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thelordmayorsappeal.org/cgd [email protected] 020 7332 3177 @LMAPPEAL @LMAppeal #CGD #GoRed Showing An opportunity to show the collective efforts of the City IN PARTNERSHIP WITH Telling Providing a compelling platform for the telling of stories

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CELEBRATING VOLUNTEERING AND PHILANTHROPY IN THE CITY CELEBRATING 22 SEPT VOLUNTEERING AND 2020 PHILANTHROPY IN THE CITY A message from THE LORD MAYOR OF THE CITY OF LONDON

The Lord Mayor’s Appeal focuses on four key businesses getting involved in City Giving pillars, aiming to create a City that is Inclusive, Day, holding events, volunteering, fundraising Healthy, Skilled and Fair, to help 1 million and sharing their stories to demonstrate the people thrive. transformational impact of bringing together businesses, employees, communities and Under the fair pillar, City Giving Day is a simple charities. and impactful initiative that enables City companies and employees to celebrate and I hope that you will join me and the hundreds showcase their philanthropic and volunteering of businesses committed to making City Giving Alderman William Russell achievements. Day 2020 the best yet. The Rt Hon The Lord Mayor of the City of London 2019 was hugely successful, and this year Alderman William Russell we hope to see even more organisations and The Rt Hon The Lord Mayor of the City of London CITY GIVING DAY WHAT IS CITY GIVING DAY? 2019 HIGHLIGHTS From fundraisers to volunteering events, Launched in 2014, City Giving Day is a unique annual event that has become a rickshaw rally to cycling challenges a staple in the City’s calendar, uniting us through charity and community partnerships. and quiz nights to treasure hunts, City Culminating in one day of incredible activity, City Giving Day provides an opportunity for businesses Giving Day 2019 was our best year yet. across the City and beyond to showcase their amazing charitable and community work. Some companies use City Giving Day as an opportunity to run events at their national and international offices too - bringing their businesses together for a common goal! City Giving Day is growing year on year, a record 424 companies signed up in 2019 and were £500,000 involved in a whole range of activities from charity fairs and cycleathons to bake offs and raffles. An estimated £500,000 raised for good causes This year we aim to go bigger and better than ever!

% 100 SHOWCASE YO U R would recommend City FUNDRAISING Giving Day to others Through City Giving Day 2019, over 400 organisations raised over £500,000 for % charities and community groups. The day is about showcasing the good that the City 75 is doing - all in one day. said it helped promote and celebrate charitable activity ENGAGE YO U R % VOLUNTEERS City Giving Day is a great way for staff to 50 come together and volunteer their skills and of organisations involved their knowledge to benefit those who may need charity and community partners it the most. in their City Giving Day activities The day provides an excellent engagement opportunity for employers % to rally their staff towards the common goal of celebrating volunteering and 67 philanthropy in the City. fundraised for chosen Last year saw so many new events charities and community groups and initiatives created for City Giving Day, everything from bake sales to cycle challenges and more. More volunteers took % part in their company’s activity than ever before with up to 5,000 new volunteers 93 being recruited! inspired employees to fundraise, volunteer, or become more involved A great feat that we hope our participating in charitable activity companies will beat in 2020!

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ONE YEAR ON HAS JUST A RUN-AROUND TFL’S JUNK FOOD TESTING THE WHEELS ADVERT BAN HAD OF A LAMBORGHINI P21 AN IMPACT? P16 TUESDAY 25 FEBRUARY 2020 ISSUE 3,562 CITYAM.COM FREE Revolut gets $500m as it turns a page EMILY NICOLLE @emilyjnicolle BRITISH digital banking giant Revolut has today revealed the close of $500m (£387m) in additional funding, making it tied with Klarna as the most valuable privately held fintech firm in Europe at $5.5bn. The funding, which was led by early Netflix investor TCV, takes Revolut’s total amount raised to date to $836m. People familiar with the matter told City A.M. Revolut first began shopping the round in early 2019 but ran into obstacles with investors, after a spate of negative reports about the company’s workplace culture and anti- fraud practices.

GROWING PAINS Revolut tries to VIRUS FEARS move past missteps with compliance refresh

How we first revealed Revolut’s GRIP THE GLOBE turnaround plan last year The tech firm, which now MARKETS PLUMMET AFTER COVID-19 OUTBREAKS IN ITALY AND IRAN employs more than 2,000 people, held talks with GOLD PRICES SPIKE AS UK FIRMS WARN OF SUPPLY CHAIN CONCERNS Japanese mega investor Softbank about participating JOSH MARTIN outbreak in Iran, with one politician where the FTSE 100 sank 3.3 per cent — Eastern outbreak, the government in the round, but those AND HARRY ROBERTSON claiming there have been more than 50 with airlines and leisure companies insisted the confirmed death toll was 12, discussions later broke down. deaths in his city alone, and; particularly hit — while Germany’s Dax, despite a politician from the city of Qoms Revolut said it increased @JoshMartinNZ @harrygrobertson •Chinese Premier Xi Jinping admitted France’s CAC 40 and Spain’s Ibex all shed insisting he knew of a much higher rate customer growth by 169 per CORONAVIRUS-INDUCED market panic the outbreak would have a “relatively around four per cent. in his city alone. cent in 2019, while the spread from Asian to European and big impact on the economy” as UK firms Cases of coronavirus have risen rapidly Meanwhile the number of confirmed number of daily active users North American trading floors last night, warned of supply chain problems. in various countries around the world in cases in South Korea rose sharply to 833. rose 380 per cent. Its 2018 with all major indices closing in the red. Traders ditched stocks en masse and recent days. This is despite the World Guy Foster, head of research at accounts showed revenue Some parts of Wall Street lost all of rushed to so-called safe havens, pushing Health Organization saying the spread of investment manager Brewin Dolphin, growth of 354 per cent to their 2020 gains, while the FTSE 100 gold prices to levels not seen since 2013 the virus has slowed in China, where it said: “The sanguine attitude of £58.2m, and a loss of £32.8m. suffered its worst day since 2016 after and the Swiss franc to a four-year high has infected almost 77,000 people and markets towards the coronavirus had The fintech company has investors were spooked by the Covid-19. against the euro. killed more than 2,500. partly relied upon the remarkable undertaken a number of The so-called corona crash came as: Meanwhile, US 30-year bonds touched In Italy, which looks to be the focus of containment of cases within a relatively costly expansion endeavours •Italy confirmed its seventh death from a record low yield of 1.81 per cent. the European outbreak, the government small region of China. as it seeks to gain an edge on the virus, with stringent travel bans in Last night the Dow Jones index had yesterday sealed off the worst-affected “That pillar of support wobbled a little rivals Monzo and Starling place across the north of the country; slumped 3.6 per cent by the closing bell towns and outlawed public gatherings. with the news of more cases in Korea Bank, launching in the US last •South Korean cases spiralled to nearly while the tech-heavy Nasdaq tumbled French authorities also stopped a bus and Italy and investors reacted year. Revolut said it will use 800 as the country raised its virus alert 3.7 per cent, and the S&P 500 dropped carrying a suspected sufferer travelling accordingly,” he added. the fresh capital to fuel that risk to its highest level; 3.4 per cent. from Milan to Lyon. expansion, with a focus on •Confusion reigned over the scale of an The contagion had spread from Europe In Iran, the epicentre of a Middle £ FULL COVERAGE: P5 encouraging daily usage of its banking accounts.

FTSE 100▼ 7,156.83 -247.09 FTSE 250▼ 21,117.87 -662.33 DOW▼ 27,960.80 -1,031.61 NASDAQ▼ 9221.28 -355.31 £/$▼ 1.292 -0.008 £/€▼ 1.191 -0.004 €/$▼ 1.085 -0.001 02 NEWS TUESDAY 25 FEBRUARY 2020 CITYAM.COM

THE HOUSE BUILT ON SAND? US President’s visit to India starts without a hiccup as Modi supporters turn out in their thousands THE CITY VIEW Lessons for Britain over tragedy of Syrian war

HE SYRIAN civil war, which began in 2011, is coming to a bloody end — and, despite so many deaths that the United TNations essentially stopped counting, Bashar al-Assad is victorious. Idlib, the besieged home of the remaining Syrian rebels who fled as regime forces retook the rest of the country, will soon be added to the tragic list of cities whose names bring shame on his regime: Aleppo, Douma, Homs. The refugee crisis is only likely to intensify. Back in 2013, our parliament voted against taking military action against Assad after his chemical assault on Ghouta, a suburb of Damascus. The vote, brought by David Cameron, was lost due to Ed Miliband’s decision to instead back a “sequential road map” towards peace. Cameron’s defeat panicked Barack Obama, who lost his nerve US PRESIDENT Donald Trump and first lady Melania Trump were welcomed by thousands of well-wishers who see in the Republican more than a tinge of India’s increasingly hardline leader Narendra Modi. Trump addressed a crowd of 100,000 at the despite Assad breaking his “red line” on the use of biological Motera cricket ground in Ahmedabad and lavished praise on his host. Modi is keen to prove that anti-government protests led by weapons. By the time Britain Indian Muslims, sparked by potential changes to a citizenship law, haven’t cost him friends on the global stage. took direct military action in 2015, the target was Isis — who had swept into the vacuum created by the West’s decision Global Britain is to look the other way. By the Sunak bows to not just a slogan Small businesses time the US took direct action against Assad, the triumph of pressure over Iran and Russia as players in the country, and the region, was essentially complete. There is no way of knowing whether Britain and the US taking action in 2013 would have changed bullish on growth IR35 alterations the tide of the war, or kept innocent civilians alive. Perhaps it would, as so many feared, have dragged the West into another ANGHARAD CARRICK JAMES BOOTH unwinnable war in the Middle East. Those are academic most confident about their supply chain and cashflow, were neutral on @angharadcarrick questions; and while the responsibility for the bloodshed in @Jamesdbooth1 the state of the UK economy and were CHANCELLOR Rishi Sunak has Syria lies at the feet of Assad, Islamist militia and governments SMALL and medium-sized enterprises least confident about the UK’s legisla- bowed to industry pressure over that thrive on upending the global order, we can certainly see (SMEs) are optimistic about the year tive environment and its business IR35 tax changes by promising ahead, projecting average revenue environment stability. enforcement will not be “heavy- what inaction looks like. Syria is lost. But for Britain the lesson growth of 6.3 per cent according to Nearly half of London businesses (48 handed”. must be clear that whilst it may not be the global power it once research published today. per cent) said their supply chain is The IR35 measures were was, it must take its place at the top table. There are many The survey from Barclaycard and strong and more than half said their implemented in order to prevent Brexit optimists who think we will be freed to do so — but the YouGov found SMEs in the UK predict- cash flow is strong. tax avoidance by “disguised ed average revenue growth of 6.3 per Three in 10 London businesses are employees”, contractors with signs so far are not overwhelming. For one, the Munich Security cent over the next 12 months, with positive about the UK economy, while permanent positions at companies Conference — the Davos of foreign policy — was almost entirely London businesses expecting growth 42 per cent are confident about their without paying the same tax or devoid of British influence, with a junior minister and a senior of 6.5 per cent. own company’s prospects. national insurance (NI) Barclaycard said its sales data Construction and real estate busi- contribution as standard staff. civil servant the most high profile in attendance. It was noted: showed UK businesses performed well nesses have the highest predicted Under the latest reforms private Nancy Pelosi, who was there as part of the largest American in the final quarter of last year, with quarterly growth at 6.3 per cent, while sector employers will now be delegation ever, said she hoped “it’s not an indication of their the total volume of merchant transac- professional services firms are most responsible for assessing whether commitment to multilateralism”. Global Britain is a wonderful tions up 5.1 per cent year-on-year. confident about 2020, expecting an or not contractors need to pay The total volume of merchant trans- annual boost of 9.8 per cent. income tax or NI contributions. slogan, but it must mean something: this government must not actions was up 4.4 per cent in the first Rob Cameron, chief executive of Employment groups have been give in to resigned isolationism. half of the first quarter, compared to Barclaycard Payments, said: “It’s very urging the chancellor to suspend the same period in the previous quar- encouraging to see that SMEs expect the IR35 new tax regulations for ter, Barclaycard said. to increase revenue in both the near self-employed workers or risk Follow us on Twitter @cityam The research found businesses were and longer term.” damaging the economy.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL HS2 ENGINEERS ACADEMY AT WHAT THE MERKEL’S CDU IN CRISIS GOLDMAN AND STANDARD FACEBOOK PROBED INTO RISK OF CASH DRY UP OTHER TALKS AS BATTLE LOOMS CHARTERED QUARANTINE PRO-SANDERS CONTENT A college set up to train engineers to Angela Merkel’s party has brought Goldman Sachs and Standard Facebook in recent weeks investigated work on Britain’s controversial HS2 line PAPERS SAY forward the succession battle after one Chartered have told London-based staff suspicious content supporting Vermont is at risk of administration following a of its worst election results, with one returning from China to stay at home as senator Bernie Sanders’ presidential series of management failures, THIS leadership contender voicing fears that the City fights to prevent a coronavirus campaign, said people familiar with the including a legal attempt to gag an she might turn out to be the last outbreak. Goldman is one of several matter. The company was unable to official education inspector’s report, the MORNING Christian Democrat (CDU) Chancellor. banks and professional services substantiate claims that Trump government was warned yesterday. companies understood to have told supporters or Russian actors were A report for the Department for FRANCE: WE WILL NOT BE staff to “self-isolate” for up to 14 days, involved in any inauthentic activity. Education released yesterday warned BLACKMAILED FOR A DEAL while Standard Chartered has that “radical change is urgently France yesterday warned Boris Johnson instructed returners to stay at home. JUUL PITCHES NEW VAPE TO required” and that without emergency that it would not be “blackmailed” into STAY ON THE US MARKET funding it would run out of cash. accepting a “bad” post-Brexit trade deal BBC TOLD YOUTH PUSH WILL Controversial e-cigarette maker Juul calling on the insurer’s board to because of the threat of no trade deal TURN OFF LISTENERS plans to present to federal regulators a THIRD POINT CALLS FOR separate its US and Asian business and with the UK. French Europe minister The BBC risks destroying its own radio new version of its vaporiser designed to BREAK-UP OF PRUDENTIAL end its 172-year presence in the UK. Amelie de Montchalin said the PM’s 31 services in a bid to appeal to younger unlock only for users at least 21 years US hedge fund Third Point has taken a The $14bn activist hedge fund unveiled December deadline would not make listeners, veteran Today programme old, according to people familiar with near $2bn (£1.55bn) stake in Prudential, the demands in a letter to Prudential. the EU more likely to compromise. Justin Webb has said. the matter. CITYAM.COM TUESDAY 25 FEBRUARY 2020 NEWS 03 Haldane calls for Barclays prepares to begin hunt for Staley’s replacement as chief exec a rethink in UK ANNA MENIN Financial Times. The chief executive “focused minds” on Barclays’ board, could stand down at the bank’s and injected a sense of urgency into @annafmenin annual meeting in May 2021, the the process. BARCLAYS is preparing to begin paper reported, citing two people Earlier this month Barclays said the search for a new chief executive briefed on the plans. that Staley was under investigation banking sector to replace Jes Staley, making it the Although a rough timetable for by the Financial Conduct Authority latest European bank to hunt for Staley’s departure was already in and Bank of England’s Prudential new leadership. place before two British financial Regulation Authority over the way he Staley, who has led the banking regulators launched an investigation had characterised his relationship HARRY ROBERTSON Haldane, who has been chief econo- giant since 2015, has told colleagues into his ties with convicted with Epstein, who took his own life in mist at the Bank since 2014, said that he expects to leave Barclays by the paedophile Jeffrey Epstein, one jail last year while awaiting trial on @harrygrobertson “the time is right for a refresh” of the end of next year, according to the source told the FT the probe had sex trafficking charges. THE CHIEF economist of the Bank of capitalist model, particularly when it England has suggested Britain should came to corporate governance. make “legislative change” to shift “Lots of things are possible, within corporate governance rules away from that we should not rule out — perhaps a sole focus on shareholders, and even we should rule in — the possibility instead consider consumers, workers of making legislative change,” he said. and social goals. “Our current Companies Act 2006 Andy Haldane also said Britain needs reinforces the notion that a “rethink” about its banking sector, shareholders should assume a position suggesting that regional, development of primacy… Perhaps it’s time to give and infrastructure banks could help that model and law a rethink.” re-balance finance towards smaller It is not the first time Haldane has and medium-sized businesses around questioned the UK’s corporate gover- the country. nance model that says companies exist Speaking at a Centre for Policy for the benefit of their shareholders. Studies event last night, Haldane In 2018, he called for “careful said that although free-market, reflection” about the role of compa- shareholder-focused capitalism had nies, and suggested they should recog- led to an incredible amount of wealth nise “the plurality of stakeholders”. and growth, the model is beginning Last night, Haldane said questions to “fray”. needed to be asked about the UK’s He said a decade of wage stagnation banking model:“There could be a point in Britain and rising inequality showed beyond [where] too much banking is that the “moral compass of capitalism” not good for growth… but in fact was no longer pointing “as due north detracts from growth perhaps by suck- as it might”. ing resources into the financial sector.”

OFF THE RAILS RMT members to strike again in March over ongoing guard dispute

SOUTH Western Railway (SWR) employees will strike for 48 hours in two weeks’ time over a dispute on the future role of train guards. The rail union has instructed SWR drivers and guards to walk off the job for 24 hours on 9 March and on 12 March.

