self-interest may not determine the outcome of negotiations. Many obstacles lie ahead and the final outcome is far from certain. On both sides of the Atlantic, while 2016 was the year people voted for change, 2017 is the year change becomes a reality. www.babinc.org
Feature
Brexit: Time to get your house in order? Ian Robinson
BREXIT
Partner, Fragomen
Over the last ten years the UK’s immigration rules have changed an awful lot and awfully regularly. As a law firm our first job is to understand the detail of any new policies so that we can advise our clients. That doesn’t just mean telling people the nuts and bolts of the law. Starting and ending there doesn’t help anyone. It means pre-empting an inevitable and brilliant question, ‘what are other companies doing about this?’
Charlotte Slocombe Partner, Fragomen
Brexit: what are others doing? We get asked the question on a daily basis now the UK has voted to leave the EU. There is no real law on Brexit and no real detail as to what will happen, but it is possible to be in good shape for whatever comes next by understanding what other companies are doing, by partnering with clients and by keeping abreast of changes. Below is an outline of what we tell people. What we know and what we can assume The UK is expected to leave the European Union in the spring of 2019. The government’s White Paper, published on 2 February, expressly stated that Brexit will mean an end to free movement. It added that the UK wants to be able to guarantee the status of EU nationals living here after separation. An end to free movement is likely to mean a work permit or similar system for EU nationals entering the UK after separation. Those already living in the UK will likely need to register their status, most likely relying on existing permissions, for instance a Residence Permit or Permanent Residence Card where they have at least five years residence, among other requirements. We may assume that, in turn, sponsors will be expected to hold accurate records of any EU migrants and their status. What are other companies doing Some companies are choosing to do nothing until more is known about Brexit. That is a perfectly reasonable response in the absence of any real policy but it is not the only response. Those taking action now are: Reviewing records: Companies are interrogating their records to ensure they have an accurate understanding of their EU national population. As a starting point companies are collecting or verifying names, nationalities, work location and contact details. This information will help them send useful information to EU employees. It would also allow
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you to track their immigration status if the Home Office introduce new right to work requirements for EU nationals after separation. Collecting data: Some companies are also collecting data on: § Length of employment in the UK, allowing a high level assessment of eligibility whether the individual is likely to qualify for permanent residence now § Salary and job skill level, in anticipation of any consultations on the terms of access to EU national workers in the future § Information on dependant family members in the UK Advice: Companies are making high level advice available to all employees on how EU nationals can confirm their status in the UK or apply for British citizenship. They are sending targeted advice to EU nationals, variously providing application guides or full 1:1 legal advice (although this end-to-end service tends to be reserved for senior employees) Policy making: Some are developing financial assistance policies, for instance, covering the cost of government or legal fees for any EU immigration applications Creating processes: Many are introducing processes to be notified where EU nationals are granted a Residence Permit or Permanent Residence Card and subsequently track document expiry. How and when you prepare for Brexit will depend on your employer’s approach to uncertainty. The chances are that, whatever you decide, you will not be alone. Fragomen has published a report on Helping Business Prepare for Brexit which gives more detail on how you can plan for any changes in immigration rules. And in the US… The much talked about Executive Orders in the US have created similar anxiety. Clients with both business travellers and US staff (hired locally and on assignment) are asking us for advice. Similar strategies can be used to those mentioned above, the best being ‘get your house in order’. Visibility on staff nationality (within the bounds of data protection) and more longer term planning, like revisiting visa status and looking at the possibility of permanent residence, are all strategies that clients are looking at.
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Feature
The magic of Royal Ascot INSIGHT
The past two decades have seen a shortening of horse racing’s horizons and a lengthening of its reach. Traditional rulebooks have been rewritten, geographical boundaries have been lifted and time zones and vast oceans no longer represent obstacles to the best horses leaving their own continents to do battle with champions from others. Global events such as the USA’s Breeders Cup and the Dubai World Cup have played a key role in helping to redefine the possible and turn some of the biggest horse races into truly international contests. And for the last decade-and-a-half, Royal Ascot has attracted a host of top class horses from all over the world to contest some of racing’s most historic and glittering prizes. Nobody has been more popular at the Royal Meeting in recent seasons than Wesley Ward, who became the first American-based trainer to win a race at Royal Ascot when Strike The Tiger won the Windsor Castle Stakes in 2009. Six more winners have followed at the Royal Meeting since that historic day and nobody is better qualified to outline the unique challenges posed by sending a horse to a different continent to compete at the very highest level. Instinct plays a large part in the decisions a racehorse trainer needs to make on a daily basis and in the bonds formed with their horses, but meticulous planning is a key component of preparation for key targets throughout the season. When those targets are thousands of miles away, the detail has to be even more microscopic. “My training techniques are different to the majority of my fellow trainers in the US and they need to be because my priorities are different too,” Ward explains. “I am focussed on and driven by Royal Ascot. For most American trainers, the Breeders Cup or Kentucky Derby are the biggest circles on their calendars, but mine is on another continent. The final day of Royal Ascot each year is when I begin to plan for the next one.” Having identified which horses could be prime candidates to travel across the Atlantic for a tilt at Royal Ascot, Ward employs innovative techniques to fine-tune their minds and prepare them for the mental challenge of long haul travel. “We start in October and it’s a very long, gradual process. We present them with lots of different scenarios and put them through 18
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a variety of different exercises. They’ll do short bursts of swimming and we also canter them out across fields towards ravines, where they stop and have a look around, taking it all in. It opens up their minds and prevents routines from setting in.
