YOUR BUSINESS WITH PERSONALITY THE WEEKEND IS HERE OUR GUIDE TO THE LATEST FILMS AND SHOWS POWER UP REGULAR FRIDAY 15 NOVEMBER 2019 FIRST LOOKTHE INSIDE ISSUE 3,501 BATTERSEA’S HOT P28-29 NEW FLATS LABOUR PLOTCITYAM.COM P20 PAPER BROADBAND FREE INSIDE → TAKEOVER • McDONNELL TO ANNOUNCE NATIONALISATION OF BT OPENREACH AND ‘FREE INTERNET FOR ALL’ BUSINESS WITH PERSONALITY • LABOUR PLAN NEW TECH MULTINATIONALS TAX JAMES BOO TH @Jamesdbooth1 would be a disas THE CITY reacted with shock last night sector and the customerster for the that telecoms it to Labour’s plan serves” while an bonds for shares. FTSE 100 giant BTs andto part-nationalise prom of Assembly Researchalyst Michael described Ho the Nicky Morgan, secretary of state for full-fibre broadband f wett ise free plan as “hard, exp Digital, Culture, Media household by 2030. or every UK with difficulty”. ensiv e and fraught slammed the plans, saying: and “Jeremy Spor Labour unveiled the pol- Corbyn’s fantasy plan t t, icy late last night, which At a speech in Lancas tionalise broadband it estimated at costing shadow chancellor Jter today, o effectively na- UBER X-SELL working taxpa would cost hard- around £20bn, and said Donnell will sa ohn Mc- yers tens of billions.” it would pay for its pla public ownershipy: “Thi for the The Conservatives have promised Kalanick continues s is £5bn to back the UK rollout of full- sell-off in loss-making taxi giant by levying a tax on t future,” and say, “every n fibre broa giants such as Amazon,ech part of this plan has dband. EDWARD THICKNES Google and Facebook. been legally vetted, Mark Littlewood of the Institute of SE Economic Af @edthicknesse checked with experts.” The Tories hit back say- net provisionfairs into said: the state’s“To bring remit inter- lockup period, whi ing that the opposition had OUSTED Uber chief executive Travis ch pr The party also said it would ensure all of t investors from selling eventedshares for early six not will nationalise “broad- Kalanick has sold a included t times an months after the company’s initial ing assets, estimatedhe cost by of thebuy- Con- band-relevant par d quality declinehe delays, t waiting (£127m) worth of sharesfurther in $164m the public offering. ha servatives as an additio including Openreats of BT”, nd-in-hand wit company he helped found, just days Despite the selling spr A BT spokespersonh bureaucracy.” said broadbandhat go Chief executive of trade group Tech parts of BT Technology,ch BT and En- after offloading more than a fifth of still holds almost $ nal £12.5bn. terprise and BT Consumer rollout was ee, Kalanick UK Julian David said: “These pr Labour said t “a national mission t his stake in the ride-hailing app shares in the company,1.9bn waccordingorth of to . bigger than any one company”. ising BT wouldhe be cost set byof part-national-parliament hat’s The entrepreneur sold around 6.1m the Bloombe oposals Analyst Howett said only Australia shares, taking the total disposed. of rg Billionaires Index. and paid for by swapping go had tried such a scheme, and it was In the UK this month t decision next, Uber week is awaiting on whether a its “years late, over budget and (offers vernment company filingo $711m submitt , according to a licence in the capital will be extended. speeds) a fraction of the original aim”. Uber’s stock price felled to yesterday. a record Transport for London has granted a Holy Guacamole: Questions over Chilango as lowconsultancy last week as sh RSMseries of extensions called all in prepared for the endareholders o to continue operating,owing but thethe Sanfirm ANNA MENIN Francisco f the so-called -based tech giant is looking for greater certainty. @annafmenin source familiar with the HIGH street burrito chain Chilango talks that the is engaged in discussions to secure considering all f irmoptions, is its long-term f Chilango conf including administr irmed to consulting anduture restructuring with f A.M. that it had City or a company v ation engaged RSM RSM as it emerged that its oluntary “to assist on long-term Birmingham— w arrangement — a by 30 September,ere but due are tomark be f accounts are now six w irm controversial planning, options and strategy” for the com overdue online iled City A.M eeks late restructuri around 1,500 retail i und n The fi A Ch ed as th

BUSINESS WITH PERSONALITY

POWER UP THE THE WEEKEND IS HERE FIRST LOOK INSIDE OUR GUIDE TO THE LATEST BATTERSEA’S HOT FILMS AND SHOWS P28-29 NEW FLATS P20 FRIDAY 15 NOVEMBER 2019 ISSUE 3,501 CITYAM.COM FREE LABOUR PLOT BROADBAND TAKEOVER • McDONNELL TO ANNOUNCE NATIONALISATION OF BT OPENREACH AND ‘FREE INTERNET FOR ALL’ • LABOUR PLAN NEW TECH MULTINATIONALS TAX

JAMES BOOTH would be a disaster for the telecoms bonds for shares. @Jamesdbooth1 sector and the customers that it Nicky Morgan, secretary of state for serves” while analyst Michael Howett Digital, Culture, Media and Sport, THE CITY reacted with shock last night of Assembly Research described the slammed the plans, saying: “Jeremy UBER X-SELL Kalanick continues to Labour’s plans to part-nationalise plan as “hard, expensive and fraught Corbyn’s fantasy plan to effectively na- FTSE 100 giant BT and promise free with difficulty”. tionalise broadband would cost hard- sell-off in loss-making taxi giant full-fibre broadband for every UK At a speech in Lancaster today, working taxpayers tens of billions.” household by 2030. shadow chancellor John Mc- The Conservatives have promised EDWARD THICKNESSE lockup period, which prevented early Labour unveiled the pol- Donnell will say: “This is £5bn to back the UK rollout of full- @edthicknesse investors from selling shares for six icy late last night, which public ownership for the fibre broadband. months after the company’s initial it estimated at costing future,” and say, “every Mark Littlewood of the Institute of OUSTED Uber chief executive Travis public offering. around £20bn, and said part of this plan has Economic Affairs said: “To bring inter- Kalanick has sold a further $164m Despite the selling spree, Kalanick it would pay for its plan been legally vetted, net provision into the state’s remit (£127m) worth of shares in the still holds almost $1.9bn worth of by levying a tax on tech checked with experts.” would ensure all of the delays, waiting company he helped found, just days shares in the company, according to giants such as Amazon, The party also said it times and quality decline that go after offloading more than a fifth of the Bloomberg Billionaires Index. Google and Facebook. will nationalise “broad- hand-in-hand with bureaucracy.” his stake in the ride-hailing app. In the UK, Uber is awaiting a The Tories hit back say- band-relevant parts of BT”, A BT spokesperson said broadband The entrepreneur sold around 6.1m decision next week on whether its ing that the opposition had including Openreach and rollout was “a national mission that’s shares, taking the total disposed of licence in the capital will be extended. not included the cost of buy- parts of BT Technology, BT En- bigger than any one company”. this month to $711m , according to a Transport for London has granted a ing assets, estimated by the Con- terprise and BT Consumer. Analyst Howett said only Australia company filing submitted yesterday. series of extensions allowing the firm servatives as an additional £12.5bn. Labour said the cost of part-national- had tried such a scheme, and it was Uber’s stock price fell to a record to continue operating, but the San Chief executive of trade group Tech ising BT would be set by parliament “years late, over budget and (offers low last week as shareholders Francisco-based tech giant is looking UK Julian David said: “These proposals and paid for by swapping government speeds) a fraction of the original aim”. prepared for the end of the so-called for greater certainty. Holy Guacamole: Questions over Chilango as consultancy RSM called in ANNA MENIN source familiar with the Chilango confirmed to City Birmingham— were due to be filed around 1,500 retail investors @annafmenin talks that the firm is A.M. that it had engaged RSM by 30 September, but are marked as through two mini-bonds it dubbed considering all options, “to assist on long-term overdue online. Burrito Bonds – controversial HIGH street burrito chain Chilango including administration planning, options and A Chilango spokesperson said investment products that have is engaged in discussions to secure or a company voluntary strategy” for the company. the firm was “currently working” come under scrutiny. its long-term future with arrangement — a The firm declined to comment with its auditors to get the Mini-bonds allow investors to consulting and restructuring firm controversial on what those options were. accounts “out as soon as possible”. essentially buy company debt for a RSM as it emerged that its restructuring plan that Accounts for Chilango — It is understood the company is set period in exchange for regular accounts are now six weeks late. allows chains to close which runs 12 restaurants in audited by Grant Thornton. interest payments. They offer high City A.M. understands from a outlets and cut rents. London, Manchester and The firm has raised £5.8m from interest rates, but are unsecured.

FTSE 100▼ 7,292.76 -58.45 FTSE 250▼ 20,231.80 -57.98 DOW▼ 27,781.96 -1.63 NASDAQ▼ 8,479.02 -3.08 £/$▲ 1.288 +0.004 £/€▲ 1.169 +0.003 €/$▲ 1.102 +0.001 02 NEWS FRIDAY 15 NOVEMBER 2019 CITYAM.COM

AMBER UNDER THE HAMMER Cretaceous relics will go up for auction next week in Billingshurst in a new Evolution showcase THE CITY VIEW Lagarde’s challenges start close to home

HEN things get heated at work it’s only a matter of time before someone proposes an “off site”. Getting Waway from the office and taking in new surroundings can work wonders for morale and facilitate fresh thinking. It was in this spirit that the new head of the European Central Bank (ECB), Christine Lagarde, whisked her top team off to the Schlosshotel Kronberg. Lagarde may be hoping that some five-star luxury will help heal the rifts that have divided the ECB’s rate-setting body, the Governing Council. The Council comprises six members of the ECB executive board plus the governors of Eurozone central banks. Things got off to a poor start when Lagarde tweeted an image of her assembled team, in which she stands out as the only woman. She ought to THIS red and orange-toned cretaceous amber contains a mysterious animal locked within. The rock is part of one of the UK’s add “promoting diversity” to her long to-do list. biggest ever collections of relics, fossils and taxidermy which will go under the hammer next week at Summers Place Auctions. For now, there are bigger fish to fry. The ECB has faced open This particular prehistoric specimen is estimated to cost one fossil-gazing buyer between £80,000 and £120,000. dissent from German, Dutch and Austrian central bankers, and Lagarde’s predecessor, Mario Draghi, hardly helped matters with his parting shot — telling member states (particularly Germany) to splash the cash at home. The ECB’s long-running stimulus scheme has also attracted increasingly vocal criticism. This is the scene inherited by Lagarde: a disunited Council, Parties go head-to-head stuttering Eurozone growth, increasing concerns over the international bond market and damaging trade wars. It will take more than one of the Kronberg’s famous spa treatments to calm things down. In addition to the economic over immigration issues challenges facing Lagarde, she must contend with the concern that her appointment was too political (President Macron ensured she got the job) and that she will take the ECB into CATHERINE NEILAN ence delegates had passed a motion to and powerbroker Len McCluskey political clashes. She’s already done this by renewing calls for @CatNeilan “remain and extend free movement warning that putting freedom of greater stimulus at a member-state level, and her vow to put rights”. movement into the manifesto was not climate change on the ECB’s agenda risks provoking yet more IMMIGRATION became the latest Abbott said the Conservatives’ claim “sensible”. election battleground yesterday as that the net migration figure Business welcomed the end of political rows. Her biggest clash could be with Germany, where home secretary Priti Patel warned could climb to an average of the migrant cap but warned the political culture still favours a budget surplus. Labour would allow migration levels 840,000 a year was “fake that the parties needed to Will she become a combatant in a Franco-German to “surge”. news”, but defended the offer greater clarity at a argument about economic policy? Despite confirming that the existing conference motion time when firms are “tens of thousands” migrant cap wording. struggling to access The Royal Suite at the Kronberg (£2,000 per night) was once the would be ditched in the Tory mani- The party later talent. living quarters of the last German Emperor, Frederick II. festo, Patel said immigration would be confirmed that it too Institute of Directors It could serve as a comfortable spot in which to plot her next cut “overall” under a Conservative gov- would do away with policy director Edwin moves. But if Lagarde is to play a role in reviving the Eurozone, ernment, and raised alarm bells over the migrant cap. Morgan told City A.M. that Labour’s shifting position on freedom Patel in part walked “time’s against us” as the with or without Germany’s help, she’ll need to reset relations of movement. back her commitment to clock ticks down on the with her Governing Council, and fast. Patel said Tories would look to reduce immigration, later Brexit process. British Cham- “reduce the numbers” through tighter saying that the party would “con- bers of Commerce supremo Adam immigration controls, but would not trol” immigration and ensure a Marshall said employers are “in the set “arbitrary” targets. points-based system would be “more dark on who they can hire”. In a letter to her opposite number open and flexible to the highly skilled Labour has yet to announce its Diane Abbott, Patel demanded to people we need”. policy on immigration, but Jeremy know the opposition’s immigration Labour meanwhile is faced with a Corbyn said it would be a “fair Follow us on Twitter @cityam policy, noting that Labour’s confer- split over its policy, with union boss process”.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL GOOGLE PLAN TO LIMIT USER WHAT THE IMPEACHMENT TRIAL FAILS BRITISH TECH BILLIONAIRE SCHOOOL SHOOTING LEAVES DATA FACES AD CRITICISM OTHER TO DENT TRUMP’S RATING FACES FRAUD EXTRADITION TWO DEAD IN CALIFORNIA Google is planning to limit advertisers’ US President Donald Trump appeared US charges against Mike Lynch involve A 16-year-old killed two fellow students access to personal data to address user PAPERS SAY to emerge unscathed from the first day wire and securities fraud conspiracy, and wounded three others before privacy concerns in a move criticised by of impeachment hearings, despite and carry a prison term, it was shooting himself at a high school in online ad agencies as self-serving for THIS compelling evidence against him. announced yesterday. The British Southern California as the school day the powerful search group. The US tech Trump’s popularity rating climbed two billionaire who founded scandal-hit began yesterday, according to local law- company will from next February stop MORNING points after evidence was given by a software company Autonomy faces an enforcement officials. The student, now advertisers from viewing information senior US diplomat in Kiev, that Trump extradition battle after US authorities in custody, walked onto the quad and that breaks down the content of an app pressed an aide about Ukraine’s formally requested he be forced to face shot five students, before shooting or web page — ranging from music to willingness to open an investigation fraud charges in an American court. himself. sensitive topics such as drug abuse — into rival candidate Joe Biden. when they bid for display adverts. BMW BOSS FUELS CHATTER GOLDMAN PROMOTES 465 XI VOWS TO BACK HONG KONG OVER POSSIBLE JAGUAR SALE MANAGING DIRECTORS EIB TO PHASE OUT FOSSIL mainstream gas-fired power plants, the POLICE TO ENFORCE LAW BMW boss Oliver Zipse has fuelled Goldman Sachs promoted 465 FUEL PROJECTS BY 2021 first time any major multilateral lender China’s President Xi Jinping vowed to further speculation that the German car employees to the role of managing The European Investment Bank (EIB) has curbed lending to natural gas crack down on rising violence in Hong titan could snap up a stake in Jaguar director yesterday as the bank looks to has agreed to phase out lending for all projects because of climate change Kong yesterday, saying that the fully Land Rover, saying: “Co-operation... is cut costs and restore the luster of its fossil fuel projects, including concerns. enforced police to “strictly enforce law”. the new normal in the industry”. upper ranks. CITYAM.COM FRIDAY 15 NOVEMBER 2019 NEWS 03 UK retail sales Asda blames quarterly sales slump on Brexit nerves among shoppers in surprise drop JESS CLARK The grocer yesterday said its gross uncertainty and this has shown in profit rate fell due to price their spending.” @jclarkjourno reductions in its clothing division Doug McMillon, chief executive of ASDA yesterday said Brexit following a softer summer season Asda’s parent company Walmart, uncertainty is negatively affecting compared to last year. The fall in which also reported quarterly as growth slows consumer spending, as the gross profit rate, along with earnings yesterday, said: “In the UK, supermarket giant reported a dip in increased operating expenses, meant concerns over Brexit continue to sales in the third quarter. operating income was also lower. negatively affect customer spending Like-for-like sales fell 0.5 per cent Asda chief executive Roger patterns.” HARRY ROBERTSON Christmas will, once again, prove in the third quarter as Brexit and the Burnley said: “This quarter has Walmart revenue was up 2.5 per crucial.” upcoming General Election ramped afforded consumers little respite cent to $138m (£107m), while @henrygrobertson A series of data releases this week up the levels of uncertainty. from political or economic operating income sank 5.4 per cent. SALES IN UK shops unexpectedly fell have indicated that the UK economy in October, official figures showed is losing momentum. Economic yesterday, in the latest sign that the growth slowed to its slowest annual economy is slowing. rate in nearly a decade in the third The weak performance will be a con- quarter, while the employment mar- cern to retailers as the sector heads to- ket shed 58,000 jobs. wards Christmas, especially given Consumer spending has been a that the period covered Halloween, strong point in 2019 while business traditionally a busy time for shops. investment and manufacturing have Retail sales dropped 0.1 per cent last suffered under Brexit uncertainty. month compared to September, when Yesterday’s figures indicate it is sales stagnated, the Office for Na- slowing down, however. tional Statistics (ONS) said. Thomas Pugh, UK economist at Cap- Economists had been expecting a 0.2 ital Economics, said: “At least some of per cent increase. last month’s weakness may reflect In the three months to October, re- the recent weakness in the labour tail sales grew 0.2 per cent compared market with fewer people in employ- with the previous three months. This ment and wage growth slowing.” was the lowest growth since April Monk said the upcoming General 2018. Election — the first winter ballot since “The retail sales figures — which 1923 — “is likely to prompt further once again show households cautious caution amongst spenders”. in their spending — suggest it could Lynda Petherick of Accenture said: be a long, hard winter,” said Ed Monk, “These latest ONS figures are sympto- associate director at Fidelity. “The matic” of “a year fraught with uncer- sales periods around Black Friday and tainty” for retailers.

TUBE STRIKE Victoria line drivers set for one-day strike action at end of November

THE VICTORIA line will grind to a halt in two weeks’ time due to strike action by its drivers. The RMT rail union said yesterday that Victoria line workers will stage a walkout for 24 hours at 10pm on 27 November, after complaints of harassment. Controversial Mifid II rules could face shake-up after rocky start

JAMES BOOTH Instruments Directive (Mifid) II was introduced in January 2018, with the @Jamesdbooth1 intention of improving competition THE EUROPEAN Union is reportedly and transparency. planning to shake up its controversial Unintended consequences of the Mifid II rules less than two years after regulations include making it more they were introduced. expensive for smaller firms to Policymakers at the European comply with the rules. Commission are looking at changes Other problems include a on issues such as investor protection reduction in research on smaller rules, the cost of market data and companies after the rules mandated research for small companies. an unbundling of research costs Officials are meeting stakeholders from the price of execution. to discuss possible changes, the A Commission spokesperson said: Financial Times reported. “The Commission acknowledges that The Markets in Financial some adjustments may be required.”

