BUSINESS WITH PERSONALITY BREAKING NEW GROUND LONDONTIME THE HUNDRED COMES TO CLOCK THE CAPITAL’S MOST ENGLAND CRICKET P30-31 STYLISH WRIST CANDY P25-27 THURSDAY 17 OCTOBER 2019 ISSUE 3,480 CITYAM.COM FREE

Boris inches closer to new IMF ISSUES DEBT Brexit deal

CATHERINE NEILAN @CatNeilan A BREXIT breakthrough was in touching distance last night, but critical issues remain STORM WARNING unresolved both in Brussels LENDER OF LAST RESORT CAUTIONS and Westminster ahead of tonight’s European Council. SOARING CORPORATE DEBT LEVELS Boris Johnson held his third meeting in three days with the AS THREAT TO FINANCIAL STABILITY Democratic Unionist Party (DUP) yesterday as he sought the support of the Conservative HARRY ROBERTSON the ability of these firms and countries party’s informal partners. to pay their debts as earnings fall and DUP leader Arlene Foster @henrygrobertson lenders demand higher interest. rubbished suggestions that the THE GLOBAL financial system is at risk This “could have significant last hurdle to a Brexit deal had from ballooning levels of corporate and macroeconomic implications,” the Fund been resolved, saying emerging market debt caused by ultra- said. A failure by firms to pay up would discussions were continuing low interest rates, the International rock institutional investors such as on “a sensible deal which Monetary Fund (IMF) has warned. pension funds that hold their bonds, and unionists and nationalists can The IMF cautioned that in a downturn the damage could hit economies. support”. half as severe as 2008, $19 trillion (£14.9 “Similarities in investment funds’ During a turbulent day of trillion) of companies’ debt — “above portfolios could magnify a market sell-off, negotiations Downing Street crisis levels” — is at risk of default and pension funds’ illiquid investments could conceded that a deal would poses a threat of global contagion. constrain their ability to play a role in not be struck last night and The US-China trade war and a global stabilising markets as they have done in insisted that the “mood music slowdown mean already very low interest the past, and cross-border investments is encouraging”. rates are set to stay “lower for longer,” the by life insurers could facilitate spillovers The issue of the Northern international lender said yesterday in its across markets,” the IMF said. Ireland assembly’s oversight of biannual financial stability report. Investors have also snapped up the future customs arrangements, Low rates have held down government bonds of emerging market countries such known as consent, and the bond prices and sent investors towards as Brazil, India and Mexico which offer technical issue of customs riskier assets, such as non-financial firms’ bigger returns, leading to high levels of arrangements, appeared to bonds and shares and the debt of sovereign debt. have been ironed out, leaving emerging market countries. In turn, the “In the event of a sharp tightening in issues related to the future amount of money owed by companies global financial conditions, increased VAT regime as the final and developing countries has rocketed. borrowing could raise rollover and debt stumbling block. The IMF, which is in the middle of its first sustainability risks,” the Fund said, adding A government spokesman annual meeting under new chief the main focus of governments should be declined to comment on Kristalina Georgieva, warned that an bringing an end to the trade tensions specifics, but stressed issues economic downturn could severely limit which are the primary “downside risk”. were not solely with Brussels. £ CONTINUES ON P4

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04 NEWS THURSDAY 17 OCTOBER 2019 CITYAM.COM

SPACE STYLE Virgin Galactic unveils Under Armour spacesuit range as it prepares for lift-off of its first commercial space flights THE CITY VIEW A Brexit deal is within Boris Johnson’s reach VER coffee and croissants this morning, EU member states’ ambassadors in Brussels will be briefed on the Ocurrent state of the Brexit negotiations. Late last night, it seemed the UK and EU were inches away from agreeing the principles of a new deal. French President Emmanuel Macron, Germany’s Angela Merkel, EU Council president Donald Tusk and even the dour Michel Barnier, the EU’s chief negotiator, were making positive noises. On the other side of the channel, arch-Brexiters like Steve Baker and Iain Duncan-Smith were signalling their willingness to back a new deal agreed between Boris Johnson and the EU. It is, as it has been before, now largely a matter of whether the Democratic Unionist Party of Northern Ireland will agree to the new SIR RICHARD Branson’s Virgin Galactic has unveiled a new range of spacesuits made by sportswear proposals. The plan will likely involve dual customs brand Under Armour. The blue suits, which are the first to be created specifically for private arrangements for Northern Ireland, astronauts, are designed to keep passengers comfortable and safe in zero-gravity conditions. meaning a customs border in the Irish The last 48 Virgin Galactic expects to start commercial space flights in 2020. Sea. Those checks would take place at ports on the west coast of the UK, hours have rather than along or near the border shown that with the Republic of Ireland. It would anything is involve a complex system of tariff possible reimbursements and red tape but should, in theory, dispense with the All over by teatime? PM backstop and keep Northern Ireland in the UK’s customs union. This issue will be picked up and pored over today, but the EU seems unwilling to sign it off unless it’s confident that MPs in Westminster will vote for it. They’re right pins hopes on EU summit to be concerned, not just because of the DUP but because the determination of anti-Brexit MPs to delay the withdrawal date CONTINUED FROM FRONT PAGE Steve Baker, head of the Tory Everest, we are at the Hillary Step — we or secure a second referendum cannot be underestimated. But Eurosceptic faction the European can see the summit, but it’s shrouded before we get to another round of parliamentary shenanigans, it Number 10 also refused to confirm Research Group (ERG), which will in clouds.” Johnson’s travel plans for tonight’s carry around 28 votes, urged the MPs will today vote on the govern- is worth considering just how far Johnson has come. Since the summit, but he could board a flight Prime Minister to bring forward legal ment motion to sit from 9:30am to summer, the cast-iron position of EU leaders and officials has earlier in the day if it was felt that his text for MPs to scrutinise ahead of the 2pm on Saturday 19 October, the dead- been that the withdrawal agreement negotiated by Theresa May presence could help move the talks rare Saturday sitting this weekend. line set by the Benn Act for Johnson to could not and would not be reopened. Well, as of last night, its along. Speaking after Johnson’s appearance secure parliamentary approval for a French President Emmanuel Macron before the Conservative backbench deal. If he fails, the law stipulates that stands open. Johnson’s critics, in parliament and the press, have told journalists yesterday: “I believe a committee known as the 1922, Baker the Prime Minister must write a letter been adamant that he doesn’t want a deal and that his efforts to [Brexit] deal is just being finalised.” and other ERG members signalled seeking an extension to Article 50. get one were a sham. Well, as of last night, he appears to be Speaking at the same time, German that they would only be prepared to Brexit secretary Steve Barclay yester- stretching every sinew to secure one. Of course, even if he Chancellor Angela Merkel said it was vote for something they were day confirmed that “firstly, the gov- “the final sprint”, adding she was confident could not be tweaked ernment will comply with the law, succeeds in bringing back a new kind of Brexit, it’s not certain “increasingly of the belief” that a deal subsequently. and secondly it will comply with that enough MPs will vote for it. But if the last 48 hours have could be done. It is also unclear whether Tory rebels undertakings given to the court in taught us anything, it’s that anything is possible. The EU’s chief negotiator Michel will back the deal, although City A.M. respect of the law”. Barnier’s statement to the EU27 understands that some of those who He also revealed that the UK had sub- ambassadors last night laid the had the whip removed last month are mitted a new political declaration to responsibility for getting a deal at the expecting the vote to act as a route the EU as part of negotiations. DUP’s feet, media in Brussels reported. back to the party. Once the battle returns to However, the European Council is In an apparent pun on the Westminster, Johnson will have a fight not the only deadline the Prime imminent European Council, Johnson on his hands to secure enough votes in Follow us on Twitter @cityam Minister must be mindful of. yesterday told MPs: “If we are on a divided parliament.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL IBM REVENUE SUFFERS AMID WHAT THE FLYING TAXI MADE IN BRITAIN M&G HIRES CITY LAW FIRM IN GERMANY CENTRAL BANK UNCERTAINTY IN EUROPE OTHER SETS OUT ON MAIDEN FLIGHT SEXUAL HARASSMENT CASE BOSS WARNS OF TRADE WAR IBM came up short of Wall Street’s The world’s most advanced electric Fund manager M&G has hired City law Deutsche Bundesbank leader Jens revenue expectations in the latest PAPERS SAY “flying taxi” has been launched in the firm Baker McKenzie to investigate Weidmann said yesterday that rising quarter, as the acquisition of open UK in a move that could pave the way allegations that one its senior managers trade tensions around the world have source company Red Hat failed to stem THIS for full passenger flights in four years’ sexually harassed junior female the potential to slow growth markedly, a 3.9 per cent decline that partly time. A Bristol-based company released colleagues. The unnamed fund and also expressed continuing concern reflected signs of growing uncertainty in MORNING video footage yesterday showing the manager is accused of targeting women with the European Central Bank’s Europe. Pro forma earnings of $2.68 flight of a full-sized prototype of a at the firm’s London headquarters with stimulus efforts. “A full-blown trade war (£2.10) a share beat forecasts, as the US battery-powered “vertical take-off and sexually explicit text messages and between the US and the EU could cost computer maker benefited from a landing” vehicle. inappropriate comments. both sides dearly,” he said. favourable tax position in the quarter. SPANISH PM SLAMS VIOLENT FIRMS RUN BY FRONTMAN OF WEWORK FOUNDER MIXED EU TARGETS APPLE PAY OVER CLASHES AMID CATALAN ROW GRAND DESIGNS GOES BUST MYSTIC GROUP WITH WORK ANTITRUST CONCERNS possible anti-competitive market Catalan separatists sabotaged a high- In a case of life imitating art, companies Wework’s senior executives would The European Commission has said it is practices and abusive conduct,” a speed rail line and blocked roads in run by Grand Designs frontman Kevin gather weekly in Adam Neumann’s looking at antitrust concerns involving spokesman for the EU’s executive arm Spain yesterday after a night of violent McCloud have collapsed after hitting office to study with a teacher from the Apple Pay, the digital payment tool for said after media reports suggested protests in protest at the jailing of nine money problems — leaving dozens of Kabbalah Centre, a spiritual group that iPhones. “The commission monitors Apple Pay was in its sights. political leaders. investors facing heavy losses. promotes a brand of Jewish mysticism. CITYAM.COM THURSDAY 17 OCTOBER 2019 NEWS 05 New Woodford Watchdog accused of being ‘asleep at the wheel’ over investment saga ANNA MENIN suspension of Woodford’s flagship investors,” Alan Miller said. fund suspension Equity Income Fund (WEIF) in June, The FCA hit back, saying it had @annafmenin which gated after becoming disagreed with the Millers “on THE FINANCIAL Conduct Authority overwhelmed by withdrawals. numerous issues relating to the asset (FCA) has defended itself against Alan and Gina Miller, founders of management industry, and our accusations it was “asleep at the investment firm SCM Direct and oversight of it, over recent years”. wheel” ahead of the collapse of Neil prominent critics of the FCA, have The watchdog said it had amid asset sales Woodford’s investment empire. called for a “root and branch” review “introduced wide ranging rules to CMC Markets’ chief analyst of the watchdog in light of the tackle issues in the asset ANNA MENIN Link was also responsible for the sus- Michael Hewson told City A.M. he suspension. management industry”, and was @annafmenin pension of WEIF, which was gated in thought the FCA was “asleep at the “The regulator is not fit for “carrying out work looking at open June after becoming overwhelmed by wheel” in the run-up to the purpose and is not protecting ended funds and redemption terms.” THE ADMINISTRATORS of Neil withdrawals, sparking the biggest Woodford’s investment empire investment scandal in a decade. announced the suspension of another On Tuesday Link announced that of the former manager’s funds yester- WEIF would be closed, and Woodford day over fears customers would rush sacked as its manager. It said the fund to withdraw their money. would be wound up “as soon as The £232m Woodford Income Focus practicable”. Fund (WIFF) was gated by Link Fund The process of selling off listed WEIF Solutions the morning after holdings has already begun. Woodford took the “highly painful” Stock market filings show that by The Used Car Event decision to shutter his company, hav- yesterday evening, large portions of all ing been sacked as manager of his small cap companies the fund had a – flagship Equity Income Fund (WEIF). substantial stake in had been 17 t h 31st Oc tober Link said due to Woodford’s resigna- offloaded in transactions worth hun- tion, it “expects that the redemptions dreds of millions of pounds. For a limited time enjoy two services, two years’ in [WIFF] will reach a level whereby it Chase de Vere’s Patrick Connolly told Das WeltAuto Warranty, two years’ Roadside Assistance may no longer be able to continue to City A.M. that while disposing of the and two years’ MOT Cover. 8.9% APR Representative.* meet redemption requests without fund’s listed holdings was relatively prejudicing the interests of both simple, “with the unquoted stocks remaining and redeeming investors”. and smaller companies, we don’t Pick your favourite before it’s gone The fund administrator said it would know how long it’s going to take to consider options including the sell them”. appointment of a different manager, He said a balance had to be struck integrating WIFF into another fund, between getting investors’ money or winding it up entirely. Woodford back as soon as possible and “trying to declined to comment. get a reasonable price”.

FULL STREAM AHEAD Netflix shares rise as profit growth defies looming competition

SHARES in Netflix rose as much as much as nine per cent in after-hours trading last night as its third-quarter profit beat forecasts, following the success of shows such as Stranger Things. It reported earnings per share of $1.47, topping $1.04 estimates. Relocations rise ahead of Brexit but London will stay ‘dominant’

SEBASTIAN MCCARTHY be “relatively limited”, according to @SebMcCarthy think tank New Financial. Despite warning that relocations Representative *At the end of the agreement there are three options: i) pay the optional final payment MORE THAN 330 financial firms have would “gradually chip away at the and own the vehicle; ii) return the vehicle: subject to excess mileage and fair wear and relocated parts of their business UK’s influence in the banking and tear, charges may apply; or iii) replace: part exchange the vehicle. With Solutions ahead of Britain’s imminent finance industry”, New Financial 8.9% APR Personal Contract Plan. Minimum balance to finance £5,000. Maximum mileage at end departure from the EU, a new report said London will remain the of contract is 120,000 miles. 18s+. Subject to availability and status. T&Cs apply. Offer available between 17th – 31st has found. dominant financial centre for October 2019 on used car sales between 90 days and up to 5 years only. Participating retailers. Excludes Touareg Hundreds of banks and financial Europe for the foreseeable future. registered on or after 1st April 2018. Indemnities may be required. Offers are not available in conjunction with any services companies have moved staff “Firms are keen to keep as much other offer and may be varied or withdrawn at any time. Covers next two consecutive services limited to 1x minor and or set up new entities in the EU, of their business in London as 1x major service. Accurate at time of publication (10/2019). Freepost Volkswagen Financial Services. Warranty valid for rising by 23 per cent since March. possible and even the biggest vehicles up to 100,000 miles at point of activation. MOT Cover is underwritten by UK General Insurance Ltd on behalf The scale of movement away from relocations represent a maximum of of Great Lakes Insurance SE and administered by Lawshield UK Limited. London suggests that the value of 10 per cent of the headcount at any post-Brexit trade deal may now individual firms,” the report said.

CITYAM.COM THURSDAY 17 OCTOBER 2019 NEWS 07

LOUISE ELLMAN QUITS MP resigns from Labour party over antisemitism concerns US retail sales Inflation in the DAME Louise dip as fears for Ellman has quit the Labour party, citing concerns economy grow about growing antisemitism JAMES BOOTH Eurozone falls to under leader Jeremy Corbyn. @Jamesdbooth1 The Jewish MP US RETAIL sales fell unexpectedly said Corbyn had for the first time in seven months, tolerated anti- suggesting manufacturing Jewish racism and weakness could be spreading to the three-year low was “not fit” to broader economy. serve as Prime Data released yesterday by the US HARRY ROBERTSON representative on the ECB board Minister. Commerce Department showed Sabine Lautenschlaeger has since quit. retail sales dropped 0.3 per cent @henrygrobertson Trade data also released yesterday last month as consumers cut back INLATION in the Eurozone fell to its showed exports to the rest of the spending on cars, online shopping slowest pace in three years in world falling 2.2 per cent year on year and hobbies, September, official figures showed in August. The fall highlights the Economists polled by Reuters yesterday, raising fresh concerns over ongoing difficulties of the zone’s forecast retail sales would climb 0.3 the direction of the single currency manufacturing sector. per cent in September. area’s economy. Separate figures released by the The world’s largest economy is Prices grew at just 0.8 per cent in the Official for National Statistics (ONS) being pressurised by US President year to September, below initial esti- yesterday showed that UK price Asos increases efforts on Black Donald Trump’s ongoing trade war mates and far under the European inflation stayed at a three-year low in with China which has hit business Central Bank’s (ECB) desired rate of September, below the Bank of sentiment and led to a recession in close to but below two per cent. England’s desired rate of two per cent. Friday after annual profit dives manufacturing. At its last meeting in February, the The headline annual rate of price “Weaker retail numbers provide ECB unveiled a major stimulus pack- growth was 1.7 per cent last month, JESS CLARK year, however yesterday the firm further evidence that weakness in age in an effort to kickstart the the same as the August reading. admitted its offer had been the manufacturing sector is spilling Eurozone’s struggling economy, Economists had been expecting a 1.8 @jclarkjourno “uncompetitive” compared with its over into other areas of the including relaunching its giant bond- per cent rise in the price of goods in ASOS has vowed to boost its Black rivals. economy,” said Jim Baird, chief buying programme. British shops. Friday discounting this year after a Asos reported a 68 per cent dive in investment officer at Plante Moran The weak reading for inflation in ONS head of inflation Mike Hardie “disappointing” attempt in 2018, as profits to £33.1bn following Financial Advisors. September will reignite the intense said: “Inflation remained unchanged the retailer yesterday reported a 68 operational issues following its Many economists expect the debate about policy among the upper into September at its lowest rate since per cent dive in profit. expansion in the US and Europe. Federal Reserve to cut interest echelons of the central bank. Officials late 2016. Motor fuel and second-hand The online marketplace offered a However, shares rose more than 19 rates at its 29-30 October policy were deeply divided over restarting car prices fell, but were offset by price 20 per cent discount to consumers per cent, signalling investor meeting to keep the economy’s bond purchases and Germany’s increases for [household items].” on the annual shopping event last confidence in the retailer’s plans. expansion on track. Dragons’ Den star Peter Jones calls in Housing market ‘limbo’ as administrators to rescue Jessops chain London house prices drop JOE CURTIS capital suffered the UK’s biggest JESS CLARK Resolve as administrator, Sky News proceedings would be the best annual fall. followed by a 0.6 per cent reported. method of streamlining Jessops’ @joe_r_curtis decline in south-east house prices. @jclarkjourno The decision means Jessops’ 46 operations to ensure the camera LONDON house prices booked a steep That left the average UK house price THE OWNER of struggling camera stores could be threatened with chain’s survival, the broadcaster 1.4 per cent annual drop in August as worth £235,000 in August, the Office retailer Jessops — Dragons Den star closures over the coming months in said, citing sources. UK house prices grew at a lower level for National Statistics (ONS) said. Peter Jones — is preparing to appoint the latest blow to the beleaguered The businessman is reportedly than last year, according data pub- London house prices dropped to an administrators in a bid to rescue the UK high street, which has seen a planning to seek a company lished yesterday. average of £472,753. firm, in a move that could lead to string of major retailers shut shops voluntary arrangement (CVA) While UK house prices posted Experts said the latest statistics store closures and rent cuts. in recent years. Store managers were restructuring plan, which is annual growth of 1.3 per cent to beat painted a “picture of a housing JR Prop, the manager of the briefed on the restructuring plans expected to spark store closures and that of 0.8 per cent in July, growth market in limbo” as London suffered retailer’s leasehold property estate, yesterday morning. rent cuts. The company employs dipped below last year’s level amid a the worst effects of political uncertain- has filed a notice of intention to Jones, who bought the retailer six about 500 people, and it was not general slowdown. ty on the UK housing market in the appoint restructuring specialist years ago, decided insolvency clear how many jobs were at risk. London fuelled the drop as the run-up to Britain’s exit from the EU.

