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FREE CITYAM.COM TUESDAY 5 NOVEMBER 2019 ISSUE 3,493 Labour backs campaign to hit ‘billionaire climate-trashers’ with private jet ban ALEX DANIEL Andy McDonald yesterday gave his in economy and called for electric- sector needed to become more international business, meaning @alexmdaniel support to a report by left-leaning only private flights. sustainable, business aviation unilateral, isolated solutions make think tank Common Wealth, which “Why is the government makes up just two per cent of little sense.” THE PRIVATE aviation industry has said private planes using fossil enabling billionaires to trash the aviation’s carbon emissions. London is Europe’s busiest city criticised a call to impose a ban on fuels should be banned in six years. climate when it’s the rest of us As a result, “outright banning for private flights with 73,000 private jets in the UK, backed by The report said a European who will suffer the consequences?” private jets in the UK as suggested combined flights across airports in Labour’s transport chief, as making private jet journey generates “10 McDonald asked. … would do little to curb climate Luton, Farnborough and Biggin “little sense”. times as much greenhouse gasses” The European Business Aviation change,” the trade group said. Hill, compared to 54,000 private Shadow transport secretary on average as the equivalent flight Association said that although the “Furthermore air traffic is an flights in Paris. McDonald’s went too far, US MARKETS RACK says O’Leary POPPY WOOD @poppyeh RYANAIR chief executive Michael O’Leary said yesterday that McDonald’s had gone too far in firing its boss over a UP RECORD HIGHS consensual relationship with HARRY ROBERTSON stocks, with Chinese firms Baidu and an employee. JD.com two of the biggest risers on the “I really get very worried @henrygrobertson Nasdaq yesterday. Computer firms Intel when companies start having THE THREE main US stock markets and IBM were among the Dow Jones’ policies on people’s private surged to all-time highs yesterday as best performers. activity,” O’Leary said in an growing excitement about a US-China IG chief market analyst Chris interview with Sky News, trade deal and ultra-loose global Beauchamp said: “The week has begun when asked about McDonald’s monetary policy sent investors running with strong gains across markets, decision to dismiss Watford- towards risk assets. carrying on the solidly bullish born chief Steve Easterbrook. The benchmark S&P 500 and the Dow atmosphere from the end of last week.” “The organisation that has Jones Industrial Average rose 0.37 per He added that a strong US earnings the most trouble imposing cent and 0.42 per cent respectively, season and employment figures added morality on everybody is the while the Nasdaq climbed 0.56 per cent. extra support for equities. Catholic Church,” the The S&P 500 hit 3,085 during the day, The risk-on attitude also lifted Irishman added. “They’ve had the highest point in its 60-year history, European stocks. France’s CAC 40 index celibacy for 2,000 years and after jumping at the open. Meanwhile was the biggest riser, gaining 1.08 per never been able to manage it.” the Dow Jones struck 27,512 before cent, while the FTSE 100 climbed 0.92 It came as McDonald’s made slipping back, and the Nasdaq touched a per cent and Germany’s Dax rose 0.94 public the details of record 8,449. per cent. Easterbrook’s termination Investors were cheered by positive A worse-than-expected US factories agreement, after his dismissal noises coming out of Beijing and report could not dent investor optimism. on Sunday. Washington regarding the two sides’ Goods orders in the manufacturing The ousted boss will be long-running trade war. On Friday, word sector fell 0.6 per cent last month eligible for six months of went out that there had been progress compared to the month before, severance pay and 18 months towards a “phase one” deal. following a 0.1 per cent drop in August. of health benefits. Bloomberg The markets then received more good The reading was below analysts’ reported he would also keep news on Sunday when US commerce forecast of 0.5 per cent, as investment up to £40m in a mixture of pay secretary Wilbur Ross said licenses to let was hard-hit by the ongoing trade war. and stock awards. US companies sell to Chinese tech giant The US Federal Reserve last week cut McDonald’s added yesterday Huawei would come “very shortly”. interest rates in an effort to protect the that its global chief people His comments lit a fire under tech US economy against the dispute. officer David Fairhurst would also be leaving the firm.

FTSE 100 ▲ 7,369.69 +67.27 FTSE 250 ▲ 20.249.72 +90.95 DOW ▲ 27,462.11 +114.75 NASDAQ ▲ 8,433.20 +46.80 £/$▼ 1.291 -0.003 £/€ 1.158 unc. €/$▼ 1.115 -0.002 02 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM

HOYLE’S WELL THAT ENDS WELL Sir Lindsay elected as next Commons speaker as parliament backs popular Bercow deputy THE CITY VIEW Facebook has a job to

win new cheerleaders TAYLOR UK PARLIAMENT_JESSICA

OR AN outfit founded on the principle of bringing friends together, Facebook has cut a lonely figure in recent years. FIn America, founder Mark Zuckerberg has been hauled to DC to answer privacy concerns and one of the Democrats’ leading presidential candidates, Elizabeth Warren, has all but declared war on the firm. Politicians enjoy the fifteen minutes of fame that comes from beating up a billionaire, and in the UK MPs are pondering how to update election regulations for the new Wild West that is the social network’s advertising market. Meanwhile in Europe, the scourge of Big Tech Margrethe Vestager is readying another assault in her new, beefed up competition role. Even its relatively tiny rival Twitter managed to put the pressure on when it announced it was giving up hosting political advertising, a move that a cynic might suggest SIR LINDSAY Hoyle, the MP for Chorley since 1997 and the current deputy speaker, was yesterday promoted to the top job after four rounds of voting by parliamentarians. The election of Sir Lindsay was seen as a coded rebuke to controversial former was designed almost entirely to annoy its bigger cousin in speaker John Bercow, who has played an outsized role in parliament’s Brexit debates over recent months and years. Silicon Valley. The fires that have licked northern California in recent weeks have left black smoke gathering over San Francisco — Facebook executives must wonder if it’s a portent for the future. Efforts to increase transparency by adding “from Facebook” to the log-in screens of Whatsapp and Instagram are sensible measures, but it’s unlikely that such a move will ward off the coming regulatory assault (pointing out how much it Gambling firms take a hit owns is unlikely to endear itself to those coming after it on antitrust grounds). An accompanying host of soft-focus marketing images will not overnight change the perception of a brand struggling to shift the narrative on everything from fake news to customer privacy. after MPs push new rules As the firm’s comms supremo Sir Nick Clegg knows from the JAMES BOOTH tuition fees debacle, saying sorry for past mistakes is no from £100 to £2. The report slammed regulator the @jamesdbooth1 It said: “The government has Gambling Commission, which the guarantee of a brighter future. So Facebook, a digital goliath in accepted the principle that harm can MPs said was “not fit for purpose” and danger of losing its figurative and literal licence to operate, SHARES in major gambling firms fell be reduced by reducing staking levels called for it to “urgently improve its needs to think more fundamentally about what it does, why it yesterday after a group of MPs issued and it is clear that stake and deposit standards in the area of online a report calling for the introduction limits are needed in the online world gambling”. does it and how it communicates. There are no easy answers, of £2 stake limits for online casinos. to limit harm.” The Gambling Commission said it and we do have sympathy with the executives expected to William Hill shares fell 12.7 per cent The report argued for the introduc- was disappointed the report had been provide them at the demand of ambitious Democratic to 176p, GVC shares fell 10.5 per cent tion of a £2 limit, in line with land- released before they had given politicians and industry rivals. Facebook has come out from to 803p, 888 shares fell 13.7 per cent based venues. evidence to MPs. to 155p and Flutter shares fell 3.3 per The MPs called for the government “The report does not reflect our con- under its rock in recent months and attempted, falteringly, to cent to 7,932p. to “urgently introduce new gambling siderable action and progress on most explain how it operates and what benefits it still brings. More of The gambling related harm all-party legislation with a focus on harm of the areas of concern set out in the that, more substantive change on privacy and more work to parliamentary group (APPG) yesterday prevention”. report and we look forward to being called for stake and deposit limits to It also called for a ban on the use of given the chance to outline that work prevent fake news and abuse on its platform are likely to win it be introduced on online gambling credit cards for online gambling. to the APPG,” a spokesperson said. more friends than a rainbow-tinted rebrand. products. The APPG’s chair, Labour The interim report MP Carolyn Harris, said: follows the introduction WILLIAM GVC 888 FLUTTER “Stakes and prize limits of stake limits for HILL online would be a major fixed-odds betting ter- 10.47% 13.67% 3.39% step forward in reduc- minals in betting shops 12.66% ing the harm caused by last year, where the the sector.” Follow us on Twitter @cityam maximum stake was cut

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL UK AUDIT SHAKE-UP SPURS WHAT THE FINANCIAL ADVISORY FIRM GOLDMAN RAINMAKERS GET VALE CHIEF IGNORED MINE NON-BIG FOUR INQUIRIES OTHER SIGNS EX-TESCO BANK BOSS READY FOR BUMPER PAYDAY WARNING BEFORE DISASTER Changes designed to shake up UK Benny Higgins, the former boss of Tesco Goldman Sachs rainmakers Anthony Vale’s top managers received an auditing after accounting scandals are PAPERS SAY Bank, has been appointed chairman of Gutman, Francois-Xavier de Mallmann anonymous email warning about the driving an increasing number of large the financial advisory firm AAB Wealth. and Mark Sorrell are set for bumper safety of the Brazilian miner’s dams two listed companies to approach firms THIS His tenure at Tesco Bnk was marked by paydays after the bank raked in $335m weeks before a deadly disaster. The outside the Big Four. The UK an expenses scandal after it emerged (£260m) of fees from UK deals. note prompted the chief executive to government is weighing proposals from MORNING that he had spent more than £18,000 on pursue the writer’s identity and call the the competition watchdog that would taxis in eight months. BBC INSERTED £100K CLAUSE person a “cancer,” a police document force all large listed businesses to IN JEREMY VINE’S CONTRACT showed. appoint one of the Big Four — Deloitte, TURKEY THREATENS TO SEND The BBC agreed to hand Jeremy Vine a EY, KPMG and PwC — and a challenger ISIS MILITANTS BACK HOME guaranteed payment of up to £100,000 TWITTER SUSPENDS HAMAS firm to conduct joint audits. Smaller Turkey has threatened to send so-called on top of his main salary after his agent AND HEZBOLLAH ACCOUNTS accounting firms are reporting a wave Islamic State prisoners back to their complained the presenter felt “bullied” Twitter has suspended accounts linked of audit inquiries from large companies. scheme for wealthy investors after it countries of origin, including Britain, by the corporation. The money was in to Iran-backed militant group Hezbollah gave citizenship to Jho Low, the regardless of whether they have been addition to the high six-figure sum Vine and Palestinian group Hamas after US CYPRUS PROBES ‘GOLDEN Malaysian financier allegedly at the stripped of their citizenship. Suleyman received for presenting his Radio 2 politicians criticised the social media PASSPORT’ SCHEME centre of the country’s multi-billion- Soylu, the foreign minister, said that show, Panorama, Eggheads and news company for allowing those entities to Cyprus is to probe its “golden passport” dollar 1MDB wealth fund scandal. Turkey was “not a hotel” for extremists. specials. remain active on the platform. CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 03 Uber hopes for Boris takes aim at Labour EU policy CATHERINE NEILAN preferred deal — that includes a new rival if he believed the result of the @CatNeilan customs union and “a close Single referendum should be respected — Market relationship” — will take just demanding to know how long his JEREMY Corbyn is heading to one of three months to secure. “unwanted second referendum” the most pro-Leave parts of the Corbyn will use his first major would take, as well as how much it profit in 2021 as country as he attempts to take on the intervention on Brexit to warn that would cost. Conservatives over Brexit. under the Tories, Brexit will be “It is already clear that your plan The Labour leader will today tell “Thatcherism on steroids” leading to will result in years more expensive voters in Harlow, Essex that Labour a privatisation of the NHS and a delay and will prolong the divisions will “get Brexit sorted within six reduction of workers’ rights. in our society,” Johnson wrote. “If months” through a second But Boris Johnson, who is expected politicians force the public to vote losses top $1bn referendum with the choice of to launch the Tory campaign again because they don’t like the either remaining in the EU, or tomorrow, has called on Corbyn to result of an election, we will destroy ALEX DANIEL of hard work from a lot of folks — we leaving “with a sensible deal”. “come clean” on his Brexit position. all faith in our democratic process.” @alexmdaniel are actually targeting 2021 for... prof- Insisting it will not “be a re-run of In an open letter, published today, Labour have pledged to negotiate a itability full-year. We know there’s 2016”, Corbyn will claim his the Prime Minister asks his Labour better deal, then hold a referendum. RIDE-HAILING giant Uber hopes to be expectation of profitability and we profitable by 2021, its chief executive expect to deliver it for 2021.” has said, as the company booked a Uber has disappointed investors more than $1bn (£776m) loss in its since its May listing with shares clos- third-quarter earnings. ing in the US valued at $31.08 — 30 Uber beat Wall Street estimates for per cent down on its $45 per share revenue over the period, as the num- flotation price. They fell even further ber of people using its ride-hailing to $29 in after hours trading, more and food delivery services increased. than six per cent down. However, it still booked a net loss of The company said monthly active $1.16bn for the quarter, topping its platform users rose to 103m globally $986bn loss during the same period in the third quarter, up from 82m a last year. year earlier. The ride hailing giant said total rev- Both Uber and arch-rival Lyft have enue rose nearly 30 per cent to relied on heavy subsidies to attract $3.81bn, beating analyst estimates of riders in the past. Both are still mak- $3.69bn, in its first financial figures ing losses, but are ploughing money since announcing in August it had into new initiatives. turned a more than $5.2bn (£4bn) loss In Uber’s case, these include food following its float earlier this year. delivery via Uber Eats, freight hauling Chief executive Dara Khosrowshahi and autonomous cars. It even an- told broadcaster CNBC last night the nounced a move into financial serv- firm is hoping to turn a profit for the ices late last month through its Uber first time in its history in 2021. Money arm. The ride-hailing giant “While we haven’t finalised our said costs jumped by about a third to planning — and it’s going to take a lot $4.92bn over the period.

PRANCING HORSE Ferrari raises outlook as new car model sales change up a gear

LUXURY car maker Ferrari raised its outlook yesterday, after strong sales of its Portofino and 812 Superfast models drove “solid” results for the third quarter. Core earnings for the year are expected to hit €1.27bn (£1.10bn). Softbank prepares to put limits on startup bosses after Wework ALEX DANIEL firm endures a multi-billion-dollar @alexmdaniel writedown because of bets on investments like the US-based office SOFTBANK is said to be tightening space startup. governance at companies it has The new standards will apply to backed, as the conglomerate tries to investments made in the future, limit the control of startup founders according to the Financial Times. and renew confidence in its Both Softbank and the fund investments after Wework nearly declined to comment. collapsed. Softbank will try to have at least The Japanese company, which has one board seat and at least one a $97bn (£75.2bn) investment arm independent director. It will stop called Vision Fund, will reportedly directors from owning supervoting announce harsher governance shares and limit founders to less standards tomorrow. It comes as the than half of the seats on the board. 04 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM UK shops slash Mother’s ruin: prices to lure Brits in October Latest retail fail JESS CLARK @jclarkjourno UK RETAILERS slashed prices last month in a bid to entice shoppers, sending sales up slightly in risks 2,500 jobs October. The increase in promotional JESS CLARK Now 2,500 full-time and part-time activity boosted UK retail sales by @jclarkjourno employees in the UK face redundancy. 0.1 per cent on a like-for-like basis The parent group is not affected by from October last year, when they MOTHERCARE is today set to appoint the administration. had increased 0.1 per cent on the administrators to its UK retail arm, Mothercare Group reported profit of previous year. putting thousands of jobs at risk — in £28.3m internationally in the finan- On a total basis sales were up 0.6 the latest blow to the British high cial year to the end of March, while Mothercare has faced rising business rates as well as a consumer spending squeeze per cent, against an increase of 1.3 street. the UK retail operation lost £36.3m. per cent in October last year, The company said a notice of intent Sky News reported yesterday Moth- marking the best performance to appoint administrators to Mother- ercare was in talks to transfer its pen- OES Mother(care) always know BOTTOM LINE since April. However, the 12-month care UK and Mothercare Business sion schemes into the parent group. Dbest? As the retailer’s UK operation average growth hit 0.1 per cent, a Services was filed after it concluded The stores continued to trade and sinks into administration, it’s new record low. the UK retail arm was not profitable. the company said the administration become clear its demise is down to the grace, as losing “on price, convenience In the three months to October, “Through this process, it has be- was a “necessary step in the restruc- babywear chain’s failure to adapt to and the overall customer experience.” bricks and mortar sales of non-food come clear that the UK retail opera- turing and refinancing of the group”. changing consumer shopping habits. For other struggling high street staples, items dipped 3.7 per cent on a like- tions of the group, which includes 79 Only last year the retailer agreed a The convenience of online retailers the failure of last year’s company for-like basis, the shallowest stores, are not capable of returning to rent deal with landlords that saw and supermarkets, along with voluntary arrangement (CVA) to improve decline since July. a level of structural profitability and more than 50 stores close. Mothercare’s inability to differentiate Mothercare’s fortunes will sound out British Retail Consortium chief returns that are sustainable for the Andy Brian from law firm Gordons, itself in an increasingly competitive louder than a toddler tantrum, as the UK executive Helen Dickinson said: group as it currently stands and/or said: “The reality is that Mothercare market, meant the heritage brand’s high street becomes more reliant on the “Retailers embarked on an attractive enough for a third party operates in an increasingly competi- downfall was “seemingly inevitable”. controversial restructuring methods. As extraordinary period of partner to operate on an arm’s length tive sector in the UK, where price-dri- Nimbler retail chains pumped money one City analyst put it: “CVAs don’t equal discounting this October as they basis,” Mothercare said yesterday. ven customers can easily compare the into their web platforms, but Mothercare a happy-ever-after , and they are no tried to entice shoppers into “Furthermore, the company is un- price of big ticket items online and failed to keep up. Retail Economics boss substitute for a radical rethink of the UK making purchases.” able to continue to satisfy the ongo- buy smaller items such as children’s Richard Lim summed up its fall from high street”. JESS CLARK “Fashion shops were particularly ing cash needs of Mothercare UK.” clothing in their local supermarket.” active,” she added.