CITYAM.COM FRIDAY 15 NOVEMBER 2019 NEWS 05 ELECTION 2019

POLL WATCH FOR MY NEXT TRICK... Lib Dems step up A YouGov/Sky/the Times poll showed Johnson heads to the the change in the makeup of the Tory party’s support. Middle-class voters south west as campaign favour the party by 38 per cent to Labour at 29 per cent, but it is as high as 47 per rumbles on cent against 27 per cent amongst attacks on Labour working-class voters. As some wags THE PM visited a school — noted, if one is truly upper class, one and met Rosie the Rabbit — doesn’t answer pollsters’ questions. in Taunton yesterday as the CATHERINE NEILAN Westminster, also cited antisemitism party looked to shore up GOOD DAY @CatNeilan as a reason to stand against Labour seats in the south west. across the country, despite calls to Meanwhile Brussels Tory advisers haven’t had a good day so THE LIBERAL Democrats stepped up form a pact that ensured votes for a announced the start of much as a good week. Number 10’s their attacks on Labour yesterday in a second referendum — Labour policy — “infringement proceedings” Danny Kruger, Andrew Griffiths and further sign that any Remain accord or to revoke Article 50 — Lib Dem pol- against the UK for its failure James Wild have all become Tory between the parties is still firmly off icy — did not cancel each other out. to nominate an EU candidates in plumb seats, whilst the the table. That alliance seems a long commissioner. Treasury’s Claire Coutinho will stand for Hollywood film star Eddie way off as the parties con- the Tories in super-safe East Surrey. Marsan, a celebrity sup- tinue to trade verbal blows Former Sajid Javid aide Nick King has a porter of the party, ac- after a Lib Dem candi- tougher task in Labour-held Makerfield. cused Jeremy Corbyn of date was disciplined by BAD DAY being either “ignorant Tories promise to cut retail rates or antisemitic” at an Luciana Berger quit the A winter election was always risky and event in central London Labour party after ANDY SILVESTER 2020/21. Cinemas and music new NHS stats reveal A&E waits antisemitism rows whilst former Labour @silvesterldn venues will also be pulled into scope, are at their worst ever. Health MP and now Lib Dem his party for stepping and a £1,000 rate relief introduced secretary Matt Hancock candidate for Finchley down in Canterbury to THE CONSERVATIVES have pledged to for pubs. may want to work on his and Golders Green Luciana allow his Labour opponent cut business rates for retailers if they But business groups called for response. “These figures Berger said that the Labour a clearer run at the seat. secure a majority. wider reform. The British Chambers show just how important it leader had “indulged in antise- Both candidates also attacked the The retail discount, which of Commerce said there needed to is that we stop Jeremy mitic activity”. Conservatives for failing to grapple currently provides a 33 per cent be a wider, wholesale reform of the Corbyn,” he said. Or, Chuka Umunna, another former with Islamophobia and facilitating relief to retail businesses with a system. The British Retail translated: it could be Labour MP standing for the party in the rise of nationalism, as they saw it, rateable value of less than £51,000, Consortium said parties “needed to even worse! the target seat of Cities of London and by co-opting the Brexit Party. will be extended to 50 per cent in go further.” Sadiq Khan misses affordable housing target for the second straight quarter

STEFAN BOSCIA However, figures released number of starts compared to the @Stefan_Boscia yesterday by the Greater London same period last year,” the Authority (GLA) showed City Hall is spokesperson said. SADIQ Khan is on track to build just on track to build fewer than 10,000 Conservative mayoral candidate half the amount of promised new new homes in 2019–20. Shaun Bailey branded the figures housing this year, after missing his The report revealed 2,202 GLA- “pitiful”. “The fact is the mayor has quarterly target for the second time funded houses were started between been given a record amount of in a row. July and September, compared to money to build and these numbers The mayor of London’s target for 2,672 in the first quarter. prove that Khan isn’t getting the job 2019–20 is to start building between A spokesperson for Khan said he done,” he said. 17,000 and 23,000 affordable homes, would still meet his yearly target, as In 2018, Khan was given £4.8bn meaning an average of 4,874 per he did last year. “This year the mayor from the government to build quarter. has delivered more than double the 116,000 new homes by 2022. A spokesperson for Sadiq Khan said he would still meet his 2019–20 housing target

CITYAM.COM FRIDAY 15 NOVEMBER 2019 NEWS 07

HANDS-OVER Portfolio of 24 care homes bought by Guy Hands set for £160m sale Uncertainty bites as manufacturing exporters report weakening trade SEBASTIAN MCCARTHY indicators reflected a substantial exporting manufacturers reporting drop compared to 2017 and 2018. an increase in export orders fell to @SebMcCarthy The quarterly international trade minus one per cent, down from plus THE UK’s manufacturing industry is outlook for quarter three, released nine in the previous quarter. facing fresh fears this morning, as by British Chambers of Commerce The balance of those reporting figures revealed how exporters have (BCC) and DHL today, showed that more domestic orders fell to minus been hit by mounting political indicators for exporting four per cent in the third quarter, uncertainty. manufacturers have undergone large down from plus eight per cent. A majority of UK manufacturing declines, with several key indicators “On top of Brexit uncertainty and exporters have reported a for orders and cashflow now in global trade tensions, election deterioration in both sales and negative territory. turbulence won’t be helping,” said orders over the last quarter, as The percentage balance of BCC director general Adam Marshall.

A COLLECTION of 24 care homes that private equity boss Guy Hands secured after a fierce legal battle is on the cusp of being sold for £160m. The Terra Firma Capital Partners-owned homes are set to be sold to Barchester Healthcare, Sky reported. Whitehall set to increase wages after election

HARRY ROBERTSON employees aged 21-and-over affected, taking the total to 6.5m. @henrygrobertson The dramatic proposals for pay in- THE PROPORTION of workers paid the creases are central to each parties’ minimum wage would treble under substantial economic offering at the Labour’s plans and double under the General Election. Tories, a report has found, causing a The evidence suggests that mini- dramatic increase in the number mum wage rises have so far been a whose pay is set directly by Whitehall. success and substantially bettered The Conservatives have pledged to people’s pay and living conditions raise the so-called national living without harming employment. wage to around £10.50 by 2024 and ex- However, “both the Conservatives’ tend it to 21 to 24-year-olds. The £8.21 and Labour’s plans would take us into national living wage is currently only uncharted waters,” warned IFS re- available to over-25s. search economist Xiaowei Xu. Under Labour’s more radical plan, a “There will be some level beyond £10 minimum wage would be intro- which a higher minimum wage will duced in 2020 and would cover all harm the employment prospects of those aged over -16. the low-paid,” the IFS report said. The Tories’ plans would bring one in “Previous evidence suggests we have six employees within scope, boosting not got there yet, but it does not tell wages for 2.5m, the report from the us where the tipping point is.” Institute for Fiscal Studies (IFS) think Xu said the proposals call for “a care- tank said. Today, 1.9m are on the na- ful and incremental process to ensure tional living wage. that, if the employment prospects of More than a quarter of workers’ the low-paid do start to be impacted, wages would be set by the minimum policymakers can change course under Labour’s plans, with 4.6m before it is too late”.

Interserve chief executive set to stand down after restructuring

JAMES BOOTH with its own managing director and chairman. @Jamesdbooth1 The shake-up will lead to a break- THE CHIEF executive of outsourcer up of the group over the medium Interserve is reportedly stepping term, Sky reported. down at the end of the year, shortly White’s exit is set to be announced after a restructuring that brought the by the company this morning. company back from the brink. It follows a pre-pack administration Debbie White, who has been chief in March that led to the firm being executive at Interserve since 2017, is delisted from the stock exchange and set to leave the company next month, taken over by its lenders. Sky News reported. Interserve employs more than Her exit will come as the company 40,000 people in the UK and around unveils a reorganisation that will 60,000 worldwide. leave each of its three main divisions Interserve declined to comment.

CITYAM.COM FRIDAY 15 NOVEMBER 2019 NEWS 09 Eddie Stobart lenders have little truck for Dbay

N BUSINESS, opportunism can mismanagement. As Eddie Stobart’s He argued in the pub company’s trad- and boutique firms alike. sometimes be a dirty word — just Mark former owner, it knows where the bod- ing statement this week that a box- Today, Lazard will announce the cre- ask the shareholders in Eddie Sto- Kleinman ies are buried, while rival Wincanton ticking culture among investors was, ation of a venture and growth banking Ibart Logistics who were sold stock would be unwise to engage in a bid- at best, damaging companies and the division, led by Garri Jones and Nick in 2017 on the promise of a solidly ding war without the certainty pro- wider economy. James, the two executives who built growing infrastructure play. vided by audited numbers. Some of the examples he cited — the the equivalent franchise at Numis Se- The company raised £130m in its ini- That leaves independent sharehold- annual decision of some fund man- curities — where they led funding tial public offering (IPO) — a sum that ers stuck in the equivalent of a 20-mile agers to vote against his re-election — rounds for the likes of Podpoint and would have bought a lot of red-and- motorway tailback. They cannot be ex- are, indeed, questionable. On others, steered Draper Esprit onto the London green liveried lorries — and appointed pected to vote in favour of a deal so Martin is on shakier ground, such as market. a clutch of City grandees to its board, heavily stacked against them. Andrew his assertion that “no sensible com- The duo will be charged with win- enthusing about opportunities ahead. rightly alarmed. Tinkler, the former Stobart Group pany” would now float in London for ning substantial tech company Fast-forward two-and-a-half years and True, the Dbay offer would keep chief, is working on a rival refinancing fear of being hidebound by corporate fundraising mandates, as well as stag- the company is mired in an abject fi- Eddie Stobart afloat and its 6,600 em- proposal which is said to have the sup- governance strictures. Nevertheless, ing their annual venture growth con- nancial mess: it has fired its chief exec- ployees in jobs — an outcome that port of a number of City institutions. Martin has an option to escape from ference under their new umbrella. utive, suspended its shares and has would be far from certain without a Eddie Stobart’s shareholders need what he perceives as a malaise that is William Rucker, Lazard’s UK chair- been forced into talks about a rescue. rescue deal. Yet the financing would be more information, and fast, otherwise ultimately “guaranteed to ensure de- man, said the new hires would build Enter the opportunists. Dbay Advi- in the form of an expensive payment- they are at risk of becoming the latest struction”: take the company private. on the firm’s “established public eq- sors, the investment fund previously in-kind loan, which underlines both victims of that sometimes-dirty word. uity franchise and leverage Lazard’s known as activist Laxey Partners, the company’s desperation and the LAZARD VENTURES INTO TECH global network to provide leading com- owned Eddie Stobart for three years be- investor’s brazenness. MARTIN’S GOVERNANCE Revolut, Transferwise, Checkout.com: panies with greater access to capital fore taking it public. Eddie Stobart’s shares have been sus- HANGOVER it doesn’t take much effort to compile markets and financial advisory advice It made — at a minimum — many pended for three months because it Tim Martin has a point. Whether it’s a list of British technology companies throughout their life cycle”. tens of millions of pounds from selling has been unable to publish accurate Larry Fink’s Blackrock pay packet, raising or targeting mega-funding The timing looks smart — venture shares at the 160p IPO price. Now it half-year results amid an accounting Columbia Threadneedle’s veteran di- rounds of more than $100m (£78m). capital fundraising in the UK contin- wants to take back control by under- crisis. There is now talk that several rectors or myriad fund managers’ The increasingly prolific levels of uni- ues its upward tear, with seemingly lit- writing a financing that would hand it prior years’ figures will have to be re- boardroom gender imbalance, institu- corn funding — even as some other tle regard for the politically uncertain just over 50 per cent of the firm’s stock. stated, potentially stretching back into tional investors frequently fail to prac- areas of investment banking advisory backdrop. Investing the money wisely? The £55m capital injection into a the period when the company was tise what they preach. business, including London’s mori- That’s a different challenge altogether. new holding company would value the owned by — yes — Dbay. The frustration now seeping out bund IPO markets in recent months — entire business at little more than If so, that would pave the way for an from the boss of JD Wetherspoon has underline why this is becoming an £ Mark Kleinman is City Editor at Sky News £100m. Minority shareholders are egregious example of reward for clearly been festering for some time. area of renewed focus for bulge-bracket @MarkKleinmanSky NewNEWS build homes drive UK housing supply hike

JESS CLARK development rights, meaning full behind the affordability we face @jclarkjourno planning permission is not today and so today’s figures required. Of those, 12,032 showing housebuilding is at a UK HOUSING supply soared in the were former office record high are welcome year to the end of March, driven by buildings converted news.” an increase in the number of new into residential Andrew Southern, homes being built. accommodation. chairman of property There were 241,130 net There were also additional dwellings in 2018/2019, 5,220 new homes Housing supply was also up nine per cent on the previous that came from boosted by change in use period, with new build homes converting houses for UK properties accounting for 213,660 of the extra to flats, and 940 accommodation. other gains from developer Southern Change of use was the second caravans and boats. Grove, added: “The biggest driver behind the spike in Vadim Toader, industry must build on this accommodation, creating 29,260 founder and chief success, and cannot rest on its additional dwellings. executive of fintech firm laurels.” In total, 14,107 of the net Proportunity, said: “Britain’s “The property market is crying additions through change of use failure to build enough homes for out for more new homes; the were made using permitted the past few decades is a key factor demand is there.” Average London rents jump as 3i delivers rise in return thanks to house prices remain subdued portfolio growth JAMES BOOTH When London is excluded, the ANNA MENIN @Jamesdbooth1 average rent in the UK hit £788 in October, up by 2.6 per cent on the @annafmenin THE AVERAGE rent in London previous year. rose to £1,665 last month, figures All 12 of the regions monitored LISTED private equity firm 3i has re- released yesterday have revealed. increased in rental values ported an increased half-year return The average rent in the UK grew between October 2018 and of 10 per cent, boosted by strong 2.7 per cent to £953 on the same October 2019. trading across its portfolios. time last year, while London rents Five of the regions monitored The company notched up a total re- grew 2.8 per cent on average, by Homelet showed an annual turn of £767m for the first six according to a report from tenant increase of over three per cent – months of the year, a 10 per cent in- referencing firm Homelet. the north east, north west, crease on the previous year’s figure. Nationwide’s house price index Yorkshire and Humberside, the This return was in line with the for October said that annual south west and Scotland. same period last year, and 3i raised house price growth remained The region with the largest its first-half dividend to 17.5p per subdued in October, growing 0.4 year-on-year increase was the share. 3i’s net asset value per share per cent, with Brexit uncertainty north east, which recorded a 4.5 rose seven per cent to reach 873p, cited as a factor. per cent increase. but fell short of analyst forecasts. 10 NEWS FRIDAY 15 NOVEMBER 2019 CITYAM.COM IN BRIEF CARD FACTORY’S NEW SITES FIRST GROUP’S LOSS WIDENS GOOGLE ANTITRUST PROBE HELP DRIVE REVENUE RISE AS GREYHOUND CHARGE HITS SET TO EXPAND TO ANDROID SHATTERED Ceramics firm Portmeirion Card Factory reported a jump in First Group’s share price sank over 20 The 50 attorneys general investigating warns on profit after export sales plunge revenue this year driven by strong sales per cent yesterday after it fell to a advertising practices at Google are at new stores and a boost in online £187m half-year loss as transport planning to expand their antitrust probe trading, as sales at existing stores charges hobbled the firm while doubts into the unit’s flagship Android business, slumped due to falling high street weigh over the future of its West Coast CNBC reported last night citing people footfall. In the nine months to 31 Rail franchise. The transport giant fell familiar with the matter. The Google October revenue increased five per to a loss before tax of £187.1m in the probe is being led by the Texas attorney cent as Card Factory grew its store six months to the end of September, up general’s office and is known to be portfolio with 38 new branches in the from a £4.6m loss last year. That came focused on its search and digital year to date. However, like-for-like in- despite a seven per cent annual rise in advertising businesses. The Alphabet store sales dipped 0.4 per cent in the revenue to £3.5bn. However, net debt unit also faces two other major inquiries three months to the end of October doubled to £2.1bn as new accounting — a US Justice Department investigation due to weaker footfall, as the standards forced the company to and a probe by the House of greetings card retailer gears up for the recognise rail rolling stock assets for Representatives Judiciary Committee — key Christmas trading period. In the the first time. First Group profit was hit both of which have broad reviews of the year to date, like-for-like store sales by a Greyhound impairment charge of big internet companies underway. Last were stable at 0.7 per cent, while £124.4m after record low US year, Google was fined €4.3bn (£2.7bn) third-quarter online sales increased immigration numbers hit the coach by the European Commission for anti- 16.2 per cent. business in the second quarter. competitive behaviour.

CERAMICS maker Portmeirion yesterday warned that profit would be lower than expected this year after export sales plunged due to 17.65% weakening demand in South Korea. Shares dived more than 17 per cent. Hortus London Gin, Ignis French Grain Vodka, Rêverie Finest French Brandy Burberry beats Hong Kong riots to boost results

From JESS CLARK in the luxury market. @jclarkjourno Burberry said new products designed by Ricardo Tisci have LUXURY retailer Burberry is on track boosted sales, offsetting the effect of Comte De Senneval Champagne, £13˘·9 to meet expectations this year despite “considerable disruption” in Hong political disruption in Hong Kong, Kong, where sales plunged. Allini Prosecco Spumante which has contributed to a slump in However, sales in mainland China, Wine Makers Selection sales in one of the retailer’s core Korea and Japan increased, along markets. with the UK, Europe and the Burberry yesterday re- US. ported a three per cent in- Steve Miley, senior market an- crease in revenue to £1.3bn alyst at Asktraders.com, said: in the first half of the year. “Burberry designer Ricardo Profit before tax in- Tisci’s new collections have creased 11 per cent proved to be a hit helping from £174m to £193m. Burberry through an oth- Earnings per share erwise difficult trading were 36.4p, up from environment. 31.6p the previous “Despite political year. disruption in the key The British fash- market hub Hong Kong, ion brand is in the which experienced dou- middle of a trans- ble digit decline in formation plan sales, an economic aimed at strength- slowdown in China, ening its position and Brexit uncer- tainty, Burberry is still The fashion brand is on track to meet full known for its coats year expectations. “ From

From £5˘›9 £5˘·9 WPP says acquisitons are back on the agenda after Kantar sale

PAUL SANDLE investors at the Morgan Stanley Technology, Media and Telecom ADVERTISING group WPP will conference. Tis the season of classy sips consider making acquisitions to “Now we have the Kantar situation bolster its capabilities in faster nearly behind us, we can start to growing segments such as think more tactically — not go crazy lidl.co.uk/christmas See online and in store for more technology and commerce after — about how acquisitions can add to selling a majority stake in its research what we are doing in those areas,” he While stocks last. Subject to availability. Selected stores. Excludes ROI & NI. Packaging, sizes & measurements may vary. arm Kantar, chief executive Mark added. Decorative items not included. Prices correct at time of going to print & valid for a limited period only. Hortus Original London Dry Gin, 70cl, 40% vol., £22.84/L. Ignis French Grain Vodka, 70cl, 40% vol., £19.99/L Rêverie Finest French Brandy, 70cl, 40% vol., Read said yesterday. Last month WPP bounced back to £19.99/L. Comte De Senneval Champagne, 75cl, £11.49, £11.49/75cl, Allini Prosecco Spumante, 75cl, £5.99, £5.99/75cl., South “We have the ability to grow quarterly growth for the first time in African Fairtrade Paarl Shiraz, 75cl, £5.49, New Zealand Awatere Valley Sauvignon Blanc, 75cl, £6.99, New Zealand Sparkling Sauvignon Blanc, 75cl, £9.99, Australian Coonawarra Chardonnay, 75cl, £5.79, Australian Barossa Valley Shiraz, 75cl, £5.99 organically, there’s also the over a year. The group had suffered a opportunity to invest and acquire difficult three-year period after ex- attractive businesses to reposition the chief Martin Sorrell stepped down portfolio,” he told an audience of and a dip in share price. Reuters CITYAM.COM FRIDAY 15 NOVEMBER 2019 NEWS 11

EDITOR’S NOTES News and views from the City, Westminster & beyond CHRISTIAN MAY @CHRISTIANJMAY [email protected]

