BUSINESS WITH PERSONALITY

TOUGH TALKERS SADDLE UP HOW POLO IN WILDE, BORIS AND THE PARK IS CHANGING THE LAW ON PUBLIC PERCEPTIONS P20 SPEECH P19 MONDAY 3 JUNE 2019 ISSUE 3,383 CITYAM.COM FREE

TRUMP TOUCHDOWN President GREEN SEEKS lands amid Brexit and Tory tension HIGH STREET RATES RELIEF EXCLUSIVE Creditors are set to vote on whether cent years, adding to financial troubles SEBASTIAN MCCARTHY to approve the firm’s CVA on Wednes- amid the rise of online competitors. day. If the group fails to win approval Last month, it emerged department @SebMcCarthy from 75 per cent of its creditors, which store chain Debenhams also sought SIR PHILIP Green is launching an au- includes councils and landlords, then relief through business rates reduc- dacious bid to dramatically cut the the risk of collapsing into administra- tions as part of its insolvency process. amount his retail empire pays in busi- tion increases, putting as many as The dramatic cost-cutting attempt ness rates, City A.M. has learned, in a 18,000 jobs at risk. comes as Green faces mounting pres- move likely to trigger fresh controversy Andrew Gwynne, Labour’s shadow sure from the pensions watchdog to around the embattled tycoon. communities and local government inject a further £50m into the Arcadia Multiple sources have warned that, if secretary, said: “Councils will be forced pension fund in the run-up to the vote. implemented, the demands made by to stump up, while a billionaire share- Yesterday, a source close to the Pen- Green’s Arcadia group not to pay holder based in a tax haven re- sion Protection Fund (PPF) told the some of its business rate bills until fuses to take responsibility for Sunday Times that the regulator was April next year would deprive the mess he has created.” prepared to vote against the CVA, ALEXANDRA ROGERS departure date – before taking part in local authorities of over £20m. Liberal Democrat leader warning “it’s all going to the wire” a ceremony to mark the 75th Documents seen by City A.M. Vince Cable added: “The de- with negotiations continuing between @city_amrogers anniversary of the D-Day landings. show Arcadia, which is aiming mand for business rate ex- the two sides. US PRESIDENT Donald Trump has In an interview with the Sunday to push through a con- emption is outrageous. The It emerged last week that Arcadia’s made waves in Westminster ahead of Times, Trump said the UK should not tentious insolvency process exemption is for genuinely directors have been planning a £135m arriving today for a state visit, be afraid to “walk away” from the EU known as a company volun- small companies and not investment in the group’s troubled offering advice on Brexit and backing with no deal, and suggested Brexit tary arrangement (CVA) later for tycoons who have made retail brands, renovating stores and Boris Johnson for the Tory leadership. Party leader Nigel Farage should have this week, is looking to personal fortunes out of improving its online offering. The President will begin his state a role in the negotiations, saying “he secure a business rates retail and have not paid their The rescue efforts come as Green visit by meeting the Queen and is a terrific person”. holiday on hundreds share of other tax, like faces mounting allegations over his attending a state banquet in the He said Johnson “would do a very of store leases. income tax.” personal life, having strenuously de- evening. He will then meet Theresa good job [as PM] – he would be Rising business rates nied four charges of misdemeanour as- May for talks at Downing Street excellent,” adding “he has been very Green is fighting bills have hit many high sault brought against him in the US. tomorrow – just days before her positive about me and our country”. on all sides street retail groups in re- Arcadia declined to comment.

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CRUISIN’ FOR A BRUISIN’ Luxury 2,100-passenger ship crash in Venetian canal prompts fresh backlash from Italian ministers THE CITY VIEW This plan offers a bold investment vision

ORMER City banker Sajid Javid grabbed headlines over the weekend by revealing that he could scrap the top rate of Fincome tax, and last night bulked up his platform further with plans for a £100bn “national infrastructure fund”. On the former policy, Javid is right to question the position of the Laffer curve and potential for a lower rate to bring in more revenue. We must also remember the rate’s origins – it was born not of economic pragmatism, but as a political trap set by a Labour party that knew an incoming Tory government would be pilloried for reversing it. Hardly the basis for a rational fiscal structure. Today’s policy from Team Javid is of a different bent. The home secretary wants to use government debt to fuel a large investment programme in broadband, transport, and other infrastructure projects. It is partly a pitch for support A CRUISE ship sailing down Venice’s Giudecca canal collided with a dock and a small tourist boat after losing control yesterday, slightly injuring four people. The crash reignited calls for large vessels to be banned from sailing down the Giudecca, with Italian from outside the capital, with Javid arguing that “for too long ministers saying a ruling was long overdue. The canal, which leads to St Mark’s Square, is one of Venice’s major waterways. much of our investment has been focused on London and the south east, leaving other parts of our country feeling Typically such left behind”. A fair point, albeit one that ignores the grand ideas would considerable level of set off alarm bells Javid unveils his £100bn redistribution from this part of the country to the rest. Office for National Statistics figures last week reminded us that only London, the south east and the east of England subsidise other parts of the UK. And the extent to which London and the plan to reboot economy south east have done so has sharply increased since the turn of the century. That said, Javid is correct that transport links and ALEXANDRA ROGERS connectivity remain unacceptably poor in many regions and The fund would be run arms-length out their visions for Brexit and be- from government through a board of yond. Those angling to replace May as improving them could boost productivity. Typically such a @city_amrogers experts appointed by ministers. It Prime Minister clashed over their grand idea, tied inevitably to the public purse, set off a few HOME secretary Sajid Javid has could eventually become an exten- stances on a no-deal Brexit. Javid said alarm bells. But Javid’s has some thought behind it; he insists it unveiled plans to borrow £100bn to sion of the National Infrastructure he would prepare for no deal, but also reboot the economy as he became the Commission, a government depart- refused to rule out a future extension will be run at arms-length from government, free from latest Tory leadership hopeful to set ment that provides advice on Britain’s to Article 50 – the mechanism that al- Westminster’s political tussles and favours, and that it will be out his stall in the contest to replace infrastructure challenges. lows the UK to leave the EU – under tasked with providing a return above borrowing costs. As a fiscal Theresa May. John O’Connell, chief executive of any circumstances. hawk who once campaigned for the UK to adopt a US-style debt Javid’s national investment fund, the Taxpayers’ Alliance, said there Andrea Leadsom, the former leader announced last night, sits alongside were “real risks” attached to Javid’s of the House of Commons, said she ceiling, there are notable differences between Javid’s plan and, proposals to slash the top 45p rate of proposal. was seeking a “managed exit” from for example, Labour’s idea for a half-a-trillion-pound investment income tax for top earners. “It’s all well and good to hope for a the EU, in which she would pass bank. With their constant calls for investment in British The national infrastructure fund return on investment and utilising legislation to prepare for leaving with- would be drawn from low govern- low interest rates, yet neither of these out a deal. infrastructure, one imagines that business groups – at least – ment borrowing rates and would be two can be guaranteed,” he said. “The Meanwhile, health secretary Matt will be giving Javid’s plan the thumbs-up this morning. used to invest in critical infrastruc- arms-length nature of it also raises Hancock, a Remainer in the Cabinet, ture projects in the north, including questions about accountability. vowed to rule out leaving the EU with- improved rail links. “Instead, HS2 should be scrapped out a deal, saying it was “not a policy It would also help accelerate the roll- immediately, with some of that cash option available to the next Prime out of a national fibre optic network used to improve infrastructure out- Minister, whether they like it or not”. to improve Britain’s broadband speed, side of London.” Yesterday, former minister Sam which lags behind the likes of the US, The weekend was dominated by Gyimah became the 13th Tory to Follow us on Twitter @cityam Germany and France. Tory leadership candidates setting enter the race to succeed May.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL FIRMS CIRCLE BAYER’S WHAT THE KURDS TO RELEASE ISIS JOHNSON TO SPEND £5,000 SOFTBANK FACES PROBLEMS ANIMAL MEDICINE UNIT OTHER WOMEN AND CHILDREN ON OVER 11S IN SCHOOL RAISING NEW $100BN FUND Private equity companies are gearing Kurdish forces in Syria are to release 800 Boris Johnson plans to spend at least Softbank has made preliminary up to battle for Bayer’s animal PAPERS SAY women and children including the £5,000 on every secondary school pupil approaches to some of the world’s medicines business in what is likely to families of Isis fighters from a detention in a pledge to "level up" Britain's largest investors as it seeks to raise be one of Europe’s largest buyouts THIS camp in the northeast of the country. education system, in his first domestic $100bn (£79bn) for another fund since the financial crisis. Bayer is selling The handover was agreed following a policy proposal. He said he wants to dedicated to tech startups. But several the division as part of a reorganisation MORNING meeting between Kurdish leaders and reverse cuts to schools and correct the of these investors plan to make limited and cost-cutting plan designed to win local Arab tribes in the town of Ain Issa. “yawning funding gap” between pupils or no contributions, people familiar back investors’ confidence after its in London and the rest of the country. with the matter said. troubled purchase of Monsanto FRENCH URGED TO TACKLE London-based BC Partners is exploring UK CHANNEL CROSSINGS SAVERS MISS OUT ON UP TO RUSSIA WITHDRAWS DEFENSE a joint bid for the division, according to France has been urged to do more to £3.5BN BY NOT SWITCHING SUPPORT TO VENEZUELA people familiar with its plan. stop migrants leaving the country amid Savers are losing £3.5bn a year in Russia has withdrawn key defense Futures Trading Commission over its fears of a summer of Channel crossings interest due to switching inertia. advisers from Venezuela, an FACEBOOK IN TALKS WITH US plans for a digital currency, in a sign of by those desperate to get to Britain. Customers with Barclays, HSBC, Lloyds, embarrassment for President Nicolas REGULATOR ON CURRENCY how the world’s largest social media There has also been a call for air RBS and Santander have £827bn of the Maduro as Moscow weighs the leader’s Facebook has begun talks with top US platform is laying the groundwork for surveillance after scores of migrants on total £1.3 trillion saved in the UK, political and economic resilience derivatives regulator the Commodity an ambitious push in to payments. small boats were found near Kent. according to the CEBR. against growing US pressure. CITYAM.COM MONDAY 3 JUNE 2019 NEWS 03

WHISKY BUSINESS Trump Arms makes Regulator finds comeback as pub welcomes US President DCC closes in on deal to sell off flaws in Boeing pharma arm AUGUST GRAHAM @AugustGraham LEADING private equity firm and former Wagamama-owner Duke 737 plane parts Street is to sign a deal with DCC to buy its generic drugs arm, it was revealed last night. AUGUST GRAHAM failed part could lead to aircraft dam- The investor is looking to buy age in flight,” the FAA said. Kent Pharmaceuticals and Athlone @AugustGraham This is a sign of mechanical fault in Laboratories from the BOEING’s grounded 737 Max plane the 737 Max, which was grounded in A LONDON pub will once again be renamed The Trump Arms in honour of US international sales, marketing and may have flaws in its construction, US March after two accidents in less than President Donald Trump’s second UK visit. The Jameson pub in Hammersmith is support services group, Sky News regulators said last night. six months killed almost 350 people. being decorated with US flags as well as cardboard cut-outs of Trump for the week. reported. The Federal Aviation Administration Until now the manufacturer has Sources told the broadcaster that (FAA) said the plane maker discovered pinned its hopes of return on a soft- a deal, for an undisclosed value, potential problems with the leading ware update and pilot training. could be announced this week. edge slat tracks on the 737 Max and It is unclear whether the new discov- It will create a business which NG models. ery will set back plans to get the air- would stand alone as a producer of The leading edge slats are flaps on craft back in the air, however the FAA Driving the City nuts: Police off-patent and generic medicines. the front of a wing which help the said it will issue a directive to find Kent was bought by DCC in 2013 plane to gain altitude. and remove the faulty parts. Airlines and focuses on therapeutics in The faults affect 148 parts which are running the planes will be forced to crack down on peanut traders respiratory, analgesics, anti- manufactured by a Boeing supplier, do so within 10 days. infectives, cardiovascular and the FAA said. They are thought to be It comes as carriers yesterday called SEBASTIAN MCCARTHY security fears over carts used by antihistamines. installed on 133 NG and 179 Max on regulators across the world to co- vendors containing gas bottles, and It also makes antibiotics and planes worldwide. ordinate over the future of the plane. @SebMcCarthy causing both congestion on narrow provides beta-lactams in the UK “The affected parts may be suscepti- They are worried that the industry A BAND of entrepreneurial peanut pavements and a rise in vermin on and Ireland. ble to premature failure or cracks could see a repeat of March’s bans, sellers in the Square Mile face bridges near the capital’s financial Duke Street will keep resulting from the improper manu- which rolled in at different times in prosecution following a police centre. management in place when taking facturing process. Although a com- different jurisdictions. crackdown aimed at tackling illegal Police have seized 11 so-called over the business, a source told Sky. plete failure of a leading edge slat Separately, Airbus urged airline trading around the City of London. peanut receptacles since November Both DCC and Duke Street track would not result in the loss of bosses to back its calls for talks in a 15- Authorities have been clamping last year, all of which are set to be declined to comment to the the aircraft, a risk remains that a year trade spat with US rival Boeing. down on the snack traders amid followed by prosecutions. broadcaster.

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THE BIG CHEESE Cadbury owner weighs Investors to lose millions as forex up sale of Philadelphia cream cheese arm trading firm slides into liquidation JAMES BOOTH wind the company up after it its trading accounts, of which £6m is stopped paying returns late last year, in third-party accounts. @Jamesdbooth1 which the company blamed on The liquidator wrote that he was AN UNREGULATED foreign exchange banking problems. “uncertain as to the recoverability of trading firm is set to go into The firm had promised investors these funds”. liquidation leaving retail investors interest of up to five per cent a Chief executive Karl Lubieniecki millions of pounds out of pocket. month which it said it would said he expected investors to receive Hudspiths has appointed generate through trading in risky 82 per cent of their money back. insolvency practitioners UHY Hacker forex derivatives. Lubieniecki became the registered Young to oversee a creditors’ According to a letter to creditors owner of a six-bedroom house in voluntary liquidation. from the liquidator, seen by City A.M., June 2018. It is now on the market It follows attempts by creditors to the firm has an estimated £7.3m in with a £2m pricetag.

MONDELEZ, the US confectionery, food, and beverage giant based in Chicago, is considering a multi-billion-pound sale of its Philadelphia soft cheese arm, according to reports in the Sunday Telegraph, in order to focus on chocolate and biscuits. China ‘rigs’ 5G security test to protect Huawei

JAMES WARRINGTON British officials have reportedly accused Chinese state hackers of @j_a_warrington passing information to the testers to CHINA has been accused of rigging ensure flaws are found in Nokia and 5G security tests in a bid to discredit Ericsson’s technology. western companies and protect It is the latest salvo in an escalating Chinese telecoms giant Huawei. trade dispute between China and the Beijing is said to have leaked details west, with the role of Huawei in of security vulnerabilities in equip- global 5G networks proving a pivotal ment made by Huawei’s rivals to a 5G battleground for the two sides. testing team as it looks to bolster the A spokesperson for the Chinese reputation of the controversial embassy said the accusations against Chinese firm, the Sunday Telegraph China about cybersecurity were reported, citing Whitehall and indus- “unfair, groundless and the opposite try sources. of the fact”. The alleged campaign comes amid a In its latest attempt to push back large-scale security test, with more against the US, China is set to launch than 100 IT experts carrying out hack- an investigation into Tennessee-based ing on telecoms equipment to check courier firm Fedex, according to local for flaws, according to the report. media reports. The tests form part of preparations The probe comes after Huawei for the global rollout of 5G, and are claimed Fedex diverted two of its being carried out on equipment parcels destined for Asia to the US. made by firms including Huawei, Fedex has since apologised, saying the Nokia and Ericsson. parcels were “misrouted in error”. Troubled Metro Bank reins in commercial real estate lending JAMES BOOTH Metro Bank had stopped lending to new commercial real estate @Jamesdbooth1 customers in recent weeks. METRO Bank has dramatically Metro Bank said the move was reduced its lending to real estate part of a rebalancing of its loan clients as it tries to rebalance its loan portfolio, announced in its February portfolio. full-year results, to optimise capital The challenger bank has efficiency while keeping a low risk undergone a torrid time recently appetite after it miscategorised the risk of 10 A Metro Bank spokesperson said: per cent of its loan book, sending its “We explained we’re specifically share price crashing and forcing it to reducing our proportion of raise £375m of additional capital to commercial real estate lending. We strengthen its balance sheet. continue to lend to both retail and The Sunday Times reported that commercial customers.” TICK BOX. STANDARD ISSUE. RUN OF THE MILL. I WA NT NONE OF THE ABOVE.

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Minimum eligibility criteria and terms and conditions apply. Please visit our website for further details. Investec Private Banking is a part of Investec Bank plc (registered no. 489604). Registered address: 30 Gresham Street, London EC2V 7QP. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Investec Bank plc is a member of the London Stock Exchange. 06 NEWS MONDAY 3 JUNE 2019 CITYAM.COM Kaupthing weighing up sale of high Aberdeen slams street fashion retailer Karen Millen SEBASTIAN MCCARTHY retailer, in a bid to explore a The broadcaster also said that NSF over hostile @SebMcCarthy series of potential offers. the value attributed to the business According to Sky News, in a solvent action was so far THE ICELANDIC owner of which first reported the unclear. The London-based chain fashion group Karen Millen move over the weekend, has an international portfolio with is considering a possible sale sources said the review and a footprint in approximately 65 of the fashion chain. any potential sale process countries. Provident offer Big Four accountancy firm were likely to take several In October, the group bought the Deloitte has been called in by months to conclude. website and UK department store Kaupthing, the private concessions belonging to retail JAMES BOOTH NSF has the support of investors repre- Karen Millen’s firm equity owner of the rival Coast, with a total of 600 jobs @Jamesdbooth1 senting 53.5 per cent of shares, includ- women’s clothing has called in advisers transferred to Karen Millen. ing fund manager Neil Woodford and A MAJOR shareholder in Provident asset manager Invesco. Financial has come out to publicly oppose There is significant opposition to NSF’s a hostile takeover bid by rival doorstep bid with fund managers Schroders, lender Non-Standard Finance (NSF). Coltrane and M&G Investments all pub- Aberdeen Standard Investments, licly against the deal. which owns 3.1 per cent of the sub- Last week, the Competition and Mar- prime lender, said it would not accept kets Authority (CMA) said it had NSF’s offer. launched a merger inquiry into the deal. Andrew Millington, its head of UK “We’re also unhappy that NSF has equities, said: “Ultimately, we don’t be- brought forward the deadline for share- lieve it’s a good deal for the business nor holders to accept the bid to next week Provident Financial shareholders.” before the CMA releases the outcome of His comments, which were first its review,” said Millington. reported by the Sunday Times, come NSF has already proposed to ahead of a Wednesday deadline for the demerge its Loans at Home business to offer to become unconditional. avoid competition concerns. CITYAM.COM MONDAY 3 JUNE 2019 NEWS 07 US regulators Councils pay out divide scrutiny of tech giants £74m for their PHILIP GEORGE

