Category: 3. Business

Flying taxis and drones could soon become part of everyday life in a West Midlands city following the launch of a new scheme.

Coventry City Council has started the Urban Ascent project, which will involve experts studying how drones can improve city services and speed up emergency and medical deliveries.

The project will also set up a plan to ensure drones are introduced safely while transporting medicines and supplies for the NHS, delivering defibrillators or even carrying out aerial road surveys.

Councillor Jim O’Boyle said the plans would help Coventry “take the next step in aligning technology with public needs”, especially with preparations for urban air taxis.

“We are talking about things like drones being used to fly urgent medical supplies between hospitals, being used to inspect bridges and roads and even using them to enable an overview of things like road accidents and road congestion,” he said.

The urban air taxis are part of a family of vehicles called “eVTOLs”, which stands for electric vertical take-off and landing aircraft, and could be used to replace expensive journeys currently done by helicopters.

Earlier this year, Coventry-based drone company Skyfarer teamed up with University Hospitals Coventry and Warwickshire (UHCW) NHS Trust to see if radioactive medicine could be delivered to hospitals by drone.

The Urban Ascent work is being funded by Innovate UK and the Department for Transport through the Future Flight Regional Demonstrator programme, while also being led by the council.

Mariya Tarabanovska, innovation lead for Future Flight at Innovate UK, said the project was a strong example of local authorities, industry, and academia working together “to prepare for the safe integration of new aviation services which benefit local communities and drive growth”.

Givaudan announced that its CEO, Gilles Andrier, has been recognised for his professional journey, during the Cosmétiquemag awards ceremony. This annual celebration honours the women and men who have stood out during the year. For over 35 years, these awards have highlighted the excellence of professionals across the cosmetics and fragrance sectors. 

Since taking the helm in 2005, Gilles Andrier has led Givaudan through transformative growth in the fragrance and beauty markets. Under his leadership, the Company’s turnover more than doubled, rising from CHF 2.7 billion to over CHF 7.4 billion. At the same time, Givaudan’s valuation surged from CHF 6.4 billion in 2005 to nearly CHF 37 billion* by the end of 2024, expanding from 5,900 to over 16,000 employees worldwide. This impressive trajectory underscores Givaudan’s ongoing commitment to innovation and sustainable growth, positioning the Company to remain a global leader in the fragrance and beauty industry well into the future.

Gilles Andrier says: “I am deeply and sincerely honoured to receive the Achievement Award from Cosmétiquemag. This recognition is not just a personal milestone but a tribute to the incredible passion and tireless dedication of everyone at Givaudan, whose unwavering commitment fuels our shared success every single day. My bond with the fragrance and beauty industries runs profoundly deep, and I take immense pride in how we have raised the standards and continuously redefined these fields. Looking towards the future, I am genuinely excited and inspired by the vast opportunities for creativity, innovation, and growth that await us. Together, we will continue to shape the future of beauty with boldness and heart.”

Patricia Thouanel, Editor-in-Chief of Cosmétiquemag, adds: “Awarding Gilles Andrier is an acknowledgment of a visionary leader whose profound impact on the beauty industry spans nearly two decades. His leadership has not only propelled Givaudan’s success but also fostered a culture of innovation and collaboration within the industry, that inspires all of us.”

The ceremony was held yesterday, attended by hundreds of key stakeholders from the fragrance and beauty industries.

 

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About Givaudan
Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating for happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2024, Givaudan employed over 16,900 people worldwide and achieved CHF 7.4 billion in sales with a free cash flow of 15.6%. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people’s health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at: www.givaudan.com.

About Givaudan Fragrance & Beauty
Givaudan Fragrance & Beauty crafts inspired fragrances to perfume lives and memories, and develops innovative beauty and wellbeing solutions that make people look and feel good all over the world. Nature is both our responsibility and our most precious muse. We are just as committed to sustainability as we are to creating innovative products that satisfy consumer needs and anticipate their desires. With a collaborative approach that favours co-creation, we have built a diverse portfolio across personal care, fabric care, hygiene, home care, fine fragrances, and beauty, reflecting our multidisciplinary expertise. This is Givaudan. Human by nature. Learn more at www.givaudan.com/fragrance-beauty.

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For further information please contact
Claudia Pedretti, Head of Investor and Media Relations
T +41 52 354 0132
E claudia.pedretti@givaudan.com

Pauline Martin, Fragrance & Beauty Communications
E pauline.martin.pm1@givaudan.com

Annual inflation rose to a 16-month high of 3.8% in October, adding to pressure on the government as it seeks to make savings across the public sector.