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CITYAM.COM THURSDAY 17 OCTOBER 2019 NEWS 09 UK abandons Banks struggle plans for online porn blocking with PPI claims JAMES WARRINGTON @j_a_warrington THE GOVERNMENT has quietly dropped plans to introduce strict age verification measures to after late surge prevent under-18s from viewing online pornography. SEBASTIAN MCCARTHY under fire at the end of August after The controversial proposals, suffering a series of technology and IT which were hampered by a series of @SebMcCarthy failures in the run-up to a long-await- delays, would have forced CUSTOMERS who have lodged com- ed PPI deadline. commercial porn providers to plaints over the mis-selling of Several banks blamed an exception- verify their users’ age, or face being payment protection insurance (PPI) ally high volume of traffic for the blocked in Britain. may have to wait until next summer difficulties in the run-up to the But in a statement yesterday for a final response. deadline, which has brought down Boss Mark Zuckerberg has pledged to livestream a speech over Facebook today culture secretary Nicky Morgan Britain’s competition watchdog the curtain on a major financial said the government would “not be revealed yesterday it is challenging scandal that involved banks and loan commencing” the new legislation. banks to deal with complaints as providers mis-selling policies to She said the issue would instead quickly as possible following a late people who did not need them Facebook suffers drop in brand be addressed through existing surge of enquiries ahead of the August between 1990 and 2010. proposals aimed at tackling wider deadline. The 11th-hour stampede of com- online harms. The last-minute flood of claims plaints caused several major high value as consumer trust slides Critics slammed the original means that companies will now “not street lenders to warn of extra costs to porn block proposals over a be able to meet their normal com- their balance sheet. JAMES WARRINGTON valuable brands after suffering a number of potential loopholes, plaint handling times”, according to It has been estimated by the FCA decline of almost 12 per cent to including the use of virtual private the Financial Conduct Authority that roughly £36bn in compensation @j_a_warrington $39.9bn (£31.3bn), according to networks (VPNs) to sidestep the (FCA). has been paid out so far, with FACEBOOK has suffered a second Interbrand’s Best Global Brands measures. Financial firms would usually have the typical payout amounting to successive annual decline in its brand 2019 report. The proposed laws also sparked two months to respond to claims, but £2,000. value as the social media firm faces a A separate survey, released today concerns about the ability of porn could now take until summer 2020 to However, in August think tank New backlash over data use and its by Open-Xchange, revealed UK providers and age verification deliver a final response to some City Agenda forecasted that the total faltering move into digital currency. consumers now trust embattled firms to secure online databases complaints. bill for PPI claims would likely The Silicon Valley giant is no Chinese tech firm Huawei more containing personal and potentially A number of banking giants came exceed £50bn. longer in the world’s top 10 most than Facebook. damaging information. 10 NEWS THURSDAY 17 OCTOBER 2019 CITYAM.COM

HARE-RAISING The Affordable Art Fair Watchdog launches investigation celebrates its 20th anniversary showing into Amazon’s funding of Deliveroo JESS CLARK competition”. Deliveroo’s total capital raised to @jclarkjourno The e-commerce giant led a $575m $1.53bn. (£448m) funding round in Deliveroo Deliveroo said in May it planned to THE COMPETITION watchdog has in May this year. use the cash to “invest heavily” in its launched a probe into Amazon’s Following the initial phase of the London technology team as well as investment in food delivery startup investigation, the watchdog will expansion to reach new customers. Deliveroo. decide whether to progress it’s Amazon cancelled its own London The Competition and Markets inquiries by 11 December. food delivery service Amazon Authority (CMA) yesterday The funding round, which also Restaurants UK in December last confirmed it will investigate included money from existing year after two years amid fierce whether Amazon’s investment could investors T Rowe Price, Fidelity competition from Uber Eats, “result in a substantial lessening of Management and Greenoaks, took Deliveroo and Just Eat.

THE AFFORDABLE Art Fair opens its doors in Battersea Park today and will run until Sunday. Will Ramsay, pictured above with Clare Trenchard’s Reading Hare sculpture, founded the art fair in 1999 to create a more accessible way of buying art. Lidl plans £15bn

With over over 3,000 delegatdelegates trtravellingelling frfraves from acracrossosom s theewe world, investment into it’sit’s the biggest visit of Chinese and overseasoverseas entrentrepreneursepreneurs and investorsestvin ors the UK has eeverver seen. TheTheyy araree coming ttoo the UK ttoo exploreexxplore opportunities, build lasting partnerships,rtnerships, and do deals.s British suppliers

JESS CLARK with us,” he added. @jclarkjourno Other initiatives include signing long-term contracts to provide BUDGET supermarket Lidl has an- certainty for suppliers and the intro- WCECCECWCEC nounced a £15bn investment in its UK duction of a scheme to support young suppliers yesterday as it pledged to farmers. sell more British meat and fresh food Tom Hulme, of A.C. Hulme & Sons — produce. Lidl’s main supplier of apples and Neww WWNe World,d, Neorlw Neww Opportunities The German discount supermarket pears — said: “We wouldn’t have even announced the five-year investment contemplated upgrading our pack- yesterday as it marked 25 years oper- house if it wasn’t for our confidence ating in the UK. in Lidl’s future custom. As part of the announcement, the “The company has stayed true to its 21st - 23r23rdd OctOctoberober 2019, retailer committed to increasing its word with its growing orders over the sales of British meat, poultry and veg- years, giving us certainty in an indus- ExCel LxE LondonondonondonCel etables by more than 10 per cent over try that faces many uncertainties.” the next 12 months, following on The latest investment comes after from its decision to source all fresh the discounter in June committed to poultry from British farms. investing £500m in London over the Ryan McDonnell, chief commercial next five years as it targets expansion officer at Lidl GB, said: “As our busi- across the capital. Rival firm Aldi is SearchSearea ch online fforor “WCEC ticktickets”ets” anand ness continues to grow, it’s vital that also aiming to capitalise on the dis- our suppliers remain at the heart of counters’ relatively low market share ffollowollow the link ttoo purpurchasechasese yyourour tickticket.et.t our growth plans, and that is why we in London by pursuing an aggressive are committing to investing at least expansion campaign. £15bn over the next five years. The grocers are shaking up the in- “Our business is only ever as good as dustry in the UK as they challenge the our suppliers’ [is], so our investments Big Four supermarkets — Sainsbury’s, and commitments are key to ensur- Tesco, Morrisons and Asda — that What totooe expectxpectpeppect ing that they can invest and expand dominate the sector. ThreeThree dadaysys off eeventsvents encompasencompassingn sssing a dynamicdyny eexhibitionxhxxhibition of the bestes of Britishsh and Chinese businesbusinesses,uss ses,s, high prprofileofilefile speakspeakers,erers,r culturalculturall pperfperformancesormancesan and networnetworkingrkingkinki opportunities.t Asda under renewed pressure as employees protest new contract WeWeeh havehhave a smalllll nnumber of opportunitieopportunitiespp fforor dynamic Britishritisitisti JESS CLARK supermarket said a new contract is @jclarkjourno required to create flexibility in the companiesmp anda entrentrepreneursepreneurs with global ambitions ttoo participatparticipate.cipaipa .e “immensely competitive” retail ASDA workers yesterday staged sector. another protest and handed in a Staff that have not yet signed the 23,000 strong petition to contract are on notice and will lose WCECTICKETS.EVENTBRITE.CO.UKWCECTICKETS.EVENTBRITEEVENTBRVE .OC. UK management over the their jobs on 2 November if they do implementation of a new contract. not agree to the new terms. GMB union members gathered in Asda said: “We have been clear Leeds to demonstrate against the that we don’t want any of our For moremorF e infinfor informationormation please contcontact [email protected] [email protected]@ new Section 6 contract, which they colleagues to leave us and... we said means employees will be forced continue to have conversations with to work bank holidays and weekends those who have chosen not to [sign and will not be paid for any breaks. the contract], to try and understand However, the Walmart-owned their concerns.” CITYAM.COM THURSDAY 17 OCTOBER 2019 NEWS 11 Airlines bid for City of London Thomas Cook’s UK airport slots councillor shuns JAMES WARRINGTON @j_a_warrington THE LIQUIDATORS of collapsed airline Thomas Cook are said to have secured bids from some of the ‘political stunt’ UK’s largest carriers after kicking off an auction of dozens of UK STEFAN BOSCIA motion was clearly a response to the airport slots. recent Supreme Court decision that KPMG set a deadline of 5pm @Stefan_Boscia ruled that the extended prorogation yesterday for bids for the take-off THE CITY of London Corporation has of parliament was illegal. and landing slots as part of an been accused by one of its councillors Bradshaw said: “This was nothing auction that could raise tens of of going beyond its remit and attack- more than us finger-wagging at the millions of pounds, Sky News ing the government in a “political government [over the Supreme Court reported. stunt”. decision]. It was a total political stunt The famed LME ring is the last open-outcry trading venue in Europe The sale, which includes 15 pairs The corporation’s Court of Common and we as an organisation need to be of prime summer spots at Gatwick, Council — its key decision making apolitical.” has drawn interest from British body — approved a motion last week A source at the City of London said Airways parent company to give “full and unequivocal support” there were two types of councillors London Metal Exchange set to International Airlines Group. to the independence of the UK who voted against the motion. Easyjet, Virgin Atlantic and Wizz judiciary. “One type are small-c conservatives Air have also put in bids for the It said the council should value “the who... believe that [the council] should hike fees eight per cent in 2020 slots, according to the report. In City’s deep rooted connections with never get involved in anything that is addition to Gatwick, Thomas Cook the justice system” and reiterate its political,” they said. “And the other SEBASTIAN MCCARTHY to regain some of its investment. operated from Aberdeen and commitment to providing ongoing type are hardcore Brexiters.” “Since our fee recalibration Manchester airports. court facilities in the Square Mile. The motion was put forward by @SebMcCarthy exercise in 2017, where we Rival airlines are expected to The motion was “overwhelmingly Bishopsgate ward deputy Tom Sleigh THE LONDON Metal Exchange (LME) implemented significant discounts, engage in a bidding war over the supported”, according to a City of and had 24 councillors as signatories. is set to hike its trading and clearing we have begun to invest in a number slots, which can be among an London spokesperson. Sleigh said he forwarded the motion fees for the first time in five years. of key areas of the business, which — airline’s most valuable assets. However, some councillors ques- because he was concerned about The historic exchange has said it along with inflationary impact — The auction must be completed tioned the timing of the motion. attacks on the judiciary from “some will raise fees eight per cent at the has led... to a fair and proportionate by the middle of November David Bradshaw, deputy for the ward parts of the media and public start of next year, as its owner, Hong new fee schedule,” said LME boss for legal reasons, according to of Cripplegate, told City A.M. the figures”. Kong Exchanges and Clearing, seeks Matthew Chamberlain. the report. We’llWWee’ bebee’ll e there.therre

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12 NEWS THURSDAY 17 OCTOBER 2019 CITYAM.COM Heathrow faces Northern Rail pressure to up its competition franchise could ALEX DANIEL @alexmdaniel HEATHROW airport has come under fresh pressure to increase be nationalised competition between airlines, amid concerns over a monopoly by ALEX DANIEL British Airways owner @alexmdaniel draw up plans for how it will make International Airlines Group (IAG). dramatic improvements to its service. A survey commissioned by Virgin ONE OF Britain’s biggest rail fran- David Brown, managing director at Atlantic has suggested 57 per cent chises could be nationalised amid Northern Rail, said: “These discus- of British travellers support more concerns about its financial situation sions have no impact on rail services choice of airline at Heathrow, one and late-running trains, the transport for customers. Our job is to continue day after the transport secretary secretary has said. to provide the best service possible for Volvo hopes for its global manufacturing network to be climate neutral in six years backed calls for more competition. Grant Shapps said yesterday he is our customers.” Transport secretary Grant considering whether Northern Rail, According to recently-released on- Shapps said it is “incredibly which is run by German operator time statistics from the Office for Rail important” to open up competition Arriva, should be brought back under and Road (ORR), just 57 per cent of Volvo Cars aims to become fully at the airport. state control. Northern Rail trains run on time, Heathrow currently allocates He told MPs the franchise “cannot while the UK average is 65 per cent. more than half of its take-off and continue” running services so late. “Nearly two-thirds of all trains arrive climate-neutral by end of 2040 landing slots to IAG. The next Northern Rail operates across most of on time but if you’re on Northern it’s largest groups are Lufthansa and the north of England, stretching from not much over half. That is a big gap,” ALEX DANIEL measures, including generating 50 Virgin Atlantic, with eight per cent Liverpool to beyond Newcastle. Shapps said. @alexmdaniel per cent of global sales from fully and seven per cent of Heathrow The transport minister told the He said writing to Arriva and the electric cars and having a 25 per slots respectively. cross-party Transport Select Commit- OLR was the “first phase” of the VOLVO is targeting a 40 per cent cent share of recycled plastics in A Heathrow spokesperson said: tee of MPs that he had asked for pro- process. A final decision could be reduction in the carbon footprint of new vehicles by that time. “To secure these benefits for posals to take over the franchise from taken in late 2019 or early 2020. each car it makes by 2025, as it bids “At Volvo Cars we will address passengers, the government needs the government’s so-called Operator It comes ahead of a hotly-antici- to become climate neutral by 2040. what we control, which is both our to reform the current slot of Last Resort (OLR). pated report which is expected to call The company, which is owned by operations and the tailpipe allocation system. It must Arriva, which is owned by the Ger- for a replacement for the current Chinese firm Geely, aims to reach emissions of our cars,” chief encourage competition and choice man state, has also been asked to franchising system. the 2025 targets through a string of executive Hakan Samuels said. amongst all airlines.” Like solar farms We see possibilities that fl oat. everywhere. Lightsource BP, already Europe’s largest solar company, is expanding its large-scale solar capacity across the globe. It’s one more way BP is working to make energy cleaner and better.

CITYAM.COM THURSDAY 17 OCTOBER 2019 NEWS 13 Two Wall Street Turkey ready to banks surpass expectations retaliate in US SEBASTIAN MCCARTHY @SebMcCarthy TWO US banking giants reported better-than-expected financial sanctions battle results yesterday following a turbulent 12 months for Wall TUVAN GUMRUKCU “We’re in a great position,” Trump Street. told reporters at the White House. Bank of America’s profit TURKEY will retaliate against US sanc- “I think they’ll have a successful slumped roughly 20 per cent in the tions over Ankara’s military opera- meeting... If they don't, the sanctions, third quarter of this year, but its tion into northeast Syria, Turkish tariffs other things that we’re doing shares rose 1.5 per cent after it foreign minister Mevlut Cavusoglu — will do and are doing — to Turkey trumped market expectations. said yesterday, adding that all threats will be devastating to Turkey’s Quarterly profit at the second and sanctions against Turkey were economy.” Protests in Hong Kong have escalated in recently over a proposed extradition bill largest US bank by assets tumbled unacceptable. Trump has been on the defensive from $7.2bn (£5.6bn) to £5.8bn year Speaking in parliament, Cavusoglu since his abrupt decision announced on year, yet the drop in profit was also said Turkey expected the US last week to withdraw forces from driven by a one-time $2.1bn charge Congress to turn back from its “dam- northeastern Syria where they had Hong Kong boss Carrie Lam says from the end of a partnership with aging approach”, and added that ties been supporting Kurdish forces fight- First Data. between Ankara and Washington ing Islamic State. BNY Mellon also beat estimates were at a critical juncture. US politicians, including Trump’s city entered ‘technical recession’ as a cost-cutting effort helped He said he would convey this to a US fellow Republicans, have been fiercely offset weakness in the firm’s delegation led by vice president Mike critical of what they see as the Presi- SEBASTIAN MCCARTHY and rejuvenate the economy, which investment management business. Pence in Ankara, along with US dent’s hasty handling of the situation @SebMcCarthy has been rocked by widespread Net interest revenue tumbled 18 secretary of state Mike Pompeo. following Trump’s phone call with demonstrations and the US-China per cent to $730m, dented in part US President Donald Trump yester- Turkish President Recep Tayyip HONG Kong’s chief executive said trade war. by a lease-related impairment of day said the United States was “going Erdogan last Sunday. yesterday that the city had entered a The remarks were made on video $70m. Fee revenue fell one per to try to work it out” with Turkey re- Trump yesterday said he did not give “technical recession”, in the latest after Lam was forced to suspend her cent. garding its assault into Syria, but US Erdogan a “green light” to push into sign of economic trouble after annual address, having being Interest rate cuts and continued sanctions would be “devastating” if northeastern Syria, and that the months of protests. heckled in parliament by opposition uncertainty over the US-China discussions with Ankara did not Turkish leader had long been plan- Carrie Lam has unveiled measures politicians who shouted and trade war have rocked confidence go well. ning such a move. Reuters to ease Hong Kong’s housing woes climbed on tables. in the banking sector. 14 NEWS THURSDAY 17 OCTOBER 2019 CITYAM.COM African Export-Import Bank confirms float plan in boost to London market

SEBASTIAN MCCARTHY the continent, is hoping to raise and extra-African trade”. @SebMcCarthy $250m (£196m) in its float on the The flotation is a rare bit of good London Stock Exchange. news for London’s IPO market, AN AFRICAN trade finance group The group, better known as Afrex- which has struggled with a sharp confirmed yesterday its plans to imbank, said the final offer price drop in new listings amid ongoing plough ahead with a listing in will be determined following a book- political uncertainty in the UK. London, giving a boost to the building process, with admission There were 24 IPOs on the LSE by capital’s ailing initial public expected to occur in November. the end of September this year, a 55 offering (IPO) market. Founded in 1993 by a group of per cent drop compared to the same The African Export-Import Bank, African governments and investors, period in 2018. The third quarter of which provides trade finance for Afreximbank was created to “to 2019 was the quietest quarter in a large infrastructure projects across facilitate, promote and expand intra decade for UK IPOs. Climate protestors blockaded Youtube’s offices in London yesterday Extinction rebels target Youtube for climate denial STEFAN BOSCIA turned into a mass sit-in to blockade the @Stefan_Boscia roads. People involved included Labour MP EXTINCTION Rebellion blockaded the Clive Lewis, Green MP Caroline Lucas entrance to Youtube’s London headquar- and writer George Monbiot. ters yesterday as the group’s protest ac- Many of those in attendance taped tion continued. their mouths shut. The tech giant was targeted for al- A spokesperson for the group said it legedly promoting videos that deny the was to signify a “police attempt to existence of man-made climate change, silence the group’s protests”. according to an open letter from the The Metropolitan Police cleared away group. Extinction Rebellion’s campsite in “The disproportionate representation Trafalgar Square on Monday night, of the denialist perspective can be traced which had been set up after a Section 14 back to systematic disinformation cam- action. Police subequently banned the paigns conducted by fossil fuel interests climate activists from taking part in the and their political allies,” it read. so-called Autumn Uprising in an at- “We demand you make this platform tempt to clamp down on protests. one that tells the truth.” Green MEP Ellie Chowns was arrested The protest action came as the group on Tuesday night for returning to Trafal- also returned to Trafalgar Square just gar Square with other protesters. days after being evicted by police. More than 1,600 people have been The group held a people’s assembly at arrested so far as a part of the group’s the square yesterday afternoon, which activities.

