YOUR BUSINESS WITH PERSONALITY TAKING STOCK SWEDISH CAPITALHOW PRODUCE DOES THE SO MANY TECH UNICORNS? IN THE MONEY REGULAR TUESDAY 27 AUGUST 2019 SAM TORRANCE ISSUE 3,443 P22 ON MCILROY’S BIG PAYDAY TRUMP: CHINACITYAM.COM P24 SHAKE IT OFF FREE PAPER WANTS A DEAL halts Cuadrilla’sAnother fracking tremor plans INSIDE → ‘VERY BADLY’ SEBASTIAN MCCARTHY AND HARRY ROBERTSON @SebMcCarthy @henrygrobertson order to end the stalemate. “I think they want to make a deal very badly. I DONALD Trump helped stocks think that was elevated last night. The tariffs on almost all Chinese goods in rebound yesterday as investors bought vice chairman of China came out, he the latest stage of retaliation between into renewed hope of a trade truce BUSINESS WITH PERSONALITY said he wants to see a deal made,” he the two sides. between the US and China. said. Meanwhile, at a press conference last At the end of a characteristically “The longer they wait the harder it is night, Trump also said he was open to unpredictable weekend of to put back, if it can be put back at all...meeting Iran’s President Hassan mixed messages from the US I don’t think they have a choice.” Rouhani under the right circum- President, Trump said he stances, adding that he had “good believed China wanted to Trump also praised Chinese feelings” about the prospect of a new reach an agreement to President Xi Jinping, nuclear deal. end the standoff. calling him a “great leader” and a “brilliant The comments followed a tense Markets were rattled standoff between Tehran and earlier this month as AUGUST GRAHAM Washington in recent months over Trump’s trade war with Trump dominated limits placed on Iran’s nuclear activity. @AugustGraham the economic powerhouse headlines from the after the scale of yesterday’s tremor, intensified. weekend’s G7 summit In a colourful final day of discussions THE UK’s fracking sector faced a at the G7 summit in Biarritz, the US the Oil and Gas Authority suspend further setback yesterday as another Equities recovered yesterday, President also: activity at the site indefinitely. with US and European markets man” – despite labelling small earthquake was recorded in ed •Suggested that his own Miami golf “It’s clear that the industry cannot climbing into the green. Trump spoke him an “enemy” on Lancashire, forcing drilling resor work within the limits that they positively about trade negotiations Twitter last week. t could host next year’s G7 event, hailing its “great” conference Several tremors have beento stop. recordedthemselves agreed. It’s time to stop,” during the G7 leaders’ summit in Chinese vice premier Liu He since the government said it could said yesterday that China wanted to rooms and repeating several times said Conservative MP Lee Rowley. France, where world leaders met to ease regulations on the sector, earlier reach a solution to the trade war via that it was a short drive to the Cuadrilla said the string of tremors discuss issues ranging from fires in the this month. “calm” negotiations. international airport would not set the industry back in its Amazon rainforest to potential taxes The Dow Jones closed up one per cent • A 2.9 magnitude quake near fight to get the 0.5 limit increased. on tech giants. Denied reports that he had Cuadrilla’s New Preston Road drilling last night. suggested using nuclear weapons to The firm said the well’s integrity had site woke up some locals yesterday. Trump claimed Beijing was actively The positive rhetoric soothed break up hurricanes not been breached, and it is working reaching out to resume trade talks in to understand the cause of three investors’ nerves after a bruising day of•Skipped a meeting about climate Nick Bell, who lives four miles from the site, told tremors in the past week. falls at the end of last week, when change and biodiversity attended by City A.M. rattled around 8.30am. Trump announced he would ramp up other world leaders. his windows “This is exploration about what Government rules force frackers to could potentially be a very important  MACRON’S TECH MOVE: P4 stop when tremors reach 0.5 on the resource for the UK and we would like Richter scale. Cuadrilla can normally to continue with our work to prove restart within 18 hours. However, this,” a spokesperson said.

 THE CITY VIEW: P2

BUSINESS WITH PERSONALITY

IN THE MONEY TAKING STOCK HOW DOES THE SAM TORRANCE SWEDISH CAPITAL PRODUCE SO ON MCILROY’S MANY TECH UNICORNS? P22 BIG PAYDAY P24 TUESDAY 27 AUGUST 2019 ISSUE 3,443 CITYAM.COM FREE

SHAKE IT OFF Another tremor TRUMP: CHINA halts Cuadrilla’s fracking plans WANTS A DEAL

SEBASTIAN‘VERY MCCARTHY BADLY’ order to end the stalemate. “I think tariffs on almost all Chinese goods in AND HARRY ROBERTSON they want to make a deal very badly. I the latest stage of retaliation between think that was elevated last night. The the two sides. @SebMcCarthy @henrygrobertson vice chairman of China came out, he Meanwhile, at a press conference last DONALD Trump helped stocks said he wants to see a deal made,” he night, Trump also said he was open to rebound yesterday as investors bought said. meeting Iran’s President Hassan into renewed hope of a trade truce “The longer they wait the harder it is Rouhani under the right circum- between the US and China. to put back, if it can be put back at all... stances, adding that he had “good At the end of a characteristically I don’t think they have a choice.” feelings” about the prospect of a new unpredictable weekend of Trump also praised Chinese nuclear deal. AUGUST GRAHAM after the scale of yesterday’s tremor, mixed messages from the US President Xi Jinping, The comments followed a tense the Oil and Gas Authority suspended president, Trump said he calling him a “great standoff between Tehran and @AugustGraham activity at the site indefinitely. believed China wanted to leader” and a “brilliant Washington in recent months over THE UK’s fracking sector faced a “It’s clear that the industry cannot reach an agreement to limits placed on Iran’s nuclear activity. further setback yesterday as another work within the limits that they end the standoff. Trump dominated In a colourful final day of discussions small earthquake was recorded in themselves agreed. It’s time to stop,” Markets were rattled headlines from the at the G7 summit in Biarritz, the US Lancashire, forcing drilling to stop. said Conservative MP Lee Rowley. earlier this month as weekend’s G7 summit president also: Several tremors have been recorded Cuadrilla said the string of tremors Trump’s trade war with •Suggested that his own Miami golf since the government said it could would not set the industry back in its the economic powerhouse man” – despite labelling resort could host next year’s G7 ease regulations on the sector, earlier fight to get the 0.5 limit increased. intensified. him an “enemy” on event, hailing its “great” conference this month. The firm said the well’s integrity had Equities recovered yesterday, Twitter last week. rooms and repeating several times A 2.9 magnitude quake near not been breached, and it is working with US and European markets Chinese vice premier Liu He that it was a short drive to the Cuadrilla’s New Preston Road drilling to understand the cause of three climbing into the green. Trump spoke said yesterday that China wanted to international airport site woke up some locals yesterday. tremors in the past week. positively about trade negotiations reach a solution to the trade war via •Denied reports that he had Nick Bell, who lives four miles from “This is exploration about what during the G7 leaders’ summit in “calm” negotiations. suggested using nuclear weapons to the site, told City A.M. his windows could potentially be a very important France, where world leaders met to The Dow Jones closed up one per cent break up hurricanes rattled around 8.30am. resource for the UK and we would like discuss issues ranging from fires in the last night. •Skipped a meeting about climate Government rules force frackers to to continue with our work to prove Amazon rainforest to potential taxes The positive rhetoric soothed change and biodiversity attended by stop when tremors reach 0.5 on the this,” a spokesperson said. on tech giants. investors’ nerves after a bruising day of other world leaders. Richter scale. Cuadrilla can normally Trump claimed Beijing was actively falls at the end of last week, when restart within 18 hours. However, £ THE CITY VIEW: P2 reaching out to resume trade talks in Trump announced he would ramp up £ MACRON’S TECH MOVE: P4

FTSE 100 7,094.98 CLOSED FTSE 250 19,236.13 CLOSED DOW ▲ 25,898.83 +269.93 NASDAQ ▲ 7,853.74 +101.97 £/$ ▼ 1.222 -0.003 £/€ ▼ 1.101 -0.004 €/$ ▲ 1.110 +0.002 02 NEWS TUESDAY 27 AUGUST 2019 CITYAM.COM OBITUARY

LORD TIM BELL Margaret THE CITY VIEW Thatcher’s former spin doctor and Bell Fracking faces a battle Pottinger founder dies aged 77

to win over the public LORD Tim Bell, founder of PR firm Bell Pottinger and Margaret Thatcher’s public relations UST a dozen days ago the government said it would adviser, has died aged 77. He died consider easing rules that force fracking companies to stop on Sunday at home following an all activity when relatively weak tremors are found. illness. Bell co-founded the City J PR firm Bell Pottinger, leading a The hint of a U-turn was a considerable boost to an buyout in 2012. He quit the firm in industry that had become exasperated by Theresa May’s 2016, a year before it collapsed somewhat-bizarre approach of officially supporting fracking following a scandal over its work while essentially preventing it from taking off. for the Gupta family in South Africa. He also advised on the A week or two earlier, energy company Cuadrilla said it would Conservatives’ successful election apply to extend the licence on its fracking site in Lancashire. campaigns in 1979, 1983 and Since then, however, the news has not been positive for 1987. He was behind the Conservatives’ “Labour isn’t Cuadrilla or the sector at large. Cuadrilla operates the country’s working” poster campaign in only active site at present, and tremors from the drilling have 1978, which showed a long been escalating. In the middle of last week a mini-quake of 1.55 unemployment queue. magnitude was felt – admittedly quite small. Another measuring 2.1 was recorded at the start of the weekend and yesterday a 2.9 reading caused all operations at Preston New Road to be halted indefinitely. The company insisted that the latest “event lasted for around a second and the average ground motion recorded was 5mm per second”, and continued to argue that the shake only amounted to “about a third of that permitted for construction projects”. Services sector gloomy as Yet while most tremors are undetectable by people on the ground, nearby residents have begun reporting experience of the shakes. At the very least, the timing of this month’s fracking developments has been a PR disaster for the industry and made UK economy slows down life much harder for anyone trying to convince the public of the benefits of extracting on-shore shale gas. HARRY ROBERTSON weight of Brexit uncertainty and a CBI chief economist Rain Newton- This newspaper has always taken a pragmatic view on fracking, global slowdown. Smith said: “UK services firms are @henrygrobertson The CBI, which represents almost operating in a tough environment: which – if handled correctly – seems like a sensible way of OPTIMISM across the UK’s dominant 200,000 British firms, said worries activity is sluggish and profits are bridging the gap between carbon-heavy fossil fuels and low- services sector fell sharply in the three about a no-deal Brexit were “clearly expected to fall in the coming carbon, sustainable sources of energy. In other parts of the months to August, according to a sur- weighing down the economy” and months. It’s little wonder that busi- vey, in news that will worry policy- “affecting businesses both big and ness sentiment has plummeted world, the sector has flourished. makers as Britain flirts with recession. small”. again.” Conditions in the UK are tough, however. Space is at a premium The mood in the business and Optimism across the business and The organisation said the govern- and infrastructure is weak compared to fracking’s boom areas, professional services sector was partic- professional services sector, which ment must avoid a no-deal Brexit, particularly in the US. Moreover public cynicism remains ularly subdued, the CBI’s quarterly includes accountancy, legal and mar- which is widely thought would hurt service sector survey showed today, keting firms, fell to minus 31 on the the country economically. The widespread and will only have been worsened by the weekend’s with expectations for growth at their CBI’s gauge, down from minus eight chances of such an event happening newest tremors. lowest since 2009. in February and close to post-financial on 31 October have increased since While shale’s hardline critics are often guilty of hysteria, it is Britain’s economy shrank for the crisis lows. Brexiter Boris Johnson took power. first time in seven years in the second In the consumer services sector, “The outlook for services firms is difficult to see the industry ever really lighting up the British quarter as the unwinding of Brexit which includes hotels, bars, travel and bleak at the moment, with Brexit energy supply in the way its proponents once hoped. stockpiling and global trade tensions leisure firms, optimism fell to minus uncertainty holding back investment damaged growth. 28 from minus 12 in February. and expansion plans. The idea of a no- The services sector, which makes up Business and professional services deal Brexit is clearly weighing down around 80 per cent of the UK firms were “extremely negative” the economy and is affecting business- economy, made a positive contribu- about the outlook for expansion over es both big and small,” she said. tion to GDP growth between April and the year ahead, the CBI said, with a “So the economy can get back on June. But signs are mounting that it score of minus 51 which was the track, the government must re-double Follow us on Twitter @cityam too is beginning to suffer under the second-lowest on record. its efforts in securing a deal.”

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL GLOBALFOUNDRIES SUES WHAT THE ARCHBISHOP WARNED NOT SMALL COMPANIES SET TO BE HOUSE PANEL SUBPOENAS APPLE SUPPLIER TSMC OTHER TO INTERFERE WITH BREXIT HURT BY ‘AIR-CON TAX’ EX-WHITE HOUSE STAFF Globalfoundries said it has filed 25 The archbishop of Canterbury has Small companies are being crippled by The US House Judiciary Committee has patent infringement lawsuits against PAPERS SAY become embroiled in a fierce political an “air-con tax” which means their subpoenaed former White House staff Apple supplier TSMC and is seeking an row over plans for a citizens’ assembly business rates increase if they install secretary Rob Porter as part of its injunction to have certain iPhones, THIS aimed at averting a no-deal Brexit. equipment to keep workers cool in the investigation into whether US President Airpods and other products banned Justin Welby is in talks with a cross- heatwave. The government is this week Trump obstructed justice. It is the latest from import into the US and Germany. MORNING party group of senior MPs to chair a being urged to lift the tax after Britain bid to compel a Trump associate to The semiconductor manufacturer, series of public meetings to explore baked in record Bank Holiday detail allegations that the president based in Santa Clara, California, said it alternatives to leaving the EU without a temperatures. interfered in Robert Mueller’s probe. is seeking “significant damages” from deal. Taiwan-based TSMC based on TALLER MASTS TO BANISH GHOSN RAN FUND USING allegations of “unlawful use... of HOTTEST AUGUST BANK MOBILE BLIND SPOTS NISSAN PARTNER MONEY proprietary technology in [TSMC’s] tens HOLIDAY ON RECORD Bigger and taller phone masts are to be Nissan boss Carlos Ghosn built a of billions of dollars of sales”. gender gap has come to a halt, as the Britain enjoyed the hottest August Bank allowed across the UK as the parallel business as an investor in rise in the increase of male applicants Holiday Monday on record as the heat government sweeps away planning Silicon Valley with his son, using PUSH FOR WOMEN IN TOP for top jobs outstripped an increase in hit 33.1 degrees celsius at Heathrow restrictions in a bid to banish mobile millions of dollars he received from an CITY JOBS STALLS the number of applications from airport. The temperature was almost phone blind spots, largely in rural areas, executive at a Nissan business partner A three-year campaign to close the women. five degrees above the previous record. and avoid thousands of new masts. in Oman.

04 NEWS TUESDAY 27 AUGUST 2019 CITYAM.COM

NICE DEAL Sir Jim Ratcliffe’s chemicals Johnson and EU leaders clash over giant Ineos acquires French football club potential £39bn Brexit divorce bill SEBASTIAN MCCARTHY payments that Britain could face in Verhofstadt wrote: “If the UK doesn’t @SebMcCarthy the event of a no-deal Brexit. pay what is due, the EU will not Speaking at the G7 summit in negotiate a trade deal. After a ‘no BRITAIN and the EU fired warning France, Johnson insisted that the deal’, this will be a first condition of shots to one another yesterday as £39bn divorce settlement would be any talks. Britain is better than this.” disagreements over a £39bn Brexit “no longer strictly speaking owed” if European Council president divorce bill threatened to jeopardise Britain leaves the EU without a deal. Donald Tusk warned on Saturday hopes of a trade deal between the “It’s not a threat, it’s a simple that Johnson risked being two sides. statement of reality, that’s the way remembered as “Mr No Deal”, before Talks between Prime Minister things are,” he told ITV. the pair held talks yesterday aimed Boris Johnson and EU leaders ended Responding to the comments on at finding a deal before Downing yesterday with a standoff over Twitter, senior EU politician Guy Street’s 31 October deadline.

INEOS, the firm founded by Sir Jim Ratcliffe – the third richest man in the UK – has bought OGC Nice Football Club. It also owns Lausanne Sports Football Club. France and US strike accord on digital tax plans SEBASTIAN MCCARTHY The digital tax escalated into a heat- @SebMcCarthy ed disagreement between France and the US, marking a new front in FRANCE agreed a compromise with Trump’s tariff battles that have so far the US on its digital tax plans yester- been dominated by a tit-for-tat stand- day, curtailing a row that had prompt- off with China. ed US President Donald Trump to Trump, who does not drink alcohol, threaten new tariffs on French wine wrote on Twitter last month: “France makers. just put a digital tax on our great French President Emmanuel Macron American technology companies. If struck a deal with his US counterpart anybody taxes them, it should be their that gives the green light to France’s home country, the US.” three per cent levy on the global rev- “We will announce a substantial enue of large tech companies. reciprocal action on Macron’s The agreement will mean that firms foolishness shortly. I’ve always said which pay the levy will be able to American wine is better than French deduct the amount they have paid out wine!” once a new international deal on how The remarks prompted a rebuke to tax internet companies is decided from the French agriculture minister, later next year. who blasted Trump’s threats as “com- Prior to yesterday’s meeting, Trump pletely moronic”. had threatened to slap a tariff on International leaders at the G7 French wines in retaliation for the tax summit also agreed yesterday to help on tech groups. fight devastating fires in the Amazon European authorities have been rainforest. Macron said G7 countries attempting to crack down on tax deals would release $22m. for tech giants such as Apple, which is According to the country’s space currently locked in a $14.4bn (£11.8bn) research agency, a record number of battle with the EU over its financial fires are burning in Brazil, mostly in contributions. the Amazon. UBS Wealth Management turns bearish on stocks over trade war JESS CLARK of tariff hikes on Chinese goods. @jclarkjourno In a note to clients on Sunday evening, UBS Global Wealth UBS GLOBAL Wealth Management Management chief investment has recommended that clients sell officer Mark Haefele wrote: “The US- stocks due to concerns that the latest China trade dispute has escalated in escalation in the ongoing trade war recent days, raising the risk of a between the US and China could cycle of retaliation that undermines threaten global markets. global growth and equity markets. The world’s largest wealth “That justifies a reduction in risk manager cut its core equity in our portfolios in order to lower recommendation to “underweight” our exposure to an uncertain after US President Donald Trump political environment.” increased tensions between the two He added that UBS is “not bracing countries as he announced a round ... for a traditional recession”.