IN BRIEF INTUIT TO BUY CREDIT HP REVEALS $16BN SHARE KARMA FOR $7.1BN BUYBACK TO FIGHT XEROX Intuit said last night it would buy HP said late last night it would step up privately held personal finance portal efforts to slash costs and buy back Credit Karma in a cash-and-stock deal stock, as it seeks investor support to for about $7.1bn (£5.5bn), as the defend against a $35bn (£27.1bn) Turbotax maker seeks to expand takeover offer from US printer maker further into consumer finance. Credit Xerox. The announcement came after Karma was valued at about $4bn based Xerox raised its cash-and-stock bid for on its last funding round in March 2018, HP earlier this month by $2 to $24 per led by private equity firm Silver Lake. share, ahead of a tender offer it plans to The purchase price will be payable in launch in early March. It is also asking equal portions of cash and Intuit stock, HP shareholders to replace HP’s board with the shares of Intuit being valued at directors with Xerox’s nominees at the about $299.73 per share, the company company’s annual shareholder meeting said. The deal would be neutral to later this year. Yesterday, HP reported accretive to Intuit’s adjusted earnings $14.6bn in fourth-quarter revenue, per share in the first year after the slightly lower from last year, as growth transaction closes, which is expected in in its personal computer business the second half of 2020. Intuit’s shares offset the continuous decline of the rose nearly two per cent after market. printing business. 04 NEWS TUESDAY 25 FEBRUARY 2020 CITYAM.COM

CULTURE VULTURE Khan budget lays the Minister’s Airbus ground for new East Bank hub in Stratford UK outsourcing CITY Hall yesterday confirmed its plans to companies mull spend £437.5m over the next four years to fund a new culture and Whitehall rejig bribe probe still education hub in Stratford. The £1.1bn STEFAN BOSCIA East Bank project will be the home of a new @Stefan_Boscia Sadler’s Wells theatre, THE UK’s biggest outsourcers are BBC music studios, a set to hold Whitehall talks with top in limbo, says MP new Victoria and Albert civil servants to discuss changes to Museum and campuses the public sector’s procurement for University College process. EXCLUSIVE Office for so long. We need a decision London and University Twenty chief executives — from JAMES BOOTH or an explanation as to why there is of the Arts London. companies such as BT Group, this unusual length of delay.” Plans for the site will Capita and G4S — will meet civil @Jamesdbooth1 Suella Braverman succeeded Geof- include the service chief executive John THE CHAIR of the Justice Committee frey Cox as attorney general in the cab- construction of 600 Manzoni today. yesterday called for the new attorney- inet reshuffle earlier this month. new homes. City sources told Sky News the general to take a decision on a bribery Airbus paid £3bn last month to au- meeting will address “new probe into Airbus that has been in thorities in the UK, US and France to government priorities” and “wider limbo for more than 18 months. settle a probe which found bribery was commercial policy priorities” as the The Serious Fraud Office (SFO) “endemic in two core business areas” government seeks to change the launched an investigation into Airbus within the aerospace giant. way it assesses and awards GPT Special Project Management in The investigation into Airbus GPT Ted Baker set to sell its London government contracts. 2012 over allegations it paid £14m in was not included in that settlement. Included among the agenda bribes to secure a £2bn contract with Susan Hawley of Spotlight on items of the meeting is “tackling the Saudi Arabian National Guard. Corruption said: “It is essential HQ amid firm’s accounting crisis inappropriate risk allocation”. The SFO reportedly asked the Attor- that politicians do not undermine The meeting is a part of plans by ney General’s Office for permission to the independence of the SFO by HARRY ROBERTSON British Airways’ pension scheme, chief Number 10 aide Dominic prosecute more than 18 months ago, dragging their heels or interfering in which owns a nearby building, to Cummings to cut down on waste in but no decision has been taken and no this case.” @harrygrobertson sell a big stake in the office in north the civil service. It is understood explanation for the delay given. A spokesperson for Airbus said: “We BELEAGUERED clothes retailer Ted London, according to Sky News. that neither Cummings nor any Sir Bob Neill told City A.M.: “There is are continuing to cooperate with the Baker is close to selling its Ugly The sale could raise tens of government ministers will attend a great deal of public interest in prose- SFO on the GPT investigation. It would Brown Building headquarters in millions of pounds for the retailer, the meeting. cutions of this type and it’s surprising not be appropriate to comment fur- London, in a move that could which is plagued by a £58m Some of the companies set to be that the SFO having done their job and ther at this time.” bolster its balance sheet amid an accounting gap and last year was represented at the meeting submitted a file — it has apparently The SFO and the Attorney General’s accounting crisis. engulfed in scandal over the currently earn billions of pounds been sitting in the Attorney General’s Office declined to comment. Ted Baker is in talks with the conduct of its chief executive. from government work. CITYAM.COM TUESDAY 25 FEBRUARY 2020 NEWS 05 CORONAVIRUS Italian outbreak Budget and luxury retailers suffer as coronavirus cases spike in Italy puts Euro airline JOE CURTIS Primark will drive higher operating goods giant Burberry closed four per AND JESS CLARK profit and sales for the six months to cent down as the spread of virus in 1.55% the end of February compared to the Europe spooked investors. @joe_r_curtis @jclarkjourno same period a year ago. The British brand has seen its PRIMARK’S owner However it warned the coronavirus stock value drop in recent weeks as Associated British Foods (ABF) outbreak has led to reduced the virus took hold in China, one of shares in a spin yesterday said it was considering production capacity at some food Burberry’s major markets, where it ramping up production from factories, as the company said it was was forced to close 24 stores. suppliers outside of China in a “closely monitoring” its exposure to Investor confidence was knocked ANGHARAD CARRICK stocks such as Easyjet and Wizz Air bid to avoid a hit from the supply chain problems. Shares closed again after coronavirus cases spiked indicates market fears that coronavirus outbreak. down 1.6 per cent yesterday. in Italy, sparking concerns the virus @angharadcarrick EASYJET travel industry players without The company said it expects Meanwhile, shares in luxury will spread further within Europe. UK AIRLINE stocks dragged exposure to China will still be the FTSE 100 3.3 per cent battered by a downturn. lower yesterday after Italy 16.67% The stocks rout — which also reported a dramatic rise in its hit publisher Bloomsbury, number of coronavirus cases. miner Anglo American and Easyjet’s share price sank others — came as countries 16.7 per cent, made worse reported a spike in the number by sandstorms affecting IAG of coronavirus cases. flights to and from the Fears that the virus outbreak Canary Islands, while British could be labelled a pandemic Airways-owner IAG suffered 9.15% by the World Health a 9.2 per cent drop in its Organization are growing as market cap. countries around the world Tour operator Tui also shed confirmed an increase in value, falling 9.8 per cent as new cases. budget flyer Wizz Air saw its Italy has now recorded seven share prices drop 11.3 per TUI deaths related to the coron- cent as a torrid start to trad- avirus, with the number of ing got worse throughout 9.80% confirmed cases jumped from the session. three last Friday to a reported Although long-haul airline 219 yesterday. The country GOVERNMENT stocks have been rattled by placed 11 towns in lockdown as coronavirus fears for weeks, yester- it tries to stem the worst outbreak day’s slump in short-haul airline of the coronavirus in Europe to date. SUPPORT CAN

SINKING SHIP Carnival shares plunge as HELP YOUR the threat of Covid-19 pandemic advances BUSINESS GROW

Cocofi na received expert advice from government international trade advisors to help them export their products to over 28 countries worldwide.

From help with fi nance to export advice, visit businesssupport.gov.uk CARNIVAL shares closed down 6.81 per cent yesterday as fears over a global pandemic grew and hit travel stocks. The company has also had 6.81% to contend with the fallout from its quarantined Diamond Princess ship. Mnuchin: Health crisis to have no material effect on US-China deal ANNA MENIN human and economic impacts. Mnuchin cautioned against @annafmenin jumping to conclusions about the US TREASURY secretary Steven impact of what he described as a Mnuchin yesterday said he does not “human tragedy” on the global expect the current coronavirus economy or on companies’ supply outbreak to have a material impact chain decisions. In an interview with on the phase one US-China trade deal, Reuters, the treasury secretary said it although this could change as more was simply too soon to know the full data becomes available. impact of the virus. The International Monetary Fund “I don’t expect that this will have Jacob Thundil (IMF) warned last Sunday that the any ramifications on the phase one Director of Cocofi na and recipient Covid-19 outbreak will negatively [deal]. Based on everything that we of international trade support impact the global economy even if it know, and where the virus is now, I is rapidly contained, and called for don’t expect that it’s going to be coordinated action to contain its material,” he said. 06 NEWS TUESDAY 25 FEBRUARY 2020 CITYAM.COM

SAVING D’OH Disney Plus offers UK deal Former Hollywood mogul Harvey but The Simpsons slides off content slate

DISNEY Plus yesterday said customers can sign up for an Weinstein found guilty in rape trial introductory annual price of £49.99 — a £10 discount — JAMES WARRINGTON raping aspiring actress Jessica in which women have spoken out ahead of its launch on 24 Mann in 2013. He faces up to 25 years about incidents of sexual assault and March. The streaming service @j_a_warrington in prison. harassment by powerful men in the also unveiled its slate of DISGRACED Hollywood mogul But Weinstein was acquitted on the entertainment industry and beyond. content, which includes a range Harvey Weinstein has been convicted most serious charge of predatory Weinstein, formerly one of the of exclusive originals such as of sexual assault and rape in a sexual assault, which carried a most powerful figures in Hollywood, new Star Wars series The landmark case that inspired the potential life sentence. The jury of has been accused of sexual Mandalorian. However, the #MeToo movement. seven men and five women at the misconduct by more than 80 women, initial list of titles did not A New York jury last night found New York Supreme Court took five stretching back decades. include The Simpsons, which is the film producer guilty of sexually days to reach their verdict. He still faces charges in California, made by Fox. The omission has assaulting former production The trial marks a landmark and dozens of women have filed civil prompted speculation that the assistant Mimi Haleyi in 2006 and moment for the #MeToo movement, lawsuits against him. cartoon classic is currently tied up in existing licensing deals with broadcasters such as Sky and Channel 4. Uncertainty for Met’s budget to tackle terrorism

STEFAN BOSCIA The spokesperson added that its budget could ultimately increase. @Stefan_Boscia “The new funding is allocated to SADIQ Khan will spend an extra the centrally held budget line before £227.6m on the Metropolitan Police final allocations are confirmed to in 2020/21, however its specialist business groups such as special oper- operations branch may face future ations,” they said. funding uncertainty. Paul Stott, research fellow on terror- Khan’s £18.5bn 2020/21 budget was ism with the Henry Jackson Society approved by the London Assembly yes- think tank, said any cut to counter- terday. He plans to increase day-to-day terrorism funding would be detri- spending for the Mayor’s Office for mental. “Police forces will always Policing And Crime (Mopac) to welcome more resources, but few £3.89bn, which includes funding for work in such a high pressured, or piv- an extra 1,900 police officers in total. otal role to our safety, as London’s An extra £30.5m is also earmarked counter-terrorism officers,” he said. to go to his violence reduction unit. London Assembly’s Tory block of However, the budget for specialist members unsuccessfully tried to add operations — dealing with national an amendment to the budget yester- security and counter-terrorism — is day, which would have added an extra listed as receiving £414.9m in 2020/21, £104m to the Met’s coffers by cutting £16.9m less than in 2019/20. the culture budget, TfL employee ben- It comes just weeks after Sudesh efits and sacking City Hall staff. Amman stabbed two people in a ter- The plan would also have axed ror attack in Streatham. promotional agency London and A City Hall spokesman said Partners — set up by Boris Johnson in there was still £237m allotted in a 2011 — and transport watchdog “centrally located” fund, some of London Travelwatch, which together which may be dished out to special have a combined proposed budget of operations. £14.1m in 2019/20. BBC settles equal pay case with Newswatch host Samira Ahmed JAMES WARRINGTON In a statement issued yesterday the BBC said: “Samira is a highly valued @j_a_warrington BBC presenter and now these matters THE BBC and Samira Ahmed have been concluded we all want have reached a settlement to focus on the future. We look after the presenter won her forward to continuing to work equal pay case against the together to make great broadcaster. programmes for audiences.” An employment tribunal The BBC did not disclose last month ruled that details of the settlement, but Ahmed was underpaid for Ahmed was seeking as much hosting Newswatch in as £700,000 in back pay. comparison to Jeremy Vine, who hosts Samira Ahmed won a Points of View. tribunal against the BBC CITYAM.COM TUESDAY 25 FEBRUARY 2020 NEWS 07 UK to prioritise Nissan Europe chairman casts fresh doubt on Sunderland plant’s future independence in HARRY ROBERTSON tariff would be applied to cars and “My working hypothesis is to stay parts that could spell the end for in Europe with a factory in England,” @harrygrobertson many auto plants in the UK. he said. Yet he raised the possibility THE FUTURE of Nissan’s Sunderland “We would not be viable,” said that if the outcome of Brexit factory remains in doubt amid the Nissan Europe chairman Gianluca de negotiations does not suit Nissan, it Brexit trade deal ongoing trade negotiations between Ficchy at a press conference in Paris, could make the Qashqai, Juke and the UK and the European Union, the according to Bloomberg. “We just electric Leaf models — which are car maker’s Europe chairman said wouldn’t be able to sell our cars.” currently made in Sunderland — at yesterday. De Ficchy said that he hopes Nissan its partner Renault’s plants. CATHERINE NEILAN transition ends in December, this is Britain has until the end of the can stay in the UK as to avoid Nissan this month cut its profit the first time Number 10 has con- year to reach a free-trade agreement upheaval to its business model outlook and scrapped its year-end @CatNeilan firmed the government is putting sov- with the EU. If it fails, a 10 per cent during an uncertain time. dividend amid tough trading. BRITAIN will prioritise “sovereignty ereignty ahead of business needs. and independence” over business con- The move highlights further deteri- tinuity when it comes to trade talks oration in the relationship between with the EU, Number 10 has said. the PM, who once said “f**k business”, Prime Minister Boris Johnson and and industry, with trade groups being his so-called XS committee — made up frozen out of the new immigration of frontbenchers such as Cabinet Of- system amid hostile briefing. fice minister Michael Gove and for- Sources suggested there was resid- eign secretary Dominic Raab — is ual tension between the two sides, expected to sign off the negotiating with Downing Street still said to be mandate this morning, ahead of pub- annoyed at perceived efforts to stymie lication on Thursday. Brexit altogether. It is thought David Frost, who is Although Johnson and team have heading up the UK’s negotiating said they want a Canada-style deal, team, will be told to be prepared to sources told City A.M. that “taking walk away from talks rather than sub- back control” is the ultimate red line. mit to ongoing oversight by the Euro- The Prime Minister is said to be pean Court of Justice (ECJ) and future comfortable with the possible friction alignment on regulation. on the borders that follows from Downing Street said: “The UK’s this position. primary objective in the negotiations One well-placed source said Number is to ensure we restore our economic 10 would “rather have the Australia and political independence from 1 deal than alignment”, noting that the January.” government would be “even more As well as keeping open the possibil- gung-ho” if it weren’t for unresolved ity that no deal may be struck before issues surrounding the Irish border.

PRETTY ANNOYED Priti Patel is ‘deeply concerned’ by claims MI5 doesn’t trust her

HOME secretary Priti Patel yesterday rebuffed reports that she is not trusted by intelligence officials and that she bullied her staff as “false”. A spokesperson said Patel was “deeply concerned about the number of false allegations... in the media”. Starmer declines to comment on return to frontbench for Corbyn CATHERINE NEILAN winning this race and getting as many votes as I possibly can through @CatNeilan my argument about unity, effective THE FRONTRUNNER in Labour’s opposition and focusing on leadership contest Sir Keir Starmer winning the next General Election. I yesterday refused to comment on have not discussed the shadow whether the man he hopes to replace cabinet with anybody.” Long-term investment partners would have a role in the next shadow “Whatever is swirling around... it is government. all rumour, I can tell you,” he added. Speaking to the BBC yesterday Last Sunday, Starmer committed to about whether Jeremy Corbyn could giving jobs to his leadership rivals have a seat on the frontbench, Rebecca Long-Bailey and Lisa Nandy if Starmer stressed he had “not he won. discussed that team with anybody”. However it is not clear which roles Starmer added: “I’m focused on they would be handed.

CITYAM.COM TUESDAY 25 FEBRUARY 2020 NEWS 09 Bunzl profit hikes Watchdog refuses appeal on move not to strike off misconduct lawyer as new purchases JAMES BOOTH The tribunal found Beckwith “We are committed to tackling @Jamesdbooth1 had a sexual encounter with a the issue of sexual harassment, junior lawyer who he was in a including taking disciplinary THE SOLICITORS’ watchdog said position of responsibility over action and ensuring law firms yesterday it will not appeal a when he knew she was “heavily meet their obligations to create a stimulate growth decision not to strike off an ex- intoxicated and that her culture where this is not Freshfields partner after a drunken judgement and decision making tolerated,” a spokesperson said. sexual incident with a subordinate. ability was impaired”. “Having taken legal advice, we In October, restructuring lawyer The Solicitors Regulation have decided not to appeal.” ANNA MENIN for the coming year “slighly more posi- Ryan Beckwith was fined £35,000 Authority (SRA) was considering an Beckwith resigned from the firm @annafmenin tively” as a result of the update. and costs of £200,000 by the appeal against the decision, but in October. Beckwith’s solicitor was “Against the background of mixed Solicitors Disciplinary Tribunal. yesterday said it would not do so. contacted for comment. BUNZL yesterday reported a higher than macroeconomic and market conditions expected annual profit with the distribu- which prevailed during 2019 across the tion giant benefiting from a string of countries and sectors in which we acquisitions, although growth in organic operate, I am pleased to report that revenue slowed in North America, its Bunzl has produced another resilient largest market. performance with an increase in operat- Bunzl had warned last year that ing margin,” said Bunzl chief executive organic growth was slowing, and said Frank van Zanten. yesterday that sales from its grocery and Van Zanten added that the company retail business in North America were hit continued to see challenging trading by weakening demand in the region. conditions in many of its markets, The distributor, which bought three but said he was optimistic that more companies in 2019, also announced that acquisitions would help improve growth. it had purchased Brazilian healthcare Bunzl shares closed 2.7 per cent up at products distributor Medcorp in January, 2,001p, making it one of just a handful and has entered a deal to buy ICM, a companies on the FTSE 100 to rise while Danish firm that distributes personal the wider index was shaken by fears protection equipment. related to the coronavirus outbreak. Bunzl said its adjusted pre-tax profit CMC Markets chief analyst David rose to £579.1m, a rise of 2.4 per cent at Madden described the weakening in constant currency rates on a consistent Bunzl’s organic revenue in North IAS 17 basis. Analysts polled by the com- America as “a little concerning”, adding: pany had on average been expecting the “You don’t want to be dependent on figure to be £564.4m. takeovers for growth.” Bunzl reported an operating profit of NORWAY’S £528.4m for 2019, and a profit before BUNZL income tax of £453.3m. The company, P which supplies a range of products from 2,050 food packaging to face masks, said its operating margin rose from 6.7 per cent 2,000 2,001 to 6.8 per cent. Basic earnings per share 24 Feb rose from 98.4p to 104.8p, and it announced an annual dividend of 51.3p. 1,950 Shore Capital analysts said the results NORTHERN were “a welcome performance on which 1,900 to build for the current year”, adding that they would consider their forecasts 18 Feb19 Feb 20 Feb 21 Feb 24 Feb

ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES LIGHTS

CITY OF LONDON THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER This notice gives details of applications registered by the Department of The Built Environment Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; TPO – Tree Preservation Order; OUTL – Outline Planning Permission 15 St Helen’s Place, London, EC3A 6DE 222 Bishopsgate, London, EC2M 4QD 19/01258/FULL 20/00081/FULL ,QVWDOODWLRQRIQRERLOHUÁXHDWURRIOHYHO Internal and external alterations at the ground ÁRRU LQFOXGLQJ UHORFDWLRQ RI JURXQG ÁRRU XVHV St Andrew Holborn, London, EC4A 3AF and alterations to the plant at roof level. Creation 19/01309/FULL of an additional 9sq.m retail (Class A1). Change of use of part of the north-western area of 23 Bride Lane, London, EC4Y 8DT the churchyard for the installation of a horsebox 20/00105/FULL for the sale of coffee with associated tables and Change of use from restaurant (Use Class A3) to a chairs. bar (Use Class A4). 2 Suffolk Lane, London, EC4R 0AT 87 Moorgate, London, EC2M 6SA 20/00126/FULL and 20/00127/LBC 19/01324/LBC &KDQJHRIXVHRIWKHVHFRQGDQGWKLUGÁRRUVIURP Minor refurbishment works and redecoration to &ODVV% RIÀFH WRDÁH[LEOHXVHIRUHLWKHURIÀFH Unique to Hurtigruten the exterior of the building; replacement of the (Class B1a) or medical clinic (Class D1); and front entrance steps and addition of window boxes. installation of internal partitions to create three URRPV DW VHFRQG ÁRRU OHYHO DQG WKUHH URRPV DW 13 New Bridge Street, London, EC4V 6AF WKLUGÁRRUOHYHO We’ll give you a 20/00075/LBC 12-DAY CLASSIC St Sepulchre Without Newgate, Holborn Internal and external works including: (i) Viaduct, London, EC1A 2DQ FREE VOYAGE installation of new signage; (ii) redecoration; and 20/00148/FULL ROUND VOYAGE LLL WKHUHIXUELVKPHQWRIWKHH[LVWLQJÀ[WXUHVDQG The installation of one equipment cabinet at if the aurora borealis doesn’t ÀWWLQJV ground level and associated development. occur on your 12-day voyage, pp* $SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXN RU DW WKH October to March.* from £1,349 'HSDUWPHQWRIWKH%XLOW(QYLURQPHQW1RUWK:LQJ*XLOGKDOO%DVLQJKDOO6WUHHW /RQGRQ (& EHWZHHQ  DQG  5HSUHVHQWDWLRQV PXVW EH PDGH ZLWKLQ

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SCARY STUFF Warren Buffet expresses fear over coronavirus but says he won’t sell stocks GSK offloads drug brands in deal worth up to €300m

JACK RICHARDSON The GSK brands purchased under pursuing a strategy of striking pro- @JackRich93 the deal include treatments for sore duction and development deals throats, allergy relief and vitamin C with partners, instead of buying UK PHARMACEUTICAL giant Glax- supplements and are mainly companies outright. osmithkline (GSK) yesterday sold in Europe. Earlier this month, GSK outlined agreed to sell 15 of its drug “Under our ownership, we a plan to divide the company into brands in a multi-million- believe there is an excellent two entities over the next few years, euro deal. opportunity to revitalise with one set to focus on pharma- The deal, which is with and grow these consumer ceuticals and the other to focus on German firm Stada and is healthcare brands,” Stada healthcare. reportedly worth €300m (£250m) boss Peter Goldschmidt said. GSK chief executive Emma Walm- though neither company Stada has been sley said yesterday: “All of this aims would comment on the to support future growth... to exact price, according Walmsley plans to improve the health of hundreds of to Reuters. divide GSK in two millions.”

