BUSINESS WITH PERSONALITY GOTTA CATCH ‘EM ALL LONDONTIME POKEMON’S BACK WITH A A GUIDE TO THE BEST OF THIS WHOLE NEW WORLD P28 SEASON’S WATCHES P21–27 THURSDAY 21 NOVEMBER 2019 ISSUE 3,505 CITYAM.COM FREE

Johnson to offer tax cut THECANNED for millions CATHERINE NEILAN @CatNeilan BORIS Johnson yesterday promised an immediate hike to the threshold at which workers begin paying national OLD DUKE insurance. The Prime Minister said his party’s first Budget after an election victory would see the tax threshold raised to £9,500 —£712 higher than current plans. It would then be the party’s ambition to raise the threshold to £12,500 in OF YORK due course. ANDREW STEPS BACK FROM PUBLIC DUTIES Johnson initially appeared AS FIRMS ABANDON THE EMBATTLED ROYAL to announce the policy by accident in an unguarded response to a question from an industrial chemist during a EDWARD THICKNESSE He said: “It has become clear to me work with skills firm Idea as long as this year while imprisoned. visit to a fabricating plant in @edthicknesse over the last few days the circum- the duke remained a patron. On Tuesday, Advertising Week Eu- Teesside. stances relating to my former associ- A source close to Inmarsat con- rope and tech company Gravity Road “We are going to be cutting PRINCE Andrew last night said he will ation to Jeffrey Epstein has become a firmed to City A.M. that the firm had joined Standard Chartered in ending national insurance up to step back from royal duties as corpo- major disruption to my family’s work withdrawn its support. their association with Pitch@Palace, £12,000,” he said, after being rate sponsors continued to sever ties and the valuable work going on in the BT distanced itself further, saying a mentoring programme which con- asked whether he would with his entrepreneurship schemes many charities and organisations that its dealings had been “with its nects entrepreneurs with investors. deliver tax cuts “for people following his widely criticised BBC that I support.” executive directors, not its Founding partner KPMG was the like you...or people like us.” interview last week. However, City A.M. under- patron, the Duke of York” first to announce it had terminated The Institute for Fiscal The announcement from the palace stands the duke will but a spokesperson said its involvement with the scheme, and Studies said the cut would came hours after two more FTSE 100 continue his work with the company hoped to pharmaceuticals giant Astrazeneca leave an additional £85 in the companies abandoned the Duke of the entrepreneurship work further with Idea followed soon after. pocket of all those earning York amid the fallout from his News- initiative Pitch@Palace, “in the event of a change Despite a source close to above £9,500 a year, making night grilling over links to the late despite firms distancing in their patronage”. Pitch@Palace stressing it was “busi- the Treasury worse off by billionaire paedophile Jeffrey Epstein. themselves from being The firms joined the ness as usual”, speculation will natu- around £2bn in 2020/21. Last night the duke confirmed the associated with the growing number of busi- rally increase about the long-term The announcement came on Queen had accepted his request to programme. nesses, charities and aca- future of the programme after a wave the same day as the launch of “step back from public duties for the Satellite manufacturer demic institutions to distance of adverse publicity. the Lib Dem manifesto and foreseeable future,” after days of Inmarsat followed Standard Char- themselves from the Duke of York City A.M. understands a group of ahead of Labour’s launch, negative headlines for the royal and tered and KPMG in pulling the plug in light of questions over his friend- entrepreneurs were attempting last which will arrive later today. the many private and charitable or- on continuing support for Pitch ship with Epstein, the infamous night to find signatories for a state- ganisations with which he has links. @Palace, while BT said it would not financier who killed himself earlier ment in support of the initiative. £ LABOUR LAUNCH: P7

FTSE 100▼ 7,262.49 -61.31 FTSE 250▼ 20,475.25 -53.23 DOW▼ 27,821.09 -112.93 NASDAQ▼ 8,526.73 -43.93 £/$▼ 1.292 -0.001 £/€ ▲ 1.168 +0.001 €/$▼ 1.106 -0.001 02 NEWS THURSDAY 21 NOVEMBER 2019 CITYAM.COM

BLADES OF GLORY Winchester Cathedral choristers hit the ice in their cassocks as city gears up for popular Christmas market THE CITY VIEW A welcome revival for tax-cutting instincts

AX CUTS — remember them? So far, this has not been an election campaign to warm the hearts of those who yearn Tfor a smaller state, whether it comes to the government’s outgoings or its revenue-raising appetite. The Liberal Democrats yesterday joined the political pole vault contest in which parties promise to spend ever higher, taking the silver medal: a little bit more than the Conservatives’ offer, still a lot less than the amount being proposed by Labour. While it should be noted that the Lib Dems are committed to a reduction of debt as a proportion of GDP, they’re still turning on the taps and eyeing new taxes to pay for it. Their centrepiece is a penny on income tax to raise £7bn a year for the NHS while Labour plan a raid on those earning over £80,000 in addition to a slew of new taxes on companies and higher earners. The Tories, meanwhile, EAGER choristers donned cassocks and ice skates yesterday as they marked the opening of the ice rink next to Winchester Cathedral. The cathedral’s Christmas market also opens today, offering festive gifts, decorations and food from more than 100 have cancelled a proposed cut to corporation tax. wooden chalets. The market attracts almost half a million visitors each year. And yet, an unscripted comment from the Prime Minister on the campaign trail yesterday (which may or may not have been an accident) offers a real prospect of a proper tax cut. An immediate hike to the national insurance threshold to £9,500 and an ambition to bring it up to £12,500 is welcome indeed. As the independent Institute for Fiscal Studies has said in the past, UBS wonk: Tax hikes for raising the threshold “is the best way to help low and middle earners through the tax system”. It is not perfect. It doesn’t really help those on the very lowest incomes, and it will of course cost the Treasury in the short- term. At an election when spending pledges are being thrown in billionaires will backfire the air like confetti at a wedding, that’s less than ideal. It would also make sense to go further, and simply merge income tax and SEBASTIAN MCCARTHY national insurance. The Institute of Economic Affairs is right to Curbing billionaires’ riches has years, billionaires are more concerned @SebMcCarthy become one of the key pledges in both than millionaires,” said Stadler. say the current dual system “misleads the public” and such a Warren’s campaign to become US pres- “Historically, big money knows more radical move would create cost savings for businesses and BILLIONAIRES will stop taking risks ident in 2020 and Labour leader than not-so-big money and is a leading government alike. and sit on their money if they face Jeremy Corbyn’s bid to be elected indicator for capital markets and blockbuster wealth taxes being Prime Minister on 12 December. recessions,” he added. But these concerns aside, it is a reminder that at least some in proposed by left-wing politicians on The proposed wealth taxes have “Billionaires are an indicator of what Westminster still have a desire to reduce the burden on hard- both sides of the Atlantic, a senior UBS prompted a number of super-wealthy will come, such as a potential cooling working families, rather than attempting to concoct ever more banker for the super-rich has warned. figures and banking heavyweights, off of economic activity and a harden- imaginative ways to separate them from their hard-earned Josef Stadler, who heads up the ultra including former Goldman Sachs boss ing of geopolitics”. high net worth division at the Swiss Lloyd Blankfein and JP Morgan chief The UBS banker said that unpre- income. The story of the post-crash economic recovery has two bank, said billionaires will no longer executive Jamie Dimon, to express dictable tweets from US President chapters: one on employment, which has remained strong, and chase high returns if they are hit with their concern. Donald Trump and a flip-flopping one on wage growth and real incomes, which have disappointed. the types of levies being proposed by However, a recent survey from over interest rates have contributed to US Democrat presidential candidates YouGov found that anti-billionaire sen- billionaires turning their backs A proper tax cut for low and middle earners would be a fine way Elizabeth Warren and Bernie Sanders, timent is broadly popular among on global public markets after a to start a new chapter. as well as the Labour party. British residents, with a little over half volatile year. “What will happen is worse than of respondents saying nobody should Over the coming 12 months Stadler billionaires relocating,” Stadler told have £1bn under any circumstances. said he expects there to be a rise in City A.M. According to Stadler, it is not just “stealth wealth”, in which wealth He added: “They will say: ‘If you cap political pressure but also wider becomes less obvious to spot because it my upside, then I cap my risk headwinds in the global economy that is increasingly moved from public appetite’. And in the long-term, there are giving the ultra-wealth a headache. listed firms into private investments to Follow us on Twitter @cityam will be no risk appetite.” “For the first time I’ve seen in 10 avoid scrutiny.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL US GRANTS ONE-OFF HUAWEI WHAT THE BOEING MUST STRENGTHEN EXTINCTION REBELLION FED CUT RATES LAST MONTH LICENCES AFTER TRADE BAN OTHER JETS AFTER WINDOW DEATH BOSS IN HOLOCAUST ROW AMID WORRIES OVER TRADE The Trump administration has Boeing has been told to modify 7,000 of One of the founders of Extinction Federal Reserve officials worried that approved “several” individual licences PAPERS SAY its older 737 jets after a flaw caused a Rebellion was facing possible expulsion weakness in manufacturing, trade and for US companies to do business with passenger to be sucked out of a window from the movement yesterday over business investment could threaten the Chinese tech firm Huawei as it seeks to THIS and killed. Safety officials found that remarks in which he allegedly economic expansion by triggering cushion the impact of an export ban weaknesses in the casing around the questioned the significance of the cutbacks in hiring and consumer introduced this year that has soured MORNING left engine on the 737 NG sent metal Holocaust while comparing the spending when they cut interest rates trade relations between Washington ripping into the side of Southwest genocide to climate change now. Roger last month. The cut emerged in minutes and Beijing. It came as the world’s two Airlines Flight 1380 as it cruised from Hallam described the Holocaust as “just of the 29–30 October policy meeting, largest economies struggled to reach a New York for Dallas last April. another f***ery in human history”. which were released yesterday. limited truce in their trade war HEAVY INVESTMENT TAKES SOCIAL MEDIA FIRMS TO GIVE TRUMP SET TO CONVENE PAYPAY BUYS ONLINE RETAIL TOLL ON MARGINS AT SAGE UP MOLLY RUSSELL’S DATA CRUNCH VAPING MEETING TOOL HONEY IN $4BN DEAL of private e-commerce company Honey. Britain’s largest listed tech company has Social media companies have been US President Donald Trump is Paypal last night unveiled its most The deal, which is the biggest in insisted that its strategic plan is on track ordered to divulge any material they scheduled to meet with vaping industry ambitious attempt yet to move beyond Paypal’s history, will bring the company after increased investment knocked hold that could shed light on the death and medical officials tomorrow, as he its core payments business, as it a new source of data and insights into annual earnings. Sage endured a 13 per of teenager Molly Russell. The 14 year considers a ban on flavoured e- announced the $4bn (£3bn) acquisition online shopping behaviour. cent drop in operating profit to £432m. old was found dead in 2017. cigarettes that has stirred opposition. CITYAM.COM THURSDAY 21 NOVEMBER 2019 NEWS 03 ‘Quid pro quo’ in Raab blasts China over Hong Kong ex-consulate worker torture claims Trump-Ukraine JAMES BOOTH Cheng said Chinese secret police A spokesperson for the Chinese shackled him, beat him and embassy said: “Cheng confessed all @Jamesdbooth1 deprived him of sleep while they his offences and all his lawful rights UK FOREIGN secretary Dominic Raab questioned him on the UK’s role in and interests were guaranteed.” yesterday blasted China’s “brutal and Hong Kong’s pro-democracy protests. Human rights charity Amnesty call, says official disgraceful” treatment of a former “I was hung... on a steep X-Cross International called for China to member of staff in the UK’s Hong doing a spread-eagled pose for hours investigate the allegations. Kong consulate who alleged he was after hours,” Cheng said. “China must investigate Mr tortured by Chinese secret police. Raab said: “I summoned the Cheng’s claims and ensure any JAMES WARRINGTON aware and “fully supportive” of their Simon Cheng said he was tortured Chinese ambassador to express our police found responsible for torture efforts in Ukraine. during a 15-day detention by police outrage at the brutal and disgraceful ...are held to account,” Amnesty’s @j_a_warrington Demanding such a quid pro quo in mainland China in August. treatment of Simon.” China researcher Patrick Poon said. US PRESIDENT Donald Trump gave di- would, if proven, represent an abuse rect orders to his staff to put pressure of the power of the presidency. on Ukraine and wanted to establish a The comments came during a hear- “quid pro quo”, a top US diplomat ing in front of a US House committee said yesterday. as part of a probe into whether During an explosive appearance at Trump improperly pressured Ukraine an impeachment hearing, US ambas- to help his bid for re-election. sador to the European Union Gordon The basis of the probe is a 25 July Sondland said Trump had expressly call in which Trump appeared to ask ordered him and others to push Zelensky to open a corruption inquiry Ukraine to open an investigation into into rival Joe Biden and his son. rival candidate Joe Biden. US Democrats are investigating Sondland said he “followed the Pres- whether Trump deliberately withheld ident’s orders” and worked directly $391m in aid to Ukraine in a bid to with Trump’s personal lawyer Rudy pressurise Kiev into co-operation. Giuliani. Speaking to reporters after the hear- “Mr Giuliani’s requests were a quid ing, Trump again denied allegations pro quo for arranging a White House of wrongdoing, citing an earlier con- visit for [Ukrainian] President Zelen- versation with Sondland in which he sky,” he said. said: “I want no quid pro quo.” Sondland, a wealthy hotel tycoon Impeachment would require a vote who donated $1m (£770,000) to in the House and then a two-thirds Trump’s inauguration, said that US vote in favour in the Republican-con- secretary of state Mike Pompeo was trolled US Senate.

Trump read aloud from handwritten notes as he defended his actions on Ukraine Elon Musk set to face defamation trial over ‘pedo guy’ comments JAMES WARRINGTON It comes after the Tesla tycoon branded Vernon Unsworth a @j_a_warrington paedophile after the diver accused TECH billionaire Elon Musk him of staging a PR stunt by offering will appear in court to face a to help rescue 12 boys and their defamation lawsuit after he football coach from a cave in referred to a British diver as Thailand last year. “pedo guy” on Twitter. Unsworth filed a lawsuit two A Los Angeles judge months later, saying Musk falsely yesterday denied branded him a paedophile and Musk’s request to child rapist, denying those throw out the case allegations. and ordered the Musk said the phrase was trial to begin on 3 intended as an insult, not December. an allegation, adding that it was a “common The Tesla chief said insult” used when he the phrase was a was growing up in “common insult” South Africa. 04 NEWS THURSDAY 21 NOVEMBER 2019 CITYAM.COM Tossed owner Zest Food seeks zero City employees rent agreements in rescue proposal JESS CLARK show frustration landlords to agree to a combination Zest said yesterday. @jclarkjourno of zero rent and rent reduction No stores are expected to close in arrangements as part of the the short term, but all branches will ZEST Food, the owner of healthy rescue plan. be converted to the Tossed brand, eating brand Tossed, is the latest The healthy fast food chain which Zest said remained in growth. casual dining chain to seek a yesterday said the Vital Ingredient Zest managing director Neil Sebba with job moves company voluntary arrangement brand, which it acquired last year, said: “The directors consider a CVA (CVA) restructuring plan. was trading “with a level of decline as the best way to protect the Tossed The company, which has more that is significantly below our brand, provide breathing space for than 10 stores in the Square Mile expectations”. the company, and provide strong SEBASTIAN MCCARTHY The figures come on the same day as including Leadenhall Street and “This has led to a restructuring of foundations on which the business @SebMcCarthy a separate report showed that almost King William Street, is asking the whole becoming unavoidable,” can grow in the future.” three in every four businesses which THE SCALE of churn in the City has attempt to hire new staff faced been brought to light today, with new recruitment difficulties in the third data showing almost 40 per cent of quarter, amid an ongoing skills professionals in the Square Mile shortage in the UK. moved jobs last year. While more than half of British Frustration over a lack of career firms recruited new employees in the progression was the chief cause for last three months, some 73 per cent switching jobs among financial said that they faced difficulties, mark- workers in 2018, according to the ing a rise from 64 per cent in the latest financial markets report from previous quarter. recruitment giant Hays. The findings, released today by the Salary dissatisfaction and a lack of British Chambers of Commerce (BCC) development opportunities also and Totaljobs, also showed that more played a role, according to the poll of than one in four British companies 1,300 employers and employees in are planning to expand their head- financial markets. count in the fourth quarter, while “Salary will always remain an im- two-thirds believe their workforce portant factor to get right, but it’s numbers will not change. clear City professionals expect more Despite concerns over the Brexit than just a competitive salary to stay deadlock, the report concluded that in a role,” said Tom Hawkins, director the UK labour market performance of Hays Financial Markets. and expectations are holding up He added: “Despite ongoing “fairly well”. economic uncertainty, career devel- Only 11 per cent of businesses have opment and progression is something reduced their workforce in the third employers do need to have on their quarter, with one in four businesses agenda this year. increasing their total headcount.