Did the BBC conspire £ I’m going to stray into the I AM RAILING territory of our Life and Style to make Boris look When my son (two and a pages and offer up two film half) wakes up in the reviews. Firstly, avoid The better on TV? No. morning the first thing he Laundromat. Steven tends to say is “I wanna play Soderbergh’s film about the choo-choos” followed by, as leak of 11m files from URING my Masters degree in May’s head of communications — he rubs his eyes, “Come on Panama-based law firm Djournalism I spent some time something which didn’t go Daddy, build a track.” And Mossack Fonseca is a huge working for the BBC’s Daily unnoticed by the conspiracy so, like a young Rod Stewart, disappointment. Instead of a Politics, now known as Politics Live. theorists. my son delights in his train MODELLER CRISE/RAILWAY STEVE hard-hitting account of global The show was produced and While the BBC probably has a set. Rod, who revealed this money-laundering and broadcast from the BBC’s soft-left cultural group-think, which week images (right) of his corruption, the film is a low- Westminster studios in Millbank, can manifest itself in a form of bias, 23-year obsession, probably grade rant. Gary Oldman and and every day it was all hands on the idea that agents within it suffers fewer dinosaurs on Antonia Banderas play the deck as a team of editors, deliberately manipulate news the line than our own set-up, two lawyers, Mossack and producers, guest-bookers, script output to favour one party or but I’ve no doubt that he Fonseca, but they come writers, presenters and technical politicians over another is for the and my son experience the across as a camp pantomime crew pulled together an hour of live birds. And yet a production error same sense of joy from their double-act. Not even a stellar output. After a couple of weeks that showed Boris Johnson laying a favourite toy. cast keeps this tedious and working on the show, the editor wreath from a few years ago irritating film afloat. came over to me and said: “Do you (instead of last Sunday’s actual In contrast, Follow The see how collaborative live wreath-laying, which he fudged up) £ Hampshire Police are urging £ Spears, a magazine for CAN I QUOTE YOU ON THAT? Money is a beautiful, uplifting broadcasting is?” A faultless 60 sent left-wing activists into a people to be on the lookout for “billionaires, centi-millionaires and documentary by three minutes required everyone to know meltdown. Jeremy Corbyn’s “high quality wine at a bargain the merely very well-off” last night English filmmakers who set their role and execute it as part of a cheerleaders avoided making price”. Aren’t we all? The advice hosted its Wealth Management out to track the journey of a ballet, from the intern who met detailed allegations (which would came after thieves snatched £70k Awards in the City. The mag’s single $10 bill in circulation guests at reception to the have required making claims about worth of wine from the Lime Wood founder, William Cash, lamented Maybe tribalism over the course of a month. production crew in the gallery. The where in the BBC chain of Hotel in the New Forest, which is that “the war on wealth is is just in her DNA Starting in the geographic editor went on: “That’s why I get so command the conspiracy to protect owned by billionaire chemicals probably only going to get worse”, Former Goldman Sachs chief centre of the US, the bill annoyed when people allege a Johnson’s image first appeared) tycoon Sir Jim Ratcliffe. Masked noting that Britain’s 54 billionaires Lloyd Blankfein responds to travels over 6,000 miles and deliberate bias in our output — and instead pumped out lines such men made off with more than 80 saw their fortunes fall by over attacks from US Democrat passes through the hands of because for that to be the case the as “how convenient” and “isn’t it bottles from the cellar, and while £16bn last year. On a lighter note, Elizabeth Warren, who dozens of ordinary Americans conspiracy would have to be so interesting...” — when in fact the the hotel won’t confirm exactly he hailed the “steady flow of famously took a DNA test in a — all of whom have a story to large — we’d all have to be in on it.” human error behind airing the what was taken, the list features £250m-plus London divorces” bid to prove Native American tell or some wisdom to That editor was Robbie Gibb, a BBC wrong footage is, if anything, such gems as a £10,000 Romanée- leading to a “golden age” for family ancestry impart. This original film is full veteran who went on to be Theresa inconvenient and uninteresting. Conti Grand Cru Pinot Noir. lawyers and private client advisers. of memorable encounters. 12 NEWS FRIDAY 15 NOVEMBER 2019 CITYAM.COM

SHINING A LIGHT Missing People charity Premier Oil predicts higher annual awards People’s Postcode Lottery at gala THE PEOPLE’s Postcode Lottery received an award at an annual gala production as North Sea site excels held by the Missing People charity in London EDWARD THICKNESSE 75,000 and 80,000 barrels per day. company’s net production. last night. Previous @edthicknesse Premier’s Catcher field, which Tolmount, in the south of the People’s Postcode came on stream 22 months ago, has North Sea, is scheduled to produce Lottery winner Mark PREMIER Oil said full-year production now fully paid for itself and had an its first gas by the end of 2020 and is Roelink (left) accepted would be at the upper end of its operating efficiency of almost 100 forecast to add 20 to 25 kilo barrels the award from Missing previous guidance in yesterday’s per cent. per day to group production. People chair Kate Adams trading update, driven by its flagship The firm also reduced net debt by Analysts at Jefferies welcomed the (right) in recognition of North Sea Catcher field. $300m (£232m) to $2.03bn as at 31 update, saying that Premier almost 10 years of The oil and gas explorers said that October, meaning it is on track to “continues to build the argument for funding for the charity, total output for the year would be meet full year debt reduction targets a material re-rating within a UK which helps support closer to 80,000 barrels of oil per day, of more than $300m. sector starved of success”. more than 52,000 people having averaged 79,400 barrels for The oil producer has a number of Shares initially jumped three per dealing with issues the first 10 months of the year. new projects in the pipeline which cent before settling almost flat to caused by disappearance. Initial guidance was between could add significantly to the 86.9p at the end of trading. Stobart Group’s Norway wealth fund shuns G4S shares fall after on rights fears ALEX DANIEL @alexmdaniel NORWAY’S £860bn sovereign dividend halted wealth fund has blacklisted investment in one of the world’s biggest security companies, G4S, because of an “unacceptable risk” ANNA MENIN most 20 per cent, hitting £20.9m for of human rights abuses against its @annafmenin the first half. workers in Qatar and the United Brady said the group’s energy and Arab Emirates (UAE). SHARES in Stobart Group fell almost aviation businesses “require further London-listed G4S employs five per cent yesterday after the com- investment in order to deliver their around 18,000 people in the two pany said it would suspend its divi- full potential”. countries — part of its more than dend in order to pump money into “[We have] taken the decision to sus- half-a-million global workforce growing both its aviation and biomass pend the dividend in order to max- which includes security guards, energy divisions. imise the capital available for the The energy supplier has been threatened with losing its New York licence cash handlers and prison officers. The group reported strong revenue further development of these growth The wealth fund, which is the growth for the first half of the year, businesses,” he added. “We are confi- largest in the world, includes an with an increase of over a third to dent that, with the planned strategic ethics watchdog to monitor £93.1m. investment, we will deliver superior National Grid tops expectations investments, named the Council This increase was driven by a strong future returns,” he added. of Ethics. performance from London Southend The group said it was planning to re- Focusing on the treatment of Airport, which the group owns, and store the dividend when Stobart “be- amid New York licence dispute migrant workers from India, Stobart Energy. Chief executive War- comes significantly cash generative at Pakistan and Nepal by recruitment wick Brady said both businesses had an operating level”. EDWARD THICKNESSE Underlying profit before tax for agencies for G4S, the council said “immediate and considerable growth Shares fell 4.8 per cent to 117.15p. @edthicknesse the year to date fell four per cent to yesterday that some people had opportunities”. £785m, from £816m in 2018, but was their passports confiscated and Passenger numbers at Stobart Avia- STOBART GROUP UK ENERGY supplier National Grid above the £748m that analysts had were paid less than agreed when tion, the division that owns Southend used its half-year results to announce expected. they arrived in the Gulf. P Airport, reported 42 per cent growth 130 that it is “confident” it would be able The FTSE 100 company, which It said some had borrowed in passenger number to 1.2m as to address issues raised in a letter runs Britain’s energy systems, has money to pay fees to get their jobs budget carriers Ryanair and Wizz Air 125 from New York governor Andrew had a tricky year, with problems in with the firm, but were then stuck joined Easyjet as partners. Cuomo earlier this week. New York compounded by an in Qatar and the UAE because they 14 Nov The volume of waste managed by 120 The company is facing the risk of investigation over widespread were unable to pay off their debt. Stobart Energy increased by over a 117.15 losing its licence to operate its gas outages in the UK over the summer. “The council’s investigations also fifth during the first six months of franchise in New York City and Long National Grid also announced that revealed long working days, a lack 115 the year, while the division’s revenue Island, after Cuomo said earlier this it had set a new target of reaching of overtime payment and examples rose 43.5 per cent. month that it had failed to provide net zero emissions by 2050, up from of harassment,” it added. Shares in Overall, Stobart’s loss widened al- 8 Nov11 Nov 12 Nov 13 Nov 14 Nov “adequate and reliable service”. its current target of 80 per cent. G4S closed down 2.45 per cent. Qinetiq shares lift off as expansion into US gathers extra momentum

EDWARD THICKNESSE results, rising to £59.7m from approval that is expected by the end @edthicknesse £51.6m in 2018. Revenue also rose by of this financial year, will create a 9.19% the same percentage, reaching $300m US operation with 750 SHARES IN defence and £486.5m for the six months ending employees. security company Qinetiq 30 September. The company also celebrated rose 9.2 per cent yesterday as it Qinetiq hit the headlines last strong growth in its international reiterated its guidance for the full month when the company division, with orders up more than financial year, announcing that its announced that it had bought US 50 per cent over the first half of the US presence would increase to firm Mteq for $105m (£82m), a deal year. The award of a £67m contract around 25 per cent of group revenue. that more than doubled the size of from the UK Ministry of Defence to Underlying operating profit rose its North American operations. develop innovative satellite receivers The security firm recently signed a a contract with the UK Ministry of Defence 16 per cent in the firm’s half-year The purchase, which is awaiting rounded out the robust results. TAG HEUER Formula 1 £1,295

BREITLING Superocean Heritage II £3,810

CARTIER OMEGA Tank Solo Speedmaster Moonwatch £2,340 £3,910 14 NEWS FRIDAY 15 NOVEMBER 2019 CITYAM.COM Young’s pub chain posts profit drop after poor weather dents its footfall JOE CURTIS recording revenue of £168.2m, up 7.3 But the May bank holiday weather @joe_r_curtis per cent on the same period last year. and a warm September helped like- 3.06% Net debt rocketed 23.6 per cent to for-like sales rise 1.1 per cent over the YOUNG’s pub chain laid £227.2m as net cash flow rose £3m period. Last year, the World Cup the blame with “poor and year-on-year to £37.7m. helped Young’s post strong summer unpredictable weather” after posting However, Young’s still hiked its gains, and Dardis said his company a fall in profit in its latest half-year interim dividend six per cent to had struggled to keep pace with those results yesterday, but still lifted its 10.57p per share. tough comparative sales. interim dividend to book its 23rd Young’s chief executive Patrick Meanwhile, net debt climbed as consecutive rise. Dardis said his company had Young’s was forced to recognise an Profit before tax dropped 6.4 per recovered from a weak start to the extra £72.2m in lease liabilities under cent year on year to £24.3m in the six year as “poor and unpredictable a change in accounting rules. months to the end of September. weather was a far cry from last year’s Shares in Young’s close up just over That fall came despite the firm exceptional early summer sunshine”. three per cent. A year of rain and unpredictable weather ate into the pub chain’s profit Germany scrapes Oneconnect chooses New out of recession York for listing ANNA MENIN @annafmenin ONECONNECT, the fintech arm of fears this quarter Chinese financial conglomerate Ping An, has chosen New York over Hong Kong for the launch of its initial public offering (IPO). JOE CURTIS summer of 2018. The company, which is backed by @joe_r_curtis “The sector is facing and will con- Softbank, filed a prospectus for an tinue to face cyclical challenges, as IPO on Wednesday and plans to list GERMANY narrowly avoided falling ongoing trade conflicts, Brexit uncer- its shares on Nasdaq. into recession in the third quarter tainty and slower Chinese growth, The filing lists a target raise of thanks to unexpectedly strong along with structural challenges, $100m (£78m), but one banker consumer spending, data showed disrupt the automotive industry.” involved told the Financial Times yesterday. However, German GDP only rose by the figure was a placeholder Europe’s largest economy thwarted 0.08 per cent in the third quarter, The iconic phone is set to return with a 6.2in foldable display and $1500 price tag amount and was likely to change. expectations of a contraction as it after a decline of 0.24 per cent in the Softbank led a funding round eked out a 0.1 per cent quarter-on- second quarter. last year that valued Oneconnect, quarter growth rate. Household spending rose along which provides technology The country’s GDP posted a 0.5 per with exports to beat economists’ dour Motorola Razr 2019: Flip phone solutions to small and medium- cent year-on-year growth rate from expectations of a technical recession, sized financial institutions, at July to September, beating April to where an economy posts two consec- $7.5bn. June’s 0.3 per cent expansion, Federal utive quarters of declines. revived with a foldable screen Ping An, China’s biggest insurer Statistics Office data showed. While Brzeski said low inflation and by market value, has launched a However, economy minister Peter interest rates have buoyed spending SEBASTIAN MCCARTHY Boasting a 6.2in foldable screen series of startups focused on areas Altmaier warned: “We do not have a and the construction sector “keeps on @SebMcCarthy and a fingerprint sensor, the latest including medicine, fintech and AI technical recession, but the growth booming”, he added that Germany model is a major upgrade from the in recent years. numbers are still too weak.” faces an uncertain 2020. THE ICONIC flip phone has made a popular flip phones of the early Its healthcare startup Ping An Meanwhile Carsten Brzeski, Euro- “It looks as if either the cyclical fac- comeback, with Motorola yesterday noughties. Good Doctor, which is also backed pean economist at ING, warned that tors weighing on German industry revealing an upgraded version of the When the phone is folded, there is by Softbank, raised $1.1bn in its Germany has entered a period of “de will dissipate somewhat, with the once-universal device. a 2.7-inch glass-covered display Hong Kong IPO in May last year. facto stagnation”. entire economy rebounding, or the Almost 15 years after the original which allows users to text, call and A series of major Chinese tech “The German economy can still be domestic part of the economy will Razr hit the markets, Motorola is control music. firms have chosen to list in Hong divided into two worlds,” he added. also slow down,” he said. launching a slim retro reboot with a The device has a thickness of Kong recently. Online retail giant “The depressive world and the happy- A Reuters poll of analysts found that foldable screen. 14mm when shut. Alibaba earlier this week launched go-lucky one. In the depressive world, they expected Germany’s economy to The gadget, which is set to go on “With the new Razr we had to the share sale for its secondary there are very few signs of an immi- contract 0.1 per cent on a quarterly sale for $1,500 (£1160) in the US on rethink how to engineer a phone,” listing in the city, which is expected nent bottoming or recovery of the basis, and to expand 0.5 per cent year Boxing Day, will be rolled out across said Glenn Schultz, the firm’s head to raise up to $13.4bn. Bytedance is manufacturing sector since the on year. the world, including in the UK. of product development. also considering a Hong Kong IPO. Daimler set to cut thousands of jobs globally to pay for new electric cars

ALEX DANIEL shift to electric vehicles. scrambling to reduce their overall @alexmdaniel Chief executive Ola Kallenius said: carbon emissions, ahead of strict EU “The expenditure needed to achieve rules which come in next year. DAIMLER, the maker of Mercedes- the [EU’s] CO2 targets require Failure to meet the requirements Benz cars, will cut a tenth of all its comprehensive measures to increase could result in billions of euros-worth manager-level workers across the efficiency in all areas of our of fines from the EU. Daimler warned globe in a bid to slash €1.4bn (£1.2bn) company.” on profit several times last year, and worth of personnel costs. Kallenius, who took over at the has spent more than €500m as it gets The German manufacturer said firm in May, added: “The industry is up to speed on electrification. yesterday that the cuts came as its in transformation... We have to do Shares in the car manufacturer fell profit would fall significantly over this.” 4.5 per cent yesterday following the The Mercedes-Benz maker is preparing for new EU emissions laws next year the next two years because of the Daimler and its peers are announcement. CITYAM.COM FRIDAY 15 NOVEMBER 2019 MARKETS 15

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FTSE falls short CINEWORLD P Wall Street slips 230

220 as Ciscos posts 14 Nov of global peers 210 201.80 gloomy outlook 200 ALL Street’s main indexes Wslipped from near record 8 Nov 11 Nov 12 Nov 13 Nov 14 Nov levels yesterday, as a dour forecast from tech stalwart Cisco as 3i shares slip Cinemark and AMC both reported quarterly earnings last week, meaning all eyes will Systems raised fresh questions about now be on rival Cineworld. Brokers at Barclays say they believe that in Cineworld’s the global economy's health and upcoming update - which traditionally reports on revenue - the focus will be on US overshadowed a strong report from market share. Cineworld subsidiary Regal recently launched its so-called Unlimited big box retailer Walmart. he FTSE 100 underperformed Tisci’s collections boosted quarterly subscription service, but Barclays warned it had been far from a stellar rollout. Cisco shares tumbled 7.3 per cent its major global peers yester- sales and offset declines in Hong Instead, they said, the chain must prove it’s reversed market share losses from the after the network gear maker forecast day, suffering its steepest Kong where trading was hit by ongo- first half. The brokers gave Cineworld a “hold” rating with a target price of 315p. second-quarter revenue and profit Tintra-day drop so far this ing protests. below expectations as increasing month as falls in private eq- A host of trigger points, including global economic uncertainties kept uity company 3i, stocks trading ex-div- weak Chinese factory output data, WILLIAM HILL clients away from spending more on idend and a stronger pound anxiety around US-China trade, and its routers and switches. P hammered the exporter-heavy index. political uncertainty in the US amid 176 Cisco's share decline weighed the The main index fell 0.8 per cent with an impeachment inquiry into US Pres- most on the major indexes and 3i hitting a five-month low after strik- ident Donald Trump also weighed on 174 172.75 helped drag the technology sector ing a cautious tone about new in- sentiment globally. 14 Nov down 0.3 per cent. vestment opportunities and Slowing Chinese factory out- 172 In contrast, Walmart raised its as heavyweight compo- put growth was another annual outlook and the world's nents Sainsbury , Shell sign of how Beijing’s 170 largest retailer posted better-than- and GSK traded without trade dispute with expected earnings, comparable sales dividend entitlement. 168 and e-commerce growth in its largest The mid-cap FTSE 250 Transport firm First market during the third quarter. was 0.3 per cent lower, Group’s shares dropped a 8 Nov 11 Nov 12 Nov 13 Nov 14 Nov Walmart shares fell 0.3 per cent after with transport operator fifth in value yesterday hitting a record high earlier in the First Group dropping Peel Hunt are betting big on William Hill making some serious strategic strides in the session, but the S&P 500 retail and nearly 20 per cent on its Washington was weigh- coming days. Next week’s conference call will see the first outing for new chief consumer discretionary indexes were worst day since May 2018 ing on demand. China said executive Ulrik Bengtsson, and the brokers are expecting to hear that the US higher after company's report. after a bigger first-half loss the countries were holding business is making great progress (although not at the bottom line), that Mr Green is The Dow Jones Industrial Average due to a charge related to its in-depth discussions on a so- bedding into online and that the teams in Malta and Gibraltar are poised to benefit fell 36.93 points, or 0.13 per cent, to Greyhound bus business in the US. called phase one trade agreement. from greater focus. Peel Hunt gave William Hill a “buy” recommendation with a 27,746.66, the S&P 500 lost 1.41 Dollar earners were among the top G4S lost 2.4 per cent after Norway’s target price of 250p. points, or 0.05 per cent, to 3,092.63 drags on the main bourse as sterling central bank said the country’s and the Nasdaq Composite dropped strengthened on hopes that Conserva- wealth fund can no longer invest in 12.35 points, or 0.15 per cent, to tives will win a majority in the the security services company be- JD WETHERSPOON 8,469.76. December election and finally break cause of the risk that it is responsible Stocks have recently run to all-time the deadlock surrounding Britain’s for human rights violations. 1,600 P highs, with the Dow and the S&P 500 departure from the EU. Airport operator Stobart fell five per posting record closing levels on Luxury brand Burberry outper- cent on the small-cap index after 1,551.00 Wednesday, helped by the Federal formed the index, rising 3.4 per cent suspending its dividend and posting 1,550 14 Nov Reserve’s interest rate cuts, third- as the popularity of designer Riccardo a bigger first-half loss. quarter earnings topping low expectations and signs the economy 1,500 may be bottoming. TOP RISERS FTSE Federal Reserve chair Jerome P 14 Nov Powell yesterday said the risk of the 7,450 1. Burberry Up 3.35 per cent 7,292.76 1,450 US economy facing a dramatic bust is 2. Hiscox Up 2.64 per cent 7,400 8 Nov 11 Nov 12 Nov 13 Nov 14 Nov remote, and investors will next be 3. Coca-Cola HBC Up 2.12 per cent 7,350 looking to US retail sales data today. Outspoken JD Wetherspoon boss Tim Martin stole the limelight in his company’s Real estate was the top-performing 7,300 TOP FALLERS trading update by launching into a tirade about corporate governance. But the S&P 500 sector, rising 0.5 per cent, 7,250 analysts at Peel Hunt were more concerned about the budget pub chain’s pricing, while energy and consumer staples 1. 3i Down 4.58 per cent 7,200 which they said was the biggest influence on its profitability. Despite Martin’s lagged along with tech. 2. Vodafone Down 3.31 per cent support for a no-deal Brexit, the brokers said an orderly exit was the most likely Dillard’s shares jumped 14.2 per 3. DCC Down 3.28 per cent 8 Nov11 Nov 12 Nov 13 Nov 14 Nov outcome, in which case the pub chain could take the chance to push up prices. They cent after the department store gave Wetherspoon’s a “hold” rating and increased target price to 1,550p. chain's quarterly results. CITY MOVES WHO’S SWITCHING JOBS