06 NEWS TUESDAY 27 AUGUST 2019 CITYAM.COM

ROUGH DIAMOND Links of London parent appoints advisers to explore potential sale Boardroom poll Mail owner sells finds FTSE firms feeling gloomy energy business SEBASTIAN MCCARTHY @SebMcCarthy A MAJORITY of business boardrooms are predicting a downturn in the UK economy over in $364m deal the coming year, as Brexit uncertainty and the US-China trade JAMES BOOTH 2016. Significant progress has been war take a toll on corporate @Jamesdbooth1 made improving operational execu- confidence. tion at Genscape, consistent with our THE OWNER of Links of London has confirmed that it has drafted in advisers to weigh Almost 70 per cent of DAILY Mail owner DMGT said strategic priorities and, on up a sale of the troubled jewellery group. Folli Follie, the Greek group which respondents from FTSE 350 yesterday it had agreed to sell its completion, DMGT is expected to have acquired the chain in 2006, has appointed Deloitte and Savigny Partners. companies believe the economy energy information business in a more than £200m net cash on its bal- will decline in the next year, $364m (£297m) deal. ance sheet, enhancing the group’s improving from 81 per cent at the DMGT said it had reached an agree- financial flexibility.” end of 2018 but remaining below ment on selling Genscape to Nasdaq- DMGT said Genscape operates the the spring reading in 2016 before listed data analytics provider Verisk. world’s largest private network of in- Britain voted to leave the EU. Genscape will become part of field monitors for collecting energy Consultancy giant plots £200m Forecasts about the outlook for Verisk’s Wood Mackenzie business data and said it aims to improve mar- companies’ own industries have which focuses on short-term energy ket transparency and efficiency. rallied slightly with 43 per cent data and analytics. Investment bank Centerview takeover of KPMG pension arm predicting a decline, down from 50 DMGT said it expected the sale to Partners is advising DMGT on the sale. per cent last winter, according to complete in the coming weeks, Credit Suisse analysts said: “This JESS CLARK made it through to the second the findings from the Boardroom subject to the completion of closing achieves the benefits of crystallising @jclarkjourno round of KPMG’s auction, Sky News Bellwether survey published by The conditions. an eventual return to growth in ener- reported last night. Chartered Governance Institute DMGT chief executive Paul gy and further simplifying the busi- LANE Clark and Peacock (LCP), one of LCP was competing against a and the Financial Times. Zwillenberg said: “This transaction ness into five sectors as well as the UK’s largest independent number of trade and financial Publicly-listed firms in the UK marks another major milestone in strengthening the balance sheet.” financial consultancy firms, is bidders, the broadcaster said, citing are on the fence about the effect of DMGT’s continued transformation In May, DMGT reported a 19 per cent preparing a £200m takeover of sources. no-deal Brexit, today’s report and is in line with our strategy. It will increase in adjusted profit before tax KPMG’s pensions advisory arm. The accountancy giant began to found, with 40 per cent believing it further increase the focus of the port- to £100m in the six months to the end The company, which is backed by examine a sale of its pensions would be damaging, 40 per cent folio and will result in DMGT operat- of March, while revenue ticked up one buyout firm Inflexion, is among a advisory arm in June following a believing it would not and 20 per ing in five sectors, compared to 10 in per cent to £724m. small group of bidders that have number of approaches. cent unsure.

+ȉ1Ɯ+! 6,2/ /!Ȅ Freeze it. Relax.

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Lawyers fear job react... generally lawyers, and particular- ly lawyers in the New York market, are cuts if another CITY LAW’S not the most charitable.” A US firm partner hits back saying: crisis lands, reports “That’s wishful thinking, if you are look- ing at 2008, the guys hit the most were James Booth the Magic Circle.” Legal recruiter Dominique Graham of NEXT CRISIS? Signium says the larger US firms in HE LAST recession hit the City London are likely to survive a downturn, legal market hard. The top but smaller US firms could rethink their firms launched unprecedented City bases in a sharp recession. Trestructurings, slashing thou- “When the chips are down anyone who sands of jobs as credit dried up hasn’t been doing well before cops it,” and deals ground to a halt. Magic Circle she says. firm Allen & Overy (A&O) cut nearly 10 The leading firms are probably in a bet- per cent of its workforce, ditching 47 ter position to weather a downturn than partners, 200 junior lawyers and 250 they were in 2008. support staff. Graham says: “The last recession One former A&O partner let go in the has made firms a lot more weather- cull remembers: “It was brutal... it was a proof.” literal decimation.” However, with increasing fixed costs After an 11-year bull market which has and the lessons of the last recession in allowed law firms to recoup their losses, mind, firms are likely to make cuts there are worries another downturn quickly if billings dry up. could be on the way. “If work tails off they have extensive How would London’s legal market resources not being fully utilised... I cope with a fresh financial shock? And imagine they will be more aggressive in will law firms be better prepared this letting people go when the need arises,” time round? says Giles Murphy, head of professional City law has changed over the last 10 services at accountancy firm Smith & years, with old names absorbed or Williamson. diminished and an explosion of US firms City lawyers remember the trauma of taking on the traditional elite. the last recession and know that firms The growth of US firms has forced UK will be hard-nosed in protecting prof- firms to focus on profitability and shed itability if things go wrong again. underperforming partners and practices ner Charles Martin says. However, com- Jomati, says: “I always say be careful be a bit of a problem for them.” The former A&O partner remembers: to counter the loss of talent to their high- petition with US firms has also driven what you wish for. If you have got a high However, with sterling already trading “We were still there for months whilst it paying US rivals. salary inflation for junior lawyers. cost base, if the work is not there you are low against the dollar, Magic Circle part- was worked out and we sat in the “The market is even more competitive, In May, Freshfields Bruckhaus going to have a fairly short shelf life.” ners question whether US firms would garden. partly because of the US firms, than it Deringer raised salaries for newly quali- A US firm partner says: “They [the continue to support their London opera- “It is quite emotionally painful if was at the time of the last downturn... fied lawyers (NQs) to £100,000 – prompt- Magic Circle] are increasing their fixed tions in the event of a sharp slowdown. you are constantly going into an office There is less flab than there would have ing its UK rivals to follow suit. costs to stop the bleeding. If the music One says: “If things start stagnating I where everyone knows what has been in 2008,” Macfarlanes senior part- Tony Williams, of legal consultancy stops I would have thought that would have my suspicions as to how people will happened,” they add.

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CITYAM.COM TUESDAY 27 AUGUST 2019 NEWS 09

ITALIAN JOB Opposition party drops veto on prime minister serving another term British Airways urged to reimburse passengers after cancellation error JESS CLARK British Airline Pilots Association result should contact the company. (Balpa) over pay and working Each case will be dealt with on an @jclarkjourno conditions. individual basis, the spokesperson BRITISH Airways (BA) has been urged On Saturday the airline sent an added. to refund customers after the airline email in error informing some Adam French, consumer rights mistakenly told passengers their customers that their flights were expert at Which, said: “The airline... flights had been cancelled due to an cancelled despite not falling on the needs to do right by passengers who upcoming pilot strike. strike days, prompting some spent hundreds of pounds on new BA pilots are preparing to strike passengers to rearrange travel plans. flights when they were wrongly told on 9, 10 and 27 September after the A BA spokesperson said yesterday that their original flights had been airline was unable to reach an that customers emailed in error who cancelled and make sure they are agreement with members of the have incurred expenses as a direct not left out of pocket.”

A DEAL on forming a government in Italy between the 5-Star Movement and the opposition Democratic Party (PD) looked close last night after the PD indicated it had dropped a veto on Giuseppe Conte serving another term as prime minister. German firms at least optimistic since early 2012 HARRY ROBERTSON The weak reading will worry policy- makers after the German economy, @henrygrobertson the biggest in Europe, shrank in the MORALE among German business second quarter by 0.1 per cent. leaders slumped to its lowest point in Weak global demand caused exports seven years in August, according to a from the former powerhouse of respected think tank which yesterday Europe to drop off in the months warned that the country is approach- from April to June. ing a recession. The export-driven German economy The business climate index from has struggled under the weight of think tank Ifo fell to 94.3 points from trade tensions, weak demand from an upwardly revised 95.8 points in China, Brexit and a global slowdown. July. The confidence gauge was Fuest said: “Companies were once dragged down by the long-running again much less satisfied with their malaise in manufacturing, where con- current business situation. Pessimism fidence fell to its lowest point since regarding the coming months also the financial crisis in 2009. increased.” Worryingly for Germany, even in the The leader of Germany’s ruling service sector the business climate party resisted calls to increase govern- deteriorated noticeably. In recent ment spending to stimulate the econ- months services have been a bright omy yesterday, saying the “black zero” spot amid low unemployment and balanced budget policy is “indispens- relatively high consumer demand. able”. Annegret Kramp-Karrenbauer, But in August “not a single ray of the leader of German Chancellor light was to be seen in any of Angela Merkel’s Christian Democrats Germany’s key industries”, said (CDU), said at a news conference: “The Clemens Fuest, president of the Ifo black zero, as an expression of finance Institute. “There are ever more indica- policy solidity, is an indispensable tions of a recession in Germany.” principle for us.” Johnson & Johnson told to pay $572m in opioid epidemic case

NATE RAYMOND the firm’s marketing practice had flooded the market with painkillers. JOHNSON & Johnson has been Johnson & Johnson shares rose five ordered to pay $572m (£468.1m) after per cent in after-hours trading. a US court found the company liable The case brought by Oklahoma in a lawsuit claiming the attorney general Mike Hunter was pharmaceutical firm helped to fuel the first to go to trial out of an opioid epidemic in the country. thousands of lawsuits filed by state A judge in Oklahoma yesterday and local governments against found the company had added to the opioid manufacturers and epidemic in the state by deceptively distributors. marketing painkillers. Hunter had been seeking to make Judge Thad Balkman of Cleveland the company pay more than $17bn County District Court delivered his to help the state address the decision in a lawsuit alleging that epidemic for the next 30 years. 10 NEWS TUESDAY 27 AUGUST 2019 CITYAM.COM

UNDER PRESSURE Russian economic ministry lowers 2020 Greece to lift all capital inflation and growth forecasts following criticism from Putin controls in effort to woo international investors HARRY ROBERTSON part of its attempts to improve investor confidence in the country, which has @henrygrobertson high borrowing costs. GREECE’s new government yesterday Its government debt is currently rated announced it will lift capital controls below “investment grade” by the imposed during its debt crisis in 2015 in world’s biggest credit ratings agencies. a bid to restore the trust of Finance minister Christos Staikouras international investors in the country. said: “A destabilising factor, an instabili- Prime Minister Kyriakos Mitsotakis ty factor for the banking system is told the Greek parliament: “From today, lifted.” Controls would be lifted on 1 capital controls are a thing of the past.” September, he said. The controls – limits on the flow of His party was elected in July after four money and assets in and out of the years of Syriza government that saw the domestic economy – were imposed in left-wing party clash with the European 2015 by the radical leftist Syriza govern- Union before imposing a severe austeri- ment after the European Central Bank ty programme. The economy is some 20 (ECB) cut off its bailout funding. per cent smaller in 2019 than in 2007, The controls have gradually been when the global financial crisis began. weakened but some still remain. Official figures showed unemploy- Yesterday’s move by the conservative ment was 17.2 per cent in May, with New Democracy government comes as youth unemployment at 33.8 per cent.

THE RUSSIAN economy ministry has revised a set of key economic forecasts, lowering its economic growth and inflation projections for 2020, the ministry’s data showed yesterday. The revision came hours after President Vladimir Putin said a CITY OF LONDON slowdown in inflation to 4.5 per cent from double-digit levels a few years ago was not enough to improve living conditions. 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH undermentioned streets will make several Orders on 5 September 2019 under Section 14(1) of the Road 7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FWZLWKWKH H[FHSWLRQRIOld Broad Street where the dates have been extended. The effect of these Orders will be WRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKHVDLGURDGV Old Broad Street /LYHUSRRO6WR6XQ6W3DVVDJH Carriageway Works ([WHQGHGXQWLO2FWREHU Moor Lane 6LON6WWR5RSHPDNHU6W Utility Works DP0RQGD\6HSWHPEHUWRSP7XHVGD\2FWREHU$OWHUQDWLYHURXWH1RQH6LON6W0LOWRQ Legal disputes over net 6W&KLVZHOO6W)LQVEXU\6W 5RSHPDNHU6W :HVW6PLWKÀHOG5RWXQGD &ORWK)DLU :HVW6PLWKÀHOGWR/LWWOH%ULWDLQ SPHDFK)ULGD\WRSPHDFK6XQGD\IURP2FWREHUWR2FWREHU$OWHUQDWLYHURXWH1RQH 5HPDLQGHURI:HVW6PLWKÀHOG5RWXQGD &ORWK)DLUVZLOOEHPDGHWHPSRUDU\WZRZD\IRUDFFHVV $FFHVVZLOOEHPDLQWDLQHGWR:HVW6PLWKÀHOG&DU3DUN )HQFKXUFK6W $OGJDWHWR/OR\GV$YHQXH Mobile Crane DP HDFK 6DWXUGD\ WR SP HDFK 6XQGD\ IURP  2FWREHU WR  2FWREHU   $OWHUQDWLYH URXWH domains hit record high (DVWERXQGYLD0LQFLQJ/DQH*UHDW7RZHU6W%\ZDUG6W7RZHU+LOO0LQRULHV*RRGPDQ·V

CITY OF LONDON 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH undermentioned streets will made several Orders on 22 August 2019 under Section 14(1) of the Road 7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FW7KH Kraft Heinz re-hires finance chief HIIHFWRIWKHVH2UGHUVZLOOEHWRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURPHQWHULQJWKHVDLG URDGV ARUN KOYYUR would return to his role as a partner been battered by competition from Wood St (Love Lane to Wood St Police Station Garage Entrance) ---- Mobile Crane at 3G Capital, Kraft Heinz has this private-label brands, changing DPHDFK6DWXUGD\WRSPHDFK6XQGD\IURPWR6HSWHPEHU$OWHUQDWLYHURXWH1RQH:RRG 6WEHWZHHQ/RYH/DQH :RRG6W3ROLFH6WDWLRQ*DUDJH(QWUDQFHWREHPDGHWHPSRUDU\WZRZD\ KRAFT Heinz’s newly-appointed year written down $15.4bn (£12.6bn) consumer tastes and lower Great Winchester St (London Wall to Loading Bay of Pinners Hall) ---- Utility Works chief executive replaced finance in the value of two marquee investment in its brands. DP 7XHVGD\  6HSWHPEHU WR SP 0RQGD\  2FWREHU   $OWHUQDWLYH URXWH  /RQGRQ :DOO chief David Knopf yesterday in what brands, slashed dividends An internal $OGHUVJDWH5RWXQGD$OGHUVJDWH6W6W0DUWLQV/H*UDQG*UHVKDP6W/RWKEXU\%DUWKRORPHZ/DQH he said was a strategic decision, and withdrawn its investigation into the 7KUHDGQHHGOH6W 2OG%URDG6W*UHDW:LQFKHVWHU6WEHWZHHQ/RQGRQ:DOODQG$XVWLQ)ULDUV3DVVDJH naming the more “seasoned” Paulo financial outlook. company’s accounting WREHPDGHWHPSRUDU\WZRZD\IRUDFFHVV Basilio, after the company was The change is the St Mary Axe (Bury Court to Camomile St) ---- Utility Works forced to restate three years of first big move by new David Knopf was DP7XHVGD\  6HSWHPEHU WR SP 0RQGD\  2FWREHU $OWHUQDWLYH URXWH /HDGHQKDOO 6W$OGJDWH $OGJDWH+LJK6W0LGGOHVH[6W6W%RWROSK6W'XNHV3ODFH %HYLV0DUNV6W0DU\$[HEHWZHHQ results. chief executive Miguel made finance chief in /HDGHQKDOO6W %XU\&RXUWWREHPDGHWHPSRUDU\WZRZD\ Basilio had been Heinz’s finance Patricio since the 2017, aged 29 Old Fleet Lane MXQFWLRQ)DUULQJGRQ6W Carriageway Resurfacing chief when it merged with Kraft in Portuguese marketing DPHDFK6DWXUGD\WRSPHDFK6XQGD\IURPWR6HSWHPEHU$OWHUQDWLYHURXWH1RQH 2015 and remained in the role in veteran was brought in issues in May Basinghall St %DVLQJKDOO$YHQXHWR*UHVKDP6W  Loading & Unloading the unified company until October from Anheuser-Busch required adjustments DPHDFK6DWXUGD\WRSPHDFK6DWXUGD\IURPWR WR6HSWHPEHU$OWHUQDWLYHURXWH 2017, when Kraft Heinz’s second Inbev in April with the of about $208m related %DVLQJKDOO6W$OGHUPDQEXU\/RYH/DQH:RRG6W *UHVKDP6W%DVLQJKDOO6WWREHPDGHWHPSRUDU\ largest shareholder, 3G Capital, aim of rebooting Kraft to the costs of products WZRZD\HLWKHUVLGHRIWKHFORVXUHIRUDFFHVV$OOED\VWREHVXVSHQGHG persuaded the board to embark on Heinz. sold, while saying that there Charterhouse St (O\3ODFHWR)DUULQJGRQ6W Mobile Crane SPHDFK)ULGD\WRSPHDFK6XQGD\IURP6HSWHPEHUWR2FWREHU$OWHUQDWLYHURXWH(DVWERXQG changes centred on heavy cost- The packaged food company, had been no misconduct from any YLD +ROERUQ &LUFXV 1HZ )HWWHU /DQH )HWWHU /DQH )OHHW 6W /XGJDWH &LUFXV  )DUULQJGRQ 6W cutting. which counts billionaire Warren member of Kraft Heinz’s senior ZHVWERXQGYLD)DUULQJGRQ6W/XGJDWH&LUFXV)OHHW6W)HWWHU/DQH1HZ)HWWHU/DQH +ROERUQ&LUFXV Under 31-year old Knopf, who Buffett as its largest investor, has management. Reuters RU)DUULQJGRQ5RDG&OHUNHQZHOO5RDG*UD\V,QQ5RDG +ROERUQ Newbury St (junction Kinghorn St) ---- Utility Works DPHDFK6DWXUGD\WRSPHDFK6XQGD\IURPWR WR6HSWHPEHU$OWHUQDWLYHURXWH IN BRIEF &ORWK6W 0LGGOH6W Clements Lane (Lombard St to King William St) ---- Mobile Crane KOSOVO SETS DATE FOR HONG KONG GOVERNMENT NASPERS’ PROSUS PROFIT SPHDFK6DWXUGD\WRSPHDFK6XQGD\IURPWR6HSWHPEHU WR2FWREHU$OWHUQDWLYH SNAP ELECTION VOTE WARNS OF GREAT DANGER UP ON TENCENT STAKE URXWH/RPEDUG6W $EFKXUFK/DQH Lombard St $EFKXUFK/DQHWR*UDFHFKXUFK6W Building Maintenance Kosovo’s President Hashim Thaci set 6 Illegal violence is pushing Hong Kong Prosus, the technology holding firm DPHDFK6DWXUGD\WRSPHDFK6XQGD\IURP6HSWHPEHUWR2FWREHU$OWHUQDWLYHURXWH October as the date for an early to the brink of great danger, the city being carved out of South Africa’s $EFKXUFK/DQH .LQJ:LOOLDP6W1LFKRODV/DQH &OHPHQWV/DQHWREHPDGHWHPSRUDU\WZRZD\ parliamentary election yesterday, government said yesterday, after a Naspers, registered a 31 per cent rise in IRUDFFHVV following the resignation of Prime weekend of clashes that included the second quarter profit to $1.4bn Queen Victoria St (New Bridge St to White Lyon Hill) ---- Construction Site Access Minister Ramush Haradinaj. 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Huawei’s place on a US trade blacklist was deferred an extra 90 days on 19 August US shipments of INTER-COMPANY durable goods STATIC WATTBIKE CHALLENGE fall in trade war JESS CLARK 1.5 per cent on a year-on-year basis, @jclarkjourno while shipments of core capital goods fell 0.7 per cent last month – the US ORDERS for durable manufactured biggest drop since October 2016. goods rose last month. However a dip Core capital goods shipments are in shipments of non-defence capital used to calculate equipment spending goods indicated that the uncertainty in the government’s gross domestic caused by the ongoing trade war product (GDP) measurement. continued. Data for June was revised down to New orders for manufactured show core capital goods shipments durable goods increased 2.1 per cent were unchanged instead of rising 0.3 to $250.4bn (£204bn) in July, the US per cent as previously reported. Census Bureau announced yesterday. “The data confirms that business Shipments of manufactured durable investment momentum continues to goods fell 1.1 per cent in the month fade and is likely to provide limited following two consecutive monthly support to GDP growth in the second increases. half,” Lydia Boussour, a senior US Orders for non-defence capital goods economist at Oxford Economics, told excluding aircraft, a closely watched Reuters. proxy for business spending plans, “The combination of tighter finan- increased 0.4 per cent last month. cial conditions, elevated trade uncer- The growth was driven by strong tainty and deteriorating global demand for electrical equipment, growth will weigh on investment deci- appliances and components. sions in coming months, putting fur- Data for June was revised down to ther downside risk to the already show the core capital goods orders fragile business investment picture.” advancing 0.9 per cent instead of 1.5 Veronica Clark, an economist at DON'T MISS OUT per cent as previously reported. Citigroup, added: “The report Economists polled by Reuters had reaffirms that industrial sector activi- SIGN UP TODAY! forecast that core capital goods orders ty and business investment remain would fall 0.1 per cent in July. soft, in line with weakness globally as Core capital goods orders increased trade concerns weigh on activity.” Canada Place Tuesday Shopping Mall 24 September Tesla to continue hiking prices in 11am-2pm 4 challenges China as tariff skirmish worsens BRENDA GOH Reuters reported this month that Tesla was considering lifting prices in 5 bikes 020 7332 3177 ELECTRIC vehicle maker Tesla will China from September after the yuan raise prices in China on Friday, earlier weakened significantly against the [email protected] than planned, and is considering US dollar. @LMAppeal #CGD increasing prices again in December One person told Reuters yesterday 15 teams should Chinese tariffs on US-made that the car maker was bringing cars take effect, people familiar with forward these plans to 30 August. the matter said. Both people said the firm is now The company is among many also mulling another price hike in FOR MORE INFORMATION AND TO REGISTER VISIT: impacted by Chinese-US trade December after China’s commerce friction. It currently imports all the ministry last week announced it thelordmayorsappeal.org/tourdewharf cars it sells in China and has had to would reinstitute tariffs of 25 per adjust prices multiple times over the cent on vehicles and five per cent on past year due to tariff changes. auto parts. Reuters CITYAM.COM TUESDAY 27 AUGUST 2019 NEWS 13 Amgen deal for Celgene German court lifts restrictions skin drug paves a path on Facebook

