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IT TAKES TWO TO TANGO BBC £10M BAIL FOR fires back in licence fee fandango PINCHED LYNCH • BILLIONAIRE SUBMITS HIMSELF FOR ARREST • TRAVEL BAN AS EXTRADITION ROW HEATS UP • MP URGES HOME SECRETARY TO INTERVENE

JESS CLARK Lynch is currently awaiting the out- “In particular, the grave implications come of a separate civil fraud trial in it would have on British business; @jclarkjourno the UK, after HP sued him and deterring entrepreneurship and oth- BILLIONAIRE entrepreneur Mike Lynch ex-Autonomy finance chief Sushovan ers from selling interests to US was arrested yesterday as authorities Hussain for $5.1bn last year. investors,” he added. pushed on with a US extradition Evidence in the trial at London’s Former Brexit secretary David Davis request related to the $8.4bn (£6.5bn) High Court — which is the biggest civil last month argued that if Lynch sale of his software firm Autonomy to fraud trial in UK history — finished is found not guilty in the UK, then Hewlett Packard (HP). in January. a criminal trial in the US would Lynch — who is facing criminal During the course of the trial, be unwarranted. charges of securities fraud, wire fraud lawyers for HP argued that Lynch and Lynch has been indicted in San Fran- and conspiracy in the US — plans to Hussain had falsely inflated the soft- cisco on 17 separate counts, some of contest the extradition. ware company’s revenue through the which carry a maximum term of 25 The British businessman submitted sale of hardware. years in prison. himself for arrest in London, in what However Lynch’s defence blamed HP He denies all the allegations that his legal team described as a formality for the failed 2011 acquisition, saying have been set against him. triggered by the extradition request. the board lost their nerve over the In May, Hussain was sentenced in the JAMES WARRINGTON future beyond that date. Lynch appeared at Westminster deal, leading the tech giant to suffer US to five years in prison, fined $4m The comments sparked a fierce Magistrates’ Court yesterday losses and seek a scapegoat. and ordered to forfeit $6.1m after @j_a_warrington response from the Strictly Come morning, and was granted bail Greg Hands, Lynch’s local MP, being convicted on 16 counts of wire THE BBC has mounted a staunch Dancing broadcaster, which said any on the condition of a security has written to home secretary fraud, securities fraud and conspiracy. defence of its services after the move to decriminalise licence fee of £10m to be placed with the Priti Patel to urge against the In a statement yesterday Lynch’s government opened a consultation evasion would cost £200m and cause court ahead of a second hear- tech tycoon’s extradition. lawyers Chris Morvillo and Reid into whether to decriminalise non- “economic and cultural damage to ing next month. Hands said: “There are valid Weingarten said: “During [the civil payment of the licence fee. the creative sector and beyond”. Judge Emma Arbuthnot concerns here about both the trial], Lynch testified about all Culture secretary Nicky Morgan The stand-off comes amid growing banned Lynch from applying case itself and the extradi- of these allegations for more than yesterday called for the broadcaster’s animosity between the corporation for any international docu- tion treaty, and the impact 20 days. He has not hidden, nor funding model to be re-examined, and the government, which has ments, leaving the permitting the extradi- has he shied away from defending his stating that the media landscape had implemented a boycott of ministers country or entering tion of Dr Lynch conduct.” changed “beyond recognition”. from the BBC’s Today programme. international airports, would have They added: “The US Department of Morgan said the licence fee will But Morgan yesterday dismissed ferry ports or train on UK inte- Justice should not have commenced remain in place until 2027, but urged claims that the consultation was terminals, Sky News rests more extradition proceedings prior to the people to be “open minded” about its “political payback” against the BBC. first reported. widely.” judgment of the English High Court.”

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04 NEWS THURSDAY 6 FEBRUARY 2020 CITYAM.COM

HATS OFF TO THE CAPITAL Vintage City snap is part of new London exhibition displaying a host of modernist photography THE CITY VIEW Democrats risking a Corbynesque mistake

