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Afghanistan — a country on the edge

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This is an audio transcript of the Rachman Review podcast episode: ‘Afghanistan — a country on the edge’

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Gideon Rachman
Hello and welcome to the Rachman Review. I’m Gideon Rachman, chief foreign affairs commentator of the Financial Times. This week’s podcast is about Afghanistan. My guests are Saad Mohseni, chairman of Afghanistan’s largest television station and co-author of a new book, Radio Free Afghanistan. And Fatima Gailani, a board member of the Afghan Red Crescent and women’s rights activist.

The future for women in Afghanistan looks extremely bleak and hunger is widespread in the country. So is it time for the outside world to change its approach to Afghanistan?

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Desperate to flee Taliban rule, Afghans are resorting to this: grasping at US military aircraft and risking their lives. Some hung on to the wheels and fell to their death.

Gideon Rachman
In August 2021, Kabul — the capital of Afghanistan — fell to the Taliban. In the aftermath of the chaotic and humiliating withdrawal of American, British and other foreign troops, many in the west wanted to forget the country. But for those who still pay attention, the news out of Afghanistan is bleak and worrying. The Taliban have severely restricted the rights of women to work and girls to be educated. And the country suffers from a severe shortage of food and shelter. So I began the conversation by asking Saad to give a brief summary of the major developments in Afghanistan since the Taliban regained power.

Saad Mohseni
Well, Afghanistan is an estranged place. For us Afghans, we expected things to be a lot worse. The economy has stabilised. Inflation seems to be under control. The currency has been one of the strongest in the region. And the Taliban have managed to, you know, raise revenues through taxes. The amnesty declared early on has ensured that thousands of Afghans have not lost their lives. But at the same time, the humanitarian situation is pretty dire. Half the country doesn’t have food security. A third of the country doesn’t have access to shelter that would protect them in these coming winter months. We have something like 65 or 70 per cent of the population that doesn’t have access to clean water.

The country is on the edge and basically, in terms of humanitarian crises that Afghanistan has faced, nothing has changed. If anything, the situation’s worse. At the same time, we have hundreds of thousands of Afghans being pushed out of Iran and Pakistan, forced to return to the country, and the country is not prepared to look after them. So three years on, where do we stand? The sanctions imposed in Afghanistan have not changed the Taliban. The Taliban are here to stay. So I’ve been advocating for at least a reassessment in terms of the way the world deals with Afghanistan.

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Gideon Rachman
Well, we’ll come to that in a moment. But Fatima, some of the few headlines that have come out of Afghanistan that have made it to the west have been about women’s rights. And it looks like the Taliban have been becoming progressively harsher on that front. What have the Taliban actually done against women? I mean, if you could outline the steps they’ve taken.

Fatima Gailani
The first six months, even one year, it was quite optimistic that things for women could continue. Probably some changes in appearance, but not a drastic change. But now it is outrageous that the only country in the world and the only country in the Muslim world that a girl after the secondary cannot go to school, cannot go to university.

Gideon Rachman
So, they get chucked out of school, what, at 11?

Fatima Gailani
The schools are closed for secondary and high school. It’s just closed. At the beginning, private schools were still open, but now even private schools were restricted. And there’s a state of confusion also because after a dramatic earthquake in Herat, which was very tragic, they found out that they need women social workers, they need women nurses, they need women aid workers and especially doctors. So now it is possible for girls to study medicine, nursing or midwife and all that. But where? And if you don’t finish school, then how could you jump all of a sudden to university? For women, it’s not just a very difficult time. It is also confusing time.

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Gideon Rachman
What about women in the workforce? People who are already working, you know, before the Taliban took over — what’s happened to them?

Fatima Gailani
Some of them are staying at home, especially teachers. But if you go to the police force, they need them. They have to work. Doctors do work, nurses work. If you go to an airline, you will see women issuing tickets for you. And if you land in the Kabul airport, you see women officers. That’s why it is a state of confusion, because they should understand that these decrees is not practical. They cannot continue like that. And above all, it’s not Islamic. It is not right. From every angle you see, this is wrong.

Gideon Rachman
Yeah. And I mean, you make the point that it’s not Islamic. And I mean, your father was part of the Islamic resistance against the Soviet invasion of Afghanistan, but also, I think, quite a firm advocate of women’s rights.

Fatima Gailani
Yes, I grew up in an Islamic family. My father was one of the most important religious leaders. But we grew up with this in our head that what is practical, what is fair, what is right. And I was about to start my PhD here in Cambridge but my father told me — it was at the beginning of war against Soviet Union — that I have something much important for you. And he actually asked me to stop my education and be in politics of the mujahideen. And at that time, I was not sure that it was the good thing. Now, I think this was the absolute right thing to do because you cannot talk about women’s rights and human’s rights if you don’t practice it yourself.

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Gideon Rachman
But Saad, I mean, you run television stations in Afghanistan. And as I understand it, you still have women reporters.

Saad Mohseni
Yes. As a matter of fact, we have increased the number of women working for us. Our news team used to employ eight women, now we have 20 women. And something like 25 per cent plus of all our employees are women. We’re very actively trying to hire and train women, and they’re very keen to work. I mean, it’s important for them to be able to earn an income, especially in these difficult times. What’s interesting is that the Taliban 2.0 in terms of decreeing directives is not dissimilar to Taliban 1.0. But in terms of implementation, there’s a huge difference. For example, NGOs have been banned from hiring women. But, you know, our friends at the NRC and other organisations, including the UN, will tell you that they continue to hire women.