JOSEPH NASR to Bristol-Myers merger GERMANY’s cartel office said yesterday it would challenge a MICHAEL ERMAN were expecting Otezla to sell for regional court decision to suspend between $8bn and $10bn. restrictions it had placed on AMERICAN biopharmaceutical com- Bristol-Myers said that there was Facebook’s data collection practices. pany Amgen is to buy Celgene’s psori- significant interest from multiple A court in Dusseldorf suspended a asis drug Otezla for $13.4bn (£10.9bn) potential buyers from early on in the February decision by the federal in cash, clearing the way for Bristol- process. cartel office to order Facebook to Myers Squibb to go ahead with its Otezla brought in sales of $1.61bn An Atlanta KFC restaurant will be offering diners plant-based alternatives to meat restrict data collection in Germany. $74bn deal for Celgene by the end of last year. Afterwards, Andreas Mundt, head the year. Amgen said it expected the drug’s of the cartel office, said. “To clarify Amgen, which announced the deal sales to grow at least in the low-double these questions, we will file an yesterday, is paying a hefty price for digits over the next five years. Will they take off? KFC debuts appeal to the federal court of the drug, analysts and investors said. Jeff Jonas, healthcare portfolio man- justice.” Still, Otezla will deliver growth for the ager at Gabelli funds, said that a num- Germany, where privacy concerns company right away and its shares ber of Amgen’s current drugs faced vegan chicken wings on menu run deep, is at the forefront of a rose around 3.2 per cent. loss of patent protection and competi- global backlash against Facebook. Bristol-Myers and Celgene shares tion from similar drugs, so the growth NIVEDITA BALU The restaurant will roll out its The antitrust watchdog objected were both up around three per cent. from Otezla would be welcome. vegan menu items nationally based in particular to how Facebook pools Bristol-Myers said in June that it “This is an attractive product for YUM BRANDS said yesterday it will on the customer feedback from the data from third-party apps – would sell Otezla to allay concerns them that fits more or less with their trial Beyond Meat’s plant-based Atlanta test, Yum said. Yum is the including its own Whatsapp and raised by the US Federal Trade current portfolio,” he said. chicken nuggets and boneless wings latest big-chain restaurant jumping Instagram – and its online tracking Commission because of a competing “It’s an approved product with a at an Atlanta KFC restaurant, the on the vegan bandwagon as fast-food of people who aren’t members treatment that it is developing. good safety profile, so there’s not a lot latest fast-food chain trying new chains tweak menus for vegans and through Facebook “like” or “share” Analysts said at the time that they of risk.” Reuters options to attract vegan diners. so-called flexitarians. Reuters buttons. Reuters

CITY OF LONDON THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER This notice gives details of applications registered by the Department of The Built Environment Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; Ministers double green TPO – Tree Preservation Order; OUTL – Outline Planning Permission 2IÀFHV  7KURJPRUWRQ 6WUHHW /RQGRQ at level 8 to include removal existing projecting (&1$4 QRQ VWUXFWXUDO  FROXPQV LQVWDOODWLRQ RI P 19/00653/LBC KLJK JODVV EDOXVWUDGH WLPEHU GHFNLQJ SODQWHUV and seating; double doors to provide access to the ,QVWDOODWLRQRIDUWLÀFLDOJUHHQZDOODQGSODQWHUVDW WHUUDFHIURPWKHH[LVWLQJRIÀFHV cash as Amazon burns WKLUGÁRRUOHYHO 7KH %DOWLF ([FKDQJH  6W 0DU\ $[H &DUWHU/DQH/RQGRQ(&9$( 19/00698/DPAR /RQGRQ(&$%+ AUGUST GRAHAM fund will help increase investment “I am delighted that the UK is 19/00830/LBC to prevent and prepare for climate leading the world in a fight against Determination under Part 3, Class C of Schedule @AugustGraham  RI WKH 7RZQ DQG &RXQWU\ 3ODQQLQJ *HQHUDO 7KHUHSODFHPHQWRIÀYHH[LVWLQJDQWHQQDVZLWKVL[ change. climate change. 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They same,” said business +DOO%LVKRSVJDWH'HYRQVKLUH5RZ/RQGRQ VTP  wildfires, ministers said yesterday. are also reducing (& 19/00710/FULMAJ  *DUGHQ&RXUW0LGGOH7HPSOH/RQGRQ The government will contribute carbon emissions by Fires are ripping though (&<%- £1.4bn over the next four years to a the equivalent of the Amazon rainforest $SSOLFDWLRQ XQGHU 6HFWLRQ  RI WKH 7RZQ DQG 19/00836/LBC Country Planning Act 1990 to vary Condition UN fund set up to help meet the 1.5bn tonnes – or the &UHDWLRQ RI D QHZ GRRU RSHQLQJ EHWZHHQ    organisation’s climate targets. same as grounding all and energy secretary  DSSURYHG GUDZLQJV  RI SODQQLQJ SHUPLVVLRQ )8//GDWHGWRHQDEOHPLQRU *DUGHQ &RXUW DW ÀIWK ÁRRU OHYHO WR SURYLGH D “This is a global problem that of the world’s planes Andrea Leadsom. material amendments to the approved scheme for a PHDQVRIHVFDSHDQGWKHUHORFDWLRQRIWZRH[LVWLQJ requires a global solution. Britain for a year and a half. Between 2014 and mixed use development comprising a luxury hotel, ÀUHSODFHV cannot solve such problems alone,” It has provided $5.2bn 2019, the UK gave £720m to UHVLGHQWLDO DFFRPPRGDWLRQ UHWDLO XVHV $ DQG 3HWWLFRDW 7RZHU 3HWWLFRDW 6TXDUH /RQGRQ said international development (£4.3bn) to 111 projects since the green climate fund. $  KDUG DQG VRIW ODQGVFDSLQJ ZRUNV LQFOXGLQJ (() secretary Alok Sharma. launching in 2015, while also It comes as world leaders have SURYLVLRQ RI D QHZ SXEOLF SOD]D DOWHUDWLRQV WR 19/00849/FULL YHKLFXODU DQG SHGHVWULDQ DFFHVV DQG KLJKZD\V He said the new British mobilising more than $13.5bn blamed Brazil’s President Jair OD\RXWWRJHWKHUZLWKDQFLOODU\SODQWVHUYLFLQJDQG The installation of 144 small antennas, pole commitment to the green climate from private investors. Bolsonaro for failing the Amazon. DVVRFLDWHGZRUNV VTPJHD 7KHPLQRU mounted on 16 free-standing support frames upon PDWHULDODPHQGPHQWVDUHIRUWKHXVHRIVTPIRU the roof of the building, the installation of one Class A1 retail storage in lieu of approved Class HTXLSPHQW FDELQHW ZLWKLQ DQ LQWHUQDO URRP DQG &EDFNRIKRXVHKRWHOVSDFHDWEDVHPHQWOHYHO GHYHORSPHQWDQFLOODU\WKHUHWR XVHRIVTPIRUGXDOXVH&ODVV%&ODVV$ VXL $'HYRQVKLUH6TXDUH/RQGRQ(&0<1 generis) in lieu of approved Class A3 restaurant at 19/00851/LBC JURXQGÁRRUXVHRIVTPIRU&ODVV%XVHLQ Indonesian president names forested island of OLHXRIDSSURYHG&ODVV$XVHDWÀUVWÁRRUOHYHO 1HZ HQWUDQFH GRRUV WR EH LQVWDOOHG LQ SODFH RI XVH RI VTP IRU &ODVV % RIÀFHV LQ OLHX RI H[LVWLQJ1HZGRRUVDQGJOD]HGVFUHHQVWREHLQ DSSURYHG&ODVV$DWVHFRQGÁRRUOHYHODQGXVHRI FULWWDOVW\OHZLWKEODFNIUDPHVDQGSXOOKDQGOHV VTPDV&ODVV%LQOLHXRIDSSURYHG&ODVV& EDFNRIKRXVHKRWHOVSDFHDWÀUVWDQGVHFRQGÁRRU %URDGJDWH&LUFOH/RQGRQ(&046 Borneo as site for new capital to replace Jakarta 19/00852/FULL OHYHO 7RWDO&ODVV%RIÀFHVVTP Use of Broadgate Circle for a temporary AGUSTINUS BEO DA COSTA Joko Widodo told a news Indonesia’s 260m people. &LW\ 3RLQW  5RSHPDNHU 6WUHHW /RQGRQ &KULVWPDVIRUHVWZLWKIRRGWUXFNVSHUJRODVHDWLQJ (&<$: DQG DQFLOODU\ IDFLOLWLHV LQFOXGLQJ GLVSOD\ RI WZR conference yesterday. But environmentalists fear the 19/00823/FULL INDONESIA yesterday revealed “It is a strategic location at the move will hasten the destruction LOOXPLQDWHGVLJQV Alterations to the north terrace at level 6 to include the long-awaited site for its new centre of Indonesia, close to of forests that are home to LQVWDOODWLRQRIPKLJKJODVVEDOXVWUDGHWLPEHU /RQGRQ:DOO/RQGRQ(&04' $33bn (£27bn) capital on the growing urban areas,” Widodo orangutans, sun bears and long- GHFNLQJ SODQWHUV DQG VHDWLQJ GRXEOH GRRUV WR 19/00855/LBC forested island of Borneo to said, adding that planning must nosed monkeys, as well as provide access to the terrace from the existing Proposed internally illuminated fascia sign and replace the crowded, polluted start immediately if relocation is increasing pollution. RIÀFHV DQG LQVWDOODWLRQ RI D VSLUDO VWDLUFDVH WR externally illuminated projecting sign to shopfront megacity of Jakarta, which is to begin in 2024. Officials have set aside 445,000 DFFHVVOHYHODQGDOWHUDWLRQVWRWKHZHVWWHUUDFH HOHYDWLRQ slowly sinking into the sea. The site of the new capital, acres of government land. $SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXN RU DW WKH The capital of the world’s 2,000km (1,250 miles) north east Widodo said the move would cost 'HSDUWPHQW RI WKH %XLOW (QYLURQPHQW 1RUWK :LQJ *XLOGKDOO %DVLQJKDOO fourth most populous country, on of Jakarta, is one of the regions just under $33bn, of which the 6WUHHW /RQGRQ (& EHWZHHQ  DQG  5HSUHVHQWDWLRQV PXVW EH the island of Java, is now home to least prone to the natural state would fund 19 per cent, with PDGH ZLWKLQ  GD\V RI WKH GDWH RI WKLV QHZVSDSHU RQOLQH RU LQ ZULWLQJ WR 10m people and is prone to disasters that regularly hit the the rest coming from public- 3/1&RPPHQWV#FLW\RÁRQGRQJRYXNRUWKH&KLHI3ODQQLQJ2IÀFHU32%R[ floods, traffic gridlock and faces archipelago of 17,000 islands. private partnerships and private *XLOGKDOO/RQGRQ(&3(-,QWKHHYHQWWKDWDQDSSHDODJDLQVWDGHFLVLRQRIWKH &RXQFLO SURFHHGV E\ ZD\ RI WKH H[SHGLWHG SURFHGXUH DQ\ UHSUHVHQWDWLRQV PDGH the risk of earthquakes. There are also economic and investment. DERXWWKHDSSOLFDWLRQZLOOEHSDVVHGWRWKH6HFUHWDU\RI6WDWHDQGWKHUHZLOOEHQR The as-yet-unnamed new capital political reasons for moving the The price tag includes new RSSRUWXQLW\WRPDNHIXUWKHUUHSUHVHQWDWLRQV will be in the province of East capital from Java, which Widodo government offices and homes for Kalimantan on Borneo, President said was home to 54 per cent of about 1.5m civil servants. Reuters 14 NEWS TUESDAY 27 AUGUST 2019 CITYAM.COM

RUGBY RECORD BREAKERS Epic 30-hour Romania ruling Founders warn match puts City folk in the history books party rocked as junior ally quits UK risks losing RADU-SORIN MARINAS ROMANIA’s ruling Social Democrats (PSD) lost their small parliamentary majority yesterday after a junior ally quit the government over policy, its fintech crown leaving them vulnerable to a confidence vote. JESS CLARK cent of founders are worried about Liberal party ALDE withdrew from the impact of the UK’s exit from the the alliance two days after leader @jclarkjourno European Union on their businesses. Calin Popescu Tariceanu lost a bid to TECH firm founders have warned that Meanwhile, 66 per cent of respon- become the sole pro-government the UK is at risk of losing its position dents said they want a better visa candidate in a presidential election as the global fintech leader. system to encourage highly skilled, in- scheduled for November. The PSD Sector leaders urged the government demand workers. instead picked its leader, Prime to “not be complacent” about the In total 29 per cent of founders said Minister Viorica Dancila, to country’s fintech crown, as a new raising growth capital is a “consider- challenge incumbent Klaus Iohannis. survey revealed that founders of able challenge” for their business. ALDE’s move, a year before a fintech firms were concerned about A number of founders also said more parliamentary election, would access to talent and capital and the specialist investors or funds would be normally raise the prospect of an potential impact of Brexit. welcomed by the sector. early ballot. But a fragmented A survey of 50 UK fintech founders, However overall, most founders were opposition may prefer to wait the including Crowdcube, Iwoca and more optimistic about their business- full term out, analysts say. Lendinvest, found that 63 per cent es than they were at the beginning of Tariceanu, a former prime believe the UK is the global leader in the year. minister himself, said the PSD had the sector. Christian Faes, chair of the Digital performed poorly in government However, only 33 per cent of respon- Finance Forum and co-founder of and failed to take the necessary steps dents agreed that the UK will still hold Lendinvest, said: “The Digital Finance to restructure the cabinet. the top position in the next five years. Forum is facilitating a dialogue EU and US authorities have More than half of the respondents to and asking those who are actually strongly criticised the governing the survey published today by the at the coalface of building the alliance for an overhaul of Digital Finance Forum called on the fintech sector, what they think and Romania’s judiciary that they say government to appoint a secretary of how the government might be able WITH temperatures soaring over the Ball from Barclays Wealth, Dave threatens the rule of law, and for state for technology to help to main- to help. Bank Holiday weekend, one group of Thomas (founder of the Foundry Gym watering down anti-graft legislation. tain Britain’s reputation as a leading “The UK must not be complacent City boys decided they would handle on Leadenhall Street) and many others, Dancila said the PSD would fintech hub. about being the world leader in the heat by... playing rugby for 30 all in aid of the School of Hard Knocks continue to govern. Participants in the research also fintech – and there’s definitely a feel- straight hours. Hosted by London Irish, charity. Square Mile restaurateur “The important thing is to not recommended that the government ing from fintech founders, as revealed the teams broke a new world record, Martin Williams (also pictured above disappoint our voters who trusted us should listen more to founders within through this survey that this busting the previous best of 29 hours with ex-England forward Simon Shaw) in 2016 [national] elections,” she said the sector and endorse a number of threatens to be the case. 15 minutes. Former England star was on hand to reward the players with on her Facebook page. individuals to be official ambassadors “There is clearly an opportunity with Andrew Gomarsall (above, left) was some hard-earned champagne and Yesterday’s move leaves the PSD 25 for the fintech industry. the new government to make the fin- joined by Investec’s Mike Francis, Chris juicy steak for their efforts. seats short of a parliamentary The survey also revealed that 69 per tech sector a priority again.” majority. Reuters

IN PARTNERSHIP WITH @LMAPPEAL #CGD #GoRed #peoplematter New 3D scanners at British airports Supporting City Giving Day set to ease rules on cabin baggage and aim to make a real difference. One way we do that is by supporting local community ALEXANDRA ROGERS investment initiatives through our Starfish few years, could also end the 100ml that it was investing more than programme, from supporting four local @city_amrogers restriction on liquids which £50m in a 3D security system based Why are you supporting CGD? schools through activities like mentoring and ALL MAJOR British airports have currently applies at all British on computed tomography (CT) Pinsent Masons are proud to support CGD careers workshops to working with The been told that they must introduce airports. technology which would be once again. CGD provides a fun opportunity for Connection a homeless charity in Westminster. new 3D equipment to screen Prime Minister Boris Johnson installed across its terminals over us to come together with other businesses cabin baggage before the end of said the measures would reduce the next three years. throughout the City to celebrate the diverse How will you celebrate CGD? 2022. hassle for travellers. Introduction of the scanners range of charitable and volunteering efforts by We are delighted to be hosting a CGD quiz The government said the new “By making journeys through UK will ultimately allow passengers to all. It's also a fantastic chance for us to raise again following last year's success. We will be technology could mean that airports easier than ever, this new keep liquids in their bags and awareness of our charity partners amongst holding a static cycle in our reception, entering passengers will be allowed to take equipment will help boost the vital eliminate the need for separate our staff and clients. a team of trainees into the Treasure Hunt and liquids and electrical equipment in role our airports play in securing plastic bags. holding a bake sale. Our whole office will also their cabin baggage, in a move that the UK’s position as a global hub However, passengers will still Which charities do you support? be dressing in red and we anticipate good would cut queues. for trade, tourism and investment,” have to follow the old rules until We focus on charities that inspire young lives participation in the new CGD walk. The rollout of the technology, he said. other UK airports change their which will happen over the next In June, Heathrow announced technology. CHARITY IN ACTION Our global charity partner is WE Charity who offer our staff volunteering opportunities at WE Day in London, and also fundraising for their international development programme, WE Villages. We are incredibly grateful Let India and Pakistan solve Kashmir, says Trump for the support of Pinsent Masons who are helping us JOHN CHALMERS confrontations between the two minister really feels he has it provide holistic and nuclear-armed neighbours ever under control,” he told reporters. sustainable clean water US PRESIDENT Donald Trump since they gained independence “They speak with Pakistan and I'm solutions to our WE Villages said yesterday that India and from British colonial rule in 1947. sure that they will be able to do communities in India and Pakistan could handle their The president discussed the something that will be very good.” Kenya. dispute over Kashmir on their issue on the sidelines of the G7 Trump infuriated India last own, but he was there should they summit in France with Indian month when he said Modi had Sonia De Sousa, Partnerships need him. Prime Minister Narendra Modi, asked him to mediate, drawing an Manager, WE Charity Trump previously offered to who withdrew autonomy for the immediate denial from New mediate between India and state of Jammu and Kashmir Delhi. Sitting alongside Trump, JOIN US AND REGISTER NOW AT Pakistan on Kashmir, a earlier this month. Modi said the issues over Kashmir WWW.THELORDMAYORSAPPEAL.ORG/CGD mountainous region which has Trump said: “We spoke last were bilateral, between India and been the source of repeated night about Kashmir, the prime Pakistan. Reuters CITYAM.COM TUESDAY 27 AUGUST 2019 MARKETS 15

