Potential economic impact of the Rugby World Cup

Building on previous studies for the Rugby World Cup (RWC) 2003 in Australia, RWC 2007 in France and an advance study for RWC 2011 in New Zealand, we used our major event economic impact methodology to estimate the potential impact of a future RWC on a set of potential Host Nations.

Our report provided a thorough analysis of the possible economic gains a future RWC could lead to in various Host Nations. It outlined the generic economic benefits to a country of hosting a major event such as this and provided contextual data for the impact associated with other similar international sports events.

Using our tried and testing methodology for assessing the potential impact of major sports events, we estimated the direct and indirect economic impact of a RWC on the major rugby regions by building a model for each country.

For each region (including Western Europe, SANZAR, and for developing rugby nations) we also identified regional factors that could affect the level of economic impact. Our analysis incorporated the possible contribution of a Host Country’s government via taxation.

The report continues to provide important support to Host Unions and Governments when deciding whether to bid for future RWCs.

“Deloitte’s Rugby World Cup economic impact study was excellent. Deloitte have a real insight into major events and showed rigour in assessing the economic impact that the Rugby World Cup has on host nations.~ Robert Brophy, Head of Finance, World Rugby

São Paulo State Dock Company included in Privatisation Program

After first commanding an ordinary meeting of the Investment Partnership Program (PPI) on Wednesday, August 21, the Minister Onyx Lorenzoni, announced that the São Paulo State Dock Company (Codesp) was included in the National Privatisation Program (PND). The Minister of Infrastructure, Tarcísio Gomes de Freitas, celebrated the “destatisation of the largest port in the Southern Hemisphere”.

The minister emphasised that a Brazilian delegation led by the national secretary of ports, Diogo Piloni, is visiting Australia to understand details about conducting the destatisation studies of the ports of Melbourne, Brisbane, Darwin and Sydney, produced by PricewaterhouseCoopers, one of the largest companies of audit and consulting firm. The leader of the infrastructure portfolio also recalled that Brazil “today has the largest asset transfer program for the private sector in the whole planet”. The aim, according to him, is to reach the best format for the country. “It could be a public offering of shares, concession of services with public port authority or even privatisation.” PPI Special Secretary Martha Seillier said it is not yet possible to estimate the amount of investments related to concessions and privatisation at the Port of Santos. “But the values will certainly be very large,” concluded.

The São Sebastião (CDSS), Espírito Santo (Codesa) dock companies and Suape Industrial and Port Complex in Pernambuco have already been included in the PND at previous meetings. Other important state-owned companies such as Correios and Eletrobras were also qualified for a future transfer to private enterprise. “We are redefining the role of the state, after all we do not want an ‘entrepreneurial state’,” said Salim Mattar, special secretary for privatisation, development and markets at the Ministry of Economy. Modeling the sales format of each company will go through long study processes, which will hardly be less than 18 months.

In just over three years of operation, PPI qualified 248 projects, 151 of them already auctioned. The expectation of the Federal Government is to stimulate R$ 262.5 billion in investments in the coming years, in addition to raising grants of approximately R$ 52 billion.

UK and China trade relations championed by investment minister visit

International Trade Minister Graham Stuart MP travels to China today, to bolster the trade relationship between the UK and China post-Brexit.

Beginning his visit in the Chinese capital Beijing, the Minister will meet with key representatives in the Chinese government in the Ministry of Commerce and officials at the Chinese National Development and Reform Commission (NDRC), to promote the UK-China economic relationship and champion British business in the region.

While in China, he will meet with dozens of potential investors, hosting roundtables with Chinese life sciences, education, infrastructure and financial services businesses, to promote the strengths of the UK as an investment destination and encourage stronger trade ties between the two countries.

The visit will see Minister Stuart lead a 200-strong delegation of UK business leaders representing sectors such as tech, manufacturing, transport and education to the Smart China Expo in Chongqing , where he will champion the UK’s global leadership in smart technology, and attend the UK’s flagship pavilion at the Horticulture Expo in Beijing, where the UK is showcasing its leadership in clean energy and sustainable development.