UESDAY morning’s New York Post headline — “Duh Moines,” after the capital of Iowa, Des Moines — neatly Tsummed up the reaction of most of the watching world to the much-hyped start of the US presidential election. A new voting app turned the first Democrat primary (where potential presidential candidates are ranked) into an utter farce, with results delayed by almost 24 hours and a host of conspiracy theorists popping up with outlandish theories as to how the debacle occured. But, tempting as it is to draw parallels between a well-known phrase and the fact that one warm-up event for the botched caucus was actually held in a brewery, the Democrats may have bigger problems in their pursuit of power than a badly-made THIS PHOTOGRAPH captured by American Robert Frank will feature in a new exhibition of modernist photography opening in voting app. Yesterday Jimmy Carville, the architect of Bill Mayfair today. Frank’s 1951 shot displays a just-about recognisable City — with a stern dress code still very much in place. For Clinton’s success, offered some more information on the exhibition, which also features work by the legendary Ansel Adams, visit richardnagy.com home truths to his teammates. He didn’t hold back, but the most salient lesson he offered his party was that it could not People do not want — must not — become the UK Labour party. He called on to be experiments EU could weaken the City Democrats to start talking in the great new about what matters to people, socialist order from healthcare to education, rather than indulging in hard-left socialism and philosophical with changes to Mifid II debates about the crisis of capitalism. He said there is “some danger” of the party becoming a version of Jeremy Corbyn’s Labour party; wildly over-estimating how much people want to ANNA MENIN Exchange in the trading of futures and specialising in financial regulation at be an experiment in the great new socialist order and under- @annafmenin other listed derivatives. Shearman and Sterling, told City A.M. estimating how much they just want to be broadly left alone, “The fact that the biggest financial it was “inevitable” that the EU would with a decent set of public services available for the lowest EYEBROWS were raised in the City yes- market in Europe is now outside the “want to change some of the details in terday following reports that European EU will change the equation for finan- its regulatory regime”. possible cost. Bernie Sanders and Elizabeth Warren — the authorities are launching an offensive cial-service regulation in general,” said “Likewise the UK will wish to change Corbyn and Long-Bailey of this race — seem to have missed the in a bid to weaken the City of London Markus Ferber, a German member of its own regime, potentially quite sig- memo. The contrast between the Democrats’ muddled messages following the UK’s departure from the the European Parliament who helped nificantly,” he continued. “In both and Donald Trump’s showmanship could not be clearer. The European Union. create Mifid II. cases we’re talking predominantly Officials in Brussels, Berlin and Paris The EU is set to seek initial feedback about detail. This shouldn’t affect the President’s facts may be wobbly and his character is abrasive, to are looking to amend the bloc’s Mifid from banks and other financial firms achievability of enhanced equivalence say the least, but his message cuts through the noise like a knife II financial regulations by walking within days, with a formal proposal ex- based on meeting high level interna- through butter. He shouts about great employment numbers away from concessions made to the UK pected in the third quarter of this year, tionally-defined outcomes”. while his opponents try to outflank each other on fringe left- when the rules were drawn up, Bloomberg reported, citing sources “There are all sorts of reasons to re- Bloomberg reported. with knowledge of the matter. main confident that such a deal will wing issues. If the Democrats want to win, they need to find an Regulations covering research spend- The level of access London’s financial end up being agreed,” Reynolds added. equally compelling narrative. Carville may be interested to know ing, record-keeping, and trading in firms will have to the EU when the The pound dipped against the dollar that the frontrunners to replace Corbyn are currently arguing stocks, derivatives and commodities Brexit transition period ends in De- immediately after news of the poten- are likely to be revised in a way that cember is yet to be determined, and tial rule change by European authori- about the future makeup of the party’s executive committee. It could make Brexit harder to negotiate will depend on the process of equiva- ties broke, falling below $1.30. seems lessons should be learned on both sides of the Atlantic. for large international banks. lence — under which the UK would Although sterling recovered some These rule changes would be aimed have to prove to Brussels that its rules ground shortly after, it remained at bolstering Deutsche Boerse’s are at least as stringent as the bloc’s. below the $1.30 barrier until late Follow us on Twitter @cityam position against the London Stock However Barney Reynolds, a lawyer last night.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL LINKEDIN CHIEF EXECUTIVE WHAT THE TOKYO OLYMPICS UNDER SOCIAL MEDIA BOSSES FACE SENATE ACQUITS TRUMP ON JEFF WEINER TO STEP ASIDE OTHER THREAT FROM CORONAVIRUS DUTY OF CARE PROSECUTION BOTH IMPEACHMENT CLAIMS Teff Weiner, the former Yahoo executive The head of this summer’s Tokyo Social media bosses will be held The Republican-led Senate last night who built Linkedin into the dominant PAPERS SAY Olympics said that he is “terribly personally liable for online harms and acquitted US President Donald Trump professional networking site, is worried” about the impact on the face prosecution if they breach their of charges stemming from his efforts to stepping aside as chief executive officer THIS Games of the coronavirus epidemic, duty of care, the government is set to pressure Ukraine to announce of the after more than a decade. Weiner which has struck Japan harder than any announce. Culture secretary Baroness investigations that would benefit him in is set to stay on in the new position of MORNING country apart from China. It “threatens Nicky Morgan will appoint Ofcom as the this year’s presidential election, executive chairman, the company said, to pour cold water on the growing regulator to enforce a statutory duty of concluding a four-month drama that focusing on things like leadership momentum of the games, and I am care requiring tech giants such as has consumed Washington. development and building external terribly worried”, said Toshiro Muto. Facebook to protect children. relationships for the company. US JUSTICE DEPARTMENT SACOOLAS AND ANDREW RBS’ ONLINE BANK URGES RAMPS UP GOOGLE PROBE YUM CHINA SAYS VIRUS URGED TO FACE THE LAW USERS TO SHRED CARDS The US Justice Department has called COULD WIPEOUT 2020 PROFIT to the outbreak. At stores that have The mother of Harry Dunn has called on Royal Bank of Scotland (RBS) has been on companies to aid its antitrust probe Coronavirus could drag Pizza Hut and remained open, comparable sales since Prince Andrew to cooperate with the forced to ask more than 6,000 of Google, as the search engine’s online KFC owner Yum China to an operating the Lunar New Year slid 40–50 per cent FBI’s probe into Jeffrey Epstein as she customers of its banking app Bo to ad tools become a major focus of the loss this year after the fast-food group versus the same holiday period a year made a fresh appeal for the Anne destroy their cards as the bank government investigation, according to closed thousands of its restaurants due earlier due to weaker foot traffic. Sacoolas to face justice in the UK. complies with new EU banking rules. people familiar with the matter. CITYAM.COM THURSDAY 6 FEBRUARY 2020 NEWS 05 IN BRIEF STALLED Tesla shares fall as coronavirus STRESS TESTS TO HEAD hits the brakes on strong rally for car firm BEYOND BANKING SECTOR British services sector A Bank of England (BoE) policy maker has called for bank stress testing to extend to hedge funds and open-ended funds. Speaking at the European Central Bank’s stress surpasses expectations testing conference, Donald Kohn said: “What keeps me up at night is drawn from my experience of not seeing the build-up of risks prior to the global financial crisis, so much after General Election of which involved risky and opaque intermediation away from banks.” HARRY ROBERTSON and a slowing global economy. Yet Boris Johnson’s thumping elec- SHARES in Tesla tumbled 19 per cent yesterday, marking an end to a dramatic TECH GIANTS FAIL TO GAIN @harrygrobertson tion victory in December ensured rally for the company after a senior executive warned the coronavirus outbreak TRUST ON DIGITAL COINS THE UK services sector surged in Britain left the European Union last in China would delay deliveries of Model 3 cars made at its Shanghai plant. The majority of people across the January, according to survey data month. Many businesses have world don’t think that tech giants released yesterday, beating initial esti- been grateful for the improved can be trusted to issue digital mates to deliver its strongest growth degree of certainty after three years of currencies, according to a new in over a year after the December political impasse. survey. The poll, conducted for General Election brought some clarity UK services sector firms said higher the Official Monetary and Financial to the economy. levels of consumer spending and busi- Podcasts boost Spotify figures Institutions Forum, found an The IHS Markit/Cips index of services ness investment had both contributed “overwhelming lack of support” activity hit 53.9 in January, its best to the overall rise in new work in for currencies issued by tech reading since September 2018. It was January, data firm IHS Markit said. JAMES WARRINGTON per cent to 124m. firms, which the think tank said well above an earlier estimate of 52.9 Tim Moore, economics associate Total revenue for the period “reflects the lack of faith in such and far higher than the 50 registered director at IHS Markit, said the survey @j_a_warrington jumped 24 per cent to €1.9bn companies themselves”. in December. gives “a clear signal that the UK econ- SPOTIFY yesterday reported a sharp (£1.6bn), though the firm posted a A score of above 50 indicates expan- omy has picked up since the general growth in subscriber numbers as the loss of €77m. GLAXOSMITHKLINE LAYS sion, and January’s reading was the election, as a diminishing headwind music streaming giant cashed in on Podcast consumption hours rose OUT £2.4BN BREAKUP BID first time the sector had grown since from political uncertainty translated its recent investment in podcasts. nearly 200 per cent in the period Shares in Glaxosmithkline fell 2.1 August 2019. into rising business and consumer The Swedish firm boosted its following Spotify’s recent spate of per cent yesterday, after the firm The UK services sector, which makes spending”. Moore predicted that UK monthly active users to 271m in the acquisitions in the sector, which disappointed analysts with full-year up 80 per cent of the economy, strug- GDP will rise 0.2 per cent in the first four quarter, up 31 per cent year on continued yesterday with the results and outlined plans for a gled in 2019 amid Brexit uncertainty quarter of the year. year, with paid subscribers up 29 purchase of sports site the Ringer. £2.4bn strategy to spin off divisions. Credit Suisse investors back chief in board feud