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GREGGS 2,040 P Wall St lifted Trump tweet on 23 Aug 2,020 1,985 by easing of 2,000 China halts the 1,980 trade tensions 1,960 ALL STREET’s main indexes Wrose one per cent yesterday as 19 Aug 20 Aug 21 Aug 22 Aug 23 Aug US President Donald Trump eased his stance on trade with China, Greggs shares rose dramatically from January to July, climbing over 90 per cent after calming investor nerves after an FTSE’s recovery the Geordie baker announced a vegan sausage roll. Since the middle of last month, intense feud between the world’s top however, the stock has fallen over 15 per cent as investors question whether the two economies last week sent stocks company’s value has been overcooked. Canaccord Genuity analysts note that for the tumbling. EADING shares handed back Fears about how the trade dispute rest of the year “the quarterly prior-year trading get progressively tougher which will Shares of tariff-sensitive companies early gains to end lower on would affect the global economy and make the prospect of further trading surprises less likely”. They say “hold” Greggs in rose in response, with Apple’s 2.1 per Friday after US President the risk of an impending recession the oven for a little while longer and set an unchanged target price of 2,050p. cent gain boosting technology stocks , LDonald Trump’s tweeted have put the main index on track for while a one per cent rise in Boeing “order” that US companies its biggest monthly loss in four years. lifted the Dow Jones Industrial shut operations in China, which The FTSE 100’s initial gains were NEWRIVER Average. dragged internationally exposed min- brought on by US Federal Reserve Data from the US Commerce ers and banks into the red. chairman Jerome Powell’s 170 P Department showed that new However, a 32 per cent jump in reassurance that the central bank 165 orders for key US-made capital goods Peppa Pig owner Entertainment One would “act as appropriate” to keep the 167.49 rose modestly in July, while after agreeing to be bought by US current economic expansion on 160 23 Aug shipments fell by the most in nearly toy maker Hasbro lifted the track. 155 three years. The report could back UK midcap index. Among individual stocks, the case for the Federal Reserve The FTSE 100 shed 0.5 Entertainment One 150 to cut interest rates again next per cent after enjoying a shares surged to a life month. 145 recovery for most of the Concerns about the global day, as the tweet from Shares in a fund run by economy slipping into recession and Trump about US-China Neil Woodford lost 19 Aug 20 Aug 21 Aug 22 Aug 23 Aug uncertainty over the pace of US trade just minutes 1.4 per cent of their value interest rate cuts have made before the closing bell UK shopping centre owner Newriver has reported its share price flowed sharply investors nervous about how far sharply raised concerns high at 579p, surpassing downwards by almost 20 per cent in 2019 so far, partially because embattled stock- the longest cycle of US expansion over international trade. the 560p per share deal picker Neil Woodford reduced his fund’s stake in the firm. Yet analysts at broker would survive. The S&P 500 is The FTSE 250, meanwhile, agreed with Hasbro – Liberum say the firm’s “current valuation does not reflect its significant now five per cent off its record high. ended 0.2 per cent higher. valuing the firm at $4bn – in a differentiation to retail peers”. They say convenience-led Newriver’s diverse streams Despite the broad-based rally Oil majors Shell and BP were the sign that investors see a chance of a of income, its affordable rents and modest gearing make the shares an attractive yesterday that saw all 11 S&P 500 worst hit stocks after Trump said that counter offer. prospect that offer “significant value”. They say “buy” with a target price of 270p. sectors rise, Wall Street’s fear gauge, US companies should “immediately Woodford Patient Capital Trust, the the CBOE Volatility index, hit its start looking for an alternative listed fund run by money manager highest level in more than a week, to China”, after Beijing officials Neil Woodford, tumbled to an all-time ON THE BEACH earlier in the session. earlier retaliated by imposing tariffs low after the trust’s administrator The Dow Jones Industrial Average on $75bn (£61bn) of US goods. said it would cut the valuation of one 385 P rose 266.54 points, or 1.04 per cent, to Asia-focused financials and miners, of its biggest holdings. 25,895.44, the S&P 500 gained 28.34 which count on China as it is the The stock, however, clawed back 380 377.80 points, or one per cent, to 2,875.45 world’s top metals consumer, were some of the initial losses to end down 23 Aug and the Nasdaq Composite added also weaker. 1.4 per cent. 375 89.97 points, or 1.16 per cent, to 7,841.73. 370 Among other stocks, Celgene rose TOP RISERS FTSE 2.9 per cent after Amgen said it 365 P 23 Aug would buy the company’s psoriasis 1. Fresnillo Up 2.89 per cent 7,250 7,094.98 drug Otezla, clearing the way for 2. SSE Up 2.60 per cent 19 Aug 20 Aug 21 Aug 22 Aug 23 Aug Bristol-Myers Squibb to go ahead 3. Berkeley Group Up 2.56 per cent 7,200 with its $74bn (£60.5bn) deal for British holiday company On The Beach’s share price plummeted nearly 20 per cent Celgene. Shares of Bristol-Myers TOP FALLERS 7,150 after it warned it faced lower profit due to a falling pound. Sterling’s decline meant it jumped 2.9 per cent. had to charge more for its holidays to Spain and France, causing customers to say Shares of Dish Network jumped 1. NMC Health Down 6.05 per cent adios and au revoir to the firm. Jefferies continues to favour On The Beach’s flexible 3.7 per cent, after brokerage 2. JD Sports Down 2.88 per cent 7,100 business model, however. Its analysts say investors should focus on the quality of Raymond James double-upgraded 3. Marks & Spencer Down 2.63 per cent the business’s set-up, rather than just its growth. Jefferies says pop On The Beach in the stock to “strong buy” from 19 Aug20 Aug 21 Aug 22 Aug 23 Aug your suitcase with a “buy” rating at a downgraded target price of 375p. “market perform”. CITY MOVES WHO’S SWITCHING JOBS

QUADRANT responsible for shopping centres, and Churston Heard, BNP PARIBAS REAL ESTATE DUN & BRADSTREET Quadrant, the UK real estate where he was part of the shopping centre leasing and BNP Paribas Real Estate has appointed Richard Dun & Bradstreet, the global leader in commercial asset management and development consultancy team. He started his career Pilsbury to launch a new nationwide cost consultancy. data, analytics and insights for business, has named development company, has at Liberty Properties. Duncan said: “This is an exciting The division will support the building consultancy arm Sam Tidswell-Norrish to lead the international appointed Duncan Reader as a time to join the well-respected and entrepreneurial and allow the business to offer a more comprehensive marketing and communications efforts. He will direct partner. He specialises in the team at Quadrant.” Christopher Daniel, founding range of services, particularly at the early stages of an integrated marketing and communications strategy retail sector and will focus on partner at Quadrant, said: “With a strong track record development projects. BNP Paribas Real Estate within and across the United Kingdom and Ireland, planning, development, asset of driving value within the retail sector, Duncan development teams work on over 300 schemes a year. Greater China, India and Dun & Bradstreet’s worldwide management, leasing and bolsters our existing team with his wealth of Richard said: “I’m very excited to join BNP Paribas Real network of partners and play an integral role in the disposals. He joins from experience gained across a multitude of relevant roles. Estate at this time and to play a leading role in growing international growth strategy of the newly privatised Orchard Street Investment Having demonstrated our expertise in retail parks with this part of the business.” Gary Williamson, head of company. Sam led business development at Motive Management, where he was success stories such as Gallagher Shopping Park in building surveying at BNP Paribas Real Estate, said: Partners, including marketing and communications, an asset manager. Prior to that, he worked at British Wednesbury and Great Western Retail Park, Glasgow, “We are delighted to have Richard on board and as a strategic partnerships and government relations. Land, focusing on the retail park portfolio. His previous this is an area we are keen to grow and Duncan is well highly experienced cost consultant he will be able to Motive Partners was part of an investor group that experience includes roles at JLL, as an asset manager placed to help us achieve our ambitions.” offer advice that will bring long-term value to projects.” acquired Dun & Bradstreet in February this year.

To appear in CITYMOVES please email your career updates and pictures to [email protected] 16 FEATURE TUESDAY 27 AUGUST 2019 CITYAM.COM

Our series on AI, Blockchain, Cryptoassets, DLT and Tokenisation PARTNER CONTENT

CITY A.M.’S ryptocurrencies are almost as old Cas money itself. Indeed, crypto sim- ply means concealed or secret. So CRYPTO INSIDER the first man (or woman) who tried to exchange some rocks for a sheep could JAMES BOWATER be said to have been using a cryptocur- HOW rency. Up to that point a sheep had been ith the Bank Holiday interrupting printing worth 15 chickens. It’s simple, really. You Wschedules, I wrote today’s column on attribute a symbolic sense to something CRYPTOCURRENCIES Friday, 23rd August 2019 in the South of you do not see. France. Consequently published market prices are as at the time of writing and might well have FINANCE HOUSES AND LIQUIDITY changed considerably by today. Move on to the 1600s when after the ALREADY Bitcoin (BTC) is down from last week at US$10,126.20; Thirty Years War belief in what then Ethereum (ETH) is at US$190.81; Ripple (XRP) is at US$0.2714; Binance passed for “money” was at a low. Some- (BNB) is at US$27.06 and Cardano (ADA) is at US$0.04982. Overall thing else had to be found, and it was, in Market Cap is at US$266.22bn (data source: www.CryptoCompare.com) the shape of strong finance houses with ADD VALUE Staying in France, all eyes are on Biarritz for the meeting of the G7 and robust links to other similar houses. They it would appear they have a lot to discuss in the world right now! Global issued their own currencies when the macroeconomic factors are arguably more important than ever. State currencies could no longer be The Hong Kong protests see no sign of halting anytime soon; the trusted. Move on again to the American TO SOVEREIGN Kashmir crisis is ongoing; Iranian tensions remain high with task forces experience of the mid 1800s. There were en route; the worst fires for decades are decimating the Amazon over 8000 “currencies” – usually paper – Rainforest; the German economic situation not looking too healthy being traded around the country with a which could spread throughout the Eurozone and obviously the Brexit big business in accepting and exchanging NATIONS deadline is growing ever closer with no concrete signs of an agreement - them. There had to be some form of cur- although Prime Minister Johnson saw glimmers of hope for amending rency to enable trade to take place as the Withdrawal Agreement. America expanded. These of course were All this uncertainty fuels discussion for safe haven investment with seriously open to abuse and eventually gold punching through $1,500 again. Bitcoin having had a boost from the individuals and banks that had issued the announcement that Intercontinental Exchange-owned Bakkt will them had to bow to the Federal Govern- launch on the 23rd September will be evermore attractive as an ment creating its own, reliable currency. alternative to gold and not just amongst millennials. Closer to home, I caught up with Oliver Hibbs-Brockway, Founder & LIQUIDITY CREATED - WIR CEO of Nodal as featured in the Crypto AM Spotlight on 30th April (see In the 1930s there was to all intents and www.cityam.com/crypto-insider) who expanded on his recent Forbes purposes no liquidity in any markets. article for his vision of the future for the freelancer market. Things were so bad that some of the good Designed by for example – there isn’t one. Despite litically in focus in respect of Italy Speaking on the phone from Nodal’s London HQ he explained that citizens of Zurich created their own cur- Phill Snelling, being relatively small in terms of value 2. IMF SDRs - Special Drawing rights “blockchain has fundamentally challenged old processes in almost rency to enable them to trade. This was Bowater Media (only some 0.1% of total world assets) they 3. The highly secret interbank settle- every single industry. HR and recruitment, however, is still outdated and called WIR and was, indeed, like those already show what digital and crypto cur- ment system at the BIS in Basel. cumbersome. currencies before it, a cryptocurrency. rencies can do to enhance people’s lives. These three were absolutely crucial in The application of ledger technology not only automates systems Over the years it has prospered (perhaps As an example, if you want to send £1mil- getting the world through the 2007 crisis. such as invoicing and timesheets, as we're doing at Nodal, but it also one would expect a Swiss monetary in- lion to anywhere in the world, that will Hyun Song Shin of the BIS argued last has the potential to form digital identities of people while providing strument to do this) until today it is used cost you between £20-30,000. Using a dig- year that cryptos (and he was specifically ownership back to the holder. The very nature of cryptography provides by more than half a million people, over ital currency, it can be done for 50p. In talking about Bitcoin) had issues with an ethical environment to gather data. Systems like the Sovrin Network 70,000 businesses and transacts some fact, the Philippines is looking to create a scalability and finality. At that time he give users control of public or private keys. In addition, zero-knowledge CHF2.5billion annually – that’s around Bitcoin transfer system for its overseas cit- was right as you would expect, but he was proofs allows users to share and authenticate their digital identity half a percent of Swiss GDP. By doing so, izens. Using this system would save their talking about first generation blockchain. without revealing any sensitive information. it illustrates exactly what “Money” is – a economy over USD1.5 Billion a year – a We have since had second generation in At Nodal, we’re implementing such technologies that transform both trusted medium of exchange that others significant sum in a poor country. Hyperledger, and now third generation the accessibility and ownership issues surrounding KYC and data, which will accept, and a stable store of value. The three cryptos no one talks about called Permissioned Decentralised has proven to be one of the most valuable assets ever. It’s exciting to be There are three interbank tools that are Blockchain. Facebook’s Libra will largely part of a project that has a vision to truly decentralise the skills, talent CRYPTO TODAY in effect digital currencies and have been use this system and there can be no doubt and characteristics that make us all unique.” The present crop of crypto currencies rely for years. These are: this will revolutionise the use of digital I’m particularly keen on the possibilities that Nodal’s tech stack on digital technology to give them credi- 1. Target2 - the ECB system, the old Bun- and crypto currencies world-wide. We’ve present - a proper British homegrown business! You can find out more bility. You can’t have a run on the “Bank” desbank system which is currently so po- gone from around 35 million wallets to a by emailing Nodal Labs at [email protected].

be possible to trade on Digitex unless you own DGTX, and because the platform has Crypto A.M. shines the edge of its zero-commission model, this will continually generate demand. As there is a fixed supply of tokens, this demand will its Spotlight on drive up the price. Therefore, the exchange can fund itself in the future by managing the quantity of DGTX tokens. Digitex Futures STANDOUT FEATURES The exchange will feature the same ladder ryptocurrency derivatives are having a online ladder trading interface connecting trading interface that Todd set up in Cmoment. The CME has reported all- to Betfair, the world’s biggest betting BetTrader; the ideal setup for anyone time highs on its regulated bitcoin exchange. wanting to focus on making instant trades futures, and Bakkt has also recently Now, Todd is applying everything he that ride the markets. Traders can also take obtained clearance to offer a physically- learned to the development of Digitex. He’s advantage of up to 100x leverage. settled BTC futures contract. a firm believer that the existing crypto- The company has reserved ten percent of Meanwhile, one company is eyeing up the derivatives markets are ripe for disruption, circulating DGTX tokens for automated market for retail cryptocurrency futures. given that the maker and taker fee market makers, which are programmed to Digitex has recently confirmed a launch structure of the existing exchanges like lose, creating a mechanical edge in favour date for the first-ever zero-fee futures BitMEX are prohibitive to his style of short- of the trader. trading platform, a move that could prove term trading. Digitex is working alongside Moscow- pivotal for the entire cryptocurrency By offering a zero-commission futures based development team, SmartDec. An exchange space. Ethereum smart contract auditing firm with a proven track record of working with some WHAT IS DIGITEX? of the biggest names in the blockchain The Digitex Futures exchange is the space. brainchild of former professional trader Adam Todd, CEO of Digitex Futures With over 1.5 million subscribers to its Adam Todd, who started his career in the waitlist, Digitex will ensure liquidity from City trading pits. There, he learned the art Digitex is set to exchange, Todd believes he can lure in the of using a blockchain-based token, called day one. Digitex will launch to the public in of scalping – a small profit, high-frequency truly disrupt the long tail of retail traders wanting to scalp DGTX, to generate funding to run the test mode from 30th November with a full trading style. profits from the volatile cryptocurrency exchange. launch expected to happen a few months Later, Todd would apply the same cryptocurrency markets. How it works is that all trade settlements later. technique to the betting markets. This led futures industry. So how does a zero-fee exchange make and account balances on the platform will him to develop a tool called BetTrader, an money? Well, Todd has come up with a way be denominated in DGTX tokens. It won’t Find out more at digitexfutures.com. CITYAM.COM TUESDAY 27 AUGUST 2019 FEATURE 17