And that’s because at the local level, they’re able to negotiate with local Taliban leaders to secure their rights to work. So, you know, the movement itself is not a monolithic movement, and individuals have different approaches or different interpretations of Islam. So as a result, the situation on the ground is a lot more nuanced than what meets the eye, especially if you’re looking at it from the outside. So we’re advocating for engagement because I think some of these more pragmatic, practical Taliban need to understand what the world expects of them and vice versa. I think there is a path. The problem is the humiliation of August of 2021. I joke that if the American administration could expunge the word Afghanistan from the dictionary, they would because it was such a traumatic experience for them. I mean, I met with so many of them after August and they just could not face Afghanistan. So the hope is that the new administration, whether Kamala Harris or Trump, that they reassess their Afghan policy.

Gideon Rachman
We’ll come back to the diplomacy and the international engagement in a bit. But I’m just intrigued by the practicalities of running your television station. So you’ve expanded the number of women staff, but can they appear on air? Can they work alongside men? How do you do that?

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Saad Mohseni
All of the above. I mean, they’re very courageous — the women who work for us. They’re in front of the camera. They’re behind the camera.

Gideon Rachman
Has their dress changed?

Saad Mohseni
Well, the only thing that they have to do is cover their faces. And they do it by wearing a surgical mask. Technically then their face are covered. But they go out and they go to ministries. They’re on the field and they report from different parts of the country. I mean, some parts of the country, the local authorities are a lot more restrictive. But, you know, they push, they push the boundaries on a daily basis. So we now have a lot of education programs. We have female teachers. We have female students in the classrooms. We tend to . . . 

Fatima Gailani
And very successful, too.

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Saad Mohseni
Well, the education programs are exceptional.

Gideon Rachman
And is that partly to fill the void left by them closing the secondary schools?

Saad Mohseni
Yeah. They can go up to sixth grade. And from then on we’ve introduced four subjects — maths, chemistry, physics and biology. You know, the idea was it would just keep things going. But actually we’re noticing that it’s having an impact in terms of girls and boys learning more. Of course, nothing replaces real schools, but nonetheless, it’s a sort of a band-aid solution for now.

Gideon Rachman
And what about entertainment? Because you used to have, you know, recognisable in the west, popular entertainment shows, Afghan Star, etc, that kind of thing. Can you do any of that any more?

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Saad Mohseni
No music, no soap operas. But we do a lot of other things — chat shows, game shows, sporting events, cooking shows and so forth. But Afghans have access to the internet now and Afghans have access to satellite networks, so they’re able to consume everything. And the key thing is that Afghanistan changed in the 20 years of occupation. Afghans changed. It’s the youngest country outside of sub-Saharan Africa. Median age is 18, 18.5, population of 42mn people. Something like 80 per cent of the population is under the age of 30. Most of these kids were not around when the Taliban last ruled over the country. The other reason for the world to continue engaging or to perhaps re-engage is that we have to sustain some of the gains of the last 20 years.

Gideon Rachman
Yeah, I mean, Fatima, you obviously go back to Afghanistan. What’s your sense about how much the Taliban — beyond the issue of women’s rights, although that’s central to everything — have been able to sort of take the country back and erase the last 20 years?

Fatima Gailani
No one can take this country back. This country never had so many educated women and so many educated young people in the history of Afghanistan. I was born and brought up in the time of the peace in Afghanistan. This is the Afghanistan I want for the youngsters. That they were aware of their tradition, aware of their religion, but still they have the liberty to live like any young person. Today in Afghanistan, you cannot cage these vibrant women. They want to be part of Afghanistan. Twelve years in a country with conflicts, I was in the Red Crescent and I saw that without women, we cannot carry on our programs in the remotest villages. We need women to be part of every work, if it is in media or if it is in medical field, every field you need them.

Gideon Rachman
Is that, do you think, widely accepted, though, because presumably when the Taliban come in and try to restrict women’s rights, there must be a large part of the country that agrees with that?

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Fatima Gailani
Well, it is not a question of agreement. One has to be realistic. I give you the example of Moraa university. This Moraa university was created at the time of Karzai, and it was opened when President Rouhani was there. And this university is located in the land of the Red Crescent. So they pay the Red Crescent rent. Why it was created? Because so many young girls were not allowed to go to be educated in the mixed university. And the doctor who started this university, his mother died because his father wouldn’t allow the mother to be treated by a male doctor. So this university, even the gardener and the plumber are women. And this was the most popular university before Taliban. They had a huge waiting list. This university has permission to work, but because people can’t afford it, it’s almost empty.

Gideon Rachman
And people can’t afford it brings us to the economic background. I mean, you painted this mixed picture, the kind of macroeconomic stats that might make a central banker say, oh, this is going OK. But the reality is that people are living incredibly close to the edge.

Saad Mohseni
Well, the international community continues to litigate against the Taliban at the expense of the Afghan population. Our central bank reserves have been frozen because of the sanctions, although technically companies could actually go and operate. But a lot of people are reluctant because logistically it’s hard to transfer money into the country and transfer money out. You know, I’ve met with US Treasury officials and they say, well, there are no sanctions per se for institutions to go invest in the country, but in reality, it’s much more difficult than that.

