Latest news with #MartinGilbert
Press and Journal
21-05-2025
- Business
- Press and Journal
Aberdeen energy workers at risk of losing jobs demand end of windfall tax
More than 2,500 people – including dozens of energy workers who face losing their jobs at Harbour Energy – are demanding an end to the windfall tax in oil and gas profits. In an open letter to Prime Minister Sir Keir Starmer they highlight the 'devastating blow' of the firm's announcement that it intends to cut 250 jobs in Aberdeen. The oil and gas producer, which is the largest in the UK, blamed the decision on the damage caused by the UK Government's Energy Profits Levy. More than 70 signatories work at Harbour Energy, alongside a number of unemployed North Sea workers whose jobs have already been cut. Around 300 business leaders have signed the letter, including businessman Martin Gilbert and energy industry veteran Sir Ian Wood. It warns of the potential for 'deindustrialisation and mass unemployment'. The letter points to a further 300 job losses in the supply chain over recent weeks, contributing towards 10,000 job losses overall since the tax was introduced by the Conservatives in 2022. It was raised and extended to 2030 by Labour Chancellor Rachel Reeves last year. It states: 'In short, we are at grave risk of losing the world-class company and skills base that will be required to deliver offshore wind, green hydrogen and carbon capture projects at pace at such time they are available commercially at scale.' The letter claims incoherent government policy will end oil and gas early and make the UK rely on imports. 'The situation is absurd, and we urge you to act now before it's too late,' it adds. The letter received support from Aberdeen Cyrenians and Cash for Kids charities – organisations supporting vulnerable people and tackling poverty in the north-east. In her budget last year, Ms Reeves, announced the tax on profits would increase from 35% to 38% and extended it by a year to March 2030. This brings the headline rate of tax paid by operators to 78%. The UK Government described Harbour Energy's decision as a 'commercial' one and vowed to support workers and communities. A spokesman said: 'The government has reformed the Energy Profits Levy to support investment and give industry certainty and stability.'
The Print
29-04-2025
- Business
- The Print
Piyush Goyal meets business leaders in London to boost India-UK investment and trade ties
Goyal is on a two-day visit to London for a series of discussions aimed at deepening economic cooperation. London [UK], April 29 (ANI): Union Minister of Commerce and Industry Piyush Goyal's meetings in London, focused on boosting investment ties and strengthening bilateral trade between India and the United Kingdom. On the first day of his visit, Goyal met with various industry leaders to explore new opportunities. He held a meeting with Martin Gilbert, Chairperson of Revolut App, where they discussed the immense growth potential in India's fintech ecosystem. They also spoke about the importance of partnerships with global players to drive innovation and support the sector's expansion. In a social media post, the minister said, 'Met with Mr. Martin Gilbert, Chairperson, @RevolutApp. Exchanged views on the immense opportunities in India's fintech ecosystem and the importance of partnerships with global players to drive innovation and growth.' Goyal also met with Al Cook, CEO of De Beers Group, and his team. Their discussions focused on global trends in the Gems and Jewellery sector, India's opportunities in the industry, sustainable practices, and the growth prospects for the diamond business. Later in the day, Goyal interacted with members of the Indian business delegation over dinner. The discussions centered around the strong growth of Indian industries and explored avenues for greater collaboration with the UK for mutual prosperity. The minister said in another post, 'Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity.' Earlier, on arrival in London, he met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds, to advance negotiations for a Free Trade Agreement (FTA) between the two nations. Ministry of External Affairs spokesperson Randhir Jaiswal said that the talks on the Free Trade Agreement (FTA) between India and the UK are being relaunched, and both sides are committed to moving the agreement forward. While addressing a press briefing on April 9, Jaiswal said that seven rounds of talks between India and the UK have been held, and both sides are keen to move these negotiations forward. When asked about India's FTA talks with the UK, Randhir Jaiswal said, 'The FTA talks with UK are in the process of being relaunched and both sides remain committed to taking it forward. If my memory serves me right, think seven rounds have happened. This will be the eighth round and both sides are keen to conclude this or take these negotiations forward so that we can have an early conclusion of the FTA talks.' (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Time of India
29-04-2025
- Business
- Time of India
Piyush Goyal meets business leaders in London to boost India-UK investment and trade ties
Union Minister of Commerce and Industry Piyush Goyal 's meetings in London, focused on boosting investment ties and strengthening bilateral trade between India and the United Kingdom. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Goyal is on a two-day visit to London for a series of discussions aimed at deepening economic cooperation. On the first day of his visit, Goyal met with various industry leaders to explore new opportunities. He held a meeting with Martin Gilbert, Chairperson of Revolut App , where they discussed the immense growth potential in India's fintech ecosystem. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Only $49 to get all the TV channels? It's now possible Techno Mag Undo They also spoke about the importance of partnerships with global players to drive innovation and support the sector's expansion. In a social media post, the minister said, "Met with Mr. Martin Gilbert, Chairperson, @RevolutApp. Exchanged views on the immense opportunities in India's fintech ecosystem and the importance of partnerships with global players to drive innovation and growth." Live Events Goyal also met with Al Cook, CEO of De Beers Group , and his team. Their discussions focused on global trends in the Gems and Jewellery sector, India's opportunities in the industry, sustainable practices, and the growth prospects for the diamond business. Later in the day, Goyal interacted with members of the Indian business delegation over dinner. The discussions centered around the strong growth of Indian industries and explored avenues for greater collaboration with the UK for mutual prosperity. The minister said in another post, "Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity." Earlier, on arrival in London, he met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds, to advance negotiations for a Free Trade Agreement (FTA) between the two nations. Ministry of External Affairs spokesperson Randhir Jaiswal said that the talks on the Free Trade Agreement (FTA) between India and the UK are being relaunched, and both sides are committed to moving the agreement forward. While addressing a press briefing on April 9, Jaiswal said that seven rounds of talks between India and the UK have been held, and both sides are keen to move these negotiations forward. When asked about India's FTA talks with the UK, Randhir Jaiswal said, "The FTA talks with UK are in the process of being relaunched and both sides remain committed to taking it forward. If my memory serves me right, think seven rounds have happened. This will be the eighth round and both sides are keen to conclude this or take these negotiations forward so that we can have an early conclusion of the FTA talks."