E: [email protected] @CityAm_Crypto In association with

plant central bank money as a medium CRYPTOCOMPARE MARKET VIEW of exchange. FUTURE PAYMENT NEEDS In the future, physical cash or even bank SEC cracking down on transfers as we currently know them are unlikely to be the main answer. Central banks are already working on systems actors from 2017 boom and digital currencies that will be trusted and used. Existing crypto-assets have ex- ast week opened with the news that account the unscrupulous actors from the hibited a high degree of volatility and are Binance is proposing to launch an 2017/18 token mania, which has included considered an immature asset class given L“independent regional version” of action against three notable ICOs to date. the lack of standardisation and constant Facebook’s Libra token, maintaining the Another major story from the week was evolution. They present a number of risks celestial theme with the name Venus. The the resignation of US internet retailer for banks, including liquidity risk; credit project includes the issuing of a set of Overstock’s CEO Patrick Byrne. Byrne risk; market risk; operational risk (includ- stablecoins pegged to fiat currencies in became a prominent figure in the ing fraud and cyber risks); money laun- several as-yet-undefined regions. The news blockchain space both for his evangelism dering and terrorist financing risk; and follows the issuance of a GBP-backed of Bitcoin and for integrating crypto into legal and reputation risks. But new know stablecoin through the exchange’s Jersey- the listed company’s operations. The your customer and anti-money launder- based subsidiary in July of this year. announcement followed a New York ing rules will mitigate much of this. The US SEC has issued a cease-and- Times’ article in which Byrne made In many ways, the African sub-Saharan desist order against ICO Rating, a site allegations against the US Government. region has become a leader in mobile popular during the ICO boom for its Finally, derivatives platform BitMEX money resulting in a radical change in analysis of upcoming offerings, claiming announced it was restricting access to the delivery of financial services and sig- that the company violated Section 17(b) of users in three jurisdictions, namely the nificant gains in financial inclusion. the Securities Act. According to the SEC, Seychelles, Hong Kong and Bermuda, all of Where there is a lack of payment infra- ICO Rating was compensated around which are locations where its parent offices structure, the use of crypto currencies $100k for its reviews, often deemed are located. The move is intended to immediately enhances trade and social questionable by investors, without proper ensure the safety of users’ funds and is inclusion. You only have to think of East- disclosures. The move is part of a likely due to regulatory pressure being ern Europe which hardly had a fixed line campaign by the regulator to bring to directed at the trading venue. telephone system before 1989, and sud- denly every man and his dog had a mo- bile phone, leapfrogging to a new world. Christine Lagarde in an excellent speech to the November 2018 Singapore potential 2.7 BILLION. But Shin’s central is not a good idea,” the idea behind it con- Fintech Conference, has posed the ques- CRYPTO A.M. INDUSTRY VOICES thesis holds good – you need people to tinues to fire imaginations all around the tion - should central banks issue a new USE these new currencies to make them world. digital form of money? both trusted and useful, and having ex- Arguably they already have. As such, it changed goods for the currency, the per- THE BRIXTON POUND can only be seen as a force for good. son TAKING the currency needs to find This remains a very positive initiative Temple Melville, CEO of The Scotcoin Modelling bitcoin’s fair value someone else to take it as well. which is making a real difference within Project CIC, in conversation with James Brixton. Arguably it’s as old as Bitcoin. Bowater. with on-chain data CASH DECLINING People are prepared to use it and pass it The use of cash has been declining for on – and the money stays in Brixton. That For more information visit www.scotcoin.com hen I came across bitcoin in late- describes the positive relationship be- years in most western countries, and the is different from the likes of Bitcoin Temple's LinkedIn profile is 2014 I viewed it as a speculative tween the growth in active users and the Central Banks have realised that it will which is world-wide, but it doesn’t de- https://www.linkedin.com/in/temple-melville- Wasset whose price was driven by network’s value. The approach was first have to be replaced with something. To tract from the social inclusiveness of it. 81273328/ fear and greed. During the previous year used by Robert Metcalfe to model the this end both Sweden and Uruguay have We look to history for lessons on the na- it had gone from $12 to $1,200, an in- growth of social media platforms such as run full scale crypto trials which have ture of money and the role of central IMPORTANT INFORMATION: THE VIEWS AND crease of 9,900%, before subsequently los- Facebook and Tencent. Similar to tech largely been successful, though not set banks in building trust in the use of OPINIONS PROVIDED BY CITY A.M.'S CRYPTO ing 85% the following year. The concept stocks, the Bitcoin Network facilitates in- for full implementation anytime soon. money in society. The issue of trust has INSIDER AND IN THE CRYPTO A.M. SECTION of a decentralized internet money was teraction between users over a digital The use of cryptocurrencies can and again come to the fore in debates on the SHOULD NOT BE TAKEN AS INVESTMENT OR fascinating, but bitcoin appeared little medium, gaining value as more people should mean social inclusion. Whilst durability of cryptocurrencies such as Bit- FINANCIAL ADVICE. ALWAYS CONSULT WITH more than an experiment. use it. Modelling the network effect over Central Banks’ attitude remains “Bitcoin coin, and how far private money can sup- YOUR FINANCIAL ADVISOR. Fast forward to 2017 and bitcoin had the past two years we can identify three made a resounding comeback. Payment points where the market price of bitcoin processors that facilitate bitcoin as a was within 5% of that derived through means of exchange were on the rise. Bit- modelling it with this approach. pesa, an FCA regulated company that en- For those looking for a shorter-term sig- ables cross border payments over the nal, the Network Value to Transaction Bitcoin Network were on track for over Ratio (NVT) is the kingpin for establish- BLOCKCHAIN SHUTDOWN $200MM of volume in 2017. In the US, Bit- ing bitcoin’s fair market value. The NVT pay was closing in on $1Bn worth of bit- measures the value of bitcoin based on coin transactions for its second its utility as a payment network. Put an- Troy Norcross, Co-Founder Blockchain Rookies consecutive year. Bitcoin was no longer other way, the NVT measures the market an experiment; it was the world’s first capitalisation of bitcoin relative to the digitally native currency. total value transferred over the network mmutability is one of the core pens to the servers. If the data is specific period of time. Armed with a curious but critical ap- in a given period. The NVT is comparable principles defining blockchains. erased from all of the servers and Once shut down, can you turn it back proach, I began to search for data in to a price to sales ratio and has proved IImmutability means unable to be there is no backup, then the data is on again? Possibly. If there are sufficient order to quantify a valuation for the Bit- highly effective at signalling when bit- changed. But it doesn’t mean lost. nodes with a current copy of the data coin Network. I was not disappointed. coin is trading at a premium. Moving permanent. If the blockchain is shut Shutting down the tens of thousands when the blockchain was shut down, Blockchains, unlike traditional payment into a cash position when bitcoin reaches down, the data could go away, forever. of computers running the Bitcoin they may be able to reach consensus networks like Visa and Mastercard, pro- a premium to this fair value between network would be difficult, but it’s not before resuming the work of adding vide a vast array of relevant data about 2018 to the present day would have seen SO HOW COULD A BLOCKCHAIN BE impossible. The more nodes, the harder new data to the blockchain. network usage to anyone who knows an outperformance of +40% with signif- SHUT DOWN? it is to shut down. This is one of the The information on a blockchain is where to look. This data includes the icantly lower volatility then a buy and In the simplest of terms, a blockchain reasons why it is so important to have a considered to be immutable. value and velocity of transfers, the num- hold strategy. can be shut down by turning off the large number of globally distributed Immutable does not mean true. Equally, ber of daily active users, the estimated Bitcoin’s meteoric rise and subsequent entire network of computers which nodes (computers) supporting a public immutable does not mean forever. profitability of the network guardians fall in 2018 left many crypto-asset in- are required to verify and validate the permissionless blockchain. Thanks to Richard Jackson (or miners), the Profit/Loss position of in- vestors reeling. The problem wasn’t that data in the blockchain. For a private blockchain, the number t:@rncjackson for asking the question: dividual bitcoin holders, total network the technology was broken. It was that of nodes is typically far smaller making How do you shut down a blockchain? demand, miners’ net inventory positions investors failed to quantify a reasonable WHAT HAPPENS TO THE shut down of a private blockchain and much more. All of which can be valuation. As the technology has ma- INFORMATION IN THE BLOCKCHAIN easier. For some enterprise customers Get in touch with us downloaded directly from the tured, so too have the analytics. Data ONCE IT HAS BEEN SHUT DOWN? it may be desireable to have a [email protected] / Twitter blockchain. companies such as ByteTree now provide The answer depends on what hap- blockchain which only exists for a @igetblockchain Once the data is downloaded, cleaned a live window into the blockchain to pro- and processed it is possible to compute a vide network statistics and financial met- range of metrics to extrapolate a value rics in real-time. For the first time in the for bitcoin (and other similar crypto-asset crypto-asset market investors are able to networks). There are a number of differ- make informed, data-driven decisions. ent approaches to determine bitcoin’s market value, including both price and J ames Bennett CEO at Bitassist & Head of non-price indicators. Research at ByteTree.com Find out more One of the most interesting non-price about modelling bitcoin’s value using on- models is the network effect. The model chain data at www.bitassist.co.uk. 18 MARKETS TUESDAY 27 AUGUST 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1005 0.0019 €/$ 1.1099 0.0044 7094.98 19236.13 3898.58 25898.83 7853.74 2878.38 /$ 1.2216 0.0072 €/£ 0.9085 0.0020 HOLIDAY HOLIDAY HOLIDAY 269.93 101.97 31.27 /¥ 129.61 0.0600 €/¥ 117.77 0.3211

                               