The 10-day visit comes as trade and investment with China reaches record levels, bilateral trade between the 2 countries has more than doubled over the past 10 years, with the latest statistics showing trade has succeeded the £70bn mark for the first time during the last financial year.

Over the last decade, China has been the 3rd biggest contributor to the overall increase in British exports, beaten only by Germany and the USA.

Speaking ahead of his visit, the Minister for Investment Graham Stuart said:

China is a world-leading economy and the UK’s largest trading partner outside of Europe and North America, holding unparalleled opportunities for UK businesses.

Britain is committed to strengthening the UK-China trading relationship to ensure UK firms are poised to seize the opportunities the region offers as our trading relationship continues to blossom.

I hope my visit will be instrumental to winning investments into the UK , while opening up new opportunities for UK firms and fostering greater partnerships between our two great nations.

The Minister’s visit follows on from the UK-China 10th Economic and Financial Dialogue (EFD) which took place in London in June this year.

The EFD saw the former Chancellor, Philip Hammond, and Chinese Vice Premier, Hu Chunhua, launch the London-Shanghai Stock Connect UK, which allowed listed companies to sell their shares in China for the first time, alongside the announcement of £500 million worth of commercial deals and partnerships.

Minister Stuart’s visit is expected to secure a number of commercial deals and new partnerships between British and Chinese businesses.

Ten Clifford Law Offices Lawyers Named to 2020 Best Lawyers® list

Ten Clifford Law Offices lawyers have been included in the 2020 Edition of The Best Lawyers in America. Since it was first published in 1983, Best Lawyers has become universally regarded as the definitive guide to legal excellence.

Lawyers on The Best Lawyers in America list are divided by geographic region and practice areas. They are reviewed by their peers on the basis of professional expertise.

Several of the recognised attorneys at Clifford Law Offices have been listed in Best Lawyers for years. Robert A. Clifford has been listed as a Best Lawyer for over 25 years.

The following lawyers were named to the 2020 The Best Lawyers in America list:

  1. Richard F. Burke, Jr. (Recognised in Best Lawyers since 2015)
  2. Robert A. Clifford (Recognised in Best Lawyers since 1993)
  3. Bradley M. Cosgrove (Recognised in Best Lawyers since 2019)
  4. Sean P. Driscoll (Recognised in Best Lawyers since 2018)
  5. Kevin P. Durkin (Recognised in Best Lawyers since 2011)
  6. Keith A. Hebeisen (Recognised in Best Lawyers since 2011)
  7. Shannon M. McNulty (Recognised in Best Lawyers since 2015)
  8. James C. Pullos (First year recognised in Best Lawyers)
  9. Henry Simmons (Recognised in Best Lawyers since 2019)
  10. Robert P. Walsh (Recognised in Best Lawyers since 2018)

“Best Lawyers was founded in 1981 with the purpose of highlighting the extraordinary accomplishments of those in the legal profession. After three decades, we are proud to continue to serve as the most reliable, unbiased source of legal referrals worldwide,” says CEO Phillip Greer.

About Clifford Law Offices

Clifford Law Offices is ranked as one of the top law firms in Illinois and the country. They are recognised leaders in aviation litigation, complex personal injury, wrongful death cases, medical malpractice, products liability, premises liability and transportation litigation. Clifford Law Offices also has a reputation in class action litigation, whistleblower cases and commercial litigation cases.

Accenture acquires award-winning global advisory firm

Accenture has acquired Parker Fitzgerald, a strategic advisor and consulting partner to leading global financial institutions, further enhancing the business and technology capabilities within its Finance and Risk practice. Terms of the transaction were not disclosed.

Founded in 2008 in response to the global financial crisis, Parker Fitzgerald advises financial services companies on financial and non-financial risk, regulation and financial technology. The firm provides strategic advice, independent assurance and market-leading solutions to help clients navigate risks, reduce operational complexity and improve their overall risk-adjusted performance.