Air travel can actually be easier on a horse than road travel for the simple reason that the journey is smoother. There is less noise in the air than on the ground and there are no bumps in the road or continuous stop-start motions.
“In the USA all races are run with horses only turning left. We gallop them on a track for two months going the other direction. Once we get to February we move them around to different tracks across the country, spending a week or two at different places before they head to Kentucky. By the time they arrive there for their first race they have had so much more experience than most of their opponents. As well as giving them an edge at that stage of the season, it also serves them well in the summer when they may travel to England or beyond.”
Upon arrival in England, the climate is cooler and more peaceful, making it easier for them to acclimatise quickly. I have found that travel to Europe has a minimal impact on my horses and the statistics back that up. If you look at how they perform in their first races back in the US after their travels, they usually run very well.”
And what of the journey itself? Long-haul flights can be arduous enough for even the most seasoned human passengers. How does a trainer ensure that it doesn’t become an ordeal for young racehorses? “We’re very meticulous in our planning for those long trips and it becomes more straightforward with experience,” Ward explains. “Our vets provide numerous tests before and after the flights, monitoring their weight and administering fluids and vitamins.
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With plenty of big prizes on offer in Europe and beyond, what is it that keeps Royal Ascot at the top of Ward’s priority list every season? The enthusiasm in his voice when he answers is immediately apparent. “First and foremost, it’s the name – Royal Ascot,” he says. “The history, the pageantry and the fact that Queen Elizabeth II attends every day makes it completely unique. When you also factor in the quality of the racing and the quality of opposition you face there, it makes winning unforgettable. “When I won the Group 1 Diamond Jubilee Stakes in 2015, with Frankie Dettori riding Undrafted for me, it was without doubt the greatest experience I’ve had in racing. Nothing has compared to it before or since.”
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Industry Insight
New GDPR data laws – What’s changing? DATA
By Rafi Azim-Khan Chair, BritishAmerican Business Law Forum Partner IP/IT & Head Data Privacy, Europe, Pillsbury Law
A new data protection framework has been adopted that will significantly change current EU laws. The General Data Protection Regulation (GDPR) will be applicable in all EU Member States from 25 May, 2018 at which time the current Data Protection Directive 95/46/EC will be repealed. Applying to both “controllers” and “processors” the new Regulation will catch both organisations operating in the EU as well as those outside the EU but targeting consumers in the EU. What are the key changes? Under the new Regulation data controllers will be required to show compliance, maintain documents and implement Privacy by Design and Default in all activities. Controllers and processors may also be required to appoint Data Protection Officers and for the first time data processors will have direct liability/obligations. New consent rules are also being introduced relating to the collection of data, requiring ‘explicit’ consent that could in some instances make existing consent invalid. While the new Regulation will increase rights for individuals, privacy policies may need to be updated about these new rights. The introduction of new rules around breach reporting within 72 hours will also be introduced, as will binding corporate rules recognising international data transfers. What can I do to prepare? To meet the new General Data Protection Regulation, businesses must review and update their privacy notices and policies to ensure they provide for the new rights individuals have. They will also be required to update their Data Security Breach Plan. Businesses will also need to set up an accountability framework to monitor processes and train staff and could also be required to appoint a Data Protection Officer. Processors, in particular, will have significantly more legal liability under the GDPR than was the case under the previous Directive and may be required to review the adequacy of existing contractual documentation. Finally businesses should audit their international transfers to ensure they have a lawful basis to transfer data. Major new fines are also coming in. Failing to comply with the new GDPR could result in a fine of up to €20m or 4% of annual worldwide revenue. Importantly, the UK Government has confirmed that the decision to leave the EU will not affect the commencement of the GDPR.