Marshalls ...... 695.0 12.0 703.3 412.2 Future ...... 1074.0 4.0 1248.0 410.0 Great Portland Es . . . . .688.4 5.2 773.6 649.4 Mitchells & Butle . . . . .344.0 4.0 350.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6106.0 -13.0 7155.0 5593.0 National Express . . . . .427.0 3.0 438.4 361.4 Polypipe Group ...... 388.0 9.4 453.8 307.8 Redrow ...... 566.0 6.0 674.6 460.8 Goco Group ...... 80.6 0.5 108.0 64.6 Hammerson ...... 227.5 8.5 492.4 203.9 Haynes Publishing . . . .220.0 0.0 227.0 160.0 PPHE Hotel Group . . .1780.0 10.0 1990.0 1495.0 Tsy 3.750 19 ...... 100.10 -0.03 103.2 100.1 ELECTRICITY 3i Group ...... 1086.5 0.5 1164.5 756.2 Centrica ...... 65.5 0.4 155.6 64.6 Taylor Wimpey ...... 147.1 -0.5 192.3 129.3 Intu Properties ...... 34.9 2.6 201.5 32.2 Tsy 2.000 20 ...... 101.31 0.02 102.4 101.2 3i Infrastructure ...... 299.5 4.0 303.0 239.7 National Grid ...... 853.0 5.2 889.2 748.7 Huntsworth ...... 94.6 0.0 125.0 81.0 Rank Group ...... 170.2 0.4 183.6 135.0 Land Securities G . . . . .759.8 3.2 939.5 735.4 Restaurant Group . . . . .149.1 0.6 221.9 111.9 Tsy 4.750 20 ...... 102.23 -0.02 106.2 101.9 Contour Global ...... 176.6 -8.4 231.4 150.1 AJ Bell ...... 373.0 -8.5 477.0 220.0 Pennon Group ...... 727.0 6.8 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 857.2 -4.6 892.0 605.8 LondonMetric Prop . . .206.0 1.4 215.2 172.7 Tsy 3.750 20 ...... 103.33 0.02 106.1 103.3 Allied Minds ...... 59.6 0.5 84.2 37.3 ITE Group ...... 72.7 1.7 83.7 56.3 Stagecoach Group . . . . .127.0 0.3 177.0 115.5 Drax Group ...... 267.0 -1.8 427.2 260.2 Severn Trent ...... 2030.0 21.0 2153.0 1770.0 Bodycote ...... 695.5 1.5 996.0 654.0 Primary Health Pr . . . . .136.4 1.4 139.0 106.4 TUI AG Reg Shs (D . . . .803.8 0.4 1474.0 698.0 Tsy 2.500 20 ...... 355.24 -0.03 361.4 355.1 ...... 1124.0 28.5 1268.5 1008.0 Amigo Holdings ...... 164.6 -4.8 297.5 140.4 United Utilities ...... 787.2 8.0 873.6 682.4 ITV ...... 114.9 0.3 167.5 103.6 2.8 4.8 789.0 585.2 SSE . . . . . Hill & Smith Hold . . . . .1149.0 -1.0 1306.0 902.5 SEGRO ...... 77 Wetherspoon (J.D. . . . .1615.0 27.0 1632.0 1066.0 Tsy 8.000 21 ...... 113.46 0.00 120.0 113.1 Arrow Global Grou . . . .194.0 -0.7 273.0 167.2 IMI ...... 959.0 -7.4 1227.0 870.0 Moneysupermarket. . . .367.6 3.9 417.7 264.0 Shaftesbury ...... 828.5 14.0 928.5 739.5 Tsy 4.000 22 ...... 109.08 0.05 111.1 108.9 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .385.0 8.0 510.0 320.0 GENERAL INDUSTRIALS Pearson ...... 818.0 -2.0 1027.5 769.2 Whitbread ...... 4276.0 43.0 5114.0 3989.0 Melrose Industrie . . . . .165.7 -3.1 233.9 146.3 Tritax Big Box Re ...... 138.8 0.9 159.7 129.0 William Hill ...... 163.6 -1.3 265.5 132.3 Tsy 0.500 22 ...... 100.36 0.10 100.5 97.7 Halma ...... 1959.5 -2.5 2094.0 1237.0 Ashmore Group ...... 466.0 -7.8 542.5 341.2 Smith (DS) ...... 324.2 -6.2 510.6 292.2 Reach ...... 93.5 -0.5 95.5 54.6 RHI Magnesita N.V . . .4432.0 46.0 5000.0 3318.0 Unite Group ...... 1049.0 10.0 1076.0 797.5 Wizz Air Holdings . . . .3553.0 118.0 3769.0 2329.0 Tsy 1.875 22 ...... 116.59 -0.01 118.3 115.5 Morgan Advanced M . .248.0 -1.0 353.6 237.0 Brewin Dolphin Ho . . . .299.4 -1.8 362.6 287.6 Smiths Group ...... 1583.5 -1.0 1666.0 1279.5 Rotork ...... 304.3 -4.0 342.8 235.7 Relx plc ...... 1926.0 5.0 1978.0 1491.5 Workspace Group . . . . .859.5 8.5 1075.0 789.5 Tsy 2.250 23 ...... 107.47 0.11 107.9 104.7 Oxford Instrument . . .1348.0 40.0 1424.0 842.0 Charter Court Fin . . . . .280.0 0.0 375.0 228.8 Smurfit Kappa Gro . . .2412.0 -28.0 3292.0 1934.0 Spirax-Sarco Engi . . . .7875.0 -45.0 9400.0 5900.0 Rightmove ...... 527.9 -0.1 585.1 420.9 AIM 50 Tsy 2.500 24 ...... 375.15 -0.02 377.1 358.7 City of London In . . . . .410.0 -10.0 440.0 360.0 STV Group ...... 360.0 -15.0 412.0 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 3560.0 -88.0 5520.0 3460.0 Vesuvius ...... 468.8 -2.6 662.0 456.4 Weir Group ...... 1351.0 16.0 1920.0 1240.0 Abcam ...... 1178.0 18.0 1539.0 1017.0 Tsy 0.125 24 ...... 114.96 -0.03 115.6 110.9 Spectris ...... 2289.0 -16.0 2898.0 1966.5 CMC Markets ...... 93.9 4.8 184.6 77.4 WPP ...... 952.2 -8.2 1301.0 800.4 Avast ...... 393.4 8.2 399.4 243.0 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .313.0 0.0 357.5 260.0 Tsy 5.000 25 ...... 125.29 0.11 125.9 122.1 EQUITY INVESTMENT INSTRUM. Coats Group ...... 73.1 -1.2 91.3 69.8 MINING Aveva Group ...... 3852.0 26.0 4170.0 2284.0 Tsy 4.250 27 ...... 131.29 0.11 132.2 122.6 Georgia Capital ...... 1026.0 -10.0 1260.0 941.0 Auto Trader Group . . . .525.0 1.2 606.0 388.5 Computacenter ...... 1424.0 25.0 1525.0 952.0 Alliance Pharma ...... 68.5 0.0 95.0 60.0 Evraz ...... 481.5 -8.4 709.4 442.1 ASOS ...... 2296.0 28.0 6192.0 2107.0 Tsy 1.250 27 ...... 138.96 -0.19 140.1 128.4 Aberforth Smaller . . . .1168.0 12.0 1362.0 1114.0 Hargreaves Lansdo . . .1889.0 -23.5 2433.0 1633.0 B&M European Valu . . .355.0 -6.0 426.3 278.6 Ferrexpo ...... 201.8 -0.8 301.3 143.5 Acacia Mining ...... 259.6 7.8 259.6 96.1 FDM Group (Holdin . . . .745.0 -5.0 1000.0 734.0 Tsy 6.000 28 ...... 150.32 0.09 151.4 140.5 IG Group Holdings . . . .544.6 6.4 915.0 474.8 Card Factory ...... 154.7 -1.3 209.0 151.0 Anglo American . . . . .1666.6 -14.0 2266.0 1464.6 Blue Prism Group . . . . .930.0 30.5 2575.0 899.5 Alliance Trust ...... 787.0 -7.0 838.0 672.0 Funding Circle Ho ...... 117.0 3.2 440.0 99.0 75.0 50.0 11750.0 9100.0 Tsy 0.125 29 ...... 132.29 -0.15 133.3 118.8 Apax Global Alpha . . . . .157.5 2.5 159.0 127.0 IntegraFin Holdin . . . . .390.0 0.0 406.1 269.0 Dixons Carphone . . . . .109.0 1.2 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 812.0 -4.8 1022.5 727.2 Kainos Group ...... 496.0 -6.0 676.0 362.0 Camellia ...... 98 Tsy 4.750 30 ...... 145.40 0.07 147.0 132.1 Intermediate Capi . . . .1351.0 9.0 1429.0 899.0 Dunelm Group ...... 871.5 1.5 981.0 482.8 BHP Group ...... 1680.4 -18.2 2049.0 1490.6 r . . . . .1569.2 -19.6 2491.6 1434.4 CareTech Holding . . . . .371.0 11.0 406.0 325.0 AVI Global Trust ...... 735.0 -3.0 781.0 660.0 BBA Aviation ...... 305.8 -0.8 324.8 207.0 Micro Focus Inte Central Asia Meta ...... 187.8 1.8 266.5 180.0 Tsy 4.125 30 ...... 397.04 -0.19 400.2 355.2 .787.0 -3.0 866.0 663.0 International Per ...... 89.0 -3.8 240.2 88.7 Inchcape ...... 573.0 -5.0 701.0 486.6 Centamin (DI) ...... 140.9 2.5 141.6 79.8 Baillie Gifford J ...... Clarkson ...... 2470.0 -75.0 2900.0 1878.0 Playtech ...... 378.6 -9.8 532.0 361.8 Clinigen Group ...... 880.0 10.0 1069.0 721.0 Tsy 4.250 32 ...... 143.21 0.03 145.3 128.5 Bankers Inv Trust . . . . .922.0 -7.0 970.0 766.0 Investec ...... 411.4 -5.6 561.0 400.7 JD Sports Fashion . . . .600.8 -17.8 649.8 318.5 Fresnillo ...... 684.4 19.2 1027.5 601.0 ...... 687.6 -6.2 820.4 525.6 Fisher (James) & . . . .2150.0 35.0 2260.0 1600.0 Sage Group . . . CVS Group ...... 865.0 -1.5 1023.0 395.0 Tsy 1.250 32 ...... 163.69 -0.26 165.3 144.1 BBGI SICAV S.A. ( ...... 155.0 -0.5 168.0 142.5 IP Group ...... 57.7 -1.4 131.2 57.2 Just Eat ...... 772.2 -2.8 812.0 533.8 Royal Mail ...... 201.0 2.3 489.0 188.4 Glencore ...... 225.5 -3.5 341.5 222.2 Softcat ...... 989.5 -0.5 1005.0 565.0 Tsy 0.125 36 ...... 158.18 -0.47 160.1 133.4 John Laing Group . . . . .353.0 -6.2 402.0 296.2 er ...... 190.6 -3.3 280.0 188.0 Hochschild Mining . . . .206.8 5.6 226.0 149.1 Sophos Group ...... 393.0 5.6 539.5 298.2 Dart Group ...... 748.5 -10.0 1017.0 709.5 BlackRock Smaller . . . .1416.0 16.0 1490.0 1160.0 Kingfish Diversified Gas & ...... 101.5 0.5 134.0 97.0 Tsy 4.250 36 ...... 151.79 -0.03 154.5 133.1 BMO Global Smalle . . .1346.0 -8.0 1495.0 1220.0 JTC ...... 360.0 2.0 440.0 287.0 Marks & Spencer G . . . .186.7 -5.1 299.1 180.4 Kaz Minerals ...... 395.5 -2.3 738.4 392.1 Tsy 4.750 38 ...... 166.79 -0.15 170.4 144.9 Caledonia Investm . . .3050.0 0.0 3110.0 2650.0 Jupiter Fund Mana . . . .341.3 -2.3 432.0 287.6 Polymetal Interna . . . .1116.0 8.5 1116.0 597.2 SUPPORT SERVICES Draper Esprit ...... 448.0 -2.0 625.0 437.8 Tsy 0.625 40 ...... 180.41 -0.60 182.9 152.8 City of London In . . . . .403.0 -2.5 431.5 376.0 Liontrust Asset M . . . . .758.0 16.0 816.0 532.0 Rio Tinto ...... 3924.5 -21.5 4976.5 3486.0 Aggreko ...... 772.8 -7.2 880.6 691.8 Eland Oil & Gas ...... 120.6 -1.6 134.0 97.0 EMIS Group ...... 1132.0 20.0 1242.0 864.0 Tsy 4.500 42 ...... 170.95 -0.22 175.2 145.9 Edinburgh Inv Tru . . . .548.0 4.0 695.0 535.0 LMS Capital ...... 56.3 2.5 58.3 44.0 MOBILE TELECOMS Ashtead Group ...... 2147.0 -27.0 2438.0 1586.5 Tsy 3.500 45 ...... 153.34 -0.25 157.5 128.0 London Finance & . . . . .38.5 0.0 42.5 37.5 Fevertree Drinks . . . . .2243.0 27.0 3956.0 2070.0 F&C Investment Tr . . . .694.0 -4.0 737.0 616.0 BCA Marketplace ...... 241.6 0.0 247.0 178.5 st Derivatives . . . . .2290.0 -60.0 4330.0 2050.0 Tsy 4.250 46 ...... 174.32 -0.25 179.2 145.7 Fidelity China Sp ...... 211.0 -4.5 250.0 182.4 London Stock Exch . . .6832.0 -6.0 7058.0 3867.0 Inmarsat ...... 582.4 2.4 586.0 362.8 Bunzl ...... 2033.0 -2.0 2551.0 2025.0 Fir Tsy 4.025 49 ...... 181.55 -0.21 186.8 150.0 Man Group ...... 168.9 -2.2 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 150.3 -0.2 175.9 123.3 Frontier Developm . . . .932.0 15.0 1385.0 740.0 Fidelity European . . . . .246.5 -0.5 257.5 202.0 Capita ...... 121.6 -1.9 150.2 99.9 Gamma Communicati 1035.0 0.0 1195.0 688.0 Tsy 0.500 50 ...... 215.67 -0.85 219.3 173.7 Fidelity Special ...... 255.0 3.5 277.0 220.0 OneSavings Bank . . . . .341.6 -3.4 447.4 326.6 OIL & GAS PRODUCERS DCC ...... 6782.0 -48.0 7390.0 5555.0 Tsy 0.250 52 ...... 213.72 -0.81 217.3 168.8 Finsbury Growth & . . . .919.0 -1.0 956.0 740.0 Paragon Banking G . . .427.0 6.2 484.0 379.2      Diploma ...... 1549.0 46.0 1634.0 1150.0 GB Group ...... 563.0 1.0 631.0 410.5 .126.2 0.0 130.8 122.4 Plus500 Ltd (DI) ...... 714.0 3.0 1647.0 495.0  BP ...... 488.0 -6.5 598.3 485.9 nents . . .569.8 -1.8 761.6 480.0 Gooch & Housego . . . .1015.5 -14.5 1880.0 954.0 GCP Infrastructur . . . . . Electrocompo Hurricane Energy ...... 43.8 1.7 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .754.0 -5.0 783.0 615.0 Provident Financi . . . . .381.2 3.3 692.6 356.0 Entertainment One ...... 585.0 31.9 NMC Health ...... 2157.0 -6.1 Cairn Energy ...... 161.2 -4.8 244.0 140.0 Equiniti Group ...... 197.1 -0.8 266.0 186.2 Impax Asset Manag . . .230.0 -10.0 295.0 184.0 Greencoat UK Wind . . .139.0 0.8 143.2 124.0 Quilter ...... 125.8 -0.5 156.6 110.6 Intu Properties ...... 34.9 8.2 Metro Bank ...... 268.6 -5.5 Energean Oil & Ga . . . .1014.0 -20.0 1082.0 515.0 Essentra ...... 401.6 -3.2 458.8 325.4 BAE Systems ...... 541.2 -8.6 636.2 443.9 HarbourVest Globa . . .1686.0 0.0 1726.0 1326.0 Rathbone Brothers . .2300.0 30.0 2634.0 2085.0 Sirius Minerals ...... 10.2 4.7 Premier Oil ...... 74.9 -5.2 Premier Oil ...... 74.9 -4.1 143.6 55.6 Experian ...... 2515.0 -10.0 2565.0 1728.5 Iomart Group ...... 343.0 -17.0 475.0 308.0 Cobham ...... 162.1 0.0 168.3 96.8 04.0 51.6 Herald Investment . . .1304.0 16.0 1364.0 1055.0 Real Estate Credi ...... 165.5 0.0 175.5 163.0 Royal Dutch Shell . . . .2266.5 -21.0 2666.0 2213.0 . . . . .5984.0 -82.0 6556.0 4749.0 IQE ...... 55.1 -1.8 1 Meggitt ...... 617.2 2.2 621.8 458.0 SIG ...... 124.9 4.3 Contour Global ...... 176.6 -4.5 Ferguson . . . . . James Halstead ...... 492.0 -18.0 532.0 367.0 HGCapital Trust ...... 209.0 3.0 220.0 175.0 Record ...... 31.3 0.2 42.1 27.3 Euromoney Institut ...... 1380.0 4.2 Hunting ...... 427.8 -3.6 Royal Dutch Shell . . . .2252.0 -26.5 2705.5 2227.0 G4S ...... 168.4 -0.4 252.2 168.2 QinetiQ Group ...... 284.0 4.2 312.4 267.0 HICL Infrastructu ...... 167.4 1.2 170.1 149.9 River and Mercant . . . .265.0 3.0 330.0 212.0 Tullow Oil ...... 206.9 -6.7 266.3 165.2 Johnson Service G . . . . .167.4 -1.4 176.0 113.6 -Royce Holdi . . . . .750.0 -11.4 1016.5 730.0 Hammerson ...... 227.5 3.9 Tullow Oil ...... 206.9 -3.1 Grafton Group Uni . . . . .717.0 -7.5 937.0 630.0 eywords Studios . . . .1566.0 1.0 2065.0 900.0 Rolls International Pub . . . . .165.2 0.0 165.4 146.8 S&U ...... 2050.0 50.0 2605.0 1767.5 Hays ...... 144.0 -1.3 212.0 135.7 K Senior ...... 201.0 2.6 327.8 185.4 NewRiver REIT ...... 167.0 3.7 Wood Group (John) ...... 391.2 -3.1 OIL EQUIPMENT & SERVICES Learning Technolo . . . . .122.8 2.6 166.5 62.2 JPMorgan American . .466.0 -5.0 494.5 386.5 Sanne Group ...... 531.0 -6.0 752.0 450.0 Homeserve ...... 1100.0 11.0 1263.0 849.0 Ultra Electronics . . . . .2162.0 -22.0 2228.0 1232.0 Schroders ...... 2638.0 -41.0 3210.0 2334.0 Wizz Air Holdings ...... 3553.0 3.4 Clarkson ...... 2470.0 -3.0 Hunting ...... 427.8 -15.8 849.0 414.2 M&C Saatchi ...... 214.0 4.0 394.0 210.0 JPMorgan Emerging . .990.0 -4.0 1066.0 759.0 Howden Joinery Gr . . . .539.4 -0.4 573.4 416.4 M. P. Evans Group . . . . .664.0 -3.0 800.0 637.0 JPMorgan Indian I . . . .702.0 0.0 790.0 566.0 Standard Life Abe . . . . .240.7 -3.1 376.7 224.9 Acacia Mining ...... 259.6 3.1 Cairn Energy ...... 161.2 -2.9 Petrofac Ltd...... 398.7 -5.3 663.4 381.5 Intertek Group ...... 5364.0 -56.0 5962.0 4387.0 BANKS . .516.0 6.0 685.0 490.0 JPMorgan Japanese . . .448.0 0.0 465.0 367.0 TP ICAP ...... 288.0 -2.1 324.5 267.2 Diploma ...... 1549.0 3.1 JD Sports Fashion ...... 600.8 -2.9 Wood Group (John) . . .391.2 -12.4 796.4 382.6 Network Internati . . . .589.0 2.0 628.0 500.0 Midwich Group . . . . . Bank of Georgia G . . . .1369.0 -23.0 1878.8 1310.0 Mortgage Advice B . . .586.0 26.0 720.0 490.0 Jupiter European . . . . .853.0 5.0 895.0 666.0 Walker Crips Grou ...... 25.3 0.0 39.0 24.0 Pagegroup ...... 426.4 -7.0 623.5 415.0 Barclays ...... 138.0 -1.3 183.7 137.2 XPS Pensions Grou . . . .119.0 1.0 178.5 95.0 PERSONAL GOODS Naked Wines ...... 259.5 -3.5 420.5 219.0 Law Debenture Cor . . .562.0 0.0 620.0 534.0         PayPoint ...... 911.0 3.0 1118.0 748.0 Close Brothers Gr . . . .1285.0 1.0 1660.0 1227.0 Mercantile Invest . . . . .201.0 5.0 219.0 168.0 Burberry Group ...... 2135.0 13.0 2345.0 1623.5 Rentokil Initial ...... 443.9 -3.5 458.6 284.8 Next Fifteen Comm . . .574.0 -6.0 658.0 469.0 CYBG ...... 139.1 -1.9 338.4 132.7 FIXED LINE TELECOMS Nichols ...... 1757.5 -22.5 1880.0 1240.0 Monks Inv Trust ...... 909.0 -6.0 964.0 710.0 Next ...... 5766.0 26.0 6064.0 3991.0 PZ Cussons ...... 205.5 -2.0 244.0 178.6 Robert Walters ...... 510.0 -22.0 475.0 814.0 HSBC Holdings ...... 586.4 -7.3 690.6 586.4 BT Group ...... 158.9 -2.5 264.7 158.7 NON LIFE INSURANCE Numis Corporation . . . .232.0 0.0 422.0 221.5 ing Gr . . . . .50.0 0.3 66.6 48.6 Murray Internatio . . . .1144.0 -10.0 1208.0 1056.0 Pets at Home Grou . . . .230.6 2.6 233.2 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 141.0 -0.9 147.4 84.1 Lloyds Bank NB Global Floatin ...... 88.8 0.0 93.0 87.6 TalkTalk Telecom ...... 101.3 0.8 137.0 96.6 SIG ...... 124.9 5.1 153.0 102.2 Polar Capital Hol ...... 516.0 -16.0 644.0 448.0 Metro Bank ...... 268.6 -15.6 3050.0 267.0 Sports Direct Int ...... 246.6 -2.0 389.1 214.0 Admiral Group ...... 2157.0 -3.0 2300.0 1932.5 Purplebricks Grou . . . . .128.4 2.6 300.0 90.0 NextEnergy Solar . . . . .119.5 0.0 124.5 108.0 Telecom Plus ...... 1204.0 0.0 1528.0 1010.0 Ted Baker ...... 951.0 20.0 2378.0 800.0 Beazley ...... 590.5 0.5 599.0 492.6 AstraZeneca ...... 7313.0 -11.0 7412.0 5325.0 Travis Perkins ...... 1244.0 -1.0 1465.0 970.0 Royal Bank of Sco . . . . .183.0 -0.6 270.4 177.7 Dechra Pharmaceut . .2986.0 50.0 3128.0 2014.0 Redde ...... 111.6 1.4 196.0 90.0 Standard Chartere . . . .614.4 -5.8 736.8 519.8 Pantheon Internat . . .2295.0 5.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 119.8 0.2 148.6 96.0 Direct Line Insur ...... 287.7 0.5 366.5 287.2 TOBACCO Renew Holdings ...... 380.0 0.0 436.5 333.0 . . .292.0 -0.5 364.5 284.5 Genus ...... 2586.0 0.0 2884.0 2098.0 TBC Bank Group ...... 1276.0 -24.0 1728.0 1242.0 Perpetual Income . WH Smith ...... 1987.0 37.0 2186.0 1697.0 Hastings Group Ho . . . .186.4 2.2 274.2 174.0 RWS Holdings ...... 603.0 4.0 652.0 415.5 Pershing Square H . . . .1512.0 -12.0 1540.0 990.0 Greggs ...... 1985.0 0.0 2476.0 1006.0 Hiscox Limited (D . . . .1580.0 -5.0 1777.0 1418.0 GlaxoSmithKline . . . . .1691.2 15.2 1730.0 1418.0 British American . . . .2961.0 -17.5 4047.5 2375.0 Morrison (Wm) Sup . . . .181.8 0.2 269.2 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .2033.0 -7.0 2064.0 1510.5 Scapa Group ...... 226.0 -2.0 473.4 157.0 BEVERAGES Personal Assets T . . .42900.0 -50.0 43150.038900.0 Lancashire Holdin . . . . .703.0 8.5 725.5 530.0 Imperial Brands . . . . .2055.0 6.5 2844.5 1846.8 Secure Income Rei . . . .432.0 2.0 438.0 371.0 Polar Capital Tec . . . . .1394.0 -14.0 1500.0 1066.0 Ocado Group ...... 1200.0 -4.5 1435.0 749.8 Assura ...... 68.2 -0.2 69.9 52.4 RSA Insurance Gro . . . . .531.0 -3.2 641.0 496.6 PureTech Health ...... 270.0 -5.0 292.0 154.8 Barr (A.G.) ...... 606.0 -10.0 975.0 601.0 Sainsbury (J) ...... 196.8 -2.9 340.5 177.1 TRAVEL & LEISURE Serica Energy ...... 115.8 3.8 142.0 74.9 Britvic ...... 859.0 -7.0 956.0 745.0 RIT Capital Partn . . . .2095.0 -5.0 2150.0 1892.0 Convatec Group ...... 176.5 -0.5 239.0 118.6 Sabre Insurance G . . . .264.5 0.0 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 707.0 -1.0 744.4 615.1 Carnival ...... 3434.0 -66.0 5000.0 3412.0 Smart Metering Sy . . . .461.4 9.8 665.0 448.8 Coca-Cola HBC AG . . .2668.0 -14.0 3074.0 2244.0 Riverstone Energy . . . .665.0 10.0 1282.0 635.0 Mediclinic Intern ...... 318.7 -2.9 498.7 293.4 Telford Homes ...... 348.5 -0.5 430.0 267.0 5 379.0 Tesco ...... 212.6 -0.9 258.2 189.6 LIFE INSURANCE BMO Commercial Pr . . .108.6 0.0 149.4 106.0 Cineworld Group ...... 229.1 -3.4 323.6 212.0 Diageo ...... 3418.0 -3.0 3526.0 2523.5 Schroder Asia Pac . . . .434.0 -4.0 469. NMC Health ...... 2157.0-139.0 3976.0 1801.5 Thorpe (F.W.) ...... 322.0 1.0 340.0 248.0 Scottish Inv Trus ...... 804.0 -1.0 888.0 748.0 UDG Healthcare Pu . . . .802.5 -5.5 827.5 551.0 Capital & Countie . . . . .200.6 1.8 279.5 184.9 Compass Group . . . . .2050.0 3.0 2110.0 1483.0 Smith & Nephew . . . . .1933.0 3.0 1957.0 1258.0 Aviva ...... 361.4 -1.1 497.0 357.6 Watkin Jones ...... 215.0 1.0 232.5 192.2 CHEMICALS Scottish Mortgage . . . . .511.0 -10.0 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .221.7 1.2 291.2 220.5 CLS Holdings ...... 245.0 6.5 255.0 195.4 Domino's Pizza Gr . . . .238.0 2.5 297.2 221.2 Sequoia Economic . . . . .117.2 0.2 117.6 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . .5490.0 -30.0 6160.0 5420.0 4 -0.2 285.0 155.8 Young & Co's Brew . . .1620.0 5.0 1885.0 1322.5 Croda Internation . . . .4580.0 -36.0 5447.7 4576.0 Phoenix Group Hol . . . .639.6 0.0 724.8 544.0 EI Group ...... 281. Young & Co's Brew . . . .1155.0 25.0 1275.0 1030.0 Smithson Investme . .1236.0 -2.0 1278.0 1000.2 Associated Britis . . . . .2278.0 15.0 2638.0 2041.0 Grainger ...... 244.2 4.8 278.5 205.8 FirstGroup ...... 127.7 1.6 129.1 79.3 Elementis ...... 147.7 -0.3 247.8 129.8 Barratt Developme . . .636.0 8.0 663.0 434.0 Prudential ...... 1362.5 -22.0 1814.5 1340.0 Syncona Limited N . . . .228.0 -3.5 302.5 213.5 Bakkavor Group ...... 106.2 2.0 189.4 93.3 NewRiver REIT ...... 167.0 6.0 265.5 147.6 0 7290.0 5525.0 . .2806.0 -42.0 3673.0 2620.0 Bellway ...... 2889.0 13.0 3226.0 2419.0 St James's Place ...... 933.0 -6.4 1164.5 914.0 Flutter Entertain . . . . .6720.0 -56. Johnson Matthey . . Temple Bar Inv Tr . . . . .1170.0 0.0 1366.0 1116.0 Cranswick ...... 2676.0 14.0 3454.0 2472.0 Safestore Holding . . . .660.0 5.5 667.5 499.4 Go-Ahead Group . . . .2014.0 -10.0 2200.0 1480.0 Sirius Minerals ...... 10.2 0.5 37.0 8.1 Berkeley Group Ho . . .3969.0 99.0 3997.0 3226.0 MEDIA CONSTRUCTION & MATERIALS Templeton Emergin . . .759.0 -8.0 829.0 649.0 Greencore Group ...... 207.1 -2.0 230.0 162.9 Bovis Homes Group . .1047.0 15.0 1177.0 828.0 Savills ...... 828.5 -6.5 957.0 678.5 Greene King ...... 841.0 -0.4 850.0 472.8 Synthomer ...... 299.6 -0.4 532.1 279.8 Hilton Food Group . . . .967.0 -11.0 1088.0 884.0 St. Modwen Proper . . .406.0 4.5 441.5 365.0 Victrex plc ...... 1955.0 -53.0 3408.0 1845.0 The Renewables In . . . .127.8 0.0 133.2 109.3 Countryside Prope . . . .299.0 2.6 353.2 270.0 4Imprint Group . . . . .2800.0 -70.0 2940.0 1800.0 GVC Holdings ...... 609.8 -4.8 1110.0 507.5 TR Property Inv T . . . . .419.0 0.5 427.0 353.5 Tate & Lyle ...... 692.2 -7.4 800.4 633.4 Crest Nicholson H . . . . .354.0 3.2 404.8 296.4 Ascential ...... 379.0 2.0 434.8 337.2 UK Commercial Pro . . . . .81.6 -0.4 92.7 80.2 InterContinental . . . . .5109.0 10.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .487.5 2.5 488.5 421.5 Unilever ...... 5010.0 -15.0 5117.0 3931.0 McCarthy & Stone . . . . .136.3 0.8 142.7 110.0 Bloomsbury Publis . . . .232.0 1.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .419.8 -0.5 711.4 413.5 Balfour Beatty ...... 212.6 -3.0 296.5 194.2 VinaCapital Vietn . . . . .350.5 -4.0 356.5 318.0 FORESTRY & PAPER Persimmon ...... 1909.5 9.5 2489.0 1836.0 Centaur Media ...... 39.5 0.0 56.5 34.7 Marston's ...... 127.5 1.4 128.2 89.9 Witan Inv Trust ...... 208.5 -2.0 226.4 189.6 Big Yellow Group . . . .1030.0 11.0 1062.0 852.5 ''$#%$#%' ( #" CRH ...... 2644.0 41.0 2735.0 1971.5 Entertainment One . . .585.0 141.6 616.0 336.4 Merlin Entertainm . . . .452.0 -0.5 453.4 307.1 Woodford Patient . . . . .43.3 -0.6 91.0 38.1 Mondi ...... 1576.5 -21.0 2200.0 1510.5 Euromoney Institu . . .1380.0 56.0 1412.0 1132.0 British Land Comp . . . .496.8 0.9 641.8 468.3 Millennium & Copt . . . .685.0 0.0 685.0 436.0 " !'# Galliford Try ...... 589.5 8.0 1104.0 512.0 Derwent London . . . . .3158.0 8.0 3328.0 2761.0 Ibstock ...... 212.0 0.6 262.0 193.1 Worldwide Healthc . .2765.0 -15.0 2915.0 2325.0 !#!' &!&( #"