So we have major challenges. Now the Taliban also have to move on things like inclusivity and women’s rights and so forth. But I think there is a path. It’s a narrow one, and it’s important for this country. You know our population growth is 3 per cent per annum. We’ll be at 100mn by 2060, 2070, and still a very young population. How do we ensure that hundreds of thousands of people don’t starve to death?

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But the problem also is that for you, Europeans, the fallout will be felt here in Europe. Afghanistan is two countries away from Europe. You’ve got Iran, Turkey and Europe. So hundreds of thousands of Afghans who may be forced to flee Afghanistan, end up in Europe. Drug production, terrorism. What happens in Afghanistan rarely stays in the country.

Gideon Rachman
Well, you’ve been one of the country’s most successful entrepreneurs. What would a successful Afghan economy look like? I mean, given the war, devastation, the problems with education, etc, what’s the path to more prosperity?

Saad Mohseni
There are lots of successful Afghan entrepreneurs, a lot more successful than me and they benefited mostly from the vibrant economy that partially helped with international engagement in the country — foreign troops and so forth. But Afghanistan has huge reserves in terms of minerals. We are a transit country where we can connect central Asia to the Arabian Sea. Its own growing population, it’s sufficient for investment in the country, 40mn people — it’s not a small country. And every sector you look at, there is potential for that economy to grow. We just need the environment to be able to attract these types of investments.

Fatima Gailani
Even quick investments like agriculture. I mean, there are very few countries in the world which could have the best fruit and vegetables that we can have. It could easily be the fruit and food basket of the Gulf. And in one year, you can see the result. Food security is no joke any more. And Afghanistan could do that. It is very important for people to understand that, yes, if there is aid for Afghanistan, investment in Afghanistan, Taliban will benefit from it. It is no doubt. But if you look at it from the other side, that if there is restriction on Taliban, how many millions of people will go into starvation and have horrible life? I saw it with my own eyes that the middle class is in a huge financial trouble.

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Saad Mohseni
You know, I joke that over the last three years, I have not seen one Talib lose weight. They’re all putting on pounds and they’re looking pretty healthy. So sanctions certainly is not gonna impact the Taliban.

Gideon Rachman
I mean, Fatima, I remember when I went there during the period when the Americans, the British were all there, a lot of their effort and Nato’s effort was to eradicate the drugs trade. That seems to be like a central thing. Is that still a problem for the Afghan side or the Afghan economy and is it still flourishing?

Fatima Gailani
Well, they had restriction on it and they were quite successful. But if there isn’t any alternative for the agriculture side, for a person who has this amount of land, what could they do? I mean, I have seen that instead of poppy, agriculture of rose and rose oil, which is much more expensive than heroin, they would do much better than poppies. But who will do it and how?

Gideon Rachman
And in a sense, I suppose if legal forms of trade are very hard, illegal trade becomes that much more attractive.

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Saad Mohseni
I mean, one of the things which is important for people to know is that there is still aid in terms of humanitarian assistance. The problem is it’s like you’re facing the same set of challenges every 12 months. And it’s important for the world to engage also in terms of development, basic needs, you know, to work with the private sector, to work with the farmers. So then that would make the economy much more resilient. But because of the sanctions, the World Bank and the likes have challenges.

Gideon Rachman
But there were warnings that there was actual famine threat in Afghanistan. Is that still the case?

Fatima Gailani
In some areas it still is.

Saad Mohseni
In some areas? Yeah. I mean, I think that challenge has not gone away. The BBC did this documentary. In Jalalabad, they had 18 babies to a bed. Malnutrition impacts 3.5mn kids in the country. That’s 10 per cent of the population.

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Gideon Rachman
I guess one of the countries that one might have thought that the Taliban would get on with might have been Pakistan. You know, who had helped them, maybe slightly unofficially, but throughout the war. But Pakistan-Afghan relations are terrible. What’s going on there, Saad?

Saad Mohseni
Well, I think the Pakistani state, in particular its military, probably had a sense of entitlement post-August of 2021, expecting the Taliban to roll over and become a kind state. That was not the case. And furthermore, the Taliban actually helped negotiate a peace deal with the TTP, which is the Pakistani Taliban. And somehow the Pakistani government reneged on that deal. As a result, the relations have soured. The TTP continues to become stronger in the country. So Pakistan is facing a whole series of challenges, including the TTP in the sort of north-west parts of the country, the Balochi separatist movement in Balochistan and even Isis.

Gideon Rachman
So ironically, the Pakistanis are now accusing Afghanistan of sponsoring terrorism . . .

Saad Mohseni
And providing sanctuaries to the TTP. Exactly the same, you know, accusation that we levelled at the Pakistanis.

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Gideon Rachman
So Fatima, before the final sort of climax and the Taliban coming into Kabul in 2021, there have been attempted peace negotiations between the Afghan government and the Taliban with some involvement by the Americans in Doha in Qatar. You were involved as part of the negotiations. Can you just explain what was going on and what your role was?

Fatima Gailani
Well, our role — women’s role, we were four of us — we didn’t only concentrate on women’s issue. For example, I was in rule of law because I studied Islamic jurisprudence. So when we were talking about the future of Afghanistan under Islamic law, we were involved also. My other colleague, a woman, was involved in the future of civil society and what will be the human rights position. So we were engaged in everything, not just women’s issue. And the same way men were also engaged in women’s affairs and the future of women.

