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MONDAY 9 MARCH 2020 ISSUE 3,572 CITYAM.COM FREE

AS ITALOCKDOWNLY QUARANTINES 16 MILLION PEOPLE AND UK CASES MOUNT, BORIS URGES BRITS TO ‘PLAY THEIR PART’ IN TACKLING VIRUS

All trains in and out of Milan — in Italy’s so-called red zone — have been halted

STEFAN BOSCIA lockdown until 3 April, along with cities The UK’s number of confirmed cases thing people can do is wash their hands reducing its services to and from Venice. AND EDWARD THICKNESSE including Venice, Padua, Modena, rose to 278 yesterday, as a third patient with soap and water for 20 seconds.” Austrian chancellor Sebastian Kurz said @Stefan_Boscia @edthicknesse Piacenza, Reggio Emilia and Rimini. died from the virus late last night. Prime Italy’s effective quarantine has plunged yesterday it was only a matter of time Italian Prime Minister Giuseppe Conte Minister Boris Johnson will host a Cobra Europe’s fourth-largest economy into until other European countries adopted ITALY took the extraordinary step said there would “be no movement in or meeting this morning with senior uncertainty, as traders brace for the similar measures, as France last night yesterday of quarantining 16m people in out of these areas”, unless “for proven, ministers as well as medical officials. Italian stock exchange Borsa Italiana to extended its ban on public gatherings to one of the country’s most prosperous work-related reasons, emergencies or He is expected to say: “We are well open in Milan this morning. any event with more than 1,000 people. regions, as it ramped up its battle to halt health reasons”. The UK Foreign Office prepared and will continue to make The Borsa’s benchmark FTSE MIB index Saudi Arabia said yesterday all schools the spread of coronavirus and Boris last night updated its advice to warn decisions to protect the public based on has plummeted by 16 per cent in the last and universities in the kingdom would be Johnson asked Brits to “play their part” against all but essential travel to the the latest scientific advice. two weeks. closed until further notice. in the UK’s containment efforts. affected Italian regions. “Tackling coronavirus will require a The country’s flagship airline Alitalia All 10m people from the region of The number of confirmed Covid-19 national and international effort. I am has suspended all domestic and £ CONTINUES ON P3 Lombardy, including Italy’s financial cases in Italy has now reached 7,357, confident the British people are ready to international flights in and out of Milan £ VIRUS HITS BORIS BOUNCE: P2 capital Milan, have been placed on while the death toll yesterday hit 366. play their part in that. The most valuable Malpensa from today, while also £ DISPATCH FROM PADUA: P6

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FTSE 100▼6,462.55 -242.88 FTSE 250▼18,746.51 -576.62 DOW▼25,864.78 -256.50 NASDAQ▼8,575.62 -162.98 £/$▲1.301 +0.007 £/€▼1.150 -0.006 €/$▲1.132 +0.012 02 NEWS MONDAY 9 MARCH 2020 CITYAM.COM

LOOKING A LITTLE RUFF AROUND THE EDGES? An Afghan hound receives a quick touch-up before the final round of Crufts THE CITY VIEW Chancellor faces tough job as virus fears grow

AJID Javid never got to deliver a Budget, and now his successor will this week unveil one of the most important Sin decades. Wednesday’s statement was meant to be a showpiece for a government determined to “level-up” the economy and flex its newly-won Commons majority. While ministers are still hoping to regain some political initiative from the Budget, it will be overshadowed by the global spread of Covid-19 — the effects of which are now gripping Europe and much of the rest of the world. Italy has quarantined 16m people in an act of executive authority surely unprecedented in peacetime. Neighbouring Austria has warned that other European states will inevitably have to adopt similar measures in the coming weeks or months. If this sounds overly dramatic, consider that Germany now has more confirmed cases of the AN AFGHAN hound by the name of Way Up 2Pac Shakur was given some last-minute grooming yesterday before taking to the virus (900) than China did when it competition floor at the UK’s largest dog show Crufts, held at the NEC in Birmingham. The canine celebration sees more than 20,000 pedigree dogs strut their stuff each year. This year’s winner, crowned last night, was Maisie the wire-haired dachshund. rolled out its travel restrictions to 56m people on 25 January. Little wonder, therefore, that Boris Johnson Rishi Sunak’s task will today channel his inner will be to balance Churchill with a call for Brits to “play his response to a their part” in combating a global crisis with a desire Coronavirus threatens to health emergency. The economic to focus on life consequence of this outbreak will be beyond it severe. The best we can hope for is that it will also be temporary. Debate rages over how central banks can (or should) respond. The decision of the US Federal dampen ‘Boris bounce’ Reserve to implement an emergency rate cut (for the first time since the collapse of Lehman Brothers) was intended to reassure markets but appeared to have the opposite effect. While all eyes HARRY ROBERTSON could soon dent London’s economy. has now jumped 5.8 points to 101.6 — are on the Bank of England’s next decision, it falls to the Respondents reported that tourism above the historical average. @harrygrobertson was much lower compared to the BDO partner Kaley Crossthwaite chancellor to consider how best to help businesses, sectors and LONDON’s private sector grew at a start of the year while sales were also said a post-election bounce was in workers caught up in the economic shockwave unleashed by fast clip in February, survey data has down. Meanwhile, disruption in large part responsible. Yet she said turmoil abroad and growing panic at home. The chancellor’s shown, even as the coronavirus out- China caused supply chain pressures that “businesses will now be spending break took a toll on tourism. and led to rising input costs. the coming weeks focused on task will be to balance, in both style and substance, his response The Natwest/IHS Markit London pur- Stuart Johnstone, managing direc- mitigating the uncertainty caused by to a crisis with a valid desire to focus on life beyond it. Normally, chasing managers’ index came in at tor of London and south-east banking coronavirus”. a Budget is an opportunity for governments to champion their 56 in February, down slightly from at lender Natwest, said: “Should dis- The surveys came just days ahead of successes, toast the wisdom of their policies and herald the 56.5 in January but above the long- ruption continue into the summer, new chancellor Rishi Sunak’s Budget run average. A score of above 50 indi- the capital could see a greater impact on Wednesday. dawn of a new chapter, but in the current climate such an cates the private sector expanded. on tourism which many businesses It has long been trailed as the end of approach could backfire. Expect a more sober statement, It is the latest evidence of an eco- rely upon for sales.” austerity and the start of a new ap- cognisant of the scale of the emergency and of the public’s nomic bounce in the capital since the “Forecasts of future growth should proach to spending that will “level December General Election, which be treated with caution until we up” the country, but is now likely to growing concern. Of course, there is a future beyond this scare, provided some certainty to firms after know the full effect of the outbreak be focused on dealing with the fallout and the chancellor was right to stress that “we will get through three years of wrangling over Brexit. on UK business,” Johnstone added. from coronavirus. it” — but until we do, defending Tory gains in Labour’s former Business confidence strengthened A separate survey showed that opti- Crossthwaite said the next month heartlands may take a backseat to defending the entire country. to a four-year high in February, with mism across businesses in the UK will be “crucial” for the UK economy some companies noting a post-Brexit jumped by the biggest amount in a and levels of optimism among busi- surge in activity and investment. decade in February, but also came nesses, which could be “brought back However, there were signs in the sur- with a warning about coronavirus. down to earth by the impact of the Follow us on Twitter @cityam vey that the coronavirus outbreak Accountant BDO’s optimism index coronavirus”.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL EUROPE TO UNVEIL EU-WIDE WHAT THE LABOUR SUSPENDS RACE TRUCKERS HIT AS UK OPTS TECH GIANTS SEEK TO BLOCK HYDROGEN FUEL SCHEME OTHER SENIOR FOR ISLAMOPHOBIA OUT OF FAST-TRACK BORDER FACIAL RECOGNITION BANS Europe will this week announce plans Trevor Phillips, former head of the UK’s The haulage, shipping and freight Amid rising calls for regulation, for a new EU-wide partnership to PAPERS SAY equalities watchdog, has been industries are up in arms against the technology companies such as develop clean hydrogen fuel suspended from the Labour party over government after ministers ignored Microsoft and Amazon are pushing for technologies, as Brussels seeks ways to THIS allegations of Islamophobia, the Times industry requests to seek vital security laws that would restrict use of facial- accelerate its push towards carbon can disclose. Phillips now faces waivers from the EU needed to smooth recognition systems—and head off the neutrality. Plans for a “clean hydrogen” MORNING expulsion from the party. cross-channel freight after Brexit, the more severe prohibitions some cities alliance will be unveiled tomorrow Telegraph can reveal. and states are weighing. alongside a new industrial strategy for RETAILERS WHO IGNORE Europe, officials said. WOMEN AT ODDS WITH STAFF FERREXPO CHAIRMAN SET TO UBER AND OTHER TAXI FIRMS Retailers are “missing a trick” by failing TAKE SAME JOB AT AVERDA DISCUSS VIRUS DRIVER FUND PRIORY HEALTHCARE CHAIN to bring more women into top jobs and Bin collector Averda is poised to The biggest ride-sharing and food- TO BE SOLD FOR £1BN risk being at odds with their customers appoint Ferrexpo chairman Steve Lucas delivery companies in the US are in Britain’s biggest mental healthcare Acadia Healthcare appointed and workforce, research by the Times as its new chairman, stoking fresh talks to set up a fund to compensate provider, the Priory Group, is set to be investment bank Rothschild last year to has found. About 60 per cent of UK speculation over a float in London. drivers affected by the coronavirus — sold for almost £1bn after its American sell the business, which runs 361 people working in retail are female, but Lucas’ appointment could come as a step that highlights the pressure they owner confirmed it had received healthcare centres in the UK, but there is only one listed female retail soon as today, in a move that will beef face to provide workers with broader “multiple” initial bids. Nasdaq-listed progress stalled ahead of the election. boss — Card Factory’s Karen Hubbard. up governance at Averda. employment protections. CITYAM.COM MONDAY 9 MARCH 2020 NEWS 03 Sunak considers Fraud team may Budget virus open KPMG and mitigation plan CONTINUED FROM FRONT PAGE

Health chiefs have now advised Whitehall that the death toll in the UK could reach 100,000, according Lloyds fees case to the Sunday Times. Chancellor Rishi Sunak, who will deliver the national Budget on JAMES BOOTH Her company started off providing Wednesday, said he was prepared accommodation for asylum seekers, to devise a stimulus package for @Jamesdbooth1 before branching out into student businesses hit by the economic THE SERIOUS Fraud Office (SFO) is re- rentals and hotels. impact of the virus. portedly examining allegations that The business went into administra- The OECD warned last week that Lloyds Banking Group and KPMG tion in 2012. Its account had previ- global economic growth could be drove a property group into adminis- ously been transferred to Lloyds’ halved as supply chains, trade tration by saddling it with fees. business support unit which advised The members’ club is housed in 18th-century warehouses on Devonshire Square flows and business demand all take Fraud office investigators have been it to hire turnaround firm Barons- a hit from the outbreak, while the interviewing witnesses over claims mead Consulting, which charged FTSE 100 has declined by almost 13 the Angel Group was deliberately £644,000 for 10 months’ work. per cent in the past two weeks. driven into liquidation, the Sunday According to the report, total ad- Lord Ashcroft’s Devonshire Club Speaking to Sky News, Sunak said Telegraph reported. viser fees for the struggling company there were “policy levers we can According to the report, the SFO has could have topped £6m. take to ease the short term burden not launched a formal criminal inves- It added KPMG could also face set to appoint administrators on business’ cash flow” as virus tigation, but is considering one after scrutiny as it acted first as an adviser restrictions take hold. a referral. to the company, then as its adminis- JAMES WARRINGTON has filed notice with the High Court The government will meet Sources told the newspaper that the trator, leading to the potential for of its intention to appoint an supermarket chiefs today to agency was carrying out a “scoping ex- conflicts of interest. @j_a_warrington administrator. It has also hired discuss the effect of the virus and ercise” after being passed information A KPMG spokesperson said it was A LUXURY private members’ club insolvency experts at Duff & Phelps, restrictions on supply chains, after by the Financial Conduct Authority. not aware of a probe and said: “We co-owned by Tory peer Lord Ashcroft the Sunday Times reported. a spate of well-publicised reports of The SFO would neither confirm nor wholly reject the allegations posed.” could be on the brink of insolvency The exclusive club, which opened stockpiling and shortages. deny any possible investigation. A Lloyds spokesperson said: “Lloyds after launching a hunt for in summer 2017, charges members Last night Richard Walker, The Angel Group was owned by Julia Banking Group is not aware of any administrators. £2,300 per year for access to its 68- managing director of Iceland, said: Davey, who was once one of the UK’s investigation... We would, of course, The Devonshire Club, close to room boutique hotel, brasserie and “There are no supply shortages or richest business women. assist were one to be launched.” Liverpool Street station in the City, champagne bar. stock issues from our side.”

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Try Xero free for 30 days. 04 NEWS MONDAY 9 MARCH 2020 CITYAM.COM Prudential set to unveil plans to sell High street woes stake in US insurance firm Jackson HARRY ROBERTSON continue as UK The potential sale comes just company’s Asian and US operations weeks after hedge fund manager would “increase investment in both @harrygrobertson Dan Loeb called for the breakup of businesses, optimise growth, and PRUDENTIAL is planning a sale or Prudential after taking a near $2bn drive higher valuation”. partial float of its US insurance (£1.5bn) stake. Jackson — which is based in business as it faces pressure from an Loeb’s New-York based investment Michigan and has 4m US customers footfall tumbles activist hedge fund to focus on Asia. firm Third Point has built a five per — could be worth between $6bn The London-based insurance cent stake in the insurance firm and and $10bn. giant is set to lay out plans to sell a is now pushing for it to separate its Loeb has also advocated shuttering stake in US firm Jackson, which it Asian and US operations. Prudential’s London headquarters to ANGHARAD CARRICK consumers become more wary about has owned since 1986, the Sunday In a letter to the board last month, lower office costs, which are roughly interacting in public spaces. Times reported. Third Point said separating the £200m per year. @angharadcarrick The struggling retail sector has had a THE FRAGILITY of the British high difficult start to the year. In the last street was laid bare last month as two months, 18,248 retail jobs were severe and ongoing rain led to a drop lost and 1,211 shops closed according in high street footfall. to the Centre for Retail Research. February saw a drop in footfall of 7.8 Despite the ongoing high street cri- per cent as shoppers stayed away from sis, retail premises in England will be high streets, according to the latest denied a further £100m in tax reduc- figures by Springboard. tions on 1 April, taking the total However shopping centres and retail amount to over £1.2bn. parks remained popular in part Real estate adviser Altus Group said because of either their covered envi- that the 2017 revaluation of business ronment and ease of access. rates should have been good news for Retail parks remain sheltered from ratepayers in economically disadvan- the high street’s troubles as footfall taged areas who saw their property declined just 1.1 per cent. values plummet. However, it added Diane Wehrle, Springboard’s mar- that during the fourth and final year keting and insights director, said: “A of the business rates cycle, the design disparity of 6.7 per cent between the of the system will continue to have an monthly result for high streets and acute impact on properties in areas retail parks clearly demonstrates the where rents significantly declined. exposure to extreme conditions that The net loss to the sector will be high streets have to contend with.” £61m, with £38m granted in relief Springboard said that the outbreak through the capping of large had not had a noticeable impact on increases. Meanwhile £99m in tax footfall last month. However, it added reductions will be denied through the that shopper activity will likely continual phasing in of large reduc- be stemmed moving forward as tions in bills.

WATER UNDER THE BRIDGE Commuters told to plan ahead as London Bridge to shut

LONDON Bridge users have been urged to plan alternative routes as an essential maintenance and waterproofing programme will see the structure shut for seven months to all traffic except buses, licensed taxis, cyclists and pedestrians. Middle Eastern markets plunge as oil cuts deal fails to stand up EDWARD THICKNESSE 8.3 per cent to hits its lowest level since November 2017, while Kuwait’s @edthicknesse bourse recorded its largest ever THE MIDDLE East’s stock markets single-day loss. Dubai’s index fell 7.9 tumbled yesterday after the three- per cent, as Abu Dhabi’s also year alliance between oil cartel Opec dropped 5.4 per cent. and Russia collapsed last week, State-owned Saudi Aramco also sending oil prices into a steep dive. reported its worst day since listing in As a result of the botched talks December, trading below its offering over further production cuts, Opec price of 32 riyals for the first time. removed all existing output curbs Brent crude and West Texas for its members, leading to a string Intermediate both shed a tenth of of local equity markets falling over their value last Friday, falling to fears of a flooded market. $45.27 and $41.28 respectively in Saudi Arabia’s Tadawul index fell anticipation of the supply glut. WHAT A PLEASANT SURPRISE. TO PROVIDE YOU WITH CAPITAL WE DON’T NEED ALL YOUR ASSETS IN OUR BANK. We consider a holistic view of your financial world to help you achieveBefore your we version lend, we of don’t success. ask that So, all your assets income, are financialin our bank. assets, reputation,We lend against and track your recordexperience, are allambitions taken into and account.your values, If youas well like as this holisticyour financial approach status. to overcoming If you like our complexity, approach, maybemaybe we should should talk. talk.