BRAVE BISON digital executive producer. “Leading the charge on arrangements and disposals. His client base includes promoted UK head of operations Kate Morgan to the Aim-listed social video rolling out owned and operated cross-platform brand growth equity, large cap private equity and other role of chief operating officer. Kate joined Colliers from company Brave Bison has strategy, to work with these already-existing financial sponsors, such as Bain Capital and Summit Bruntwood in 2014 to lead the business development appointed Ben Sinden as foundations, is a fantastic opportunity,” Ben said. “I’m Partners. David Allen, chair of Baker McKenzie’s global for the rating team, and since then has overhauled the managing director of looking forward to growing audiences across existing private equity practice, said: “Justin is a key name in company’s customer relationship management publishing. Ben previously and new channels, featuring original and exclusive the private equity community in London and widely system across the Europe, the Middle East and Africa served as head of visual content that will appeal to digital audiences globally.” respected. Our financial sponsor practice is going from market. She was appointed to the newly-created role communications for Netflix in strength to strength as sponsors continue to be of UK head of operations last year and has been Europe, the Middle East and BAKER MCKENZIE attracted by the breadth of our geographical, industry charged with future-proofing the organisation. Tony Africa, where he led the team Law firm Baker McKenzie has hired Justin Hutchinson and practice offerings. Justin will complement and Horrell, Colliers International’s UK and Ireland chief that develops and executes as a private equity share lawyer. Justin, who joins from strongly support the continued growth of our team. executive said: “[Kate has] been instrumental in visual creative content for Kirkland and Ellis, is an experienced cross-border We are thrilled that he is joining us.” helping our business to grow, become more efficient publicity campaigns. Prior to this he held senior roles transactional lawyer, having acted throughout his and more effective and with [her] increased leadership at Telegraph Media Group, where he was director of career on a broad range of control and minority COLLIERS INTERNATIONAL responsibilities I look forward to seeing how we will video content, as well as ITV, where he worked as investments, leveraged buyouts, management equity Global real estate company Colliers International has develop going forward.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 16 MARKETS FRIDAY 15 NOVEMBER 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1692 ÃÃ0.0026 €/$ 1.1016 0.0012 7292.76 20231.80 4020.95 27781.96 8479.02 3096.63 /$ 1.2878 à 0.0039 €/£ 0.8553 Ä 0.0019 58.45 57.98 2 7.97 1.63 3.08 2.59 £ /¥ 139.54 0.1400 €/¥ 119.34 0.4000 ÄÄÄÄÄà ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Templeton Em Mkts .....779.0 -2.0 829.0 670.0 JD Sports Fashion ...... 746.8 -8.6 781.0 318.5 LEISURE GOODS Hiscox ...... 1282.0 33.0 1777.0 1213.0 Softcat ...... 1149.0 14.0 1149.0 565.0 AIM 50 Vietnam Enterprise ...... 493.0 -7.0 509.0 421.5 Just Eat...... 746.0 6.6 812.0 533.8 RSA Ins Gp ...... 538.0 -5.6 597.0 496.6 Sophos ...... 567.0 -3.6 577.0 298.2 Tsy 4.750 20 ...... 101.25 -0.01 105.2 101.2 Contour Global...... 210.0 0.0 222.5 159.1 Games Workshp ...... 5540.0 -105.0 5645.0 2800.0 Abcam ...... 1245.0 -26.0 1500.0 1017.0 VinaCapital Vietna ...... 338.0 -1.5 357.5 323.0 Kingfisher...... 206.9 -5.3 266.2 185.9 OIL & GAS PRODUCERS SUPPORT SERVICES Tsy 8.000 21...... 111.58 0.02 118.4 111.5 Drax Gp ...... 285.4 -4.6 413.8 251.0 LIFE INSURANCE Advanced Medical ...... 247.0 3.0 354.5 225.0 Witan Invest ...... 218.5 -1.5 225.5 189.6 Marks & Spencer ...... 173.4 -6.8 309.6 163.9 Tsy 2.500 24 ...... 365.29 0.39 377.9 360.6 SSE ...... 1306.5 -15.5 1322.5 1008.0 BP ...... 506.3 -4.5 582.5 484.9 Aggreko ...... 794.0 1.0 855.2 691.8 Wwide Healthcare ....2765.0 -5.0 2835.0 2325.0 Aviva ...... 431.0 -1.1 438.8 352.3 Alliance Pharma ...... 73.7 -0.3 80.4 60.0 Tsy 5.000 25 ...... 123.68 0.19 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT Next ...... 6486.0 -104.0 6850.0 3991.0 Cairn Energy...... 176.4 0.9 213.8 140.0 Lancashire Hldgs ...... 693.0 4.5 746.0 561.5 Ashtead Gp ...... 2364.0 -15.0 2392.0 1586.5 ASOS...... 3120.0 -7.0 5074.0 2107.0 Tsy 4.250 27 ...... 129.31 0.36 132.8 125.2 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 205.2 0.8 239.4 111.5 Halma ...... 1873.0 -38.5 2094.0 1282.0 Legal & General ...... 271.6 0.2 291.2 216.7 Energean Oil & Gas .....890.0 10.0 1082.0 568.0 Babcock Intl Grp...... 516.0 -4.2 594.2 416.7 Sports Direct Intl ...... 314.0 -2.2 325.6 214.0 Blue Prism ...... 868.0 51.0 1472.0 788.0 Tsy 6.000 28 ...... 147.62 0.46 152.1 143.1 Morgan Advanced ...... 275.8 0.6 281.2 232.4 BT Gp ...... 195.2 -1.5 262.9 158.9 Phoenix Gp ...... 712.6 -0.8 724.8 544.0 Premier Oil ...... 86.9 0.3 106.2 55.6 Bunzl ...... 2029.0 -26.0 2551.0 1943.0 Vivo Energy ...... 122.4 -1.6 139.5 105.6 Camellia ...... 9450.0 75.0 11750.0 9100.0 Tsy 4.125 30 ...... 380.79 1.02 404.2 364.2 Oxford Instruments .. 1592.0 92.0 1592.0 842.0 Talktalk Telecom ...... 108.6 -1.2 130.0 96.5 Prudential ...... 1308.0 -9.5 1790.0 1308.0 Royal Dutch Shell A...2295.0 -41.0 2612.0 2213.0 Capita ...... 154.8 2.4 173.1 99.9 WH Smith...... 2300.0 8.0 2340.0 1697.0 Caretech Holdings ...... 386.0 2.0 405.0 325.0 Tsy 4.250 32...... 140.41 0.47 146.4 131.7 Renishaw ...... 3970.0 -84.0 4670.0 3232.0 Telecom Plus ...... 1276.0 -6.0 1528.0 1130.0 St James Place ...... 1044.5 5.0 1143.0 913.6 Royal Dutch Shell B ...2285.0 -40.0 2622.0 2218.0 DCC ...... 6654.0 -226.0 7496.0 5555.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 147.2 -2.4 250.0 147.2 Tsy 4.250 36 ...... 148.25 0.62 155.7 135.3 Spectris ...... 2613.0 -85.0 2898.0 2103.0 FOOD & DRUG RETAILERS Std Life Aberdeen ...... 309.2 0.8 313.8 224.8 Diploma ...... 1656.0 7.0 1701.0 1150.0 Central Asia Metals .....203.0 -5.0 266.5 180.0 Tsy 4.750 38...... 162.81 0.68 171.8 147.0 EQUITY INVESTMENT INSTRUMENTS Greggs ...... 2058.0 -56.0 2476.0 1183.0 Convatec ...... 190.0 -0.1 202.8 118.5 MEDIA OIL EQUIPMENT & SERVICES Electrocomp ...... 632.0 -14.8 729.8 480.0 Clinigen Group ...... 856.5 -11.5 1069.0 721.0 Tsy 4.250 46 ...... 169.53 0.93 181.0 146.4 Morrison (WM) ...... 194.4 -0.6 251.2 176.9 Mediclinic Intl ...... 377.0 -1.2 384.9 293.4 Hunting ...... 422.6 -1.8 657.0 393.0 Equiniti ...... 224.6 -0.8 236.2 186.2 3i Infrastructure ...... 293.0 0.0 306.5 249.7 4imprint ...... 2980.0 70.0 3130.0 1800.0 CVS Group ...... 1015.0 5.0 1029.0 395.0 AEROSPACE & DEFENCE Ocado Gp ...... 1157.0 23.5 1435.0 749.8 NMC Health ...... 2290.0 -26.0 3678.0 1801.5 Petrofac ...... 403.6 1.4 559.0 381.5 Essentra ...... 410.8 -0.8 442.0 325.4 Aberforth Smlr Cos .. 1328.0 0.0 1346.0 1114.0 Ascential ...... 338.4 0.0 411.0 332.4 Dart Group ...... 1260.0 14.0 1285.0 709.5 Sainsbury(J) ...... 201.3 -4.7 318.0 177.1 Smith & Neph...... 1655.5 -9.5 1990.0 1380.5 Wood Gp(J) ...... 361.0 0.8 674.4 327.4 Experian ...... 2464.0 -13.0 2631.0 1799.0 BAE Systems ...... 571.6 -2.0 588.2 443.9 Alliance Trust ...... 811.0 -3.0 838.0 672.0 Auto Trader Gp ...... 529.0 -8.0 606.0 417.0 Diversified Gas & Oil ....103.5 1.0 116.5 97.0 SSP Group ...... 650.0 0.0 721.0 608.0 UDG Hlthcare ...... 791.5 -0.5 821.0 551.0 PERSONAL GOODS Ferguson ...... 6804.0 34.0 6804.0 4749.0 Cobham ...... 154.8 -0.3 168.3 96.8 AVI Global Trust...... 753.0 -4.0 781.0 660.0 Entertainment One ...... 556.0 -2.0 589.0 336.4 Draper Esprit ...... 468.0 6.0 548.0 410.0 Meggitt ...... 623.0 1.6 643.0 458.0 Tesco ...... 230.9 -1.1 253.0 189.6 HOUSEHOLD GOODS G4S ...... 203.3 -5.1 234.3 168.3 Baillie Gifford Japan ...802.0 -7.0 840.0 663.0 Euromny Inst Inv...... 1312.0 2.0 1498.0 1132.0 Burberry Gp...... 2129.0 69.0 2345.0 1623.5 Eland Oil & Gas ...... 164.2 -0.4 165.4 101.0 FOOD PRODUCERS Hays ...... 160.8 -0.3 165.3 135.7 QinetiQ ...... 351.6 29.6 351.6 267.0 Bankers InvTst ...... 940.0 -5.0 970.0 766.0 Barratt Devel ...... 642.4 2.4 683.0 434.0 Future ...... 1454.0 12.0 1514.0 465.0 PZ Cussons ...... 203.0 2.5 244.0 178.6 EMIS Group ...... 1060.0 -2.0 1242.0 864.0 Rolls-Royce ...... 729.6 -6.4 988.4 702.0 BlackRock Smaller ....1504.0 4.0 1506.0 1160.0 Assoc British Foods...2439.0 -37.0 2575.0 2041.0 Bellway ...... 3220.0 -14.0 3536.0 2419.0 Informa ...... 792.0 -4.4 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1165.0 -6.0 1263.0 849.0 Fevertree Drinks ...... 1770.0 37.5 2475.0 1732.5 Senior ...... 179.7 -2.1 260.0 174.0 BMO Global Smaller ...... 137.8 0.4 140.6 122.0 Bakkavor ...... 123.8 1.6 170.0 93.3 Berkeley Grp Hldgs ....4577.0 4.0 4589.0 3226.0 Intertek Gp ...... 5294.0 -48.0 5962.0 4509.0 ITV ...... 132.8 -0.5 153.4 103.6 AstraZeneca ...... 7316.0 -71.0 7580.0 5325.0 Ultra Electronics ...... 2102.0 8.0 2252.0 1232.0 Caledonia Inv ...... 3025.0 0.0 3110.0 2740.0 Cranswick ...... 3148.0 6.0 3408.0 2472.0 IWG...... 391.1 -8.0 421.9 199.8 First Derivatives ...... 2420.0 40.0 3555.0 2050.0 Bovis Homes Gp ...... 1125.0 -18.0 1226.0 828.0 Moneysupermkt.com ...349.8 1.6 417.7 267.0 Dechra Pharma ...... 2780.0 30.0 3036.0 2014.0 AUTOMOBILES & PARTS City of London IT ...... 417.0 -1.5 431.5 376.0 Greencore Gp ...... 242.8 -0.3 244.6 162.8 Network Int...... 523.0 -4.0 628.0 513.0 Frontier Devs ...... 1226.0 2.0 1226.0 740.0 Countryside Prop ...... 361.4 5.2 368.0 276.8 Pearson ...... 686.6 -1.6 1027.5 674.2 Genus ...... 3100.0 -46.0 3146.0 2124.0 Edin Inv Trust ...... 594.0 -6.0 652.0 535.0 Hilton Food Gp ...... 1014.0 0.0 1088.0 884.0 Pagegroup ...... 455.6 0.6 539.0 367.8 Aston Martin...... 502.4 17.4 1374.4 399.3 Crest Nicholson ...... 360.4 -1.2 435.2 309.4 RELX ...... 1868.5 12.5 2011.0 1581.5 GlaxoSmithKline ...... 1701.2 -38.2 1782.0 1418.0 Gamma Comms ...... 1220.0 30.0 1235.0 688.0 F&C Investment ...... 720.0 -3.0 731.0 616.0 Tate & Lyle ...... 715.8 -8.6 800.4 658.4 Paypoint...... 922.0 1.0 1118.0 748.0 TI Fluid Systems ...... 215.0 0.0 223.0 155.2 Hikma Pharma ...... 1877.0 -22.0 2200.0 1510.5 GB Group ...... 658.0 1.0 658.0 410.5 Fidelity China SPE ...... 215.0 -2.0 250.0 183.4 Unilever ...... 4603.0 -22.5 5324.0 3941.0 Rentokil Initial ...... 445.9 1.6 467.8 315.9 BANKS MAIN CHANGES UK 350 REAL ESTATE Gooch & Housego ...... 1150.0 0.0 1650.0 954.0 Fidelity Euro Values .....253.0 -0.5 257.5 202.0 FORESTRY & PAPER Sanne Group ...... 543.0 0.0 752.0 450.0 Hurricane Energy ...... 41.6 -0.5 53.6 38.7 Barclays ...... 170.1 -0.8 172.8 136.2 Fidelity Spec Val ...... 265.5 0.5 270.0 220.0 % % Assura ...... 72.0 0.7 75.4 52.5 Serco ...... 155.7 -3.7 160.0 84.1 Mondi ...... 1649.0 -9.0 1898.0 1510.5 Risers à Fallers Ä BGEO Group ...... 1480.0 -19.0 1755.0 1252.0 QinetiQ ...... 351.60 9.2 FirstGroup ...... 105.40 -18.5 Big Yellow Gp ...... 1150.0 -5.0 1161.0 858.5 SIG ...... 111.1 -2.2 153.0 99.3 Impax Asset Mgmt ...... 265.0 0.0 295.0 184.0 Finsbury G&I Tst ...... 887.0 0.0 958.0 741.0 GENERAL FINANCIAL HSBC Hldgs...... 570.3 -3.9 680.6 570.3 GCP Infra Inv ...... 130.6 0.0 131.6 122.4 Oxford Instruments ...... 1592.00 6.1 Airtel Africa ...... 66.60 -5.5 BMO Comm Prop ...... 117.0 0.8 141.8 106.0 Travis Perkins...... 1455.0 6.0 1491.5 1004.5 Iomart Group ...... 360.0 10.0 398.0 308.0 Lloyds Banking ...... 58.7 -0.9 66.6 48.6 Genesis Emerging ...... 765.0 -6.0 785.0 618.0 3i Group ...... 1073.5 -51.5 1184.5 756.2 Captl & Count Prop...... 262.50 4.1 Riverstone Energy ...... 435.00 -4.6 British Land ...... 553.8 -2.4 638.4 468.3 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 69.2 -0.9 98.0 47.6 Aston Martin ...... 502.40 3.6 3i Group ...... 1073.50 -4.6 Royal Bank of Scot ...... 221.3 -1.0 270.4 177.7 Greencoat UK ...... 145.4 -0.4 148.8 124.4 Ashmore Gp ...... 491.6 -4.0 542.5 342.6 Captl & Count Prop ...... 262.5 10.4 270.5 184.8 James Halstead ...... 508.0 6.0 532.0 367.0 RHI Magnesita ...... 3908.00 3.4 Syncona ...... 220.50 -3.9 Spirent Comms ...... 208.0 0.0 209.5 112.8 Standard Chartered .....703.6 -5.2 736.8 575.7 Harbourvest Glb ...... 1678.0 -2.0 1786.0 1326.0 Brewin Dolphin ...... 337.8 -2.2 342.8 287.6 CLS Hldgs ...... 248.0 -3.5 266.5 195.4 Burberry Gp ...... 2129.00 3.3 Marks & Spencer ...... 173.45 -3.8 TOBACCO Johnson Service Gp .....172.0 0.2 183.2 113.6 TBC Bank Group...... 1352.0 -40.0 1706.0 1150.0 Herald Inv Trust ...... 1352.0 2.0 1364.0 1055.0 Close Brothers ...... 1422.0 18.0 1605.0 1227.0 Daejan Hldgs ...... 4865.0 15.0 6160.0 4715.0 Barr (AG) ...... 561.00 2.9 Vodafone Gp ...... 159.58 -3.3 Keywords Studios .....1306.0 28.0 1838.0 900.0 Virgin Money UK ...... 141.6 -0.3 254.6 104.4 Coats Group ...... 74.6 -1.2 91.3 69.1 Derwent London ...... 3522.0 6.0 3638.0 2779.0 HICL Infr ...... 169.4 -0.6 174.0 156.6 Hiscox ...... 1282.00 2.6 DCC ...... 6654.00 -3.3 Br Am Tob ...... 2900.0 -5.0 3197.5 2375.0 Finablr ...... 175.4 -3.6 179.0 140.2 Grainger ...... 269.8 6.6 269.8 205.8 Learning Tech Gp ...... 113.6 0.6 130.0 62.2 BEVERAGES JPM American ...... 471.5 0.0 494.5 386.5 Grainger ...... 269.80 2.5 Spectris ...... 2613.00 -3.2 Imperial Brands ...... 1758.2 -4.0 2713.5 1692.4 JPM Emerg Mkt ...... 980.0 3.0 1066.0 794.0 Hargreaves Lans...... 1725.0 -19.0 2433.0 1633.0 Grt Portland Est ...... 768.0 -3.0 799.6 649.4 M&C Saatchi ...... 166.5 -4.0 394.0 146.0 Barr (AG) ...... 561.0 16.0 975.0 540.0 4imprint ...... 2980.00 2.4 Fresnillo ...... 636.40 -3.0 TRAVEL & LEISURE JPM Indian IT ...... 730.0 -3.0 790.0 633.0 IG Gp...... 655.8 -0.8 660.0 474.8 Hammerson ...... 280.2 5.8 421.6 203.9 M.P. Evans ...... 679.0 -1.0 703.0 612.0 Britvic ...... 944.5 -3.5 1068.0 782.5 Carnival ...... 3205.0 5.0 4650.0 3056.0 JPM Japan IT ...... 452.0 -5.5 462.0 367.0 Integrafin Holdings ..... 385.0 -0.5 406.1 271.8 McCarthy & Stone...... 136.4 1.7 158.8 123.5 Rightmove Group ...... 594.0 3.8 602.8 420.9 Land Securities...... 900.0 15.0 963.0 735.4 Majestic Wine ...... 258.0 -3.5 390.0 219.0 Coca-Cola HBC AG .....2556.0 53.0 3074.0 2244.0 Cineworld Group ...... 201.8 -2.2 321.0 201.8 Jupiter European ...... 784.0 0.0 875.0 666.0 Intermediate Capital .1479.0 8.0 1501.0 918.5 Persimmon ...... 2433.0 -34.0 2471.0 1836.0 WPP ...... 991.4 -5.0 1038.0 800.4 LondonMetric Prop ...... 235.4 1.0 235.8 172.7 Diageo ...... 3123.5 7.5 3625.5 2701.0 Compass Gp ...... 2031.0 -33.0 2138.0 1583.0 Midwich Group ...... 538.0 -5.0 633.0 474.5 Jupiter Fund Mngt ...... 357.4 -3.1 432.0 287.6 Intl Public Prtnshps .....159.4 -0.2 165.4 146.8 Reckitt Benckiser ...... 5797.0 -59.0 6703.0 5593.0 MINING NewRiver Retail ...... 185.2 1.6 246.0 147.6 Mortgage Advice B ...... 610.0 -20.0 630.0 546.0 CHEMICALS Investec ...... 427.1 0.0 518.6 395.3 Redrow...... 634.0 2.0 649.0 460.8 Primary Hlth Prop ...... 141.2 0.6 141.8 108.0 Dominos Pizza ...... 285.6 3.3 290.4 221.2 Law Debenture ...... 600.0 0.0 618.0 534.0 Anglo American ...... 2021.5 -11.5 2266.0 1539.0 IP Group ...... 58.1 -1.2 122.0 55.7 Taylor Wimpey ...... 169.4 3.0 192.2 129.3 Safestore Hldgs ...... 720.0 -5.0 725.0 506.5 easyJet ...... 1294.5 -10.0 1347.5 854.8 Next Fifteen Comm .....465.5 -5.0 658.0 465.5 Croda International ..4758.0 -132.0 5375.0 4564.0 Mercantile IT ...... 229.5 -1.0 231.0 168.0 Antofagasta ...... 861.6 -25.0 1022.5 738.0 John Laing Gp ...... 358.0 -0.2 402.0 298.2 Savills ...... 925.5 -24.0 967.5 678.5 EI Group ...... 282.0 -0.4 285.0 171.4 Nichols...... 1567.5 17.5 1880.0 1350.0 Elementis...... 174.5 -1.4 199.1 129.8 Monks Inv Tst ...... 913.0 -2.0 964.0 710.0 INDUSTRIAL ENGINEERING BHP Group ...... 1674.6 -2.2 2049.0 1497.2 London Stock Exch ....6934.0 -54.0 7514.0 3867.0 SEGRO ...... 845.2 1.2 850.8 585.2 FirstGroup ...... 105.4 -23.9 137.5 79.3 Johnson Matt...... 3169.0 -19.0 3454.0 2620.0 Murray Intl Tst ...... 1204.0 -6.0 1248.0 1058.0 Bodycote ...... 813.5 3.5 903.0 652.0 Centamin ...... 113.3 0.0 152.3 79.8 Numis Corporation ...... 235.0 5.0 296.0 212.0 Man Group ...... 141.2 -2.0 175.2 126.8 Shaftesbury ...... 920.5 5.0 979.5 739.5 Flutter Ent...... 8166.0 26.0 8210.0 5525.0 Synthomer ...... 301.0 0.2 439.6 279.0 NB Glbl Fltg Rate Inc .....90.3 0.2 91.6 87.6 Hill & Smith ...... 1345.0 2.0 1357.0 1049.0 Fresnillo ...... 636.4 -19.4 1027.5 601.0 Polar Capital Hdgs ...... 536.0 6.0 604.0 448.0 Onesavings ...... 362.2 1.6 447.4 313.6 St Modwen Props ...... 450.0 2.0 472.0 370.2 Go-Ahead Gp ...... 2074.0 -38.0 2234.0 1480.0 Victrex ...... 2348.0 -18.0 2680.0 1845.0 Pantheon Intl Partn .2280.0 0.0 2330.0 1955.0 IMI ...... 1101.0 -11.0 1136.0 870.0 Glencore ...... 239.1 -2.6 340.3 222.2 Purplebricks Gp ...... 108.0 1.6 132.0 96.0 Paragon...... 491.6 -10.9 518.0 379.2 TR Property IT ...... 446.0 0.5 450.0 353.5 GVC Hldgs ...... 817.2 -0.8 897.4 507.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...312.0 -2.0 339.0 284.5 Melrose Ind ...... 219.7 -1.8 226.0 146.3 Hochschild Mining ...... 187.0 1.0 227.0 153.2 Redde...... 106.8 1.8 127.6 100.6 Plus500 ...... 748.6 -7.0 1647.0 495.0 Tritax Big Box ...... 149.2 -0.9 159.7 130.0 Intercontl Htls ...... 4757.0 -14.5 5738.0 4230.4 Pershing Square ...... 1426.0 4.0 1570.0 990.0 RHI Magnesita ...... 3908.0 128.0 5000.0 3318.0 Kaz Minerals ...... 487.7 -7.7 738.4 380.3 Balfour Beatty ...... 229.0 -0.4 295.0 194.2 Provident Fin ...... 435.0 -5.0 658.6 356.0 UK Commercial Prop .....86.0 -0.3 92.7 79.9 Intl Cons Airl...... 542.2 2.6 667.6 413.5 Renew Holdings...... 381.0 1.0 436.5 333.0 Personal Assets Tst .42150.0 00 431500 389000 Rotork ...... 334.0 0.6 337.4 235.7 Polymet Int...... 1177.0 -13.0 1272.0 754.4 CRH ...... 2863.0 -24.0 2887.0 1971.5 RWS Holdings ...... 603.0 8.0 652.0 450.0 Polar Cap Tech Tst .....1468.0 0.0 1500.0 1066.0 Quilter ...... 139.7 -0.1 156.6 110.6 Unite Group ...... 1165.0 10.0 1174.0 797.5 Marstons ...... 123.8 -0.7 131.3 90.5 Galliford Try...... 679.5 -6.0 828.0 512.0 Spirax-Sarco...... 8350.0 -45.0 9400.0 5900.0 Rio Tinto ...... 4091.5 15.0 4976.5 3513.5 Renewables Infra Gp ...125.8 -2.2 133.2 109.6 Rathbone Brothers ....2095.0 -20.0 2540.0 2075.0 Workspace Gp ...... 1101.0 7.0 1101.0 789.5 Mitchells & Butlers .....446.5 -2.5 449.0 238.0 Scapa Group ...... 231.5 16.5 434.6 157.0 Grafton Group...... 804.0 14.0 937.0 630.0 Weir Gp ...... 1421.5 -16.5 1814.0 1240.0 Sirius Minerals...... 3.3 0.1 24.3 2.9 RIT Cap Partners ...... 2155.0 -5.0 2170.0 1892.0 Schroders ...... 3210.0 -13.0 3262.0 2334.0 SOFTWARE & COMPUTER SERVICES National Express ...... 453.0 -2.0 462.0 361.4 Secure Income REIT ...418.0 2.0 454.0 371.0 Ibstock ...... 253.4 -2.4 262.0 193.1 TP ICAP ...... 370.0 0.9 377.7 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Riverstone Energy ...... 435.0 -21.0 1204.0 435.0 Avast...... 435.2 -0.8 439.8 259.6 PPHE Hotel Gp ...... 1880.0 10.0 1990.0 1540.0 Serica Energy...... 124.4 2.4 143.4 103.6 Marshalls ...... 726.5 1.0 742.0 415.2 Evraz ...... 356.5 -9.5 709.4 351.0 Inmarsat...... 562.8 -0.2 608.2 362.8 Schroder Asia ...... 439.0 -0.5 469.5 389.0 GENERAL RETAILERS Aveva Gp...... 4406.0 -54.0 4460.0 2284.0 Rank Gp ...... 220.0 0.0 247.5 135.0 Polypipe Group ...... 473.0 1.6 477.0 312.8 Ferrexpo ...... 129.5 -0.6 301.3 123.0 Vodafone Gp ...... 159.6 -5.5 168.9 123.3 Smart Metering Sys.....503.0 3.6 665.0 310.0 Scottish Inv Tst ...... 815.0 2.0 843.0 748.0 B&M ...... 371.4 -0.6 399.6 278.6 Computacenter...... 1406.0 -2.0 1525.0 952.0 Restaurant Grp ...... 143.6 0.9 162.8 111.9 DIVERSIFIED INDUSTRIALS Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Mortgage ...... 511.5 -1.5 568.5 441.4 Card Factory ...... 158.5 3.5 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 786.0 -7.0 994.0 647.0 Stagecoach Gp...... 133.2 -0.3 177.0 115.5 Thorpe (F.W.) ...... 279.0 0.0 340.0 248.0 Smith (DS) ...... 385.2 1.2 385.9 292.2 Sequoia Econ Infra ...... 115.8 0.0 117.6 108.5 Dixons Carphone ...... 118.0 -3.5 167.2 104.9 BBA Aviation ...... 302.6 -2.4 324.8 207.0 Admiral Gp ...... 2051.0 -2.0 2300.0 1958.0 Kainos Gp ...... 564.0 8.0 676.0 430.0 Wetherspoon (JD) ...... 1551.0 -15.0 1624.0 1066.0 Smiths Gp...... 1632.5 -35.5 1692.0 1340.0 Smithson Inv ...... 1232.0 4.0 1280.0 1000.2 Dunelm Gp...... 829.5 4.5 981.0 482.8 Clarkson ...... 2755.0 -10.0 2900.0 1878.0 Beazley ...... 534.5 9.5 628.0 492.6 Micro Focus Intl ...... 1050.0 -9.4 2160.0 1004.0 Whitbread ...... 4184.0 -75.0 5114.0 3988.0 Watkin Jones ...... 215.0 2.0 241.5 192.2 Smurfit Kappa Gp...... 2720.0 4.0 2760.0 1934.0 Syncona ...... 220.5 -9.0 294.0 213.5 Howden Joinery Gp.....582.8 5.2 586.8 416.4 Fisher (James) ...... 1840.0 -16.0 2260.0 1600.0 Direct Line Ins ...... 270.6 0.1 366.5 270.5 Playtech ...... 402.9 6.4 461.2 360.5 William Hill ...... 172.8 0.2 205.2 132.3 Young’s Brew NV ...... 1190.0 5.0 1238.0 1030.0 Vesuvius...... 408.0 -7.8 642.0 341.0 Temple Bar IT ...... 1330.0 4.0 1366.0 1116.0 Inchcape...... 637.0 2.0 678.0 519.5 Royal Mail ...... 226.0 -4.8 340.0 188.4 Hastings Gp Hldgs ...... 175.3 -0.1 231.6 174.0 Sage Group ...... 735.2 -4.6 820.4 536.2 Wizz Air Holdings ...... 3819.0 69.0 3935.0 2722.0 Young’s Brew-A...... 1600.0 47.5 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 265.30 -1.60 296.35 180.10 3M ...... 170.93 0.38 219.50 150.74 AIR LIQUIDE ...... 119.45 -0.30 130.80 102.40 ABBOTT LABORATORIES ...... 84.12 -0.10 88.74 65.56 ALLIANZ AG ...... 217.25 -0.75 223.80 172.16 ADOBE INC ...... 294.53 0.99 311.27 205.16 AMADEUS IT GROUP ...... 71.82 0.02 71.80 42.30 ALPHABET NON VTG-C ...... 1311.46 13.46 1311.37 976.22 ALPHABET-A ...... 1309.15 12.97 1309.00 1116.79 ANHEUSER BUSCH INBEV ...... 71.98 -0.29 92.71 57.35 AMAZON.COM ...... 1754.60 1.49 2020.99 1343.96 ASML HOLDING NV ...... 243.90 -0.50 246.50 130.88 AMERICAN EXPRESS ...... 120.93 0.67 128.57 89.50 AXA ...... 25.21 0.00 25.38 18.54 APPLE INC ...... 262.64 -1.83 264.47 142.19 BANCO SANTANDER ...... 312.10 2.20 402.00 301.00 AT&T ...... 38.95 -0.21 39.42 27.36 BASF...... 70.21 0.16 74.49 56.20 BANK OF AMERICA ...... 32.70 -0.09 33.26 22.73 BAYER AG...... 70.37 -0.13 72.81 52.53 BERKSHIRE HATHAWAY...... 219.36 -0.41 222.74 187.76 BMW ...... 73.41 -0.25 77.75 58.70 BOEING CO ...... 367.44 4.94 432.69 294.16 BNP PARIBAS ...... 50.34 0.19 51.34 38.55 CATERPILLAR INC ...... 143.44 -1.05 148.16 113.38 CRH ...... 2863.00 -24.00 2887.00 1971.50 CHEVRON ...... 121.96 -0.32 126.54 100.99 CISCO SYSTEMS ...... 44.91 -3.55 58.05 40.28 DAIMLER ...... 51.14 -2.40 59.31 40.53 CITIGROUP ...... 73.84 -0.07 76.12 49.26 DANONE ...... 74.90 -0.28 82.00 60.28 COCA-COLA CO ...... 52.63 0.22 55.77 44.69 DEUTSCHE POST AG ...... 34.20 0.20 34.01 23.72 COMCAST ...... 45.45 0.25 46.97 33.07 DEUTSCHE TELEKOM ...... 15.13 -0.15 16.25 14.10 DOW ...... 53.95 0.29 66.65 40.71 ENEL ...... 6.88 -0.06 6.98 4.50 EBAY INC ...... 34.96 0.32 41.57 26.14 ENGIE...... 14.41 0.07 15.12 11.99 EXXON MOBIL ...... 68.50 -0.30 83.38 65.51 ENI ...... 14.14 -0.05 15.94 13.04 FACEBOOK ...... 193.15 -0.04 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 219.43 0.11 223.29 156.35 FRESENIUS MEDICAL CARE ...... 65.48 -0.34 76.32 56.64 HOME DEPOT INC ...... 236.55 1.75 237.93 158.14 HONEYWELL INTERNATIONAL ...... 179.65 -2.30 182.01 124.83 IBERDROLA ...... 8.80 -0.03 9.54 6.02 IBM ...... 134.00 -0.48 151.36 107.57 INDITEX ...... 27.65 0.26 32.37 2.55 INTEL ...... 57.81 -0.08 58.82 43.46 ING GROEP NV...... 10.47 -0.09 12.05 8.34 JOHNSON & JOHNSON ...... 130.96 -0.31 147.84 122.84 INTESA SANPAOLO...... 2.33 -0.02 2.38 1.83 JPMORGAN CHASE & CO ...... 128.60 0.12 130.38 92.14 KERING ...... 537.00 1.40 537.50 374.20 MASTERCARD INC ...... 279.63 1.56 292.08 174.65 KON KPN NV ...... 2.81 -0.03 2.96 2.34 MCDONALD’S ...... 194.00 -1.00 221.15 170.28 L’OREAL ...... 262.20 0.00 265.00 195.25 MEDTRONIC ...... 109.21 0.20 111.18 82.45 LVMH MOET HENNESSY ...... 403.75 1.90 404.00 243.25 MERCK & CO ...... 84.55 -0.27 86.91 71.15 MUENCHENER RUECKVE ...... 254.60 0.80 254.80 185.10 COMMODITIES TOURIST RATES MICROSOFT ...... 148.06 0.75 147.31 94.13 NETFLIX ...... 289.62 6.51 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1462.90 +10.85 Copper Cash Official...... 5822.75 -14.75 Canada ...... 1.6203 New Zealand ...... 1.8676 NIKE INC ...... 91.27 -0.02 96.22 67.53 ORANGE ...... 14.30 -0.17 15.16 13.15 Silver (Pence) ...... 1695.00 +21.50 Aluminium Cash Official ...... 1767.50 +2.25 Croatia ...... 7.8344 Norway...... 11.25 ORACLE ...... 56.09 -0.12 60.15 42.69 ROYAL PHILIPS ...... 40.15 0.34 44.34 29.10 Silver (Cents) ...... 1321.00 +17.00 Nickel Cash Official ...... 15525.00 +30.00 Czech Republic ...... 27.39 Poland ...... 4.3989 PAYPAL HOLDINGS ...... 103.73 1.61 121.30 96.64 SAFRAN ...... 148.95 0.55 148.70 100.70 Krugerrand ...... 1483.64 +11.25 Aluminium Alloy Cash Official ...... 1335.00 +10.00 Denmark ...... 8.2894 Singapore ...... 1.6309 PEPSICO ...... 133.33 0.04 140.28 118.61 SANOFI ...... 81.68 -1.29 85.25 72.24 Brent Crude ...... 62.37 +0.31 Natural Gas ...... 40.33 -0.43 Hong Kong ...... 9.5336 Sweden ...... 11.94 PFIZER INC ...... 36.55 -0.05 46.23 34.24 SAP SE ...... 121.56 -0.56 124.38 85.79 Platinum ...... 867.00 -2.00 Tin Cash Official ...... 16312.50 -142.50 Iceland ...... 142.08 Switzerland ...... 1.2097 PROCTER & GAMBLE ...... 120.50 -0.15 124.94 87.36 SCHNEIDER ELECTRIC ...... 87.38 -0.08 87.60 57.58 British Sovereign ...... 346.71 +2.58 Zinc Cash Official ...... 2481.00 -61.00 India ...... 81.33 Turkey ...... 7.0406 TRAVELERS COMPANIES ...... 133.95 -0.18 154.83 112.63 SIEMENS AG ...... 114.76 0.18 114.58 85.00 Lead Cash Official ...... 2036.50 -41.75 White Sugar ...... 334.30 +6.80 Israel ...... 4.0387 United States ...... 1.2256 TWITTER ...... 28.89 -0.19 45.42 29.05 SOCIETE GENERALE...... 28.22 0.07 33.24 21.13 UNITED HEALTH GROUP ...... 255.83 2.26 286.33 215.26 UNITED TECHNOLOGIES ...... 148.11 -0.20 148.88 102.06 TELEFONICA SA ...... 6.68 -0.02 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.34 -0.07 61.05 53.05 TOTAL ...... 49.08 -0.33 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 179.75 0.34 185.74 168.86 UNILEVER NV ...... 53.70 -0.45 57.56 46.03 FTSE 100...... 7292.76 -58.45 -0.80 S&P 500...... 3096.63 +2.59 +0.08 CAC 40 ...... 5901.08 -6.01 -0.10 Hang Seng ...... 26323.69 -247.77 -0.93 WALGREENS BOOTS ALLIANCE...... 61.94 -0.31 76.05 49.29 VINCI ...... 101.65 1.05 102.40 70.50 FTSE 250 ...... 20231.80 -57.98 -0.29 Dow Jones I.A ...... 27781.96 -1.63 -0.01 Swiss Market Index ...... 10233.23 -65.99 -0.64 Nikkei ...... 23141.55 -178.32 -0.76 WALMART ...... 120.65 -0.33 120.98 85.82 VIVENDI ...... 24.62 -0.13 26.42 20.93 FTSE All-Share ...... 4020.95 -27.97 -0.69 Nasdaq Composite ...... 8479.02 -3.08 -0.04 ISEQ Overall Index ...... 6835.89 -25.98 0.38 STI Index ...... 3231.85 -7.37 -0.23 WALT DISNEY CO ...... 147.15 -1.57 148.72 100.35 VOLKSWAGEN AG ...... 179.92 -1.08 182.94 136.26 FTSE AIM All-Share ...... 888.07 +3.19 +0.36 Xetra DAX...... 13180.23 -49.84 -0.38 FTSEurofirst 300 ...... 1585.21 -6.62 -0.42 ASX All Ordinaries...... 6840.80 +35.20 +0.52 WELLS FARGO & CO ...... 53.49 0.20 54.35 43.38 CITYAM.COM FRIDAY 15 NOVEMBER 2019 FEATURE 17 OFFICE POLITICS Will the Tories win? It’s all in the mind

