Business Extra

Can Rishi Sunak tame the UK economy?

New British Prime Minister Rishi Sunak must tackle what he has called a “profound economic crisis”. He vowed the priority of the government would be to “reduce inflation", describing it as “indeed the enemy”.

 

Under Mr Sunak's predecessor Liz Truss, the UK government attempted to prioritise populist measures such as tax cuts without reducing spending. This triggered a violent reaction from the bond market. It resulted in Ms Truss stepping down and a third leader for the country this year.

 

Investors remain nervous about the shape of UK fiscal and economic policy. Will Mr Sunak settle these concerns down and put the country back on a more steady footing, facing down both the energy and cost-of-living crises? Or will circumstances prove beyond his control?

 

London deputy bureau chief Paul Carey discusses the uncertain outlook with host Mustafa Alrawi.

 

In this episode:

Has the UK political scene stabilised now? (1m 10s)

UK budget statement delayed (4m)

Challenges facing Rishi Sunak and lowering expectations (6m 18s)

UK’s cost of living problem (7m 29s)

Is the UK public tiring of politicians and politics? (9m 21s)

What’s the outlook for the UK’s economic future? (11m 13s)

 

Read more on our website:

• Why the UK is facing an energy price crisis

• Liz Truss's downfall and the problem with markets dictating government policy

• Pound sterling rallies as markets react to Liz Truss's resignation

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What is driving energy markets

Brent crude prices are above $90 a barrel as recession worries and the impact on oil demand weigh against other factors, including US policy moves.

 

Following friction between the Biden administration and Opec+ producers over their decision to reduce output, politics has taken over the discourse around energy markets.

 

With the Ukraine conflict still without a solution and climate action critical, how will shorter-term considerations play out over the weeks and months to come?

 

Regular The National contributor Robin Mills, chief executive of Qamar Energy, talks to host Mustafa Alrawi about the uncertainty.

 

In this episode:

The main factors dominating the discussions around energy and crude oil (1m)

Does Ukraine remain a major factor? (3m 17s)

Political fallout effecting the energy markets (7m 5s)

Climate change and obtaining the right energy mix is not front and centre (10m 9s)

How much does the energy markets really serve us? (14m 35s)

 

Read more on our website:

• Opec+ decision to cut output 'technical' and 'right' measure, UAE energy minister says

• IEA cuts oil demand growth forecast as recession risks loom

• Disruption is the new normal

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What the IMF’s forecasts mean for the Middle East

The head of the IMF, Kristalina Georgieva, this week starkly warned of the possibility of a global recession during the organisation’s annual meeting in Washington DC.

 

“We cannot possibly allow inflation to become a runaway train - it’s bad for growth and bad for people,” she said. “Bad especially for poor people.”

 

The National's Editor-in-Chief Mina Al-Oraibi and US correspondent Willy Lowry discuss the IMF's reduced growth projections for the year ahead - and ask: what does it mean for the Middle East?

 

Read more on our website:

• IMF cuts 2023 growth forecast and warns 'worst is yet to come'
• US inflation hits 40-year high
• IMF chief warns of risks of 'runaway' inflation

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Disruption is the new normal

Alix Partners, the global consulting firm, has launched a Middle East Disruption Index to examine the impact of trends such as climate change, technological advances and geopolitics on businesses and trade in the region.

The survey showed 78 per cent of chief executives in the UAE and Saudi Arabia are confident in their company’s ability to withstand disruptive forces. However, there is also a lot of uncertainty with two thirds afraid that the disruption will ultimately displace them. Concerns over finding the right talent and also making effective investments in technology also cloud the outlook.

Rob Hornby, Head of EMEA, AlixPartners and Gabriel Chahine, Middle East AlixPartners Lead speak to host Mustafa Alrawi about how disruption has become a new normal for organisations and companies.

In this episode:

The disruptive forces in the Mena region (0m 08s)

The role of the executives in disruption (5m 03s)

Climate change being a part of executive decisions and investing in the right talent (8m 30s)

Are we in control of disruption? (14m 54s)

 

Read more on our website:

• Economic recovery ‘like no other’: IMF, McKinsey, OECD experts tell PCR podcast series
• PCR podcast: two faces to the recovery in the Middle East and North Africa
• PCR podcast: how to manage the energy crisis

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Influence of Middle East art and culture

A growing arts scene in the Middle East and North Africa over the past decade has both supported economic diversification and also been a sign of its success. Following the Covid-19 pandemic and amid concerns about the outlook for the region, can arts and culture maintain its momentum?

Dr Ridha Moumni, Christie’s Middle East deputy chairman, talks to host Mustafa Alrawi about the auction house's role in growing the sector in the region and beyond.