Transport for London Public Notice ROAD TRAFFIC REGULATION ACT 1984 THE A10 GLA ROAD (BISHOPSGATE CITY OF LONDON) (TEMPORARY PROHIBITION OF STOPPING) ORDER 2019 1. Transport for London hereby gives on 18th November 2019 or when the notice that it intends to make the works have been completed. The above named Traffic Order under prohibition will apply only during section 14(1) of the Road Traffic such times and to such extent as Regulation Act 1984 for the purpose shall from time to time be indicated specified in paragraph 2. The effect by traffic signs. of the Order is summarised in 4. The prohibitions will not apply in paragraph 3. respect of: 2. The purpose of the Order is to (1) any vehicle being used for the enable water disconnection works to purposes of those works or for fire take place on A10 Bishopsgate. brigade, ambulance or police 3. The effect of the Order will be to purposes; prohibit any vehicle from stop in the (2) anything done with the permission loading, unloading and disabled or at the direction of a police person’s vehicles bay outside constable in uniform or a person Nos.154-164 Bishopsgate. authorised by Transport for London. The Order also permits all vehicles to use the bus lanes on both Dated this 17th day of October 2019 carriageways of Bishopsgate between its junctions with New Street and Claire Wright Liverpool Street/Devonshire Row. Co-ordination and Permitting Area The Order will be effective at certain Manager times from 8:00 AM on 1st Transport for London, Palestra, November 2019 and 5:30 PM 197 Blackfriars Road, London, SE1 8NJ

MAYOR OF LONDON CITYAM.COM THURSDAY 17 OCTOBER 2019 NEWS 15 Huawei posts revenue AI marketing sector attracts boost as US crackdown $2.5bn funding

JAMES WARRINGTON fails to tarnish growth @j_a_warrington ARTIFICIAL intelligence (AI) marketing JAMES WARRINGTON European policy makers continue to companies bagged $2.5bn (£2bn) of choose Huawei based on the high- investment last year as marketers @j_a_warrington quality and efficiency of our products turned to the new technology to help HUAWEI yesterday reported a sharp and services.” Timbaland has also enjoyed commercial success as a solo artist analyse huge troves of data. increase in revenue for the third quar- However, the embattled Chinese Last year’s investment surge has ter as US sanctions failed to hamper firm may still face trouble ahead, as continued into 2019, with $1bn its smartphone shipments. the full extent of the US crackdown is invested in the second quarter alone, The Chinese tech giant pulled in rev- yet to kick in. That’s a rap: Hipgnosis lands according to figures compiled by enue of 610.8bn yuan (£67.2bn) in the US President Donald Trump has tech investment firm GP Bullhound. first three quarters, up 24.4 per cent added Huawei to a trade blacklist, The report showed that marketing year on year. Revenue was up 27 per effectively banning it from doing busi- Timbaland’s song catalogue AI remains a nascent sector, with cent in the three-month period to the ness with American companies. private placements outnumbering end of September. Trump’s administration has granted JAMES WARRINGTON Timbaland, who has received 13 merger and acquisition transactions. Huawei’s growth was driven by con- the firm a reprieve until November, Grammy award nominations, has However, the steady rise highlights tinued strong sales in its smartphone after which the company will be @j_a_warrington produced a raft of hit songs, how marketers are increasingly division, with 185m phones shipped denied access to American-made tech- MUSIC royalties investment firm including all of singer Justin looking to technology to help sort so far this year. The company also nology, including Google apps. Hipgnosis has bought the catalogue Timberlake’s number one albums. He and analyse growing amounts of continued sales of 5G infrastructure, Huawei founder Ren Zhengfei has of prolific US record producer is also the brains behind tracks user data. signing 60 commercial contracts. said his company had started produc- Timbaland. performed by Nelly Furtado, Missy “AI heralds the beginning of a new Victor Zhang, Huawei senior vice ing equipment without any US com- The London-listed firm said it has Elliott, Jay-Z, 50 Cent and 2Pac. marketing era, driven by the need to president, said: “Huawei’s third-quar- ponents. However, he has admitted secured the rights to 108 albums and The deal is the latest in a string of connect vast amounts of disparate ter results today demonstrate that that the company could take a $30bn songs belonging to Timothy Mosley, purchases by Hipgnosis, which allows data,” said Oliver Schweitzer, consumers, telecoms operators and (£23.4bn) revenue hit this year. better known as Timbaland. shareholders to invest in songs. executive director at GP Bullhound.

City of London update British firms slash funds Has your firm prepared for Brexit? for advertising budgets HE UK government has pledged to leave the European Union with JAMES WARRINGTON The fractional decline, which is Overall, nearly two-thirds of T or without a deal - so is your firm the first since 2012, highlights the respondents reported no change to @j_a_warrington underlying hesitancy as businesses their overall marketing budgets. ready for Brexit? UK COMPANIES have cut their grapple with Brexit uncertainty. “It’s a false economy to cut one’s marketing budgets for the first time Some respondents said the lack of ad budget when things look It may have a significant impact on in seven years as ongoing clarity warranted a “wait-and-see” uncertain,” said IPA director general uncertainty has forced bosses to approach, while others said a drop Paul Bainsfair. businesses of all sizes across the keep a tight control over spending. in consumer confidence had “The evidence shows that far Square Mile and beyond. So firms need A net balance of minus 0.5 per prompted them to hold off on big- from being prudent, it can have a to start preparing now for the effect it cent of companies reported a ticket marketing campaigns. negative long-term effect on growth. reduction in their marketing Other marketing bosses said their “Companies that hold their nerve may have for your business and budgets in the third quarter, marketing budgets had remained consistently, and that invest in the employees. according to the Institute of unchanged, but they had shifted 60:40 ratio of longer-term brand The City of London Corporation has also Practitioners in Advertising’s (IPA) focus to online and social media- building to shorter-term sales most recent bellwether report. based campaigns. activation, outperform the market.” An information campaign urging the created a web page that lists different public to "get ready for Brexit" has sources of advice that could help. been launched by the government. cityoflondon.gov.uk/ including a website, gov.uk/brexit. brexitandyourbusiness Facebook exec certain ® Libra will secure much Make sure you have your say DON’T miss out on your chance to have Photography: David Venni / Chilli Media Venni David Photography: needed finance backers a say on City services. MICHELLE PRICE Staff in businesses and other Tess Daly FACEBOOK, whose digital currency project Libra has organisations based in the Square Mile been abandoned by several high-profile partners can vote in the City of London’s including Paypal, Visa and Mastercard, still expects to elections and qualifying firms have get 100 banks and financial firms on board once it addresses regulatory concerns, the head of the project already been sent registration forms by said yesterday. the City Corporation. 24 nutrients “It will take time for us to address all of the regulato- ry concerns that were raised and it's our duty and our responsibility to come with answers to all of these This means you can have a voice on the energy release questions,” head of Libra David Marcus told a panel at different areas of the City Corporation’s To find out if your firm has a named the International Monetary Fund (IMF) conference. work - from air quality to cycling, contact to help you register to vote, get “I think once we’ve done this then I think we’ll see more banks and traditional financial services firms personal security to green spaces and in touch on 0800 587 5537 or join the effort,” Marcus said, adding it was harder for commuting to transport improvements [email protected] From , Superdrug, Holland & Barrett, large, regulated financial firms to “take an active part and more. cityoflondon.gov.uk/workervote supermarkets, pharmacies, health stores and in this fight right now, given the climate and the wellwoman.com pressure.” * UK’s No1 women’s vitamin brand. Source: Nielsen GB ScanTrack Total Coverage Value and Unit Retail Sales 52 w/e 18 May 2019. To verify contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. Other key members to pull out of the project includ- ed Stripe, Ebay and Booking Holdings. Reuters News, info and offers at www.cityoflondon.gov.uk/eshot 16 NEWS THURSDAY 17 OCTOBER 2019 CITYAM.COM

TRACK RECORD Match Hospitality named Trade committee not impressed by as Silverstone Circuit’s official partner government’s Brexit preparations STEFAN BOSCIA foreign investment. commissioners in overseas countries. @Stefan_Boscia The government response cited its MacNeil said yesterday: “The “foreign direct investment response to our report by the A GOVERNMENT response to an promotion strategy” over the past 18 Department for International Trade International Trade Committee months as evidence of Brexit is less than encouraging. report has been branded as “less than preparations. The strategy involves “I am not filled with confidence encouraging”. using data to assess the impact of that the government is in a good The report, written by committee potential projects and where to best position to start negotiating on chair and Scottish National Party MP invest money. international investment — either as Angus MacNeil, criticised the The report also cited the work part of free trade deals or in government’s lack of detail on post- being done by the nine newly standalone investment agreements Brexit strategy to attract more appointed international trade — in a matter of weeks.”

FOLLOWING the news that Silverstone Circuit in Northamptonshire will host the Formula 1 British Grand Prix until at least the end of the 2024 season, Match Hospitality have been appointed as the racing circuit’s official hospitality partner. Police watchdog set to take reins of Arcuri inquiry

STEFAN BOSCIA material as part of our assessment to @Stefan_Boscia determine whether it is necessary for this matter to be criminally investi- TWO GREATER London Authority in- gated,” he said. quiries into conflict of interest claims “We have asked the committee to against Boris Johnson have been put give precedence to our enquiries on hold after fears it could prejudice given we are assessing possible a police watchdog investigation. criminality.” The London Assembly’s oversight Oversight committee chair Len Du- committee has been investigating vall said the assembly would comply Johnson’s links to American business- with the IOPC’s request. woman Jennifer Arcuri while he was A spokesperson for the mayor said mayor of London. Robinson will also significantly scale Arcuri, who was friends with John- back her investigation. son, was awarded a grant worth “The London Assembly respects the £11,000 from mayoral organisation IOPC’s remit and will not in any way London & Partners. interfere with its important work,” Mayor of London Sadiq Khan had Duvall said. also appointed London Fire Brigade “However, the assembly also has an general counsel Kathryn Robinson to important role and special powers. lead a separate inquiry. “We will consider using those pow- The oversight committee yesterday ers immediately following the conclu- said it had been asked to put its sion of the IOPC’s work.” inquiry on hold by the Independent Johnson’s lawyers sent a letter last Office for Police Conduct (IOPC). week to the assembly claiming the An IOPC spokesman said the other oversight committee had no remit to inquiries could prejudice its own investigate the Prime Minister. assessment of the case. The letter said that the investigation “We are currently acquiring would become “highly politicised”. EU orders Broadcom to suspend business deals in investigation

SEBASTIAN MCCARTHY The unprecedented move from @SebMcCarthy Margrethe Vestager, the EU’s competition chief, means Broadcom BROADCOM was ordered to halt its has 30 days to comply with the deals with six major customers order. An in-depth investigation into yesterday amid an investigation into Broadcom was launched in June. whether the chip maker abused its A Broadcom spokesperson said: market position to hurt rivals in its “Broadcom’s contracts with the television and modem market. customers that the European The EU’s antitrust regulator is Commission characterises as imposing interim measures to exclusivity-inducing remain in force, prevent any likely “harm” to other than the provisions at issue, competition, suspending certain and we intend to continue to business deals between the tech support these customers going giant and TV and modem makers. forward.” CITYAM.COM THURSDAY 17 OCTOBER 2019 FEATURE 17 ACCA PROFIT FROM PURPOSE

Helen Brand explains what it means to be an ethical leader

T A TIME when the conduct of companies, our communities, and our rate purpose outperform the market ETHICAL COMPLEXITIES ing, with our Ethics and Professional- business leaders is regularly country”. As such, it speaks to shifts by five to seven per cent each year. For ACCA and the professional ac- ism Skills Module. This is an integral questioned, the concept of that have been gathering pace – some Purpose matters. And that purpose countants who make up our global part of the ACCA Qualification. Aethical leadership matters would argue, all too slowly – in the cor- has to be powerfully articulated, trans- membership – 219,000 members and Also, the introduction of our Strate- now more than ever. porate world. mitted, and engaged with throughout 527,000 students in 179 countries – gic Business Leader level exams allows People are taking to the streets Reporting on the Business Round- an organisation. ethical conduct is absolutely central to our students to demonstrate strategic around the world, demanding action table statement, the Harvard Business You see leadership qualities played building trust and confidence. thinking and leadership that draws on on human rights, civil liberties, and Review commented that it “represents out in all their glory and failure in Throughout this final quarter of their ethical judgment, technical and climate change. a very public rebuke of Milton Fried- football management. 2019, we are highlighting the power of professional skills, and present their With the public becoming increas- man’s worldview” that “the business As a football fan, I’ve always been im- ethics, trust and sustainability – show- responses in the way that would be ex- ingly concerned about environmental, of business is business and the sole pressed with the manager of the Eng- ing how digital advances, tightening pected in the workplace. regulatory, and societal issues, these focus of the CEO is to maximise the land men’s team, Gareth Southgate. regulation, and changing consumer We’re at the leading edge of this considerations are being factored into profits of that business”. His leadership style exemplifies profes- behaviour have introduced new ethi- change, working with our partners to their purchasing habits. And as a result, So at this time of immense change, sionalism, courage and dignity. He pre- cal complexities to the ever-changing equip our students and members with people are demanding action from pol- what does it mean to be an ethical pares his players to be resilient and business world. the right skills and knowledge to suc- icymakers and leaders. leader? empowers them to “be in control of Consequently, the need for the ethi- ceed. the process” at major tournaments. cal leadership has never been greater. And our members have the edge – THE POWER OF PURPOSE THE RIGHT WAY It’s about empowering people to give This was something we highlighted their lifelong commitment to ethical In our turbulent and uncertain world, Leadership means taking people with their best, and encouraging them to do on Global Ethics Day yesterday, with a practice begins the moment they sign these sentiments are leading busi- you. Ethical leadership is about taking so in the right way – which means pri- number of events around the world – up to study our qualification. This ad- nesses to re-examine how they account people with you as you strive to do the oritising ethical behaviour. including the third annual Film Festi- vantage is then carried into their ca- for their existence. right thing and make a positive impact val in Singapore, an ethics pledge in reers as ACCA members – who each see In August, one of the pre-eminent on the world around you. Malaysia and a Brussels breakfast event this ethical understanding as a collec- business lobbies in the US, the Busi- Clearly articulating an idea, getting about ethics and trust in the financial tive responsibility as well as a personal ness Roundtable, issued an open letter others to be genuinely excited about it, markets. one. entitled Statement on the Purpose of a bringing them on a journey, and sup- While the power of ethics begins Corporation. porting them along the way are the The accounting THE BACKBONE OF BUSINESS with me and you, it is amplified to ex- Signatories to the letter included 181 hallmarks of a true leader. Finance professionals are the back- traordinary effect when it applies to chief executives of major corporations, But, increasingly, this can’t be just industry has a bone of business, and ethics plays a “us”. from Apple to Walmart, representing any idea, and personal effectiveness crucial role in everything they do, so And this is the most valuable com- 30 per cent of US market capitalisa- and charisma alone are not enough to particular the accounting industry has a particu- modity professional bodies can give to tion. energise and inspire. responsibility to lar responsibility to uphold and lead the world – professionals who care In this letter, leaders stated that Through analysing feedback from on ethical issues. about doing the right thing. “each of our stakeholders is essential. more than 1.3m US employees, Har- uphold and lead They have to be aware of ethical We commit to deliver value to all of vard Business Review also found that dilemmas, and that’s why our students £ Helen Brand OBE is the chief them, for the future success of our companies with a high level of corpo- on ethical issues have ethics at the heart of their train- executive of ACCA. 18 NEWS THURSDAY 17 OCTOBER 2019 CITYAM.COM Strong London performance pushes up Segro’s value of headline rent ALEX DANIEL Rent roll growth from existing stable at 4.9 per cent, up from 4.8 per space in the third quarter was £2.1m, cent last year. @alexmdaniel down from £5.5m last year. “The third quarter has seen PROPERTY giant Segro has increased Segro said it had “continued to another period of strong operational the value of new headline rent capture reversionary potential” from delivery from Segro,” chief executive contracts signed for the third quarter. its portfolio, “with new headline David Sleath said. The investor and developer said rents on review and renewal “We have continued to secure high yesterday it signed contracts worth approximately 20 per cent higher levels of new rental income both £15.3m over the period, up from than previous passing rent”. from our existing portfolio and from £12.6m over the same time last year. The firm said the Slough trading our active development programme, The growth brings its total estate and its greater London in which we have over 1m square headline rent contracts signed for the portfolio made strong contributions metres of new space under year to £48.6m. That is down from to performance. construction or in advanced £52m at this point in 2018. Vacancy rates remained largely discussions.” Segro’s share price fell 1.6 per cent following the update O2 switches on Barratt seeks to 5G in UK rollout across six cities reassure market JAMES WARRINGTON @j_a_warrington O2 HAS today switched on its 5G network in London and five other locations across the country, over uncertainty completing the rollout of the new high-speed network for the major JESS CLARK housebuilders have strongly hinted UK providers. that this is as good as it gets for the The new network will be @jclarkjourno sector. But you would not necessarily available in London, Belfast, BRITAIN’s biggest housebuilder guess as much reading today’s trad- Cardiff, Edinburgh, Slough and Barratt Developments shrugged off ing statement from Barratt Develop- Loungers, which owns the Cosy Club and Lounge brands, opened 10 sites recently Leeds, with a total of towns and concerns about political and eco- ments,” Russ Mould, investment cities earmarked for launch by the nomic uncertainty yesterday as it re- director at AJ Bell, said. end of the year. assured investors it could deal with “Industry margins are under pres- O2’s 5G will initially be available the potential effects of Brexit. sure as house prices stall at the same New restaurant openings send in the busiest locations, such as The FTSE 100 developer said it has a time as building costs are going up London Waterloo, Kings Cross, strong balance sheet and cash posi- and there are also signs purchasers Twickenham and the Emirates tion to provide it with the resilience are using the current uncertainty to Cosy Club owner’s sales soaring Stadium. and flexibility to react to “potential haggle more on price or looking for Customers will be able to access changes in the current operating higher specification features in their JESS CLARK including a Cosy Club in Plymouth, the network on a variety of custom environment”. homes... Either Barratt has found an and Lounges in Carmarthan and tariffs, including an unlimited data Barratt completed 3,252 homes in approach that has eluded its rivals or @jclarkjourno Buxton. option, without a premium. the 15 weeks to 13 October, up 14 per it seems likely shareholders will face LOUNGERS, the owner of the Lounge The group is on track to open 25 “I believe 5G is going to cent on last year, and announced that disappointment at some stage.” and Cosy Club restaurant brands, said new restaurants in the financial revolutionise the way people and total forward sales, including joint Shares edged down 0.9 per cent. revenue soared over the summer as year, and said the new openings businesses use mobile connectivity, ventures, rose to 12,963 units from the company opened 10 new venues. pipeline remains strong. unlocking huge possibilities for our 12,903 a year earlier. BARRATT DEVELOPMENTS Revenue in the 24 weeks to 6 Loungers chief executive Nick economy and society,” said Mark However the value of the homes fell October was £79.8m, an increase of Collins said: “Both Lounge and Cosy Evans, chief executive of O2 parent 2.4 per cent to £3.07bn and sales per 700 P 22 per cent on the previous year, as Club have continued to perform company Telefonica UK. site per week were flat, the company the group opened eight Lounges and well, reflecting the growing appeal “No one in the country has all said in a trading update. 650 two new Cosy Clubs. of our customer offer in the the answers today, but I’m excited The firm launched 26 new develop- Like-for-like sales were up 5.4 per communities in which we serve. about getting it into the hands of 16 Oct ments in the period, down from 53 600 cent, the firm said in a trading “Our broad, value for money our customers... and working to the year before, and reiterated its tar- 676.80 update yesterday. proposition across multiple shape the future of 5G.” get of three to five per cent annual Loungers has since opened occasions underpins the resilience The launch marks the final 5G growth in wholly owned home com- 550 another Cosy Club in Basingstoke. of our trading and leaves us well switch-on for major providers, pletions in the medium term. A further three sites are expected placed to continue to outperform following rollouts by EE, Vodafone “Recent updates from the 10 Oct11 Oct 14 Oct 15 Oct 16 Oct to open before the end of the month, the market.” and Three. National Express continues global expansion with Casablanca contract

JESS CLARK to 700 in 2020. National Express chief executive The company is now the sole Dean Finch said: “I am delighted we @jclarkjourno operator in five of Morocco’s six have secured this significant NATIONAL Express has secured a largest urban areas and from next contract in Morocco. €1bn (£869m) contract to run a bus year will run more buses in the “This nearly doubles our presence service in Casablanca, nearly country than it does in the UK. in Morocco, which had already doubling its business in Morocco. National Express will also doubled in August with Rabat’s The bus operator’s Spanish and introduce new payment and successful start-up. Moroccan division Alsa has been scheduling systems and be “We will now operate more buses awarded the 15-year contract, which responsible for a redesign of the in Morocco than the UK. We look will start next month with the network, which will carry around forward to serving the people of National Express now runs more buses in Morocco than in the UK deployment of 400 buses, increasing 100m passengers each year. Casablanca soon.” CITYAM.COM THURSDAY 17 OCTOBER 2019 MARKETS 19

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BODYCOTE P Wall St slips as Whirlwind day 720 700 668.50 680 16 Oct weak data hits