Gideon Rachman
And when you have had your dealings with the Taliban, their image obviously here in the west is of these crazy fundamentalists, completely unsophisticated. Were there people you dealt with where you thought, OK, well, this guy or this faction of people you can make progress with?

Fatima Gailani
It was not easy, but it took only weeks that they look into the four women negotiators as only negotiators. I mean, gender didn’t matter at all. With great respect to all of us.

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Gideon Rachman
And you were four out of 20. Is that right?

Fatima Gailani
21, yeah.

Gideon Rachman
And looking back, do you think those negotiations were a waste of time or could they have succeeded?

Fatima Gailani
It could have succeeded. The thing was that before the announcement of unconditional withdrawal, the Republic’s side were dragging their feet. They were not very interested in this talk. As soon as the unconditional withdrawal announcement came . . . 

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Gideon Rachman
From Washington.

Fatima Gailani
From Washington. Then it flipped. The Republic side wanted to reach an agreement and have a political settlement. But the Taliban thought that, why should we? And every day we woke up, one area was falling in their hand. But the reality was that a successful political agreement would have been good for both sides, even for the Taliban’s side.

Gideon Rachman
How do you think they’ll be thinking about their international position and are they making any progress? I saw that they’ve just opened up in the UAE, an embassy.

Fatima Gailani
I think even for Taliban, when they were looking into the future, they would look with great enthusiasm and optimism that we will be the government and eventually we will be recognised and everything goes into normal. This is not the case, but I have always been very much pro-engagement. It may not be very popular. What did I say? That engagement without presence in Afghanistan, in Kabul, it will be an engagement only with the government. But if you have presence, like Japan, like Turkey, if you have meetings with the Taliban once a week, every day you have meetings with the rest of Afghanistan, with women’s group, the human rights’ group, with doctors’ association, with nurses’ association, so you will have a real engagement with the people of Afghanistan. That’s why I am a strong believer that the problem of Afghanistan cannot be solved without engagement, and real engagement comes with presence.

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Gideon Rachman
So, Saad, I mean, you said that the Americans you knew, still know, the last thing they wanted to talk about after the sort of terrible scenes in Kabul was Afghanistan. And they’ve now got a whole host of other problems to worry about. Do you think there is any prospect of effective western re-engagement with Afghanistan?

Saad Mohseni
Well, I’m hoping there is. You know, Afghanistan really is a changed country. But what’s interesting also is that three years on, the new Afghanistan is also managing to change the Taliban. As Fatima mentioned, you know, they can now deal with women. They have meetings with female diplomats. They’re taking their families to restaurants. They’re becoming more sophisticated even in terms of dealing with the city dwellers. There’s a certain sophistication. So this new Afghanistan — and this is what I’ve written in my book in terms of the characters that helped us create this media group — this is what gives me hope. And this is what I’ve been telling people in Washington, both sides, the Trump side, as well as the Harris side, that you cannot ignore Afghanistan.

People who’ve been occupants of this White House who did forget Afghanistan eventually had to re-engage because Afghanistan can be the source of so many problems for the region. I am slightly optimistic. I think that we will have that opportunity. But given what the White House is facing today, it may not be a priority. And I think that’s why it’s important for us Afghans, Fatima and myself and so many other Afghans to continue to insist that they do so. America was engaged for a long time and a lot of Americans were involved in Afghanistan. It’s not something that’s gonna go away too soon.

Gideon Rachman
What about, finally, the argument that, well, maybe it’s not America or the west that will bring Afghanistan back into the international community. It’s kind of generally accepted that western influence is either slowly or quickly declining in the world. And, you know, they’re in Asia, which has many sort of booming economies. Could it be — I mean, Fatima, you mentioned Japan still has an embassy there — east Asians or south Asians or Chinese or the Russians who actually play the key role in getting Afghanistan reintegrated into the world economy?

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Saad Mohseni
The problem is that because they’re continuing to litigate against the Taliban, no one else can actually go and engage. You know, no business would like to look at investing in Afghanistan. The country’s reserves are frozen, so they can’t print money. They can’t fulfil their functions as a central bank, for example. It just makes it very, very difficult for people to do business.

Gideon Rachman
And the litigation is based on what?

Saad Mohseni
Well, you know, most of these sanctions have been grandfathered then. They’re not new sanctions. Those sanctions from the ’90s and the early 2000s against individuals and the Taliban as a movement. So these sanctions need to get lifted. I mean, there’s pseudo-recognition from about three or four countries where they’ve accepted ambassadors. But really, these UN sanctions make it very, very difficult for anyone to do business in the country. But I think regional integration is important. But US leadership, we’ve discovered three years on, US leadership is key.

Fatima Gailani
America is the key. I saw it for the last 46 years that whatever is decided for Afghanistan, whether the Europeans agree or disagree, eventually they will follow the American policy. My hope is that, if not for the sake of Afghan people, for the sake of the Europeans and for the Americans themselves to have a safer life, to have another look in Afghanistan and find a way that Afghanistan, its people could be looked after, engagement could stay. And I am a great believer that with conversation, with engagement, we will find a way.

