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Autumn is traditionally perceived by market participants as a season of possible crises and amplified volatility. In September neither geopolitics nor central banks added stability to the markets, quite on the contrary, working hard to increase overall nervousness. The only good news in September was that the month finally ended. We saw currency pairs setting new records and interventions in forex market, yields skyrocketing and equity markets hitting new lows. Central banks were having busy days hiking interest rates, while market participants were keen to price in even more aggressive hikes by the end of the year. We expected US yield curve to become even more inverted and were right as short-term yields rose more than those of longer maturities, though in absolute terms all yields were rising stronger than we thought they would.

Full Market Review for September 2022 is available here.

Entrepreneur and business leader Baroness Martha Lane-Fox CBE has been elected the new President of the British Chambers of Commerce (BCC).

Baroness Lane-Fox was elected by representatives of the accredited Chamber Network at the BCC’s Annual General Meeting, today (Wednesday 12th October). She will take up the role, which is unremunerated, with immediate effect.

Baroness Lane-Fox will be succeeding Baroness Ruby McGregor-Smith CBE as President, whose two-year term came to an end in accordance with the BCC Articles of Association.

As President, Baroness Lane-Fox will work alongside BCC Chair Sarah Howard MBE and Director General Shevaun Haviland to represent the interests of Chamber business communities and trade in a crucial period for the UK.

Baroness Lane-Fox co-founded Europe’s largest travel and leisure website, lastminute.com in 1998. She is a passionate internet activist and was a Digital Champion for the UK from 2009-2013, helping to create the Government Digital Service. She is a director of Twitter and chair of WeTransfer, and she co-founded and chairs LuckyVoice, which has revolutionised the karaoke industry. She is the Chancellor of the Open University and was also made a crossbench peer in the House of Lords in 2013.

Welcoming Baroness Lane-Fox to the BCC, Chair Sarah Howard MBE said:

“Martha brings with her all the qualities that will make her an excellent President. She is creative, insightful, and has a wealth of knowledge that will be invaluable to our Chamber Network. She was one of the very first pioneers of the dotcom boom for businesses and has continued to pursue the internet and technology as a force for good throughout her inspiring and impactful career.

“I also wish to thank Ruby for her service to the BCC. She is a passionate advocate for business and has represented the BCC with energy and dedication during challenging times for UK businesses.”

The new BCC President, Baroness Lane-Fox said:  

“I am very excited to be joining the BCC family and look forward to meeting with Chambers and hearing from businesses across the UK. Having founded and run my own businesses, I know first-hand the challenges firms are up against right now. Chambers provide invaluable support to ensure they can expand, invest and trade, and I look forward to helping British businesses thrive.”

Outgoing BCC President, Baroness McGregor-Smith, added:

“I am delighted to be handing over this fantastic role to such a strong and committed business advocate. Martha’s experience in the world of business is exceptional, and I know that she will do a brilliant job representing the BCC and the Chamber Network.

“It has been a real privilege to be the President of the British Chambers of Commerce. I wish the BCC and the Chamber Network every success in the future.”

As in previous years before restrictions, the British Embassy Riga will hold the annual Commonwealth Service of Remembrance at the site of the Commonwealth War Graves in the Jelgava Forest Cemetery.

This year the commemoration will fall on Saturday, 12th of November. The Service will start at 10:40 and last approximately 30 minutes.

The British Ambassador Mr Paul Brummell and Defence Attaché Lieutenant Commander Mark Page will lay a wreath on behalf of His Majesty The King. They will be followed by other Commonwealth and Latvian government representatives, military and Jelgava Municipality.

The Anglican Church in Riga will also hold a Service of Remembrance on Sunday, 13th of November at 10:55 (TBC).

BritCham would like to send our congratulations and best wishes to a long-standing member and cooperation partner of many events and projects – “RISEBA” University of Applied Sciences! May the 30th anniversary celebration be a very happy occasion and may there be many, many anniversaries yet to come!

Visit www.riseba.lv to learn more about RISEBA University.

Baltic Council Fairs – the leading in Europe study abroad events where thousands of schoolchildren, their parents, young people and students, teachers and professionals meet face-to-face with international education providers – universities, professional colleges, private and state schools, international language schools and camps and other educational institutions from all over the world. It is organized by the Baltic Council for International Education and supported by “Meridian Group” educational agency.

The upcoming fair in Riga will take place on October 15, 2022 at the Radisson Blu Hotel Latvija (address: 55, Elizabetes str.), 10.00 – 17.00

See the list of participants here.

FREE ENTRANCE

More information in Latvian

More information:
Riga: +371 67317627
riga@balticcouncil.org

• Measures for inflation are at the highest levels on record with 2 in 3 (65%) firms expecting to raise prices and no sign this is levelling off
• More than 4 in 5 (82%) cite inflation as a growing concern for their business, also an historical high
• Three quarters (75%) of firms report no increase to investment in plant/equipment

The BCC’s Quarterly Economic Survey (QES) for Q2 2022 – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – shows key economic indicators flashing red.