ANNA MENIN Reports that Rohner was drawing said it owns 3.26 per cent of Credit up a shortlist of potential Suisse, said that Rohner should @annafmenin candidates to replace Thiam, a consider resigning if he did not THREE top Credit Suisse investors former head of financial services support Thiam. have backed chief executive officer giant Prudential, have intensified Silchester said it was “not aware (CEO) Tidjane Thiam in a power the battle ahead of a key board of any reason” why Thiam should struggle with chairman Urs Rohner meeting today, according to the not continue to have the “full as the Swiss bank grapples with the Financial Times. support” of Rohner and the rest of aftermath of a spying scandal. David Herro, chairman of the the bank’s board, and added that Relations between the pair bank’s largest shareholder the chairman should either “retire are understood to have come Harris Associates, which as planned” in 2021, or sooner if he under increased strain since owns 8.4 per cent of the “feels unable... to support the CEO”. the revelation that the bank bank, told the paper: “We are US hedge fund Eminence Capital had hired a corporate at the stage now where it is wrote to Credit Suisse to warn non- espionage agency to tail former one or the other”. executive directors against pursuing executive Iqbal Khan after he London-based “a personal agenda with respect to defected to rival UBS last summer. Silchester the CEO rather than act[ing] in a International responsible fiduciary way”. Thiam is locked in a power Investors, Credit Suisse declined City A.M.’s struggle with Rohner which requests for comment. Mattress startup Ministers commission a review Casper continues of UK’s competition watchdog to lose its spring ANGHARAD CARRICK there is “no agreed way to measure and monitor it the BHARATH MANJESH @angharadcarrick state of competition across the GOVERNMENT ministers have whole economy”. CASPER Sleep slashed the valuation launched a review into the In the letter, Javid and Leadsom it is seeking in its initial public offer- effectiveness of competition in said: “Free and fair competition is ing (IPO) yesterday, as the money-los- the British economy. critical to reducing the cost of ing online mattress retailer tries to Chancellor Sajid Javid and living by providing consumers lure investors in a tepid market for business secretary Andrea with better deals, incentivising start-up IPOs following Wework’s Leadsom yesterday commissioned firms to innovate, and driving debacle last year. the Competition and Markets productivity and long-run Casper said it expects to offer Authority (CMA) to provide economic growth.” 8.35m shares priced between $12 evidence on areas where The particular focus on and $13, down from a range of $17 to competition is failing. productivity comes as Prime $19 it set last week. At the top end of In a letter to the competition Minister Boris Johnson promises the range, the IPO would raise regulator’s chief executive to tackle the stark regional $108.6m (£83.6m) and value Casper Andrea Coscelli, the ministers differences in the UK by “levelling at $515.2m — a steep drop from the said the current problem is that up” the economy. $1.1bn it set out last year. Reuters

CITYAM.COM THURSDAY 6 FEBRUARY 2020 NEWS 07 IN BRIEF VANGUARD SIGNS TIE-UP HOW (SOME OF) THE CASH WAS SPENT TO ENTER PRIVATE EQUITY Vanguard and Harbourvest have Woman who splashed partnered to provide investors with access to private equity. A move into the private equity industry could see £3.5m Vanguard earn higher returns and £16m at Harrods loses Boucheron achieve increased diversification. “We are entering the private equity market the Vanguard way— partnering with a world-class advisor to provide a high-quality appeal in wealth order offer,” said Vanguard chief executive Tim Buckley. ANNA MENIN conviction — the “central feature” of INVESTOR BODY PUSHES @annafmenin the application for a UWO — was the result of a “grossly unfair trial”. FOREX STANDARDISATION A WOMAN who spent £16m at The 56-year-old was the first person £160,072 The Investment Association Harrods in a decade yesterday lost a to be subject to an UWO, a new power £1.4m Christian Dior (IA) yesterday called for the legal challenge against the UK’s first introduced in 2018 under so-called Cartier standardisation of unsuccessful Unexplained Wealth Order (UWO). McMafia laws, named for the book trades on the foreign exchange Zamira Hajiyeva, the wife of and TV series about organised crime (forex) markets. Under the Azerbijani banker Jahangir Hajiyev, which helped inspire them. proposals, when a request by an had been attempting to overturn a The orders grant investigators the investment manager to trade on the UWO obtained by the National Crime power to ask any person with assets of forex markets is not executed, Agency (NCA) in 2018 against a proper- over £50,000 about the source of their brokers, dealers and platforms will ty in Knightsbridge. The house had funds, if their own income appears to £298K be asked to use 13 categories to been purchased in 2009 for £11.5m by be insufficient. Celine organise their reject codes. a company registered in the British The NCA’s Sarah Pritchard said she Virgin Islands. was pleased that the appeal had been HSBC TO ANNOUNCE Hajiyeva’s husband, who served as dismissed, and that it will “set a help- SENIOR MANAGER CUTS chairman of the state-controlled ful precedent for future UWO cases”. HSBC is set to unveil a strategy International Bank of Azerbaijan from “This is a significant result which is overhaul later this month, which 2001 to 2015, is currently serving a 15- important in establishing UWOs as a will see a new round of job cuts year sentence for fraud, embezzle- powerful tool helping us to investigate targeting senior managers and ment, and misuse of public funds. illicit finance generated in, or flowing reduce its presence in some smaller Hajiyeva argued that her husband’s through, the UK,” she said. markets, according to Reuters.

Engine falls out of diesel City of London update Tackling pollution at sales during dire January Beech Street ROM mid-March the City of London Corporation, supported JACK RICHARDSON increased 6.8 per cent compared to in the ban. “Hybrids have F by the Mayor of London, will @JackRich93 January 2019. traditionally been seen as a SMMT chief Mike Hawes, said: stepping-stone to battery electric introduce experimental traffic changes THE NUMBER of UK new car sales “The new car market is a key vehicles. However, with their on Beech Street, Bridgewater Street and fell 7.3 per cent at the start of 2020, driver of the UK’s overall ban from 2035 putting Golden Lane in a bid to cut air pollution. according to industry figures economy, so another them in the same released yesterday. . month of decline is category as higher Sales of new diesel cars dropped unsettling.” polluting diesel and Polluting vehicles will be restricted from 36 per cent year-on-year in January, Industry figures driving through Beech Street, making it their worst performance in 20 also reacted Petrol car sales dipped years, statistics released by the negatively to the 9.5 per cent the UK’s first ‘zero emission street’ 27 February from 12noon to 2pm and Society of Motor Manufacturers government bringing operating 24 hours a day, seven days a 6pm to 8pm in Exhibition Hall 1, Golden and Traders (SMMT) showed. forward the deadline petrol cars, the week. Exceptions will be provided for Lane EC1Y 0QT (near the junction with Although petrol car sales also to totally phase out question is whether the sank 9.5 per cent, the decline was petrol, diesel and hybrid consumer will continue those accessing off-street premises. Beech Street). not universal. cars to 2035 from 2040. to see the same benefit in The SMMT data also showed Michael Woodward, moving to hybrid in the Public drop-in sessions about the More information registration of alternatively fuelled Deloitte’s automotive sector expert, interim,” he said. Amid the rise in vehicles, including hybrid, plug-in questioned the government’s electric car use, 30 new models are scheme will take place on 18, 24 and cityoflondon.gov.uk/beechstreet hybrid and fully electric cars, decision to include hybrid vehicles due to launch this year alone. The City by numbers General Motors THE City Corporation’s latest Statistics Chinese car industry recovery Factsheet shows that City employment expects flat 2020 reached a record 522,000 in 2018 or threatened amid coronavirus after rough year 10% of London’s total workforce. Financial, professional and business JACK RICHARDSON current two-week production BEN KLAYMAN services were the largest employers, @JackRich93 shutdown imposed in the Chinese province of Hubei will knock two accounting for 374,000 or three THE CHANCES of China’s to four per cent off total annual GENERAL Motors yesterday forecast quarters of total jobs. automotive industry making a production in the region, which is flat profit for 2020 and reported a recovery could be undermined by home to about nine per cent of better than expected fourth-quarter the outbreak of the coronavirus, total Chinese auto production.” result as it kicked off a new effort to The Factsheet also reveals gender, age, ratings firm S&P has warned. As a result, several win over investors stampeding into ethnicity and country of birth of people Several Chinese cities have been international car firms have shares of electric car rival Tesla. locked down to prevent the virus adjusted their operations GM said it expects earnings per working here. It shows the number and spreading, which has resulted in including Tesla, Hyundai and share for 2020 in a range from $5.75 profile of firms in the City, the number of some motor plant closures. Toyota, Ferrari and Ford. to $6.25. Analysts are expecting GM start-ups and the breakdown of industry The ratings company said this is This comes at a time when the to earn $6.23 this year on a compara- For more statistics and information visit likely to push car sales down, international motor industry is ble basis, according to IBES data sectors represented. cityoflondon.gov.uk/economicresearch though it is still too early to know facing a significant challenge from Refinitiv. the full impact of the situation. from the need to reduce carbon Meanwhile shares in rival Ford S&P credit analyst Vittoria emissions while embracing new dropped more than nine per cent Ferraris, said: “We estimate the technology in this process. yesterday after poor results. Reuters News, info and offers at www.cityoflondon.gov.uk/eshot