US ANTITRUST regulators have divided oversight of Amazon and Google, putting Amazon under the empty buildings watch of the Federal Trade Commission (FTC) and Google under the Department of Justice (DoJ), the Washington Post AUGUST GRAHAM council-wide insurance policies may reported over the weekend. cover some buildings. Amazon could face heightened @AugustGraham Maintenance cost councils more antitrust scrutiny under a new COUNCILS across Britain are spend- than £8m, while security, including agreement between US regulators ing more than £74m on at least 6,000 monitoring, barriers and check-ups, which puts the e-commerce giant empty buildings, a new report has cost almost £7.8m. under the watch of the trade found. But the biggest cost by far was the The combined group would create the world’s third-biggest car maker commission, the newspaper The City of London was the fourth- renovation of just 11 buildings, cost- reported, citing people familiar biggest spender on empty buildings, ing £51m. This included around £23m with the matter. with more than £5m going on their for transforming a hall into The development is the result of upkeep, the Taxpayers’ Alliance said Aberdeen’s new art gallery. Fiat discusses improved Renault the FTC and DoJ quietly dividing up today. However, unlike other big “Councils have a duty to maintain competition oversight on both of spenders, the City only has seven properties for future tenants and the American tech giants, Amazon empty buildings. owners, so of course some costs will merger to win French backing and Google, the newspaper said, Overall, 269 council buildings across be involved. Many people will be star- adding that the FTC’s plans for London stood empty for one month or tled by the total cost of maintaining LAURENCE FROST combined company’s operations Amazon and the DoJ’s interest in more between the start of 2016 and empty properties and want an expla- headquartered in France and the Google were not immediately clear. the end of 2017, at a cost of over £10m. nation as to why these haven’t been FIAT Chrysler is discussing a Renault French state granted a seat on its The news comes after Reuters Researchers looked at non-residen- used or sold by the council,” said Tax- special dividend and stronger job board, two people with knowledge of and other media reported on tial properties in a council’s portfolio, payers’ Alliance boss John O’Connell. guarantees in a bid to persuade the the matter told Reuters yesterday. Friday that the DoJ is preparing an including farms, schools and “At a time when families are strug- French government to back its Italian-American Fiat is engaged in investigation into Google in order libraries, but also commercial proper- gling with the cost of living, and sky proposed merger between the intensive discussions with Renault to ascertain whether the company ties such as shops or warehouses. high council tax bills, it’s important carmakers, sources close to the and the French government over the broke antitrust law in operating its It cost more than £1.3m to insure that local authorities do all they can discussions said. $35bn (£27.7bn) merger bid it pitched online businesses. the buildings across the UK, although to ensure that they are making deci- The improved offer, if formalised last week to create the world’s third- Google declined to comment, this number could be much larger as sions with taxpayers in mind.” and accepted, would also see the biggest car maker. Reuters while others did not respond. Reuters Easyjet and Marks & Spencer in the running for relegation in FTSE reshuffle AUGUST GRAHAM The sector is being hit by stiff Meanwhile, Marks & Spencer competition, strikes and unusual looks set to keep its head above @AugustGraham weather patterns. water. Despite online challenges, it EASYJET looks set to be the next However, the airline’s stint in the has managed to avoid the drop in company to fall out of the FTSE 100, lower leagues could be short-lived, the past, and an ongoing rights issue with several others, including Marks said Helal Miah, an investment will probably be enough for a repeat. & Spencer, nervously eyeing the drop research analyst at the Share Centre. “The rights issue doesn’t actually ahead of the blue-chip list’s reshuffle “The issues here are sector wide close until 12 June... However we on Wednesday. rather than stock specific and so we expect FTSE Russell to wave Marks & The budget carrier has faced a remain fairly confident Easyjet will Spencer through on the basis the turbulent time, which has pushed rise back into the top flight index rights issue is fully underwritten,” shares down 22 per cent in the last fairly quickly as it is being managed said Laith Khalaf, an analyst at six months to 871.2p on Friday. well with rising passenger numbers.” Hargreaves Lansdown. Chief executive Johan Lundgren could face a fall from the FTSE’s top tier 08 NEWS MONDAY 3 JUNE 2019 CITYAM.COM HMRC ramps up Only one in five firms has terror executive fines loss insurance JAMES BOOTH @Jamesdbooth1 ONLY one in five UK businesses has a terrorism insurance policy in in crackdown place, according to a survey published today. A survey commissioned by JAMES BOOTH can to account and C-suites should terrorism reinsurer Pool Re showed @Jamesdbooth1 take the high number of fines issued 81 per cent of businesses either do last year as a warning. not have a policy or are not aware HM REVENUE & Customs (HMRC) is “Tax tribunals have already called if they have one. putting individual C-suite executives HMRC’s approach to issuing these Small and medium enterprises within its crosshairs as it seeks to hold fines heavy-handed but this does not have even lower coverage (15 per businesses to account. seem to have made a difference. cent) than the UK as a whole. The number of chief financial “These fines are being used as a stick Thiam said he did not think either UBS and Credit Suisse would become targets The research also showed only 25 officers (CFOs) and other senior to ensure finance directors do not per cent of businesses have finance directors (FDs) fined has allow systemic tax accounting failures contingency plans in place for increased 22 per cent in the year to 31 to arise. Considering the pace of business interruption caused by March to hit 152. actions by HMRC against CFOs and Credit Suisse chief dismisses EU terror attacks. In 2017–18, HMRC levied 125 fines FDs, businesses may need to invest The survey showed the biggest against individuals while in 2012-13 – more money in controls in this area.” barriers to purchasing terrorism the first year fines were used – only 46 The largest number of fines were im- bank mergers as a ‘solution’ insurance are the chances of individuals were targeted. posed on senior FDs in the retail sec- making a claim are small (22 per The senior accounting officer tor (24), followed by transport (14) and JOHN REVILL created an extremely difficult cent), they did not know they could regime, which was introduced in oil and gas (11). environment, where many banks buy terrorism insurance (25 per 2009, allows HMRC to fine FDs up to Collins said the high number of MERGERS are not the best way to have come under long-term pressure. cent) and they expected their £5,000 if they fail to properly account fines in these sectors may reflect help Europe’s banks deal with A merger here would fix nothing.” existing insurance would cover for their company’s income and ex- HMRC’s increased focus on employ- negative interest rates, Credit Suisse UBS chief executive Sergio Ermotti terrorism losses. penditure. ment tax compliance. chief executive Tidjane Thiam said in said last month after Germany’s Julian Enoizi, Pool Re chief Jason Collins, head of tax at law firm HMRC is scrutinising claims of self- an interview published yesterday. Deutsche Bank and Commerzbank executive, said:“These figures Pinsent Masons which compiled the employed status amid concerns that “That is not the solution,” Thiam called off merger talks that demonstrate the knowledge gap on figures, said: “HMRC is on a mission it is being used by employers as a way told Swiss newspaper Blick am consolidation in the EU banking terrorism insurance that UK to hold the most executives that they of reducing their tax bills. Sonntag. “Negative interest rates have industry remains inevitable. Reuters businesses must address.” MOVE BEYOND THE HORIZONCROWD /HWRQHRIWKHODUJHVWưHHWVRIQH[WJHQHUDWLRQ $GYHQWXUHVEHJLQZKHQWKHIDPLOLDUHQGV:LWKưLJKWVWRRYHU DLUFUDIWPRYH\RXIXUWKHULQDZDUGZLQQLQJFRPIRUWGHVWLQDWLRQVDFURVV$VLD3DFLƮFZHFDQKHOS\RXƮQG\RXURZQSDWK WRRYHUGHVWLQDWLRQVDFURVV$VLD3DFLƮF

ZZZFDWKD\SDFLƮFFRP 10 NEWS MONDAY 3 JUNE 2019 CITYAM.COM WELL-HEELED Hunter Boot spies record Trade fears took Italy won’t seek sales as it looks to Peppa Pig collaboration $2 trillion from stocks in May fight with EU NOEL RANDEWICH GLOBAL stock markets shed over $2 trillion (£1.58 trillion) in value in May as the US-China trade conflict escalated. amid crisis talks Fears of a trade-related economic slowdown intensified further on Friday after US President Donald GISELDA VAGNONI Speaking to Reuters on the sidelines Trump threatened Mexico with of a ceremony at the presidential tariffs. THE ITALIAN government is confident palace in Rome on Saturday night, Tria Trump tweeted the decision late it can reach a compromise with Brus- said he believed the government could HUNTER Boot reported record sales last year, helped by strong growth in the US as on Thursday, catching markets by sels and avoid sanctions over its dete- still avert such punitive measures. the wellington brand looks to diversify its products. This year it starts collaborations surprise. riorating public finances, the “Italy does not want to clash with with Stella McCartney and Peppa Pig. Online sales were a third of its total revenue. The S&P 500 dropped 1.3 per economy minister said as talk of a the European Commission, and I cent, bringing its loss for May to looming government crisis grew. hope the opposite is also true, that is 6.6 per cent, equivalent to about The European Commission wrote to to say that no one in Brussels intends $1.6 trillion of its market Italy last week asking it to explain why to engage in a fight with us,” he said. capitalization, according to its public debt rose in 2018 instead of “Our position is reasonable and I Refinitiv’s Datastream. falling as required, a move that set the think we will eventually reach a com- Mexico starts Washington talks MSCI's gauge of stocks across the stage for a possible legal clash with promise with the commission,” he globe shed 0.8 per cent, bringing the ruling eurosceptic coalition in added. its monthly loss to 6.2 per cent, Rome. He also reiterated a pledge that the early over Trump’s tariff threat equivalent to over $2 trillion, In his response to Brussels, economy 2019 budget deficit would come in according to Datastream. minister Giovanni Tria blamed an eco- below a government forecast of 2.4 per SHARAY ANGULO threatened to impose punitive tariffs “The more that we worry about nomic downturn for the rising debt cent of gross domestic product – a of five per cent on Mexican goods, additional tariffs being laid on and vowed to respect the EU’s fiscal level the commission deems too high. MEXICO’s economy minister Graciela that would gradually increase to 25 when we haven’t even resolved the rules in the next budget. Tria is a former academic with no Marquez said yesterday she would per cent, if Mexico did not stem initial tariff issues we're having But a report in La Repubblica yester- affiliation to either of the two ruling meet with US commerce secretary northwards migration. with China, it’s just negative day said the EU Commission had parties governing Italy, the right-wing Wilbur Ross in Washington today, Mexico’s deputy minister of overall for global markets,” warned found Tria’s letter too vague and non- League and the anti-establishment two days before the neighbouring foreign trade Luz Maria de la Mora Saira Malik, head of global equities committal, and was likely to take the 5-Star Movement, which are both countries are due to discuss possible said in a tweet that both countries at Nuveen, a global investment first steps towards a disciplinary pro- backing tax cuts that would likely tariffs on Mexican goods. would analyse their commercial manager with almost $1 trillion cedure this week. inflate the deficit. Reuters US President Donald Trump has relationship. Reuters under management. Reuters We aim to make every car on the app in London fully electric by 2025. CITYAM.COM MONDAY 3 JUNE 2019 NEWS 11 City gears up for iconic motor show

SEBASTIAN MCCARTHY among the prestigious car fleet on the felt it had always been missing the @SebMcCarthy green lawns at the Honourable Ar- world-class car show it deserves, which tillery Company’s Finsbury Barracks. is exactly why we established the Lon- THOUSANDS of City motorheads are The corporate fixture, which also in- don Concours,” said Graham Clemp- gearing up for a luxury car show in cludes a showcase of several luxury son, chairman of the London the Square Mile later this week. yachts and watches, comprises two Concours and a private equity veteran. FTSE bosses and top investors are on days of breakfast, lunch and dinner Clempson, founder of investment the guest list for this year’s London events, as the City’s summer hospital- management firm Quartic Capital, Concours event, where over a hundred ity season gets into full swing. added: “Now in its third year, the Lon- iconic cars worth in excess of £70m “London is steeped in history; an epi- don Concours is a gathering of will be on display. centre of luxury and a global power- privately-owned exotic classic and Rare Ferraris and McLarens will be house of the finance industry. But, we performance cars of all eras.” The cars will be on show on the lawns of the Honourable Artillery Company’s HQ SA Airways boss Global airlines quits, slamming hit by earnings bureaucracy outlook slash NQOBILE DLUDLA AUGUST GRAHAM @AugustGraham SOUTH African Airways’ chief Landmark DeDevelopmentvelopment of BrBrandand NeNeww executive officer Vuyani Jarana has 1, 2 and 3 BedrBedroomoom Apartments close THE HEAD of a body which represents resigned after less than two years in ttoo Canary WWharfharf nearly 300 global airlines has the job, saying his turnaround heralded the end of boom and bust strategy for the loss-making airline while slashing his outlook for the was being undermined by a lack of industry by more than a fifth. state funding and too much The International Air Transport bureaucracy. Association (Iata) said it expects Jarana’s departure, announced in airlines’ combined profit to fall to a letter to the chairperson of the $28bn (£22bn), over 21 per cent airline’s board dated 29 May, below a December estimate, as fuel highlights the challenges facing prices rise and global trade weakens. South African President Cyril It also falls under 2018’s estimated Ramaphosa as he seeks to speed up post-tax profits of $30bn, the reforms at South African Airways organisation said. (SAA) and other state-owned entities. “Margins are being squeezed by SAA’s board said yesterday its board rising costs right across the board – had accepted the resignation and including labour, fuel, and would begin an immediate search infrastructure. Stiff competition for a replacement. among airlines keeps yields from Jarana, a former executive at rising,” said Iata chief executive telecoms company Vodacom, was Alexandre de Juniac. appointed in late 2017 to implement Oil prices have risen since the a strategy to return the airline to beginning of the year, after months profit and wean it off government of decline towards the end of 2018. bailouts. SAA, which has not made a The group said it expects oil to be profit since 2011, has drawn up a slightly below last year’s price of five-year turnaround plan that $71.60 per barrel for Brent crude in includes slashing costs and NewNew Union WWharf,harf, 8 RivRiverer BarBargege CloseClose,, 2019. Yesterday afternoon, the price cancelling unprofitable routes as it Isle of Dogs, E14 3P3PJPJJ lay at $64.47 after a week of decline. grapples with cost increases that far The industry has also been hit by outstrip revenue growth. weaker global trade, which is set to In his four-page resignation letter, continue amid a trade war between seen by Reuters, Jarana said he 4 16 22 27 the US and China. resigned due to uncertainty about mins mins mins mins “The good news is that airlines funding and the current level of Opens have broken the boom-and-bust DecDecemberember bureaucracy that his team has to go 20191920 cycle. A downturn in the trading through to implement the group's Canary WharfWharf Bank LiverpoolLiverpool StreetS eeteettr Oxford CirorxfO Circuscusd environment no longer plunges the strategy, often resulting in slow industry into a deep crisis,” de decision making. * TTravelvar el times frfromom CrCrossharbourossharbour SStation.tation. Obtained frfromom TFL Juniac said. “But under current “The strategy is being circumstances, the great achievement systematically undermined, and as Book youryour appointment: | of the industry – creating value for the group chief executive officer, I investors with normal levels of can no longer be able to assure the profitability is at risk.” board and the public that the [long PricesPrices correctcorrect atat time of printing MaMayy 202019.19. LLondonondon Help ttoo Buy: EEquityquity LLoanoan – TT&C’s&C’s applyapply.. It comes as a series of airlines have PleaseesaelP contactc tcatno usus forf ro furtherf rehtru details.d .sliate MoreMore informationormainfe tion can be fbe foundound on www.helptobuy.gov.uk.helptwwwon obuy .ukvgo.obuy term turnaround strategy] is struggled in recent years. In 2017 achievable,” he said. Monarch collapsed, and it has been Ramaphosa has been at pains to joined by Primera and Air Berlin. stabilise ailing firms like SAA, which The group yesterday also weigh on confidence in Africa’s most appointed Lufthansa chief executive industrialised economy. Reuters Carsten Spohr as its new chair. Eurostar warns of price hike as HS1 fees rise JAMES WARRINGTON maintenance and upgrades to the saying the hefty costs would @j_a_warrington high-speed line. inevitably be passed on to passengers. The proposals, which have been “There is a link between our costs EUROSTAR has warned that submitted to the rail watchdog, would and the price that customers pay as passengers could be hit with rising result in a 43 per cent increase in well as the funds available to us for ticket prices after High Speed 1 (HS1) charges for Eurostar. Southeastern, future investment in the service,” the unveiled plans to hike its charges by which also uses the 67-mile line, firm said it a statement. more than 40 per cent. would be forced to pay 25 per cent HS1 said the price hikes are HS1, which connects London with more, while charges for freight necessary to fund repairs and the Channel Tunnel, has put forward operators would soar by 74 per cent. upgrades, which it said will cost more Eurostar said increased fees for HS1 access would push up ticket prices plans to increase access fees to fund Eurostar has hit back at the plans, than £1.5bn over the next 40 years. 12 NEWS MONDAY 3 JUNE 2019 CITYAM.COM Chinese central Student wins £60,000 over bank moves to ‘poor’ degree AUGUST GRAHAM @AugustGraham A FORMER university student who blasted her qualification as a calm investors “Mickey Mouse” degree has been given more than £60,000 in an out- of-court settlement. ANDREW GALBRAITH prepared for the various factors that Pok Wong, who graduated in will affect liquidity in June, and will business studies in 2013, claimed CHINA’s central bank sought to calm flexibly use reverse repurchase agree- victory in a Facebook post, the BBC investors yesterday after last month’s ments and the medium-term lending reported, as she settled with the takeover of Inner Mongolia-based facility in accordance with the cash Anglia Ruskin University’s insurer. Baoshang Bank, saying regulators are supply-and-demand situation of the However, the university hit back not planning any more such moves market,” it added. at its insurer’s solicitor, saying “we for the moment. The central bank has previously China has tightened censorship rules ahead of the 30th anniversary of the protest do not support their decision,” Chinese regulators took control of pledged more policy support for a adding it acted “negligently and Baoshang on 24 May, rattling Chinese slowing economy, but PBOC governor against the university’s interests”. markets and prompting the People’s Yi Gang has said there is less room for Wong had complained that the Bank of China (PBOC) to inject cash further monetary easing. Twitter apologises for censorship university offered a course which into the banking system. The PBOC said deposit insurance did not live up to the standard In response to concerns that regula- funds and its own funds provided suf- claimed in its advertising. tors planned more takeovers of finan- ficient guarantees for all types of cred- ahead of Tiananmen anniversary “They misrepresented the cial institutions, the PBOC said itors in Baoshang Bank following the prospect of career,” she told the yesterday that Baoshang was a stand- takeover, which it said had been trig- ANDREW GALBRAITH Twitter said “a number of accounts” BBC last year. alone case. gered by the improper and illegal use had been suspended as part of efforts The university said her litigation “Everyone, please don’t worry. At of significant bank funds by Tomor- TWITTER has apologised for to target accounts engaging in “has been rejected numerous times present we don’t yet have this plan,” row Holdings, which holds 89 per suspending accounts critical of “platform manipulation”. and has never been upheld”. it said in a statement on its website. cent of Baoshang’s shares, leading to Chinese government policy days “Some of these were involved in Wong was ordered to pay £4,000 The PBOC also said it would use var- a serious credit crisis at the bank. ahead of the 30th anniversary of a commentary about China. These to cover the university’s legal costs ious monetary policy tools to stabilise Chinese regulators issued instruc- bloody crackdown on protesters at accounts were not mass reported by in 2017, and a year later another money markets and boost banking tions to banks last week that could see Beijing’s Tiananmen Square in 1989, the Chinese authorities – this was a £13,700 was added to this bill. system liquidity. larger creditors facing cuts of as much after an outcry among users. routine action on our part,” the The insurer has offered to settle “The PBOC has fully estimated and as 30 per cent, sources said. Reuters In a statement over the weekend, social media giant said. Reuters for £15,000 and cover her costs. CITYAM.COM MONDAY 3 JUNE 2019 NEWS 13 Lack of tech skills Bank customers branch out from the high street amid fintech boom leads to failure of JAMES WARRINGTON cent since 2015. products to hold elsewhere. It comes amid a growing trend The figures reflect a decline in @j_a_warrington of customers shopping around for loyalty towards traditional high AN INCREASING number of Britons the best offers, with the average street banks, as a wave of new now have products from a range of person now holding products from challenger firms have cropped up digital revamps different financial providers, as the seven different financial providers. with competitive deals on credit rise of fintech has shifted the focus The research found two-thirds of cards, loans and mortgages. away from high street banks. people in the UK are using “The last decade of fintech Research by peer-to-peer lending products from firms other than revolution has fundamentally JAMES WARRINGTON But the high failure rate suggests firm Zopa revealed one in three their main current account changed the way people bank in digital transformation plans are not yet Brits holds two or more current provider, with insurance and the UK,” said Jaidev Janardana, @j_a_warrington guaranteed to deliver successful accounts, an increase of 36 per investments the most popular Zopa chief executive. ONE IN five businesses has launched an results. unsuccessful digital transformation More than half of businesses project, new research has revealed, as surveyed cited a lack of understanding companies fail to get to grips with new of technology as the main reason for technology. failure, while almost forty per cent said Figures published by digital services the project was not fit for purpose. firm Econocom showed a sharp Lack of skills and budget restraints increase in the number of businesses were also blamed for a lack of success. undergoing digital transformation, but Econocom UK and Ireland managing said 20 per cent are doomed to fail. director Chris Labrey said: “Digital Almost two thirds of companies are transformation is an organisation-wide in the process of implementing new commitment that is costly and time technology, with better customer intensive; businesses need to make sure service, cost savings and improved they’re choosing and implementing productivity cited as the key drivers, the right technology that will help the research found. them achieve their goals.” TIME GIVEN PEOPLE SUPPORTED

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REGISTER NOW! lordmayorsappeal.org/treasure 14 NEWS MONDAY 3 JUNE 2019 CITYAM.COM Amazon hits back at Hammond’s digital tax with high street pop-ups EMILY NICOLLE pilot, which will be monitored by an physical and online retailers. @emilyjnicolle independent research firm. A report The stores will house products will be compiled and submitted to from over 100 small online AMAZON is launching a programme the government, after which businesses. A spokesperson told City to help digital businesses find success Amazon hopes MPs will support its A.M. Amazon would not profit from on the high street, following initiative. If successful, the scheme the scheme, and that it was designed comments from chancellor Philip could be expanded globally. to fill stores on British high streets Hammond that the tech giant and Hammond pledged in the October left empty by the retail crisis. other online behemoths hold a “near- budget last year to apply a tax to Organised in partnership with monopoly” over physical stores. digital services giants such as Enterprise Nation, Amazon will also The e-commerce giant will open 10 Amazon and Google, in order to make available a £1m fund to train shops in the UK as part of a year-long “level the playing field” between more than 150 full-time apprentices.