WARREN Buffett, the billionaire chairman of Berkshire Hathaway, yesterday called the Ailing NMC Health coronavirus outbreak “scary stuff” but said that it was no time to sell stocks despite the Dechra profit doubles with threat of a pandemic. Buffett added that long-term investors should not be concerned. stock to sink even firm on track to hit targets further after woes ANNOUNCEMENTS LEGAL AND PUBLIC NOTICES JACK RICHARDSON Diluted earnings per share sank ANNA MENIN @JackRich93 15 per cent year on year to 12.8p @annafmenin however, as Dechra booked VETERINARY products firm higher underlying tax charges. AN ANALYST who was one of the CITY OF LONDON Dechra Pharmaceuticals yesterday It hiked its dividend 8.3 per first to predict a slump in NMC 1RWLFH LV KHUHE\ JLYHQ WKDW WKH &RPPRQ &RXQFLO RI WKH &LW\ RI / RQGRQ DV WUDIÀF DXWKRULW\ IRU WKH revealed it doubled its profit in cent to 10.29p per share. Health’s share price yesterday undermentioned streets made several Orders on 20 February 2020 under Section 14(1) of the Road the six months to the end of 2019. “Our strategy remains robust slashed the embattled hospital op- 7UDIÀF5HJXODWLRQ$FWDVDPHQGHGE\WKH5RDG7UDIÀF 7HPSRUDU\5HVWULFWLRQV $FWZLWKWKH H[FHSWLRQRISt Botolph Street and HoundsditchZKLFKKDYHEHHQDPHQGHGDQGKing Edward Street Profit before tax jumped 117 and we are creating more erator’s target price, saying the (order made on 6 February 2020) and Bartholomew Close RUGHUPDGHRQ$XJXVW ZKLFKKDYH per cent to £19.5m for the first opportunities than at any time in stock could fall a lot further. EHHQDPHQGHG7KHHIIHFWRIWKHVH2UGHUVZLOOEHWRSURKLELWYHKLFOHV RUSHGHVWULDQVZKHUHVWDWHG IURP half of Dechra’s financial year, our history,” boss Ian Page said, Jefferies’ James Vane-Tempest cut entering the said roads. up from £9m in the same period adding that the firm was on track his target price for the NMC Health St Botolph Street (Houndsditch to Middlesex Street) & Houndsditch 6WRQH\ /DQH WR 6W %RWROSK in 2018. to meet its 2020 financial targets. from 1,300p to 500p. 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&DURO\Q'Z\HU%(QJ +RQV  'DWHG 25 February 2020 &DURO\Q'Z\HU%(QJ +RQV  'DWHG 25 February 2020 '06&0,/7)&,+7 '06&0,/7)&,+7 'LUHFWRURIWKH%XLOW(QYLURQPHQW 'LUHFWRURIWKH%XLOW(QYLURQPHQW CITYAM.COM TUESDAY 25 FEBRUARY 2020 NEWS 11 Just five of a total 3,400 car battery patents came from the UK last year JACK RICHARDSON However, the report also found came at the top of the list of @JackRich93 only five of those filed with the companies to file patents, with 140 World Intellectual Property submitted. Japan’s Toshiba came A RECORD number of patents were Organisation came from the UK, second with 129, followed by China’s filed in the race to develop electric compared with 2,500 from China. Byd on 82. Germany’s Audi was the car batteries last year, however only Tom Lawton, head of only non-Asian firm in the top 10 five of those came from the UK. manufacturing at BDO, said: with 27 submissions. Research by advisory firm BDO “Battery electric vehicles could well The UK government is hoping to found that 3,400 battery patents be the default system in the near commercialise the country’s battery were issued in 2018/19, a 57 per cent future, and manufacturers are technology with initiatives such as increase on the year before when gearing up for that.” the UK Battery Industrialisation 2,167 were filed. South Korean firm LG Chemical Centre in Coventry. TheFinsbury cake maker’s new range of sweet treets has Food’s boosted Finsbury Food’s sales revenue rises on its new products

JESS CLARK gluten-free bakery in Poland to @jclarkjourno expand capacity in the contin- ental market, and launched an CAKE manufacturer Finsbury Food integrated IT system in all manufac- yesterday reported a jump in sales in turing sites. its interim results driven by new prod- It also implemented a group-wide uct launches as the company targets review and standardisation of bakery growing consumer trends. processes to improve quality and re- The company reported yesterday duce waste. that group revenue increased 4.7 per Basic earnings per share increased cent to £159.4m, with UK bakery sales 14 per cent to 4.9p during the period jumping 5.8 per cent. and the company increased its Meanwhile profit before tax was up interim dividend per share by 17.9 per cent to £8.8m in the 26 weeks six per cent to 1.23p. Net debt fell to 28 December. £3.5m to £32.6m. During the period Finsbury Duffy said economic pressures af- launched a new range of Harry Potter fecting the industry would continue cakes, gluten-free products and arti- but added that the firm is resilient. san sourdough bread as it attempted He said: “Moving into the second to tap into growing consumer trends. half, while the macroeconomic pres- “The broader channel, customer and sures affecting the industry look set product diversification we now have to continue, our long-term, consistent in the business gives us a solid plat- and disciplined approach to invest- form on which to build and we con- ment and unwavering focus on tinue to benefit from access to higher driving increased productivity growth opportunities such as Free and efficiency across the group From and consumer niches such as means Finsbury is now a much artisan bread,” chief executive John more resilient business and better Duffy said. equipped to weather difficult The company also opened a new trading conditions.” Goldman Sachs pleads not guilty in Malaysia 1MDB fraud charges JAMES BOOTH Malaysian prosecutors filed charges @Jamesdbooth1 against the units, based in London, Singapore and Hong Kong, for mis- THREE units of Goldman Sachs, in- leading investors by making untrue cluding one based in London, statements and omitting key facts in pleaded not guilty in a Malaysian relation to the bond issues. court yesterday to charges of mis- A Goldman representative pleaded leading investors in connection with not guilty after the charges were the 1Malaysia Development Berhad read out at the Kuala Lumpur High (1MDB) scandal. Court yesterday, Malaysian news The US Department of Justice esti- agency Bernama reported. mates $4.5bn (£3.5bn) was misappro- Goldman said members of the priated from state fund 1MDB Malaysian government and 1MDB between 2009 and 2014, including lied to the firm about how the some of the funds that Goldman money from the bond sales would be helped raise. used. 12 NEWS TUESDAY 25 FEBRUARY 2020 CITYAM.COM Softbank leads Publisher Reach $165m raise for takes on tech in US firm Karius MANAS MISHRA

SOFTBANK’s second Vision Fund has led a new $165m (£127.6m) funding round in California-based online ad battle Karius, which markets a test that can quickly detect hard to diagnose infections through a JAMES WARRINGTON “That means we increase dwell time simple taking of blood, the startup AND JOE CURTIS and that increases conversion rates,” said yesterday. chief executive Jim Mullen told City Karius’ test, which is already @j_a_warrington @joe_r_curtis A.M. “Because we’re the biggest being used in more than 100 US REACH, the owner of the Daily Mirror national and regional news publisher hospitals, turns liquid biopsy and Daily Express, has outlined plans we can attract highly attractive cus- technology previously used chiefly to claw back customer data from tech tomers for advertisers.” to measure the progress of cancers giants as the publisher seeks to grow Mullen said the move came in direct Merkel (second from right) is set to choose a successor in eight weeks’ time to the detection of over 1,000 its user base and counteract a decline response to new policies from Google pathogens, including bacteria. in revenue. and Facebook. Several browsers have The funding round values the The media group yesterday unveiled announced plans to block third-party company at over $700m, according a radical strategy update to the City, cookies to improve user privacy. German business morale boosts to a filing made by the company to setting a target of 7m registered cus- Shares in the publisher rose 3.1 per the state of Delaware, a copy of tomers by the end of 2022, up from cent yesterday to 180p. which was seen by Reuters. Karius fewer than 1m at the end of last year. despite coronavrius outbreak hit said it was not disclosing valuation The publisher has 47m print and REACH details at this time. unique digital users in the UK, but P HARRY ROBERTSON business climate index rose to 96.1 The company said the list price boasts just a two per cent sign-up rate. 185 from 96 in January, beating for the test was $2,000 for @harrygrobertson Reach said it planned to increase the 180 180 predictions of a fall to 95.3. Ifo hospitals. number of readers handing over data 175 24 Feb MORALE among Germany’s business president Clemens Fuest said that The deal is relatively small by the such as email addresses. 170 leaders rose unexpectedly in along with other indicators the standards of Softbank and its giant In exchange, the company will pull February, a survey showed yesterday, survey result suggested the German investment arm, but adds to a together material from across its 165 as the manufacturing sector economy would grow 0.2 per cent in growing list of healthcare stable of titles — such as football news 160 improved despite global fears over the first quarter of 2020. investments that include and analysis — to provide a wider the coronavirus outbreak. Germany’s economy slowed last drugmaker Roivant Sciences and range of content for the reader. 18 Feb19 Feb 20 Feb 21 Feb 24 Feb The Ifo Institute’s closely-watched year after a slump in demand. Vir Biotechnology. Reuters

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James Booth on more effectively. the defence that may weaken the chunks — one precise count, one email INDIVIDUAL DPAS? Kevin Hollinrake MP, co-chair of the prosecution case. exchange — and just charge that?” Lord Garnier QC, who oversaw the the struggle to all-party parliamentary group on fair Trials are often long and complicated Ex-head of fraud at the SFO, Stuart introduction of the UK DPA regime business banking, says: “Big business with defendants who do not fit the Alford QC, now a partner at Latham & when he was solicitor general lock up executives often sees fines as simply a cost of profile of the stereotypical criminal. Watkins, says: “There is a danger of between 2010 and 2012, suggests the doing business. Unless we start suc- One former SFO lawyer said juries focusing attention on the corporate introduction of DPAs for individuals in major fraud and cessfully prosecuting and jailing those struggle with financial criminals. settlement and pushing towards that to ensure those committing wrongdo- responsible, corruption, fraud and “They don’t look like criminals in — and in doing so not giving enough ing are not allowed to escape without corruption cases bribery will continue.” the sense of what [they] often see,” time and attention and building into sanction. Susan Hawley, director of policy at they add. that settlement enough of the terms “If we are going to convict Corruption Watch, points to the pur- that would help with the prosecution companies and convict individuals, HE SERIOUS Fraud Office suit of former Volkswagen executives FOCUSED APPROACH? of individuals.” but also enter into DPAs with (SFO) has developed a in Germany and the US in relation to Some former prosecutors argue the Jonathan Pickworth, partner at law companies, there is a logic in thinking lucrative model of targeting the emissions-rigging scandal as an SFO needs to approach cases different- firm White & Case, says the SFO is about arranging DPAs with individu- Tlarge companies in striking example to follow. ly, focusing on trying to find limited, more interested in achieving big cash als,” he says. a Deferred Prosecution “When you see the heads of individual examples of criminal settlements than going after The idea is a controversial one, as it Agreement (DPA) to suspend criminal Volkswagen walk away in chains, that behaviour and bringing individual wrongdoers. could lead to accusations that those charges and extracting a sizeable has a really enormous impact on cor- charges, rather than trying to “It’s now all about the with enough money are able to escape financial penalty. porate behaviour,” she says. prosecute the full extent of money. If they can do their prison sentences. Last month, the SFO agreed a €991m City A.M. spoke to ex-prosecutors, for- alleged wrongdoing. DPAs and generate revenue “You can buy your way out of justice’ (£831m) DPA with plane maker Airbus mer government ministers and white Ben Morgan, ex-joint that is seen as a big positive would be writ large over that,” Hawley as part of a €3.6bn deal with prosecu- collar crime lawyers to establish why it head of bribery and by the SFO and no doubt says. tors in France and the US to suspend is so difficult to get convictions in cor- corruption at the SFO some in the government,” prosecution for wholesale bribery ruption cases and to ask what could be and now a partner at he says. SFO IN THE SPOTLIGHT around the world over many years. done to better hold individuals to Freshfields, says: “Rather An SFO spokesperson The SFO is currently prosecuting three SFO boss Lisa Osofsky told the BBC: account. than having a three-to- says: “We always former senior Barclays executives for “It’s a very good win for the taxpayer.” four month trial pursue charging of alleged fraud dating back to the finan- However, despite the successful con- CONVICTIONS AIN’T EASY trying to convict individuals where cial crisis, in a long-running case clusion of its seventh DPA, the SFO has The task of convicting companies or somebody of the evidence is expected to conclude this month. not yet convicted a single executive in individuals in fraud and corruption everything they sufficient and it One white collar crime lawyer says relation to these cases. cases is not an easy one. have done and is in the public the outcome of the case will be closely Investigations can generate huge potentially fail- interest.” watched by critics of the SFO. LOCK ‘EM UP numbers of documents (30m in the ing completely, “If they convict [at Barclays] it will go MPs and corruption campaigners say Airbus probe), which is a big problem why not break Osofsky says a huge way to calming people down, if that individuals responsible for finan- for prosecutors who have to ensure it down DPAs are a win for they don’t, it will be the same argu- cial crime need to be held to account they have disclosed any evidence to into smaller UK taxpayers ment on steroids.” 14 MARKETS TUESDAY 25 FEBRUARY 2020 CITYAM.COM

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FTSE 100 marks MONEYSUPERMARKET.COM 380 P Wall St plunges 24 Feb 360 334 over concerns worst day since 340 320 of pandemic

300 ALL Street’s three major Waverages plunged yesterday 18 Feb 19 Feb 20 Feb 21 Feb 24 Feb as investors ran for safety after a surge in coronavirus cases 2016 amid virus Liberum analysts say that Moneysupermarket’s strong full-year update last week outside China fanned worries about reaffirms the price-comparison website’s strategy. Its home services division the global economic impact of a delivered better than expected growth at 36 per cent, insurance grew in line potential pandemic. at three per cent, while the money division dragged on growth and fell 17 Investors sold riskier assets and ONDON’s FTSE 100 recorded its Outside mainland China, the out- per cent. Adjusted earnings were marginally above consensus expectations for the rushed to traditionally safer bets such worst one-day performance in break has spread to about 29 full year, notching nine per cent growth over the period. Liberum trims its target as gold and US Treasuries after more than four years yesterday, countries and territories, according to price from 570p to 415p and reiterates its “buy” rating. countries including Iran, Italy and Lin a fall that wiped $65bn a Reuters tally. In England, four pas- South Korea reported a rise in virus (£50.3bn) off companies’ sengers evacuated from a cruise ship cases over the weekend even as China market value, as a jump in have tested positive for the virus. NATIONAL EXPRESS eased curbs with no new cases coronavirus cases outside China set Travel, tourism and luxury stocks reported in Beijing and other cities. off fears of a pandemic. have been among the worst hit as 450 P The benchmark S&P 500 index and The FTSE 100 fell 3.3 per cent, track- efforts to contain the deadly virus the blue-chip Dow turned negative for ing declines across the world, as sharp have led to travel restrictions to China. the year to date and the Dow dropped rises in new cases in Iran, Italy and Yesterday’s dramatic fall left the 440 more than 1,000 points, only the third South Korea raised concerns FTSE 100 5.1 per cent lower for 24 Feb time in its history for such a large about a bigger hit to the the year. 430 decline in one day. world economy than pre- Other news-driven 424.20 Adding to worries, Goldman Sachs viously feared. moves dragged AB Foods slashed its US growth forecast last The midcap bourse 420 Sunday and predicted a more severe suffered a three per Bunzl was one of the impact from the epidemic. cent drop, tumbling to only positive notes for 18 Feb 19 Feb 20 Feb 21 Feb 24 Feb The CBOE Volatility Index, a gauge of levels last seen in the bleak FTSE 100 investor anxiety, registered its biggest December. Broker Peel Hunt says coach operator National Express is well managed and an one-day jump since February 2018 Losses in Britain were down 1.5 per cent, after a “excellent operator”. The current growth trajectory is positive and its forecasts are and ended the day at 25.03, its highest broad based, with miners warning that there was a slightly above consensus. Analysts think this is already priced-in, are wary of the closing level since January 2019. shedding nearly six per cent risk of supply shortages on concession renewal process for its Spanish arm, and would therefore become more Both the Dow and the S&P clocked on their worst day in nearly four some lines if delays in factory positive on either financial outperformance or stock weakness. Key risks to forecasts their biggest one-day percentage years. Easyjet and British Airways- production in China were prolonged are bus franchising in the west midlands and the strength of sterling. Peel Hunt declines since February 2018. owner IAG led the wider travel and due to the coronavirus outbreak. initiates coverage at a “hold” rating and upgrades its target price to 450p. Apple slid 4.8 per cent as data leisure sector down 5.3 per cent. In the more domestically focused showed sales of smartphones in “The coronavirus outbreak has midcap index, some of the biggest China tumbled by more than a altered market dynamics since late decliners were Wizz Air, Tullow Oil and QUILTER third in January. January,” Blackrock analysts wrote in Kaz Minerals. China-exposed chipmakers fell, with their weekly note. In a bright spot, business supplies 175 P the Philadelphia SE Semiconductor Italian stocks plunged roughly 5.5 distributor Bunzl added three per index dropping 4.8 per cent, while per cent, after the country reported its cent after posting a higher annual concerns about growing travel curbs fourth death from the virus and a profit, thanks to acquisitions made 170 dragged the NYSE Arca Airline Index jump in infections. last year. down six per cent. 24 Feb 165 Health insurers such as United 165 Health and Cigna dropped almost TOP RISERS FTSE eight per cent after senator Bernie P 160 Sanders, who backs the elimination of 1. Pearson Up 3.24 per cent 7,500 private health insurance, 2. Bunzl Up 2.69 per cent 7,400 18 Feb 19 Feb 20 Feb 21 Feb 24 Feb strengthened his position for 3. Polymetal Int Up 0.07 per cent the Democratic presidential 7,300 24 Feb Broker Liberum thinks that the success of Quilter’s UK platform migration will nomination with a victory in the TOP FALLERS 7,156.83 continue to lessen the discount at which the stock trades to its 212p fair value per Nevada caucuses. 7,200 share. Analysts say that by the third quarter it will obvious that Quilter is a growing In a rare bright spot, Gilead 1. Easyjet Down 16.67 per cent 7,100 business with half of profits from advice and wealth management, and half from the Sciences, whose antiviral Remdesivir 2. Tui Down 9.8 per cent UK’s fourth biggest adviser platform. The broker says that it currently applies a has shown promise in monkeys 3. IAG Down 9.15 per cent £500m platform migration execution risk discount to the valuation to arrive at its infected by a related coronavirus, rose 24 Feb 18 Feb19 Feb 20 Feb 21 Feb price target. Liberum retains its 185p target and “buy” rating. 4.6 per cent. CITY MOVES WHO’S SWITCHING JOBS Gold Spikes On Safe Haven Demand. WORLDREMIT responsible for developing the brand, and creating HINES Mobile payments company breakthrough marketing campaigns to drive International real estate firm Hines has announced the GOLD AT $1680 / OZ (AS AT 2:30PM / 24TH FEB) Worldremit has appointed Ian Worldremit’s presence in key markets. proition of Jake Walsh as managing director of its UK Cafferky as chief marketing team. Jake has been with the company for 10 years, REASONS TO BUY GOLD officer. Ian joins from O2 WORKSPACE and was instrumental in securing Hines’s two flagship 1. A safe haven asset in uncertain times where he was responsible for Workspace has announced the appointment of Will mixed-use schemes on London’s Oxford Street. He is 2. A liquid asset with no counterparty risk brand and marketing Abbott as chief customer officer, starting in mid-April. currently exploring opportunities to rebuild the firm’s communications, leading the Will is currently chief marketing officer at Neilson portfolio of large scale, prime office assets in central 3. Preservation of wealth O2 brand to Marketing Society Holidays and has previously held senior marketing London and beyond. In his new role, Jake will be UK Brand of the Year in 2015. roles at Hiscox, Freesat and Sky. Graham Clemett, responsible for acquisitions, with a particular focus on He began his career as a chief executive of Workspace, said: “Our customers are office and retail. Ross Blair, senior managing director strategy consultant for a central focus for us as a business. Will’s appointment and head of Hines UK, said: “[Jake’s] promotion is Accenture before moving to Hachette Livre, and then highlights the importance of continued investment in richly deserved and is in keeping with Hines’ leading the award-winning commercial and brand the development of our customer proposition and philosophy of recognising and rewarding talent within SHARPSPIXLEY.COM team at Manchester City Football Club. Ian will be extending our marketing activities.” the business.” T: +44 (0) 207 871 0532 To appear in CITYMOVES please email your career updates and pictures to [email protected] VISIT THE SHOWROOM AT 54 ST JAMES'S STREET, SW1A 1JT CITYAM.COM TUESDAY 25 FEBRUARY 2020 MARKETS 15