06 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM MPs slam lack Investment arm of action over Thomas Cook mulls Woodford ALEX DANIEL @alexmdaniel BUSINESS secretary Andrea Leadsom has come under fire from MPs for “the extraordinary lack of healthcare sale interest” she showed in Thomas Cook in the run-up to its collapse, JAMES BOOTH It includes DNA sequencing special- amid growing calls for wide- @Jamesdbooth1 ist Oxford Nanopore, biotherapeutics ranging regulatory reform. specialist 4D Pharma, rare diseases In a scathing conclusion to the A CONSORTIUM led by a boutique life specialist Mereo Biopharma Group business select committee’s review sciences investment bank is in talks to and proton beam therapy business into the travel giant’s liquidation, acquire £500m of healthcare assets Proton Partners. MPs expressed their frustration bought by former star fund manager The sizes of the stakes vary and the that Leadsom did not speak to Neil Woodford. deal could take several weeks, Sky Just Eat has recommended that shareholders accept the deal Thomas Cook executives during A WG partners-led consortium is the reported. talks between the company and the frontrunner to buy the stakes in Investment bank PJT Park Hill Part- government designed to halt its roughly 15 companies held by Wood- ners is overseeing the sale which also dramatic collapse. ford Investment Management, Sky includes stakes in Immunocore, Takeaway.com switches Just Eat They also called on the News reported. Kymab, Verseon and Arix Bio- government to bring forward long- The potential deal follows science. awaited reforms to the audit Woodford’s announcement Woodford Investment Manage- deal in attempt to add certainty profession, after last month that he was shutting his firm. ment was shuttered last month decrying of Thomas Cook’s auditor Other bidders for the stakes after Woodford was fired from JESS CLARK yesterday said it has switched the EY’s “inconceivable” judgement in in listed and privately held his flagship Equity Income Fund, @jclarkjourno previously agreed court sanctioned signing it off as a sustainable healthcare firms include which had been suspended scheme of arrangement bid to a business over the last year. hedge fund Omega and since June, and quit as TAKEAWAY.COM has changed the conditional offer. A spokesperson for the venture fund Rosetta manager of two others. structure of its bid to buy food The new arrangement needs 75 Department for Business, Energy Capital, according to WG declined re- delivery platform Just Eat, allowing it per cent of Just Eat shareholders to and Industrial Strategy said the report. quests to comment. to reduce the shareholder acceptance approve the deal. If the takeover officials from across departments The portfolio is threshold as it battles a rival offer panel agrees, Takeaway.com will be had more than 100 meetings with valued in the region Former star fund from Prosus. able to lower the threshold to the company in the months leading of £500m. manager Neil Woodford The Dutch takeaway service anything above 50 per cent. up to its insolvency. CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 07 Pressure mounts Post-Brexit hubs face EU markets checks next year even with a deal

ALEX DANIEL new bases to meet licence terms, unfair competition, its chair Steven on PR boss to quit even if the UK leaves the bloc with Maijoor told the European @alexmdaniel a deal. It echoes pressure from the Parliament yesterday. BRITAIN’s financial firms which European Central Bank (ECB) on He said that Esma had stepped in have moved to new EU hubs to new EU banking hubs. to make sure 230 relocations had avoid Brexit disruption are facing More than 300 financial firms in included enough staff in the scrutiny next year by the bloc’s London have opened hubs in the newly-opened EU offices, as British- Remain campaign markets watchdog to check EU as they gear up for life after based firms sought to keep as whether they are gaming licensing Brexit. The European Securities much activity and “substance” in STEFAN BOSCIA requirements. and Markets Authority (Esma) has Britain. The authority has said @Stefan_Boscia diligence’. I cannot see how we can exer- The move is a sign of the EU’s entered a “completely new area of Brexit will inevitably mean market cise this duty without understanding attempts to maintain pressure on supervisory convergence” to avoid fragmentation. PR TYCOON Roland Rudd is at risk of how you, as chair of Open Britain, are being in violation of the Companies Act responding [to the collective grievance for his role in the ongoing People’s Vote letter].” row and needs to resign, according to The Open Britain board, which also campaign board members. includes Labour figures Peter Mandelson Rudd has been at the centre of a power and Joe Carberry, have also asked Rudd struggle at the campaign, with staff to resign. refusing to work under his leadership. The public spat blew up last week after He is chairman of Open Britain, which Rudd sacked campaign communications is one of the five controlling groups of chief Tom Baldwin and campaign direc- the campaign. tor James McGrory, and replaced them A collective grievance letter was sent to with former Labour election strategist Rudd on Friday from 40 members of Patrick Heneghan. staff, claiming “extremely serious and The move immediately caused an open sensitive allegations” about the bullying revolt against the change, which staff and intimidation of staff members. members branded as a “boardroom Will Straw, Open Britain board mem- coup”. ber, yesterday told Rudd he may be in Members of staff met with Heneghan violation of his duties as a director under and Rudd last week and voted no confi- the Companies Act in a letter seen by City dence in both of them by a vote of 40 to A.M. three. Staff said they felt “unsafe” at He wrote: “As directors, we all have a the meeting. duty under... the Companies Act to act Rudd did not respond to requests for with ‘reasonable care, skill and comment.

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&DURO\Q'Z\HU%(QJ +RQV  'DWHG 5 November 2019 '06&0,/7)&,+7 'LUHFWRURIWKH%XLOW(QYLURQPHQW 08 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM UK consumers British Airways cautious during Brexit impasse owner IAG seals HARRY ROBERTSON @henrygrobertson UK CONSUMER spending growth slowed in October, a new report has shown, as Brits remained Air Europa deal cautious with their money in the run-up to the missed 31 October JOE CURTIS Air Europa, one of Spain’s biggest Brexit deadline. private airlines, flies to Europe, South Spending in shops grew 1.5 per @joe_r_curtis America, the US, the Caribbean and cent in October year on year, down BRITISH Airways’ parent company, northern Africa. from growth of 1.6 per cent in IAG, has reached a €1bn (£863m) deal It generated an operating profit of September, the latest data from to acquire rival Air Europa in a bid to €100m in 2018 on revenue of €2.1bn payments provider Barclaycard bolster its presence in the South carrying 11.8m passengers. showed today. Atlantic. Ryanair boss Michael O’Leary said Ryanair chief Michael O’Leary also weighed in on IAG’s purchase of Air Europa (left) Consumer spending has kept the The deal means IAG can turn its yesterday he would ask the UK’s Com- UK economy on its feet in 2019, as Madrid hub into “a true rival” to the petition and Markets Authority to investment and trade have suffered four European hubs of Amsterdam, intervene in the deal. under Brexit uncertainty. Yet there Frankfurt, Heathrow and Paris IAG shares rose one per cent to Ryanair cuts profit guidance as are growing signs that politics is Charles De Gaulle airports, the 547.80p yesterday. taking its toll on sentiment. company said. Barclaycard director Esme “Acquiring Air Europa would add a IAG 737 Max aeroplanes face delays Harwood said: “Ongoing economic new competitive, cost effective airline uncertainty combined with a bleak P to IAG, consolidating Madrid as a lead- 560 SEBASTIAN MCCARTHY While investors appeared to focus start to autumn led many Brits to ing European hub and resulting in 550 on the better than expected profit stay in rather than spend out last IAG achieving South Atlantic leader- 547.80 @SebMcCarthy and fares, Europe’s largest budget month, choosing takeaways and 4 Nov ship,” IAG boss Willie Walsh said. 540 RYANAIR expects further 7.75% carrier said it now expects to fly evenings at home over socialising “IAG has a strong track record of 530 delay to its Boeing 737 Max 157m passengers in the year to 31 at bars or restaurants.” successful acquisitions, most recently deliveries and may still be without March 2021. Non-essential spending picked up with the acquisition of Aer Lingus in 520 the jets next summer, it said Ryanair reported a flat year-on-year slightly to two per cent in October. 2015 and we are convinced Air Europa 510 yesterday after half-year results that profit of €1.15bn (£993m) to the end The wet weather kept people presents a strong strategic fit for the gave the Irish airline’s shares a 7.75 of September as traffic rose 11 per inside, however, causing a 6.9 per group.” 29 Oct30 Oct 31 Oct 1 Nov 4 Nov per cent uplift. cent to 86m passengers. cent rise in takeaways. CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 09 Royal Mail to prioritise election post JAMES BOOTH Royal Mail wrote to the CWU last at Royal Mail, said: “In the event of Tuesday saying that if the union offers industrial action in the run up to a @Jamesdbooth1 a commitment to remove the threat of General Election, election mail will be ROYAL Mail said yesterday it will pri- strike action for the rest of 2019 it will our number one priority. oritise General Election-related mail enter into talks without any other pre- “We will invest significant resources in the event of a threatened strike. conditions. to ensure a seamless process for the Communications Workers Union It also said it would extend the life of handling of postal election material.” (CWU) members have voted for a pre- the ballot result by the same amount He added that Royal Mail volunteers Christmas strike, accusing bosses of of time as the pause of industrial will work on the processing and deliv- failing to live up to an agreement action. CWU rejected this offer. ery of election mail, and that Royal reached last year over issues including Shane O’Riordain, managing direc- Mail would be meeting the CWU as a pay and conditions. tor of regulation and corporate affairs matter of “urgency”. Royal Mail said it will ensure a “seamless process” for postal election material UK construction Manufacturing contracts again in Eurozone hits in September seven-year low HARRY ROBERTSON SEBASTIAN MCCARTHY @henrygrobertson @SebMcCarthy THE UK construction sector THE HEALTH of the Eurozone’s continued its decline in October, embattled manufacturing sector survey data showed yesterday, with remained in the depths of a seven- civil engineering suffering its worst year low last month, with Germany month in a decade as Brexit remaining the main point of uncertainty plagued the industry. weakness in the bloc’s economy. The construction purchasing Factory output showed little sign of managers’ index (PMI) — a gauge of picking up last month, with IHS the health of the sector — registered Markit’s Eurozone manufacturing 44.2 last month, up from 43.3 in purchasing managers’ index (PMI) September, survey data from IHS hitting 45.9 in October. Markit and the Chartered Institute of While the figure is a slight Procurement & Supply (Cips) showed. improvement on September’s A score of below 50 indicates 45.7, it remains well below the 50.0 contraction, however, meaning the no-change mark to indicate a construction sector is in sustained rate of contraction that was the decline. The October reading was not second-sharpest in the past seven far off the 10-year low seen in June. years. Civil engineering — the Job shedding also accelerated to construction of projects such as its sharpest pace since the start of roads and bridges — was the worst- 2013. performing area, with business Sustained weakness in output, new activity falling at the sharpest pace orders and purchasing were all in 10 years. signalled in the latest report. “Construction companies noted Despite market expectations that client demand remained edging up to their highest point for subdued in response to domestic three months, confidence remained political uncertainty and the historically low in October. economic backdrop,” data firm IHS Export orders tumbled during Markit and Cips said. October “to a considerable degree”, Cips group director Duncan Brock being driven by sharp reductions in added: “With a fall in civil both Austria and Germany. engineering not seen for a decade “Geopolitical concerns, ranging and the biggest drop in from Brexit to US trade policy, housebuilding since 2016, it appears continue to create uncertainty, that strength in the sector is seeping further dampening demand both at away.” home and in export markets,” said “Jobs hiring suffered as businesses Chris Williamson, chief business unsure of the government’s next economist at IHS Markit. steps held back on their He added: “The focus of development plans,” he said. manufacturers remains on cost- The survey also pointed to the cutting, reducing inventories and biggest fall in homebuilding for over investment spending while also three years. Meanwhile, commercial lowering payroll numbers at an construction — building projects increased rate. such as offices and shops — fell for “The steeper pace of job the tenth month running. losses is especially worrying, as Optimism among construction it magnifies the risk of the companies remained among its downturn spilling over into the weakest since 2012. household sector.” Facebook unveils rebrand to soothe critics EMILY NICOLLE more prominent “From Facebook” criticism over its monopoly in social tagline, with a new capitalised logo media, most prominently from US @emilyjnicolle developed for the parent group. politicians and regulators. FACEBOOK unveiled a rebrand for the The branding will also extend to Last month it became the subject parent company yesterday, in an appear on other entities in the of an antitrust lawsuit led by 47 US effort to help users understand what Facebook family, including attorneys general, who are concerned apps and companies the tech giant Messenger, its virtual reality arm that Facebook’s increasing owns and operates following pressure Oculus, company messaging dominance “may have put consumer from regulators and politicians. platform Workplace, Portal and data at risk, reduced the quality of From now on, apps such as digital wallet venture Calibra. consumers’ choices, and increased Facebook’s new logo will appear on every app and product owned by the company Instagram and Whatsapp will show a Facebook is facing mounting the price of advertising”. 10 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM New hopes for Saudi Aramco US-China deal raise oil prices posts $15bn loss EDWARD THICKNESSE @edthicknesse INCREASED HOPES that a US-China trade deal would be reached this month pushed oil prices up more for 2019 income than one per cent yesterday afternoon. EDWARD THICKNESSE will list on Saudi Arabia’s domestic Brent crude traded at its highest @edthicknesse Tadawul exchange in December. price in over a month as market The initial plan is understood to be optimism over progress in the SAUDI ARAMCO’s income fell over the sale of one to two per cent of the negotiations and increased demand $15bn (£11.6bn) year on year, the com- company, which has been valued at saw stock indexes hit new records. pany announced yesterday, just a day $1.5 trillion by independent investors. China said that Presidents Xi after the oil giant’s initial public A sale of two per cent at this valua- Jinping and Donald Trump had offering (IPO) finally got underway. tion would make the float comfort- been in continuous touch through Results for the first nine months of ably the largest of all time and Shares in Cuadrilla owner AJ Lucas fell nearly 25 per cent yesterday after the ban “various means.” Oil prices jumped 2019 showed that income slipped generate up to $40bn in revenues for around $2 a barrel on Friday after from $83.3bn in 2018 to $68.2bn this the kingdom. officials said a deal could be signed year, with revenues down from However, valuations have been fluc- in November. $233.3bn to $217.1bn. tuating in recent days, with a range Fracking shares plummet after Analysts said that the rise in US The company did not release a state- between $1.2 trillion to $2.3 trillion employment numbers was also ment accompanying yesterday’s re- estimated by Bank of America Merrill good news for crude demand, as it sults, which are in line with those of Lynch, according to Reuters sources. government halts all operations calmed fears of a global slowdown. other major oil companies. The oil giant’s chief executive Amin The Federal Reserve's interest In the last week a sustained decline Nasser said that the prospectus for EDWARD THICKNESSE Shares in Australian firm AJ Lucas, rate cut last week and recent IGAS in oil prices has knocked the third- the IPO would be issued on 9 Novem- @edthicknesse which owns a 47.4 per cent stake in weakness in the US dollar has also quarter earnings of firms including ber, with both the institutional and leading exploratory company helped lift prices. Exxon Mobil, BP and Shell. BP’s profit retail investor roadshows expected to SHARES in UK fracking 11.03% Cuadrilla, fell 24.6 per cent. “Easing monetary policy, along alone slipped $749m in the quarter. take two weeks. companies plummeted London-listed IGas, which runs with improved chances of a US- On Sunday Saudi Aramco’s IPO was Chairman Yasir al-Rumayyan told yesterday after the exploratory operations in the east of China trade deal, is pushing up oil finally given the green light after four the press conference that the valua- government banned the England, were down 11.03 per cent. markets,” said Phillip Streible, years of delays. tion for the company would be deter- controversial extractive technique Onshore gas firm Egdon Resources senior market strategist at RJO The world’s most valuable company mined after the roadshow. over the weekend. fell 13.8 per cent. Futures.

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*Off er available until 30 November 2019 for new starter, standard or premium Xero subscriptions in the UK. You must be a director or employee of a company incorporated in the United Kingdom within the previous twelve months. Terms and conditions apply. CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 11 Listed firms suffer Four-fifths of entrepreneurs stay involved after selling their firms

EDWARD THICKNESSE executive directors. owners with an average wealth of worst quarter for Almost two-thirds think their £3.2m from across the UK on the @edthicknesse continued involvement has a steps they take to prepare their THE MAJORITY of entrepreneurs stabilising effect in the long-run. businesses for sale. stay involved in their businesses Only a fifth of those interviewed Paul Beach, head of executives after they have sold them, fresh reported that they were “perfectly and entrepreneurs at Arbuthnot research has found. happy” with the way the business Latham, said: “Entrepreneurs are nearly three years A report by Arbuthnot Latham exit process went, and less than a this nation’s biggest wealth and has found that 83 per cent of fifth said they had a plan in place job creators. We need to SEBASTIAN MCCARTHY Revenue growth climbed 4.6 per cent entrepreneurs remain connected to protect their wealth post-exit. understand the journeys taken by @SebMcCarthy during the quarter. to their firms in some way after Arbuthnot Latham interviewed entrepreneurs as they prepare to However, the report said this “was not selling, often as advisers or non- 200 high net worth business exit their businesses.” THE UK’s publicly listed companies have only below the average for the last three suffered their worst quarter on average years, but was also of rather low quality in nearly three years, according to a new — approximately two-thirds of it was report. down to the flattering effect of sterling’s More than half of UK firms listed on weakness”. London’s main market have reported Over the past 12 months UK listed prof- lower profits for the second consecutive its have totalled £189.7bn, down 1.6 per quarter, collectively falling 4.5 per cent cent when compared to the same figure in the first drop since 2016. three months ago. Over three-fifths of sectors in the third “The UK economy may have avoided a quarter endured declines — the largest technical recession over the last few proportion in at least the last six years. months, but listed company earnings The Share Centre, which compiled the have not... [The] margin squeeze has data, said that the figures indicated that spread out across most sectors and com- What works the UK’s public companies “have entered panies,” said Helal Miah, an investment an earnings recession”. research analyst at The Share Centre.

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HITTING SNOOZE Microsoft’s four-day Illegal minicab drivers caught out in work week trial increases productivity fraudulent licensing scheme inquiry

STEFAN BOSCIA vehicle licence. 1,667 people in light of the findings. @Stefan_Boscia However, the same qualifications Helen Chapman, TfL’s director of can also be attained by completing a licensing, regulation and charging, TRANSPORT for London is Business and Technology Education said only three per cent of minicab investigating almost 2,000 London Council (Btec) diploma from private drivers gain their qualifications minicab drivers that may be on the centres. through Btec courses. She said all roads illegally. An investigation by the BBC has applications from these courses have Minicab drivers must complete revealed that an East London centre “been put on hold”. several requirements — passing — Vista Training Solutions — has Vista said it was shocked the topographical tests, medical checks been offering to pass students practice was happening and that and criminal record checks — with without doing any work for a £500 those caught on camera no longer TfL before gaining a private hire fee. TfL said it was now investigating work there. MICROSOFT said sales at its Japanese base increased 40 per cent in August, thanks to a trial which saw workers get every Friday off on full pay. Meetings were restricted to 30 minutes, and online messaging was encouraged instead of in-person chats. Insurer Hiscox to set aside $165m for catastrophes SEBASTIAN MCCARTHY would hurt its earnings, sending @SebMcCarthy shares down five per cent. “The scale of deterioration has been A TRIO of natural disasters has caused significant, with industry loss Hiscox to set aside $165m (£127m) for estimates having increased materially claims, exceeding the insurer’s catas- since these events,” the firm noted in trophe budget for the second half of July. the year. Brokers at Shore Capital said yester- The FTSE 100 specialist insurer said day: “Hiscox is an excellent business yesterday that it has reserved a net and is the only UK listed Lloyd’s $165m based on insured market insurer with exposure to US retail losses for hurricane Dorian and growth. typhoons Hagibis and Faxai. “Recent share price weakness pres- “The third quarter has been an ents a near term upside of 11 per cent active period for claims, with the to our fair value of 1,630p per share, market experiencing significant however this does not fully reflect the catastrophe losses from storms in the losses seen in [the third quarter] and US, the Caribbean and Japan,” said the higher level of combined ratio in- chief executive Bronek Masojada. dicated for the retail business. There- Shares in the company dipped 2.4 fore we are not making any change to per cent to 1,440p yesterday. our ‘Hold’ recommendation.” In its trading statement yesterday, the firm posted a 7.3 per cent rise in HISCOX gross written premiums for the first P nine months of 2019, rising to 1,520 $3.21bn. 1,500 The insurer, which underwrites risks from kidnapping to historic 1,480 artworks, said that it was exposed to 1,460 4 Nov the recent wildfires in California, but 1,440 1,440 at this stage the size of any potential loss is not yet clear. 1,420 In the summer the insurance group warned that the spate of disasters 29 Oct30 Oct 31 Oct 1 Nov 4 Nov Santander takes majority stake in fintech firm Ebury for £350m SEBASTIAN MCCARTHY Roughly £70m of the £350m will @SebMcCarthy be new primary equity to support Ebury’s expansion into Latin America SANTANDER has snapped up a and Asia. majority stake in UK-based fintech The bank is forecasting a return on firm Ebury for £350m. invested capital (ROIC) of more than The Spanish bank’s acquisition of a 25 per cent in 2024. 50.1 per cent holding in the firm “Small and medium-sized comes as part of a wider effort to businesses are a major engine of target more growth from small and growth around the world, creating medium-sized enterprises (SMEs). new jobs and contributing up to 60 Ebury, which operates in 19 per cent of total employment and up countries and 140 currencies, is a to 40 per cent of national GDP in trade and foreign exchange facilitator emerging economies,” said Santander for SMEs. executive chairman Ana Botin. CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 13 EDF buys electric Kier share price plunges as lenders ‘seek to offload debt’ to hedge funds JOE CURTIS to avoid being exposed if Kier administration earlier this year but vehicle charging collapses, a fate suffered by former kept trading through a rescue deal. @joe_r_curtis 5.45% peer Carillion, which went bust at the Kier undertakes a substantial KIER’s share price slumped start of 2018 with debts of £1.5bn. amount of infrastructure work for the 5.5 per cent yesterday following Hedge funds could pounce on the government, such as building railways a report alleging lenders are trying to debt sale to seize control of the and schools. pass on its debt to hedge funds. company, according to the Telegraph. “We monitor all our strategic firm Pivot Power Kier fell 8.4 per cent to 107.6p in Despite similarities with Carillion, suppliers closely and government early trading, with HSBC supposedly City commentators told City A.M. the officials meet with them all regularly EDWARD THICKNESSE acquisition of smart electricity marketing the firm’s debt for as little situation was more similar to to discuss their financial and strategic @edthicknesse storage and electric vehicle charging as 70p in the pound. Interserve. situation,” a Cabinet Office systems player is strengthening our Lenders are trying to cut their losses The business collapsed into spokesman said. FRENCH energy giant EDF has bought expertise globally.” UK electric vehicle charging and Matt Allen, co-founder and chief battery storage startup Pivot Power as executive of Pivot Power, said: “Pivot it continues its push into the renew- Power’s purpose from the start has ables sector. always been to accelerate the UK’s The move, announced yesterday, will transition to a cost-effective, reliable, allow state-owned EDF, which is al- low-carbon energy system and in par- ready the biggest low carbon electric- allel fast-track the rapid adoption of ity producer in the UK, to become a clean transport. leader in the battery storage market. “EDF Renewables shares our vision Each project will host a 50 megawatt and of course brings the expertise, battery and will support hundreds of resources and platform to make this rapid electric vehicle chargers, a reality.” making it well suited to large retail Last week Sky News revealed that sites, bus depots and park and rides. EDF was in talks concerning the ac- A spokesperson for the company quisition of another startup, Pod said the deal price was not being Point. Both parties refused to com- disclosed at this point. ment on the claims, but Pod Point The purchase follows the acquisition founder Erik Fairbairn said: “Pod of another electric vehicle charging Point regularly explores different startup, California-based Powerflex ways to finance its expansion and Systems, in September. fund its national network of charging Bruno Bensasson, chief executive of points.” EDF Renewables, said: “Following Fellow European big hitters such as Powerflex Systems’ recent acquisition Italy’s Enel have also been acquiring in the United States, this new electric vehicles and technologies.

