DOCSLIB.ORG

Just the End of Love

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Just the End of Love (It’s Not War) Just the End of Love SOLUTIONS & MULTI-ASSET | GLOBAL BALANCED RISK CONTROL TEAM | MACRO INSIGHT | MAY 2018 On 2 March 2018, a day after announcing AUTHOR his first round of tariffs, targeting steel and aluminium imports from China, President Trump tweeted that “trade wars are good and easy to win.” So far, however, we aren’t involved ANDREW HARMSTONE Managing Director in so much of a trade war with China, but a deteriorating relationship that looks more like Andrew is Lead Portfolio Manager for “just the end of love,” to borrow a song title the Global Balanced Risk Control Strategy (GBaR). He joined Morgan Stanley in from the Manic Street Preachers. 2008 and has 37 years of relevant industry experience. Both China and the US have a lot to lose from a trade confrontation that escalates into full-scale war. Trade tariffs, restrictions and technology controls could disrupt China’s plan to address its long-term debt and hamper the rebalancing of its economy. Overall this could disrupt its Made in China 2025 strategy, a government plan to upgrade China’s industry through a combination of manufacturing and smart technology. For the US, political and economic considerations also weigh against a full trade war. China’s vulnerability: A great wall of debt A decade ago China’s growth was largely driven by investment spending. This spending and increases in debt did contribute to growth; however, the impact appears in recent years to have reduced. When global growth slowed in the aftermath of the financial crisis, the Chinese government tried to stimulate growth through this spending by mandating which industries or sectors should receive investments. The banks issued loans MACRO INSIGHT to Chinese state-owned enterprises DISPLAY 1 (SOEs), which then proceeded to invest China’s massive debt buildup is growing… in those areas. SOE debt represents China’s percentage of debt to GDP growth around 70% of corporate debt.1 % As a result, debt has increased steadily 300 since 2008 and is now close to 300% of Gross Domestic Product (GDP) 250 (Display 1). This level of debt requires interest payments of about 12% of 200 GDP per year.2 The largest source of debt is less-profitable SOEs (Display 2), 150 which have contributed to GDP growth in the past. 100 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 One of the objectives of the National Chin eb GDP Congress of the Communist Party of Source: Bloomberg as of 31 December 2017. China has been to rebalance its economy and make it sustainable. Its goal was to shift the composition of GDP away DISPLAY 2 from investment spending towards … particularly among less-profitable SOEs more household consumption, which has been growing and represents nearly % 40% of GDP (Display 3). It is worth 200 Corporate ebt noting though that investment spending 150 can be seen as a growth leader, whereas consumer spending depends in part on 100 consumer confidence, which is a rather Household ebt less direct ‘lever’ if the government aims 50 to boost growth quickly. A secondary Government ebt objective is to increase productivity by 0 shifting the investor base in China from ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 low value-added to higher-end industries Government ebt Corporate ebt Household ebt with a technological bias (i.e., the Made (state-owned enterprises) in China 2025 strategy). Source: Bloomberg as of 31 December 2017. High-tech imports and technology transfers—which the US views as forced DISPLAY 3 or improper—are necessary for increasing Chinese household consumption an increasingly important contributor to GDP productivity and shifting to higher value-added businesses. The Trump RMB billion administration’s proposed trade tariffs 90,000 directly challenge these plans. 2% 60,000 44% 14% 30,000 39% 0 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 1 Source: OECD, https://www.oecd.org/eco/ surveys/china-2017-OECD-economic-survey- ■ ousehold onsumption ■ Government onsumption overview.pdf ■ Gross apital ormation ■ Ne xport 2 Bloomberg, using the 1-5 year benchmark lending rate of 4.75%, a very conservative borrowing cost. Source: Bloomberg as of 31 December 2016. 2 MORGAN STANLEY INVESTMENT MANAGEMENT | SOLUTIONS & MULTI-ASSET (IT’S NOT WAR) JUST THE END OF LOVE A (politically) targeted response DISPLAY 4 China has responded to proposed US Rising earnings driving China’s market higher tariffs with significant sanctions against the US that will hurt regions that voted ES Index for Trump in the last election. These 7.5 120 Chinese tariffs were designed with US politics in mind. Even if they also hurt 6.5 80 China—for example, soybean imports are essential for the country’s pork production—eight of the top 10 soybean- 5.5 40 producing states voted for Trump in the 2016 election. 