Next Friday at 11am, up to a 1000 finance, business and economic experts will gather in the heart of London’s financial district to hear from an array of influential voices in this hour of Brexit, including amongst others: the ECB’s chief economist Peter Praet; the BoE’s chief economist, Andy Haldane; and the BIS’s head of research, Hyun Song Shin.
We had an inkling something like Brexit might happen, so we hedged our bets with programming contingencies (not least because last year’s emergency Greek panel looked like this):
Yes. Standing room only. Read more
Priority here is offered to those flying in to London specially for Camp Alphaville’s Festival of Finance on July 1. Tickets are very limited.
This post first went up three weeks ago, but we held a few dinner seats back while we sorted speaker / FT staff numbers. Hence some late availability…. Read more
That sound, and the chart above*, is the growth of UK online lending pretty much grinding to a halt. The big five platforms have, in aggregate, not grown much since about September 2015; the smaller players are about where they were 18 months ago. Read more
We’ve been trying to keep FTAV a Leave/Remain-free zone. But this, courtesy of Allan Monks at JP Morgan, is actually useful in that it extends beyond polling day. Click the image to enlarge…
In the course of bringing you
the FT’s Festival of Finance Camp Alphaville, the FT Alphaville team has stumbled into a modern day administrative nightmare which we presume applies more broadly to everyone.
It seems, if you put one team into a position where they must liaise with at least three separate departments simultaneously, then give them all access to a version-controlled shared drive without a clearcut executive process to go with it, what you end up with isn’t work-flow harmony but unbounded database hell. Read more
Once upon a time, going public was the pinnacle of achievement for a tech entrepreneur.
This is no longer the case. Tech IPOs have taken a major hit and startups are staying private for longer.
The US IPO market in general is experiencing the slowest year since the financial crisis, but it has been a particularly quiet year for tech IPOs, with only a few companies going public in the US. Read more
This is from the LSE’s Tirthankar Roy and can serve as an appetiser of sorts to our talk at Camp Alphaville with Nandan Nilekani, Mihir Sharma, Facebook’s Richard Allen and author and critic Brett Scott about so-called tech colonialism and the fun that was Free Basics (a proposal by Facebook to give limited access to a number of websites for free) being shut down in India.
It’s broad stuff but you’ll see why we’re highlighting it:
Let me start with a statistical parallel. If we divide Indian GDP into three segments – agriculture, government, and private enterprise outside agriculture (industry, trade, transport, and financial services, mainly) – we observe that between 1900 and 1947 there was impressive growth in private enterprise, and inertia in agricultural income and the government. After the economic liberalisation of the 1990s, that is, between 1990 and 2016, there was again much faster growth in non-agricultural private enterprise than in agriculture and the government. In the middle decades of 1950-1990, when India followed a deeply protectionist and insular policy, private enterprise moved relatively slowly.
What was similar between the colonial times and the post-reform years? The answer is openness.
City AM has announced plans to turn the commercial model upside down by no longer relying just on journalists to report the news but also articles from a raft of other contributors – including corporate brand and advertising PR people — who would have direct access to the publication’s content management system.
Here’s City AM owner Jens Thorpe’s rationale for the move, as reported by media consultant Ian Burrell in his column for The Drum: Read more
As is mandatory, we have a China panel at this year’s Finance Festival (née Camp Alphaville) on July 1. It’s currently slated for 1300 on the main stage.
The authoritative voices that are Michael Pettis, Anne Stevenson-Yang of JCap and the Economist’s Simon James Cox will be present on that stage and ready to field your questions concerning debt, reserves, the RMB, Xi who must always be named, entrenched elites, overcapacity, supply side reforms, the interbank market, WMPs, SOEs, defaults etc etc.
By way of a trailer, however, Pettis is out with two new pieces. Read more
That global trade has disappointed in the last half-decade is clear, but the causes and consequences of the slowdown are poorly understood and the source of much debate.
What, if any, is the right relationship between trade and global output? Is the slowdown in trade growth the result of protectionist policy and sentiment, or does it represent a fundamental but mysterious shift in the global economy? How much does it even matter? Read more
Rapper Notorious B.I.G. may have said it best when he sang, “Mo money, mo problems.”
The global uber rich have no shortage of complaints right now, given volatile markets where we have witnessed the combination of the commodities downtrend, the unwinding of petrodollar flows, banks getting fined for managing secret accounts and the arrival of negative interest rates. Read more
There is no doubt the rise of the robots has thrown the future of work itself into question. Will we see a rise of the useless class?
It seems the drumbeat of the robot and jobs apocalypse grows ever louder by the day, but while some workers have been replaced by machines, elsewhere the human has proven more resilient than perhaps expected. And perhaps the elimination of menial tasks has freed us up to do more interesting work. Simultaneously, cheap labour has made it more efficient to turn humans into automatons than to displace us entirely. Read more
And is the connection between China Molybdenum and Freeport, one of Africa’s largest copper mines — which it bought for $2.7bn earlier this month — also something to do with cobalt? It surely is too. China’s security of cobalt supply. Read more
A couple of weeks ago, Bank of America Merrill Lynch put out a research note titled: “The Silver Economy — Global Ageing Primer”.