The first store opens in Manchester today, with a central London store to follow Russia nears low as dirty oil crisis stoppers supply

VLADIMIR SOLDATKIN 47.004m in May versus 45.975m in Celebrating the top talent in CHAMPIONING WOMEN OF April, which is one day shorter than Russian oil output fell to 11.11m May. Reuters uses a tonnes/barrel fi nancial services, WIBF’s Awards for NOTE IN FINANCIAL SERVICES barrels per day (bpd) in May, its lowest ratio of 7.33. Achievement is an inspiring event level since June 2018, from 11.23m Russia’s largest oil producer Rosneft MARK CARNEY, bpd in April, Energy Ministry data accounted for most of the cuts, with which has shone the spotlight on GOVERNOR OF THE showed yesterday. a month-on-month reduction of 2.9 BANK OF ENGLAND The production fall resulted mainly per cent in May, while domestic out- infl uential leaders for over two from the closure due to oil contami- put at Russia’s number two oil pro- decades. 2019 AWARDS nation of Russia’s Druzhba pipeline, ducer Lukoil edged up 0.7 per cent KEYNOTE SPEAKER which usually ships 1m bpd, or one last and Gazprom Neft boosted its per cent of global oil demand. output by 4.7 per cent. Shortlisted nominees and their colleagues plus As a result, Russian oil production Both Lukoil and Gazprom Neft have senior members of the banking and fi nance during May fell by more than stipu- their own exporting terminals in the industry will come together to celebrate lated in a global deal with Opec. Arctic. The Energy Ministry data showed OPEC and other large oil-producing individual achievements and in recognition of “Greater diversity in all its forms Russian oil pipeline exports in May countries led by Russia agreed to curb the value of women and diversity to our sector. fell to 4.209m bpd, from 4.494m bpd output by a combined 1.2m bpd for can help transform the fi nancial in April, as supplies via the Druzhba six months from 1 January, in order pipeline almost dried up, while to balance the global oil market. A limited number of tables remain for what will sector. Financial services will seaborne exports jumped by 11.5 per Of this, Russia pledged to cut its pro- be a sell-out event. benefi t from more women in senior cent. duction by 228,000 bpd from the deal Russia expects to clean up the baseline of the October 2018 level, to roles and it is crucial we champion pipeline, which was built in the 1960s 11.18m bpd. Table of 10: £3,000 + VAT top talent in the industry as we and carries Russian oil to Europe, OPEC and Russia are excepted to including Germany, Hungary, Poland gather in Vienna later this month or Contact lauren.hewitt @wibf.org.uk for bookings develop the next generation of or for more information visit www.wibf.org.uk and Slovakia, within six to eight in early July to discuss what to do in women leaders. The WIBF Awards months. June 2018 production was the second half of the year. 11.06m bpd. Top oil exporter Saudi Arabia has for Achievement plays a key role In tonnes, oil output reached raised production in May. Reuters HEADLINE SPONSOR MEDIA PARTNER in celebrating the successes of women in the sector.” German SPD leader quits in blow to Merkel’s loveless coalition HOLGER HANSEN close to falling apart last year. Nahles, whose SPD is a junior 22ND ANNUAL AWARDS FOR ANDREA Nahles said yesterday she coalition partner in Merkel’s ruling would resign as the leader of alliance, said she would resign as Germany’s Social Democrats (SPD), party leader today and step down as ACHIEVEMENT LUNCHEON raising new doubts about the head of the SPD’s parliamentary durability of Chancellor Angela group tomorrow. The Ballroom, Hilton on Park Lane, Merkel’s ruling coalition with the The “grand coalition” is due to centre-left party. rule until 2021 but Nahles’ 22 Park Lane, London W1K 1BE Merkel’s Christian Democrats and resignation could trigger the SPD’s the SPD both bled support in last early exit, forcing Merkel to call snap week’s European elections as voters elections, to lead a minority Friday 14th June 2019 12:00 – 4:30pm turned away from mainstream government, or to seek an alliance political parties, further eroding a with the Greens and liberal Free ruling coalition that already came Democrats. Reuters CITYAM.COM MONDAY 3 JUNE 2019 NEWS 15

Bailey has been head of the FCA Alexandra since 2016 Rogers unpicks the scandal that could dent Andrew Bailey’s path to the BoE

HIS summer, the Bank of England is expected to an- nounce a successor to Mark TCarney as governor. Among the runners in the contested race is Andrew Bailey, the financial watchdog chief who stands a solid chance of taking Carney’s crown. While the boss of the Financial Con- duct Authority (FCA) certainly has the credentials for the top job – he has been the bank’s deputy governor and chief cashier, as well as the chief executive of the Prudential Regulation Authority – there are other events in Bailey’s career that do not shine so brightly. The continuing fallout of the Royal Bank of Scotland (RBS) Global Restruc- turing Group (GRG) scandal, which re- vealed “widespread inappropriate treatment of customers”, has ruined thousands of small business and livelihoods and the bank’s reputation. The GRG, which was supposed to help struggling businesses, instead stands accused of stripping their assets in an attempt to shore up the bank’s own balance sheet. The scandal has dragged the FCA down with it. What threatens to dam- age the watchdog further – and its head – is the ongoing delay to its report as to why it has been unable to take ac- tion against senior individuals at the GRG – a story with as much baggage as the crisis that erupted 10 years ago. THE FCA’S RESPONSE The story of the FCA’s role in the scan- dal starts with a probe it commis- sioned by independent investigators Promontory, which found that the ac- tions of the unit resulted in “material financial distress” for the very busi- BAILEY’S BANK OF nesses it was supposed to help. Although the report was widely wel- comed by victims and MPs for shining a light on the true scale of the de- struction, the FCA did not plan on making the findings public. Ultimately, MPs on the Treasury Se- ENGLAND BAGGAGE lect Committee took matters into their own hands and published it themselves. RBS’ GRG unit. Asset Protection Scheme, which in- when its property arm, the West Reg- funded by the finance industry to The FCA set down in the original Bailey’s response was that the re- sured RBS’ toxic loans at the height of ister, acquired some of its assets in compensate SMEs, were all happen- scope of its work that if there was ev- port had gone out for Maxwellisation the financial crisis. Charles Randell, 2010. RBS says the allegations are ing because of poor regulation. idence of wrongdoing, there would be – the process by which those criticised the current FCA chairman, advised without merit. “Our sole concern is that our mem- a second stage to the investigation. in an investigation are given the the government on its set-up at the Court papers in the Morley case bers get the proper outcome and I After publishing its findings, chance to respond. time, while he was a partner at magic allege that the government had “day- don’t think these delays have been at Promontory recommended that there Pressed on when the report would circle law firm Slaughter and May – to-day” and “strategic” control of the all helpful,” she said. “Andrew Bailey should be this second stage, to delve be published, Bailey said the leading MPs to question whether the unit. It later emerged that top is engaged in a juggling act of keep- into the “root causes” of the GRG mis- Maxwellisation process followed rec- regulator is removed enough from bankers at the GRG had 70 per cent of ing the banks and SMEs happy, and conduct. It wanted to examine, ommendations from the committee’s the Treasury to really hold its behav- their bonuses pegged to Treasury tar- actually it is not possible.” among other things, the influence of adviser, Andrew Green QC. Green was iour to account. gets. Former business secretary Vince She added: “I hope that before he external stakeholders, the conflicts of commissioned by the TSC to review The claims of Treasury involvement Cable condemned the link as shock- leaves, the situation between banks interest of various parties involved the process in light of concerns that in the GRG were revealed by Manches- ing. “It’s very clear where RBS got its and SMES is better because only reg- and the reward and incentive struc- it had become unnecessarily long, ter-based businessman Oliver Morley, instructions from,” he said at the ulation can ensure this happens.” tures for staff involved in the GRG. particularly following the controversy who has accused RBS of placing his time. Tory MP and former minister Guto It was at this point that the FCA in- it attracted during the much-delayed business under “economic duress” Bebb said: “It is imperative that we tervened. It said that because there Iraq inquiry. WHY IT MATTERS are able to see the FCA’s full report had been evidence of wrongdoing, it Bailey said a time deadline had been The issue for Bailey, and the FCA, is into phase two of RBS’ GRG unit as a would proceed straight to enforce- set, and alluded to the process being whether these questions can be al- matter of urgency. This saga has ment itself, and so there was no need finished in the first half of February. lowed to linger before, and if, he dented confidence in the regulator. for stage two. Cue outrage when last The FCA has itself insisted that there makes the transition to one of the “Many feel the frontrunner to be year the FCA said it was unable to is no delay. It has said the responses most important roles in public life. the next governor of the Bank of Eng- sanction the bank. It said it would, in from those named in the report were The frontrunner to Nikki Turner, the director of the land must show complete trans- due course, explain why. But GRG vic- due in by mid February, and that is it SME Alliance who has taken on parency and clarity over the FCA’s tims are still waiting for answers. now considering those responses. be the next BoE Lloyds over its mishandling of the lack of enforcement action and it governor must HBOS Reading fraud, is sceptical. must be made clear whether the FCA WHEN WAS THE REPORT DUE COINCIDENCE? She told City A.M. that Bailey has now has the tools in its locker to pre- TO BE PUBLISHED? Just weeks into the new year, explo- show complete “baggage” he needs to clear up be- vent any future wrongdoing on the Appearing before the Treasury Select sive allegations came to light that an fore he thinks about any move to the scale seen in the GRG scandal.” Committee in January, Bailey was arm of the Treasury, the Asset Protec- transparency and central bank. She said issues such as With the mess around RBS’ GRG asked about the progress it had made tion Agency (APA) may have directed the Griggs review into the HBOS unit far from resolved, Bailey’s hopes regarding the “fuller account of its the behaviour of the GRG. clarity over the Reading scandal and the Dispute Res- of taking over at the Bank look findings from its investigation” into In 2009, the Treasury set up the FCA’s lack of action olution Scheme, a voluntary scheme untimely at best. 16 MARKETS MONDAY 3 JUNE 2019 CITYAM.COM

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FTSE felled by ACACIA MINING 165 P Wall St skids 157.40 160 31 May on Trump’s tariff fears and 155 Mexico threat 150 S STOCKS dropped on Friday, Uas the S&P 500 closed out the 24 May 28 May 29 May 30 May 31 May month with its biggest May slump since 2010, after US President Chinese data Barrick may have thought they could strike gold for what analysts say is a low-ball Donald Trump’s surprise threat of offer for Acacia Mining. But Peel Hunt has reassured minority shareholders that they tariffs on Mexico fuelled fears that a have stronger protections after new rules were introduced by the Financial Conduct trade war on multiple fronts could Authority in 2014. The analysts maintained a “buy” rating on the stock, with a target lead to a recession. HE FTSE 100 fell almost one aided precious metals miner Fresnillo, price of 215p. The company is locked in a dispute with the government of Tanzania Washington will impose a five per per cent on Friday after US which gained 2.8 per cent. Utilities over a backdated $190bn (£150bn) tax bill. “We lack the basic facts on the actual cent tariff from 10 June, which would President Donald Trump’s also advanced as investors sought out talks,” Peel Hunt said, calling for more transparency. rise steadily to 25 per cent until illegal Tthreat of tariffs on Mexico assets like gold and some defensive immigration across the southern and disappointing manufac- stocks. border was stopped, Trump tweeted turing data from China stoked global Housebuilders fell after mortgage EQUINITI late on Thursday. downturn fears. lender Nationwide said British house Mexican President Andres Manuel The main index hit a more than two- price growth had eased to its slowest 240 P Lopez Obrador responded by urging and-a-half month low, while the mid- in three months, pointing to the con- his US counterpart to back down. cap FTSE 250 fell 0.7 per cent, with tinuing impact of Brexit on consumer 235 The Dow Jones Industrial Average both recording their first monthly sentiment. fell 354.84 points, or 1.41 per cent, to 230 falls this year. AIM-listed Stride Gaming 31 May 24,815.04, the S&P 500 lost 36.8 Data on Friday showed surged 25 per cent on its points, or 1.32 per cent, to 2,752.06 China’s factory activity best day ever after it 225 220 and the Nasdaq Composite dropped shrank more than ex- agreed to a takeover by 114.57 points, or 1.51 per cent, to pected in May, another 220 7,453.15. sign of the economic Housebuilders fell after Investors have grown more worried ramifications of the US- mortgage data showed a 24 May 28 May 29 May 30 May 31 May about deteriorating trade talks China trade dispute. lull in house price growth between the United States and China “The worry is who’s Brexit, Brexit, Brexit, the uncertainty continues, and hit Equiniti shares on Friday. But and have sought safety in government next on Trump’s list – Rank Group, which said analysts at Liberum said they would maintain their “buy” rating with a 290p target bonds. Technology and energy have the EU may be next,” the deal would create the price. The drop in the company’s shares over the last few days should be seen as a been among the hardest hit sectors Markets.com analyst Neil number two player in UK opportunity to investors, the analyst said. Link Asset Services, which Equiniti bought since 3 May as Trump ramped up tariff Wilson said. “Coming at a time online bingo, lifting its shares from Capita in 2017, was particularly hit by Brexit worries. It won a number of threats with Beijing. of a breakdown in talks with China, by 4.7 per cent. mandates to help with initial public offerings that were postponed because of Of the 11 major S&P sectors, only it's another blow to bulls and we Electronics giant AO World will re- uncertainty around when and how the UK would leave the European Union. defensive plays utilities and real estate should consider further downside port its full-year results tomorrow, fol- were on the plus side while eight were risks from escalation.” lowing a profit warning that caused showing drops of more than one per Financial stocks fell more than one its shares to hit an all-time low in HOLLYWOOD BOWL cent. per cent and miners were off almost April. Chief executive John Roberts US car makers and manufacturers two per cent, while exporters such as said Brits had stopped buying large 260 P were also pulled lower. General British American Tobacco, Diageo and items due to Brexit uncertainity. Motors dropped 4.25 per cent and Unilever suffered as the dollar weak- The firm predicts European revenue 250 230 Ford 2.26 per cent, pushing the ened. growth of 32.3 per cent, below the 31 May consumer discretionary sector down But the macroeconomic uncertainty consensus estimate of 35 per cent. 240 1.44 per cent. Beijing warned on Friday that it 230 would unveil an unprecedented hit- TOP RISERS FTSE list of “unreliable” foreign firms, as a 220 7,350 slate of retaliatory tariffs on imported 1. Fresnillo Up 3.06 per cent US goods was set to kick in at 2. SSE Up 2.81 per cent 7,300 24 May 28 May 29 May 30 May 31 May midnight. Tariff-sensitive industrials 3. National Grid Up 1.90 per cent declined 1.46 per cent. 7,250 A mini-golf rollout could be a hole in one for Hollywood Bowl and is not factored into Among other stocks, Gap tumbled TOP FALLERS 31 May the company’s share price, analysts Berenberg have said. Elsewhere, the company is 9.32 per cent as the worst performer 7,200 7,161.71 en route for a strike, with an “ambitious management team, a rigorous approach to on the S&P 500 after the apparel 1. NMC Health Down 6.24 per cent 7,150 capital allocation, a highly cash-generative model, and a series of structural retailer cut its 2019 profit forecast. 2. Hikma Down 3.33 per cent tailwinds,” the analysts said. They maintained a “buy” rating on the stock, with a Constellation Brands, which has 3. Ashtead Group Down 2.51 per cent target price of 280p. Shares in the chain of ten-pin bowling alleys closed up on Friday substantial brewery operations in 24 May 28 May 29 May 30 May 31 May at 230p after releasing its half-year results the week before. Mexico, slid 5.79 per cent. CITY MOVES WHO’S SWITCHING JOBS

CUSHMAN & WAKEFIELD Francis Crick Institute and Imperial College’s new several senior clinical and managerial roles within the mock reviews across all health sectors including acute Cushman & Wakefield has Translation & Innovation Hub at White City. He NHS and the Audit Commission. For the last eight hospitals, mental health services, community trusts appointed James Sheppard to therefore brings to the firm a wealth of experience in years she has worked at a Big Four firm, specialising in and ambulance trusts. Pippa also specialises in head the firm’s new Life the identification, design and operation of bespoke conducting internal audit and advisory reviews within working with trusts to review their progress against Sciences team, based in Life Science facilities from the start-up phase through the healthcare sector. Sue has extensive experience action plans and preparing for review inspections. London. A graduate in to maturity. He will lead and develop Cushman & working with trusts who have had difficulties with pharmacology and molecular Wakefield’s existing relationships in the sector in regulatory requirements. She also has vast experience THE HOWARD DE WALDEN ESTATE genetics, James has London and across the UK knowledge clusters with a in undertaking clinical due diligence work for trusts The Howard de Walden Estate – the majority developed an expertise in focus on major development projects. planning to merge, focusing heavily on clinical and landowner in London’s Marylebone – has appointed incubator and accelerator quality governance arrangements. Pippa Jackson joins Richard North as head of leasing for its office, medical projects, guiding a diverse GRANT THORNTON the firm as a senior manager. Since 2015 she has been and educational portfolios. He is succeeding Claire range of investors, Grant Thornton has expanded its healthcare offering leading on delivering clinical reviews to clients in the Kennedy following her retirement. Formerly with the entrepreneurs and occupiers across the sector. In with the appointment of a new clinical governance healthcare sector following a 30-year career within the Gerald Eve’s Office Agency team and latterly in the recent years he has worked on the successful delivery team. Sue Cordon joins the firm as a director. She NHS, most recently in community health services. She Corporate Real Estate team, Richard has wide of two globally recognised centres of excellence, The brings a wealth of experience having previously held has extensive experience in undertaking multiple experience of the London market.