A BRIDGE TOO FAR Hammersmith Bridge upgrade will not allow new double deckers

HAMMERSMITH Bridge will not be able to handle London’s current fleet of electric double-decker buses, according to Transport for London. Plans to upgrade the closed bridge show it would not be sturdy enough to handle the growing fleet. IN BRIEF KPMG SLASHES HEADCOUNT EX-DE VERE BOSS COPPEL TO AMID COST CUTTING DRIVE BE MADE ARCADIA CHAIRMAN KPMG is making redundancies in its in- Sir Philip Green’s Arcadia Group is house project management team as preparing to appoint the former boss of part of a campaign to slash millions of the De Vere hotel and leisure group as pounds in costs. KPMG told more than its new chairman. The appointment of half of the staff in its transformation Andrew Coppel, who currently sits on centre of expertise this week that their the board of housebuilder MJ Gleeson, jobs were at risk of redundancy, Sky is expected to be announced today, Sky News reported. The unit works across News reported. He will replace KPMG on projects including the transfer corporate restructuring expert Jamie of hundreds of people from its Drummond Smith, who stepped down consulting arm into its audit practice as as interim chairman in September after part of a major restructuring. The team being brought in to steer the high street is 37-strong and is expected to shrink to giant’s restructuring process. Coppel 20 following the redundancy process. will become chairman of Arcadia, its The cuts comes in the context of a holding company Taveta Investments £100m cost-cutting drive called Project and Topshop Topman. Coppel has Zebra. The firm has recalled hundreds previously held board positions at the of corporate mobile phones and cut the Jockey Club and Duncan Bannatyne’s number of personal assistants. leisure group. FREE LIVE INVESTING EVENT | 26TH NOVEMBER – 4PM | FINECO HUB IMPROVE YOUR INVESTING SKILLS

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SHOPAHOLICS Brits confess to spending Kingfisher sales more than budgeted on Black Friday 2018 German think tank supports fall amid slump global tax rate HARRY ROBERTSON @henrygrobertson A LEADING German economic think tank has voiced its support in B&Q’s trading for the Organisation for Economic Co-operation and Development’s (OECD) plans for an international JESS CLARK analysis of the store estate” is needed minimum corporate tax rate. to “really see the stores that are The Paris-based international @jclarkjourno performing well” and to tackle the organisation yesterday proposed an THE NEW chief executive of King- online integration of the business. MORE than half of Brits admitted they made impulse purchases during last year’s overhaul to global tax rules that fisher, which owns B&Q, is targeting Dan Coen, head of retail at consult- Black Friday and Cyber Monday sales, with 80 per cent saying they went over would ensure companies pay a a transformation of the business after ing firm Alix Partners, said: “As a part budget, spending on average £219.59, according to research by Protect Your Bubble. minimum tax rate in their home the DIY giant reported slumping sales of this process a review of the busi- countries, establishing “a floor for in the third quarter of the year. ness’ physical footprint will be high tax competition among Thierry Garnier, who replaced for- on the agenda but, as we have seen jurisdictions”. mer boss Veronique Laury earlier this with numerous other high profile Yesterday, the respected Ifo year, said yesterday there is still retailers, store closures in isolation Institute in Germany said it “much to do” to improve the com- are very rarely a long term solution.” Investors disappointed by Aviva supported the plan. “It would limit pany’s performance, after the group Shares fell seven per cent to 194p. unwanted tax avoidance arising reported a 3.1 per cent drop in sales. from companies’ ability to shift B&Q sales sank 3.5 per cent to KINGFISHER restructuring programme plans their profits. At the same time, £820m, slightly offset by an eight per double taxation must be avoided,” P cent rise in Screwfix sales to £477m. 215 ANNA MENIN simplify its business structure into said Ifo president Clemens Fuest. Garnier said the company had not 210 five operating divisions and sell its In a report on the proposals, Ifo “found the right balance between get- @annafmenin stake in Hong Kong business, called said: “The implementation of a 205 ting the benefits of group scale and 20 Nov SHARES in Aviva slipped 4.5 per cent Blue, to co-investor Hillhouse Capital. minimum effective tax rate... would staying close to local markets”. 200 194 yesterday after the insurer Maurice Tulloch took over as Aviva reduce profit shifting and generate The chief executive could consider 195 announced plans to restructure its chief executive in March. He has substantial gains in tax revenues.” shuttering B&Q stores as part of a business and sell off its Hong Kong come under pressure from investors The OECD also said companies restructuring programme, analysts 190 division in a bid to revive investor and analysts to better define the should be deemed to have a taxable said. Richard Lim, chief executive at interest in the group. company’s strategy as well as to revive business even where their presence Retail Economics, said a “rigorous 14 Nov15 Nov 18 Nov 19 Nov 20 Nov The insurance company will its flagging share price. is only digital.

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Sofa shown is Eden medium sofa in Dusky Airforce Blue. CITYAM.COM THURSDAY 21 NOVEMBER 2019 NEWS 07 ELECTION 2019

POLL WATCH Corbyn: They’re The Tories were given a social media bar- racking after changing their Twitter han- dle to @factcheckUK during Tuesday night’s debate — and it appears to have cut through. Fifty per cent of Brits thought it was unacceptable behaviour, all scared of me while 12 per cent said it was above board. GOOD DAY Generation Rent had reason to CATHERINE NEILAN be bought off, that nothing was really celebrate yesterday as the @CatNeilan going to change, they wouldn’t attack Tories announced grand us so ferociously.” plans for “Lifetime Rental JEREMY Corbyn will today launch Among the policies being unveiled Deposits” — allowing Labour’s manifesto claiming that he today will be a commitment to invest renters to transfer “accepts the opposition and hostility £20.5bn over five years in research deposits from one of the rich and powerful” due to and development into technologies property to another, his “radical and ambitious plan” to and industries “of the future”, City meaning less money transform the United Kingdom. A.M. can reveal. haemorrhaged on the rental Speaking in Birmingham, the The first tranche of this investment, Lib Dems pledge ‘Remain bonus’ market. OK to that, boomer! Labour leader will compare himself which is expected to be funded via a BAD DAY to former US president Franklin mixture of Labour’s green transfor- Delano Roosevelt who, Corbyn says, mation fund and its national invest- and fare freezes for commuters Ex-speaker John Bercow is attempting to had to take on the establishment in ment bank, will go into electric carve out a career as a personality after order to take the US out of the Great vehicles and battery technology to CATHERINE NEILAN included a four-year freeze on his stint in parliament, but he hasn’t left Depression. “kick-start the electric car revolution”. @CatNeilan commuter rail fares and action on his past behind. It emerged yesterday Corbyn will say: “This party, this It will also be used to develop climate change. that he pulled out of a BBC interview as movement, this manifesto is differ- alternatives to plastic and create new LIBERAL Democrat leader Jo Swinson New taxes proposed included a the broadcaster wouldn’t ent. Labour is on your side. And there steel processes “to green this vital announced her party’s manifesto £5bn levy on frequent flyers and an guarantee he wouldn’t be could scarcely be a clearer demonstra- industry”, Corbyn will say. yesterday, promising a £50bn extension of the sugar tax. asked about the culture of tion of that than the furious reaction The Conservatives last night said windfall as a result of revoking the The party also committed to bullying that a report said of the rich and powerful. the manifesto launch was a “desper- decision to leave the EU. reducing national debt as a had emerged in the “If the bankers, billionaires and the ate attempt to distract from Corbyn’s She said this would support public proportion of national income, a House during his establishment thought we repre- failing campaign and his inability” to services across the board. policy both the Tories and Labour reign. Shame. sented politics as usual, that we could give answers on Brexit or Scotland. Other eye-catching measures have ditched.

CITYAM.COM THURSDAY 21 NOVEMBER 2019 NEWS 09

CHEERS TO THAT Investors celebrate rising profit at Prosus and Takeaway trade blows Mitchells & Butlers as Just Eat battle hits boiling point ALL BAR One owner JAMES WARRINGTON the British market was. Takeaway hit back at the claims, Mitchells & Butlers Prosus, which is controlled by saying it had become the largest toasted a rise in full-year @j_a_warrington South African investment giant operator in seven of its markets profit yesterday amid THE TWO companies competing to Naspers, said Takeaway’s offer “takes “fighting the same competitors Just rising appetite for its food take over food delivery firm Just Eat a narrow view of the food delivery Eat faces in the UK”. and drinks. The group, were locked in a war of words sector based principally on its Just Eat’s board has recommended which owns chains yesterday as they vied to win the experience in the Netherlands and Takeaway’s all-share offer, which including Toby Carvery, favour of shareholders. Germany”. will run until 11 December, but Harvester and All Bar One, Prosus said the bid made by rival These markets “have so far been Prosus has since tabled a higher bid posted adjusted operating Takeaway.com represented relatively insulated” from valuing the firm at roughly £4.9bn. profit of £317m in the 12 “significant risks” and competition of the likes of Uber Eats Both bids are conditional on months to 28 September. underestimated how competitive and Deliveroo, it added. receiving 75 per cent of shares. Fevertree lowers forecast asretail sales in UK go flat

ANNA MENIN our performance in the UK on-trade underlines the strength of the PA AWARDS @annafmenin brand,” said chief executive Tim DRINKS supplier Fevertree has cut its Warrilow. ONLY YOU KNOW HOW IMPORTANT THEY ARE full-year revenue forecast amid “chal- “While the mixer category in the lenging comparators” and a slow- off-trade is moderating alongside TO YOUR BUSINESS AND ITS SUCCESS down in UK consumer spending in slowdown seen across the wider gro- the second half. cery channel, we continue to main- TO NOMINATE YOURSELF, OR AN EXCEPTIONAL COLLEAGUE VISIT The mixer specialist cut its revenue tain our clear UK market leadership,” expectations to between £266m he added. and £268m for the full year, represent- Outside the UK, Fevertree said its WWW.CITYAM.COM/EVENTS/PA-AWARDS ing year-on-year growth of 12 to 13 sales are accelerating in the US. per cent. Fevertree shares rose 7.8 per cent to Analysts had been expecting rev- 2,004p yesterday. LAST CHANCE enue of around £272m before yester- day’s announcement, according to a FEVERTREE NOMINATIONS CLOSE FRIDAY 22ND NOVEMBER P poll by Refinitiv. 2,100 Fevertree said the performance of its 2,004 AWARDS DINNER UK off-trade business — retail sales of 2,000 20 Nov its drinks — was behind expectations Wednesday 11th December, 6:30pm until late for the second half. It said this was 1,900 Bob Bob Cité, Leadenhall Building, 122 Leadenhall street, EC3V 4AB due to a combination of “very tough 1,800 Dress code: Cocktail Attire comparators in July and August” and a wider slowdown in consumer 1,700 spending during the period. “Despite challenging comparators, 14 Nov15 Nov 18 Nov 19 Nov 20 Nov JUDGES

Alice Scutchey Senior Executive Assistant, Lawson Muncaster Citi and Founder & Director, Managing Director FORUM The Canary Wharf PA Club City A.M. Blanket “cut and Leonid Shutov Lucy Chamberlain Owner and CEO, Bob Bob Founder go” Ricard, Bob Bob Cité C&C Search business taxes Tracy Finn have to Head of Corporate go Service at Harrods ANDREW O’BRIEN ON 20-23 November BORIS For more information on prizes and nominations, email [email protected] JOHNSON’S No.3 Haberdasher St, London, N1 6ED DECISION TO DELAY TAX CUTS Wed 8am-8pm PAGE 18 Thu-Fri 9am-7pm Sat 10am-6pm In association with In association with Venue Partner

DRAKES.COM 10 NEWS THURSDAY 21 NOVEMBER 2019 CITYAM.COM

GEAR SHIFT Aston Martin unveils move Babcock’s profit into SUV market with new £158,000 DBX Ousted Marks & Spencer exec is jumps on strong new Costa boss JESS CLARK @jclarkjourno COSTA Coffee has appointed former Halfords and Marks & marine division Spencer executive Jill McDonald as its new chief executive, to replace Dominic Paul next month. ANNA MENIN which fell from £279.6m to £250.6m. The coffee chain, which was sold Babcock said this fall was driven by by Premier Inn owner Whitbread @annafmenin the impact of step downs as a series of to Coca-Cola at the beginning of DEFENCE giant Babcock yesterday big contracts came to an end. the year, said Paul will set down on reported an increase in pre-tax profit Babcock’s shares were down 1.69 per ASTON Martin has lifted the bonnet on its long-awaited DBX sports utility vehicle 30 November, with McDonald set to for the first half of its financial year cent at lunchtime following the news, (SUV), as the luxury car maker fights to get back on track after a huge devaluation in take the reins on 2 December. in line with expectations, as strong but settled almost flat. its value after its 2018 float. The car is the company’s first shift into the SUV market. McDonald was ousted from her performance in its marine business The firm was boosted by winning a role as managing director of M&S’s offset weakness in its aviation arm. £1.3bn contract with the Ministry of beleaguered home and clothing Babcock reported a 134 per cent in- Defence build five new frigate. Work division in July after failing to turn crease in statutory pre-tax profit, on the ships, at Rosyth in Scotland, is the unit’s fortunes around. which rose from £65.1m to £152m for due to begin later this year. US car giant General Motors sues Jennifer Mann, president of the six months to 30 September. Overall, the company secured global ventures for The Coca-Cola Revenue fell 2.7 per cent from around £3.5bn worth of contracts in Company, said: “[McDonald’s] track £2.3bn to £2.2bn, while basic earnings the first half, and said its combined Fiat Chrysler over union ‘bribes’ record, depth of international per share rose from 11.5p to 26.5p order book and pipeline grew 10 per experience and excitement about Babcock announced an increased in- cent between March and September, ALEX DANIEL The US firm has filed a joining our business makes her an terim dividend of 7.2p, up slightly hitting a record £34bn. racketeering lawsuit against Fiat and ideal leader to build on the great from 7.1p for the same period a year “Today’s results show we are doing @alexmdaniel its former executives, “intended to work of Dominic and the rest of earlier. The firm said it expects under- what we said we would do. Our deliv- TWO GIANTS of the global hold FCA accountable for the harm the Costa team.” lying revenue for the year to be ery in the first half is in line with our automotive industry came to blows its actions have caused our company Prior to her stint at M&S, around £4.9bn, and underlying expectations, with good performance yesterday as General Motors (GM) and to ensure a level playing field McDonald was the chief executive operating profit to be between £540m across most of the group,” said chief announced it was suing Fiat Chrysler going forward,” according to Craig of bike retailer Halfords between and £560m. executive Archie Bethel. (FCA) for bribing US automotive Glidden, GM’s general counsel. 2015 and 2017. She was also The defence company reported a “Our combined order book is at its workers to get better terms in GM says Fiat “corrupted” collective previously UK chief executive of drop in profit on an underlying basis, highest level ever,” he added. strike negotiations. bargaining deals through bribery. fast food giant McDonald’s. CITYAM.COM THURSDAY 21 NOVEMBER 2019 NEWS 11 ECB: Record-low Swedbank rocked by investigation into possible US sanction violations rates increasing SEBASTIAN MCCARTHY The group’s share price fell three unaware of any breaches of US per cent yesterday. sanctions. @SebMcCarthy “It’s the kind of bombshell He added in a statement: “If SWEDBANK has been hit by reports report investors can’t prepare for,” there has been unethical that the group is under said Jasper Lawler, head of research behaviour… we should of course firms’ risk-taking investigation for possibly breaching at London Capital Group. get the bottom of it.” US sanctions. “Swedbank has denied any Ofac Henriksson, who took charge Swedish public broadcaster SVT (Office of Foreign Assets Control) last month after his predecessor yesterday reported that US violations and that seems to have was ousted, also said that an HARRY ROBERTSON interest rates, which limit the amount of authorities were probing whether put a floor under share price internal investigation into alleged money that can be earned from bonds. the lender’s Baltic unit had declines.” money laundering would be @henrygrobertson Sharply falling asset prices could see breached sanctions against Russia. Boss Jens Henriksson said he was concluded by early 2020. RECORD-LOW interest rates in the Euro- non-banks “respond in ways that cause zone have led to “excessive risk-taking in stress to spread to the wider financial some sectors” as financial firms pursue system,” the ECB said profits, the European Central Bank (ECB) The report — the first under new pres- warned yesterday. ident Christine Lagarde — comes at a The ECB defended low rates in its latest time when the upper ranks of the ECB financial stability report, however, say- are divided over policy. ing they were necessary to support eco- Yesterday, new ECB board member nomic activity in the struggling Isabel Schnabel told her fellow German Eurozone. The deposit rate is currently economists to dial back their attacks on minus 0.5 per cent, meaning banks pay the Eurozone’s central bank, saying they to keep money in the ECB’s vaults. threatened the euro. Gluten-Free All Butter The ECB’s report warned that “non- Schnabel urged an end to the “harmful Cookies, 150g banks” such as investment funds, insur- and wrong narratives about the ECB’s ance companies and pension funds have monetary policy, floating around in po- taken on more risk in response to low litical and media circles”.

City of London update Final call to register for City of London elections

ONDAY 16 December is the Gluten-Free Christmas deadline to register for City M Pudding, 454g £1˘›9 of London elections and your last chance if you want more of a say on City services. 4 Gluten-Free Staff in businesses and other Mince Pies, 220g organisations based in the City can vote in these elections. Registering gives you a voice on the different areas of the City Corporation’s work - from air quality to cycling, personal security to green to find the named contact in your firm to spaces and commuting to transport. help you register contact 0800 587 5537 or If your organisation is eligible it will [email protected] have been sent a registration form. So cityoflondon.gov.uk/workervote Record recognition for safety A record 72 licensed City premises were recognised at this year’s Safety Thirst Awards for their work to reduce alcohol £1˘‹fi related crime and disorder. £2˘fl9 Overall winners were The Gable Bar & Restaurant, for the second year running, The Steelyard Nightclub, and Mrs Foggs Bar. scheme is open to all licensed City A wheat-less wonderland The awards are given to bars, pubs, premises and run in partnership with clubs, restaurants and events venues. the City Corporation, City of London Those who are part of the Safety Thirst Police and the London Fire Brigade. scheme are acknowledged for their lidl.co.uk/christmas contribution to a safe and pleasant For more information email While stocks last. Subject to availability. Selected stores. Excludes ROI & NI. Packaging, sizes & environment for people to socialise. The [email protected] measurements may vary. Decorative items not included. Prices correct at time of going to print & valid for a limited period only. Favorina Gluten-Free Christmas Pudding, 454g, 60.4p/100g. Deluxe Gluten-Free All Butter Cookies, 150g, 99.3p/100g, choose from Triple Chocolate, White News, info and offers at www.cityoflondon.gov.uk/eshot Chocolate or Cranberry. Favorina 4 Gluten-Free Mince Pies, 220g, 61.4p/100g. 12 NEWS THURSDAY 21 NOVEMBER 2019 CITYAM.COM

LICENCE TO CHILL BBC chairman snubs Fashion logistics company Clipper’s suggestions for Netflix-style subscription

REPLACING the BBC’s licence fee shares soar as it agrees takeover bid with a Netflix-style subscription model JOE CURTIS Partners. The expected take-private would destroy its bid, first reported on Tuesday evening CLIPPER ability to serve @joe-r_curtis P by Sky News, sent Clipper’s share 300 everyone, the FASHION delivery player Clipper saw price up almost 22.3 per cent to 296p corporation’s its shares soar more than 22 per cent by the close of trading yesterday. 280 296.50 chairman said yesterday after confirming a takeover However, neither party has so far yesterday. Sir 260 20 Nov approach from a private equity giant. confirmed a figure for any offer, David Clementi Steve Parkin, who founded Clipper while Clipper did not confirm 240 said it “would no in 1992 before taking it public in Parkin’s alleged involvement. longer be the BBC 2014, is said to be plotting a £300m Sun Capital Partners now has 220 you and I know”. offer for the firm alongside US until 18 December to table a firm private equity giant Sun Capital offer for Clipper. 14 Nov15 Nov 18 Nov 19 Nov 20 Nov

Hortus London Gin, Ignis French Grain Vodka, Upper Crust firm Rêverie Finest French Brandy SSP announces £100m buyback

JESS CLARK cient balance sheet.” @jclarkjourno The company, which also owns the Ritazza chain, reported that like-for- UPPER Crust owner SSP Group yester- like sales saw stronger growth in the From day announced plans to buy back rail sector, although its outlets at £100m of shares as it reported sales railway stations benefited from a grew this year due to an increase in lower level of disruption compared to air and rail passengers. last year. Comte De Senneval Champagne, £14 SSP Group, which has around 2,800 SSP’s share price dropped 3.5 per outlets at global transport hubs, said cent to 632p yesterday despite the Allini Prosecco Spumante like-for-like sales were up 1.9 per announcements. Winter Wine Tour Selection cent due to a growth in passenger numbers. SSP Revenue increased 7.8 per cent P to £2.79bn in the year ended 30 670 September. Profit before tax also 660 jumped 7.8 per cent to £197.2m. 650 Basic earnings per share were 28.1p, up 12.9 per cent on the previous year. 640 20 Nov SSP said it will return up to £100m 630 632 to shareholders through a share 620 buyback programme demonstrating its “confidence in the business and commitment to maintain an effi- 14 Nov15 Nov 18 Nov 19 Nov 20 Nov