660 for UK shares in 640 high earnings 620 ALL Street lost ground Wyesterday as weak US 10 Oct 11 Oct 14 Oct 15 Oct 16 Oct economic data and simmering geopolitical tensions Heat treatment and industrial coatings firm Bodycote has been feeling the heat of spooked buyers away from the talks of EU deal late, with its share price having fallen more than a quarter since April. The London- equities market, despite a string of listed firm could face even more trouble in the coming months, however, according generally positive third-quarter to Liberum analysts. They said its fundamentals have improved, with better earnings reports. TERLING swung around five- Trading in sterling options sug- margins, returns and cashflow, but the market is not appreciating it. “Its relative Technology shares, led by month highs yesterday and gested high volatility in the currency valuation has rarely been lower,” they said. Liberum gave Bodycote a “hold” rating Microsoft, which closed 0.8 per cent stocks in London cut their was likely one way or another. and downgraded its target price to 700p from 740p. down weighed heaviest, pulling all Slosses amid a blizzard of con- British government bonds benefited three major US stock averages into tradictory headlines about from the renewed uncertainty, with the red. whether Britain and the European 10-year yields broadly flat on the day MARSTON'S US retail sales contracted in Union were on the verge of agreeing at 0.7 per cent. September for the first time in seven a Brexit deal. With the spotlight on Brexit, P months in a sign that cracks might be In another volatile day of trading for September inflation data had little 125 spreading from the troubled UK assets, financial markets re- market impact. 117.20 manufacturing sector to the broader mained hostage to news as Boris Britain’s inflation rate failed to 120 16 Oct economy. Johnson and EU negotiators rise as expected last month as 111 US-China trade uncertainties raced against the clock to petrol prices fell at the 115 increased after the US House of forge a withdrawal agree- fastest rate in more than Representatives riled Beijing by ment before the EU three years, a boost to 110 passing pro-democracy legislation in summit today. support of Hong Kong. Negotiators were Royal Mail shares had a US President Donald Trump said he struggling to clinch an rocky day after news of 10 Oct 11 Oct 14 Oct 15 Oct 16 Oct would probably not sign any trade 11th-hour deal, raising the Christmas strike deal before he meets with Chinese the chances that John- It was anything but a glass-half-full for pub chain Marston’s at the start of the week. President Xi Jinping at the upcoming son will have to seek an consumers. Shares plummeted on the news its profit will fall this year amid weakening food Apec Forum in Chile, but said a partial extension of the 31 Octo- Barratt, Britain’s largest sales (it seems its plate is empty too). However, much like a pub lunch, it is worth trade deal was being formalised. ber deadline for Britain’s housebuilder, gave up 3.7 buying the stock anyway because it is undervalued, according to Liberum analysts. Analysts currently expect S&P 500 exit from the bloc. per cent, while peers Persimmon The stock remains inexpensive despite “challenging” trading “with covers and third-quarter earnings to fall by three Sterling has surged some five per and Taylor Wimpey lost around three margins under pressure,” they said. They gave it a “buy” rating and a target price of per cent, which would mark the first cent since late last week, when per cent each. 125p, down from a previous 130p target. year-on-year contraction since the London and Brussels restarted intense Royal Mail shares experienced a earnings recession that ended in 2016. negotiations. volatile day of trading after news of However, of the 43 S&P 500 But yesterday sources in the bloc its largest workers’ strike in more SUPERDRY companies to have posted third- said the talks had hit a “standstill”. than a decade, but settled to a 0.14 per quarter results so far, 86 per cent have Britain’s mid-cap stocks index FTSE cent rise. 460 P beaten expectations. 250 cut its losses from the morning Shares of Woodford Patient Capital Bank of America rose 1.5 per cent and was last down marginally. Trust sank 5.5 per cent to a record low, 440 after posting its third-quarter profit Ireland’s main stocks index fell 0.5 a day after embattled manager Neil beat due to growth in advisory fees per cent. Woodford resigned. 420 and loan book expansion. United Airlines advanced 1.9 per 400 444 cent after the airline beat quarterly TOP RISERS FTSE 16 Oct profit estimates and increased its 2019 380 P guidance. 1. United Utilities Up 2.84 per cent 7,250 The Dow Jones Industrial Average 2. Severn Trent Up 1.95 per cent 10 Oct 11 Oct 14 Oct 15 Oct 16 Oct fell 22.82 points, or 0.1 per cent, to 3. RBS Up 1.59 per cent 7,200 27,001.98, the S&P 500 lost 5.99 Superdry shares did not move much on the news that co-founder Julian Dunkerton points, or 0.2 per cent, to 2,989.69 and TOP FALLERS 7,150 16 Oct will remain boss until 2021 earlier this week. The outspoken chief won a crunch vote the Nasdaq Composite dropped 24.52 7,167.95 to get the job earlier this year, with a pledge to turn the struggling retailer around. points, or 0.3 per cent, to 8,124.18. 1. Hiscox Down 5.18 per cent 7,100 But investors may be more buoyant if Liberum analysts are right about the effects of Of the 11 major sectors in the S&P 2. NMC Health Down 4.14 per cent his turnaround plan. They forecasted a “plausible recovery”. “Good initial progress is 500, six closed in negative territory, 3. LSE Down 2.75 per cent being made against the key operational milestones set out by new management,” with energy and tech suffering the 10 Oct11 Oct 14 Oct 15 Oct 16 Oct they added. They gave it a “buy” rating and a 600p target price. largest percentage losses. CITY MOVES WHO’S SWITCHING JOBS

LASALLE commercial real estate, supporting investors in Elkhouly as managing director of its asset NATIXIS Lasalle Investment originating and structuring financing solutions across management team. Wael has over 27 years’ Wealth management firm Natixis has appointed Management has appointed a wide range of asset classes and funding structures. experience in infrastructure finance and asset Joseph Pinto as chief operating officer of its Richard Craddock as Amy Klein Aznar, head of debt and special situations at management, most recently working at Bastion investment management branch. Joseph has managing director of its whole Lasalle, said: “Richard is a great addition and Infrastructure Group in Toronto, where he served as extensive experience in the financial services sector, loans division, which launched strengthens our senior debt team. Given the growth partner and head of asset management. Infracapital working at Lehman Brothers in London, before earlier this year with €600m and heightened investment activity of our debt and has welcomed a number of new team members to the becoming project manager at McKinsey in Paris in (£517m) of initial special situations business in recent years, we have business over the last 12 months, as it continues to 1998. Joseph then became deputy chief executive and commitments and invests in made a number of strategic hires and grown the team focus on opportunities for investment in essential member of the board of directors of Banque Privee whole loans across western to over 30 people. We are well placed to capture infrastructure assets. Ed Clarke, co-founder and chief Fideuram Wargny, before joining AXA IM in January Europe, with an initial focus on investment opportunities across Europe.” intelligence officer of Infracapital, said: “Wael brings 2007 as head of business development for France, France, Benelux, Iberia, and extensive knowledge and experience to our asset south Europe and the Middle East. He then took the Ireland. Richard has over 12 years of experience in the INFRACAPITAL management team... We are thrilled to further expand leadership of the markets and investment strategy European real estate finance market and joins the Infracapital, the infrastructure equity arm of M&G this important capability in line with our growing department in 2011 and became chief operating team from Wells Fargo where he was a director of Prudential, has announced the appointment of Wael asset portfolio.” officer in 2014.

To appear in CITYMOVES please email your career updates and pictures to [email protected] 20 OPINION THURSDAY 17 OCTOBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS However noble the cause, eco TO THE EDITOR Brilliant bets and rebels are not above the law painful mistakes

[Re: How the shutdown of the Woodford fund will hit investors] MAGINE a city in the grip of a making their lives a misery. Alan Londoners will no doubt be over- crime wave, where the hard- In their inaction, the police were joyed that MPs representing The disproportionate returns from star pressed police have to draft in further hindered by the attitude of Mendoza Brighton, Norwich and Stroud are managers such as Neil Woodford come officers from other parts of the some politicians, who were taking such a keen interest in a mat- from taking unusual and extraordinary I risks. Many times these risks pay off country to maintain order in an strangely reluctant to criticise dis- ter affecting so few of their con- increasingly fractious situation, ruption that affected hundreds of stituents, and that the human rights handsomely for investors and investment where ordinary citizens find their thousands of people and caused of protesters matter more to them managers. Sometimes they fail. daily journeys to work and school millions of pounds of economic than the human rights of those fac- Three decades of successful investing disrupted, and where local busi- damage in terms of transport chaos ing the effects of their protests. don’t disappear overnight, but some shine nesses suffer the effects of day after and lost business. There is of course a need for envi- has come off the star manager. It is hard to day of unlawful activity. The Holy Grail of climate change ronmental activism in society. Cli- anticipate a liquidity and redemption Now imagine that in that same was above questioning when it We live in a mate change is one of the great crisis, especially when triggered by loss of city, the local mayor has shown came to the awkward behaviour of democracy where issues of our time, and pivotal for confidence. When it happens, few survive. more sympathy with the forces the those protesting it, or so it seemed. the planet’s future. There is a fine line between brilliant bets criminals are affiliated to than This time, what initially seemed a the ballot box is But as those who have actually and painful mistakes. Administrators, those of law and order trying to carbon copy of the first incidence studied Extinction Rebellion in lawyers and regulators will be combing keep his city’s streets open. And has panned out rather differently. the path to change, depth know, it is a group at odds through these over months and years. that politicians from the rest of the Having initially established com- not unlawful with the good intentions of those Hindsight is always 20-20. country have chimed in with pious mand and control centres across who see it simply as a vehicle for ac- No race-car driver is ever the same after talk about how, while the ends may Westminster – blocking key roads direct action tion on climate change. they have suffered a major crash. The not justify the means, there is an and bridges – the Extinction Rebel- A recent Policy Exchange report same will apply to Woodford. It is a painful important message about the crime lion street disruptors found them- showed that those at the heart of lesson for all that there is no risk-free lunch. spree that needs to be heard. selves swiftly closed down by a the movement have beliefs “rooted Still, the one-time “bond king” Bill Gross You might well be forgiven for diligent police force determined to intent on repeating their mistakes in the political extremism of anar- suffered a reversal of fortunes and thinking that this is some Latin use their powers to combat illegality from the first bout of Extinction Re- chism, eco-socialism and radical continues to feature prominently in the American fable, with an ageing and control public order offences. bellion madness. anti-capitalist environmentalism”, news. As with Gross, it will take time for Woodford to recover. But he will be back. caudillo facing his just deserts Having agreed with the authori- London mayor Sadiq Khan an- which helps explain why chaos and José R. Hernandez, author of Broken from a restive population strug- ties to confine their protests to nounced that he was “seeking fur- disorder accompany its every move. Business: Seven Steps to Reform Good gling for freedom. Trafalgar Square, the protestors ther information” about why the ban Extinction Rebellion is neither the Companies Gone Bad But it turns out that the city in broke their word – and the law – on was necessary, saying he believed first nor the last movement that will question is London, in 2019, in the several further occasions. that “the right to peaceful and lawful claim special dispensation for break- grip of Extinction Rebellion bedlam By Monday night, having had to protest must always be upheld”. ing the law because its message is for the second time in a matter of enlist the support of police officers In Khan’s world, the 1,642 arrests just too important to abide by the BEST OF months that had seen 1,642 arrests from Scotland to replenish their to date clearly count for nothing in rules. But regardless of the justness TWITTER as of yesterday morning. ranks, the Metropolitan Police terms of lawfulness. Judging by the of the cause, we live in a democracy The first time around, some of judged the situation of continued soaring crime rate in London under where the ballot box is the path to For the first time, Corbyn now trails London’s main arteries were paral- disorder serious enough to justify his watch, he perhaps ought to be change, not unlawful direct action. Johnson among those aged 18-24. ysed for weeks by a series of organ- an invocation of Section 14 of the grateful that the police are success- Until Extinction Rebellion protest- Who would make the best PM? ised sit-ins that caught the Public Order Act 1986, banning all fully arresting anyone. ers learn to abide by the same laws Johnson: 32 authorities completely unaware. In Extinction Rebellion gatherings. Meanwhile, the Green Party’s Car- as the rest of us, they will not be the Corbyn: 29 some particularly shameful scenes, And that ought to have been that. oline Lucas and Baroness Jenny Messiah, but just some very Among those aged over 65, Corbyn police officers were seen bantering Except that in an astonishing turn Jones, along with Labour’s Clive naughty boys and girls. trails Johnson 62 to 8. Corbyn is now with protestors rather than remov- of events, some of Britain’s politi- Lewis and David Drew, have affixed behind Johnson in every age group, ing them, while ordinary London- cians appear not to have read the their names to a legal challenge to £ Alan Mendoza is executive director of and every region. ers filed past the protest camps script of mass illegality and seem the police decision. the Henry Jackson Society. @theobertram

Worth remembering that #DUP polled less than 300,000 votes in the 2017 Election. The Unionist tail should not be wagging the #Brexit dog Jeremy Corbyn is deluded if he thinks @asentance I am a former UK sell side analyst and I would like to put it on record that I do Labour is remotely ready for an election not agree that anyone ever called Neil Woodford “The Oracle of Oxford”. @dsquareddigest HEN Jeremy Corbyn Why? In general terms, contrary Olivia resurrection of Farage, but that’s told Labour members to Corbyn’s belief that he can re- not necessarily the case. Government scraps online “porn last week that “we’re peat his surprisingly not-dreadful Utley In 2017, the Conservatives found it block” plans after law hits kinks. Wready and chomping performance in the June 2017 elec- difficult to win northern seats off @SkyNews at the bit for an elec- tion (which he seems to conve- Labour, because although places tion”, one can only assume that he niently forget that he lost), a lot has like Boston and Skegness are packed So glad to see this proposal ditched. As was using the royal we. changed in the past two years. with Brexiteers, cultural antipathy I wrote back in April, the porn laws was With the exception of the leader, Not only has the Conservative towards the Tories in the north of a huge threat to privacy and security. it’s hard to find anyone in Labour party abandoned its unpopular England runs deep. Former mining Beyond that, the government has no who believes that the party is any- rhetoric about austerity (now aping communities couldn’t bring them- place in our bedrooms where near ready for an election – Labour’s sky-high financial com- grounds, and it’s Swinson’s party selves to vote for May, so, with heavy @morgandelmeier and most MPs are clearly quite ter- mitments to public services) and which is making the most headway. hearts, they opted for Corbyn. rified at the prospect of one. found itself a far more engaging You might have thought that This time around, they’ve got an- Brexit coverage is so totally And well they should be. Accord- campaigner as leader than Theresa urban areas filled with middle-class other option – and you can bet that overexcited this week that once again ing to a YouGov poll out this week, May, but Boris, Jo Swinson and millennial graduates would be the they’ll use it. you’d be more informed reading no the Conservatives are now outper- Nigel Farage all have crystal-clear perfect base for a party opposed to And that’s just the basic electoral news than all of it. forming the opposition in London Brexit positions – something that the Conservatives’ vision of Brexit. maths. Still mired in an anti- @jamesrbuk – meaning that Labour is behind in Corbyn manifestly lacks. But while such voters may be ar- semitism scandal, riven with inter- every single region of the UK. Worse More specifically, Labour is being dent Remainers, they are far from nal division, and unable to come up Someone in Warsaw told me today still, Labour can’t even count on the squeezed on either side by the natural Corbynites, and now Swin- with a proper line on the most im- about a new slang term which youth vote: Boris Johnson leads Cor- Brexit Party and the Liberal Democ- son is banging the Revoke drum portant issue of the day, it’s hard to originated in Russia, loosely translated byn among voters aged 18-24. rats. Places like Battersea (a land- they’re flocking to the Liberal De- think of a time in history when the as the “Brexit party departure” – loudly Let that sink in. After nearly a mark win for Labour off the Tories mocrats in their droves. Labour party has been less prepared announcing to everyone you’re about decade of Tory dominance, the in 2015) and Finchley and Golders Meanwhile, on the other side of for a General Election. Who does to leave a party, and yet somehow still Labour party is not only compre- Green (where Labour had been hop- the country, Labour is struggling to Corbyn think he’s kidding? being there three hours later, happily hensively failing to pick up support, ing to count on strong anti-Brexit keep the Brexit Party at bay. Conven- drinking. but is also haemorrhaging voters in sentiment to win back a Tory seat) tional wisdom dictates that the To- £ Olivia Utley is deputy editor at @peterwalker99 its strongholds. have become three-way battle- ries will suffer the most from the TheArticle. CITYAM.COM THURSDAY 17 OCTOBER 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The real problem with Britain’s DEBATE productivity? Not enough robots Now that his firm has been shut down, can Neil Woodford’s N MONDAY, the Queen’s strategy by the end of 2020 to improve Speech set out the govern- Ian automation adoption, educate people reputation ever recover? ment’s legislative plans, Funnell on the potential benefits, and support Ostarting with tackling all British industries in their efforts. things Brexit, before laying Robotics needs to be at the front and Reputation in this day and age is a out a radical programme to shake the centre of the UK’s industrial strategy, transient thing. The value of Neil country out of its current torpor. not tacked on at the end like an after- Woodford’s brand might be at an all- Leaving aside whether any of this thought. The government is going to time low now, but he has 30 years of YES legislative programme manages to get have to be far more ambitious if we successful investing behind him – and through parliament, I would argue are to succeed as a country, by actively he has made a lot of money for a lot of TOM BERRY that one of the most critical issues has ception that robots will “take our incentivising business investment in people along the way. already been uncovered. jobs”, when in fact the reverse is true. productivity-boosting technologies Warren Buffett famously said that it championed. Just under a month ago, the Select Those countries that have the most ro- such as automation. takes 20 years to build a reputation and When you stick your name above the Committee for Business, Energy and bots per worker actually have very low The Made Smarter Commission, de- five minutes to ruin it, and that has door, you stick your neck on the line – Industrial Strategy (Beis) concluded levels of unemployment. Robots are signed to give SMEs access to special- largely held true – at least until recently. and suffer the consequences if your star that: “The problem for the UK labour used to do dirty, dangerous and repet- ist advice to assess operations and Go back a few decades to 1991, and wanes. However, rightly or wrongly, market and our economy is not that itive tasks, allowing humans to get on develop a digitalisation strategy, when Gerald Ratner described his own people in Woodford’s position can find we have too many robots in the work- with more high-value operations. along with 50 per cent grant funding jewellery as “total crap”, he was rightly a way back: whether in the City, the place, but that we have too few.” So why has the UK has been slow to for technology investments, has up to vilified and his empire nearly collapsed. corporate boardroom, or even in The Given the seismic events that have adopt robots compared with our in- now been piloted in the north west re- But Ratner didn’t work in today’s Jungle of reality TV. become the everyday backdrop to our dustrial competitors? Obviously a gion of the country – with some excel- celebrity-soaked, post-truth culture news agenda these days, it’s no great multitude of factors are at play, but lent results. It must now be rolled out where unheroic failure is perversely £ Tom Berry is chair at Chameleon PR. surprise that this seemingly counter- there are three key ones: businesses across the UK as quickly as possible. intuitive conclusion sneaked under don’t yet understand the potential of And in this fast-changing world, we the radar a bit. But the consequences automation, the environments in will all need to be far more nimble of ignoring the Beis recommenda- which businesses operate aren’t con- when it comes to training than has The foundation of every financial tions will be just seismic for us as a ducive to adopting new technology, previously been the case. This has to market is trust. Our currency is simply a country as anything EU-related, par- and there is a worrying lack of digital be a team effort. Businesses should be scrap of polymer, but it carries the ticularly in a post-Brexit environment. skills among the workforce. responsible for upskilling their work- “promise to pay the bearer”. Without NO The UK has a serious productivity These are the issues the UK needs to ers as jobs change, whether through trust, the foundations of capital issue and will be stuck in the slow get solving – and quickly – if we are to automation or other developments, markets collapse. HOLLY MACKAY lane for decades to come if we don’t get back into the race. but there is also an important role for Most people don’t recognise many of sort it out. All the evidence shows that For a start, as a matter of urgency, the government to play in ensuring the world’s largest investment brands. was in fact serving up a vindaloo. It did the UK’s slow pace in moving to au- the government should develop a ded- that everyone can develop the skills But mud sticks and the brand of “that not do what it said on the tin. tomation – we lag well behind our G7 icated robot and artificial intelligence they will need to adapt. Wood guy”, with the unprecedented There’s a treacherously fine line competitors in our adoption of robots It is probably too late for the UK to media interest that accompanies any between pioneering genius and – has allowed other countries to steal lead the robot revolution – we are sim- fallen star, has been irrevocably arrogant rule-bending. Against a fluid a march, seizing upon the opportuni- The UK will be stuck ply too far behind. But we must begin damaged. The trust has gone. backdrop of Brexit, Boris and Beijing, ties for jobs and economic growth. in the slow lane for to catch up, so that businesses up and People will debate for years whether investing is uncertain for all of us. But if The UK had just 10 robots for every down the land can feel the benefits of Neil Woodford was a skilled manager you bend the rules, it goes against you, million hours worked in 2015. Com- decades to come if automation, and the economy can for those with a truly long-term focus. I and you don’t show you’re genuinely pare that to 131 in the US, 133 in Ger- we don’t sort it out start to perform to its potential. could probably make a case both for sorry, there’s no coming back from that. many and 167 in Japan – nearly 17 and against that. But the problem is times as many. £ Ian Funnell is managing director of ABB that most retail customers thought they £ Holly Mackay is the founder of There remains the popular miscon- UK, a leading supplier of industrial robots. were buying a korma, when Woodford investment website boringmoney.co.uk.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1579 0.0011 €/$ 1.1075 0.0044 7167.95 20187.96 3962.68 27001.98 8124.18 2989.69 /$ 1.2824 0.0067 €/£ 0.8633 0.0009 43.69 9.01 19.38 22.82 24.52 5.99 /¥ 139.45 0.6120 €/¥ 120.43 0.3800

