I helped save Lloyd's of London. The personal touch keeps it alive
At the time he was working for the management consultancy McKinsey, but since May he has enjoyed something of a homecoming as the chairman of Lloyd's, which is known around the world for insuring almost anything — ships, oilrigs and even concerts, such as the ones Taylor Swift had to abandon in Vienna last year in the face of security threats.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
6 minutes ago
- Times
The Manchester college creating luxury watchmakers of the future
You've bought the mechanical watch you've had your eye on for a long time and take pleasure in wearing it. But eventually, especially if you strap it on daily, it might need a repair. At some future point it will also require a service to ensure it continues to function well. Think of it like this, says Jon Weston, the managing director of the Midlands-based Rudell the Jewellers, 'you've got an engine in a car running 24 hours a day for a period of time, how long could it last? While some new watches will run for ten years before needing a service, it's something that needs to be done over time. And someone experienced has to carry out the work.' You wouldn't want it to take months to repair your treasured timepiece. But in some cases it does. One of the reasons for the wait is because there's a worrying shortage of qualified watchmakers in the UK — and, according to the Federation of the Swiss Watch Industry, it's a worldwide problem. Positive changes in the watch world are driving this, from the unprecedented demand for luxury watches over the pandemic and since — which have often led to waiting lists and retailers displaying 'exhibition only' examples — to the public's increasingly enthusiastic embrace of vintage and pre-owned pieces, propelling businesses to seek more skilled technicians. Globally, the UK is a significant market, Weston says. 'For most luxury watch brands, it's in the top four. But if you sell twice as many watches that means you have twice as many for after sales servicing.' Also adding to staff shortages is the increasing number of watchmakers on the cusp of retirement. Helping to plug that gap is the British School of Watchmaking, the only school in the country to offer courses by the Watchmakers of Switzerland Training and Educational Program (WOSTEP), the industry gold standard accreditation for luxury brands and retailers. Gordon Bryan co-founded the Greater Manchester-based school in 2004. A trained watch and clock maker, he served an apprenticeship at Garrard and has worked with Asprey, Cartier, Breitling and Omega. While working at Signet Jewelers he was looking to employ watchmakers for the firm's branches. 'I was bench testing and all of them were unsuccessful,' he recalls. 'I moaned about it to a friend who said, why don't you do something about it? So I did.' It was a long haul. 'I'd studied at WOSTEP and they said they'd support us while the watch brands stepped up financial support, for machines and premises. It's important we give students the best equipment and facilities and keep the equipment up to date.' 'It had to be right,' Bryan says. 'We are nothing without the tutors, and it takes years to find them. Of course, they need to know the technical work but must have that inspirational factor. Now we have two tutors who have been students here, and the wheel has turned full circle.' The school turns out eight students annually, 16 every other year from a two-year course. It's a slow but steady roll out and 2021 saw the 100th graduate. The school offers two WOSTEP courses. There's a one-year, Service Watchmaker Course that prepares students for after sales services with eight places. Then there's the two-year Watchmaker Course which combines the syllabus with additional micromechanics training in which students learn how to create watchmaking components. A third industry-recognised course was introduced last year, WOSTEP's three-week programme teaching different polishing techniques. It's more a workplace than college, with 37.5-hour weeks and four weeks' holidays. Students are any age, and have ranged from 18 to 54. 'We've had very successful computer programmers, doctors, vets, joining the courses. More women are coming, and there's often a 50:50 split. At the moment there are two women with six men on the one-year course and all are sponsored by brands or retailers. I don't think we've had a student leave without a job' says Weston, who is one of the school's six trustees. 'It's not good enough to be taught by a colleague in the workplace. The WOSTEP qualification is internationally respected by the watch brands. It gives credibility to the student and what they've achieved.' The school has 35 well-known trade backers. 'Anyone who's anyone in the industry is a supporter,' Weston says. 'We were granted charity status in 2019 and we're providing a public service,' Bryan adds. 'The tutors are the only ones paid. It makes it so worthwhile to see the students collect their certificates at graduation with their families.' Two watches created by students on courses have been COSC-certified, surpassing tough standards set by the Swiss. 'We have to remember a lot of the important inventions in horology were made in Britain, there's so much history here,' Weston observes. 'It's so good now to be back producing quality watchmakers. One day, one of them might do something that is of a George Daniels [the legendary British horologist] level — or the ingenuity of [the contemporary British watchmaker] Roger Smith — so we'll be back up there.' And in the meantime, your watch will be back faster from a servicing.