Energy, oil and gas: The road ahead ENERGY, OIL & GAS
By Nina Gray
Managing Consultant, Major, Lindsey & Africa EMEA In-House Practice Group
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2016 shook up the snow globe and left the world on the edge of its seat as to what will happen next after Brexit passed in the UK and Donald Trump was elected in the US. But with the New Year comes an air of optimism for what’s ahead. A new president has been inaugurated in the United States and plans surrounding Brexit press on. So all eyes shift to how these changes will affect the world market – and opportunities for legal talent. For the energy and oil and gas industries – areas I work closely with – experts enter the year with a sense of positivity. In fact, the International Energy Agency (IEA) estimates that oil demand will continue to grow, hitting 103 MMbbl/d by 2040. While OPEC’s 2016 World Oil Outlook believes that the market is heading toward a more balanced situation. In the US, President Trump is focused heavily on reinvigorating the energy and oil and gas industries, with plans to lift restrictions and open access to federal land. One of his first executive orders signed off on the construction of two oil pipelines. If the President continues to follow through with his plans, attorneys supporting these businesses are likely to find themselves busier than they have been for a few years. For the UK, the future is still showing signs of uncertainty; however, gas and oil companies are making investments in oilfields throughout the Middle East and North Africa. Deals are being made with the United Arab of Emirates, Saudi Arabia, Iran and Libya, where oil production is high and opportunities exist. Lawyers throughout EMEA should expect an increase in demand for their services. In a year that’s being termed as “the slow road back” for the oil and gas industry by Deliotte’s John England, I foresee a more positive outlook for the industry and legal professionals who have had limited opportunities to develop for quite some time now.
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Industry Insight
The evolution of the ‘modern day intern’ EMPLOYMENT
In today’s workforce, students are faced with the stark reality that a university degree no longer provides the competitive edge it once did. Employers worldwide require (or at least desire) practical industry experience combined with tertiary education for entry level positions. You could say this is somewhat of a conundrum, expecting one to know their trade before they’ve learnt it – expecting one to build a house without being given the tools. The situation has forced a worldwide surge of students undertaking internships between academic semesters, desperate to gain valuable workplace experience and replacing the ‘Spring Break’ swimmers for a suit and tie. Whereas once an internship was looked at as free labour in exchange for resume blot and reference letter, it has evolved dramatically into employers and students alike valuing and promoting the experience. Employers may very well decide to hire the intern after graduation, saving time and money on future recruitment campaigns alongside employment training and development. Furthermore, they can incorporate someone familiar into the company structure, someone that knows the company culture, internal proceedings, job functions and can hit the ground running with minimal supervision.
By Miguel Gonzalez Ryan
UK Programme Director, We Find Group & The Global Internship
At the same time, an obvious shift has occurred with respect to the attitudes and expectations derived from students. Students walk into an internship expecting to be given crucial tasks and responsibilities, as well as being included in the workplace culture and internal proceedings. They not only want to learn about the ‘job’, they want to learn how to communicate in a professional manner, interact with clients and be exposed to networking opportunities to meet potential employers after graduation. These shifts in attitudes mean employers are becoming more open to developing future generations of young professionals and are quite happy to provide more involved responsibilities if they see someone young, enthusiastic and competent making positive contributions to the operations of the business. It’s hard to deny that the skills we develop through practical learning are more often than not the catalyst in determining our career professionalism, that is to say, success comes through learning your ‘trade’, and learning it well.
National Army Museum re-development MILITARY HISTORY
“To attempt to conquer America internally by our land force is as wild an idea as ever controverted common sense” Lieutenant General Edward Harvey, 1775 Times have changed and it is doubtful that Edward Harvey could have foreseen the strong military alliance that now exists between the United States of America and the United Kingdom. From monitoring rogue states to combating terrorism, the world would be very different without this partnership. The British Army has created many ‘punctuation marks’ in history. Its defeats have resulted in foreign occupation (Hastings in 1066), a change of dynasty (Bosworth Field in 1485) and the loss of empire (Yorktown in 1781). Its victories have saved the European balance of power (Blenheim in 1704), acquired half a continent (Quebec in 1759) and helped to turn the tide of war (El Alamein in 1942). Whatever fortune in battle dictated, the results have been momentous. Established by Royal Charter and with a collection that has grown to over one million items, the National Army Museum has been recording and conveying the British Army’s role in national and international history for almost 60 years. A recent £23.75 million redevelopment has created a modern and streamlined museum that examines 600 years of history, from the days of cavalry charges to the age of cyber warfare.