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM MONDAY 3 JUNE 2019 MARKETS 17

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1304 0.0026 €/$ 1.1174 0.0044 7161.71 18970.25 3923.87 24815.04 7453.15 2752.06 /$ 1.2628 0.0016 €/£ 0.8842 0.0017 56.45 141.26 30.31 354.84 114.57 36.80 /¥ 136.77 1.4703 €/¥ 121.26 0.7323

                                InterContinental . . . . .5105.0 -13.0 5159.0 3958.4 GILTS Kier Group ...... 278.2 -14.6 1065.3 260.2 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6348.0 -47.0 7155.0 5593.0 Euromoney Institu . . .1296.0 -74.0 1450.0 1132.0 REAL ESTATE INVEST. TRUSTS 99.8 Gocompare.com Gro . . .83.8 -0.5 139.0 64.6 International Con ...... 451.1 -10.1 726.6 450.9 Marshalls ...... 645.5 -3.0 669.0 3 Redrow ...... 545.0 -6.0 674.6 460.8 Merlin Entertainm . . . . .379.1 2.7 410.5 307.1 Tsy 3.750 19 ...... 100.79 -0.01 104.1 100.8 Polypipe Group ...... 427.6 -4.6 439.6 307.8 3i Group ...... 1051.0 -9.5 1088.5 756.2 Centrica ...... 93.5 -0.5 163.7 92.6 Taylor Wimpey ...... 165.3 -3.5 192.3 129.3 Haynes Publishing . . . .197.0 0.0 246.0 160.0 Big Yellow Group . . . . .1018.0 2.0 1062.0 852.5 Tsy 2.000 20 ...... 101.52 -0.03 103.0 101.4 3i Infrastructure ...... 289.0 1.0 290.5 221.0 National Grid ...... 792.8 14.8 889.2 748.7 Huntsworth ...... 100.0 1.0 139.0 81.0 British Land Comp . . . .534.0 0.8 692.0 523.0 Millennium & Copt . . . .488.0 6.0 553.0 436.0 ELECTRICITY .0 -1.5 291.4 238.0 Tsy 4.750 20 ...... 103.09 -0.04 107.4 103.1 AJ Bell ...... 418.0 -4.0 477.0 220.0 Pennon Group ...... 733.4 13.2 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 776.6 -4.2 859.0 605.8 Civitas Social Ho ...... 84.3 0.1 114.0 82.7 Mitchells & Butle ...... 277 Tsy 3.750 20 ...... 103.88 -0.03 107.1 103.8 Allied Minds ...... 79.6 1.5 116.8 37.3 ITE Group ...... 78.4 -0.4 90.6 56.3 Derwent London . . . . .3216.0 32.0 3328.0 2761.0 National Express . . . . .397.2 1.0 433.2 361.4 Contour Global ...... 193.0 2.4 250.0 150.1 Severn Trent ...... 1990.0 35.0 2091.0 1770.0 Bodycote ...... 778.0 -2.0 1055.0 676.0 Rank Group ...... 152.2 6.4 194.0 135.0 Tsy 2.500 20 ...... 356.38 -0.02 362.3 356.0 Amigo Holdings ...... 248.0 -0.5 310.0 154.5 United Utilities ...... 797.4 13.4 873.6 682.4 ITV ...... 107.3 -0.7 180.4 105.5 Great Portland Es . . . . .719.0 10.2 773.6 652.3 Drax Group ...... 294.8 -3.8 427.2 291.6 Hill & Smith Hold . . . .1206.0 -8.0 1523.0 902.5 Restaurant Group . . . . .130.5 -2.4 228.9 111.9 Tsy 8.000 21 ...... 114.89 -0.04 122.0 114.5 SSE ...... 1078.5 29.5 1400.0 1008.0 Arrow Global Grou . . . .203.2 3.2 288.5 167.2 IMI ...... 906.0 -20.4 1242.0 870.0 Moneysupermarket. . .366.0 -4.0 372.1 264.0 Hammerson ...... 270.9 4.0 551.4 262.2 Tsy 4.000 22 ...... 109.45 -0.04 112.2 109.0 ASA International . . . . .380.0 -10.0 510.0 336.0 GENERAL INDUSTRIALS Pearson ...... 787.0 -8.6 1027.5 777.6 Intu Properties ...... 92.7 0.5 207.3 88.6 Stagecoach Group . . . . .124.7 -2.3 177.0 115.5 Melrose Industrie . . . . .164.0 -3.9 240.5 146.3 TUI AG Reg Shs (D . . . .730.0 -8.2 1776.0 713.2 Tsy 0.500 22 ...... 99.79 -0.03 99.9 97.7 ELECTRONIC & ELECTRICAL EQ. Ashmore Group ...... 472.4 -3.4 488.0 337.0 RPC Group ...... 789.2 0.8 834.8 632.2 Reach ...... 77.6 -2.4 83.2 54.6 Land Securities G . . . . .828.6 1.8 965.1 791.8 RHI Magnesita N.V . . .4788.0 -90.0 5100.0 3318.0 Wetherspoon (J.D. . . . .1331.0 -1.0 1375.0 1066.0 Tsy 1.875 22 ...... 117.19 0.03 119.2 115.5 Halma ...... 1816.0 -19.5 1835.5 1237.0 Brewin Dolphin Ho . . . .303.2 -4.2 378.8 295.4 Smith (DS) ...... 316.0 -2.6 538.9 292.2 Relx plc ...... 1842.5 -8.0 1850.5 1491.5 LondonMetric Prop . . . .204.2 1.2 209.2 172.7 Rotork ...... 287.5 -4.4 361.4 235.7 Whitbread ...... 4630.0 83.0 5114.0 3883.0 Tsy 2.250 23 ...... 106.91 -0.04 107.0 104.7 Morgan Advanced M . . .247.2 -0.8 363.0 237.0 Charter Court Fin . . . . .328.5 -3.5 375.0 228.8 Smiths Group ...... 1440.5 -15.5 1801.0 1279.5 Spirax-Sarco Engi . . . .8360.0 -80.0 8870.0 5900.0 Rightmove ...... 578.6 -5.2 583.8 420.9 Primary Health Pr . . . . .136.8 -0.4 137.8 106.4 Tsy 2.500 24 ...... 367.98 0.06 369.3 358.7 shaw ...... 3910.0 -98.0 5685.0 3670.0 City of London In ...... 415.0 -0.5 433.0 360.0 .2200.0 -3.0 3292.0 1934.0 STV Group ...... 366.0 -3.5 458.0 318.0 SEGRO ...... 697.6 4.2 719.0 585.2 William Hill ...... 134.1 0.0 324.1 131.2 Reni Smurfit Kappa Gro . . Weir Group ...... 1470.0 -40.0 2222.0 1240.0 Wizz Air Holdings . . . .3134.0 -74.0 3797.0 2329.0 Tsy 0.125 24 ...... 114.22 0.07 114.6 110.9 Spectris ...... 2482.0 -61.0 2908.0 1966.5 CMC Markets ...... 87.4 -1.4 206.0 77.4 Vesuvius ...... 499.4 -17.6 662.0 473.2 Tarsus Group ...... 433.0 1.0 433.0 243.0 Shaftesbury ...... 823.0 -2.5 968.0 815.0 Tsy 5.000 25 ...... 124.51 -0.03 125.9 122.1 Coats Group ...... 77.7 -2.3 91.3 69.8 INDUSTRIAL METALS & MINING WPP ...... 941.2 -16.6 1301.0 800.4 Tritax Big Box Re ...... 148.2 1.3 155.7 129.0 AIM 50 Tsy 4.250 27 ...... 128.60 -0.02 128.9 122.6 EQUITY INVESTMENT INSTRUM. Georgia Capital ...... 967.0 -4.0 1260.0 941.0 GENERAL RETAILERS Unite Group ...... 949.5 4.5 973.5 797.5 Evraz ...... 588.0 -5.2 669.0 442.1 MINING Abcam ...... 1425.0 -4.0 1539.0 1017.0 Tsy 1.250 27 ...... 135.83 0.12 136.9 128.4 Aberforth Smaller . . . .1246.0 -6.0 1442.0 1120.0 Hargreaves Lansdo . .2266.0 -10.0 2433.0 1633.0 Auto Trader Group . . . .599.4 2.4 599.4 352.6 Ferrexpo ...... 230.3 2.0 301.3 143.5 Workspace Group . . . .882.0 0.0 1165.0 789.5 Acacia Mining ...... 157.4 4.3 256.6 96.1 Advanced Medical . . . .343.5 5.5 370.0 260.0 Tsy 6.000 28 ...... 146.91 -0.01 147.3 140.5 Alliance Trust ...... 754.0 -6.0 789.0 672.0 IG Group Holdings . . . . .547.2 5.4 954.5 474.8 B&M European Valu . . .352.7 -4.3 426.3 278.6 INDUSTRIAL TRANSPORTATION SOFTWARE & COMPUTER SERV. Tsy 0.125 29 ...... 127.97 0.16 129.0 118.8 Apax Global Alpha . . . .145.0 -3.0 153.0 127.0 IntegraFin Holdin . . . . .389.2 -7.3 406.1 269.0 Card Factory ...... 189.4 -0.8 212.4 162.6 Anglo American . . . . .1895.0 -39.0 2226.0 1464.6 Alliance Pharma ...... 78.3 0.6 102.0 60.0 Tsy 4.750 30 ...... 140.88 0.00 141.2 132.1 Intermediate Capi . . . .1314.0 -9.0 1323.0 899.0 Antofagasta ...... 782.8 -19.6 1149.0 727.2 Avast ...... 309.0 -1.0 319.4 208.2 ASOS ...... 3440.0 -28.0 6834.0 2128.0 AVI Global Trust ...... 735.0 -5.0 767.0 660.0 Dixons Carphone ...... 115.7 -1.5 200.1 115.0 BBA Aviation ...... 260.4 -0.8 350.0 207.0 Blue Prism Group . . . .1820.0 -75.0 2575.0 1040.0 Tsy 4.125 30 ...... 380.68 0.15 383.8 355.2 J ...... 765.0 -8.0 869.0 663.0 International Per ...... 159.2 -0.8 248.8 156.4 Dunelm Group ...... 890.0 18.0 912.5 482.8 BHP Group ...... 1784.6 -25.4 1944.2 1490.6 Aveva Group ...... 3696.0 80.0 3696.0 2284.0 Baillie Gifford Clarkson ...... 2400.0 -45.0 2900.0 1878.0 Camellia ...... 10550.0-100.0 12525.0 9100.0 Tsy 4.250 32 ...... 138.10 0.02 138.5 128.5 Bankers Inv Trust . . . . .883.0 -4.0 914.0 766.0 Investec ...... 461.1 -6.0 573.6 423.4 Inchcape ...... 586.0 -5.5 799.0 486.6 Centamin (DI) ...... 88.9 4.3 136.2 79.8 Computacenter ...... 1251.0 -3.0 1620.0 952.0 Fisher (James) & . . . .1952.0 -32.0 2260.0 1600.0 CareTech Holding . . . . .375.0 0.0 406.0 325.0 Tsy 1.250 32 ...... 156.94 0.27 158.5 144.1 BBGI SICAV S.A. ( ...... 153.0 -0.5 168.0 133.0 IP Group ...... 80.2 -1.4 142.8 79.6 JD Sports Fashion . . . . .616.8 -0.8 635.6 318.5 Royal Mail ...... 205.2 -0.1 512.4 197.9 Fresnillo ...... 768.0 22.8 1328.5 724.8 FDM Group (Holdin . . .960.0 3.0 1128.0 734.0 Tsy 0.125 36 ...... 149.05 0.35 151.2 133.4 John Laing Group . . . . .388.8 -2.2 402.0 264.2 Glencore ...... 254.7 -5.4 400.4 252.4 Micro Focus Inter . . . . .1916.8 7.2 2491.6 1427.2 Central Asia Meta . . . . .218.5 -4.5 294.0 203.0 BlackRock Smaller . . . .1412.0 -26.0 1600.0 1160.0 Just Eat ...... 602.0 -7.4 883.4 533.8 Stobart Group Ltd . . . . .119.4 0.0 266.5 107.0 Clinigen Group ...... 1008.0 -2.0 1069.0 721.0 Tsy 4.250 36 ...... 144.55 0.04 144.8 133.1 BMO Global Smalle . . .1314.0 -10.0 1495.0 1220.0 JTC ...... 387.0 -21.0 440.0 287.0 Kingfisher ...... 213.9 0.7 318.1 205.4 Hochschild Mining . . . . .155.0 -3.7 219.9 149.1 Playtech ...... 405.3 0.2 811.8 361.8 Tsy 4.750 38 ...... 158.30 0.09 158.4 144.9 Caledonia Investm . . .2945.0 -15.0 3060.0 2650.0 Jupiter Fund Mana . . . .368.0 -0.1 472.4 287.6 Kaz Minerals ...... 509.8 -2.2 1076.0 436.7 Sage Group ...... 747.0 2.0 772.0 525.6 CVS Group ...... 649.0 6.5 1163.0 395.0 Tsy 0.625 40 ...... 170.50 0.39 173.5 152.8 City of London In . . . . .408.5 -3.0 439.0 376.0 Liontrust Asset M . . . . .670.0 -10.0 710.0 532.0 Polymetal Interna . . . .850.0 28.6 894.0 597.2 Softcat ...... 909.5 -22.5 967.0 565.0 Dart Group ...... 896.5 -3.5 1017.0 740.0 Tsy 4.500 42 ...... 161.12 0.07 161.6 145.9 LMS Capital ...... 50.9 -0.2 53.5 44.0 Rio Tinto ...... 4536.5-108.5 4776.0 3486.0 Sophos Group ...... 417.4 2.1 639.0 298.2 Diversified Gas & ...... 130.0 1.0 134.0 92.0 Edinburgh Inv Tru . . . .590.0 -3.0 712.0 586.0 Draper Esprit ...... 475.0 5.0 645.0 454.0 Tsy 3.500 45 ...... 143.05 0.08 143.2 128.0 F&C Investment Tr . . . .680.0 -7.0 741.0 616.0 London Finance & . . . . .39.5 0.0 45.5 39.5 MOBILE TELECOMS SUPPORT SERVICES Tsy 4.250 46 ...... 162.45 0.09 163.3 145.7 Fidelity China Sp . . . . .208.0 -1.5 268.0 182.4 London Stock Exch . . .5284.0 32.0 5292.0 3867.0 Eland Oil & Gas ...... 128.6 -1.4 137.5 97.0 Tsy 4.025 49 ...... 168.63 0.10 169.0 150.0 Man Group ...... 146.3 -0.9 190.5 126.8 MAIN CHANGES UK 350 Inmarsat ...... 546.2 -1.8 632.2 362.8 Aggreko ...... 774.4 -27.6 882.0 641.8 EMIS Group ...... 1192.0 0.0 1228.0 860.0 Fidelity European . . . . .237.5 1.0 239.5 202.0 Fevertree Drinks . . . . .2654.0 -5.0 3956.0 2131.0 Tsy 0.500 50 ...... 201.56 0.45 207.7 173.7 Fidelity Special ...... 249.5 -5.0 280.0 220.0 OneSavings Bank . . . . .402.0 -5.4 449.6 330.0 Vodafone Group ...... 129.4 -0.5 198.0 123.3 Ashtead Group ...... 1865.0 -48.0 2438.0 1586.5 BCA Marketplace ...... 181.0 -7.4 242.0 181.0 First Derivatives . . . . .3380.0 -15.0 4680.0 2050.0 Tsy 0.250 52 ...... 198.18 0.50 204.9 168.8 Finsbury Growth & . . . .887.0 -6.0 899.0 740.0 Paragon Banking G . . .434.8 -9.6 524.0 379.2      OIL & GAS PRODUCERS .129.8 0.2 130.8 119.0 Plus500 Ltd (DI) ...... 631.8 -5.0 2040.0 495.0  Bunzl ...... 2115.0 21.0 2551.0 2059.0 Frontier Developm . . .1106.0 40.0 1825.0 740.0 GCP Infrastructur . . . . . Gamma Communicati .1195.0 40.0 1200.0 688.0 AEROSPACE & DEFENCE . . .707.0 -6.0 739.0 615.0 Provident Financi . . . . .452.2 -5.2 692.6 435.7 Vivo Energy ...... 126.2 7.7 Premier Oil ...... 78.7 -6.9 BP ...... 540.1 -1.2 598.3 485.9 Capita ...... 112.2 1.9 169.1 102.3 Genesis Emerging . GB Group ...... 621.0 -10.0 638.0 410.5 Greencoat UK Wind . . . .135.0 0.0 143.2 121.0 Quilter ...... 132.3 -1.4 156.6 110.6 Centamin (DI) ...... 88.9 5.1 NMC Health ...... 2253.0 -6.2 Cairn Energy ...... 158.2 -3.8 258.8 140.0 DCC ...... 6650.0 -18.0 7390.0 5555.0 BAE Systems ...... 452.4 8.3 676.4 439.4 0.0 1628.0 1234.0 Rathbone Brothers . . .2145.0 -50.0 2652.0 2145.0 Rank Group ...... 152.2 4.4 Metro Bank ...... 683.5 -6.2 Energean Oil & Ga . . . .790.0 -14.0 846.0 493.5 Diploma ...... 1486.0 -5.0 1634.0 1150.0 Gooch & Housego . . . .1370.0 10.0 1880.0 1095.0 Cobham ...... 99.8 -0.1 131.7 96.8 HarbourVest Globa . . .1580.0 -2 Herald Investment . . . .1314.0 -16.0 1370.0 1055.0 Real Estate Credi ...... 171.0 -1.0 175.5 163.0 Premier Oil ...... 78.7 -5.9 143.6 55.6 Electrocomponents . . .607.8 -7.4 761.6 480.0 Hurricane Energy ...... 58.0 -2.8 60.8 39.0 Meggitt ...... 490.6 -3.0 572.0 458.0 Galliford Try ...... 625.0 3.9 Euromoney Institut ...... 1296.0 -5.4 Iomart Group ...... 357.5 9.5 475.0 308.0 HGCapital Trust ...... 214.3 -2.9 219.0 175.0 Record ...... 29.0 0.0 47.0 27.3 Entertainment One ...... 437.0 3.6 Just Group ...... 47.9 -5.2 Royal Dutch Shell . . . .2461.0 -5.0 2694.5 2213.0 Equiniti Group ...... 220.0 -7.4 266.0 186.2 QinetiQ Group ...... 291.4 -6.8 312.4 256.6 HICL Infrastructu ...... 162.6 0.6 170.1 140.0 River and Mercant . . . .255.0 -1.5 330.0 212.0 Royal Dutch Shell . . . .2473.5 -7.0 2780.5 2227.0 Essentra ...... 404.8 0.8 507.0 325.4 IQE ...... 75.0 -3.0 116.4 56.3 Royce Holdi . . . . .860.0 -10.4 1094.0 759.2 Polymetal Internat ...... 850.0 3.5 Kier Group ...... 278.2 -5.0 16.0 531.8 367.0 Rolls- International Pub ...... 151.2 -1.0 163.4 141.4 S&U ...... 2430.0 70.0 2700.0 1767.5 Tullow Oil ...... 200.0 -7.8 266.3 165.2 Experian ...... 2387.0 7.0 2390.0 1728.5 James Halstead ...... 530.0 Senior ...... 230.0 0.8 334.4 185.4 Fresnillo ...... 768.0 3.1 Wood Group (John) ...... 391.2 -5.0 Ferguson ...... 5124.0 -36.0 6556.0 4749.0 Johnson Service G . . . .160.0 -0.4 161.2 113.6 JPMorgan American . . .436.0 -6.5 472.0 386.5 Sanne Group ...... 690.0 5.0 724.0 450.0 OIL EQUIPMENT & SERVICES Ultra Electronics . . . . .1550.0 -18.0 1743.0 1232.0 Schroders ...... 2919.0 -2.0 3297.0 2334.0 SSE ...... 1078.5 2.8 Tate & Lyle ...... 722.2 -4.6 G4S ...... 209.3 -3.8 282.0 175.9 Keywords Studios . . . .1713.0 25.0 2065.0 900.0 JPMorgan Emerging . .934.0 -1.0 972.0 759.0 Learning Technolo . . . . .85.9 -4.4 166.5 62.2 BANKS JPMorgan Indian I . . . . .767.0 0.0 768.0 566.0 Standard Life Abe . . . . .267.3 -5.2 416.0 224.9 Acacia Mining ...... 157.4 2.8 Bakkavor Group ...... 120.8 -4.0 Hunting ...... 508.0 -7.5 859.0 453.6 Grafton Group Uni . . . .850.5 -7.0 937.0 630.0 JPMorgan Japanese . . .422.5 -6.0 472.0 367.0 TP ICAP ...... 274.6 0.0 431.9 259.7 Aveva Group ...... 3696.0 2.2 BCA Marketplace ...... 181.0 -3.9 Petrofac Ltd...... 414.1 -4.0 663.4 381.5 Hays ...... 148.4 -0.9 212.0 135.7 M&C Saatchi ...... 355.0 -11.0 394.0 270.0 Bank of Georgia G . . .1640.0 -40.0 2109.5 1310.0 M. P. Evans Group . . . . .683.0 0.0 800.0 637.0 Jupiter European . . . . .815.0 -14.0 895.0 666.0 VPC Specialty Len ...... 69.8 0.2 84.4 69.0 Wood Group (John) . . .391.2 -20.5 796.4 388.3 Homeserve ...... 1206.0 -7.0 1229.0 849.0 Barclays ...... 149.3 -1.6 204.6 146.1 Law Debenture Cor . . .592.0 -4.0 636.0 534.0 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Howden Joinery Gr . . .502.4 -6.0 539.0 416.4 Majestic Wine ...... 263.0 -2.5 485.0 219.0         PERSONAL GOODS ...... 619.0 5.0 685.0 491.5 Close Brothers Gr . . . . .1376.0 -26.0 1660.0 1375.5 Mercantile Invest . . . . .203.8 -2.2 226.0 168.0 XPS Pensions Grou . . . .150.0 -5.0 192.0 132.0 Intertek Group ...... 5296.0 -50.0 6014.0 4387.0 Midwich Group . CYBG ...... 183.0 -2.2 364.2 173.9 Burberry Group ...... 1695.0 -40.0 2325.0 1623.5 Pagegroup ...... 509.0 -11.5 623.5 432.2 Mortgage Advice B . . . .575.0 13.0 720.0 490.0 HSBC Holdings ...... 645.1 -8.5 734.6 600.8 Monks Inv Trust ...... 858.0 -8.0 891.0 710.0 Marks & Spencer G . . . .225.2 4.1 300.8 218.8 Next Fifteen Comm . . .576.0 0.0 600.0 455.0 Murray Internatio . . . .1138.0 -6.0 1208.0 1056.0 FIXED LINE TELECOMS NON LIFE INSURANCE PZ Cussons ...... 203.0 -0.5 244.0 178.6 Rentokil Initial ...... 375.0 -3.4 391.1 284.8 Lloyds Banking Gr ...... 57.3 -0.4 66.6 50.0 Next ...... 5762.0 -20.0 6202.0 3991.0 Robert Walters ...... 642.0 2.0 475.0 814.0 Nichols ...... 1750.0 -12.5 1840.0 1240.0 NB Global Floatin ...... 89.7 -0.2 94.5 87.6 BT Group ...... 193.8 -0.8 264.7 190.7 Admiral Group ...... 2062.0 -10.0 2281.0 1870.0 Metro Bank ...... 683.5 -45.5 3422.0 475.0 Pets at Home Grou . . . .183.9 -0.9 190.5 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 132.8 -2.1 136.5 84.1 Numis Corporation . . . .269.0 -1.0 438.5 221.5 NextEnergy Solar . . . . .116.0 -1.0 124.5 107.5 TalkTalk Telecom ...... 