The Guardian
2 hours ago
- The Guardian
Rising food prices driven by climate crisis threaten world's poorest, report finds
Climate change-induced food price shocks are on the rise and could lead to more malnutrition, political upheaval and social unrest as the world's poorest are hit by shortages of food staples. New research links last year's surges in the price of potatoes in the UK, cabbages in South Korea, onions in India, and cocoa in Ghana to weather extremes that 'exceeded all historical precedent prior to 2020'. Such price jumps not only affect local food security and health, particularly for the poorest in society, but have knock-on effects around the world. Unprecedented monthly temperatures in February 2024 after drought in late 2023 and early 2024 across Ghana and Ivory Coast, where 60% of the world's cocoa is grown, led to global prices for the commodity spiking by 300%. The high price of staples can have an impact on public health as low-income households cut back on expensive fruit and vegetables, according to the report from a team including the UK's Energy & Climate Intelligence Unit (ECIU), the European Central Bank (ECB), the Food Foundation, the Barcelona Supercomputing Center and Potsdam Institute for Climate Impact Research. The study investigated examples across 18 countries between 2022 and 2024 where price spikes were associated with heat, drought and heavy precipitation. It found food price spikes can have a wider economic impact, making it harder for economies to keep down overall inflation and so, for example, bring interest rates down. A hot dry spring in the UK this year, for example, partly drove unexpectedly high UK inflation figures published last week, dampening expectations for further interest rate cuts this summer. The report also suggests 'high rates of inflation can directly alter election outcomes in modern democracies'. Maximilian Kotz, a Marie Curie postdoctoral research fellow at Barcelona Supercomputing Center and the lead author of the report, said: 'It is clear the cost of living played a role in last year's election in the US.' He added: 'These effects are going to continue to become worse in the future. Until we get to net zero emissions extreme weather will only get worse, but it's already damaging crops and pushing up the price of food all over the world. 'People are noticing, with rising food prices No 2 on the list of climate impacts they see in their lives, second only to extreme heat itself. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'Sadly, when the price of food shoots up, low-income families often have to resort to less nutritious, cheaper foods. Diets like this have been linked to a range of health conditions like cancer, diabetes and heart disease.' Raj Patel, a research professor in the Lyndon B Johnson School of Public Affairs at the University of Texas at Austin, said: 'Food price inflation is always political.' For example, people in Mozambique took to the streets when the price of bread shot up after extreme heat in Russia, a big wheat producer, prompted the country to block exports to protect meagre supplies in 2010 meaning the price of wheat soared globally. The research is published ahead of the UN Food Systems Summit Stocktake on 27 July, where world leaders will meet to discuss threats to the global food system.
Finextra
2 hours ago
- Finextra
ECB accelerates digital euro preparation work
The European Central Bank is accelerating work on a digital euro to keep up with the "ambitious pace" set by EU leaders as the project's urgency increases in the face of geopolitical challenges including an increasingly hostile United States under Donald Trump. 0 In its third progress report on the preparation phase of a CBDC, the ECB acknowledges that since its last update in December, there has been an increased push from the continent's leaders to reduce its reliance on Visa and Mastercard. In March, leaders put out a statement warning that: "In a more fragmented and digital world, accelerating progress on a digital euro is key to support a competitive and resilient European payment system, contribute to Europe's economic security and strengthen the international role of the euro." In the latest report, ECB executive board member Piero Cipollone says: "We are pleased to see that our efforts remain on track as we keep working to deliver on the request of EU leaders to accelerate progress on a digital euro. In light of today's geopolitical and economic challenges, we welcome an ambitious pace for the legislative work." In recent months, the ECB has launched an innovation platform with around 70 market participants conducting technical tests of features such as conditional payments and exploring conceptual ideas and use cases for integrating the digital euro into the financial ecosystem. In parallel, the ECB has worked with small merchants, vulnerable consumers and under-represented groups through focus groups, interviews and collaborations with consumer associations to understand their needs, preferences and challenges to ensure the digital euro's design is as inclusive and accessible as possible.
