Business
England’s Roses ‘rule the world’ and PM heads for crunch conference
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“Roses…and Thorns” is the headline in the Observer, which gives the whole of its front page over to a picture of English rugby players celebrating. “England win the World Cup”, the papers says, “as Labour head for a scrum” – a reference to the party’s conference, which starts today.
The Sunday Times says Labour has planned what the paper calls a blitz of policy announcements in the conference period to put a rocky few weeks behind it, kicking off with plans for twelve new towns. But it also says Sir Keir Starmer faces a significant challenge if he is to quell growing questions within the party about his competence and leadership.
The Sunday Telegraph reports that the chancellor is facing a revolt from ministers who are demanding she tear up her fiscal rules to allow more public spending. They are said to be begging Rachel Reeves for additional funding for their departments to fulfill manifesto pledges, amid fears that continued austerity could drive voters into the arms of Reform. And in the Sunday Mirror, the prime minister warns the electorate not to fall for Nigel Farage, whom he calls “grubby”. Sir Keir Starmer accuses the Reform leader of being out to line his pockets rather than fix the UK.
A defence expert with the think tank Chatham House tells the Sunday Express that war with Russia is inevitable unless Nato displays what he calls “strength and unity” in the face of growing provocations from Moscow. Keir Giles says Russia would have little to deter it taking on the West, if US protection for Europe becomes less certain.
The defence secretary tells the Sunday Telegraph that British-made drones will be deployed to create what is being called a “drone wall” to protect Nato countries from Russian aggression. John Healey said the UK would mass produce the weapons using techniques Moscow does not have. The drones are being developed in collaboration with Ukraine, and could be stationed for ground-launch on the border to tackle Russian drones or missiles.
The Sunday Times reports that the King has – in its words – “signalled” that Prince Andrew and the Duchess of York will not be welcome at the Royal Family’s Christmas celebrations. The paper says that sources close to Charles indicated he would keep them at arms length in the wake of revelations that the duchess had maintained contact with the paedophile Jeffrey Epstein after publicly denouncing him in 2011. Friends say she is devastated by any embarrassment caused.
And the Mail on Sunday reports that Prince Harry has lambasted the so-called “men in grey suits” at Buckingham Palace for trying to sabotage his reconciliation with his father. Harry is said to be furious at what he believes are hostile briefings to the press from court aides, to undermine his efforts to strike a rapprochement with the King. Buckingham Palace has not commented.
Business
‘You’d have to have been a turkey not to have made money in venture capital in 1997’
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Faced with deciding what to do when he left school, Fergal Mullen made the snap decision to study electronic engineering. It seemed like a good idea at the time but in fact Mullen’s calling lay elsewhere as he quickly discovered when an athletics scholarship saw him transfer from what was then Dublin Institute of Technology (DIT) – now TU Dublin – to Brown University in Providence, Rhode Island, where he combined engineering with business studies and a passion for distance running.
“Going to Brown was my ‘get lucky moment’. The curriculum was liberal arts based and as I was a bit bored with all the engineering stuff I started exploring subjects within the business studies curriculum such as economics and organisational behaviour and absolutely loved it,” says Mullen, who credits Irish Olympian athlete John Treacy for encouraging him to move Stateside and helping him get enrolled at Brown.
“I met John at a race – he won, I came second – and we hit it off immediately and are still friends,” says Mullen. “John took me to meet the coach at Brown, reeled off my times and left. I started there in September 1986.”
Going to live in the US wasn’t a big upheaval for Mullen as he had been there before on a J1 working as a golf caddie by day and gigging at night, playing Irish traditional music.
“Studying at Brown opened so many doors for me, and somewhere along the line I came across private equity and venture capital. I didn’t jump into this field immediately but it’s where I have spent the last 26 years of my career,” says Mullen.
From Brown, Mullen joined US-based consulting firm Cambridge Technology Partners and spent 11 years there, rising to the rank of senior vice-president sales for the company in Europe. “I got large exposure to business in Cambridge at a very young age,” says Mullen. “We went public in 1993 and I wrote the IPO prospectus.