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From Boots, Holland & Barrett, supermarkets, health stores, chemists & vitabiotics.com Slovenian Forget Me Not Sauvignon Blanc, 75cl, £9.99/75cl., Italian Passito Di Pantelleria, 50cl, £11.99/50cl. CITYAM.COM/ * UK's No.1 Iron Supplement Brand, Source: Nielsen GB ScanTrack Total Coverage Value and Unit Retail Sales NEWSLETTER 52 w/e 18 May 2019. To verify contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. CITYAM.COM THURSDAY 21 NOVEMBER 2019 NEWS 13 IN BRIEF CAPITAL FLIGHT Ten arrested in London HENDERSON FUND FINED £1.9M BY WATCHDOG over £15m money laundering suitcase plot City watchdog the Financial UK house price Conduct Authority (FCA) yesterday said it had fined Henderson TEN SUSPECTED Investment Funds Limited (HIFL) members of an nearly £1.9m for overcharging 4,500 organised crime retail customers. In 2011 HIFL’s group were investment manager reduced the growth to stay arrested in level of management in two of its London funds. Institutional investors were yesterday on informed and their charges were suspicion of scrapped. Retail investors were not flying roughly informed and were charged the £15.5m out of same fees as previously for five below inflation the UK to Dubai years. hidden in suitcases, the HSBC INVESTMENT BOSS JESS CLARK some recovery from 2021 — if and National Crime TO LOSE ROLE IN REJIG @jclarkjourno when the political ‘dust’ begins to Agency HSBC’s investment banking boss is settle.” said. reportedly set to be replaced as part UK HOUSE prices will not match low Last month Foxtons, the London- of a shake-up under interim chief inflation until 2021 and are set to fall focused estate agent, said revenue executive Noel Quinn. The lender’s in London this year as buyers are put dropped in the third quarter as Brexit head of global banking and markets off by continuing Brexit uncertainty, uncertainty continued to weigh on Samir Assaf is to be moved to a non- according to new research. the residential property market in executive role, according to the House prices in the capital will fall the capital. Financial Times. Assaf has led the 1.5 per cent this year and only hold Elsewhere in the UK, house prices unit for nearly 10 years. steady in 2020, a poll by Reuters are predicted to rise one per cent this found. year, 1.5 per cent next year and 2.3 per TfL deficit shrinks thanks to Ulez REVOLUT HIRES BANKING However forecasts for this year cent in 2021, according to the poll of STALWART AS TOP EXEC ranged from a drop of three per cent 27 property market analysts. Fintech giant Revolut has today to no change, while in 2020 forecasts Meanwhile, inflation is forecast to and increased Tube passengers appointed Pierre Decote as its chief were between a two per cent fall to be between 1.9 per cent and two risk officer. Decote is the latest growth of five per cent. per cent. STEFAN BOSCIA increase. The body drastically beat addition to Revolut’s nascent “Until we have greater certainty re- “Regardless of what happens with @Stefan_Boscia expectations as TfL had budgeted for executive team, after the firm added garding the political environment it Brexit in the months ahead, a revival a £372m deficit. a chief operating officer, a finance isn’t possible to forecast what might in the housing market is unlikely,” TRANSPORT for London’s (TfL) first- It was put down to an increase in boss and a chairman to its roster happen in London with the greatest said Hansen Lu at Capital Economics. half revenue beat budget passenger numbers on the London this year. Decote was most recently accuracy,” Rod Lockhart at property “Indeed, even if a Brexit deal is im- expectations by £260m. Underground and a less-than- chief risk officer at US fintech lender finance hub Lendinvest told Reuters. plemented soon, we expect to see only TfL’s second-quarter results, expected decline in bus journeys. Prodigy Finance, and has also held “We do not anticipate a material a small improvement in housing mar- released yesterday, revealed a £111m The bottom line was also helped senior roles at Barclaycard, Tandem price rebound in London until at least ket transactions and house price operating loss for the first half of by £80m in revenues from Ultra Low Bank and Capital One. Revolut also 2022, although we may experience growth over the next two years.” 2019/20 — an 80 per cent annual Emission Zone (Ulez) charges. made a spate of other additions. ADVERTISEMENTTHE FEATURE BUSINESS WORKING WITH, NOT AGAINST, MOTHER NATURE

he year 2019 has seen the rise of the eco-conscious shopper. 88% of people want Tbrands to help them make a difference by being more environmentally-friendly. Much more thought and research goes into mak- ing a purchase than ever before! Is the product full of artificial sweeteners? Is a product sustainable? Does a com- pany give back to the environment? One business making it perfectly clear that they care about personal and environmental wellbeing is TENZING Natural Energy. Their plant- based drinks are inspired by Sherpa Tenzing - one of the first two men to summit Mount Everest - and the energising brews of the Himalayan Sherpas. Enclosed in a 100% BPA free and infinitely recyclable can, it’s made purely from plants. Just seven ingredi- ents blended together to create a triple-hit of natural caffeine, elec- community. They’ve teamed up with trolytes and vitamin C with every sip - air quality experts at King’s College to perfect as a morning pick-me-up, create the Clean Air Tracker, which al- paired with lunch, to beat the lows runners to see live Air Quality on afternoon slump or to kickstart your their running routes – raising aware- workout. ness about the issue of air pollution in TENZING are on a quest to create the Tenzing Founder, Huib van the capital as well as a solution for the most sustainable production chain Bockel (right) with son of growing running community. possible. The first step in doing so has Sherpa Tenzing, Jamling From helping runner’s in London to been making their Green Tea Rainfor- Tenzing Norgay (left). clearing waste thousands of miles est Alliance Certified: “our vision is for away on Mount Everest, it’s safe to say as many of our ingredients to be sus- TENZING understands the importance tainably sourced as possible” says THE ENVIRONMENTAL PROJECTS Everest. TENZING have supported the to solve environmental issues alone, of giving back and will continue to Founder Huib van Bockel, “certifica- THEY ARE WORKING ON great work of the Sagarmatha which is why we worked with the take ‘environmental responsibility’ to tion is one of the most powerful and TENZING try to do their bit by Pollution Control Committee, by Tenzing family and local charity new heights. most tested solutions to support sus- donating 5% of profits to helping them build bins on the route SPCG to find out what’s affecting Look out for it in your office today! tainable farming, which is why we’re environmental projects. “Clear up up to Basecamp – protecting the their local ecosystem.” Also available to buy online at so proud to be part of this alliance and Basecamp” is an initiative to help fragile ecosystem where TENZING This year, TENZING launched a www.tenzingnaturalenergy.com and doing our bit to help combat pressing combat the increasing amount of was first inspired. Van Bockel; “we “Clean Air Tracker”, an environmen- in major UK retailers including Tesco, social and environmental issues.” litter from tourists climbing Mount know as a company we’re not going tal initiative for London’s running M&S, Sainsbury’s, and Co-op. 14 NEWS THURSDAY 21 NOVEMBER 2019 CITYAM.COM Emirates orders Spanish court bans Ryanair $9bn of Boeing luggage charge ALEX DANIEL @alexmdaniel RYANAIR’s policy of charging customers for hand luggage has jets amid woes been ruled “abusive” by a Spanish court, and subsequently banned in the country. ALEX DANIEL Steve Dickson, FAA administrator, The charge, introduced last year, @alexmdaniel said: “I did meet with Emirates and forces passengers to pay an extra we had excellent dialogue,” speaking fee if they want to bring anything GULF airline Emirates has unveiled a at the Dubai Airshow when asked if more than one personal item into $9bn (£7bn) order for 30 Boeing 787 the 777x certification would be the cabin. Dreamliners, while reducing its deal tougher in light of the grounding of However, it led a passenger for the delayed 777x plane from 150 the 737 Max jet after two crashes. travelling from Madrid to Brussels to 126. “Perhaps there will be more empha- The Norwegian national said his top priority will be to bring the firm back into profit to take the budget flyer to court, The order was struck after 11th hour sis on making sure that the systems, after staff forced her to pay €20 talks at the Dubai air show yesterday, as they evolve, are effectively (£17), to bring 10 kilograms of which has been taking place integrated across the entire product luggage onto the plane. throughout this week. and that we are not looking at issues Norwegian Air hires a new chief Yesterday, the court ordered the The announcement follows com- in a fragmented fashion,” he added. airline to refund her the €20 on top ments from Emirates president Tim Dickson also said the certification of interest. Clark that he wants the aeroplane to for the 737 Max would take “whatever executive to lead back to profit The judge characterised the be put through “hell on earth” in test- time is needed”. charge as abusive, adding that it ing to make sure it is safe to fly. “We are going to make sure we are ALEX DANIEL finances. The Norwegian national “curtailed the rights that the It came on top of a $16bn order with very methodical and very diligent. We @alexmdaniel will take over on 1 January. passenger has recognised by law”, Airbus for 50 of its A350 jets, bringing are not delegating anything,” he said. The airline has already tapped and declared it invalid in Spain. Emirates’ commitments this week to The 737 Max has been grounded NORWEGIAN Air has named Jacob investors for fresh capital twice this “This ruling will not affect $24.8bn, as the operator prepares to since March after the second of two Schram, a senior adviser at year, as it struggles to keep on top of Ryanair’s baggage policy, as it expand into new markets. crashes which killed 346 people . management consultant McKinsey, a debt pile worth billions of pounds. misquoted the European Court of US aviation regulator the Federal A report into the cause of the fatal as its new chief executive. Earlier this summer, Bjorn Kjos, Justice and misinterpreted the Aviation Administration (FAA) said it incidents pointed at the jets’ anti-stall Schram takes up the mantle as the the firm’s chief executive, left after airlines’ commercial freedom to would make sure the 777x systems, which were installed with- low-cost flyer struggles to soothe 17 years at the helm, leaving finance determine the size of their cabin certification process was rigorous. out pilots being made aware. investors’ concerns about its boss Gier Karlsen in charge. baggage,” Ryanair said.

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CAPAWI19A CITYAM.COM THURSDAY 21 NOVEMBER 2019 MARKETS 15

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT FTSE suffers worst BODYCOTE P 880 Wall St falls on 860 865 20 Nov China concerns 840 day in three weeks ALL Street’s main indexes 820 Wended yesterday’s session 800 lower on concerns that a phase one trade deal between Washington and Beijing may not be over trade gloom 14 Nov 15 Nov 18 Nov 19 Nov 20 Nov completed this year, while minutes from the Federal Reserve’s October Bodycote is a Macclesfield-based supplier of heat treatments and metal joining. policy meeting appeared to offer little Yesterday morning it issued a trading update as robust as its products, analysts at help. Jefferies said. Management expect the full year to be in line with market Wall Street, which managed to end K STOCKS fell yesterday and thermal processing service expectations - “a good outcome”. The analysts said “buy” with a target of 925p. the day above its session lows, had after three sessions of gains provider Bodycote rise between four kicked off trading in the red after a US as flaring tensions between and five per cent and outperform the Senate measure aimed at protecting UChina and the US cast mid-cap index. GENUS human rights in Hong Kong amid doubt over prospects of a Shares in Aviva fell 3.5 per cent after prolonged protests appeared to trade deal, while retailer Kingfisher a disappointing update from the in- 3,200 P escalate US-China tensions. slumped seven per cent following surer, which is struggling for direction 20 Nov The Dow Jones Industrial Average disappointing quarterly sales. since replacing its top boss. 2,996 fell 113.74 points, or 0.41 per cent, to The FTSE 100 lost 0.8 per cent on its 27,820.28, the S&P 500 lost 11.79 3,100 worst day in almost three weeks, as FTSE points, or 0.38 per cent, to 3,108.39 trade concerns weighed on Asia-ex- and the Nasdaq Composite dropped P posed financial stocks like HSBC, while 7,400 43.93 points, or 0.51 per cent, to oil majors Shell and BP and industrial 3,000 8,526.73. stocks also slipped. 7,350 Reports from Target and Lowe’s Losses on the more domestically- 7,300 were bright spots yesterday, with their 14 Nov 15 Nov 18 Nov 19 Nov 20 Nov focused FTSE 250 were slightly more 20 Nov shares jumping 14 per cent and 3.9 contained, as the index gave up 0.3 7,250 per cent, respectively, after both firms per cent. 7,262.49 Agricultural biotechnology firm Genus has appointed a new chief financial officer, raised their profit forecasts. However, earnings-driven gains 7,200 Alison Henriksen. Genus hope she can provide some genius guidance to the firm. But retailer Urban Outfitters fell helped pub operator Mitchells & But- Analysts at broker Liberum are chuffed. They praise her “wide financial and 15.2 per cent after missing quarterly lers, software company Micro Focus 14 Nov15 Nov 18 Nov 19 Nov 20 Nov commercial experience”. They said “buy”, giving a target price of 2,800p. sales estimates. CITY MOVES WHO’S SWITCHING JOBS

GULF KEYSTONE exploration and production company which was SONOVATE companies working with contingent workers are Oil and gas exploration firm acquired by Repsol in 2015. He also held the CFO role Fintech innovator Sonovate, a technology and cash crying out for.” Gulf Keystone has announced at Equion Energia, a Colombian joint venture between flow provider to companies, has announced the the appointment of Ian Talisman Energy and Ecopetrol. Ian will join the board appointment of Bob Strudwick as its new chief 23 CAPITAL Weatherdon as chief financial of Gulf Keystone and assume the CFO role on 13 technology officer (CTO). Bob will oversee Sonovate’s Sreesha Vaman has been announced as the new head officer (CFO). Ian has over 25 January, taking over from Sami Zouari, who will step product roadmap, driving forward the technology that of capital markets at 23 Capital, the leading capital and years’ experience in the down as CFO on 2 December. Zouari will assist Ian for has already transformed thousands of businesses solutions provider focused exclusively on the sports, international oil and gas a short handover period. Jaap Huijskes, chairman of using contingent workers. He brings with him over 30 music and entertainment sectors. Sreesha has more industry and joins from Sino the company, said: “Following a thorough search years’ experience, most recently with online fashion than 15 years of experience across the finance, Gas and Energy, where he was process, I am very pleased to announce the retailer Asos, where he was promoted to become the investment banking, sports and entertainment CFO. Prior to this, he held appointment of Ian Weatherdon as CFO. Ian brings a company’s first CTO in 2015. Commenting on the new landscape and is joining the team with a remit to build various executive roles, wealth of highly relevant finance experience within the appointment, Sonovate co-executive, Richard Prime, on 23 Capital’s work in the capital markets division including vice president of finance and planning for the sector to the management team, and to the board. We said: “To have someone with Bob’s experience come globally. He previously spent seven years as a Asia-Pacific region, and vice president of investor look forward to him joining the team and to his on board is a real game changer for us as we continue managing director at Guggenheim Partners across relations for Talisman Energy, the Canadian contribution.” to deliver the flexible finance and world class tech that multiple roles.

To appear in CITYMOVES please email your career updates and pictures to [email protected] NEWS INVESTMENT DRIVE McLaren founder Publishers look for fresh sources of Ron Dennis takes stake in music firm Roxi