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TESCO RATIONS FOOD AMID VIRUS OUTBREAK Life inside Italy’s dystopian quarantine zone Tesco has begun rationing essential food and household items as shoppers stockpile amid the virus WAS at home with my family But behind the scenes, people are cancelling holidays, while the critical outbreak. Customers are limited to when we learned that our town was Carlo Svaluto Moreolo trying to make sense of what it means tourism sector is already feeling the buying no more than five of each of one of those being put into the A journalist’s personal account for them. A friend owns a small busi- full force of this crisis. Venetian hotels the rationed goods, including Iso-called red zone, quarantined to from Padua, in northern Italy ness with a factory in Vicenza, outside were reporting up to 40 per cent of antibacterial gels, wipes and sprays, battle coronavirus. the red zone. Half of his team live in customers cancelling bookings. That is dried pasta and UHT milk. The rules We had discussed how nursery clo- Padua while the rest live in Vicenza. expected to rise. apply both in store and online. sures were affecting our ability to work. His task for the rest of the day was The situation feels dystopian, but Sainsbury’s said it was not limiting But then a leaked draft of the gov- be cancelled. My next work trip to finding out whether his employees people are pragmatic. If anything the any of its stock. Online shops have ernment decree made us realise London is postponed indefinitely. could get to work the next morning. question is whether this is too late, hiked up the prices of antibacterial things were about to get much worse. Such a severe restriction of my free- If they cannot, he will have to but finally it appears our politicians gel as much as 5,000 per cent, as Areas home to 16m people are dom of movement feels disturbing, shut production. are working together. shoppers scramble for products. on lockdown, while the quarantine perhaps more than the thought of the He is one of thousands of small busi- There is, however, too little clarity in will presumably be enforced by virus itself. ness owners in the area. The whole of terms of how the government will APPLE AND ECB TELL STAFF police checkpoints. Trying to keep some semblance of northern Italy — and Veneto in partic- deal with the economic impact. The TO WORK FROM HOME In Padua, a busy university town of normality, I went for a run yesterday ular — relies on small and medium- government has said it will expand Apple chief executive Tim Cook 250,000 people, shopping centres will morning in training for the Padua sized enterprises. The economic the Budget, but Italians need reassur- yesterday offered staff across its be closed during weekends. Cinemas, Marathon, still scheduled for next impact of the epidemic restrictions ance that they can get to work and global offices the option to work museums, libraries, community cen- month. I saw plenty of other joggers will be felt for months, if not years. look after their kids properly. The eco- from home this week, as the effects tres, sport centres, gyms are all to be and walkers enjoying the sunshine, Before the latest move, restaurants nomic uncertainty exacerbates the of the coronavirus outbreak took its shut. Events, public or private, are to cars coming in and out of town. were already bare. People were inevitable panic caused by the virus. toll on businesses worldwide. It came as the European Central Bank told most of its over 3,500 staff to work from home today to test how it REGENT’S RACE 1,500km charity cycle to could cope with a shutdown over Hedge funds up betting against Mipim recreated in Regent’s Park relay ride coronavirus concerns. GOVERNMENT TO TACKLE Norwegian amid Covid-19 chaos A CHARITY bike ride to Cannes VIRUS MISINFORMATION real estate conference Mipim The government has set up a new EDWARD THICKNESSE obtained by the Sunday Telegraph, is being recreated in Regent’s cyber team to crack down on the Park after it was cancelled due @edthicknesse nearly 16 per cent of the airline’s spreading of fake news linked to the stock is on loan to funds such as to coronavirus. Cyclists are coronavirus outbreak on social HEDGE funds have increased their Arrowstreet Capital, a $106bn (£81bn) taking it in turns to ride the media platforms. Departments bets against Norwegian Air amid fund founded by Harvard academic 1,500km of the original route across Whitehall have been brought concerns that the low-cost carrier John Campbell. over four days. Club Peloton in to form a new unit aimed at could follow Flybe into bankruptcy A number of analysts have cut chief Nick Hanmer said the assessing the potential extent, due to the slump in demand caused ratings for Norwegian due to fears ride had raised £235,000 so far scope and impact of fake news. It by the coronavirus outbreak. that it is particularly exposed to for children’s charity Coram. will also be tasked with identifying According to IHS Markit data disruption due to its large debt pile. and responding to disinformation. CITYAM.COM MONDAY 9 MARCH 2020 NEWS 07 Mobile firms reach rural signal deal JAMES WARRINGTON October last year, will bring extra masts came close to collapsing after @j_a_warrington coverage to 280,000 premises and EE owner BT proposed charging 16,000km of road. higher rates on some of its sites. THE UK’s mobile networks have The industry will collectively fund An agreement has now been fi- signed off on a deal to banish so-called up to £532m of the deal. nalised by all four firms, though in signal not spots in rural areas, despite However, City A.M. understands the some areas new masts will be built squabbling over how to split the costs. tie-up will be a “watered down” ver- only by O2, Vodafone and Three, with Chancellor Rishi Sunak is set to un- sion of the government’s original BT operating its own equipment. veil the £1bn agreement in the Budget plans after the four mobile operators The government is still aiming to hit on Wednesday as part of a plan to im- — O2, Vodafone, BT and Three — squab- 95 per cent coverage by 2025, but its prove 4G coverage across the country. bled over the terms. plans for coverage from all four opera- The deal, which was first outlined in The talks over sharing telecoms tors have been scaled back. The UK’s four mobile operators argued over how to split the costs of the venture

IN BRIEF OVER-40S COULD BE UP JLR chief: Greta FOR NEW CARE TAXES Plans are being considered by the government to implement a new tax on over-40s to help fund their Thunberg flak own old age care. The new plan, reportedly being pushed by health secretary Matt Hancock, would see is ‘not justified’ workers over the age of 40 pay 2.5 per cent of their income to pay for EDWARD THICKNESSE their future old age care, according @edthicknesse to the Mail on Sunday. The levy would come as a part of the THE BOSS of Jaguar Land Rover (JLR) government’s attempts to improve has hit out at Greta Thunberg, saying the country's social care system, that climate activists like the Swedish which has repeatedly been deemed teenager and Extinction Rebellion to be in crisis. make “no contribution” and have “no ideas”. REVOLUT TO SEEK A FULL Speaking to the Sunday Times, Ralf BRITISH BANK LICENCE Speth, JLR’s outgoing boss, described British fintech startup Revolut is said Thunberg’s campaigning as “doing to be applying for a full UK bank wrong in many areas” by raising licence, as it seeks to retain financial issues but not coming up with rights to operate in the country after solutions on climate change. Brexit. The firm hopes to receive a Speth, whose decade-long tenure licence from the Financial Conduct at the top of the luxury car maker Authority before the end of the year, has seen the UK automotive industry the Sunday Times reported. Revolut battle the twin headwinds of currently operates in the UK using Brexit and climate change, said an e-money licence, which allows it her criticism was “not justified” to process payments but requires all because businesses had also created deposits to be held in ringfenced a better world. accounts by another licenced bank. “Greta created the wake-up call for By gaining a full UK licence, Revolut many companies and people. But on will also pave the way for a new the other hand, this kind of very revenue stream as it will be able to populistic criticism — we destroyed lend from its customer deposits. It her life, killed this and that — is not holds full banking authorisation in justified because we also created a Lithuania, which it also uses to better life. Wealth, health, education passport services across Europe and — the world is getting better”, he said. into the UK. Revolut was previously “There is still a lot to do. But seeking a second licence in populism should be combined with Luxembourg, but scrapped those ideas to make it better. There is no plans last year. contribution, no ideas, just: ‘You’re all stupid.’ ” CO-OP CHIEF: BUSINESS JLR, which makes the I-Pace electric RATES KILLING UK TOWNS car, has plans to cuts it emissions to The Co-Op’s chief executive has zero but is yet to set a date by which urged chancellor Rishi Sunak to it will do so. relieve the burden of business rates “Thousands of people are working on retailers because of its “hidden on solutions,” said Speth. “We know human cost” on poorer areas. Steve that we have to do better.” Murrells has told Rishi Sunak ahead At the end of January it was of Wednesday’s Budget that announced that Speth would step research by his company has found down in September as the firm that towns with the highest quantity continues to put into place its of vacant shops also have the £2.5bn cost cutting strategy to lowest “community wellbeing” mitigate the impact of the declining scores, the Times reported. Murrells car market. The policy has led to job said that a business rates overhaul cuts across the UK, where JLR still could turn the tide for “failing employs about 40,000 people, despite town syndrome” on the flagging UK cutting about 4,500 staff last year. high street.

Lord Maurice Saatchi stepped down Suitors mull bids for troubled M&C Saatchi last year JAMES WARRINGTON among the suitors circling the agency. advertising stalwart. Three other board @j_a_warrington Any successful bidder would seek members also stepped down. to install new management in a bid to YouGov chairman Roger Parry is also HEDGE funds and private equity firms stabilise the company, the Sunday said to have canvassed potential back- are said to be lining up bids for M&C Times reported. ers as part of a separate plan to over- Saatchi as the City prepares to pounce Shares in M&C Saatchi plunged in De- haul the group’s management. on the embattled advertising agency. cember after the firm issued a major But existing investors are thought to Asset management firm Dbay Advi- profit warning and revealed an £11.6m be unlikely to agree to any deal to take sors, which holds a controlling stake in hole in its finances. The scandal M&C Saatchi private. Shares in the Eddie Stobart, and Exponent, which prompted the resignation of Lord company are now trading at roughly owns publishing firm Dennis, are Maurice Saatchi, who founded the 71p, down from 365p a year ago.

CITYAM.COM MONDAY 9 MARCH 2020 NEWS 09

With more rate cuts on the way, FIRST CUT IS Harry Robertson asks what’s next for virus responders THE WEAKEST? AST Tuesday, the coronavirus outbreak drove the US Fed- eral Reserve to do something Lit hadn’t done since the 2008 financial crisis: slash interest rates in an emergency move. Fed chair Jay Powell said rate-setters had “come to the view that it is time for us to act in the support of the economy”. The economic impact of coron- avirus — or Covid-19 — can already be seen. Over the weekend, China reported a 17 per cent slump in exports in January and February, and surveys suggest a big hit awaits the US and Europe. Now, traders are betting that the Bank of England and the European Central Bank will follow the Fed’s lead. But can rate cuts really help? Powell has admitted they’re a weak tool in the face of a rapidly spread- ing virus, regional lock-downs and factory and office closures. A cut “will not reduce the rate of infection, it won’t fix a broken supply chain, we get that,” he said last week. Yet they “will help boost house- hold and business confidence,” Pow- ell argued. George Buckley, chief UK economist at Japanese investment bank Nomura agrees. He says the “demand effect is going to eventually outweigh the supply effect” and central banks must encourage lending and spend- ing. Erik Norland, senior economist at CME Group, says lower rates could help “a lot of companies that are facing cash-flow issues, [which] are easier to manage when interest ammunition during a downturn. rate cuts mean that, if more come, already at or close to record lows. rates are lower”. But this hasn’t happened and the they will be alongside other Whatever authorities decide to do, But rate cuts are unlikely to free Bank’s key rate is just 0.75 per cent, measures, including government it’s certain coronavirus poses an people of coronavirus anxieties. while the European Central Bank’s spending. The Bank of England and unprecedented challenge. Central Buckley says: “It’s not going to mean is in minus territory. Cutting fur- Downing Street have said they are bankers and ministers can do their people who are worried about get- Some say central ther would lessen their firepower working together ahead of Wednes- best to fix supply chains and boost ting ill from the virus are all of a banks should have and lead to squeals of pain from day’s Budget, with incoming Bank demand, says Seema Shah, chief sudden going to go out and go to banks, which struggle to make governor Andrew Bailey saying strategist at Principal Global In- the cinema.” raised rates to money when rates are low. some sort of “supply-chain finance” vestors, but it should be remem- A key question, then, is whether a Former UK Treasury official and is likely to be provided to firms. bered that the most important rate cut is worth the return. Some give them more Goldman Sachs bigwig Jim O’Neill Central banks could also carry out factor “is the pace of increase in the economists have said central banks ammunition said last week that rate cuts would more quantitative easing — printing number of cases outside China, and should have raised rates in recent be a “wasted bullet”. money to buy bonds, pushing down what measures governments adopt years to give themselves more during a downturn The relative weakness of interest lending costs. Yet bond yields are to contain the spread of the virus”. 10 NEWS MONDAY 9 MARCH 2020 CITYAM.COM KHAN UP FOR BOJO BATTLE The mayor’s first re-election pledge is to take on Downing Street over rent controls. City A.M.’s London politics reporter Stefan Boscia notices a pattern

UST days into the formal may- achievements in his term, particu- oral election campaign and larly his Ultra Low Emissions Zone Sadiq Khan has already shown (Ulez), which has demonstrably im- Jwhy he is arguably Labour’s proved air quality. most successful politician He’s also been visible in times of since Tony Blair. crises, such as the multiple terrorist The mayor of London launched his attacks inflicted on Londoners over re-election campaign last week by la- the past four years. belling the contest a “referendum on But the mayor’s record is far from rent control”, demanding central untouchable. government grants him the power to There has been a deeply troubling The fastest cap rents in the capital. rise in violent crime during his term At first glance it seems like a and Transport for London’s (TfL) debt strange platform to build a mayoral has spiralled to £11bn. campaign around. His proxy fight with Johnson over Instead of focusing on the areas devolution could provide the perfect way to City Hall actually controls — police, smokescreen and prove an easy an- fire, transport and housing — swer when pressed by opponents on Khan has decided to pick an un- his record. winnable fight with a newly elected It will also allow him to build on a government. tactic he has brandished consistently However, after taking a step back while in office — blaming a decrease make the strategy reveals itself. in central government funding when By putting rent controls at the attacked on his record. heart of the campaign, he has made This is hardly new territory for the election a battle between himself Britain’s non-Westminster politicos. and Boris Johnson, instead of his It echoes Nicola Sturgeon’s brand of mayoral rivals. grievance politics, where she has someone’s Khan will position himself deftly above the mayoral race and instead engineer a face-off with the Prime Minister, leaving the other candi- dates to squabble among themselves. This will make life difficult for the day other contenders, who already suffer ‘Grievance politics’ from low profiles. Conservative opponent Shaun Bai- isn’t new for the ley has struggled to cut through, UK’s devolved despite having 18 months to increase his profile across London. politicians The ex-social worker has put a tough-on-crime agenda at the heart of his electoral bid, but he’s struggled campaigned in Scottish elections on to energise the race for City Hall. the issue of independence — steering Independent Rory Stewart is well- clear of failing schools and crum- known among political diehards, but bling hospitals. it’s doubtful the former Tory elicits By shaping a narrative around much more than an unknowing fighting Westminster elites over the shrug from the average London voter. issue, instead of improving the coun- He’s working hard to change that, try’s delivery of public services, the but even those who do recognise SNP has turned into a formidable him, perhaps unfairly, sometimes see electoral force. him as an outsider to London. It’s also a throwback to the infa- Liberal Democrat candidate Siob- mous “dead cat” strategy favoured by han Benita and Green candidate Sian veteran Tory campaign mastermind London Berry, meanwhile, are languishing Sir Lynton Crosby. on single figures in the latest polling Crosby in the past advised his to Birmingham and have little chance of getting near charges to introduce an ostensibly the incumbent mayor even via a random and emotive issue into pub- surge in second-preference votes. lic debate to distract people from Indeed, Khan will hope his rent con- more pressing concerns. trol gambit ensures that none of the But while Khan’s electoral strategy £12.50 candidates get much space in the may come from other political race, as he instead goes after Down- tribes, he’ll no doubt add his own ing Street’s Brexiter-in-chief. unique spin to London’s 2020 Even the language he has been mayoral race. using points to this tactic. He never His proxy war with Johnson can mentions Bailey by name but only as ensure he pits himself as a liberal “the Tory candidate” or “Boris John- challenger to a Tory government son’s Tory candidate”. unpopular with many Londoners, Stewart is similarly dismissed as having bagged just a quarter of the “the unofficial Tory candidate”. capital’s constituencies in the De- Khan also consistently labels the cember General Election. election a “two-horse race” between The next two months could himself and Bailey. even act as a dress rehearsal Taking on Westminster has the ad- to a future where he faces avantiwestcoast.co.uk Let’s get together ditional advantage of moving the Johnson weekly at the Westminster dial away from some of his own pol- dispatch box. Thousands of seats still available two weeks before travel. icy failures in office. He wouldn’t be the first mayor of Khan has notched up some tangible London to make the leap, after all.

12 NEWS MONDAY 9 MARCH 2020 CITYAM.COM Treasury announces plans to move Banks watchdog a fifth of staff to northern ‘campus’ STEFAN BOSCIA decentralisation of power away economic-facing departments”. ramps up vetting @Stefan_Boscia from Whitehall and to the regions. Sunak added that Treasury The move comes after Boris offices will also be opened in Wales THE TREASURY will move a fifth of Johnson recently changed staffing and Northern Ireland in addition to its staff to the north of England as a arrangements to combine the existing one in Scotland. part of the government’s agenda to employees between Number 10 and “We are driving economic policy of top executives “level up” the country as plans are 11, prompting former chancellor in this country, it’s important that also under way to change the Sajid Javid to resign. we have a presence everywhere in department’s spending rules. Sunak told Sky News yesterday this country,” he said. “It’s Chancellor Rishi Sunak made the there would an “economic campus” absolutely not just about building JAMES BOOTH to be careful not to mishandle that out- announcement yesterday, after created in the north to house staff [roads]... it’s about ensuring that @Jamesdbooth1 come as this could provoke an employ- ongoing speculation there would a from the Treasury and “other everyone can fulfil their dreams.” ment dispute. THE NUMBER of interviews the Finan- “Employers will want to properly sup- cial Conduct Authority (FCA) has held to port and prepare candidates for these in- vet staff proposed for senior roles at fi- terviews and be careful not to put up nancial services firms jumped 27 per candidates where there is a significant cent to 233 in 2018. chance they will be failed by the FCA.” FCA data provided to employment The FCA allows candidates to law firm Fox & Partners showed withdraw applications after the number had risen from 183 interviews have identified the previous year. gaps in their skills. The law firm said the rise is This enables them to a consequence of the FCA taking a tougher approach Former FCA boss Andrew to applications for senior Bailey is set to move to positions such as chief exec- the Bank of England utives, finance heads and risk heads. avoid the FCA having to The number of interviews formally fail that candi- has risen 70 per cent over five date after their interview. years from 137. Fox & Partners said the more The interviews are designed to ensure stringent approach follows a series of the candidates have the necessary expe- failures at financial services firms. rience, skills and integrity for the role. Former FCA chief executive Andrew Fox & Partners said failing an inter- Bailey has taken the top job at the Bank view does not just create an operational of England, despite criticism from some challenge for the business but can also MPs and campaigners that the FCA did create a legal risk. not do enough to prevent failures. Partner Ivor Adair said: “If the candi- The FCA is currently searching for a date is failed by the FCA, employers need new chief executive to replace Bailey.