EDF Energy has now made several acquisitions in the electric vehicle energy sector Anglo Pacific set for record year of revenues despite fall in prices

EDWARD THICKNESSE Queensland Kestrel project fell four @edthicknesse per cent, plans to increase the coal mine’s volume by 40 per cent were UK-BASED miner Anglo Pacific said proceeding as planned. yesterday that it was on for another The group also announced that it record year of revenue, as increases in had completed $75m (£58.1m) of volumes underpinning the acquisitions in 2019, which were all company’s royalties offset lower financed without raising equity. commodity prices. Chief executive Julian Treger said: Over the first nine months of the “With the income we have earned year the company enjoyed a 40 per this year along with our expectation cent increase in portfolio for strong volumes to come in the contribution, growing to £46m from fourth quarter, we would expect £33.1m in the same period in 2018. 2019 to be another record year of Although income at the miner’s revenue for the group.” 14 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM TfL adds more Marston’s sells peak hour trains to Victoria line off 137 pubs for STEFAN BOSCIA @Stefan_Boscia THE VICTORIA line has increased its capacity by 275,000 passengers each weekday after more trains £45m amid debt have been added at peak times. Transport for London (TfL) SEBASTIAN MCCARTHY our confidence in achieving the accel- announced yesterday that one train @SebMcCarthy erated £70m disposal proceeds target will arrive every 100 seconds for that we have set ourselves for the cur- three hours in the morning and MARSTON’s has offloaded 137 pubs to rent year.” evening — from 7.15am to 10.15am, Admiral Taverns in a deal worth al- The pub operator currently has an and from 4.15pm to 7.15pm. most £45m, it said yesterday. estate of 1,537 pubs, comprising man- Previously, trains would arrive As part of a plan to slash its debt by aged, franchised and leased pubs. Statkraft will move into 22 Bishopsgate in the first half of next year every 100 seconds for an hour and £200m over the next four years, the Marston’s share price edged down a half in the morning and for an British brewery giant has sold a 0.2 per cent to 122.9p yesterday. hour and a half in the evening. portfolio of pubs that contributed Chris Jowsey, chief of Admiral The change came into place an operating profit of £3.7m in the Taverns said: “We remain fully com- Clean energy producer Statkraft yesterday and will increase last 12 months. mitted to the leased and tenanted passenger capacity by five per cent, The pubs, which are expected to be model and through this acquisition according to TfL. handed over later this month, have a have been able to acquire an excellent takes floor in Square Mile tower Trains will still arrive once every book value of £62.7m. portfolio of pubs.” 135 seconds in non-peak times. Last month Marston’s, which runs Analysts at Shore Capital Markets JESS CLARK moves its office from Moorgate in Brian Woodhead, director of the Pitcher & Piano bars brand, said it welcomed the move, saying they had @jclarkjourno the first half of next year. customer service for London expected full-year profit before tax to “long argued that the beer business is The 10-year lease provides Underground, said: “The new be lower, as weaker food sales and the jewel in Marston’s crown”. EUROPE’s largest renewable energy Statkraft with double the amount of timetable on the Victoria line... will rising costs dented its balance sheet. It comes after a raft of mergers and generator is set to move into the space it previously occupied and make stations and trains less Marston’s boss Ralph Findlay said in acquisitions this year, including the City’s 22 Bishopsgate office demonstrates the wide-ranging crowded, and will make journeys a statement yesterday morning: “We sale of Greene King to Hong Kong’s development. appeal of the Square Mile across quicker and more comfortable.” are encouraged by the level of market richest an Li Ka-Shing last month. Statkraft, a producer of clean multiple sectors. The Tube line carries an interest that this portfolio of pubs has Analysts have speculated that energy which is owned by Norway, is Axa Investment Management Real estimated 250m passengers each attracted.” Marston’s may become the next expected to occupy the entire 19th Assets is developing the 62-storey year and is one of London’s busiest He added: “This further underpins target. floor in the Skyscraper after it office project. routes.

MOVING Office space provider IWG trades Swiss MOUNTAINS Snowsports business in £94m strategic agreement charity wins JESS CLARK entered into a master franchise estate investors with deep top award @jclarkjourno partnership to allow the venture to knowledge of our markets, and we use IWG’s brand names, such as are entirely confident they will Snow-Camp, the UK WEWORK rival IWG has made its Regus, in the country. augment the continued growth of charity that turns young latest international divestment with The deal is the latest in a chain of IWG and its brands,” he said. lives around through the sale of its Swiss business in a deal international disposals and follows “This transaction builds on the snowsports, has been worth £94m. similar transactions in Japan and successful completion of similar awarded the Princess IWG has sold its 38 flexible co- Taiwan earlier this year. deals in Japan and Taiwan earlier Royal Training Award for working locations in Switzerland to Chief executive Mark Dixon said this year and further demonstrates its outstanding youth a joint entity owned by private IWG was “delighted” about entering the continued interest from third training and banking group J Safra Group and into the partnership with J Safra and parties wanting to operate IWG’s development real estate investor P Peress Group. P Peress. brands across a wide range of programmes. The office space giant has also “Both groups are seasoned real geographies.” CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 15 PARTNER CONTENT New technologies to gain funding boost up to 2025 EMILY NICOLLE Quantum computing has also been long way to unlocking investment,” a major focus for the UK government, said Felicity Burch, the CBI’s director @emilyjnicolle which pledged to invest £153m in the of digital and innovation. NASCENT technologies such as technology in June this year. The survey said businesses were quantum computing, blockchain and Meanwhile the number of business also more concerned about building artificial intelligence (AI) are set to respondents initiating investments in trust with the public and its receive significant attention from blockchain and other distributed employees over data usage. British businesses over the next five ledger technologies will double from More than three-fifths of years, new research has found. 16 per cent to 35 per cent, the survey respondents had invested privacy and The amount of firms set to invest in said. A third (32 per cent) of security in the last year, while two- WHAT CAN AI AND BIG DATA quantum computing is to nearly respondents are also set to begin fifths had taken action to boost triple from 11 per cent today to 32 per investing in AI. diversity internally on teams cent in five years, according to a More than 40 per cent of businesses developing technology. survey by the CBI and Accenture. said they are supportive of the “As data is collected and applied DO FOR FINANCE? Quantum computing will provide current regulatory environment through AI, the need to eliminate bias the ability to conduct calculations at a around new technologies. and bring diversity of thought in is speed that currently would take a However just over half added that critical,” said Zahra Bahrololoumi, CFA INSTITUTE TALK supercomputer thousands of years they were concerned about the UK’s senior managing director and lead for to crack. ongoing political instability stifling Accenture’s UK and Ireland tech team. Larry Cao explains the AI Pioneers However the technology remains in innovation and undermining “If businesses overlook their its infancy. Tech giant Google claimed investment decisions. important role in addressing this in Investment Management report it had achieved quantum supremacy “If firms are to continue developing then we’ll fail to create the best from CFA Institute over rivals last month, though IBM the technology behind quantum possible outcome for society.” among others later cast doubt on that computing, robotics and AI in the UK The survey spoke to 160 businesses assertion. — ending political instability will go a between July and September 2019. he AI Pioneers in Investment more (and different) varieties of Management report from CFA information, but also more timely — TInstitute examines the trends and even real-time — information. We can use cases of AI and big data in apply satellite data and look under investments around the world. many unturned rocks much more Let me break down some of the quickly. Make your move NOW! report’s major revelations. Add machine learning and deep learning to big data, and we can now WHAT CAN AI AND BIG DATA DO? crunch the data in countless new SPORT AI and big data are enabling ways. Of course, we need to set the technologies. Together they help us parameters properly, but the process Koepka has accomplish two things: makes it possible to capture given Rory £ Process new data that we did not relationships that might previously have access to or couldn’t process have been unknowable. On the an incentive before. downside, there can be a problematic £ Process data in ways that we black box effect: The analysis may not for next time weren’t able to before. yield a true window into the Thanks to advances in natural relationships between the input and they play language processing (NLP), computer the output. vision, and voice recognition, we can together now sort and analyse more and more HOW SHOULD INVESTMENT text, imagery, and spoken language PROFESSIONALS RESPOND? through automation. AI programmes Having read all that, we should SAM TORRANCE ON in these areas have already prioritise two things: THE BUILDING RIVALRY outperformed the average human. £ Taking our investment skills up a BETWEEN BROOKS These developments suggest that notch. KOEPKA AND RORY many repetitive and rudimentary £ Developing a sufficiently broad MCILROY tasks — transcription, for example — knowledge base to work well with will increasingly be handled by AI colleagues/collaborators in technology. PAGE 28 programs. The successful investment LONDON SHOW & Big data’s popularity is very much a professionals and teams of the future function of these advances and their will be strong in both artificial SEMINARS expected evolution. AI programmes intelligence and human intelligence. target unstructured data — social These teams will have both an media postings, depersonalised credit investment and technology function card transactions, and satellite as well as an innovation function. imagery, for example — that The world is getting increasingly mainstream analysts rarely used complex and specialised. The TUESDAY 12th NOV 2019, 11am to 9pm before. This new, alternative data expectation for future investment forms much of the new frontier in professionals is that they will need T- Lisbon Suite, Pestana Chelsea Bridge Hotel, 354 Queenstown Road, London SW11 8AE investment management. shaped skills — specialised investment (Nearest Tube: Sloane Square, Bus route: 452, 137, 44) By harnessing advances in machine knowledge along with enough learning and deep learning, we can technology and “soft” skills to work Listen to our expert speakers on: How and where to buy a home, find new and more accurate with the data scientists on their relationships from this data. Much of teams. Tech professionals on the investment hotspots, tax planning, pensions and healthcare today’s data analysis still relies on investment team will also need to linear programming techniques that know about investing. Seminars start at 11.30am, 3pm and 6.30pm. place constraints on the variables and The main takeaway is clear: AI will their assumed relationships. Machine transform investment management, learning and deep learning have the but it is not the mass extinction event ‡ Tax-free pensions ‡Well-priced property ‡Lower living costs ‡ potential to remove these barriers in for human investment managers that ‡A sunshine lifestyle ‡ many cases. many fear. Rather, those investment teams that successfully adapt to the WHAT CAN AI AND BIG DATA DO IN evolving landscape will persevere. Meet Portugal’s leading property agents, developers, lawyers and tax INVESTING? Those that don’t will render advisors. Portuguese wine! Free Entry! AI and big data represent the future of themselves obsolete. AUDREY KATHLEEN TUCKER investing. Their broad application is For more insights on artificial (previously known as AUDREY KATHLEEN CANNELL) (Deceased) likely to usher in perhaps the most intelligence, check out AI Pioneers in For more details and to register your place go to: Pursuant to the Trustee Act 1925 any persons significant change in the history of Investment Management. having a claim against or an interest in the www.movingtoportugal.org.uk Estate of the aforementioned deceased, late the industry. Why? Because with AI of 391 Lauderdale Tower Barbican London EC2Y 8NA, who died on 30/05/2019, are and big data: For more insights on artificial intelligence, Organised by required to send particulars thereof in writing £ Analysts will be able to perform check out AI Pioneers in Investment to the undersigned Solicitors on or before Tel +44 (0) 20 7201 6638 10/01/2020, after which date the Estate will more thorough analysis. Management. be distributed having regard only to claims and interests of which they have had notice. £ Portfolio managers will make better £ Read more at: cityam.com/cfa-institute www.portuguese-chamber.org.uk CRIPPS PEMBERTON GREENISH £ 45 Cadogan Gardens London SW3 2AQ informed decisions. Larry Cao is director of content at CFA T570066 We now not only have access to Institute 16 NEWS TUESDAY 5 NOVEMBER 2019 CITYAM.COM UK terror threat level downgraded Police in Vietnam for the first time in over five years

WILLIAM SHOMBERG continued to indicate a high level of It now encompasses both extreme threat and an attack might well right and left-wing terrorism. arrest eight over BRITAIN yesterday lowered its occur without further warning, The threat level under the national terrorism threat level to she added. previous framework was raised “substantial” from “severe”, home Patel announced the decision by from “substantial” to “severe” in secretary Priti Patel said. the Joint Terrorism Analysis Centre August 2014 after increasing “Despite the change in the threat in a statement to parliament. terrorist activity in Syria and Iraq, level, terrorism remains one of the The move comes after substantial and the growth of the so-called Essex lorry deaths most direct and immediate risks to changes were made to the threat Islamic State. our national security,” Patel said in level system in July to include threat Counter-terrorism officials said JAMES BOOTH encouragement by authorities, smug- a statement. posed by all forms of terrorism, 24 terror plots have been foiled @jamesdbooth1 gling gangs and environmental disaster The “substantial” threat level irrespective of ideology. since March 2017. Reuters all contribute towards migration. POLICE in Vietnam have arrested eight On Friday, police in Ha Tinh said they people in connection with the discovery had arrested two people and summoned of 39 dead Vietnamese in a lorry in Essex others for questioning on suspicion of last month, state media said yesterday. involvement in the incident. UK police charged two men with UK police have charged alleged lorry manslaughter last month over the driver Maurice “Mo” Robinson, 25, from deaths of the group whose bodies were Northern Ireland, with manslaughter. found in a container on a lorry in Water- On Friday Eamon Harrison, 23, from glade Industrial Park in Grays. Northern Ireland, was also accused of 39 “Based on what we learn from the counts of manslaughter as well as suspects, we will actively launch investi- human trafficking and immigration gations to fight and eradicate these offences. rings which bring people illegally to On Sunday, a delegation of Vietnamese Britain,” said Nghe An province police diplomats and police left for Britain chief Nguyen Huu Cau, according to the where they were expected to meet with official Vietnam News Agency (VNA). their British counterparts, Vietnam’s “The best thing to do now is to deal official government website said with the consequences of the incident yesterday. and help family members receive the A spokeswoman for Vietnam’s Min- bodies,” Cau added. istry of Foreign Affairs said the incident Most of the victims were from the was “a serious humanitarian tragedy”. neighbouring provinces of Nghe An and “We are deeply saddened by the incident Ha Tinh, in north-central Vietnam, and wish to extend our heartfelt where a mixture of poor job prospects, condolences,” she added.

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES

CITY OF LONDON 127,&( LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI /RQGRQ DV WUDIÀF DXWKRULW\ IRU WHITTINGTON AVENUE EC3, will make on the 14 November 2019 an Order to revoke the current 2UGHU ´&LW\ RI /RQGRQ 3URKLELWLRQ RI9HKLFXODU7UDIÀF  :+,77,1*721$9(18( µZKLFK ZDV PDGHRQ-XQHXQGHUVHFWLRQRIWKH5RDG7UDIÀF5HJXODWLRQ$FW WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FW7KH5HYRFDWLRQ2UGHUZLOOFRPHLQWRHIIHFWDWPLGQLJKWRQWKH November 2019 and the current prohibition to vehicles shall cease to apply as it relates to those terms DQGFRQGLWLRQV )RUIXUWKHULQIRUPDWLRQSOHDVHUHIHUWRZZZFLW\RÁRQGRQJRYXNVWUHHWZRUNV (QTXLULHVWR7UDIÀF0DQDJHPHQW6HUYLFHVRQ

&DURO\Q'Z\HU%(QJ +RQV  'DWHG 5 November 2019 '06&0,/7)&,+7 Director of the Built Environment

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES

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; TPO – Tree Preservation Order; OUTL – Outline Planning Permission 55 Gresham Street, London, EC2V 7HQ City Point, Ropemaker Street, London, EC2Y 19/01065/FULL 9AW &UHDWLRQRIDFRRNLQJDUHDDQGEDUDWQLQWKÁRRU 19/01118/FULL terrace level Use of part of City Point Plaza for a temporary market between 3rd December to 23rd December 164 Salisbury House, London Wall, London, 2019. EC2M 5QD 12 - 14 Devonshire Row, London, EC2M 4RH 19/01104/LBC 19/01119/FULL Installation of one internally illuminated fascia &KDQJHRIXVHRIIRXUWKÁRRUIURPRIÀFH &ODVV sign and one externally illuminated projecting % WRDÁH[LEOHXVHIRUHLWKHURIÀFH &ODVV% RU sign. PHGLFDOXVH &ODVV'  VTP 

$SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXN RU DW WKH Department of the Built Environment, North Wing, Guildhall, Basinghall Street, London EC2, between 09.30 and 16.30. Representations must be made within 21 days of the date of this newspaper online or in writing to PLNComments@ FLW\RÁRQGRQJRYXNRUWKH&KLHI3ODQQLQJ2IÀFHU32%R[*XLOGKDOO/RQGRQ EC2P 2EJ. In the event that an appeal against a decision of the Council proceeds by way of the expedited procedure, any representations made about the application will be passed to the Secretary of State and there will be no opportunity to make further representations. CITYAM.COM TUESDAY 5 NOVEMBER 2019 NEWS 17

