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At <keyword id="824043" type="COMPANY" weightage="80" keywordseo="Business-Insider">Business Insider</keyword> India, we kick-start our association with the 'Thinkers 50' <keyword id="23897" type="ORGANIZATION" weightage="80" keywordseo="forum">forum</keyword> with the interview of <keyword id="49090" type="UNKNOWN" weightage="80" keywordseo="Stuart-Hart">Stuart Hart</keyword>, Founder and <keyword id="2540" type="POSITION" weightage="80" keywordseo="President">President</keyword> of Enterprise for a Sustainable World, and one of the foremost thinkers in the world. In his interview to the <keyword id="6364480" type="POSITION" weightage="80" keywordseo="Chairman">Chairman</keyword> of the <keyword id="188563" type="ORGANIZATION" weightage="80" keywordseo="Indian-Council">Indian Council</keyword> of Competitiveness, <keyword id="209438" type="PERSON" weightage="80" keywordseo="Amit-Kapoor">Amit Kapoor</keyword>, Mr Hart shares his views on poverty and how <keyword id="107737" type="ORGANIZATION" weightage="80" keywordseo="Entrepreneurship">entrepreneurship</keyword> and mirofinance can play key roles in its alleviation. In addition to the academic positions at <keyword id="2767405" type="UNKNOWN" weightage="80" keywordseo="University-of-Vermont-Business-School">University of Vermont Business School</keyword> and <keyword id="31781" type="ORGANIZATION" weightage="80" keywordseo="Cornell-University">Cornell University</keyword>'s Johnson <keyword id="191757" type="ORGANIZATION" weightage="80" keywordseo="School-of-Management">School of Management</keyword>, Mr Hart is also founder of the Base of the Pyramid Global Network and <keyword id="170488" type="POSITION" weightage="80" keywordseo="co-founder">co-founder</keyword> of the <keyword id="2767406" type="UNKNOWN" weightage="80" keywordseo="Emergent-Institute-in-Bangalore">Emergent Institute in Bangalore</keyword>. 
 
What is your view on poverty and how can it be tackled? 
Poverty is a big idea like sustainability or strategy. The default position that most people hear is income poverty, which is related to lack of money and there is no doubt that money is a significant part of poverty. Poverty is a multidimensional term– income and quality of life is a function of many things and most of them are to do with opportunities and capabilities. So, this is why entrepreneurial process is an important source of poverty alleviation. At the end of day it’s really about building capabilities, and creating opportunities. The root cause of poverty is capability deprivation and lack of opportunity. From there money follows; simply giving money does not solve the problem. Only education, capacity building, and creation of opportunity will address it in the long run. 
 
Why do you think ‘poverty is a multidimensional term’. Can one say it is about making available health, sanitation, and opportunities? Certainly it’s all of the above. Compare the following scenarios. “Community A” where the average per capita income is $8 a day but the agricultural soil is washed away, water quality is terrible, food is expensive, families have torn apart due to migration and the incomes have gone up as people have migrated and taken big jobs; but the quality of community life, quality of <keyword id="6356826" type="COMPANY" weightage="80" keywordseo="environment">environment</keyword> has degraded significantly.“Community B” where incomes may be lower, i.e., $2 per capita, but there is still a dynamic community life, families are still connected together, it’s still possible to farm and grow food and the environment is not degraded to a significant extent. To describe which community is poor is debatable. 
 
How can India kick-start the process of building capabilities and creating entrepreneurs? The ideal market base solution would be when the government plays a significant role in creating the conditions that enable this, but often it does not happen as effectively. So, I think of entrepreneurship and market based solutions as the best next option and it does not actually require too many pre-conditions. The crucial ones being the base line level of education, understanding, and capability. The idea of BOP business is two-ways. Often it is thought of as selling cheap stuff to poor people but that is not so. To be effective BOP business one can certainly serve the communities, which are under served and devise business models that enable better service, engage with the local population and provide learning, capability and skill development. At the same time the extreme side would be– where we work with corporate entrepreneurs and also with local entrepreneurs. The traditional notion about <keyword id="113684" type="COMPANY" weightage="80" keywordseo="microfinance">microfinance</keyword> or even social entrepreneurship is <keyword id="134585" type="COMPANY" weightage="80" keywordseo="Micro-Finance">micro finance</keyword> is about providing credit to local people to do more of what they already know how to do. This can generate increased livelihood. To shift the game in a significant way requires 2 things – one is something 
coming in from the outside or the significant leveraging of certain local skills and capabilities or both. People in the local community would have to learn how to deal with work and play with those coming in from the outside. That doesn’t mean that you are fundamentally looking to shift the underlying culture of the local community but it does mean building the capacity of some key people in the local community. 
 