4.5 0 President Trump’s aggressive and fast- 1/13 10/13 7/14 4/15 1/16 10/16 7/17 4/18 paced approach to China may reflect 12-mo orwar EPS LHS) MSCI hin Inde i K RHS)) his realisation that, after mid-term elections in November 2018, his ability Past performance is no guarantee of future results. The index performance is provided for illustrative purposes only and is not meant to depict the performance of a specific investment. See Disclosure to pass legislation is likely to be greatly section for index definitions. diminished. And, his previous approach Source: IBES, Datastream; data is in local currency terms. with steel and aluminium tariffs— headline-grabbing at first, followed by exemptions for Canada, Mexico, then the In contrast, the Trump administration Wild swings, but no downward trend European Union (E.U.), South Korea, has announced a strict deadline and In an environment where investors are Indonesia and so on—lends weight to serious consequences if negotiations fail. already jittery in the face of tightening the view that this back and forth is more These tariffs have a 60-day negotiation monetary policy, an aggressive approach likely a tactic than an end game. window before they kick in, which to negotiation between the two largest increases pressure for meaningful economies has ignited extreme market If China gets pushed into a corner, concessions on both sides. volatility and uncertainty. And this is it could simply stop investing in US not your usual kind of volatility; since Treasuries. Or worse, it could start selling The markets expressed concerns that the selloff in early February, which was its $1.2 trillion3 stockpile of US Treasury this announcement would heighten the triggered by rising rates, the market has holdings. Also, the US is counting on “threat, counter-threat” situation, but experienced wild intraday swings, but China to help with managing North those are not the dynamics we are seeing. hasn’t really trended down. We expect Korea, so there is an incentive from the The Trump administration has no need this pattern to continue because we think US not to be recklessly aggressive with to continue escalating its threats because that these trade threats are a negotiating its policy. it has what it wants: A reasonable period tactic—not an attempt to destroy of time to reach an agreement with global trade. The 60-day clock: Creating a deadline concessions, and a deadline to increase The Trump administration’s approach that likelihood. Growing capital investment, a favourable has changed the dynamics of tariff GDP outlook and record levels of There is a risk that the two parties negotiations. In the past, when the US unemployment suggest a strong global will fail to reach an agreement by the attempted to renegotiate trade terms, it economy. The outlook for Chinese deadline, triggering the tariffs. At that usually talked first, and then waited for equities is also supportive, with prices point, we could see an escalation. But we a response before acting. But speaking rising in line with earnings trends think it is more likely that concessions without deadlines created delays; the (Display 4). Moreover, valuations remain will be made that could start to resolve US could talk itself blue in the face and supportive whilst analyst revisions longstanding global imbalances. nothing could happen.4 of forward earnings have recently turned higher. 3 Source: Department of the Treasury/Federal Reserve Board, Major Foreign Holders of Treasury Securities, published 16 April 2018. http://ticdata. treasury.gov/Publish/mfh.txt 4 See e.g., The US’s Act First, Talk Later Approach to Tariffs, Jim Caron, MSIM Global Fixed Income team, 5 April 2018. “In the past, the US elected to talk first, act later. As a result, China just used delay tactics until the US political climate lost its will to press trade talks any further. This has been a successful tactic for the Chinese. But that’s over now.” SOLUTIONS & MULTI-ASSET | MORGAN STANLEY INVESTMENT MANAGEMENT 3 MACRO INSIGHT Strategy: What to do, what not to do this volatile, there is no way to anticipate would be to selectively buy sectors and This outlook implies investors should seek when an upward trend will occur, so countries that are expected to be hurt or to trade around that volatility. When the investors sitting in cash are likely to oversold and selling those perceived to be market dives, it almost certainly—and miss out if the market rebounds. They beneficiaries or overbought. we emphasise “almost”—sets off an should, however, hold enough cash to overreaction that should lead to buying avoid being forced to sell equities after a An opportunity to harness the opportunities.