MCLAREN founder Ron Dennis has revenue amid digital advert squeeze taken a stake in Roxi, the British JAMES WARRINGTON online video and subscriptions, which Marie Claire, which ceased firm hoping to reported growth of 20 per cent and 14 publication of its print edition in take on streaming @J_a_warrington per cent respectively. September, has set up Fabled — a joint giants such as ONLINE publishers are shifting their The report revealed that as fashion retail venture with Ocado Spotify. Roxi focus to new sources of revenue as traditional revenue sources continue that was snapped up by Next earlier today said Dennis income from digital advertising to decline, more and more publishers this year. has bought a 10 continues to decline. are looking to diversify their business Meanwhile media group Time Out, per cent stake in Digital publishing revenue slipped models. Just under 90 per cent of traditionally known for its print the firm, which 3.7 per cent to £113.1m in the second respondents said non-advertising magazine, has enjoyed a boost in has a number of quarter, according to figures released revenue growth was a high priority, revenue from its food markets. celebrity backers, by the Association for Online while half said they wanted to Richard Reeves, AOP managing including Robbie Publishing (AOP) and Deloitte. introduce new products or services in director, said the figures reflected Williams and The fall was driven largely by a the next 12 months. “challenging times” for the UK Sheryl Crow. decline in display advertising, which The figures reflect a growing trend publishing industry. “Publishers dropped 15 per cent over the three- in the industry, as publishers look to across the board are looking to... move month period. offset the negative impact of tech away from solely relying on However, this was partially offset by giants such as Google and Facebook. advertising revenue,” he said. 16 MARKETS THURSDAY 21 NOVEMBER 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1677 à 0.0006 €/$ 1.1063 Ä 0.0011 7262.49 20475.25 4016.89 27821.09 8526.73 3108.46 /$ 1.2917 ÄÄ0.0008 €/£ 0.8564 0.0005 61.31 53.23 29.05 112.93 43.93 11.72 £ /¥ 140.40 0.0200 €/¥ 120.23 0.0400 ÄÄÄÄÄÄ Ã Ä Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Templeton Em Mkts .....789.0 -1.0 829.0 670.0 JD Sports Fashion ...... 756.2 -3.8 781.0 318.5 LEISURE GOODS Hiscox ...... 1256.0 -5.0 1777.0 1213.0 Softcat ...... 1172.0 2.0 1176.0 565.0 AIM 50 Vietnam Enterprise ..... 492.0 1.5 509.0 421.5 Just Eat...... 752.4 -1.6 812.0 535.0 RSA Ins Gp ...... 537.6 -3.6 597.0 496.6 Sophos ...... 568.0 -1.0 577.0 298.2 Tsy 4.750 20 ...... 101.18 -0.01 105.1 101.2 Contour Global...... 210.0 1.5 222.5 159.1 Games Workshp ...... 5695.0 -15.0 5740.0 2800.0 Abcam ...... 1288.0 -21.0 1500.0 1017.0 VinaCapital Vietna ...... 334.5 -1.0 357.5 323.0 Kingfisher...... 194.0 -14.8 266.2 185.9 OIL & GAS PRODUCERS SUPPORT SERVICES Tsy 8.000 21...... 111.39 -0.01 118.2 111.4 Drax Gp ...... 283.4 -2.2 413.8 251.0 LIFE INSURANCE Advanced Medical ...... 250.0 2.5 354.5 225.0 Witan Invest ...... 219.5 0.0 225.5 189.6 Marks & Spencer ...... 186.0 0.0 309.6 163.9 Tsy 2.500 24 ...... 363.43 0.33 377.9 360.6 SSE ...... 1311.0 -5.0 1336.5 1008.0 BP ...... 497.1 -4.8 582.5 484.9 Aggreko ...... 803.2 -1.4 855.2 691.8 Wwide Healthcare ....2870.0 25.0 2870.0 2325.0 Aviva ...... 403.5 -14.8 438.8 352.3 Alliance Pharma ...... 75.1 -0.2 80.4 60.0 Tsy 5.000 25 ...... 123.36 -0.01 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT Next ...... 6666.0 26.0 6850.0 3991.0 Cairn Energy...... 176.4 1.6 213.8 140.0 Lancashire Hldgs ...... 724.5 -0.5 746.0 561.5 Ashtead Gp ...... 2326.0 -24.0 2392.0 1586.5 ASOS...... 3027.0 -93.0 5074.0 2107.0 Tsy 4.250 27 ...... 129.10 0.03 132.8 125.2 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 202.0 -5.0 239.4 111.5 Halma ...... 2055.0 -4.0 2094.0 1282.0 Legal & General ...... 276.4 -2.8 291.2 216.7 Energean Oil & Gas ...... 911.0 -4.0 1082.0 568.0 Babcock Intl Grp...... 541.4 -3.6 587.2 416.7 Sports Direct Intl ...... 330.6 0.6 331.2 214.0 Blue Prism ...... 888.0 52.0 1472.0 788.0 Tsy 6.000 28 ...... 147.37 0.06 152.1 143.1 Morgan Advanced ...... 278.2 2.8 281.2 232.4 BT Gp ...... 189.8 -0.4 262.9 158.9 Phoenix Gp ...... 706.5 -12.3 724.8 544.0 Premier Oil ...... 87.4 1.4 106.2 55.6 Bunzl ...... 2018.0 -37.0 2551.0 1943.0 Vivo Energy ...... 123.4 -0.8 139.5 105.6 Camellia ...... 8650.0 -100.0 11750.0 8650.0 Tsy 4.125 30 ...... 379.10 0.58 404.2 364.2 Oxford Instruments ..1554.0 -10.0 1592.0 842.0 Talktalk Telecom ...... 105.1 0.5 130.0 96.5 Prudential ...... 1293.0 -25.5 1790.0 1293.0 Royal Dutch Shell A...2270.0 -16.0 2612.0 2213.0 Capita ...... 160.3 -0.1 173.1 99.9 WH Smith...... 2322.0 -2.0 2346.0 1697.0 Caretech Holdings ...... 387.0 0.0 405.0 325.0 Tsy 4.250 32...... 139.94 0.09 146.4 131.7 Renishaw ...... 3772.0 -76.0 4670.0 3232.0 Telecom Plus ...... 1312.0 -16.0 1528.0 1130.0 St James Place ...... 1038.5 -23.0 1143.0 913.6 Royal Dutch Shell B ...2250.5 -17.0 2622.0 2218.0 DCC ...... 6496.0 -160.0 7496.0 5680.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 141.8 1.4 250.0 140.4 Tsy 4.250 36 ...... 147.64 0.14 155.7 135.3 Spectris ...... 2678.0 -35.0 2898.0 2188.0 FOOD & DRUG RETAILERS Std Life Aberdeen ...... 308.1 -6.5 314.6 224.8 Diploma ...... 1757.0 -13.0 1775.0 1150.0 Central Asia Metals .....210.5 1.5 266.5 180.0 Tsy 4.750 38...... 162.13 0.17 171.8 147.0 EQUITY INVESTMENT INSTRUMENTS Greggs ...... 2012.0 -38.0 2476.0 1217.0 Convatec ...... 186.8 -0.7 202.8 118.5 MEDIA OIL EQUIPMENT & SERVICES Electrocomp ...... 635.6 -0.2 729.8 480.0 Clinigen Group ...... 837.0 -22.5 1069.0 721.0 Tsy 4.250 46 ...... 168.41 0.13 181.0 146.4 Morrison (WM) ...... 198.2 -1.8 248.4 176.9 Mediclinic Intl ...... 399.7 2.8 401.3 293.4 Hunting ...... 403.2 -6.2 657.0 393.0 Equiniti ...... 196.0 -0.9 236.2 186.2 3i Infrastructure ...... 293.0 1.0 306.5 249.7 4imprint ...... 2990.0 20.0 3130.0 1800.0 CVS Group ...... 1041.0 -7.0 1049.0 395.0 AEROSPACE & DEFENCE Ocado Gp ...... 1156.5 -10.0 1435.0 749.8 NMC Health ...... 2497.0 -97.0 3610.0 1801.5 Petrofac ...... 400.6 5.0 559.0 381.5 Essentra ...... 420.2 4.0 442.0 325.4 Aberforth Smlr Cos ..1344.0 -8.0 1352.0 1114.0 Ascential ...... 329.2 -13.8 411.0 329.2 Dart Group ...... 1350.0 -9.0 1359.0 709.5 Sainsbury(J) ...... 211.9 -0.4 318.0 177.1 Smith & Neph...... 1652.0 -11.0 1990.0 1380.5 Wood Gp(J) ...... 349.7 -1.6 674.4 327.4 Experian ...... 2474.0 -6.0 2631.0 1833.0 BAE Systems ...... 573.6 -5.0 588.2 443.9 Alliance Trust ...... 810.0 -1.0 838.0 672.0 Auto Trader Gp ...... 539.0 2.8 606.0 418.1 Diversified Gas & Oil ....102.5 -1.0 116.5 97.0 SSP Group ...... 632.0 -23.0 721.0 608.0 UDG Hlthcare ...... 794.5 -3.5 821.0 551.0 PERSONAL GOODS Ferguson ...... 6672.0 -68.0 6898.0 4751.0 Cobham ...... 159.5 -1.1 168.3 96.8 AVI Global Trust...... 765.0 -1.0 781.0 660.0 Entertainment One ...... 557.5 0.5 589.0 336.4 Draper Esprit ...... 469.0 -2.0 548.0 410.0 Meggitt ...... 634.8 -3.0 643.0 458.0 Tesco ...... 232.6 -2.5 253.0 189.6 HOUSEHOLD GOODS G4S ...... 207.0 -1.0 234.3 168.3 Baillie Gifford Japan ....823.0 2.0 840.0 663.0 Euromny Inst Inv...... 1312.0 16.0 1498.0 1132.0 Burberry Gp...... 2050.0 -28.0 2345.0 1623.5 Eland Oil & Gas ...... 158.4 4.8 165.4 101.0 FOOD PRODUCERS Hays ...... 165.3 0.3 165.3 135.7 QinetiQ ...... 340.4 0.4 351.6 267.0 Bankers InvTst ...... 946.0 1.0 970.0 766.0 Barratt Devel ...... 652.8 0.6 683.0 434.0 Future ...... 1456.0 12.0 1528.0 465.0 PZ Cussons ...... 198.0 -1.6 238.0 178.6 EMIS Group ...... 1052.0 -10.0 1242.0 864.0 Rolls-Royce ...... 720.0 -9.2 988.4 702.0 BlackRock Smaller .....1532.0 0.0 1532.0 1160.0 Assoc British Foods...2458.0 22.0 2575.0 2041.0 Bellway ...... 3317.0 13.0 3536.0 2419.0 Informa ...... 781.4 -5.6 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1266.0 11.0 1266.0 849.0 Fevertree Drinks ...... 2004.0 145.5 2475.0 1732.5 Senior ...... 181.7 -1.3 260.0 174.0 BMO Global Smaller ...... 137.1 -1.1 140.6 122.0 Bakkavor ...... 126.4 1.4 170.0 93.3 Berkeley Grp Hldgs ...4529.0 0.0 4589.0 3226.0 Intertek Gp ...... 5476.0 -26.0 5962.0 4509.0 ITV ...... 136.9 0.4 153.4 103.6 AstraZeneca ...... 7254.0 -58.0 7580.0 5325.0 Ultra Electronics ...... 2150.0 10.0 2252.0 1232.0 Caledonia Inv ...... 3020.0 -10.0 3110.0 2740.0 Cranswick ...... 3190.0 -6.0 3408.0 2472.0 IWG...... 398.2 -12.9 421.9 199.8 First Derivatives ...... 2460.0 20.0 3555.0 2050.0 Bovis Homes Gp ...... 1163.0 2.0 1226.0 828.0 Moneysupermkt.com ...345.0 -10.6 417.7 267.0 Dechra Pharma ...... 2770.0 36.0 3036.0 2022.0 AUTOMOBILES & PARTS City of London IT ...... 417.0 -3.0 431.5 376.0 Greencore Gp ...... 245.7 2.3 246.9 162.8 Network Int...... 519.0 3.0 628.0 513.0 Frontier Devs ...... 1214.0 -14.0 1254.0 740.0 Countryside Prop ...... 375.6 5.6 375.6 276.8 Pearson ...... 642.0 -25.2 1027.5 642.0 Genus ...... 2996.0 -40.0 3146.0 2146.0 Edin Inv Trust ...... 596.0 -3.0 652.0 535.0 Hilton Food Gp ...... 1024.0 16.0 1088.0 884.0 Pagegroup ...... 466.4 -1.2 539.0 367.8 Aston Martin...... 451.4 8.9 1374.4 399.3 Crest Nicholson ...... 371.6 2.6 435.2 309.4 RELX ...... 1845.0 -27.0 2011.0 1581.5 GlaxoSmithKline ...... 1696.6 -19.8 1782.0 1418.0 Gamma Comms ...... 1165.0 5.0 1235.0 688.0 European Opp ...... 801.0 -1.0 875.0 666.0 Tate & Lyle ...... 706.8 4.6 800.4 658.4 Paypoint...... 935.0 -12.0 1118.0 748.0 TI Fluid Systems ...... 211.5 -2.5 223.0 155.2 Hikma Pharma ...... 1901.0 -4.0 2200.0 1510.5 GB Group ...... 664.0 6.0 665.0 410.5 F&C Investment ...... 728.0 4.0 731.0 616.0 Unilever ...... 4526.5 -31.0 5324.0 3941.0 Rentokil Initial ...... 442.7 -2.6 467.8 315.9 BANKS MAIN CHANGES UK 350 REAL ESTATE Gooch & Housego ...... 1270.0 55.0 1527.5 954.0 Fidelity China SPE ...... 217.5 0.0 250.0 183.4 FORESTRY & PAPER Sanne Group ...... 568.0 -5.0 752.0 450.0 Hurricane Energy ...... 45.0 1.6 53.6 38.7 Barclays ...... 169.2 -1.2 172.8 136.2 Fidelity Euro Values .....253.0 0.0 257.5 202.0 % % Assura ...... 71.0 -1.0 75.4 52.5 Serco ...... 154.4 -1.3 160.0 84.1 Mondi ...... 1653.5 -16.5 1898.0 1510.5 Risers à Fallers Ä BGEO Group ...... 1440.0 -4.0 1755.0 1252.0 Mitchells & Butlers ...... 470.50 5.5 Kingfisher...... 194.00 -7.1 Big Yellow Gp ...... 1106.0 -41.0 1192.0 858.5 SIG ...... 114.5 0.5 153.0 99.3 Impax Asset Mgmt ...... 279.0 6.0 295.0 184.0 Fidelity Spec Val ...... 266.5 -1.5 270.0 220.0 GENERAL FINANCIAL HSBC Hldgs...... 576.4 -4.3 680.6 570.3 Finsbury G&I Tst ...... 880.0 -8.0 958.0 741.0 Micro Focus Intl ...... 1091.80 4.8 Ascential ...... 329.20 -4.0 BMO Comm Prop ...... 116.8 -0.8 141.8 106.0 Travis Perkins...... 1516.0 -15.0 1531.0 1012.0 Iomart Group ...... 367.0 6.0 398.0 308.0 Lloyds Banking ...... 59.1 -0.4 66.6 48.6 GCP Infra Inv ...... 131.6 0.2 131.6 122.4 3i Group ...... 1035.0 -20.0 1184.5 756.2 Finablr ...... 183.80 3.8 Pearson ...... 642.00 -3.8 British Land ...... 560.4 -4.4 638.4 468.3 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 47.6 -1.0 98.0 47.6 Bodycote ...... 865.00 3.7 NMC Health ...... 2497.00 -3.7 Royal Bank of Scot ...... 222.6 -0.1 270.4 177.7 Genesis Emerging ...... 759.0 0.0 785.0 618.0 Ashmore Gp ...... 475.0 -11.2 542.5 351.8 Captl & Count Prop ...... 258.1 -0.5 270.5 184.8 James Halstead ...... 500.0 0.0 532.0 367.0 Sirius Minerals ...... 3.54 3.6 Big Yellow Gp ...... 1106.00 -3.6 Spirent Comms ...... 212.5 -2.5 219.0 112.8 Standard Chartered ....686.0 -10.6 736.8 575.7 Greencoat UK ...... 145.6 0.0 148.8 124.4 Brewin Dolphin ...... 334.0 -2.6 342.8 287.6 CLS Hldgs ...... 260.5 -8.0 268.5 204.0 Airtel Africa ...... 71.25 3.3 Aviva ...... 403.50 -3.5 TOBACCO Johnson Service Gp ...... 173.8 1.6 183.2 113.6 TBC Bank Group...... 1222.0 -8.0 1706.0 1150.0 Harbourvest Glb ...... 1682.0 -2.0 1786.0 1326.0 Close Brothers ...... 1455.0 5.0 1605.0 1227.0 Daejan Hldgs ...... 4995.0 75.0 6160.0 4715.0 FDM Group ...... 836.00 2.2 Stagecoach Gp ...... 131.50 -3.5 Keywords Studios ...... 1370.0 40.0 1838.0 900.0 Virgin Money UK ...... 143.5 0.2 220.1 104.4 Coats Group ...... 73.4 0.1 91.3 69.1 Derwent London ...... 3648.0 -18.0 3666.0 2779.0 Herald Inv Trust ...... 1354.0 -2.0 1364.0 1055.0 Aston Martin ...... 451.40 2.0 SSP Group ...... 632.00 -3.5 Br Am Tob ...... 2861.0 -28.5 3197.5 2375.0 Finablr ...... 183.8 6.8 183.8 140.2 Grainger ...... 271.4 -4.4 275.8 205.8 Learning Tech Gp ...... 115.0 1.4 130.0 62.2 BEVERAGES HICL Infr ...... 170.4 1.0 174.0 156.6 Avast...... 444.20 1.7 IWG...... 398.20 -3.1 Imperial Brands ...... 1761.0 -14.0 2713.5 1692.4 JPM American ...... 473.0 -1.0 494.5 386.5 Hargreaves Lans...... 1776.5 -41.0 2433.0 1633.0 Grt Portland Est ...... 810.4 -3.8 814.2 649.4 M&C Saatchi ...... 158.5 -3.5 394.0 146.0 Barr (AG) ...... 610.0 5.0 975.0 540.0 Premier Oil ...... 87.44 1.7 Moneysupermkt.com ...... 345.00 -3.0 TRAVEL & LEISURE JPM Emerg Mkt ...... 993.0 5.0 1066.0 794.0 IG Gp...... 658.8 -5.8 667.2 474.8 Hammerson ...... 291.7 -2.1 421.0 203.9 M.P. Evans ...... 684.0 0.0 703.0 612.0 Britvic ...... 960.5 -7.0 1068.0 782.5 Carnival ...... 3161.0 -59.0 4650.0 3056.0 JPM Indian IT ...... 726.0 4.0 790.0 633.0 Integrafin Holdings ..... 389.0 -6.5 406.1 271.8 McCarthy & Stone...... 135.6 -0.9 158.8 123.5 Rightmove Group ...... 611.8 5.4 611.8 420.9 Land Securities...... 910.4 -12.2 963.0 735.4 Majestic Wine ...... 262.5 3.0 322.0 219.0 Coca-Cola HBC AG .....2401.0 -27.0 3074.0 2246.0 Cineworld Group ...... 201.7 2.5 321.0 191.0 JPM Japan IT ...... 459.0 5.5 462.0 367.0 Intermediate Capital 1489.0 -32.0 1521.0 918.5 Persimmon ...... 2465.0 -9.0 2512.0 1836.0 WPP ...... 975.6 -2.8 1038.0 800.4 LondonMetric Prop ...... 237.2 -2.8 240.2 172.7 Diageo ...... 3114.0 -4.5 3625.5 2701.0 Compass Gp ...... 2003.0 -22.0 2138.0 1583.0 Midwich Group ...... 556.0 9.0 633.0 474.5 Jupiter Fund Mngt ...... 363.5 -4.5 432.0 287.6 Intl Public Prtnshps .....161.0 0.4 165.4 146.8 Reckitt Benckiser ...... 5896.0 -27.0 6700.0 5593.0 MINING NewRiver Retail ...... 189.8 -3.4 246.0 147.6 Mortgage Advice B ...... 631.0 5.0 631.0 546.0 CHEMICALS Investec ...... 433.0 -3.7 518.6 395.3 Redrow...... 652.0 3.0 654.0 460.8 Primary Hlth Prop ...... 142.0 -0.8 143.2 108.2 Dominos Pizza ...... 299.0 -6.8 305.8 221.2 Law Debenture ...... 602.0 -4.0 618.0 534.0 Anglo American ...... 2040.5 -5.0 2266.0 1539.0 IP Group ...... 57.7 -0.9 122.0 55.7 Taylor Wimpey ...... 172.4 -1.6 192.2 129.3 Safestore Hldgs ...... 740.5 1.0 740.5 506.5 easyJet ...... 1348.0 3.5 1348.0 854.8 Next Fifteen Comm ...... 471.0 1.0 658.0 465.5 Croda International .4808.0 8.0 5375.0 4564.0 Mercantile IT ...... 234.5 0.5 234.5 168.0 Antofagasta ...... 890.0 -5.8 1022.5 738.0 John Laing Gp ...... 369.8 -3.0 402.0 298.2 Savills ...... 936.5 5.0 967.5 678.5 EI Group ...... 281.8 0.0 285.0 171.4 Nichols...... 1552.5 27.5 1880.0 1350.0 Elementis...... 172.0 -4.6 199.1 129.8 Monks Inv Tst ...... 922.0 6.0 964.0 710.0 INDUSTRIAL ENGINEERING BHP Group ...... 1690.6 -13.6 2049.0 1497.2 London Stock Exch ...6882.0 -14.0 7514.0 3867.0 SEGRO ...... 864.0 -4.0 869.0 585.2 FirstGroup ...... 117.7 -0.3 137.5 79.3 Johnson Matt...... 3216.0 16.0 3454.0 2620.0 Murray Intl Tst ...... 1210.0 8.0 1248.0 1058.0 Bodycote ...... 865.0 30.5 903.0 652.0 Centamin ...... 112.3 -0.1 152.3 79.8 Numis Corporation ...... 240.0 -0.5 284.5 212.0 Man Group ...... 141.9 -2.7 175.2 126.8 Shaftesbury ...... 951.0 3.0 979.5 739.5 Flutter Ent...... 8500.0 0.0 8500.0 5525.0 Synthomer ...... 291.6 -4.0 429.6 279.0 NB Glbl Fltg Rate Inc .....90.7 0.0 91.4 87.6 Hill & Smith ...... 1371.0 -14.0 1385.0 1049.0 Fresnillo ...... 619.4 -7.6 1027.5 601.0 Polar Capital Hdgs ...... 534.0 0.0 604.0 448.0 Onesavings ...... 369.2 1.0 447.4 313.6 St Modwen Props ...... 464.5 -7.0 472.0 373.0 Go-Ahead Gp ...... 2192.0 30.0 2234.0 1480.0 Victrex ...... 2374.0 -2.0 2676.0 1845.0 Pantheon Intl Partn .2280.0 5.0 2330.0 1955.0 IMI ...... 1105.0 -11.5 1136.0 870.0 Glencore ...... 242.0 1.1 340.3 222.2 Purplebricks Gp ...... 106.0 0.2 132.0 96.0 Paragon...... 500.5 -7.0 518.0 379.2 TR Property IT ...... 456.0 0.0 456.0 353.5 GVC Hldgs ...... 854.6 -2.8 897.4 507.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...309.5 -1.5 339.0 284.5 Melrose Ind ...... 219.8 -4.2 226.0 146.3 Hochschild Mining ...... 190.5 -1.7 227.0 153.2 Redde...... 106.6 -1.4 127.6 100.6 Plus500 ...... 751.4 -10.2 1647.0 495.0 Tritax Big Box ...... 151.7 -1.4 159.7 130.0 Intercontl Htls ...... 4671.5 -135.5 5738.0 4230.4 Pershing Square ...... 1422.0 2.0 1570.0 990.0 RHI Magnesita ...... 3880.0 -38.0 5000.0 3318.0 Kaz Minerals ...... 493.2 -1.6 738.4 380.3 Balfour Beatty ...... 224.8 -2.4 295.0 194.2 Provident Fin ...... 427.3 -2.7 658.6 356.0 UK Commercial Prop .....86.2 -0.4 92.7 79.9 Intl Cons Airl...... 550.8 -3.0 667.6 413.5 Renew Holdings...... 384.5 1.5 436.5 333.0 Personal Assets Tst ....42150 50.0 43150 38900 Rotork ...... 335.5 -5.7 341.2 235.7 Polymet Int...... 1170.0 -8.0 1272.0 772.6 CRH ...... 2865.0 -15.0 2887.0 1971.5 RWS Holdings ...... 598.0 4.0 652.0 450.0 Polar Cap Tech Tst .....1490.0 6.0 1500.0 1066.0 Quilter ...... 141.2 0.1 156.6 110.6 Unite Group ...... 1187.0 -8.0 1200.0 797.5 Marstons ...... 125.5 -1.4 131.3 90.5 Galliford Try...... 700.0 -8.5 797.0 512.0 Spirax-Sarco...... 8545.0 -5.0 9400.0 5900.0 Rio Tinto ...... 4146.0 -68.5 4976.5 3513.5 Renewables Infra Gp ....127.0 0.6 133.2 109.6 Rathbone Brothers ....2105.0 -30.0 2540.0 2075.0 Workspace Gp ...... 1102.0 -10.0 1113.0 789.5 Mitchells & Butlers ...... 470.5 24.5 470.5 238.0 Scapa Group ...... 234.5 -3.0 403.0 157.0 Grafton Group...... 821.5 -15.5 937.0 630.0 Weir Gp ...... 1384.5 -28.5 1814.0 1240.0 Sirius Minerals...... 3.5 0.1 24.3 2.9 RIT Cap Partners ...... 2150.0 0.0 2170.0 1892.0 Schroders ...... 3210.0 -42.0 3262.0 2334.0 SOFTWARE & COMPUTER SERVICES National Express ...... 444.2 -2.2 462.0 361.4 Secure Income REIT ...423.0 -1.0 454.0 371.0 Ibstock ...... 248.8 -3.2 262.0 193.1 TP ICAP ...... 370.4 1.3 377.7 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Riverstone Energy ...... 430.5 4.0 1196.0 426.5 Avast...... 444.2 7.4 444.2 259.6 PPHE Hotel Gp ...... 1900.0 20.0 1990.0 1540.0 Serica Energy...... 123.0 0.2 143.4 103.6 Marshalls ...... 743.5 -4.5 748.0 415.2 Evraz ...... 363.7 3.2 709.4 351.0 Inmarsat...... 550.6 -5.4 608.2 362.8 Schroder Asia ...... 449.0 -0.5 469.5 389.0 GENERAL RETAILERS Aveva Gp...... 4406.0 4.0 4460.0 2284.0 Rank Gp ...... 226.5 -3.0 247.5 135.0 Polypipe Group ...... 469.4 -0.6 477.0 312.8 Ferrexpo ...... 141.3 -0.9 301.3 123.0 Vodafone Gp ...... 152.4 -0.8 168.9 123.3 Smart Metering Sys.....514.0 5.5 665.0 310.0 Scottish Inv Tst ...... 810.0 -2.0 843.0 748.0 B&M ...... 383.4 -3.6 399.6 278.6 Computacenter...... 1424.0 10.0 1525.0 952.0 Restaurant Grp ...... 143.5 -2.1 162.8 111.9 DIVERSIFIED INDUSTRIALS Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Mortgage ...... 519.0 8.5 568.5 441.4 Card Factory ...... 157.1 0.8 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 836.0 18.0 994.0 647.0 Stagecoach Gp...... 131.5 -4.8 177.0 115.5 Thorpe (F.W.) ...... 291.0 9.0 340.0 248.0 Smith (DS) ...... 378.7 -0.5 388.1 292.2 Sequoia Econ Infra ...... 115.8 0.2 117.6 108.5 Dixons Carphone ...... 119.3 -0.6 163.4 104.9 BBA Aviation ...... 309.4 1.6 324.8 207.0 Admiral Gp ...... 2027.0 -37.0 2300.0 1958.0 Kainos Gp ...... 570.0 2.0 676.0 430.0 Wetherspoon (JD) .....1550.0 -7.0 1624.0 1066.0 Smiths Gp...... 1633.0 -25.5 1692.0 1340.0 Smithson Inv ...... 1254.0 6.0 1280.0 1000.2 Dunelm Gp...... 820.0 10.5 981.0 482.8 Clarkson ...... 2745.0 -5.0 2900.0 1878.0 Beazley ...... 537.5 -4.0 628.0 492.6 Micro Focus Intl ...... 1091.8 50.2 2160.0 1004.0 Whitbread ...... 4401.0 -36.0 5114.0 3988.0 Watkin Jones ...... 221.5 1.5 241.5 192.2 Smurfit Kappa Gp...... 2686.0 -10.0 2760.0 1934.0 Syncona ...... 224.5 3.0 294.0 213.5 Howden Joinery Gp...... 616.4 -1.0 617.4 416.4 Fisher (James) ...... 1860.0 10.0 2260.0 1600.0 Direct Line Ins ...... 274.7 -1.4 366.5 270.5 Playtech ...... 410.6 0.4 461.2 360.5 William Hill ...... 179.1 2.0 205.2 132.3 Young’s Brew NV ...... 1205.0 -10.0 1238.0 1030.0 Vesuvius...... 421.0 4.4 642.0 341.0 Temple Bar IT ...... 1334.0 -10.0 1366.0 1116.0 Inchcape...... 638.5 -1.0 678.0 519.5 Royal Mail ...... 231.3 -1.2 340.0 188.4 Hastings Gp Hldgs ...... 169.3 -2.5 231.6 169.3 Sage Group ...... 720.0 -22.0 820.4 560.2 Wizz Air Holdings ...... 3875.0 5.0 3935.0 2722.0 Young’s Brew-A...... 1680.0 20.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 273.00 0.85 296.35 180.10 3M ...... 167.77 -2.91 219.50 150.74 AIR LIQUIDE ...... 120.95 -0.40 130.80 102.40 ABBOTT LABORATORIES ...... 83.89 -0.40 88.74 65.56 ALLIANZ AG ...... 217.85 -0.85 223.80 172.16 ADOBE INC ...... 300.10 -0.50 311.27 205.16 AMADEUS IT GROUP ...... 71.56 -0.32 71.98 42.30 ALPHABET NON VTG-C ...... 1303.05 -12.41 1334.87 976.22 ANHEUSER BUSCH INBEV ...... 71.16 -0.56 92.71 57.35 ALPHABET-A ...... 1301.86 -10.73 1333.54 1116.79 AMAZON.COM ...... 1745.53 -7.26 2020.99 1343.96 ASML HOLDING NV ...... 244.65 -0.30 249.00 130.88 AMERICAN EXPRESS ...... 119.30 -0.70 128.57 89.50 AXA ...... 25.00 -0.12 25.38 18.54 APPLE INC ...... 263.19 -3.10 267.10 142.19 BANCO SANTANDER ...... 300.65 -1.25 402.00 300.65 AT&T ...... 37.18 -0.82 39.63 27.36 BASF...... 69.58 -0.20 74.49 56.20 BANK OF AMERICA ...... 32.69 -0.25 33.26 22.73 BAYER AG...... 69.15 -1.04 72.81 52.53 BERKSHIRE HATHAWAY...... 217.48 -1.55 222.74 187.76 BMW ...... 73.32 -0.20 77.75 58.70 BOEING CO ...... 370.91 3.91 432.69 294.16 BNP PARIBAS ...... 51.10 0.35 51.34 38.55 CATERPILLAR INC ...... 141.52 -1.66 148.16 113.38 CRH ...... 2865.00 -15.00 2887.00 1971.50 CHEVRON ...... 117.34 0.89 126.54 100.99 DAIMLER ...... 50.10 -0.06 59.31 40.53 CISCO SYSTEMS ...... 45.08 -0.39 58.05 40.28 DANONE ...... 74.16 -0.48 82.00 60.28 CITIGROUP ...... 73.91 -0.91 76.12 49.26 DEUTSCHE POST AG ...... 34.12 -0.32 34.44 23.72 COCA-COLA CO ...... 53.22 0.14 55.77 44.69 DEUTSCHE TELEKOM ...... 15.10 -0.06 16.25 14.10 COMCAST ...... 44.22 -0.59 46.97 33.07 DOW ...... 52.67 -0.72 66.65 40.71 ENEL ...... 6.80 -0.03 6.98 4.66 EBAY INC ...... 34.86 -0.20 41.57 26.14 ENGIE...... 14.17 -0.03 15.12 11.99 EXXON MOBIL ...... 68.03 0.21 83.38 65.51 ENI ...... 14.01 0.04 15.94 13.04 FACEBOOK ...... 197.51 -1.81 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 217.91 -2.13 223.29 156.35 FRESENIUS MEDICAL CARE ...... 66.34 -0.80 76.32 56.64 HOME DEPOT INC ...... 220.90 -4.96 238.85 158.14 IBERDROLA ...... 8.90 -0.02 9.54 6.02 HONEYWELL INTERNATIONAL ...... 177.22 -2.90 182.01 124.83 INDITEX ...... 27.34 -0.30 32.37 2.55 IBM ...... 133.20 -1.32 151.36 107.57 ING GROEP NV...... 10.42 -0.11 12.05 8.34 INTEL ...... 57.90 -0.45 58.82 43.46 INTESA SANPAOLO...... 2.34 0.00 2.38 1.83 JOHNSON & JOHNSON ...... 135.94 1.12 147.84 122.84 KERING ...... 549.40 -0.10 549.50 380.70 JPMORGAN CHASE & CO ...... 129.63 -0.95 130.62 92.14 KON KPN NV ...... 2.78 0.00 2.96 2.34 MASTERCARD INC ...... 285.38 0.07 292.08 174.65 MCDONALD’S ...... 194.13 0.69 221.15 170.28 L’OREAL ...... 258.60 -2.20 265.00 195.25 MEDTRONIC ...... 111.79 0.72 112.06 82.45 LVMH MOET HENNESSY ...... 398.20 0.00 405.50 243.25 MERCK & CO ...... 85.27 0.62 86.91 71.15 MUENCHENER RUECKVE ...... 257.80 1.10 256.90 185.10 COMMODITIES TOURIST RATES MICROSOFT ...... 149.62 -0.77 150.39 94.13 NOKIA ...... 21.88 0.00 21.88 21.88 NETFLIX ...... 305.16 2.56 385.03 233.88 ORANGE ...... 14.69 0.05 15.16 13.15 Gold ...... 1472.51 +3.03 Copper Cash Official...... 5821.25 -6.50 Canada ...... 1.6341 New Zealand ...... 1.8731 NIKE INC ...... 93.05 -0.56 96.22 67.53 ROYAL PHILIPS ...... 41.09 -0.01 44.34 29.10 Silver (Pence) ...... 1712.50 +33.00 Aluminium Cash Official ...... 1734.25 -9.50 Croatia ...... 7.8474 Norway...... 11.30 ORACLE ...... 56.24 -0.03 60.15 42.69 SAFRAN ...... 148.65 0.00 149.90 100.70 Silver (Cents) ...... 1324.00 +27.00 Nickel Cash Official ...... 14472.50 -282.50 Czech Republic ...... 27.40 Poland ...... 4.4012 PAYPAL HOLDINGS ...... 104.09 -0.86 121.30 96.64 SANOFI ...... 82.88 -0.23 85.25 72.24 Krugerrand ...... 1487.46 +2.31 Aluminium Alloy Cash Official ...... 1265.00 -35.00 Denmark ...... 8.2943 Singapore ...... 1.6388 PEPSICO ...... 133.74 -0.83 140.28 118.61 SAP SE ...... 122.26 -0.40 124.38 85.79 Brent Crude ...... 60.91 -1.53 Natural Gas ...... 40.06 +0.31 Hong Kong ...... 9.5892 Sweden ...... 11.94 PFIZER INC ...... 37.05 -0.61 46.23 34.24 SCHNEIDER ELECTRIC ...... 86.42 -0.86 88.14 57.58 Platinum ...... 902.00 +20.00 Tin Cash Official ...... 15962.50 -195.00 Iceland ...... 140.56 Switzerland ...... 1.2188 PROCTER & GAMBLE ...... 122.29 0.87 124.94 87.36 SIEMENS AG ...... 114.82 0.38 115.00 85.00 British Sovereign ...... 347.58 +0.53 Zinc Cash Official ...... 2361.50 -22.00 India ...... 81.68 Turkey ...... 7.0146 TRAVELERS COMPANIES ...... 135.43 -0.03 154.83 112.63 SOCIETE GENERALE...... 28.32 -0.06 33.24 21.13 Lead Cash Official ...... 1967.25 -8.25 White Sugar ...... 336.00 -4.30 Israel ...... 4.0289 United States ...... 1.2328 TWITTER ...... 29.17 -0.27 45.42 28.89 UNITED HEALTH GROUP ...... 275.56 1.33 286.33 215.26 TELEFONICA SA ...... 6.71 -0.02 9.18 5.94 UNITED TECHNOLOGIES ...... 146.65 -1.72 149.36 102.06 TOTAL ...... 48.76 -0.10 52.27 43.18 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.48 -0.02 61.05 53.05 UNILEVER NV ...... 53.23 -0.31 57.56 46.03 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 181.66 -1.11 185.74 168.86 VINCI ...... 100.50 -0.75 102.40 70.50 FTSE 100...... 7262.49 -61.31 -0.84 S&P 500...... 3108.46 -11.72 -0.38 CAC 40 ...... 5894.03 -15.02 -0.25 Hang Seng ...... 26889.61 -204.19 -0.75 WALGREENS BOOTS ALLIANCE...... 61.34 -0.11 76.05 49.29 VIVENDI ...... 24.86 0.08 26.42 20.93 FTSE 250 ...... 20475.25 -53.23 -0.26 Dow Jones I.A ...... 27821.09 -112.93 -0.40 Swiss Market Index ...... 10385.74 +38.56 +0.37 Nikkei ...... 23148.57 -144.08 -0.62 WALMART ...... 119.13 -0.76 120.98 85.82 VOLKSWAGEN AG ...... 175.50 -1.82 183.46 136.26 FTSE All-Share ...... 4016.89 -29.05 -0.72 Nasdaq Composite ...... 8526.73 -43.93 -0.51 ISEQ Overall Index ...... 6805.60 -83.52 -0.75 STI Index ...... 3229.78 -9.09 -0.28 WALT DISNEY CO ...... 146.93 -1.45 148.72 100.35 FTSE AIM All-Share ...... 899.32 +2.53 +0.28 Xetra DAX...... 13158.14 -62.98 -0.48 FTSEurofirst 300 ...... 1580.86 -6.72 -0.42 ASX All Ordinaries...... 6828.30 -85.80 -1.24 WELLS FARGO & CO ...... 53.54 -0.49 54.35 43.38 CITYAM.COM THURSDAY 21 NOVEMBER 2019 FEATURE 17 DATA & BUSINESS