"We worked with a company called“Head Held High”. It is a group of entrepreneurs who have devised a low cost education platform in villages. They can take the 18 year old that is functionally illiterate, who can’t read or speak English and has no computer skills to the point of reading and speaking English and being functional in terms of email, MS office, and learning the culture of business and being punctual. They become job ready in a span of 14 months. We have been working with them because the people that go through that program simply want a regular job and to get a decent wage, which helps them support their family. But all those people who go through this program (say 5%) are not satisfied when they come out of the other side." 
 There is big difference between necessity based entrepreneurship and big entrepreneurship. Necessity based entrepreneurs want to start their own company, and they would do anything in their power to make their business successful. We want to work with such people though it requires some additional skill and capability on top of what they have had at “ <keyword id="6411847" type="POSITION" weightage="80" keywordseo="head">head</keyword> held high”. But it requires additional level of scaffolding to get to the point that they are able to deal with people whom we think as entrepreneurs. We would want to connect with people in companies, connect with other entrepreneurs, connect with key people in the eco system including financers, technology providers who can work them with the local entrepreneurs and can build the business from ground up. 
 So, it’s a combination of introducing technology, financing, and variety of other things from the outside well at the same time growing bottom up skills and capabilities of the people in the community itself. And I am convinced that most of the BOP enterprises that have been purely outside in we have inner entrepreneurs from outside or corporations coming from low cost operations haven’t really been very successful. At the same time purely microfinanced <keyword id="6359222" type="UNKNOWN" weightage="80" keywordseo="small-business">small business</keyword> at the local level isn’t going to be a game changer in the long run. It will incrementally increase local income but it is not going to shift the game. The only way we are going to shift the game towards a more sustainable and prosperous world is to connect the 2 pieces together. That 2 pieces being the technologies of the future and those long that come from outside (although some would be <keyword id="6500558" type="ENTERTAINMENT" weightage="80" keywordseo="Indigenous">indigenous</keyword> technologies like the honey bee <keyword id="50752" type="UNKNOWN" weightage="80" keywordseo="Networks">networks</keyword>) and app up local indigenous technologies, business skill and financing coming from the outside. At the same growing the capacity and capability of the locally embedded people to become part of the entrepreneurial team. It’s only in that way we can actually create value proposition and a business model that is really embedded, growing the internal skill in the community itself while you serve it at the same time. 
 
You said poor and entrepreneurs is a mythology. How do we get out of this cycle of self defeating thinking that we actually have? 
Saying the poor are entrepreneurs sounds as though we have significant equality, that inspite of a poverty problem the poor are not trapped as there is a way out of it, as poor are natural entrepreneurs. I don’t think people in communities are capable of updating themselves on their own. With microfinance there is an incremental improvement in their living conditions. But they are not going to differentiate themselves and would not be able to get to the next level. So, there is the need for transformational development and not just incremental increase in incomes. Certainly we can learn from ancient indigenous technologies and local farming practices and embed the practices in the business that we are talking about. But at the same time it is going to take technology coming in from the outside as well. We have to blend the 2 things together – indigenous knowledge and practices and technology and financing coming in from outside. The business skills are generally going to come from the outside. We could learn from the local business people and vendors but to be really successful as entrepreneurs there is going to be a healthy dose of new perspective coming from the outside. 
 
The true entrepreneurial process is about creating new ventures that are eventually going to employ 000’s of people and have the aspiration of creating something big. Necessary entrepreneurship is about how to make a better life for my immediate family. But that is not going to be transformative and sustainable in the long run. It would be smaller numbers of entrepreneurs and ventures that can create transformational enterprises that leapfrog us to the future technologically and also create employment for the future. Ventures that became large – 21st century entrepreneurial corporations as opposed to just millions and millions of small mom and pop ventures. The improvement of the mom and pops is important but it can’t be the whole story. 
 
How many types of business organizations exist? 
Business organizations empirically are of 3 types. 
Craft businesses:They are the vast majority businesses in the world – mom and pop ventures that are interested in providing for immediate needs usually of family. They represent 90% of businesses in the world. 
Administrative businesses: They are craft business that become extraordinarily successful. So, rather than staying at 2-5-10 people they grow to be 100-150-200 people and require formal systems of business.They generally stay local or regional and that is the extent of what they do. 
Promotional enterprises: These are the tiny minorities of all the businesses in the world but they are founded by people who have an aspiration of becoming very large, successful, to scale geographically and to dramatically change the world. These are very small percentage of enterprise compared to craft or administrative. 
 I am convinced it is important to grow craft businesses and micro <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">finance</keyword> can help do that and to give business assistance to administrative businesses so they can employ 10’s and 100’s of people but it would be the promotional enterprises that really shift the game in the world. When I think of BOP business I am most interested in figuring out how do we form, help, generate, the promotion of enterprises of the future that are based upon inherent clean and sustainable technology and that can lift capacity and build up an employee who has been underserved.

Thinkers/Thinkers 50: Micro Finance and entrepreneurship to help alleviate poverty in India: Stuart Hart

In the second part of his interview to the <keyword id="6364480" type="POSITION" weightage="80" keywordseo="Chairman">Chairman</keyword> of <keyword id="188563" type="ORGANIZATION" weightage="80" keywordseo="Indian-Council">Indian Council</keyword> of Competitiveness, <keyword id="209438" type="PERSON" weightage="80" keywordseo="Amit-Kapoor">Amit Kapoor</keyword>, global thinker and Founder and <keyword id="2540" type="POSITION" weightage="80" keywordseo="President">President</keyword> of Enterprise for a Sustainable World, a non-profit organisation dedicated to helping businesses make the transition to sustainability, <keyword id="49090" type="UNKNOWN" weightage="80" keywordseo="Stuart-Hart">Stuart Hart</keyword> talks about how Indian <keyword id="134585" type="COMPANY" weightage="80" keywordseo="Micro-Finance">micro finance</keyword> institutions can work towards cleaning their negative image. 
 
 
How do you think the negative air around micro <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">finance</keyword> can get resolved? Are other financial mechanisms going to evolve for helping new entrepreneurs? Micro-financiers who are promotional in character have now overreached and have created some negative air about them and in some cases have become extractive by charging useless rates. So, you get a push back on micro finance rates as there would always be players who would abuse the opportunity. But that does not undermine the importance of micro finance overall. It’s enormously important in building the craft businesses of the world. Micro finance is not a vehicle for building the promotional businesses of the future. That requires a different type of financing. India does not have the traditional venture capitalist structure as in the US. The traditional structure of VC in US does not do a good job of <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> the kind of BOP sustainable enterprises that we are after. 
 These kinds of enterprises require time on the ground, capacity building, partnering and trust building in order to develop a viable value proposition. The traditional VC model out of California or <keyword id="6368596" type="COMPANY" weightage="80" keywordseo="boston">Boston</keyword> does not factor in the pioneer gap time. That VC model has a much shorter time clock and many of them have been involved in several ventures. The traditional VC does not have the patience to wait for 3-4 years for creation of a trust based value proposition in business model. 
 