a heuristic cue that the candidate is What can psychology tell us about the result of aligned with their values — Oprah Winfrey’s endorsement, for example, the General Election? Patrick Fagan explains was responsible for an estimated 1,015,559 votes for Obama. OTING is irrational. You prob- brain can tell us who is likely to win Leading in the polls, the headlines, ably don’t need me to tell you the upcoming General Election. and the alphabet, this round goes to that, seeing how crazy the po- Here are three principles which help Boris too. Although there are nudges litical world has become re- us predict who might win. BRAINWAVES where Boris might not excel — like so- cently. But it is an established cial discounting, where we prefer principleV in psychology, and it’s called A QUESTION OF COMPETENCE 3D Brain politicians who are like us (rather than the Paradox of Voting. The more authoritative a politician is Free Eton and Oxford-educated elites). Think about it. Why bother to vote perceived to be, the more likely they when a single ballot makes statisti- are to receive votes. For instance, The brain is a IN A MOOD cally zero difference to the end result many studies have shown that ratings crazy thing, isn’t Finally, one must look at the mood of (and politicians never keep their of competence based on facial photo- it? If you have the general public. promises, anyway)? graphs predict actual election out- even a vague In political psychology, there are two We like to think that our intellects comes, and being rated as “baby-faced” interest in the major needs: rules and empathy. Con- are in charge of what we do. But in or having a high-pitched voice nega- different regions servative voting is associated with fact, it’s the irrational brain that is in tively affects the vote share. of your brain rules: conservatives tend to prioritise charge; the conscious mind is more With his commanding presence and and what their authority, purity and group solidarity, like the press office, making up ex- mayoral experience, this round goes functions are, and have a stronger need for structure cuses after the fact. to Boris Johnson. Although ethics and you will and safety. Liberalism, meanwhile, is For this reason, while we might as- humility is an aspect of political rep- The conscious having a name which starts with a find this app associated with empathy, with a ten- sume our voting choices are carefully utation where Boris perhaps falls flat, mind is like letter from early in the alphabet fascinating. Use dency to prioritise kindness. considered, we are mistaken. In real- research suggests it’s not as impor- the press office, means a candidate is written at the your touch- Modern life is intensely chaotic, and ity, they are largely irrational. tant for vote share as competence. making up top of the ballot, and is consequently screen to rotate the British mind is desperate for some For example, when a liked candidate excuses after more likely to win. and zoom structure. This therefore favours the says something we disagree with, we COUNTLESS BIASES the fact Similarly, a significant aspect of around 29 more conservative candidate. tend to change our opinion rather There are countless psychological bi- voter choice is front-of-mind aware- interactive All in all, an understanding of the than our candidate preference. ases which influence how we vote. ness. Researchers have long observed structures. It’s subconscious brain tells us that Boris Indeed, the conscious brain is a poor For example, voters tend to jump on that electoral outcomes are correlated also got info on is likely to win. Whether you take this predictor of true behaviour — just ask the bandwagon as a politician’s pop- with exposure to signage, and field case studies and as good news or not, at least you’ll pollsters FiveThirtyEight, who gave ularity changes. Republicans in the experiments have used text message links to recent know what to expect — a rare treat in Donald Trump a 4.6 per cent chance of 1996 primaries were more likely to reminders to increase turnout by research. this political climate. winning the US election in 2016. vote for Bob Dole when he was lead- three percentage points. Though this may seem frightening, ing in made-up polls shown to voters. Voters will also use the endorsement £ Patrick Fagan is co-founder of an understanding of the irrational There is even an order effect, where of a public figure they like or trust as behavioural science consultancy Capuchin. 18 OPINION FRIDAY 15 NOVEMBER 2019 CITYAM.COM