See full survey review here.

The Jackson Hole meeting involving top officials from the world’s biggest central banks has indicated their intention to follow through with the aggressive monetary stance to combat rising inflation. With large recession risks faced by both the EU and US in the nearest future, top bankers, for now, seem to choose short-term pain to economies and markets over inflationary damage. Naturally, market participants did not meet such stance with enthusiasm, with equities entering their 8th month of what now looks like a “decent” bear market. In the US, the S&P 500 fell by 4.2% with volatility index (VIX) rising to its highest level since mid-July. Similarly, we saw the European STOXX 600 down by more than 5%. Worsening labor market, below-trend growth and likely large rate increase in September suggest that the US market can forget about the “Fed put” (at least for now) and should prepare itself for a rainy autumn.

Full Market Review for August 2022 is available here.

On 12 September every year we commemorate the brave Sikh soldiers who died at the Battle of Saragarhi. For details of these amazing people and their incredible bravery, please read the following.

BATTLE OF SARAGARHI

The Battle of Saragarhi was fought on 12 September 1897 between 21 Sikh soldiers of the British Indian Army and a force of Afridis and Orakzais Afghan tribesmen estimated to be between 6,000 – 10,000 strong. This was a part of the Tirah Campaign on the North-West frontier of what is now the Khyber Pass in Pakistan.

The Sikhs were led by Havildar Ishar Singh and they chose to fight to the death, in what is considered by some military historians as one of history’s greatest last stands, In so doing they killed an estimated 180 tribesmen before being totally annihilated. The post was recaptured two days later by another British Indian contingent.

Sikh military personnel commemorate the battle every year on 12 September, as Saragarhi Day.

ORDER OF MERIT

All the 21 Sikh non-commissioned officers and soldiers of other ranks who laid down their lives in the Battle of Saragarhi were from Majha region in Punjab and were posthumously awarded the Indian Order of Merit, the highest gallantry award of that time which an Indian soldier could receive. The corresponding gallantry award was the Victoria Cross. The award is equivalent to today’s Param Vir Chakra awarded by the President of India.

The names of the 21 recipients of the gallantry award are:

1. Havildar Ishar Singh (regimental number 165)
2. Naik Lal Singh (332)
3. Lance Naik Chanda Singh (546)
4. Sepoy Sundar Singh (1321)
5. Sepoy Ram Singh (287)
6. Sepoy Uttar Singh (492)
7. Sepoy Sahib Singh (182)
8. Sepoy Hira Singh (359)
9. Sepoy Daya Singh (687)
10. Sepoy Jivan Singh (760)
11. Sepoy Bhola Singh (791)
12. Sepoy Narayan Singh (834)
13. Sepoy Gurmukh Singh (814)
14. Sepoy Jivan Singh (871)
15. Sepoy Gurmukh Singh (1733)
16. Sepoy Ram Singh (163)
17. Sepoy Bhagwan Singh (1257)
18. Sepoy Bhagwan Singh (1265)
19. Sepoy Buta Singh (1556)
20. Sepoy Jivan Singh (1651)
21. Sepoy Nand Singh (1221)

COMMEMORATIVE TABLET

The inscription of a commemorative tablet reads:

The Government of India have caused this tablet to be erected to the memory of the twenty one non-commissioned officers and men of the 36 Sikh Regiment of the Bengal Infantry whose names are engraved below as a perpetual record of the heroism shown by these gallant soldiers who died at their posts in the defence of the fort of Saragarhi, on the 12 September 1897, fighting against overwhelming numbers, thus proving their loyalty and devotion to their sovereign The Queen Empress of India and gloriously maintaining the reputation of the Sikhs for unflinching courage on the field of battle.

REMEMBRANCE AND LEGACY

The epic poem “Khalsa Bahadur” is in memory of the Sikhs who died at Saragarhi.

The battle has become iconic of eastern military civilisation, the British Empire‘s military history and Sikh history. The modern Sikh Regiment of the Indian Army continues to commemorate the Battle of Saragarhi on 12 September each year as the Regimental Battle Honours Day. To commemorate the men the British built two Saragarhi Gurudwaras[i]: one in Amritsar, very close to the main entrance of the Golden Temple, and another in Firozpur Cantonment, in the district from which most of the men hailed.

Saragarhi Day is a Sikh military commemoration day celebrated on 12 September every year to commemorate the Battle of Saragarhi. Sikh military personnel and civilians commemorate the battle around the world every year on 12 September. All units of the Sikh Regiment celebrate Saragarhi Day every year as the Regimental Battle Honours Day.

[i] A ‘Gurudwara is a Sikh place of worship.