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EMILY NICOLLE in compensation fight @emilyjnicolle A CRYPTOCURRENCY-FOCUSED fund JAMES BOOTH Vale claims it was tricked into backed by unicorn investor Sequoia @Jamesdbooth1 paying BSGR $500m in 2010 to share Capital has led a $12m (£9.2m) an iron ore mining project in Guinea. funding round for digital wallet MINING tycoon Beny Steinmetz and a The joint venture lost the mining Stella McCartney is one of the UK’s best-known fashion designers startup Argent. company linked to him have reported- rights in 2014 after BSGR was found to Paradigm has today joined the ly had assets including two jets and a have won them through bribery, Silicon Valley stalwart Index yacht frozen by the High Court. something Steinmetz has denied. British fashion giant falls to Ventures, Creandum and Steinmetz is locked in a fight over Vale is pursuing individual execu- Firstminute Capital as Argent’s compensation with Brazilian mining tives after being unable to recover the newest backer in the series A round. company Vale which sought the orders, $1.3bn plus costs and interest that the £11m loss as expenses mount Argent’s so-called smart wallet the Sunday Telegraph reported. London Court of International allows users to store, transfer and Steinmetz and five former Arbitration ruled BSGR should back receive cryptocurrencies and executives from his company BSGR last year, having found BSGR liable for LIAM ROCHE £42.6m pushed the brand into decentralised apps with the same and two other linked businesses have fraudulent misrepresentation. the red. usability and security of a traditional been banned from disposing assets Vale said Steinmetz was the main BRITISH fashion label Stella Stella McCartney’s annual banking app. valued up to $1.85bn (£1.4bn), the beneficiary of the $500m it paid to McCartney swung to an £11m pre-tax financial report, filed on Companies Argent chief Itamar Lesuisse said: report said. The order was made in BSGR, which is in administration. loss in 2018 as the fashion house’s House last week, identified a 67 per “This is a big step in our mission to December in response to a damages Steinmetz is also facing corruption costs skyrocketed. cent increase in administrative help people control and benefit from claim by Vale. charges in Switzerland in connection Expenses incurred by owner expenses from £29m in 2017 their digital assets and identity. It refers to a property owned by with the project. The order allows Stella McCartney’s decision to to £49m. Crypto’s unfamiliar to many so we’ve Steinmetz in Israel, two Bombardier Steinmetz to spend £25,000 a week on buy out luxury giant Kering’s 50 The disappointing results come a cut out all the complexity and built planes and a Benetti yacht owned by living expenses. Steinmetz and Nysco per cent stake in her company, year after the label recorded a profit a mobile wallet as simple as Monzo BSGR’s parent company Nysco. could not be reached for comment. along with flat-lining sales at of £9.1m. or Revolut, if not easier.” Woodford plots a return to investing after talks

MICHAEL SEARLES Benevolent AI, Rutherford Health Woodford’s views and involvement @michaelsearles_ and Immunocore, the report said. in a new vehicle, the report added. Woodford was considering an The possibility of a return to fund NEIL Woodford and a number of offer for stakes in his former fund, management comes amid global colleagues from Woodford the Woodford Equity Income Fund, stock market turmoil in the wake of Investment Management (WIM) sources told Sky, at a cost of the coronavirus outbreak. are in talks with investors around £500m. It is currently unclear what about snapping up a number The fund manager, prospects there are for Woodford to of the fallen fund manager’s whose empire imploded resurrect his career. However, it is old investments. last year, has also floated understood that prospective backers Woodford has held talks the possibility of creating would only establish a fund focused with institutional and wealth a new fund to manage on professional — rather than retail managers in recent weeks dozens of new holdings in — investors. Woodford’s firm had about creating a vehicle to buy London-listed companies. held talks with advisers about back some of the unquoted Discussions had been buyers for the unquoted stakes WIM stakes, according to prompted by “inbound before his company ran into trouble. Sky News. interest” in canvassing Woodford made his name at Some of the Invesco and at his peak managed companies in Woodford has mulled funds with more than £15bn of question include opening a new fund investors’ money Rich Ricci named Female small business owners as new Panmure surge as gender gap narrows chief executive LIAM ROCHE operating officer at Simply Business, heaped praise on the MICHAEL SEARLES INTERNATIONAL Women’s Day upward trend in the number of @michaelsearles_ was capped off with a report women at the helm of SMEs. yesterday showing a surge in the Montoya said: “It’s fantastic to BOB DIAMOND has hired his former number of female owners of small see more women than ever before right-hand man from his time at and medium-sized enterprises taking the leap into small Barclays to head up loss-making (SMEs) over the past year. business — whether that’s stockbroker Panmure Gordon. Analysis of more than 1.4m turning a hobby into a livelihood, Diamond said last Friday he has small businesses revealed the or using professional experience appointed Rich Ricci as chief execu- number of SMEs owned by to go it alone.” tive of London-based Panmure, women rose 31 per cent in 2019, Between 2016 and 2019 the which he acquired two years ago. according to SME insurer Simply number of SMEs owned by women The ex-Barclays boss will be reunit- Business. The share of men rose by 58 per cent, increasing ed with the 56-year-old American taking up ownership positions consistently over the four-year investment banker, who ran the old increased by 21 per cent during period. Montoya added that this Barclays capital business until step- the same period. growth rate is expected to ping down in 2013 in the aftermath However Bea Montoya, chief continue into 2020 and beyond. of the £290m Libor-rate rigging fine. 14 NEWS MONDAY 9 MARCH 2020 CITYAM.COM China exports tumble 17 per cent as Smaller UK firms coronavirus battles country’s trade MICHAEL SEARLES contraction than economists at But imports from the US rose just feel gloom over Bloomberg had forecast. 2.5 per cent year on year for January @michaelsearles_ Imports fell by four per cent as and February. Exports to the US fell CHINA’s exports slumped in January China posted a trade deficit of almost 28 per cent. and February of this year as global $7.1bn (£5.4bn) in the first two The overall decline in trade can supply chains were hit by the months of the year. The slowing of mainly be attributed to the Brexit and virus coronavirus outbreak. imports has raised doubts as to coronavirus and the Lunar New Year China saw exports plummet by whether China can meet the target holiday, China’s customs 17.2 per cent in the last two months agreed in its trade deal with the US. administration said. It is a typically following reduced business activity China had agreed to buy $200bn volatile time of year due to the HARRY ROBERTSON However, Britain faces the difficult across the world’s second-largest more US goods than in 2017 over lengthy holiday, but the virus task of striking a comprehensive free- economy. It was a bigger the course of two years. outbreak has caused extra strain. @harrygrobertson trade agreement with the European WORRIES over the impact of Brexit and Union by the end of the year, and is cur- coronavirus mean more than 70 per rently reckoning with the spread of cent of the UK’s small and medium- coronavirus. sized businesses do not expect the coun- Both of these factors have led to pes- try’s economy to grow during the rest of simism among the UK’s smaller busi- 2020, according to new survey data. nesses, according to the Tide survey, Almost 60 per cent of firms are un- which was carried out by YouGov at the likely to invest in growing their business end of February. in the next quarter due to their pes- Coronavirus, which has now infected simism, according to the small business more than 270 people in the UK, is cur- confidence index, which was launched rently a major concern for businesses. today by banking platform Tide. More than half are concerned their The UK economy has picked up in 2020 business income will fall over the next after the December General Election quarter, while 57 per cent are unlikely and the phase one US-China trade deal to be above to invest in growing their INTER-COMPANY STATIC both provided some certainty to firms. business in the coming months. WATTBIKE CHALLENGE DON’T DELAY, MOVE TODAY!

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lordmayorsappeal.org/ REGISTER Organised by NOW tourdecity Tel +44 (0) 20 7201 6638 www.portuguese-chamber.org.uk CITYAM.COM MONDAY 9 MARCH 2020 NEWS 15 Turkey to talk MH17 flight trial with EU about migrant issues begins without EZGI ERKOYUN

TURKISH President Tayyip Erdogan said yesterday he would meet European Union officials today to suspects in case discuss migration, and repeated his call for more help in coping with the millions of refugees it hosts from neighboring war-torn Syria. ANGHARAD CARRICK said: “This trial is an important mile- Facing a further influx of Syrians stone towards accountability for the fleeing the fighting, Turkey @angharadcarrick shooting down of MH17 and the tragic recently said it would no longer A TRIAL against the four individuals deaths of the 298 people on board — abide by a 2016 deal to prevent charged with the murder of 298 peo- including 10 British people — nearly them from traveling on to the EU. ple and the downing of the Malaysian six years ago.” “We were hoping to get much Airways flight MH17 will begin in the He added: “The Russian state must more support from international Netherlands today. now cooperate fully with this trial in community when it comes to Last year, arrest warrants were accordance with UN Security Council refugees. I have a meeting with issued for three Russians and a Resolution 2166. There can be no European Union officials tomorrow Ukrainian identified by a Dutch-led impunity for those responsible for this Harris has changed her tune since clashing with Biden in a presidential debate in Belgium. We will discuss these joint investigation team. appalling crime.” issues,” Erdogan said in a speech in Russians Sergey Dubinsky, Oleg The MH17 flight, which was flying Istanbul. Pulatov and Igor Girkin, and from Amsterdam to Kuala Lumpur, Turkey hosts around 3.6m Ukrainian Leonid Kharchenko, had was shot down with a Russian-made Kamala Harris endorses former refugees from southern neighbor senior positions in the pro-Russian missile over eastern Ukraine in July Syria, where civil war has been militias in eastern Ukraine in 2014. 2014. It led to sanctions against Russia raging since 2011. Investigators said they had not pulled by the European Union, and height- rival Joe Biden in president race “We have fulfilled the obligations the trigger but had colluded to carry ened tension between Russia and of the agreement we have made out the attack. Western powers. TREVOR HUNNICUTT and a set of states that voted last with the EU. However, the EU did They will be absent during the trial Russia has consistently denied any Tuesday, where he was helped by the not fulfill its commitments except as they are believed to be in Russia, involvement or providing financial or US SENATOR Kamala Harris, a former endorsements of one-time rivals Pete for minimal contributions... I hope which will not extradite them, accord- military support to pro-Russian rebels 2020 Democratic presidential Buttigieg and Amy Klobuchar. we will get different results this ing to Reuters reports. in Ukraine. candidate, yesterday said she would Biden has to win a primary against time,” Erdogan said. If they do not appear, or fail to send The joint investigation team con- endorse her one-time rival Joe Biden’s Vermont senator Bernie Sanders in Under the 2016 deal, the EU was lawyers, the judges could rule that the cluded in May 2018 that the missile bid for the White House. order to be the Democratic nominee to provide €6bn (£5.2bn) to help trial be held in absentia. launcher belonged to the 53rd anti- “I have decided that I am, with to face US President Donald Trump in Turkey finance housing, schools The British government has wel- aircraft missile brigade of the Russian great enthusiasm, going to endorse the November election. and medical centers for the comed the trial and has donated Federation. Joe Biden for president of the United Democrats in Michigan and four refugees. Turkey says the EU has £100,000 to help establish the Dutch prime minister Mark Rutte States,” Harris said on Twitter. other places will hold nominating failed to honor vows including visa- Dutch court. said last week that investigations into Biden has been eager to capitalise contests tomorrow. Harris said she free travel for Turkish citizens and Foreign secretary Dominic Raab other individuals are ongoing. on a string of wins in South Carolina would campaign with Biden. Reuters an enhanced customs union. Reuters PATELGUEST OPINION IS IN A PRITI PICKLE

secretary, her first words to him City PR expert Neil Bennett says the Patel has faced should have been “you’re fired”. bullying If Patel has had failings they have home secretary deserves a hearing allegations been in management and communi- across her cations. She is, or should be, running YMPATHY for Priti Patel is not of workplaces all over the land where tenure in a turnaround at the Home Office and necessarily widespread in people are trying to get things done to government trying to rescue that organisation Britain at the minute. The tight deadlines. So the media hitching from chaos and inactivity. As any turn- home secretary has incurred up its collective cassock and tut-tut- around chief executive will tell you, the wrath of the civil service, ting like a shocked Victorian vicar is the first thing you need to do in these Smuch of the establishment and humbug of the first order. situations is pull the best team indeed much of the media for her Speaking of hypocrisy, the Labour around you — people with experience, ripe language and uncompromising party’s approach is extraordinary. drive and flair — and not limp along attitudes at work. So much so that it Diane Abbott, in her best school gover- with the old team. In terms of com- has put her job — and political career nor tones, proposed that Patel should munications, Patel has said publicly — in jeopardy. stand down as home secretary while she’s sorry that Rutnam has left. She To believe all the stories, she is the allegations were investigated. Talk shouldn’t have. She should make it an angry, impatient person whose about shooting first and asking ques- clear that it gives her a chance to put a desire to get the job done has gone tions later. And this from the same team together who will tackle the job beyond the acceptable. Labour party still trying to crowbar in hand. She should spell out to the But friends and former colleagues John Bercow into the House of Lords, voting public just how bad things are describe her as driven and hard-work- despite very similar bullying allega- at the Home Office and what she is ing, but also warm, kind and funny. It tions hanging over his head. doing to fix them. seems to me that she is as much vic- If you pause for a moment, you As for hypersensitivity? One wonders tim as perpetrator in this overblown might actually think Patel has a point. whether any criticism or ripe lan- affair — victim of the greatest forces in The Home Office’s recent track record guage is acceptable any longer. modern political life: humbug, suggests that it, and its senior team, is The last word though should per- hypocrisy and hypersensitivity. indeed “useless.” The Windrush deba- haps belong to George Bernard Shaw: Of course, workplace bullying is a cle is only the biggest of the crises it “The reasonable man adapts himself serious subject, is wholly has recently lurched into. to the world: the unreasonable one unacceptable and is still sadly far too And the man who set the media persists in trying to adapt the world to prevalent. Any allegation must be storm off, Sir Philip Rutnam, is also himself. Therefore all progress investigated, but we must also distin- hardly one to complain about criti- depends on the unreasonable man.” guish between claims of bullying and cism. He’s deserved plenty of it. Before My sincere wish is that Patel keeps what constitutes firm management. he arrived to mismanage the Home being unreasonable because Britain One of the allegations is that Patel Office he was doing the same at the needs unreasonable people to chart its called an official “f***ing useless.” Department for Transport, where he course as an independent nation, not Shocking stuff, indeed. Except that it presided over a catastrophic rail fran- least in the Home Office. isn’t. Not all that long ago I worked in chising cock-up. Yet when the blame And let’s keep Rutnam out of harm’s a newsroom where the phrase came to be handed out he never way in future. “useless f***er” was a term of endear- seemed to take his portion. Frankly ment. The same is true of thousands when Patel was appointed as home £ Neil Bennett is chief of Maitland/AMO 16 MARKETS MONDAY 9 MARCH 2020 CITYAM.COM

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 London’s indices CAPITA 140 P Wall St falls on 120 100 health worries 80 6 Mar trounced as virus S STOCKS fell last Friday as 68.96 60 Ufears of economic damage from the spread of the coronavirus 40 intensified, though Wall Street’s major indices ended well above their fears derail stocks 2 Mar 3 Mar 4 Mar 5 Mar 6 Mar session lows. The S&P 500 posted its 10th decline Capita’s share price halved last week after the outsourcing giant said its in 12 sessions as moves to contain the turnaround plan would cost more and take longer than previously estimated. The virus crippled supply chains and firm faces “structural, strategic and competition challenges”, according to Shore prompted a sharp cut to global ONDON’s blue-chip index London’s food and drug retailing Capital, who added that for now, it’s time to “hold”, at a price of 78p. economic growth forecasts for 2020. ended the week in the red as sector was the biggest casualty, behind Since its record closing high on 19 growing economic risks travel and leisure stocks, as the epi- February, the benchmark index has Lfrom the coronavirus outbreak demic wreaked havoc on supply chains ENERGEAN OIL & GAS lost more than 12 er cent, wiping out fuelled investor worries and forced some European companies $3.43 trillion (£2.63 trillion) from its and added to the selloff on global to evacuate offices. 700 P market capitalisation, according to stock markets. Cinema operator Cineworld slid 8.6 680 S&P Dow Jones Indices. A 3.6 per cent fall for the FTSE 100 per cent despite strong sales. Shares of cruise operators Carnival erased its gains from earlier in the 660 and Royal Caribbean slid after 6 Mar week. Only six stocks on the index FTSE Reuters reported that the Trump ended Friday’s session in the black, and 640 600 administration was considering ways 6,900 P only British Airways owner IAG regis- 620 to discourage US travellers from tered a rise of more than a per cent. 6,800 taking cruises. Carnival shares fell 2.6 The domestically focused mid-cap 600 per cent, and Royal Caribbean shares index dipped about three per cent join- 6,700 dropped 1.2 per cent. 6 Mar ing the FTSE 100 in its second straight 6,600 2 Mar 3 Mar 4 Mar 5 Mar 6 Mar Starbucks shares declined 1.1 per week of declines, with event organiser 6,462.55 cent after the coffee chain said it 6,500 Hyve falling 16.4 per cent a day after it Israel may be best known as the land of milk and honey, but it’s also overflowing expected its sales in China in the said revenue and profit in 2020 will be 6,400 with the investor’s preferred liquid: oil. Holy Land-focused Energean’s share price quarter ending in March to fall by hit after it postponed events in Asia collapse is an “excellent buying opportunity”, say Peel Hunt analysts, despite the around 50 per cent in stores open for and the US because of the epidemic. 2 Mar3 Mar 4 Mar 5 Mar 6 Mar industry’s current struggle. They gave a “buy” rating, with a target price of 1,124p. at least a year. CITY MOVES WHO’S SWITCHING JOBS

QUINTET to this role, following a competitive search process that at small and large agencies on an array of both restructuring profession, during which she was a Quintet Private Bank has included a range of external and internal candidates. domestic and global businesses for brands such as managing partner at EY, and was R3 president in announced the promotion of The breadth of Rachel’s experience and her record in Cadbury, The British Heart Foundation, Wagamama, 2013/14. In 2015, Liz was awarded an OBE for services Rachel Macfarlane to group delivering — most recently as legal advisory support The Economist, Guinness, Co-op Bank and the NHS. to equality in the workplace, and in 2016 was awarded head of legal, with immediate for the Brown Shipley executive committee — really Chaka Sobhani, chief creative officer at Leo Burnett an Honorary Doctorate of Laws by the University of effect. Macfarlane joined made her stand out.” London said: “I’m so excited to have Mark join our Bath for her work in diversity in professional services. Brown Shipley in 2018 with crew, someone who lives and breathes creativity, and She has also won a number of accolades and awards responsibility for legal, LEO BURNETT has the biggest heart for both people and ideas. I think throughout her career, including winning one of the corporate secretarial and Leo Burnett London has appointed multi-award- he’s wonderful and the perfect addition to our growing 2012 Women in Banking and Finance Annual Awards, corporate governance work. winning creative Mark Elwood as its executive creative family.” and being included in Cranfield and the Female FTSE’s Prior to that, she served as director. Mark was previously executive creative 100 Women to Watch in 2013. R3 president Duncan legal manager at Santander director at Mullen Lowe London, where he oversaw R3 Swift said: “Liz’s experience and understanding of R3 UK and before that as a solicitor at Cobbetts, many lauded campaigns including the renowned NHS Liz Bingham has been appointed chief executive of R3, and her extensive experience of insolvency and specialising in banking law. Maria Leistner, group chief campaign We are the NHS, which was Adwatch’s most the insolvency and restructuring trade association. Liz restructuring will be assets to her and to us as she legal officer, said: “I am delighted to welcome Rachel liked Ad of 2018. Throughout his career, he has worked joins after a 35-year career in the insolvency and takes charge of R3.”