Mint
29-04-2025
- Business
- Mint
Piyush Goyal meets business leaders in London to boost India-UK investment and trade ties
London [UK], April 29 (ANI): Union Minister of Commerce and Industry Piyush Goyal's meetings in London, focused on boosting investment ties and strengthening bilateral trade between India and the United Kingdom. Goyal is on a two-day visit to London for a series of discussions aimed at deepening economic cooperation. On the first day of his visit, Goyal met with various industry leaders to explore new opportunities. He held a meeting with Martin Gilbert, Chairperson of Revolut App, where they discussed the immense growth potential in India's fintech ecosystem. They also spoke about the importance of partnerships with global players to drive innovation and support the sector's expansion. In a social media post, the minister said, "Met with Mr. Martin Gilbert, Chairperson, @RevolutApp. Exchanged views on the immense opportunities in India's fintech ecosystem and the importance of partnerships with global players to drive innovation and growth." Goyal also met with Al Cook, CEO of De Beers Group, and his team. Their discussions focused on global trends in the Gems and Jewellery sector, India's opportunities in the industry, sustainable practices, and the growth prospects for the diamond business. Later in the day, Goyal interacted with members of the Indian business delegation over dinner. The discussions centered around the strong growth of Indian industries and explored avenues for greater collaboration with the UK for mutual prosperity. The minister said in another post, "Interacted with members of the Indian business delegation over dinner. Discussed the robust growth of our industry and avenues for greater collaboration with the UK for mutual prosperity." Earlier, on arrival in London, he met with the UK's Secretary of State for Business and Trade, Jonathan Reynolds, to advance negotiations for a Free Trade Agreement (FTA) between the two nations. Ministry of External Affairs spokesperson Randhir Jaiswal said that the talks on the Free Trade Agreement (FTA) between India and the UK are being relaunched, and both sides are committed to moving the agreement forward. While addressing a press briefing on April 9, Jaiswal said that seven rounds of talks between India and the UK have been held, and both sides are keen to move these negotiations forward. When asked about India's FTA talks with the UK, Randhir Jaiswal said, "The FTA talks with UK are in the process of being relaunched and both sides remain committed to taking it forward. If my memory serves me right, think seven rounds have happened. This will be the eighth round and both sides are keen to conclude this or take these negotiations forward so that we can have an early conclusion of the FTA talks." (ANI) First Published: 29 Apr 2025, 08:12 AM IST
Press and Journal
26-04-2025
- Business
- Press and Journal
Aberdeen's Martin Gilbert reflects on rollercoaster ride in global finance
From a modest office above Number 10 Wine Bar in Aberdeen to commanding billion-pound boardrooms across the globe, Martin Gilbert's career arc is the stuff of business legend. As co-founder and long-time CEO of Aberdeen Asset Management, Martin helped build one of Scotland's greatest modern corporate success stories. Nearing 70, he's still charging ahead as chairman of Revolut — Europe's fastest growing fintech— and as board member of Glencore, one of the world's largest mining giants. 'I don't know where the years have gone, but the good thing is I still think I'm 30,' he smiles. Both Martin and his wife Fiona, a professor of radiology at the University of Cambridge, are as busy as ever. 'I know it's a weird thing to say, but it's quite nice to still remain relevant,' says Martin. 'I still enjoy the thrill of business.' That thrill is clearly mutual. This week, Revolut's reported profits had more than doubled in 2024, up 148% to £1 billion. Gilbert beams at the mention. 'It's an amazing company. I really enjoy being part of a business that's growing again.' Born in Malaysia where dad Jim managed a rubber plantation, Martin spent his early childhood enjoying the freedom of the tropical outdoors, before being sent to board at Robert Gordon College in Aberdeen. 'It was a complete contrast,' he recalls. 'Aberdeen is as far away from being tropical as you can get.' He remembers the long-haul flights between Asia and Scotland as being more like a local bus route. 'You stopped about five times before you arrived, it was long,' he says. Still, the experience of travelling solo at a young age gave him the confidence to see the world differently. After school, he studied accountancy and law at the University of Aberdeen – the late British MP Alistair Darling was in the same year. This was followed by training at local firm Mestern & Company, later acquired by Deloitte. 'If you're going to do accountancy, do it at a small firm, you get real variety of work.' That breadth of training, he says, was like a real-world MBA and instrumental to understanding how to both build and dissect a balance sheet. That grounding would come in handy when George Robb—one of the founding partners of what would become Aberdeen Asset Management—offered Martin a role. At the time, fund management was little more than a cottage industry. Martin admits he didn't fully understand what being a fund manager entailed, but he took a risk. 