When governments, whether Commonwealth, state or local, increase spending it adds to inflation. Opinions differ on whether Commonwealth spending makes a significant difference. Opposition finance spokesperson Jane Hume argues it does; Treasurer Jim Chalmers countering “the Reserve Bank hasn’t mentioned that in their recent statements”.

Reducing government spending will, however, help curb inflation. It may be one of the motives for a reported federal government decision to seek budget cuts of up to 5% across its departments and agencies.

Finance Minister Katy Gallagher has denied the reports, saying in question time:

the idea that we are imposing a 5% cut on agencies is incorrect. […] What we have asked agencies to do is to think about […] all the programs they administer and to consider whether they are still priorities.

Put like that, it is normal budget process. Departments are always asked to consider priorities.

If, however, the report of a 5% savings target is true, we will likely see cuts to various kinds of departmental spending including salaries, overtime, consultants, IT and travel.

Cuts such as these, although hard for the public service, would be welcome for the Reserve Bank. Then Reserve Bank governor Philip Lowe put the case bluntly in a 2023 speech that fiscal policy (that is, government tax and spending) should align better with monetary policy (setting interest rates) to support economic growth.

What the inflation report shows

The latest Australian Bureau of Statistics report showed inflation over the year to October rose to 3.8%, up from 3.6% in the year to September.

The largest contributors to annual inflation were the things people notice the most: housing (up 5.9%), food and beverages (3.2%), and recreation (3.2%). The housing component was driven by a 37.1% jump in electricity costs as some state energy rebates unwound.

It means cost of living will remain front-of-mind for voters and politicians.

The group with the lowest increase in prices was communications (up 0.8%). This reflects the highly competitive structure of the telecommunications industry and the impact of technological change.

The annual figure was also affected by a negative inflation number from October 2024 dropping out of the annual calculations.

The new, complete CPI

This is the first release of the improved “complete” monthly consumer price index (CPI). Previously, the monthly update was called an “indicator” because it covered fewer goods and services than the long-running quarterly CPI report.

But even the improved monthly series will be more volatile than the quarterly report.

Underlying inflation, which takes out the items with the most extreme price changes and is called the “trimmed mean”, was 3.3% in October. This was only marginally changed from 3.2% in September.

This measure is generally a better guide to the ongoing trend in inflation, but it too remains above the Reserve Bank’s 2–3% target band.

What does it mean for my mortgage?

At its meeting earlier this month, the Reserve Bank board considered the most recent forecasts prepared by its staff. These implied that if the central bank cut interest rates again, as markets were expecting, underlying inflation was “expected to be above 3% until the second half of 2026”. But if they left interest rates unchanged, inflation would be “settling closer to the midpoint” of the 2–3% inflation target.

The implication was that the Reserve Bank would not be cutting (or raising) rates unless incoming economic data was sufficiently dramatic to change the forecasts materially. Today’s data would probably not be regarded as being sufficiently dramatic.

The Reserve Bank regards the underlying “trimmed mean” measures of the monthly and quarterly inflation rates as the more important. But it will still be concerned about today’s high “headline” number.

Expectations matter

Most economists expect the central bank to leave rates on hold for several months at least.

Media stories about high inflation may lift inflationary expectations in the community. If businesses think suppliers and competitors are raising prices, they are more likely to do so themselves. And if union leaders think prices are rising faster than wages (currently growing by 3.4%), they may be more likely to push for higher wage increases.

Some of the change between September and October could have arisen from the Bureau of Statistics adopting a new methodology, expanding the sample of prices of goods and services it measures. The bureau did not say how much of an impact this has had. It complicates the picture for the Reserve Bank and makes it even more likely they will adopt a “wait and see” approach.

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Venture Global has accused Shell of waging a “three-year campaign” to damage its liquefied natural gas business, as a boardroom battle to dominate the market for the super-chilled fuel heats up.

In an note to staff obtained by the Financial Times, the US company’s co-founders Michael Sabel and Robert Pender blasted Shell’s “misguided decision” to appeal a recent arbitration loss to Venture Global, labelling it the actions of an “upset” industry incumbent.

“[Shell’s] action relies on completely baseless claims and is an unfortunate continuation of their three-year campaign to damage Venture Global. This behaviour should be very concerning to Shell’s employees, board of directors and shareholders,” read the email, which was sent as a Thanksgiving message to the LNG company’s 2,000 employees.   

The letter also toasts Venture Global’s success in signing $28bn in customer supply deals in Japan, Greece and Spain in the past month, saying it would face down competitors to enable it to become the “single largest LNG producer” in the world.

Venture Global has had a tumultuous year after battling arbitration cases filed by some of its largest customers, including Shell, BP and other European companies.