To appear in CITYMOVES please email your career updates and pictures to [email protected]

NEWS Emirates expects Covid-19 outbreak Air New Zealand halts to impact its financial performance 2020 earnings outlook ALEXANDER CORNWELL notice that also said passenger out unprofitable flying almost on a ABY JOSE KOILPARAMBIL financial impact is likely to be more numbers were increasingly impacted. daily basis,” it added. significant than previously estimated EMIRATES airline expects its financial An industry body warned last week Most of Emirates passengers transit AIR NEW Zealand yesterday withdrew and, with the situation evolving at performance to be impacted by the the virus outbreak could cost carriers through Dubai to other destinations. its full-year 2020 earnings outlook due such a rapid pace, the airline is not in coronavirus outbreak that has led to a up to $113bn (£86.6bn) in revenue as The airline does not operate to increased uncertainty over the du- a position to provide an earnings out- global drop in air travel, according to airlines across the globe rush to cut domestic services. ration and scale of the coronavirus look,” it said in a statement. an internal notice seen by Reuters. flights and costs. The airline reported a surge in half- outbreak. The carrier said it has a further The Dubai state-owned carrier, “Emirates is a very strong and year profit last November, helped by New Zealand’s flag carrier cut its decline in bookings over the last whose financial year ends this month, financially solid airline. The type of weaker fuel prices. total overall network capacity by week, driven by the further spread of has suspended flights to Iran and aircraft we operate, the length of our Emirates on 3 March said it had about 10 per cent, and capacity on Covid-19 to countries outside of China, most of mainland China. The United routes and our general cost base do more resources than presently needed flights to Australia by seven per cent. including New Zealand itself. Arab Emirates has urged citizens and mean however that the impacts of and was asking staff to take paid and Last week, the airline had already Chief executive Greg Foran has of- residents against traveling abroad. adversity can be felt quickly,” the unpaid leave. It has since told pilots cut flights, including a four per cent fered to reduce his base pay by about “At this stage, there is very little notice said. and cabin crew that unpaid leave was reduction in capacity to and from Aus- 15 per cent, while the firm’s executive doubt that our financial performance “The business has moved to review only available for non-operational tralia and a two per cent reduction in team will extend a freeze on its for the year will be impacted,” routes, downgrade to smaller staff and not them, other internal domestic capacity through June. salaries that has been in place since according to a 4 March internal staff capacity, where appropriate, and take emails seen by Reuters showed. Reuters “The airline now believes that the May 2019, the airline said. Reuters CITYAM.COM MONDAY 9 MARCH 2020 MARKETS 17