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1905 ÄÄ0.0040 €/$ 1.0854 0.0002 7156.83 21117.87 3998.13 27960.80 9221.28 3225.89 /$ 1.2920 Ä 0.0046 €/£ 0.8400 à 0.0028 247.0 9 662.33 134.58 1031.61 355.31 111.86 £ /¥ 142.83 2.0680 €/¥ 119.98 1.3310 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 Vietnam Enterprise ...... 416.5 -29.5 509.0 416.5 Kingfisher...... 207.9 -11.1 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 293.5 -18.5 357.5 293.5 Marks & Spencer ...... 179.1 -4.3 303.2 163.9 Tsy 4.750 20 ...... 100.13 -0.01 104.0 100.1 Contour Global...... 180.8 -2.4 222.5 163.0 Games Workshp ...... 6850.0 -265.0 7350.0 2800.0 BP ...... 438.2 -15.3 582.5 438.2 Aggreko ...... 733.2 -40.0 869.2 707.2 Abcam ...... 1226.0 -51.0 1500.0 1066.0 Witan Invest ...... 221.5 -6.0 235.0 201.6 Tsy 8.000 21...... 109.55 0.02 116.3 109.5 Drax Gp ...... 264.6 -12.8 386.8 251.0 Next ...... 6764.0 -314.0 7340.0 5086.0 LIFE INSURANCE Cairn Energy...... 157.2 -10.5 213.8 143.1 Ashtead Gp ...... 2608.0 -133.0 2774.0 1805.5 Wwide Healthcare .....3185.0 -95.0 3330.0 2495.0 Advanced Medical ...... 269.5 -8.5 354.5 225.0 Tsy 2.500 24 ...... 361.45 0.41 377.9 358.8 SSE ...... 1655.5 -30.5 1686.5 1008.0 Pets at Home Gp ...... 296.4 -8.6 314.6 140.0 Energean Oil & Gas ...... 723.0 -39.0 1082.0 648.9 Babcock Intl Grp...... 481.9 -15.7 646.6 416.7 Aviva ...... 389.5 -14.6 438.8 352.3 Alliance Pharma ...... 85.4 -1.2 87.5 63.0 Tsy 5.000 25 ...... 122.80 0.17 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 105.2 -3.8 139.0 105.0 Premier Oil ...... 95.0 -7.7 118.7 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 300.8 -13.1 318.4 216.7 Bunzl ...... 2001.0 52.5 2551.0 1911.5 Tsy 4.250 27 ...... 129.31 0.35 132.8 125.5 Watches of Switz ...... 373.0 -1.2 392.8 270.0 Royal Dutch Shell A....1821.8 -66.0 2612.0 1821.8 ASOS...... 3150.0 -137.0 4066.0 2107.0 Halma ...... 2145.0 -82.0 2244.0 1537.0 BT Gp ...... 151.3 -5.0 230.7 151.3 Phoenix Gp ...... 767.0 -21.7 803.0 634.2 Capita ...... 143.9 -7.6 183.0 99.9 WH Smith...... 2280.0 -120.0 2654.0 1896.0 Royal Dutch Shell B ...1822.0 -64.4 2622.0 1822.0 Blue Prism ...... 1484.0 -167.0 1841.0 788.0 Tsy 6.000 28 ...... 147.74 0.42 152.1 143.3 Morgan Advanced ...... 289.0 -10.2 324.8 232.4 Talktalk Telecom ...... 115.2 -2.5 126.5 99.0 Prudential ...... 1420.5 -68.5 1790.0 1279.5 DCC ...... 5982.0 -270.0 7496.0 5982.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 36.0 -4.6 250.0 36.0 Camellia ...... 8500.0 -150.0 11350.0 8350.0 Tsy 4.125 30 ...... 382.58 1.22 404.2 364.5 Oxford Instruments ...1532.0 -78.0 1654.0 963.0 Telecom Plus ...... 1524.0 -22.0 1552.0 1130.0 St James Place ...... 1123.0 -43.0 1199.5 913.6 Diploma ...... 2048.0 -64.0 2134.0 1342.0 OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 142.50 0.48 146.4 132.7 Renishaw ...... 3700.0 -210.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 211.6 -4.2 220.4 128.9 Std Life Aberdeen ...... 307.4 -15.6 336.9 238.1 Electrocomp ...... 648.6 -36.6 729.8 540.8 Caretech Holdings ...... 496.0 -6.0 502.0 325.0 Tsy 4.250 36 ...... 151.64 0.48 155.7 137.9 Spectris ...... 2954.0 -51.0 3005.0 2234.0 Greggs ...... 2328.0 -112.0 2476.0 1730.0 Mediclinic Intl ...... 378.7 -11.4 415.3 293.4 MEDIA Hunting ...... 294.8 -10.0 657.0 294.8 Equiniti ...... 210.6 -7.0 236.2 186.2 Central Asia Metals .....198.2 -10.8 266.5 180.0 Tsy 4.750 38...... 167.42 0.46 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 182.9 -3.0 235.0 176.9 NMC Health ...... 848.2 -7.0 3000.0 700.0 Petrofac ...... 358.5 -11.7 527.2 344.4 Essentra ...... 391.2 -9.2 449.0 376.8 4imprint ...... 3130.0 -200.0 3500.0 2000.0 Clinigen Group ...... 849.0 -26.0 1069.0 787.5 Tsy 4.250 46 ...... 177.00 0.47 181.0 1.0 Ocado Gp ...... 1095.5 -40.0 1435.0 990.0 Smith & Neph...... 1890.0 -34.0 1990.0 1424.5 Wood Gp(J) ...... 404.0 -17.6 598.6 319.6 Experian ...... 2776.0 -87.0 2898.0 1960.0 3i Infrastructure ...... 303.0 -7.0 317.5 270.0 Ascential ...... 367.6 13.6 421.2 319.0 CVS Group ...... 1152.0 -44.0 1250.0 454.6 AEROSPACE & DEFENCE Sainsbury(J) ...... 206.9 -3.8 240.6 177.1 UDG Hlthcare ...... 746.0 -31.5 832.5 551.0 PERSONAL GOODS Ferguson ...... 7340.0 -226.0 7602.0 4800.0 Aberforth Smlr Cos ...1374.0 -48.0 1546.0 1114.0 Auto Trader Gp ...... 548.6 -21.2 607.6 469.1 Dart Group ...... 1650.0 -248.0 1943.0 709.5 SSP Group ...... 616.0 -50.0 721.0 608.0 HOUSEHOLD GOODS BAE Systems ...... 659.6 -9.4 669.0 443.9 Alliance Trust ...... 833.0 -29.0 876.0 730.0 Euromny Inst Inv...... 1138.0 -26.0 1498.0 1138.0 Burberry Gp...... 1795.0 -75.5 2345.0 1695.0 G4S ...... 194.6 -5.7 234.3 168.3 Tesco ...... 249.3 -6.4 258.9 212.6 Diversified Gas & Oil ...... 90.0 -1.0 116.5 84.2 Meggitt ...... 594.4 -21.4 697.4 489.9 AVI Global Trust...... 749.0 -8.0 802.0 713.0 Barratt Devel ...... 837.0 -26.2 878.4 552.8 Future ...... 1314.0 -88.0 1572.0 682.0 PZ Cussons ...... 189.8 -7.4 227.0 178.8 Hays ...... 153.2 -5.6 183.5 138.0 Draper Esprit ...... 560.0 -30.0 602.0 410.0 QinetiQ ...... 386.0 -1.8 387.8 267.0 Baillie Gifford Japan ....724.0 -28.0 848.0 724.0 FOOD PRODUCERS Bellway ...... 4204.0 -93.0 4310.0 2698.0 Informa ...... 755.0 -20.8 892.0 700.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1259.0 -41.0 1340.0 953.0 Rolls-Royce ...... 628.4 -17.2 982.8 628.4 Intertek Gp ...... 5670.0 -174.0 6170.0 4643.0 EMIS Group ...... 1200.0 -16.0 1242.0 938.0 Bankers InvTst ...... 988.0 -28.0 1032.0 843.0 Assoc British Foods...2543.0 -40.0 2708.0 2106.0 Berkeley Grp Hldgs ... 5274.0 -196.0 5474.0 3437.0 ITV ...... 126.5 -4.2 156.5 103.6 AstraZeneca ...... 7446.0 -244.0 7878.0 5644.0 Senior ...... 148.8 -9.0 235.0 148.8 IWG...... 427.9 -16.6 469.0 229.6 Fevertree Drinks ...... 1433.0 -24.5 2475.0 1365.0 BlackRock Smaller .....1718.0 -58.0 1794.0 1298.0 Bakkavor ...... 131.4 -6.0 167.0 93.3 Countryside Prop ...... 515.0 -25.5 540.5 277.6 Moneysupermkt.com ...334.0 -18.0 417.7 309.5 Dechra Pharma ...... 2784.0 -16.0 3068.0 2348.0 Ultra Electronics ...... 2090.0 -46.0 2292.0 1232.0 BMO Global Smaller ...... 139.1 -5.0 150.0 127.5 Cranswick ...... 3704.0 -136.0 3852.0 2472.0 Crest Nicholson ...... 498.2 -19.8 519.0 332.0 Pearson ...... 579.6 18.2 927.0 556.4 Genus ...... 3218.0 -76.0 3294.0 2178.0 Network Int...... 599.0 -41.0 650.0 513.0 First Derivatives ...... 2950.0 -85.0 3555.0 2050.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3070.0 -25.0 3180.0 2910.0 Greencore Gp ...... 240.1 -11.3 281.8 193.4 McCarthy & Stone...... 154.0 -2.5 158.8 123.5 RELX ...... 2004.0 -68.0 2099.0 1606.0 GlaxoSmithKline ...... 1629.8 -28.4 1846.0 1497.4 Pagegroup ...... 438.6 -17.6 539.0 367.8 Frontier Devs ...... 1282.0 -50.0 1444.0 866.0 Aston Martin...... 377.9 -23.7 1374.4 377.9 City of London IT ...... 419.5 -12.0 448.5 396.5 Hilton Food Gp ...... 1020.0 -34.0 1118.0 905.0 Persimmon ...... 3184.0 -98.0 3298.0 1836.0 Rightmove Group ...... 667.8 -20.2 701.2 471.9 Hikma Pharma ...... 1842.5 -85.0 2200.0 1556.5 Paypoint...... 905.0 -39.0 1118.0 844.0 Gamma Comms ...... 1310.0 -30.0 1460.0 830.0 Edin Inv Trust ...... 584.0 -17.0 652.0 535.0 Tate & Lyle ...... 770.4 -18.0 801.4 663.8 Reckitt Benckiser ...... 6247.0 -167.0 6688.0 5767.0 WPP ...... 924.4 -43.8 1077.5 801.0 Rentokil Initial ...... 502.0 -6.4 508.4 329.0 TI Fluid Systems ...... 225.0 -7.5 273.0 155.2 REAL ESTATE GB Group ...... 673.0 -25.0 800.0 464.0 European Opp ...... 868.0 -44.0 926.0 705.0 Unilever ...... 4483.0 -110.0 5324.0 3983.0 Sanne Group ...... 629.0 -6.0 752.0 498.0 BANKS Assura ...... 80.9 -0.3 83.5 56.7 Gooch & Housego ...... 1352.5 -7.5 1527.5 954.0 F&C Investment ...... 755.0 -19.0 786.0 675.0 FORESTRY & PAPER MAIN CHANGES UK 350 Serco ...... 152.8 -4.6 167.7 120.3 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 235.0 -7.0 253.0 205.5 Big Yellow Gp ...... 1211.0 -29.0 1240.0 955.0 Hurricane Energy ...... 14.8 -0.4 53.6 14.8 Mondi ...... 1636.0 -81.0 1890.5 1510.5 SIG ...... 83.5 -3.0 153.0 83.5 Barclays ...... 170.0 -9.6 192.5 136.2 % % BMO Comm Prop ...... 106.2 -2.0 124.2 106.0 Fidelity Euro Values .....259.5 -10.5 272.0 218.0 GENERAL FINANCIAL Risers à Fallers Ä Travis Perkins...... 1640.0 -58.0 1720.0 1166.0 Impax Asset Mgmt .....380.0 -13.5 405.0 202.0 BGEO Group ...... 1717.0 -11.0 1818.0 1252.0 Finablr ...... 74.90 5.5 easyJet ...... 1257.00 -16.7 British Land ...... 551.2 -5.0 638.8 468.3 Fidelity Spec Val ...... 257.0 -9.5 280.5 240.5 TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 374.5 -11.5 405.0 316.5 HSBC Hldgs...... 550.8 -11.4 680.6 550.8 Finsbury G&I Tst ...... 881.0 -31.0 958.0 795.0 3i Group ...... 1130.5 -40.5 1184.5 935.4 Ascential ...... 367.60 3.8 Wizz Air Holdings ...... 3908.00 -11.3 Captl & Count Prop ...... 237.7 -5.0 270.5 184.8 IQE...... 51.1 -5.0 98.0 41.8 Lloyds Banking ...... 53.1 -2.2 67.2 48.6 GCP Infra Inv ...... 122.2 -1.4 134.0 122.2 Ashmore Gp ...... 539.5 -18.5 570.0 397.8 Pearson ...... 579.60 3.2 PPHE Hotel Gp...... 1880.00 -11.3 CLS Hldgs ...... 266.5 -9.5 312.5 212.0 Spirent Comms ...... 241.0 -8.5 256.0 140.4 James Halstead ...... 548.0 -2.0 570.0 440.0 Royal Bank of Scot ...... 197.8 -6.3 270.4 177.7 Genesis Emerging ...... 754.0 -29.0 818.0 686.0 Brewin Dolphin ...... 353.8 -7.0 375.2 287.6 Fresnillo ...... 735.00 3.2 Tullow Oil ...... 36.00 -11.3 Daejan Hldgs ...... 8020.0 0.0 8020.0 4715.0 TOBACCO Puretech ...... 336.00 3.1 Intl Cons Airl ...... 566.00 -9.1 Standard Chartered ....606.6 -20.4 738.6 575.7 Greencoat UK ...... 144.0 -1.0 152.8 133.8 Close Brothers ...... 1403.0 -37.0 1663.0 1227.0 Derwent London ...... 4224.0 -58.0 4282.0 2884.0 Johnson Service Gp .....207.0 -5.0 223.0 128.0 Bunzl ...... 2001.00 2.7 Anglo American ...... 1942.80 -8.6 Br Am Tob ...... 3236.5 -116.0 3507.0 2648.0 TBC Bank Group...... 1346.0 10.0 1706.0 1150.0 Harbourvest Glb ...... 1844.0 -20.0 1868.0 1406.0 Coats Group ...... 68.2 -3.0 91.2 68.1 Grainger ...... 332.0 -6.0 338.0 217.4 Keywords Studios .....1604.0 -60.0 1838.0 1052.0 Next Energy Solar...... 117.50 0.9 Kaz Minerals...... 452.60 -8.3 Imperial Brands ...... 1701.4 -27.6 2648.5 1668.2 Virgin Money UK ...... 171.7 -10.1 220.1 104.4 Finablr ...... 74.9 3.9 215.0 71.0 Grt Portland Est ...... 941.2 -17.0 966.0 649.4 Herald Inv Trust ...... 1436.0 -38.0 1530.0 1205.0 TBC Bank Group ...... 1346.00 0.7 Melrose Ind ...... 226.20 -7.5 Learning Tech Gp ...... 148.8 -12.4 172.2 63.7 Hargreaves Lans...... 1675.5 -34.5 2433.0 1604.5 Hammerson ...... 222.1 0.1 388.4 203.9 TRAVEL & LEISURE BEVERAGES HICL Infr ...... 178.6 -2.6 183.0 156.6 LXI REIT ...... 137.40 0.4 SSP Group ...... 616.00 -7.5 M&C Saatchi ...... 87.0 -1.0 394.0 79.0 JPM American ...... 499.0 -16.0 524.0 421.0 IG Gp...... 684.0 -8.6 708.0 474.8 Land Securities...... 945.2 -16.0 1001.5 735.4 Carnival ...... 2805.0 -205.0 4309.0 2805.0 Barr (AG) ...... 578.0 -26.0 975.0 526.0 Sirius Real Estate ...... 93.40 0.4 Premier Oil ...... 95.00 -7.5 M.P. Evans ...... 680.0 -4.0 750.0 612.0 JPM Emerg Mkt ...... 994.0 -44.0 1088.0 878.0 Integrafin Holdings ...... 511.0 -14.0 529.0 337.0 LondonMetric Prop ...... 229.2 -4.6 241.2 190.9 Cineworld Group ...... 171.1 -10.7 321.0 171.1 Britvic ...... 891.0 -37.0 1068.0 850.0 Majestic Wine ...... 218.5 0.5 318.0 210.0 JPM Indian IT ...... 686.0 -34.0 790.0 633.0 Intermediate Capital 1804.0 -73.0 1877.0 999.0 Redrow...... 825.0 -19.0 848.0 533.0 MINING NewRiver Retail ...... 188.8 -2.2 246.0 147.6 Compass Gp ...... 1890.5 -62.5 2138.0 1665.0 Coca-Cola HBC AG .....2729.0 -69.0 3074.0 2299.0 Primary Hlth Prop ...... 160.8 -0.8 162.8 120.2 JPM Japan IT ...... 412.0 -15.5 477.5 383.0 Intl Public Prtnshps ...... 167.6 -2.0 171.2 146.8 Taylor Wimpey ...... 224.3 -8.1 236.2 142.9 Anglo American ...... 1942.8 -182.2 2266.0 1666.6 Dominos Pizza ...... 319.1 -3.5 326.4 221.2 Midwich Group ...... 570.0 -14.0 633.0 474.5 Diageo ...... 3012.0 -87.5 3625.5 2913.5 Investec ...... 439.2 -7.0 518.6 395.3 Safestore Hldgs ...... 849.0 -18.0 867.0 586.0 Jupiter Fund Mngt ...... 373.9 -16.7 432.0 314.0 Vistry Group ...... 1403.0 -54.0 1478.0 975.0 Antofagasta ...... 816.2 -44.0 1022.5 779.6 easyJet ...... 1257.0 -251.5 1552.0 854.8 Mortgage Advice B .....770.0 -10.0 795.0 546.0 CHEMICALS IP Group ...... 75.6 -0.1 103.2 55.7 Savills ...... 1186.0 -43.0 1258.0 822.0 Law Debenture ...... 608.0 -12.0 654.0 552.0 INDUSTRIAL ENGINEERING BHP Group ...... 1569.8 -91.8 2049.0 1569.8 EI Group ...... 284.6 0.0 285.0 194.0 Next Fifteen Comm ...... 487.5 2.5 658.0 465.0 John Laing Gp ...... 350.4 -9.6 402.0 345.6 SEGRO ...... 896.6 -24.8 935.0 651.6 Croda International ..4920.0 -95.0 5375.0 4564.0 Mercantile IT ...... 266.5 -11.0 278.5 188.0 FirstGroup ...... 128.0 -4.5 137.5 89.3 Bodycote ...... 818.5 -31.5 971.0 652.0 Centamin ...... 152.4 -0.8 153.2 79.8 Nichols...... 1387.5 -37.5 1880.0 1322.5 Elementis...... 118.3 -3.9 191.8 118.3 Monks Inv Tst ...... 975.0 -35.0 1026.0 808.0 London Stock Exch ...8300.0 -122.0 8542.0 4489.0 Shaftesbury ...... 879.0 -20.5 979.5 739.5 Fresnillo ...... 735.0 22.8 921.2 539.6 Flutter Ent...... 8906.0 -146.0 9456.0 5525.0 Numis Corporation ...... 280.0 -10.0 306.0 212.0 Johnson Matt...... 2626.0 -83.0 3454.0 2605.0 Man Group ...... 153.9 -4.8 175.2 130.5 Hill & Smith ...... 1449.0 -10.0 1510.0 1049.0 St Modwen Props ...... 504.0 -12.0 530.0 373.0 Murray Intl Tst ...... 1154.0 -42.0 1286.0 1114.0 Glencore ...... 211.6 -12.8 340.3 211.6 Go-Ahead Gp ...... 2076.0 -84.0 2278.0 1783.0 Synthomer ...... 317.8 -12.2 420.8 279.0 Next Energy Solar ...... 117.5 1.0 126.5 114.0 Onesavings ...... 428.4 -7.6 452.0 313.6 IMI ...... 1037.5 -62.5 1206.0 906.0 TR Property IT ...... 485.0 -10.5 497.5 377.0 Polar Capital Hdgs ...... 530.0 -10.0 604.0 482.0 Hochschild Mining ...... 199.9 -1.1 227.0 152.0 GVC Hldgs ...... 834.6 -28.2 939.0 507.5 Victrex ...... 2246.0 -34.0 2540.0 1845.0 Pantheon Intl Partn ..2395.0 -70.0 2620.0 2020.0 Paragon...... 499.4 -11.1 553.5 388.0 Melrose Ind ...... 226.2 -18.4 248.5 160.7 Tritax Big Box ...... 143.6 -2.1 159.7 137.9 Purplebricks Gp ...... 103.2 0.1 132.0 96.0 Plus500 ...... 850.0 -7.6 949.6 495.0 Kaz Minerals ...... 452.6 -40.8 738.4 380.3 UK Commercial Prop .....85.6 -1.5 92.7 79.9 Intercontl Htls ...... 4741.0 -281.0 5738.0 4499.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...314.0 -9.5 342.0 284.5 RHI Magnesita ...... 2984.0 -100.0 5000.0 2984.0 Redde...... 105.0 0.0 127.6 98.0 Provident Fin ...... 461.8 -4.3 608.2 356.0 Polymet Int...... 1345.0 1.0 1345.0 772.6 Unite Group ...... 1296.0 -43.0 1339.0 896.5 Intl Cons Airl...... 566.0 -57.0 671.0 413.5 Pershing Square ...... 1504.0 -52.0 1578.0 1224.0 Rotork ...... 296.3 -15.8 341.2 269.8 Renew Holdings...... 534.0 -22.0 568.0 360.0 Balfour Beatty ...... 271.2 -7.4 295.0 194.2 Rio Tinto ...... 3965.5 -237.0 4976.5 3924.5 Workspace Gp ...... 1258.0 -10.0 1307.0 806.0 Just Eat Takeaway.com 7220.0 -350.0 8255.0 7220.0 Personal Assets Tst ....43700 -200.0 44050 39800 Quilter ...... 165.0 -6.8 174.7 124.2 CRH ...... 2813.0 -91.0 3100.0 2279.0 Spirax-Sarco...... 9080.0 -285.0 9415.0 6655.0 Marstons ...... 100.7 -6.0 131.4 97.5 RWS Holdings ...... 567.0 -11.0 670.0 461.5 Polar Cap Tech Tst .....1630.0 -74.0 1746.0 1218.0 Rathbone Brothers .....1912.0 -84.0 2540.0 1912.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES Galliford Try...... 168.0 -7.5 190.4 102.4 Schroders ...... 3196.0 -180.0 3443.0 2541.0 Weir Gp ...... 1261.0 -72.0 1814.0 1261.0 Mitchells & Butlers .....400.0 -17.5 470.5 238.0 Scapa Group ...... 189.4 -6.6 403.0 157.0 Renewables Infra Gp ...134.8 -2.2 139.2 115.4 Vodafone Gp ...... 150.7 -4.2 165.2 123.3 Avast...... 421.2 -15.4 551.0 282.0 Grafton Group...... 946.0 -30.5 990.0 645.5 TP ICAP ...... 386.2 -13.6 417.5 270.0 INDUSTRIAL METALS National Express ...... 424.2 -15.0 476.0 387.4 RIT Cap Partners ...... 2040.0 -45.0 2180.0 2005.0 Aveva Gp...... 4716.0 -154.0 5315.0 2962.0 Secure Income REIT ...461.0 -5.0 473.0 394.0 Ibstock ...... 307.2 -12.6 322.2 208.6 NONLIFE INSURANCE Schroder Asia ...... 446.0 -18.0 485.5 424.5 GENERAL RETAILERS Evraz ...... 367.6 -19.8 709.4 341.4 Computacenter...... 1802.0 -75.0 1920.0 1049.0 PPHE Hotel Gp ...... 1880.0 -240.0 2140.0 1630.0 Serica Energy...... 105.0 -2.2 143.4 103.6 Marshalls ...... 808.5 -19.0 876.0 533.0 Admiral Gp ...... 2262.0 -13.0 2330.0 2014.0 Rank Gp ...... 320.5 -2.0 326.0 144.0 Scottish Inv Tst ...... 780.0 -10.0 843.0 769.0 B&M ...... 357.4 -9.2 420.9 315.0 Ferrexpo ...... 147.9 -8.3 301.3 123.0 FDM Group...... 956.0 -43.0 1100.0 647.0 Smart Metering Sys.....515.0 -28.0 635.0 310.0 Polypipe Group ...... 589.0 -18.5 619.0 372.8 Scottish Mortgage ...... 609.5 -30.5 659.0 472.0 Dixons Carphone ...... 134.0 -0.3 152.4 104.9 Beazley ...... 562.5 -16.5 628.0 504.5 Kainos Gp ...... 798.0 -44.0 880.0 430.0 Restaurant Grp ...... 123.0 -5.5 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 113.8 -1.0 118.6 110.0 Dunelm Gp...... 1238.0 -38.0 1404.0 730.5 Direct Line Ins ...... 324.8 -10.9 366.5 270.5 Micro Focus Intl ...... 748.1 -41.6 2160.0 748.1 Stagecoach Gp...... 139.0 -2.5 167.0 115.5 Thorpe (F.W.) ...... 320.0 1.0 359.0 267.0 Smith (DS) ...... 348.6 -7.4 394.8 307.9 Smithson Inv ...... 1330.0 -38.0 1388.0 1105.0 Frasers Group ...... 464.0 -27.8 518.0 214.0 Clarkson ...... 2785.0 -65.0 3110.0 2200.0 Hastings Gp Hldgs ...... 176.3 -7.9 231.6 167.9 Playtech ...... 330.5 -16.7 457.7 330.5 Wetherspoon (JD) ...... 1472.0 -33.0 1734.0 1269.0 Smiths Gp...... 1668.0 -77.5 1769.5 1378.0 Syncona ...... 259.5 -4.5 294.0 203.0 Howden Joinery Gp...... 709.4 -22.6 732.6 478.8 Fisher (James) ...... 1884.0 -90.0 2260.0 1840.0 Hiscox ...... 1298.0 -34.0 1777.0 1213.0 Sage Group ...... 757.8 -16.0 820.4 655.0 Whitbread ...... 4451.0 -318.0 5152.0 3988.0 Watkin Jones ...... 275.0 -11.0 286.0 199.6 Smurfit Kappa Gp...... 2672.0 -158.0 3010.0 2096.0 Temple Bar IT ...... 1330.0 -32.0 1486.0 1162.0 Inchcape...... 605.0 -27.5 720.0 545.5 Royal Mail ...... 172.0 -6.4 283.2 172.0 Lancashire Hldgs ...... 798.5 -8.5 807.0 640.5 Softcat ...... 1155.0 -35.0 1260.0 743.0 William Hill ...... 186.2 -6.2 205.2 132.3 Young’s Brew NV ...... 1235.0 -5.0 1310.0 1030.0 Vesuvius...... 410.4 -32.0 642.0 341.0 Templeton Em Mkts .....811.0 -25.0 876.0 731.0 JD Sports Fashion ...... 824.2 -54.6 881.4 464.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 547.2 -21.8 597.0 501.6 Sophos ...... 571.0 0.8 577.0 298.2 Wizz Air Holdings ...... 3908.0 -499.0 4496.0 2880.0 Young’s Brew-A...... 1680.0 22.5 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 264.05 -18.40 316.05 204.80 3M ...... 152.55 -4.38 219.50 150.74 AIR LIQUIDE ...... 133.75 -5.50 140.30 109.50 ABBOTT LABORATORIES ...... 84.63 -2.82 91.86 72.88 ALLIANZ AG ...... 222.50 -8.70 232.20 194.48 ADOBE INC ...... 357.41 -15.54 383.28 254.74 AMADEUS IT GROUP ...... 67.14 -3.82 78.60 42.30 ALPHABET NON VTG-C ...... 1421.59 -63.52 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 64.08 -2.07 92.71 65.86 ALPHABET-A ...... 1419.86 -63.60 1524.87 1116.79 AMAZON.COM ...... 2009.29 -86.68 2170.22 1620.80 ASML HOLDING NV ...... 270.65 -14.35 292.95 158.30 AMERICAN EXPRESS ...... 128.19 -6.71 136.93 106.94 AXA ...... 23.34 -0.79 25.50 20.78 APPLE INC ...... 298.18 -14.87 327.20 172.50 BANCO SANTANDER ...... 3.62 -0.16 4.18 3.40 AT&T ...... 38.05 -0.50 39.63 29.81 BASF...... 58.64 -2.19 74.49 56.20 BANK OF AMERICA ...... 32.73 -1.63 35.64 26.25 BAYER AG...... 70.29 -3.86 78.06 52.53 BERKSHIRE HATHAWAY...... 221.69 -7.64 230.20 195.81 BBVA ...... 4.91 -0.20 5.69 4.21 BOEING CO ...... 317.90 -12.48 432.69 309.00 BMW ...... 61.37 -3.14 77.75 58.70 CATERPILLAR INC ...... 132.17 -5.04 150.53 113.38 BNP PARIBAS ...... 51.20 -2.02 54.18 39.32 CHEVRON ...... 104.71 -4.30 126.54 106.28 CRH ...... 33.37 -1.30 36.50 26.70 CISCO SYSTEMS ...... 44.00 -2.29 58.05 43.52 DAIMLER ...... 39.78 -2.83 59.31 40.53 CITIGROUP ...... 72.53 -3.91 81.91 60.33 DANONE ...... 67.54 -3.46 82.00 65.88 COCA-COLA CO ...... 58.65 -1.48 60.13 44.69 DEUTSCHE POST AG ...... 30.14 -1.67 34.91 26.38 COMCAST ...... 44.60 -1.22 47.50 38.19 DOW ...... 46.24 -2.06 66.65 40.71 DEUTSCHE TELEKOM ...... 16.07 -0.39 16.61 14.45 EBAY INC ...... 37.26 -0.94 41.57 33.56 ENEL ...... 8.03 -0.41 8.57 5.30 EXXON MOBIL ...... 56.36 -2.77 83.38 59.13 ENGIE...... 16.09 -0.50 16.64 12.45 FACEBOOK ...... 200.72 -9.46 223.23 174.60 ENI ...... 12.17 -0.60 15.94 12.61 GOLDMAN SACHS GROUP ...... 224.54 -6.08 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 239.70 -5.64 247.02 181.14 FRESENIUS MEDICAL CARE ...... 73.24 -2.44 77.66 57.92 HONEYWELL INTERNATIONAL ...... 175.27 -4.61 183.23 151.59 IBERDROLA ...... 10.93 -0.25 11.22 6.02 IBM ...... 146.43 -3.41 156.76 126.99 INDITEX ...... 29.62 -1.97 32.37 2.55 INTEL ...... 61.76 -2.58 68.47 43.46 ING GROEP NV...... 9.51 -0.37 12.05 8.34 JOHNSON & JOHNSON ...... 145.91 -4.02 153.99 126.95 INTESA SANPAOLO...... 2.38 -0.14 2.60 1.83 JPMORGAN CHASE & CO ...... 132.16 -3.65 141.09 98.93 KERING ...... 535.10 -26.50 610.20 425.05 MASTERCARD INC ...... 324.67 -15.03 344.56 221.87 MCDONALD’S ...... 213.52 -2.35 221.15 179.50 KON KPN NV ...... 2.50 -0.03 2.96 2.46 MEDTRONIC ...... 111.35 -1.93 121.30 84.15 L’OREAL ...... 256.00 -10.00 275.30 220.30 MERCK & CO ...... 81.33 -1.01 92.04 73.19 LVMH MOET HENNESSY ...... 385.65 -18.85 439.05 302.00 COMMODITIES TOURIST RATES MICROSOFT ...... 170.89 -7.70 188.70 110.39 MUENCHENER RUECKVE ...... 263.50 -10.70 282.50 205.90 NETFLIX ...... 368.70 -11.37 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1674.81 +30.89 Copper Cash Official...... 5701.50 -27.50 Canada ...... 1.6374 New Zealand ...... 1.9099 NIKE INC ...... 95.91 -4.34 104.58 77.14 ORANGE ...... 13.23 -0.20 15.01 12.61 Silver (Pence) ...... 1856.00 +17.50 Aluminium Cash Official ...... 1676.50 -10.00 Croatia ...... 8.0647 Norway...... 11.56 ORACLE ...... 52.65 -2.03 60.15 50.24 ROYAL PHILIPS ...... 42.87 -1.38 45.61 34.66 Silver (Cents) ...... 1434.00 +6.00 Nickel Cash Official ...... 12437.50 -245.00 Czech Republic ...... 27.58 Poland ...... 4.5219 PAYPAL HOLDINGS ...... 116.44 -3.05 123.91 96.64 SAFRAN ...... 137.00 -6.80 150.25 116.90 Krugerrand ...... 1694.89 +38.79 Aluminium Alloy Cash Official ...... 1360.00 -2.50 Denmark ...... 8.5045 Singapore ...... 1.6926 PEPSICO ...... 142.64 -3.21 146.99 118.61 SANOFI ...... 91.57 -1.76 94.00 72.24 Brent Crude ...... 58.50 -0.81 Natural Gas ...... 22.92 -0.22 Hong Kong ...... 9.5687 Sweden ...... 12.10 PFIZER INC ...... 34.67 -1.05 44.40 34.24 SAP SE ...... 120.62 -5.38 129.36 93.81 Platinum ...... 976.00 -10.00 Tin Cash Official ...... 16522.50 -65.00 Iceland ...... 146.67 Switzerland ...... 1.2095 PROCTER & GAMBLE ...... 123.30 -3.40 127.14 98.41 SCHNEIDER ELECTRIC ...... 98.58 -3.07 102.90 67.60 British Sovereign ...... 395.06 +8.88 Zinc Cash Official ...... 2086.25 -12.75 India ...... 81.92 Turkey ...... 7.569 TRAVELERS COMPANIES ...... 134.12 -1.04 154.83 128.93 SIEMENS AG ...... 100.72 -4.48 119.90 85.00 Lead Cash Official ...... 1880.50 -58.00 White Sugar ...... 423.40 +3.70 Israel ...... 3.9991 United States ...... 1.2355 TWITTER ...... 35.89 -2.42 45.42 28.89 UNITED HEALTH GROUP ...... 277.79 -23.64 305.31 215.26 SOCIETE GENERALE...... 29.94 -1.13 31.93 21.13 UNITED TECHNOLOGIES ...... 146.58 -4.94 156.83 122.94 TELEFONICA SA ...... 6.00 -0.11 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 57.99 -0.21 62.07 54.35 TOTAL ...... 42.16 -2.13 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 198.79 -10.02 213.31 168.86 UNILEVER NV ...... 52.34 -1.58 57.56 47.05 FTSE 100...... 7156.83 -247.09 -3.34 S&P 500...... 3225.89 -111.86 -3.35 CAC 40 ...... 5791.87 -237.85 -3.94 Hang Seng ...... 26820.88 -487.93 -1.79 WALGREENS BOOTS ALLIANCE...... 49.03 -2.42 76.05 49.29 VINCI ...... 100.60 -4.85 106.75 82.74 FTSE 250 ...... 21117.87 -662.33 -3.04 Dow Jones I.A ...... 27960.80 -1031.61 -3.56 Swiss Market Index ...... 10712.84 -397.94 -3.58 Nikkei ...... 23386.74 U/C U/C WALMART ...... 116.32 -2.26 121.28 96.94 VIVENDI ...... 24.90 -0.24 26.42 23.40 FTSE All-Share ...... 3998.13 -134.58 -3.26 Nasdaq Composite ...... 9221.28 -355.31 -3.71 ISEQ Overall Index ...... 6925.19 -315.00 -4.35 STI Index ...... 3142.20 -38.83 -1.22 WALT DISNEY CO ...... 133.01 -5.96 151.64 107.79 VOLKSWAGEN AG ...... 156.16 -9.86 185.52 138.16 FTSE AIM All-Share ...... 942.94 -29.68 -3.05 Xetra DAX...... 13035.24 -544.09 -4.01 FTSEurofirst 300 ...... 1605.22 -62.67 -3.76 ASX All Ordinaries...... 7065.40 -165.00 -2.28 WELLS FARGO & CO ...... 46.39 -1.31 54.46 43.38 16 OPINION TUESDAY 25 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Immigration is about more TO THE EDITOR than the economy, stupid Marbleous times [Re: Is there a case for Britain keeping the Elgin Marbles?] Finding a principle about what to do with T SEEMS odd to suggest that we themselves neoliberals who would People fall in love across national artefacts removed under dubious should talk more about immi- John cast open the borders for the mar- boundaries, or might just buy a circumstances from their place of origin is gration. It is the policy area Oxley kets to decide. one-way ticket with little more a difficult deed. Cultural achievements do Iwhich attracts perhaps the most Against them stands another than a dream to their name. not “belong” to abstract entities like a wide-ranging and outraged of group who see immigration in Those who focus on the cultural nation’s people. Even more, seeing the political commentary, and was un- purely cultural terms, but in a neg- value of migration must also accept Brexit negotiations as a chance to strong- deniably a key driver in the vote to ative light. These are not simply the economic and political realities arm the UK to finally succumb to the Greek leave the European Union. ugly nationalists and thugs with that constrain it — that the public decades-long campaign for the Marbles’ Yet the quality of the debate, con- “Enoch was Right” lapel badges. are unlikely to tolerate funding repatriation would be opportunistic. cerned primarily with numbers and There are real questions about im- penniless migrants, or that the per- And yet, they should be returned. In rules, has been poor — meaning so Adjacent to this sits a wholly dif- porting individuals with views about ception of jobs being filled at the doing so, the British Museum would act in too have the policy decisions. ferent political worldview: those gender or sexuality which do not ac- expense of the existing population accordance with its values and reputation. As a country, we have failed to de- who view immigration as a cul- cord with modern Britain. Equally, needs to be managed. It has kept the Marbles safe for two cide what we think of immigration. tural and moral good. This others may question what happens The government must, with its centuries, introducing millions of people to Not simply whether we want more stretches far beyond the desire to to a society which is no longer newfound freedom to craft a post- the glory of Ancient Greece. But now this or less of it, but why we want any of accommodate people fleeing acute brought together by common expe- Brexit immigration policy, embrace can happen with the Marbles positioned in it at all. The result is uneasy al- persecution, but sees it as an act of riences or even a shared language. both sides of this debate. As the their original cultural and geographical liances, a public that feels ignored, cruelty to turn almost anyone away. In the midst of this divide, it has points-based system is assembled, it context, in the museum of the Acropolis. and policies which please no one. The enrichment of multicultural- been hard to create a popular and must consider how immigrants There, they can be appreciated in a more Many view immigration in purely ism and the milieu of open borders pragmatic approach to immigra- contribute and affect both the eco- complete way. The return of the Marbles is economic terms. Imported workers is a self-justifying good. tion. Economic-based policies are nomic and cultural aspects of this not a nationalistic cause. It serves the come here to do what Britons can- The leftists in this group reject criticised both as globalist attacks country. Otherwise, it will be at- universal mission of all museums: the not or will not. By filling these jobs, any sort of skill or salary-based re- on British workers and for the re- tacked from all sides. preservation, but also the deeper they drive the economy forward. striction as rapaciously capitalist, duction of migrants to an inhuman Freedom of movement under the understanding of human achievement. The most useful immigrants pay while the remainder consider monetary value. The cultural narra- EU treaties created clear losers and Dr Nikos Sotirakopoulos, York St John taxes and are young, fit, healthy tive sees any attempt to control or absurdities. It excluded talented University and family-less enough to place lit- manage immigration as unkind on non-Europeans, especially those tle burden on the state. those around the world who may from the Commonwealth who In recent years, the British Museum has This approach also encourages a wish to make the UK their home. could have integrated well with been asked to return, among other things, natural counter: that the economic It is time for a broader, more hon- Britain and contributed much. It pri- a Moai statue to Easter Island, the Rosetta effect of migrants is overstated, and est discussion about what we ex- oritised a sense of European broth- Stone to Egypt, and the Parthenon Marbles that they take jobs in the place of The quality of the pect from immigration and what erhood which many in Britain found to Greece — all of which were taken by the native workers or demand re- debate, concerned purpose we want policies to serve. alien, while placing greater burdens British at the height of their imperial sources that they do not replace. We must accept that any option has on Canadians, Australians or Kiwis, exploits. The conversation about It follows from both sides of this primarily with political and practical downsides, and the relatives of previous genera- repatriation of museum objects has been thinking that the rules should en- and think about how we either mit- tions of Commonwealth migrants. evolving for more than three decades in courage the most profitable mi- numbers and igate them or sell them as an ac- Brexit allows us to reset not only North America, but a similar discussion has grants for UK Plc. Skills and income rules, has been ceptable trade-off. our immigration policy, but also the picked up in Europe only in the last two levels come to the fore, weighed It is also important to make argu- debates around it. In doing so, it is years. French President Emmanuel against those who have dependents poor — meaning ments across this divide. vital to remember that it is about Macron, for example, has advocated for or a need for state support. Even the Those who see migrants as a route more than the economy, stupid. repatriating African heritage items most hardline opponent of immi- so too have the to economic success need to accept following the “crimes of European gration would likely open the door that people’s lives stretch beyond £ John Oxley is a Conservative colonialism”. Whether or not the Earl of to financiers and footballers. policy decisions the black and red of a balance sheet. commentator. Elgin was legally allowed to spirit away the Parthenon sculptures 200 years ago is immaterial to the question: should museums in the twenty-first century be required to return artefacts to the place they were created when they are asked to do so? Ethically, the only answer to this is One year on, it’s obvious that the TfL yes. The UK needs to come to terms with its imperialist past, and returning the heritage of other cultures is just one facet of this necessary reckoning. junk food ad ban was a recipe for failure Dr Kristina Killgrove, University of North Carolina at Chapel Hill