Load more

Recommended publications
  • Early Language Delays in the Uk Early Language Delays in the Uk
    EARLY LANGUAGE DELAYS IN THE UK EARLY LANGUAGE DELAYS IN THE UK Save the Children works in more than 120 countries. We save children’s lives. We fight for their rights. We help them fulfil their potential. Authors James Law,1 Liz Todd, Jill Clark, Maria Mroz, Julie Carr Published by Save the Children 1 St John’s Lane London EC1M 4AR UK +44 (0)20 7012 6400 savethechildren.org.uk First published 2013 © The Save the Children Fund 2013 The Save the Children Fund is a charity registered in England and Wales (213890) and Scotland (SC039570). Registered Company No. 178159 This publication is copyright, but may be reproduced by any method without fee or prior permission for teaching purposes, but not for resale. For copying in any other circumstances, prior written permission must be obtained from the publisher, and a fee may be payable. Cover photo: Clare and her six-month-old son, Kai, at their home in Slough. (Photo: Anna Kari/Save the Children) Typeset by Grasshopper Design Company Printed by Page Bros Ltd. CONTENTS Foreword iv Glossary vi Executive summary viii 1 Background 1 2 Do children living in poverty in the UK suffer disproportionately from early language delay? 7 3 How does early years language delay affect school readiness and later life chances? 10 4 What policy changes could help to solve the problem of early years language delay? 12 5 What practice changes could help to solve the problem of early years language delay? 17 6 Next steps 24 Conclusions 25 Appendices 26 References 29 Endnotes 33 FOREWORD Between birth and the age of two years, The most significant studies were also not UK-based.
    [Show full text]
  • Background, Brexit, and Relations with the United States
    The United Kingdom: Background, Brexit, and Relations with the United States Updated April 16, 2021 Congressional Research Service https://crsreports.congress.gov RL33105 SUMMARY RL33105 The United Kingdom: Background, Brexit, and April 16, 2021 Relations with the United States Derek E. Mix Many U.S. officials and Members of Congress view the United Kingdom (UK) as the United Specialist in European States’ closest and most reliable ally. This perception stems from a combination of factors, Affairs including a sense of shared history, values, and culture; a large and mutually beneficial economic relationship; and extensive cooperation on foreign policy and security issues. The UK’s January 2020 withdrawal from the European Union (EU), often referred to as Brexit, is likely to change its international role and outlook in ways that affect U.S.-UK relations. Conservative Party Leads UK Government The government of the UK is led by Prime Minister Boris Johnson of the Conservative Party. Brexit has dominated UK domestic politics since the 2016 referendum on whether to leave the EU. In an early election held in December 2019—called in order to break a political deadlock over how and when the UK would exit the EU—the Conservative Party secured a sizeable parliamentary majority, winning 365 seats in the 650-seat House of Commons. The election results paved the way for Parliament’s approval of a withdrawal agreement negotiated between Johnson’s government and the EU. UK Is Out of the EU, Concludes Trade and Cooperation Agreement On January 31, 2020, the UK’s 47-year EU membership came to an end.
    [Show full text]
  • Council Delays Water Study Bye
    ·--·'C-'-r.&;lll~'""'IQ.I•A& ~w&,a. • THIS WEEK IN SPORTS •:• Serving Greater Newark Since 191 0 •:• Published every Friday April 16, 1993 35¢ Council delays water study ByE. Fine mended by a city subcommittee Jiving near Del. 896 still report director, said another firm would E. Fine photo/The Post Post Staff Writer after monitoring showed high lev­ occasional di scoloring in th ei r be hired to design the new plant Glasgow's Fran Kulas slides into home with the win­ els of iron and manganese in the water. sometime after the DGS study is ning run In the Dragons' 8-7 win over William Penn The Newark City Council put eight wells across from the Castle The goal of the study by the completed. But city officials would last Thursday afternoon at Glasgow High. Article 1 B off a decision on a two-year Mall on Del. 72. University of Delaware Geologic receive information throughout the $143,000 water study to determine Since 1989, city officials have Survey (DGS) is to provide guide­ study rather than receiving it all at the source of the contamination worked around the problem by pur­ lines for building a water treatment one time, he said. IN THE NEWS occurring in the city's south well chasing water from the Wilmington plant to service the south well field Council member Irene Zych field. Suburban Water Company and aquifer. questioned why another consultant Newark police are on the look-out for the City officials also disclosed closing two of the Del. 72 wells.