FORUM WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum EDITED BY RACHEL CUNLIFFE LETTERS Laugh if you like, but we’re all TO THE EDITOR iBias going to want a skills wallet [If we don’t open our eyes about AI bias, sexist credit cards will only be the start] GIGO — garbage in, garbage out — is a well-known term in computer science. T IS hard to think of a more un- versity cohort costs the taxpayer entire financial burden themselves, Simply put, if the data you put into an sexy name for a policy than the £8.5bn already, according to the In- Rachel Cunliffe at a time of insecurity when they’ve algorithm is incomplete or corrupt, expect “skills wallet”. Juxtaposing two stitute for Fiscal Studies. Expect Comment and features just become unemployable, is not the results to be similarly useless. This was Iprofoundly unexciting terms (as costs to spiral editor at City AM sustainable, from the point of view the case with Amazon’s “sexist” policy areas go, there’s nothing Still, what both of these proposals of businesses or social mobility. recruitment tool, which, trained primarily fun about skills, and “wallet” is the get right is that adult learning can This isn’t a class issue, or a matter on “successful” male CVs, quickly taught kind of word that starts to sound no longer be considered an after- of ideology — it’s fundamental to itself to discriminate against female wrong if you say it in your head too thought tacked on to “proper” edu- future-proofing our society. applicants. We don’t know why Apple’s many times), the Liberal Democ- cation policy; it is a core part of For the sake of the While adult education has for credit card algorithm thought that women rats’ announcement this week was education policy — and business and decades been considered a backup should be offered substantially lower never going to cause much of a stir, economic policy too, come to that. economy and the plan by various governments, with credit limits than men, even if they had except to be sniggered at by mock- On the one hand, Britain faces a fabric of our society, the emphasis placed firmly on get- better credit scores, but we can take an ing journalists. skills crisis. The CBI’s London Busi- ting as many young people as possi- educated guess. Until there is full That’s a pity, because name aside, ness Survey this year found that 74 some kind of lifelong ble into universities, we simply do transparency about the data on which the Lib Dems are spot on. per cent of companies cited attract- learning provision not have that luxury anymore. these algorithms are trained — and, Their idea centres on adult educa- ing and retaining talent as their Everyone is going to have to re- crucially, the developers doing the training, tion. Every UK citizen would get an top policy priority, while according is vital train, probably multiple times. And no amount of hand-wringing will fix this allowance of £10,000, paid in in- to vocational education charity The our educational landscape is going issue. Garbage in, sexist credit cards out. stallments at various ages, to be Edge, skills shortages cost UK busi- to need to adapt to reflect this cul- R Levy spent on education and training nesses £4.4bn per year. ture of constant learning. throughout their lives. On the other hand, the workers So if businesses are struggling to Of course, whether this retraining Labour has an even more ambi- that we have do not have the skills recruit now, how on earth are they is organised by the government (via tious plan: six years of free educa- they need. The OECD estimates that going to be able to function if noth- Labour’s lifelong learning scheme, BEST OF tion for all adults, to enable up to 42 per cent of the UK popula- ing changes? out of general taxation), businesses everyone to study and retrain when tion will need to retrain in the next With these demographic and tech- (via the current apprenticeship TWITTER necessary at any age. decade to stay relevant, but that’s nological shifts in mind, the idea levy, whereby firms can — theoreti- There are some significant issues probably an understatement. that someone could study at school cally — tap into levy funds to upskill The John Lewis ad is basically a cute to iron out with both these policies. Look at the demographics. A 2009 until they were 18, do three years of their employees), or individuals animal and the murder of a perfectly As Lib Dem detractors have been study found that, if the current university or vocational training, themselves (via a skills wallet like good song via an ethereal cover quick to point out, £10,000 barely trend continues, over half the ba- and then be fit for a lifetime in the the Lib Dems are offering) requires version every year and yet the country covers the first year of university tu- bies born in developed countries workforce is utterly ludicrous. further discussion. that produced Shakespeare and The ition fees, so is hardly sufficient for from 2000 can expect to live to 100. How can we expect teenagers to We can argue the details, and Day Today still regards it as an a lifetime of learning. The first person to live to 150 years predict the skills they will need in your view will likely be influenced important cultural event. Labour’s policy, meanwhile, looks old has probably already been born. the future when we have no idea by your political ideology. But what @MissEllieMae wonderful until you consider both And as longevity rises, retire- what the jobs will be? is not up for debate is that, for the the bureaucratic hurdles of imple- ment ages are likely to increase Even the most skilled 21 year olds sake of the economy and the fabric Oh yeah John Lewis get a lizard to menting it (who decides what too. Even if we don’t all make it to today can expect to be redundant by of our society, some kind of lifelong shoot fire at stuff and it’s a cute courses are eligible, what kinds of 100, most of us can look forward to halfway through their working lives learning provision is vital. Christmas advert, we attached a small institutions will offer them, and at least five decades in the work- if they are not able to retrain. And This isn’t an election gimmick — flame thrower to an iguana at the how do we hold them to account?), force — a workforce that is chang- that’s to say nothing of those leav- it’s the only way to ensure that Christmas party and we ‘ruined the and the seismic costs to taxpayers. ing rapidly, with constant progress ing school without employable Britain’s workforce remains fit for vibe’ and ‘have to pay for the damages’ Labour has priced the proposals at in automation and artificial intel- qualifications right now. the future. So laugh about the skills @davechannel £3bn per year — which, while sub- ligence fundamentally changing Lifelong learning, in other words, wallet all you want, but in a stantial, does not seem nearly how we work and the skills we will be critical for all of us. And ex- decade’s time, we are all going to The John Lewis christmas ads are enough, considering that each uni- need to stay relevant. pecting individuals to shoulder the wish we had one. marvel for people who have a plaque in their kitchen that says “is it gin o’clock yet?” @nightwarning Fancy a four-day work week? Look to the Fountain House, 3rd Floor, 130 Fenchurch Street, London, EC3M 5DJ private sector, not misguided politicians Tel: 020 3201 8900 Email: [email protected] ABOUR’S promise of a four- generally in line with the rest of de- Shack started experimenting with day work week was put veloped countries, and the people Kate the concept earlier this year — and Editorial Editor Christian May through the wringer this working overtime tend to be in Andrews has now adopted the policy in al- Deputy Editor Andy Silvester Lweek, when questions sur- skilled, well-paid professions — they most a third of its locations. News Editor Josh Martin faced over whether the pol- are not the low-paid struggling Meanwhile, different forms of Comment & Features Editor icy would apply to NHS employees. workers, as Labour tries to imply. flexible working are on the rise, as Rachel Cunliffe The shadow health secretary said In fact, it would be the most vul- employees are increasingly de- Lifestyle Editor Steve Dinneen it wouldn’t, the shadow chancellor nerable workers, the lowest paid, manding better work-life balance Sports Editor Frank Dalleres promised it would, and suddenly who would face the most uncer- and a more comfortable working Creative Director Billy Breton people were wondering how the tainty from a mandatory four-day environment. Commercial Sales Director Jeremy Slattery NHS would cope if it were to lose week. A policy designed to give peo- ernment. They do not, however, For many companies across sec- Head of Distribution Gianni Cavalli twenty per cent of its workers’ ple a more comfortable working rule out the possibility of shortened tors, the nature of their employees’ hours overnight — especially given life could quickly result in less sta- working weeks — or the multitude work, combined with amazing ad- yesterday’s data showing hospital ble work, and more people taking of proposals for flexible workplace vancements in technological com- Certified Distribution performance in England at its up multiple jobs to pay the bills. transformation — that are already munication and innovation, from 30/09/2019 till worst level on record. And even if we did see a miracu- happening organically through the enables them to seriously consider 27/10/2019 is 86,084 But while problems with Labour’s lous spike in productivity, my col- private sector. new ways of doing business. top-down approach to employment league at the IEA professor Len Indeed, plenty of companies are The lesson is not that the idea of Distribution helpline have been highlighted by issues Shackleton has outlined how a four- seeing the merit in shaking up the a shortened work week is flawed in If you have any comments about with the NHS, they aren’t specific day week would still inevitably raise traditional 9–5, five-day remit. principle, but that it requires or- the distribution of City A.M. to healthcare. Even if implemented costs for business, as the nature of Microsoft has been trialling a new ganisations to opt in if and when please ring 0203 201 8955, or over a decade, the four-day week some jobs (like surgeons and spe- model, and is getting positive results. they’re equipped to do so. As is so email [email protected] would require an extraordinary cialist doctors, to continue the NHS Earlier this month, Microsoft Japan often the case, government interfer- uptick in productivity to protect theme) means that big productivity reported that sales had jumped by ence in the labour market can stifle Our terms and conditions for external employees from losing out on pay. changes aren’t possible right now. nearly 40 per cent during an experi- the progress already underway. contributors can be viewed at Contrary to various claims that All these arguments add to up a ment in which staff worked a day cityam.com/terms-conditions Britons are more overworked than strong case against a four-day work- less a week while still on full pay. £ Kate Andrews is associate director at Printed by West Ferry Printers Ltd, ever before, UK working hours are ing week being imposed by the gov- Likewise, the fast-food giant Shake the Institute of Economic Affairs. Kimpton Rd, Luton LU2 0SX CITYAM.COM FRIDAY 15 NOVEMBER 2019 OPINION 19 British business needs more than a Brexit resolution

ITH the election cam- byzantine for many of these time- Schemes, which give investors a tax port architecture, which leaves com- paign now in full swing, Tej poor businesses to navigate, and the break for funding new and growing panies in many areas feeling left out the familiar ideological Parikh tax breaks on offer aren’t attractive businesses, more generous, accessi- in the cold. Wbattle lines are being enough to push investment decisions ble, and simple for both sides of the We need to put businesses back on drawn: the size of the over the line. A streamlined, sign- equation — firms and investors. the front foot, so they can do what state, the NHS, and, of course, Brexit. posted allowance would be a simple Businesses’ domestic concerns they do best: create, develop, and in- The impact of Brexit uncertainty on but effective step for any party to take. aren’t restricted to sagging invest- novate. Our reputation as a place to enterprise has been discussed ad nau- If productivity is the biggest chal- ment, however. do business remains strong, but this seam — but sadly, this hasn’t made it lenge facing the UK, our record on There’s our skills landscape, where strength will dissipate if we rest on any less real. Numerous missed Brexit scaling up businesses isn’t far behind. the apprenticeship levy ties up firms’ our laurels, and for too long our eye “deadlines” and ongoing political tur- businesses. But the effects of these While the number of startups we money but often can’t be used on the has been taken off the ball. moil have toyed with business leaders’ promised plans won’t percolate across boast is testament to the country’s in- type of training they want to offer to The Brexit impasse may have time horizons, meaning delays to the economy for years, and firms novative potential, investors have re- their staff. There’s the business rates brought about this election, but that projects, cancelled product launches, know better than to put absolute faith mained cautious and founders system, which just about everyone doesn’t mean it should engulf it. and postponed investments. in government projects being com- frustrated by the barriers to growth. agrees is outdated, and which places With this in mind, it might be tempt- pleted on schedule. Businesses need To oil the gears, we should make re- a heavy burden on small firms. £ Tej Parikh is chief economist at the ing to put all your eggs in the Brexit incentives for the here and now. liefs like Enterprise Investment There’s our regional business sup- Institute of Directors. basket — whichever way you lean — So top of the wishlist from the Insti- and assume that once your desired re- tute of Directors (IoD) in our first busi- sult in this area is achieved, firms’ ness manifesto paper, published today, spending will simply bounce back is a new “Productivity Allowance” for again. But this is wishful thinking. SMEs. This would comprise a tax incen- The UK has a lot of missed activity to tive allowing smaller firms to offset catch up on, with business invest- more of the costs of investing in tech- ment falling in every quarter last year, nology, training, and advice, to kick- and the challenges that directors face start business growth in the new year. do not begin and end with our depar- Right now, the tax system is far too ture from the EU. Without domestic action to upgrade our business envi- ronment, British companies risk The next government falling behind the global curve should come forward whichever way we turn on Brexit. So however they aim to resolve with measures to Brexit, the next government can and get Britain investing should come forward with a raft of measures to get Britain investing again, and start fixing again, and start fixing our dismal record on productivity. our dismal record Certainly, the sizable pledges on in- on productivity frastructure spending from both Labour and the Conservatives should help, and will be welcomed by many DEBATE Whoever wins this election, is the UK going to require higher taxes in the future? PA AWARDS

Tax is set to be a major battleground at the election. Labour has been upfront ONLY YOU KNOW WHAT THEY DO - DOES YOUR COMPANY about its plans for tax rises, while the Conservatives have hinted at big tax cuts. YES HAVE THE PERFECT PA OR EXTRAORDINARY EA? But despite these differences in their ADAM CORLETT stated policies, the reality is that the next government, and the ones after that, will TO NOMINATE YOURSELF, OR AN EXCEPTIONAL COLLEAGUE VISIT need to raise taxes. So funding our future services will have Why? Because Britain’s ageing society to come from tax rises. And that needn’t WWW.CITYAM.COM/EVENTS/PA-AWARDS will mean that the annual cost of be too taxing — after all, the tax rate for an providing existing health services, care, average worker have been falling for 40 and social security provision alone — years, while wealth is certainly never mind any new promises — will rise undertaxed. So, the real question we PA OF THE YEAR AWARD WINNERS WILL RECEIVE by £36bn by the end of the decade. should be asking is not whether taxes will That can’t be funded through extra rise, but which ones. é borrowing: the parties’ new fiscal rules 1 year City AM Club Membership • Bragging rights forever...! preclude it. And no party is campaigning £ Adam Corlett is senior economic analyst on a platform of slashing the state at the Resolution Foundation, and author pension and rationing healthcare. of its report “The shifting shape of UK tax”. AWARDS DINNER CATEGORIES Wednesday 11th December Creative Industries PA of the Year – West End Britain needs lower taxes, not higher. The 6:30pm until late Creative Industries PA of the Year – City & Canary Wharf tax burden is already the highest it’s been Bob Bob Cité, Leadenhall Professional Services PA of the Year – West End for 50 years, and the poorest 10 per cent Building, 122 Leadenhall street, EC3V 4AB Professional Services PA of the Year – City & Canary Wharf of households pay half their income in tax. NO Dress code: Cocktail Attire It is plainly wrong to say that taxes need to rise to fund higher public spending. SAM PACKER Britain has had consistent real terms spending increases for decades, up to the Finally, on a practical level, raising taxes present almost trillion-pound will be incredibly difficult to justify. Our For more information email [email protected] government budget. polling shows a widespread desire for The idea that there is no fat to trim from cuts to income, personal and business bloated government budgets ignores the taxes, including among lower-income evidence provided by think tanks, voters. The public understands that watchdogs and journalists on a daily basis. higher taxes on business result in higher What the country really can’t afford is to bills — and higher prices for all. In association with In association with Venue Partner continue stymying growth and undermining confidence in the system by £ Sam Packer is media campaign squeezing the public until the pips squeak. manager at the TaxPayers’ Alliance. 20 HOT PROPERTY FRIDAY 15 NOVEMBER 2019 CITYAM.COM HOTPROPERTY ALL YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET Edited by Helen Crane