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Gideon Rachman
That was Fatima Gailani ending this edition of the Rachman Review. You also heard from Saad Mohseni. Thanks for listening. And please join me again next week.

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Business

There are no easy answers to the decline of UK’s Aim

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GM171013_24X Decline of small UK companies WEB

Unlock the Editor’s Digest for free

London’s junior stock market is in a dire state, no matter how you look at it. The number of companies listed on Aim is barely over 700, its lowest level in more than 20 years. In fact, the broader universe of small quoted companies is ailing. Take the universe of UK-listed companies valued at under £1bn, whether on the main market or Aim: their numbers are down by a third in the past 20 years.

There has been much soul-searching about the UK equity markets generally. But these small-cap difficulties have this week alone inspired a duo of think-tank reports. One, by capital markets think-tank New Financial, warns of an “almost existential threat”. The problem is there are no magic bullets that will reverse Aim’s decline.

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Of course, the junior exchange’s problems cannot be disconnected from those of the wider London market, including the shift by UK pension funds to global equities allocation models, weak liquidity and structural valuation gaps compared with US peers (although the latter point has been contested by UBS among others).

GM171013_24X Decline of small UK companies WEB

The effect, though, has a disproportionate impact on smaller companies, argues New Financial’s managing director William Wright. Small companies that have delisted from Aim or are choosing to float elsewhere also complain about the lack of analyst coverage in the UK compared with other markets. Mid-size Aim groups have on average a quarter of the analysts covering them than US rivals, think-tanks the Tony Blair Institute and Onward have found.

Wider changes, such as the Financial Conduct Authority’s listing reforms, may help but will be something of a slow burn. Other measures could help: asset manager Abrdn has backed a call for the Mansion House Compact to be expanded to include all listed small caps. This voluntary agreement, signed last year by nine pension funds, aims for at least 5 per cent of members’ default funds to be invested in “unlisted” assets. This definition, however, already included Aim stocks. Amid calls to scrap stamp duty on share purchases, Aim again is already exempt.

Many proposals aimed at reviving the market involve tax breaks. Given UK chancellor Rachel Reeves has to close a £40bn funding gap, this is fanciful. The most optimistic outcome from the Budget would be no change to current tax reliefs.

The blunt assessment, from one of this week’s reports, was that Aim should simply be put out of its misery and scrapped. Unless policymakers and investors focus on ways to revive it, that is where the conversation will surely head.

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Common detail missing from 20p coin which makes it 300 times MORE valuable

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Common detail missing from 20p coin which makes it 300 times MORE valuable

A COIN expert has given insight into a rare detail on a 20p coin which makes it 300 times more valuable.

The professional, who goes by the name of the CoinCollectingWizard on TikTok, shared how an error on a 20p coin made in 2008 has made it one of the “holy grails” for collectors.

The rare coin is worth over 300 times its value

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The rare coin is worth over 300 times its valueCredit: TIKTOK

Almost two decades ago a number of 20p coins were struck with the wrong dye, resulting in no date on the coin.

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The social media star said this was due to a mix-up at the Royal Mint when the new Royal Shield of Arms design was introduced.

It was the first time in 300 years that it had been produced without a date.

“This makes it highly sought after by coin collectors,” the coin-collecting professional said.

It is thought around 250,000 coins have the error.

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The front of the coin features the traditional profile of Queen Elizabeth II.

Meanwhile, the back of the 20p features a segment of the Royal Shield.

Neither side of the coin features a date making it a rare find.

This coin is known as the undated 20p coin and can sell for up to £75 on places such as eBay.

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The 20p Coin you should check for

It’s also still in circulation meaning you have a chance of receiving one in your change if you pay for something in a shop.

But that has not stopped coin collectors from paying a hefty sum to get their hands on one.

The Sun found a 20p mule coin that was sold for £75 this week on eBay.

Another seller paid £51 for the coin at the start of October.

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However, it is important to note that a coin is only worth how much the buyer is willing to pay for it.

Other rare coins which could be worth more include the One Penny which dates back to 1893, but it’s the production error which makes it a valuable find. 

The ancient coin features Britannia on the back and the reverse of the coin is the usual Queen Victoria bun head, which is a feature on many coins from this era. 

What makes the coin valuable is an error with the number three in the date at the bottom of the coin. 

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How to spot valuable items

COMMENTS by Consumer Editor, Alice Grahns:

It’s easy to check if items in your attic are valuable.

As a first step, go on eBay to check what other similar pieces, if not the same, have sold for recently.

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Simply search for your item, filter by “sold listings” and toggle by the highest value.

This will give you an idea of how much others are willing to pay for it.

The method can be used for everything ranging from rare coins and notes to stamps, old toys, books and vinyl records – just to mention a few examples. 

For coins, online tools from change experts like Coin Hunter are also helpful to see how much it could be worth.

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Plus, you can refer to Change Checker’s latest scarcity index update to see which coins are topping the charts. 

For especially valuable items, you may want to enlist the help of experts or auction houses. 

Do your research first though and be aware of any fees for evaluating your stuff.

As a rule of thumb, rarity and condition are key factors in determining the value of any item. 

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You’re never guaranteed to make a mint, however.

Under the number three of the error coin, it looks like there is the start of a number two.

If the coin features this it could be worth up to £600.