116.7 -3.1 137.0 96.6 Saga ...... 42.6 0.4 138.7 41.6 Beazley ...... 560.0 0.0 606.5 492.6 Royal Bank of Sco . . . . .213.7 -3.5 280.9 203.0 Telecom Plus ...... 1486.0 -34.0 1524.0 1010.0 AstraZeneca ...... 5833.0 -29.0 6525.0 5182.0 SIG ...... 129.6 -2.7 153.0 102.2 Polar Capital Hol ...... 570.0 4.0 732.0 448.0 Standard Chartere . . . .687.0 -6.6 754.6 519.8 Pantheon Internat . . .2225.0 5.0 2225.0 1955.0 Sports Direct Int ...... 287.4 -2.4 436.1 233.2 Direct Line Insur ...... 316.5 0.2 366.5 304.9 Purplebricks Grou . . . . .104.0 2.2 377.4 90.0 Perpetual Income . . . . .311.5 -3.5 367.0 301.5 BTG ...... 833.5 -0.5 853.0 475.0 Travis Perkins ...... 1232.0 -25.0 1475.5 970.0 TBC Bank Group . . . . .1628.0 2.0 1774.0 1290.0 FOOD & DRUG RETAILERS Ted Baker ...... 1365.0 -42.0 2476.0 1338.0 Hastings Group Ho . . . . .180.1 -1.5 274.2 174.0 Spirent Communica . . .156.8 -2.2 166.2 112.8 Redde ...... 107.2 -1.8 196.0 90.0 Pershing Square H . . .1306.0 -20.0 1398.0 990.0 Vivo Energy ...... 126.2 9.0 175.0 96.0 Hiscox Limited (D . . . .1636.0 -15.0 1711.0 1418.0 Dechra Pharmaceut . .2728.0 -30.0 3168.0 2014.0 Greggs ...... 2174.0 24.0 2205.2 942.0 Genus ...... 2660.0 -16.0 2992.0 2098.0 Renew Holdings ...... 430.0 -2.0 436.5 333.0 BEVERAGES Personal Assets T . . .41050.0 -50.0 41300.038900.0 WH Smith ...... 1962.0 -4.0 2186.0 1697.0 Lancashire Holdin . . . . .703.5 -5.5 710.0 530.0 TOBACCO RWS Holdings ...... 620.0 -2.0 628.5 359.0 Polar Capital Tec . . . . .1288.0 -18.0 1386.0 1066.0 Morrison (Wm) Sup . . .196.9 -0.7 269.4 196.2 GlaxoSmithKline . . . . .1527.0 -10.2 1621.6 1418.0 Barr (A.G.) ...... 946.0 -11.0 959.9 665.0 RSA Insurance Gro . . . .552.6 -1.6 681.8 496.6 British American . . . .2760.0 -69.5 4222.5 2375.0 Scapa Group ...... 294.0 -4.0 473.4 275.8 RIT Capital Partn . . . .2005.0 -10.0 2130.0 1892.0 Ocado Group ...... 1194.5 -4.5 1435.0 749.8 HEALTH CARE EQUIPMETN & S. Sabre Insurance G . . . .255.0 -6.5 294.0 241.0 Hikma Pharmaceuti . .1580.0 -54.5 2025.0 1352.0 Britvic ...... 890.0 -2.0 956.0 745.0 Sainsbury (J) ...... 200.1 0.5 341.5 195.1 Indivior ...... 45.8 0.1 496.2 30.1 Imperial Brands ...... 1915.0 -34.4 2987.5 1914.8 Secure Income Rei . . . .406.0 0.0 414.0 371.0 Coca-Cola HBC AG . . .2852.0 -9.0 2869.0 2244.0 Riverstone Energy . . . .847.0 -29.0 1296.0 844.0 Assura ...... 64.1 -0.4 64.5 52.4 Serica Energy ...... 131.0 -2.2 142.0 57.4 1.0 379.0 SSP Group ...... 670.0 -3.0 744.4 615.1 LIFE INSURANCE Diageo ...... 3325.5 -30.0 3359.0 2523.5 Schroder Asia Pac . . . .430.0 -1.5 48 Convatec Group ...... 139.6 -2.6 239.0 118.6 REAL ESTATE INVEST. & SERV. TRAVEL & LEISURE Smart Metering Sy . . . .494.0 -3.6 830.0 480.0 Scottish Inv Trus ...... 777.0 -5.0 902.0 748.0 Tesco ...... 226.4 -1.1 266.2 189.6 .404.6 -3.6 521.0 364.6 Mediclinic Intern ...... 302.0 -9.3 611.0 300.6 Aviva ...... 888 Holdings ...... 131.4 -2.3 300.2 129.3 Staffline Group ...... 265.0 1.5 1340.0 245.0 CHEMICALS Scottish Mortgage . . . .503.5 -4.5 568.3 441.4 UDG Healthcare Pu . . . .712.0 7.5 900.0 551.0 NMC Health ...... 2253.0-150.0 4120.0 2192.0 Just Group ...... 47.9 -2.6 145.6 47.7 Capital & Countie ...... 217.6 4.3 305.7 208.8 equoia Economic . . . .112.2 0.0 114.2 106.0 CLS Holdings ...... 223.5 3.5 255.0 195.4 Carnival ...... 3910.0 -18.0 5000.0 3659.0 Telford Homes ...... 297.5 5.5 465.0 267.0 Croda Internation . . . .5070.0 -10.0 5447.7 4576.0 S Smith & Nephew . . . .1664.0 -6.5 1680.0 1258.0 Legal & General G . . . . .256.6 -3.4 291.2 223.7 Thorpe (F.W.) ...... 318.0 0.0 340.0 248.0 Smithson Investme . . .1164.0 -6.0 1222.0 1000.2 FOOD PRODUCERS Daejan Holdings . . . .5500.0-130.0 6400.0 5500.0 Cineworld Group . . . . .296.3 -3.6 323.6 245.0 Elementis ...... 144.6 -4.0 279.1 144.0 Phoenix Group Hol . . . . .671.1 5.5 724.8 544.0 Compass Group ...... 1790.5 -17.0 1825.0 1483.0 Watkin Jones ...... 215.5 0.0 232.5 192.2 Syncona Limited N . . . .236.5 -3.0 302.5 223.0 Associated Britis . . . . .2468.0 -19.0 2836.0 2041.0 HHOLD GDS & HOME CONSTR. Prudential ...... 1577.5 -39.0 1866.5 1340.0 F&C Commercial Pr . . . .121.2 -0.2 155.0 117.0 Johnson Matthey . . . .3094.0 48.0 3823.0 2620.0 Bakkavor Group ...... 120.8 -5.0 206.0 113.0 Grainger ...... 251.2 0.4 291.0 205.8 Domino's Pizza Gr . . . . .235.1 0.9 386.9 224.4 Young & Co's Brew . . .1780.0 -22.5 1885.0 1322.5 Sirius Minerals ...... 16.0 0.3 38.5 15.0 Temple Bar Inv Tr . . . .1234.0 -4.0 1366.0 1116.0 Barratt Developme . . .558.0 -10.8 625.8 434.0 St James's Place . . . . .1046.5 -23.0 1240.5 914.0 CONSTRUCTION & MATERIALS 0 Cranswick ...... 2684.0 -62.0 3460.0 2472.0 NewRiver REIT ...... 210.0 -4.0 294.0 195.0 easyJet ...... 871.2 -18.4 1796.0 860.0 Young & Co's Brew . . . .1165.0 -10.0 1325.0 1030.0 Synthomer ...... 367.0 -4.4 575.5 347.4 Templeton Emergin . . .747.0 0.0 792.0 649. Bellway ...... 2741.0 -39.0 3409.0 2419.0 The Renewables In . . . .125.8 -1.0 126.8 105.1 Greencore Group . . . . .206.5 -0.5 230.0 162.9 MEDIA Safestore Holding . . . .634.5 2.0 658.5 499.4 EI Group ...... 211.4 -0.4 224.8 143.0 Victrex plc ...... 1987.0 4.0 3408.0 1950.0 Berkeley Group Ho . . .3496.0 -42.0 4321.0 3226.0 FirstGroup ...... 115.3 0.9 116.6 79.3 TR Property Inv T . . . . .409.5 -0.5 433.5 353.5 Hilton Food Group . . . .950.0 -35.0 1088.0 884.0 4Imprint Group . . . . .2620.0 -20.0 2700.0 1715.0 Savills ...... 847.0 3.5 975.5 678.5 Bovis Homes Group . . .978.5 -13.5 1275.5 828.0 Flutter Entertain . . . . .5628.0 0.0 9110.0 5525.0 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .442.0 -3.0 472.0 390.0 Tate & Lyle ...... 722.2 -34.6 800.4 622.6 Countryside Prope . . . .302.6 -6.4 374.4 270.0 Ascential ...... 383.6 -13.6 465.0 337.2 St. Modwen Proper . . .435.0 -6.5 441.5 365.0 Unilever ...... 4837.0 -50.0 4887.0 3931.0 UK Commercial Pro . . . . .91.4 -0.1 92.7 81.0 Go-Ahead Group . . . . .1869.0 -11.0 2078.0 1388.0 Balfour Beatty ...... 237.6 4.0 311.1 223.4 VinaCapital Vietn . . . . .345.0 -1.5 350.0 306.0 Crest Nicholson H . . . . .366.6 -6.4 446.2 296.4 Bloomsbury Publis . . . .230.0 0.0 254.0 190.5 Witan Inv Trust ...... 205.0 -1.6 227.6 189.6 Greene King ...... 638.2 0.2 704.4 472.8      CRH ...... 2467.0 -50.0 2857.0 1971.5 FORESTRY & PAPER McCarthy & Stone . . . . .129.8 0.4 142.4 97.5 Centaur Media ...... 55.8 0.0 59.0 34.7 GVC Holdings ...... 599.4 2.8 1170.0 507.5 Woodford Patient . . . . .77.0 -0.8 91.0 73.7 Persimmon ...... 1967.0 -8.0 2880.0 1859.5 Entertainment One . . . .437.0 15.2 483.4 300.2  Galliford Try ...... 625.0 23.5 1104.0 512.0 Mondi ...... 1640.0 -18.5 2236.0 1584.0 Ibstock ...... 238.0 -1.6 300.0 193.1 Worldwide Healthc . .2575.0 -10.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 72.61 -1.39 91.14 56.32 3M...... 159.75 -0.83 219.75 159.63 ADIDAS N...... 255.45 -2.80 265.00 178.30 ABBOTT LABORATOR...... 76.13 -0.39 80.74 60.32 AIR LIQUIDE...... 111.50 -1.45 119.10 101.85 ADOBE...... 270.90 -3.61 291.71 204.95 AIRBUS BR...... 114.86 -0.38 124.00 77.50 ALPHAB NON VTG-C...... 1103.63 -14.32 1289.27 970.11 ALLIANZ...... 198.62 -3.03 216.20 170.38 ALPHABET-A...... 1106.50 -14.91 1296.98 977.66 AMADEUS IT GRP BR-A...... 68.36 -0.58 82.20 58.06 AMAZON.COM...... 1775.07 -41.25 2050.50 1307.00 ASML HLDG...... 169.30 -1.68 189.50 130.12 AMERICAN EXPRESS...... 114.71 -2.03 120.88 89.05 AXA...... 22.08 -0.09 23.90 18.40 APPLE ...... 175.07 -3.23 233.47 142.00 BANCO SANTANDER ...... 3.95 -0.10 4.86 3.80 AT&T...... 30.58 -1.28 34.53 26.80 BASF N...... 59.30 -0.65 88.89 57.26 BANK OF AMERICA ...... 26.60 -0.56 31.91 22.66 BERKSHIRE HATH RG-B...... 197.42 -2.32 224. 7 184.75 BAYER N...... 52.85 -1.59 102.74 52.00 0 BOEING CO...... 341.61 -8.26 446.01 292.47 BBVA...... 4.87 -0.21 6.44 4.48 CATERPILLAR...... 119.81 -2.03 159.37 112.06 BMW...... 62.11 -1.03 87.72 61.46 CHEVRON...... 113.85 -1.53 128.55 100.22 BNP PARIBAS BR-A...... 40.88 -0.48 56.94 38.14 CISCO SYSTEMS...... 52.03 -1.54 57.53 40.25 CRH PLC...... 27.99 -0.44 34.87 26.53 CITIGROUP...... 62.15 -1.46 75.24 48.42 DAIMLER N...... 46.36 -1.04 63.53 44.54 COCA-COLA CO...... 49.13 -0.12 50.84 42.96 DANONE...... 71.40 -0.44 72.54 59.72 COMCAST-A...... 41.00 -0.74 43.96 30.67 DEUTSCHE POST N...... 26.38 -0.38 33.40 23.43 DOW...... 46.76 -1.71 0.00 0.00 DEUTSCHE TELEKOM N...... 15.14 -0.14 15.88 13.09 EXXON MOBIL...... 70.77 -1.20 87.36 64.65 ENEL N...... 5.57 0.01 5.82 4.22 FACEBOOK-A...... 177.47 -5.54 218.62 123.02 ENGIE...... 12.45 -0.05 14.28 11.31 GOLDMAN SACHS GR...... 182.49 -4.88 245.08 151.70 ENI N...... 13.58 -0.11 16.71 13.42 HOME DEPOT...... 189.85 -1.23 215.43 158.09 ESSILORLUXOTT...... 103.15 -0.50 129.55 95.50 IBM...... 126.99 -2.58 154.36 105.94 FRESENIUS...... 45.42 -0.67 71.10 38.50 INTEL...... 44.04 -0.69 59.59 42.36 IBERDROLA...... 8.31 -0.10 8.56 5.77 JOHNSON & JOHNSO ...... 131.15 -0.96 148.99 119.97 INDITEX ...... 24.05 -0.91 30.30 21.85 JPMORGAN CHASE ...... 105.96 -1.10 119.24 91.11 ING GROUP...... 9.70 -0.07 13.28 9.09 MASTERCARD RG-A...... 251.49 -2.70 258.86 171.89 INTESA SANPAOLO N...... 1.83 -0.03 2.66 1.80 MCDONALD'S...... 198.27 -0.97 201.15 153.13 KERING...... 465.95 -8.60 539.80 351.70 MEDTRONIC...... 92.58 0.00 100.15 81.66 KON AH DEL BR...... 20.14 -0.10 24.01 18.60 MERCK...... 79.21 -0.47 83.85 59.62 L'OREAL...... 240.40 -1.50 245.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 123.68 -2.05 131.37 93.96 LINDE...... 162.30 -2.70 0.00 0.00 NETFLIX...... 343.28 -8.57 423.21 231.23 LVMH...... 338.60 -3.05 355.05 242.30 NIKE -B-...... 77.14 -2.12 90.00 66.53 Gold...... 1295.55 14.60 Copper Cash Official...... 5864.00 -42.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 ORACLE...... 50.60 -1.12 55.53 42.40 MUENCHENER RUECKV N...... 215.90 -2.70 224.00 175.00 BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 Silver ...... 14.48 0.08 Aluminium Cash Official...... 1772.50 -11.00 PAYPAL HOLDINGS...... 109.75 -1.66 114.66 74.66 NOKIA...... 4.49 -0.07 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 1.91 0.00 Brent Crude...... 66.87 -2.58 Nickel Cash Official ...... 12035.00 -60.00 PEPSICO...... 128.00 -0.61 130.90 99.65 ORANGE...... 14.04 -0.01 15.25 13.15 Krugerrand...... 1314.20 4.00 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.58 -0.07 Aluminium Alloy Cash Official...... 1430.00 -155.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.392 0.01 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 35.45 -0.49 40.01 29.05 Palladium...... 1367.00 28.00 Cocoa Futures ...... 2451.00 -26.00 LIBOR Euro - overnight...... -0.470 0.00 The vix index...... 18.71 1.41 PFIZER...... 41.52 -0.38 46.47 35.73 SAFRAN...... 117.70 -0.40 130.00 97.08 Platinum ...... 793.00 1.00 Coffee 'C' Futures ...... 105.13 2.78 LIBOR Euro - 12 months...... -0.225 0.00 The baltic dry index...... 1096.00 -1.00 PHILIP MRRS INT...... 77.13 -2.47 92.74 64.67 SANOFI...... 72.24 -0.95 80.44 64.87 Tin Cash Official...... 18960.00 -110.00 LIBOR USD - overnight...... 2.355 0.00 Markit iBoxx EUR ...... 238.23 0.40 PROCTER&GAMBLE...... 102.91 -2.42 108.68 72.86 Feed Wheat Futures...... 157.00 1.60 SAP I...... 110.46 -1.52 117.02 84.02 Lead Cash Official...... 1798.00 -0.50 LIBOR USD - 12 months...... 2.510 -0.01 Markit iBoxx GBP...... 340.81 0.30 TRAVELERS COS...... 145.57 -0.16 148.85 111.08 SCHNEIDER EL...... 70.80 -0.82 78.66 57.54 Zinc Cash Official...... 2679.00 13.00 Soybeans Futures Continuation Contract...878.40 0.65 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 250.79 0.41 TWITTER...... 36.44 -0.70 47.79 26.19 SIEMENS N...... 101.42 -2.02 121.40 90.90 UNITEDHEALTH GRO...... 241.80 -1.70 287.94 208.07 SOCIETE GENERALE...... 22.46 -0.11 35.23 21.45 WORLD INDICES UTD TECHS...... 126.30 -2.10 144.40 100.48 TELEFONICA ...... 7.18 -0.04 8.06 6.59                 VERIZON COMM...... 54.35 -2.48 61.58 47.13 TOTAL...... 46.64 -0.20 55.39 44.23 VISA RG-A ...... 161.33 -1.43 165.77 121.60 UNILEVER CERT...... 54.00 -0.67 54.90 45.12 FTSE 100 ...... 7161.71 -56.45 -0.78 S&P 500...... 2752.06 -36.80 -1.32 CAC 40 ...... 5207.63 -41.28 -0.79 Hang Seng...... 26901.09 -213.79 -0.79 WALGREENS BOOTS...... 49.34 -1.21 86.31 49.31 VINCI...... 88.46 -0.36 90.48 69.98 FTSE 250 ...... 18970.25 -141.26 -0.74 Dow Jones I.A...... 24815.04 -354.84 -1.41 Swiss Market Index ...... 9523.98 -17.99 -0.19 Shanghai Composite...... 2898.70 -7.11 -0.24 WALMART...... 101.44 -0.75 106.21 82.37 VIVENDI...... 24.13 0.03 26.69 20.40 FTSE All-Share ...... 3923.87 -30.31 -0.77 Nasdaq Composite ...... 7453.15 -114.57 -1.51 ISEQ Overall Index...... 6079.63 -49.69 -0.81 STI Index ...... 3117.76 -25.24 -0.80 WALT DISNEY...... 132.04 -0.16 142.37 99.20 VOLKSWAGEN VZ I...... 138.80 -4.50 165.88 131.02 FTSE AIM All-Share...... 959.91 -1.87 -0.19 Xetra DAX ...... 11726.84 -175.24 -1.47 FTSEurofirst 300...... 1453.20 -11.67 -0.80 ASX All Ordinaries ...... 6491.80 2.60 0.04 WELLS FARGO...... 44.37 -0.68 59.53 43.02 18 OPINION MONDAY 3 JUNE 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Blame polarising primaries for TO THE EDITOR Mifid-conceptions Democrats’ shift to the far left [Re: The Mifid II reality has been the exact opposite of its noble aims ] The directive’s aims were to remove unnecessary and opaque costs from the S AN American working in was a vicious, hard-fought battle for Amy Klobuchar received wide- system, improve competition, and make Westminster, I often get notoriety. Presumptive nominees Morgan spread backlash, even though she financial institutions more accountable to asked about the differ- had to keep getting more and more Schondelmeier had alternative – and arguably more investors, all of which have undoubtedly Aences between US and extreme just to be noticed. practical – proposals for lessening been achieved. British politics. Obviously, Do we really think that there the burden of tuition and debt. From an equity research perspective, the entire American political spec- would have been so much focus on Finally, look at reparations – pay- Mifid II has notably improved competition trum is shifted to the right, we’re building a wall on the southern ments to African Americans as rec- – brokers that add value with strong still fighting hard battles on social border if Donald Trump hadn’t ompense for slavery. Suddenly this analysts and distribution capabilities are issues, and there is the added inter- dragged the conversation that way? is supported by several major candi- thriving. There is more accountability, with play of state level policies. It was all anyone else could do to dates, including Elizabeth Warren research moving from an unpriced to a But there’s an obvious similarity. keep up with hardline stances on and Kamala Harris. priced environment, leading to research The divide between parties is seep- immigration – runner-up Ted Cruz Politicians must Why? Because one candidate – self- innovation and a reallocation of resources ing deeper and deeper into public had to altogether abandon his sup- abandon nuance and help guru Marianne Williamson – is to where asset managers need it, such as consciousness. Trump and anti- port for increasing the number of running her campaign almost en- small and mid-cap equities, ESG, Trump, Brexit or no Brexit, open or high-skilled visas in order to remain take more hardline tirely on the platform of giving up to alternative data and thematics. As a result, closed – as we can’t help but