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1502 Ä 0.0057 €/$ 1.1315 à 0.0115 6462.55 18746.51 3600.95 25864.78 8575.62 2972.37 /$ 1.3014 ÃÃ0.0068 €/£ 0.8694 0.0042 242.88 576.62 130.54 256.50 162.98 51.57 £ /¥ 136.98 0.9290 €/¥ 119.09 0.2270 ÄÄÄÄÄÄ ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Templeton Em Mkts .....745.0 -40.0 876.0 731.0 JD Sports Fashion ...... 678.6 -27.4 881.4 464.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 Vietnam Enterprise .....408.0 -16.5 509.0 404.0 Kingfisher...... 169.0 -9.9 266.2 169.0 Tsy 4.750 20 ...... 99.98 0.00 104.0 100.0 Contour Global...... 168.8 -4.8 222.5 163.0 Games Workshp ...... 6185.0 -100.0 7350.0 2800.0 BP ...... 395.2 -21.5 582.5 395.2 Aggreko ...... 671.6 1.2 869.2 670.4 Abcam ...... 1260.0 4.0 1500.0 1066.0 VinaCapital Vietna ...... 287.0 -7.0 357.5 270.5 Tsy 8.000 21...... 109.80 0.06 116.2 109.5 Drax Gp ...... 259.6 -2.0 386.8 251.0 Marks & Spencer ...... 154.2 -3.4 290.1 154.2 LIFE INSURANCE Cairn Energy...... 120.6 -11.1 207.8 120.6 Ashtead Gp ...... 2200.0 -77.0 2774.0 1805.5 Witan Invest ...... 194.0 -7.5 235.0 194.0 Advanced Medical ...... 256.0 -3.0 354.5 225.0 Tsy 2.500 24 ...... 364.41 0.36 377.9 358.8 SSE ...... 1575.0 -60.0 1686.5 1008.0 Next ...... 5626.0 -292.0 7340.0 5106.0 Energean Oil & Gas .....600.0 -41.0 1082.0 600.0 Babcock Intl Grp...... 417.7 -9.9 646.6 416.7 Aviva ...... 343.0 -8.6 438.4 343.0 Alliance Pharma ...... 76.0 -2.5 87.5 63.0 Tsy 5.000 25 ...... 124.50 0.55 126.0 122.1 Wwide Healthcare ....3085.0 -105.0 3330.0 2495.0 Pets at Home Gp ...... 241.8 -6.8 314.6 140.0 Premier Oil ...... 61.6 -6.0 118.7 61.6 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 241.4 -6.6 318.4 216.7 Bunzl ...... 1918.0 -46.0 2551.0 1870.0 Tsy 4.250 27 ...... 132.00 0.90 132.8 125.8 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 100.0 -2.0 139.0 99.0 Royal Dutch Shell A....1599.2 -90.8 2612.0 1599.2 ASOS...... 2732.0 -211.0 4066.0 2107.0 Halma ...... 2044.0 -41.0 2244.0 1622.0 Phoenix Gp ...... 683.9 -10.6 803.0 634.2 Capita ...... 69.0 -8.9 183.0 69.0 Watches of Switz ...... 346.4 -2.2 392.8 270.0 Royal Dutch Shell B ....1595.6 -99.2 2622.0 1595.6 Blue Prism ...... 1377.0 -97.0 1841.0 788.0 Tsy 6.000 28 ...... 151.08 1.15 152.1 143.6 Morgan Advanced ...... 269.0 -5.4 324.8 232.4 BT Gp ...... 130.9 -3.3 230.7 130.9 Prudential ...... 1193.5 -68.5 1790.0 1193.5 DCC ...... 5460.0 -224.0 7496.0 5460.0 WH Smith...... 1780.0 -70.0 2654.0 1780.0 Tullow Oil ...... 23.4 -4.3 250.0 23.4 Tsy 4.125 30 ...... 389.10 1.77 404.2 367.4 Oxford Instruments ..1340.0 -66.0 1654.0 963.0 Talktalk Telecom ...... 107.5 -0.8 126.5 99.0 St James Place ...... 967.0 -11.2 1199.5 913.6 Diploma ...... 1849.0 -66.0 2134.0 1342.0 Camellia ...... 7900.0 -250.0 11125.0 7900.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 147.17 1.93 147.2 133.6 Renishaw ...... 3202.0 -142.0 4638.0 3202.0 Telecom Plus ...... 1342.0 -40.0 1552.0 1130.0 Std Life Aberdeen ...... 264.2 -12.8 336.9 238.1 Electrocomp ...... 595.0 -13.0 729.8 540.8 Caretech Holdings ...... 445.0 -7.0 502.0 325.0 Tsy 4.250 36 ...... 158.24 3.45 158.2 139.2 FOOD & DRUG RETAILERS Spectris ...... 2614.0 -58.0 3005.0 2234.0 Convatec ...... 185.6 1.4 220.4 132.6 MEDIA Hunting ...... 270.6 -30.8 657.0 270.6 Equiniti ...... 192.0 -6.0 236.2 186.2 Central Asia Metals ...... 171.6 -3.8 266.5 171.6 Tsy 4.750 38...... 175.34 4.45 175.3 152.0 EQUITY INVESTMENT INSTRUMENTS Greggs ...... 2180.0 42.0 2476.0 1730.0 Mediclinic Intl ...... 357.9 -12.7 415.3 293.4 Petrofac ...... 269.5 -13.2 527.2 269.5 Essentra ...... 332.0 -4.6 449.0 332.0 4imprint ...... 2910.0 -130.0 3500.0 2170.0 Clinigen Group ...... 664.0 -26.5 1069.0 664.0 Tsy 4.250 46 ...... 187.96 6.67 188.0 1.0 Morrison (WM) ...... 185.3 0.1 230.0 170.1 NMC Health ...... 1000.0 0.0 2942.0 700.0 Wood Gp(J) ...... 321.6 -30.3 598.6 319.6 Experian ...... 2618.0 -182.0 2898.0 2003.0 3i Infrastructure ...... 286.5 -11.0 317.5 271.3 Ascential ...... 297.4 -18.8 421.2 297.4 CVS Group ...... 1068.0 -4.0 1250.0 503.0 AEROSPACE & DEFENCE Ocado Gp ...... 1122.0 -1.0 1435.0 1062.5 Smith & Neph...... 1678.0 -93.0 1990.0 1444.5 PERSONAL GOODS Aberforth Smlr Cos ...1196.0 -34.0 1546.0 1114.0 Auto Trader Gp ...... 495.4 -16.6 607.6 469.1 Ferguson ...... 6694.0 -390.0 7602.0 4800.0 Sainsbury(J) ...... 211.1 -1.1 240.6 177.1 UDG Hlthcare ...... 690.5 -24.0 832.5 551.0 Dart Group ...... 1089.0 -51.0 1943.0 709.5 BAE Systems ...... 597.2 -12.0 669.0 443.9 Alliance Trust ...... 740.0 -28.0 876.0 730.0 Euromny Inst Inv...... 1038.0 -42.0 1498.0 1036.0 Burberry Gp...... 1598.0 -66.5 2345.0 1598.0 G4S ...... 147.8 -4.5 234.3 147.8 SSP Group ...... 460.0 -4.5 721.0 460.0 HOUSEHOLD GOODS Diversified Gas & Oil ...... 72.6 0.6 116.5 72.0 Meggitt ...... 511.6 -20.6 697.4 489.9 AVI Global Trust...... 683.0 -23.0 802.0 683.0 Future ...... 1016.0 -98.0 1572.0 736.0 PZ Cussons ...... 182.4 -4.0 227.0 178.8 Hays ...... 126.3 -1.5 183.5 126.3 Tesco ...... 240.6 -0.3 258.9 212.6 QinetiQ ...... 332.8 -5.0 387.8 267.0 Baillie Gifford Japan ....661.0 -23.0 848.0 661.0 Barratt Devel ...... 732.0 -21.8 878.4 552.8 Informa ...... 596.0 -22.6 892.0 596.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1186.0 -49.0 1340.0 983.0 Draper Esprit ...... 518.0 -18.0 602.0 410.0 Rolls-Royce ...... 588.2 1.0 941.2 587.2 FOOD PRODUCERS Intertek Gp ...... 5182.0 -252.0 6170.0 4643.0 EMIS Group ...... 1122.0 -18.0 1242.0 949.0 Bankers InvTst ...... 911.0 -41.0 1032.0 856.0 Bellway ...... 3585.0 -93.0 4310.0 2698.0 ITV ...... 102.3 -0.2 156.5 102.3 AstraZeneca ...... 7242.0 -260.0 7878.0 5644.0 Senior ...... 139.8 -5.4 235.0 139.8 IWG...... 328.1 -15.8 469.0 244.9 BlackRock Smaller .....1514.0 -34.0 1794.0 1298.0 Assoc British Foods... 2152.0 -66.0 2708.0 2106.0 Berkeley Grp Hldgs ...4630.0 -152.0 5474.0 3437.0 Moneysupermkt.com ..308.3 -3.7 417.7 307.7 Dechra Pharma ...... 2672.0 -158.0 3068.0 2348.0 Fevertree Drinks ...... 1237.5 -63.0 2475.0 1237.5 Ultra Electronics ...... 1941.0 -17.0 2292.0 1497.0 BMO Global Smaller ...... 123.7 -4.9 150.0 123.7 Bakkavor ...... 97.6 -5.4 149.6 93.3 Countryside Prop ...... 463.4 -9.6 540.5 277.6 Pearson ...... 555.4 -14.4 927.0 550.0 Genus ...... 3556.0 -88.0 3644.0 2178.0 Network Int...... 534.0 -22.0 650.0 513.0 First Derivatives ...... 2700.0 -105.0 3555.0 2100.0 AUTOMOBILES & PARTS Caledonia Inv ...... 2920.0 -45.0 3180.0 2875.0 Cranswick ...... 3498.0 -36.0 3852.0 2488.0 Crest Nicholson ...... 426.4 -8.6 519.0 332.0 RELX ...... 1847.0 -58.5 2099.0 1606.0 Pagegroup ...... 379.8 -1.4 539.0 367.8 GlaxoSmithKline ...... 1593.6 -46.2 1846.0 1501.6 Frontier Devs ...... 1138.0 -54.0 1444.0 866.0 Aston Martin...... 265.9 -31.6 1181.0 265.9 City of London IT ...... 378.0 -14.0 448.5 378.0 Greencore Gp ...... 196.8 -7.2 281.8 193.4 McCarthy & Stone...... 125.0 -3.1 158.8 123.5 Rightmove Group ...... 600.4 -13.8 701.2 495.0 Hikma Pharma ...... 1858.5 -88.5 2200.0 1556.5 Paypoint...... 823.0 -20.0 1118.0 823.0 Gamma Comms ...... 1205.0 -65.0 1460.0 884.0 TI Fluid Systems ...... 186.6 -7.6 273.0 155.2 Edin Inv Trust ...... 518.0 -18.0 652.0 518.0 Hilton Food Gp ...... 985.0 -45.0 1118.0 905.0 Persimmon ...... 2692.0 -74.0 3298.0 1836.0 WPP ...... 724.4 -3.0 1077.5 724.4 REAL ESTATE Rentokil Initial ...... 500.0 -18.8 525.4 345.2 European Opp ...... 787.0 -22.0 926.0 708.0 Tate & Lyle ...... 705.8 -23.0 801.4 663.8 Sanne Group ...... 586.0 -9.0 752.0 498.0 GB Group ...... 669.0 -16.0 800.0 464.0 BANKS Assura ...... 76.7 -1.5 83.5 56.7 F&C Investment ...... 656.0 -39.0 786.0 656.0 Unilever ...... 4352.0 -130.0 5324.0 4112.5 MAIN CHANGES UK 350 Serco ...... 145.8 -5.3 167.7 120.3 Gooch & Housego ...... 1160.0 -25.0 1527.5 954.0 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Big Yellow Gp ...... 1096.0 -40.0 1240.0 955.5 Fidelity China SPE ...... 226.5 -8.5 253.0 205.5 FORESTRY & PAPER SIG ...... 54.0 -1.3 153.0 54.0 Hurricane Energy ...... 14.4 -0.5 53.6 14.4 Barclays ...... 130.9 -3.7 192.5 130.9 Fidelity Euro Values .....242.0 -7.5 272.0 218.0 % % BMO Comm Prop ...... 95.0 -0.4 124.2 95.0 Mondi ...... 1591.0 -37.0 1846.0 1510.5 Risers à Fallers Ä Travis Perkins...... 1345.0 3.0 1720.0 1166.0 BGEO Group ...... 1566.0 -41.0 1818.0 1252.0 Restaurant Grp ...... 86.50 4.2 Tullow Oil ...... 23.45 -15.4 British Land ...... 471.4 -14.7 638.8 468.3 Impax Asset Mgmt ...... 376.0 0.0 405.0 215.0 Fidelity Spec Val ...... 225.0 -9.5 280.5 225.0 GENERAL FINANCIAL TECHNOLOGY HARDWARE & EQUIPMENT HSBC Hldgs...... 493.8 -12.6 680.6 493.8 Finsbury G&I Tst ...... 798.0 -20.0 958.0 795.0 Wizz Air Holdings ...... 3451.00 3.0 Spirent Comms ...... 215.00 -13.8 Captl & Count Prop ...... 197.4 -8.1 270.5 184.8 Iomart Group ...... 344.5 -13.0 405.0 316.5 Lloyds Banking ...... 45.7 -1.3 67.2 45.7 GCP Infra Inv ...... 121.6 -1.6 134.0 117.0 3i Group ...... 930.4 -43.2 1184.5 930.4 Intl Cons Airl ...... 431.60 2.0 Capita ...... 68.96 -11.5 CLS Hldgs ...... 255.0 -13.0 312.5 212.0 Spirent Comms ...... 215.0 -34.5 256.0 140.4 IQE...... 46.1 -1.2 94.2 41.8 Ashmore Gp ...... 438.4 -18.6 570.0 399.0 Greggs ...... 2180.00 2.0 Aston Martin ...... 265.90 -10.6 Daejan Hldgs ...... 7990.0 -50.0 8040.0 4715.0 Royal Bank of Scot ...... 157.2 -3.5 270.4 157.2 Genesis Emerging ...... 708.0 -29.0 818.0 688.0 TOBACCO James Halstead ...... 492.0 2.0 570.0 440.0 Weir Gp ...... 1296.50 1.7 Hunting ...... 270.60 -10.2 Standard Chartered ..... 519.6 -12.6 738.6 519.6 Greencoat UK ...... 142.2 -1.2 152.8 133.8 Brewin Dolphin ...... 286.4 -11.2 375.2 286.4 Derwent London ...... 4060.0 -90.0 4282.0 2884.0 Kainos Gp ...... 740.00 1.1 Premier Oil ...... 61.62 -8.9 Br Am Tob ...... 3106.0 -138.5 3507.0 2648.0 Johnson Service Gp ....204.0 4.0 223.0 131.6 TBC Bank Group...... 1238.0 -42.0 1706.0 1150.0 Harbourvest Glb ...... 1686.0 -56.0 1868.0 1406.0 Close Brothers ...... 1227.0 -19.0 1663.0 1227.0 Grainger ...... 292.6 -7.0 338.0 217.4 Synthomer ...... 270.00 0.7 Future ...... 1016.00 -8.8 Imperial Brands ...... 1641.8 -16.2 2648.5 1554.8 Virgin Money UK ...... 129.2 -8.2 220.1 104.4 Coats Group ...... 56.5 -2.4 86.8 56.5 Grt Portland Est ...... 858.0 -27.0 966.0 649.4 Keywords Studios .....1500.0 -21.0 1838.0 1068.0 Herald Inv Trust ...... 1282.0 -54.0 1530.0 1205.0 Convatec ...... 185.55 0.7 Anglo American ...... 1681.20 -8.7 Finablr ...... 40.5 -0.7 215.0 40.5 Hammerson ...... 182.6 -3.5 383.0 182.6 TRAVEL & LEISURE Learning Tech Gp ...... 138.6 -5.8 172.2 63.7 BEVERAGES HICL Infr ...... 170.6 -2.2 183.0 156.6 Micro Focus Intl ...... 684.90 0.4 Wood Gp(J)...... 321.60 -8.6 JPM American ...... 443.0 -21.0 524.0 425.0 Hargreaves Lans...... 1437.5 -1.5 2433.0 1437.5 Land Securities...... 796.8 -16.6 1001.5 735.4 Carnival ...... 1981.5 -151.5 4237.0 1981.5 M&C Saatchi ...... 71.6 3.0 394.0 67.4 Barr (AG) ...... 539.0 -16.0 975.0 526.0 Mitchells & Butlers ...... 313.00 0.3 Cineworld Group ...... 111.10 -8.6 JPM Emerg Mkt ...... 944.0 -46.0 1088.0 878.0 IG Gp...... 721.4 -3.0 725.2 474.8 LondonMetric Prop ...... 215.0 -4.4 241.2 191.4 Cineworld Group ...... 111.1 -10.4 321.0 111.1 Britvic ...... 858.0 -53.0 1068.0 850.0 M.P. Evans ...... 664.0 -10.0 750.0 612.0 JPM Indian IT ...... 604.0 -29.0 790.0 604.0 Integrafin Holdings .....462.0 -1.5 529.0 337.0 Reckitt Benckiser .....6005.0 -135.0 6688.0 5721.0 MINING NewRiver Retail ...... 146.6 -5.8 246.0 146.6 Compass Gp ...... 1582.5 -38.0 2138.0 1582.5 Coca-Cola HBC AG .....2472.0 -83.0 3074.0 2299.0 Primary Hlth Prop ...... 155.0 -2.0 162.8 123.0 Majestic Wine ...... 224.0 1.0 318.0 208.0 JPM Japan IT ...... 386.0 -9.5 477.5 383.0 Intermediate Capital .1553.0 -128.0 1877.0 1022.0 Redrow...... 711.0 -18.0 848.0 533.0 Anglo American ...... 1681.2 -160.2 2266.0 1666.6 Dominos Pizza ...... 284.0 -6.0 326.4 221.2 Diageo ...... 2740.0 -66.5 3625.5 2740.0 Intl Public Prtnshps ...... 163.2 -1.6 171.2 146.8 Safestore Hldgs ...... 811.5 -19.5 867.0 586.0 Midwich Group ...... 498.0 -32.0 633.0 474.5 Jupiter Fund Mngt ...... 281.2 -16.1 432.0 281.2 Taylor Wimpey ...... 199.6 -6.3 236.2 142.9 Antofagasta ...... 741.8 -35.6 1022.5 741.8 easyJet ...... 1000.0 -10.5 1552.0 854.8 CHEMICALS Investec ...... 361.1 -18.2 518.6 361.1 Savills ...... 1046.0 -61.0 1258.0 822.0 Mortgage Advice B .....720.0 -36.0 800.0 546.0 Law Debenture ...... 570.0 -14.0 654.0 552.0 Vistry Group ...... 1234.0 -38.0 1478.0 975.0 BHP Group ...... 1332.2 -73.8 2049.0 1332.2 FirstGroup ...... 100.2 -6.0 137.5 90.0 Croda International ..4470.0 -164.0 5375.0 4470.0 IP Group ...... 63.0 -1.5 100.4 55.7 SEGRO ...... 849.6 -28.2 935.0 656.6 Mercantile IT ...... 229.0 -9.5 278.5 188.0 INDUSTRIAL ENGINEERING Centamin ...... 138.4 -4.5 153.2 79.8 Flutter Ent...... 8448.0 -136.0 9456.0 5592.0 Next Fifteen Comm .....462.0 -15.5 658.0 462.0 Elementis...... 92.7 -2.7 184.5 92.7 Monks Inv Tst ...... 890.0 -40.0 1026.0 817.0 John Laing Gp ...... 339.6 -5.4 402.0 328.4 Shaftesbury ...... 796.0 -8.5 979.5 739.5 Bodycote ...... 705.0 -25.0 971.0 652.0 Fresnillo ...... 663.2 -2.8 921.2 539.6 Go-Ahead Gp ...... 1760.0 -69.0 2278.0 1760.0 Nichols...... 1230.0 -55.0 1880.0 1230.0 Johnson Matt...... 2403.0 -73.0 3454.0 2403.0 Murray Intl Tst ...... 1046.0 -34.0 1286.0 1046.0 London Stock Exch ....7592.0 -438.0 8542.0 4538.0 St Modwen Props ...... 455.0 -8.0 530.0 373.0 Hill & Smith ...... 1303.0 -61.0 1510.0 1049.0 Glencore ...... 174.1 -12.7 340.3 174.1 GVC Hldgs ...... 768.0 -22.0 939.0 507.5 Numis Corporation ...... 230.0 -7.5 306.0 212.0 Synthomer ...... 270.0 2.0 420.8 268.0 Next Energy Solar ...... 116.0 -1.0 126.5 114.0 Man Group ...... 130.6 -2.6 175.2 130.5 TR Property IT ...... 444.5 -16.5 497.5 385.5 IMI ...... 958.8 -34.8 1206.0 906.0 Hochschild Mining ...... 169.9 -4.4 227.0 152.0 Intercontl Htls ...... 4031.5 -54.0 5738.0 4031.5 Polar Capital Hdgs ...... 460.0 -18.0 604.0 460.0 Victrex ...... 2010.0 -104.0 2540.0 1845.0 Pantheon Intl Partn .2200.0 -50.0 2620.0 2020.0 Onesavings ...... 365.8 -5.0 452.0 313.6 Tritax Big Box ...... 131.8 -3.2 159.7 130.0 Melrose Ind ...... 182.9 -13.1 248.5 160.7 Kaz Minerals ...... 383.0 -24.3 738.4 380.3 Intl Cons Airl...... 431.6 8.5 671.0 413.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...271.5 -10.0 342.0 271.5 Paragon...... 431.0 -13.8 553.5 388.0 UK Commercial Prop ..... 79.5 -1.0 92.7 79.5 Purplebricks Gp ...... 73.0 -5.4 132.0 73.0 RHI Magnesita ...... 2674.0 -38.0 5000.0 2674.0 Polymet Int...... 1298.0 2.0 1345.0 772.6 Unite Group ...... 1113.0 -39.0 1339.0 896.5 Just Eat Takeaway .....6715.0 -435.0 8255.0 6715.0 Pershing Square ...... 1308.0 -74.0 1578.0 1224.0 Plus500 ...... 953.8 1.0 957.0 495.0 Renew Holdings...... 495.0 -9.0 568.0 360.0 Balfour Beatty ...... 227.8 -10.6 293.4 194.2 Rio Tinto ...... 3505.0 -143.5 4976.5 3505.0 Workspace Gp ...... 1086.0 -39.0 1307.0 806.0 Marstons ...... 84.0 -0.6 131.4 84.0 Personal Assets Tst ....42700 -300.0 44050 40050 Provident Fin ...... 393.0 -10.8 583.8 356.0 Rotork ...... 284.6 -5.9 341.2 269.8 CRH ...... 2649.0 -106.0 3100.0 2279.0 Mitchells & Butlers ...... 313.0 1.0 470.5 238.0 RWS Holdings ...... 541.0 -9.0 670.0 475.5 Polar Cap Tech Tst .....1504.0 -76.0 1746.0 1228.0 Quilter ...... 139.8 -7.0 174.7 124.2 Spirax-Sarco...... 8630.0 -25.0 9415.0 6990.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Galliford Try...... 144.0 -4.7 190.4 102.4 Rathbone Brothers ....1608.0 -38.0 2540.0 1608.0 National Express ...... 384.8 -11.8 476.0 384.8 Scapa Group ...... 156.0 -10.0 403.0 156.0 Pollen Street ...... 832.0 -16.0 884.0 802.0 Weir Gp ...... 1296.5 21.5 1814.0 1250.5 Vodafone Gp ...... 136.6 -4.2 165.2 123.3 Avast...... 402.0 -3.4 551.0 282.0 Grafton Group...... 771.5 -42.5 990.0 645.5 Schroders ...... 2657.0 -119.0 3443.0 2609.0 PPHE Hotel Gp ...... 1600.0 -20.0 2140.0 1600.0 Secure Income REIT ...441.0 -9.0 473.0 394.0 Renewables Infra Gp ...134.2 -1.8 139.2 115.4 INDUSTRIAL METALS Aveva Gp...... 4266.0 -220.0 5315.0 2962.0 Ibstock ...... 225.6 -8.8 322.2 208.6 TP ICAP ...... 380.7 -1.0 417.5 270.0 NONLIFE INSURANCE RIT Cap Partners ...... 1954.0 -61.0 2180.0 1886.0 Computacenter...... 1611.0 -20.0 1920.0 1049.0 Rank Gp ...... 240.5 -4.0 326.0 144.0 Serica Energy...... 88.2 -4.4 143.4 88.2 Marshalls ...... 707.5 -8.5 876.0 545.5 Evraz ...... 269.1 -20.2 709.4 269.1 Schroder Asia ...... 422.5 -16.5 485.5 422.5 GENERAL RETAILERS Admiral Gp ...... 2180.0 -58.0 2330.0 2014.0 FDM Group...... 870.0 -25.0 1100.0 647.0 Restaurant Grp ...... 86.5 3.5 166.4 83.0 Smart Metering Sys....468.0 -16.0 627.0 310.0 Polypipe Group ...... 530.5 -21.0 619.0 372.8 Ferrexpo ...... 125.0 -3.6 301.3 123.0 Scottish Inv Tst ...... 722.0 -18.0 843.0 715.0 B&M ...... 316.8 -8.1 420.9 315.0 Beazley ...... 499.0 -27.5 628.0 499.0 Kainos Gp ...... 740.0 8.0 880.0 430.0 Stagecoach Gp...... 114.2 -2.8 165.2 114.2 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Mortgage ...... 569.0 -30.5 659.0 472.0 Direct Line Ins ...... 312.8 -7.5 366.5 270.5 TUI AG ...... 533.0 -7.4 1081.5 503.4 Dixons Carphone ...... 108.1 -7.6 152.4 104.9 Micro Focus Intl ...... 684.9 2.5 2160.0 682.4 Thorpe (F.W.) ...... 295.0 -3.0 359.0 267.0 Smith (DS) ...... 322.1 -6.0 394.8 307.9 Sequoia Econ Infra ...... 112.2 -1.0 118.6 110.0 Dunelm Gp...... 1037.0 -10.0 1404.0 730.5 Clarkson ...... 2385.0 -70.0 3110.0 2200.0 Hastings Gp Hldgs ...... 160.7 -3.5 231.6 160.7 Playtech ...... 232.5 -6.3 457.7 232.5 Wetherspoon (JD) .....1306.0 1.0 1734.0 1269.0 Watkin Jones ...... 253.5 -5.5 286.0 199.6 Smiths Gp...... 1410.0 -120.0 1769.5 1378.0 Smithson Inv ...... 1210.0 -56.0 1388.0 1115.0 Frasers Group ...... 329.4 -14.0 518.0 214.0 Fisher (James) ...... 1820.0 -12.0 2260.0 1680.0 Hiscox ...... 1196.0 -51.0 1777.0 1196.0 Sage Group ...... 668.0 -22.8 820.4 655.0 Whitbread ...... 3501.0 -128.0 5152.0 3501.0 Smurfit Kappa Gp...... 2546.0 -128.0 3010.0 2096.0 Syncona ...... 244.0 0.5 267.0 203.0 Howden Joinery Gp...... 618.0 -21.2 732.6 478.8 Royal Mail ...... 165.9 0.3 268.5 161.1 Lancashire Hldgs ...... 716.5 -5.5 807.0 640.5 Softcat ...... 1035.0 -20.0 1260.0 763.0 William Hill ...... 133.6 -0.4 205.2 132.3 Young’s Brew NV ...... 1180.0 0.0 1310.0 1030.0 Vesuvius...... 400.8 0.2 642.0 341.0 Temple Bar IT ...... 1138.0 -46.0 1486.0 1138.0 Inchcape...... 583.5 -1.5 720.0 545.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 499.5 -9.9 597.0 499.5 Sophos ...... 580.4 0.0 580.4 298.2 Wizz Air Holdings ...... 3451.0 101.0 4496.0 2880.0 Young’s Brew-A...... 1500.0 -52.5 1885.0 1500.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 241.05 -7.65 316.05 204.80 3M ...... 153.65 2.24 219.50 145.24 AIR LIQUIDE ...... 123.30 -4.20 140.30 110.65 ABBOTT LABORATORIES ...... 81.74 1.22 91.86 72.88 ALLIANZ AG ...... 189.12 -5.88 232.20 195.00 ADOBE INC ...... 336.77 -14.26 383.28 257.09 AMADEUS IT GROUP ...... 55.94 -3.06 78.60 42.30 ALPHABET NON VTG-C ...... 1298.41 -20.63 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 47.87 -2.33 92.71 50.20 ALPHABET-A ...... 1295.74 -19.02 1524.87 1116.79 AMAZON.COM ...... 1901.09 -22.94 2170.22 1670.62 ASML HOLDING NV ...... 251.30 -11.60 292.95 161.18 AMERICAN EXPRESS ...... 108.24 -2.70 136.93 108.01 AXA ...... 20.00 -0.66 25.50 20.66 APPLE INC ...... 289.03 -3.89 327.20 173.30 BANCO SANTANDER ...... 3.04 -0.08 4.10 3.13 AT&T ...... 37.03 -0.15 39.63 30.22 BASF...... 53.00 -0.28 74.49 53.28 BANK OF AMERICA ...... 25.71 -1.07 35.64 26.25 BAYER AG...... 64.00 -2.15 78.06 52.53 BERKSHIRE HATHAWAY...... 205.98 -2.98 230.20 195.81 BBVA ...... 4.03 -0.09 5.69 4.12 BOEING CO ...... 262.33 1.96 400.01 260.37 BMW ...... 57.22 -0.62 77.75 57.84 CATERPILLAR INC ...... 121.41 -0.56 150.53 113.38 BNP PARIBAS ...... 38.52 -2.00 54.18 39.32 CHEVRON ...... 95.32 -1.87 126.54 93.34 CRH ...... 30.46 -1.37 36.50 26.70 CISCO SYSTEMS ...... 39.68 0.11 58.05 39.57 DAIMLER ...... 34.94 -1.06 59.31 36.00 CITIGROUP ...... 61.28 -2.21 81.91 60.33 DANONE ...... 60.96 -1.80 82.00 62.76 COCA-COLA CO ...... 55.26 -1.48 60.13 45.30 DEUTSCHE POST AG ...... 24.93 -0.86 34.91 25.79 COMCAST ...... 40.37 -0.40 47.50 39.17 DOW ...... 38.97 -1.13 66.65 39.55 DEUTSCHE TELEKOM ...... 14.64 -0.28 16.61 14.45 EBAY INC ...... 36.39 -0.83 41.57 33.56 ENEL ...... 7.89 -0.25 8.57 5.46 EXXON MOBIL ...... 47.69 -2.42 83.38 49.82 ENGIE...... 14.95 -0.79 16.64 12.45 FACEBOOK ...... 181.09 -4.08 223.23 174.60 ENI ...... 10.23 -0.73 15.94 10.97 GOLDMAN SACHS GROUP ...... 192.85 -5.94 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 228.51 -6.30 247.02 181.14 FRESENIUS MEDICAL CARE ...... 68.98 -1.20 77.66 57.92 HONEYWELL INTERNATIONAL ...... 164.03 -0.89 183.23 153.19 IBERDROLA ...... 10.60 -0.47 11.22 6.02 IBM ...... 127.73 -1.82 156.76 126.99 INDITEX ...... 26.84 -0.85 32.37 2.55 INTEL ...... 55.77 -1.19 68.47 43.46 ING GROEP NV...... 7.54 -0.35 12.05 7.90 JOHNSON & JOHNSON ...... 142.03 0.02 153.99 126.95 INTESA SANPAOLO...... 1.98 -0.07 2.60 1.83 JPMORGAN CHASE & CO ...... 108.08 -5.89 141.09 98.93 KERING ...... 483.50 -18.00 610.20 425.05 MASTERCARD INC ...... 287.01 -3.72 344.56 225.64 MCDONALD’S ...... 198.86 0.54 221.15 181.08 KON KPN NV ...... 2.21 -0.02 2.96 2.20 MEDTRONIC ...... 99.06 -1.12 121.30 84.15 L’OREAL ...... 253.70 -3.80 275.30 227.30 MERCK & CO ...... 82.20 0.62 92.04 73.19 LVMH MOET HENNESSY ...... 360.35 -14.20 439.05 306.40 COMMODITIES TOURIST RATES MICROSOFT ...... 161.57 -4.70 188.70 112.83 MUENCHENER RUECKVE ...... 235.30 -7.20 282.50 207.50 NETFLIX ...... 368.97 -3.81 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1684.59 +26.13 Copper Cash Official...... 5667.25 -27.00 Canada ...... 1.6542 New Zealand ...... 1.9032 NIKE INC ...... 88.36 -2.22 104.58 77.14 ORANGE ...... 12.10 -0.24 15.01 12.12 Silver (Pence) ...... 1720.00 -5.00 Aluminium Cash Official ...... 1714.50 -8.50 Croatia ...... 7.8124 Norway...... 11.48 ORACLE ...... 47.37 -0.63 60.15 48.00 ROYAL PHILIPS ...... 37.00 -1.47 45.61 35.02 Silver (Cents) ...... 1331.00 -17.00 Nickel Cash Official ...... 12790.00 +92.50 Czech Republic ...... 26.96 Poland ...... 4.372 PAYPAL HOLDINGS ...... 110.89 -1.29 123.91 96.64 SAFRAN ...... 115.15 -6.85 150.25 116.90 Krugerrand ...... 1701.53 +25.33 Aluminium Alloy Cash Official ...... 1385.00 -5.00 Denmark ...... 8.2032 Singapore ...... 1.6732 PEPSICO ...... 137.26 -0.84 146.99 118.61 SANOFI ...... 85.06 -4.41 94.00 72.24 Brent Crude ...... 49.99 -0.76 Natural Gas ...... 22.35 -0.04 Hong Kong ...... 9.566 Sweden ...... 11.68 PFIZER INC ...... 35.02 -0.44 44.40 33.42 SAP SE ...... 106.94 -3.28 129.36 95.60 Platinum ...... 866.00 -11.00 Tin Cash Official ...... 16987.50 u/c Iceland ...... 145.45 Switzerland ...... 1.1663 PROCTER & GAMBLE ...... 121.66 0.03 127.14 99.58 SCHNEIDER ELECTRIC ...... 90.28 -6.12 102.90 67.74 British Sovereign ...... 396.57 +5.79 Zinc Cash Official ...... 2001.50 +37.75 India ...... 84.20 Turkey ...... 7.5222 TRAVELERS COMPANIES ...... 124.84 -3.18 154.83 119.81 SIEMENS AG ...... 87.40 -2.30 119.90 85.00 Lead Cash Official ...... 1857.50 -29.00 White Sugar ...... 385.50 +0.80 Israel ...... 4.0713 United States ...... 1.2383 TWITTER ...... 33.46 -1.51 45.42 28.89 UNITED HEALTH GROUP ...... 283.87 0.91 305.31 215.26 SOCIETE GENERALE...... 21.40 -1.39 31.93 21.13 UNITED TECHNOLOGIES ...... 126.48 0.04 156.83 122.94 TELEFONICA SA ...... 5.09 -0.10 9.18 5.20 WORLD INDICIES VERIZON COMMUNICATIONS ...... 56.87 -0.29 62.07 54.16 TOTAL ...... 37.15 -1.90 52.27 38.38 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 184.36 -2.60 213.31 168.86 UNILEVER NV ...... 49.05 -1.78 57.56 47.62 FTSE 100...... 6462.55 -242.88 -3.62 S&P 500...... 2972.37 -51.57 -1.71 CAC 40 ...... 5139.11 -221.99 -4.14 Hang Seng ...... 26146.67 -621.20 -2.32 WALGREENS BOOTS ALLIANCE...... 50.51 1.73 76.05 45.76 VINCI ...... 87.52 -5.58 106.75 84.00 FTSE 250 ...... 18746.51 -576.62 -2.98 Dow Jones I.A ...... 25864.78 -256.50 -0.98 Swiss Market Index ...... 9736.82 -406.75 -4.01 Nikkei ...... 20749.75 -579.37 -2.72 WALMART ...... 117.23 1.31 121.28 96.94 VIVENDI ...... 22.85 -1.05 26.42 23.02 FTSE All-Share ...... 3600.95 -130.54 -3.50 Nasdaq Composite ...... 8575.62 -162.98 -1.87 ISEQ Overall Index ...... 6266.53 -181.15 -2.81 STI Index ...... 2960.98 -57.29 -1.90 WALT DISNEY CO ...... 115.27 1.29 151.64 107.79 VOLKSWAGEN AG ...... 146.86 -3.42 185.52 138.16 FTSE AIM All-Share ...... 850.94 -24.89 -2.84 Xetra DAX...... 11541.87 -402.85 -3.37 FTSEurofirst 300 ...... 1432.45 -55.86 -3.75 ASX All Ordinaries...... 6287.50 -184.90 -2.86 WELLS FARGO & CO ...... 37.09 -1.81 54.46 38.90 18 OPINION MONDAY 9 MARCH 2020 CITYAM.COM FORUM EDITED BY LUKE GRAHAM LETTERS We can manage the Covid-19 TO THE EDITOR crisis if we all pull together Smart sewers As part of a unified drive to reduce UK pollution, regulators in the water and wastewater sector have set strict industry AST week, Bank of England But judging from the events I week) is the key to confidence and targets to reduce incidents such as governor Mark Carney gave Michael chaired last week, it’s a practice on also seeing ourselves through a flooding by up to 73 per cent in the next his economic view of the pos- Hayman the way out — one that may never tough spot. five years. Lsible consequences of coron- come back. And tough spots need good plan- Water utility companies provide an avirus: he expects it to cause However, human ingenuity is the ning. The government has done it- essential public service, taking away and “disruption” and not “destruction”. big bet on the table, and even in self a great service with the treating millions of litres of wastewater In saying this, he follows the the simple act of greeting one an- measure of its tone and laying on every day. But the UK sewer infrastructure, measured words of the health sec- other there are different ways to the line all of the potential chal- some parts dating back to the Victorian retary, Matt Hancock, who made welcome people while not involv- lenges as it sees them. era, has become vulnerable to external the point that preparing for the ing human contact but still imbu- The effect of that is an immense threats like heavy rainfall. worst is the job at hand. Doing so ing friendliness and warmth. focus by the NHS in getting ready To help support the water companies in might make hoping for the best as we take a safety-first view of Take the traditional Indian greet- for the likely outbreak, but I think hitting these targets, SSE Enterprise more than a forlorn pipe dream. the world. ing of “namaste”. Wikipedia pro- you can also see it in business, Telecoms has established the Technical The hope is that an inevitable rise For instance, who would have vides the following useful which is finding its own way to User Group (TUG). A group formed to bring in cases will be offset by the arrival thought that 2020 would see the description of the custom in that it play its part in the most measured together five major water companies, to of summer to push the virus back end of the handshake? For ever is “usually spoken with a slight bow way it can: the scenario planning agree on a common standard for laying and encourage a much needed and a day, it has been the symbol and hands pressed together, palms of what to do now and what to do fibre in the sewers — maintained by real- fightback all over the world. of fraternity, friendship and ac- touching and fingers pointing up- next to keep people safe. time, monitoring technology. Saying that, nothing is guaran- ceptance. To “shake on it” is the wards, thumbs close to the chest”. This is about much more than This intuitive technology will enable teed. How businesses prepare surest way of committing yourself In Hinduism, it translates as “I soap and sanitisers. There are water organisations to analyse elements themselves for what might be a to a future action. bow to the divine in you”. Advo- tough decisions ahead for busi- in their sewers such as rising water levels very significant period of disrup- cates say that the practice spiritu- nesses to maintain capabilities and and blockages, turning passive sewerage tion is a job for calm minds and ally centres you — and having tried look after their most precious systems into smart wastewater networks stoic hearts. it, I absolutely love it. asset: people. From home working that help aid in the reduction of pollution A friend told me that in Los Ange- Early last week, a friend in Dubai to supporting people with anxiety and flooding incidents across the country. les it’s not only hand sanitiser gel said that it was increasingly the about an uncertain future, this is Paul Clark, sector director for energy that has run out, it’s also the anti- business custom. Meanwhile, Bolly- the time for business Britain to and utilities, SSE Enterprise Telecoms depressant Xanax. wood star Salman Khan told his show its mettle, its contribution Some may scoff at this, but for 30m Instagram followers that and its compassion. others it points to the role that all “handshaking and hugging can Because togetherness matters in BEST OF of us have in preparing and sup- wait”. And Israel’s Prime Minister times of challenge. And pulling to- porting each other through these Benjamin Netanyahu has also fol- gether is perhaps the strongest TWITTER difficult and disruptive times. lowed suit by advising his citizens thing that we can do as a nation For the economy, the first sight of After years of that adopting namaste is just one and as a people. The number of coronavirus cases that disruption was seen in the focus on what of the small but effective ways that After years of focus on what di- globally just crossed 100,000, global financial markets, which ex- we can all help block the spread of vides us, we may have stumbled according to the Johns Hopkins CSSE perienced a collapse in share prices divides us, we may the virus. upon a mammoth challenge that dashboard not witnessed since the financial And this matters, because digging could still yet unite the very best in @abarden crisis. And while there has been a have stumbled deep to find new ways to keep the us. Namaste. recovery of sorts, few feel that the upon a mammoth show on the road — however seem- Starbucks has banned reusable cups worst of it is behind us. ingly insignificant — matters right £ Michael Hayman MBE is co-founder to try and stop the spread of Elsewhere, so many day-to-day challenge that now. Carrying on with “business as of Seven Hills and co-author of Mission: coronavirus — but will still offer interactions — previously thought usual” (which Prime Minister Boris How the Best in Business Break discounts to people who show them as immovable — have been dropped could yet unite us Johnson urged the public to do last Through. their reusable cups @BBCNewsbeat