How to spot rare coins and banknotes

Rare coins and notes hiding down the back of your sofa could sell for hundreds of pounds.

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If you are lucky enough to find a rare £10 note you might be able to sell it for multiple times its face value.

You can spot rare notes by keeping an eye out for the serial numbers.

These numbers can be found on the side with the Monarch’s face, just under the value £10 in the corner of the note.

Also if you have a serial number on your note that is quite quirky you could cash in thousands.

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For example, one seller bagged £3,600 after spotting a specific serial number relating to the year Jane Austen was born on one of their notes.

You can check if your notes are worth anything on eBay, just tick “completed and sold items” and filter by the highest value.

It will give you an idea of what people are willing to pay for some notes.

But do bear in mind that yours is only worth what someone else is willing to pay for it.

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This is also the case for coins, you can determine how rare your coin is by looking a the latest scarcity index.

The next step is to take a look at what has been recently sold on eBay.

Experts from Change Checker recommend looking at “sold listings” to be sure that the coin has sold for the specified amount rather than just been listed.

People can list things for any price they like, but it doesn’t mean it will sell for that amount.

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We explain further how you can find out if you have a rare coin worth thousands sitting around the house.

How to spot a fake coin

The Royal Mint has revealed how you can spot a fake coin and here are some possible signs to look out for. 

  • The date and design on the reverse do not match. 
  • The lettering on the edge of the coin doesn’t match the year.
  • The milled edge is poorly defined.
  • The lettering is uneven in depth, spacing or missing letters – or if the face designs are not as sharp or well-defined.
  • The coin appears shiny and doesn’t show signs of ageing. 
  • The coin’s colour is different compared to genuine coins.
  • Finally, check the alignment of the front and reverse designs.

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Self-powered suppliers and China’s start-up slowdown

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Column chart of PC shipments (mn units) showing Global PC industry shows little recovery after 2 years of slump

Hello everyone! This is Lauly from Taipei. It’s been a while since the last time I hosted the weekly #techAsia. I took annual leave and took my toddler, who had just begun to walk, to Okinawa, Japan. Travelling abroad with a one-year-old is never easy, but it was only a one-hour flight, and seeing him smile at the schools of colourful fish and large whale shark at the Okinawa Churaumi Aquarium, and clapping his hands when he had a bit of tofu at a downtown izakaya made it all worthwhile.

One very interesting thing I noticed while in Okinawa was that wherever we went, we could hear people speaking Taiwanese. It seemed like 80 per cent of the tourists at the aquarium were Taiwanese, and the hotel where we stayed was full of other Taiwanese families.

It all reminded me of my interview with Chiao Yu-heng, chairman of Passive System Alliance, a leading Taiwanese electronics component maker. Chiao, who speaks fluent Japanese, spent years studying and working in Japan in his youth and has recently initiated many investments in the country to forge closer collaboration between Taiwanese and Japanese tech suppliers. “I really like Japan and there are many aspects where Japanese and Taiwanese companies complement each other,” he said.

Apart from taking a holiday, I also recently wrapped up a deep-dive with my colleague Annie Cheng Ting-Fang into Asia’s shortage of renewable energy. The theme keeps cropping up in interviews and at events. Leading Nvidia AI server maker Foxconn said at its annual tech day that it is building a superpower computing centre in the southern Taiwanese city of Kaohsiung, which will require newly designed buildings, new layouts of water pipelines and additional electricity supplies. Most striking of all, I learned that operating a rack of AI servers uses roughly as much electricity as 300 households.

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Statistics like this are why the tech supply chain, from semiconductor and component makers to system integrators, are working to make AI computing more energy-efficient. The supply of energy, especially low-carbon emission energy, is going to be a key challenge for the global tech supply chain.

Going green

Delta Electronics is planning to build its own renewable power plants in India and Thailand, as the power and thermal management solutions provider steps up efforts to decarbonise its supply chain, Jesse Chou, Delta’s vice-president and chief sustainability officer, told Nikkei Asia’s Lauly Li and Cheng Ting-Fang in an interview.

Delta, a key power and thermal management system supplier for Nvidia’s GB200 server system, has identified that Thailand and India are the most challenging places for it to access sufficient renewable electricity.

“We can’t always rely on local governments to solve the issue,” Chou said. “We plan to build our own renewable energy plants to take a more active role to achieve our ultimate goal.”

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Delta joined the RE100 initiative in 2021, making it one of the earliest companies in the tech supply chain to do so.

Delta’s move comes as its home market of Taiwan looks to raise its emissions-cutting target for 2030 as the island looks to secure its position in the global supply chain, according to this exclusive interview by Thompson ChauLauly Li and Cheng Ting-Fang with Environment Minister Peng Chi-ming. The current goal is to cut emissions 24 per cent, plus or minus 1 per cent, by 2030, compared to 2005, which is not ambitious enough, according to Peng.

“We hope to accelerate our net zero goal in Taiwan,” he said.

Popularity pay-off

Xiaohongshu, China’s answer to Instagram, is growing in popularity. The start-up’s revenues surged to $1bn in the first quarter of this year as it ramped up advertising on the platform.

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The Shanghai-based unicorn turned profitable in 2023, a trend it continued in the first three months of the year as it generated $200mn in net profit, writes the Financial Times’ Eleanor Olcott. This is up from $40mn in the same period last year on revenues of about $600mn.