So, what we are seeing is the beginning of impact investing and I would say India is the epicenter of impact investing. The impact investing space is now like the Wild West in that it’s the whole spectrum, people who would ideologically think that in order to get the investment we need in social businesses we have to eliminate the capitalistic incentive. We have this whole new innovative financing space where you have financers playing with different models and it is not clear which one of them work the best. In order to promote tomorrow’s sustainable BOP promotional enterprises there has to be market returns that are not going to trap the investment capital you need to create the scale necessary to build the impact. There is not enough philanthropy capital in the world, there is some, to do social businesses, but there isn’t enough to get to the level of investment that we are going to need for the impact or the transformation that we want. 
 
I think we have to figure out how we can have the market returns and at the same time lift the poor, generate opportunities, build capacity, generate livelihoods, make market returns, and leap frog to the future technologically. That’s when I will call the BOP enterprise, green leap. That’s where the big opportunity lies in the next decade. It is relatively easy to start small local enterprises with 0-return on capital. The thing that takes the most creativity is how do you simultaneously converge disruptive leap frog technologies and inclusive business models that lift the poor and generate market returns at the same time. 
 
How do you react to people who are in the business of exploiting the poor? It would be a clinically correct statement to say that if your job is to provide aid and there is less and less need for aid then fewer people are going to work in that space so that there may be perverse incentives built into that system. If you flip it over and look at it from an <keyword id="6359301" type="POSITION" weightage="80" keywordseo="Entrepreneur">entrepreneur</keyword>’s lens then the reverse is true. From a business point of view it’s in the business person’s interest to make more and more people less poor because then you can migrate people up the <keyword id="1195806" type="UNKNOWN" weightage="80" keywordseo="value-chain">value chain</keyword> further. Not only you can expand business opportunity but they also become prospective customers for a broader range of products and some would be considered up-market over time. The only way that happens is to alleviate their income levels. 
 
How does capitalism look at its future? There are people who would look at the institutions of capitalism. If we look in to the future 50 years hence, the population growth would have been stabilized and we would be living in a world of stable/ declining population. We would be living within nature’s budget meaning we cannot take the natural capital more than nature generates. And we can’t put more waste back into the system than nature can absorb. There are certain systems/ conditions that suggest that the current model to understand growth cannot continue. Hence I see the capitalistic motivation, which is to achieve competitive advantage, to search for growth and profit opportunities, actually can be trend to an advantage, which can help us move up toward that more sustainable world looking out 30-40-50 years. We can use the current capitalistic motivation to get to tomorrow’s technology and business models. We have immediate need to transform to more environmental sustainable technology that’s innovation <keyword id="107737" type="ORGANIZATION" weightage="80" keywordseo="Entrepreneurship">entrepreneurship</keyword> opportunity. Over the next 2-3-4 decades, if we look at it through right set of glasses the current incentives of capitalist system would lead to a more sustainable world because there is an entrepreneurial opportunity to leap frog to environmentally sustainable technology and to grow by serving the other because that’s really the only place where growth remains. We can continue to grow and sell high end products to rich people and that becomes a more increasing competitive space. In order to be successful purely at the top of the pyramid is really tough but when it comes to the base of the income pyramid that’s still relatively unoccupied space. If it does not happen through entrepreneurship then it would happen through the club of government eventually which is bad for the world if it is just government swinging the club. So, I actually see the entrepreneurial process over the next 20 years as one of the important <keyword id="382268" type="UNKNOWN" weightage="80" keywordseo="leverage">leverage</keyword> points to getting the world to say 2040-2050 where we have stabilized human population, where we are living within the natural capital budget. 
 
How would governments have to transform themselves to enable the kind of idea that you are saying? 
The travel lines that I see suggest to me that the current character of political organizations is not sustainable either. We have now had 300 plus nation states as a part of the dominant political organizations and I think the whole concept of nation states may be out, just like the concept of 19th century industrial capitalism. We would probably have to adapt and change in the coming years. I think the mind of political organization would also have to shift. If you look at what is going on in the world, most of the innovative public policy happening in the government is happening at the local level, i.e. cities/ mayors who are the real political innovators. Innovative thinking is also happening at the global level where problems are trans-boundary that they don’t respect national boundaries. So, we are going to need innovative solutions that require global collaboration. At the other end of the spectrum it is being more embedded in the communities and that is local government who are the mayors that making it happen at the local level on the ground. In some sense nation states are stuck in <keyword id="1009187" type="UNKNOWN" weightage="80" keywordseo="the-middle">the middle</keyword> they really don’t do a good job of either one of those things. 
 
