Dear Members
The intensity of our October programme will continue throughout November. We have organised a variety of exciting events, which I hope will attract your interest. Following our successful seminar on the 12th of October, we are pleased to invite all Managing Directors to our MD Network Meeting, where Jørgen K. Hansen from Dansk Industri will be the guest speaker, taking the globalisation debate a step further. We have arranged for our younger members an enjoyable visit, with the Junior sections of the other Nordic Chambers, to the Kensington Roof Gardens on Friday the 10th of November. The Roof Gardens is one of the most exclusive private members clubs in London and they look forward very much to welcoming members of the four organisations. In September, the Danish-UK Chamber of Commerce took part in the launch of the Nordic network in Manchester and again on the 17th of November we will visit this vibrant part of the UK. The launch will take place at the new ILVA store with guest speakers from the popular furniture chain. The next issue of the Red Letter will be our Christmas issue, and you should by now have received the invitation to our extremely popular Annual event. This year it will take place on the 1st of December 2006. Please reserve your places soon, as numbers are limited to 120. Also this year we are delighted to make you aware of the 10% discount offer made by Georg Jensen to our members. Please see details on page 9. It is also our pleasure to welcome and introduce you to Tom Kristensen who has arranged for ART Partnership to become a member of the Chamber.
Best Regards,
Martin Mortensen
Executive Director
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This event took place at Hyatt Regency - The Churchill Hotel, the perfect venue for an event which gathered 60 people, from different businesses. Drinks and snacks were served before the seminar, to give people a chance to meet new faces.
 Mr Per Troen lead the evenings discussion, and presented the two guest speakers, HE Ambassador Birger Riis-Jørgensen and Mr Morten Albæk of Danske Bank.
The Ambassador spoke of China being a very big country, that Denmark in the future has to compete against, and having 1,3 billion people, the elite in China are very bright. When Anders Fogh Rasmussen was put into office, he closed many committees, but opened a new one called the globalisation committee. The globalisation debate in Denmark was sparked by the Prime Minister, wanting improvement in the Danish society. The Ambassador then spoke on how Denmark has performed in recent years compared to the rest of EU and the world, and that Danish Economy had finally reached zero foreign debt.
 In Morten Albæk's presentation he pointed out that the big debate in Denmark was, how will Denmark prosper? Anders Fogh Rasmussen said in 2004 that Denmark faced big challenges in a global world. Therefore it was concluded to invest in training, research and development.The Prime Minister did not meet any opposition to invest in training, research and development, and Morten Albæk put this under questioning? Can we aggree on investing in these 3 areas? We are doing exactly the same as any other OECD country. The thing Danes need to ask themselves is: "What is it that Denmark can't prosper without?" Morten Albæk's answer to this was the Danish culture and values, though considering certain aspects were against high performance e.g. it is ok to be average in Denmark, and you are looked down  upon, if you have "better knowledge".
After the 2 presentations Per Troen started the discussion by askind the Ambassador if he aggreed that globalisation is based on values? The Ambassador aggreed that values were important and mentioned Brunata as an example of good Danish values within a company and their derived success.
The participants were extremely eager to ask questions and many good discussions came out of the evening. In the end Per Troen invited people to the opposite room, for drinks and canapés.
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By Arne Lohmann
Senior Analyst
Danske Bank
arne.lohmann@danskebank.dk
The next monetary policy meeting in the Bank of England November 8 is going to be very interesting. The central bank is widely expected to hike baserate to 5.0% - any other outcome would be a huge surprise. Hence, the focal point will be the new Inflation Report and the outlook for 2007.
The Bank of England minutes from the September monetary policy meeting revealed that the Bank of England's MPC voted 7-2 in favour of leaving rates on hold in October. Those voting in favour of a hike were the two newcomers, Besley and Sentance. A majority of the other members supported the case for higher interest rates, but preferred to wait. One member, presumably Blanchflower, took a more relaxed attitude, arguing that the slack in the labour market could widen.
As a result, the MPC was essentially split three ways. However, the final impression is a strong inclination towards a new rate hike in November when the Inflation Report is released.
In terms of news since the September meeting, the MPC noted it had been modest and mixed. However, the basics remain the same. GDP growth was above trend and inflation above target. Both housing and retail spending looked quite strong and the FTSE had just reached a 5y high. That said, the outlook for inflation appeared mixed, with opposing forces in the form of gasoline prices, sterling and tuition fees - just to mention a few.
A new rate hike in November, which will take the base rate to 5% is rather obvious. The question is if this is the last rate hike from Bank of England? We think so! The wage pressure in the economy is still very muted and the global picture is more uncertain. In that respect the GBP might come under mild pressure in November and Gilts may benefit as the market today see a significant risk of a new rate hike next year.
Arnbaeck Remo Troen & Partners is a highly-focused financial services company specializing in Wealth Management, mainly through using cross border approved life insurance structures to preserve wealth and optimize tax- and inheritance tax planning.
Over the past decade A.R.T. & Partners has grown its business steadily and now have offices in London, Copenhagen, Marbella and Geneva. Our aim is to become one of the leading European advisory service companies with a strong focus on our Scandinavian home markets.
We take pride in our role of Trusted Advisors and we are dedicated to providing our clients with solutions that add value both on a financial, as well as a personal level.
A.R.T. & Partners is licenced and regulated under the Danish FSA and is authorised to conduct business in Denmark, UK, Spain, Luxembourg and France.