notice, in favour, and it still wasn’t enough. $500bn to reparations programmes. Aim analyst coverage numbers are now this intensifying polarisation can In the end, the most radical candi- stances to appeal Candidates who denounce this near FTSE 250 levels. It is also widely make politics a nasty place where date of all succeeded, by making far- idea for what it is – blue-sky thinking recognised that savings across the industry not much gets done. flung promises – on walls, Muslims, with no practical implementation are being passed onto investors – the FCA There’s been a lot of talk about and China – that don’t resonate prospects – risk being painted as un- estimates this to be £1bn over five years. how to heal these divisions. But this with the majority of the nation. radical ideas for saving the environ- caring towards minorities. Of course, there has been a cost in misses the point: the structure of That might feel like ancient his- ment, the Green New Deal’s strin- Time will tell where this primary implementing Mifid II. But who could argue our political systems makes this al- tory, but the same phenomenon is gent opposition to any market or will end up, but even moderates will that better regulatory oversight is a bad most unavoidable. And there’s no occurring now with the Democratic capitalist forces make it essentially have to pander to a staunchly left- thing post-2008? With Mifid II regulations clearer example of self-imposed di- primaries. There are already 25 economically unviable. wing audience in order to win. likely to be adopted in some form in other visions than a leadership contest. major candidates – and the story is On a pragmatic basis, getting it This is not to say that politicians international capital markets, London’s American presidential primaries beginning to look similar to 2016. through Congress would be almost are nebulous creatures without early implementation means that the City look a bit like party leadership con- As candidates vie to appeal to a impossible, and even if it were en- principles. Just like in the race to be is now a leader in best practice. tests in the UK: a large group of Democratic base – which has been acted, it would prove far less feasible Tory leader here in the UK, many of Mifid II has forced the City to innovate politicians fighting it out for the pushed further to the left by and popular than its advocates are the Democratic candidates have and embrace change, which has been an favour of their party members. Trump’s presidency – they are hav- implying. Yet hundreds of hours are more nuanced opinions than the unalloyed good. Now costs and processes And they fall into the same trap. ing to conform to the primary elec- being devoted to championing it. black and white options they’re are more transparent, asset managers can By overburdening the field with too torate’s idea of an ideal Democrat. See also free university education. being forced to choose between. identify where to focus spend in order to many voices, candidates are forced Increasingly, staple policies from First brought onto the scene by But in a competitive landscape add value for their clients. For the first time to pander to their voting popula- the Democratic playbook like Bernie Sanders (who is so far to the with a very small and specific vot- the interests of investors have been put tions in order to curry favour. healthcare reform and gun control left of the Democrats that he isn’t ing population, the conversation firmly at the heart of the industry. The people who vote in primaries, aren’t the ones making headlines. even in their party), it is now a lit- will naturally discard nuance. Fraser Thorne, chief executive, by their nature, are more invested Instead, we get policies like the mus test for candidates. We talk a lot about the damage Edison Group in politics than the rest of the elec- Green New Deal. Proposed by dar- Those who are wary of this ex- that polarisation does to demo- torate. The effect is clear: politicians ling of the left Alexandria Ocasio- treme policy, which sounds progres- cratic institutions. Primaries indi- must abandon nuance and take Cortez, it has been raised up as a sive but would require a radical cate that such polarisation may not more hardline stances in order to benchmark policy that presidential dismantling of the entire American be a bug, but a feature. BEST OF appeal to this narrower electorate. candidates must endorse, or risk university system, are being forced TWITTER Take the Republican primaries in being shunned. to justify their position. £ Morgan Schondelmeier is head of 2016. With 17 major candidates, it While appealing to some with its A reasoned critique isn’t enough; development at the Adam Smith Institute. In an interview at the Trump Hotel, Fed candidate Judy Shelton says she doesn’t think the Fed should set interest rates and she wants to organize a Mar-a-Lago conference on returning to the gold standard As a global trading hub, the City is ready @nycsouthpaw Judy Shelton does what I would not have thought possible. She falls well to face the challenges of a new digital era below Cain or Moore as a potential @federalreserve governor. Hers would be a dangerous appointment. @LHSummers ITH changes afoot fests itself in brilliant business This in turn offers the opportu- both domestically and ideas, but also in approaches to Peter nity to drive economic growth, Really? It is now “dangerous” to when it comes to our digital skills and education. Estlin domestic investment, and interna- question whether the intellectual Wrelationship with Eu- We met businesses like Bolt and tional trade by embracing emerg- framework and/or mechanisms rope, it is a challeng- TransferWise, as well as fast-rising ing tech platforms, investing in utilized by central banks are ing and frustrating time for many tech startups that are disrupting fintech, and accelerating leader- performing optimally to deliver parts of the City. their sectors, like 3DBear and ship in green finance. productive economic growth and What we must not lose sight of is Lyfta Oy. There was much to ob- We are now well into the fourth in- financial stability? that London – and specifically the serve and take back to London, dustrial revolution, and technology @judyshel City – has been at the centre of particularly in the way that has an increasingly important role global trade for centuries, and has Tallinn and Helsinki nurture and zone, language, legal system, global in society and business. My Mayoral Tories laugh at @RoryStewartUK as fundamental strengths that will encourage innovation, from the talent, and financial services ecosys- agenda, “Shaping Tomorrow’s City the Tory-leadership-candidate-for- stand the test of time. classroom to the boardroom. tem truly make us a gateway to Today”, recognises that the digital people-who-don’t-like-Tories, but if After all, it is the City which laid With innovation ingrained in the global capital and advice. era brings new global challenges. the message he gives here is one that the foundations of modern bank- DNA of Tallinn and Helsinki, it There are real opportunities for We must overcome these by in- Tories truly think isn’t for them, then ing and insurance, which devised came as no surprise that both cities firms looking to scale up in London, vesting in our future, while culti- they have a problem. the first modern international cap- are home to some of the most excit- attracting venture capital and other vating and connecting digital @holland_tom ital markets, and which remains at ing technologies and businesses forms of funding that is so readily communities across Europe, ensur- the leading edge of innovation – that I have come across in my may- available in the City for big ideas. ing that no one is left behind. Dear leadership candidates in both from fintech and blockchain to oral term so far. TransferWise is an exemplar of That means bolstering digital parties: please for the love of God green finance. As well as learning and sharing this – and will no doubt be the blue- skills across society for young and have thought of an amusing and That is something that has been best practice, I have also been pro- print for countless other ambitious old, as well as forging business revelatory answer to the “your made abundantly clear to me this moting London’s enduring benefits businesses around the dynamic re- links across Europe with like- naughtiest moment?” question (and week during my visit to Tallinn to prospective partners. gion in the future. minded cities. jokes about fields of wheat are now and Helsinki. These two cities And encouragingly, everyone that This trip has demonstrated the op- banned as well). Thanks share London’s ambitious innova- we met recognised these strengths; portunities that the UK offers tech £ Peter Estlin is the lord mayor of @ShippersUnbound tion agenda that not only mani- the unique combination of time firms to grow to scale. London. CITYAM.COM MONDAY 3 JUNE 2019 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam From Oscar Wilde to Boris: A DEBATE history of private prosecutions Should there be a cap on inheritance tax breaks available ORMER foreign secretary Boris John pursue matters in the civil courts Johnson has been told that he where the balance of proof is lower to wealthy families? will face court as part of pri- Oxley and damages can be sought. Fvate prosecution brought A few high-profile cases have been against him for his conduct in brought where victims, or their fami- Inheritance tax is one of the most the Brexit campaign. lies, feel failed by the authorities. disliked taxes in the UK, in part because Suddenly, this obscure legal mecha- The family of Stephen Lawrence the super-rich can largely avoid paying nism is in the public spotlight. In- brought one against three suspects – it. This is deeply unfair. YES At Tax Justice UK, we’ve just deed, many people may not even have the men were acquitted due to a lack ROBERT PALMER been aware that private prosecutions of evidence, though two were subse- published research showing how some still existed in modern Britain. the crucified Christ. Whitehouse sub- quently convicted in a CPS prosecu- of the wealthiest families in Britain are Private prosecutions date from the sequently suffered an adverse costs tion. A similar attempt by families of benefiting from up to £666m a year in shared roughly £6.4m each in tax relief. earliest mists of English legal history. order in a failed action against the di- victims of the Omagh bombing floun- inheritance tax bungs. Wealth inequality is hardwired into Until the 19th century, there were no rector of the National Theatre, and dered when it ran out of money. Oth- The current law means that families the UK by rules like these. Politicians public bodies to investigate crimes or her enthusiasm for them waned. ers have been pursued in relation to with agricultural and business property face a choice: spend money on nurses, bring charges, and all cases were Private prosecutions further dimin- frauds, but numbers remain low. can avoid paying any tax on these teachers, and the public services that brought by individuals, except for of- ished with the formation of the Those that are instituted tend to assets. The idea is to protect small people want, or splurge millions in tax fences against the Crown, like treason. Crown Prosecution Service (CPS). A continue to be by well-funded groups. farms and family businesses that might breaks to the well-off. This changed with the creation of Royal Commission recommended in The RSPCA is a prolific user of charges be asset-rich but cash-poor. But our It’s high time they ended these tax the police in 1829, but even then 1981 that prosecutions should be for animal cruelty, filling a gap that research shows that the vast bulk of giveaways to the already wealthy. charges were brought in the personal taken away from the police and insti- the other investigating authorities these tax breaks are going to those at capacity of the officers, and it re- tuted in a new body. struggle to cover. The charity has, the top. For example, in 2015/16, 51 £ Robert Palmer is executive director of mained open to individuals to pursue The legal fiction of the police however, been criticised for an families with business property assets Tax Justice UK. criminal cases. launching private prosecutions was overzealous approach after a number The risks of private prosecutions led ended, and cases were entrusted to of high-profile acquittals. to them taking a diminishing role as the CPS to both make charging deci- Crowdfunding (like the Boris case) the police powers grew, though they sions and to push them forward. has also been used by quasi-charitable YouGov polling in 2015 showed that no continued to be employed in circum- Criminal justice is perhaps the only bodies to try to secure convictions. It other tax was as unpopular: 59 per cent stances where the state lacked the industry nationalised by the Thatcher remains unclear what financial reper- thought that inheritance tax was unfair. will or resources to act. government. cussions the backers of a failed prose- Though only a small minority of estates NO Others brought them for personal Since then, private prosecutions cution might face. are subject to it, people’s aspirations to DUNCAN SIMPSON reasons – it was Oscar Wilde’s pursuit have become rarer. Those who bring Private prosecutions are likely to re- pass on their wealth to their children of the Marquis of Queensberry for them remain exposed to significant main an unusual throwback to a time are attacked by its very existence. criminal libel that ultimately led to legal cost risks and would prefer the before a properly functioning state. Numerous breaks and exemptions it’s true that they create complications his unmasking as a homosexual, CPS and police to do the work – or else Criminal cases are difficult to mount exist in the inheritance tax system in the system. The government’s bankruptcy, and jail. and prove, and very few people have precisely because it is so punitive. There ambition, therefore, should be to In the 1970s, morality campaigner the resources to push that forward should not be a limitation to these. For abolish this tax, or at least increase the Mary Whitehouse used private prose- Criminal justice is themselves. It is an expensive way to instance, you’re currently able to gift nil-band threshold to £500,000 and cutions against what she deemed perhaps the only litigate, and while eye-catching, most £5,000 towards a child’s wedding and halve of the rate to 20 per cent. scurrilous publications. victims will prefer to trust the author- make payments to help with another All families, wealthy or otherwise, She secured a conviction of blas- industry nationalised ities. Unless there’s a strong political person’s living costs, such as an elderly should be given a break from this tax on phemy (a law that hadn’t been used by Thatcher motivation, of course. relative. Likewise, the tax on gifts made grief. by the state for 50 years) against Gay less than seven years before death is News over its publication of a poem £ John Oxley is a Conservative tapered to reduce your liability. £ Duncan Simpson is a policy analyst depicting a centurion’s sodemising of commentator. Such exemptions are important, but at the TaxPayers’ Alliance.