In this episode:

The influence of arts and culture in the Mena business and commercial landscape (0m 10s)

How the pandemic changed the art industry (3m 13s)

The outlook for Arab and Middle Eastern contemporary art (6m 41s)

Why does Mena art matter? (10m 42s)

The art of collecting art (13m 12s)

 

Read more on our website:

• NFTs and how Sotheby's is courting a new generation: Business Extra
• Christie's Dubai opens its Contemporary Middle Eastern Art show with masterpieces on view
• Biggest auction sales of 2021: from Beeple's NFT record to the Macklowe Collection

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Society’s role in energy transition

With the world facing an energy 'trilemma' as it makes the push towards net zero carbon emission to help mitigate global warming, a bottom-up approach is needed to match the efforts of government and business.

That's according to Dr Angela Wilkinson, the Secretary General of the World Energy Council, who joins host Mustafa Alrawi to discuss all aspects of the energy transition.

Why the UK is facing an energy price crisis

The National's London Bureau Chief Damien McElroy explains why the crisis has come about and discusses which direction the country might head next under such pressure, with host Mustafa Alrawi, including the possibility of a radical shake up of the social contract.

In this episode:

The cost of living and the energy crisis in the UK (0m 15s)

The 'Brexit discount' and UK's readjustment (6m 58s)

Is politics a solution? (9m 22s)

UK government's help for individual and businesses (15m 01s)

Knock on effect of the energy crisis (17m 48s)

 

Read more on our website:

• Britain's energy crisis explained as cost of living woes await new PM
• Liz Truss 'favours targeted support' to ease UK's cost of living crisis
• A quarter of UK parents with school-age children do not plan to use heating this winter

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Four day work week?

More than 3,000 workers at 70 companies in the UK began a six-month trial of a four-day working week in June.

Researchers will work with each organisation to measure the effects on productivity and the well-being of its workers, and on the environment and gender equality. The trend toward new patterns of work has accelerated following the Covid-19 pandemic.

Charlotte Lockhart and Andrew Barnes, from non-profit 4 Day Week Global, talk to hosts Mustafa Alrawi and Kelsey Warner about how they are building a community to research four day work week practices and identify the future of work.

In this episode:

Will the 4 day work week be a reality? (0m 13s)

Measuring performance and adapting to the change (3m 52s)

Bringing all the sectors together (6m 53s)

Handling bad management, the 'grind' culture and the great resignation (11m 53s)

Will the trend last or will we revert back? (15m 58s)

 

Read more on our website:

• Companies could save $206bn by adopting remote working and ease inflation pressures
• Will the world follow the UAE's modernised working week?
• Belgian workers can ask for four-day week in first for Europe

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Takeo Kanade on rise of robots

Automation and robotics are becoming mainstream and have emerged from beyond heavy industry in recent years. They can be found across sectors such as health care, tourism, retail, F&B and mobility.

Investment and research into the field has also picked up including here in the UAE where Mohamed bin Zayed University of Artificial Intelligence, or MBZUAI, is supporting local ambitions. Robots were also on hand to help visitors at Expo 2020 Dubai.

Prof Takeo Kanade of Carnegie Mellon University talks to hosts Mustafa Alrawi and Kelsey Warner about how advances in robotics are changing the way we live and work.

In this episode:

The difference between AI, machine learning and robotics (0m 16s)
The hurdles of applying autonomous transport in the real world (3m 31s)
The opportunities for business leaders in robotics and AI (12m 16s)
The future of robotics and large scale adoption (14m 59s)

 

Read more on our website:

• Will staff shortages bring about the rise of the robots?: Business Extra
• Abu Dhabi to open AI research centre to drive high-tech innovation
• Can robots care? A conversation with the World Economic Forum's head of AI: Business Extra

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Closing the gender gap in Middle East and North Africa

The Global Gender Gap Report 2022 — released by the World Economic Forum last month — said countries will take another 132 years, compared to 136 in 2021, to close the gap between men and women in the workforce. In Mena, this figure stands at 115 years.

Overall, the gap has widened compared to before the pandemic and the lack of equity for women, particularly in management roles, has become a crisis. With the challenges facing business such as climate change, inflation and technological shifts, diversity of leadership as well as staff, will build resilience to cope with such an unprecedented era of change. And the Covid-19 pandemic has accelerated a long-term global trend of more women founding their own businesses, according to the professional social networking site LinkedIn.

Sue Duke, vice president of global public policy and economic graph at LinkedIn, which provides insights and data to research including the Forum's report, talks to host Mustafa Alrawi about the risks and opportunities involved in closing the gender gap.

In this episode:

LinkedIn's perspective on the gender gap (0m 09s)
The best practice for closing the gender gap (4m 49s)
Reimagining work to achieve equity (11m 36s)
The benefits from closing the gap (15m 13s)

 

Read more on our website:

• Bucking Covid-19 trend, Saudi women take job market by storm: Business Extra
• Gender equality should be a truly universal aspiration
• Gender equality is critical to UAE’s global competitiveness, economy minister says

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