What do you think would be the best example of your work that has created a transformation on ground? The entire thing looks like a puzzle where we do not know the pieces of the puzzle. This evidence can be seen in both corporations and entrepreneurial ventures. If I look at <keyword id="44863" type="CITY" weightage="80" keywordseo="HUL">HUL</keyword> – the Shakti program has the elements of the puzzle pieces but not the whole puzzle. For example a Chinese company “Ching La Stoller” is a very interesting company sprung out of <keyword id="2767432" type="UNKNOWN" weightage="80" keywordseo="Chenla-University">Chenla University</keyword>. They have innovated glass vacuum tube solar hot technology. Most of the solar hot water market today uses flat panel solar, the cost is coming down but still typically beyond the reach of most people. It has created this technology for Jet for making hot water using glass vacuum tubes. So, it’s very inexpensive and sustainable from a materials point of view. It’s basically glass vacuum tubes stuck into a water tank and they heat the water. It’s extremely good at collecting the sun’s energy and heat. There is a notion that green products are for the rich people which is a huge mistake. So they tried to market in the high end markets of <keyword id="6368000" type="COMPANY" weightage="80" keywordseo="Shanghai">Shanghai</keyword> and <keyword id="1333" type="COMPANY" weightage="80" keywordseo="Beijing">Beijing</keyword>. The product completely failed as those people already had hot water. So, they went out to the towns and the rural areas, outside of the big cities, in central and western China and they discovered enormous demand where people had only periodic access to hot water. They had to adopt the technology and product and create a different business model which included the local people. So, they had to transform the design of the artifact itself and then create inclusive financing mechanism of business model that employed local people and sales and service. It took some time but they eventually figured out that this is really the growth engine. Over the last decade this glass vacuum tube solar water hot system has become a billion dollar industry. It has grown from the bottom up and is growing 60% a year just in China. So, the technology started first in the underserved space, leap frog and then inherently went global. The inclusive business model provides livelihoods; functionality local people did not have before, and is highly profitable all at the same time. I see this company as offering many of the puzzle pieces for the future of sustainable entrepreneurship and is a leverage point for getting us out of the trap that we are in.

Thinkers/Thinkers 50: Microfinance institutions should stop charging useless rates to become attractive says Stuart Hart