Parker Fitzgerald’s advisory and assurance expertise and regulatory experience will complement Accenture’s consulting and technology capabilities and strengthen Accenture’s client response to the evolving risk landscape in financial services.

“Financial services companies continue to contend with the impact of economic and geopolitical uncertainties, regulatory challenges and digital transformation,” said Tara Brady, who leads Accenture’s Financial Services practice in the UK “Parker Fitzgerald has a successful track record helping clients navigate ever-increasing disruption and uncertainty, and the combination of their risk advisory and assurance expertise with Accenture’s consulting and digital capabilities will be a strong differentiator, enhancing our services to UK financial institutions.”

Scott Vincent, founder and CEO of Parker Fitzgerald said, “Helping clients optimise their performance in a rapidly evolving risk environment remains our utmost priority. Accenture’s tremendous scale and scope, coupled with their data- and technology-focused expertise in finance and risk, will enable us to expand our geographic reach and provide high-quality services to an even-broader client base.”

Peter Beardshaw, who leads Accenture’s Financial & Risk practice in the UK, said, “Parker Fitzgerald’s skills, approach to financial risk management and long-standing regulatory relationships are at the heart of the risk management agenda and will enable us to provide clients with an even greater level of risk and assurance services and solutions.”

About Accenture

Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialised skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 482,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives.

Tilney targets Smith & Williamson for merger

The board of Tilney has confirmed that it is in exclusive discussions with Smith & Williamson about a potential combination of the two businesses.

In a statement Tilney said: ‘A merger of Tilney and Smith & Williamson would create a market-leading, integrated UK wealth management and professional services group with over £45bn of assets under management.

‘These discussions are ongoing and there can be no certainty that a transaction will proceed. A further announcement will be made as and when appropriate.’

Smith & Williamson confirmed that talks are underway and that the accounting arm of the firm is part of the ongoing talks.

In a statement, Smith & Williamson said: ‘Further to the announcement by AGF Management Ltd to the Toronto Stock Exchange yesterday (18 August) regarding its shareholding in Smith & Williamson, the board of Smith & Williamson confirms that it has received an approach and is in exclusive discussions about a combination of its business with Tilney Group.

‘The respective boards believe that a merger of Smith & Williamson and Tilney has the potential to deliver significant benefits to the clients, employees, partners and shareholders of both businesses and create a market-leading, integrated, UK wealth management and professional services firm. Discussions remain ongoing and at this stage there is no certainty that a transaction will proceed. A further announcement will be made in due course.’

Smith & Williamson, founded in Glasgow in 1881, is ranked at number eight in the Accountancy Daily Top 75 Firms annual survey. The firm’s business model is based on a mix of financial and professional services, with a significant managed funds business. Its financial results, released in July, showed operating income increased 4.3% year-on-year to £278.1m while adjusted operating profit increased by 4.8% to £48.4m.

Professional services income, including revenue from tax and business services was up 6.5% to £104.7m, although the firm changed its reporting lines this year.

The funds under management and advice service line increased by 6.5% year-on-year to £21.4bn.

Tilney, which was bought by private equity firm Permira in 2014 from Deutsche Bank, manages some £24bn of client assets. It acquired competitor Towry in 2016 and also runs the online service Bestinvest.

The bid from Tilney, reported in the Sunday Times, comes two years after listed wealth manager Rathbones tried to buy Smith & Williamson. In August 2017 Rathbones, which manages over £32bn of client funds through Rathbone Investment Management proposed a merger, but talks were called off the following month.

At the time, Smith & Williamson said it intend to pursue a public listing and confirmed this view on publication of its latest results.

Andrew Sykes, non-executive chairman of Smith & Williamson, said in the firm’s annual report: ‘We continue to plan for a listing to take place at some juncture in 2020, subject to market conditions.’

If the deal goes ahead, the combined business would have about 250 financial planners, 240 investment managers and more than 100 partners in professional services.

There has been a flurry of mergers and acquisitions among wealth management firms in recent years, driven partly by increased regulatory supervision and the need for economies of scale.