By John Palser
Head of Corporate Partnerships, National Army Museum
The British Army isn’t separate from our daily lives. It influences almost every aspect of them and, as such, the story told by the National Army Museum is not a traditional narrative. Visitors are able to experience genuine emotional connections to those who serve through stories encompassing bravery, integrity, humour, risk and sacrifice. Various surveys consistently rank the British Army as one of the UK’s most highly respected brands, a symbol of trust and reliability. We are sure that our fellow British American Business members will recognise the relevance of the National Army Museum to the world we live in today and appreciate the British Army’s role in supporting liberal institutions and helping to safeguard freedom.
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Policy
(Re)Building a single framework for transatlantic data flows Emanuel Adam
DATA
Director of Policy and Trade eadam@babinc.org Follow Policy on Twitter @BABPolicy
There is no question that the efficient use and exchange of data is critical for modern economies who want to take advantage of technological revolutions and disruptions. The volume and variety of data being created and analysed is rising every day. Data transforms our societies and its safe use is essential for enhancing a country’s competitive advantage. The ability to move data freely across the Atlantic is particularly important for the success of companies operating in the EU and the US. Transatlantic data flows are the highest in the world, much higher than data flows between the US and Asia and almost double the data flows between the US and Latin America 1. The ability to move data creates new business opportunities, lowers costs and makes employee mobility easier. Yet, while the future promises a steady increase of the use of data and transatlantic data flows, creating a single legal framework for the transatlantic economy is not as easy. Leaders in the EU and the US have spent a fair amount of time creating mechanisms that allow for the transfer of personal data across the Atlantic. The first major framework was Safe Harbour, which was introduced in 2000 as a response to the 1995 EU Data Protection Directive that does not allow for companies to transfer personal data to “third countries” outside the European Economic Area unless they guarantee adequate levels of protection. This framework in which US companies self-certified to comply was the primary mechanism under which more than 4,400 companies of all sizes, and across all industries, legally transferred data from the EU to the US for the next 15 years. In 2015 Safe Harbour was overturned by the European Court of Justice in the well-known case of Schrems v Data Protection Commissioner, leading to an improved framework called the EU-US Privacy Shield, which was adopted in July 2016. In the meantime, the UK had voted to leave the EU under whose authority the Privacy Shield had been agreed and negotiated; potentially further complicating a single transatlantic framework in the future. The existing framework, unfortunately, is also not as secure as it may seem. Even though it did not significantly change the existing data transfer program, the concerns being raised in Europe over 22
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President Trump’s approach to data privacy in the context of public safety showed once again the continuing fragility in the current relationship between the EU and the US on the topic. In that context, how can we (re)build a single framework for transatlantic data flows? The first step should be for the EU and the US – with participation from the UK – to ensure that the Privacy Shield, which will be up for review in June 2017, is strengthened and remains in place. This will provide the certainty needed for businesses to operate across the Atlantic and act as an anchor for the discussions in context of Brexit. Secondly, the UK should mirror existing EU data protection rules, particularly the EU General Data Protection Regulation (GDPR) which EU Member States have to transpose into national law by May 2018. Further, the UK should create appropriate national measures in data protection law that ensure future adequacy with European law. Lastly, the US, UK and EU should discuss early on how the unhindered flow of transatlantic data can be secured post-Brexit, particularly if a separate arrangement needs to be made between the UK and the US. 1
Meltzer, Joshua P. 2014: The Importance of the Internet and Transatlantic Data Flows for the US and the EU Trade and Investment
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Event Highlights Prize donors included: LONDON
The 2016 BAB Annual Christmas Luncheon held at The Dorchester was once again a fun and festive affair with more than 250 members and friends of BAB in attendance. Plans are already underway for the 2017 Annual Christmas Luncheon which will be held on 5 December.
Pre-Inauguration Event – What to Expect from a Trump Presidency Sponsored by EY Hosted by Aberdeen Asset Management On 10 January BAB welcomed Lewis Lukins, Deputy Chief of Mission at the US Embassy along with a panel of experts to discuss what US President Donald Trump’s domestic agenda might look like in the coming weeks and months.