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 Marshalls ...... 740.0 12.0 740.5 415.0 Euromoney Institu . . .1416.0 2.0 1498.0 1132.0 Great Portland Es . . . . .775.0 -4.0 783.2 649.4 Mitchells & Butle ...... 421.0 7.5 423.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .5993.0 53.0 6747.0 5593.0 National Express . . . . .451.8 3.4 456.2 361.4 Polypipe Group ...... 449.4 4.0 453.8 307.8 Redrow ...... 639.0 12.0 674.6 460.8 Future ...... 1218.0 2.0 1324.0 412.0 Hammerson ...... 310.0 -12.0 447.3 203.9 Goco Group ...... 98.1 -0.9 100.5 64.6 PPHE Hotel Group . . .1840.0 -10.0 1990.0 1525.0 Tsy 2.000 20 ...... 100.98 0.00 102.2 101.0 ELECTRICITY 3i Group ...... 1059.0 -5.0 1184.5 756.2 Centrica ...... 69.9 -0.1 155.6 64.6 Taylor Wimpey ...... 164.0 -2.8 192.3 129.3 Land Securities G . . . . .950.2 4.2 952.7 735.4 Tsy 3.750 20 ...... 102.73 0.00 105.6 102.7 3i Infrastructure ...... 287.0 0.5 306.5 241.3 National Grid ...... 895.3 1.8 899.2 748.7 Haynes Publishing . . . . .311.0 0.0 324.0 160.0 Rank Group ...... 217.0 4.5 219.5 135.0 LondonMetric Prop . . . .225.8 0.6 226.4 172.7 up . . . . .144.4 -4.2 217.1 111.9 Tsy 4.750 20 ...... 101.56 0.00 105.5 101.4 Contour Global ...... 185.0 0.0 218.0 150.1 AJ Bell ...... 371.5 -9.0 477.0 220.0 Pennon Group ...... 897.4 23.8 901.4 684.2 INDUSTRIAL ENGINEERING Huntsworth ...... 90.0 -3.6 118.5 81.0 Primary Health Pr . . . . .138.6 -0.4 139.8 108.0 Restaurant Gro Tsy 2.500 20 ...... 354.63 0.00 360.9 354.0 Allied Minds ...... 47.3 1.1 84.2 37.3 Hyve Group ...... 80.9 0.8 85.3 56.3 Stagecoach Group . . . . .148.2 1.7 177.0 115.5 Drax Group ...... 295.0 -4.8 427.2 251.0 Severn Trent ...... 2297.0 44.0 2303.0 1770.0 Bodycote ...... 668.5 16.5 903.0 638.5 SEGRO ...... 809.6 -12.8 824.8 585.2 TUI AG Reg Shs (D . . . .1033.0 5.5 1382.5 698.0 Tsy 8.000 21 ...... 112.15 0.00 118.7 111.8 ...... 1305.5 -8.5 1322.5 1008.0 Amigo Holdings ...... 78.1 2.8 297.5 67.8 United Utilities ...... 890.0 24.6 891.4 688.4 Informa ...... 767.0 -21.6 892.0 605.8 . . .951.0 4.0 958.5 739.5 SSE . . . . Hill & Smith Hold . . . . .1267.0 -20.0 1306.0 902.5 Shaftesbury ...... Wetherspoon (J.D. . . .1542.0 2.0 1624.0 1066.0 Tsy 4.000 22 ...... 108.38 0.00 110.7 108.3 Arrow Global Grou . . . .219.2 -5.0 273.0 167.2 IMI ...... 967.0 -2.2 1069.5 870.0 ITV ...... 133.7 -0.9 159.7 103.6 Tritax Big Box Re ...... 153.9 -1.8 159.7 129.0 Tsy 1.875 22 ...... 114.74 0.00 118.3 114.6 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .308.5 -0.5 481.0 308.5 GENERAL INDUSTRIALS Moneysupermarket. . . .387.0 -10.1 417.7 267.0 Whitbread ...... 4259.0 -20.0 5114.0 3988.0 Melrose Industrie . . . . .206.2 -1.3 209.2 146.3 Unite Group ...... 1152.0 -22.0 1180.0 797.5 William Hill ...... 201.8 5.3 233.0 132.3 Tsy 0.500 22 ...... 100.09 0.00 100.8 98.1 Halma ...... 1861.0 -17.5 2094.0 1237.0 Ashmore Group ...... 490.0 -8.2 542.5 341.2 Smith (DS) ...... 351.7 2.5 411.8 292.2 Pearson ...... 680.2 -10.8 1027.5 680.2 RHI Magnesita N.V . . .3608.0 0.0 5000.0 3318.0 Workspace Group . . . .1008.0 -21.0 1054.0 789.5 Wizz Air Holdings . . . .3844.0 -58.0 3906.0 2369.0 Tsy 2.250 23 ...... 106.87 0.00 108.0 105.2 Morgan Advanced M . .234.4 -0.6 292.0 230.8 Brewin Dolphin Ho . . . .332.6 0.8 358.0 287.6 Smiths Group ...... 1611.5 8.5 1692.0 1279.5 Rotork ...... 301.8 -2.6 324.2 235.7 Reach ...... 98.0 -2.4 103.4 54.6 Tsy 2.500 24 ...... 367.65 0.00 377.9 360.3 Oxford Instrument . . .1272.0 -24.0 1424.0 842.0 City of London In . . . . .428.5 15.5 440.0 360.0 Smurfit Kappa Gro . . .2534.0 -30.0 2686.0 1934.0 Spirax-Sarco Engi . . . .7330.0-200.0 9400.0 5900.0 Relx plc ...... 1795.5 23.0 2011.0 1505.0 AIM 50 Tsy 0.125 24 ...... 112.60 0.00 115.8 110.9 CMC Markets ...... 130.4 0.8 133.0 77.4 Rightmove ...... 559.8 -8.4 585.1 420.9 SOFTWARE & COMPUTER SERV. Renishaw ...... 3288.0 -28.0 4670.0 3192.0 Vesuvius ...... 346.8 5.8 642.0 331.0 Weir Group ...... 1400.0 12.5 1814.0 1240.0 Abcam ...... 1150.0 2.0 1500.0 1017.0 Tsy 5.000 25 ...... 123.99 -0.19 126.1 122.8 Coats Group ...... 73.0 3.0 91.3 69.1 STV Group ...... 372.5 2.5 400.0 318.0 377.6 -2.0 393.4 259.6 Spectris ...... 2275.0 -35.0 2898.0 1966.5 Avast ...... Advanced Medical . . . .239.5 -5.0 354.5 225.0 Tsy 4.250 27 ...... 129.76 -0.34 132.8 123.7 Georgia Capital ...... 983.0 -7.0 1260.0 941.0 GENERAL RETAILERS INDUSTRIAL METALS & MINING WPP ...... 929.2 -21.8 1063.0 800.4 Aveva Group ...... 3834.0 2.0 4170.0 2284.0 EQUITY INVESTMENT INSTRUM. Alliance Pharma ...... 71.9 -0.9 80.4 60.0 Tsy 1.250 27 ...... 135.12 -1.01 141.1 129.2 Hargreaves Lansdo . . .1800.0 -38.5 2433.0 1633.0 Auto Trader Group . . . .535.4 -15.0 606.0 388.5 Evraz ...... 397.8 -6.2 709.4 394.4 MINING Computacenter ...... 1285.0 -1.0 1525.0 952.0 Tsy 6.000 28 ...... 148.18 -0.38 152.2 141.7 Aberforth Smaller . . . .1318.0 4.0 1320.0 1114.0 IG Group Holdings . . . . .616.4 -3.8 644.5 474.8 B&M European Valu . . .382.2 -6.2 426.3 278.6 ASOS ...... 3286.0 726.0 6050.0 2107.0 Ferrexpo ...... 134.8 -6.5 301.3 132.7 FDM Group (Holdin . . . .714.0 27.0 994.0 647.0 Blue Prism Group . . . . .908.0 -37.0 2002.0 862.0 Tsy 0.125 29 ...... 128.76 -1.14 134.7 119.8 Alliance Trust ...... 782.0 -4.0 838.0 672.0 IntegraFin Holdin . . . . .361.5 -4.0 406.1 269.0 Card Factory ...... 172.7 -0.7 209.0 151.2 Anglo American ...... 1911.8 -1.4 2266.0 1539.0 Kainos Group ...... 474.0 -16.0 676.0 372.0 Tsy 4.125 30 ...... 385.32 -1.11 404.2 359.2 Apax Global Alpha . . . .160.0 2.0 161.0 127.0 Intermediate Capi . . . .1395.0 3.0 1460.0 899.0 Dixons Carphone ...... 135.4 4.4 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 870.4 -2.6 1022.5 727.2 Micro Focus Inter . . . . .1127.6 31.0 2491.6 1039.0 Brooks Macdonald . .2065.0 -35.0 2190.0 1367.5 Tsy 4.750 30 ...... 143.40 -0.46 147.9 133.5 International Per . . . . .109.0 0.6 222.2 87.0 BHP Group ...... 1622.6 -19.6 2049.0 1490.6 Camellia ...... 9300.0 25.0 11750.0 9275.0 AVI Global Trust ...... 734.0 0.0 781.0 660.0 Dunelm Group ...... 828.0 11.0 981.0 482.8 BBA Aviation ...... 302.2 -16.4 324.8 207.0 Playtech ...... 404.7 1.1 500.6 360.5 CareTech Holding . . . . .368.0 -6.0 406.0 325.0 Tsy 1.250 32 ...... 158.20 -1.11 167.7 145.5 802.0 -3.0 840.0 663.0 Investec ...... 426.7 -4.1 518.6 395.3 Inchcape ...... 644.0 2.0 650.0 486.6 Centamin (DI) ...... 111.2 -0.7 152.4 79.8 Baillie Gifford J ...... Clarkson ...... 2820.0 0.0 2900.0 1878.0 Sage Group ...... 693.4 -2.2 820.4 525.6 Central Asia Meta . . . . .206.5 0.0 266.5 180.0 Tsy 4.250 32 ...... 141.26 -0.45 146.4 129.9 Bankers Inv Trust . . . . .934.0 -1.0 970.0 766.0 IP Group ...... 64.3 0.1 122.0 55.7 JD Sports Fashion . . . . .775.0 -6.0 786.4 318.5 Fresnillo ...... 609.6 -1.0 1027.5 599.0 5.0 Fisher (James) & . . . .1980.0 -20.0 2260.0 1600.0 Softcat ...... 965.0 -5.5 1044.0 56 Ceres Power Holdi . . . . .215.0 -5.0 220.0 130.0 Tsy 0.125 36 ...... 151.09 -1.03 162.5 135.1 BBGI SICAV S.A. ( ...... 165.0 1.0 168.0 146.5 John Laing Group . . . . .378.0 0.0 402.0 296.2 Just Eat ...... 632.0 2.2 812.0 533.8 Royal Mail ...... 216.7 0.3 367.7 188.4 Glencore ...... 230.5 -3.2 340.3 222.2 Sophos Group ...... 567.8 -5.0 577.0 298.2 Tsy 4.250 36 ...... 149.43 -0.57 155.7 134.6 JTC ...... 363.0 -9.5 440.0 287.0 Hochschild Mining . . . . .187.5 -1.7 227.0 149.9 Clinigen Group ...... 825.0 -3.5 1069.0 721.0 BlackRock Smaller . . .1432.0 2.0 1482.0 1160.0 Kingfisher ...... 218.4 -3.2 266.2 185.9 CVS Group ...... 988.0 -4.5 1029.0 395.0 Tsy 4.750 38 ...... 164.26 -0.61 171.8 146.6 Jupiter Fund Mana . . . .327.3 -4.6 432.0 287.6 Marks & Spencer G . . . .199.7 3.0 299.1 163.9 Kaz Minerals ...... 431.3 0.8 738.4 380.3 BMO Global Smalle . . .1336.0 -4.0 1406.0 1220.0 Dart Group ...... 1145.0 29.0 1152.0 709.5 Tsy 0.625 40 ...... 172.01 -0.98 185.7 153.4 Caledonia Investm . . .2995.0 10.0 3110.0 2650.0 Liontrust Asset M . . . . .752.0 -10.0 816.0 532.0 Polymetal Interna . . . .1154.0 7.0 1208.5 700.2 SUPPORT SERVICES Tsy 4.500 42 ...... 168.48 -0.69 176.7 147.2 LMS Capital ...... 58.5 0.0 58.5 44.0 Rio Tinto ...... 3952.0 -67.0 4976.5 3513.5 Aggreko ...... 789.8 2.4 858.4 691.8 Diversified Gas & ...... 112.5 2.5 134.0 97.0 City of London In . . . . .419.0 1.5 431.5 376.0 Draper Esprit ...... 475.0 -3.0 610.0 410.0 Tsy 3.500 45 ...... 151.12 -0.73 159.0 128.9 Edinburgh Inv Tru . . . .599.0 0.0 654.0 535.0 London Finance & . . . . .37.5 0.0 41.5 37.5 MOBILE TELECOMS Ashtead Group ...... 2111.0 -26.0 2344.0 1586.5 Tsy 4.250 46 ...... 171.84 -0.70 181.0 146.4 London Stock Exch . . .7010.0-198.0 7514.0 3867.0 Eland Oil & Gas ...... 164.6 0.0 164.8 97.0 F&C Investment Tr . . . .689.0 1.0 731.0 616.0 BCA Marketplace . . . . .236.0 0.2 247.0 178.5 9.0 -1.0 1242.0 864.0 Tsy 4.025 49 ...... 178.68 -0.79 188.9 150.5 Fidelity China Sp ...... 210.0 -2.0 250.0 182.4 Man Group ...... 153.0 -2.2 175.2 126.8 Inmarsat ...... 557.6 0.6 608.2 362.8 Bunzl ...... 1976.5 -9.0 2551.0 1972.5 EMIS Group ...... 98 Tsy 0.500 50 ...... 201.80 0.00 222.9 173.7 OneSavings Bank . . . . .391.8 -8.0 447.4 313.6 MAIN CHANGES UK 350 Vodafone Group ...... 160.6 -1.2 168.9 123.3 Fevertree Drinks . . . .2200.0 0.0 3199.0 2070.0 Fidelity European . . . . .248.0 4.0 257.5 202.0 Capita ...... 171.3 2.6 174.8 99.9 First Derivatives . . . . .2160.0 10.0 3555.0 2050.0 Tsy 0.250 52 ...... 198.50 0.00 221.1 168.8 .5 -1.5 269.0 220.0 Paragon Banking G . . .499.8 -6.2 506.0 379.2 ...... 6976.0 96.0 7184.0 5555.0 Fidelity Special ...... 267 OIL & GAS PRODUCERS DCC Frontier Developm . . .1108.0 30.0 1160.0 740.0 Finsbury Growth & . . . .883.0 -4.0 958.0 741.0 Plus500 Ltd (DI) ...... 787.2 2.6 1647.0 495.0 Risers % Fallers Diploma ...... 1692.0 -4.0 1706.0 1150.0 Foresight Solar F ...... 118.0 0.0 126.0 107.5 Provident Financi . . . . .427.0 2.9 658.6 356.0 % BP ...... 486.2 -4.0 582.5 484.9 Electrocomponents . . .672.8 3.0 676.2 480.0 Gamma Communicati 1090.0 -25.0 1195.0 688.0 AEROSPACE & DEFENCE Quilter ...... 141.8 0.6 156.6 110.6 Aston Martin Lagon ...... 480.9 7.5 Hiscox Limited (DI ...... 1518.0 -5.2 Cairn Energy ...... 201.6 0.8 215.8 140.0 GB Group ...... 537.0 0.0 631.0 410.5 GCP Infrastructur ...... 131.0 2.4 131.0 122.4 Equiniti Group ...... 227.2 -1.0 236.2 186.2 Gooch & Housego . . . . .1115.0 15.0 1880.0 954.0 Genesis Emerging . . . .755.0 -2.0 783.0 615.0 Rathbone Brothers . .2380.0 5.0 2540.0 2085.0 Coats Group ...... 73.0 4.2 BBA Aviation ...... 302.2 -5.2 Energean Oil & Ga . . . . .957.0 -14.0 1082.0 568.0 Essentra ...... 429.2 -2.2 442.0 325.4 BAE Systems ...... 555.4 -0.2 588.2 443.9 encoat UK Wind . . . .147.0 1.4 147.0 124.4 Real Estate Credi ...... 167.0 0.0 175.5 163.0 FDM Group (Holding ...... 714.0 3.9 Ferrexpo ...... 134.8 -4.6 Premier Oil ...... 80.5 -0.2 127.0 55.6 Hurricane Energy ...... 43.0 1.2 60.8 38.7 Cobham ...... 156.5 0.5 168.3 96.8 Gre Experian ...... 2411.0 -24.0 2631.0 1750.0 HarbourVest Globa . . .1706.0 2.0 1786.0 1326.0 Record ...... 33.9 0.7 35.4 27.3 Royal Dutch Shell . . . .2248.5 -15.5 2612.0 2213.0 rguson ...... 6388.0 -38.0 6490.0 4749.0 Impax Asset Manag . . .257.5 6.0 295.0 184.0 Meggitt ...... 597.2 -16.4 643.0 458.0 Go-Ahead Group ...... 2182.0 3.9 NMC Health ...... 2569.0 -4.1 Fe Iomart Group ...... 367.0 3.0 425.0 308.0 . . .1280.0 4.0 1364.0 1055.0 River and Mercant . . . .248.0 -2.0 310.0 212.0 Royal Dutch Shell . . . .2232.5 -23.0 2622.0 2227.0 Finablr ...... 149.0 3.6 180.0 140.0 QinetiQ Group ...... 305.4 1.2 312.4 267.0 Herald Investment Marston's ...... 117.2 3.7 Hammerson ...... 310.0 -3.7 IQE ...... 62.0 -2.1 98.0 47.6 HGCapital Trust ...... 227.0 0.0 237.0 175.0 S&U ...... 2080.0 20.0 2440.0 1767.5 Tullow Oil ...... 207.8 -1.0 250.7 165.2 G4S ...... 198.1 0.1 234.3 168.3 Rolls-Royce Holdi . . . . .741.8 -4.4 988.4 722.0 SIG ...... 112.3 3.6 Kainos Group ...... 474.0 -3.3 James Halstead ...... 513.0 5.0 532.0 367.0 HICL Infrastructu ...... 171.2 2.2 171.2 149.9 Sanne Group ...... 552.0 12.0 752.0 450.0 OIL EQUIPMENT & Grafton Group Uni . . . .869.0 14.0 937.0 630.0 Senior ...... 174.0 -0.8 286.6 171.7 Schroders ...... 3027.0 -19.0 3210.0 2334.0 Mediclinic Interna ...... 370.5 3.5 Pets at Home Group ...... 222.0 -3.1 SERVICES Johnson Service G . . . . .170.0 0.0 183.2 113.6 Ultra Electronics ...... 1931.0 -9.0 2252.0 1232.0 International Pub . . . . .156.0 -0.4 165.4 146.8 Hays ...... 158.3 2.9 165.3 135.7 Keywords Studios . . . .1215.0 7.0 1838.0 900.0 JPMorgan American . . .462.5 -2.5 494.5 386.5 Standard Life Abe . . . . .285.3 -3.9 310.4 224.9 Dixons Carphone ...... 135.4 3.4 PureTech Health ...... 254.0 -3.1 Hunting ...... 409.4 -1.6 735.0 389.8 Homeserve ...... 1135.0 -10.0 1263.0 849.0 BANKS JPMorgan Emerging . .988.0 3.0 1066.0 759.0 TP ICAP ...... 336.3 0.7 346.9 268.2 Domino's Pizza Gro ...... 265.8 3.3 Restaurant Group ...... 144.4 -2.8 Petrofac Ltd...... 404.0 0.9 615.0 381.5 Howden Joinery Gr . . . .579.4 0.4 592.4 416.4 Learning Technolo . . . .106.6 -3.8 130.0 62.2 JPMorgan Indian I . . . . .721.0 0.0 790.0 586.0 Walker Crips Grou . . . . .26.5 0.0 35.5 24.0 United Utilities G ...... 890.0 2.8 Watches of Switzer ...... 278.0 -2.8 Wood Group (John) . . .354.5 0.0 733.8 327.4 Intertek Group ...... 5104.0 -84.0 5962.0 4387.0 M. P. Evans Group . . . . .637.0 1.0 722.0 612.0 Bank of Georgia G . . . .1388.0 23.0 1755.0 1252.0 Midwich Group ...... 513.0 0.0 633.0 474.5 JPMorgan Japanese . . .444.0 -3.0 457.0 367.0 XPS Pensions Grou . . . . .119.5 0.5 171.0 95.0 PERSONAL GOODS Network Internati . . . .560.0 4.0 628.0 500.0 Barclays ...... 164.3 0.2 178.9 136.2 Jupiter European . . . . .795.0 0.0 875.0 666.0 Mortgage Advice B . . .566.0 6.0 620.0 490.0 Pagegroup ...... 408.0 -7.6 539.0 367.8 493.5 -6.5 658.0 471.0 Close Brothers Gr . . . . .1387.0 -2.0 1605.0 1227.0 Law Debenture Cor . . .586.0 -4.0 618.0 534.0 Price Chg High Low Price Chg High Low Burberry Group ...... 1935.0 -43.5 2345.0 1623.5 PayPoint ...... 908.0 -3.0 1118.0 748.0 Next Fifteen Comm . . . CYBG ...... 136.9 2.6 282.2 104.4 FIXED LINE TELECOMS PZ Cussons ...... 203.0 -3.5 244.0 178.6 Nichols ...... 1570.0 -7.5 1880.0 1240.0 HSBC Holdings ...... 603.6 -2.3 680.6 580.9 Mercantile Invest ...... 218.5 -1.5 221.7 168.0 Next ...... 6652.0-148.0 6800.0 3991.0 NON LIFE INSURANCE Rentokil Initial ...... 442.2 -7.8 467.8 284.8 Numis Corporation . . . .231.5 -12.5 301.0 212.0 Monks Inv Trust ...... 884.0 -7.0 964.0 710.0 BT Group ...... 201.5 -0.1 264.7 158.9 Pets at Home Grou . . . .222.0 -7.0 239.4 110.0 PHARMACEUTICALS & BIOTECH Robert Walters ...... 488.0 7.0 490.0 481.0 Lloyds Banking Gr ...... 61.0 0.2 66.6 48.6 TalkTalk Telecom ...... 112.9 0.4 132.8 96.6 Pan African Resou ...... 11.2 -0.0 14.5 8.0 Royal Bank of Sco . . . . .229.7 3.6 270.4 177.7 Murray Internatio . . . .1194.0 -10.0 1212.0 1058.0 Sports Direct Int ...... 312.6 -5.2 340.3 214.0 Admiral Group ...... 2040.0 -30.0 2300.0 1935.0 Serco Group ...... 153.3 -1.4 155.4 84.1 4 87.6 Telecom Plus ...... 1182.0 6.0 1528.0 1108.0 AstraZeneca ...... 6815.0 -70.0 7533.0 5325.0 ...... 112.3 3.9 153.0 99.4 Polar Capital Hol ...... 534.0 0.0 610.0 448.0 Standard Chartere . . . .658.4 -4.2 736.8 519.8 NB Global Floatin ...... 89.8 -0.3 92. Vivo Energy ...... 124.6 -0.4 139.5 96.0 Beazley ...... 614.5 -10.0 628.0 492.6 SIG ...... Purplebricks Grou . . . . .109.0 -2.6 232.4 90.0 NextEnergy Solar . . . . .120.5 -0.5 124.5 109.0 WH Smith ...... 2088.0 -42.0 2186.0 1697.0 Direct Line Insur ...... 286.9 -2.3 366.5 273.2 Dechra Pharmaceut . .2626.0 8.0 3036.0 2014.0 TBC Bank Group . . . . .1240.0 0.0 1710.0 1150.0 FOOD & DRUG RETAILERS Genus ...... 2992.0 -70.0 3076.0 2124.0 TOBACCO Redde ...... 105.8 1.2 187.0 90.0 Pantheon Internat . . .2300.0 10.0 2330.0 1955.0 Hastings Group Ho . . . .195.2 -1.2 236.0 174.0 Renew Holdings ...... 370.0 -8.5 436.5 333.0 Perpetual Income . . . .310.5 0.5 341.0 284.5 Greggs ...... 1854.0 3.0 2476.0 1115.0 Hiscox Limited (D . . . . .1518.0 -83.0 1777.0 1418.0 GlaxoSmithKline . . . . .1636.2 -19.4 1745.2 1418.0 British American . . . .2693.5 -3.5 3619.0 2375.0 Morrison (Wm) Sup . . .202.3 -2.3 255.1 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti .2000.0 -15.0 2200.0 1510.5 Imperial Brands . . . . .1842.4 -7.2 2750.0 1774.6 RWS Holdings ...... 578.0 -14.0 652.0 437.0 BEVERAGES Pershing Square H . . . .1512.0 4.0 1570.0 990.0 Lancashire Holdin . . . .694.5 -8.0 746.0 561.5 Scapa Group ...... 207.5 -2.5 445.0 157.0 Personal Assets T . . .41800.0-100.0 43150.038900.0 Ocado Group ...... 1350.5 -13.0 1435.0 749.8 Assura ...... 73.9 -0.9 74.9 52.4 RSA Insurance Gro . . . . .517.0 -7.2 597.0 496.6 PureTech Health ...... 254.0 -8.0 292.0 160.5 Barr (A.G.) ...... 562.0 3.0 975.0 543.0 Polar Capital Tec . . . . .1426.0 -8.0 1500.0 1066.0 Sainsbury (J) ...... 214.9 -1.5 324.0 177.1 TRAVEL & LEISURE Secure Income Rei . . . .432.0 -12.0 454.0 371.0 Britvic ...... 1058.0 6.0 1064.0 764.5 Convatec Group ...... 186.5 0.6 187.8 118.6 Sabre Insurance G . . . .303.0 5.0 304.0 249.0 REAL ESTATE INVEST. & SERV...... 135.0 1.0 142.0 103.6 . . . .2120.0 -15.0 2170.0 1892.0 SSP Group ...... 653.0 0.0 721.0 608.0 Carnival ...... 3087.0 -41.0 4650.0 3081.0 Serica Energy . Coca-Cola HBC AG . . . .2451.0 -62.0 3074.0 2244.0 RIT Capital Partn . Mediclinic Intern ...... 370.5 12.5 474.7 293.4 Smart Metering Sy . . . .452.0 -1.0 665.0 310.0 Tesco ...... 243.3 -0.9 253.0 189.6 LIFE INSURANCE BMO Commercial Pr . . .120.0 -2.4 141.8 106.0 Cineworld Group ...... 225.2 0.4 321.0 212.0 Diageo ...... 3163.0 -1.0 3625.5 2568.5 Riverstone Energy . . . .528.0 -10.0 1266.0 485.0 NMC Health ...... 2569.0 -111.0 3678.0 1801.5 Thorpe (F.W.) ...... 289.0 0.0 340.0 248.0 . .431.5 -1.0 469.5 379.0 UDG Healthcare Pu . . . .745.0 -1.0 821.0 551.0 Capital & Countie . . . . .243.2 -3.9 279.5 184.9 Schroder Asia Pac . . . Smith & Nephew . . . . .1830.5 -4.0 1990.0 1258.0 Aviva ...... 408.5 2.1 438.8 352.3 Compass Group ...... 1936.5 -18.0 2138.0 1483.0 Watkin Jones ...... 229.0 0.0 232.5 192.2 CHEMICALS Scottish Inv Trus ...... 823.0 -4.0 843.0 748.0 FOOD PRODUCERS Legal & General G . . . . .267.7 -0.1 291.2 216.7 CLS Holdings ...... 259.5 -1.5 261.0 195.4 Domino's Pizza Gr . . . .265.8 8.4 297.2 221.2 -4.6 568.5 441.4 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . .4905.0 -45.0 6160.0 4715.0 Young & Co's Brew . . .1610.0 15.0 1885.0 1322.5 Croda Internation . . . .4674.0 -80.0 5375.0 4564.0 Scottish Mortgage . . . .490.4 Phoenix Group Hol . . . .711.5 -7.4 724.8 544.0 EI Group ...... 282.2 0.8 285.0 161.8 Young & Co's Brew . . .1140.0 0.0 1195.0 1030.0 Sequoia Economic . . . .116.0 0.4 117.6 108.0 Associated Britis . . . . .2210.0 -23.0 2638.0 2041.0 Grainger ...... 263.2 0.4 264.4 205.8 .131.1 -0.4 137.5 79.3 Elementis ...... 149.9 1.7 226.0 129.8 Barratt Developme . . . .676.8 -6.2 694.0 434.0 Prudential ...... 1459.5 -16.5 1790.0 1326.0 FirstGroup ...... Smithson Investme . .1208.0 -10.0 1280.0 1000.2 Bakkavor Group ...... 129.2 0.0 170.0 93.3 Bellway ...... 3370.0 0.0 3536.0 2419.0 St James's Place ...... 998.4 -26.6 1143.0 913.6 NewRiver REIT ...... 211.0 1.0 264.0 147.6 Flutter Entertain . . . . .7540.0 -50.0 8164.0 5525.0 Johnson Matthey . . . .2995.0 -5.0 3454.0 2620.0 Cranswick ...... 3340.0 32.0 3346.0 2472.0 Safestore Holding . . . . .681.5 -18.5 700.5 506.5 2.0 2208.0 1480.0 Sirius Minerals ...... 3.5 -0.0 25.5 2.9 Syncona Limited N . . . .243.0 -1.0 294.0 213.5 Berkeley Group Ho . . .4454.0 -15.0 4506.0 3226.0 Go-Ahead Group . . . . .2182.0 8 CONSTRUCTION & MATERIALS Greencore Group . . . . .234.0 -1.7 235.7 162.9 MEDIA Savills ...... 923.0 1.5 957.0 678.5 Greene King ...... 847.6 0.4 850.0 480.0 Synthomer ...... 295.2 -3.0 445.3 279.8 Temple Bar Inv Tr . . . .1306.0 12.0 1366.0 1116.0 Bovis Homes Group . . .1213.0 -10.0 1230.0 828.0 Emergin . . .774.0 -4.0 829.0 651.0 Hilton Food Group . . . .1018.0 0.0 1088.0 884.0 Sirius Real Estat ...... 74.3 0.3 75.9 55.6 0.0 507.5 Victrex plc ...... 2146.0 20.0 2738.0 1845.0 Templeton Countryside Prope . . . .353.4 1.6 359.6 270.0 4Imprint Group . . . . .3040.0 -20.0 3130.0 1800.0 GVC Holdings ...... 856.8 16.2 96 The Renewables In . . . .129.2 0.0 133.2 109.3 Tate & Lyle ...... 688.2 -2.6 800.4 637.8 Crest Nicholson H . . . . .415.4 -2.0 422.8 296.4 Ascential ...... 356.4 -4.8 411.0 337.2 St. Modwen Proper . . .462.0 -5.0 467.0 366.6 InterContinental . . . . .4715.5 -10.5 5738.0 3958.4 CONSTRUCTION & MATERIALS TR Property Inv T . . . . .442.0 1.0 442.0 353.5 Unilever ...... 4608.5 40.0 5324.0 3941.0 McCarthy & Stone . . . . .155.7 1.2 157.3 123.5 Bloomsbury Publis . . . .247.5 -2.5 250.0 190.5 REAL ESTATE INVEST. TRUSTS International Con ...... 511.4 -3.8 667.6 413.5 Balfour Beatty ...... 228.6 2.2 295.0 194.2 Vietnam Enterpris . . . .501.0 1.0 509.0 421.5 FORESTRY & PAPER Persimmon ...... 2336.0 -44.0 2471.0 1836.0 Centaur Media ...... 37.0 0.0 56.5 35.0 Marston's ...... 117.2 4.2 131.3 90.6 VinaCapital Vietn . . . . .351.0 -0.5 357.5 319.0 Big Yellow Group . . . . .1130.0 -3.0 1140.0 855.5 http://corporate.webfg.com CRH ...... 2728.0 -4.0 2837.0 1971.5 Entertainment One . . .559.5 -0.5 589.0 336.4 Merlin Entertainm . . . .454.2 0.9 454.5 307.1 Witan Inv Trust ...... 214.5 0.0 225.5 189.6 Mondi ...... 1614.5 -6.5 1898.0 1510.5 British Land Comp . . . .620.0 -3.0 626.6 468.3 Millennium & Copt . . . .687.0 0.0 690.0 436.0 mailto: Galliford Try ...... 754.0 10.5 918.5 512.0 Derwent London . . . . .3532.0 -40.0 3590.4 2779.0 Ibstock ...... 260.8 0.0 262.0 193.1 Worldwide Healthc . .2555.0 5.0 2835.0 2325.0 [email protected]