CITYAM.COM THURSDAY 6 FEBRUARY 2020 NEWS 09

KORS BLIMEY Michael Kors owner Capri Hike up corporation tax warns of $100m blow from coronavirus Barratt sales hit CAPRI Holdings, which 12-year high to owns fashion brands such as Michael Kors and for £6bn business rates Versace, yesterday cut its boost earnings forecasts as it warned of a $100m (£76.9m) revenue hit from the JESS CLARK coronavirus outbreak in cut, retail bosses urge China. The luxury fashion @jclarkjourno 3.00% sector, which relies BARRATT Developments JESS CLARK and Elizabeth Fagan, the non-execu- heavily on the Chinese hailed the highest number tive chairman of Boots. market, has suffered of home sales in 12 years in its latest @jclarkjourno The council was set up in 2018 to from the epidemic, with half-year results. RETAIL bosses are preparing to urge help address the decline of the UK 150 store closures over The UK’s biggest housebuilder said the Treasury to increase corporation high street and increase the produc- recent weeks. yesterday that profit before tax rose tax in order to cut business rates by tivity of the retail sector. 3.7 per cent to £423m in the six £6bn in a bid to save the UK’s strug- The report is expected to include months to the end of December. gling high streets. several recommendations, including Meanwhile, FTSE 250 The recommendation to the govern- the proposal to raise corporation tax housebuilder Redrow said it bought ment will be made in a report by a by two per cent to raise around £6bn Tech sector gifts £149bn to UK a site in North Finchley following sub-committee of the Retail Sector a year by 2022/23. December’s General Election, after Council, due to be shared in the next According to Sky News, the extra holding off during the previous few weeks, Sky News reported. revenue would be used to reduce the JAMES WARRINGTON Growth in the thriving tech sector period of political uncertainty. The Retail Sector Council is co- business rate multiplier to around was also six times larger than across “People are happy to get beyond chaired by minister for small busi- 40p in the pound. Other proposals @j_a_warrington the wider economy, according to the political shenanigans, people are nesses Kelly Tolhurst and former cover VAT reform and tax and prop- DIGITAL companies contributed figures from the Department for more confident,” executive Co-op chief executive Richard Penny- erty cost transparency. £149bn to the economy in 2018 as the Digital, Culture, Media and Sport chairman John Tutte told City A.M. cook, who is also the chair of depart- Robert Hayton, head of UK business UK retained its position as a leading (DCMS) published yesterday. The company hailed a “robust” ment store chain Fenwicks. rates at real estate adviser Altus tech superpower. While the digital sector grew in performance in the six months to Among the council’s members Group, said the move to increase cor- The figure, which equates to line with the wider UK economy December, despite posting a 15 per are Asos chief executive Nick porate tax and reduce business rates £400m per day, means the digital until 2015, official figures show its cent drop in profit before tax to Beighton, former John Lewis Partner- would be an “eminently reasonable sector accounts for 7.7 per cent of the rate of expansion has accelerated £157m. Shares rose three per cent to ship chairman Sir Charlie Mayfield fiscally neutral solution”. UK economy as a whole. rapidly over the last five years. 845.59p yesterday. Vodafone to pay €200m to rip out Huawei core

JOE CURTIS impact on Vodafone’s UK base was Rival BT last week admitted the negligible, but the operator will government’s Huawei restriction @joe_r_curtis spend €200m ripping it out of its would cost it £500m as it prepares VODAFONE yesterday said the core networks across Europe. to lay the UK’s 5G network. government’s decision to leave “We felt it was time to take Vodafone hailed an €800m hike in Huawei out of the core of the UK’s Huawei out of the core. It takes time group revenue to €11.8bn in the 5G network would cost the operator to take equipment out and to do a three months to the end of €200m (£169m) as it revealed its swap without disrupting December following its $22bn third-quarter results. customers,” Read told several media (£17bn) acquisition of Liberty The mobile operator welcomed sources yesterday. Global’s assets. Meanwhile organic Boris Johnson’s “facts-based” “There are a few sites we need to service revenue rose 0.8 per cent, up decision to keep Huawei at arm’s address [in the UK] but I wouldn’t marginally on the previous length and vowed to remove it from call it material in any way.” quarter’s rate. its own core. It will take five years to alleviate Shares dropped 2.8 per cent to Chief executive Nick Read said the the impact on Vodafone’s userbase. 146.98p yesterday.

Electronic giants set to TABLETS or LIQUID exclude Chinese staff Does your calcium supplement also provide important from MWC convention TABLETS magnesium? JAMES WARRINGTON Osteocare® combines calcium @j_a_warrington magnesium calcium TWO OF China’s largest mobile companies are set vitamin D magnesium to sideline employees from their home country at a zinc major upcoming tech conference amid fears over vit.D & zinc coronavirus. which all contribute Huawei and ZTE have both put measures in place to the maintenance ahead of Mobile World Congress (MWC) in of normal bones. Barcelona later this month to minimise risk from the outbreak. Britain’s No.1 Vitamin Company* The virus, which originated in the Chinese city of Source: Nielsen GB ScanTrack Total Coverage Unit Retail Sales 52 w/e 7 Sept 2019. To verify Wuhan, has now killed more than 490 people. *contact Vitabiotics Ltd, 1 Apsley Way, London NW2 7HF. In a statement released yesterday ZTE said its booth presentation staff will be from “countries Available from outside China, and mainly from Europe”. , Holland & Barrett, Huawei, which has more than 12,000 staff in Superdrug, supermarkets Europe, said that employees who have not been in www.osteocare.com China or had contact with those who have will take a “much more prominent role” in all MWC events. 10 NEWS THURSDAY 6 FEBRUARY 2020 CITYAM.COM

OUT OF ORDER Former speaker Bercow Pension schemes slammed for ‘thin receives backlash over proposed peerage and non-committal’ climate rules ANGHARAD CARRICK carry out a review. complying with the law.” AND ANNA MENIN Following a change to the law in UKSIF’s report found that while 2019, trustees must publish their the majority of pension scheme @angharadcarrick @annafmenin approach to protecting people’s trustees believe environmental, PENSION scheme trustees are failing pensions from the financial risks of social and corporate governance to comply with their investment climate change and other issues. (ESG) issues will affect their duties on climate change, according Guy Opperman, minister for scheme’s assets, most trustees have to a new report. pensions and financial inclusion, thin and non-committal” policies to The UK Sustainable Investment said: “I’m disappointed and very manage ESG financial risk. and Finance Association (UKSIF) concerned by these findings.” A spokesperson for the Pensions found that only a third of a sample “UKSIF should pass the Regulator said: “We will be of trustees have complied with legal information to the Pensions developing a strategy to set out the FORMER speaker John Bercow should be blocked from the Lords, or risk plunging transparency requirements. It is Regulator for it to take swift action improvements we expect over a Westminster into “a scandal that parliament would struggle to live down” because calling on the Pensions Regulator to against any pension schemes not specific time period.” of bullying allegations, former black rod David Leakey told the BBC yesterday.