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Ascot Racecourse, Barbican, Benares Restaurant, Chewton Glen, Ford, Fortnum & Mason, Hard Rock Cafe, Harrods, International Marketing Partners, Jeep, La Maison Maille, Links of London, London Symphony Orchestra, Mahiki, Mash, New Balance, Philharmonia Orchestra, RAA, Rosewood London, Seymour Valentine, Starbucks, The Athenaeum, The Dorchester, The Landmark London, United Airlines
Governor Kasich Roundtable Sponsored by Jobs Ohio Hosted by Marsh On 21 February Ohio Governor and Former GOP Presidential Candidate John R. Kasich addressed a BAB roundtable on the benefits of doing business in the State of Ohio.
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Event Highlights
NEW YORK
Ambassadorial Briefing with Matthew Rycroft Sponsored by KPMG and hosted by Hogan Lovells
Annual Christmas Luncheon 2016 – Christmas in Wonderland
UK Ambassador & Permanent Representative to the United Nations, Matthew Rycroft, provided a keynote presentation on the United Nations, Brexit and the changes in the United States Presidential Administration during his visit to New York.
Our New York partners welcomed over 420 individuals from nearly 60 companies to their 59th Annual Christmas Luncheon held at the iconic Pierre Hotel, overlooking Central Park. Featuring an Alice in Wonderland theme, and the “Master of NYC Burlesque” as Master of Ceremonies, members in attendance rang in the holiday season with gifts, humor and whimsy.
Business Briefing – Seeking to Qualify: Human Capital, the Gig Economy and Your Talent Brand Sponsored by ACCA (Association of Chartered Certified Accountants) Members in New York attended a luncheon briefing featuring insights from Thomson Reuters, Instinctif Partners, General Atlantic and Russell Reynolds Associates on the current state of the global talent landscape.
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Leadership Forum Session 4 with Sir Martin Sorrell Hosted by Young & Rubicam Group Members of New York’s Leadership Forum gathered to hear from WPP’s Group Chief Executive, and BAB’s International Advisory Board Chairman, Sir Martin Sorrell, at the final session of the 2016 series.
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Events Calendar
LONDON
March 2017
April 2017
May 2017
SME Forum: Growth and Expansion Challenges Wednesday 29 March 8am – 10am Sponsored by Delta/Virgin Hosted by Fragomen
Brexit Breakfast Briefing Tuesday 4 April 2017 8am – 9.30am Sponsored by Magrath LLP Hosted by Robert Walters
Culture of Inclusion – Diversity Beyond Borders Thursday 30 March 2017 Sponsored by Broadridge Hosted The University of Chicago Booth School of Business
CEO Roundtable with Ann Sarnoff, President BBC Worldwide North America Wednesday 5 April 2017 8am – 9.30am Sponsored and hosted by Willis Towers Watson Financial Services Forum Wednesday 19 April 2017 8.30am – 10am Hosted by Debevoise & Plimpton
Chairman’s Lunch with Chris Perry Thursday 30 March 2017 12.30pm – 2pm Hosted by Smith & Wollensky
Women’s Network Series – Designing Your Career Tuesday 9 May 2017 Sponsored by Broadridge Financial Services Hosted by University of Chicago Booth School of Business Spring Reception Wednesday 31 May 2017 6pm – 8pm Sponsored by Delta Hosted by Chelsea Football Club
June 2017 Annual Corporate Citizenship Awards at Merchant Taylors’ Hall Thursday 15 June 2017 7pm – 10.30pm
NEW YORK
March 2017 Brand Trust in a Post-Truth World Thursday 30 March 2017 Sponsored by Said Business School
Madison Avenue Style – A Networking Reception Wednesday 12 April 2017 Hosted by REISS
What’s the Story – Personal Narratives in Leadership Tuesday 4 April 2017 Sponsored by YSC
Does Globalism Have a Future in 2017 Tuesday 18 April 2017 Sponsored by Alston & Bird
New to New York Wednesday 3 May 2017 Sponsored by The British International School of New York
Exclusive Roundtable with Gillian Tett Wednesday 5 April 2017 Hosted by Herbert Smith Freehills
Spring Pub Quiz Wednesday 19 April 2017
EACC Annual Spring Social Thursday 18 May 2017
April 2017
May 2017
Executive Assistants Reception Thursday 27 April 2017 Co sponsored by Angela Mortimer & London Towncars of New York
View both London and New York’s full events calendar at www.babinc.org/our-events www.babinc.org
NETWORK
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The 14th Annual
CORPORATE CITIZENSHIP AWARDS DINNER
Putting Values Into Action 15 June 2017 Merchant Taylors’ Hall
Honourees Douglas Flint, Group Chairman, HSBC Holdings plc Arthur O. Sulzberger, Jr., Chairman, New York Times Company