I hope all these companies working from home for the first time realise how perfectly fine it is and how they can maybe get more done than in an office, and they realise they can do it Collaboration, not competition, between all the time, and then they start hiring wherever the talent is, not forcing the talent to move UK cities will ensure our future prosperity @MartinSFP Mad to think one virus has done more AST week, digital bank Star- The following year, artificial intel- velopment Bank of Wales to name in two months to get people to stop ling announced the creation William ligence firm Amplyfi joined our del- a few. And I’ll also be banging the flying than millions of of 400 new jobs in Cardiff. To Russell egation in China, taking advantage drum for the industry when I meet environmentalists have in two Lanyone familiar with the of new opportunities around the with the secretary of state for decades. thriving city, it should come globe. And this year, we’re hoping to Wales, the Welsh government min- @matthaig1 as no surprise. complete our hat-trick of successes. ister for international relations and The Welsh capital has cultivated One trip that might be of interest the Welsh fintech envoy. As coronavirus rapidly approaches an innovative digital and tech centre to Welsh fintechs is our upcoming In all of my meetings, I will push pandemic status, UK says thank with particular specialities around visit to the US. A key message from that it is collaboration — not com- goodness the NHS is getting that life sciences and software technol- firms while we’ve been travelling petition — which will ensure our fu- £350 million a week or we’d really ogy, as well as fast-growing adjacent ing inward investment locally, and around the UK has been that access ture prosperity. Working together, be in trouble. industries such as cyber security. building awareness of how London to funding is a problem. In response city to city, is all the more impor- @haveigotnews Wales now hosts the fastest growing can act as a springboard for Welsh to this, we launched our US Venture tant now that we have left the Eu- digital economy outside of London. firms to export their products and Capital campaign — connecting ropean Union. After all, the success Best thing I’ve heard all day is that And that’s why I’m in Cardiff services globally. American funders with emerging of Cardiff — or indeed other hubs Miley Cyrus is the cockney rhyming today, the final stop in our tour of My message to these innovative fintechs up and down the country. across the country — benefits Lon- slang for the Corona Virus the nation’s key financial and pro- firms with international ambitions But we’re not only here to help, don and vice versa. @AaronRenfree fessional services hubs as part of is clear: join me. I’ll be visiting over we’re also here to collaborate and That’s why we are here today. It’s the City Corporation’s UK Partner- 20 countries throughout my term learn. Cardiff has firmly established why the City Corporation works I’ve had two pieces of work feedback ships Strategy. Our strategy recog- to help open the door to invest- itself as one of the foremost UK in- with other UK centres, and why we today applauding my “infectious nises the crucial role that these ment and global opportunities for novation hubs with its booming are always looking to connect re- energy” and honestly I think a financial services hubs play in driv- the whole of the UK. startup sector. With such creden- gional and national businesses with combination of exclamation marks in ing prosperity nationwide. Wales In fact, we’ve already seen great tials, I want to hear more from international opportunities — using emails and laughter as a panic and its 136,000-strong sector work- success from our work with Welsh those at the heart of the city’s suc- London’s strengths as a global gate- response have been absolutely force is a big piece of that puzzle. firms. In 2018, software company cess. And understand the barriers way to the benefit of the wider UK. instrumental in any career success As a partner city in the strategy, Delio joined my predecessor’s dele- that they might face. I’ve had. we want to strengthen Cardiff’s gation to Australia and then subse- I’ll be meeting with Wealthify, Tri- £ William Russell is the lord mayor @Glitter_brawl economy even further by increas- quently set up operations in Sydney. odos Bank, GoCompare.com and De- of London. CITYAM.COM MONDAY 9 MARCH 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Mind the gap: How to level DEBATE Following the Barclays scandal, up south London’s transport should firms use tracking T IS widely acknowledged that in order to start closing this vast software to monitor their staff? south London’s transport links are Andrew inequality gap. inferior to those north of the river. Boff So what should this approach be? IBy taking a cursory glance at the First, it is incumbent on the next Monitoring is not the same as “spying”. Tube map, it becomes blindingly mayor of London to recognise the In most cases, it is businesses being obvious that there is a clear disparity unbalanced nature of the capital’s obliged to track activities for between the two parts of our city, transport system and view the devel- compliance — and it’s almost always YES with several multi-coloured lines opment of the entirety of our city’s better to use software than humans. stretching well into the north in stark network through this prism. Financial services firms, like Barclays, JASMIT SAGOO contrast to the sparsity of the south. Second, we desperately need City are a good example. In order to comply The extent of this transport inequal- in the north. Hall to work with key stakeholders to with regulations, banks are required to The same goes for compliance ity is extraordinary: there are more Even new infrastructure is perceived identify where transport improve- sample employee emails for signs of scanning. And the better the software, Tube stations outside of our city in to be far superior in north London, ments are most needed and ulti- malpractice. This often involves the fewer false positives — which Essex and Buckinghamshire than with Londoners stating by a ratio of mately develop a South London researchers reading people’s mail, means that innocent emails won’t there are in the London boroughs of three to one that the night services Transport Strategy. which can feel a bit “Big Brother”. But need to be checked by colleagues. Kingston, Sutton, Croydon, Bexley are better there than in south London Third, considering the degree to as workers, we’ve become accustomed If there’s no choice about whether or and Bromley combined. (27 per cent to seven per cent). which south London is disproportion- to employers scanning our emails — not to monitor, there should be no South Londoners are forced to deal And so it is hardly a surprise that ately reliant on buses, Transport for they’re scanned for viruses, filtered for question about using software to do it. with an inferior transport system YouGov found that six times as many London (TfL) needs to conduct a re- junk, and so on. The reason most of us every day, yet remarkably little work Londoners believe that boroughs view of bus routes south of the river are nonchalant about this is that it’s all £ Jasmit Sagoo is senior director and has been done on identifying the gap north of the river have superior to identify and improve the least reli- done by machine. We don’t mind head of technology UK and Ireland at that exists and developing proposals transport services overall (35 per able routes which serve key Tube and because there isn’t a person involved. Veritas Technologies. to rebalance the network. Indeed, cent), with just six per cent of respon- train stations. even the mayor of London Sadiq Khan dents maintaining that the links are Clearly, the mayor should be priori- has admitted that he has done next to better in the south. tising transport infrastructure up- no work in this area. These findings form the backbone of grades in south London, but on Sadiq Trust is an essential commodity in That’s why we commissioned YouGov my new report — “Bridging the Gap: Khan’s watch a whole host of projects business. How can businesses expect to quantify the disparity that exists Tackling transport inequality South of — from the extension of the Bakerloo to get the best out of their people if through surveying over 1,000 London- the River” — which also sets out the line to the Sutton tram — have been they are seen to be breathing down NO ers from across the city. The results are broad approach that should be taken cancelled or delayed due to the dire employees’ necks and watching over little short of astounding. state of the transport budget. It is their every move? CHRIS RICHARDS Most striking is the degree to which therefore essential for the next mayor No matter what industry you are in, Tube stations are far more accessible to take the difficult decisions required people need to feel good to give their Technology needs to work for the in boroughs north of the river. Almost to reduce TfL’s vast financial deficit. best at work. people, not against them. Businesses 50 per cent of South Londoners have Past infrastructure upgrades in Lon- After all, work is where we spend that fail to recognise this will be on the a 30-minute walk or longer to their don have demonstrated how trans- most of our time. Imagine coming into certain path towards a disengaged nearest Underground station – more Little work has port can have a transformational work knowing that Big Brother is employee base before they know it. than double the number of North impact on enhancing social justice watching over your shoulder, calling The bottom line is that unhappy Londoners (48 per cent compared to been done on and spreading opportunity. After you out on every little break you take. people equals unhappy customers — 18 per cent). Shockingly, 31 per cent of developing plans decades of neglect, it’s time for south It is not hard to see how this will leave and that’s how a business starts to go residents in the south are required to London to have its time in the sun. any employee feeling untrusted, downhill fast. make a bus journey of half an hour or to rebalance the disengaged and unmotivated to come more to get to their local Tube station, £ Andrew Boff is a Conservative member into work. The only way to get the best £ Chris Richards is regional president compared to just five per cent of those network of the London Assembly. out of your staff is to put people first. UK and Ireland at Unit4.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 20 FEATURE MONDAY 9 MARCH 2020 CITYAM.COM ENTREPRENEURS Debbie Wosskow and Anna Jones take a look back at GENDER ON the progress made over the last century — and THE AGENDA how far we still have to go