The country’s fastest-growing social media platform is beloved by city-dwelling young women, who flock to Xiaohongshu for restaurant, beauty and travel recommendations.

The start-up is a rare recent success story in a tech sector hit by bankruptcies and falling valuations and is one of a small group of promising tech unicorns that investors are eyeing for a potential initial public offering.

Column chart of PC shipments (mn units) showing Global PC industry shows little recovery after 2 years of slump

Top US computer maker HP is sharply scaling back the procurement decision-making power of its Taiwan team and increasing related positions in Singapore, as part of a major supply chain restructuring to mitigate geopolitical uncertainties, according to this scoop by Nikkei Asia’s Cheng Ting-Fang and Lauly Li.

The company has transferred responsibility for procurement and sourcing decisions to US-based executive Jonathan Jennings, who was newly hired this year and reports to HP’s chief supply chain officer, Ernest Nicolas. Taiwan, home to important suppliers in the laptop and desktop computer supply chains, has been a critical market for PC development and component procurement.

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Tensions between Taipei and Beijing have led some tech companies to set up production or operational hubs in third countries, particularly in south-east Asia. US-China tech tension is also driving the supply chain shift.

HP’s move comes as the global PC industry has been in inventory correction mode since the second half of 2022, when demand from the work- and study-from-home boom ebbed. Worldwide shipments plunged nearly 14 per cent in 2023.

Start-up slowdown

China’s fervour for entrepreneurship is fading as Beijing shifts its strategic focus to semiconductors, autos and other more job-heavy industries, writes Nikkei Asia’s Wataru Suzuki.

Venture capital and private equity investment in China fell 38.7 per cent on the year in the first half of 2024, to Rmb196.7bn ($28bn), according to research company Zero2IPO. Money raised by fund managers also dropped 22.6 per cent to Rmb622.9bn. By comparison, venture capital and private equity investment in the US fell 3 per cent to $418.5bn during the same period, while fund managers raised 3.3 per cent more.

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Local governments, another key source of funding, are increasingly backing companies that build factories, such as robot and drone makers, and companies in the semiconductor supply chain, rather than start-ups that often keep investors waiting for returns.

Ripples from the slowdown are spreading to businesses like the Shenzhen innovation centre and to Beijing’s Zhongguancun district, once known as the “centre of the universe” for its proximity to top universities, where empty cafés testify to the chill in networking and start-up hustle.

Suggested reads

  1. China cyber security body calls for Intel review over security (Nikkei Asia)

  2. Elon Musk battles Indian billionaires over satellite internet spectrum (FT)

  3. Thailand to move up semiconductor value chain with first front-end fab (Nikkei Asia)

  4. Rapidus’s Japan chip plant may bring $120bn economic windfall, but doubts remain (Nikkei Asia)

  5. Head of Saudi tech institute pledges to limit China AI collaboration (FT)

  6. Chinese carmakers deny intent to ‘overthrow’ western rivals (FT)

  7. AMD, Intel team up as semiconductor stocks slump on ASML outlook (Nikkei Asia)

  8. ‘800lb gorilla’: luxury brands battle China’s hit grey-market app (FT)

  9. Huawei trifold phone’s resale frenzy cools shortly after launch (Nikkei Asia)

  10. $1bn US battery plant plan shows race to reduce reliance on China (FT)

#techAsia is co-ordinated by Nikkei Asia’s Katherine Creel in Tokyo, with assistance from the FT tech desk in London. 

Sign up here at Nikkei Asia to receive #techAsia each week. The editorial team can be reached at techasia@nex.nikkei.co.jp

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AJ Bell platform business grows as customer numbers rise by 14%

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AJ Bell platform business grows as customer numbers rise by 14%

AJ Bell’s platform business has continued to grow, with customer numbers increasing by 66,000 to 542,000.

This represents an increase of 14% in the past year.

Its year-end trading update, published today (17 October), shows the total number of advised platform customers has increased by 12,000 to 171,000.

Meanwhile, the total number of D2C platform customers rose by 54,000 to 371,000, up 17% compared to last year.

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Platform assets under administration (AUA) rose to a record £86.5bn, an increase of 22% from 2023.

Gross and net inflows across the platform were significantly higher than previous years too, which AJ Bell said was driven by improved retail investor confidence.

Gross inflows hit £13.1bn, up 41% versus 2023 (£9.3bn), while net inflows hit £6.1bn, up 45% compared to the previous year (£4.2bn)

However, despite storing performance across its platform business, AJ Bell saw net inflows into its investment business fall by £100m.

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In both the advised and D2C markets, it recorded net inflows of £1.5bn, compared to £1.6bn the previous year.

Assets under management (AUM) in its investment business reached a record £6.8bn, up 45% from last year’s total of £4.7bn.

AJ Bell chief executive officer, Michael Summersgill, said: “I am pleased to report on another excellent year in which we have delivered impressive growth in customers and assets under administration.

“Our strategy is centered on our dual-channel platform which serves both the advised and D2C platform markets using a single technology platform and single operating model.

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“This maximises our growth opportunity within the platform market, whilst being highly efficient to operate.

“Platform net inflows of over £6bn demonstrates the benefit of serving both markets, while our efficient model drives strong profitability, enabling continual reinvestment in the business to support our long-term growth ambitions.”