If you wish to contact Arnbeck Remo Troen & Partners you can send an email to Tom Kristensen at tom@artpar.com
Arnbeck Remo Troen & Partners
4 Buckingham Place
London
Sw1E 6HR
UK |
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Globalisation has been the focus for the Danish-UK Chamber for the past 2 months. In connection with this we interviewed the Danish Ambassador following his presentation the 12th of October and Jørgen K. Hansen, who is the guest speaker the 14th of November.
Jørgen K. Hansen
Confederation of Danish Industries
Deputy Director General
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HE Birger Riis-Jørgensen
Danish Ambassador
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 Define globalisation using three words
BR: Opportunities, competition, growth
JKH: Interaction, Competitiveness and opportunities
According to the recent Global Competitiveness Report, Denmarkis considered to be among the top 4 competitive countries in the world. Why do you think that is?
BR: Many reasons - a responsible economic policy for many years; flexicurity and hence flexibility in the labour market; high productivity; ingenuity in companies; a well functioning public sector; a great talent for working together and seeing opportunities; excellent salesmanship....to mention a few factors.
JKH: In Denmark Globalisation is seen as an oppurtunity rather than a threath. This positive attitude towards change combined with good framework conditions means that the companies in Denmark have been able to adapt to the changes in the global market conditions and take advantage of the new business oppurtunies that have emerged.
What does Globalization mean to a country like Denmark? Which opportunities have Globalization brought about, and how has Dk so far managed to benefit from this extended business community?
BR: Due i.a. to our strong competitiveness, DK has profited hugely from the expanding volume of world trade in goods and services.
JKH: The globalisation process has extended the business opportunities in many ways. First of all globalisation means that competitive companies in Denmark now have access to more than 6 billion potential consumers around the world - or 1,000 times the number of inhabitants in Denmark. Secondly, globalisation offers some great opportunism regarding recruitment and production facilities i.e. outsourcing and off-shoring. Finally, globalisation has opened the door to an enormous knowledge base around the globe for Danish companies.
What are our biggest challenges as well as advantages in terms of doing business in an globalized market place and business context?
BR: The Danish Government puts emphasis on pursuing world top level education; strong and innovative reserach; more high-growth start-ups and renewal and innovation to ensure that Denmark also in 2015 will possess strong competitive power internationally and strong cohesion at home. This is all part of the government strategy for Denmark in the global economy.
JKH: The biggest challenge is to retain the current focus on adaptability even though we are indeed doing well for the time being. In a globalised world, a person, a company or a nation can loose the competitive edge over-night - if they try to rest on their laurels. However, if we succeed to adapt to the ongoing changes in the market place the globalisation process will continue to create jobs, growth, and wealth in Denmark as well in as other countries around the globe.
What does Globalization demand in terms of leadership, management style, marketing, and organizational structures?
BR: Flexibility and courage to adapt quickly.
What do you suggest will characterize and capture the essence of the world structure 15 years from now?
BR: Asia and the Far East will have carved out a much stronger economic platform for themselves. So will the other BRIC economies. The US will remain an important economic player. So will the EU. Otherwise - any prediction will be hazarduous. But we must still plan for the future, knowing full well that we shall never be able to predict with precision what will happen 10 years from now.
JKH: Integration. I believe that the globalisation process will keep breaking down the barriers between nations and make still more people and companies understand that differences in language and culture do not constitute barriers for interaction.
Any word of advice for Danish businesses - national as well as international - on how to be competitive in a world that is globalised?
BR: Danish businesses are first rate. World leading positions in many sectors. Competitive in many others. Carry on the good work!
JKH: Keep on the good work and remember that there is more to competitiveness than costs
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14 November - MD Network Meeting: DI
20 November - Carnegie Art Award
22 November - Drinks Reception - Does Age Matter?
30 November - Nordic Thursday Drinks
1 December - Christmas Lunch at the Millennium Knightsbridge
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The Danish-uk Chamber of Commerce is proud to offers its members several benefits which are provided by members.
 
Georg Jensen is well known for high quality and impressive design. This Christmas Georg Jensen are offering a 10% discount to all the members for the Danish-UK Chamber of Commerce, if they order for more than £500 and order before the end of November.
For further information please contact Anna Tietze, ukat@georgjensen.com
Goodwille Corporate Services
Goodwille provides corporate services to small and medium sized companies
The offer
50% off your first boardroom or meeting room booking.
Read more click here
Miller Rosenfalck
Anglo-Scandinavian law firm in London with an expertise in English, Danish and European business law for UK and overseas based clients
The Offer
Offers Individual members a free half hour consultation at their offices with regards to legal matters.
Read more click here
Subscriptions
Berlingske Tidende
The Danish newspaper Berlingske Tidende is launching a new universe on the internet Berlingske VIP
Read more click here
Diplo Magazine
Having no political agenda and high standard content, Diplo is fast becoming "The Economist" of the future"
The Offer
DUCC members can get an Annual Subscribtion to Diplo Magazine for the reduced price of £25. Included in the offer are also a free original art poster and the chance of winning an original printed illustration.
Read more click here
Hotels
Radisson SAS Portman Hotel
22 Portman Square
London, W1H 7BG
The Offer
The hotel offers rooms to special discounted rates to DUCC members. The discount range from 25 % to 55 %. For any specific enquires contact info@ducc.co.uk
55 Sloane Street, London SW1X 9SR
+44 (0) 207 259 67 95
info@ducc.co.uk
For all the UK and Danish Business contacts please click here
For all members of the council and committees please clickhere
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