ODAY marks a year since chicken burgers, nuggets and fries. possible to ensure that adequate Transport for London (TfL) Saqib As with all misguided top-down programmes, facilities and nutri- introduced a ban on junk Qureshi government policy, it ends up cost- tional guidance can be made avail- BEST OF Tfood advertising anywhere ing the taxpayer. The ban cost TfL able to those that most need it. TWITTER on its network. But what an estimated £25m a year in lost ad- Worse of all, when the mayor is impact has it had? And what are the vertising revenue according to in- challenged about tackling child- The far left: it’s hilarious that all the lessons for London’s policymakers? dustry experts. TfL’s own figures are hood obesity, he just refers to the TfL Change UK MPs lost their seats. One year on, there is little evi- more conservative, but still show an policy. Not only has the ban failed to Also the far left: the Change UK MPs dence that the ban has achieved estimated £13m loss in revenue, improve childhood health, but it were obviously just in it for their own much beyond generating a few shouldered by Londoners. makes further action on this issue careers, what unprincipled headlines. In fact, it looks like the In fact, both experience and re- The public should have some way unlikely, because the policy gives the opportunists they are perfect example of a poorly search show us what the most of assessing what that £13m price false impression that substantive ac- @francesweetman thought-through government ini- proven methods for tackling child- tag achieved — but conveniently tion has already been taken. tiative that hijacked an important hood obesity really are. Amster- enough, they can’t. Because in typi- This policy is the perfect example Labour leadership latest: Starmer, issue in order to virtue-signal, dam, for example, achieved a 12 per cal public sector fashion, there are of how a well-meaning idea con- Nandy and Long-Bailey “neck and rather than achieve real results. cent reduction in childhood obe- no key performance indicators, no cocted by intelligent officials can neck” in race to lose 2024 general The ad ban was aimed at address- sity between 2012–2015 by adopt- metrics, and no measurables ac- have disastrous consequences. election ing London’s childhood obesity ing a whole systems approach that companying the ban, meaning that Implemented via top-down diktat, @haveigotnews problem — often cited as spiralling included investment in education the policy cannot undergo any decided without meaningful con- out of control. That’s a noble goal. campaigns, dietary advice, and ex- meaningful future review. sultation with the private sector or The advice from health experts about But as the Royal College of Paedi- tensive exercise and sporting activ- So how many fewer children are civil society, and with no real way coronavirus pandemic preparedness: atrics and Child Health has made ities for children. obese thanks to the ban? We actu- of measuring success, the TfL ad - Wash your hands clear, before we can find a solution The TfL ad ban, in contrast, re- ally don’t know. ban was always doomed to fail. - Don’t eat endangered animals to the obesity crisis, we first need sulted in uncertainty, confusion, Encouraging organic grassroots ac- - Avoid unnecessary human contact better data to adequately under- and complexity. The rules have led tion would have paid far greater div- £ Dr Saqib Qureshi is a business Come to think of it, that’s just good life stand the problem in the first place. to adverts for family staples like idends. Without involving schools, strategist and writer on democratic advice This research should have been olive oil and nuts being banned, councils, community activists and policy. He has advised governments in @patrickgaley commissioned at the outset. while allowing marketing of some even private actors, it is almost im- Canada, London, the US, and Dubai. CITYAM.COM TUESDAY 25 FEBRUARY 2020 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam From semaphore to algorithms, DEBATE misconduct is an age-old issue Harry and Meghan have dropped the word ‘royal’, but does the ISCONDUCT issues in the fi- sale markets worldwide, FMSB is fo- brand hold any cachet anyway? nancial markets can be Martin cused both on developing new stan- charted back well over 200 Pluves dards and good practice, and placing Myears. Analyse each case, a spotlight on emerging risks. There’s a huge amount of value in the and the same behavioural One of the most significant chal- royal brand. It comes with a rich legacy, patterns recur time and time again. lenges the industry faces is around one that has been carefully curated An early example comes from 1814 the opportunities — and potential and protected over time. YES when a conspiracy was formed be- hazards —created by new technology. And it carries serious financial clout. tween Charles de Berenger, Sir Everyone is tracking the advance of Figures in a recent report by Brand MAX OTTIGNON Thomas Cochrane, and six others to cryptocurrency, artificial intelligence, Finance paint the picture: the business profit from the publication of false in- The FICC Markets Standards Board and more sophisticated use of algo- valuation consultancy pegged the personal brand as a couple. formation that Napoleon Bonaparte (FMSB), created in response to Libor rithms and machine learning. British royal family brand at £44bn. But the restrictions on using the royal had been killed. abuse and other scandals which It is too early to foresee the full im- Losing the royal moniker means that brand explicitly will have a long-term Having accumulated a large position blighted the financial services indus- pact of these developments, but it the Duke and Duchess of Sussex will no impact on what they are able to do, and in UK gilts, de Berenger appeared in try in the wake of the economic crisis, seems safe to say that it will be im- longer be able to leverage that value how they are able to benefit from it. the port of Dover in Kent, disguised as brings market participants together mense. The technologies will present directly. It’s why every corporation is so a Bourbon officer and calling himself on a voluntary basis to root out issues significant challenges for both private Of course, there will always be that fiercely protective of its trademarks — Lieutenant Colonel Du Bourg. He re- and improve the fairness and effec- sector firms and public sector author- implicit link — I’m not suggesting that and it’s why Harry and Meghan will be ported that Napoleon had been killed tiveness of the financial system. ities in terms of policy, governance, people will forget the association any so disappointed by this outcome. by the Prussians and sent a false letter In our latest annual report, published risk management and operations. time soon. And Harry and Meghan will to that effect to the Port Admiral at today, FMSB sets out the progress it has While all of this can seem far-re- no doubt continue to build on the £ Max Ottignon is co-founder of Deal for transmission to the Admiralty made to enhance standards of behav- moved from the end users of markets, considerable equity in their own branding agency Ragged Edge. in London by semaphore telegraph. iour. A lot has been achieved, but in an it matters to all of us. Ultimately, Co-conspirators paraded across Lon- ever-changing world, FMSB must con- wholesale financial markets have a don Bridge in a horse-drawn carriage tinuously scan the horizon to spot new critical social and economic purpose, proclaiming an allied victory. The issues that lie ahead. and we should never lose sight of that. Harry and Meghan’s departure is the price of UK gilts rose on the news, and By working with those companies These markets exist to support soci- final nail in the royal-branded coffin. the conspirators sold theirs at a profit within the membership, which collec- ety. They ensure that the overall sys- Like House of Fraser, Debenhams and — a clear example of misconduct and tively account for a substantial share tems of capital and credit work, and HMV before them, the royals are a tired NO market manipulation. of the business conducted in whole- that a broad range of participants can legacy brand in need of radical Wholesale fixed income, currencies take part in investing, lending, bor- transformation. ALEXANDRA DUNN and commodities (FICC) markets are rowing and hedging in an environ- The role of a brand is to demonstrate among the oldest and most estab- ment rooted in confidence and trust. an organisation’s values and build an that society has placed on them. lished in existence. Fast-forward from Whether we are talking about infor- emotional bond with its audience. If the In the language of branding, Sussex de Berenger’s antics to the present mation communicated by semaphore Prince Andrew interview taught us Royal could have been the royal family’s day, and while the means of commu- telegraph back in 1814 or the poten- anything, it’s how deeply ill-equipped diffusion range, giving them a foothold nicating market-moving information The conspirators tial for machine learning to reshape the monarchy is to represent the values on the future, and an open door into have changed, the potential for simi- market practice in the future, ensur- of its modern public. the hearts and minds of a modern lar misconduct remains. sold their gilts at a ing that markets are transparent, fair The Sussexes are a lifeline that the audience. Foregoing the partnership High-profile market abuse cases profit — a clear and effective for all participants re- Palace has chosen to ignore. A with Harry and Meghan is a huge show how the uncontrolled use of rel- mains a critically important task. millennial-ready brand with an eye on strategic error that the royals will regret. atively simple collaboration and com- example of market the future, they’re multi-ethnic, munication tools such as chat rooms £ Martin Pluves is chief executive of the entrepreneurial, and unconstrained by £ Alexandra Dunn is founder of the have created significant new risks. manipulation FICC Markets Standards Board. geography, history or the expectations social marketing agency Common.