EU SHARES US SHARES         AB INBEV...... 85.10 -0.46 92.71 56.32 3M ...... 156.12 0.27 219.75 155.08 ADIDAS N...... 260.25 0.00 297.95 178.30 ABBOTT LABORATOR...... 83.12 1.19 88.76 65.22 AIR LIQUIDE...... 123.70 1.45 127.20 101.85 ADOBE...... 288.74 6.30 313.11 204.95 AIRBUS BR...... 122.84 0.22 133.86 77.50 ALPHAB RG-C-NV ...... 1168.89 17.60 1289.27 970.11 ALLIANZ...... 199.56 1.80 218.70 170.50 ALPHABET-A ...... 1171.18 17.60 1296.98 977.66 AMADEUS IT GRP BR-A...... 66.42 -0.48 82.20 58.06 NEWSLETTERS AMAZON.COM...... 1768.87 19.25 2050.50 1307.00 ASML HLDG ...... 192.42 2.26 211.50 130.12 AMERICAN EXPRESS...... 118.53 0.77 129.34 89.05 AXA...... 21.30 0.05 23.99 18.40 APPLE...... 206.49 3.85 233.47 142.00 BANCO SANTANDER...... 3.50 0.03 4.68 3.42 AT&T...... 34.93 0.11 35.50 26.80 BASF N...... 58.18 0.33 81.73 55.72 BANK OF AMERICA...... 26.78 0.31 31.49 22.66 BERKSHIRE HATH RG-B...... 200.20 3.04 224.07 186.10 BAYER N...... 66.30 -0.07 83.30 52.00 The biggest stories BOEING CO...... 359.04 3.03 446.01 292.47 BBVA...... 4.28 0.04 5.79 4.19 CATERPILLAR...... 114.42 0.36 159.37 112.06 BMW...... 59.61 0.83 86.71 58.10 CHEVRON...... 115.74 0.56 127.60 100.22 BNP PARIBAS A...... 40.55 0.49 55.34 38.14 direct to your inbox CISCO SYSTEMS...... 47.10 0.49 58.26 40.25 CRH PLC...... 29.27 0.05 34.87 26.53 CITIGROUP...... 62.72 0.77 75.24 48.42 DAIMLER N...... 41.38 0.71 59.90 40.35 COCA-COLA CO...... 54.54 0.80 54.82 44.25 DANONE ...... 79.70 0.84 81.16 59.72 COMCAST-A...... 43.35 0.92 45.30 32.61 DEUTSCHE POST N...... 29.01 -0.24 32.20 23.43 DOW...... 40.82 0.11 0.00 0.00 DEUTSCHE TELEKOM N ...... 14.85 0.12 15.88 13.36 EXXON MOBIL...... 67.85 0.36 87.36 64.65 ENEL N...... 6.33 0.11 6.62 4.22 GET THE MORNING UPDATE, FACEBOOK-A...... 180.36 2.61 208.66 123.02 ENGIE...... 13.50 0.08 14.39 11.31 GOLDMAN SACHS GR...... 199.65 3.45 245.08 151.70 ENI N...... 13.22 0.08 16.67 12.92 HOME DEPOT ...... 218.65 1.18 222.66 158.09 ESSILORLUXOTT...... 131.50 0.55 133.45 95.50 CITY A.M.’S DAILY EMAIL IBM...... 129.99 0.42 154.36 105.94 FRESENIUS...... 43.90 -0.12 69.76 38.50 INTEL...... 45.56 0.60 59.59 42.36 IBERDROLA ...... 9.26 0.00 9.40 5.68 JOHNSON & JOHNSO...... 127.80 0.07 148.99 121.00 INDITEX...... 26.89 -0.16 28.86 21.85 JPMORGAN CHASE...... 106.87 0.85 119.24 91.11 ING GROUP...... 8.48 0.07 12.14 8.20 MASTERCARD RG-A...... 276.43 4.54 283.33 171.89 INTESA SANPAOLO N...... 1.94 0.04 2.47 1.80 CITYAM.COM/NEWSLETTER MCDONALD'S...... 216.91 2.25 221.93 156.56 KERING...... 425.05 -0.95 539.80 351.70 MEDTRONIC...... 106.89 0.84 109.70 81.66 KON AH DEL BR...... 20.75 -0.06 24.01 18.60 MERCK...... 85.88 0.94 87.25 66.10 L'OREAL...... 238.60 2.50 257.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT ...... 135.45 2.06 141.68 93.96 LINDE...... 166.05 0.35 0.00 0.00 NETFLIX...... 294.98 3.54 386.80 231.23 NIKE -B-...... 82.25 1.81 90.00 66.53 LVMH...... 353.60 -1.90 392.65 242.30 Gold...... 1503.80 1.10 Copper Cash Official...... 5696.00 -28.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 ORACLE ...... 52.13 0.55 60.50 42.40 MUENCHENER RUECKV N...... 218.80 1.10 228.70 180.50 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 17.05 0.30 Aluminium Cash Official...... 1750.50 -11.50 PAYPAL HOLDINGS...... 107.66 1.62 121.48 74.66 NOKIA...... 4.51 -0.00 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.25 0.00 Brent Crude ...... 59.34 0.90 Nickel Cash Official...... 15755.00 -12.00 PEPSICO...... 133.74 3.47 135.24 104.53 ORANGE...... 13.44 0.04 15.25 13.08 Krugerrand...... 1505.60 -14.10 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.04 0.02 Aluminium Alloy Cash Official...... 1250.00 7.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.403 -0.01 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 41.43 -0.31 43.67 29.05 Palladium...... 1482.00 2.00 LIBOR Euro - overnight...... -0.467 0.00 The vix index...... 19.32 -0.55 PFIZER ...... 34.84 0.50 46.47 33.97 SAFRAN...... 128.00 -1.20 137.20 99.98 Cocoa Futures...... 2217.00 17.00 Platinum...... 860.00 0.90 LIBOR Euro - 12 months...... -0.385 -0.01 The baltic dry index...... 2168.00 50.00 PROCTER&GAMBLE...... 119.32 2.00 121.76 78.49 SANOFI...... 76.95 0.22 80.44 71.74 Coffee 'C' Futures...... 97.50 0.20 Tin Cash Official...... 16425.00 -525.00 LIBOR USD - overnight...... 2.088 -0.01 Markit iBoxx EUR ...... 249.64 0.41 SALESFORCE.COM...... 155.14 3.57 167.56 113.60 Feed Wheat Futures...... 133.50 4.00 SAP I...... 106.84 0.56 125.00 84.02 Lead Cash Official ...... 2085.00 25.00 LIBOR USD - 12 months ...... 2.029 0.03 Markit iBoxx GBP...... 356.99 -0.12 TRAVELERS COS...... 147.34 2.61 155.09 111.08 SCHNEIDER EL ...... 73.80 0.50 81.36 57.54 Zinc Cash Official...... 2256.00 16.00 Soybeans Futures Continuation Contract...852.00 8.60 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 263.64 0.69 TWITTER...... 41.44 0.44 43.48 26.19 SIEMENS N ...... 88.51 0.55 114.10 84.72 UNITEDHEALTH GRO ...... 231.08 0.42 287.94 208.07 SOCIETE GENERALE...... 22.54 0.21 35.01 20.81 WORLD INDICES UTD TECHS...... 125.49 2.07 144.40 100.48 TELEFONICA ...... 6.06 0.12 8.06 5.86                 VERIZON COMM...... 56.71 0.79 61.58 52.28 TOTAL...... 43.84 0.26 55.39 42.65 VISA RG-A...... 177.59 2.36 184.07 121.60 UNILEVER...... 54.34 0.20 55.40 45.30 FTSE 100...... 7094.98 -33.20 -0.47 S&P 500 ...... 2878.38 31.27 1.10 CAC 40...... 5351.02 24.15 0.45 Hang Seng...... 25680.33 -499.00 -1.91 WALGREENS BOOTS...... 50.04 0.72 86.31 49.12 VINCI...... 96.80 1.26 98.62 69.98 FTSE 250...... 19236.13 30.81 0.16 Dow Jones I.A...... 25898.83 269.93 1.05 Swiss Market Index ...... 9715.83 -29.15 -0.30 Shanghai Composite...... 2863.57 -33.86 -1.17 WALMART...... 111.99 1.16 115.49 85.78 VIVENDI...... 25.33 -0.08 26.69 20.80 FTSE All-Share ...... 3898.58 -14.36 -0.37 Nasdaq Composite...... 7853.74 101.97 1.32 ISEQ Overall Index ...... 5743.34 -6.12 -0.11 STI Index ...... 3067.09 -45.28 -1.45 WALT DISNEY ...... 134.61 2.94 147.15 100.35 VOLKSWAGEN VZ I...... 142.52 1.52 163.70 131.02 FTSE AIM All-Share...... 871.42 2.33 0.27 Xetra DAX ...... 11658.04 46.53 0.40 FTSEurofirst 300...... 1459.44 -12.18 -0.83 ASX All Ordinaries ...... 6531.00 -83.30 -1.26 WELLS FARGO...... 44.98 0.56 59.48 43.02      & )* CITYAM.COM TUESDAY 27 AUGUST 2019 FEATURE 19 OFFICE POLITICS Lessons in kindness from Mister Rogers

n’t be seen or heard. What can businesses learn from the TV Instead, encourage conversation presenter who was an icon to Americans? before and after the meeting starts, and try to avoid silently working on a laptop until everyone arrives. In- AY THE name Mister Rogers to Holly creasing familiarity among team a certain generation of Ameri- members boosts productivity, and cans, and they will likely go Maguire quite often the best ideas come out Smisty-eyed and start hum- CALM DOWN of informal conversations. ming the same tune. Or why not take discussions out of Fred Rogers hosted a US children’s Deep Meditation the office altogether? Walk the block television programme called Mister Free to talk through a problem with a Rogers’ Neighbourhood that ran from client or colleague, and approach a 1968 all the way to 2001. The show was It’s hard to be challenge from a fresh perspective. revered for its host’s gentle nature and kind to your Conversations are always more can- the lessons it taught its young viewers ond way is to be kind. The third way fellow worker did when walking side by side as op- about how to treat one another. is to be kind.” when you’re in a posed to facing each other over a Rogers, who passed away in 2003, has And now, a resurgence of kindness blind rage boardroom table. since become an icon of kindness – a is occurring in the workplace. because the characteristic shared by the actor Tom In a world where businesses and printer is out of MAKE REFERRALS Hanks, who plays him in the upcom- brands need to demonstrate humanity ink again. Rather At Superunion, if we don’t feel that ing film A Beautiful Day in the Neigh- and empathy like never before, kind- than smashing we’re right for a client or a candidate, borhood, set for release in December. ness can help exceed expectations, the machine to we’ll refer them to someone more And business leaders could learn a and strengthen customer loyalty and Mister Rogers’ and valued as individuals. smithereens, suitable – even if it’s a direct competi- lot from Mister Rogers too. evangelism. It is also scientifically Neighborhood Warmly greet people you share a lift might tor. Consider doing the same. Bullish, bulldozing and bully-boy proven to be contagious, so increases was revered with, pass in the corridor, or meet on meditating be a Being genuinely helpful and doing characters have traditionally been seen brand virality and a desire for people for its host’s the commute. Remember their part- better outlet for right by them will build your industry to excel in business, while being “nice” to respond “in kind”. gentle nature ners’ and children’s names, and be your pent-up reputation – they’ll remember you (as is perceived as weak. This couldn’t be So here are three practical ways and the lessons genuinely interested in them and stress? This app will your competitor), and reciprocity further from the truth. Kindness en- that you can encourage kindness in it taught their interests. Knowing people’s pas- has guided audio is a powerful tool in modern business. genders respect and followership. It se- your own workplace. sions, hobbies and side hustles is also meditations, as If I leave you with one thing, it’s a cures loyalty and compels people to go invaluable when casting for pitches, well as calming phrase often used by a former, highly the extra mile for you. REDUCE ANONYMITY projects and collaborations. music. Now take successful and universally liked col- People like Rogers and Hanks have At the start of every episode, Mister a deep breath in, league: “It’s nice to be important, but quietly and consistently set this exam- Rogers sang the show’s theme tune FIX YOUR MEETINGS CULTURE and breathe out. it’s more important to be nice”. ple for years. “There are three ways to inviting people to be his neighbour. In Phones and laptops prevent us from ultimate success,” Rogers once said. the same way, we should aspire to giving our undivided attention dur- £ Holly Maguire is UK managing director “The first way is to be kind. The sec- make our colleagues feel recognised ing meetings. Mobile phones should- at brand agency Superunion. 20 OPINION TUESDAY 27 AUGUST 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Filled with HS2 fever? No? Then TO THE EDITOR let’s think up something better For art’s sake [Re: Letters, Friday 23 August] Following GCSE results last week and the A-level successes we saw earlier this S2, THE unloved child of nation, it seemed closer than trains In a world debating a future driven month, we’re pleased to see stem subjects British infrastructure, to the economic diet required to Michael by electric cars, autonomous vehi- remaining a key focus for today’s students looks like a goner. And build a country ready to address Hayman cles and even flying cars, it is right and tomorrow’s innovators, with five per Hwhile those into trains the transformational possibilities to reflect on that goal, and ensure cent more students taking the recently might spot that there is a offered by technology. that, when delivering the world’s reformed double science GCSE compared review underway, there can be little The pace of change and adoption most expensive railway, it is not a to last year. doubt that this in itself sends a ter- of new technologies will, in the cul-de-sac for the nation’s cash. As a business, we’re continuing to see a minal signal to a project that once coming years, be the making and And our mission, should we wide digital skills gap in the market. And as seemed to offer a glimpse of what a breaking of nations. And those that choose to accept it, is not just about enterprises in the UK and across the world brave new British future might be establish themselves as global en- the future of the way we will move. seek to navigate ambitious digital able to offer. gines for future innovation will be The opportunities of a 100-year life transformation projects, the need for Fast, modern rolling stock, speed- those that have the most to gain. We must ensure that span and innovating to meet the digital fluency is not only desirable, but ing up journeys, and easing capacity The government of Singapore has sustainable development goals all vital for the workforce of the future. are as important to our national self- been making huge technology in- the world’s most offer clues as to the winning It’s equally important, however, to esteem as TGV has historically been vestments, leading one economist expensive railway is economies of tomorrow, and where recognise expertise in the arts, creativity, to France and bullet trains to Japan. to claim that it is “fixated on the we might be well-positioned to and digital humanities – particularly for But history is the problem with knowledge economy and the skill- not a cul-de-sac for place the best bets. technology-led businesses. Last week, the trains – nineteenth and twentieth sets needed to participate in it”. the nation’s cash None of this is to underestimate creator of the GCSE qualification lamented century emblems that these days Against that backdrop, the value the urgency of delivering against that reforms have squeezed out arts and offer iterative and incremental im- for money offered by HS2 – cur- the challenges we face now. We do creative subjects. But now is the time when provements, rather than the game- rently estimated to cost anything need a solution to the nation’s de- businesses need these skills the most. changing transformation that from £56bn to £86bn – is right to crepit and overcrowded transport Earlier this year, we launched our newest many had originally hoped for. be questioned. mythology and its role in creating a infrastructure. But that doesn’t global Experience Design & Innovation There is little doubt that Britain And it’s more than a question of sense that post-War austerity was mean that we shouldn’t be ques- Studio in London, to cultivate local talent needs infrastructure projects to de- utility and value for money. While ending, and that a better future tioning the value and values deliv- and enable our customers to innovate and liver renewal for its post-Brexit fu- this is always the driving force for might emerge. ered by HS2. experiment rapidly. ture. But HS2 is struggling to be the infrastructure investments, there is For those that instinctively recoil And if it isn’t the right project, The space between technology and answer to that need. also another major consideration: from Keynesian investment strate- despite all the money spent and creativity is proving an increasingly Part of its struggle is that connec- what message does it send about us gies, infrastructure projects are disruption caused to date, learn desirable area of focus among our clients. tivity to London is not the draw it as a people, our ambitions and pri- often dismissed as extravagant, the lesson of Spotify’s engineering As such, the UK education sector needs to once was. orities, our hopes and dreams? wasteful pipe dreams. But that’s not culture. Fail fast. Learn fast. Im- demonstrate commitment towards Ask pretty much any civic leader Unleashing “the white heat of a point of view that carried sway prove fast. developing a curriculum that cultivates in our northern cities and they will technology” was the goal that with Victorian or Edwardian We got it right in 2012 and deliv- both digital and creative skills alike. tell you to look east to west rather politicians spoke about in the Britain. Well over a hundred years ered the Olympic moment. We got Ajay Vij, senior vice president, Infosys than north to south if you want to 1960s. And it was Concorde that later, today’s generations still bene- it right with Concorde and deliv- deliver something truly meaning- came in its wake, with supersonic fit from the decisions and invest- ered the Concorde moment. ful. To create the agglomeration ef- travel opening the gateway to a ments that they made back then. If we cannot imagine future gen- fect of well-connected local urban new age. Even the name Concorde And that should be the driving erations speaking as fondly of the BEST OF areas matters more than cutting evoked aspiration. Translating as goal today: getting the right infra- HS2 moment, then the search for a TWITTER travel time or expanding the com- “harmony” or “union”, it showed structure investments rather than new game-changing project must muter belt for the capital. collaborative British and French sci- nothing at all. Something that is begin again – fast. Average of the 7 most recent polls Saying that, new rolling stock also ence at its best. built to last, that will provide im- from different companies comes across as an anachronistic While Concorde was also the mense benefits for the future, and a £ Michael Hayman MBE is co-founder of Con 32% priority in a digital age. When the dream that ended, few can contest signal that we are very much in Seven Hills and co-author of Mission: Lab 25% Prime Minister promised a full-fibre its enduring place in the national business as a nation. How the Best in Business Break Through. Lib Dem 18% Brexit 12% Green 5% @JohnRentoul

Taylor Swift’s “London Boy” is super- nice, but the idea of doing Shoreditch He might not be a best friends with the in the afternoon, Brixton in the evening and then back to Highgate is giving me major London Underground anxiety press, but the Prime Minister is no Putin @dustlined

S BORIS Johnson the new As for his relationship with the savvy loyalists. But that’s a very ten- If Taylor Swift’s London song wanted Vladimir Putin? That’s what press, it is true that this has been Eliot uous analogy – what leader does not to be truly authentic, she’d moan Dorothy Byrne, head of news for less chummy than might have been Wilson try to build a team they can trust? about having to get from Brixton to IChannel 4, suggested at the Ed- expected. The Boris leadership cam- To compare Boris to Putin’s au- Shoreditch and then say “sorry, City inburgh Festival last week. paign camp was virtually impene- thoritarian machine, meanwhile, is Mapper says it’s going to take 79 Byrne said that Boris Johnson was trable to journalists. His handlers pure hyperbole. The British Prime minutes” “a known liar”, and accused him of seemed to want to shut down any Minister is not launching attacks on @jessiecath aping not only Donald Trump, but unsupervised or unpredictable op- press freedom, using state broad- the Russian President in his deal- portunities, and they backed away casters to disseminate propaganda, Taylor Swift’s “London Boy” contains ings with the press. from most of the televised debates. or attempting to censor critics. all the markers of the British A head of news knows how to gen- At Westminster, this caused some decade. But they are, first and fore- Boris seems to want his hand on bourgeoisie (rugby, Highgate, high erate headlines, but is there any disquiet. It smacked of arrogance. most, Boris loyalists. The sense is the news tiller more firmly than tea), while “American Boy” by Estelle merit to Byrne’s comparisons? We’re going to win anyway, they that they subscribe to the Project, any Prime Minister since Tony Blair and Kanye West, with its references to There’s no denying that this seemed to say, so why risk anything? and the Project is Boris. in his pomp. And I doubt that the Ribena and the New York Subway, is Prime Minister has brought a new His team in Number 10 also seems This is how the Prime Minister’s new regime’s relationship with the an anthem for the international attitude to media relations. He is, of to reflect this attitude. The director media operation is run. Like his lead- press will ever be harmonious. working class. In this essay I... course, a former hack himself, and of communications, Lee Cain, was ership campaign, the Boris Downing But we are far from a situation @clarepttrsn used his weekly Telegraph column head of broadcast for Vote Leave, Street is a fortress, waiting for the in- where Downing Street is waging to promote his own cause through- then an adviser to Boris at the For- evitable assault. You can see why outright war on journalists. As John The awful weather makes me feel bad out his political career, especially eign Office. He is a former journalist journalists such as Byrne might be Major would tell you, taking up for all the people on holidays here, but during his leadership campaign. himself; one paper employed him to frustrated, even concerned, by their your lance against the media is un- also reminds of working in the Cork Some of the claims he has made, dress as a chicken and follow David need for control and desire to seize likely to end well. So let’s be a little tourist office, which some people we know, are inaccurate or mislead- Cameron on the campaign trail. and govern the news agenda. careful about turning a news mole- thought of as a kind of general ing. But a platform to air ideas is not He has been joined by Rob Oxley, But is this anything like how hill into a control-freak mountain. complaints department for Ireland. the same as the kind of propaganda another Vote Leave alumnus, as the Trump and Putin operate? Like why are the roads so bad? Why is we see in authoritarian regimes. Downing Street press secretary. Trump does deploy similar tactics, £ Eliot Wilson is chief writer at Right there graffiti on the sheep? And now that Boris is Prime Minis- Cain and Oxley have moved in the controlling the news agenda and Angles and a former House of @eoinmauricedaly ter, the column is no more. media milieu for more than a surrounding himself with media- Commons official. CITYAM.COM TUESDAY 27 AUGUST 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Time to scrap our archaic and DEBATE misguided Sunday trading laws Should we learn from the ‘Scandinavia summer’ model and HE SUNDAY Trading Act duce their debts to those who care 1994 came into force 25 years Mark for family members. take the month of August off? ago yesterday, allowing Allatt And far from interfering with family Tshops to open on Sundays, life, this can actually be sustained by but restricting opening Sunday shopping, getting children For anyone visiting Oslo at this time times of stores over 3,000 square feet out of the house to participate in an of year, they might find it strangely to six consecutive hours between enjoyable family experience, which quiet. Despite the sunshine bringing 10am and 6pm. may result in a meal out or a trip to our maritime city to life, the streets YES This compromise followed the de- the cinema. are empty. feat of the Shops Bill 1986 – Margaret When the Cameron government The reason? The Scandinavian MATHIAS MIKKELSEN Thatcher’s only defeat in the House of It is madness that you can take deliv- tried to liberalise Sunday trading in summer holiday: a mass exodus of Commons – which would have ery of your online shopping at 9am on 2015, it was thwarted by the SNP, employees for a month-long break. normally done next to a fjord while brought Sunday trading hours in Eng- a Sunday but you cannot visit a store which denied shoppers in England This break might seem indulgent to drinking akvavit is a happy bonus. land and Wales into line with Scot- at the same time to buy the same and Wales the freedoms that those in the rest of the working world. But it’s When our team come back in land, where shops can choose to open items. With as many as 12,000 shops Scotland already enjoy. actually good for business; the perfect September, they are fully prepared for at any time of day. closing every year, allowing retailers Scotland currently has a competitive example of hours worked not equating the end-of-year sprint. Though Oslo The current rules were supposedly to open longer on Sundays could be advantage, but if we are to compete for to productivity. may be quiet at this time of year, be designed to protect small stores from the shot in the arm that our belea- the tourist dollars of overseas visitors, According to Gallup, 63 per cent of prepared for lots of professional noise the major supermarket chains. But the guered high streets need. then the whole of post-Brexit Britain employees experience professional from Scandinavian companies in result has been somewhat different. Sunday trading laws do not preserve had better be open for business. “burnout”. A month of holiday helps October, November, and December. Towns are now awash with the any valuable cultural aspects of our Currently, we are lagging behind. prevent this, boosting engagement and smaller “Express”, “Local” and “Little” way of life. On the contrary, they Even in over-regulated France, shops encouraging staff to develop and £ Mathias Mikkelsen is chief executive stores, charging much more for the make it harder to serve a traditional in designated tourist zones in Paris explore new ideas. The fact that this is of productivity startup Memory. same goods that you could buy in a roast lunch at home with fresh pro- have been allowed to open on Sundays larger store, with some items twice duce and fit in time to get to church. since 2009. the price. Moreover, the Sunday economy Of course, people need a day off, but The 1994 law also restricted the gives those who cannot work on that doesn’t necessarily have to be a It is absurd to think that we should opening hours of garden centres for weekdays the chance to earn some Sunday. Nor will all shops choose to adopt fellesferie – as the Norwegians the first time, resulting in their clo- money – from students looking to re- open at all hours of the day, even if call their indulgent summer break. One sure on their busiest day of the year: the law allows them to. It is a matter study has suggested that the French NO Easter Sunday. of choice for shopkeepers, as it should equivalent cuts the country’s industrial This is an embarrassment. During be for individuals as to when they production by a third. Britain is already ANNABEL DENHAM the 2012 London Olympics, the gov- For Boris to succeed want to do their shopping. fretting about empty supermarket ernment was so abashed by the ar- where the Iron The trial has been done on Boris’ shelves post a no-deal Brexit; until 2015 for more flexible leave policies – not chaic Sunday trading laws that they watch before, and we know that giv- France mandated that some everyone wants to go on holiday at a were suspended for eight weeks. Peo- Lady failed would ing people these choices does no boulangeries must open in August to time when prices are highest. It’s why ple were free to shop at a time of their harm. For Boris to succeed where the ensure that people would have bread. the number of fines issued to parents in choice – with no harmful side effects surely demonstrate Iron Lady failed would surely demon- The idea that summer is for play, not England for taking children on holiday in – and sales rose 3.2 per cent compared that modern post- strate that modern post-Brexit Britain work, has origins in old manufacturing term-time has doubled in recent years. to the previous year. is open for business. sectors where everyone downing tools I’m sorry to be more humbug than Boris Johnson, who got the Sunday Brexit Britain at once seemed logical. Not so in 2019 – hygge, but a mass workplace exodus in trading restrictions suspended back is open for business £ Mark Allatt is director of Open Sundays, especially given that many markets a globalised economy? C’est fou. then as mayor of London, should a campaign group calling for the don’t slow down in the summer. now as Prime Minister remove them liberalisation of Sunday trading laws And what of individualism? Already £ Annabel Denham is communications for good. (www.opensundays.org). workers in the Netherlands are calling director at The Entrepreneurs Network.