T MIGHT come as a surprise to some that we have been celebrat- ing International Women’s Day (IWD) for over a century now. Since the 1900s, we have been fighting Ito forge a gender-equal society, where a woman’s achievements are valued as much as those of men. Women and girls represent half of the world’s population and, therefore, also half of its potential. So in a sense it’s apt that this year’s theme for International Women’s Day, celebrated yesterday, was #Each- ForEqual. An equal world is an en- abled world, where each individual has the opportunity to reach their full potential. Irrespective of gender, we all have a collective part to play in creating an equal society. The United Nations calls for IWD and the month surrounding it to be a time for us to reflect each year on the progress made, to continue to push for positive change, and to celebrate successes. And there’s no denying that we have come a long way in the last century. The earliest recorded date of IWD

Women and girls represent half of the world’s population and, therefore, also half of its potential

was in 1908, when over 15,000 women joined forces and marched through New York City to demand The earliest recorded date of long way to go. mentary seats worldwide. startups — by creating and nurturing a voting rights, equal pay, and better International Women’s Day was in As a starter for 10, look at the colos- How do we fix that? Starting at the global sisterhood through physical working hours. 1908, says Debbie Wosskow (below sal gender pay gap, and the fact that beginning, education is essential. spaces and a flexible working environ- Today, International Women’s Day is left) and Anna Jones men still make up the majority of According to the UN Women, over ment, where women can connect and a globally recognised celebration, fo- those at the top, in the boardroom 750m adults worldwide are illiterate, develop their own strong networks. cusing attention on the social, politi- and beyond. two thirds of whom are women. International Women’s Day is a time cal, economic and cultural challenges According to statistics revealed by A stronger, more inclusive educa- to celebrate milestones achieved, to that women around the world face, the Fawcett Society, 14 November is tion system for all will help to con- take a step back and look at how far and marking the achievements and the last day that women in the UK are tribute to more meaningful we have come since the beginning. impact that we are making to ensure paid for the same jobs as their male outcomes — when those girls grow However, it is also a day to acknowl- that greater gender equality squarely counterparts. For the rest of the year, up, they’ll be better able to break edge that there is a great amount of stays on the agenda. they are in essence working for free in into restrictive sectors, from politics work to be done. So how are we doing? comparison, due to the gender pay to business. And at AllBright, we are going all On a global scale, progress has gap — which is not estimated to close Speaking of business, professional out for IWD. been made on a range of until around 2073. development is also an imperative. The day itself might be over for this women’s issues, from the It’s true that the United Kingdom is Ambitious women need more support year, but we are now looking forward home to the halls of power. making efforts towards closing that and leadership skills training. to a whole month of celebrations, in- In the last few years, Ireland pay gap, through legislation such as This is an economic opportunity as cluding the inaugural BrightList voted to repeal the eighth pay gap reporting, whereby compa- well as a social one. Recent research Awards, where we have developed ac- amendment which banned nies with over 250 employees are re- by the Rose Review of Female Entre- colades to champion the amazing abortion in almost all circum- quired to report staff salaries for preneurship revealed that an enor- women who are making a difference stances, Ethiopia elected its analysis. Yet figures show that the mous £250bn could be added to the within their respective industries. first female President, while average pay gap for full-time work- UK economy each year if women 2020 represents a defining year of powerhouse women from New ers is 13.1 per cent. began and scaled businesses at the opportunity — and we all have a part Zealand’s Jacinta Ardern to And despite the progress that is same rate that men do. to play to mobilise a more equal Finland’s Sanna Marin have being made around the world, At AllBright, we believe in the need world for all. been rewriting the rules on the story is the same. The UN to change the conversation around political leadership. figures show that women women and equality. £ Anna Jones and Debbie Wosskow OBE But while we have made earn 23 per cent less than It is our personal mission to support are co-founders of AllBright, an significant strides towards men globally, and occupy only all women in business — from free- organisation set up to support and connect gender parity, there is still a 24 per cent of overall parlia- lancers to chief executives, c-suites to women in work and business. CITYAM.COM MONDAY 9 MARCH 2020 FEATURE 21 SPECIAL FEATURE FLYBE’S FINAL FLIGHT After the collapse of Europe’s biggest regional airline, Alex Daniel looks into what went wrong

T 8.30pm on Wednesday loan as the airline teetered on the of billionaires like Richard Branson ... some breaks that could have helped flights were cancelled were already evening, passengers were brink again. Eventually, however, the then your business strategy is doomed them in the longer term.” on home turf — but it raises further still being ushered onto deal fell through. to fail.” In one sense, the failure unravels questions over a long-delayed reform. Aplanes bearing the indigo liv- “Coronavirus will likely become the As a result, the government looked what could have become something Since 2018, successive transport ery of Flybe. Half an hour scapegoat for Flybe’s collapse, but it increasingly likely to ease APD rules of a Gordian knot for Prime Minister ministers have promised to shake up later, members of the cabin crew on would be obtuse and even dangerous for all airlines at next week’s budget Boris Johnson. The airline’s financial the rules which govern how airline one of its last ever flights, from Man- to blame it wholly for the situation,” — especially given current projections frailties had placed him at an ideolog- collapses are handled, a change chester to Belfast, were crying, having Alana Gomez, a spokesperson for that the coronavirus outbreak will hit ical impasse. On one hand, he has re- which could keep planes flying long just lost their jobs. flight-comparison site Jetcost, tells global airlines to the tune of $113bn. peatedly promised to “level up” the enough to get people home, even “Staff in tears. This is so grim,” me. “The airline has been struggling “It would make a lot of sense to rest of the UK outside London, which after the carrier’s funds have run dry. tweeted Holly Hamilton, a BBC pre- for some time now, and would likely waive APD for the next nine months made it politically unpalatable to let A Department for Transport senter aboard the flight, from the have still gone under without the as- to the end of the year to stimulate Flybe — the jewel in the crown for spokesperson points out that these runway. “Plane is just really quiet.” sistance of the virus.” travel to come back and put more British regional connectivity — go reforms were included in the Queen’s Such is the nature of airlines going One factor which the carrier had bust. On the other, the Conservatives Speech on 19 December. This did not bust. Normality is ripped out from long blamed for its ropey finances are the party of the free market. No come in time for Thomas Cook’s fail- under the feet of employees and pas- was air passenger duty (APD), a tax on Tory PM wants to intervene to save a ure, however, nor for Flybe’s, a delay sengers alike. People are left stranded all passenger flights from UK airports, failing company within weeks of which Oliver Richardson, national of- in foreign places hoping the govern- except for the Scottish highlands. being elected. ficer of trade union Unite, calls “sim- ment will step in to get them home. Flybe maintained that it dispropor- Besides, promising to bail out an air- ply outrageous”. Cabin crew and pilots learn that they tionately handicapped its customer Flybe was line which operates five flights be- Insolvency rules aside, one thing no longer have a job while taxiing on base because they had to pay the tax behaving like a tween Southampton and Manchester has become clear: coronavirus or not, the runway. It is abrupt. each time they set off from home tar- every day hardly screams of a govern- the government misjudged Flybe’s In the case of Flybe, which operates mac. Meanwhile, most passengers at low-cost airline, ment pulling out all the stops to fight predicament when it promised to about 40 per cent of British domestic other airlines only take off in the UK, global warming. As Caroline Lucas, save the company in January. flights, it was the coronavirus and with their return journey departing but without the Green MP for Brighton, said in Janu- “The airline’s network was funda- the subsequent lack of demand for from a foreign country, meaning they ary: “Addressing Flybe’s problems by mentally flawed,” says Grant. “It ran air travel in recent weeks that finally only pay one-way. As a result, one op- low costs reducing air passenger duty on all do- extremely disparate, low-frequency forced it under. Chief executive Mark tion the government had considered mestic flights is utterly inconsistent services on many routes, and had a Anderson said in his parting message was to cut the tax for Flybe. money in the traveller’s pocket to buy with any serious commitment to lack of focus and strategy about what to staff that the virus had “put addi- However, this incensed two of the an air fare,” says John Grant, analyst tackle the climate crisis.” its business model was. It was behav- tional pressure on an already diffi- most influential airline chief execu- at aviation data specialist OAG, in the But in the long run, the fact re- ing like a low-cost airline, but with- cult situation,” making his firm the tives in Europe: Willie Walsh and wake of the Flybe collapse. mains that three major British air- out the low costs.” UK’s first major corporate casualty of Michael O’Leary. The two boisterous It is perhaps ironic, then, that the lines have met this fate in four years, His analysis runs in direct contra- the outbreak. Irishmen, bosses of British Airways virus outbreak which eventually after Monarch in 2017 and Thomas diction to what then-business secre- The truth is, however, that this was owner IAG and Ryanair respectively, stopped Flybe from flying could have Cook last September. Across those tary Andrea Leadsom said about the a long time coming. Flybe nearly went railed against what they saw as unfair precipitated a round of much-needed cases, hundreds of thousands of Brits company in January. Asked why the out of business last year, before being state aid in favour of their competitor. state aid across the industry. If only it were brought home by the govern- government decided to help Flybe, bought out by a consortium including O’Leary wrote to then-chancellor, had held on a little longer. Grant tells ment, in repatriations the size of she said it was because the airline Sir Richard Branson’s Virgin Atlantic. Sajid Javid: “If the first critical busi- me: “If it had been three weeks down which had not been seen in the post- was “a viable business”. Then, in January, the government was ness decision of your new govern- the road and Flybe had managed to war era. When I put this to Grant, he retorts: forced to promise another bailout, in ment is to bail out a loss-making find a way to survive those extra three Flybe’s case is not on the same scale “What would politicians know the form of a tax delay and a £100m turkey like Flybe, for the sole benefit weeks, they might actually have got — in part because most people whose about airlines?” 22 LIFE&STYLE MONDAY 9 MARCH 2020 CITYAM.COM TRAVEL

HOURS IN... BROADWAY, COTSWOLDS

WHERE TO STAY The oldest house in all of Broadway, Abbots Grange, was built in 1320 as the summer home for the Abbot of Pershore, who is on record as praising this spectacular B&B’s excellent RED CITY transport links. Visit abbotsgrange.com AT NIGHT Alex Dymoke checks into one of Marrakech’s WHERE TO GO most delightful boutique riads Celebrating a design pioneer of the arts and crafts movement, the Gordon Russell Design Museum exhibits not ersonal space? In the souk, there's just the Cotswoldian’s work, but that of no such thing. Belts. Bags. Trin- designers from all around the world. kets. Shoes. Earthenware. Snakes. Visit gordonrusselldesignmuseum.org PAll will be thrust under your nose within minutes of entering the old town. Mules kick up clouds of nose- tickling dust. Scooters slalom recklessly through the throng. All around, com- merce unfolds as it has done for centuries: aggressive, loud, and, once you get into the spirit, fun. Away from the medina’s commercial thoroughfares a quieter industry thrives. Marrakech is home to around 1,500 riads, each offering reprieve from the dust and noise of the medina. Set back from the narrow streets, they offer cool and quiet, WHERE TO DRINK and have, for decades, been frequented by A classic countryside boozer set inside arty Westerners. In the 1960s, leading an historic 17th century inn, The Crown lights of the cultural revolution came to & Trumpet hosts regular live music bliss out on rooftops. Yves Saint Laurent events alongside a changing menu of swanned through the medina with Andy beers and ales. Top roast, too. Warhol, Betty Catroux and countless Visit crownandtrumpet.co.uk other icons of bohemia. Now a museum bears the French designer’s name, and tourists can shelter from the beating sun riad in 2004 and has since expanded to 10 well in Marrakech. Thankfully, one of Mar- while browsing displays of his classic sil- lantern-lit suites, each uniquely and opu- rakech’s better restaurants is contained houettes. lently accessorised with antiques and fine within Farnatchi itself: on a rooftop across Riads come in all shapes and sizes, from fabrics. Enormous four poster beds and the road from the courtyard, La Trou au rough and ready courtyards offering little Egyptian cotton make for deep, peaceful Mur serves an inventive blend of European more than sweet tea and silence, to luxe sleeps (until the call to prayer – light sleep- and Moroccan fare, including many hard- boutiques with five star frills. Le Farnatchi ers will appreciate the ear plugs provided). to-come-by traditional dishes not found in is toward the latter end of that spectrum. Intricately carved woodwork adds charac- the medina’s many touristy eateries. The To step into its renovated 300-year-old ter to comfort. Our suite had a balcony SOUKS chefs here are proud of their traditional courtyard is to banish the bustle of the overlooking the central pool, a lovely and YOU, SIR mechoui oven, and with good reason: the medina and embrace calm. I arrived on a miraculously private spot for breakfast. Djemaa el Fna lamb I had was delicious, by turns smoky sticky April day, the porter ushering me to This is one of the riad’s greatest achieve- boasts the largest and tender. The roof of La Trou au Mur is WHERE TO EAT a table bearing mint tea and fruit. I was ments: maintaining a sense of privacy and souk in all of also a great spot to watch the sunset: pisé, The Broadway Deli on the village’s high first struck by the colour – vibrant expansiveness in what is quite a small Morocco the reddish pink clay that makes up much street is ideal for grabbing sandwiches turquoise tiles set against neutral stone – space spread across two elegant court- of the structure of the medina, looks spec- and coffee before setting out on a hike and then the sound: the soft echo of water yards. It was near full when we stayed, and tacular in the evening light. in the Cotswolds. Alternatively, swing by trickling into the central pool; enough to though many rooms overlook the same Such is the comfort of Farnatchi, it can for a restorative pie and mash at the soothe the most hardened haggler. space, we barely registered another guest. be tempting to remain within its luxurious café. Visit broadwaydeli.co.uk Farnatchi opened as a five room boutique It is harder than you might think to eat clutches, but there is much excitement CITYAM.COM MONDAY 9 MARCH 2020 LIFE&STYLE 23

IKOS ARIA THE LONG KOS, GREECE WEEKEND Angelina Villa-Clarke is inspired to leave her luxury sun lounger to explore the charms of Kos

THE WEEKEND: Found on the impossibly THE FOOD: Dining here is a highlight scenic bay of Kefalos, on the southwestern with eight restaurants to choose from – tip of Kos, the latest hotel opening from all spearheaded by Michelin-starred Ikos Resorts is the group’s prettiest yet. An chefs. Italian to French, Asian to ideal place to soak up the sun, get fit – Mediterranean – there’s enough to satisfy there’s a huge amount of activities in all. Seasonal ingredients, comprehensive store – or as a base to discover the charms wine lists offering guests 380 varieties, of the island, Ikos Aria will soon have you and little extras like tasty amuse bouche cosseted in its easy-breezy, ‘pre-paid at each evening meal elevate your luxury’ approach to all-inclusive TOP TIP experience further. Kos is great for local hospitality. There’s no naff wrist-bands Work off the lavish delicacies, while Oliva – with its Spanish here, just sophisticated dining, beautifully food by taking tapas menu – gives a nod to the brand’s curated interiors and an enlightened part in the many next opening in Andalusia. The standout harnessing of local culture. sports on offer. restaurant is the semi-al-fresco Ouzo, Take a pedalo to found at the tip of the resort, overlooking DON’T MISS: The Local Discovery focus is the island of Nistri the tiny island of Kastri (which has its own progressive for an all-inclusive hotel. or kayak along the blue-roofed chapel). At lunchtime it’s a Guests are given a complimentary Mini coastline. You can must for its traditional Greek BBQ – Cooper for the day, complete with tickets whizz around the octopus griddled on the flames, a Greek to a selection of local attractions to extensive resort salad station and homecooked breads encourage you to move from your sun- on a bike or play a are delicious. For dinner, the menu, lounger and explore the destination. A game of tennis. designed by Michelin-starred chef Lefteris must is a visit to the picturesque village of There’s also yoga Lazarou, gives a contemporary twist on Zia, on the slopes of Mount Dikaios (where at dawn and a Greek cuisine – think perfectly formed you can pick up some natural sea sponges, state-of-the-art moussaka, lamb kleftiko, grilled sardines olives and ceramics) and a pitstop for wine gym meaning you and seabass. tasting at the Triantafyllopoulou Winery can have a double (try saying that after a few glasses of helping of ASK ABOUT: The Deluxe Collection of Malagouzia). You can also dine out at local moussaka. rooms gives guests even more luxury tavernas as part of your experience. Highly with larger spaces, private pools, outdoor within walking distance. On my second colonial decadence. recommended is Mylotopi – an authentic gardens and round-the-clock concierge evening, I walked five minutes to a lively On my last day, after another balcony local restaurant, serving just-caught fish, service. You’ll also get a bottle of Tattinger restaurant, Le Foundouk, where I ate over- breakfast of pastilla (traditional pastry with and found in a traditional windmill cooling on arrival, a massage in the Anne sweet tagines and drunk cocktails with an pigeon, cinnamon and almonds) and fresh settlement on the highest point of Kefalos. Semonin spa and other treats. enthusiastic group of Europeans and Mo- fruit, I hit the spa. I had a “tonic - nec- roccans. Iffy food was made up for by the tarome”, which promised to restore my THE STAY: Designed by architect Niki AND AFTER THAT? The resort has two drinks, which were delicious, reasonably body’s “natural balance”. It did, though not Manou-Andreadis, the décor gives nods to archaeological sites within its walls. One priced and theatrically presented. for long: I couldn’t resist another frantic traditional Greek homes – with plenty of was destined to be a children’s pool until Our search for a late drink led us to La trip to the souk before the airport. I’m not white-on-white spaces with touches of it was uncovered by builders, and is now Salama, a colonial style bar spread across too bothered though. After all, it gives me blue – blended with a boho-chic feel. preserved behind glass walls. The other is three floors just off Djemaa el Fna, the an excuse to come back. Bright and airy lounges, lobby spaces and adjacent to the beach and you can Medina’s central square. Overflowing with terraces bring a mix-match of textures to wander around the fallen-down pillars, plants, and decorated in chintzy oriental NEED TO KNOW keep it feeling homely with rattan chairs, crumbling walls and broken steps as kitsch, the vibe is unlike anywhere else in Moroccan cream-and-black rugs, hand- though you are in a film set. the city. It’s a great place to people watch, A 3 night stay in a hotel suite inclusive of breakfast, painted cushions and greenery from living though perhaps wise to go easy on the a 1hr spa treatment at the Farnatchi Spa and a 3 walls and elegant plants. Rooms are NEED TO KNOW: Rates at Ikos Aria start drinks, given they’re around three times course dinner at Le Farnatchi is from £480pp based spacious and sophisticated with fabric from €256 per night based on 2 people the price of other bars in the medina. Ex- on two people sharing until 31st May 2020 or from headboards, statement lighting and sharing a double room. Visit ikos-aria.com tortionate prices contribute to the sense of £445pp in June and July. lefarnatchi.com marble bathrooms. or call +30 23730 95300 24 FEATURE MONDAY 9 MARCH 2020 CITYAM.COM OFFICE POLITICS