BAGS OF SUCCESS US expansion Thyssenkrupp China’s Huazhu offsets difficult UK to invest €250m market for Radley LUXURY accessories brand in shipbuilding Radley more than doubled its to buy German US business over a year as CHRISTOPH STEITZ customers hunt out classic British heritage brands. THYSSENKRUPP plans to invest International sales grew by 51 €250m (£216m) at its unit that per cent to £29.2m and the US builds submarines and warships, reported sales growth of 104 per the German industrial hotel company cent to £19.2m. In the UK the conglomerate said yesterday. company said it will target “off- The investment at Thyssenkrupp ARNO SCHUETZE properties, opens 1,000 hotels each price” retailers, such as Marine Systems (TKMS) will be year. The acquisition will add to its designer outlets, due to the made by 2023, the group said, CHINA’s Huazhu Group is buying the more than 5,000 hotels. challenging trading conditions pointing to good order intake at Steigenberger hotels as it seeks to Deutsche Hospitality operates 118 on the high street. the moment. extend its global reach with the addi- hotels and has 36 hotels under devel- TKMS will also hire 500 new tion of one of Germany’s most well- opment, with a focus on Europe. It employees by the end of next year, known upmarket chains. has plans to increase that number to it said. Huazhu, already the world’s fifth- 250 by 2024. “Our ambition is to be Europe’s largest hotel group by market capital- “With the help of Huazhu that will most modern naval company,” isation, is paying €700m (£604m) in go faster than 2024,” Huazhu chief Bayer pledges $25m for digital TKMS chief executive Rolf Wirtz cash for Steigenberger parent executive Jenny Zhang told Reuters, said in a statement. Deutsche Hospitality. adding that four of five Deutsche “By making major investments, That values Deutsche Hospitality, Hospitality brands will be rolled out we are preparing our operations whose brands include Maxx by in China. healthcare AI startup Medopad for the future.” Steigenberger, Jaz in the City, Interci- No job cuts are planned as part of “Our recent successes show that tyhotels and Zleep at seven to eight the deal, she said, adding that EDWARD THICKNESSE the company’s digital platform and there is strong demand for our times its 2019 expected earnings Huazhu does not expect to encounter @edthicknesse to fund new clinical studies. products and services. We want to before interest, tax, depreciation and any issues with antitrust regulators or Medopad’s flagship project is the further strengthen this position,” amortisation. German authorities overseeing for- DIGITAL HEALTHCARE startup development of digital biomarkers, he added. Peers such as Marriott, Hilton, eign investments in the country. Medopad has closed $25m (£19.4m) which collect and collate patient data The group said it was contracted Accor, Intercontinental and Hyatt Huazhu is buying Deutsche Hospi- in investment from Leaps by Bayer, to predict risk, condition progression by an African customer in August trade at 11 to 14 times their expected tality from Egyptian tourism the German pharmaceutical giant’s and diagnosis, for chronic diseases to build four frigates. core earnings. entrepreneur Hamed El Chiaty’s venture capital arm. including Parkinson’s, Alzheimer’s Order intake at TKMS was down Huazhu, based in China and listed Travco Travel, which bought the The investment, which brings and diabetes. The investment will a fifth at €385m in the first nine in New York, operates hotels using a group from the Steigenberger family Medopad’s total funding to over support trials on these conditions, as months of the year, while sales franchise model and on leased in 2009. Reuters $50m, will be used to help develop well as heart disease aortic stenosis. were up a third at €1.31bn. Reuters 18 MARKETS TUESDAY 5 NOVEMBER 2019 CITYAM.COM

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4IMPRINT P Indexes greet FTSE hits month 3,020 3,000 3,020 2,980 4 Nov closing records 2,960 high on US-Sino 2,940 on trade hope 2,920 LL THREE major US stock Aindexes posted record closing 29 Oct 30 Oct 31 Oct 1 Nov 4 Nov highs yesterday, extending a recent run of gains on further hopes of Promotional merchandise marketer 4Imprint reported stronger than expected first a US-China trade deal. deal prospects half results and expects revenues to grow by 16 per cent for 2019. Revenues are It was the second consecutive forecast to reach $856m (£663m), representing a one per cent increase from session of closing records for the S&P previous expectations. The London-based company also completed its September 500 and Nasdaq, and the first closing HE FTSE 100 surged nearly called for measures to overhaul expansion in Oshkosh, Wisconsin on-time and on-budget. This “will add capacity to record for the Dow since July. one per cent to a more than online casinos. the business for the coming years”, according to Peel Hunt. The brokerage firm After US officials indicated on Friday one-month high yesterday as Shares of GVC, William Hill and 888 maintains its “Buy” rating and has risen its target price to 3,150p from 2,925p. that a trade deal with China could be Theavyweight banks, miners shed between 10.5 per cent and 13.7 signed this month, commerce and oil stocks were driven per cent, enduring their worst day in secretary Wilbur Ross said on Sunday higher by hopes of a trade deal be- months. PETS AT HOME that licenses for US companies to sell tween the United States and China. Among notable gainers were Lon- components to Huawei would come P The FTSE 100 added 0.9 per cent, its don-listed shares of Ryanair, which 215 “very shortly”. best day in almost two weeks, boosted jumped 8.2 per cent for their best day Sectors considered among the most by BP and Shell as well as Asia-focused since December 2014, after the Irish sensitive to the trade war climbed. 210 208.60 HSBC and Prudential. airline’s first half profit beat ana- 4 Nov The S&P 500 technology index rose Miners jumped almost three lysts’consensus forecast. 0.6 per cent, the Philadelphia per cent to their highest Mid-cap budget airlines 205 Semiconductor index hit a record high since mid-September. Easyjet and Wizz Air rose and the S&P industrials index climbed The blue-chip index 3.8 per cent and 1.5 per 1.2 per cent. joined a global stocks 200 Energy shares jumped along with rally triggered by sig- Ryanair celebrated its gains in oil prices, with the S&P 500 nals from Washington best day in five years 29 Oct 30 Oct 31 Oct 1 Nov 4 Nov energy index rising 3.2 per cent, while and Beijing that they with a 8.2 per cent rise the S&P 500 financial index climbed had made progress to- The UK’s largest pet supplies retailer may be in store for a positive trading update 0.9 per cent, helped by shares of wards resolving a nearly cent, respectively. later this month. Pets at Home’s stock price has dipped lately, however Liberum Berkshire Hathaway after it topped 16-month-long trade war Baby products retailer believes this trend will be soon be bucked. Pets at Home’s subscription base — expectations for quarterly profit. that has roiled the global Mothercare, which has shut a through its Puppy Club — has risen and its prices have dropped. A pricing survey The Dow Jones Industrial Average economy. third of its British stores in the showed the company’s products are 20 per cent cheaper than third-party rose 114.75 points, or 0.42 per cent, to Updates on US-Sino trade talks have past year and lost nearly half its share equivalents. Liberum has upgraded Pets at Home to a “Buy” rating for the first time 27,462.11, the S&P 500 gained 11.36 been a major source of volatility for value this year, sank another 26 per in three years and has upped its target price to 240p. points, or 0.37 per cent, to 3,078.27 the FTSE 100 this year. They helped cent after saying it intended to and the Nasdaq Composite added the index hit a more than nine-month appoint administrators for its UK 46.80 points, or 0.56 per cent, to high in July, but then drove its operations. WHITBREAD 8,433.20. sharpest fall in 10 months in August Small-cap Woodford Patient Capital Last week’s interest rate cut by the P when tensions escalated. Trust, founded by beleaguered money 4,250 Federal Reserve, hopes of a trade deal The FTSE 250 advanced 0.5 per cent manager Neil Woodford, dropped and a better-than-feared October jobs 4,200 yesterday, though gains were limited nearly eight per cent after the fund 4,175 growth report have been the main by steep drops in gambling firms after cut the valuation of one of its major 4,150 4 Nov catalysts of the recent rally. a cross-party group of UK politicians holdings. Limiting the day’s gains was a 2.7 4,100 per cent drop in shares of McDonald’s 4,050 after it dismissed chief executive Steve TOP RISERS FTSE Easterbrook over a consensual 4,000 P relationship with an employee. 1. NMC Health Up 7.15 per cent 7,400 The third-quarter earnings season 2. Glencore Up 5.31 per cent 7.350 7,369.69 29 Oct 30 Oct 31 Oct 1 Nov 4 Nov has been fairly upbeat, with the 3. Smurfit Kappa Up 4.7 per cent 4 Nov majority of S&P 500 companies 7,300 Premier Inn owner Whitbread will benefit from the chain’s planned 22 per cent beating profit expectations so far. TOP FALLERS increase in room capacity, according to Peel Hunt. The increase is underpinned by Under Armour shares fell 18.9 per 7,250 the company’s expansion into Germany. Peel Hunt expects Whitbread’s earnings per cent yesterday as the sportswear 1. Flutter Down 2.88 per cent 7,200 share to grow 69 per cent between 2020 and 2024. Shares in the hotel and maker lowered its full-year revenue 2. Hiscox Down 2.78 per cent restaurant company lagged after it sold Costa Coffee, however this is expected to forecast for a second time this year, a 3. Land Securities Down 1.50 per cent turn around as “the market refocuses on the core hotel business”. The brokerage day after it confirmed a federal probe 29 Oct30 Oct 31 Oct 1 Nov 4 Nov firm has initiated its coverage by giving it a “Buy” rating with a target price of 4,800p. related to its accounting practices. CITY MOVES WHO’S SWITCHING JOBS

AKA GROUP strategy of expansion and growth”. year on year. Ben also held the roles of finance director firms and wealth managers. Rachel was previously Specialist lifestyle and leisure for Boots UK and Ireland and commercial finance KPMG’s head of asset management tax and has more advertising agency AKA Group SHOP DIRECT director for Boots UK. Ben, who is currently a non- than 20 years’ experience in the fund management has announced the Shop Direct, the UK’s largest integrated pureplay executive board member at the British Retail industry, spending 10 years as M&G’s head of tax appointment of Nuck Hurrell online retailer and financial services provider, has Consortium, will lead Shop Direct’s 150-strong finance before joining KPMG in 2008. Her new role will be as chairman. Nick currently appointed Ben Fletcher as chief financial officer. Ben team. He will assume the position currently held on an focused on continuing to build and lead KPMG’s serves as chairman at London has served as European president of Clarks Shoes interim basis by Dominic Appleton, who will remain strategy, ensuring that the business remains ad agency George and Dragon since 2017, where he was responsible for customer- with Shop Direct as finance director. invaluable to clients and connected to KPMG teams and was previously chairman centric investments including a new European internationally. Rachel replaces Tom Brown who is of the Europe arm of M&C fulfilment centre; delivering significant digital KPMG moving to a part time purely client facing role within Saatchi, as well as being one expansion and increasing colleague engagement. Prior KPMG has announced the appointment of Rachel the asset management team. Karim Haji, head of of its founders. Kate Turnbull, to joining Clarks, Ben was at Walgreens Boots Alliance Hanger as its UK head of asset management. Rachel financial services at KPMG commented on the chief executive of AKA, said: “Nick is a highly-respected for six years, most recently as managing director of will lead KPMG’s team serving clients across the asset appointment: “Rachel’s leadership will be valued name in the advertising world. We are excited to bring Boots Opticians. Under his leadership Boots Opticians management spectrum: from asset owners and asset beyond KPMG’s asset management community, she is his extensive experience to the group in support of our consistently grew market share, revenue and profit servicers to alternative asset managers, traditional well respected amongst our staff and clients.”