The first flat in BATTERSEA Battersea Power Station is finished. Helen Cranesees POWER HOUSEif the building lives up to the hype

lenty of property developers try to brand their latest apartment block as ‘iconic,’ which, nice as many of them are, is usually a bit of a stretch. PThe redevelopment of Battersea Power Station into 253 luxury flats and a new headquarters for Apple doesn’t have that problem, however. Other than a three-year hiatus from 2015 while the damaged columns were replaced, its towers have been a stalwart of London’s skyline since the 1930s and have featured in everything from Hitch- cock films to The Beatles’ Help! to a Pink Floyd album cover. But when you redevelop such an iconic building, there is pressure to create something worthy of the structure it in- habits. So what do the new flats look like? when they came on the market in 2013 that people have bought these flats to and textures inspired by the power sta- City A.M took a tour of the first apart- one-beds like this one started from £1m, live in, not just as investments, and the tion’s art deco glory years when it pro- ment to be completed within the origi- while four-bed family homes started care they have taken in fitting them out duced more than a fifth of London’s nal grade II* listed power station with from £4m. would seem to back that up. “It’s a place electricity. designer Tim Boyd of Michaelis Boyd – The apartments span eight floors and for people to live in rather than just exist Boyd says this is referenced in every- which also designed the interiors for are accessed via wide corridors, some of in,” says Siri. “It is about owning a piece thing from the toggle light switches to Soho House and the Groucho Club – and them on mezzanines, with original of heritage and history - the apartments the bathroom which is fully tiled in teal Battersea Power Station’s UK sales direc- brickwork and steel rivets along the have been bought by people who want to and dark green with gold finishes. tor Georgia Siri. walls. These original walls will separate pass them down through their families.” “Those colours were based on the colours The apartment is situated on the sec- the apartments from the offices, shops The original 1930s brickwork and steel- of the original turbine hall,” he explains. ond floor of the old Turbine Hall A, on and leisure space in the central part of work are exposed, and the industrial “I like its relation to the rest of the build- the Western side of the power station. the building, which they run around the theme is continued in the floor-to-ceil- ing – it’s not like any other new develop- Boyd says there were 174 different floor outside of. ing crittal windows and cast-iron col- ment.” plans for the 253 apartments, because Features like the runner leading up to umn radiators, which are painted black. The finishes are designed to last, too. there were so many parts of the build- each apartment, the heavy wooden door There are two colour palettes for buy- “The lacquered brass in the kitchen will ing’s structure that could not be altered and the long internal hallway within ers to choose from: Heritage 33 and Her- improve with age, as will the chevron due to it being listed. “The floor plans the flats signal a higher specification itage 47. The power station was designed flooring,” says Boyd. had to be tailored to the building – these than many new builds and the apart- in two parts, and the palettes reflect The power station may have an impres- are not a cookie cutter apartments,” he ment feels spacious for a one-bed. From top: the living area; the bedroom; those two eras. Heritage 33, on display sive history, but this apartment shows says. The flats have long been sold, but The developers have always insisted the bathroom; the building’s exterior in this apartment, uses bold materials there’s plenty of life left in it yet. BUILDING

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Prices and information correct at time of going to press. Computer generated image is indicative only. *Approximate travel times for Crossrail taken from Royal Arsenal Woolwich. Source: www.crossrail.co.uk 22 HOT PROPERTY FRIDAY 15 NOVEMBER 2019 CITYAM.COM LONDON’SRENTING BEST RENTALS

‘Tripadvisor for Dressage Court in in London based on tenant reviews left Bethnal Green, TOP 5 BUILDINGS on its website. homes’ reveals the top build-to- FOR RENTERS Anthology Deptford Foundry was rent scheme on ranked as the best, followed by Dressage top blocks for the list NAME AREA Court in Bethnal Green, managed by Es- Anthology Deptford Foundry SE14 sential Living, which was the highest- renters in London. Dressage Court E2 rated build-to-rent development on the Sailmakers E14 list. Sailmakers on the Isle of Dogs, Van- By tage Point in Archway and Pan Penin- Helen Crane Vantage Point N19 sula, also on the Isle of Dogs, completed Pan Peninsula E14 the top five. ore people in London are rent- So what makes them so good? “Most of ing for longer. While that the top 10 buildings are pet-friendly,” might conjure up images of says Hannah Marsh, co-founder of Mshoddy house-shares and HomeViews. “The best buildings also nightmare landlords, prop- have a team on site that is organising erty developers are now trying to capi- events and getting residents to socialise.” talise on the sheer volume of renters in She says residents also like roof ter- the market by offering them an alto- races, and having an input into how gether better experience. their building is run. Today, it’s not uncommon to find cin- “At Dressage Court, the management ema rooms, fitness facilities and co- really listened to the needs of residents working spaces in new apartment and responded by adding a gym on site buildings, and some property developers where the bike storage area had previ- are even renting properties out to ten- ously been,” Marsh adds. ants directly, cutting out the middleman The rest of the top ten were Elephant that is the buy-to-let landlord. Central in Elephant & Castle, Queens The companies behind these direct-let Park Place in Queens Park, Alto in Wem- buildings, known as build-to-rent, aim to bley Park, No.16 Sutton Court Road in hook in young professionals by offering Sutton and East Village in Stratford. longer tenancies and ostensibly hassle- Of the top 10, seven are build-to-rent. free living experience where everything The services in build-to-rent develop- is managed by an on-site team. More ments usually command a premium than 100,000 people in the UK now live rent – but Marsh says it is not only the in these kinds of buildings. most expensive buildings that rank But how do renters know which blocks highly. “There are good-value options, are best? Homeviews, the ‘Tripadvisor and good deals to be had,” she says, high- for property’ has published the first lighting the Fizzy Living chain of build- ranking of the best buildings for renters ings across South and East London.

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* Stamp Duty paid on specific plots and available to owner occupiers only. Reserve by 30th November 2019. nhgsales.com/liberty 22 HOT PROPERTY FRIDAY 15 NOVEMBER 2019 CITYAM.COM FOCUS ON The green, green grass of N22 buyers have taken their search to loca- tions like Wood Green, which offer FOCUS ON better value than their more estab- lished neighbours,” says Frances WOOD GREEN Clacy, research analyst at Savills. Hamptons International says the av- erage Wood Green house price in the nown to many Londoners as year to date was £545,090; 10 per cent, the gateway to a night out at less than the London average. How- the Alexandra Palace, Wood ever, prices have been rising KGreen is situated on the bor- steadily. In 2019 alone, der between North East and they increased by four North West London, just within the per cent while London From left: The Salisbury Hotel which is between Green Lanes and Wood Green; The Alexandra Palace North Circular. It is also home to as a whole saw a 1.6 Wood Green Animal Shelter, one of per cent fall. the lifestyle offer- AREA GUIDE: N22 being built in Wood Green. New de- the largest in London which was re- But is it a good ing people want.” HOUSE PRICES Source: Zoopla velopments include Montmorency cently the subject of Channel 4 docu- place to live? “Its The high street DETACHED SEMI TERRACED FLATS Park, a scheme of more than 400 one, mentary The Dog House. zone 3 location still has a way to £799,958 £776,234 £607,785 £384,199 two and three-bed apartments on the But what of its property market? and straightfor- go, but highlights TRANSPORT Source: TfL border between Wood Green and While it is close to upmarket Crouch ward connectivity include Victorian- Time to Canary Wharf 40 mins New Southgate, where prices start at End and Muswell Hill, Wood Green’s to central London is style boozer The Time to Liverpool Street 29 mins £344,750 for a one-bed. house prices have consistently under- one of the reasons Starting Gate, Nearest tube station Wood Green There is plenty of Victorian and cut the London average. This has not that Wood Green has Charlie’s Cafe and Georgian housing stock in the area, BEST ROADS Source: Zoopla escaped the attention of first-time strong appeal among Bakery and Turkish Most Expensive too, often of a similar calibre to buyers, who were responsible for 48 first-time buyers and sec- and Mediterranean Elgin Road £1.49m Crouch End but, for now, without the per cent of house sales last year ac- ond steppers,” says Clacy. restaurant Tarshish. Vallance Road £1.36m price tag. If Wood Green continues to cording to Hamptons International. “There’s also the improving retail First-time buyer interest has AVERAGE ASKING RENT buck the downward trend, that may “With rising London house prices, and going out scene, which provides led to a rise in new apartment blocks Two-bed flat £1,507 pcm not be the case for long.

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ahead of the rest at Montmorency Park Montmorency rest at the ahead of STAY 26 HOT PROPERTY FRIDAY 15 NOVEMBER 2019 CITYAM.COM PARTNER CONTENT INTERIORS LEGAL Q&A THE BURNING The neighbours above our flat are QUESTION very noisy. What should we do? Hema Anand Partner, BDB Pitmans

oisy neighbours are a common complaint amongst owners of flats. There are a few ways in which to ap- Nproach this, and several issues for you to consider. First of all, check the terms of your lease. Better still, also check the terms of your neighbour’s lease, which you can download from the Land Registry for a nominal fee. Gen- erally, the leases within a block of flats should be on similar terms. Your lease is likely to include several provisions relating to noise and nuisance (a combina- tion of some or all) which you can ask your landlord to investi- gate. If the terms of the lease(s) are being breached then subject to you meeting your landlord’s costs, your landlord can gener- ally, at your request, take action against your neighbour. Your lease may also be drafted on the basis that you can take action di- rectly against your neighbour for the breaches of the lease rather than involving your landlord. Your wood stove The lease terms to look out for are: may be hygge, but £Provisions relating to flooring i.e. whether the flat upstairs is it harmful? should be carpeted (or not) and if there should be some sound- By Laura Ivill proofing or sound deadening materials. You can request your ood-burning stoves have landlord to inspect the property become a practical and and check if the flooring meets good-looking home ac- the requirements set out in the cessory, and it’s easy to lease. see why. In our TV-free £An obligation from the land- sittingW rooms, we’ve returned to the lord to allow you to live in your primordial comfort of a flickering property peacefully and quietly. fire, albeit one that conveniently You should write to the landlord emits smoke straight out of a flue and setting out the reasons why you glows gently behind sealed glass. It’s are unable to do so. the centrepiece of our hygge winter £An obligation upon the neigh- décor, accompanied by a cosy stacked bour relating to use of the prop- wall of logs. erty or allowing noise to But the regulations around what we emanate from the flat which can and can’t burn in smokeless Lon- causes a nuisance to other own- don need to be addressed. According ers or occupiers such as yourself, to the mayor’s office, 95 per cent of or restrictions on playing music Londoners breathe air that’s 50 per that can be heard from the flat cent in excess of the World Health Or- outside certain hours. Make a ganisation guidelines for air quality. note of the issues and timings In January 2017 the highest levels of and any evidence to support the pollution were recorded in London Wood burning stoves made by Chesneys, all of which meet the latest Defra and Ecodesign standards for fuel efficiency same. since 2011, and City Hall said wood If the noise is considerable, you burning was “a major contributor”. site. Ecodesign stoves emit 55 per menting your stash with a cheap which makes them suitable for burn- could also consider complaining No-one wants their hygge to be harm- cent less particulate matter than the source of smokeless coal. But what ing other fuels, in which case you to your local council to monitor ful, so let’s get to the facts. current Defra standards outline. are the rules for Londoners? would be able to burn Defra-approved the noise levels and if the coun- Two issues exist. First, if you’re The wood you buy for your Defra-ap- “If you have an old wood-burning fuels from the list, and some stoves cil decides there is a statutory going to buy a new burner, then you proved burner also needs to have stove that’s not Defra-exempt, then are designed as multi-fuel. It is best nuisance, it can make an order need to choose one that’s Defra-ap- been properly seasoned in order to be you can only burn authorised fuels,” to contact the manufacturer for ad- for your neighbour to stop mak- proved to burn wood efficiently. Ches- fuel efficient. Wood Sure is one certi- says Vicky Powell, a spokesperson for vice on this. If you’re not sure who ing the noise nuisance. neys, for example, only sells stoves fied supplier (woodsure.co.uk). Hetas. The crux is that logs (even top the manufacturer is or how to con- Notwithstanding the above and that meet this standard and also the But there is also the tricky issue of quality kiln-dried logs) are not an au- tact them, you can try the Hetas ad- before taking any formal action, Ecodesign standard, which all burn- what to burn in a stove you have al- thorised fuel for wood burners that vice line.” there is merit in simply talking ers sold in the UK must comply with ready – perhaps one you had in- are not Defra-approved. “If someone to your neighbour to try and re- by 2022. Ecodesign is a Europe-wide stalled years ago or which was lives in a smoke control area and they £ The Hetas advice line is on 01684 solve the issue between your- fuel-burning efficiency standard sup- already in a property you bought. For have a wood burning stove that is not 278170. Find Ecodesign-ready stove selves. If a dispute is not resolved ported by the Stove Industry Alliance starters, Hetas recommends you have a Defra exempt appliance, they are manufacturers and installers at or allowed to escalate, it could and by Hetas, the national solid fuel it safety checked and certified. Over not permitted to burn wood in it,” hetas.co.uk. Find the list of authorised affect the marketability of both safety organisation, which has a list of the years you might have got used to Powell says. “Some wood-burning fuels for non-Defra-registered burners at properties in the future. Ecodesign manufacturers on its web- buying logs in bulk online, supple- stoves can have a conversion kit fitted gov.uk/smoke-control-area-rules SHOW APARTMENT LAUNCH 16TH & 17TH NOVEMBER

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Notting Hill Genesis terms and conditions apply, contact our team for details. Aff ordability and eligibility criteria applies. Image used for illustrative purposes only. *Travel times taken from Google maps and are approximate only.**Price based on a 25% share of a one bedroom apartment with a full market value of £485,000. Prices correct at time of publication. November 2019. 28 LIFE&STYLE FRIDAY 15 NOVEMBER 2019 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen THEATRE

THE TAMING OF THE SHREW George Bernard Shaw described it as BARBICAN “altogether disgusting to modern BY SIMON THOMSON sensibility”. On the face of it, the play is an endorsement of a kind of The RSC’s latest staging of The Tam- despotic patriarchal society in ing of the Shrew flips the gender of which women must subjugate most characters, inviting us to visit themselves utterly to the will of a parallel past in which men are at their fathers or husbands. the mercy of matriarchal whim. Be- One of the ways that many more yond this innovation, however, the recent productions have tried to production is oddly conventional. work around this is with irony, so Conservative even. for instance in Franco Zeffirelli’s The play revolves around the in- 1967 film, Elizabeth Taylor’s Kate creasingly brutal efforts of an avari- delivers her final hyperbolic en- cious gentlewoman, Petruchia, to dorsement of female obedience, be- coerce the titular shrew, Kate, into fore running from the room in a marriage. Claire Price cuts a rakish manner that suggests she was not figure as the would-be shrew-tamer, being entirely sincere. There is no RECOMMENDED glass boxes each have a flurry of life – ancient runes, Lord Alexan- but beside her Joseph Arkley’s per- such subversion in this present pro- hand-scribbled equations on der’s battle axe, decrepit amphithe- formance as a boy named Kate duction, so although we have the ANSELM KIEFER them – by Einstein and several atres – but Kiefer is adamant these seems hopelessly underpowered. For novelty of women oppressing men, WHITE CUBE BERMONDSEY other of the German artist’s scien- are not a comment on where we the play to work at all the shrew it is still on its simplest reading an BY POPPY WOOD tific heroes – and in the darkness are headed with current politics or must be wilful, headstrong, and in- endorsement of marriage as an in- of the corridor, they feel some- the climate crisis. Instead, he says, tractable; every bit Petruchio’s stitution that rests on the “awful Anselm Kiefer’s latest solo show Su- thing like enormous jars in a mau- they are a recognition that every- equal. The extent of this Kate’s re- rule, and right supremacy” of one perstrings, Runes, The Norns, Gor- soleum, preserving the inner thing past and present, spiritual bellion is talking with his mouth sex over the other. dian Knot is both apocalyptic and workings of the universe. and scientific, celestial and terres- full. Seeing Petruchia give him the There is comedy here, but it is shal- redemptive. The hallway juts off into several, trial, is interconnected. full Gitmo treatment seems dispro- low, relying heavily on physical hu- The title refers to various myths brighter rooms, each filled with String theory cannot be verified portionate, and needlessly cruel. mour (Sophie Stanton’s gliding and allegories that have preoccu- gargantuan canvases. These paint- via any experiment. Instead, it is an The works of Shakespeare often Gremia is sublime) and silly voices pied Kiefer for the bulk of his 50- ings are more haunting than the attempt to provide an all-encom- run counter to the values of contem- (Emily Johnstone’s Lucentia and year career, and that he now ties vitrines. Vast landscapes of charred passing description of the universe. porary society – just think of the Laura Elsworthy’s Trania appear to together with his latest obsession – grey recede into bleakness. From And that, says Kiefer, is just why racism in Othello or the anti- have been parachuted in directly string theory. afar, they look like abstract splat- it is beautiful. This triumph of a semitism in The Merchant of Venice from the National Theatre of Brent). The gallery opens with a long, ters of paint, but up close we see collection stands as the 74-year- – but the misogyny running The costumes are good, as is the nave-like corridor punctuated by 30 they are made of layers of the same old’s attempt to describe the uni- through The Taming of the Shrew is music, but the end result is less floor-to-ceiling vitrines of coiled earth-stuff – broken branches, verse, in all its destructive, perhaps the most overt. Even in the emancipatory and less interesting twine and matted leaves on melted burrs and thick mud. glorious chaos. And with a few closing years of the 19th century than the initial promise. leaden backdrops. These 4m-high We also see remnants of human axes chucked in. CITYAM.COM FRIDAY 15 NOVEMBER 2019 LIFE&STYLE 29

ART STEVE MCQUEEN: YEAR 3 TATE BRITAIN Steve McQueen is one of those annoyingly talented people, winner of a Turner prize for his avant garde video work and an Oscar for 12 Years A Slave, which isn’t even his best film. His new project at the Tate Britain (and beyond: it features on billboards across the capital and throughout the London Underground) is a vast undertaking, photographing 76,146 year 3 children from 1,504 schools. It’s a RECOMMENDED top. Key to his plan is Ken Miles The peripheral characters are snapshot of a (Christian Bale), a brilliant British broadly drawn, particularly Enzo Fer- generation, something LE MANS ‘66 (12A) driver whose career has been held rari (Remo Girone) who’s more mafia future historians will DIR. JAMES MANGOLD back by his hostile nature. Playing a don than car designer. Then again, look back upon as a BY JAMES LUXFORD maverick genius is difficult to pull the film’s most gripping moments priceless record. But off, but Bale has a form in this area, are the internal struggles. For Shelby, McQueen is more The US title for this racing biopic is and finds the sweet spot with a po- the race is a chance to overcome the interested in the here- Ford V Ferrari, and in truth that tent mix of sarcasm and passion, shadow of his past, and make a name and-now: he wants to catches the tone of a film that wears making you understand why he’s for himself outside of the track. For inspire the artists of the its nationalism on its sleeve. Based both important and self-important. Miles, it’s about finding a way to future and to show on the real life plan for Ford to shift He even manages to pull off a Brum- avoid sabotaging his own dream. children from all walks cars by outperforming Ferrari at Le mie accent. These two interesting arcs are devel- of life that they are a Mans, it’s explained in the first act After some undisguised exposition, oped by top actors on top form. Their part of the nation’s that the Italian giants have changed the film finds a comfortable rhythm. characters forge a brotherhood over cultural conversation. car racing. So why are we not watch- We’re thrown into the driver’s seat the course of a hefty 2.5 hour run- Displayed in columns ing a biopic of Enzo Ferrari? Because during gorgeously shot racing time, with this human element mak- of 12 pictures, it’s a this is Hollywood, where American footage, then privy to heated argu- ing the spectacular final race about huge, overwhelming stars lead America to victory. ments in boardrooms and workshops. more than podium places. exhibition, but one And they don’t come much more It’s a petrol head’s dream, with many A ‘Team America’ mentality may be that’s filled with hope, American than Matt Damon in a ten twinkly eyed speeches about winning what launches Le Mans ‘66, but good a story told in 70,000 gallon hat. The former Jason Bourne and ‘the perfect lap’, but it’s human storytelling makes it compelling. A smiling faces. does everything but yee-haw as Car- enough to interest those with no dream for any fan of motorsport, the roll Shelby, the Texan car legend knowledge of how a combustion en- performances may also be on the tasked with putting Ford back on gine actually functions. grid come awards season.