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JOIN THE CLUB TODAY AND RECEIVE A £100 GAUCHO VOUCHER VISIT CITYAMCLUB.COM 20 FEATURE MONDAY 3 JUNE 2019 CITYAM.COM ENTREPRENEURS Katherine Denham finds out how Polo in the Park is reining in the sport’s fuddy- duddy reputation

N 2009, when City workers emerged bleary-eyed and hungover from the financial crisis, partying definitely wasn’t on the priority list. But London’s sombre mood Ididn’t dissuade Daniel Fox-Davies, who had grand ideas about creating a mas- sive summer social event. The entrepreneur approached his friend Rory Heron to ask if he would work with him on the project. “When Daniel said he was setting up a new event in central London, I told him he was nuts given what had just hap- pened in the world,” Heron chuckles. The concept was to create a sporting event akin to tournaments like Wim- bledon, the Epsom Derby, or the Hen- ley Regatta – a fresh take on these centuries-old British gatherings. And despite his reservations, Heron – who was heading up the Uefa Euro sales team with IMG at the time – liked the idea, and started working with Fox-Davies to fine-tune a plan. “In the first year, IMG and myself consulted to Daniel on Polo in the Park. I wasn’t quite brave enough to UNBRIDLED jump in completely at that point,” he admits. “It took someone with the ef- fervescent chutzpah that Daniel has to get something like this up and run- ning in the first place.” Interestingly, the pair chose one of the oldest known team sports: polo. ENTHUSIASM They tweaked the rules slightly by making the game faster and simpler, while shrinking the field by a third to ensure that the match is visible to the 30,000 spectators. “Everything is celebrities (including the odd royal based around the enjoyment of the appearance), it’s a formula that cer- spectators – you don’t even have to tainly seems to be working. know the sport brilliantly well, but we But it wasn’t always an easy ride, want people to have fun.” and Heron argues that it still isn’t, In its short 10-year history, Chester- with corporate hospitality unsurpris- tons Polo in the Park has become one ingly never returning to levels of lux- of the largest polo tournaments in the ury seen prior to the financial crash. world, and for many City workers, the During his nine-year stint working three-day affair – which starts this Fri- for IMG, Heron had helped finance day – marks the start of the summer the construction of Wembley Stadium social calendar. by selling corporate boxes in the years So how has Polo in the Park suc- before the crisis. “Corporate hospital- ceeded when other events have failed? ity is the bellwether for what is hap- Heron, who fully took the reins after pening in the City, because it’s usually Fox-Davies stepped down five years the first thing to go,” he explains. ago, has some idea. And getting Polo in the Park up and “We took the ethos used in running during those skinny years American events, by taught him a thing or two about man- building it based totally aging a successful business. on what the spectators “We didn’t make any money in the like, rather than what first three years, which was terrifying. the sporting players But we also saw sponsors go into ad- like. It’s about mak- ministration in that time, and that ing people happy.” In a gentlemanly nod to the history of the sport, Rory Heron was really scary for them as much as Polo in the Park based the event in the home of polo at Hurlingham Park for us. From a general admission isn’t a one-trick pony point of view, it took until 2015 to hit either. It’s a sort of that often come during the Second World War and the numbers, but you can still never well-to-do British festi- with polo. turned into a vegetable patch to help take it for granted. val, with a line-up of live “It’s about being ir- feed the starving city, never to be re- “Those brutal times taught me to music, DJs, bars (cham- reverent and fun, turned to the Hurlingham Club. never have too much fat in the busi- pagne garden, anyone?) and rather than pompous,” Heron had to approach Hammer- ness, even when times get better.” street food vendors. Tickets start says Heron. “The older events smith and Fulham Council to ask if With a turnover of £2m, Heron’s at just £30, and each of the three days are wonderful, but sometimes they they could hold the event there for team have now started spinning off, aims to appeal to a different demo- can make you a bit nervous about three days a year. “In return, we Corporate hosting other events further afield like graphic. Businesses make up the ma- what’s ahead. We didn’t want people agreed to fund the field and improve Polo in the Port which is launching in jority of the Friday crowd, Ladies’ Day to think we were snooty.” the sporting facilities. It’s a way of hospitality is the Portsmouth in the summer, and is on the Saturday, while families That’s not to say that Heron and Fox- using an event to finance a local area. bellwether for Coutts Polo at the Palace in Abu Dhabi. flock to the park for the finals on Sun- Davies wanted to completely disasso- “We’ve taken the history of polo, set But Heron says that he doesn’t want day. ciate from history, and in a a tournament up in the home of polo, what is happening to stray too far from the event’s roots The “summer chic” dress code gentlemanly nod to the sport, they and then applied our slightly crazy, – after all, there is something quintes- makes it a far more relaxed affair fought to host the event at Hurling- young format of entertaining people.” in the City, sentially English about polo. And than Royal Ascot or even Wimbledon. ham Park in Fulham, where the rules With the event drawing in a large because it’s the given the popularity of Polo in the In turn, the event seems to be shak- of polo were written in 1874. crowd, selling out on VIP hospitality Park, we could be right at the start of ing off the fuddy-duddy associations I’m told that the park was dug up tickets, and attracting a handful of first thing to go a brand new summer tradition. CITYAM.COM MONDAY 3 JUNE 2019 FEATURE 21 MARKETING

THE POWER OF WORDS Luke Graham speaks to Verbalisation founder Sven Hughes about psychology and advertising

’VE NEVER been psychoanalysed be- Alongside a career in marketing, he was a the basis for a new marketing strategy. been recommended. It’s no longer so brand image, rather than the verbal tics fore. But upon entering the confer- reservist in the SAS and in the British One case study is the much about us pitching out for work, as of a target audience. And some ence room with Sven Hughes, Military Psychological Operations Group, #NotAnotherBrother campaign for the picking up the phone from people businesses may have qualms about founder of strategic communications and was deployed in Afghanistan. counter-terrorism organisation calling in. That’s lovely,” says Hughes. trying to psychoanalyse their customers consultancy Verbalisation, he pres- “What became very clear was those Quilliam. Verbalisation created a short He claims that critics used to think to this extent. But Hughes defends the Ients me with a handful of my recent arti- two worlds were actually quite similar: film aimed at Muslim youth in the UK in that he and his company were ethics of the practice. cles, points out how all the introductions essentially, it’s about creating behaviour the hope of discouraging them from “bonkers” for taking language and “You’ve got to be moral, responsible, share similar traits, and explains what change in an audience, whether or not being radicalised and joining the psychology so seriously, but that those ethical, and approach it with that hat on, this supposedly says about me. you’re doing that for peace or to sell a Islamic State group. The film achieved people are now realising these are otherwise you can misuse data and For instance, early in each intro, I use a product,” he recalls. 500m media impressions in its first important elements of communication. become the next Cambridge Analytica. “transitory hypothesis” – phrases like “What’s also clear is that neither world week of launch. Verbalisation’s analytical approach “Working with us would never be a “isn’t normally”, “really only”, and “quite was working as effectively as it could or As well as working with political to marketing is vividly different to the detriment to the client. What Cambridge possibly” – which apparently means I’m should be.” organisations like the above, Nato, the rest of the industry, which seems to Analytica has taught us is anyone trying to posit an idea to the reader In Hughes’ view, marketers have Foreign and Commonwealth Office, and rely more on gut instinct. Hughes says associated with them gets besmirched.” without overcommitting or beating become too focused on creating visuals, that’s deliberate. And Hughes would know about that them over the head with rhetoric. to the point that television, the internet “Here, you can’t start a sentence stigma. Before starting Verbalisation, he Hughes asks if I’ve been taught to write and even train billboards are with ‘I think’ or ‘I believe’, you start worked for SCL Group, the parent in this manner, or if it’s my natural style. oversaturated with images and video with ‘assess based on the evidence’. company of – yes – Cambridge Analytica. The fact that I’m not sure – or even ads. As a result, the industry is You have to demonstrate evidence to The latter’s controversial practices often aware that I was doing it – is telling. neglecting the verbal side of advertising, make a substantial statement about a come up in articles about him. Perhaps “These lexical traits are how you even though so much of social media is We have come into person or audience group.” as a result of that scandal, he’s very process or want the world served to you,” text-based. the market and In fact, Hughes is highly critical of the careful about who he works with now. he explains. “So I know that I should put, “We give away so much leakage when wider marketing world, accusing it of “We want to work with brands that every three-to-five words, a transitory we talk or write or speak. If you can revealed that what “selling bulls**t” and charging vast want to demonstrate a better, more hypothesis to be most effective to listen and know what you’re listening amounts of money for strategies that effective and ethical way to build pattern-match how you code the world. for, it leaps out, and that asks questions brands have been do not work. empathy with target audiences. If they Once you see it, it’s there in every article – which will lead to a more effective way “We are coming into the marketplace want to go to the dark side and use big it’s not up for negotiation. Immediately, of creating empathy or communicating buying isn’t robust and revealing that what brands have data without people knowing, then these things are working together to give with that person or brand.” been buying isn’t robust,” he says. they’re not going to be our client.” us a much clearer picture about you.” With this in mind, he launched the US Department of Homeland “Our case studies speak for By the end of the interview, I’ve found This isn’t just an idle exercise – it’s the Verbalisation eight years ago, having Security, Verbalisation has several big- themselves. Once you do these Hughes to be passionate and engaging, Verbalisation approach to advertising. By created a system to analyse language name commercial clients, such as methods, you have a huge effect on the but in the back of my mind I do wonder if understanding how an audience thinks and turn that into usable insights. NewsUK, Samsung, and Diageo. It has business and its bottom line. It’s more he has used any other psychological and talks, the firm can develop a brand’s Hughes dubbed this process the Rapid also won a slew of industry awards, cost-effective, more efficient, more tricks to win me over. marketing material, communications, Audience Insights Diagnostic system. including Best Workshop at the 2018 demonstrable, and more suited to the Still, while being psychoanalysed at and tone of voice to reflect what its Using this, Verbalisation’s team of Market Research Society Excellence modern, text-based online world.” the start of our meeting was a bit consumers are like, and therefore create psychologists and researchers can Awards, and is increasingly receiving Of course, the approach might not startling, speaking to Hughes is empathy and engage them. construct psychological profiles of a attention from businesses abroad. work for everybody – some products refreshing. It’s rare for someone in Hughes developed this knowledge target audience, including their traits “We’ve now got a lot of international and services may simply be more suited marketing to speak so candidly about through his work in the armed forces. and the words they use, to be used as clients phoning us up and saying we’ve to focusing on their key visuals and the industry, its faults, and its future. 22 LIFE&STYLE MONDAY 3 JUNE 2019 CITYAM.COM TRAVEL The hidden By working with local artisans, the UXUA Casa art of Brazil’s Hotel in Trancoso has built a reputation for authenticity while promoting native beach HOURS IN... craftsmanship. It’s a hotel with real soul, discovers ANDALUCIA, Angelina Villa-Clarke SPAIN paradise hile most hotel lobbies are full of people checking in guests or collecting baggage, at UXUA Casa, the first member of staff I see is a man sitting at an an- tiqueW wooden loom carefully weaving a blanket. UXUA Casa, in the remote Bahian town of Trancoso, is no ordinary hotel. It’s made up of a collection of 12 rustic fisherman’s houses dotted around the town’s grassy square, the Quadrado. Each one is brightly painted – parrot green, cobalt blue or fuch- WHERE TO STAY sia pink – and individually designed with Set amidst lush, tropical gardens, Puente recycled-wood furniture, folk art and hand- Romano fuses newly renovated, luxurious crafted textiles. accommodation with 11 world-class Opened in 2006 by Dutch designer restaurants, some multi-Michelin-starred Wilbert Das, it was originally intended as like Nobu with a great bar, all within a few an homage to the artistic heritage of the steps to the beach. rural town, which boasts a sweeping UN- Visit puenteromano.com ESCO-protected coastline as its backdrop. Das began collaborating with many local craftspeople, some of whom, like the weaver Evandro, now work directly from the hotel. As well as stamping their person- ality on the interiors of the property, the ar- tisans also work with Das to create the UXUA CASA collection. Think hand-woven rugs, lampshades made of basketry and fur- niture crafted from antique ox-carts, for guests to replicate the rustic-luxe look at home. As a consequence, over the years, the hotel has been instrumental in encourag- WHERE TO GO ing a resurgence of artisan work in the area. Visit the historic city of Jerez and “UXUA is certainly an organic place,” says experience some of the city’s best sherry Das. “We are intrinsic to the local commu- at the family-run Tio Pepe. Sample the nity and work hand in hand with them, as varieties and types of sherry then wander well as being greatly influenced by the rich around to admire the picturesque gardens culture that is found here.” and winding pathways. The idea of UXUA came to Das back in Visit bodegastiopepe.com 2004, when he first arrived in the sleepy town. He was looking for a retreat away from his demanding role as creative direc- tor at fashion label Diesel Jeans in Milan. With his business partner Bob Devlin in tow, they wanted to find somewhere to hol- iday which would place them nicely off-the- radar. “Straight away we fell in love with the au- thenticity of the place,” remembers Bob. “What started out as a search for a holiday home became something that we wanted to share with the rest of the world, and, two WHERE TO DRINK years later, UXUA Casa Hotel was born.”

The coco and chilli mojitos are simply Since then, UXUA, with its charming cot- ing a distinct flavour to the remote spot. working with him on UXUA CASA, it means delightful at El Chiringuito Marbella, tages and curated décor, has been credited The native Pataxó Indians, who have lived that I can continue with my longstanding located right on the golden beachfront. with putting Trancoso on the map with a in the area for centuries, the Portuguese, family trade. It means a lot.” Take a pew, as this spot is fantastic for hip, glitzy set: Brazilian models such as derived from the first explorers who first Dialogue between Trancoso’s craftsmen, people watching and a bit of glamorous Alessandra Ambrosio and Gisele Bündchen discovered Brazil by landing in Bahia in says Das, is flowing and ongoing, allowing drama. Who needs Netflix when you have holidayed here, Beyoncé shot some of 1500, and an African influence, dating from creative input on both sides. “Many UXUA have this? her Blue video in the town, while her sister, the slave trade, which saw many ships arriv- CASA artisans now run their own craft com- Solange, spent her honeymoon here. But ing in the region – all blend together to cre- panies locally,” he says. “And as a happy con- it’s not always been quite so fashionable. ate particular chemistry. sequence, this creative micro-industry has “When we first arrived, Trancoso was a “It really is an exceptional town,” says Das, become an pillar of the local economy. It is very simple town,” recalls Das. “Its main in- looking out over the Quadrado, which is good news for the community; and for visi- fluence had been a commune of hippies dominated by a stark white 16th century FUN FACT tors to Trancoso which, as a result, steer and artists who made it their own in the church. “When I arrived I discovered a local Depending on clear of the typical t-shirt and snow globe 1970s and it was as if time had stood still atmosphere, history and culture unlike any whose lawyers merchandise found in other beach resorts.” since then.” other, and I made a commitment to work you’re speaking to, Since opening, the hotel has continued to Affectionately labelled ‘biribandos’ by lo- with the local community and share their the ‘kiini’, a kind of evolve, with the latest project being a series cals, the hippies were an enterprising talents with a wider audience. I don’t see crocheted bikini, of luxury houses, known as the UXUA Alma bunch with a flair for arts and crafts. Back myself as a hotelier, but simply as part of was invented in Collection. These have been commissioned then, the town still had a barter economy the community.” Trancoso. by private owners, such as CNN newsreader WHERE TO EAT and was filled with close-knit families of Evandro, who specialises in weaving bags, Anderson Cooper and Chelsea-based art col- Take a drive to Zahara de los Atunes, a fishermen, farmers, and skilled craftsmen. blankets and pillows, agrees: “I was origi- lector Ivor Brakor and are seriously high- village on the Costa de la Luz of Spain in The village's isolation spawned a spirit of in- nally taught to weave by my mother, who end. Dotted around the square or found the province of Cádiz, and take a seat genuity and creativity, especially in work- comes from a long line of craftspeople from further afield, such as in the nearby seaside at Restaurant Antonio, offering off the ing with wood and other organic materials, the nearby state of Minas Gerais,” he says. town of Praia do Espelho, Das works person- hook tuna steaks like you’ve never tasted as well as in the simple art of recycling. “But the demand for the skill was dying ally with owners to create a polished, albeit before, including the morrillo variety. There are also deeper cultural influences out. Ironically, I first came to Trancoso to rustic, finish. While each property has it Visit restauranteantoniozahara.com in Trancoso, which play their part in lend- work as a waiter, and then I met Wilbert. By owns personality, they are all unified by a CITYAM.COM MONDAY 3 JUNE 2019 LIFE&STYLE 23

THE LONG HOTEL DE ROME WEEKEND BERLIN (NOT ROME), GERMANY Hannah Wilkinson check into a restored bank and goes for a joyride

NEED TO KNOW

THE WEEKEND: Not only does it combine afield. Try Oliv Eat on Potsdamer Strasse Room rates at UXUA Casa 18th century palaces with the world’s best on for avocado and courgette toast and Hotel & Spa are from US$410 nightlife, Berlin is the only place on the ask the concierge to help you nab a table (approx. £315) per night, planet you can enjoy the twin passions of across the river at Dae Mon to feast on based on double occupancy European contemporary art and German Korean-Japanese fusion. and includes breakfast, taxes sports car design first-hand. What’s more, and fees. uxua.com staying in a repurposed bank just minutes ASK ABOUT: The hotel’s long-standing away from Museum Island is the best way relationship with art historian and curator TAP Portugal flies daily from to see every side of this thriving capital. Miriam Bers of consultancy GoArt! The London City, Heathrow, former gallery director is brimming with Gatwick & Manchester to THE STAY: Nestled between the State TOP TIP knowledge about Berlin’s established and Salvador via Lisbon, prices Opera and St Ludwig’s Cathedral, the Hotel Research shows emerging neighbourhoods and studios, start at £665 return including de Rome was originally built as the alcohol improves and can arrange private access to fashion, all taxes. headquarters of Dresdner Bank in the foreign language art and architectural must-sees for Visit flytap.com or call 0345 601 1880s. The two-storey extension added skills, and only enthusiasts or meetings with the city’s key 0932 before Rocco Forte reopened the building German speakers gallerists for collectors. Send her pictures in 2006 means a choice of light-filled get into Berghain, of your existing collection before your visit modern rooms on the higher floors or ones so have a beer for personalised recommendations of with an architectural legacy in the original before trying it under-the-radar galleries and sales. strong Bahian sense of style, which includes travertine-lined swimming pool, holistic spa section of the building. I loved the Historic inside-out living, lush, tropical gardens and and homewares store, filled, naturally, with Banker Suite, a former director’s office AND AFTER THAT? No visit to Berlin is reclaimed furniture. The result are a range hand-crafted pieces. complete with hidden cubby holes in its complete without a trip to Sanssouci Park, of luxurious boltholes, which can also be Here, you might meet Caio, a Pataxó In- wood-panelled walls. The basement spa is a UNESCO World Heritage Site full of rented as vacation homes. dian, with tribal tattoos adorning his face, home to just as much intrigue; not only is Baroque treasures commissioned by UXUA Casa’s guests, meanwhile, will also who is responsible for a range of mono- the pool housed in the room that used to Frederick the Great. Capitalise on Berlin’s find themselves immediately integrated in chrome, geometric textiles. You might also be used for retrieving safety deposit boxes, position as one of three Porsche Drive the local community. You can try your hand come across an assortment of art by Isaka but there’s a vault between two treatment locations in Germany where you can at the Brazilian martial arts capoeira with a and Neshani, who are part of the Huni Kuin rooms which can never be opened sample the country’s famed automotive local master, or go horse-riding with a indigenous tribe, from the Amazon. They are because one of the keys is lost. engineering for the day and complete the Bahian cowboy along the beach. There’s also among artists who are part of the hotel’s 45-minute journey in a 911 Carrera 4 GTS surfing, sunrise yoga, or simply plenty of op- Artists in Residence programme – another THE FOOD: Hotel restaurant La Banca’s Cabriolet; it will be ample opportunity to portunities to sample the sweetest ever pas- recent project – which sees Das seek out a menu is flush with thoughtful twists on sample the car’s 3.7 second 0-60mph sion-fruit caipirinhas. Then there’s the line-up of international (and lesser-known) hearty Italian classics (think plenty of veal acceleration on the autobahn before simple act of returning to your casa each names to work in one of the casas (the deal and venison), and a confidently winding the roof down to enjoy views of night. It means crossing the Quadrado, past is they have to leave their art behind to be understated signature dish of sea bass in the park’s architectural gems at a more an assortment of pretty boutiques, pousadas showcased in the house). salt that didn’t disappoint when washed leisurely pace. and hacienda-style restaurants. From the Meanwhile, a short stroll takes you to the down with a bottle from the brilliant local children playing freely to a cool Carioca beach and what is perhaps the hippest hotel selection of Riesling on the wine list. Skip NEED TO KNOW: The Historic Banker crowd, this is a place where everyone mixes beach bar you’ll ever come across. Carved out the flabby puddings in favour of after- Suite at the Hotel de Rome starts at together. Come night-time, a certain magic of an old fishing boat, it was made by Dati, a dinner cocktails: the combination of around £2,000 per night, including fills the air, with lanterns swinging in the local fisherman who learned his woodwork- rosemary, vanilla and lime in a Rye ’n’ breakfast; visit roccofortehotels.com to trees, and a bossa nova soundtrack carried ing skills from his grandfather. Goslings works much better than the name book. A day’s 911 Carrera 4 GTS Cabriolet on the breeze. It turns out that ‘UXUA’ – pronounced as does. And after years in which the hire from Porsche Zentrum Berlin costs The beating heart of the hotel is made up ‘Ooshwa’ – means ‘wonderful’ in Pataxó. “It’s restaurant landscape lagged behind the approximately £346 at drive.porsche.com. of an al fresco restaurant (the traditional fish a daily reminder of all that we need to live coffee quality, Berlin is finally upping its British Airways flies daily from London moqueca stew is a must), a glimmering up to,” says Das. foodie game, so it’s worth venturing further City to Berlin Tegel. 24 FEATURE MONDAY 3 JUNE 2019 CITYAM.COM OFFICE POLITICS Enough about the millennials, already