“We took the business from zero to $700 billion in revenues with 56 offices around the world. This equipped me with a broad set of business skills and experience in scaling, which I was then able to bring to my career in venture capital.”
In 2012, Mullen – who has an MBA from Harvard and is a former board member of the Michael Smurfit Graduate Business School in Dublin – cofounded the technology-focused investment firm Highland Europe, which employs 35 people and has offices in Geneva and London.
Highland invests in growth stage, product-led companies predominantly in software and consumer-facing internet businesses. Its sweet spot is companies turning over €10 million who are looking to raise €20-€80 million to accelerate their expansion.
“We have 70-plus companies in our portfolio with over €3 billion in assets under management,” says Mullen, who adds that Highland fishes in a competitive pool against some of the biggest names in international investment, including those from Silicon Valley.
The companies Highland invests in tend to be at the leading edge of their sectors and, to date, Highland has invested in and exited 29 ventures in areas such as mobile marketing, fraud prevention, software for waste and recycling, workplace scheduling software and online loan comparison.
The company is a former investor in Limerick-based AMCS, which was sold last year, and more recently Highland has become an investor in 9 Fin, a Belfast-based debt market intelligence company.
“I’ve been hit by the luck truck more than once in my life,” says Mullen. “My first break was going to Brown and then to Cambridge, where the challenges and level of seniority entrusted to me were significant. I launched my first corporate fund there. It was $30 million, and we got a return of 10 times. That’s pretty extraordinary but I should point out that 1997 was the best year ever in the history of venture capital. You’d have to have been a turkey not to have made money at that time.
“At Highland Europe, we are 10 equal partners in the business and invest all over Europe. Each partner in the firm has five or six boards they sit on related to investments they’ve made, and we are about to raise our sixth fund, which will be €1 billion plus.
“Our investment decisions are based on consensus. We’re a ridiculously collaborative organisation with no fiefdoms, no office politics and no bullshit. We’re all completely equal and, if at any point I’m not delivering, my partners are perfectly entitled to ask me to move on.
“As investors, our hallmark is to back companies we believe can grow and scale a business. We’re not the kind of people who will come in and break up a team. We get behind them and support them to grow and achieve their full potential.”
Mullen lives about four kilometres from Geneva, “in a lovely quiet area with the lake and the mountains to enjoy. I divide my time between travelling, the office in Geneva and our office in London, where I spend three days every other week.”
Mullen still runs to keep fit and is quietly modest about the fact that he’s one of an elite group of athletes who have run seven marathons in seven consecutive days on seven continents. His efforts raised more than €1 million for a children’s cancer charity.
Apart from running, he relaxes by skiing and golfing and he also volunteers with Human Rights Watch in Geneva, where he is chairman of the Swiss branch.
Business
We can pull this round, Starmer says ahead of Labour conference
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Sir Keir Starmer has said he believes his government can still “pull this round” as the Labour Party heads into its annual conference hoping to revive public support.
With opinion polls suggesting Labour trails Reform UK, and mounting speculation that Greater Manchester mayor Andy Burnham could launch a leadership challenge, the prime minister told the Times it was time to “roll up our sleeves and get on with it”.
He also renewed his attacks on Nigel Farage, saying his party would “tear this country apart”.
Sir Keir told the paper that this week’s conference in Liverpool would be an opportunity for Labour to present an alternative to “toxic divide and decline”.
His comments mark the latest in a recent string of fierce criticisms of Farage, which the Reform leader has hit back at.
Farage told the Telegraph that Sir Keir’s language “smacks, frankly, of total desperation” after the prime minister referred to Reform as an “enemy” in an interview with the Guardian.
“To call somebody in politics an enemy is language that is bordering on the inciteful,” he added.
Sir Keir continued the attacks as the conference got under way, describing Farage as “grubby” in an interview with the Sunday Mirror, adding that the Reform leader was “unpatriotic” for “pretending” he would fix problems that mattered to voters.
“Add to that that he spends more time grubbing around in America, trying to make money for himself than he does representing his constituents,” the prime minister said.
