Articles by Desné Masie on the GC Blog and GC analysis
I recently listened to a presentation by Al Gore on ‘Sustainable Capitalism and the Climate Crisis’ at Carne and Dechert’s Funds Congress. Gore highlighted the growing risk to financial markets from climate change. Like David Wallace-Wells (in his recent Uninhabitable Earth), he is not afraid of sounding apocalyptic.
AI is already transforming the delivery of financial services. This is true both at the highly sophisticated end of the market, where firms make use of AI to execute high-frequency trading strategies and at the level of the individual retail investor, where AI can tailor and deliver financial “robo-advice” to consumers. Deferring to machine judgement and automation is by no means new - automated trading is already the dominant form in most large markets. Yet AI clearly has much further to reach into financial decision making – from investment and trading strategies to client classification and product recommendations.
On her visit to sub-Saharan Africa a few weeks ago, UK prime minister, Theresa May, set out an ambition for the UK to become Africa’s biggest G7 investor by 2022. The announcement came alongside some £4 bn in foreign direct investment (FDI) commitments announced during the visit. This was the first visit by a British prime minister to Sub-Saharan Africa in five years, and the first to Kenya in thirty – and fits with a broader narrative about the key role Africa will play in the UK’s post-Brexit economic and trade strategies.
The Bank of England’s governor, Mark Carney, said in a speech in March that it is better to refer to cryptocurrencies as “crypto-assets” - that is, to see them as securities, “expressly because they are not true currencies”. The US SEC, on the other hand, took a more nuanced approach two weeks ago when it clarified that cryptocurrencies themselves are not securities, but that the capital-raising activities using cryptocurrency technology can be.