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

CITY A.M.’S wo years ago, everyone was talking about cryptocurren- CRYPTO INSIDER cies. Bitcoin leapt from peak Tto peak and countless new DOES THE coins were created. Then, the JAMES BOWATER soaring flight of the new crypto world turned into a sudden nosedive. Many s part of my community network, I have of these new currencies have since Aa number of Crypto AM WhatsApp eked out a shadowy existence or sim- DIGITALISATION OF groups which act as a forum to ply disappeared. But after this first interact about work and sharing ideas. It is wave receded, tokens have entered an no surprise therefore that over the past emerging renaissance. No longer in month or so, Coronavirus / COVID-19 started the form of pure currency tokens, ASSETS PAVE THE to dominate conversations, so much so that I often issued by start-ups, the growth created the Crypto AM COVID-19 Alerts channel of Asset-Backed Tokens has begun. As which itself has become a reliable information the name suggests, these tokens are gathering source. Pretty early on it became very clear that this was no linked to an underlying asset, be it pre- WAY FOR TRULY ordinary virus outbreak and over the last month there have been cious metals or real estate. Depending negative impacts on most global markets not least of all yesterday on their features, Asset-Backed Tokens given the news of the major outbreak in northern Italy where at the bear more resemblance to classic secu- time of writing the sixth death had been announced and the Dow rities like shares or bonds than their FLEXIBLE REAL Jones dropped nearly 1,000 points on opening. It adds more weight unfortunate counterparts. to the notion that the Crypto market is currently a safer bet despite its One such token is offered by Swiss volatility. company BrickMark, who recently ac- Since last the last edition Bitcoin (BTC) breached the US$10,000 quired a property in a top location in ESTATE FINANCING? mark again before retreating back and at the time of writing, BTC is Zurich for CHF 130 million. The seller, trading at US$9,714.67 / GB£7,526.21; Ethereum (ETH) is at renowned real estate investor RFR, ac- US$269.27 / GB£208.09; Ripple (XRP) is at US$0.2724 / GB£0.2108; cepted the BrickMark token for a sig- Binance (BNB) is at US$22.39 / GB£17.35 and Cardano (ADA) is at nificant proportion of the purchase US$0.05973 / GB£0.04606. Overall Market Cap is at US$282.24 / price. Their Asset-Backed Token has GB£216.57 (data source: www.CryptoCompare.com) not yet been traded on a stock ex- I attended the tailend of the CoinGeek conference and saw a change but offers clearly-defined enti- number of old friends and familiar faces. I managed to catch up with tlements to token holders. These some of those close to the Bitcoin SV project and what was extremely include regular payments from rental refreshing was that their focus is much more on building than the income and a share in any increase in distractions of high profile spats between industry leaders, the value of the real estate portfolio. sometimes dubbed protocol wars which our nascent industry needs What makes this deal stand out is not like a hiole in the head. Crypto AM remains agnostic and as such I only the real estate - it represents the invited Jimmy Nguyen of the Bitcoin Association who also hosted the world's largest transaction paid by CoinGeek Conference to write this weeks’ Industry Voices (opposite) token - but also the parties who are Turning my attention to the US, it was very good to see that my trading. On the BrickMark side, CEO Designed by BrickMark token, for example, offers the future, there will be regular report- friend Caitlin Long, a Blockchain and Crypto champion for the State of Stephan Rind and other top-class Phill Snelling, the ability to invest in a top Zurich ing on the development of the com- Wyoming, has announced that she building the US’s first Crypto Bank managers from the international real Bowater Media property that would otherwise be out pany, plus press releases on important called Avanti Bank & Trust (Twitter @AvantiBT / estate industry have come together. of reach. In the future, such invest- business transactions. Besides the in- www.avantibank.com) by applying for a bank charter in Wyoming The response to the transaction in the ments will be just a few clicks away on creased security afforded when com- with a view to opening in 2021 which will be a major step forward. market and among real estate experts a smartphone. Since identification is bining the token with an asset, this The Crypto AM Awards are taking place next month and last week was appropriately substantial, not critical for a “security” like this, the transparent communication about the the shortlisted nominees in all twelve categories were announced in only across Europe but also in the USA minimum investment to make it underlying asset and business develop- City AM. I’d to take the opportunity to wish them all the best of luck and Asia. worthwhile after costs should be in the ment allows an investor to track invest- and to also thank our Judging Panel:-Eric Van der Kleij, Steve Good , Tokens like this are increasingly vi- range of £5,000 to £10,000. ment performance. This might sound Robert Gaskell , Maya Zehavi , Naeem Aslam, QFA , Daniel Doll- able as a future financing instrument, The flexible design of these tokens re- banal, but consider that the majority Steinberg , Emily Nicolle and On Yavin. I’d also like to thank all of our for both institutional and private in- quires a detailed examination before of companies that raised funding in an sponsors:- Electroneum, BrickMark AG, World Mobile Chain, RSK, vestors. They give private investors, in making an investment. They differ on initial coin offering never publish fi- Coinsilium, Mode Banking, Blockpass, TradingView, ISOLAS LLP, particular, the opportunity to invest the type of rights they grant, the na- nancial figures. This new transparency Indorse, Fintech Worldwide, CMS Law,Vizidox, Cudo and last but not relatively small amounts in assets that ture of token involved and the level of represents the clear change of heart re- least City AM. would otherwise be out of reach. The transparency an issuer commits to. In quired for tokens to truly arrive in the