“He goes there not just to make money, but to talk our country down. The leader of a political party going to another country to talk his own country down. Grubby.”
Comparisons with Reform could be a theme of this conference, as Sir Keir tries to portray his party as a patriotic alternative to Reform, who continue to lead opinion polls.
Last week, Reform announced it will replace ILR with visas and force migrants to reapply every five years, if the party wins the next election. That includes hundreds of thousands of migrants currently in the UK.
Applicants would also have to meet certain criteria, including a higher salary threshold and standard of English. ILR is a key route to gaining British citizenship and allows people to claim benefits.
According to a YouGov poll published on Saturday, abolishing indefinite leave to remain divides the public, with 58% of Britons opposed to removing it from those who already hold it.
But more than 44% say they support ending ILR as a policy, while 43% are opposed to the idea.
During a visit to the office of newspaper Liverpool Echo, Sir Keir said: “These are people who have been in our country a long time, are contributing to our society, maybe working in, I don’t know, hospitals, schools, running businesses – our neighbours, and Reform says it wants to deport them in certain circumstances.
“I think it is a real sign of just how divisive they are and that their politics and their policies will tear this country apart.”
In an interview with the Sun on Sunday, Home Secretary Shabana Mahmood said legal migration was a “good thing” and the UK had “always welcomed people who want to come and work here”.
However, she said migrants should make a “contribution to their wider community”.
“So I am looking at how to make sure that settlement in our country – long term settlement, Indefinite Leave to Remain – is linked not just to the job you are doing, the salary you get, the taxes you pay, [but] also the wider contribution you are making to our communities,” she added.
Speaking to teenagers at the Liverpool Echo visit, Sir Keir also insisted the government would not legalise cannabis, and defended his plans to lower the voting age to 16 in general elections.
“It already happens in Scotland, already happens in Wales, and the sky didn’t fall in,” he said.
Ahead of the Labour conference, backbench MPs and unions renewed calls to end the two-child benefit cap.
Several MPs from Liverpool were among those who wrote to Sir Keir ahead of the conference insisting the cap “is one of the most significant drivers of child poverty in Britain today”.
Two MPs – former shadow chancellor John McDonnell and Apsana Begum – have had the whip restored, after a year-long ban for voting against the government on the cap.
McDonnell told the BBC: “If this is a signal the government is going to scrap the two-child limit I’m really pleased.”
The prime minister’s plans for a new digital ID system, revealed on Friday, will also likely face scrutiny at the conference.
Senior Labour figures are meanwhile expected to set out the details of a fresh tranche of “New Towns” at the event.
Business
Florence Welch says she had life-saving surgery after ectopic pregnancy
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Singer Florence Welch has revealed she underwent life-saving emergency surgery after experiencing an ectopic pregnancy in August 2023.
The Grammy nominee told the Guardian she was unknowingly suffering serious internal bleeding while performing on stage at a festival, telling the paper her pregnancy was “the closest I came to death”.
She was diagnosed with a ruptured fallopian tube after suffering a miscarriage, which required surgery “within the hour”.
At the time, Welch, 39, cancelled some planned concerts, telling fans she was doing so for “reasons I don’t really feel strong enough to go into yet”.
She told the Guardian she was left devastated after experiencing a miscarriage but was advised by a doctor that she would be able to honour her performance schedule.
On the day of a headline show in Cornwall, Welch said she felt unwell but was able to complete her set as planned.
However, the singer said a scan shortly after revealed there was “a Coke can’s worth of blood in my abdomen”.
She was told she would need to immediately undergo emergency surgery to have her fallopian tube removed.
According to the NHS, one in 90 pregnancies in the UK are ectopic, and occur when a fertilised egg implants itself outside of the womb.
Symptoms for women usually start between four and 12 weeks, and can include pain low down on one side of the abdomen and pain in the tip of the shoulder.
If undiagnosed, the fallopian tube can burst, leading to life-threatening internal bleeding. In those circumstances, immediate surgery to either repair or remove the organ is required.
Welch, who performs with Florence and the Machine, is due to release a new album, Everybody Scream, in October.
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