CRIMINAL MINDS You’re closer to war crimes and drug trafficking than you think, says Charles Delingpole

ONEY laundering often gets a an unsolved problem in 2019? money laundering are huge, and This is one of the few areas of researching individuals and activities, laugh: the laundrette at the To answer this, we have to look at the criminals, unlike banks, are not obliged existence where centralising real-time profiles for customers can be end of the road that’s never structure that governs how humans to play within the law. information and visibility is more than automatically built by surfacing data Mopen to launder clothes, a run- move value: the financial system. And finally, there is no cohesion in necessary — in a world that is digitally points and pattern recognition. ning joke about a dodgy col- People assume that banks get fined solving this problem. Businesses, defined, not doing so means that the But for companies like ours to succeed league, or the time a friend inadvertently billions for financial crime, in spite of organisations, and governments need bad guys will win. in tackling financial crime in the twenty- cleaned cash for a bloke they met in a their investments in processes, huge to wake up to the threat of financial This is not simply about all of us first century, we need buy-in across our pub when you were students. teams, and technology to combat it. crime and take it seriously. coming into contact with dirty money own industry, from the financial sector But the reality is that the pervasiveness But the reality is that they simply that’s been cleaned via laundering, or and from government. The latter needs of laundering serves only to normalise operate amid a complete mess. Legacy good money being used for bad things to recognise — as popular opinion does something that enables activities with systems — cobbled together and barely like financing terrorism. It is about — that preventing terrorism has to which none of us would want to be asso- fit for purpose — are relied on because saving the global economy from trump privacy. And we all need to get ciated, such as large-scale deforestation, wholesale replacement is even riskier. increasingly reactionary, draconian better at sharing information that will illegally trading exotic animals, and even A large global bank in London might legislation which — while negating improve and save lives. people trafficking. process two billion payments a year and Technology has some crime — will also slow down Tackling this problem would also have The situation in the UK is the same the generate 100m false positives, each of moved this dark commerce, productivity, and growth. financial benefits, as some of the lack of world over — an economic crime report which costs $150 to remediate. But a If this problem has been caused by growth in the UK economy stems from launched by the Treasury earlier this false negative means billions in fines — world on from the advances in technology, it is worth the bureaucracy of compliance. If banks year found that hundreds of billions which is how the unfit, costly, but stating that technology also gives us the could onboard faster, without the threat could be being laundered through this better-the-devil-you-know systems stay laundrette to solution, and provides the opportunity of financial crime looming so large, their country every year, but the government in place. digital aliases to completely rethink how we approach margins would be greater. is unable to put a figure on the scale of What’s more, criminals have financial crime. After Brexit, the UK has the the problem. sophisticated and intensively-planned My company — and we are just one opportunity to have an autonomous It is the same story for terrorist ways to circumvent these systems. Technology has moved this dark example — uses machine learning to sanctions regime, separate from the EU, financing — it’s easy to make noise Whenever an incremental improvement worldTechnology on from the laundrette has to digital build profiles covering every sort of risk and thus become a leading light in best about the rules and regulations in place is made and a weak point is closed off — aliases,moved wire stripping this payments dark (where for every single person in the world. It is practice, entrenching its position as a to counter it, but nobody is able to by cracking down on offshore shell material information is deliberately a master system for criminal global financial hub. quantify the issue. companies, for example — a new attack changedworld or removed on from from payment the activity globally. Why is this a challenge on an vector will be developed. instructions), and the abuse of Using machine learning to do this £ Charles Delingpole is chief executive of immeasurable scale? And how is it still This is an arms race. The rewards for embryoniclaundrette cryptocurrencies. to means that, rather than manually Comply Advantage. 18 OPINION THURSDAY 21 NOVEMBER 2019 CITYAM.COM