    [Show full text]
  • Impact of Post-Brexit Procedural Rules for Caribbean Exports Into the UK
    ISSN 2520-291X 2021/04 Trade Competitiveness Briefing Paper Impact of Post-Brexit Procedural Rules for Caribbean Exports into the UK Keisha-Ann Thompson Trade Competitiveness Briefing Paper 2021/04 ISSN 2520-291X © Commonwealth Secretariat 2021 Consultant: Keisha-Ann Thompson. This paper has been prepared for the Commonwealth Secretariat and reflects the views of the author. Any errors are the fault of the author only. The study on which it is based used information available up to 15 April 2021. The situation remains very fluid, as measures are being rolled out in phases in accordance with the United Kingdom’s Border Operating Model, which, at the time of writing, had changes scheduled for implementation up to 1 March 2022, and indications are that there may be delays in scheduled implementation. Please cite this paper as: Thompson, K (2021), ‘Impact of Post-Brexit Procedural Rules for Caribbean Exports into the UK’, Trade Competitiveness Briefing Paper 2021/04, Commonwealth Secretariat, London. The Trade Competitiveness Briefing Paper series provides evaluative and strategic research on new and emerging trade issues of relevance to the Commonwealth member countries. The series focuses on the practicalities of addressing these new issues as well as long existing (but still very current) policy challenges in a time-bound, targeted and effective manner; taking into account both opportunities and challenges that emerge due to changes in global trade landscape. The views expressed here are those of the author(s) and do not necessarily represent those of the Commonwealth Secretariat. For more information, contact the Series Editor: Opeyemi Abebe, o.abebe@commonwealth.
    [Show full text]
  • Exploring Patterns in European Singles Charts
    Exploring patterns in European singles charts Andrzej Buda1,2, Andrzej Jarynowski3,4 1Wydawnictwo Niezależne, Wrocław, Poland 2 IFJ, Polish Academy of Science, Cracow, Poland 3Jagiellonian University, Institute of Physics, Cracow, Poland 4Moldova State University, Kishinev, R. of Moldova [email protected], [email protected] Abstract. European singles charts are important part of the music industry responsible for creating popularity of songs. After modeling and exploring dynamics of global album sales in previous papers, we investigate patterns of hit singles popularity according to all data (1966-2015) from weekly charts (polls) in 12 Western European countries. The dynamics of building popularity in various national charts is more than the economy because it depends on spread of information. In our research we have shown how countries may be affected by their neighbourhood and influenced by technological era. We have also computed correlations with geographical and cultural distances between countries in analog, digital and Internet era. We have shown that time delay between the single premiere and the peak of popularity has become shorter under the influence of technology and the popularity of songs depends on geographical distances in analog (1966-1987) and Internet (2004-2015) era. On the other hand, cultural distances between nations have influenced the peaks of popularity, but in the Compact Disc era only (1988-2003). We have also indicated the European countries “in line” with global trends e.g. The Netherlands, the United Kingdom and outsiders like Italy and Spain. Keywords: computational social science, data-mining of social behavior, information diffusion Introduction In academic studies, as well as real-world settings (business-oriented or fan-oriented) many metrics of measuring popularity [1] and distance were proposed [2].
    [Show full text]
  • BBC Group Annual Report and Accounts 2019/20
    BBC Group Annual Report and Accounts 2019/20 BBC Group Annual Report and Accounts 2019/20 Presented to Parliament by the Secretary of State for Digital, Culture, Media and Sport by Command of Her Majesty © BBC Copyright 2020 The text of this document (this excludes, where present, the Royal Arms and all departmental or agency logos) may be reproduced free of charge in any format or medium provided that it is reproduced accurately and not in a misleading context. The material must be acknowledged as BBC copyright and the document title specified. Photographs are used ©BBC or used under the terms of the PACT agreement except where otherwise identified. Permission from copyright holders must be sought before any photographs are reproduced. You can download this publication from bbc.co.uk/annualreport Designed by Emperor emperor.works Prepared pursuant to the BBC Royal Charter 2016 (Article 37) Contents Contents About the BBC Governance report Financial statements 02 Informing, educating and 70 BBC Board 159 Certificate and Report entertaining the UK in 2019/20 71 Executive Committee of the Comptroller and 04 Coronavirus: informing, 71 Next Generation Committee Auditor General educating, and entertaining in 72 Corporate Compliance Report 171 Consolidated income statement lockdown 73 Remuneration Report 171 Consolidated statement of Strategic report 81 Pay disclosures comprehensive income/(loss) 89 NAO opinion on pay 172 Consolidated balance sheet p 06 Statement from the Chairman 173 Consolidated statement of 08 Director-General’s statement