'I knew what shares were, so I suppose that was an advantage.' Aberdeen Asset Management officially launched in 1983, and from that point, Martin set out on a decades-long journey that would see the firm become a global investment powerhouse, overseeing hundreds of billions in assets. 'We were fortunate. I'm a big believer in luck,' he says, 'but you have to take advantage of it when it comes.' Martin's stroke of luck in life was being born in Malaysia. 'I saw the opportunity in Asia,' he says. 'I saw the work ethic there and how Asia would be the engine of the world.' The firm's first acquisition? An Asian asset manager. 'If I'm being honest, we really built Aberdeen on the back of investing money from America and Europe into Asia.' And while the company's main operations eventually spread to London, Edinburgh, and Singapore – with 40 offices worldwide – it remained headquartered in Aberdeen. 'It was a big operation. We were, by accident, headquartered in Aberdeen,' he smiles, 'The senior management were all from Aberdeen, which is astonishing. 'We built Aberdeen on the back of people from Aberdeen.' This wasn't by design, he insists, but rather a reflection of the talent pool that emerged from local institutions like Robert Gordon's College. His first major hire, Bill Rattray, epitomized the company's evolution—from preparing accounts when turnover was £100,000 and profits were just £13, to helping steer a firm with revenues in the billions. 'We made careers for hundreds of people. That's what I'm most proud of. How many talented people we made.' Reflecting on his leadership style, Martin says he could be hard and driven, but staff demonstrated 'amazing' loyalty. He jokes about being lazy, but what he really means is he delegates well. 'Leadership is mostly about making decisions and helping others make decisions,' he says. '99 times out of a 100 people know the answer, they just want confirmation.' But it was during moments of crisis that Martin's mettle truly showed. Between 2002 and 2004, Aberdeen Asset Management faced intense scrutiny during a regulatory investigation into split-cap investment that nearly sunk the company. Martin was brought before a treasury committee and branded a 'snake oil salesman' by MP John McFall. He describes it as both the lowest and the proudest moment of his career. Yet remarkably, not a single client – or key employee – walked away. 'I'm not proud of how we got ourselves into that, but I am proud of how the company reacted to it. We came out a better company, we were stronger. 'It's how you deal with the tough times. You learn from that. 'After that, nothing really bothered me. Once you've been in front of two treasury select committees and ripped apart in public by Lord McFall, as he is now, you think you can deal with everything after that.' The culmination of that recovery? The transformative acquisition of Deutsche Asset Management, which tripled the firm's size and set the stage for its eventual merger with Standard Life in 2017. Even now, Martin doesn't dwell on past decisions. 'You can depress yourself that way,' he says. 'We had 30 really good years with a blip in the middle. We built up a massive, global business. 'The key is not to look back. Once you move on, just move on.' These days, Martin's calendar remains packed. As chairman of Revolut—Europe's most valuable fintech startup—he finds himself once again in the thick of it. 'Revolut is an amazing company,' he says. 'Its most recent valuation was $45bn. When I left Aberdeen, they were about the same size. Now, look where they are.' His involvement with Glencore, one of the world's largest mining firms, gives him a front-row seat to global commodities, sustainability, and energy transitions. 'It's the intellectual challenge I love,' he admits, 'things like understanding why copper is so critical to our future.' Despite his global commitments, Martin's roots remain firmly in Aberdeen. He still owns a home in Milltimber overlooking the River Dee and has investments in local pubs and hospitality. And though he won't interfere in politics, he's vocal about supporting both oil exploration and the renewable transition. 'Whenever I speak to Labour and SNP politicians at the moment I say 'people in Aberdeen find your policy bewildering',' he says. 'Why would you want to import oil rather than search for it yourself and have political stability? They have no real answer for it.' When asked how he unwinds, Martin smiles. 'Skiing, definitely. When you're skiing, you can't think about anything else. It clears the mind.' He's also a keen golfer and strategically turned his passion into a business tool. Aberdeen's sponsorship of the Scottish Open wasn't just for show—it was about brand placement in American living rooms during primetime. His love of business, however, still outpaces his hobbies. 'I like companies that are growing,' he says. 'It keeps you relevant. Keeps you curious.' He recounts meeting Rupert Murdoch and being struck not by his power, but his curiosity. 'That's the key. Always stay curious.'