<ul class="summary-list"><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> says it has banned 287 UK MPs from entering the country in retaliation to sanctions.</li><li>Russia's foreign ministry said the bans are because British MPs are creating "Russophobic hysteria."</li></ul>Russia has sanctioned nearly 300 British MPs in retaliation for restrictions imposed on members of its parliament, the Duma, last month, but has included a number of politicians who are no longer serving. In its list of 287 individuals, the Kremlin has targeted current ministers including Cabinet Office minister Steve Barclay, minister for Brexit opportunities Jacob Rees-Mogg, trade minister Penny Mordaunt, and solicitor general Alex Chalk, as well as senior MPs such as Jeremy Hunt, Steve Baker, David Davis and Julian Lewis. However Russia has also gone after Rory Stewart, Dominic Grieve and Sarah Wollaston, who haven't been MPs since the 2019 election, and Charlie Elphicke, who stepped down after being found guilty on three counts of sexual assault. In another error, Tory MP Heather Wheeler's name appears twice, as the 18th and 206th entries, meaning there are actually just 286 names on the list. Meanwhile Alun Cairns' name has been misspelled. <a href="https://mid.ru/ru/foreign_policy/news/1810980/#sel=11:1:J1Q,11:6:HJo">According to the Ministry of Foreign Affairs,</a> the politicians listed "cannot visit the Russian Federation from now on."A translation of a statement reported by state-owned Russian news agency RIA Novosti said the sanctions were being applied "on the basis of reciprocity," following the decision to <a href="https://www.politico.eu/article/uk-sanctions-386-duma-members-over-support-for-luhansk-and-donetsk/">sanction 386 members of the Duma after they backed Vladimir Putin's invasion of Ukraine</a>."These persons, who are now banned from entering the Russian Federation, took the most active part in the establishment of anti-Russian sanctions instruments in London (and) contribute to the groundless whipping up of Russophobic hysteria in the UK," it read."The hostile rhetoric and far-fetched accusations coming from the lips of British parliamentarians not only condone the hostile course of London, aimed at demonizing our country and its international isolation, but are also used by opponents of a mutually respectful dialogue with Russia to undermine the foundation of bilateral co-operation."Prime Minister <keyword id="11911533" type="UNKNOWN" weightage="60" keywordseo="boris-johnson" source="Orion">Boris Johnson</keyword>, Foreign Secretary Liz Truss, Defence Secretary Ben Wallace and 10 other senior politicians — mostly members of the Cabinet — have already been barred. Theresa May, the former prime minister, was also on the initial list. "Taking into account London's bet on the consistent strengthening of anti-Russian sanctions, work on countermeasures, including the expansion of the Russian 'stop list,' will continue," it added. Speaking during Prime Minister's Questions shortly after the list was published, Boris Johnson said those on the list "should regard it as a badge of honour".He vowed that the UK "keep up our robust and principled support for the Ukrainian people and their right to protect their lives, their families, and to defend themselves".Chris Bryant, the senior Labour MP and prominent critic of the Putin regime, told the Commons he was "absolutely distressed that I am not on the list… and if I am honest slightly surprised". He added: "I can only assume the Russian Federation accepts every single thing I have said about President Putin over the last few years is true. He is a barbarous villain and we should make sure he fails."Peter Bone, one of the Tory MPs to feature on the list, said: "I am proud to have supported <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> and its people. I condemn Russia for its barbaric invasion. Sanctioning me will not stop me speaking out."Tim Loughton, another of the sanctioned Conservatives, said he had "done the double", after he was also banned from China for speaking out against human rights abuses.The list of MPs, as published by Russia's foreign ministry, <a href="https://mid.ru/ru/foreign_policy/news/1810980/#sel=11:1:J1Q,11:6:HJo">can be seen here</a>, or keep scrolling for the full list:<h3>Conservative MPs</h3><ol><ol><li>Stephen Paul BARCLAY,</li><li>David Michael DAVIS,</li><li>Charles George EUSTICE,</li><li>Dominic Charles GRIEVE,</li><li>Christopher HEATON-HARRIS,</li><li>Jeremy Richard Streynsham HUNT,</li><li>Alistair William JACK,</li><li>Daniel Robert KAWCZYNSKI,</li><li>Andrea Jacqueline LEADSOM,</li><li>Julian Murray LEWIS,</li><li>Esther Louise MCVEY,</li><li>Penelope Mary MORDAUNT,</li><li>Caroline Fiona Ellen NOKES,</li><li>Christopher John PINCHER,</li><li>Jacob William REES-MOGG,</li><li>Mark Steven SPENCER,</li><li>Theresa Ann VILLIERS,</li><li>Heather Kay WHEELER,</li><li>Nigel ADAMS,</li><li>Bim AFOLAMI,</li><li>Adam AFRIYIE,</li><li>Peter James Guy ALDOUS,</li><li>Lucy Elizabeth ALLAN,</li><li>Stuart James ANDREW,</li><li>Edward John Comport ARGAR,</li><li>Victoria Mary ATKINS,</li><li>Richard Michael BACON,</li><li>Kemi BADENOCH,</li><li>Steve John BAKER,</li><li>Harriet Mary Morison BALDWIN,</li><li>John Charles BARON,</li><li>Alexander Paul BERESFORD,</li><li>James Jacob Gilchrist BERRY,</li><li>Peter William BONE,</li><li>Peter James BOTTOMLEY,</li><li>Andrew Campbell BOWIE,</li><li>Ben David BRADLEY,</li><li>Karen Anne BRADLEY,</li><li>Jack Edgar BRERETON,</li><li>Andrew James BRIDGEN,</li><li>Steve BRINE,</li><li>Fiona Claire BRUCE,</li><li>Michael Alex BURGHART,</li><li>Conor BURNS,</li><li>Alan Hugh CAIRNS,</li><li>James Roger CARTLIDGE,</li><li>William Nigel Paul CASH,</li><li>Maria Colette CAULFIELD,</li><li>Alexander John Gervase CHALK,</li><li>Atta-Ur-Rehman CHISHTI,</li><li>Joanna Peta CHURCHILL,</li><li>Simon Richard CLARKE,</li><li>Geoffrey CLIFTON-BROWN,</li><li>Therese Anne COFFEY,</li><li>Alberto Castrenze COSTA,</li><li>Robert Alexander COURTS,</li><li>Tracy Elizabeth Anne CROUCH,</li><li>David Thomas Charles DAVIES,</li><li>Edward Glyn DAVIES,</li><li>Mims Jane Alice DAVIES,</li><li>Philip DAVIES,</li><li>Michelle Emma May DONELAN,</li><li>Steve Daniel DOUBLE,</li><li>Richard Grosvenor PLUNKETT-ERNLE-DRAX,</li><li>James Philip DUDDRIDGE,</li><li>David James DUGUID,</li><li>Philip Martin DUNNE,</li><li>Michael ELLIS,</li><li>Charlie Brett Anthony ELPHICKE,</li><li>Michael Louis David FABRICANT,</li><li>Victoria Grace FORD,</li><li>Kevin John FOSTER,</li><li>Mark Gino