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On Monday, May 20, 2019, the British American Business Council of Greater Philadelphia welcomed His Excellency Sir Kim Darroch KCMG, British Ambassador to the United States, to Philadelphia. Ambassador Darroch’s diplomatic career spans three decades, and has been primarily focused on national security issues and European Union policy. From 2004 to 2007, he was EU Advisor to the Prime Minister. Ambassador Darroch served in Brussels as the UK Permanent Representative to the European Union from 2007 to 2011. From January 2012 to September 2015 he served as the Prime Minister’s National Security Advisor, and was Secretary of the National Security Council. Sir Kim was appointed British Ambassador to the United States in January 2016, and this was his first official visit with the Greater Philadelphia international business community.

On Thursday, May 16, 2019, the BABCPHL hosted a finance seminar about The Secured Overnight Financing Rate (SOFR) at the Chamber of Commerce for Greater Philadelphia. In 2021, the London Interbank Offered Rate (LIBOR), the world’s most important financial rate, will go away, but it is unclear what will replace the index used in virtually every significant credit arrangement, bond, swap and financial instrument. The volume of financial contracts based on LIBOR is estimated at $200 trillion. The change will affect every company and financial institution. The Federal Reserve Bank of New York has proposed that SOFR become the new lending resource rate. It is the rate banks will pay on the repurchase agreement market for borrowing overnight. US regulators anticipate SOFR will be widely adopted to back the derivatives and loans market, and to be the universally accepted replacement for the outgoing LIBOR.

On Thursday, March 7, 2019, the British American Business Council of Greater Philadelphia hosted the eighth annual New Jersey Networking Event and Dinner at The British Chip Shop in Haddonfield, New Jersey. The event sold out shortly after registration opened! Approximately 50 BABCPHL members and friends occupied the restaurant for a fun-filled pub night. The new Chip Shop proprietors offered attendees an outstanding selection of specialty beers and delicious appetizers, a traditional British pub style main course, and traditional tea and biscuits and sticky toffee pudding for dessert. Adding to the enjoyment of the evening, the Philadelphia Union presented each attendee with two complimentary tickets to a Philadelphia Union home game, and lead sponsor, United Airlines offered three mileage plus gold status memberships.