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Indranil Ghosh

Articles by Indranil Ghosh

The North of England Needs More than a Rail Link

September 29, 2020

By Indranil Ghosh and Matthias Lomas UK prime minister Boris Johnson’s government says its determined to “level up” the former industrial heartlands of the North of England with the rest of the country. A significant chunk of the North voted for Johnson’s Conservatives in the 2019 general election after decades of supporting the opposition Labour party. Earlier this month construction finally began on HS2, the high speed rail line connecting London with northern cities that will cost at least £100 billion, which Johnson has approved after years of prevarication under previous governments. Johnson sees HS2 as a key plank of his leveling up agenda. But while big infrastructure projects are important, experience tells us the real seeds of local economic success lies in giving local areas the

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Covid-19: The Deathknell of ESG Investing or A New Beginning?

August 20, 2020

By Indranil Ghosh and Shelley GoldbergFive years ago, many people dismissed environmental, social, and corporate governance (ESG) investing as a fad because it put purpose alongside profit. But today, ESG investing seems to have become mainstream as global flows into sustainable investing are aworth upwards of $4 trillion annually. Furthermore, as the Covid-19 crisis mounted in Q1 2020, investors poured $45.6 billion into ESG funds while $384.7 billion flowed out of the overall fund universe. According to the UN, the funding gap to meet the Sustainable Development Goals (SDGs) is at least $2.5-3 trillion annually in developing countries alone. We think it’s more like $5 trillion globally. Plugging this gap from the public purse would require a 20% increase in the global tax base, which

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Real Estate and Covid-19: From Rent-Seeking to Value-Added?

July 16, 2020

By Indranil Ghosh and Matthias Lomas Martin Sorrell, the former CEO of advertising giant WPP who now runs S4 Capital, says remote working is “energizing,” and is now keener to spend on his staff rather than “expensive offices.” It’s a theme echoed by titans of industry from banking, to tech, to consumer goods. In fact, flagging demand, remote working, and concerns about public health could jolt the entire real estate sector from an over-reliance on inflated valuations to a focus on adding value through increased safety, flexibility, and cost efficiency.Real estate values have soared this century, especially in cities and their commuter towns. Since the height of the real estate bubble in 2007, house prices were up 15% in the US, 21% in the UK and 40% in Australia, Canada, and New Zealand

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George Floyd and the Failure of Inclusive Governance

June 29, 2020

By Indranil Ghosh and Matthias LomasIn the wake of the Covid-19 crisis and global civil unrest resulting from the police killing of George Floyd, there has been much soul-searching on how to expunge inequities in American society. The protests have spread like wildfire across the world, especially the multicultural societies of Europe where similar inequities are felt among minority communities. Much of the press coverage has focused on racism ingrained judicial system and knee-jerk policies to de-fund the police. But we must look deeper to understand what we can do to eliminate the injustices African Americans face. One of my friends, a LA media executive, put it well when he wrote to me saying:“The quarantine forced some of us to spend time reflecting on where we are at. Then George

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Who Will Survive the Covid-storm?

June 15, 2020

This article was co-authored with Gina Sanchez, CEO of Chantico GlobalAs the Covid-19 death toll has raced past 100,000 in the US, and unemployment reached 40 million, you would expect stock markets to be in freefall. Instead, after plunging by more than one third between February 19 and March 23rd, the S&P 500 has pared back 70% of its losses over the past few months. The market is pricing in a strong recovery fueled by government stimulus and a release of pent-up demand. But it knows that a severe Depression could be triggered by a plethora of heavy downside risks, such as administrative and political log-jams in implementing stimulus programs, collapsing consumer confidence, contracting credit lines, and supply bottlenecks. And looming over any attempt to ease the current lockdowns, is

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