FRANCOIS,</li><li>George William FREEMAN,</li><li>Mike Whitney FREER,</li><li>Marcus John Hudson FYSH,</li><li>Roger James GALE,</li><li>Mark Robert Timothy GARNIER,</li><li>Nusrat Munir UI-GHANI,</li><li>Nicholas John GIBB,</li><li>Paul William GIRVAN,</li><li>John Philip GLEN,</li><li>Robert GOODWILL,</li><li>Richard Michael GRAHAM,</li><li>James Whiteside GRAY,</li><li>Christopher Patric James GREEN,</li><li>Damian Howard GREEN,</li><li>Justin GREENING,</li><li>Dominic Charles Roberts GRIEVE,</li><li>Samuel Phillip GYIMAH,</li><li>Robert Henry HALFON,</li><li>Luke Anthony HALL,</li><li>Greg William HANDS,</li><li>Mark James HARPER,</li><li>Elizabeth Rebecca Scott HARRIS,</li><li>Trudy Lynne HARRISON,</li><li>Simon Anthony HART,</li><li>John Henry HAYES,</li><li>Oliver HEALD,</li><li>Gordon HENDERSON,</li><li>Damian Patrick HINDS,</li><li>Kevin Paul HOLLINRAKE,</li><li>Philip Thomas HOLLOBONE,</li><li>Adam James Harold HOLLOWAY,</li><li>John Michael HOWELL,</li><li>Nigel Paul HUDDLESTON,</li><li>Eddie Francis HUGHES,</li><li>Bernard Christison JENKIN,</li><li>Andrea Marie JENKYNS,</li><li>Robert Edward JENRICK,</li><li>Caroline Elizabeth JOHNSON,</li><li>Gareth Alan JOHNSON,</li><li>Joseph JOHNSON,</li><li>Andrew Hanson JONES,</li><li>David Ian JONES,</li><li>Marcus Charles JONES,</li><li>Gillian KEEGAN,</li><li>Sema Louise Ghiassi KENNEDY,</li><li>Stephen Charles KERR,</li><li>Greg KNIGHT,</li><li>John Robert LAMONT,</li><li>Pauline Elizabeth LATHAM,</li><li>Philip James LEE,</li><li>Jeremy John Elton LEFROY,</li><li>Edward Julian LEIGH,</li><li>Oliver LETWIN,</li><li>Andrew Iain LEWER,</li><li>Ian Richard Peregrine LIDDELL-GRAINGER,</li><li>Julia Louis LOPEZ,</li><li>Jack Giacomo LOPRESTI,</li><li>Jonathan George CALADINE,</li><li>Tim Paul LOUGHTON,</li><li>Craig MACKINLAY,</li><li>Rachel Helen MACLEAN,</li><li>Alan MAC,</li><li>Scott Leslie MANN,</li><li>Paul Christopher MAYNARD,</li><li>Patrick Allen MCLOUGHLIN,</li><li>Stephen Anthony MCPARTLAND,</li><li>Mark Andrew MENZIES,</li><li>Johnny Luther MERCER,</li><li>Hugh William MERRIMAN,</li><li>Stephen James METCALFE,</li><li>Amanda Anne MILLING,</li><li>Nigel John MILLS,</li><li>Andrew John Bower MITCHELL,</li><li>Damien MOORE,</li><li>Nikola Ann MORGAN,</li><li>James George MORRIS,</li><li>David Gordon MUNDELL,</li><li>Cheryl MURRAY,</li><li>Andrew William MURRISON,</li><li>Robert James MacGillivray NEILL,</li><li>Sarah Louise NEWTON,</li><li>Alexander Jesse NORMAN,</li><li>Neil O'BRIEN,</li><li>Neil Quentin PARISH,</li><li>Mark Julian Francis PAWSEY,</li><li>John David PENROSE,</li><li>Christopher Ian Brian Mynott PHILP,</li><li>Rebecca Faye Clark POW,</li><li>Victoria Mary Boswell PRENTIS,</li><li>Mark Andrew PRITCHARD,</li><li>Thomas Christopher John PURSGLOVE,</li><li>Jeremy Mark QUIN,</li><li>William James QUINCE,</li><li>John Alan REDWOOD,</li><li>Lawrence Anthony ROBERTSON,</li><li>Mary Josephine ROBINSON,</li><li>Douglas Gordon ROSS,</li><li>Lee Benjamin ROWLEY,</li><li>David Henry RUTLEY,</li><li>Paul Stuart SCULLY,</li><li>Andrew Edmund Armstrong SELOUS,</li><li>Richard James SHANNON,</li><li>Alec Edward SHELBROOKE,</li><li>Christopher James SKIDMORE,</li><li>Chloe Rebecca SMITH,</li><li>Henry Edward SMITH,</li><li>Julian Richard SMITH,</li><li>Royston Matthew SMITH,</li><li>Arthur Nicholas Winston SOAMES,</li><li>Andrew George STEPHENSON,</li><li>Andrew John STEVENSON,</li><li>Robert Alexander STEWART,</li><li>Roderick James STEWART,</li><li>Gary Nicholas STREETER,</li><li>Melvin John STRIDE,</li><li>Graham Charles STUART,</li><li>Desmond Angus SWAYNE,</li><li>Robert Andrew Raymond SYMS,</li><li>Derek Gordon THOMAS,</li><li>Margaret Ann THROUP,</li><li>Kelly Jane TOLHURST,</li><li>Justin Paul TOMLINSON,</li><li>Michael James TOMLINSON,</li><li>Craig Paul TRACEY,</li><li>David Arthur Stephen TREDENNICK,</li><li>Shailesh Lackman VARA,</li><li>Martin John VICKERS,</li><li>Theresa Ann VILLERS,</li><li>Robin Caspar WALKER,</li><li>David John WARBURTON,</li><li>Matthew Robert WARMAN,</li><li>Helen Olivia Bicknell WHATELY,</li><li>Heather Kay WHEELER,</li><li>Craig WHITTAKER,</li><li>John Flasby Lawrance WHITTINGDALE,</li><li>William David WIGGIN,</li><li>Sarah WOLLASTON,</li><li>Mike John WOOD,</li><li>William Peter WRAGG,</li><li>Jeremy Paul WRIGHT.</li></ol></ol><h3>Labour MPs</h3><ol><li>Lindsay Harvey HOYLE, Speaker of the House of Commons,</li><li>Diane Julie ABBOTT,</li><li>Deborah Angela Elspeth Marie ABRAHAMS,</li><li>Michael Lee AMESBURY,</li><li>Antonia Louise ANTONIAZZI,</li><li>Jonathan Michael Graham ASHWORTH,</li><li>Margaret Mary BECKETT,</li><li>Clive James Charles BETTS,</li><li>Paul Christopher BLOMFIELD,</li><li>Kevin Denis BRENNAN,</li><li>Karen Patricia BUCK,</li><li>Richard BURGON,</li><li>Don Petula BUTLER,</li><li>Alan CAMPBELL,</li><li>Dan Joseph CARDEN,</li><li>Charalambos CHARALAMBOUS,</li><li>Vernon Rodney COAKER,</li><li>Neil Alan John COYLE,</li><li>Stella Judith CREASY,</li><li>Judith Mary Cummins,</li><li>Janet Jessica DABY,</li><li>Tarnmanjeet Singh DHESI,</li><li>Peter Christopher DOWD,</li><li>Rosie Clare DUFFIELD,</li><li>Chris Philip James ELMORE,</li><li>Victoria Jane FOXCROFT,</li><li>Barry Strachan GARDINER,</li><li>Ruth Stephanie Nicole GEORGE,</li><li>Preet Kaur GILL,</li><li>John Timothy GROGAN,</li><li>Louise HAIGH,</li><li>Fabian UZIELL-HAMILTON,</li><li>David George HANSON,</li><li>Carolin HARRIS,</li><li>Susan Mary HAYMAN,</li><li>John HEALEY,</li><li>Margaret Olivia HILLIER,</li><li>Sharon HODGSON,</li><li>George Edward HOWARTH,</li><li>Daniel Owen Woolgar JARVIS,</li><li>Darren Paul JONES,</li><li>Gerald JONES,</li><li>Mohammed Afzal KHAN,</li><li>Peter KYLE,</li><li>Ian LAVERY,</li><li>Emma Louise LEWELL-BUCK,</li><li>Anthony Joseph LLOYD,</li><li>Justin Piers Richard MADDERS,</li><li>Khalid MAHMOOD,</li><li>Rachel Helen MASKELL,</li><li>Christian MATHESON,</li><li>Kerry Gillian MCCARTHY,</li><li>Conor Patrick MCGINN,</li><li>James Ignatius O'Rourke MCMAHON,</li><li>James Ian MEARNS,</li><li>Stephen James MORGAN,</li><li>Ian MURRAY,</li><li>Alexander James Jordan NORRIS,</li><li>Stephanie Louise PEACOCK,</li><li>Luke POLLARD,</li><li>Eleanor Claire REEVES,</li><li>Matthew Richard Allen RODDA,</li><li>Lloyd Cameron RUSSELL-MOYLE,</li><li>Jeff SMITH,</li><li>Nicholas Desmond John SMITH,</li><li>Karin Marguerite SMYTH,</li><li>Alexander David SOBEL,</li><li>John Francis SPELLAR,</li><li>Mark Richard TAMI,</li><li>Gareth Richard THOMAS,</li><li>Stephen Creswell TIMMS,</li><li>Mary Elizabeth TWIST,</li><li>Alan Patrick Vincent WHITEHEAD,</li><li>Daniel Stephen ZEICHNER.</li></ol>

