Sadiq Khan says his mission to Africa will boost London business
The trip started in Nigeria's biggest city, Lagos - and provided a chance to catch up with a number of firms from the city's growing tech sector. The message from Sir Sadiq was a clear one: partner up with London's tech firms - come and do business with us.Echoes perhaps of the drive during Covid when we were constantly told - "London is open".It was a message he repeated as he moved on to Accra in Ghana. Talking to students there he chose to fire a barbed message to his Labour colleagues in government - criticising proposals that could see universities having to pay a levy on international students' fees.Sir Sadiq talked of "the immense value international students bring to London and the UK" - and warned that "closing our country to global talent would be a pointless act of immense economic self-harm".
The mayor followed that up with the promise of the first business summit between Africa and London - to be held in the capital next year.John Dickie, the CEO of BusinessLDN, welcomed this pledge and backed the mayor's trip to Africa, saying: "London is a melting pot of communities, workers and businesses from across the globe."The mayor is absolutely right to bang the drum for closer ties with key high-growth markets. Boosting trade and investment links with the likes of Nigeria, Ghana and South Africa will benefit Londoners."As the tour started, the Conservative MP and shadow chancellor Mel Stride had suggested that the mayor should be back in London with "his hand on the tiller", addressing issues like shoplifting that affect small businesses.
While BBC London is not on the current mayor's tour of Africa, I have been on similar ventures with Sir Sadiq and his predecessors Boris Johnson and Ken Livingstone.What is interesting is the way they are generally greeted - the fact that being mayor of London is seen as a prestigious role - that London is regarded as a genuinely global city.It can often be at odds with how they are viewed by the people in their own city. There have, of course, been mishaps along the way. Livingstone's trip to Venezuela to meet president Hugo Chavez only made it as far as Cuba. And when he was mayor Johnson had to cancel a planned visit to the West Bank after fears of protests.Despite that, the visits will continue whoever is mayor - as will the rows over whether such trade missions bring real value to London.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
32 minutes ago
- Reuters
Wall Street gains, as oil ends lower in volatile trade
NEW YORK/LONDON, Aug 6 (Reuters) - Wall Street indexes gained on Wednesday on largely upbeat corporate earnings, and U.S. yields also rose, while European shares closed flat and broke a two-day winning streak. U.S. President Donald Trump issued an executive order imposing an additional 25% tariff on goods from India, saying the country has imported Russian oil. Oil prices seesawed and finished down, as Trump's remarks about progress in talks with Moscow created uncertainty on whether the U.S. would impose new sanctions on Russia. MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab rose 0.65% to 933.23. On Wall Street, the Nasdaq Composite (.IXIC), opens new tab led gains, rising 1.21% to 21,169.42 as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge. The Dow Jones Industrial Average (.DJI), opens new tab rose 0.18% to 44,193.12 and the S&P 500 (.SPX), opens new tab rose 0.73% to 6,345.06. "Earnings are seeing a mixed reaction. Particularly for a few of the AI names, expectations were just extremely high, but by and large, the earnings in aggregate have been good enough to keep a floor under the market," said Ross Mayfield, investment strategy analyst at Baird. Europe's broad STOXX 600 index (.STOXX), opens new tab closed 0.06% lower, dragged down by healthcare stocks after Trump announced a tariff plan for the pharmaceutical sector. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab closed lower by 0.08% to 654.33, while Japan's Nikkei (.N225), opens new tab rose 0.60% to 40,794.86. The health of the U.S. economy is a major focus for markets, and Wall Street closed lower on Tuesday after data showed services sector activity unexpectedly flatlined in July. That reinforced the message from Friday's soft jobs data, which caused markets to significantly increase bets on the Federal Reserve cutting rates in September. "There's this tug-of-war going on between the more concrete signs that we have seen that the U.S. economy is slowing and the fact that rate cuts are coming, which removes some of the pressure on valuations," said Samy Chaar, chief economist at Lombard Odier. Traders have been focused on tariff impacts. "The market is more focused on the fact that we're not getting maximalist tariffs, but I wonder if it isn't focusing enough on the fact that we are still getting something moderate, and more could be coming, pharmaceuticals for example," Chaar said. Trump on Tuesday said he would announce tariffs on semiconductors and chips in the next week or so, while the U.S. would initially impose a "small tariff" on pharmaceutical imports before increasing it substantially in a year or two. He said the U.S. was close to a trade deal with China, and he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement was struck. Brazil's government has filed a consultation request at the World Trade Organization over U.S. tariffs. In the government bond market, Treasury yields gained ground. The yield on benchmark U.S. 10-year notes rose 3.4 basis points to 4.23%, from 4.196% late on Tuesday. The yield on the benchmark German 10-year Bunds rose 0.2 basis points to 2.644%, from 2.642% late on Wednesday. Fed funds futures imply a 94% chance of a rate cut next month, with at least two cuts priced in for this year, according to the CME's FedWatch. Investors are waiting for Trump's pick to fill a coming vacancy on the Fed board of governors. Trump said the decision will be made soon, while ruling out Treasury Secretary Scott Bessent as a contender to replace current chair Jerome Powell, whose term ends in May 2026. The euro was up 0.68% at $1.1653. The dollar index , which measures the greenback against a basket of currencies, fell 0.5% to 98.24. Brent crude futures fell 75 cents, or 1.1%, to settle at $66.89 a barrel, while U.S. crude dropped 81 cents, or 1.2%, to settle at $64.35. Spot gold fell 0.36% to $3,368.65 an ounce. U.S. gold futures settled flat at $3,433.4.