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1581 ÄÄ0.0002 €/$ 1.1145 0.0023 7369.69 20249.72 4055.9 27462.11 8433.20 3078.27 /$ 1.2908 Ä 0.0028 €/£ 0.8635 Ã 0.0002 67.27 90.95 33.16 114.75 46.80 11.36 £ /¥ 140.15 0.1700 €/¥ 121.02 0.1600 ÃÃÃÃÃÃ ÃÃ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Temple Bar IT ...... 1342.0 14.0 1366.0 1116.0 Inchcape...... 632.0 4.5 678.0 519.5 Royal Mail ...... 218.0 1.5 353.0 188.4 Hastings Gp Hldgs ...... 184.7 0.2 231.6 174.0 Sage Group ...... 716.8 -6.4 820.4 536.2 William Hill ...... 176.2 -25.6 205.2 132.3 Tsy 4.750 20 ...... 101.36 0.00 105.3 101.4 Contour Global...... 222.5 2.5 222.5 150.1 Templeton Em Mkts .....775.0 10.0 829.0 666.0 JD Sports Fashion ...... 758.2 -11.8 781.0 318.5 LEISURE GOODS Hiscox ...... 1440.0 -35.0 1777.0 1418.0 Softcat ...... 1004.0 42.0 1044.0 565.0 Wizz Air Holdings ...... 3904.0 56.0 3904.0 2667.0 Vietnam Enterprise .....498.0 4.0 509.0 421.5 Just Eat...... 737.8 0.6 812.0 533.8 RSA Ins Gp ...... 534.6 7.4 597.0 496.6 Sophos ...... 567.4 -0.4 577.0 298.2 Tsy 8.000 21...... 111.74 -0.01 118.5 111.7 Drax Gp ...... 297.8 -1.0 427.2 251.0 Games Workshp ...... 4484.0 -44.0 5085.0 2800.0 AIM 50 VinaCapital Vietna ...... 345.0 3.0 357.5 323.0 Kingfisher...... 215.3 6.2 266.2 185.9 OIL & GAS PRODUCERS Tsy 2.500 24 ...... 366.78 -0.37 377.9 360.3 SSE ...... 1281.5 -9.0 1322.5 1008.0 LIFE INSURANCE SUPPORT SERVICES Witan Invest ...... 220.5 3.5 225.5 189.6 Marks & Spencer ...... 184.4 4.7 312.7 163.9 Abcam ...... 1172.0 -31.0 1500.0 1017.0 Tsy 5.000 25 ...... 123.75 -0.21 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT BP ...... 511.1 14.0 582.5 484.9 Aggreko ...... 805.0 10.2 855.2 691.8 Wwide Healthcare ....2675.0 10.0 2835.0 2325.0 Aviva ...... 422.0 2.3 438.8 352.3 Advanced Medical ...... 240.0 2.0 354.5 225.0 Tsy 4.250 27 ...... 129.30 -0.52 132.8 124.0 Next ...... 6548.0 -82.0 6850.0 3991.0 Cairn Energy...... 178.6 1.7 213.8 140.0 Ashtead Gp ...... 2391.0 11.0 2391.0 1586.5 Halma ...... 1893.0 -5.0 2094.0 1282.0 Lancashire Hldgs ...... 692.0 -7.5 746.0 561.5 Alliance Pharma ...... 72.9 -0.2 80.4 60.0 Tsy 6.000 28 ...... 147.59 -0.64 152.1 142.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 208.6 6.8 239.4 111.5 Energean Oil & Gas .....909.0 9.0 1082.0 568.0 Morgan Advanced ...... 248.0 3.4 281.2 232.4 Legal & General ...... 268.2 2.3 291.2 216.7 Babcock Intl Grp...... 543.0 2.6 616.2 416.7 Tsy 4.125 30 ...... 382.21 -0.61 404.2 361.1 BT Gp ...... 204.3 1.0 262.9 158.9 Sports Direct Intl ...... 316.0 1.8 325.6 214.0 Premier Oil ...... 86.7 2.1 107.2 55.6 ASOS...... 3300.0 -50.0 5700.0 2107.0 Oxford Instruments ...1336.0 42.0 1424.0 842.0 Phoenix Gp ...... 716.2 -0.9 724.8 544.0 BCA Market ...... 236.2 0.0 247.0 178.5 Tsy 4.250 32...... 140.69 -0.72 146.4 130.3 Talktalk Telecom ...... 112.0 0.0 130.0 96.5 Vivo Energy ...... 125.0 -0.2 139.5 96.0 Royal Dutch Shell A...2308.5 48.0 2612.0 2213.0 Blue Prism ...... 813.0 -1.0 1472.0 788.0 Renishaw ...... 3992.0 90.0 4670.0 3232.0 Prudential ...... 1383.0 25.0 1790.0 1326.0 Bunzl ...... 2030.0 18.0 2551.0 1943.0 Tsy 4.250 36 ...... 148.38 -1.00 155.7 135.0 Telecom Plus ...... 1216.0 10.0 1528.0 1130.0 WH Smith...... 2224.0 4.0 2288.0 1697.0 Royal Dutch Shell B ...2302.5 49.0 2622.0 2218.0 Camellia ...... 9250.0 0.0 11750.0 9100.0 Spectris ...... 2517.0 59.0 2898.0 1992.5 St James Place ...... 1062.5 24.0 1143.0 913.6 Capita ...... 157.8 1.1 173.1 99.9 Tsy 4.750 38...... 163.06 -1.28 171.8 147.0 FOOD & DRUG RETAILERS HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 217.0 7.4 250.0 165.2 Caretech Holdings ...... 396.0 -6.0 402.0 325.0 EQUITY INVESTMENT INSTRUMENTS Std Life Aberdeen ...... 309.0 3.7 310.4 224.8 DCC ...... 7332.0 22.0 7332.0 5555.0 Tsy 4.250 46 ...... 169.97 -1.62 181.0 146.4 Convatec ...... 201.0 -0.3 202.8 118.5 OIL EQUIPMENT & SERVICES Diploma ...... 1624.0 10.0 1696.0 1150.0 Central Asia Metals .....213.0 1.0 266.5 180.0 3i Infrastructure ...... 288.0 -0.5 306.5 242.2 Greggs ...... 1754.0 -51.0 2476.0 1183.0 MEDIA AEROSPACE & DEFENCE Morrison (WM) ...... 200.1 1.6 251.3 176.9 Mediclinic Intl ...... 378.6 9.7 384.9 293.4 Hunting ...... 419.4 17.2 662.0 393.0 Electrocomp ...... 694.8 7.2 694.8 480.0 Clinigen Group ...... 830.0 -3.5 1069.0 721.0 Aberforth Smlr Cos .. 1320.0 10.0 1346.0 1114.0 4imprint ...... 3020.0 60.0 3130.0 1800.0 Ocado Gp ...... 1350.0 11.0 1435.0 749.8 NMC Health ...... 2351.0 126.0 3678.0 1801.5 Petrofac ...... 400.6 13.9 595.4 381.5 Equiniti ...... 223.0 4.2 236.2 186.2 CVS Group ...... 958.0 8.0 1029.0 395.0 BAE Systems ...... 582.4 1.0 588.2 443.9 Alliance Trust ...... 804.0 11.0 838.0 672.0 Ascential ...... 349.4 -2.6 411.0 337.2 Sainsbury(J) ...... 206.7 2.1 324.0 177.1 Smith & Neph...... 1660.0 -4.0 1990.0 1377.5 Wood Gp(J) ...... 366.1 28.6 693.0 327.4 Essentra ...... 395.0 7.4 442.0 325.4 Dart Group ...... 1268.0 6.0 1268.0 709.5 Cobham ...... 159.8 1.4 168.3 96.8 AVI Global Trust...... 753.0 0.0 781.0 660.0 Auto Trader Gp ...... 546.0 1.8 606.0 417.0 SSP Group ...... 627.0 -9.0 721.0 608.0 UDG Hlthcare ...... 769.5 -9.5 821.0 551.0 PERSONAL GOODS Experian ...... 2419.0 -1.0 2631.0 1791.0 Meggitt ...... 638.2 16.8 643.0 458.0 Baillie Gifford Japan ...790.0 -3.0 840.0 663.0 Entertainment One ...... 556.5 0.5 589.0 336.4 Diversified Gas & Oil ....105.0 -1.5 116.5 97.0 Tesco ...... 239.6 1.7 253.0 189.6 Ferguson ...... 6602.0 34.0 6602.0 4749.0 QinetiQ ...... 319.0 1.8 319.0 267.0 Bankers InvTst ...... 946.0 12.0 970.0 766.0 HOUSEHOLD GOODS Burberry Gp...... 2062.0 27.0 2345.0 1623.5 Draper Esprit ...... 442.0 -7.0 548.0 410.0 Euromny Inst Inv...... 1358.0 0.0 1498.0 1132.0 G4S ...... 209.1 3.1 234.3 168.3 Rolls-Royce ...... 736.2 11.6 988.4 702.0 BlackRock Smaller .... 1496.0 8.0 1500.0 1160.0 FOOD PRODUCERS Barratt Devel ...... 626.8 -7.2 683.0 434.0 PZ Cussons ...... 203.5 1.0 244.0 178.6 Eland Oil & Gas ...... 164.3 -0.1 164.6 101.0 Future ...... 1488.0 18.0 1514.0 465.0 Hays ...... 161.4 1.4 165.3 135.7 Senior ...... 188.1 2.1 260.0 174.0 BMO Global Smaller ...... 137.3 -1.7 140.6 122.0 Assoc British Foods...2249.0 -1.0 2638.0 2041.0 Bellway ...... 3160.0 -30.0 3536.0 2419.0 Informa ...... 783.4 3.4 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1175.0 -37.0 1263.0 849.0 EMIS Group ...... 1052.0 -2.0 1242.0 864.0 Ultra Electronics ...... 1948.0 -17.0 2252.0 1232.0 Caledonia Inv ...... 3000.0 15.0 3110.0 2740.0 Bakkavor ...... 119.6 4.2 170.0 93.3 Berkeley Grp Hldgs .. 4440.0 -33.0 4541.0 3226.0 ITV ...... 133.5 0.5 158.8 103.6 AstraZeneca ...... 7482.0 17.0 7580.0 5325.0 Intertek Gp ...... 5374.0 16.0 5962.0 4494.0 Fevertree Drinks ...... 1820.0 -96.5 2475.0 1820.0 AUTOMOBILES & PARTS City of London IT ...... 419.5 3.5 431.5 376.0 Cranswick ...... 3168.0 56.0 3408.0 2472.0 Bovis Homes Gp ...... 1167.0 -14.0 1226.0 828.0 Moneysupermkt.com .. 348.6 0.1 417.7 267.0 Dechra Pharma ...... 2612.0 -16.0 3036.0 2014.0 IWG...... 395.3 12.3 421.9 199.8 First Derivatives ...... 2200.0 -40.0 3555.0 2050.0 Edin Inv Trust ...... 606.0 2.0 654.0 535.0 Greencore Gp ...... 233.2 0.1 238.6 162.8 Aston Martin...... 421.0 11.4 1374.4 399.3 Countryside Prop ...... 348.6 -2.0 368.0 276.8 Pearson ...... 698.6 13.6 1027.5 674.2 Genus ...... 2992.0 76.0 3062.0 2124.0 Network Int...... 530.0 -14.0 628.0 513.0 Frontier Devs ...... 1068.0 -20.0 1160.0 740.0 F&C Investment ...... 723.0 13.0 731.0 616.0 Hilton Food Gp ...... 1020.0 2.0 1088.0 884.0 TI Fluid Systems ...... 194.0 3.4 215.0 155.2 GlaxoSmithKline ...... 1754.0 -7.0 1782.0 1418.0 Pagegroup ...... 449.4 0.0 539.0 367.8 Gamma Comms ...... 1175.0 -10.0 1195.0 688.0 Fidelity China SPE ...... 217.0 4.0 250.0 183.4 Tate & Lyle ...... 679.0 3.4 800.4 658.4 BANKS MAIN CHANGES UK 350 Hikma Pharma ...... 2000.0 -10.0 2200.0 1510.5 Paypoint...... 904.0 -12.0 1118.0 748.0 Fidelity Euro Values .....255.5 3.0 257.5 202.0 Unilever ...... 4595.0 -17.0 5324.0 3941.0 GB Group ...... 609.0 -6.0 631.0 410.5 REAL ESTATE Rentokil Initial ...... 446.8 -6.4 467.8 309.7 Barclays ...... 168.1 1.0 178.9 136.2 Fidelity Spec Val ...... 268.0 1.5 269.0 220.0 FORESTRY & PAPER Risers % Fallers % Gooch & Housego ...... 1090.0 -25.0 1755.0 954.0 Ã Ä Sanne Group ...... 545.0 -9.0 752.0 450.0 BGEO Group ...... 1300.0 -10.0 1755.0 1252.0 Finsbury G&I Tst ...... 883.0 0.0 958.0 741.0 Wood Gp(J)...... 366.10 8.5 William Hill ...... 176.25 -12.7 Assura ...... 74.2 0.2 75.4 52.5 Hurricane Energy ...... 42.9 0.0 53.6 38.7 Mondi ...... 1674.0 40.0 1898.0 1510.5 Serco ...... 157.1 0.1 157.1 84.1 HSBC Hldgs...... 596.0 7.2 680.6 580.9 GCP Infra Inv ...... 129.0 0.2 131.6 122.4 NMC Health ...... 2351.00 5.7 GVC Hldgs ...... 803.40 -10.5 Big Yellow Gp ...... 1142.0 -7.0 1152.0 858.5 Impax Asset Mgmt .....264.0 2.0 295.0 184.0 GENERAL FINANCIAL SIG ...... 113.3 0.4 153.0 99.3 Lloyds Banking ...... 57.8 0.5 66.6 48.6 Genesis Emerging ...... 769.0 4.0 783.0 618.0 Glencore ...... 252.20 4.7 Flutter Ent ...... 7932.00 -3.4 BMO Comm Prop ...... 117.0 0.0 141.8 106.0 Iomart Group ...... 355.5 -5.5 410.0 308.0 Travis Perkins...... 1465.5 10.5 1490.0 1004.5 Royal Bank of Scot ...... 216.7 2.0 270.4 177.7 Greencoat UK ...... 147.6 0.6 148.6 124.4 3i Group ...... 1148.5 19.5 1184.5 756.2 Smurfit Kappa Gp ...... 2758.00 4.6 Dunelm Gp ...... 768.00 -3.3 British Land ...... 602.8 -8.8 638.4 468.3 Softcat ...... 1004.00 4.4 Homeserve ...... 1175.00 -3.1 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 73.5 -1.6 98.0 47.6 Standard Chartered .....718.2 12.2 736.8 565.3 Harbourvest Glb ...... 1696.0 26.0 1786.0 1326.0 Ashmore Gp ...... 478.0 3.6 542.5 341.2 Captl & Count Prop .....256.5 2.2 279.5 184.8 Hunting ...... 419.40 4.3 IP Group ...... 58.40 -3.0 James Halstead ...... 516.0 12.0 532.0 367.0 TBC Bank Group...... 1308.0 6.0 1706.0 1150.0 Herald Inv Trust ...... 1318.0 12.0 1364.0 1055.0 Brewin Dolphin ...... 338.8 2.6 358.0 287.6 CLS Hldgs ...... 248.5 -2.5 266.5 195.4 Spirent Comms ...... 198.8 -1.2 208.5 112.8 Integrafin Holdings ...... 390.00 4.0 Rank Gp...... 238.50 -2.9 Johnson Service Gp .....175.0 0.0 183.2 113.6 Virgin Money UK ...... 141.2 2.2 272.8 104.4 HICL Infr ...... 172.2 0.2 173.2 156.6 Close Brothers ...... 1405.0 26.0 1605.0 1227.0 Daejan Hldgs ...... 4890.0 -20.0 6160.0 4715.0 TOBACCO easyJet ...... 1310.00 3.8 Greggs ...... 1754.00 -2.8 Keywords Studios ...... 1073.0 -39.0 1838.0 900.0 JPM American ...... 469.0 5.5 494.5 386.5 Coats Group ...... 72.0 0.0 91.3 69.1 Derwent London ...... 3560.0 8.0 3638.0 2779.0 BEVERAGES Bakkavor ...... 119.60 3.6 Network Int ...... 530.00 -2.6 Br Am Tob ...... 2787.0 45.5 3426.0 2375.0 JPM Emerg Mkt ...... 974.0 8.0 1066.0 787.0 Finablr ...... 168.2 4.2 176.4 140.2 Grainger ...... 259.6 3.8 291.0 205.8 Learning Tech Gp ...... 108.0 0.0 130.0 62.2 Barr (AG) ...... 543.0 -4.0 975.0 540.0 Kaz Minerals...... 499.90 3.6 Hiscox ...... 1440.00 -2.4 Imperial Brands ...... 1738.4 41.0 2750.0 1692.4 JPM Indian IT ...... 755.0 -5.0 790.0 607.0 Hargreaves Lans...... 1749.0 12.0 2433.0 1633.0 Grt Portland Est ...... 789.4 0.4 799.6 649.4 M&C Saatchi ...... 180.0 11.0 394.0 146.0 Britvic ...... 979.5 5.5 1068.0 782.5 TRAVEL & LEISURE JPM Japan IT ...... 453.5 3.5 457.0 367.0 IG Gp...... 645.8 5.8 645.8 474.8 Crest Nicholson ...... 371.8 -8.2 435.2 309.4 RELX ...... 1842.5 -16.5 2011.0 1520.5 Hammerson ...... 292.1 3.2 445.5 203.9 M.P. Evans ...... 650.0 -5.0 722.0 612.0 Coca-Cola HBC AG .....2342.0 -13.0 3074.0 2244.0 Jupiter European ...... 781.0 5.0 875.0 666.0 Integrafin Holdings .....390.0 15.0 406.1 271.8 McCarthy & Stone...... 145.5 -1.3 158.8 123.5 Rightmove Group ...... 591.8 3.4 602.8 420.9 Land Securities...... 914.0 -18.2 963.0 735.4 Carnival ...... 3186.0 58.0 4650.0 3056.0 Majestic Wine ...... 256.0 -1.0 409.0 219.0 Diageo ...... 3130.5 -23.5 3625.5 2673.0 Jupiter Fund Mngt ...... 348.4 4.8 432.0 287.6 Intermediate Capital .1452.0 -34.0 1501.0 899.0 Persimmon ...... 2270.0 -19.0 2471.0 1836.0 WPP ...... 984.0 18.6 1038.0 800.4 LondonMetric Prop ...... 233.0 1.0 234.2 172.7 Cineworld Group ...... 226.1 3.7 321.0 212.0 Midwich Group ...... 520.0 2.0 633.0 474.5 CHEMICALS Intl Public Prtnshps .....158.8 0.0 165.4 146.8 Reckitt Benckiser ...... 5894.0 -27.0 6703.0 5593.0 NewRiver Retail ...... 200.5 1.5 250.0 147.6 Law Debenture ...... 602.0 2.0 618.0 534.0 MINING Compass Gp ...... 2012.0 -25.0 2138.0 1515.0 Mortgage Advice B .....592.0 2.0 620.0 546.0 Croda International ..4858.0 18.0 5375.0 4564.0 Investec ...... 458.9 15.3 518.6 395.3 Redrow...... 600.0 -5.0 649.0 460.8 Primary Hlth Prop ...... 140.4 -0.4 141.8 108.0 Dominos Pizza ...... 272.8 -5.5 297.2 221.2 Mercantile IT ...... 227.0 1.0 230.0 168.0 Anglo American ...... 2080.0 36.5 2266.0 1539.0 Next Fifteen Comm .....490.5 -0.5 658.0 471.0 IP Group ...... 58.4 -1.8 122.0 55.7 Taylor Wimpey ...... 168.1 0.1 192.2 129.3 Safestore Hldgs ...... 703.0 17.0 707.5 506.5 Elementis...... 158.9 4.8 214.2 129.8 Monks Inv Tst ...... 913.0 13.0 964.0 710.0 Antofagasta ...... 898.8 8.6 1022.5 738.0 easyJet ...... 1310.0 48.0 1347.5 854.8 John Laing Gp ...... 365.6 -2.0 402.0 298.2 Savills ...... 921.5 2.5 957.0 678.5 Nichols...... 1560.0 15.0 1880.0 1350.0 Johnson Matt...... 3198.0 26.0 3454.0 2620.0 Murray Intl Tst ...... 1230.0 12.0 1230.0 1058.0 INDUSTRIAL ENGINEERING BHP Group ...... 1722.8 49.4 2049.0 1497.2 EI Group ...... 282.0 0.0 285.0 171.4 London Stock Exch ....7050.0 12.0 7514.0 3867.0 SEGRO ...... 843.4 3.4 850.8 585.2 Numis Corporation ...... 226.5 -1.5 301.0 212.0 Synthomer ...... 288.4 6.6 458.6 279.0 NB Glbl Fltg Rate Inc .....89.6 0.3 91.8 87.6 Bodycote ...... 758.0 24.5 903.0 652.0 Centamin ...... 119.8 1.7 152.3 79.8 FirstGroup ...... 128.0 -0.8 137.5 79.3 Man Group ...... 148.4 3.0 175.2 126.8 Shaftesbury ...... 937.0 0.0 979.5 739.5 Polar Capital Hdgs ...... 506.0 6.0 604.0 448.0 Victrex ...... 2292.0 60.0 2720.0 1845.0 Pantheon Intl Partn ..2300.0 20.0 2330.0 1955.0 Hill & Smith ...... 1342.0 -1.0 1343.0 1034.0 Fresnillo ...... 721.2 1.2 1027.5 601.0 Flutter Ent...... 7932.0 -278.0 8210.0 5525.0 Onesavings ...... 355.2 1.2 447.4 313.6 St Modwen Props ...... 446.5 -3.5 472.0 370.2 Purplebricks Gp ...... 113.2 0.2 132.0 96.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ..320.0 1.5 339.0 284.5 IMI ...... 1043.5 15.0 1069.5 870.0 Glencore ...... 252.2 11.2 340.3 222.2 Go-Ahead Gp ...... 2008.0 -24.0 2234.0 1480.0 Paragon...... 508.5 3.0 510.0 379.2 TR Property IT ...... 448.0 4.0 450.0 353.5 Pershing Square ...... 1436.0 -2.0 1570.0 990.0 Melrose Ind ...... 220.9 2.9 220.9 146.3 Hochschild Mining ...... 205.0 -3.0 227.0 149.9 GVC Hldgs ...... 803.4 -94.0 897.4 507.5 Redde...... 107.2 -1.8 127.6 100.6 Balfour Beatty ...... 226.8 1.2 295.0 194.2 Plus500 ...... 789.0 -11.0 1647.0 495.0 Tritax Big Box ...... 151.2 0.2 159.7 130.0 Personal Assets Tst .42150.0 150.0 43150.0 RHI Magnesita ...... 3558.0 14.0 5000.0 3318.0 Kaz Minerals ...... 499.9 17.4 738.4 380.3 Intercontl Htls ...... 4710.0 -1.5 5738.0 4190.5 Renew Holdings...... 382.0 7.0 436.5 333.0 CRH ...... 2873.0 21.0 2873.0 1971.5 Provident Fin ...... 446.8 5.0 658.6 356.0 UK Commercial Prop .....86.9 0.3 92.7 79.9 38900.0 Intl Cons Airl...... 547.8 5.2 667.6 413.5 RWS Holdings ...... 598.0 0.0 652.0 450.0 Galliford Try...... 735.0 0.5 900.5 512.0 Rotork ...... 319.9 10.9 324.2 235.7 Polymet Int...... 1271.0 -1.0 1272.0 700.2 Polar Cap Tech Tst .....1446.0 18.0 1500.0 1066.0 Quilter ...... 142.1 2.3 156.6 110.6 Unite Group ...... 1128.0 11.0 1174.0 797.5 Marstons ...... 122.9 -0.3 131.3 90.5 Grafton Group...... 793.5 -1.5 937.0 630.0 Spirax-Sarco...... 8200.0 120.0 9400.0 5900.0 Rio Tinto ...... 4294.0 126.0 4976.5 3513.5 Scapa Group ...... 217.5 1.0 445.0 157.0 Renewables Infra Gp ...132.2 0.0 133.2 109.6 Rathbone Brothers ....2140.0 40.0 2540.0 2075.0 Workspace Gp ...... 1032.0 10.0 1032.0 789.5 Merlin Ents ...... 454.6 0.0 454.8 307.1 Ibstock ...... 244.6 1.6 262.0 193.1 Weir Gp ...... 1432.5 45.5 1814.0 1240.0 Sirius Minerals...... 3.0 0.0 24.3 2.9 Secure Income REIT ..426.0 -4.0 454.0 371.0 RIT Cap Partners ...... 2170.0 30.0 2170.0 1892.0 Schroders ...... 3120.0 15.0 3210.0 2334.0 SOFTWARE & COMPUTER SERVICES Mitchells & Butlers ...... 429.5 1.0 432.0 238.0 Marshalls ...... 722.0 4.5 740.0 415.2 TP ICAP ...... 367.0 2.0 367.0 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Serica Energy...... 134.8 -4.4 143.4 103.6 Riverstone Energy ...... 472.0 7.5 1256.0 441.5 Avast...... 423.4 3.2 423.4 259.6 National Express ...... 442.0 -2.6 462.0 361.4 Polypipe Group ...... 453.0 -2.2 466.0 312.8 Evraz ...... 378.7 -0.9 709.4 367.2 Inmarsat...... 552.4 2.4 608.2 362.8 Smart Metering Sys....490.0 19.6 665.0 310.0 Schroder Asia ...... 447.0 8.0 469.5 388.0 GENERAL RETAILERS Aveva Gp...... 4256.0 40.0 4256.0 2284.0 PPHE Hotel Gp ...... 1870.0 0.0 1990.0 1540.0 DIVERSIFIED INDUSTRIALS Ferrexpo ...... 131.7 0.2 301.3 123.0 Vodafone Gp ...... 160.3 1.8 168.9 123.3 Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Inv Tst ...... 826.0 6.0 843.0 748.0 B&M ...... 382.4 6.8 426.3 278.6 Computacenter...... 1366.0 -8.0 1525.0 952.0 Rank Gp ...... 238.5 -7.0 247.5 135.0 Smith (DS) ...... 372.1 9.2 385.1 292.2 Scottish Mortgage ...... 511.5 6.0 568.5 441.4 Card Factory ...... 173.4 0.5 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 750.0 14.0 994.0 647.0 Restaurant Grp ...... 137.7 1.5 175.3 111.9 Thorpe (F.W.) ...... 272.0 0.0 340.0 248.0 Smiths Gp...... 1651.5 11.5 1692.0 1315.0 Sequoia Econ Infra ...... 114.2 0.0 117.6 108.5 Dixons Carphone ...... 126.3 -0.9 175.3 104.9 BBA Aviation ...... 309.0 0.0 324.8 207.0 Admiral Gp ...... 2035.0 14.0 2300.0 1958.0 Kainos Gp ...... 522.0 -12.0 676.0 430.0 Stagecoach Gp...... 136.0 -0.8 177.0 115.5 Watkin Jones ...... 235.5 -1.0 241.5 192.2 Smurfit Kappa Gp...... 2758.0 122.0 2758.0 1934.0 Smithson Inv ...... 1218.0 4.0 1280.0 1000.2 Dunelm Gp...... 768.0 -26.0 981.0 482.8 Clarkson ...... 2800.0 25.0 2900.0 1878.0 Beazley ...... 583.5 3.0 628.0 492.6 Micro Focus Intl ...... 1030.0 7.6 2160.0 1004.0 Wetherspoon (JD) ...... 1452.0 -18.0 1624.0 1066.0 Young’s Brew NV ...... 1180.0 40.0 1238.0 1030.0 Vesuvius...... 409.0 -1.4 642.0 341.0 Syncona ...... 228.0 0.0 294.0 213.5 Howden Joinery Gp.....580.8 -3.4 584.2 416.4 Fisher (James) ...... 2010.0 0.0 2260.0 1600.0 Direct Line Ins ...... 274.5 2.0 366.5 272.1 Playtech ...... 399.5 -4.2 470.7 360.5 Whitbread ...... 4175.0 51.0 5114.0 3988.0 Young’s Brew-A...... 1600.0 15.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 286.10 6.10 296.35 180.10 3M ...... 174.90 4.81 219.50 150.74 AIR LIQUIDE ...... 119.10 0.65 130.80 102.40 ABBOTT LABORATORIES ...... 82.22 -0.44 88.74 65.56 ALLIANZ AG ...... 222.05 2.40 222.90 172.16 ADOBE INC ...... 277.50 -0.32 311.27 205.16 AMADEUS IT GROUP ...... 67.64 0.46 70.82 42.30 ALPHABET NON VTG-C ...... 1291.37 17.63 1287.58 976.22 ALPHABET-A ...... 1289.61 17.36 1272.25 1116.79 ANHEUSER BUSCH INBEV ...... 71.03 -0.29 92.71 57.35 AMAZON.COM ...... 1804.66 13.22 2020.99 1343.96 ASML HOLDING NV ...... 244.85 5.10 243.20 130.88 AMERICAN EXPRESS ...... 119.62 0.48 128.57 89.50 AXA ...... 24.08 0.25 24.37 18.54 APPLE INC ...... 257.50 1.68 255.82 142.19 BANCO SANTANDER ...... 330.65 18.35 402.00 301.00 AT&T ...... 38.89 -0.06 38.95 27.36 BASF...... 70.29 1.29 74.49 56.20 BANK OF AMERICA ...... 32.40 0.60 32.07 22.73 BAYER AG...... 71.28 1.38 72.81 52.53 BERKSHIRE HATHAWAY...... 217.98 2.15 222.42 187.76 BMW ...... 71.60 2.16 77.75 58.70 BOEING CO ...... 351.09 5.90 432.69 294.16 BNP PARIBAS ...... 48.45 1.28 48.98 38.55 CATERPILLAR INC ...... 146.92 2.43 144.49 113.38 CRH ...... 2873.00 21.00 2873.00 1971.50 CHEVRON ...... 121.57 5.36 126.54 100.99 CISCO SYSTEMS ...... 47.48 0.45 58.05 40.28 DAIMLER ...... 53.15 0.45 59.31 40.53 CITIGROUP ...... 75.15 1.31 73.84 49.26 DANONE ...... 73.62 -0.36 82.00 60.28 COCA-COLA CO ...... 53.14 -0.76 55.77 44.69 DEUTSCHE POST AG ...... 32.48 0.32 32.16 23.72 COMCAST ...... 43.89 -0.86 46.97 33.07 DEUTSCHE TELEKOM ...... 15.67 0.05 16.25 14.10 DOW ...... 54.17 1.86 66.65 40.71 ENEL ...... 6.97 0.04 6.94 4.42 EBAY INC ...... 35.41 0.16 41.57 26.14 ENGIE...... 14.89 0.04 15.12 11.99 EXXON MOBIL ...... 71.67 2.07 83.38 65.51 ENI ...... 13.97 0.27 15.94 13.04 FACEBOOK ...... 194.72 1.10 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 219.87 2.48 231.65 156.35 FRESENIUS MEDICAL CARE ...... 66.76 0.78 76.32 56.64 HOME DEPOT INC ...... 234.92 -2.42 237.93 158.14 HONEYWELL INTERNATIONAL ...... 180.00 3.88 178.40 124.83 IBERDROLA ...... 9.14 -0.04 9.54 6.02 IBM ...... 137.67 2.14 151.36 107.57 INDITEX ...... 28.21 -0.03 32.37 2.55 INTEL ...... 57.61 1.10 58.82 43.46 ING GROEP NV...... 10.38 0.18 12.05 8.34 JOHNSON & JOHNSON ...... 130.23 -0.97 147.84 122.84 INTESA SANPAOLO...... 2.31 0.03 2.34 1.83 JPMORGAN CHASE & CO ...... 128.82 1.02 127.80 92.14 KERING ...... 525.50 10.50 537.50 374.20 MASTERCARD INC ...... 276.33 -2.72 292.08 174.65 KON KPN NV ...... 2.76 0.01 2.96 2.34 MCDONALD’S ...... 188.66 -5.28 221.15 170.28 L’OREAL ...... 260.50 0.10 263.10 195.25 MEDTRONIC ...... 107.15 -1.42 111.18 82.45 LVMH MOET HENNESSY ...... 397.50 8.25 389.25 243.25 MERCK & CO ...... 83.90 -1.04 86.91 71.15 MUENCHENER RUECKVE ...... 250.70 1.20 250.80 185.10 COMMODITIES TOURIST RATES MICROSOFT ...... 144.55 0.83 144.61 94.13 NETFLIX ...... 292.86 6.05 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1508.80 -2.15 Copper Cash Official...... 5796.00 -28.00 Canada ...... 1.6173 New Zealand ...... 1.863 NIKE INC ...... 89.86 0.68 96.22 67.53 ORANGE ...... 14.39 -0.01 15.16 13.15 Silver (Pence) ...... 1812.00 +6.50 Aluminium Cash Official ...... 1765.50 +23.00 Croatia ...... 7.796 Norway...... 11.20 ORACLE ...... 55.45 0.45 60.15 42.69 ROYAL PHILIPS ...... 39.98 0.38 44.34 29.10 Silver (Cents) ...... 1398.00 +5.00 Nickel Cash Official ...... 16747.50 -85.00 Czech Republic ...... 27.15 Poland ...... 4.3277 PAYPAL HOLDINGS ...... 102.81 -2.17 121.30 96.64 SAFRAN ...... 143.50 0.40 145.00 100.70 Krugerrand ...... 1529.57 +1.21 Aluminium Alloy Cash Official ...... 1365.00 u/c Denmark ...... 8.2283 Singapore ...... 1.6352 PEPSICO ...... 135.16 -1.77 140.28 118.61 SANOFI ...... 82.70 1.13 85.25 72.24 Brent Crude ...... 61.69 +2.07 Natural Gas ...... 42.82 +0.18 Hong Kong ...... 9.6187 Sweden ...... 11.79 PFIZER INC ...... 38.03 -0.36 46.23 34.24 SAP SE ...... 120.82 1.20 124.38 85.79 Platinum ...... 932.00 -4.00 Tin Cash Official ...... 16550.00 -187.50 Iceland ...... 141.32 Switzerland ...... 1.2147 PROCTER & GAMBLE ...... 119.07 -4.80 124.94 87.36 SCHNEIDER ELECTRIC ...... 85.64 1.52 85.00 57.58 British Sovereign ...... 357.22 +0.28 Zinc Cash Official ...... 2540.50 -2.25 India ...... 80.59 Turkey ...... 7.0037 TRAVELERS COMPANIES ...... 130.20 -0.52 154.83 112.63 SIEMENS AG ...... 107.46 2.52 108.66 85.00 Lead Cash Official ...... 2175.50 -34.00 White Sugar ...... 340.10 +1.70 Israel ...... 4.1077 United States ...... 1.2347 TWITTER ...... 30.05 0.43 45.42 29.62 SOCIETE GENERALE...... 26.57 0.70 33.87 21.13 UNITED HEALTH GROUP ...... 251.25 -0.96 286.33 215.26 UNITED TECHNOLOGIES ...... 147.51 0.83 146.68 102.06 TELEFONICA SA ...... 6.93 0.02 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.87 -0.50 61.05 53.05 TOTAL ...... 48.52 0.77 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 178.95 -1.98 185.74 168.86 UNILEVER NV ...... 52.50 -0.20 57.56 46.03 FTSE 100...... 7369.69 +67.27 +0.92 S&P 500...... 3078.27 +11.36 +0.37 CAC 40 ...... 5824.30 +62.41 +1.08 Hang Seng ...... 27547.30 +446.54 +1.65 WALGREENS BOOTS ALLIANCE...... 59.65 2.27 76.05 49.29 VINCI ...... 102.40 0.65 101.75 70.50 FTSE 250 ...... 20249.72 +90.95 +0.45 Dow Jones I.A ...... 27462.11 +114.75 +0.42 Swiss Market Index ...... 10252.24 Nikkei ...... 22850.77 -76.27 -0.33 WALMART ...... 117.57 -0.05 120.24 85.82 VIVENDI ...... 25.01 0.01 26.42 20.93 FTSE All-Share ...... 4055.90 +33.16 +0.82 Nasdaq Composite ...... 8433.20 +46.80 +0.56 ISEQ Overall Index ...... 6753.78 +117.07 +1.76 STI Index ...... 3236.40 +6.97 +0.22 WALT DISNEY CO ...... 132.92 0.17 146.39 100.35 VOLKSWAGEN AG ...... 177.72 5.02 175.00 136.26 FTSE AIM All-Share ...... 889.32 -1.38 -0.15 Xetra DAX...... 13136.28 +175.23 +1.35 FTSEurofirst 300 ...... 1581.87 +16.34 +1.04 ASX All Ordinaries...... 6799.80 +20.70 +0.31 WELLS FARGO & CO ...... 52.72 0.54 54.35 43.38 20 OPINION TUESDAY 5 NOVEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Voters can see through the TO THE EDITOR Labour bid to ban billionaires Laundry day [Re: EU mulls new anti-money laundering body following scandals] Quite frankly, we do not need to create yet AY WHAT you like about Je- be sunshine and rainbows. wealth, you have to create it. another regulatory body to tackle the remy Corbyn, at least he’s As Corbyn put it on Twitter: Robert For one of our recent papers, enti- scourge of money laundering. Given the not afraid to play the hits. A “There are 150 billionaires in the Colvile tled Make Work Pay, we carried out raft of regulation and the efforts that Sweek into the General Elec- UK while 14 million people live in detailed research on people’s atti- banks have taken in recent years to tion run-up, and the Labour poverty. In a fair society there tudes to taxation. protect against the practice, surely it campaign is already built squarely would be no billionaires and no Yes, they felt that the rich should would make more sense to make the around two messages. one would live in poverty.” pay their share. But they also recog- current bodies (notably the European The first is that the secret Tory You can see the superficial attrac- nised that if the system didn’t pay Banking Authority) more effective. plot to privatise the NHS, nurtured tion. At a time when growth is stag- you to work harder, you wouldn’t – The process of having individual member over decades, is about to spring into nant and real wages have broadly and that if that principle were ap- states take European directives and then full flower – with a free trade agree- flatlined since the financial crisis, plied across the economy, it would translate them into local law has to be ment with America as the first das- arguments about sharing the cake be disastrous for everyone. simplified. By adopting EU-wide tardly component. will always be compelling. Remarkably, the convenor of our regulations, we would be in a position to Admittedly, it’s quite hard to see There is also a broad sense among focus groups had to work hard to create consistency in anti-money the causal mechanism here. It many people that the system is get those attending to condemn laundering rules, which would, in turn, seems to have something to do with rigged against them. So Corbyn’s even the chief executive of Persim- makes it easier to regulate. the UK being forced to buy drugs off line that behind every great for- They understand mon, then in the news for trouser- Regulators could also make life simpler US companies, which will somehow tune lies some kind of social crime ing a £110m bonus. The feeling was for banks by endorsing utility models that inevitably force the breaking up will certainly have an audience. that the economy that he might not have earned the would share the workload of know-your- and selling off of the health service. But will the audience be as large full amount, but he had to have customer process and prevent multiple Indeed, as Christian May pointed as Labour supposes? is not a zero-sum done something, made some canny banks having to do the same repetitive out in an excellent piece in this I’m not so sure. game, and that business decisions, that deserved to onboarding activity. paper yesterday, the NHS privatisa- The basic principle of redistribu- be rewarded. If we are being honest, this move seems tion argument is nonsensical scare- tion is completely accepted by the without wealth This isn’t to say that the Conserva- to be in part a reaction to the fact that the mongering. voters. We already take from the creation there tives should position themselves as US authorities have been uncovering The King’s Fund, the blue-chip re- rich and give to the poor – a process the blind defenders of the billion- money laundering scandals in Europe’s search outfit on this, has concluded which moves Britain from being can be no wealth aire class. home patch. that, whatever definition you use, one of the most unequal societies redistribution But voters do understand that the Time would be better spent focusing on there is no privatisation epidemic. in Europe in terms of raw incomes economy is not (and should not be) mending the holes in the current And even if there were, the idea to pretty much bang in the middle a zero-sum game, and that without regulator’s roof, rather than contemplating of the NHS buying stuff from pri- once the tax and welfare systems wealth creation there can be no building a whole new regulatory vate companies, or using private take from those who can afford it wealth redistribution – nor, come framework. contractors to sweep the floors, to support those who can’t. uncontroversial. to that, the cash to pay for the pub- Mike Hampson, chief executive, make the sandwiches or even carry However, there are two principles What the public object to, accord- lic services they cherish. Bishopsgate Financial out basic scans and treatments, is which work against the class envy ing to the pollsters, is people who Because ultimately, Labour’s rhet- part and parcel of making sure that Corbyn is trying to stoke. seem to be taking without having oric isn’t about “billionaires” at all. that we deliver the best care at the The first is that voters draw the given – rapacious chief executives It’s about the notion that the game lowest price. sharpest of divides between earned of privatised utilities, the bankers is rigged – and that the only way to BEST OF Given that the City A.M. Editor has and unearned wealth. who crashed the economy, tech win it is to flip over the table. TWITTER scattered this straw man to the The idea that the people who firms whose clever tax arrange- The problem with that position is winds, I’ll focus on the second mes- founded a company which employs ments deprive the NHS of the fund- that you have to ignore all the stuff I’m glad that the issue of bullying of sage: that if there weren’t any bil- hundreds of people or came up with ing it needs. you’re breaking when you do. MPs’ staff is being raised as an issue in lionaires, there wouldn’t be any an idea that has made millions of The second principle Corbyn this speaker election. But what a poverty. Take from the rich, give to lives better should claim their fair should note is that voters know per- £ Robert Colvile is director of the Centre disgrace that the outgoing speaker the poor, and it would all magically share of the value created is utterly fectly well that in order to share for Policy Studies think tank. failed to deal with it – and that some MPs let him off the hook for that failure because they found him politically useful. @wallaceme