Russia sanctions almost 300 British MPs in retaliatory move, but its list includes several errors

<ul class="summary-list"><li><keyword id="68227" type="PERSON" weightage="60" keywordseo="Jide-Zeitlin">Jide Zeitlin</keyword> resigned as CEO and chairman of <keyword id="2577813" type="ORGANIZATION" weightage="60" keywordseo="tapestry">Tapestry</keyword> on Tuesday, with the company saying his departure was "for personal reasons."</li><li>Later on Tuesday, Zeitlin wrote in a LinkedIn post that he departed because a journalist, William Cohan, had resurfaced allegations against Zeitlin that he worried would be a "distraction" in his job as CEO. </li><li>In a story published by ProPublica on Wednesday, Cohan detailed Zeitlin's background, as well as the allegations made against him, in-depth. At least one woman has accused Zeitlin of using "deception" to lure her "into an unwanted romantic relationship." </li></ul><a href="https://www.businessinsider.com/tapestry-ceo-jide-zeitlin-leaves-for-personal-reasons-2020-7">Jide Zeitlin resigned</a> as CEO and chairman of Tapestry, parent company of Coach, Kate Spade, and Stuart Weitzman, on Tuesday. In a press release about his departure, Tapestry said Zeitlin was leaving the company "for personal reasons." A person with knowledge of the situation confirmed to Business Insider that the company's board had opened an investigation into Zeitlin's personal behavior, after which the CEO resigned. Zeitlin elaborated on the situation in a <a href="https://www.linkedin.com/pulse/my-story-jide-zeitlin/">LinkedIn note</a> posted later on Tuesday, saying, "I have long believed in the importance of telling one's own life story, rather than allowing others to control the narrative."In it, he writes that Tapestry was approached by journalist William Cohan shortly after Zeitlin became the company's CEO in September.Zeitlin said that Cohan at first said he wanted to write a profile about the new CEO's career, but that a few months after Zeitlin agreed to an interview, it "became clear that Cohan's article might include allegations that were made 11 years ago during my U.S. Senate confirmation process when President Obama nominated me to be an ambassador to the United Nations."Zeitlin continued: "At its core, was the allegation that I had an inappropriate relationship with a woman whom I had met while pursuing my interest in photography."He wrote that he sometimes used a pseudonym while photographing people "for privacy reasons" and because at the time he was a young banker, one of few Black people rising in the ranks. "The allegations that I drew too close to the above woman are true; however, our relationship began and concluded 13 years ago, it had nothing to do with my role at Tapestry, and I did not use power, wealth, or position to further that relationship," Zeitlin wrote on LinkedIn. "Cohan's inordinate focus on this dated matter was and remains odd and unsettling."Zeitlin's note goes on to speculate that Cohan's raising questions about the allegations revealed a political or financial agenda."More than a decade after my U.N. nomination process, I cannot allow these allegations to be weaponized against me. I cannot allow someone to treat me with the lack of decency that Cohan has brought to his crusade against me as I passionately worked alongside all of you to navigate this critical moment in history for Tapestry," he wrote."I reached the conclusion this past weekend that this distraction will not allow me to meet my responsibilities as CEO. I hope you know how deeply I care about you and the company. The last thing I want is to add to the uncertainty each of you are already facing due to Covid-19 and the economic downturn."Cohan's story about Zeitlin was <a href="https://www.propublica.org/article/the-bizarre-fall-of-the-ceo-of-coach-and-kate-spades-parent-company">published by ProPublica</a> early Wednesday morning. In it, Cohan details Zeitlin's background and discusses the allegations made against him in depth. At least one woman has accused Zeitlin of using "deception" to lure her "into an unwanted romantic relationship," Cohan reported."As my story makes clear those allegations are beyond ridiculous," Cohan said in response to Business Insider's request for comment on Zeitlin's accusations that the reporting was financially or politically motivated.Cohan continued: "The piece started as a feature story about Jide and his many accomplishments and successes throughout his life and only took the turn it did when he challenged me, Gary Hart style, to keep digging about him and his personal life, as I make abundantly clear in the story. My only motivation was to get to the truth."Representatives for Zeitlin and Tapestry declined to comment further.

Former Tapestry CEO speaks out against article that he said triggered his resignation: 'I cannot allow these allegations to be weaponized against me'