EU SHARES US SHARES

Price Chg High Low Price Chg High Low AB INBEV ...... 83.66 -0.25 92.71 56.32 3M ...... 162.18 -0.80 219.75 150.58 ADIDAS N...... 282.75 -3.75 297.95 178.30 ABBOTT LABORATOR...... 81.78 -0.20 88.76 65.44 AIR LIQUIDE...... 118.50 -0.20 119.70 92.59 ADOBE...... 272.70 -6.69 313.11 204.95 AIRBUS BR...... 119.32 -0.12 133.86 77.50 ALPHAB RG-C-NV...... 1243.64 0.63 1289.27 970.11 ALLIANZ...... 214.00 0.25 218.70 170.50 ALPHABET-A...... 1243.00 0.76 1296.98 977.66 AMADEUS IT GRP BR-A ...... 67.10 0.22 74.94 58.06 AMAZON.COM...... 1777.43 10.05 2035.80 1307.00 ASML HLDG...... 232.20 -11.00 243.85 130.12 AMERICAN EXPRESS...... 117.41 -0.18 129.34 89.05 AXA...... 23.76 -0.15 23.99 18.40 APPLE...... 234.37 -0.95 238.13 142.00 BANCO SANTANDER...... 3.92 0.03 4.68 3.39 AT&T ...... 37.79 -0.11 38.75 26.80 BASF N...... 66.01 0.79 74.62 55.72 BANK OF AMERICA...... 30.17 0.44 31.17 22.66 BAYER N...... 66.22 -0.37 79.25 52.00 BERKSHIRE HATH RG-B...... 209.29 -0.09 223.59 186.10 BBVA...... 4.81 0.06 5.68 4.19 BOEING CO...... 372.43 1.47 446.01 292.47 BMW...... 67.23 0.83 79.00 58.10 CATERPILLAR...... 130.19 -0.84 144.77 111.75 BNP PARIBAS A...... 47.25 0.21 50.14 38.14 CHEVRON...... 115.11 -1.20 127.34 100.22 CRH PLC...... 31.75 0.07 34.87 26.53 CISCO SYSTEMS ...... 46.79 0.43 58.26 40.25 DAIMLER N ...... 48.73 0.81 59.90 40.35 CITIGROUP...... 69.50 -1.72 73.09 48.42 DANONE...... 79.08 -1.22 82.38 59.72 COCA-COLA CO...... 53.49 -0.02 55.92 44.42 DEUTSCHE BOERSE N ...... 142.45 -3.10 145.55 102.50 COMCAST-A...... 45.60 -0.07 47.27 32.61 DEUTSCHE POST N...... 30.31 0.05 31.59 23.43 COSTCO WHSL...... 298.78 0.39 307.34 189.51 DEUTSCHE TELEKOM N...... 15.72 0.03 15.88 13.98 DOW...... 47.12 -0.08 0.00 0.00 ENEL N...... 6.81 -0.03 6.91 4.31 EXXON MOBIL...... 68.23 -1.19 83.75 64.65 FACEBOOK-A...... 189.55 0 ENGIE...... 15.01 -0.09 15.24 11.31 .66 208.66 123.02 GOLDMAN SACHS GR...... 207.42 0.96 234.06 151.70 ENI N...... 13.82 -0.02 16.06 12.92 HOME DEPOT...... 235.90 0.28 236.86 158.09 ESSILORLUXOTT...... 136.50 0.45 137.05 95.50 IBM...... 142.11 -0.89 152.95 105.94 FRESENIUS...... 44.40 0.98 69.02 38.50 INTEL...... 52.45 -0.21 59.59 42.36 IBERDROLA...... 9.16 0.00 9.58 5.84 JOHNSON&JOHNSON...... 135.17 2.33 148.99 121.00 INDITEX...... 28.75 0.22 29.00 21.85 JPMORGAN CHASE ...... 119.68 -0.28 121.59 91.11 ING GROUP...... 10.21 0.18 12.14 8.20 MASTERCARD RG-A...... 278.27 -0.29 293.69 171.89 INTESA SANPAOLO N...... 2.24 0.03 2.36 1.80 MCDONALD'S...... 208.30 1.08 221.93 162.90 KERING...... 482.05 -3.85 539.80 351.70 MEDTRONIC...... 108.50 0.31 112.05 81.66 KON AH DEL BR...... 23.04 0.02 24.01 18.99 MERCK ...... 84.45 -0.59 87.35 66.10 L'OREAL...... 245.40 1.20 258.90 182.15 COMMODITIES CREDIT & RATES MICROSOFT...... 140.41 -1.17 142.37 93.96 LINDE...... 178.50 0.40 0.00 0.00 NETFLIX...... 286.28 2.03 385.99 231.23 Gold...... 1487.80 -2.80 Copper Cash Official...... 5718.00 0.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 LVMH...... 378.10 -2.40 392.65 242.30 NIKE -B- ...... 94.88 0.09 95.25 66.53 Silver...... 17.67 0.07 BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 MUENCHENER RUECKV N...... 243.20 -1.50 246.40 181.20 Aluminium Cash Official...... 1704.50 -3.00 ORACLE ...... 55.88 -0.47 60.50 42.40 NOKIA...... 4.61 0.04 5.76 4.17 Brent Crude...... 58.74 -0.61 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.25 0.00 Nickel Cash Official...... 17400.00 0.00 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.23 0.00 PEPSICO...... 136.42 0.09 140.45 105.03 ORANGE...... 14.88 0.04 15.25 13.08 Krugerrand...... 1529.70 12.05 Aluminium Alloy Cash Official...... 1190.00 -40.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.487 0.02 PFIZER...... 36.34 -0.16 46.47 33.97 ROY.PHILIPS...... 39.16 0.03 44.60 29.05 Palladium...... 1726.00 25.00 Cocoa Futures...... 2515.00 63.00 LIBOR Euro - overnight ...... -0.573 0.00 The vix index...... 13.65 0.11 PHILIP MRRS INT...... 79.10 0.78 92.74 64.67 SAFRAN...... 140.40 -1.35 145.40 99.98 Platinum...... 892.00 1.00 Coffee 'C' Futures...... 93.68 -0.77 LIBOR Euro - 12 months...... -0.341 0.00 The baltic dry index...... 1898.00 -18.00 PROCTER&GAMBLE...... 117.53 0.33 125.36 79.90 SANOFI...... 82.68 0.23 85.90 71.74 Tin Cash Official...... 16475.00 0.00 LIBOR USD - overnight...... 1.799 0.00 Markit iBoxx EUR ...... 247.29 -0.86 SALESFORCE.COM...... 146.97 -5.77 167.56 113.60 Feed Wheat Futures...... 134.50 0.90 SAP I...... 116.60 1.48 125.00 84.02 Lead Cash Official ...... 2128.00 0.00 LIBOR USD - 12 months...... 1.973 0.02 Markit iBoxx GBP...... 354.29 -2.13 TRAVELERS COS...... 142.57 -0.74 155.09 111.08 SCHNEIDER EL...... 81.78 0.42 82.20 57.54 Zinc Cash Official...... 2432.00 0.00 Soybeans Futures Continuation Contract...928.40 -5.40 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 261.28 -0.12 TWITTER...... 39.91 -0.37 45.86 26.26 SIEMENS N...... 100.58 0.68 108.62 84.72 UNITEDHEALTH GRO ...... 236.99 -1.60 287.94 208.07 SOCIETE GENERALE...... 25.98 0.23 32.46 20.81 WORLD INDICES UTD TECHS...... 136.71 0.56 144.40 100.48 TELEFONICA...... 7.08 0.04 8.06 5.86 VERIZON COMM ...... 60.29 -0.26 61.58 52.28 Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg TOTAL...... 46.41 -0.05 52.66 42.65 VISA RG-A ...... 177.87 -0.88 187.05 121.60 UNILEVER...... 54.01 0.94 57.77 45.60 FTSE 100 ...... 7167.95 -43.69 -0.61 S&P 500...... 2989.69 -5.99 -0.20 CAC 40...... 5696.90 -5.15 -0.09 Hang Seng...... 26664.28 160.35 0.61 WALGREENS BOOTS...... 54.66 0.15 86.31 49.03 VINCI...... 98.80 -0.04 101.70 69.98 FTSE 250 ...... 20187.96 -9.01 -0.04 Dow Jones I.A...... 27001.98 -22.82 -0.08 Swiss Market Index ...... 10032.49 -16.26 -0.16 Shanghai Composite ...... 2978.71 -12.33 -0.41 WALMART ...... 119.42 -0.11 120.71 85.78 VIVENDI...... 24.91 0.01 26.69 20.80 FTSE All-Share...... 3962.68 -19.38 -0.49 Nasdaq Composite ...... 8124.18 -24.52 -0.30 ISEQ Overall Index ...... 6583.21 -30.74 -0.46 STI Index...... 3135.50 20.80 0.67 WALT DISNEY...... 130.86 1.10 147.15 100.35 VOLKSWAGEN VZ I...... 169.00 4.88 169.86 131.02 FTSE AIM All-Share...... 879.61 7.78 0.89 Xetra DAX ...... 12670.11 40.32 0.32 FTSEurofirst 300...... 1542.52 -1.18 -0.08 ASX All Ordinaries...... 6843.20 79.90 1.18 WELLS FARGO...... 49.59 -0.52 55.04 43.02 CITYAM.COM THURSDAY 17 OCTOBER 2019 FEATURE 23 SPECIAL FEATURE