They alleged the US LNG provider breached supply contracts by failing to deliver shipments under long-term supply contracts, instead selling them on the spot market to profit from higher prices triggered by Russia’s full-scale invasion of Ukraine in 2022.

Venture Global denies it violated the contracts, arguing it was not obliged to ship the gas because its export plant on the US Gulf coast had not started commercial operations. The company had declared force majeure on its contractual commitments because its facility’s power supply needed repair.  

In August, Venture Global defeated Shell at the International Chamber of Commerce. But in October it lost a separate case against BP, which is seeking damages worth in excess of $1bn.

Earlier this month Shell challenged its arbitration defeat in a New York state court in an attempt to overturn the panel’s finding.

In their note to employees, Venture Global’s co-founders said the company would continue to defend itself in the case.  

“There’s no question the competition in our industry is fierce, and its clear Venture Global is outcompeting the rest. While that undoubtedly will continue to upset some of the industry incumbents, our team will continue to work hard and deliver real results,” says the note.

Shell did not immediately respond to a request for comment.

Venture Global’s legal difficulties have not limited its ability to sign new supply deals. Late on Tuesday the company said Tokyo Gas had signed an agreement to buy 1mn tonnes per annum of LNG over 20 years, starting from 2030 — the most recent supply deal signed by the producer.

 

We recently hosted a healthcare event at our Dubai offices titled “AI & Genomics in the UAE Healthcare Landscape – Opportunities, Supervision & Outcomes”. The event brought together a diverse panel of experts from across the healthcare ecosystem, including policymakers, clinicians, technology leaders, investors and advisors, for a dynamic discussion on how artificial intelligence (AI) and genomics are reshaping the region’s healthcare future.

Our discussions built on the themes of our earlier article, Genomics and the future of healthcare in the Middle East, by focusing on the practical, ethical and commercial questions that AI-driven genomics raises.

As a follow-up to this insightful panel, we invited our experts to share a few thoughts and highlights, based on the discussions exchanged during the event but also with an eye to the future outlook of AI & genomics in the UAE.

From policy to practice: the UAE’s positioning

A recurring theme is the UAE’s ability to rapidly translate national vision into tangible outcomes. As one panellist, Dr. Narges Sheikhansari, observed:

Both the Emirati Genome Programme and AI partnerships through platforms such as M42 are examples of how the UAE is not merely keeping pace but beginning to set the pace in healthcare innovation.

 

Opportunities in the next 12–24 months

Panelists agreed that immediate opportunities lie in applying AI to diagnostics, screening and early detection. As PwC’s Health Consulting Partner, Ahmed Faiyaz mentions:

Genomic screening for markers associated with cancer, metabolic, and cardiac conditions remains a key near-term priority. Genetic counsellor Maria Axinte underscores the crucial role of genetic counselling within national initiatives:

Building collaboration and infrastructure

Effective collaboration between public and private stakeholders is seen as essential to scaling innovation. Suggestions include co-funded pilot programmes, integration of genomic services into insurance coverage and shared data infrastructure. Cross-collaboration between GCC and additional Middle Eastern countries allowing for data sets to be shared and analysed together could contribute to a significant advancement.

Ahmed Faiyaz highlighted Abu Dhabi’s HELM initiative as a positive example, noting the importance of aligning collaboration with broader economic benefits such as job creation and investment attraction.

Ethics, culture and data

Beyond opportunities, our experts unanimously stress the ethical and cultural sensitivities of deploying AI in genomics. Maria Axinte in particular notes:

Dr. Narges echoes the importance of careful positioning:

Investment priorities

While diagnostics remains a clear opportunity, panellists highlight the foundational role of data ecosystems.

Maria Axinte adds that rare disease diagnostics and reproductive genomics represent untapped areas where AI-driven tools could have transformative impact in the UAE context.

Cross-industry collaboration

Another element that all practitioners and stakeholders should duly consider is the importance of cross-collaboration as Ahmed Faiyaz correctly stresses: 

Clyde & Co’s perspective

As legal advisors, Clyde & Co recognises that this rapid innovation brings both opportunities and complexities. Regulatory frameworks governing genetic data, IP rights in AI-driven outputs and cross-border data transfers remain evolving areas of law.

Our team advises clients at the intersection of law, healthcare and technology, supporting on matters including:

• Regulatory compliance and licensing under UAE and GCC healthcare laws
• Data privacy, cybersecurity and genetic data governance
• Structuring joint ventures and investment in biotech ventures
• Supporting M&A activity and market entry in health tech

Looking ahead

The discussions between experts underscore that the UAE is uniquely positioned to lead in AI-driven genomics, thanks to its ambitious national strategy, agile regulatory environment and diverse population base. The key challenge, and opportunity, will be ensuring that innovation is matched with robust governance, ethical safeguards and sustainable collaboration between public and private actors.