Top banter in the Commons. Whoever you support, this culture of MP Chris Bryant: “I want to stop the clapping.” SNP MPs: *All start clapping* abuse is unacceptable in modern Britain @jrmaidment According to the tactical voting HIS year, I stood as an MEP One particular email, attacking her threatening emails to him were far website I’ve checked, in my candidate. I was tremen- for her decision to have an abortion Nicholas worse now than they ever were be- constituency I should perform the dously excited – it had earlier in life, was so horrific she Mazzei fore the Brexit referendum. secret ritual to awaken The Dread Tbeen a dream of mine has decided to exit politics. Yet when MPs complain, they are Cthulhu. There’s a very convincing bar since I was in school to be She is not alone – many of the 60- instructed that they must be made chart that proves he’s the only one a politician. The debate on Europe odd current MPs who have an- of sterner stuff; you can’t be an MP who can beat the Lib Dems here. was exhilarating, new parties had nounced that they are standing and not be able to suffer abuse. This @SnoozeInBrief entered the fray, and digital plat- down, including Nicky Morgan and is the language used to blame vic- forms meant that engaging the Amber Rudd, have cited the sheer tims for the actions of their abusers Dogs murdered by contract killer by public was easier than ever. volume of abuse they receive as a – and it is totally and utterly wrong. party: Within an hour of my candidacy reason. Others have made the deci- parliament yelling in your face, and MPs, whether they have chosen to Labour: 0 being announced, the abuse began. sion to run again in the full knowl- will have lost the ability to share stand down or are braving another Conservative: 0 I had, of course, expected some edge of what they are subjecting your message online and engage election, are not at fault for feeling Greens: 0 grief, but what I received was shock- themselves to. with voters. unsafe at work given the torrent of UKIP: 0 ing, encouraged by so-called jour- Last week, Anna Soubry tweeted No side or party is completely in- abuse they receive, threatening Brexit Party: 0 nalists who pointed their followers out a threatening letter sent to her nocent. We’ve seen Leaver and Re- them and their families. The only Plaid Cymru: 0 at me while abuse flooded in. home from someone suggesting mainer MPs harassed, threatened, people to blame are the ones spew- BNP: 0 I had it easy. Within a few days I that they would do to her what and abused by crowds outside par- ing vitriol, online and offline. DUP: 0 was forgotten by the crowds, a can- happened to Jo Cox, who was liament. And it’s having an impact Each of us, whatever our politics, SNP:0 didate low on the list and of little stabbed to death while campaign- beyond the MPs themselves – two fe- must endeavour to choose our lan- Liberal Democrats: 1 interest. Most politicians have it ing for Remain in 2016. male staffers I know are deeply dis- guage with care and call out abuse @stuarthammond14 much, much worse. Jess Phillips, another brave and tressed by the experience of walking when we see it. The threat to MPs’ Heidi Allen, the MP who left the outspoken MP, told me 2017 that through these protesters daily and safety and security at work is a My favourite thing about this tweet is Conservatives to lead Change UK the best way to avoid abuse is to reading the threatening emails. threat to our very democracy. that the best defence against it is and then moved to the Liberal De- have no social media at all. But she They genuinely fear for their lives. “that was one of our predecessor mocrats, wrote to her constituents is under no illusion that this is a Men generally get off lighter, as £ Nicholas Mazzei is a corporate social parties, actually” last week explaining why she would perfect solution – abusers will still one Conservative MP explained to responsibility adviser and was an MEP @JonnElledge not be standing in this election. email you, they will stand outside me last week, but the number of candidate in 2019. CITYAM.COM TUESDAY 5 NOVEMBER 2019 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam This parliament has taught us DEBATE The Tories are focusing on the NHS the strength of our democracy – is this an issue they can win on? HE 57th parliament of the business of the House. Whether those United Kingdom officially John powers are exercised from a spirit of comes to an end tomorrow. It Oxley neutrality or with a political mind is a The Tories can win on the NHS, Thas seen off a Prime Minis- key question of our democracy. because the Tories can win in Wales. ter, survived a prorogation Yet perhaps the biggest lesson of the Yesterday’s Welsh Barometer poll has that wasn’t, and failed to deliver 57th parliament – worth remember- the Conservatives on track to gain nine YES Brexit. Decried by the attorney gen- ing today as we celebrate Bonfire Night seats from Labour. The success of the eral as a “zombie parliament”, it has and the anniversary of the failed Gun- Tory message there is, in part, down to LAUREN MCEVATT gone to the country in search of new powder Plot – is a hopeful one. the “compare and contrast” agenda, brains. It will have a curious legacy. In times of political strife and seem- designed to compare the 20-year The Conservatives are working hard Perhaps the most obvious thing that unprecedented and unwarranted ingly irreconcilable division, our par- history of Labour’s poor running of the to challenge the scaremongering that this parliament has taught us is the abuse being hurled at them. liament has continued to function. NHS in Wales, which has continued its they plan to “privatise” the NHS and sell weakness of our party system to deal The time since 2017 has also high- MPs have put their public duty first, track record of delivering woeful results, it to the evil Americans, and they should with a dispute that crosses the nor- lighted the problem with a govern- sacrificing ministerial jobs and even with the better results from the continue to do so. But by pointing to mal party divides. For much of our re- ment so preoccupied with one issue. their political careers to do what they Conservative-run NHS in England. the Welsh Labour government’s cent history, politics has been largely Brexit has taken up significant band- feel is right. They have shown, on all This argument hasn’t changed in the inability to deliver basic public services, straightforward: labour opposing cap- width, with important questions sides, their commitment to what they last 10 years – which was, incidentally, the Tories can demonstrate that the ital, spending against frugality, cen- forced to the silence. Even measures believe is best for the country. the last time the Welsh NHS met either real risk to the health service comes not tral planning versus privatisation and which enjoy support across the Most of all, in order to break the its 95 per cent target on four-hour waits from them, but from Jeremy Corbyn. enterprise. In Brexit, we have faced an House, such as divorce law reform and deadlock, we will return to the ballot in A&E or the 95 per cent target for issue which confounds these divides. increased powers to combat domestic box, not the streets. patients moving from cancer diagnosis £ Lauren McEvatt is a former Wales As a result, parliament has become abuse, have struggled to find parlia- It is wrong to expect democracy to to treatment within 62 days. Office special adviser. inactive. Divisions over how and if mentary time. be clinical. If the answers were self-ev- the referendum should be honoured As we head towards the election, it ident, it wouldn’t be needed. That is have stretched the whips in both par- is clear that the parties understand the central conceit of dictatorships ties to breaking point. Leavers and Re- this, with the Conservatives focusing everywhere. The 58th parliament will “Record funding for the NHS”, “the NHS mainers have voted together against on a desire to “get Brexit done” and a still be raucous and riven. There will is safe in our hands” – as predicted, the the government, hoping respectively pivot towards increased government need to be compromises. There will be sloganeering has started already. for no deal and no Brexit. spending, and Labour moving to passion on both sides of every debate. Dominic Cummings’ not-so-cunning NO The Conservatives have purged some other issues entirely. Our parliamentarians will continue plan to put the NHS at the forefront of of their most esteemed members for And we have seen the importance of to clash, just as the forbears did in the Conservative election campaign will SONIA ADESARA breaking party lines, while Labour has the speaker, now a new one has been this parliament and before it. And work brilliantly – as long as the voter twisted and turned into a position not elected. John Bercow showed that, in eventually, there will be a resolution hasn’t seen the news, visited a hospital, parent who has been told that their even its frontbenchers can explain in difficult times, the chair offers vast of the Brexit conundrum, and this tu- or been unwell in the past decade. seriously unwell child has to wait over a simple sentence. and unaccountable powers over the mult will one day fall into history – It will work as long as the voter hasn’t six months to see a specialist. This parliament has also highlighted just as the Gunpowder Plot, the Irish been denied a GP appointment due to This week, we have heard that the conflicting duties of MPs like Question, the Reform Act, and count- the fact that 100 practices are closing Number 10’s response to the NHS never before. Many have found them- In order to break the less other controversies have before it. every year, nor had to wait six hours in election crisis is to recruit more NHS selves torn between party, country, deadlock, we will England will remain the mother of A&E (the longest waits on record), nor spin doctors. Unfortunately for and conscience. There has been an al- parliaments, and its child will remain seen a relative with cancer suffer, as Cummings, reality cuts through most unprecedented number of defec- return to the ballot as it ever was – unruly, unwieldy, but their treatment has been delayed. As rhetoric. The Tories track record speaks tions, with parliamentarians finding box, not the streets ultimately good. long as they’re not one of the 80,000 for itself. their own views at odds with those of people who have had their operation their leaders and their constituents. £ John Oxley is a Conservative cancelled this year due to staff £ Sonia Adesara is a GP registrar This conflict has also perhaps fuelled commentator. shortages or faulty equipment, nor a working in London.