Summersgill believes AJ Bell’s performance is down to enhancing its propositions, improving brand awareness and lowering the cost of investing for customers.

He also said the firm had seen “a noticeable change” in both customer contributions to pensions and tax-free cash withdrawals.

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While these behavioural changes do not have a material impact on AJ Bell’s business performance, Summersgill said they represent significant decisions for individual customers.

“We have therefore made representations to the Treasury calling for a commitment to a pension tax lock in the Budget, guaranteeing stability in key pension tax legislation for at least this parliament.”

Summersgill said that while the upcoming Budget has introduced “unhelpful uncertainty”, he “remains positive about the outlook for AJ Bell and the platform market more broadly.”

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Israel accused of implementing ‘starvation plan’ in Gaza

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Rights groups say Israel appears to be implementing a controversial plan to force Hamas into submission by laying siege to the north of Gaza. BHP’s chief executive met government officials in South Africa last week, fuelling speculation that the miner will resurrect its failed bid for rival Anglo American. Plus, the downfall of once-hyped genetic testing company 23andMe, and Prada launches in to spacesuit design.

Mentioned in this podcast:

More than 100 killed in Nigeria fuel tanker explosion

Israel ‘starting to implement’ north Gaza starvation plan, say rights groups

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BHP chief sparks fresh Anglo bid speculation after South Africa trip

Founder Anne Wojcicki races to rescue 23andMe

Prada launches into spacesuit design

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

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Read a transcript of this episode on FT.com

View our accessibility guide.

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Marketing overwhelm? Here’s how I stripped mine back to basics

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Sam-Sloma-Sketch
Sam-Sloma-Sketch
Sam Sloma – Illustration by Dan Murrell

I have recently been spending a lot of time thinking about my business and what’s next for us.

We’ve had a really good few years, from a growth perspective. We’ve integrated one acquisition and we’re looking at one or two others. We are in an objectively good shape.

However, as the firm grows and more advisers join the team, we need to find a way to continue to build and for the business to be able to sustain itself.

When we set up, it was mainly my own connections and relationships that generated new clients. But that’s probably not enough now. The old adage of, ‘What got us here won’t get us there,’ feels apt.

We must do what fits for us. And why shouldn’t it be something we enjoy doing?

And so to marketing.

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It feels as if there are a million and one resources, from a financial services marketing perspective.

From podcasts by industry experts, marketing specialists, SEO companies and consultants galore, to other advisers promoting what they do on LinkedIn and/or X (formerly Twitter), it’s a minefield when determining who to follow and which options are best.

I have thought a lot about which approaches to explore and from whom to take inspiration. So many good people are providing really excellent, free content.

However, I chose to come away from all of that ‘stuff’. I went back to basics. I started thinking about my business, my life, what I wanted to do and how I wanted to do it.

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We decided to go to our best introducers and best clients and ask them what they, their peers, their colleagues and their friends might be interested in

Why? Well, while no doubt good, all the information out there is pretty generic. There can be basic guides for what can work or what has worked for other people, sure. However, these aren’t specific to me, to my business and to what I want to do with my time.

Actual people

So, I went back to thinking about what had brought people to my company and what had made them stay. Also, what I enjoyed in terms of marketing and what I didn’t.

As business owners, we get to choose these things. I don’t want to be ruled by the business — I want to rule it. This led me to AP — actual people.

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Forget AI; AP is where it’s at. I like people. I like speaking with them, learning their stories, hearing what challenges they have and thinking through the options to overcome them.

What is working already? What feels comfortable to you? What can you do often and sustainably

I realised, if we’re a business that people join and stay with because of the human connection, why don’t we do things that encourage more human connections?

We decided to go to our best introducers and best clients and ask them what they, their peers, their colleagues and their friends might be interested in.

These people are already advocates of ours. They get it, they get us.

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I understand why writing social-media posts or creating a podcast (I had one of those) and other digital content is useful for marketing. However, those things aren’t what define us.

I don’t like the peer pressure about what you need to do, marketing-wise. We must do what fits for us. Yes, we’d like it to work but why shouldn’t it be something we enjoy doing? Something authentic and sustainable.

We will monitor the results — who came in as clients and what work came from it. That’s the analytics we can review.

Gauging feedback

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Our marketing to-do list was relatively long to start with but we decided to refine it to three or four projects initially and gauge feedback from there.

None of these are revolutionary, either. Sorry if you thought I was going to give you the key to loads of new business.

We’re starting with a wine-tasting evening local to a number of our clients with a local wine-production company we know.

We’re doing an evening at a high-end watch retailer with a number of sports and entrepreneur clients with a big interest in watches.

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I started thinking about my business, my life, what I wanted to do and how I wanted to do it

We have seminars arranged, reviewing pensions and inheritance tax planning.

And we’re planning an event with our charity partner, Spread a Smile, to show our clients what we do as a business for them.

We will ask introducers to bring potential clients and we will ask clients to bring like-minded individuals.

I will update on how this has gone over the next year or so, but the main point of this column was to remind other business owners and advisers to think through what their marketing looks like.

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What is working already? What feels comfortable to you? What can you do often and sustainably, and enjoy rather than endure? Good luck.

Sam Sloma is managing director of Engage Financial Services


This article featured in the October 2024 edition of Money Marketing

If you would like to subscribe to the monthly magazine, please click here.

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