At Clyde & Co, we are proud to facilitate conversations at this frontier and to support clients navigating the legal and commercial dimensions of healthcare innovation in the region and working with key stakeholders to develop frameworks that balance business objectives with patient and consumer interests.

For more information, or to discuss how Clyde & Co can support your healthcare and life sciences initiatives, please contact Dr. Roshanak Bassiri Gharb, Julia Ofer or Sinan Amso.

Thank you to our external contributors:

Dr Narges Sheikansari

Ahmed Faiyaz

Maria Axinte

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The share of electronic trading in the nearly $30tn Treasury market has fallen to its lowest level in eight years, as exotic Wall Street bets on US debt push investors to make more trades manually.

Almost half of all trading in Treasuries this year has been done by one-to-one messaging or over the telephone in transactions too large and complex to be conducted without human involvement — the biggest share since 2017, according to industry research group Crisil Coalition Greenwich.

The comeback of so-called voice trading — which had been falling as a share of overall Treasury trading for decades — reflects the growing importance of what are known as package trades, often conducted by hedge funds.

“The volume growth [in voice trading] is coming in large part from these large package trades that are executed manually,” said Kevin McPartland, Coalition Greenwich’s head of market structure and technology research.

Academics and analysts say hedge funds are among the primary users of package trades, which include strategies such as the basis trade and interest rate swaps that demand direct contact between the two sides of a transaction.

“The increased volume of package trades is very likely ascribable to hedge funds that are arbitraging the cash-futures basis and now sizeable swap spreads,” said Darrell Duffie, a professor at Stanford University who is an expert in Treasury market structure.

“As to why this has generated relatively more voice trades than electronic trades . . . I would guess this is [because] the three legs of basis trades are executed separately,” he said.

Coalition’s data shows that for this year to the end of October, 54 per cent of the notional value of Treasury trading was placed electronically, down from a peak of 67 per cent in the full year of 2019.

Instead, a growing share of Treasury trading has involved complex, multi-step wagers such as the highly leveraged hedge fund strategies that many analysts say exacerbated the turmoil that hit the Treasury market after US President Donald Trump’s “liberation day” tariff blitz in April.

Manual trading had been in decline for decades, as advances in technology enable more and more transactions to be done by machines interacting with other machines.

But the growth of electronic trading is happening at a slower pace than the growth of the overall market. Voice trading, meanwhile, has started to grow more quickly.

It is commonly used in the basis trade, for example, in which hedge funds exploit differences in price between a cash Treasury bond and its equivalent futures contract. While such differences tend to be small, hedge funds borrow heavily in short-term lending markets to fund their bets, turning small differences into large profits.

The complexity and the pricing of these transactions mean that they are typically done over the phone or through messaging chats.

Since 2020, Coalition Greenwich has calculated the breakdown of trading by measuring the volume at big electronic trading venues such as Tradeweb and Bloomberg, as well as trading conducted directly between banks and clients against the total value of Treasuries traded.

The use of electronic trading on Wall Street has been gaining ground for decades, initially with the buying and selling of equities. This shift has given rise to so-called non-bank liquidity providers such as Citadel Securities and Jane Street. These firms have captured market share at the expense of large investment banks such as Goldman Sachs and JPMorgan Chase, which had traditionally dominated Wall Street market making.

“We’re seeing growing demand for new ways to access electronic liquidity, with trade sizes increasing,” said Michael de Pass, global head of rates trading at Citadel Securities.

“That being said, our clients continue to want to execute larger trades with us via voice and that requires a strong human element of trust and comfort. This is a dynamic that we believe will continue to exist in the market.”

Fixed income markets, including the giant Treasury market, have been slower to embrace electronic trading because of their more opaque pricing systems and complex structures. While a company will typically have just one traded stock, for example, it may have multiple tradeable bonds of various maturities.

Nevertheless, the parameters of what can be done electronically have expanded. Two decades ago, a rough rule of thumb was that Treasury trades of more than $50mn needed to be done over the phone. This has since swelled to about $250mn.

Platforms such as Tradeweb say the trend towards electronification is still well under way in the Treasury market.

Bhas Nalabothula, head of US institutional rates at Tradeweb, said the volume of Treasury trading conducted on the platform had grown fivefold since 2017, while turnover on the total Treasury market had doubled over the same period.

“The trend towards more electronic trading in Treasures is unmistakable — it is a one-way train and there is no going back,” he said.