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This is Me is a pioneering mental Raise awareness through the Green To join our growing movement health initiative that aims to change Ribbon Campaign, wearing ribbons to of organisations, and register attitudes towards mental health show solidarity and commitment to ending stigma for This is Me, head to: in the workplace and support Open up the conversation through This Is lordmayorsappeal.org/thisisme organisations to create healthier and Me storytelling, sharing lived experience to more inclusive workplace cultures, end the stigma and make it ok to talk If you’d like to speak to a member of team to fi nd out improving employee wellbeing. We Build employees skills through Wellbeing do this by providing employers with in the Workplace, an online wellbeing more, contact us: thisisme@ the tools they need to: programme giving the skills to manage thelordmayorsappeal.org emotional health @LMAppeal The Lord Mayor’s Appeal 22 FEATURE TUESDAY 5 NOVEMBER 2019 CITYAM.COM

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

CITY A.M.’S frica is a region that is unique in many ways. Before the ar- CRYPTO INSIDER rival and exploitation in the Alate 19th and early 20th cen- turies of western imperialism, JAMES BOWATER the continent was one of the most pros- perous and economically thriving re- reetings once again from Malta where I am gions of the world, mainly because of Gattending the AIBC Malta Blockchain its immense natural resources. Summit and it’s companion piece Cannabiz Today, it is the world’s largest but World. What is the link between Medical poorest region. However, it represents Cannabis, AI and Blockchain I hear you ask? Yes, of a significant opportunity for FinTechs course there is that slight anti establishment feel and cryptocurrencies, particularly engendered by both, but in reality the links are more profound. those focused on eradicating financial Let’s get the market recap over and done with and I will explain! exclusion. At the time of writing Bitcoin (BTC) was trading at US$9,333.12; Ethereum (ETH) is at US$186.53; Ripple (XRP) is at US$0.2958; WHY IT REPRESENTS Binance (BNB) is at US$20.67 and Cardano (ADA) is at US$0.04284. AN OPPORTUNITY Overall Market Cap is at US$249.58bn (data source: On November 1st, Worldometers re- www.CryptoCompare.com) ported that just over 1.3 billion people Just as the cypher punks reacted against the financial crisis of were living in Africa. That represents 2008 (giving birth to Bitcoin) exponents of medical marijuana are 16.7% of the world’s 7.7 billion inhabi- often frustrated by ‘Big Pharma’ and their lobbying of government tants. The median age in the continent licensing agencies. The problem for them is that more and more is 19.4 years. anecdotal evidence provided by CBD product users suggests that The United Nations says that provided the extraordinary benefits of these products are wide ranging and with the knowledge and the opportuni- absolutely do threaten those who rail against it. Companies like ties, youth represent a positive force for Pharmstrong.com who make high quality products that genuinely economic development. The younger UNLOCKING THE help are leading the way. The link with blockchain, however, is generations are also the most tech-savvy harder than ideology - quality is key which mean provenance is and open to change. They represent the fundamental from seed to processing: Blockchain based supply largest age group in today’s workforce, chain recording provides that solution. according to a study. However, the GLOBAL DIGITAL One of the joys of being your Crypto Insider is that I’m not siloed World Bank says youths account for 60% and consequently am able to see a wide range of projects that of all of Africa’s unemployed. deserve to be shouted about positively and also that contain The 54 countries in the African conti- synergies. This week sees the culmination of one thread that is a nent are home to newer generations ECONOMY IN AFRICA passion of mine which is to technologically unlock Africa for Africans. and the middle of Africa is the And when I say Africans I mean all that live on the continent as well youngest region in the world. Their as those who have been exiled or simply are expatriates. global share of people younger than 15 Africa came into my life when I was ten years old when I met Fikale years of age is 46%, according to PRB. from South Africa, a friend of Steve Biko, who had been tortured and Most experts agree that millennials, Designed by ing. In fact, according to Forbes, mobile creasingly, internationally. Mobile apps exiled. He was my mother’s university friend who became my quasi including post-millennials, are particu- Phill Snelling, digital accounts are now higher in are also increasingly being used to pay stepfather and was (and still is) wonderful. Africa is defined by so larly open to embracing new technol- Bowater Media number than bank accounts. “The bills, receive wages, and purchase much more than race, religion and colonialism despite all three ogy and cryptocurrency, agree Forbes number of new FinTech users has in- goods and services. leaving indelible scars. Africa has, for so long, been a resource rich and Cointelegraph. The same goes for creased by 250% to 7.2 million from the Technological innovation is enabling punchball for the west and east alike so it’s essential that proper those who are unbanked. Venezuela is 2012 baseline,” the news outlet stated. an increasing number of Africans to technological advancements are for the nations to benefit from. a prime example. Sub-Saharan Africa (the African na- move up the financial services value In today’s paper, you will read about Micky Watkins’s World tions south of the Sahara desert) is the chain, the IMF added. They are access- Mobile in the Spotlight below and also from Richard Ells, founder of TRADITIONAL BANKS only region in the world where nearly ing mobile financial services to open Electroneum, who has written the Guest Main Feature. I’m VS FINTECH AND CRYPTO 10% of gross domestic product (GDP) in savings accounts for loans, insurance, extremely grateful to the organisers of the AIBC Malta Summit - Access to traditional financial services transactions are processed through and investments. With over 20 million Eman Pulis and Oliver de Bono - for creating a panel entitled “A remains almost a mirage for the major- mobile currency, according to an Inter- users, M-Pesa is arguably the best exam- Sleeping Giant: Driving Mass Adoption in Africa” that includes both ity of the African population, as 66% is national Monetary Fund (IMF) study. It ple of this in Africa. Micky and Richard along with award winning musical artist Akon unbanked. However, the penetration of added that most Africans currently de- Electroneum is another start-up who’s Akon Lighting Africa charity has provided electricity in 15 mobile devices in the regions has pro- pend on mobile payments to send and poised to help reduce financial exclu- African countries. It’s definitely going to be one worth watching! vided millions of access to digital bank- receive funds domestically and, in- sion in the region. Thousands of mer-

Micky Watkins, Founder This is estimated to contribute an & CEO of World Mobile additional $40bn to GDP. The potential for telecoms companies in this region is Crypto A.M. shines unparalleled, and at 52% subscriber penetration, the gap to saturation will remain huge even by 2025. However, the subscriber growth rate has been slowing its Spotlight on due to unaffordability and a growing youthful population. Future growth opportunities are instead to be found in World Mobile low-ARPU (average revenue per user) markets and rural areas. Beginning in Tanzania, World Mobile is orld Mobile is on a mission to education, to government services, or entering the 3rd fastest growing economy Wcreate a distributed economic opportunities - much of which in Sub Saharan Africa. The purpose: to telecommunications network that has been digitised. They are being left capture a substantial share of the promotes equality of opportunity, behind. For those already on the margins Tanzanian telecom market by putting in accessibility and economy for everyone, of society, the disparity continues to grow place a dynamic framework that employs a everywhere. Built on a backbone of burying them even deeper in the dust. hybrid of mesh/GSM network elements, blockchain technology, the World Mobile World Mobile is making connectivity not green energy, blockchain, open source network is designed to deliver only possible, not only affordable, but software and license-exempt spectrums to unprecedented levels of connectivity and profitable for the unconnected. By giving connect the unconnected. All of which increase inclusivity all whilst protecting the those in disadvantaged regions the World Mobile has extensive experience sovereignty of user identity. opportunity to operate their own network with, and are characterised by significantly We live in a world of staggering economic lower capex and opex. disparity. A world in which over 780 million We are laying down the foundations not people live on less than $1.90 a day, whilst only for the mass adoption of blockchain 1% of the population own 45% of the total technology but more importantly mass wealth. Where 15% of people have no elements, the disenfranchised can begin to Africa becoming the fastest growing inclusion at large. World Mobile isn’t just electricity. Where 10,000 people die each World Mobile isn’t build digital businesses, access financial mobile market in the world. By 2025 reserved for those without a voice, it’s for day because they can’t access affordable reserved for those services and government resources, Mobile Phone Adoption will increase from everyone that values community, healthcare, and 262 million children become part of the world at large, all whilst 44% to 52%, adding 190m new users. demands fairness and desires connection. cannot go to school. without a voice, it’s generating revenue via the network During the same time period mobile We bring them all together. In this world only 50% of people are for everyone that interactions their infrastructure processes. broadband connections will increase from online. This means half of the population Africa will add 1.3 billion people to its 38% to 87% of all connections and 440m For further information visit have no access to public debates, to values community. population by 2050, with Sub-Saharan new smartphones will be in operation. https://www.worldmobile.io CITYAM.COM TUESDAY 5 NOVEMBER 2019 FEATURE 23

E: [email protected] @CityAm_Crypto In association with

ceive payments, and it is free. Elec- CRYPTOCOMPARE MARKET VIEW troneum aims to spur local prosperity in developing countries by providing access to global digital economy through its AnyTasks freelancer plat- Exchange Blunders Fail to Dent Market Rally form. It gives people the opportunity to sell skills online and earn ETN at no rypto markets have taken great distribution of mass emails with customer cost. Buyers of these digital tasks pay strides over the past year towards email addresses visible in the ‘cc’ field. with credit and debit cards, and sellers Cinstitutional-level maturity, with The markets themselves were less filled seamlessly receive ETN. Electroneum’s many new players entering the space and with drama, especially in comparison with upcoming free TaskSchool platform of- new offerings from existing exchanges. A the previously week’s price volatility. fers people online courses to learn spate on incidents on Friday however, Bitcoin (BTC) spent the week in skills they can perform and sell with a showed how there can still be setbacks consolidation, opening at $9,600 and smartphone or laptop. on the road. closing down at $9,100 with a weekly low The new technologies that Elec- Firstly, a period of intense trading of $8,900. It was a similar pattern for troneum, M-Pesa, and others have de- triggered a minor flash crash on Coinbase Ethereum (ETH), which opened at $183 veloped could help millions break the Pro, which stopped out a number of and closed at $180. The asset did however cycle of poverty in Africa, a region positions on the platform. This was have a promising rally on Tuesday up to where the overall number of people liv- followed by a more significant crash on $192 before being knocked back down to ing in extreme poverty is increasing, ac- Amsterdam-based Deribit, where the $177 on Thursday. cording to a report. price suddenly dropped from above $9k The altcoin market remained stable World Bank Senior Research Advisor to $7.8k due to an exchange range across the week, ranging between $69-75 Francisco Ferreira late last year said miscalculation, resulting in $1.3 million in billion. Standout performers across the that 413 million in Sub-Saharan Africa losses due to the consequent wave of week included Augur (REP) which live in extreme poverty. That represents liquidation events. Deribit has said it will increased 30% vs USD, Decred (DCR) half of the world’s total. He added that refund affected users. which was up 28% and Elrond (ERD) up if the current economic trend in the re- Finally – and most significantly – 25%. If BTC continues to range this week, gion continues, by 2030, 25% of the derivatives exchange BitMEX, the highest- the lack of volatility typically bodes well for population will continue to live in volume venue in crypto, suffered a serious altcoins, which would likely seek to regain poverty. That means that nine out of email blunder which resulted in the lost ground in their bitcoin value. ten poor people in the world will be liv- ing in Africa, he said. The IMF agrees that greater digital in- clusion and innovation has the poten- tial to spur economic growth, which CRYPTO A.M. INDUSTRY VOICES comes with new jobs. In the same article, the GSMA said that by next year, there would be 725 million mobile phone subscribers, and Libra, China and the Next that 70% of them would have adopted chants in South Africa, Uganda, and incentivise and educate thousands of smartphones by 2025, which con- other African countries are already ac- merchants to accept ETN. tributes to making the region ripe for Phase for Digital Assets cepting ETN, the name of Elec- In a United Nations blog, business unlocking its access to the global digi- igital assets continue to permeate their architecture, governance and price troneum’s cryptocurrency. It is a and tech journalist Rakesh Sharma tal economy. the public consciousness. In recent volatility - there exists a strong link be- mobile-based cryptocurrency that does said, “Africa is rarely mentioned among Dweeks, we have seen events unfold tween the two classes of assets. On the not require users to have a bank ac- the largest markets for cryptocurrency, Richard Ells, Founder & CEO of Electroneum that highlight the potential for digital most basic level, they share the moniker count. Users benefit from the up to but it may be set to steal a march over in conversation with James Bowater. For currencies to revolutionise the global of “digital asset,” and are therefore inex- US$3 worth of ETN every month, for other markets.” This is already true in further information visit economy. tricably linked in the minds of the public simply engaging with the app. This can South Africa, which tops the list of https://electroneum.com In the US, congressional hearings on and investors alike. Many crypto-natives be used for mobile top-ups and, in some Hootsuite’s 2019 survey of internet proposed stablecoin Libra captivated believe this connection should not be un- areas, for purchases of everyday items users reporting they own crypto. IMPORTANT INFORMATION: THE VIEWS AND global media. Certainly Facebook’s poor derestimated, and will ultimately drive like bread, milk, maize and services, OPINIONS PROVIDED BY CITY A.M.'S CRYPTO track record on privacy put CEO Mark mass retail adoption of Bitcoin and such as taxi rides, car washes, and hair- FREELANCER AND ELEARNING INSIDER AND IN THE CRYPTO A.M. SECTION Zuckerberg in the crosshairs. With a ‘sound money.’ cuts. Electroneum’s ecosystem will PLATFORMS SHOULD NOT BE TAKEN AS INVESTMENT OR host of key members of the Libra Associ- Perhaps more significantly, institutions grow further through the ETN Every- Electroneum’s mobile app is one of the FINANCIAL ADVICE. ALWAYS CONSULT WITH ation including Visa, Mastercard and also seem to appreciate the connection where, their on-the-ground program to fastest ways to globally send and re- YOUR FINANCIAL ADVISOR. PayPal jumping ship, the project faces a between the two types of digital asset. tough road ahead. CME Group, for example, which lists reg- Almost in response to this unfolding ulated cash-settled bitcoin futures, saw unease about non-sovereign digital cur- open interest on bitcoin contracts ap- rencies in the West, China reaffirmed its proach an all-time high following the an- intent to embrace blockchain technol- nouncement of Libra in June. WHAT IS STORED IN ogy, complemented by their new cen- Other developments that may encour- tral-bank digital currency, the Digital age institutional adoption include digi- A BLOCKCHAIN? Currency Electronic Payment (DCEP). tal asset platform Bakkt’s recently With a former high-ranking Chinese of- launched bitcoin futures, and their new Troy Norcross ficial claiming that PBOC will become bitcoin options offering, set to launch in , Co-Founder Blockchain Rookies the first central bank to issue a national December. digital currency and that Libra is des- One area that will prove key as both tart with the idea that a that wallet. supply chain. tined to fail, the gauntlet has been sets of assets penetrate the mainstream blockchain is nothing more than a For a supply chain use case, a But not everything needs to go into a thrown down to both Western central is access to high-quality data. Trusted Sshared Excel sheet where every blockchain can record the transfer of blockchain. Blockchain technology is banks and big tech alike. data brings transparency and efficiency row in the sheet is information about a assets, like bales of cotton, from one not intended to replace traditional However, it is the potential impact of to a marketplace, increasing confidence transfer or transformation of an asset. party to another or from one location relational databases or share these major international players on Bit- and - ultimately - liquidity. We are proud Groups of rows become blocks, and to another. Blockchain can also record filesystems. We do not store large files coin and other cryptoassets that most to have helped power 3iQ’s Bitcoin Fund, each block is password protected as a the transformation of an asset from or high volumes of transactions in a concerns the crypto community - specif- the first exchange traded bitcoin fund in group of locked cells. What type of one form to another, e.g., from a bale blockchain. Good blockchain data ically whether these moves from Face- North America. It is developments such information exists in each row? And of cotton to meters of fabric. We can architecture defines the minimum book and central banks will help or as these that further awaken powerful what kind of information should not query the history of an asset through data necessary to share between the hinder an institutional influx into players to the potential for digital assets reside in a blockchain? transfers and transformations along relevant parties. crypto. to take centre stage on the world The first and most well-known use of the supply chain. As more enterprises experiment with We saw an example of this just over a economy. blockchain is for the cryptocurrency Aligning asset transfer records with blockchain, best practice in deciding week ago. With bitcoin surging over 40% What does this all mean for the next bitcoin. In the case of bitcoin, every payments can add liquidity into the what information should exist in the in a day to record one of its highest daily phase of digital assets? Predicting what’s entry reflects a transfer of a fixed supply chain. When recording the blockchain is emerging. rallies, many in the cryptoverse were around the corner for this nascent in- amount of bitcoin from one wallet to transfer of an asset, the associated fee sure that the market’s surge on October dustry is notoriously risky. However, as another wallet. Anyone can query the gets released at the same time. Get in touch with us: 25th was a response to President Xi’s pos- nation states and multinationals enter current balance of a wallet and the Eliminating the time, cost and errors of [email protected] / Twitter itive remarks about blockchain. the fray, there may be cause for cautious record of all transfers to and from reconciliation adds liquidity to the @igetblockchain Whether or not the Chinese Premier’s optimism about Bitcoin, cryptocurren- comments were the real impetus, it’s cies and digital assets in general. clear that the market sees a distinct con- nection between centralised digital cur- Charles Hayter is Co-Founder and CEO of rencies that aim to compete with or CryptoCompare, the global leader in digital replace fiat, and decentralised digital as- asset data. Previously, he was an equity sets like Bitcoin. analyst at Citi and Westhall Capital, Despite the fundamental differences specialising in the solar and chemical between Bitcoin and centralised digital sectors. He holds a degree in Physics and currencies such as Libra or DCEP - in Astrophysics from Durham University. 24 FEATURE TUESDAY 5 NOVEMBER 2019 CITYAM.COM TRADING & INVESTMENT Katherine Denham looks at the pros and cons of the Saudi Aramco flotation