OUTPUT PER HOUR RELATIVE UK productivity TO THE UK AVERAGE (%) IN 2018 Government defends SWR 31.6 9.1 fate timeline divide grows as -2.4 -4.6 JACK RICHARDSON

-8.4 @JackRich93

-9.8 THE DEPARTMENT for Transport (DfT) yesterday denied claims by a London pulls off -10.4 major union that it has left passengers and staff “in limbo”. -13.5-13.5 RMT union boss Mick Cash has HARRY ROBERTSON London was 31.6 per cent more pro- -13.5 demanded the government update ductive than the UK average in 2018, stakeholders the future of troubled @harrygrobertson while the south-east was 9.1 per cent -15.6 South Western Railway (SWR). BRITAIN’s regional productivity gap above average, the ONS figures The government has defended its -16.5 was laid bare yesterday by new statis- showed yesterday. handling of the process. tics that showed London was 32 per Wales, on the other hand, was the -17.2 “We have been very open and cent more productive than the UK least productive region, coming in at transparent with parliament” a DfT average in 2018. 17.2 per cent below average. Yorkshire spokesman said. The figures from the Office for and the Humber was 16.5 per cent Transport secretary Grant Shapps National Statistics (ONS) also showed below the middle mark. spoke to the House of Commons that the south-east pulled further “The chasm in productivity across on 22 January where he said SWR is away from the north-east and the UK’s regions and nations is hold- not meeting the requirements of Yorkshire in 2018 — the most recent ing back our economy,” said Tej the franchise in terms of their year for regional data. Parikh, chief economist at the financial commitments. Productivity — most commonly Institute of Directors. The routes it operates — which defined as the amount produced per Chancellor Sajid Javid and Prime connect London to areas including hour worked — is the main driver of Minister Boris Johnson have pledged Surrey, Berkshire, Hampshire and long-term economic growth as it to “level up” spending across the Dorset — have been beset by boosts the wealth of a country. country and focus on boosting the 31.6 industrial disputes in recent years Yet Britain has been mired in a productivity of regions that have been over the role of the train guard. decade-long productivity crisis since left behind. 10.0 Cash said: “It’s now two weeks the financial crisis, sparking fears that However, many in London have cau- since the transport secretary put the growth potential of the economy tioned against policies that could be 0.00 South Western Railway on notice has been severely limited. detrimental to the capital, which and we believe that it is perfectly Productivity is around 20 per cent drives the UK economy and provides a -8.0 reasonable to demand to know what below where it should have been disproportionate chunk of UK taxes. is going on and when he is going to according to pre-crisis trends. Mayor of London Sadiq Khan said in -11.0 make a decision.” There has been a strong regional ele- a speech to City grandees last month: The request for proposals on ment to the story, however, with “Clipping London’s wings is not the -14.0 Northern’s future was released in London and its finance-dominated answer if you want to help other cities SOURCE: OFFICE FOR October 2019 with the decision economy pulling away from the rest of and regions to soar.” He warned -17.2 NATIONAL STATISTICS announced last week, a timeline the the country. against making London “poorer”. DfT highlighted in the case of SWR.

G’DAY MATE Australian officials could gift Dominic Raab with an early free trade deal Imperial Brands warns crackdown FOREIGN secretary Dominic Raab is set to arrive in Australia on vaping to dent full-year profit today and is aiming to discuss the HARRY ROBERTSON potential for an early in a write-down of its stocks at a cost IMPERIAL BRANDS trade deal between to full-year profit of about £45m. P the UK and Australia @harrygrobertson It added that the first-half hit to 2,000 with the country’s UK TOBACCO giant Imperial Brands earnings per share would be around 1,950 foreign minister yesterday warned that its first half 10 per cent. Marise Payne. Raab earnings and full-year profit are The British firm also said 1,900 5 Feb is visitng Australia as likely to fall amid a global crackdown “regulatory uncertainty” and 1,850 part of a four- on e-cigarettes. negative news stories about vaping 1,821.60 1,800 country visit to the In a trading statement, Imperial are set to dent profit by about £40m. Asia-Pacific region. said the US’s ban on certain flavours Shares in Imperial Brands plunged 1,750 of vapour devices or vapes, which 6.7 per cent yesterday, closing at comes into force today, has resulted 1,821.6p. 30 Jan31 Jan 3 Feb 4 Feb 5 Feb NEVER COMPROMISE

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IN-STORE + ONLINE snowandrock.com 12 NEWS THURSDAY 6 FEBRUARY 2020 CITYAM.COM Ryanair misled its customers over claims of airline’s carbon emissions JACK RICHARDSON not consider consumers would can no longer use the advert. @JackRich93 understand it to mean that the CO2 In a statement, the airline said: emissions associated with their “Ryanair is delighted with its THE UK’s advertising watchdog has journey could be considered ‘low’ in latest environmental advertising decided that an advert from Ryanair absolute terms.” campaign, which communicates a about its carbon emissions was The ASA also ruled that Ryanair’s hugely important message for misleading. comparison with its competitors our customers.” The Advertising Standards could not be considered an accurate It added:“The single most Authority (ASA) yesterday ruled that a measure for consumers. important thing any consumer can series of press, TV and radio adverts, Ryanair justified its figures by do to halve their carbon footprint is released in September 2019, wrongly stating the young age and efficiency switch to Ryanair.” claimed that Ryanair is “Europe’s low of its fleet in addition to offering a It comes after the UK’s aviation emission airline”. large number of direct flights. industry on Tuesday made a pledge to In its ruling, the ASA said: “We did However, the ruling means Ryanair become carbon neutral by 2050. The ASA ruled that Ryanair emissions could not be called “low” in absolute terms IN BRIEF

LOOKERS SHAKES UP TOP AFTER DIFFICULT 2019 Smurfit Kappa’s Car dealer Lookers yesterday announced a raft of changes to its senior leadership, with Mark Raban and Cameron Wade announced as the firm’s chief executive and chief operating officer. Raban moves into shares rise as it the top job after less than a year as the company’s finance chief, while Cameron has spent four years as director of Lookers’ Audi division. In November the previous incumbents Andy Bruce and Nigel McMinn returns to profit stepped down from Lookers’ board after the firm issued a profit warning.