HE PROTESTS in Hong Kong have featured prominently in the news cycle since kicking Toff in March. All across the world, we’ve seen extensive coverage of the outbreaks of violence, as well as the excessive use of force by police to suppress the demonstrations. It’s likely that you’ve been following the story, but what you might have missed last week was how the protests impacted a video game competition. The game in question is called Hearthstone, a digital collectible card game based on the popular World of Warcraft franchise, in which two play- ers use decks of spells and monsters to clobber one another. It’s immensely popular, with more than 100m players around the world, including a substantial following in China. Since launching in 2014, the game has earned hundreds of millions of dollars for its US developer Blizzard – a subsidiary of Activision-Blizzard. A key element of its appeal is the competitive gaming scene, where pro- fessional Hearthstone players take part in tournaments for cash prizes. These competitions, called esports, are then broadcast over the internet streaming service Twitch to viewers at home. This year, Hearthstone esports has been dominated by the Grandmasters tournament, where 48 top players from the Americas, Europe, and Asia- Pacific regions battle it out over two eight-week seasons of games to climb to the top of the points table. The ulti- mate prize pool is worth $500,000, but players can earn cash rewards along the way for winning their bouts. The competition became mired in controversy last week. On 5 October, a Hong Kong player called Ng Wai “Blitzchung” Chung was interviewed on an official livestream from Taiwan after winning a match. STUCK IN During this interview, Chung wore a gas mask and yelled “Liberate Hong Kong, revolution of our age”. The mask and slogan are symbols of the protest movement in his homeland. Two days later, Blizzard issued a state- ment that Chung had broken the com- A BLIZZARD petition’s official rules, specifically one Luke Graham reports on how the Hong Kong protests have caused controversy in the world of video games China is using

access to market some of Blizzard’s employees protested games has now become a matter of broadcaster CCTV suspended broad- as leverage to the decision. geopolitics. US senator and former Re- casts of Rockets games, and some spon- If Blizzard’s motivation for sanction- publican presidential hopeful Marco sors broke off relations with the team. crush free speech ing Chung was simply to prevent fur- Rubio tweeted: “Recognise what’s hap- Clearly, taking a moral stand is not free ther political outbursts, this backfired. pening here. People who don’t live in of consequences. regarding “engaging in any act that, in After the ruling, three players from China must either self censor or face Taking a step back, the situation Blizzard’s sole discretion, brings you the American University team held up dismissal and suspensions. China is raises some uncomfortable questions into public disrepute, offends a portion a sign that read “Free Hong Kong, Boy- using access to market as leverage to about China’s influence in unex- or group of the public, or otherwise cott Blizz” during a livestream on the crush free speech globally.” pected places, the responsibilities of damages Blizzard’s image”. company’s official Twitch channel. By the end of the week, Blizzard was global corporations, and especially As punishment, Chung was removed The trio received no penalty for this, forced to address the backlash. Com- the role of politics and free speech in from the tournament, banned from and accused Blizzard of hypocrisy. pany president J. Allen Brack issued a sports and entertainment. any Hearthstone esports for 12 Fans have clearly interpreted the sit- statement saying that it was reducing Chung is hardly the first athlete to be months, and his competition winnings uation as Blizzard – an American com- Chung’s ban to six months and letting punished for expressing a political of $10,000 were reduced to zero. pany – suppressing Chung’s right to him keep his prize money. Brack also view – look at American football player Blizzard no doubt felt that it had to free speech. While some defended the denied that Blizzard’s “relationships in Colin Kaepernick, who was criticised make an example of Chung for break- company, arguing that it was just try- China” had influenced the decision. for kneeling during the national an- ing the tournament’s rules and to dis- ing to keep potentially divisive politics Blizzard isn’t the first entertainment them in protest of police brutality and suade other players from making out of the competition, others accused company to be drawn into the dispute racism, or gold and bronze medalists overtly political statements during it of capitulating to China in order to between China and Hong Kong. Amer- Tommie Smith and John Carlos, who competitions. However, the ruling was protect its interests. ica’s National Basketball Association were ostracised by the US sports estab- met with a substantial backlash. Some even speculated that the Chi- dealt with a similar situation this lishment after they bowed their heads Members of the game’s online com- nese tech giant Tencent, which owns month, but took a different tack. and gave the Black Power salute on the munity saw the punishment as unrea- a five per cent stake in Activision- The NBA, like Blizzard, is heavily in- podium at the 1968 Olympics. There is sonable and too harsh. Thousands of Blizzard, may have directly influ- vested in China, but it defended a long history of people using sports as messages were written on social media enced the decision. the manager of the Hous- a platform for activism, putting their and forums defending Chung and crit- What started off in the ton Rockets after he careers – and themselves – in jeopardy. icising Blizzard’s knee-jerk reaction. niche world of video tweeted support Some readers may see video games Some went further. Notable mem- for Hong Kong. simply as places for escapism, ones bers of the community announced Ng Wai Chung, who This has come which are divorced from real-world that they would boycott future Hearth- plays the card game at a cost – events. But this situation shows the re- stone events, while other fans said they Hearthstone, sparked Tencent and verse is true – real-life events can have would no longer play the game. Even a political scandal China’s state huge impacts on these virtual spaces.

CITYAM.COM THURSDAY 17 OCTOBER 2019 LONDON TIME 25 LONDONTIME Edited by Alex Doak MAKING MOVES CHRISTOPHER WARD’S MECHANICAL MARVEL HITS HYPERDRIVE P26 MOSQUITO FLIGHT Breitling’s dashing new chronograph pays tribute to the ‘Wooden Wonder’ of WWII

pitfire? Hurricane? Don’t be so obvi- Hodgson notes: “He foresaw that the UK would ous. Every Airfix-mad schoolboy have a shortage of aluminum. The Government knows that the coolest-ever WWII wanted a light bomber for the RAF, and de aeroplane was the de Havilland Mos- Havilland offered them a plane made of a quito – the high-speed, lightweight plywood and balsa wood composite that Sfighter-bomber that, according to Alistair would have the performance of a fast Hodgson, curator of the de Havilland Aircraft lightweight fighter but be capable of carrying a Museum, “won the War”, while flashy Spitfire bomber’s load.” continues to dine out on its role in the Battle of Despite the Mosquito’s extraordinary Britain. versatility (even stretching to photo It’s a cool factor and – joking aside – a reconnaissance and cargo transport roles) the poignancy that pilot’s pilot-watchmaker jet age, of course, spelled its demise in the Breitling is affording long-overdue respect this Fifties. The Walthamstow production site is year, with a freshly unveiled edition of its now home to high-rise rentals and De Aviator 8 B01 Chronograph. Like the Mosquito’s Havilland’s art-deco factory in Clapton is a two Rolls-Royce V12 Merlin engines, a high- coveted conversion in hipster central. But performance powerhouse drives things inside thanks to Breitling and its copper-bottomed to ‘chronometer’ standards of precision, while, heritage kitting out Allied flying aces, a dial-side, the cockpit instruments of Breitling’s commemoration like this feels far from trite Huit Aviation Department plus the Mosquito’s – especially when, like the aircraft itself, just the military roundels and markings are all sound of the underlying technology has the summoned by a design to make Biggles himself power to thrill. weak at the knees. Put it down to Airfix geekery, but 4Hz of the The beloved ‘Mozzie’ was built for Allied Breitling B01’s tick-tick-tick certainly measures forces between 1940 and 1950 at various sites – up to 1,400hp of roaring Merlin. including north London’s Blackhorse Lane De Havilland's balsa and plywood- industrial hub in Walthamstow. Its airframe’s The Breitling Aviator 8 B01 Chronograph 43 airframe Mosquito was a linchpin of predominant use of wood was an indicator of Mosquito is available now for £5,980, the Allied aerial campaign (and Geoffrey de Havilland’s keen insight, as Alistair breitling.com 20mph faster than Spitfire). MAVERICK AND GOOSE A week on from Breitling’s big reveal, the upstarts at Bremont were honouring a timber-framed bird of their own

o a packed crowd gathered at At a time of wartime austerity, the self, but that was all it took to ce- the V&A Museum last Wednes- eccentric Hollywood mogul defied ment legend status for the Spruce Tday evening, the sonorous the odds to build the largest aircraft Goose, now on display at the Ever- tones of Sean Pertwee introduced in the world – officially the ‘H-4 Her- green Aviation & Space Museum in the latest limited edition from cules’ and still the largest-ever sea McMinnville, Oregon. It may never British watchmaker, Bremont. From plane. Like the de Havilland Mos- take to the skies again, but thanks Bletchley Park’s code-crackers to quito, it relied on lightweight and to the 300 stainless-steel, 75 rose- BOAC’s Concorde, a particularly readily available birchwood to take gold and 75 platinum ‘H-4 Hercules’ iconic feat of engineering or human to the skies and be built in the first GMT watches being made by Bre- ingenuity has been celebrated every place – pieces of which are laid into mont – a hugely popular brand year by the plucky chaps at itsHen- the new Bremont watches’ pro- among professional pilots, both mil- ley-on-Thames HQ, and for 2020 it is peller-shaped winding rotor. itary and civilian – at least it can in the turn of Howard Hughes and his It only ever flew for one minute on spirit. monumentally ambitious ‘Spruce 2nd November 1947 before being Goose’. preserved in aspic by Hughes him- From £9,495 in steel, bremont.com 26 LONDON TIME THURSDAY 17 OCTOBER 2019 CITYAM.COM

MOVER & SHAKER recent cash injection of £6.25 million by the This jump to hyperdrive started when the British reserve via twin barrels and was designed using a ‘skeletonising’ the movement, to reveal more of its investment group BGF already seems to be upstarts added to their defiantly affordable Swiss- modular approach with future complications in mind. intricate works than ever, picked out with anodised- paying dividends, chez Christopher Ward. A made portfolio a Swiss-made movement of their very That was five years ago. Now released to celebrate aluminium orange pops. And despite the clear Aflurry of new, innovative and above-all cre- own – by merging with its Biel-based tech partner, SH21’s half-decade, the C60 Apex (from £3,495) has caseback and all the cleverness, it’s still a bona f ative products is carrying the Maidenhead- Synergies Horlogères. Not only was its ‘SH21’ capable been engineered to look more ‘out-there’ than any ide diving watch, good to 300 metres down, with based watch brand into more and more credible, not of passing COSC’s high-precision ‘chronometer’ tests, Christopher Ward before it. Their neighbours in Biel, rotating bezel and dazzling luminosity. Your to mention collectable territory. but it came with a hugely useful 120-hour power Armin Strom have helped with the process of move, Switzerland.

WAR STORIES THREE PLUCKY NEW RECRUITS, CONSCRIPTED 75 YEARS ON RESERVOIR AVI-8 P-51 BALL WATCH BATTLEFIELD MUSTANG ENGINEER D-DAY MASTER II Another watch, another New kid on the luxury- WWII aeroplane – or NORMANDY watch block, Reservoir rather, ‘airplane’ in this makes a particularly case, being the jewel in The first Ball Watch to be poignant hat-tip to the North American Aviation’s exclusive to the Swiss heroic efforts of the Allies crown. A close second to brand’s new online on D-Day, as its titular and our cover’s Mosquito in boutique, limited to a signature ‘power reserve’ the cool stakes, the catch-it-if-you-can 750 display is mirrored by the Mustang was one of the pieces, this dashing chap brand’s logo: the X-shaped most successful fighters of honours the courageous embossing found on every the war, capable of high- allied forces who fought for Jeep’s jerry can of spare altitude, high-speed our freedom on the shores fuel. President maneuverability and of Normandy over 75 years Eisenhower himself cited looking damn fine in the ago. A pilot watch through the four-wheeler as one of process. UK-based entry- and through, it features a the USA’s three decisive levellers Avi-8 pay chronograph as well as weapons of the war, not particularly fine tribute circular slide rule – tools (if least for its crucial role here, with Japanese you know your logarithmic during the Landings. automatic mechanics into tables) for any airborne the bargain. mission. £3,800, reservoir- watch.com £290, avi-8.co.uk £2,350, shop.ballwatch.ch CITYAM.COM THURSDAY 17 OCTOBER 2019 LONDON TIME 27 What’s ticking? WATCH NEWS BLACK & BLUE It’s scrum-down for Tudor’s bruiser of a chronograph n spite of (or perhaps in mighty defiance of) deadly Typhoon Hagibis, which ripped through Japan last Iweek, it’s the Rugby World Cup’s host side that dominates the headlines as they head into the quarter-finals this Sunday, after their shock defeat of title favourite Scotland. But New Zealand remains a threat as always, and as joint partner to its indomitable All Blacks as well as the Cup itself, Tudor watches has released a veritable Beauden Barrett of a chronograph (pictured here on the wrist of said fly- half – a star player, who won back-to-back World Rugby Player of the Year Awards in 2016 and 2017). The Black Bay Chrono Dark is limited to the number Space, Time, of All Blacks who have played throughout history (1,181 pieces at time of writing), so every time there’s a new recruit, a new watch will be produced: essentially the brand’s core Black Bay Chrono, driven Continuum by chronometer-rated mechanics sourced from Breitling then tweaked to the needs of Rolex’s increasingly self-sufficient little brother. The twist is In a year that celebrated not only 50 Limited to 50 pieces through the appropriate colouration of course, achieved by years of the self-winding stopwatch mrporter.com, ‘Edge of Space’ is a bead- coating the steel case and bracelet in a protective Iwatch, or ‘chronograph’, but also man’s blasted titanium version of 1969’s launch layer of titanium aluminium nitride through a process first steps on the Moon, it makes sense for model, rather more prosaically named called ‘physical vapour deposition’ or PVD – directly the two to combine. Sure enough, ‘A384’ (no, not after the trunk road derived from the thin-film technology originally continuing a tripartite partnership connecting Totnes with Buckfastleigh). In developed by NASA. between Mr Porter, Zenith and British Bamford’s magpie-like style, however, it Water-resistant to 200 metres, shock as well as watch customiser Bamford Watch also throws in a mid-Eighties tachymeter scratch-proof, the Chrono Dark could shrug off the Department, the result is an out-of-this- scale, plus subdials from a 1970 reference. most brutal of scrums, let alone a typhoon. world version of Zenith’s gamechanging, Not just one, but several small steps, high-frequency 'El Primero' movement. amounting to a massively stylish leap. The Black Bay Chrono Dark is available now through tudorwatch.com, at £4,260 DISHY DIALS 1. The craftspeople at Ulysse Nardin’s own 2. The dials are ‘fired’ (hence, grand ‘feu’) in 3. Enamel dye is applied to an etched Donzé Cadrans dial workshop receive no a small furnace at about 800º. Since the metal plate, known as a 'cliché', formal training – the skills are passed down enamel shrinks, several firings are required imprinted with the design of the dial’s Allow Ulysse Nardin to take in the apprentice fashion. The first skill being to ensure all the crevices are filled, meaning indices and marks. The excess ink is grinding raw silica to a fine powder, then the risk of microfissures increases every removed from the cliché by drawing a you through the painstaking dusting a copper base. time, potentially ruining all the hard work. squeegee or blade across the surface. process of hand-crafting the porcelain face of a fine watch – in this case the 100- piece Monaco Yacht Show edition of its Marine Torpilleur (€9,500) – through 4. The ink is picked up from the cliché by a 5. Every edge is ‘chamfered’ 6. Finally, the grey-enamel subdials smooth, torpedo-shaped ‘pad’ made of soft delicately with a wooden file to are tin-soldered to the white-enamel the ancient process of silicone, which is then ‘squashed’ onto the ensure the dial and its two power- dial. Ready for 100 lucky customers, flawless enamel dial, leaving a perfectly reserve and small-seconds subdials’ who have likely snapped all of them up ‘grand feu’ enamelling crisp print. The dial is then fired once again, perfect fit within the Marine by now, but you never know: check to fuse this new layer of enamel. Torpilleur’s steel case. ulysse-nardin.com to be sure. 28 LIFE&STYLE THURSDAY 17 OCTOBER 2019 CITYAM.COM TRAVEL THE ULTIMATE DAY AT THE LAKE

HOURS IN...