AUDI Aramco is the mother of all oil companies, and the most profitable business in the Sworld. Last year, its net income stood at $111bn, dwarfing the earnings of other oil giants. So the announcement on Sunday that the state-owned Saudi Arabian company will finally go public is mas- sive news for investors, and marks the end of a four-year wait. The firm will initially list on Saudi’s domestic Tadawul stock exchange in December, but a secondary international listing is expected at a later date. The Kingdom plans to sell about one to two per cent of Aramco in a deal which is estimated to value it at $1.5 trillion. While this is significantly below Crown Prince Mohammad Bin Salman’s initial target of $2 trillion, it would still make the company vastly more valuable than tech behemoths like Apple and Microsoft, which are both valued at $1 trillion. So what are the risks to investors? First, according to Neil Wilson from Markets.com, when you factor in the risk premium versus peers, a $1.2 tril- lion valuation probably has more chance. And oil prices aren’t expected to rise much in the near future, given ARABIAN HEIGHTS that demand is slowing and there isn’t a shortage of supply. Wilson also points out that this kind of listing requires a major exchange to provide the sheer scale of liquidity that echoes this assessment, warning that Some investors will also be wary of opportunities heading into the next ior market analyst at London Capital it will gobble up. He therefore ques- geopolitical issues will certainly scare the Saudi government’s involvement decade,” he says. “I can’t think of such Group, expects its entry to shake up tions whether the Saudi stock market many potential investors away. in the running of the company given a symbolic offering that has become the entire sector. “Investors would can handle it. There are broader headwinds for the the Kingdom’s record on human available since Alibaba went public hardly leave the Saudi’s oil giant out of Beyond the listing itself, the Septem- company too. Another factor that rights and the horrific murder last five years ago.” their energy portfolios. As such, Euro- ber drone attacks on Aramco oil facili- might pose a problem when it comes year of journalist Jamal Khashoggi. Ahmad expects interest in Aramco to pean energy stocks could feel the ties will be a point of contention. to valuation is that investors are be- With that said, there are obvious pos- tower in comparison to Alibaba, con- pinch of the Aramco IPO.” The attacks are still very fresh in coming far more ethically and envi- itives from an investment point of sidering how profitable the oil giant is. The IPO ultimately represents part global investors’ minds, which demon- ronmentally conscious, and are view. Jameel Ahmad, global head of Raymond James’ Bailey agrees – to a of the attempt by the Crown Prince strates the kind of problem they will screening out companies considered currency strategy and market research point. “As the world’s largest listed to reform Saudi Arabia’s image. His have in coming to a suitable valuation. unsustainable or morally dubious. at FXTM, thinks that the news is huge, company in headline market cap plan is for Aramco’s flotation to sup- As Wilson says: “While geopolitical With environmental, social and gov- both for the Gulf region and interna- terms, no one can ignore it. It’s going port his Vision 2030 objective, mov- events like these tends to support ernance (ESG) criteria becoming a sta- tional investors as a whole. to be fascinating to watch at least.” ing away from the country’s reliance prices, direct attacks on facilities ple concern, this doesn’t bode well for “Accessibility to invest in such a prof- Even if you’re not interested in on oil and opening its doors interna- owned by an oil company are rather dif- a company like Aramco, which relies itable company is a rare opportunity Aramco’s IPO, the flotation is likely to tionally. It is definitely something of ferent matters for investors.” entirely on fossil fuels and has a ques- and this is one that will be a massive have a knock-on impact on other listed a PR move, but it could also be a sig- Chris Bailey from Raymond James tionable corporate governance record. target for global investors to consider energy firms. Ipek Ozkardeskaya, sen- nificant investment opportunity. CITYAM.COM TUESDAY 5 NOVEMBER 2019 LIFE&STYLE 25 MOTORING BY MOTORINGRESEARCH.COM FOR CITY A.M. HATCH OF THE DAY Abarth celebrates its 70th birthday with a fiery hot hatchback. Tim Pitt joins the party

here’s a certain satisfac- brates 70 years since Carlo nailed his wide wheels and four-wheel drive. I On rural roads, the Abarth is like an ABARTH 695 70TH ANNIVERSARIO tion in humiliating bigger name above the door. In true Abarth suspect Carlo would approve. eager puppy: bouncy, boisterous and and more expensive cars tradition, it’s loaded with go-faster PRICE: £29,695 Launched at the event (in a blizzard brimful of Italian brio. Turn-in is im- Twith a modest hatchback.” goodies: 17-inch OZ alloys, Sabelt 0-62MPH: 6.7 SECS of dry ice and even louder techno), the mediate, the brakes are tenacious and “ So said Carlo Abarth (1928- seats, Koni shock absorbers, Brembo 70th Anniversario also turns plenty of its mechanical limited-slip differen- TOP SPEED: 139MPH 1979), the larger-than-life motorcycle brakes and a quad-tailpipe Record CO2 G/KM: 155G/KM heads. On the inside, it’s still unmis- tial bites into corners. Switching to racer and pioneer of bolt-on car tun- Monza exhaust. There’s also a manu- takably a Fiat 500 – a car first Sport mode sharpens throttle re- ing kits, who spent his life doing just ally adjustable rear spoiler that deliv- MPG COMBINED: 36.7MPG launched in 2007 – but the hip-hug- sponse, too. It’s a shame the light that. Today, the highly modified Fiats ers real downforce, plus the option of ging seats, alloy gearlever and Alcan- steering doesn’t offer more feedback; that bear his name – and scorpion star ‘Monza 1958’ green paint (seen here) tara-wrapped steering wheel all feel there isn’t the sense of connection sign – still squeeze feisty performance – a tribute to the first Fiat 500 Abarth. THE VERDICT suitably special. The 180hp 1.4-litre en- you feel in a Ford Fiesta ST. into a pint-sized package. A total of 1,949 will be made, marking gine ignites with a throaty gargle and The Fiesta has another notable ad- Abarth was always obsessed with the firm’s founding year. DESIGN hhhhi I swiftly leave Milan behind, heading vantage: even the top-spec ST-3 is speed. Aged 11, he wrapped leather Before I drive the Anniversario, how- PERFORMANCE hhhhi south towards Modena and Italian su- around £7,000 cheaper. And Abarth’s belts around the wooden wheels of his ever, there’s more celebrating to be PRACTICALITY hhiii percar country. own 595 Esseesse, which has the same scooter to win races against local chil- done. More than 5,000 Abarth fans VALUE hhiii Not much happens until 3,000rpm, engine, costs £4,000 less. So spending dren. He was European motorcycle and 3,000 cars – most of them modi- then the 695 necks a double espresso £29,695 on the 695 70th Anniversario champion five times, and also beat fied – have descended on Milan for and races to the redline. This wait-for- doesn’t really make sense. the Orient Express train on two ‘the largest official Abarth meeting in revving engines, hissing dump valves it turbo lag seems oddly old-school, But as a surefire future classic that wheels, racing 850 miles from Vienna history’. They have come from all cor- and popping exhausts mostly drowns but ramps up the sensation of speed. will impress the Abarthisti – and hu- to Ostend. In 1949, he set up his own ners of Europe, including the Czech it out. There’s boundless creativity on For the record, 0-62mph takes 6.7 sec- miliate some bigger and (even) more company, preparing cars for competi- Republic, Portugal and the UK. And show, including Abarths with rust- onds and VMax is 139mph. The man- expensive cars into the bargain – it tion and selling parts. If you owned a they have come to party. look wraps, bouncing air suspension ual gearbox is slick and snappy, has its place. Fiat but dreamed of a Ferrari, Carlo The pounding Euro-techno starts at and upwards-opening ‘Lamborghini although it only has five ratios where ‘The Magician’ Abarth was your man. 9am and doesn’t stop for the rest of doors’. One crowd-pulling 595 has a most rivals offer six. It’s vastly prefer- Photos by Simon Thompson. Tim Pitt works The new 695 70th Anniversario cele- the day. Thankfully, the cacophony of 370hp Alfa Romeo 4C engine, ultra- able to the clunky auto ’box, however. for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

FORD FIESTA ST-3 MINI JOHN COOPER WORKS VOLKSWAGEN UP GTI PRICE: £22,450 THE VERDICT: PRICE: £27,330 THE VERDICT: PRICE: £14,530 THE VERDICT: 0-62MPH: 6.5 SECS DESIGN hhhii 0-62MPH: 6.1 SECS DESIGN hhhhi 0-62MPH: 8.8 SECS DESIGN hhhii TOP SPEED: 144MPH PERFORMANCE hhhhi TOP SPEED: 153MPH PERFORMANCE hhhhi TOP SPEED: 122MPH PERFORMANCE hhhii CO2 G/KM: 136G/KM PRACTICALITY hhhhi CO2 G/KM: 162G/KM PRACTICALITY hhhii CO2 G/KM: 110G/KM PRACTICALITY hhiii MPG COMBINED: 47.1MPG VALUE hhhhi MPG COMBINED: 42.8MPG VALUE hhhii MPG COMBINED: 58.9MPG VALUE hhhhh 26 FEATURE TUESDAY 5 NOVEMBER 2019 CITYAM.COM OFFICE POLITICS

The majority of business leaders we spoke to said that sleep is the sole re- sponsibility of the employee. And just Boardrooms three per cent of companies have a sleep policy in place, despite guidance from Public Health England encour- aging businesses to introduce them. Meanwhile, employees don’t feel are snoozing THE SOUNDS able to discuss their sleep problems OF NATURE with managers for fear of greater scrutiny or being held back in their ca- White Noise reers. A worrying sleep stigma is rife on the sleep Generator in UK workplaces, which is exacerbat- Free ing our sleep and productivity crisis. So what needs to change? It’s happened to First, employers need to start to see crisis in the UK all of us. You get sleep health as an important part of ready for bed, employee wellbeing. That doesn’t just turn off all the mean having a policy, but taking rela- The country’s workforce needs more help lights, tuck tively simple steps to build sleep-sup- yourself in, and portive cultures. to snatch those crucial 40 winks every night close your eyes At Dreams, we are introducing sleep ready to sleep. health training for managers, includ- But instead of ing having conversations about sleep RITAIN’S productivity has As many as acerbating our productivity problems. restful slumber, in annual reviews and providing ac- long been the bane of the Mike half of working The notion that sleep has a funda- your brain cess to speak with an expert. economy. Latest figures from Logue millennials state mental effect on economies isn’t an decides now is Second, we must support employees the Office for National Statis- that they would entirely new one. In 2016, following the perfect time in their efforts to switch off from work. tics show that UK output has feel more loyal analysis of 62,000 people in five major to remember Figures from the Trades Union Con- Bdeclined year-on-year since 2014 and to a company if economies, Rand Europe proved that that cringingly gress show that we’re working more lags behind the rest of Europe. it invested in the cost of tired employees amounted embarrassing hours than ever before, but our output Clearly, there’s no silver-bullet solu- sleep support to almost two per cent of GDP. thing you did is in the doldrums. It’s time to make it tion to turning the tide – it will take a Beyond the productivity uplift, bet- when you were easier for people to turn off when they mix of tried-and-tested measures, like ter sleep health can support other 10. Drown out are home, so they can be at their most application of technology and skills the UK suffer from persistently poor areas that are a priority for all busi- those pesky productive when they are at work . training, as well as new ideas. sleep. More worryingly, half of nesses: talent attraction, employee thoughts with Better sleep isn’t going to put the But there’s one important factor Britain’s workforce say that they are loyalty, and company culture. In fact, this app from UK’s productivity problems to bed – of that has so far been ignored: sleep. unable to stay awake during the day. our research shows that as many as Relaxio, which course not. But it does represent an op- Despite sleep being increasingly We also know that, on average, peo- half of working millennials state that has made lots of portunity to create happier, healthier, recognised as an important part of ple take two sick days a year to catch they would feel more loyal to a com- popular sleep and more productive workforces. So our health, wellbeing and ability to up on sleep. It appears to be a vicious pany if it invested in sleep support. aid apps. let’s make sleep health a topic for the function, it is rarely considered in the cycle, with work-related stress being So sleep represents an opportunity boardroom, not just the bedroom. context of work. In fact, we know that one of the biggest drivers of bad sleep. for businesses. But currently it is seen as many as three in four employees in Put simply, Britain’s poor sleep is ex- as a personal – not professional – issue. £ Mike Logue is chief executive of Dreams. CITYAM.COM TUESDAY 5 NOVEMBER 2019 SPORT 27 Rejuvenated Ox brings drive to Reds available right now. Fit-again midfielder showing his class Liverpool’s first-choice midfield trio of Jordan Henderson, Georginio Wij- with eye-catching goals. By Felix Keith naldum and Fabinho and back-up choice James Milner are disciplined HERE’S NO time like the derside of the bar and bounced down and solid, but they don’t possess the present for Alex Oxlade- to put Liverpool 2-0 up. same box-to-box drive and goal threat Chamberlain. Having fea- Next came a screaming 25-yard half- of Oxlade-Chamberlain. tured in just 19 minutes of volley in the midst of the 10-goal may- One of the reasons a lot of the Reds’ last season due to a serious hem of the Carabao Cup tie against play stems from full-backs Trent injury,T the Liverpool midfielder is Arsenal last week. Alexander-Arnold and Andy Robert- now making up for lost time. Damage Liverpool scored just five goals from son, and this season has seen the to the cruciate and medial ligaments outside the box in the whole of their number of crosses increase, is the con- in the knee and hamstring tendons successful 2018-19 season. Within a versative nature of the midfield. With aren’t injuries you can just shake off week of hitting his straps, Oxlade- Adam Lallana and Naby Keita also and it has understandably taken Chamberlain alone has smashed in back fully fit following injuries, Liver- Oxlade-Chamberlain a while to con- three – more than any other Premier pool’s squad depth is showing itself. tribute again for Jurgen Klopp’s side. League player has managed in all Klopp will likely have one eye on the But if the start of the 2019-20 season competitions this campaign. meeting with City when selecting his was defined by slow progress and frus- The fact Oxlade-Chamberlain was XI for this evening, giving some back- tration, the last few weeks have been summoned from the bench with Liv- up options a chance to impress. very different. The 26-year-old’s reju- erpool 1-0 down to Aston Villa in the Oxlade-Chamberlain has another venation has not been subtle, with 65th minute on Saturday shows the factor besides his recent goals to in- eye-catching goals marking his full confidence Klopp has in him. But the fluence Klopp’s selection on Sunday: reintroduction to Liverpool’s first- German’s assessment of his form he has scored twice and won all three team plans. ahead of the match indicated he of the encounters he started for Liver- If the first – an accurate shot rifled needs to offer a more rounded game. pool against City. the bottom corner in the second “A lot of outstanding moments, but Lay waste to Genk again tonight and minute in the Champions League other moments he is not involved,” that factor might start to become against Genk – could merely be cate- Klopp said last week. even more persuasive. gorised as decent, the next two were “He still needs rhythm but that is no genuine goal of the season contenders problem – he is a long-term project.” which acted as emphatic reminders of Yet, with another Champions GROUP E his talents. League tie against Genk tonight be- TEAM PLD W D L F A PTS Genk were also on the receiving end fore the potentially season-defining Napoli 3 2 1 0 5 2 7 of the first, an inventive, outrageous Premier League clash with title rivals Liverpool 3 2 0 1 8 6 6 outside-of-the-boot flick from the Manchester City on Sunday, he is a Salzburg 3 1 0 2 11 9 3 edge of the area which struck the un- very useful option for Klopp to have Liverpool’s Oxlade-Chamberlain has scored three goals in his last three appearances Genk 3 0 1 2 3 10 1 28 SPORT TUESDAY 5 NOVEMBER 2019 CITYAM.COM OX IS BACK Midfielder ready to shine for Reds after putting SPORT injury woes behind him PAGE 27 WRONG MANE ACCUSED Klopp defends forward following Guardiola’s diving criticism SPORT DIGEST HAMILTON: I WILL FINISH MY F1 MASTERPIECE £ Lewis Hamilton says he will “keep pushing” to make history after sealing his sixth Formula One world title on the weekend. The Mercedes driver, 34, moved clear of Juan- Manuel Fangio in the list of all-time winners and is now just one behind Ferrari legend Michael Schumacher. “I’m working on a masterpiece and I haven’t quite finished it yet,” Hamilton said after finishing second at the US Grand Prix on Sunday. “As an athlete, I feel as fresh as can be. It’s an honour to be up there with the greats and I’ll keep pushing.” GOMES TO RECOVER AFTER SUCCESSFUL SURGERY £ Everton say Andre Gomes is “expected to make a full recovery” after surgery on the midfielder’s ankle “went extremely well”. Gomes suffered a fracture dislocation to his right ankle in the closing stages of Sunday’s 1-1 draw with Tottenham after a foul by Son Heung-min which left both sets of players distraught. “The Portugal international will spend some time recovering in hospital, before returning to USM Finch Farm to start his rehabilitation under the guidance of the club’s medical staff,” read a statement. MALAN EXCITED BY FRESH CHALLENGE AT YORKSHIRE £ Dawid Malan is targeting a return to England’s Test side after leaving Middlesex to join Yorkshire on a four- year contract. Malan, 32, averaged 47 in Division Two last season but said he needs a “fresh challenge” after spending 13 years at Middlesex. He hopes the move can help him add to his his 15 Test caps, the last of which he earned in August 2018 against India. “My Test record in England isn’t as good as it should be, which is my own fault and no one else’s,” he Jurgen Klopp has dismissed Pep Guardiola’s claim that Sadio Mane is a diver ahead of Liverpool’s meeting with Manchester City on Sunday. Guardiola said Liverpool’s 2-1 said. “But that doesn’t mean I can’t comeback win over Aston Villa wasn’t a surprise because “[Mane] is a special talent. Sometimes he’s diving, sometimes he has this talent to score incredible goals.” Mane was play Test cricket again. It’s up to me booked for diving (pictured) against Villa before setting up the equaliser and heading the winner. “I can say Sadio is not a diver,” Klopp said. “There was a situation in the Aston to score runs for Yorkshire and keep Villa game where he got contact and went down, maybe it was not a penalty but there was contact. It’s not like jumping over a leg and [acting] like he hit you or whatever.” my name in the hat.” RORY’S KOEPKA INCENTIVE

ORY McIlroy has played some mains amicable between them, but card, dropped to No2,043 in the world incredible golf this year and GOLF MAGNIFICENT MCILROY neither man will forget what was said. and even considered quitting the he put in another exemplary COMMENT I think Koepka has given Rory huge in- game. A change of coach helped him Rperformance at the WGC- £ FOUR–MIDABLE Rory McIlroy’s win centive and next time they play to- rebuild his swing, however, and he HSBC Champions in China at the WGC-HSBC Champions in gether – perhaps at a Major in 2020 – ended his five-year drought on Sunday, last week to win his fourth title of Sam Shanghai was his fourth victory in his he will be able to draw on that. shooting a career-low final round of 62 2019. Not bad for someone who world Torrance last 19 starts. The others Notable mentions are in order for No1 Brooks Koepka has said he doesn’t were The Players Xander Schauffele, who pushed McIl- consider a rival. Championsip, the roy all the way to a play-off in what al- McIlroy’s consistency is phenomenal. Canadian Open and most proved a perfect defence of his He has finished in the top 10 at 18 of as the favourite. the Tour title, and Matthew Fitzpatrick, who his 24 tournaments this year, and that One notable aspect of Rory’s win on Championship. had a bad finish but finished sev- just shows the extraordinary level he Sunday is that he went bogey-free over enth in another good week for It seems amicable is currently playing at. Of course, Ma- the weekend at Sheshan International £ MR CONSISTENCY the Englishman. jors are what’s missing and that was at in Shanghai. In fact, he has made just Even when he hasn’t between them but the heart of Koepka’s recent com- eight bogeys in his last seven rounds, won, McIlroy has FEEL-GOOD STORY ments but the fact that Rory’s wins including the previous week’s Zozo usually been in the mix, The early weeks of the PGA Tour neither will forget have come at big events – including Championship, where he was tied with 18 top 10s from 24 continue to generate great feel- The Players Championship, Tour third. For all of his success this year, a tournaments this year. good stories and Brendon what was said Championship and now a WGC – high bogey-count has prevented him Todd’s success at the bodes well in that respect. doing even better still, so improve- £ FINAL FLOURISH? Rory Bermuda Championship was for good measure. It’s fabulous stuff World No2 McIlroy has one more ment in this area is very significant. It has one event left: the DP another example. American and a reminder to any players going event, the European Tour’s season fi- is another piece of the jigsaw. You World Tour Championship, Todd was a world top-50 through a difficult spell that you can nale, left this year in which he can cut never stop trying to get better and it’s where he has won twice before. A player in 2014, when he turn it around. Koepka’s lead at the top of the rank- wonderful that he keeps striving for third victory would make it five won his first PGA Tour ings. You can be sure he will start the perfection. titles this year, equalling his best title, but a serious case of Sam Torrance OBE is a multiple Ryder Cup- DP World Tour Championship in McIlroy has played down Koepka’s haul, in 2012. the yips led his game to winning golfer and media commentator. Dubai, which he has won twice before, comments and it seems that all re- unravel. He lost his tour Follow him @torrancesam