JAMES BOOTH David O’Brien, equity analyst at TULLOW OIL TO CUT THIRD OF ITS WORKFORCE @Jamesdbooth1 Goodbody commented: “This is an- other very strong set of results for Tullow Oil is set to cut a third of its SHARES in packaging business Smur- Smurfit Kappa against a backdrop of workforce in order to save about fit Kappa rose yesterday after it an- challenging market conditions. Years $20m (£15.4m) on administrative nounced it had returned to profit in of hard work appear to be coming to costs as the firm fights back from its full-year results. fruition, with the company showing November’s share price collapse. Smurfit Kappa shares rose 6.7 per exceptional cash generation and year The Irish explorer, which focuses its cent to 2,900p at the bell yesterday. on year revenue growth.” The UK defence infrastructure firm makes vessels such as submarines operations on Africa, has begun a The Dublin-based company said O’Brien added: “This solid perform- process of cost-cutting which could profit before tax for the year to 31 ance coupled with a confident out- see its staff drop from 950 members December was €677m (£571m), com- look have led the company to boost its to 650, a source close to the pared to a loss of €404m the previous final dividend, which will be well-re- Babcock boss to step down after organisation confirmed to City A.M. year. Last year it swung to a loss after ceived by investors.” It added that its offices in Dublin its Venezuelan business was seized by “2020 has also got off to a strong and Cape Town would be the initial President Nicolas Maduro’s regime. start, including an announced price four years at head of company focus of its consultation. The company has initiated arbitra- increase, showing signs that as mar- tion proceedings to seek compensa- ket conditions improve [it] could be in EDWARD THICKNESSE new Queen Elizabeth class aircraft COTY BEATS ESTIMATES AND DOWNPLAYS VIRUS tion from the government of line for another strong year.” @edthicknesse carriers, the largest warships ever Venezuela. constructed for the Royal Navy. Coty reported quarterly profit above expectations yesterday and said the Revenue climbed one per cent to SMURFIT KAPPA BABCOCK, the UK-based defence Bethel said: “Having served at €9bn, up from €8.9bn the previous infrastructure company, yesterday Babcock for 16 years, I feel that this recent coronavirus outbreak would P year. The company said it would in- 3,000 announced that its chief executive is the right time to retire. In the have a relatively small impact on its crease its final dividend 12 per cent to Archie Bethel will retire after four meantime, I am focused on earnings, sending the cosmetics and 80.9 cents per share. 2,900 2,900 years in the top job. positioning the company for further fragrance maker’s shares surging as Chief executive Tony Smurfit said: 5 Feb Bethel joined the FTSE 250 firm in success in the future. much as 22 per cent, before settling “From a demand perspective, the year 2,800 2004 and held a variety of posts, “It has been an honour and up 13 per cent. Chief financial officer has started well and, while macro and 2,700 such as head of its maritime and privilege to serve at Babcock and I Pierre-Andre Terisse told Reuters economic risks remain, we expect an- technology division, before am proud of what the company has the company would take a hit but it other year of strong free cash flow 2,600 becoming the group’s chief in 2016. achieved during my tenure.” would be smaller than that of its and consistent progress against our While at Babcock Marine, Bethel He will remain in his post until competitors such as Capri and strategic objectives.” 30 Jan31 Jan 3 Feb 4 Feb 5 Feb oversaw the building of the UK’s two the firm finds a successor. Ralph Lauren. Sale of Poundland’s owner Pepco ‘almost inevitable’ says chief exec

JESS CLARK it was mulling a range of strategic that Steinhoff has with its creditors @jclarkjourno options for the business, including a means it’s almost inevitable we’ll be potential public listing. Three sold,” Bond told Reuters. THE CHIEF executive of Poundland- private equity firms are reportedly Bond’s comments came as Pepco owner Pepco Group said it is “almost considering a bid for the company. updated the market on its Christmas inevitable” the company will be sold. Advent International, Hellman & trading performance. Pepco Group boss Andy Bond Friedman and Mid Europa Partners Group total revenue growth was yesterday said it is likely that its have teamed up for a potential offer 13.3 per cent in the first quarter, owner Steinhoff will sell the firm, for Pepco that could value the with like-for-like sales growth of adding that he is “genuinely open- company at more than £3.83bn, Sky 3.9 per cent. minded” on the disposal options. News reported. Poundland’s revenue was up 1.3 Three private equity firms are reportedly considering a bid for Pepco Steinhoff announced last year that “The restructuring arrangement per cent on a like-for-like basis. CITYAM.COM THURSDAY 6 FEBRUARY 2020 NEWS 13 Audit watchdog China’s HNA to offer discount beefs up to take Swissport sale PAMELA BARBAGLIA

CHINA’s HNA Group is resuming efforts to find a buyer for airport luggage handler Swissport despite tougher stance facing a loss of several hundred million dollars on its initial $2.8bn (£2.16bn) investment, four JAMES BOOTH “a rather ramshackle house, cobbled sources familiar with the matter together with all sorts of extensions told Reuters. @Jamesdbooth1 over time.” The Chinese conglomerate has AUDIT watchdog the Financial Re- The watchdog said yesterday it rekindled talks with several porting Council (FRC) yesterday would hire more lawyers and forensic heavyweight investment funds as it announced plans to create a “more accountants and strengthen its case needs to raise cash to cut its debts, forceful regulator”. examination function to fast-track de- the sources said. The watchdog said it would hire cisions on whether to open a case. ITV’s Andrea McLean at last year’s awards, celebrating female trailblazers in the UK Rothschild is helping HNA over 100 additional employees and It also pledged to increase its num- identify prospective bidders, who streamline its decision making ber of audit quality and corporate re- are hoping to buy the Zurich-based process. It added that it aimed to porting reviews by 25 per cent, and business on the cheap after speed up the investigation and con- said that audit firm monitoring will Champion of Women Awards to previous attempts to sell it stalled clusion of its enforcement cases. be expanded from the Big Four to last year, the sources said, speaking The FRC has been heavily criticised challenger firms. on condition of anonymity because for the slow pace of its investigations To fund the hires, its industry levy launch ahead of May celebration the process is not public. into matters such as the audit of Hbos will increase from £41.7m to £47.2m. US buyout funds Apollo Global shortly before its collapse. Sir Jonathan Thompson, FRC chief HARRY BANKS held on 15 May, will be hosted ITV’s Management and Cerberus, as well It has also been accused of toothless- executive, said: “The strategy builds a Loose Women star Andrea McLean. as Canadian asset manager ness and having a cosy relationship bolder, more forceful regulator that THE CATEGORIES for this year’s City A.M. is proud to be a media Brookfield, have come forward to with the Big Four audit firms. will act with pace in supervising and Champion of Women Awards were partner of the awards, founded by revisit a possible acquisition of Last year the government an- holding companies to account.” announced yesterday as the capital’s Jayne Alexander, director of the Swissport, the sources said. nounced the FRC would be replaced Julie Matheson of law firm Kingsley business community geared up for its Dovetail Agency. Two other US investors — Bain with a new body, the Audit, Reporting Napley said the plans demonstrate annual night celebrating the female Capital and Centerbridge and Governance Authority (Arga). the FRC’s “drive to bolster its regula- businesswomen and leaders who are £ More information can be found via the Partners—are also looking to take The decision followed a report by Sir tory bite” and said the hires address paving the way in their fields. Dovetail Agency and on the awards’ site: part in a new auction, two of the John Kingman who said the FRC was criticism of its slow conduct of cases. This year’s awards, which will be championofwomenawards.org sources said. Reuters PowerfulLORD MAYOR’S APPEAL and pioneering mental health initiative This is Me launches for 2020