LAST CHRISTMAS (12A) DIR. PAUL FEIG BY JAMES LUXFORD MOVIES Ho, ho, ho, it’s time for another Christmas rom-com, this time enlist- ing help from sadly-departed pop-star George Michael. Stepping away from Westeros and into a Hollywood ver- sion of London, Emilia Clarke plays a screw up singleton who is shown a better way by a handsome stranger (Henry Golding). Charm is as plentiful as tinsel among the cast of Paul Feig’s (Brides- maids) latest, co-written by Emma Thompson, who also appears as Clarke’s Yugoslavian mother (com- plete with accent). You’d be hard pressed to find a more likeable cou- RECOMMENDED blood on her dress is from a jam ple of actors, with Clarke adorable fight. She’s also a badass zombie even when ruining the lives of every- LITTLE MONSTERS (15) killing machine, able to flip between one she comes into contact with. DIR. ABE FORSYTHE these two modes convincingly. Golding is also too good to be true, a BY JAMES LUXFORD It’s a pleasant surprise from an actor chipper dreamboat with a big smile last seen looking and sounding very who teaches Clarke about the value Fifteen years on from Shaun of The different in Jordan Peele’s Us. Her abil- of life. Dead, it feels like the zom-com has ity to steal the spotlight from actors The biggest star, though, is the been played out in every possible way. known for their comedy roles suggests music of George Michael, scattered Yet, this charming Australian comedy there are layers to the star we haven’t clumsily around the story, with the manages to bring new life to the un- yet fully seen. Nyong’o and England late singer’s hits placed at odd mo- dead. Like Shaun, lead David (Alexan- have a foil in Josh Gad, playing a chil- ments save for a rousing final rendi- der England) is a selfish manchild, dren’s TV host with a dark side. The tion. Alas they’re not enough to recently dumped for refusing to com- Disney regular revels in his mono- compensate for a story that feels like mit. So far, so familiar. Watching David logues about seducing mothers and a big budget Hallmark TV movie. The self-sabotage is interesting, but things learning stagecraft from Pacino, deliv- romance between the leads is charm- take a blood-spattered turn when he ered while those around him scramble ing but unbelievable, and scenes that chaperones his nephew Felix’s school to survive. offer a message of social harmony trip to the zoo, where the group are at- While a little bit disjointed, Little feel forced and insincere. tacked by zombies. Monsters is far more than the sum of If you’re the type who puts their tree The real star, though, is Lupita Ny- its low budget parts. Like all good apoc- up in November, the bouncy senti- ong’o as the class teacher Miss Caro- alypse survivors, it makes use of what ment of Last Christmas will give you line. Far more than a love interest, it has to hand. An inventive premise is the sugar high you’re looking for. But the Oscar winner is hilarious. Her de- pushed to its potential by seasoned the depth of talent involved should termination not to damage young performers to deliver ridiculous fun have come up with something more minds sees her organise congas with the potential to become a cult than festive box-set fodder. through the carnage, and claim the favourite. 30 PUNTER FRIDAY 15 NOVEMBER 2019 CITYAM.COM THE PUNTER RamsesRACING TRADER will relish every drop of rain that falls

I’m hoping the swing at the David Pipe updates David weights will get us closer to him, readers on City A.M.’s Pipe although he’s only a young horse and I’m conscious he will improve syndicate horse again too. Our fella often shapes like this trip stretches him, but he ran well for a FTER a summer break it’s long way in the 3m1f handicap here great to be back with my at the Festival a couple of years ago regular weekly column, and The National Hunt season so that shouldn’t be a problem. AI can start with the news supposedly really gets going with Elsewhere tomorrow, I’m looking that we are already up and this weekend’s November Meeting at forward to seeing RAMSES DE TEILLEE running with our new City A.M. Cheltenham, so it’s a real shame back out in the staying handicap syndicate horse. that all this rain has caused this (1.50pm). COLLINGWOOD COURT made a afternoon’s first day to be He is another who will relish all pleasing enough start for us at Ascot abandoned. this rain and should go well despite a fortnight ago in what was a pretty I had declared four runners, but having to shoulder a big weight. hot bumper. we will have to think up other plans The ground was pretty bad when Tom [Scudamore] was pleased with for them. he won over hurdles here last time him and feels he will come on That said, WARTHOG will now join and it’s nice to come here with a plenty for the run. EAMON AN CNOIC in tomorrow’s decent run under his belt. I guess it will be hurdles for him feature, the BetVictor Gold Cup Another one of mine to keep an eye next time and I’m hoping he has a (2.25pm). on tomorrow is REMASTERED who bright future. Both will love all this rain and I will probably run in the 2m5f It was lovely to meet a few of you have genuine grounds to be handicap hurdle (3.30pm). at the races and I look forward to optimistic about both of them. Regular followers of this column getting to know a lot more over the Warthog lost his way a little last will know that he is a horse I have coming weeks and months. term but goes well fresh and sneaks always held in high regard and both We are also in the process of in here off a light weight. the trip and ground should be spot looking out for a second horse for As for Eamon An Cnoic, he ran a on for him. the syndicate, so if you are cracker behind favourite Siruh Du His recent run at Chepstow should interested in getting involved do get Lac when fourth in the Festival have blown the cobwebs away and in touch. Plate. Ramses De Teillee was an impressive winner over hurdles at Cheltenham last month I’m hoping he will run a decent race. CITYAM.COM FRIDAY 15 NOVEMBER 2019 SPORT 31 ADVERTISEMENT FEATURE THE ADVANTAGE OF USING THE SWORD OVER THE SHIELD

Sarries may struggle to compete on two fronts this year Saracens’ issues leave Craig O’Shannessy, strategy analyst for the ATP Tour, reviews the Nitto ATP Finals match between Matteo Berrettini and Europe open to others Dominic Thiem

ATTEO Berrettini’s sword took 2019 NITTO ATP FINALS - ARACENS’ 35-point deduc- RUGBY competitions, they need to make it centre stage at the 02 Arena on FIRST NINE MATCHES tion for breaching Premier- COMMENT count. Exeter’s domestic success has Thursday afternoon with a £Forehand Winners = 68% (207) ship salary cap rules has been built upon a dogged work-rate dominant 7-6(3), 6-3 victory £Backhand Winners = 32% (98) dominated the news in re- and battering-ram approach, but you over Dominic Thiem in their Berrettini used the wide serve on both cent weeks and I think it will Ollie need extra creativity to break down Mlast group match of the Nitto ATP Finals. sides against Thiem to feed his forehand’s haveS a big knock-on effect in the sides in Europe. Stuart Hogg, who has Berrettini bludgeoned 17 forehand ferocious appetite for winners. Berrettini Phillips Champions Cup, which starts this joined from Glasgow, could provide winners to Thiem’s four, to register the first served six times out wide in the Deuce weekend. After Sarries’ impressive that spark, while the likes of Jack victory ever by an Italian player at the court with a first serve, winning all six away win at Gloucester at the week- Nowell and Henry Slade should be year-end championships. His sharp sword points. In the Ad court he served wide four end, head coach Mark McCall said Toulouse and Montpellier in their raring to go after the World Cup. was the difference maker. times, and won all of those. Of the 10 that he would prioritise league games group and French sides traditionally Northampton have a decent oppor- In Berrettini’s opening round loss to combined wide serves that he hit in the in order to try and avoid relegation. don’t travel well, so Gloucester’s tunity in Pool 1, too. They have Novak Djokovic, he could only manage six match, following them up immediately That is understandable because home form will be crucial to their started the season brightly in the Pre- forehand winners in two sets. In his with a forehand was the primary focus. they have to act on the assumption chances. miership, despite being without play- second round loss to Roger Federer, he Another advantage of using the sword over that the punishment will stand, but More so than any other English side, ers like Dan Biggar, and come up improved that to 13, but it still wasn’t the shield from the back of the court is their actions could come as a serious though, this is a huge year for Exeter against Benetton and Lyon, who enough to get over the line. that you get to be on offense detriment to the Champions Cup. Chiefs. Rob Baxter’s side have made might well prioritise the Top 14. A major point of more in the point, which Pool 4, which contains Saracens, the quarter-finals only once in their Saracens have won three of the last difference between the means that you Munster, Ospreys and Racing 92, last six European campaigns, despite four Champions Cup titles and, with sword and the shield ultimately have to run looked a mouth-watering prospect, excelling in the Premiership. them focused on other issues, there for Berrettini is less. yet if the defending champions are But having been drawn in a rela- is a real chance for others to step up. simply the power going to field a significantly weak- tively easy group alongside La Leinster, the 2018 winners, are an that he generates DISTANCE ened side they might not be able to Rochelle, who they travel to face to- obvious challenger, but many of their between the two RUN FOR compete properly. morrow, Glasgow and Sale, who best Irish players aren’t in great form weapons. THE MATCH Saracens travel to Paris to play Rac- might be overstretched across both following a disappointing World Cup. Berrettini £Berrettini = ing on Sunday and it will be a real I think French rugby could be com- averaged hitting 968m test of the club’s culture. If they were ing up, with Fabien Galthie now in his forehand at £Thiem = 1031m able to block out all the noise off the charge of the national team and 76mph for the Lastly, dominating pitch and start the tournament with Shaun Edwards on board as defence match, while only the match more with an away win it would be some coach. Four-time champions Toulouse averaging 63mph the sword means that achievement. look strong, but I fancy this year from his backhand you are more efficient in Gloucester kick off Pool 5 against This year could could provide a new winner and both side. That 13mph ending the point early, and Toulouse at Kingsholm this evening see a new winner Clermont and Racing have a good op- difference is a clear indicator not drawing it out where the and I think they have a real opportu- portunity to put their names on the which groundstroke wears the final outcomes naturally becomes nity to make their mark in Europe and both Clermont trophy for the first time. pants in the family. more even. this season. Berrettini’s average forehand speed of Berrettini’s sword heavily contributed to The West Country side are inconsis- and Racing have a Ollie Phillips is a former England Sevens 76mph was also markedly faster than Berrettini winning 66 of his 67 points in tent but they have the potential to captain and now a director within the real Thiem’s 70mph. The bigger sword clearly single digit rallies of up to nine shots. The reach the knockout stages. They have good opportunity estate and construction team at PwC. won the day. Italian only contributed one solitary point Berrettini’s thirst to use his sword at all to his scoreboard from a double digit rally times can be clearly seen in the total of of 10 shots or more. forehands and backhands hit for the The role of the sword is to make the EVER DREAMED OF match. Berrettini struck 50 forehands and opponent miss and strike winners. 36 backhands, which means that 58% of Berrettini’s sword turned up in spades OWNING A RACEHORSE? his groundstrokes were struck using the against Thiem. primary weapon. Calling all National Hunt horse racing fans! Are you Interested in Thiem on the other hand was not able to This information is brought to you having a Racehorse in Training? Grand National winner? match that aggressive ratio, as he hit 39 by Infosys, a global leader in next- Cheltenham festival winner? A winner at your local track ? forehands and 37 backhands, for a 51% / generation digital services and David Pipe can source a horse to suit all owners and budgets. 49% ratio of forehands to backhands. consulting. Contact us now The truth about tennis is that the forehand is a much more dominant Tel: 01884 840715 weapon for all players at the Nitto ATP Email: [email protected] Finals. Through the first nine matches in the group stage, almost 70% of ground stroke winners have been struck from the Comply or Die - Grand National Winner 2008 forehand swing. Read more at infosys.com/ATP 32 SPORT FRIDAY 15 NOVEMBER 2019 CITYAM.COM EUROPE OPEN Sarries’ issues leave the Champions Cup wide SPORT open, writes Ollie Phillips PAGE 31

England hammer Montenegro to put aside Sterling SEVENTH incident and reach Euro 2020 in style, writes Felix Keith

OW quickly the drama of the week was forgotten. The TV HEAVEN cameras may have picked out Raheem Sterling in the stands, but the rate with Hwhich the first-half goals flew in meant there was little time to discuss his behaviour and its ramifications. That was exactly how Gareth South- gate would have liked it. Instead of ar- guments, internal rifts and squad harmony, we were left to reflect on a motivated, full-throttle and ruthless performance which turned the narra- tive on its head and qualified England for Euro 2020. Even before kick-off there was excite- ment as Southgate named the youngest England starting line-up since 1959, with an average age of just 23 years and 255 days. Playing a side without a win in Group A, and with England needing just one point from their final two games, this was a custom-made op- portunity to cut loose. They grabbed it with both hands. CONFIDENT CHILWELL The fact it didn’t take England long to hit the front was no surprise, but the source of the opening three goals may have been. Ben Chilwell’s form has mirrored that of Leicester City, with the 22-year-old establishing himself as England’s first-choice left-back in 2019. Full of confidence, it was his left foot which supplied the ammunition for England’s early barrage. First he skipped inside and floated a curling ball into the box for Alex Oxlade-Chamberlain to control and EURO 2020 QUALIFIER two openings which gave Jordan Pick- Maddison made his debut and rifle in, before putting two set-piece ELSEWHERE IN EUROPE... ford something to do. Tammy Abraham scored a first senior deliveries onto the grateful, un- ENGLAND MONTENEGRO The Everton goalkeeper stuck out a goal as England got even more youth- marked head of Harry Kane to make Turkey held out for a 0-0 draw with strong left hand to repel diving ful from the 57th minute onwards. it 3-0. As well as providing dead ball Iceland to qualify for Euro 2020 last night. header from a corner and had to After Rashford’s cool finish, the expertise, Chilwell’s link up with Iceland, surprise quarter-finalists in 2016, stand up tall to push away Fatos Beci- sixth goal may have gone down on the Marcus Rashford on the left of Eng- had to win to keep alive their chances of raj’s attempt when one-on-one. score sheet as an Aleksandar Sofranac land’s 4-3-3 was a constant threat. automatic qualification but Merih Qualifying matches are notoriously own goal, but it was made by young Demiral headed off the line to deny hard to draw firm conclusions from, guns. Rashford charged forward, FILL YOUR BOOTS Oxlade-Chamberlain70 Hordur Bjorgvin Magnusson a crucial and after such a dominant win such played a one-two with Abraham, got With many former stars inside Wem- 11’, Kane (18’, 24’, goal. The draw leaves Turkey second in blemishes are essentially nit-picking, to the byline and crossed towards bley on England’s 1,000th interna- 37’), Rashford 30’, Group H, four points clear of Iceland. but, as the 2-1 defeat by Czech Repub- Jadon Sancho. The ball dropped to tional match there was an obvious Sofranac og 66’, Elsewhere, France came from 1-0 down lic last month highlighted, the de- Mason Mount, whose cross came off reference to history. Against a low- Abraham 84’ to beat Moldova 2-1 and go top of Group fence is far from infallible. Sofranac and cannoned into the net. quality, disheartened opposition H. Vadim Rata put Moldova ahead early There was still time for another goal there was chance to climb the on but Raphael Varane equalised and YOUNG GUNS TAKE OVER – one which will give Southgate par- goalscoring ranks. Kane was not to be able fountain of goals. Anyone doubt- Olivier Giroud netted a penalty to seal the While the majority of the goals, and ticular heart. Chilwell recovered the denied, scoring a first-half hat-trick to ing his quality is finding criticism win. Elsewhere, Cristinao Ronaldo scored the excitement, came in an action- ball, slipped Sancho in down the left make it 19 goals in 20 games for club harder and harder to justify. a hat-trick to move onto 98 international packed first half there were encourag- and the Borussia Dortmund forward and country this season, 31 in total goals in Portugal’s 6-0 victory over ing signs after the break too. picked out Abraham at the near post for England, moving past Alan NOT INFALLIBLE Lithuania. The win leaves Portugal With Kane and Oxlade-Chamberlain to slide in the seventh. Shearer – and 24 as captain. As comfortable as England were – and needing to beat minnows Luxembourg sent to the bench, two of the Premier Euro 2020 will come around fast Despite Tottenham’s struggles this a 7-0 scoreline did not flatter them – on Sunday to qualify for Euro 2020. League’s brightest talents entered the and the depth, and youth, of the at- season, Kane has remained a depend- Montenegro did manage to fashion fray. Having bided their time James tacking options is encouraging.

NO MAJOR CHANGES COMING, IMPECCABLE FEDERER KNOCKS WILLIAMSON FIT ENOUGH TO WESTWOOD IN THE MIX AFTER BUT VAR NEEDS IMPROVEMENT SPORT DIGEST OUT DJOKOVIC TO QUALIFY CAPTAIN NEW ZEALAND OPENING ROUND IN SUN CITY £ Referees’ chief Mike Riley has told £ Roger Federer produced a brilliant £ Captain Kane Williamson has been £ Defending champion Lee Westwood is Premier League clubs that “improvement HENRY JOINS MONTREAL performance to beat Novak Djokovic in named in New Zealand’s 15-man squad to joint fourth after the opening round of the is required” with the video assistant IMPACT ON TWO-YEAR DEAL straight sets last night and reach the last face England in the upcoming Test series. Nedbank Golf Challenge in Sun City referee system, but major changes won’t £ Thierry Henry has joined Major League four of the ATP Finals. Federer, the third Williamson missed the Twenty20 series, yesterday. Westwood, who has not won a be made. The Premier League said they Soccer side Montreal Impact as manager. seed, overcame Djokovic 6-4, 6-3 to which the visitors won 3-2, with a hip title since his three-shot win in South are “committed to improving the The ex-Arsenal striker, who was sacked by eliminate the Serb and ensure that Rafael injury but is deemed fit to return for the Africa last year, shot a four under-par consistency of decisions, speeding up Monaco in January, has signed a two-year Nadal will end the year as world No1. The two-Test series, which starts in Mount round of 68. Louis Oosthuizen defied processes and increasing communication contract with the club. “It’s a league I 38-year-old served impeccably, giving his Maunganui on Wednesday. Fast bowler problems with kidney stones to take a to fans”. From next month there will be know well, in which I had some very nice great rival little chance at the O2 Arena. He Lockie Ferguson could make his Test three-shot on nine under-par, with extra captioning on graphics shown inside moments,” said Henry, who spent over will now play Nadal or Stefanos Tsitsipas debut after taking 21 wickets for the Belgium’s Thomas Detry second and grounds while VAR checks are ongoing. four years with New York Red Bulls. in the semi-finals this weekend. Blackcaps in this summer’s World Cup. Italy’s Guido Migliozzi third.