digital transformation. That is the reason Crypto A.M. shines why Upskilling has become Indorse’s flagship product. One illustrative example is the upskilling its Spotlight on program run by Indorse for one of the largest banks in Asia. The bank uses the tools and expertise offered by Indorse to upskill hundreds of employees and Indorse transform them into data scientists and analysts over the next two years. or Indorse, it has always been about Indorse recently helped Rolls-Royce and Thanks to these innovative products, Fskills. While certificates certainly hold Singapore Airlines Group to conduct a Indorse has been making giant strides in some surface value, the real value lies turnkey innovation hackathon for tech, especially the HR Tech markets in the quality of the work produced. That’s improving the maintenance process of across continents. 2019 was a highly what the team at Indorse believes in. We aircraft engines. Known to be at the successful year for Indorse. Not only did build innovative tools for organisations to forefront of R&D, Rolls-Royce is they cross a major milestone in terms of assess skills. More specifically, tech skills! considering blockchain technology to revenue, but they also succeeded in As an enterprise SaaS platform, Indorse remove these inefficiencies and expenses. getting big organizations onboard. In attracts organizations like Dell & Rolls- In collaboration with the best participants 2020, they plan to expand into the UK Royce and helps them build great tech shortlisted by Indorse’s software, teams market for business growth while teams, upskill their current workforce and from Rolls-Royce are now experimenting continuing the growth in the SEA and enable innovation. Right from recruiting to blockchain tech to build solutions Indian markets. upskilling, the platform touches upon Talking about the expansion in the UK multiple use cases and addresses problems and growth, Gaurang Torvekar, CEO of faced in the present-day workplace. Indorse said, “We want to create a future The majority of revenue comes from two where the skills of any person can be main product offerings - Online Upskilling is taken across borders. After our launch in hackathons and Upskilling. The first Gaurang Torvekar - Co-Founder and CEO Singapore and our subsequent expansion product, online hackathons, has been another major in India, the time has come for us to reinvented by Indorse to help achieve two product line, enabling more effective processes. capabilities and how they can develop the conquer the UK market. The ease with objectives relevant to businesses - hiring Upskilling is another major product line, required tech skills. Terms like ‘Skills which the platform is able to audit tech techies and enabling innovation. focused on focused on employees within an development’, ‘skills gaps’, are on skills makes it a suitable solution for Companies who want to achieve these employees within organisation. Organisations use the everyone's lips, especially in the tech organisations across the globe.” goals use Indorse’s platform to conduct platform to understand where their industry, at a time where several the hackathons, completely online. an organisation. workforce stands in terms of tech organizations are going through a massive For more information visit https://indorse.io CITYAM.COM TUESDAY 25 FEBRUARY 2020 FEATURE 19

E: [email protected] @CityAm_Crypto In association with

part of the purchase price. The market is still developing, but once a compre- CRYPTOCOMPARE MARKET VIEW hensive infrastructure is in place and awareness grows among issuers and investors, issue volume of security to- Shopify Joins Libra Association After kens is likely to increase significantly. A win-win situation for companies Coinbase Becomes Visa Principal Member seeking financing and yield-oriented investors. he price of Bitcoin has been firms and generate revenue through card What makes the tokens so appealing Tstruggling to remain above the payments. compared to previous asset classes lies $10,000 mark, pulling back from the The U.S. Internal Revenue Service (IRS) is in the token structure. Issuers do not psychological barrier a number of times said to have invited a number of have to authenticate them, which last week. Ethereum, the largest altcoin by cryptocurrency startups to a summit that’s makes them independent of settle- market capitalization, is trading at $269 set to be held next month to discuss with ment agencies like Clearstream. Com- and is up 22% in the past two weeks. them how it can “balance taxpayer service bine this with the design flexibility and The Facebook-led Libra with regulatory enforcement.” The summit there are endless structures possible be- Associationsecured another partner will include four panels on technology, tax yond the Real Estate backed token from despite the growing regulatory pushback: return preparation, crypto exchange issues, Brickmark. Virtually any security, be it Canadian e-commerce giant Shopify has and regulatory guidance and compliance. shares, bonds or certificates, can be is- joined it after it lost a total of eight of its Michael Bloomberg, the billionaire sued as security tokens. This could be founding members – including Visa, behind the Bloomberg Terminal and a U.S. an equity token that not only repre- Mastercard, and PayPal. Presidential Candidate, has proposed the sents a share in the assets of the issuer While Visa left the Libra Association it creation of a “clear” regulatory framework but also contains in-built voting rights. hasn’t turned its back on the crypto space. for cryptocurrencies. The proposal The smart contract of a token also al- San Francisco-based cryptocurrency recommends clarifying which agencies lows the design of entirely new finan- exchange Coinbase became the first “pure” would oversee the crypto space. Sweden’s cial instruments, like a token that links crypto firm to become a Visa principal central bank, on the other hand, is now the characteristics of shares and bonds member, allowing it to issue its own debit testing its own central bank digital together in a new form. cards. This doesn’t just mean Coinbase can currency, the “e-krona.” It’s set to circulate The emerging new token revolution directly issue its own Coinbase Visa card, it alongside cash and isn’t meant to replace is likely to have an increasing impact also means it can issue cards for other it. The test will run until 2021. on the future financial industry. Not only are traditional custodians navi- gating a changing environment, but investment banks are also facing new challenges. While traditional banks are involved in stock and bond trans- CRYPTO A.M. INDUSTRY VOICES actions, security tokens are likely to add complexity to this lucrative busi- ness. Here, too, the blockchain is likely A NEW DAWN FOR BLOCKCHAIN world of accredited securities. seller of a property, for example, sup- to open out new avenues that lead to The security features of these tokens posed to do with the tokens if they are significant cost savings for issuers and ast week, we celebrated a new dawn alyst Thomas Lee, Managing Partner of are also noticeable in terms of regula- impossible to sell? The seller has the investors. Lfor Bitcoin and blockchain as more Fundstrat Global Advisors. In addition to tion. As security tokens, they are mon- rights from the tokens, but they need than 800 delegates filled the Old a cryptocurrency investment overview itored by the regulatory authorities, to be tradable before they can compete Stephan Rind, Founder of BrickMark AG, Billingsgate in London for CoinGeek’s from Lee, his colleague David Grider sum- which means that a securities prospec- with classic securities. This raises not in conversation with James Bowater. For fifth conference, where I had the privi- marised their firm’s recent market re- tus must be submitted and approved only the question of where to trade the further information visit lege of serving as MC. The 2-day business search report about Bitcoin SV and its big before a security token offering, or token but also how liquid it is. Of https://brickmark.io event centred on the future of blockchain vision for an on-chain Internet. “STO”. This requires a great deal of course, the processing of the transac- technology, with a focus on the applica- Another keynote speaker was famed know-how, not just on the part of the tion and the fees incurred also play a IMPORTANT INFORMATION: THE VIEWS tion and utility of the Bitcoin SV (BSV). economist, best-selling author and tech- issuers, but also the accompanying role. Thus, stock exchange trading and AND OPINIONS PROVIDED BY CITY A.M.'S The “SV” in BSV stands for Satoshi Vision, nology visionary George Gilder – who lawyers, supervisory authorities and the professional management of the CRYPTO INSIDER AND IN THE CRYPTO A.M. because it is the only blockchain adher- talked about the power of blockchain even PR agencies. This knowledge is tokens play a key role. Only if these are SECTION SHOULD NOT BE TAKEN AS ing to Bitcoin creator Satoshi Nakamoto’s technology to fix what he saw as the fun- currently still in development. offered, as they are for conventional INVESTMENT OR FINANCIAL ADVICE. original protocol and design. After years damental flaws of our current financial An STO is the logical next step in this securities, will institutional investors ALWAYS CONSULT WITH YOUR FINANCIAL of scaling battles, BSV is massively scaling system, based on his favoured informa- type of financing. After all, what is the confidently accept security tokens as ADVISOR. to enable Bitcoin’s blockchain to serve tion theory of economics. both as a peer-to-peer electronic system, Investment and interest in BSV is grow- and a global data ledger for enterprise. ing; why? CoinGeek London was filled with proj- Produced by technology entrepreneur ect announcements which leverage the Calvin Ayre, CoinGeek London was filled unique capabilities of BSV – namely, su- with a palpable energy demonstrating why ADTECH’S perior data capacity and technical power. BSV is attracting serious investor interest. The most exciting news came from EHR £Institutional investors have largely CHALLENGES Data, a subsidiary of the National Health been on the sidelines, waiting for a Coalition, which was created to deploy proven blockchain that meets enterprise Troy Norcross, Co-Founder Blockchain Rookies and operate a technology-based solution needs and also supports a regulation- to address the burgeoning opioid crisis in friendly ecosystem. the United States. EHR are in the process £Institutional money invests in busi- dTech’s seeming endless flow of will be crucial to the disruption of the Blockchain can even provide a basis for of developing a proof of concept in order nesses they hope will scale globally, with Acash is being disrupted. Between industry. But will it? trusted and permissioned access to to test the feasibility of using the BSV sustainable margins; in big business, you GDPR across the EU and CCPA in Wayne Tassie from DoubleVerify states, consumers as an alternative to cookies. blockchain to sustain a global electronic scale, or you die. California, regulators are increasing “With cookie depletion on the horizon However, today blockchain technology is health record (G-EHR) for patients, which £The various enhancements available consumer control over their data. On and a lack of trackable cross-device, not capable of handling billions of daily will provide medical practitioners with only on BSV, which are predicated on the both mobile and web, 3rd party cookies omnichannel data signals, we need to ad impressions, billions of users and real-time access to a single source of pa- ability to massively scale, have started to (small data files upon which much of come together as an industry to solve the millions of orders. tient information to inform prescription attract enterprises big and small, with in- which programmatic advertising relies) underlying issues. Blockchain is a More importantly, the industry isn’t decisions and track opioid-based pharma- vestment following fast. are under threat. Both Safari and Chrome potential long term solution but due to a going to embrace blockchain willingly. ceuticals. EHR Data selected BSV because Bitcoin SV’s ecosystem has rapidly will soon block these files by default. lack of infrastructure, not the quick fix Transparency isn’t always profitable. the blockchain offers the massive scala- grown to over 400 ventures and projects Advertisers are growing tired of not that the industry is going to require in the Neither is giving consumers complete bility needed to handle millions of health worldwide. These include: knowing where their ads appear and next two years if the status quo is not to control over their data. The AdTech care transactions every day, with the £BSV applications that generate high where their budgets go. The amount of be challenged.” industry is due for disruption, but the jury power to establish a global ledger that volumes of micropayment & data trans- revenue winding up with the publisher Blockchain can provide a platform for is still out on whether or not blockchain can break down existing data silos in the actions. decreases with every intermediary recording information about orders to will play a part in the new world order. industry. EHR Data will work on the proj- £Ventures that advance the Metanet offering better targeting, bidding and buy and sell media. It can provide ect in partnership with nChain, the lead- on BSV. insights. information regarding budget [email protected] / Twitter ing global blockchain research and £B2B infrastructure for other BSV ap- Many pundits believe that blockchain distribution throughout the value chain. @igetblockchain development firm in London. plications, with technology that allows Another exciting enterprise project legacy businesses to easily integrate with came from Norwegian company UNISOT, BSV applications. which unveiled Seafood Chain – a supply If you missed CoinGeek London, join us chain management system to track in October for CoinGeek New York. We’ll seafood. It also announced its namesake see even more of what the new dawn UNISOT enterprise blockchain platform brings for Bitcoin. for supply chain management. Both products are built on the BSV blockchain. Jimmy Nguyen is the Founding President of The conference also enjoyed keynote the Bitcoin Association speeches from renowned Wall Street an- (www.bitcoinassociation.net). 20 FEATURE TUESDAY 25 FEBRUARY 2020 CITYAM.COM TRADING & INVESTMENT

ine the subject of best-buy lists. Ear- Luke Graham lier this month, the regulator issued a guidance letter to investment plat- asks if investment forms, warning that conflicts of in- terest can creep into best-buy lists supermarkets’ and could lead to customers receiv- ing poor value for money. favourite fund lists “Firms operating best-buy lists must construct them impartially and are all they’re manage conflicts such as preference for funds offering discounts over for- cracked up to be mal and objective criteria, lack of in- dependence of research teams and associated governance,” said Debbie T SHOULD go without saying that Gupta, the FCA’s director of supervi- choosing the right investment can sion, in the open letter. be challenging. For time-strapped “Processes for clear selection, mon- Ieveryday investors, combing itoring and deselection of funds on through the financial records of lists should be documented, under- individual companies to find a share stood and followed.” worth buying can seem like a monu- The issue around best-buy lists isn’t mental task. just about whether investment plat- Instead, many people prefer to put forms misbehaved when picking their money into investment funds their favourite funds. If everyday in- run by professional asset managers vestors don’t feel like they can trust who do have the time and expertise the recommendations of the indus- to find the best companies on the try, they might be put off saving alto- market. These funds usually invest in gether. And considering that the dozens or even hundreds of shares, UK’s household savings ratio stood at meaning that the investors benefit just five per cent in 2019, this would from diversification, with their be bad news for the country’s finan- money spread around lots of compa- cial health. nies, rather than putting all their “The media and regulatory spot- eggs into one basket. light was once again on the invest- However, the problem with this ap- ment industry in the last 12 months proach is that there are thousands of ARE as questions were raised over the funds on the market, each themed suitability of funds on best-buy lists,” around different geographic areas, says James McManus, chief invest- market sectors, asset types, or invest- ment officer of Nutmeg. ment strategies. Choosing the right in- “If we’re going to overcome the in- vestment fund still requires a great vesting inertia that is so prominent deal of time and research. BEST-BUYS in the UK, more must be done to en- This is where best-buy lists come in. sure the appropriateness of products Investment platforms like Fidelity, AJ being marketed to retail investors.” Bell, and Hargreaves Lansdown com- Already, parts of the industry are pile lists of the best-performing funds acting to try and address these con- in different sectors to help investors cerns. For instance, Hargreaves Lans- choose where to place their money. A BOGUS down’s Danny Cox says the platform “In its recent investigation, the Finan- will be making changes in the com- cial Conduct Authority (FCA) found ing months, including a greater that investors who used best-buy lists, focus on transparency. on average, paid less for their funds “We are redesigning our fund up- and benefitted from better perform- dates, adding more detail, greater ance, improving people’s outcomes,” BARGAIN? transparency and a new structure to says Danny Cox, head of communica- our research notes, going further for tions at Hargreaves Lansdown. those clients who want a deeper level “There is an eye-watering choice of of information. And we will be around 3,000 funds, and without launching new website tools later in best-buy lists, the risk is that people Common criticisms of best-buy lists cause they perform well for investors. Yet despite the fund’s catastrophic the year to address the needs of those are paralysed by choice. Our client re- include questions of transparency re- The issue came to a head last year underperformance in the months who need more help,” he adds. search has confirmed that people garding how and why some funds are with the scandal around the Wood- leading up to its suspension, it was Certainly, there is a place for best- need help choosing funds.” chosen over others, the appropriate- ford Equity Income Fund. After a still included in Hargreaves Lans- buy lists as a way to help investors As a way to inform and educate in- ness of certain funds being recom- long period of poor performance, a down’s best-buy list — known as the make informed decisions, but there vestors, best-buy lists are a good idea mended to retail investors, and the spike in redemptions forced the fund Wealth 50. The platform defended needs to be assurance that these lists — at least, in theory. In practice, the inclusion of underperforming funds. to suspend trading last June. Neil the fund’s inclusion, citing multiple are offering quality advice and aren’t lists have started to attract more com- Some critics even claim that best- Woodford was subsequently fired as meetings with Woodford that had simply a marketing exercise. The plaints and much greater scrutiny buy lists are constructed based on the fund’s manager, and in October encouraged them to stick with it. FCA’s guidance seems like the right over the last year, both from the mar- choosing funds that are most prof- it was announced that the fund The Woodford saga led to the FCA approach to addressing these issues. ket and from regulators. itable for the platform, and not be- would be liquidated. announcing that it would re-exam- Now it’s on the industry to step up. America has few options to take on Huawei

ASHINGTON has long CNBC Companies like Qualcomm and Intel been used to back up this claim. won’t be American — and then offer maintained that will be a key part of making the On top of this, Huawei holds key nations a package that can compete Huawei is a national se- COMMENT chips for 5G, for example. But it is patents for 5G and has been one of with Huawei. Wcurity threat. It says the true that the US doesn’t have a the biggest players in helping to set For example, it could try to create company is a risk be- Arjun player that can offer an end-to-end the so-called technical standards an alliance between key US entities cause China could use its equipment Kharpal 5G setup like Huawei can. over the past decade. That means it like Qualcomm and Cisco, and some to spy on citizens. Huawei has re- Any attempt to try to start a will play a huge role in how 5G other foreign vendors like Samsung, peatedly denied those accusations. Huawei rival in 5G is just too late. looks across the world moving Nokia and Ericsson. Then, backed by Under Donald Trump’s presidency, Telecommunications companies, forward — whether Washington US state funding, it could offer a the US has sought to convince particularly in Europe, are still likes it or not. country a complete 5G package that countries to ban Huawei outright any coherent policy around 5G. working out the business case for 5G In light of this, America’s options excludes Huawei. from next-generation mobile Recent suggestions from — a massive network upgrade that are limited when it comes to That may be a near-term fix for networks known as 5G. But success Washington have veered from the won’t be cheap. competing with Huawei and the 5G era, but fundamentally the has been limited: last month, the UK need to take controlling stakes in One of the advantages that getting countries not to use the US will need to figure out what role — one of America’s closest allies — Ericsson and Nokia — Huawei’s only Huawei has reportedly had is on Chinese firm’s gear. it wants to play in whatever said Huawei could play a limited role two major competitors — to trying to cost, which experts have said comes Their best bet right now is likely technology comes next. in its 5G rollout. back rival 5G architecture. from Chinese state help. Reports of to earmark a lot of money that can The problem is the US can’t offer It’s not quite fair to say that the US Chinese banks offering favourable be used to bring together companies £ Arjun Kharpal is senior technology an alternative, and it doesn’t have doesn’t have a dog in the 5G fight. financing deals for Huawei have also that already exist — some of which correspondent at CNBC. CITYAM.COM TUESDAY 25 FEBRUARY 2020 LIFE&STYLE 21 MOTORING BY MOTORINGRESEARCH.COM FOR CITY A.M.

