Flying taxis are coming, AI companies commit to safety standards & Natwest apologies to Nigel Farage

Good morning and happy Monday 😃

Here are the top 5 stories for British business leaders today:

1) Natwest apologise to Nigel Farage for ‘deeply inappropriate’ comments about him as a suitable customer

• What happened: Nigel Farage alleged that his private banking account with Coutts (a Natwest subsidiary) was closed because of his political views. A 40-page document sent to him confirmed this. It outlined evidence that Mr Farage's views don’t align with Natwest’s - including a retweet of a Ricky Gervais joke about trans women and comparing Black Lives Matter protesters to the Taliban. Natwest’s boss has since apologised saying that the report didn’t reflect Natwest’s view. In a letter to Nigel Farage, she stated “Freedom of expression and access to banking are fundamental to our society and it is absolutely not our policy to exit a customer on the basis of legally held political and personal views”. (Read more)

• Why it matters: The high profile and public coverage of this story has led to new rules for banks with respect to closing accounts. Banks will have to explain to customers why they are shutting accounts. They will also have to give 90 days before closing an account (to give people time to make arrangements). These new rules are expected to come in place in the coming months.

2) We are finally get flying taxis (as we’ve been promised in sci-fi movies for decades)

• What happened: A Brazilian plane maker called Embraer has announced a plan to make flying taxis near São Paulo. These taxis will use ‘electric vertical take-off and landing’ (eVTOL) technology (which means they rise and fall vertically without the need for a runway). They’ve envisaged each trip will cost around $50-$100 (US Dollars) per person, making it affordable. They are also partnering with US airlines to bring people to and from the San Francisco International Airport beginning in 2026. (Read more)

• Why it matters: We’ve been shown the dream of flying taxis in movies for years and now we almost have them. Whilst of course helicopters are able to carry out some of the function of these taxis, the affordability of this potential mode of transport makes it unique. It’s also been some time since we saw a completely new form of transport, so this news an exciting development that may affect us all. eVTOL’s aircraft could help reduce traffic congestion in crowded cities without being too expensive for customers.

3) Google, Amazon and others have committed to ‘ethical standard’ checks in their use of AI

• What happened: 7 companies (which also include Anthropic, Inflection, Meta, Microsoft and OpenAI) have committed to managing risks associated with AI (read more). The commitments include:

  • Testing of their AI systems by internal and external experts before release;

  • Ensuring that people are able to spot AI by implementing watermarks;

  • Publicly reporting AI capabilities and limitations on a regular basis; and

  • Researching the risks such as bias, discrimination and the invasion of privacy.

• Why it matters: There have been widespread concerns about the potential of AI, particularly in the tech community (and often most publicly by none other than Elon Musk). The signing of this pledge is a significant step safeguards individuals (and potentially even humanity as a whole…) from the dangers that AI poses.

4) Mercedes-Benz has said it will make a significant play for the Chinese EV market

• What happened: Mercedes-Benz outlined a strategy in 2021 that they will only develop ‘new vehicle architecture’ for EVs from 2025 onwards. A key market for their EVs will be China and to more effectively compete there, they are reviewing whether their vehicles meet the needs of local customers. In particular, they are assessing whether the space requirement and digital content needs of Chinese consumers are being met. (Read more)

• Why it matters: Local Chinese brands had an 81% share of the Chinese EV market in 2022. The Chinese market is not only important because of its size, but also because it is further ahead in its vehicle transition. For Western brands to break into this space, they will need to more closely meet the needs of Chinese consumers.

5) Barbie wins the ‘Barbenheimer’ battle (from an opening weekend sales perspective)

• What happened: Barbie made £120m in its opening weekend. This is the 24th highest amount of all time (with this highest to date being ‘Avengers: Endgame’ in 2019 at just over $350m … in case it comes up in a pub quiz). Meanwhile Oppenheimer, which was also released on Friday, made £72m. (Read more)

• Why it matters: I contributed towards Barbie’s opening weekend sales (but unfortunately the movie wasn’t quite to my taste - reckon it’s one of those that you love or hate and I certainly didn’t love it). Anyway, back to news … with cinemas losing out to streaming companies such as Netflix, the significant hype around these 2 movies could help to reignite people’s love for cinemas again.

I hope you’ve enjoyed today’s newsletter and found it useful. If you have a moment to reply and say hi (and what you liked / disliked), I’d love to hear from you!

Have a lovely Monday ahead.

Vishal