    [Show full text]
  • Bbc Annual Plan 2021/22
    BBC ANNUAL PLAN 2021/22 March 2021 1 TABLE OF CONTENTS 1. FOREWORD ........................................................................................................................................................... 3 2. THE IMPACT OF COVID-19 ON THE BBC, AUDIENCES AND INDUSTRY ..................................................................... 5 3. THE BBC’S STRATEGIC AND CREATIVE PRIORITIES ................................................................................................ 15 4. THE BBC’S FINANCIAL CONTEXT AND 2021/22 OUTLINE BUDGET ......................................................................... 36 5. POTENTIAL CHANGES TO THE BBC’S PUBLIC AND COMMERCIAL SERVICES ........................................................... 40 ANNEX 1: MEASURING THE PERFORMANCE OF THE BBC .......................................................................................... 42 ANNEX 2: THE BBC’S COMMITMENT TO DELIVERING ITS PUBLIC PURPOSES ............................................................ 46 ANNEX 3: GOVERNANCE AND GENERAL DUTIES ....................................................................................................... 63 2 1. FOREWORD As we publish this year’s BBC Annual Plan the lockdown restrictions put in place to combat the Covid pandemic have begun to be eased across the country. We, like the rest of the UK, are hopeful that something close to normality will return in the coming months, and that friends, families and communities will be reunited after a hard year apart. The Covid pandemic
    [Show full text]
  • Cool Cymru, Pop and National Identity in Wales During the 1990S
    _________________________________________________________________________Swansea University E-Theses To show from where I came': Cool Cymru, pop and national identity in Wales during the 1990s. Edwards, Rebecca Jayne How to cite: _________________________________________________________________________ Edwards, Rebecca Jayne (2008) To show from where I came': Cool Cymru, pop and national identity in Wales during the 1990s.. thesis, Swansea University. http://cronfa.swan.ac.uk/Record/cronfa42472 Use policy: _________________________________________________________________________ This item is brought to you by Swansea University. Any person downloading material is agreeing to abide by the terms of the repository licence: copies of full text items may be used or reproduced in any format or medium, without prior permission for personal research or study, educational or non-commercial purposes only. The copyright for any work remains with the original author unless otherwise specified. The full-text must not be sold in any format or medium without the formal permission of the copyright holder. Permission for multiple reproductions should be obtained from the original author. Authors are personally responsible for adhering to copyright and publisher restrictions when uploading content to the repository. Please link to the metadata record in the Swansea University repository, Cronfa (link given in the citation reference above.) http://www.swansea.ac.uk/library/researchsupport/ris-support/ 4 TO SHOW FROM WHERE I CAME ’ Cool Cymru, pop and national identity in Wales during the 1990s A Thesis Submitted for the Degree of Doctor of Philosophy Rebecca Jayne Edwards MA Swansea University March 2008 ProQuest Number: 10798180 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted.
    [Show full text]
  • Transfer from Heathrow to Southampton Cruise Terminal
    Transfer From Heathrow To Southampton Cruise Terminal Subcordate and illuvial Forrest never vintage incommensurably when Wain communizing his apostates. Coordinate Kirby sometimes striate his wails propitiatorily and dinges so baresark! Membranous Abdel dematerializing his loons combined algebraically. Whilst most of our work is for cruise ship or airport transfer journeys, Cruise ports, there are better options for getting to Southampton Port. Southampton, Greece, private service. How far is Southampton from London? We recommended Smiths for airports. Alternatively, if you stay Trafalgar Sq and Kensington areas, we chose the National Express. What happens if my flight is delayed and I cannot get to the meeting point on time? Travellers Toolkits cannot be held responsible for any price differential between our stated prices and those of the companies supplying the product or accuracy of information provided on our sites. Will run with only one person. Our drivers track your incoming flight and will time their arrival based on actual landing time. If your return date is not yet known, The New Forest, our specialized transfer service has the answer to your travel needs. Grab some ports and southampton from your cruise with our itineraries use our continued commitment consistently over air conditioning as their holidays. Taking a journey implies no sticking around at occupied air terminals, and stylish travel, you can have your questions answered quickly and easily. Is the price the same to all hotels even if it is not an airport hotel? Please check your inbox for instructions on what to do next. Auch telefonisch hat sich Ihr Fahrer bei uns nicht gemeldet.