FORUM WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum EDITED BY LUKE GRAHAM LETTERS Boris is right to delay tax cuts, TO THE EDITOR business needs to earn them Easyjetsetters [Re: Easyjet boss bullish about package holiday move, despite tumbling profit] Easyjet’s results show that it is surviving ORIS Johnson showed a lot still haven’t closed the gap. New contribute over £60bn to the UK the squeeze that mass-market brands are of guts to go to the CBI Con- spending commitments mean that Andrew economy and employ two million feeling. One reason that it has avoided ference and announce that we aren’t likely to see a balanced O’Brien people. Over three quarters of becoming another casualty like BHS or Bhe was delaying a planned budget in the next five years. them are paying the living wage. Thomas Cook is because it utilises digital. corporation tax cut in order For this to be sustainable, the Many of them are hiring people Easyjet is doing everything right to to fund public services. This was a economy would have to achieve with disabilities, veterans, home- leverage appeal with a modernised speech which was long overdue. consistent levels of growth not less people, and ex-offenders. Cu- customer-centric strategy — the true Since 2010, governments have seen since before the financial cri- mulatively, they are reinvesting foundations of which are built on being given away corporation tax cuts sis. Does anyone believe that busi- billions back into communities digital-first and using its mountain of data. worth over £60bn. This figure does- ness is going to invest in achieving and into innovation. It’s no surprise to see it capitalise on the n’t include the billions of cuts in that target? From making world-beating beer package holiday market following the business rates and increases in cap- The area that is most trumpeted from food waste, to solar-powered collapse of Thomas Cook (once the leader ital allowances. by defenders of the status quo is buses, social enterprises are working in this space). Easyjet’s chief executive Governments have banked the employment. The UK has created across every sector of our economy. says that package holiday sales have house on the idea that if you cut an impressive 3.8m jobs since 2010. Tax cuts for these businesses are continued to grow year-on-year. taxes for business, they invest Putting to one side whether all going to be used to pay workers Where Thomas Cook continually fought more, and that creates the growth this employment is a good thing more, invest in expansion, and fuel disruption from newer players and huge needed to pay for good public serv- (and isn’t just businesses putting growth in left-behind communities. overheads, Easyjet demonstrated a ices. But this logic simply doesn’t off investing in capital and R&D) — Our high streets and towns also digital-first customer experience that add up when you consider the UK’s if we link the corporation tax cuts need support, and businesses lo- made booking travel easier and cheaper. economic performance over the that businesses have received to The consensus that cated in these communities should This new offer looks like a positive move past decade. employment, it works out at get extra support given the condi- by the company, and proves it is agile Politicians have been saying for around £16,000 per job created. chucking tax breaks tions that they are operating in. enough to adapt to changing consumer years that workers deserve a pay This is a huge level of subsidy. And Tax cuts here would boost employ- needs in order to survive. rise, yet pay is still below levels it doesn’t take into account that at companies leads ment and help the most disadvan- Nick Hynes, co-founder and reached before the financial crisis. not every business has contributed to good results is an taged areas. chief executive, Somo UK productivity has been on the to this jobs boom. Businesses working at the frontier floor and doesn’t look like it’s It isn’t anti-business to say that, at experiment that has of the new economy in automation, going to turn a corner. the moment, companies simply been disproven quantum computing, and life sci- And business investment in re- aren’t delivering the goods. And ences may also need further sup- BEST OF search and development is poor nor is this all about Brexit. Eco- port to help them compete in the TWITTER compared with peers: the OECD av- nomic growth, productivity, wages, global race. erage for business investment in and investment were poor by his- But blanket “cut and hope” busi- Hearing early reports that the leader of R&D is 1.45 per cent of GDP, but in toric and international standards the innovation and dynamism that ness tax cuts have to go. It is an ap- the party you vote for won the debate the UK it is just 0.9 per cent. When long before the 2016 referendum. we need. It is also critical to creating proach that we can no longer afford. @FinnTD you compare this with the US (1.8 The truth is that politicians and wealth which needs to spread The Prime Minister has said that per cent), Germany (1.9 per cent) the UK business establishment around the country. But not all busi- he wants to unleash Britain’s poten- That CCHQ rebrand was really not a and Japan (2.5 per cent), UK business have become complacent. The con- nesses are equal. Some are deliver- tial. If he takes a more targeted ap- great idea, mocking genuinely is simply not pulling its weight. sensus that just chucking tax ing while others are pocketing tax proach to business tax cuts, he has important independent factchecking Then consider the deficit. At the breaks at companies leads to good cuts and putting their feet up. a shot at delivering that mission. services in the new era of end of March 2019, the deficit stood results is an experiment that has We need to start targeting tax disinformation and fake news, at over £25bn. We have made a lot been thoroughly disproven. We cuts more effectively. There are £ Andrew O’Brien is director of external great work lads. of progress since 2011 when it stood need to take a new approach. some forms of business which have affairs at Social Enterprise UK, which @elashton at over £140bn — but after nearly a Of course, business is vital to the consistently delivered for the coun- represents over 100,000 British decade of public spending cuts, we future of the country. It generates try. Social enterprises, for example, businesses. HEY BOY ARE YOU OUR NEXT PARLIAMENT BECAUSE FROM WHERE I’M STANDING YOU SEEM WELL HUNG @youngvulgarian Government must stop dithering over HS2 Fountain House, 3rd Floor, 130 Fenchurch Street, AST week, a leaked draft of nearly 55m visitors a year. But prior connecting businesses with each London, EC3M 5DJ the HS2 review revealed rec- to the extension, the district was Emma other and their customers, and act- Tel: 020 3201 8900 ommendations that the con- served by very little public trans- Long ing as a catalyst for local growth. Email: [email protected] Ltroversial project should go port, making it difficult for it to ful- The Midlands and the North have ahead as planned. This has fil its purpose of breathing new life huge economic potential, but have Editorial Editor Christian May sparked some debate, with oppo- into London’s Docklands. Crossrail been held back by inadequate trans- Deputy Editor Andy Silvester nents citing the project’s escalating will be similarly transformational. port infrastructure. Poor connectiv- News Editor Josh Martin costs and delays. Put into context, and given the ity is a major obstacle for growing Comment & Features Editor Yet, when builders’ timescales and projected economic impact of the regional businesses, and remains a Rachel Cunliffe budgets for even small-scale domes- project, it can only be good news barrier to inward investment. Lifestyle Editor Steve Dinneen tic construction projects are almost that HS2 is going ahead in full. HS2 trains will serve over 25 sta- Meanwhile, the promise of HS2 Sports Editor Frank Dalleres always optimistic and therefore Britain’s regions have been denied tions, connecting around 30m peo- has already acted as a catalyst for Creative Director Billy Breton taken with a pinch of salt, extra their fair share of transport invest- ple — around half the population. growth. For example, the approval Commercial Sales Director Jeremy Slattery costs and delays are to be expected. ment for too long. But what about the rest — people lo- of phase one led to record levels of Head of Distribution Gianni Cavalli It is also important to remember The North is still reliant on Victo- cated in areas beyond the proposed foreign direct investment in the that this is not out of character for rian railway infrastructure, which station sites? West Midlands and more than UK infrastructure projects. struggles to cope with demand. If, as intended, HS2 is to revitalise 7,000 new jobs were created in Certified Distribution Long before Crossrail, the Jubilee Leeds station — the third busiest England’s woeful regional rail in- Birmingham as a direct result of from 30/09/2019 till Line extension suffered similar is- outside London — is the fourth frastructure, then investment in the project. 27/10/2019 is 86,084 sues. Almost doubling in cost during worst in the country for overcrowd- fast and frequent public transport Rather than continuing to dither the six years it took to complete, the ing during peak times, while eight connections between and within and debate, it is time the govern- Distribution helpline project was at first deferred by a per cent of East Coast Main Line in- regional towns and cities must also ment publicly committed to HS2 If you have any comments about year, then another two months. tercity services are cancelled or sig- be a priority. and invested in local transport in- the distribution of City A.M. Eventually the first phase opened in nificantly delayed. In addition, priority must be given frastructure in the regions. please ring 0203 201 8955, or May 1999, with the entire line open- The delivery of HS2 will do much to projects such as Northern Power- Only by taking this joined-up ap- email [email protected] ing later that year. to alleviate such pressure, provid- house Rail (NPR), the planned intro- proach to railway infrastructure Though the project earned serious ing our regional cities with mod- duction of new and significantly can we unlock the UK’s massive re- Our terms and conditions for external criticism at the time, where would ern transport links that they upgraded railway lines in the gional potential. contributors can be viewed at we be without these stations now? desperately need. North. When interlinked with HS2, cityam.com/terms-conditions Today, Canary Wharf station is one Still, the real challenge is yet to NPR will make it easier to move be- £ Emma Long is commercial director Printed by West Ferry Printers Ltd, of London’s busiest, welcoming come. As the project website states, tween northern towns and cities, of BizSpace. Kimpton Rd, Luton LU2 0SX CITYAM.COM THURSDAY 21 NOVEMBER 2019 OPINION 19 The internet can help Workington Man and other left- behind constituencies step forward into the future

T CAN sometimes be easy to forget tions on digital tax reform, it is vital adoption of digital technology across sions that enable cross-border data that the internet plays a vital part Daniel that we work together on a global re- the economy to boost productivity, flows, encourage vibrant e-commerce of everyday life. It makes a substan- Dyball sponse, particularly through support and consider how funds from the Ap- markets, and facilitate digital exports. Itial economic contribution to the for the ongoing OECD process. prenticeship Levy can be used to help The internet economy is thriving in UK, creating approximately 400,000 Political parties must also focus on small and medium-sized enterprises. many parts of the UK. But it will only jobs, 80,000 businesses, and £45bn in some key areas. We should improve Investing in innovation is also vital. be by adopting positive policies that gross value added to the UK’s GDP. digital skills in schools by embedding The government should increase the the next government will bring the Most importantly, the internet im- computer science into the curriculum. amount that firms can spend on re- “Workington Man” and other left- proves people’s lives with products and And by promoting a wide-ranging ap- search and development tax free in behind constituencies along in the in- services that make a difference. From proach to education on digital citizen- order to encourage digital investment. ternet revolution. answering a question in seconds or benefits that the internet brings. ship — working in partnership with And as the UK prepares to leave the chatting to a loved one that lives on The research also sheds new light on industry — we can level up the whole EU, future free trade agreements be- £ Daniel Dyball is UK executive director at the other side of the country, the inter- the north-south divide. Just three of nation’s internet skills and literacy. tween the UK and the rest of the world Internet Association, which represents net has created a boost to the UK econ- the top 40 English constituencies with We should also encourage faster should also have strong digital provi- global internet companies. omy and society not unlike the the biggest economic contribution industrial revolution. from the internet are located outside New research from the Internet Asso- of London and the south east: Man- ciation shows that while the sector chester Central, Welwyn Hatfield, and provides jobs and businesses in every Leeds Central. UK constituency, in the key northern The sector wants to continue to de- seats that will decide the upcoming liver growth and drive prosperity across General Election there is an internet the UK. But proposals from some polit- inequality that must be addressed. ical parties to place additional taxation “Workington Man” has been much on internet companies would not help. discussed by pundits in Westminster — In fact, targeting the tech and inter- a vital demographic for the parties to net sectors misses the wider point: we win over in order to achieve victory on need to have a serious debate about 12 December. But the voters of Work- funding infrastructure investment in ington are being left behind when it the UK. And when searching for solu- comes to the internet revolution. Just 20 businesses in the con- Proposals to place stituency are in the internet sector — the lowest proportion in England. additional taxation on With large public and private em- ployers in the defence sector as well as digital companies the National Nuclear Laboratory lo- would not help cated on the doorstep of Workington, there is no reason for constituencies like it to be unable to fully enjoy all the

DEBATE Has the fizz gone out of tonic water maker Fever-Tree as growth in its core UK market slows down?

Fever-Tree has had a good run, but investors are likely to be tetchy going forward. The drinks phenomenon has struggled in its main UK market this year YES due to a wider slowdown in consumer spending. JOE HEALEY The company is now expecting to deliver just two per cent growth in the UK. Despite the UK market requires much larger expectations that growth was always growth in the US to offset. This is likely to going to slow at some point, this figure is weigh on results should weak UK likely to raise a few eyebrows considering consumer spending persist. the extent of the slowdown in comparison Of course, international growth is a huge to strong growth in previous years. opportunity for the company, but some Share price optimism following the Q3 would argue that this is already factored trading update has been largely driven into the price, with shares trading above a from its growth in US markets. 50 per cent premium to comparable peers. However, the company’s US customer base is much smaller in comparison to the £ Joe Healey is investment research UK market. Therefore, a smaller drop in analyst at The Share Centre.

Fever-Tree entered the drinks market with a startup mentality; its smart approach to the premium drinks category and an ability to source and curate interesting NO ingredients has led the brand to major international success. SIÂN NOVAKOVIĆ High-impact performance was assured, but so was a dip in sales after such a worth exploring. consistent period of explosive growth. If Whether it’s launching specialist mixers anything, this recent slow down says which meet trending dietary preferences, more about the impact of the brand’s or taking advantage of the booming non- success, not its future long-term potential. alcohol trend to create products which Looking ahead, Fever-Tree simply needs can be enjoyed in isolation, Fever-Tree to keep innovating to retain its leading now needs to strategically review how it position — and the brand should first look plans to meet the needs of the customer at how it can tap into the wider wealth of of the future to stay in the game. trends currently storming the food and beverage category. A focus on developing £ Siân Novaković is strategy director at healthy products is certainly an avenue retail and branding consultancy Fitch.

CITYAM.COM THURSDAY 21 NOVEMBER 2019 LONDON TIME 21

LONDONTIMEEDITED BY ALEX DOAK SQUARE DANCE 50 YEARS OF STEVE MCQUEEN’S BLUE-EYED DRIVING COMPANION P24 SAXON THE BEACH

Above: the SeaQ's rugged diver's case is matched inside by the robust mechanics of Calibre 36, still sumptuously hand- polished; Main: The 'Panorama Date' SeaQ features an oversize date window made up of two concentric number discs.

Germany’s Glashütte Original revives a 60s diving watch with Teutonic aplomb

he tiny village of Glashütte spelled a very different outcome. Not Swatch Group purchased the VEB, and draws inspiration from the 50- for water resistance, air tightness at could be Switzerland in a only was Glashütte heavily bombed rightfully rebranding it to ‘Glashütte year-old ‘Spezimatic Typ RP TS 200’, over- and underpressure (pictured, chocolate-covered nutshell. on the very last day of the war, Original’, while rival Swiss lux- which like so many Swiss contempo- inset), shock resistance, resistance to TSurrounded by snowy peaks with 80 per cent of the sur- ury group Richemont es- raries enjoying their own modern re- salt-water corrosion and a Haynes and spiked with fairytale viving machinery plun- tablished A. Lange & vival, capitalised on the newfangled manual’s worth of other criteria. rooftops, it’s hardly surprising this dered by the Russians, Söhne next-door, tak- craze for SCUBA and its need for a After all that punishment, every idyllic mountain retreat became the but by 1951 it had ing the name of the rugged, no-nonsense, 200m-water-re- SeaQ is heated for 30 minutes to 45°C, home of fine German watchmaking fallen into the GDR’s very man who lit sistant and luminescent watch to before being smothered by a wet back in the 19th century. And, by dint socialist doldrums. the horological strap over your wetsuit, equipped piece of felt. If no condensation ap- of such repute, hardly surprising Every local watch touchpaper back with a rotating bezel to set a ‘zero’ pears on the inner surface of the sap- we’re excited by the ‘SeaQ’ diving company was con- in 1845. dive-time reference. phire crystal, the watch has watch you see here – a 1969 beauty solidated into the Any retired This being Glashütte Original, with successfully passed, without any brought bang into the 21st century by people’s watch com- Glashütte resident a significant rep to protect, you can be moisture creeping in. the village’s eponymous ‘uhrmacher’. pany, or ‘VEB’. would rather for- confident there’s much more than The Eastern Bloc could have ended “At the peak of the German empire, By the 80s, the get the low-quality retro-bandwagon jumping going on Glashütte’s watch industry with a from the late 19th century up to the sprawling workshops fodder they were here. As well as looking the part, pow- damp squib. Instead, it marches on- 20s,” says German Watch Museum were turning out multi- obliged to manufac- ered by precision mechanics hand- wards and upwards – under a damp Glashütte’s Ulrike Kranz, “southern tudinous and generic prod- ture from the late 70s. crafted entirely in-house, every single cloth. Saxony’s watches were the finest – a uct; come the 90s saved by But the new SeaQ is a re- SeaQ is being tested and analysed to byword for quality, reliability and me- serendipitous kismet – German reuni- minder of one last, stoically Teutonic conform with the modern diver’s £ The Glashütte Original SeaQ is chanical sophistication.” fication, in parallel to the revival of hurrah before the quartz doldrums. strict DIN 8306 / ISO 6425 standard. In available now from £7,300, glashuette- It was World War II that could have high-end mechanical watchmaking. It heads up a new ‘Spezialist’ series the process, each SeaQ watch is tested original.com 22 LONDON TIME THURSDAY 21 NOVEMBER 2019 CITYAM.COM SHIPSHAPE AND BRISTOL FASHION

ritish revivalist Fears Watches is, among a handful of other Bhomegrown upstarts, remind- ing us that it wasn't always Switzer- land, you know; England was a world leader in horology, until war and sluggish modernisation saw off so many noble enterprises during the 20th century. And so it went 1957 1960 with a sizeable Bristolian watch- The first-ever battery-powered (but not yet quartz- Another US brand, Bulova was the first to do away with a 1967 maker founded in 1846 by Edwin regulated) watch was Hamilton’s ‘Electric’, whose mechanical oscillator, replacing the ticking balance wheel As successful as the tuning fork proved, a quartz- Fear, only to be wound down in the traditional balance wheel was rocked back and forth with a battery-powered tuning fork. ‘Accutron’ was fondly crystal oscillator was the future, and Switzerland Sixties two generations later. by electromagnetism. dubbed the ‘Hummer’. didn’t want to be caught napping. ‘Beta 21’ was Thankfully, with domestic upstarts developed by the Centre Electronique Horlogère on the rise, his fourth generation – research centre in Neuchâtel, in collaboration with Edwin’s great-great-great grandson brands as prestigious as Patek Philippe, Omega and Nicholas Bowman-Scargill – has IWC. Its prohibitively expensive manufacture could seen fit to bring the family firm never compete with ever-more-affordable Far out of dormancy. And how. Eastern imports, and the ensuing ‘Quartz Crisis’ QUARTZ decimated the Swiss watch industry. AND ALL Come Christmas day, it’ll be precisely 50 years since Seiko kickstarted the 20th century’s 2020 greatest horological advance Hitting boutiques early next year, Seiko is celebrating the Astron’s 50th anniversary (‘precisely’ being the 1969 with a suitably future-forward model, On Christmas Day, Seiko launched the definitive despite the 1969 throwback design. Its operative word…) quartz watch, the Astron. No spring-driven mechanics Calibre 3X22 connects automatically to tick-tocking at a clunky 4Hz here – rather, a tiny crystal the GPS network to maintain a precision vibrating precisely at 8,192Hz, keeping time within a of one second every 100,000 years. few seconds per month, rather than per day.