n Tuesday 4 February 2020 300 organisations sharing lived experi- The Lord Mayor’s Appeal wel- ence through This is Me storytelling; comed over one hundred at- over 330 organisations participated in Otendees to Mansion House for the Green Ribbon campaign in 2019, the launch of This is Me 2020. seeing over 170,000 Green Ribbons This is Me is a pioneering mental being worn across the UK and build- health initiative that aims to change ings lit green across the city including; attitudes towards mental health in Houses of Parliament, Tate Britain, the workplace and support organisa- Cabinet Office, National Theatre, Bank tions to create healthier and more in- of England, BT Tower and many busi- clusive workplace cultures, improving nesses; and over 900 individual organ- employee wellbeing. isations to date are using the It does this by providing employers Wellbeing in the Workplace tool, with with the tools they need, through almost 10,000 employees having com- three initiatives. It helps raise aware- pleted the training. From The Lord ness through the Green Ribbon cam- Mayor’s Appeal’s 2019 annual survey, paign, creating a visible movement of which surveyed over 200 organisations support for ending the stigma around found that 94% of organisations mental health. It aims to end the agreed This is Me had increased their stigma and open up the conversation employees’ awareness of mental through This is Me storytelling, which health and 83% of organisations said encourages employees to share their This is Me had a positive impact on re- lived experience of mental health. It ducing the stigma around mental also builds employees’ skills to manage health in the workplace. their own mental health, support their It’s important. Over a third of the UK colleagues and feel confident to have workforce has experienced mental ill conversations around mental health, costing the economy £45 bil- health, through the Wellbeing in aged organisations in the room Me regions, including This is Me Scot- Woodside, Benefits Specialist, EMEA & lion a year, with presenteeism costing the Workplace e-learning tool, de- to do the same, highlighting land, This is Me North West, This is Me Pan Asia, Janus Henderson about their an additional £30 billion a year. Yet veloped in partnership with how This is Me is a tool that or- West Midlands, This is Me India and This is Me storytelling campaign. half of employees would not feel com- Samaritans. ganisations can use to achieve This is Me West Yorkshire, who will be Adam Spreadbury is a Senior Manager fortable speaking to their manager. Rt Hon The Lord Mayor of the their own Time to Change pledge launching this year. at the Bank of England, and in 2012 he It was an opportunity for businesses City of London Alderman and/or Thriving at Work stan- Sue Baker OBE, Global Director, Time co-founded the Bank’s Mental Health to learn from and be inspired by other William Russell intro- dards. to Change spoke about the impor- Network. He spoke about his experi- businesses who have delivered the duced the session, Key partners were in at- tance of good mental health in the ence in implementing Wellbeing in programme in their workplace, and and the late Lord tendance including Bar- workplace. Susanna Winter, CSR Man- the Workplace at the Bank of England. share how The Lord Mayor’s Appeal Mayor Alderman clays, PwC, Time to ager at Baker McKenzie LLP, spoke Finally, Robyn Vernon-Harcourt, Sen- will support and encourage organisa- Peter Estlin and Car- Change, Mind, City Men- about their involvement in the Green ior Programme Manager, The Lord tions to commit to supporting mental oline Wright, CEO tal Health Alliance, Men- Ribbon campaign. Philippe Guijarro, Mayor’s Appeal shared the impact of health in their workplaces in 2020 of The Lord Mayor’s tal Health First Aid, Partner at PwC and part of the Steer- This is Me and the support available and beyond. Appeal signed the Mind, and Heads To- ing group for This is Me Scotland, for organisations. Time to Change gether, as well as atten- shared his lived experience of mental To date, over 800 organisations have For more information please contact pledge and encour- dees from the This is health. Also speaking was Sonya registered for This is Me, with almost [email protected] 14 NEWS THURSDAY 6 FEBRUARY 2020 CITYAM.COM GUEST OPINION THE MAN WITH A PLAN?

Terrorism came to the streets of London again last weekend. Rory Stewart sets out how he’d make our city safer if he becomes mayor of London in the May election

PEAKING to a man in Streatham of 10 years ago. And I would encourage continues when they’re released. who’d cradled a bleeding victim the public to be much more vigilant. Third, we need better monitoring and after Sunday’s terrorist attack Second, whether we like it or not, control when terrorists come out. We Sreminded me of many places most criminals come out of prison must improve risk assessment far away. sooner or later. Even if the Streatham processes, licence conditions, skills of I remembered the attack on my com- terrorist had served his full sentence — probation officers, electronic tagging, pound in southern Iraq, the screams in prison — he would have been re- and curfews. And finally we need to be and wreckage of bombs in Baghdad and leased next year. And as I learned as able to identify and neutralise terrorists Kabul, my friend Haider who was killed prisons minister, we can do much bet- who evade these measures. Much of the by terrorists, because he worked for me ter at working with people when expertise lies in London — because Lon- — and the young Afghan man I knew they’re in prison. I was impressed by the don is the UK’s largest and most diverse who became a suicide bomber. quality of the terrorist separation cen- city, and because the Metropolitan Po- This attack may have happened on the tre I visited at Belmarsh — which keeps lice is the national lead on counter-ter- peaceful Streatham High Road but it was rorism. This means that the mayor — born from a horrifying global monster who is the police and crime commis- that I have been tracing from my earliest sioner for London — has a vital role. days as a British diplomat 25 years ago, If I were mayor I would bid to take right through my time in Iraq and control of probation as well as police in Afghanistan to my last position as a To become safer London so that terrorists don’t fall secretary of state and member of the through gaps in the system, and I National Security Council. in the future, we would increase investment in police We owe the officer who shot the ter- armed rapid response terrorist teams. rorist in Streatham a huge debt of grat- must forget We learned the value of such teams in itude for his quick thinking and the Charlie Hebdo terrorist attacks in courage. And we owe so much to the partisan politics Paris, and it was the investment in security, police, prison and probation On Sunday Streatham became the latest But equally you can’t eliminate these teams that allowed the police to officers who have ensured that we have entry in a list of incidents across the capital terrorism just through ferocity. In extremist inmates away from those act so quickly in Streatham on Sunday. been saved from so many attacks over Afghanistan we were told there were who they would seek to influence — but But the most important lesson I have the last few years. But I sometimes won- only 4000 Taliban fighters. We killed we do not have enough of these centres learned in 25 years is not to fight yester- der how much we have really learned. 5000, and there still seemed to be a lot and we are not making full use of them. day’s wars. Just because recent attacks Since the attack, I have heard politi- left. To become safer in the future, we I found far too many gaps between have been conducted by lone individu- cians from the left imply that terror- must forget partisan politics and grip our police, prison and probation data- als with simple weapons, doesn’t mean ism can be fought through tackling four things: intelligence, rehabilitation, bases, which hamper our understand- that future ones will be. It is not only root causes such as poverty, and politi- control and response. ing of criminals and the risks that they states such as Iran and Russia who can cians from the right implying that they First, all good counter terrorism starts pose. We must link that data. sponsor terrorist attacks. The last attack can solve it simply with more ferocious with good intelligence. As mayor I I invested in training for prison may have been with a knife; the next punishment. Both are wrong. would triple the number of uniformed imams to combat radicalisation, and I could be with something much worse. When I did a detailed study of recruit- We can only police on the streets of London — bob- encouraged more researchers on Islam We will only be able to manage the ment into the so-called Islamic State bies on the beat. Their local knowledge into prisons. But we need to train far risk of terrorism through more grip (Isis), I discovered that terrorists came manage the risk of and relationships are the vital first line more prison and probation officers in and more imagination; less politics and from almost every conceivable back- in picking up signs of radicalisation. I how to work with terrorist offenders. more action. ground — from Scandinavian profes- terrorism through would recruit more experts who have a We need to assign a single specialist sionals and British GPs to Tunisian more grip and deep knowledge of radical Islam, of case officer to each terrorist — to follow £Rory Stewart is an independent candidate farmers — so you can’t end it through communities, and of the way in which them right through the system, and for London mayor and a former international poverty programmes alone. more imagination today’s terrorists are different to those make sure this information flow development secretary CITYAM.COM THURSDAY 6 FEBRUARY 2020 NEWS 15 Greenpeace activists shut BP offices on new boss’ first day at the helm EDWARD THICKNESSE from installing the panels. block our solar installation, but BP However, they managed to block are trying to block the transition to @edthicknesse all six entrances to the building by clean energy on a global scale.” BERNARD Looney’s first day as BP chaining themselves to dirty oil In a statement, BP said: “BP’s new boss got off to a challenging start barrels, while 50 activists obstructed [chief] Bernard Looney is visiting yesterday after the firm was forced to the road outside. Police said they employees in Germany today, but he shut its headquarters when had arrested nine activists. understands the frustration and Greenpeace activists blocked the Protestors are demanding that BP anger of protestors in London. He doors to the oil giant’s London office ends its commitments to fossil fuel shares their deep concern about in St James’ Square. developments and instead switches climate change and will set out his More than 100 activists delivered to 100 per cent renewable energy. low carbon ambition the next week.” 500 solar panels with a total area of Richard George, one of the Yesterday’s protest was the second over 800 square metres to the offices activists at BP’s headquarters, said: time Greenpeace have targeted BP’s at 3am, but police prevented them “This morning police managed to St James’ offices in the last year. Police said they had arrested nine activists involved in yesterday’s protests Watchdog set to Brands urged to turn to Youtube probe Flutter’s as TV tunes out JAMES WARRINGTON @j_a_warrington BRANDS targeting younger betting merger consumers can best boost their reach by advertising on Youtube as viewers desert traditional TV, according to a new report. JOE CURTIS £140m of cost synergies as a result of Research published yesterday by the deal. And they hope their com- media consultancy Ebiquity @joe_r_curtis bined strength will be enough to revealed the number of people THE UK’s competition watchdog is set break into the US market, where viewing ads on linear TV fell 4.4 per to open an investigation into a sports betting laws have been relaxed. cent last year, while Youtube was planned £10bn gambling merger be- Flutter’s Stars Group merger it named the most effective platform. tween Flutter and the Stars Group. due to complete in the second quarter The Competition and Markets Au- of 2020. thority (CMA) will probe whether the The tie-up could also be reviewed by The pizza chain expects to make a loss of £20m in its overseas markets in Europe tie-up between Paddy Power and Bet- Australian regulators where both fair owner Flutter and Toronto-based companies have a strong presence on Smart speakers Stars will hurt competition. the betting scene. “The CMA is considering whether it A Flutter spokesperson said: Domino’s sales edge up despite is or may be the case that this trans- “Today’s announcement is in line fail to halt fall of action, if carried into effect, will re- with our regulatory expectations and sult in the creation of a relevant timelines. We will continue to work foreign wings to drag on income merger situation under the merger closely with the CMA to ensure it can commercial radio provisions of the Enterprise Act 2002,” make an informed decision.” HARRY ROBERTSON of around £20m in its directly- the regulator said. Dublin-based Flutter owns the operated overseas markets — which JAMES WARRINGTON It added that if so, it would asses Paddy Power and Betfair brands, @harrygrobertson are Norway, Sweden, Switzerland “whether the creation of that situa- while Toronto-based the Stars Group SALES at Domino’s rose 3.7 per cent and Iceland. @j_a_warrington tion may be expected to result owns Sky Betting and Gaming. year on year in the final three In October, the pizza delivery firm COMMERCIAL radio stations suffered in a substantial lessening of competi- Analysts at Davy said the CMA re- months of last year, the pizza chain said it would quit these four a decline in audience numbers in the tion within any market or markets view was expected and the timing said in a trading update yesterday, as European markets. “We are not the fourth quarter, despite a surge in lis- in the United Kingdom for goods was consistent with the timetable it continues to try to sell off its loss- best owners of these businesses,” tening through smart speakers. or services.” previously set by Flutter, suggesting making overseas businesses. chief executive David Wild said at A total of 35.1m people tuned in to Flutter’s stock surged 14 per cent the deal was on schedule to complete The pizza chain said it expects the time. UK commercial radio each week, after it announced the merger in Oc- by the third quarter this year. full-year operating profit in the UK Domino’s yesterday said its focus down from 35.9m in the previous tober last year. If it goes ahead, the tie- Flutter shares rose just under one and Ireland to be in line with market is on selling its Norway business three months, according to the latest up would create one of the world’s per cent to 8,650p yesterday despite expectations, at between £102m first, “given the significant figures from industry body Rajar. largest gambling firms by revenue. the probe. It did not respond to City and £104m. operating losses in this market”, and The sector’s market share also fell The two companies are targeting A.M.’s requests for comment. Yet it said it expects to make a loss then the other three. from 48.1 per cent to 46.6 per cent. Danske Bank’s profit could halve in wake of money-laundering scandal