The document, by equity strategists Beija Ma, Sarbjit Nahal and Felix Tran, is long. Really long. Like, 232-pages long. And people are scared they might be subsumed into the silver economy before they finish it.
In the run up to Camp Alphaville on July 1, we’re profiling the panels and discussions we’ve got lined up by trying to explain why we chose the subject in the first place.
So here’s the rationale and background to the “End of the Free Internet” panel which I will be moderating at noon on the day, featuring the FT’s chief commercial officer, Jon Slade, Deutsche Bank’s chief data officer JP Rangaswami, Ctrl-Shift’s strategy director Alan Mitchell, and Felix Salmon, senior editor at Fusion and general besserwisser.
The premise is simple: the days of free content, free web platforms, free digital services and freemium generally may be coming to an end.
The key to this about turn is the long term un-sustainability of cross-subsidised business models based on advertising or data resale, as well as the true cost of supporting and protecting our internet infrastructure from tragedy of the commons side-effects. When the bow breaks — and it will, because fixed costs are a real thing, people don’t like watching ads, and privacy is a big deal — the economic impact could be much more severe than anyone expected. Read more
How about this for a wheeze?
Tell your boss that on July 1 you are going to some boring conference called the FT’s Festival of Finance in the City, where you’ll be able to focus on some potentially market-moving remarks from the ECB’s chief economist, Peter Praet, and also catch a discussion with one of the sharpest financial brains on the planet, Hyun Song Shin.
But really it’s Camp Alphaville, so you can also grab a VR headset and play this as well! Read more
There’s a discount. Just for today.
And there’s a code: Friday13th. Use it here.
The authorities here had led the Alphaville team to believe there would be no special price reductions for the FT’s Festival of Finance (née Camp Alphaville) on July 1, at the Honourable Artillery Company, London EC1. There was supposed to be just one high-value rate: £120, including VAT.
That’s turned out to be rubbish. Read more
This year Camp Alphaville has been rebranded the FT’s Festival of Finance.
It’s on July 1, at the usual place: The HAC Royal Artillery Gardens, just by Moorgate.
More info about the venue, ticket prices and registration details can be found here.
But now… the much awaited details of our jam-packed agenda. (Some of the timings and panels, though, are still subject to change.) Read more
No, we haven’t forgotten about the rest of you.
The 2014 Great Alphaville Quiz was such a hit that we decided to team up with Marketcolor – a London-based news app and content marketing agency. They developed a spiffy new real-time multiplayer quiz for CampAV 2015.
By popular demand — we’ve put the app up online*. Read more
Credit Suisse’s Zoltan Pozsar’s slides from Camp Alphaville on The Global Financial Ecosystem 2000-2020: Evolution, Disruption, Calibration, and the paper upon which they are based, below.
Do click through this, in no way simple, chart for the former:
Should Greece want to leave the euro? Lorcan Roche Kelly and Lars Christensen debate a recent post over at Lars’s blog. A fun and vigorous debate but some possibly NSFW language:
Last one — a chat with Zoltan Pozsar (in front of the Faces of Alphaville shooting gallery) on the safety of the US financial system, global regulatory architecture, and the Fed’s reverse repo facility:
Cardiff Garcia chats with Diane Coyle, the head of the consultancy Enlightenment Economics about the diminishing relevance of GDP. They also touch on the risks of big data and the ethical issues surrounding it. Diane highlights what building strategies we should be adopting from the Victorians.
Cardiff Garcia and George Magnus take a tour of the world’s market from a marquee at Camp 2015 — covering why EMs need to get more growth from less input, why although China has a plan, there’s very little proof it has a good plan, why the difference between Greece today and Greece in 2012 is Spain and why the US story is less depressing than the rest. Read more
In which FT Alphaville’s Izabella Kaminska and Henry Farrell, political economy professor at George Washington university discuss the process by which anarchic markets self-organise into governmental structures… whether they like it or not. Read more
For those who couldn’t join the FT Alphaville team in the sweltering heat on Wednesday at Camp Alphaville, here’s a recap courtesy of the FT video team.
Cardiff Garcia starts by asking Zoltan Istvan — writer, futurist, philosopher and 2016 US presidential candidate for the Transhumanism party — what exactly is transhumanism all about? Read more
Well, you won’t need your wellies. Here’s the forecast for Wednesday…
We too can rip up our promised programme to respond to the evolving wants and desires of the Camp Alphaville polis.
As of pixel time, Wednesday’s “The Untouchables: The Saga of Weird Emerging Market Sovereign Bonds” debate becomes the “Last minute Greek emergency session” panel — to be moderated by our resident sovereign default expert Joseph Cotterill (who also doubles up as the FT’s private equity correspondent).
Joseph will be joined by:
- Paul McNamara, Investment Director, Emerging Markets, GAM Holding AG
- Gabriel Sterne, Head of Global Macro Research, Oxford Economics
- Rodrigo Olivares-Caminal, Professor of Banking and Finance Law, Queen Mary University London
Aesthetic delight, historical artefact or a top quality investment?