2018 1993 1971 Citizen took Seiko’s ‘Grand Despite its everyone by Seiko’ division reputation for After a muted, quartz-powered surprise with crafts watches of exquisite hand- launch at London’s annual SalonQP ‘Calibre 0100’, Swiss quality, so craftsmanship, showcase in 2016, Bowman-Scargill ticking with a its first quartz Girard-Perregaux seems to have finally found his best-ever model had to made the best in- mojo. Not only does the Brunswick precision of just ±1 step things up. roads for revive a cushion-shaped design second per year Sure enough, Switzerland, from the Jazz Age with particularly (Seiko’s top-grade Calibre 9F’s singlehandedly contemporary élan, but in an Calibre 9F is a still- backlash auto- establishing the oversaturated market of blue- respectable ±5 adjust now-standard dialled watches, the latest, seconds). It’s mechanism oscillating manual-wind mechanical version down to lozenge- eliminated frequency for (£3,350) manages a decadent navy shaped ‘AT-cut’ seconds-hand quartz watches, like no other – all down to a quartz, which ‘shudder’, and a 32.7kHz. The volatile galvanic process, with a vibrates 250 times twin pulse control launch model was high failure rate, combining with faster than the system delivered pure ‘Buck Rogers’ the hand-grained surfaces to catch industry standard. increased torque. retro-futurism. the light beautifully. fearswatches.com GRANDMASTER CASH Patek Philippe has (yet again) smashed every ‘most-expensive-watch’ record going – potentially once and for all - with the sale of a one-off 'super complication' in steel ollectors, connoisseurs and But still: two Saturdays ago, no (approx. £23.3m) fetched at Association against Duchenne plain old #watchnerds will one could have predicted the sort Christie’s biannual ‘Only Watch’ Muscular Dystrophy, helping Call agree that it was 30 years of hammer price achieved by a auction for a one-off Ref. 6300A- fund research into a ago when the tide turned for fine reversible-dial ‘super 010 is still jawdropping, a degenerative neuromuscular watchmaking – when interest was complication’ Patek, encased in massive hike over Patek’s last disorder that befalls one of every back on the upswing after too everyman steel. The ‘Paul record of CHF7.3m (again, at 3,500 youngsters around the many years of cheapo quartz, and Newman’ dial Rolex Daytona Only Watch), and unlikely to be world. Antiquorum of Geneva pioneered worn by Paul Newman himself topped any time soon. Astronomical CHF31m may be, the modern watch auction con- seemed steep when it smashed The great news is that 99 per but breaths will surely be held cept. Its ‘Art of Patek Philippe’ every wristwatch record going in cent of the Grandmaster Chime’s come the 2021 edition of Only sale of 1989 cemented Switzer- 2017 at a mighty £13.5m. But proceeds, along with the Watch… land’s grande dame as the de despite having 20 fancy combined CHF7.5m fetched by facto, copperbottomed invest- functions over the Daytona’s 1 one-off watches from 49 other christies.com, onlywatch.com, ment choice of haute horlogerie. chronograph, the CHF31m brands, all benefit the Monaco patek.com

24 LONDON TIME THURSDAY 21 NOVEMBER 2019 CITYAM.COM HIP TO BE SQUARE The square-cased, living legend that is TAG Heuer’s Monaco celebrates 50 years as THE choice of pit crew and racing drivers alike, reports Alex Doak

Calibre 11, exploded: Heuer and Breitling’s self-winding chronograph, with stopwatch piggybacking base mechanics wound by a semi-circular micro-rotor.

forever-also-ran Autavia took some sol- ace at least, thanks to 2019’s new time-only collection, fitted with TAG Heuer’s new ‘Isograph’ carbon bal- ance spring.) The story of how the watch ended up on McQueen’s wrist is almost as cool as the man himself, involving a Hollywood property master called Don Nunley, a car full of watches rushed up from La Chaux-de-Fonds in Switzerland to the film set at the Le Mans circuit, then an attempt to get the lot past French border control without papers. McQueen allegedly rejected the Omega he was first styled with, be- cause he wanted to look exactly like Swiss racing driver Jo Siffert, who not only had Heuer sponsorship on his racing overalls, but moonlighted in the pitlanes of F1 as a Heuer sales- man, getting Jack’s new product onto the wrists of high-profile contempo- raries. The rarity of a square case made the watch stand out in both the movie and on the posters and, when the images were used for the its re- vival, it ensured that the Monaco would forever be associated with one of the coolest men of American cin- ema. But only just. By 1975, production of the Monaco ceased. The very thing that had made it so disruptive – the square case – just didn’t prove that popular with the buying public. In ack Heuer is the octogenarian to read correctly in a speeding rally 1985, Luxembourg holdings group patriarch of modern-day TAG car.” Techniques d’Avant Garde (the ‘TAG’ Heuer – a spry, living legend of Come the autumn of 1961, Jack had we all know now) acquired a majority Swiss watchmaking with a gim- spruced-up and revamped the ‘Au- stake in the ailing watch brand, and let eye and many words to the tavia’ as an all-new wristworn chrono- started streamlining, modernising, as Jwise. Which is to forget that, on taking graph – arguably the original, well as reviving the back catalogue. By over the family firm in 1961 and block- purpose-built racing driver’s watch, 1998, it was the turn of the Monaco. ing its sale to US giant Bulova, things not to mention the flying start to Launched in a limited run of 500 were desperate, including his callow Heuer’s modern era. and featuring images of Steve Mc- 28-year-old self. The success and repu- As this year’s various 50th celebra- Queen from his Le Mans era, the tation of his ancestors weighed heavy, tions have reminded us however, ‘CS2110’ was a huge success and the and he needed to prove himself, let come 1969 came an unprecedented Monaco hasn’t been out of produc- alone save the company from flurry of horological mile- tion since. Neither has it rested on its bankruptcy. stones that instantly over- Kodachrome-tinted laurels, providing Surprisingly, Jack’s shadowed Autavia’s a four-sided incubator for two mid- first answer came in import. Not only did Noughties’ adventures in hyper-horol- the form of another Omega’s own ‘Speed- ogy: the digi-hybrid ‘Sixty-Nine’ of failure, three years master’ chrono- 2003 and 2004’s ‘V4’, whose engine prior. graph walk on the block of a movement replaced gear “In 1958, my first Moon, but Seiko in- wheels with hair-thin fanbelts. year at ‘Ed. Heuer vented quartz tech- A fortnight ago, the 50th anniver- & Co. SA’, I partici- nology (see sary was celebrated by a glitzy party pated in two Swiss timeline on page within the biomorphic confines of car rallies,” he re- 22), plus every Top: the five revivals of Monaco’s every decade since ‘69. Above left: an Zaha Hadid’s ‘Magazine’ Serpentine counts in his rollick- watchmaker’s Holy old ad, showing Calibre 11’s unusual left-hand crown. Above right: Geri extension and – with Red Bull Rac- ing collection of Grail was finally ‘Ginger Spice’ Horner, TAG Heuer CEO Stephane Bianchi and Red Bull ing’s Christian Horner, David Gandy, memoirs, The Times of brought to light, three- Racing’s Christian Horner at Chucs Cafe Serpentine a fortnight ago. Reggie Yates et al. in attendance – the My Life. “We were doing fold: the ‘automatic’ Monaco’s latest and greatest upgrade fine until, close to the finish, chronograph, powered by the from Buren wound by an embedded enough, but in addition was a world- was revealed to all: the fitment of I misread the dial of our Citröen’s movement of your arm. ‘micro-rotor’, piggybacked by a stop- first: a water-resistant square case. TAG’s cutting-edge ‘Calibre Heuer 02’ Heuer ‘Autavia’ dashboard stopwatch, Zenith unveiled its ‘El Primero’ watch module from Dubois Depraz. Once Steve McQueen paired a Monaco chronograph mechanics, precision by a minute. The result was that our straight out of the traps in January, And, sadly for Autavia, Jack Heuer with a Heuer-branded racesuit in engineered entirely in-house and now team came in third place instead of and over in Japan Seiko quietly drew wanted Calibre 11 to debut dressed as 1971’s ‘Le Mans’ (pictured, inset), the ticking over for 80 autonomous hours first. level with its ‘5 Sports Speed Timer’. an all-new, high-impact product… rest would be history. A history being (pictured in page 21’s header). “This error infuriated me and I re- But it was Heuer and Breitling’s col- Named in tribute to the equally celebrated this year by no less than Still with petrol in its veins, still as alised that the dial of the Autavia was laborative ‘Calibre 11’ that made it to showy grand prix, the Heuer five limited-edition Monacos, repre- avant-garde as ever, and still as cobalt- unclear, confusing and very difficult market first – workhorse mechanics Monaco’s cobalt-blue dial was striking senting each of its five decades. (The blue as Steve McQueen’s eyes. NEW FLAGSHIP STORE NOW OPEN AT 1A OLD BOND STREET, LONDON - fope.com 26 LONDON TIME THURSDAY 21 NOVEMBER 2019 CITYAM.COM VIVA BREMONT’S VICENZA hristmas shoppers making that magical left turn from CGreen Park into Bond Street will not only be greeted by the lux- ury retail strip’s dazzling peacock- feather lights this festive season, BANQUET but a new kid on the block – perched at the very start of the street. Replacing Jaeger-LeCoul- tre’s former unit at 1a Old Bond Street, and still under the ward of next-door-neighbouring Mappin & Webb, the sage-green tones of FOPE are set to entice fans of its exquisitely crafted jewellery inside what is the Italian brand’s second- only standalone boutique after Venice. It’s all part of FOPE’s 90th anniversary celebrations, which seem all the more deserved when you consider it’s always been owned by the same family, always based in Vicenza, with every single piece produced in-house. But before you #watchnerds move onto somewhere with tickers rather than dingers, you’d be wise to take note: even FOPE does watches, and they’re the sort of Bremont's co-founding brothers gift that upholds your horological Nick and Giles English pore over credibility as well as generosity. Ronnie Wood's 47 miniatures at the Launched in 2017 the LadyFope guitarist-turned-artist's studio. cocktail pieces are the house’s first Swiss-made watches to combine a precision quartz movement with its ‘Flex'it’ that matter) will drag them away. feel like old friends… They look like “Ronnie is a true creative in every bracelet – a patented system that Not one, but forty- Excruciating puns aside, it’s a re- they’ve been done from all over the sense of the word,” attests Bremont advances FOPE’s iconic markable achievement – not only world, some with more Chinese and co-founder Giles English, “and ‘Novecento’ mesh, fitting tiny seven new British from a technical perspective, preserv- African influences as well as seeing his passion for art is springs between each link for a ing Wood’s work with a special coat- American through to the British utterly infectious.” firmer hold on her wrist. watches have had ing prior to assembly at Bremont’s countryside.” “We also felt that such atelier in Henley-on-Thames, but also Each watch in the collection an important watch fope.com their dials hand- logistically, given the 57-year-old is a one-of-a-kind piece, required a beautiful band’s unflagging touring schedule. showcasing Wood’s signa- movement,” picks up painted by a Wood painted the dials of all 47 while ture free-flowing style, Giles’s brother Nick, on the road with the Rolling Stones – spiked with scrawled leit- with signature Rolling Stone, a workload he admittedly brought on motifs such as ‘rock on’, rapport, “and so himself, as the septuagenarian rocker ‘time rocks on’ and – en- we built it with reports Alex Doak wanted a numerical nod to his year of graved on the winding this lovely birth. rotor, visible through moonphase or anyone who couldn’t get no “Having spent so much time focus- the crystal caseback – ‘I complication. satisfaction back in 2017, ing on the dial designs, I’m really feel like painting’. Said Mechanically, when a certain rock’n’roll leg- looking forward to seeing a com- rotor happens to wind artistically, and in end painted the dial of a sin- pleted watch,” the guitarist says, with up a first for Bremont: terms of its rarity, gle, sumptuous ‘B-1’ marine the humble pride of a true artist. “I finer-than-ever mechanics this is really a Fclock, they now have 47 more look at some of the dials and it brings sourced from Parmigiani’s rather special watch.” chances to get their sticky fingers on back memories of having painted prestigious Vaucher facility Time really does a Ronnie Wood x Bremont collabora- them on tour in places like Chicago, in the Swiss Jura, adding fur- seem to be on Ronnie tion. Knowing how devoted Stones Seattle, or Philadelphia. ther romance to proceedings Wood’s side. fans can be, not even wild horses (or “What’s quite nice,” Wood contin- with a dial-side moonphase dis- each watch’s £38,950 pricetag for ues with warmth, “is that the dials play. bremont.com

BLUE STEEL THREE CHISELLED NEW DANDIES, STRAIGHT OFF THE SEVENTIES JETSET BELL & ROSS CHOPARD A. LANGE & BR 05 ALPINE SÖHNE EAGLE ODYSSEUS Back in the Seventies, a single designer made an Gérald Genta’s This is the latest and most indelible mark by Seventies legacy divisive bid for sports- inventing the high-end (Nautilus, Royal Oak) is casual luxe – not least stainless-steel sports immortal – and more because Germany’s top watch. His name was collectable than ever. watchmaker has always Gérald Genta – look him But come the Eighties, (and justifiably) positioned up. Meanwhile, suffice to an era of ‘disco glitz’ itself up there with Patek say Genta’s signature took off and Chopard’s Philippe. But if Patek can tropes of geometric case, ‘St Moritz’ of 1980 was have its Nautilus (yes, a integrated bracelet and perfectly timed. It was Genta) then Lange can exposed screws remain as 22-year-old Karl- have this: a water-resistant ‘sporty luxe’ as ever, with Friedrich Scheufele’s monument to Teutonic 2019 seeing a flurry of debut at the helm of the poise and purpose. Rest ‘inspired’ releases. The family firm, and 39 years assured, the mechanics ‘BR 05’ softens the square later he has revived his inside are still executed brutality of Bell & Ross’s masterstroke, making exquisitely – hence that military pilot collection, Chopard once again distinctly un-casual bringing an urban élan to attractive to the pricetag. the cuff of your g-suit. younger, edgier man. £24,900, alange- £3,990, bellross.com £8,770, chopard.com soehne.com Winter forecast: very cool

Inspired by the chic diving watches of the 1960s, the C65 Trident Automatic is the perfect fusion of retro design and cutting-edge watchmaking. And thanks to its Swiss mechanical movement, it’ll keep perfect time, whether you’re swimming under the winter sun or battling the British weather. Do your research. 28 LIFE&STYLE THURSDAY 21 NOVEMBER 2019 CITYAM.COM TECHNOLOGY EDITED BY STEVE HOGARTY

ment of people they will never meet. Hideo Kojima’s The only direct interaction is the ex- change of “likes”, an endearing little new game about thank you whispered into the ether. As time passes – slowly, slowly – your ar- delivering parcels senal grows: you find a bike, then a truck. You build weapons to fight off hits dizzying highs raiders and oily things that slip through the breach (although combat and terrible lows is never your main concern). As you progress towards your eventual desti- nation – the literal Wild West – you GAMES link up settlements, bringing ragged DEATH STRANDING crofters onto the “chiral network”, a PLATFORM: PLAYSTATION 4 sort of super-charged internet. You’re a blue collar worker rebuilding America hhhhi | BY STEVE DINNEEN one wi-fi connection at a time. And that would have been enough. here’s an entire genre of But there’s another side to Death games disparagingly referred Stranding that makes it hard to love. to as “walking simulators”. In Kojima may be one of the most inven- most of them, walking is sim- tive minds in video games, but work- ulated in only the most rudi- ing outside the confines of a major mentaryT of ways – you tend to glide studio (this is his first solo game after about the place, looking at sunsets and acrimoniously parting ways with Kon- picking up fruit. ami), his worst excesses threaten to Japanese auteur Hideo Kojima has overwhelm the entire project. created a true walking simulator, a He may be from Japan, but Kojima’s game in which the primary objective native tongue is metaphor. Every vi- is to place one foot in front of the other sual reference, every line of dialogue, without falling over. Death Stranding every piece of literature (and there follows Sam Bridges, a deliveryman are many) is laden with daft symbol- quietly navigating the antediluvian ism. Sam has a phobia of physical wasteland of a fallen America. contact, for instance, which is laugh- A catastrophic event has breached ably on the nose in a game about the membrane between this world and making connections. the next, allowing passage to the end- Kojima brings in the talents of A-lis- less ashen “Beach”, a place filled with ters including Lea Seydoux, Mads Lovecraftian horrors and rotting shell- Michelsen and Margaret Qualley, fish. Time is all messed up – rain now then has them vomit exposition like ages people – and corpses cause city- teenagers who’ve just discovered levelling explosions. It’s a lot. Going postal in cheap cider. You’d think one of his di- Thankfully, you don’t have time to rector buddies – Nicolas Winding dwell on it, because you have work to Refn and Guillermo Del Toro both ap- do. You’re essentially an Amazon pear in the game – could have offered courier, mooching across the conti- some guidance. nent delivering parcels. And just like He’s cited Brexit and Trump’s border real life, those parcels are often Death Stranding wall as inspirations for Death Strand- knackered by the time they arrive. An ing’s themes, and there are lofty rumi- obscene amount of money – $80m nations on everything from internet can’t be far off the mark – has been culture to environmental collapse. But spent proving the conventional wis- seeing a postman drop all his letters. to loading up your backpack, stocking it’s hard to take anything seriously dom that walking up muddy hills in Imagine how sad that would be. Now up on telescopic ladders and heading when you’re also tasked with making the rain is difficult, uncomfortable imagine you’re the postman. That’s out into the savage garden of ravaged grenades out of human effluvium and tedious. Death Stranding. America. (there are varieties called No.1 and You might spend minutes carefully Did I mention you have a baby to It’s beautiful, for a start – after a dif- No.2), or have to make small-talk with negotiating a rocky path, using the left look after? It lives in a glass jar at- Imagine walking ficult climb, you really do stop to ad- a chap called Die-Hardman. An other- and right triggers to balance the tached to your chest and if you fall over mire the scenery. And while you’re wise bold, challenging experience sags weight of your enormous rucksack, too much it gets upset and cries down the road and there, you find echoes of other players under the weight of these puerile deci- only to trip at the top and watch your through the speaker on your control – a sign left by a fellow gamer pointing sions, like Sam sagging under the packages tumble back down. Or you pad. Sometimes your treks through seeing a postman the way to a hidden path, or a ladder weight of his rucksack. might be wading through a river when the sodden landscape are accompa- drop all his letters. helpfully propped over a stream. These Still, it’s worth enduring for the mo- an unexpected current sweeps you off nied by the wail of a bruised newborn, asynchronous multiplayer elements – ments you carve out yourself. Times your feet, sending your precious a child you have let down, just like you Now imagine an evolution of the Dark Souls messag- when you forget about everything parcels – an old man’s medicine, a let down that old man when you ing system – make the cruel world a lit- apart from delivering parcels: carefully craftsman’s beloved tools – floating off dropped his sleeping pills in the sea. you’re the tle more bearable. loading your rucksack, learning the into the distance while you struggle to As unpleasant as all this sounds, it’s postman. That’s Later, players can team up, chipping map, memorising your routes. Just like stay afloat. actually the best bit about Death in materials to build bridges and vast a real postman, albeit one who makes Imagine walking down the road and Stranding. There’s a grim satisfaction Death Stranding. highways, toiling away for the better- explosives out of poo.