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FTER one of the wettest win- ters on record it would be a AT CHELTENHAM YET AGAIN surprise if the Cheltenham Festival were to start tomor- row on anything other than Asoft ground. The forecast suggests the next few days may be unsettled with showers around, but the picture changes on an almost daily basis so the ground could dry out as the week unfolds. For that reason, there isn’t an ad- vantage in having any ante-post bets for later in the week, as the Gold Cup itself on Friday could still be run on heavy ground if the rain continues to fall, or a surface pushing good to soft or even good ground with three dry days. That said, Paddy Power have un- veiled a host of specials ahead of the four-day meeting and there are a few that catch the eye. Firstly, the annual battle between Great Britain and Ireland ended in a 14-14 draw last year, but I expect the Irish to get the job done this time. Don’t forget that in 2018 they had the Prestbury Cup wrapped up with Runners and riders a day to spare and that followed a 19- heading towards the 9 victory the year before. stands in the opening When you consider you will have Supreme Novices’ every Willie Mullins, Gordon Elliott Hurdle last year and Henry De Bromhead horse run- ning for you, the 4/5 available with Paddy Power about an Irish victory scratcher in last year’s Grand An- the betting to be crowned top festival The likes of Notebook, Honey- She will pick up plenty of interest- smacks of a really good bet. nual, but don’t forget Eglantine Du trainer. suckle, Minella Indo, A Plus Tard and ing spare rides from other yards At the time of writing, Ireland are Seuil left everyone stunned when You have to go back to 2012 to find Minella Melody are all towards the too and looks good value to responsible for half of the 28 ante- she won the Mares’ Novices’ Hurdle the last time the trophy wasn’t head of the market for their respec- land the prize. post favourites for the meeting, but at 50/1. handed over to either of them and tive assignments, and his supporting @BillEsdaile closer inspection reveals they have That’s a race that has huge poten- they saddle some exciting prospects cast are not to be sniffed at either. eight of the 10 shortest market lead- tial to throw up a surprise, with such this week. He will need at least four of them POINTERS ers. inexperienced young mares being Mullins can be backed at a best- to win to have any chance of being Another interesting market is the thrown into the cauldron-like atmos- priced evens and that price is likely crowned top trainer, but 14/1 under- Ireland to win the Prestbury Cup 4/5 special on which of the 28 races will phere of Cheltenham. to come under pressure. estimates the strength of his team. Paddy Power have the biggest winning SP. Paddy Power offer 16/1 about that Elliott looks the obvious danger at The jockey on board the bulk of Mares’ Novice Hurdle to have That is basically which race will race producing the biggest winning 11/4, but I cannot resist having a few those will be Rachael Blackmore who biggest winning SP 16/1 have the most surprising winner and SP of the meeting, and that looks quid on Henry De Bromhead to break can be backed at 5/1 to be top festival Paddy Power it’s no shock to see the likes of the worth a sporting investment. the stranglehold at 14/1 with Coral. jockey. Henry De Bromhead top trainer 14/1 Grand Annual and County Hurdle Mullins and Elliott will bring over He may be saddling a squad half the She had a brilliant Festival last year, Coral heading Paddy Power’s list at around the best part of 100 horses between size of either of those two big stables, has been in flying form this term Rachael Blackmore top jockey 5/1 8/1. them for this year’s meeting, so it’s but what he lacks in quantity he and will be on all the De Bromhead General Croco Bay sprung a 66/1 head- no surprise to see them at the top of more than makes up for in quality. hotpots. 26 SPORT MONDAY 9 MARCH 2020 CITYAM.COM SPORT BLUE Chelsea lay waste to woeful Everton in thumping win, writes Felix Keith MURDER at Stamford Bridge

HIS season Stamford Bridge has been nothing like a fortress. West Ham, Bournemouth, Southamp- ton and Manchester United haveT all taken three points on visits to SW6. Before this one-sided, free-flow- ing 4-0 hammering of a hapless Ever- ton on Sunday Chelsea had scored just 18 of their 47 Premier League goals at home – the lowest percentage of any top-flight side. But Tuesday’s 2-0 win over Liverpool in the FA Cup seems to have flipped a switch. Frank Lampard’s squad is thin on the ground at the moment due to injuries and suspensions. But for the unfamiliar names on the substitutes’ bench, you wouldn’t have known it. Almost all season Chelsea’s grip on fourth place has appeared loose. A thrashing of a side who had seemed revitalised under Carlo Ancelotti was the perfect way of preserving their three-point gap over fifth place. Giroud capped FOCAL POINT another impressive Olivier Giroud has always been performance with viewed as a useful commodity at Chelsea’s fourth goal Chelsea, a back-up target man to de- ploy when other players are unavail- able and other tactical systems are PREMIER LEAGUE under Ancelotti, taking 18 points SHOWING OFF low drive by into the bottom corner not working. from a possible 30 – a return bettered Chelsea came out of the blocks look- before Giroud stabbed home in the Giroud was courting prospective CHELSEA EVERTON only by Liverpool and Manchester ing for more of the same after the 54th minute to prompt many of the new clubs in the January transfer win- City. But the Italian’s Midas touch de- break, and they quickly got it. travelling Everton fans to begin their dow, but Chelsea would only allow serted him on his return to a former Everton stood off Willian and were journey home. With the game won, him to leave if they sourced a replace- stomping ground. punished by the Brazilian’s powerful Lampard took the opportunity to ment. They must be glad that eventu- Ancelotti’s chosen 4-4-2 formation show off and further establish his cre- ality didn’t come to pass now. The was easily outflanked by Chelsea, dentials as a manager who gives veteran Frenchman was at the heart Mount 14, Pedro 21, whose midfield three of Billy youngsters chances. of the Blues’ dominance on Sunday, 40Willian 51, Giroud 54 Gilmour, Mason Mount and Barkley On came 20-year-old full-back Reece bullying Michael Keane to provide a had a field day. When they weren’t James to show he can play holding valuable focal point to their attacks. bouncing passes around Tom Davies Giroud was at the midfield. Next it was the turn of 18- While it was Ross Barkley’s pass and Andre Gomes, the Blues were year-olds Faustino Anjorin, a mid- which sent Pedro through to effec- NARROW TOFFEES happily bypassing them by playing heart of the fielder, and forward Armando Broja. tively kill the game off 21 minutes in, As good as Chelsea were – and this crossfield balls out to the wings. The day could hardly have got better, it was Giroud’s expert lay-off which was one of their best performances of The outstanding Mount opened the Blues’ dominance, but when Gilmour charged forward joined the dots. the season – they were given more scoring with a pure strike on the turn and squared for Anjorin it looked like With Everton demoralised he got than a helping hand by their opposi- from the edge of the penalty area be- bullying Keane it might. Only a last-ditch sliding the goal his game deserved in the sec- tion. Everton were shockingly poor fore Barkley intelligently slid through to provide a tackle from Djibril Sidibe prevented a ond half, losing Mason Holgate to right from the off. The Toffees had Pedro to net his first league goal of perfect ending to a memorable day at poke in Willian’s cross from a corner. scored in all 10 Premier League games the season minutes later. focal point Stamford Bridge. United win raises awkward questions for City and Guardiola

Pep Guardiola’s side appear to be Nicolas Otamendi as Anthony Without Kevin De Bruyne, Phil at fault for both goals. League games of missing that oft-talked about extra Martial and Daniel James played as Foden was given the chance to build The Brazil No1 let Martial’s volley one or two per cent – even in a derby split strikers. on his stellar Carabao Cup final squirm under him for the first and little consequence – that can make all the difference in It was visible in the aggression of display against Aston Villa, but the then, six minutes into injury time, elite sport. Martial, who won a challenge 18-year-old was virtually launched a throw straight to Scott could leave them Manchester United, on the other with Fernandinho and anonymous. McTominay, who gleefully fired back hand, have it all to play for. drew a save from Sterling failed to into an unguarded net. undercooked, says They lie fifth, in striking distance Ederson moments convert his best In his previous job, Guardiola’s of Chelsea, who currently occupy the before volleying opening, on the failure to convert Bayern Munich’s Frank Dalleres last Champions League place, but United in front stretch from domestic excellence into European have six teams within six points from Fernandes’ glory led to suggestions that their LL BUT mathematically unable behind them, lying in wait should quickly taken Martial scored Bundesliga dominance was hurting to catch Liverpool and with lit- they make any slip-ups. chipped free-kick. United’s first goal them. Winning the German title Atle prospect of being pipped by When City faced their bitter local So, too, in the in a 2-0 victory with such ease and so early robbed a stuttering Leicester, Premier rivals at Old Trafford on Sunday it unfailing focus of them of meaningful games from League games must currently feel was clear to see which team had Aaron Wan-Bissaka, substitute Riyad around March onwards, leading to like curiously pointless tasks for more at stake. the clear winner of Mahrez’s early right- undercooked performances in the Manchester City. Man for man, City are the better his duel with wing cross, as Champions League – or so it went. Win, lose or draw, City are highly team, have the better squad and the Raheem Sterling, and United’s five-man City are certainly still capable of likely to come second in the table better manager. But in this 2-0 win in the inexhaustible box- defence smothered City’s turning it on, as Aston Villa last and are almost certain to finish in United simply applied themselves to-box running of Fred. attempts to get in behind. week and Real Madrid a few days the top four, ensuring another year better. City, meanwhile, looked a pale At the back they were suspect, prior can attest, but a procession of of Champions League football – Bruno Fernandes set the tone with shadow of their brilliant best; neat, especially in the channel between a meaningless fixtures is not ideal possible bans notwithstanding. his pressing from the No10 position, tidy, at times even incisive yet jittery Otamendi and Oleksandr preparation for the remaining tests As such, it should be no surprise if chasing down Fernandinho and lacking killer instinct. Zinchenko, although it was Ederson that do matter. CITYAM.COM MONDAY 9 MARCH 2020 SPORT 27

WHITE STRIKES LATE TO SLAM OVER Scotland beat France to put England top of the table HELP ENGLAND BEAT JAPAN SPORT DIGEST £ Ellen White came off the bench to Cricket XI were dismissed for 245 SCOTLAND beat France 28-17 score late on and give England a 1-0 yesterday in reply to England’s 316 in at Murrayfield yesterday to win over Japan in the SheBelieves Cup Katunayake. “I hope I’m becoming a end the visitors’ hopes of yesterday. White converted Toni better bowler and I can use what I’ve completing a Six Nations Duggan’s cross in the 83rd minute learnt,” Parkinson said. “I’m still very Grand Slam. Sean Maitland after an error at the back by Japan in raw with the red ball and people scored twice as Mohamed New Jersey to ensure the Lionesses sometimes forget that spinners Haouas’s first-half red card for bounced back following 2-0 defeat by develop later.” Parkinson will be a punch on Jamie Ritchie the United States. Phil Neville’s side aiming to make his debut in the first (pictured, inset) proved costly. will now play Spain on Wednesday in Test, which starts on 19 March in Galle. Two Adam Hastings penalties their final match at the tournament. saw the Scots hit the front CORONAVIRUS SHUTS FANS before Damian Penaud LANNING: NO STRESS IN T20 OUT OF MORE STADIUMS touched down from a kick by FINAL WIN FOR AUSTRALIA £ Wolves are set to play the first leg of Antoine Dupont to give the £ Captain Meg Lanning paid tribute to their last-16 Europa League tie against French a 7-6 lead. But Haouas her side after Australia thrashed India Olympiacos behind closed doors this was sent off in the 37th to win the Women’s T20 World Cup week because of coronavirus. The minute for his involvement in yesterday. The hosts showed no Greek government has decided no a brawl and Maitland scored in nerves, winning by 85 runs in front of fans will attend sports events to the corner to make it 14-7 at 86,174 at Melbourne Cricket Ground to contain the virus. Meanwhile, the half-time. The winger scored secure their fifth title. “Today was Bahrain Grand Prix on 20 to 22 March another on the overlap just probably the least stressful game of will also take place without spectators. after the break and Stuart the whole tournament, which was just McInally (pictured) added amazing,” Lanning said. “This group ENGLAND’S HATTON EARNS another try from a mistake at always performs on the big stage.” FIRST PGA TOUR VICTORY the line-out to establish £ Tyrrell Hatton won the Arnold control. Charles Ollivon PARKINSON IMPRESSES IN Palmer Invitational yesterday to pick crossed for a late consolation SRI LANKA TESTS WARM-UP up his first win on the PGA Tour. The but it wasn’t enough to stop £ Matt Parkinson is hoping he can Englishman, 28, took a two-shot lead England overtaking France at break into England’s Test side to play into the final round at Bay Hill and his the top of the Six Nations Sri Lanka later this month after two over-par final round of 74 was table with one game left. impressing in a warm-up game. The enough to hold off Australia’s Marc leg-spinner took 4-68 as a Sri Lanka Leishman by a single stroke. Youngs impresses but England forced to toil by Wales

Hosts keep their quick feet proved the difference as he POOR GAME MANAGEMENT the balance at 20-16, England re- olutely for the final 15 minutes. first won a lineout deep in Wales’s half But there should be questions of Eng- sponded. And the work of the for- Six Nations hopes before latching on to a clever Ben land’s game management as, having wards, now coached by Matt DOGGED DEFENCE Youngs pass back inside from the re- led 20-6, lapses in concentration either Proudfoot, was particularly crucial, as England’s players put in a shift to fend alive, writes sulting play as the Welsh over-commit- side of half-time allowed Wales back they won back-to-back penalties off Wales in the final quarter, but ill- ted to the chase out wide. into the game. England went from through Courtney Lawes at the break- discipline saw penalties rack up and, The winger wrong-footed Tomos winning a scrum with time in the red down and then Joe Marler at the despite a warning from referee Ben O’- Michael Searles Williams and dived past Liam to losing the ball in midfield. A high scrum to restore a 10-point cushion. Keeffe, an Ellis Genge offside was the Williams to the line inside four min- tackle from Maro Itoje then allowed England were dominant from set- final straw as the prop was sin-binned. NGLAND sealed the Triple utes to demonstrate why Jones had Dan Biggar to add another three pieces throughout, not losing any of The home side held firm nonetheless Crown and kept their Six Na- thrust him straight back into the start- points before the break. their own, and caused Wales par- with Henry Slade preventing George tions hopes alive – in theory, at ing XV. It then took Wales just 27 seconds ticular problems at the scrum. North from scoring twice in a great least – with a 33-30 victory into the second half to score their first The momentum paved the performance at full-back after replac- E YOUNGS STEPS UP against Wales on Saturday, but try. Nick Tompkins collected from a way for Tuilagi to extend Eng- ing Jonny May, who had failed a head they were made to work for it. Youngs – dropped two games ago – poor England restart on his 5m line land’s lead with a third try injury assessment early on. The hosts had to cling on as they fin- similarly repaid the faith shown by his before Wales ran the entire length of after 60 minutes. But while Slade had successfully tack- ished the match with 13 men despite head coach by producing one of his the pitch with the ball passing But despite cruising to led North, Tuilagi was judged to have being the better side for long periods better performances. through the hands of Josh Navidi, victory at 33-16, the hit the falling winger’s head with a no- and registering tries from Anthony The No9 was also heavily involved in Tompkins once more, and game quickly arms tackle and was subsequently sent Watson, Elliot Daly and Manu Tuilagi. England’s second try. After winning a then Williams, who drew turned on its head off, a decision Jones called “ridiculous”, The game could not have begun bet- penalty advantage after a high tackle the last man to send again and Eng- although Tuilagi himself apologised to ter for Eddie Jones’s side, who face an from Ken Owens as he attempted to Justin Tipuric clear. land were forced North as he left the field. Wales made indefinite wait to play Italy due to the break the line, he used the free shot to to defend res- the most of their two-man advantage coronavirus outbreak, as a typically fast great effect as the ball was sent out DOMINANT and scored twice late on through Big- start yielded an early try. wide via Owen Farrell and George Ford PACK Youngs returned gar and Tipuric, but it was too little, too It was the returning Watson whose for Daly to touch down. With the game in to form at No9 late as they fell to a third defeat. Advertisement CHELTENHAM 2020 WITH BETFAIR

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23 BT R 1 Surname of winning most Cheltenham festival jockey who 2 Read daily columns from our ambassadors and tips from retired last year (5) experts on betting. .com (7) 4 56 3 Number of fences in the Cheltenham Gold Cup (6,3) 4 Alternative to fractions used on the Exchange (8) 5 Famous green and gold silks represent owner JP 7 Last horse to win back to back Cheltenham Gold Cups,

78 (7) Best (4) 6 An Exchange bet where every outcome is a winner, 10 Cheltenham Gold Cup winner for Betfair ambassador Book (5) Paul Nicholls (6) 910 8 These wedges are jumped during the 11 County where Cheltenham is located (15) Cross Country Chase (6) 15 Back and on the Betfair Exchange (3) 11 12 13 14 9 Betfair site where you can trade 16 Number of grade 1s at the Cheltenham Festival (7) in-running during a race (8) 18 Six time consecutive winner of the Mares’ hurdle (7) 15 12 Gordon leading Irish trainer and 19 1RYLFHV·+XUGOHWKHÀUVWUDFHRIWKH)HVWLYDO  16 17 Betfair ambassador (7) 20 O’Brien Betfair ambassador had his Cheltenham 13 Singular measurement of a horse (4) Festival winner last year (6) 14 This Tiger loves Cheltenham and the 18 Grand National (4) 17 Championship race on the Thursday of the Studying the form 19 Checking the odds Festival Hurdle (7) Final selections

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