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Peter Wynn Thompson/AP Images for 100,000 Opportunities InitiativeLowe's CEO Marvin Ellison said that it's "incumbent" upon Lowe's to "really understand those customers."</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/government-shutdown-companies-give-free-food-services-2019-1">Millennials</a> have been blamed for <a href="https://www.businessinsider.com/millennials-are-killing-list-2017-8" target="_blank" rel="noopener">killing</a> - or at least maiming - plenty of industries.</li><li>But <a href="https://www.businessinsider.com/category/lowes" target="_blank" rel="noopener">Lowe's</a> CEO Marvin Ellison told the audience at the <a href="https://www.businessinsider.com/category/nrf-2019" target="_blank" rel="noopener">National Retail Federation's 2019 Big Show</a> that he doesn't believe that the generation is eschewing home ownership and home improvement, like many have claimed. </li><li>Ellison said that millennials are gravitating toward older homes near cities, in what could be a boom for the home-improvement business.</li></ul>NEW YORK CITY - Millennials have been labeled as industry-wide <a href="https://www.businessinsider.com/millennials-are-killing-list-2017-8" target="_blank" rel="noopener">serial killers</a> responsible for dragging down sales of everything from diamonds to light yogurt.But <a href="https://markets.businessinsider.com/stocks/low-stock" target="_blank" rel="noopener">Lowe's</a> CEO Marvin Ellison has said he doesn't believe that the home-improvement business or the housing market is on this demographic's list of victims.Speaking to Spencer Stuart CEO Susan Hart at the National <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">Retail</keyword> Federation's 2019 Big Show in Manhattan on January 14, the Lowe's CEO said that millennials are increasingly "buying homes" and becoming "first-time homeowners."Ellison said that the widespread belief that this generation would "shy away from home ownership" in the wake of the 2008 financial crisis has simply not come to pass.Despite this CEO's optimism, a Federal Reserve <a href="https://www.federalreserve.gov/econres/feds/files/2018080pap.pdf" target="_blank" rel="noopener">report</a> from November 2018 did dredge up some gloomy numbers regarding home ownership among millennials. The report found that only 34% of millennials owned their homes in 2016 - compared with 50% of the Generation X demographic in 2001.Read more: <a href="https://www.businessinsider.com/home-depot-exec-store-of-the-future-2019-1" target="_blank" rel="noopener">A Home Depot exec explains the key reason why pushing for 'the store of the future' could backfire</a>And the reason behind this decrease - along with a number of other millennial spending habits - doesn't come down to a matter of taste. Millennials are <a href="https://www.businessinsider.com/millennials-kill-industries-because-poor-fed-report-2018-11" target="_blank" rel="noopener">poorer</a> than past generations, and they are more likely to be saddled with debt.But Ellison said that he's heartened by certain millennial habits when it comes to housing."They're now, in some cases, buying older homes because they desire to live closer to the city," he said. "They're going into those homes and they're making investments to make those homes modern, to their taste."Ellison said that it's "incumbent" upon Lowe's to "really understand those customers and those customer segments.""The millennial customer and the demographic is going to emerge very soon as a demographic larger and more powerful than baby boomers, which is going to be significant not only for Lowe's but for all of retail - everyone selling goods and services," he said. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-to-meet-financial-and-social-impact-goals-2018-5">Millennials are driving a shift in investing - here's how to meet your financial and social impact goals</a></h3> <div> </div> </div>

Lowe's CEO explains why millennials aren't killing the home-improvement market

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Stuart C. Wilson/Getty ImagesRian Johnson, director of "Star Wars: The Last Jedi."</div></div></div><ul><li>Rian Johnson, the director of the upcoming film "Star Wars: The Last Jedi," will be creating a new "Star Wars" film trilogy, Disney CEO Bob Iger announced Thursday.</li><li>Johnson will write and direct the new trilogy, which does not yet have a time of estimated release. </li><li>Iger also announced that a new "Star Wars" TV series set for 2019 will appear on Disney's forthcoming streaming service.</li></ul> Rian Johnson, the writer and director of the upcoming film "Star Wars: The Last Jedi," will be creating an entirely new "Star Wars" film trilogy, Disney CEO Bob Iger announced in an earnings call on Thursday, according to <a href="http://variety.com/2017/biz/news/star-wars-tv-series-disney-streaming-service-1202611408/">Variety</a>.Johnson will write and direct the new trilogy, while his longtime collaborator Ram Bergman will produce the films.Iger also announced that Disney will launch a live-action "Star Wars" TV series on its streaming service, which is expected to debut in 2019.In stark contrast to Lucasfilms president Kathleen Kennedy's <a href="http://www.businessinsider.com/han-solo-director-credits-2017-6">decision to fire</a> directors Chris Miller and Phil Lord from an upcoming Han Solo film (now titled "Solo: A Star Wars Story"), and replace them with Ron Howard in June, Kennedy called Johnson a "creative force" in a statement on Thursday.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">LucasfilmMark Hamill in "Star Wars: The Last Jedi."</div></div></div>"We all loved working with Rian on 'The Last Jedi,'" Kennedy said. "He's a creative force, and watching him craft 'The Last Jedi' from start to finish was one of the great joys of my career. Rian will do amazing things with the blank canvas of this new trilogy."Johnson and Bergman have issued the following <a href="http://variety.com/2017/biz/news/star-wars-tv-series-disney-streaming-service-1202611408/">joint statement</a> on the news:"We had the time of our lives collaborating with Lucasfilm and Disney on 'The Last Jedi.' 'Star Wars' is the greatest modern mythology and we feel very lucky to have contributed to it. We can't wait to continue with this new series of films.""Star Wars: The Last Jedi" opens in theaters on December 15.No release or production date has been set yet for Johnson's new "Star Wars" trilogy. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-melissa-joan-hart-is-doing-today-clarissa-sabrina-teenage-witch-joey-explains-it-all-interview-2017-10">Here's what Melissa Joan Hart - who played Clarissa and Sabrina the Teenage Witch - is doing today</a></h3> <div> </div> </div>

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Thinkers/Thinkers 50: Micro Finance and entrepreneurship to help alleviate poverty in India: Stuart Hart

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Thinkers/Thinkers 50: Microfinance institutions should stop charging useless rates to become attractive says Stuart Hart

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Russia sanctions almost 300 British MPs in retaliatory move, but its list includes several errors

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Former Tapestry CEO speaks out against article that he said triggered his resignation: 'I cannot allow these allegations to be weaponized against me'

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Lowe's CEO explains why millennials aren't killing the home-improvement market

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The director of 'The Last Jedi' is making an all-new 'Star Wars' film trilogy

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