simply making a good place to work, Stop fetishising this particular generation, with fair and accountable practices. An example of a well-executed cul- work needs to become better for everyone ture shift comes from Barclays. It established alternative mentoring HY ARE businesses treat- Micha schemes geared towards diverse learn- ing millennials differ- ing and support from others regard- ently from every other Nicheva less of age. This allowed people from generation? We’ve seen ASK YOUR different departments and age groups an avalanche of contra- STAFF to exchange knowledge in ways that dictoryW studies about what young peo- were previously unlikely. ple supposedly want in recent years – SurveyMonkey BMW provides another interesting as well as countless “helpful” articles Free case study. It implemented a series of on how to “deal with” millennial staff. improvements originally intended to Employers are worried about how to It’s easy for accommodate older workers. attract and retain this generation, but anyone aged between 20 and 38. senior figures to The change, however, resulted in a they shouldn’t be. There is, in fact, so much variety assume and safer and more comfortable work- The main danger of fetishising mil- within a generation that we end up dictate what place for employees of all ages. This lennials, or in fact any generation, lies further dividing them. An article by their staff need, lead to encouraging cross-genera- in focusing on the needs of a sub-group Adweek suggests that there are 12 dif- but have they tional input, introducing flexible and that isn’t representative of the whole. ferent kinds of millennials. Perhaps tried asking? This mobile working options, and practical The most stereotypical characteris- splicing a workforce by their date-of- app allows you learning processes that benefit both tics of this generation become exagger- birth is somewhat arbitrary? to easily make younger and older employees alike. ated and over-analysed. In the case of In fact, over 20 studies have found Once we lift the someone sees work, and this can hap- surveys, send While these examples are paving the the proverbial “millennial”, the focus that, across all ages, when it comes to bonnet of the pen at any age. them out, and way for an office that considers all of of many studies has been on their what matters in work, we all have trends and Clearly, once we lift the bonnet of analyse the its people, they only scratch the sur- sense of entitlement, need for fun at more in common than in contrast. buzzwords, the trends and buzzwords, age results. Find out face of the issue. work, and expectation to climb the ca- Employees of any age want to learn age quickly quickly becomes irrelevant. People’s what policies The main effort in the HR depart- reer ladder quickly. These are less the and grow, to make a difference, to becomes backgrounds, experiences, and cur- your employees ment of any workplace should be on traits of an entire generation, but have security, autonomy, recognition, irrelevant rent context come into focus to help really want, understanding people, not millenni- more likely those of a university edu- and – of course – to be paid fairly. us understand their behaviour. whether they are als. Focusing only on the new kids on cated, white, middle-class individual. Big changes in an employee’s life ob- So what can businesses do to get this baby boomers, the block not only parses a company’s The reality is that the majority of viously impact what they want at right? Avoid building a culture that millennials, or workforce arbitrarily, but also assumes millennials do not match this stereo- work. However, they often don’t fol- fetishes millennials or any other group. generations that it has already got it right for every- type. They likely have a range of differ- low a neat chronological progression. Even a well-meaning strategy will fos- X, Y, or Z. one else – which is likely not the case. ent experiences and levels of For example, an added caring respon- ter discontent, as the narrative of gen- education, and live very different lives. sibility – for a child, a parent, or a erational differences leads to a toxic £ Micha Nicheva is a product designer at After all, technically a millennial is partner – can dramatically shift how culture of tribalism. Instead, focus on Made by Many. CITYAM.COM MONDAY 3 JUNE 2019 PUNTER 25

Charlie Robertson previews England’s THE PUNTER Cricket World Cup match versus Pakistan CRICKET TRADER @crobertson95

currently the third best all-rounder. Their Achilles Heel appears to be their bowling, with no bowler in the In-form England top-25 in the rankings, though that Champions Trophy victory showed their liking to English conditions and Mohammed Amir did look closer to his old self last Friday. That defeat was their 11th straight batsmen to cash loss in ODI cricket and that sort of run is damaging for both a team’s confi- dence and morale, so taking on this talented England side, having lost 4-0 to them recently, looks an uphill bat- in at Trent Bridge tle. Sporting Index unsurprisingly make the Three Lions the very strong favourites. In their 100-50-0 Index, the sell price against Pakistan is set at 78, while the buy price is 84, meaning an England victory will win you 16 times your stake. Based on both their opening AM not sure either captain Eoin bowled out for 207. matches, it’s not hard to see why Eng- Morgan or coach Trevor Bayliss Bar Chris Woakes, all of England’s land are so short and it would take a could have hoped for a much better bowlers shared the wickets, with new brave man to bet against them here. start to England’s World Cup cam- boy Jofra Archer’s pace and hostility There isn’t much value in backing paign. causing the South African batsmen them though and instead I’m going to IIn what looked like a potentially plenty of problems. chance buying England at 83 on Sport- tricky opener on paper, the pre-tourna- It was a fine team performance, but ing’s 50-ups market in the hope that ment favourites brushed aside South the champagne moment was undoubt- Ben Stokes (right) celebrates his sensational catch against South Africa they bat first. Africa with consummate ease, con- edly Stokes' Superman-like catch to dis- This is a prediction on the aggregate firming that they are the side to beat miss Andile Phehlukwayo. In stark contrast, their opponents at Pakistan as interesting outsiders for total of runs over 50 for England and in the tournament. Having seemingly misjudged the Trent Bridge today, Pakistan, couldn’t the biggest prize in world cricket, but at a ground where they have scored Despite losing Jonny Bairstow to just flight of the ball on the mid-wicket have started the tournament in a the manner of that opening defeat over 400 twice in recent years, I fancy the second delivery of the match, Eng- boundary, the all-rounder somehow worse way. must have sent out alarm bells to their top-order to cash in again. land amassed 311-8, with Morgan, managed to manipulate his body to An abject batting performance coach Mickey Arthur and his team. Jason Roy, Joe Root and Ben Stokes all pluck the ball one-handed out of the against the West Indies saw them skit- Make no mistake though, there is passing 50. sky. tled out for just 105, a score that the plenty of talent in this team. POINTERS It was a score that looked about par, There have been some fantastic Windies batsman took just 13.4 overs In the classy Babar Azam and tal- given the flatness of The Oval pitch, catches in cricketing history, but I’m to knock off. ented Fakhar Zaman they have two Buy England team 50-ups but in truth, the Proteas were never re- not sure there have been any better Having won the Champions Trophy batsmen ranked in the top-10 in the 83 (Sporting Index) ally in the hunt and were eventually than that one. in England back in 2017, many saw world rankings, while Imad Wasim is Pacey Archer can arrow in on Pakistan’s frail top-order

T HAS been a long time since Eng- on the international stage already, it’s He’s taken wickets in every match Those wickets will have given him Sporting Index’s market rewards land have had a bowler who has the no surprise that the England selectors he has played so far, though it was his plenty of confidence and I fancy him one point per run, 10 for a catch and Ipace to genuinely unsettle opposi- picked him at the first possible performance against South Africa to follow up against Pakistan today. 20 for a wicket and I expect him to tion batsmen. opportunity. which I was particularly impressed Pakistan were undone by short and have plenty of success against a low However, in Jofra Archer’s short While those stints in the IPL and with. hostile West Indian bowling in their in confidence Pakistan side. international career, he has already Big Bash will have given him plenty Having forced Hashim Amla to opening match, so Archer will be shown that he has that ability. of big stage experience, you can never retire hurt after hitting him on the licking his lips at the prospect of POINTERS The Barbadian-born seamer showed be sure how someone will react when helmet with a vicious bouncer, he bowling at them here. in both the IPL and Big Bash what he when exposed to rigours of ripped through the Proteas’ middle- Buying the 24-year-old’s Buy Jofra Archer performance could bring to this England line-up international cricket, but Archer has order, dismissing Aidan Markram, Faf performance at 41 looks the way to 41 (Sporting Index) and combined with what he’s done taken to it like a duck to water. du Plessis and Rassie van der Dussen. go. 26 SPORT MONDAY 3 JUNE 2019 CITYAM.COM SPORT Klopp turns down the heavy metal football to break his final curse, says Felix Keith

IX WAS the magic number for Liverpool and Jurgen Klopp on Saturday night when a deserved yet unspec- tacular display in the sti- flingS heat of Madrid yielded a 2-0 win over Tottenham. But while a sixth European Cup vic- tory was the guiding motivation for all involved with Liverpool, the num- ber also held personal significance to Klopp. Six times in as many years the German coach had tasted defeat and the disappointment of the run- ner-up spot in major finals, losing three each with Borussia Dortmund and Liverpool. Mohamed Salah’s early penalty and Divock Origi’s late low finish brought that run to a halt on the biggest stage of all at the weekend, lifting a weight off the shoulders of Klopp and his loved ones. “I’m so happy for my family,” he told BT Sport on the pitch. “They suf- fer every year, when we go to a final on the last game of the season and we lose it, so they deserve it more than anybody because they are so supportive. It’s maybe the best night EASY DOES IT of my life professionally.” PASSION Klopp’s career, with both Dortmund “Tonight it’s really emotional,” he That sentiment – of being calm in more passes and although Alisson I’ve won, obviously, and [in the oth- and Liverpool, has been synonymous said. “That’s my main feeling. It feels the face of a monumental achieve- had to make eight saves, none of ers] we have always played better with passion. His outgoing personal- really good but I’m much calmer ment – rang true on the pitch too. them was particularly taxing. Spurs football,” Klopp explained. “Usually ity rubs off on his teams, who play a than I thought I would be when it fi- The timing, and nature, of Salah’s were kept largely at arm's length as I sit here a bit earlier and explain high-tempo pressing style that he nally happened.” opening penalty, after just two min- the Reds counted down the minutes. how I lost this game. This time I has called “heavy metal football”. utes, was certainly fortuitous, but it don’t want to explain why we won it This heart-on-sleeve, blood-and- allowed Liverpool to take a step back CHANGING PERCEPTIONS – only enjoy that we won it. All the thunder modus operandi has won from their usual fast-paced, throw- The result was a first trophy since rest isn’t important.” Klopp and his teams neutral admir- the-kitchen-sink style and instead the 2012 League Cup for Liverpool In a match as important as the ers – but, crucially, not as many tro- pull up the drawbridge and adopt a and a side note of a statistic Klopp’s Champions League final, the ends phies as he would have liked. Liverpool pulled more guarded approach. side would not normally be associ- justify the means. Despite his While there were understandable Unusually Liverpool were content ated with: the first team to win the achievements, Klopp has not been displays of emotion and tears on the up the drawbridge simply to hold onto their lead, forc- Champions League final while hav- viewed as among the elite man- pitch in the Wanda Metropolitano – ing Hugo Lloris into just one save – ing less possession than their oppo- agers, nor his side among the elite from Klopp himself, captain Jordan and adopted a a tip over in the first half from Andy nent since Jose Mourinho’s teams. Henderson and others – there was Robertson’s drive. Meanwhile Tot- archetypal counter-punchers Inter The success and method in Madrid an interesting contrast later when more guarded tenham were allowed to have 65 per Milan in 2010. could mean that perceptions are Liverpool’s manager faced the press. approach cent of the ball and complete 238 “I’ve played many more finals than about to shift. England preparing to bombard Pakistan with pace

over that period for England 2.0 – the wicket thrashing by West Indies is It was interesting viewing.” Hashim Amla to miss yesterday’s de- Wood and Archer new, improved version defined by its more instructive towards today’s con- The performances of Andre Rus- feat by Bangladesh with concussion aggressive, confident and stacked bat- test. sell and Oshane Thomas have following a nasty blow to the grille. to bowl in tandem ting line-up. provided England the impetus Wood was rested in the tournament The two highest ODI scores of all CATASTROPHIC COLLAPSE to rotate their bowlers, with opener and should be raring to go, at Trent Bridge, time have both come in Nottingham Put in to bat on Friday in Notting- Mark Wood set to partner with memories of his hostile spell of and have both been made by England: ham, Pakistan were systematically Archer in an all-out pace attack 2-72 against Pakistan at Trent Bridge writes Felix Keith 481-6 against Australia in July 2018 demolished by West Indies’ short- for just the second time. last month still fresh. Wood topped and 444-3 against Pakistan in August pitch barrage, succumbing For a team who have lost Archer on the speed gun in that game RENT Bridge has in recent 2016. for a paltry 105 in just 21.4 their last 11 ODIs in a row – – a three-wicket win – while he also years become a cricket All of the information above, plus overs. four of them against Eng- forced Pakistan’s Imam-ul-Haq to re- ground associated with one the pre-tournament talk of when and The catastrophic and land – and begun their tire after hitting the opener on his thing and one thing only: where the first total of 500 will arrive, uniform nature of their World Cup campaign in elbow with a rising delivery. runs, and lots of them. mean you would expect England’s collapse in their lowest about the most dishearten- England have won 16 of their last 17 TOver the last four years it has been World Cup game against Pakistan at ever World Cup score ing way possible that is a home ODIs and such is their confi- the highest-scoring venue in England Trent Bridge today to be defined by was so eye-catching that fearsome prospect. dence and depth that both Liam Plun- and Wales, with an average one-day the bat. it has altered England’s Archer, in particular, is in kett and Chris Woakes might spend international run-rate of 6.98 per However, both sides’ opening games thinking and the perception good shape to target Pak- today on the sidelines, with Tom Cur- over, its true, even-paced pitch and have prompted the focus to shift. of Trent Bridge as a bats- istan with the short ball, ran offering variation in the middle short boundaries encouraging bats- Ben Stokes’ all-round display and man’s paradise. “West In- having taken all three of his overs. men in the middle to trust their eye the pace and hostility of Jofra dies bowled very well,” said wickets against South Africa However, if Archer and Wood follow and spectators in the stands to stay Archer’s spell of 3-27 were the main England’s batting coach with bouncers and forced the West Indies’ lead and Pakistan’s vigilant. talking points from England’s com- Graham Thorpe on Saturday. miserable run of form continues Those characteristics have meant it prehensive 104-run victory over South “They looked like they Mark Wood was rested for there may not be too many middle has proved a happy hunting ground Africa, but Pakistan’s woeful seven- roughed Pakistan up as well. the first World Cup match overs available for Curran to bowl in. CITYAM.COM MONDAY 3 JUNE 2019 SPORT 27

ENGLAND DO THE DOUBLE SPORT DIGEST GOOSEBUMPS Konta cruises into French Open last eight in style OVER THE BARBARIANS £ Harlequins’ fly-half Marcus Smith Oval yesterday. Shakib Al Hasan (75) starred as England completed a and Mushfiqur Rahim (78) put on 142 double over the Barbarians at together as the Tigers posted their Twickenham yesterday. Smith scored highest ever one-day international 26 points for the men’s side, who total of 330-6 batting first. South Africa triumphed 51-43 in an entertaining lost regular wickets in reply as game, after the women’s team won Mustafizur Rahman (3-67) ran through 40-14 in their first match against the the middle order to close the innings invitational side. Smith scored one of on 309-8 and hand the Proteas a six converted tries as well as three second consecutive defeat. penalties in a stand-out display in front of head coach Eddie Jones. LOZOWSKI: SARACENS ARE Earlier Lark Davies ran in a hat-trick as HUNGRY FOR MORE the women eased to victory after £ Alex Lozowski says Saracens are leading 28-0 at the break. already looking forward to trying to emulate their Champions Cup and TOTTENHAM TALKS WILL Premiership double next season. COME, SAYS POCHETTINO Sarries completed a memorable £ Tottenham manager Mauricio season with a 37-34 win over Exeter Pochettino says he will undergo talks Chiefs at Twickenham on Saturday to on his future at the club after losing complete the double and Lozowski Saturday’s Champions League final to says they are eager to win more. “The Liverpool. Goals from Mohamed Salah boys are all so hungry, and I think they and Divock Origi saw Spurs beaten 2-0 want to enjoy the off-season, come in Madrid and Pochettino would not back and then do it all again,” he said. be drawn on his plans in the aftermath. “It is not a moment to talk ECUADOR’S CARAPAZ WINS too much,” he said. “Now is the time to FIRST GIRO D’ITALIA TITLE stay calm, change the mood, for sure £ Movistar rider Richard Carapaz we are going to have time to talk.” wrapped up the Giro d’Italia yesterday after coming through the final time- BANGLADESH BEGIN WORLD trial. Carapaz, 26, became the first CUP WITH PROTEAS WIN Ecuadorian to win the event when he Johanna Konta will face seventh seed Sloane Stephens in the French Open quarter-finals after impressively defeating Croatia’s Donna Vekic £ Bangladesh out-played South Africa completed the final stage in Verona. yesterday. The British No1 won 6-2, 6-4 against the 23rd seed at Roland Garros to continue her form on clay and reach the last eight in a grand to begin their World Cup campaign Italy’s Vincenzo Nibali came second slam for the first time since Wimbledon 2017. “To win like that in front of a crowd like that gives you goosebumps,” the 28-year-old said. with a deserved 21-run victory at The ahead of Slovenia’s Primoz Roglic. Joshua’s seismic defeat may be shake-up boxing needs

the clamour for a unification fight Perhaps most chasteningly for Takam, Joseph Parker and Alexander can remain at the top table with Stale heavyweight with Deontay Wilder. Joshua, the outcome was anything but Povetkin left him open to question Wilder, Tyson Fury and Joshua. Instead it was a hugely damaging oc- a fluke. Ruiz Jr took the fight to him, again. Promoter Eddie Hearn was The folly of Wilder and Joshua fail- division is suddenly casion for Joshua. Repeatedly brought absorbed some juddering shots and, frank about the stakes now: “AJ must ing to agree a unification fight – both to his knees by a gutsy fighter in every when he was put down in the third win that rematch in the UK [against men have continuously blamed the more interesting sense of the word who only signed up round by an uppercut-left Ruiz] because there is nothing other’s camp – has been exposed. Per- for the bout at a month’s notice after hook combination, re- after that.” haps it was assumed that they could after Briton’s shock a failed drug test ruled out original sponded by flooring But while Saturday’s let the potential financial rewards opponent Jarrell Miller, he lasted less his bigger foe twice upset was a disaster for grow without being in great danger of US flop, writes than seven rounds at Madison Square in quick succession. Joshua, the result might losing their titles. If so, the seismic Frank Dalleres Garden before losing his belts, his un- From scenting a shock suffered by Joshua might focus beaten record and no little credibility. 22nd knockout and Joshua was floored four a few minds at negotiating tables. Joshua attempted to play it down af- 23rd win, suddenly times by Ruiz at Madison For Joshua, meanwhile, it is a mon- HIS wasn’t supposed to hap- terwards, calling his humbling “a the Englishman Square Garden umental reality check. While his as- pen. Anthony Joshua’s first minor setback”, but he was fooling no- was buckling and cent has been impeccably fight in the US was meant to body. This was a monumental upset, he never recovered. increase interest in a stage-managed, it has presented only be a glossy commercial for earning comparisons with Mike heavyweight division that one side of him: the invincible, physi- the Briton; more than merely Tyson’s 1990 defeat by James “Buster” DOUBTERS was in danger of losing ap- cally flawless athlete so beloved of aT defence of his IBF, WBO and WBA Douglas and Lennox Lewis’s 2001 loss The epic victory over peal as its biggest names brands such as Jaguar, Under Armour world heavyweight titles, Saturday to Hasim Rahman. Even Ruiz Jr him- Wladimir Klitchko two years dodged each other. Ruiz Jr’s shock and Beats by Dre. Now he must show night’s clash with Andy Ruiz Jr was de- self couldn’t quite believe it, leaping ago appeared to have silenced Joshua’s triumph is a welcome dose of unpre- he has the resolve, focus and hunger signed to break a new market, to wow around the ring like an excited child doubters, but underwhelming de- dictability and there will now be in- to get his career back on track and re- an audience and ramp up further still when the fight was stopped. fences that followed against Carlo trigue about whether the American turn to the pinnacle of the sport.