GAME Stonehenge replicas, cockneys in flat welcome sense of scale to fights, caps, woolly jumpers and wellington helped out by dramatic, swooshing POKÉMON SWORD AND SHIELD boots. But the most radical change is camera angles. PLATFORM: NINTENDO SWITCH the introduction of the Wild Area, a Also enhanced are gym battles, hhhhi | BY EMILY NICOLLE vast open countryside with dynamic, the critical tests of your Pokémon changing weather, which replaces wrangling abilities that mark your okémon’s creator GameFreak the traditional boxed-in zones of old career as a trainer. They’re now held was uncharacteristically secre- Pokémon games. This is the closest in stadia full of roaring spectators, Ptive during the development of the series has come to Breath of the which increases the excitement and Sword and Shield, the latest pair of Wild-style exploration, where you reward of gathering gym badges as monster collecting games in the can roam to your heart’s content you progress through story. If you’re world-dominating, 23-year-old fran- and spot wild Pokémon waddling a Pokémon regular, the ability to chise. Now it’s clear to see why the around the rolling fields rather than skip the tutorials and jump right studio played its cards so close to its hiding in tall grass. The area’s theme into the meat of the game is a chest: the new games shake up the tune incorporates bagpipes, adding a change as welcome as it is long- rulebook in a way that might have touch of Scottish flair. awaited. You can also now access given long-time fans cause for alarm. When it comes to the battling your Pokémon Box from anywhere, They needn’t have worried. however, GameFreak is careful not to ride a bike on water, and decorate Sword and Shield (the games come tinker too much with the basics. your eyeballs with flames or hearts. in pairs, each version containing a This year’s twist is “Dynamaxing”, a The fastest selling Switch games so slightly different roster of Pokémon special new move that temporarily far (boosting Switch sales by 30 per to encourage trading) take place in embiggens your Pokémon so that cent), Sword and Shield are a solid the UK-inspired Galar region. Towns they tower over the battle arena. As addition to the series, and proof that and villages are of the sort imagined well as introducing new strategies, the world’s highest grossing media by American tourists, complete with these supersized Pokémon add a franchise shows no signs of flagging. CITYAM.COM THURSDAY 21 NOVEMBER 2019 FEATURE 29 OFFICE POLITICS War, what is it good for? Not business

ing around you in 360 degrees. It also Managing your team like you’re fighting on makes you less empathetic and in tune with your colleagues. the frontline is doing nothing for your firm Taking your foot off the force pedal has a certain connection with mind- ANAGEMENT terms such as John fulness — a deeper psychosomatic “strategy”, “logistics” and awareness which has as much value “operations”, among others, Vincent in sport like golf or tennis as to the have been borrowed directly PEACE, MAN performance in the boardroom. from military science. It’s about allowing the body and MToday, we’re taking it even further — The Mindfulness mind’s innate intelligence to be freed every day in the office, it’s like we’re App up and properly focused. And this ap- entering into a battle. New pricing Free plies to everyone, from business lead- strategy? That’ll be a “price war”. A ers to baristas. big task? Let’s “divide and conquer”. Your boss, the Indeed, our own staff saw their Handling a crisis? Time to set up a differently. When asked about our man they used heart rates and stress levels improve “war room”. market, I’ve made a point to explain to call “angry markedly after a programme of Wing Indeed, the language of business to my colleagues that we have no Barry”, just Tsun sessions. and warfare seem increasingly inter- competitors, no enemies. We are walked in When I first became acquainted changeable. fighting nobody. wearing a tie-dye with this different approach, it took But is that a good thing? When others send in “spies” and T-shirt. He keeps me a while to realise that I wasn’t an Sun Tzu’s Art of War so often rolls copy our menu, our imagery, or our going on about army general. Business may be tough, off the tongues of so many thrusting, marketing, they are attempting to do mindfulness, but I’m not fighting a war. red in tooth and claw business tyros something that is impossible — they I’ve made These pillars are: know yourself, stay and since he Now, I see myself more of a gar- that you would think that it was are trying to be us. a point to relaxed, don’t force things, positivity, downloaded this dener in that my job is to create an standard issue at the world’s MBA Whenever I’ve ignored the competi- explain to my simplicity, freedom and responsibility, app, he has environment where everyone has an sweat shops. tion and “concentrated on the knit- colleagues that expect to be punched, and mastery. become a opportunity to grow. The business But if you read Sun Tzu closely, ting”, I find that we’ve flourished. we have no Let’s just take one of these pillars — completely benefits from encouraging my team you’ll learn that fighting is best By carrying yourself and your busi- enemies “don’t force”. Consider what the im- different person. to be mindful of their relationships avoided, war is a last resort, and inces- ness with calmness and confidence, pact is of always forcing things, day- You’ve got to with themselves, with others, and sant battles exhaust all involved — you can do things in a different way. in, day-out. admit, you’re with the planet. winners and losers, This different approach is sum- If you’re always over-exerting and curious about all A bit too hippy? You want more of Also, at no point does the Chinese marised in a book that I’ve just writ- creating aggressive business plans, this mindfulness the sergeant major? Well, try the writer suggest that his theory should ten with martial arts teacher Julian you’re fundamentally associating suc- malarky. And if Wing Tsun strategy and see if it gar- be applied in life or work. Hitch called “Winning not Fighting”. cess with fighting. Barry can do it, ners better results for your business. There must be a different way. And In the book, we explain the eight pil- That in turn makes you less creative so can you. there is. lars of Wing Tsun, which is the only — in combat, you go into tunnel vi- £ John Vincent is chief executive of Leon, At Leon, we have tried to do things martial art founded by a woman. sion, and you stop seeing and think- and author of Winning not Fighting. 30 SPORT THURSDAY 21 NOVEMBER 2019 CITYAM.COM SPORT GOALS Nowhere has the decline of Spurs been more clear than in their blunt TOP OF attack, writes Michael Searles

OSE Mourinho arrives at Totten- JOSE’S ham with a to-do list that in- cludes arresting a year-long Jslump that threatens the club’s status as Champions League reg- ulars and rehabilitating his own weathered reputation. But chief among the former Man- TO-DO chester United and Chelsea manager’s prirorities in North London should be reinvigorating an attack whose threat has dissipated to the point that it is even affecting the dependable Harry Kane. There have been reminders of the 26- LIST year-old’s clinical finishing this cam- paign, not least in his four goals for England against Montenegro and Kosovo over the past few days. One of Kane’s sharpest finishes this term was his deft header past Alisson at Anfield last month, having reacted quickest to a Son Heung-Min effort re- bounding off the crossbar. But that was one of just five goals he has scored from open play in 12 Pre- mier League games this season – and he has not scored for Tottenham since. Three of his 10 club goals have come from the penalty spot too. There were signs of his club form waning last season too, as he failed to reach the 20-goal mark in the league for the first time since establishing himself in the Tottenham first team in team-mates and the wider decline of the Premier League as an opportunity 1.5 goals per game is also their worst shortage of opportunities created for 2014-15. the club? in which the player would be reason- and has gradually declined since a all of the forwards. He scored 17 goals, five behind Sadio The sacking of Mauricio Pochettino ably expected to score. peak of 2.26 in 2016-17. Kane has in fact missed only one “big Mane, Mohamed Salah and Pierre-Em- on Tuesday raised eyebrows, but statis- It means Spurs are averaging just 1.1 The team’s average number of shots chance” in the league this season, erick Aubameyang who all shared the tically Spurs are having their worst sea- big chance per game, some way down and shots on target is also the worst of some way off the nine and seven Golden Boot, and was some way off his son in front of goal since the on last year’s 1.7 and almost half of the the Pochettino era at 12.5 and 4.1 re- missed by England team-mates Tammy 30 and 29 goals in the previous cam- Argentinian was appointed in 2014. 2.0 big chances per game they were spectively – again, gradually decreas- Abraham and Raheem Sterling respec- paigns. The England striker’s Premier Tottenham have created just 13 “big creating in 2017-18. ing from a peak of 17.6 and 6.8 in tively. Son is the only Tottenham player League tally of six goals and one assist chances” this campaign, defined by Unsurprisingly then, their output of 2016-17, the year that Leicester won the to have registered more than one assist this campaign puts him 10th in the league. this campaign and is arguably the only scoring charts, five goals behind leader Criticism of Tottenham has often Spurs player performing at something Jamie Vardy. TOTTENHAM’S FLAGGING ATTACK centred on the squad’s lack of depth like their best level. SEASON 14-15 15-16 16-17 17-18 18-19 19-20 and, specifically, players who can share If Mourinho is to turn his new club’s LOSING POTENCY Kane’s goal burden should he suffer fortunes around – and give his own ca- But are Kane’s shooting boots losing from injury or hit a bad patch of form. reer a welcome shot in the arm – then Big chances per game 1.34 1.7 1.4 2 1.7 1.1 their potency or is his failure to recap- This season he is not firing at his creating more chances for their star ture the form of old a result of a re- 1.53 1.82 2.26 1.95 1.76 1.5 usual rate, but Tottenham’s problems striker to put away would appear a duced creative output from his Goals per game appear to be rooted more deeply in a good place to start. Sacking Pochettino was the lesser gamble for Tottenham OTTENHAM chairman Daniel FOOTBALL as Danny Rose announcing he would He’s not a neat fit for Spurs other The timing of all this is TLevy doesn’t strike me as a gam- COMMENT run down the last 18 months of his than in that he’s a proven trophy interesting. Spurs hadn’t played for bler but his decision to sack the contract. Who says that? It’s a winner and that is one thing that, 10 days when they decided to make manager who took the club to a distraction when that group needed for all of the progress he the change, leaving the new Champions League final and replace Trevor to be concentrating fully on football. engineered, Pochettino did not manager just three days to prepare him with Jose Mourinho is a roll of The only logical explanation is deliver. for his first match – a trip to West the dice. Steven that Levy has seen or heard things in Even at United Mourinho brought Ham, who are also very much in On the face of it, Mauricio private that made him the think the in a couple of pieces of silverware. need of a win. Pochettino’s departure is a surprise. situation was beyond repair. Key While that was no more than par Levy can’t have taken this decision While being 14th in the Premier players have found themselves left there, he will be a king if he repeats lightly. There are no guarantees it League doesn’t look good, it is only Having gone 1-0 up, the Tottenham out at times. Losing the dressing that in north London. will work out for either party; the November and Spurs are more than of two years ago would have beaten room can be fatal. As he is arriving mid-season I only certainty is that Pochettino will capable of going on a run that Everton earlier this month. Instead don’t think he’ll be tasked with land a plum job in Madrid, carries them back into the top four. they drew 1-1. SUPER-SUB delivering trophies this term, but he Barcelona, Paris or Manchester. Pochettino can feel hard done by. That day they didn’t seem as If you’re changing manager mid- will be under a different kind of It is a gamble, then, but maybe He has only really had two bad powerful a unit as in recent seasons season and he is available, then pressure. Levy saw keeping Pochettino as the months and took the club to a and showed a soft side we’re not Mourinho is an obvious choice. Since his first spell at Chelsea, bigger risk. whole new level while very little was used to seeing. It made you wonder He is refreshed, has stayed in Mourinho has only been at clubs spent on transfers – less than £100m if they were finding it hard to live touch with the Premier League where winning is the norm. Can he Trevor Steven is a former England net over his five years. up to the new standards they’d set. through his TV work, wants back in get it right at Tottenham? I’m sure footballer who played at two World Cups There had been some signs that On top of that you’ve had negative and is an impact man – a sort of he’ll be expected to finish in the top and two European Championships. things weren’t quite right, though. press around players’ futures, such managerial super-sub. four in May. @TrevorSteven63 CITYAM.COM THURSDAY 21 NOVEMBER 2019 SPORT 31 Tigers still struggling to roar again

Summer shake-up tion of Steve Borthwick to the coach- ing set-up following his involvement yet to revive fallen with England at the World Cup will bring about improvement. former champions The 40-year-old is the latest addition to a backroom line-up that has been Leicester, says overhauled in the last 14 months. Murphy replaced former head coach Matt O’Connor at the start of last sea- Michael Searles son before former England and Ire- land coach Mike Ford was brought in UST four games into a new Pre- to help avoid relegation. He has stayed miership campaign that prom- on as attack coach. ised to be a turning point for By all accounts, the club appear to JLeicester Tigers and they ap- have many of the right ingredients for pear no nearer to ending the success, but the results on the pitch “worst period in the club’s history”. have not been forthcoming and there That was head coach Geordan Mur- remains an air of uncertainty around phy’s brutal assessment of last season. Welford Road after the club was put But despite an intense 12-week pre- up for sale in the summer. season designed to get the players in Leicester suffered a fourth succes- better shape, they have mustered just sive year of operating losses, but did one win in four games and lie 11th in make a £5.2m profit overall in the the Premiership table ahead of Satur- year ending June 2019 thanks to CVC day’s European Challenge Cup fixture Capital Partners’ acquisition of the with Cardiff Blues. Premiership’s commercial rights. The last campaign was one to forget This summer they again tried to for the 10-time English champions, strengthen the squad with additions who finished 11th, narrowly avoiding such as New Zealand’s Jordan Taufua, relegation and losing 15 of 22 Argentina’s Tomas Lavanini and matches. South African trio Jaco Taute, EW Criticism was aimed at a perceived Viljoen and Hanro Liebenberg. lack of fitness, which the coaching They overcame Pau 41-20 in the Eu- staff have endeavoured to address, as ropean Challenge Cup last weekend, well as a lack of squad depth. but domestically a single win over With England internationals George Gloucester, no bonus points and a Ford, Ben Youngs, Manu Tuilagi, points difference of -44 have left the Jonny May, Ellis Genge and Dan Cole Leicester narrowly avoided relegation last season and are 11th again this term, with only the heavily-penalised Saracens below Tigers propping up the Premiership all to be reintegrated following their with difficult games against World Cup exploits, there is reason to It risks drawing Leicester into an- We’ve changed the culture. We’re The 35-point deduction given to Northampton and Exeter Chiefs to fol- believe an upturn in results could be other relegation battle, which ulti- tighter as a unit. If that stays the Saracens has sent them to the bottom low the trip to Wales this weekend. around the corner. mately saw Newcastle Falcons fall same, we’ll be at the right end of the of the league but, with a nine-point So far the league has been unpre- Nonetheless, familiar alarm bells short last season, despite Murphy’s league.” advantage on Leicester already, that dictable and the battle at both ends is will be ringing for Tigers fans now claims the club were aiming to com- But having suffered defeats to possibility will offer little comfort in set to be competitive. The next few fix- dreading the start of the Six Nations pete for trophies once again. Worcester Warriors and London Irish, the long term. tures will likely determine whether in just three months time, with the “I think we are a vastly different who have typically been fighting rele- Leicester are capable of pushing up squad desperately missing the quality side,” the former Tigers player said be- gation, Leicester look set to be em- RIGHT INGREDIENTS the table or destined to languish at that those players bring. fore the season began. “We’re fitter. broiled in a battle to stay up again. The club will be hoping the introduc- the wrong end of it once again.

MCILROY NOT WORRIED BY ARSENAL’S FORM WILL TURN WINNING START Great Britain off the ABSENCE OF HIS USUAL CADDIE SPORT DIGEST SOON, INSISTS HOLDING £ Rory McIlroy has insisted the absence of £ Rob Holding believes Arsenal are not far mark with a victory in new-look Davis Cup his caddie Harry Diamond won’t affect foundation”. The 37-year-old was sacked from turning the corner ahead of their him at the DP World Tour Championship by England in 2017 for “inappropriate and Premier League game against in Dubai this week. Diamond is off after his unacceptable” behaviour, while he was Southampton on Saturday. The Gunners wife, Claire, gave birth to the couple’s first also cleared of discriminating against have gone five games in all competitions child, but McIlroy, who cannot win the players, including striker Eni Aluko. without a win and are eight points off the Race to Dubai, is not concerned. “If there’s top four, but the defender says they must any week where I don’t have Harry on the ROOT: MOEEN COULD RETURN not panic. “We just need to stay calm and bag it’s good it’s this week,” he said. “I’ve FOR SOUTH AFRICA TESTS stay positive,” Holding said. “We’re sixth, been coming back here for 10 years. I £ Moeen Ali could return to England’s Test we’re not a million miles off it.” know the place like the back of my hand.” side for next month’s tour of South Africa, according to captain Joe Root. Moeen, 32, SALAH AND ROBERTSON BOTH SAMPSON CHARGED BY FA decided to take a break from the format in DOUBTS FOR LIVERPOOL OVER USING RACIST LANGUAGE September having being dropped after £ Liverpool could be without Mohamed £ Former England women manager Mark the first Ashes Test. The all-rounder told Salah and Andy Robertson for their Sampson has been charged with using Cricinfo he wants to return “at some stage Premier League game against Crystal racist language by the Football but I haven’t decided when” and Root said Palace on Saturday. Both players sat out Association. Sampson, who is now the he was “very open” to the possibility. “I of the international break with ankle caretaker boss at Stevenage, has been see Moeen as someone who can offer a injuries, but the trip to Selhurst Park may under investigation since September after huge amount to this team,” he said. “We’ll come too soon. Joel Matip’s knee injury is an ex-coach at the League Two club made have that conversation with him again, likely to rule him out, but captain Jordan the allegation, which the club said had “no probably in the next couple of weeks.” Henderson has recovered from illness.

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Calling all National Hunt horse racing fans! Are you Interested in having a Racehorse in Training? Grand National winner? Cheltenham festival winner? A winner at your local track ? David Pipe can source a horse to suit all owners and budgets. Contact us now Tel: 01884 840715 Email: [email protected] Jamie Murray and Neal Skupski clinched a tight doubles game to give Great Britain a 2-1 win over Holland in their opening Davis Cup group game in Madrid yesterday. Murray (pictured) and Skupski came through 6-4, 7-6 (8-6) in the decisive match after Comply or Die - Grand National Winner 2008 Andy Murray’s win over Tallon Griekspoor and Dan Evans’ defeat by Robin Haase.