Scottish Sun
an hour ago
- Scottish Sun
Primark owner to buy 135-year-old business in huge deal
It is expected to be announced at the end of the week Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) PRIMARK'S London-listed parent company is set to make a huge deal to buy a 135-year old business. The deal that will unite brands Kingsmill and Hovis under the same ownership is expected to be announced by the end of the week. Sign up for Scottish Sun newsletter Sign up 3 Hovis has been parented by private equity firm Endless since 2020 Credit: Getty 3 It is the second largest brand of slice bread in Britain Credit: Getty - Contributor Associated British Foods (ABF), which is the London-listed parent of Primark, are set to pay about £75 million to acquire Hovis, according to Sky News. The final touches of the landmark transaction between ABF and private equity firm Endless are reported to have been put in place on Wednesday. It will see ABF acquire the 135-year-old brand, with an announcement likely to come at the end of the week. The timeline, however, is subject uncertain and subject to delay as warned by banking sources. The second and third largest suppliers of packaged bread in Britain's major supermarkets will as a result come together in this deal. The move is therefore likely to ignite lengthy reviews from competition regulators. Sources in the industry have suggested that as a combined group, benefits of up to £50 million in annual cost savings could be made from the merger. The overall bakery market in the UK is estimated to be worth around £5 billion in annual sales, which equates to roughly £11 million loaves of bread sold each day. ABF owns Kingsmill's parent, Allied Bakeries, that has been struggling in recent years. Challenges have been linked to continual price inflation, changing consumer preferences and competition from other large rivals like Warburtons, as well as new entrants into the market. Huge A-list actress follows Samuel L Jackson and Robert De Niro to star in TV ads for bread firm Warburtons Family-owned business, Warburtons, is the largest bakery in the UK, with an estimated 34% share of the branded sliced breads. Hovis holds 24% and Allied Bakeries 17%, making their merger give them the largest segment of the market. Jon Jenkins, who is the current chief executive of Hovis, is also a former boss of Allied Milling and Baking. Prior to being owned by Endless, Hovis came under Premier Foods which also makes Mr Kipling, and the Gores family. The Hovis brand has a deep history, dating back to 1890, when its name was derived from the Latin 'Hominis Vis' meaning 'strength of man'. ABF has been seeing a number of changes in its brands, particularly with Primark recently. The merger from Primark's owner comes just months after the retailer introduced click & collect services in all its 187 stores across the UK. They also opened a brand new type of store, called Primark Home. The new iteration of Primark Home came just in time for the summer, and is dedicated to interiors for shoppers want a new range of homeware. The retailer also launched it's app for the first time in the UK just this week, with some greatly-anticipated features.
Reuters
an hour ago
- Reuters
Brazil's July iron ore exports hit record volumes
SAO PAULO, Aug 6 (Reuters) - Brazil exported 41.1 million metric tons of iron ore in July, breaking the country's previous record of 39.5 million tons set in December 2015, official data showed on Wednesday. Brazil is the world's second-largest exporter of iron ore after Australia. The steel-making material is also one of Brazil's main exports alongside oils and soybeans. The data comes as Brazil posted a $7.1 billion trade surplus for July, down 6.3% from a year earlier. Brazilian iron ore shipments, usually led by local miner Vale ( opens new tab, rose 4.7% in July from the same month last year, government data showed, even as revenues from these exports fell 8.8% to $2.62 billion as prices dipped about 13%. "June and July saw confidence rebound in the sector due to the progress of large projects in China and a resumption of production," Brazilian mining lobby group Ibram said in a statement. "This is one of the factors that may have influenced this demand," Ibram added, noting it also helped global prices to edge up from late June.