    [Show full text]
  • Written Evidence Submitted by Will Page Economics of Music
    Written evidence submitted by Will Page 16th November 2020 Economics of Music Streaming Inquiry Introduction This submission was prepared by Will Page, a visiting fellow at the London School of Economics Marshall Institute, regular contributor to leading music industry publications, consultant to music industry leaders including Spotify and author of the forthcoming book, ‘Tarzan Economics: Eight Principles in Pivoting Through Disruption’, which will be published by Simon & Schuster in the United Kingdom in April 2021. This inquiry comes at a critical time for the British music industry, to which Covid-19 has delivered an asymmetric shock. While streaming has shown remarkable resilience, live music has been all but silenced. As artists typically earn the majority of their income from live music, reliance on streaming income has never been greater. In such an unprecedented economic environment, it is a timely call to examine the economic impact of streaming on artists. Executive Summary Publicly available economic data for the music industry both in the UK and internationally support the following key points: ● Since 2015, the British recorded music industry has been growing, largely thanks to the success of streaming. At the same time, the number of artists claiming a share of monies generated by streaming has increased dramatically; thus there are far more artists seeking payment for their work. ● A fact frequently overlooked in the discussion of the economic structure of the music industry is that streaming services do not pay artists directly but instead pay intermediaries (i.e., record labels, CMOs and publishers), all of whom the artists elect to represent their copyrights on privately negotiated terms.
    [Show full text]
  • Record of the Week
    ISSUE 719 / 16 MARCH 2017 TOP 5 MUST-READ ARTICLES record of the week } StubHub Chief Survive On Love See page 12 Executive calls for for contact business to be more Matt Gresham details Warner Music Germany [Europe only] / available for UK & US transparent around out now where tickets are distributed. (FT) With over 3.5 million Spotify streams under his belt across three singles, including two million for this tune alone, Matt Gresham is } Ticketmaster quietly building a solid reputation, and this excellent track sounds introduces “Verified like a global breakout smash in the right hands. It’s co-written Fan” programme to with LA-based artist/producer Jaymes Young, who’s worked with tackle bots. (Recode) London Grammar, David Guetta and ZHU. Currently seeking a Empire on Monday (March 20). Press to date has included the Daily UK and US deal, Matt›s signed to Warner Germany for Europe Telegraph and Rolling Stone, along with blog love from the likes of } Calls for “drastic after his 2016 SXSW show, and relocated to Berlin from his native Hilly Dilly, The AU Review, Fortitude, Fame Magazine, Nu Music and rethink” of OCC Australia, where he recently completed his own headline tour. Indietronica. Musically think Ed Sheeran meets fellow Aussie Jarryd Singles chart. He›s currently making an impact supporting James Arthur on 16 James. Instantly appealing, brilliantly crafted, you’d be hard pressed (Guardian) sold-out UK dates and arrives in London at the Shepherd’s Bush to find a pop hit this durable anywhere in 2017, we suspect. } Pandora launches on-demand streaming CONTENTS service.
    [Show full text]
  • Music 2025 the Music Data Dilemma: Issues Facing the Music Industry in Improving Data Management
    Music 2025 The Music Data Dilemma: issues facing the music industry in improving data management Research commissioned by the Intellectual Property Office and carried out by Ulster University: Professor Frank Lyons, Dr Hyojung Sun, Dennis Collopy, Paul O’Hagan and Professor Kevin Curran. Findings and opinions are those of the researchers, not necessarily the views of the IPO or the Government. Intellectual Property Office is an operating name of the Patent Office Music 2025 Core Research Team: ISBN: 978-1-910790-40-3 Music 2025: The Music Data Dilemma: issues facing Professor Frank Lyons is Dean of Research and Impact in Arts, Humanities the music industry in improving data management and Social Sciences at Ulster University. He has developed an international profile as a composer and researcher with over 150 performances and Published by The Intellectual Property Office exhibitions of his works in China, Japan, Australia, South Africa, the US, June 2019 Europe, the UK and Ireland and broadcast on BBC, RTE, NPR and ABCFM, performed by some of the world’s leading soloists and ensembles. He has 1 2 3 4 5 6 7 8 9 10 also developed an international network of research collaborations in the field of creative technologies and disability under the ‘Inclusive Creativity’ banner. © Crown Copyright 2019 Professor Lyons is currently Co-Director of Ulster’s Creative Industries Institute and Co-Director (Partnerships) of Future Screens NI, a collaboration with QUB You may re-use this information (excluding logos) and a number of key industrial partners which secured £13million from AHRC free of charge in any format or medium, under the and industry to drive growth in the creative economy in the region.
    [Show full text]