MANHATTAN, NYC NEED TO KNOW £ Hotel Eden Roc, Ascona offers double rooms from 315CHF per night based on two people sharing on a b&b basis. For bookings and further information please visit edenroc.ch or call +41 91 785 7171 £ SWISS flies direct from Heathrow to Zurich. All-inclusive fares start from £74 one-way, in- cluding all airport taxes, one piece hold luggage and hand luggage, plus meal and drink. For more in- formation visit swiss.com or call WHERE TO STAY 0345 601 0956 Moxy Chelsea Inspired by the £ The Swiss Transfer Ticket covers surrounding ‘flower district’, Moxy offers a round-trip between the micro-living with tons of style. Designed airport/Swiss border and your des- by Yabu Pushelberg and the Rockwell tination. Train prices are £112 in Group, industrial design is married with second class and £182 in first class. a botanical feel. moxychelsea.com For the ultimate Swiss rail special- ist call Switzerland Travel Centre on 00800 100 200 30 or visit swis- stravelsystem.co.uk

THE WEEKEND And with good reason; the gourmet The municipality of Ascona, sand- HOTEL EDEN ROC tasting menu features beautifully re- wiched with its larger Ticinese neigh- alised micro-European fare. Tiny bour Locarno, sits atop the northern LAKE MAGGIORE, plates, near amuse bouches, pack end of Lake Maggiore, from whence it enormous, palate-busting punch, pre- snakes southward, touching the THE LONG Switzerland sented artfully with not a trace of pre- shores of Lombardy and Piedmont. tension: coal-whipped butter, a WHERE TO GO This marriage of Swiss and Italian WEEKEND Med meets Alps in this fabulous new discovery served atop a Hudson Yards, billed as the city’s landscapes makes for an exceptionally marble plinth, was good enough to eat newest neighbourhood, is a 28-acre, picturesque location. Reachable by luxury Swiss retreat, with a spoon. Another hit is the tiny $25bn development on the West Side train through the valley floors of potato soufflé infused with chive (it’s still a work in progress). It includes alpine fir-covered, cow-peppered, says, Olivia McEwan cream with edible flowers and gold parkland, schools, shops, a cultural snow-capped mountains, its mild cli- leaf. This is a chef to watch; no wonder centre, restaurants and the world’s mate and smattering of palm trees regular guests return with every sea- highest observation deck. conversely signal its proximity to the sonal change in tasting menu. hudsonyardsnewyork.com Mediterranean. Formed by glaciers, 179m at its great- courses to party-boat charter. You can pikeperch) and has newly expanded its ASK ABOUT est depth and mostly below sea-level, swim in the lake itself, or in the milder menu to include more globally adven- Perhaps surprisingly, the dominant this notably deep lake of strikingly outdoor heated pools, having first turous sharing plates, including Ara- grape used in Ticinese wine is Merlot, clear, glistening green is the main rea- baked yourself in its 90 degree Finnish bic mezze and dim sum, served in a introduced into the area in the twen- son to visit the pretty fishing town, sauna and other spa facilities. No five- pristine white, high-ceilinged corner tieth century, though vineyards have which similarly bears both Swiss and star hotel is complete without treat- spot feeling more like beach-club than been present since Roman times. Lombard inflections in its architec- ments; its signature sessions are a restaurant. Top quality wines bear the appella- ture, style and cuisine. specialised After Sun treatment, and a Its La Brezza restaurant, however, is tion del Tinico DOC. Eden Roc serves a ‘Five in One’ Eden Roc massage. the crowning glory thanks to rising house red and white Merlot blend: THE STAY star chef Marco Campanella, the “Dis- light, aromatic and balanced with Hotel Eden Roc maximises this prime THE FOOD covery of the Year 2019 in Ticino” ac- bracing acidity. For oenophiles this attraction. Built in 1971 and acquired Eden Roc’s Marina Restaurant show- cording to the Gault&Millau Guide, will be a lesser known treat for the by the Bechtolsheimer-Kipp family in cases the best local fish (such as with a newly awarded Michelin star. palate. WHERE TO DRINK 1989, the hotel has since again ex- If you like tequila, then head to the panded in 2000 and 2010 having pur- AND AFTER THAT? Tribeca outpost of Mexican bar and chased the neighbouring sites, so that Move over Cannes: neighbouring Lo- restaurant Anejo. Offering the city’s the majority of its 95 luxury rooms carno holds a major Film Festival in most eclectic selection of tequilas and and suites and four restaurants are ori- August, held every year since 1946, mezcals, Anejo’s cocktail menu is longer entated towards the breathtaking lake showcasing the future of cinema. than the food one. anejotribeca.com panorama. From its cobbled streets you can take It even boasts a stretch of beachfront, a funicular high up the mountain, the Eden Roc Beach, complete with where sits the church of the Madonna barbecue, which can be privately del Sasso, where the Virgin was said to rented. Its interior decor is the singu- have appeared in 1480. Inside is a lar vision of Swiss architect and de- flurry of gilded stucco plaster work signer Carlo Rampazzi, who has and devotional murals, outside the refurbished new segments of the hotel most dramatic vista of lake. On a clear each year in the sharpest of cutting day the peak of Mont Blanc is visible. edge modern design, fusing opulence Take a boat to the Brissago Islands, with minimalism. Expect striking jux- once used as refuge by early Chris- tapositions of baroque with hard geo- tians, and bought in 1928 by Hamburg metric chrome, for example. department store king Max Emden, Its guests are mainly Swiss and holi- who built its Palladian villa. The island WHERE TO EAT daying Germans, here to relax and is now home to stunning botanical Philippe Chow Downtown is the soak up that glorious view, though gardens widely used for scientific second location of the starry Beijing- during summer it becomes a popular study, enjoying a milder microclimate style restaurant. The space has glam destination for families, when more one degree higher than that of the décor by Corbin Plays, with a mirrored adventurous activities are a forte, from mainland. Spend an hour amongst ex- staircase, upholstered banquettes and kayaking and paddle boarding, to otic colours and smells from all over statement lighting. philippechow.com water skiing and dinghy sailing The Locarno Film Festival, which has been held every year since 1946 the globe. CITYAM.COM THURSDAY 17 OCTOBER 2019 FEATURE 29 OFFICE POLITICS

good night’s sleep. Stressed on THE POWER OF FOUR The hours before midnight are a really important part of sleeping well – they are the hours that are deeply restora- the streets, tive, that heal the body, and provide sought-after anti-ageing benefits. WHAT DREAMS Even if you get a good amount of ARE MADE OF sleep, going to bed late is likely to en- sure a large amount of your sleep is an insomniac Sleepio highly inefficient. Free So try to get to bed at around 10.30pm four nights a week to allow Here you are your body to access to that vital phase in the sheets again. It’s 4am – of sleep before midnight. so early that the birds aren’t even A LIFE HALF FULL up yet. You’ve We all know that cutting down on caf- Yawning in the office after another sleepless tried everything, feine will help with sleep issues, but but even very few of us think about the half-life night? Nerina Ramlakhan has some advice counting sheep of the coffee or tea that we drink. won’t help you The half-life of caffeine is five hours, nod back off. which means if you have a tea or cof- HE DAYS are getting shorter, than two hours less than the national Research found done, particularly as the days get You’re starting to fee at 5pm, you will still have half that the nights darker, and we’re recommended average of 7.5 hours. that 25 per cent shorter, but staying active will help get stressed amount in your blood by 10pm. all now full-pelt into work A lack of sleep has serious health im- of Brits only sleep you feel less sluggish at work. about the sleep, You probably won’t feel energised by mode. But with many work- plications, both physically and men- for five hours or Also avoid commuting on an empty which means 10pm, but the caffeine is still in your ers dealing with stress on a tally, and can result in poor less per night stomach, as this leaves the body run- you can’t sleep system, and it’s enough to stop you dailyT basis, few seem to realise how performance during the day. It can ning on adrenaline energy, which is because you’re sleeping well. this can affect our sleep, mood, and even affect our memory and our abil- one of the main factors that can cause stressed. One overall performance. ity to learn and store new informa- shallow sleep. way to try to help PUTTING THIS TO BED It is high-time that we valued our tion – crucial in the workplace and break the vicious The challenge for many workers is im- need for good restorative, sleep partic- for those in education. WHEN LIFE GIVES YOU LEMONS cycle is to use a plementing these practices into their ularly in today’s fast-paced and tech- So here are four top tips for workers If you’re already drinking the recom- sleep app. everyday life. Anyone who is strug- nologically-driven world. who may be struggling with stress mended two litres of water a day and Sleepio is a good gling with sleep problems should We need sleep, high in both quality and sleep problems. you want to take it to the next level, one – it’s more make a conscious effort to integrate and quantity, to recover from the en- try adding a squeeze of lemon and a than app, it’s an these into their day, and you won’t deavours of the day, and to give our- DO OR DIET pinch of sea salt to alkalise the water. NHS-approved have to count sheep again. selves the resilience to tackle A healthy lifestyle matters. Try to The body functions optimally at an online sleep whatever life throws at us. prevent getting yourself into a rou- alkaline PH of 7.35, so hydrating with improvement £ Dr Nerina Ramlakhan is resident sleep Research from Silentnight found tine of eating unhealthy fatty foods alkaline water helps our body work programme. expert at Silentnight. She is the that 25 per cent of Brits only sleep for and spending your free time loung- properly. This enables our physiologi- author of Tired But Wired, and Fast Asleep five hours or fewer per night – more ing around. This is easier said than cal processes, which include getting a Wide Awake. 30 SPORT THURSDAY 17 OCTOBER 2019 CITYAM.COM SPORT That staple of US sports hits cricket on Sunday. Felix Keith examines how it will work

NGLISH cricket is set to break new ground this weekend when a draft process takes Eplace for The Hundred ahead of next summer’s much-antic- ipated start date. The look of the new eight-team, 100- ball competition, due to run from 7 July to 16 August 2020, has been grad- ually rolled out over recent months. The format, team names, identities, branding, coaches and initial players have all been made public. Now comes the draft, which will be shown live on Sky Sports and avail- able to watch on the BBC Sport web- site on Sunday evening. While drafts are a staple of Ameri- can sports and auction processes have been used to assign players to teams in franchise Twenty20 leagues around the world, the process is unprece- dented in cricket in this country. Unprecedented means excitement, but also uncertainty. But how will it work and what can we expect? THE BASICS Each team – Northern Superchargers, Manchester Originals, Trent Rockets, Birmingham Phoenix, Welsh Fire, London Spirit, Oval Invincibles and Southern Brave – must sign up 15 players. Each of them already has three, hav- ing selected a centrally-contracted England player and two so-called local icon players before the competition’s launch earlier this month.

DONE DEALS: WHO’S BEEN SIGNED UP AND WHERE

BIRMINGHAM PHOENIX: Chris Woakes, Moeen Ali, Pat Brown LONDON SPIRIT: Rory Burns, Dan Lawrence, Eoin Morgan MANCHESTER ORIGINALS: Jos Buttler, Saqib Mahmood, Matt Parkinson NORTHERN SUPERCHARGERS: Ben Stokes, Adil Rashid, David Willey OVAL INVINCIBLES: Sam Curran, player, the order reverts to complete teams’ strategies are because it’s not first few rounds you might have more Tom Curran, Jason Roy the picks for that band and then con- ON THE MARKET: BIG NAMES just a new competition, it’s a new for- concrete plans, but you’ve also got to SOUTHERN BRAVE: Jofra Archer, tinues down the salary brackets. IN DRAFT – AND THEIR PRICE mat as well,” he tells City A.M. have a degree of flexibility as well.” Chris Jordan, James Vince Teams will skip a go for the brackets “Everyone is going to have their own TRENT ROCKETS: Joe Root, Harry in which they already have a player, £125,000: Chris Gayle, Lasith Malinga, perceptions of the kind of player that PRESSURISED DECISIONS Gurney, Alex Hales for example £125,000 Jason Roy at the Steve Smith, David Warner they need and who they think will do Uncertainty over other teams’ strate- WELSH FIRE: Jonny Bairstow, Oval Invincibles. £100,000: Muhammad Amir, Trent well in this particular format. gies means that creating a decision Tom Banton, Colin Ingram Overall, 96 players will be selected Boult, Dwayne Bravo, Faf Du Plessis, Whether it’s a big name or a small tree detailing every permutation in from a pool of around 600 who have Rashid Khan, Kane Williamson name, there might be quite a few sur- the draft isn’t feasible, so Weston and put themselves forward. £75,000: Muhammad Hafeez, Mitchell prises.” his colleagues will have to think on The draft will now see them fill out There is no draft for the women’s Marsh, Kusal Perera, Dale Steyn Weston’s Birmingham Phoenix will their feet. all but one of the remaining 12 places version of The Hundred, however. £60,000: Joe Denly, Mark Wood, Shahid be coached by Australian Andrew Mc- The 100-second time frame in which on their roster, three of whom can be Each franchise has already signed Afridi, Martin Guptill, Shoaib Malik Donald and are an amalgamation of teams must make each pick ensures a overseas stars. The last spot will be up two England players for their £50,000: Ian Bell, Sam Billings, Liam T20 Blast sides Birmingham Bears and fast-paced viewing experience for fans filled by a final wildcard signing after women’s team. They will now negoti- Plunkett, Usman Khawaja, Peter Siddle Worcester Rapids. and means teams need to have done next year’s Vitality Blast domestic T20 ate deals directly with potential re- They already have England all- their homework. competition. cruits to fill out their squads before rounders Chris Woakes and Moeen Ali “It sounds like a lot but it’s not,” We- As it is a draft and not an auction, end of May next year. and fast bowler Pat Brown on the ston says. “Usually leagues abroad there will be no Indian Premier books, so have scoured the data and have three minutes, so it’s almost half League-style bidding wars. THE TACTICS scouted far and wide to consider pos- that time. They normally take the full Each franchise is allowed two play- Although there won’t be escalating sible recruits. three minutes as well, so I think it’s ers from each of the seven salary bidding wars to see who gets Chris Every team will Birmingham are hindered by pick- going to create more pressurised deci- bands. The players have set their min- Gayle, Rashid Khan or David Warner, ing last in the first round, so will have sion making. imum price, which range from each franchise will still have planned have a perception to keep an open mind when it comes “But I guess that benefits the teams £125,000 down to £30,000. their tactics out thoroughly. to their most expensive choice. who have prepared thoroughly and The process will start at the top end But as Birmingham Phoenix’s data of who they think “In my view the recruitment of disadvantages the teams who have of the scale, with Trent Rockets insights manager Dan Weston ex- some teams in overseas drafts and gone on the fly a little bit.” granted first pick in the £125,000 plains, the fact such a draft has never suits the format. auctions isn’t always that logical,” We- At 7pm on Sunday we will see which Band One and Birmingham Phoenix been done before leaves plenty of There might be a ston adds. teams stay calm and retain their going last. eventualities open. “You’re often thrown a curveball by joined-up thinking, and which crum- After each team has selected one “It’s difficult to know what other few surprises another team quite quickly. For the ble in front of the ticking clock. CITYAM.COM THURSDAY 17 OCTOBER 2019 SPORT 31

SIX ARRESTED OVER RACIST SPORT DIGEST MANE ATTRACTION Lionesses set to break attendance record ABUSE OF ENGLAND STARS £ Bulgarian police have arrested six ENGLAND look set to fans on suspicion of racially abusing BARCELONA UNREST COULD break attendance England players in Monday’s Euro SEE CLASICO RELOCATED records for a 2020 qualifier in Sofia. Nine more £ Spanish league chiefs have women’s football people have been identified and are proposed moving next week’s Clasico match in Britain after under investigation for their behaviour between Barcelona and Real Madrid selling out Wembley during the match, which had to be to the Spanish capital following unrest for next month’s halted twice while the crowd were in the Catalan city. Barca are expected friendly against warned and which England won 6-0. to oppose the plan, however, which Germany. The crowd Some supporters were seen making was put to the Spanish football is expected to Nazi salutes and monkey noises in the federation by officials from LaLiga, surpass the 80,203 direction of England players Raheem which runs the country’s top two that attended the Sterling and Tyrone Mings. Bulgaria’s divisions. Protests broke out in London 2012 prime minister Boyko Borissov forced Barcelona on Monday after nine women’s football the country’s football chief, Borislav Catalan separatist leaders were jailed final at the national Mihaylov, to quit on Tuesday in the for their role in an independence stadium, which has a fallout from the controversy. referendum declared illegal by the capacity of 90,000, Spanish state. The Clasico, on 26 and could almost DE GEA TO JOIN POGBA IN October, is set to be Barcelona’s first double the current MISSING LIVERPOOL GAME home game at Camp Nou since the record attendance for £ Manchester United expect to be verdict. A decision is expected to be a Lionesses home without David de Gea for Sunday’s made next week. match of 45,619, Premier League fixture with Liverpool against Germany in after the goalkeeper sustained an F1’S DEAL FOR MIAMI RACE 2014. “This is a injury playing for Spain this week. His AROUND NFL STADIUM magnificent show of absence would mean Sergio Romero £ Formula One’s owners have revived support,” said Sue making his first top-flight start of the ambitions to stage a grand prix in Campbell, head of season against a team who have taken Florida after striking an agreement the women’s game at maximum points. “I think he’ll be out,” with Miami Dolphins bosses. The the Football said United manager Ole Gunnar proposed race, which would start in Association. The Solskjaer. The hosts are already 2021 and will go before a vote of local world record crowd without midfielders Paul Pogba and councillors later this year, would loop for a women’s match Jesse Lingard, but Solskjaer hopes around the NFL team’s Hard Rock is 90,125 for the 1999 forward Anthony Martial and full- Stadium. Local residents have World Cup final in the backs Aaron Wan-Bissaka and Luke previously seen off plans for an F1 race United States. Shaw will be in contention to return. in downtown Miami. All Blacks playing a new ball game ers to hesitate and in turn open up Barrett-Mo’unga axis fuelling holders’ more space. The deeper structure to their attack title defence, says Michael Searles allows them to play a more expansive, unpredictable game and moving Bar- rett into second or indeed first re- HEN Ireland beat New plain sailing. A 16-16 draw with South ceiver from full-back means there is Zealand on a historic Africa and 47-26 defeat to the Walla- nearly always an expert kicker avail- night in Dublin just bies during the summer are testa- able with more space and time to find short of a year ago, they ment to that. a pass from the boot. looked like being the But the new combinations have teamW to beat at this year’s Rugby begun to bear fruit and an opening COMBINATIONS World Cup. pool-stage victory over South Africa Both tries against South Africa in- How quickly things change in sport. was an early reward for Hansen’s pa- volved Mo’unga kicking out wide to On Saturday the pair go head to head tience in allowing these players to Sevu Reece as the All Blacks worked in the World Cup quarter-final and it flourish. their way into the opposition’s half. is Ireland who are once again huge It is, of course, not enough. Any- The No10 then linked up with fellow underdogs, having allowed them- thing less than retaining the Webb selves to drift back towards medioc- Ellis Cup on 2 November will be con- rity this year. sidered a failure. But the All Blacks ap- Standing still, however, is not in the pear to have rediscovered their All Blacks’ DNA. To the general ob- winning formula at the right time. server this New Zealand side may have Integral to that is the new 10-15 axis Barrett at 15 and seemed as vulnerable as any in the between Mo’unga and Barrett who past decade coming into the tourna- now look to be playing in sync with Mo’unga at 10 ment, having lost to Australia and one another and improving every South Africa as well as Ireland in the game. The pair combined to devastat- allows them to past 13 months. ing effect against the Springboks as Their six defeats in this World Cup New Zealand raced into a 17-3 lead field two of the cycle amounted to twice as many as with two tries in three minutes dur- best distributors they suffered between 2011 and 2015. ing the first half. But once again they appear to have Their ability to interchange between in the game reinvented themselves and taken the first and second receiver and arc runs unstructured rugby they pride them- around one another, with heavy for- playmaker Barrett, whose burst of selves on to another level. wards also running off them, makes pace and off-load to George Bridge as- Beauden Barrett is widely deemed to anticipating where the ball will go in- sisted the first try. Minutes later he be the best fly-half – if not simply the creasingly difficult, causing defend- was heavily involved as first receiver best player – in the world, but Kiwi in the phases leading up to brother head coach Steve Hansen has had Scott Barrett’s try. other ideas in mind for his talisman. QUARTER-FINAL FIXTURES In truth, New Zealand have not been Deploying him at full-back, a posi- SATURDAY tested since. Easy 63-0 and 71-9 victo- tion where he also excels thanks to ries over Canada and Namibia respec- ENGLAND V AUSTRALIA his all-round ability, has freed up the tively gave them a chance to practise No10 jersey for Richie Mo’unga and al- Oita, 8:15am combinations but the cancellation of lows the All Blacks to play with two of NEW ZEALAND V IRELAND their final pool stage match with Italy the best distributors in the game, al- Tokyo, 11:15am due to Typhoon Hagibis means there beit at the expense of Ben Smith. SUNDAY is a slim possibility they come into the weekend undercooked. DEVASTATING EFFECT WALES V FRANCE Oita, 8:15am And yet, it will take something spe- The transition, which has also seen a JAPAN V SOUTH AFRICA cial to stop this improving and inno- new-look back row implemented with vative All Blacks machine from Sam Crane and Ardie Savea either side Tokyo, 11:15am completing another successful World All kick-off times are BST of captain Kieran Read, has not been Cup title defence.