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Luke Graham talks to the man MEET THE helping Sweden’s startups achieve global success GODFATHER OF F YOU were asked where the most tech innovation comes from, you’d probably answer Silicon Val- ley – the home of Google, Amazon and Facebook. And you’d be right. SWEDISH TECH IBut what you might not know is that Stockholm is a close second. The Swedish capital produces more bil- lion-dollar companies per capita than any other region in the world after San Francisco. Companies like Spotify, Skype and fintech commerce firm Izettle all originated in Sweden. Someone who is certainly aware of his country’s growing reputation as an innovation hub is Par Hedberg, “the godfather of Swedish tech”. Hedberg is the founder and chief ex- ecutive of Sting, a Scandinavian tech incubator that has helped nearly 300 startups in Sweden since its inception in 2002, creating 2,639 jobs in the process. Companies backed by Sting collectively generated over £219m in revenue in 2018. As a further sign of success, eight of its alumni companies are now publicly listed on the Swedish stock market. “We’re nurturing the whole system in Stockholm,” Hedberg tells me. “Some of our startups are scaling very nicely here in London, in Silicon Valley, and elsewhere – we have at- tracted £419m in private capital to these companies.” Hedberg, a former national freestyle skiing champion, spent most of his ca- reer working as a chief executive at several big tech business, but by the late 90s he wanted a new challenge. “The last mission was a turnaround project for a company, and after that I was totally exhausted, and fed-up working for large firms. In 1999, I de- cided that now I’ve done my ‘military that is really smart, that nobody else the tax base, and then we can con- service’, so I wanted to work with new could come up with in a week?” tinue to have the welfare.” startups,” he recalls. Hedberg is keen to work with start- It’s refreshing to hear a business “I did that for a couple of years with ups that can become big and expand leader talking about the wider bene- a colleague of mine, and invested internationally. As he points out, Swe- fits that a company can bring to soci- some small sums in a couple of laser den’s domestic market is relatively ety, rather than just how much technology companies. And then I got small – the country’s population is money it has made for shareholders. the possibility to start Sting.” just 10m people (for comparison, Lon- Looking ahead, Hedberg hopes to Sting backs startups across a wide don’s population is estimated at get more involved with startups range of tech sectors, from artificial 8.8m). Such a small domestic market working on complex technology proj- intelligence and healthcare to sustain- can be a major challenge for a startup. ects – the kind that require lots of ability and digital media. “We need entrepreneurs to go labour and capital to produce a pro- But it is nonetheless selective: about abroad from day one. We need to find totype – rather than relatively simple 400 startups applied for its pro- markets that are much larger than digital ones. grammes last year, but less than 10 Sweden’s, and that’s also a challenge “We’ll probably work slightly more per cent were accepted. Those which because then you’re not in your own with the sort of really complicated are successful receive business devel- country. In the UK, you have a large deep-tech things. We did that more opment coaching, plus help with fi- domestic market; if you’re in Ger- when we started, and then over the nance and recruitment. many, you have an even larger mar- last five or six years we’ve moved So what is Hedberg actually looking ket,” he laments. more and more into the digital. We’ll for in a startup? “Sometimes our companies continue with that, but I would like “The first thing is: do they might have a fantastic solution Top: members of the incubator at a to work a little bit more with startups address a problem or a need and are addressing a really in- demo day. Above and right: Karma that are addressing important, big that seems to be big in the teresting problem, but there and Yubico are both Sting alumni problems, not a new app,” he says. world? Because if it’s not are usually 10 competitors “We’re also working on changing that big, it can never be a elsewhere in the world.” power cells; and Yubico, a cyber secu- sive: the country has the second high- the gender balance. We have done a big company,” he explains. However, when firms rity company that has attracted over est tax burden in the world after Den- lot on that in recent years. Last year, “The second one is: the overcome these challenges, $30m in investment. mark, and many economic studies we took on 33 new companies, and 42 people who say they are the results are impressive. “Yubico is fantastic,” Hedberg adds. warn about the unsustainable cost of per cent of them had a female going to do this, do they Notable Sting alumni in- “This company is like a bumble bee: it its welfare programmes. founder – which is, I think, a Euro- have the qualifications, char- clude: Karma, the app which shouldn’t fly. It has a female founder “We’re in the business of creating pean record.” acteristics, and motivation aims to prevent food waste by who was an artist, with her hacker new wealth for the country. If these Newspapers often speculate about to do it? helping restaurants sell sur- husband. But it’s growing very nicely companies grow, they replace the big where the “next Silicon Valley” will “And number three is: plus meals; Midsummer, a and it’s doing really good.” ones that are not growing any longer, appear and dethrone the one in the does their solution to publicly listed com- But Hedberg isn’t only concerned and we can continue to have the wel- US. Some say it will be London’s Sili- that problem seem pany that produces with how individual companies are fare situation that we have in Sweden. con Roundabout; others tip Berlin, to be innova- flexible solar doing. He’s keenly aware of how the “New companies like Spotify, Paris, or Tel Aviv. tive? Have success of Sting and its partners will Klarna, Izettle, they employ many But with people like Par Hedberg they come Par Hedberg help support Sweden’s welfare sys- more new people than (Swedish tele- trying to help companies that are ad- up with founded Sting tem, which is well-known for being coms giant) Ericsson is doing. We dressing the world’s problems, my something in 2002 both generous and worryingly expen- need these new businesses to build money’s on Stockholm. CITYAM.COM TUESDAY 27 AUGUST 2019 SPORT 23

British No1 Kyle Edmund is out to put stuttering spell behind him, writes Michael Searles

S ANDY Murray’s hip injury has taken him to the brink of retirement during the last two years, the weight of being Britain’s best male sin- glesA player has come to rest on Kyle Edmund. Edmund, who begins his US Open campaign against Spain’s Pablo Andu- jar today, has been the national No1 since March 2018 but has yet to scale anything like the heights of his prede- cessor, with whom he helped Great Britain claim the Davis Cup in 2015. The 24-year-old’s ascent followed a great run to the Australian Open semi- final in 2018. At the same time Murray was being forced to pull out of the tournament before it began, unable to recover from the hip injury that had plagued him since 2017. That fortnight also saw Edmund break into the world’s top 30 for the first time, and later in the year he would flirt with the top 10, reaching a career high of No14 as he claimed his first ATP Tour title in Antwerp. However, he has since flattered to de- ceive, failing to progress beyond the third round at subsequent Grand REBORN Slams, reaching only the second round twice in the last year. He remains the world No31, but his position as the best in Britain has be- come increasingly threatened by the resurgence of Dan Evans, who is back with a vengeance following his 12- month drugs ban. IN THE USA? A disappointing 2019 for Edmund has in part been down to his own nig- gling injury issues which have partic- ularly held him back this year. He was forced to withdraw from the two sets down to Pablo Cuevas, before However successive defeats to now However, it is also perhaps why he Sydney International in January due to a month later he would throw away a world No5 Daniil Medvedev on his last struggles when coming up against the a knee injury, which had initially been two-set lead in the Wimbledon second two outings are a sign he is yet to get higher calibre opposition and he is put sustained in Paris last November. round against Fernando Verdasco. back to a level where he can mix it on the back foot. He has claimed just The Yorkeshireman would enter the He refused to blame injury for that with those in and around the top 10. two wins when facing top 10-ranked Australian Open with just one match five-set defeat, insisting it was his fit- A return to Flushing Meadows may players. – a defeat to No180 Yasutaka Uchiyama Flushing Meadows ness that needed work, although he have come at the right time for Ed- The US Open offers Edmund the – under his belt since the turn of the did have both his trainer and doctor mund, having always fared better on chance to salvage his season, and year, and lose his opening round tie may have come at enter the court to look at his finger be- hard courts. The Briton’s best runs at going into the tournament seeded with Tomas Berdych in straight sets. fore also receiving treatment for his Grand Slams and solitary ATP title 30th, he will hope to at least match his the right time for back and knee. have all come on the faster surface, previous best of reaching the fourth NOTABLE SCALPS After taking a month off, Edmund which suit Edmund’s offensive style. round. If injury issues are resurrected, But his injury problems did not end Edmund, having returned to action in Washington at The court plays into his strengths of however, then Edmund may have to there. A recurrence of the knee issue fared better on the start of August and he has taken hitting powerful forehands and serves, consider following Murray’s lead by saw Edmund retire from the French notable scalps in Jo-Wilfried Tsonga as well as working from the baseline taking time to rehabilitate himself Open in the second round with him hard courts and Nick Kyrgios since his return. and taking the initiative in rallies. properly ahead of next year. Role of Toro Rosso in the spotlight as Red Bull roll dice again

have adopted under head of driver de- place in the constructors’ champi- find someone equally capable by ac- livered since, ousting as the lead Sister team looks velopment Helmut Marko. onship. celerating young drivers to the senior driver Daniel Ricciardo, who was sub- The latest casualty is Pierre Gasly, team with an urgency seemingly at sequently replaced by Gasly for this like reserves rather who has been demoted to Toro Rosso URGENCY odds with the nurturing platform season. effective from this week’s race at Spa, More surprising was the deci- Toro Rosso was supposed to de- The 23-year-old raced just 26 times than the nursery it Belgium, where he will join fellow for- sion to promote Albon dur- liver. for Toro Rosso before his promotion, mer Red Bull driver Daniil Kvyat, de- ing his debut campaign, Kvyat was afforded just and has now been replaced by Albon, was billed as, says spite team principal Christian Horner particularly given he 19 races, winning eight 23, who has only made 12 F1 starts. Michael Searles insisting his seat was safe. sits seven places and championship points, If he too fails to live up to the almost In his place London-born Alex Albon, 11 points behind before being pro- insurmountable expectations for im- who races under the Thai flag, will Kvyat. Clearly mediate results being placed on HEN energy drinks tycoon Di- step up and partner Max Verstappen Marko has not for- London-born Alex young Red Bull drivers, then the team etrich Mateschitz acquired the in a nine-race trial to assess his suit- gotten the Russ- Albon makes his Red will have a difficult decision to make WToro Rosso team in 2005 it was ability for taking on the role full-time. ian’s equally Bull bow this week about where they turn next. with the purpose of nurturing young The decision to drop Gasly comes as sub-par outings for There is a chance he can suitably aid drivers, bedding them into Formula little surprise given the disappointing Red Bull in 2015-16, moted to Red Bull in Verstappen as a No2 driver, while One and preparing them for a promo- impact he has had since graduating to for which he was re- 2015 at 20. Kvyat remains an option and could re- tion to his Red Bull Racing outfit. Red Bull, with Marko telling Auto Bild placed by Verstappen. Just over a year later turn to the team four years after his For the remainder of this season, the it was because “he loses places and The Dutchman has he would be replaced by departure. intended junior team looks more of a doesn’t like to overtake”. since laid bare his creden- Verstappen, who himself Failing that, Red Bull may have to reserve team – a place where drivers The Frenchman has just 63 points tials as a future world cham- had completed only 23 races but look externally for a solution, bring- deemed to have not made the grade and no podium finishes in 38 F1 out- pion, winning two of the last four racked up an impressive 63 points in ing into question the purpose of their are sent, reputation in tatters – such ings – not a record Red Bull need as races. But despite his clear abundance the sister car before winning on his driver development programme and is the revolving-door policy Red Bull they battle with Ferrari for second of talent, Red Bull appear impatient to Red Bull debut. He has consistently de- how the Toro Rosso team is utilised. 24 SPORT TUESDAY 27 AUGUST 2019 CITYAM.COM WHAT NEXT FOR RED BULL? Hire and fire culture puts role SPORT of Toro Rosso in spotlight PAGE 23 HERE WE JO Britain’s Konta clears first hurdle at US Open with three-set win SPORT DIGEST RECORD NUMBERS WATCH ENGLAND ASHES MIRACLE £ England’s Ashes heroics at Headingley on Sunday attracted a record audience for Sky’s live coverage of a Test match. A peak of 2.1m UK viewers watched the climax to the third Test, in which Ben Stokes conjured one of the all-time great batting displays as England chased down 359 to level the series with Australia at 1-1. The viewing figures are short of the 3.5m who tuned into Sky for England’s World Cup final victory last month, which drew a combined audience of 8.7m due to the subscription broadcaster sharing its coverage with Channel 4. Channel 5 said more than 2m watched its highlights of Sunday’s action. BOLTON FACE THREAT OF LIQUIDATION THIS WEEK £ Bolton will begin liquidation on Wednesday unless a deal to save the third tier football club can be struck by 5pm today, say administrators. A proposed takeover collapsed on Saturday, leaving the 145-year-old team facing near-certain expulsion from the English Football League. Joint administrator Paul Appleton said: “Unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.” IRELAND’S BENNETT AND ROCHE ON TOP IN SPAIN £ Irish cyclists enjoyed unprecedented success at the Vuelta a Espana yesterday when Sam Bennett won stage three and Nicolas Roche retained the overall leader’s red jersey. Bennett, of the Bora- hansgrohe team, beat Edward Theuns and Luka Mezgec in a sprint finish in Alicante to record his fourth Grand Tour stage win and first at the BRITISH No1 Johanna Konta overcame a second-set wobble to beat Russia’s Daria Kasatkina 6-1, 4-6, 6-2 and reach the second round of the US Open yesterday. Konta did not Vuelta. Team Sunweb’s Roche drop a point on her serve as she breezed to the opening set but lost her cool when a number of calls were overruled in Kasatkina’s favour. The French Open semi-finalist traded remains two seconds ahead of 2016 breaks in the third before going 4-1 up and clinching the match when her opponent served consecutive double faults. Elsewhere on the opening day of the Grand Slam at winner Nairo Quintana of Movistar in Flushing Meadows, the only other British woman in the singles draw, Harriet Dart, lost 6-3, 6-1 to Romania’s Ana Bogdan. £ EDMUND: REBORN IN THE USA? PAGE 23 the general classification. RORY ISSUES A REMINDER

good par at the next hole to stay he has contested on the PGA Tour. their third rounds on Saturday posed GOLF two ahead of Xander Schauffele, McIlroy won Missing the cut at The Open at Royal no problem for him. COMMENT by then his nearest challenger. the $15m Portrush was a setback but he Sometimes it can be tedious waiting So the American season draws to FedEx Cup on brushed it off; he is too good to worry to tee off in the afternoon, so playing a close with a big win for European Sunday about things like that. a few holes in the morning can actu- Sam golf, a second FedEx Cup triumph Yes, he would have loved to have ally be quite nice. Torrance of his career for McIlroy and yet an- been Shane Lowry lifting the Claret other feather in the four-time Major Jug but for once Rory wasn’t the main BREAKING THROUGH IN STYLE winner’s cap. attraction in Northern Ireland. He is one of several talented South What I think he will take particular Still only 30, McIlroy is young African players who have been threat- EADING into the FedEx Cup satisfaction from, though, is how well enough to reach double figures for ening to burst through for a while, so Playoffs it looked like being he performed against the world No1. Major titles. It is a case of breaking the it was huge for Erik van Rooyen to a battle between Brooks Rory totally outplayed Koepka and re- ice again. clinch his first European Tour title on HKoepka and Rory McIlroy for minded him and everyone else in golf Over the last few days he has shown Sunday. the $15m prize – and so it just what he is all about. everyone what he can do against the Van Rooyen, 29, did it in style with a proved, with those two in the final very best in the world and that is birdie at the last to win the Scandina- group at the Tour Championship on EVERYTHING BUT A MAJOR what he will take from this victory. vian Invitation by one shot from Matt Sunday. Of course, this was not a Major and I’m sure he will be thinking about Fitzpatrick. McIlroy scooped golf’s biggest win- McIlroy won’t need reminding that next year’s Masters already. Fitzpatrick pushed him all the way ners’ cheque with a sublime round of he has now gone five years without Schauffele played well to take out- and couldn’t have done much more. 66 to cap a magnificent performance adding to his tally, but so far this year right second in Atlanta, while Eng- The Englishman is desperate to ex- all week at East Lake. he has done everything but. land’s Paul Casey had a good week, tend his record of winning every sea- His driving was beyond belief and He has won three times, including finishing fifth. son into a fifth year and there is this time he putted well too. It was a The Players Championship – the unof- It was the Rory McIlroy show, how- plenty of time for him to still do that. proper display. ficial fifth Major – and the Tour ever. The much-discussed new format At one point things looked a little Championship. for the tournament was very easy to Sam Torrance OBE is a multiple Ryder Cup- sticky, when he made consecutive bo- Rory has also finished in the top 10 slip into and even the weather delays winning golfer and media commentator. geys at 14 and 15, but he made a very at 12 out of the 14 non-Major events which meant players couldn’t finish Follow him @torrancesam