BEIGE AGAINST The Lamborghini Aventador SVJ Roadster is a supercar turned up to 11. Tim THE MACHINE Pitt lives the dream

hat is your lottery-win Thomas, for instance, has little time Roof on or off, the SVJ looks utterly stentorian bellow that swells to an un- dream car? In my line of for the McLaren. He prefers extrovert, LAMBORGHINI AVENTADOR outrageous. Its doors open scissor- godly howl. It blasts your eardrums work, it’s a common excess-all-areas supercars that look SVJ ROADSTER style, like the classic Countach, while like a blunderbuss. Wquestion at social gather- brilliant on a bedroom wall. Ask his PRICE: £387,988 the louvred engine cover is a nod to Clearly, a car with nine times the ings, usually somewhere dream car and he’ll reply without hes- 0-62MPH: 2.9SECS the 1970 Miura Jota. Its wedge-shaped power of a Fiat 500 demands respect, between “Should I buy a Volkswagen itation: “a Lamborghini”. And given he TOP SPEED: 218MPH body is a mélange of splitters, scoops particularly on damp tarmac. But Golf?” (yes, probably) and before “Have surely means the wildest, fastest CO2 G/KM: 486G/KM and spoilers that’s as functional as it four-wheel-drive traction, huge grip you met Jeremy Clarkson?” (yes, Lambo of all, only the Aventador SVJ MPG COMBINED: 15.8MPG is flamboyant. Electronic actuators and nuanced steering mean the Lam- briefly). Anyway, I’ll spare you the sus- Roadster fits the bill. Lucky for him, channel air through vortex genera- borghini isn’t the white-knuckle ride pense, it’s the McLaren F1. Sadly, I need I’ve brought one home. tors beneath the car and over the you might fear. Its Achilles’ heel is an a Euromillions rollover to buy one. Frankly, £387,988 for the drop-top THE VERDICT mighty rear wing, directing down- outdated paddle-shift auto gearbox, The 627hp, 240mph F1 was officially Super Veloce Jota is pocket change ver- force for cornering, then slackening it which lurches at low speed and feels the fastest production car in the world sus the eight-figure fortune required DESIGN hhhhi off for straight-line speed. The result, brutal in Sport and Corsa (track) until 2005. More importantly for me, for a McLaren F1. This one-of-800 spe- PERFORMANCE hhhhh for the SVJ coupe, was a new Nürbur- modes. Accelerate hard and it’s like re- it’s also a paragon of engineering, un- cial edition is a last hurrah for the age- PRACTICALITY hhiii gring lap record. peatedly pressing pause on an erupt- constrained by cost or compromise. ing Aventador before its replacement VALUE hhiii In the city, the Aventador is ham- ing volcano. The driver’s seat is mounted in the arrives later this year. Its 6.5-litre V12 strung by its huge girth, non-existent For sensory overload and sheer su- middle for optimum visibility and develops 770hp – yep, more even than rear visibility and belly-scraping percar theatre, the SVJ Roadster is weight distribution. The engine bay is the F1 – at a heady 8,500rpm, launch- some old-fashioned elbow grease. Flip stance. You get used to flipping the king. Yes, a Huracan Evo is a far better lined with 24-carat gold as it’s the best ing it to 62mph in less than three sec- forward both seats, pull two levers on hydraulic nose lift at the first hint of all-rounder, but Thomas isn’t both- material for reflecting heat. And the onds. Remove the targa top and you the back bulkhead, then gingerly lift a speed hump. Find an open road, ered about that. He’s already changed bespoke hi-fi only plays CDs because its can blow-dry your bouffant at out the 6kg carbon fibre panels, mind- though – preferably a very long one – my desktop wallpaper and wants an fanatical designer, Gordon Murray, 200mph. ful of the fact they cost £15,000 each. and the naturally aspirated V12 reacts Aventador poster for his room. Well, didn’t listen to the radio. Unlike the newer Huracan Evo Spy- Once removed, they slot neatly into like a lit firework, gathering speed we can all dream. If all that sounds a bit earnest and der, which has an electric folding the front boot, albeit leaving barely with violent intensity. And the noise geeky, so be it. My eight-year-old son hard-top, the Aventador’s roof requires enough space for a toothbrush. (the noise!) is something else again: a Tim Pitt works for motoringresearch.com NOT CONVINCED? CHECK OUT THESE ALTERNATIVES...

ASTON MARTIN DBS SUPERLEGGERA VOLANTE FERRARI 812 GTS MCLAREN 720S SPIDER PRICE: £247,500 THE VERDICT: PRICE: £290,920 THE VERDICT: PRICE: £237,000 THE VERDICT: 0-62MPH: 3.6SECS DESIGN hhhhh 0-62MPH: 2.9 SECS DESIGN hhhhh 0-62MPH: 2.8 SECS DESIGN hhhhh TOP SPEED: 211MPH PERFORMANCE hhhhh TOP SPEED: 211MPH PERFORMANCE hhhhh TOP SPEED: 212MPH PERFORMANCE hhhhh CO2 G/KM: 295G/KM PRACTICALITY hhhii CO2 G/KM: 373G/KM PRACTICALITY hhiii CO2 G/KM: 276G/KM PRACTICALITY hhiii MPG COMBINED: 20.1MPG VALUE hhhii MPG COMBINED: 17.2MPG VALUE hhhii MPG COMBINED: 23.2MPG VALUE hhhii 22 FEATURE TUESDAY 25 FEBRUARY 2020 CITYAM.COM OFFICE POLITICS

TREAT IT AS TRAINING What if your bad days are because of a bad boss? Throughout your working Having a mare? life you will learn lots from being close to talent, but nothing teaches you more about who you want to be, at your core, than working for some- one awful. It is not much fun, but it Do not despair END HUMAN can be a brilliant blueprint for how HISTORY not to behave. Take comfort in know- ing that the worse they are, the better Plague Inc. you can become. — we all know Free TALK TO SOMEONE As coronavirus Once the crisis is calmed, do not be spreads, it is afraid to discuss what you learnt with how that feels completely your boss or your team. Talking to understandable those around you will make them to feel appreciate your self-awareness and When you’ve messed up at work, sorry powerless. But your desire to do better next time. with Plague Inc, Reflecting together is more useful often seems to be the hardest word you can take than agonising alone. back control. In this terrifying KEEP GOING T THE beginning of your Everyone reacts ing to hide behind sharky language, simulation, Most importantly, if you are crying in career, you’re most likely Lucy to failure but a straight-up “sorry” is more pow- choose whether the loos please remember: you have focused on making yourself Clayton differently — erful than any variation. You will be to create a virus, not failed at work, you are just having Adesirable and hireable. You and but do not be forgiven sooner if you just come out bacteria or a really bad day. have run the gauntlet of afraid to own and say it simply. parasite and set Even when you are having a horrible rounds of recruitment and been out- Steven your mistakes about bringing time, you can still be taking great standing and keen in your shiny new Haines and make an BE AWARE OF THE DYNAMIC humanity down strides forward — building resilience, role. It is all going so well — and then, effort to learn Everyone responds to failure different- a peg or two. It understanding and grace. These are out of the blue, you hit a bad day. from them ly. Ben Dattner and Robert Hogan even has a hardcore, impressive characteristics Even if you love your job, this is identify 11 personality types for deal- zombie mode, that you get to take with you when going to happen at some point. Even if CONFESS ing with blame in their Harvard which is a little you move on to your next role. Even you are super talented and in the best If you have made a mistake, tell some- Business Review article “Managing further from the worst experiences have a silver- possible environment, plans go awry one. Never try to cover it up. If you had Yourself: Can you handle failure?” reality (fingers lined second life. and personalities clash. Mistakes and accidentally killed someone, you These range from the person who crossed) for Keep going. You can’t avoid bad days, misery are part of the human condi- would make it worse by trying to overreacts to every minor mistake, to players who find but you can get good at them. tion, so naturally you’ll find them in ineptly bury the body. the blame avoider, the blame denier, it all a bit too plentiful supply in the workplace. and the self-criticizer. close to home. £ Lucy Clayton and Steven Haines are But do not despair. Here are some SAY SORRY Consider who is surrounding you authors of How To Go To Work: The honest tips for surviving and thriving when it Those exact words. When we are and know that there is never one cor- advice no one ever tells you at the start of all goes wrong. stressed or under pressure it’s tempt- rect perspective. your career. CITYAM.COM TUESDAY 25 FEBRUARY 2020 SPORT 23 CONFIDENT REED ON SONG

EVEN under par for the day GOLF win but didn’t, yet still came in the after 14 holes and holding a top five for the sixth tournament run- two-shot lead, Bryson COMMENT ning and the 10th time in 13 events SDeChambeau looked nailed since The Open. on to win the WGC-Mexico Sam It’s not as if he isn’t winning at all – Championship on Sunday. his ratio is still high. If his game clicks But from there his run of birdies Torrance he will win; if it doesn’t, he is still so dried up and he bogeyed 17, opening good that he is likely to be up there the door for fellow American Patrick anyway. Reed to steal in and claim his second Another player who deserves a men- WGC title. That’s golf. He went close at the Tournament of tion is South African Erik van Rooyen, Reed was in pretty brilliant form, Champions in January, when he lost who shared third with Rahm in his too. His own streak of four birdies in in a play-off to Justin Thomas, but best result yet on the PGA Tour. six holes from the 12th gave him a now he has the victory he wanted. The 30-year-old oozes class and his two-shot cushion heading up the last, Reed wouldn’t be in my top five ball-striking and all-round ability have which it turned out he would need. picks for the Masters but he has form got people talking. This should help A bad tee-shot at 18, which led to a both at the course and this season him in his aim to cement a place on closing bogey, was one of his very few and is drawing the ball again, which the US circuit. slips, however, and can be put down always helps at Augusta, so he is not to pressure. Reed was very accom- far away. TO VIKTOR, THE SPOILS plished; this is probably the best I’ve Young Norwegian Viktor Hovland is a ever seen him play. RAHM BUBBLING UP man doing just that. The 2018 Masters winner is a beauti- A man who would be in my top five is Still in his first full season as a pro- ful golfer who has great hands. When Jon Rahm, who shot a fantastic 61 on fessional, he won his maiden PGA his game is all in sync there are few Saturday to set a new course record at Tour title at the Puerto Rico Open on better players. the Club de Golf Chapultepec. Sunday. He looked a real contender when he Although the big stars were in Mex- FULL OF IT began in the same vein on Sunday but ico, you can only beat what’s in front Reed spoke of having wanted to get a this is one of those courses that offers of you and to do so at this stage of his win under his belt this year before re- so many birdies, so it is hard to sus- career is extraordinary. turning to Augusta in a few weeks’ tain a charge up the leaderboard. The 22-year-old former US Amateur time. Still, this was Rahm’s fifth top-three champion has loads of power and It’s not as if he needs the confi- finish in eight events and lifted him heart, and this shows that he also dence; he has never been shy in blow- above Brooks Koepka to No2 in the knows how to win. ing his own trumpet. world rankings, so he is bubbling up He knows how good he is and that’s nicely. Sam Torrance OBE is a multiple Ryder Cup- more than half the battle in golf. He World No1 Rory McIlroy had an- winning golfer and media commentator. is full of it and why not? other typical week. He threatened to Follow him @torrancesam

10-13 MARCH 2020 CHELTENHAM 24 SPORT TUESDAY 25 FEBRUARY 2020 CITYAM.COM SAM TORRANCE Reed has good reason to blow his own SPORT trumpet after Mexico win PAGE 23 REDS ROLL ON Mane downs West Ham as Liverpool make it 18 successive league wins SPORT DIGEST JOSHUA V FURY IS A TOP PRIORITY, SAYS HEARN £ Promoter Eddie Hearn has promised to make sure Anthony Joshua’s world heavyweight title fight against Tyson Fury happens. Fury claimed the WBC belt with a stunning stoppage win over Deontay Wilder on Sunday, while Joshua holds the WBA, IBF and WBO belts. Wilder has the option of a rematch, while Joshua might have to face mandatory challenger Kubrat Pulev, but Hearn is focused on matching up the British duo. “I promise you this fight will happen,” he told Sky Sports. “You have two guys and two camps that genuinely want this fight, that genuinely will do everything that they can to make this fight.” CORONAVIRUS THREATENS SIX NATIONS FINALE £ The Rugby Football Union has begun talks with Six Nations organisers over the threat of coronavirus to fixtures in Italy. England travel to Rome for their final Six Nations match on 14 March, when the title could be on the line, but there are already doubts about the game due to the outbreak. The Italian rugby federation has postponed all matches this weekend after the number of coronavirus cases in the country rose to 200 and a seventh person died yesterday. COMMONWEALTH 2022 EVENTS MOVED TO INDIA £ The shooting and archery competitions for the Birmingham 2022 Commonwealth Games will take place in India six months prior to the main event. India had threatened to boycott Birmingham 2022 after shooting was omitted from the Games. But the country will now host the events in Chandigarh in January 2022, before the main LIVERPOOL came from behind to beat West Ham 3-2 in dramatic fashion and make it 18 consecutive Premier League wins last night. Georginio Wijnaldum’s early header had the Games take place from 27 July to 7 runaway league leaders ahead at Anfield, but Issa Diop’s header beat Alisson soon after and Pablo Fornals found the bottom corner in the 54th minute to put the relegation- August. Birmingham 2022 chief threatened Hammers 2-1 in front and Liverpool’s unbeaten league record under threat. However, Lukasz Fabianski allowed Mohamed Salah’s tame shot through his legs and executive Ian Reid said the move was Sadio Mane turned in from close range in the 81st minute to make it 3-2. Alisson then saved one-on-one from Jarrod Bowen to ensure Liverpool retained their 22-point lead at a continuation of a “long tradition” the top. The result saw Jurgen Klopp’s side equal Manchester City’s record of 18 successive Premier League wins from August to December 2017, while West Ham remain 18th. of hosting Games “across the globe”. BAYERN LIFTED BY A FLICK

Up stepped assistant Hans-Dieter due to injuries, Flick has used it more His contribution, along with those German giants visit Flick in a temporary capacity that was consistently and Alaba has become an of Serge Gnabry and Kingsley Coman, Chelsea tonight a then extended until the end of the HOW CLUB NO2 GOT integral part of a set-up that has four who have been directly involved in 25 season following three straight victo- THEM BACK TO NO1 clean sheets in the last seven league and 10 goals respectively, has allevi- club revived by their ries, including a 4-0 win over Borussia games. ated some of the reliance on Dortmund. 3 NOV 2019 Bayern boss Niko At full-back Flick has settled on Lewandowski. caretaker boss, says The 54-year-old, who made more Kovac departs after 5-1 defeat by France international Benjamin Flick’s favouring of tried and trusted than 100 appearances for Bayern in Eintracht Frankfurt. Hans-Dieter Pavard and exciting Canadian personnel ahead of Coutinho and Michael Searles the late 1980s and was an assistant Flick named caretaker manager. teenager Alphonso Davies – a signifi- Ivan Perisic has seen Bayern redis- coach under Joachim Low when Ger- cant statement given £72m summer cover their form in front of goal, scor- AYERN Munich dismantled many won the 2014 World Cup, has 26 NOV Bayern win 6-0 at Red Star signing Lucas Hernandez can also ing at least three in nine of their last Tottenham 7-2 in north Lon- steered them back to the top of the Belgrade, taking their record under play at left-back. 11 matches. don on their last visit to Eng- Bundesliga and they remain in the Flick to: Played 4; Won 4; Goals For That rejuvenated attacking threat, land, nearly five months ago. hunt for the treble. 16; Goals Against 0. REJUVENATED ATTACK ever since putting seven past Hugo Chelsea will be hoping to Bayern are now unbeaten in 11 Further forward Flick has been more Lloris, will be of major concern to Bavoid a similar fate when they wel- games and have rediscovered the goal- 21 FEB 2020 A win over Paderborn decisive in his line-up, too, bringing Chelsea, who have conceded six in come the German champions to scoring prowess that has led them to makes it 10 wins and one draw in 11 Thomas Muller back from the pe- their last three league games. Stamford Bridge tonight but, worry- seven successive league titles. games. They lead the Bundesliga by riphery. The languid German has re- Despite Saturday’s win over Spurs, ingly, that was Bayern amid a relative a point with 11 games remaining. vived his career lately, playing in a Frank Lampard’s side have been no- slump; since then, they have rediscov- FLIPPED A SWITCH No10 role behind the ever-clinical tably poor at home this season and ered their mojo. Chelsea stand between them and a Robert Lewandowski, and instead of Bayern will hope to capitalise tonight Just 33 days after that crushing vic- place in the Champions League quar- Phillipe Coutinho, whose woes since in the form of precious away goals. tory over Spurs, head coach Niko ter-finals, and while Flick is frustrated has “flipped a switch” to turn their leaving Liverpool continue. Bayern have already put one London Kovac left Bayern by mutual consent at progress regarding a new contract, fortunes around and one of the man- Muller matched his highest number side to the sword so far this European after his side stumbled to a 5-1 defeat according to German media, advanc- ager’s changes has been to deploy the of assists in a single season with a campaign and used to regularly tear against Eintracht Frankfurt, leaving ing in Europe will only help his case Austria captain at centre-back along- 14th in the league against Cologne Arsenal apart at this stage of the them with just five wins from their for permament promotion. side Jerome Boateng. this month and the 30-year-old has Champions League. Chelsea have opening 10 league games. The versatile David Alaba says Flick An idea initially trialled by Kovac bagged nine goals in all competitions. been warned. CELEBRATING 22 SEPT VOLUNTEERING AND 2020 PHILANTHROPY IN THE CITY SEE HOW YOU CAN GET INVOLVED! City Walk

For those looking for something less energetic than Tour de City, we’ve teamed up with City Guides again to The Tour de City and Tour de Wharf offer City Giving Day Walks. Whether Static Wattbike Challenges offer you want to learn something new companies a unique opportunity about the City or just get outside for to get together - and get sweaty a breath of fresh air at lunchtime, this - on City Giving Day. is the activity for you.

Once again we’re bringing you the City Giving Day Treasure Hunt. Every year teams get out and about, NIGHT solving clues and learning more about the City they Exhausted by your City Giving Day work in. activities or better at using your brain than cycling, walking or treasure hunting? Come along to one of our Quiz Nights and test your general SELFIE knowledge and compete against the FRAMES greatest minds in the City!

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