ANNA MENIN fall to eight to 10bn crowns in 2020. Russia and elsewhere flowed through Chief executive Chris Vogelzang its branch in Estonia. @annafmenin said results were as expected, but The lender remains under criminal DANSKE Bank warned yesterday that negative interest rates, margin investigation by the US, France, its profit could almost halve this year pressure and increased costs related Denmark and Estonia over the as continued fallout from a €200bn to compliance had a “negative effect”. scandal, which led to the ousting of (£169.2bn) money-laundering scandal “All in all, our financial its chief executive and chairman. and negative interest rates weigh on performance remains under Danske has also endured over the Danish lender. pressure,” Vogelzang said. seven years of negative interest rates The bank’s 2019 net profit was flat Danske, Denmark’s biggest bank, in Denmark, with no end in sight as at 15.1bn Danish crowns (£1.7bn), but admitted in 2018 that suspicious the country’s main policy rate Danske is facing the fallout of a money-laundering scandal dating back to 2018 Danske forecast that the total would payments totalling €200bn from remains at minus 0.75 per cent. 16 MARKETS THURSDAY 6 FEBRUARY 2020 CITYAM.COM

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Vaccine hopes CARD FACTORY 94 P S&P 500 and

92 93.20 5 Feb Nasdaq mint 90 for coronavirus 88 record highs 86 HE BENCHMARK S&P 500 posted a record closing high yesterday 30 Jan 31 Jan 3 Feb 4 Feb 5 Feb T as US stocks rallied for a third straight day on encouraging economic guide UK shares Card Factory may be battling tough conditions in the wider greetings card market, data and waning fears of the financial but brokers at Peel Hunt are holding out hope that the firm can deliver. The key fallout from the coronavirus in China. Christmas trading season is probably best forgotten for the envelope emporium, but The Nasdaq also notched a record the analysts said they’d have to make “very dark assumptions” to see it miss the close but steep losses in Tesla shares K SHARES got a shot in the Tobacco group Imperial Brands slid new range for earnings. Peel Hunt said Card Factory was “fundamentally a good, limited the index’s advance. arm yesterday after media 6.6 per cent, its worst day in market-leading business”, adding that its valuation “assumes further catastrophe”. The ADP National Employment reports that scientists had more than four months, after it The analysts upgraded from “sell” to “hold” with a target price of 100p. Report showed private payrolls Udeveloped a drug against forecast lower profit because of a US jumped by 291,000 jobs in January, the China-linked coron- regulatory ban on some flavors of the most since May 2015, while a avirus, though Imperial Brands and cartridge-based vapor devices. FRONTIER DEVELOPMENTS separate report showed US services Glaxosmithkline (GSK) missed out GSK skidded 2.1 per cent on its sector activity picked up last month, P after downbeat financial updates. worst day since early October, as 1,450 suggesting the economy could The FTSE 100 overturned earlier cheap competition to its respiratory continue to grow moderately this year losses to rise 0.6 per cent and the FTSE medicines led to fourth-quarter earn- 1,400 even as consumer spending slows. 250 added 0.4 per cent. Both in- ings missing analysts’ estimates. 1,350 The S&P 500 has more than 5 Feb dexes ended higher for the By contrast, packaging prod- 1,300 recovered from last week’s steep third straight session. ucts makers Smurfit Kappa 1,300.02 losses after China boosted liquidity to A Chinese TV report and DS Smith topped the 1,250 limit the economic impact of the said researchers at main board, rising 1,200 coronavirus outbreak. Zhejiang University had Energy was the best-performing S&P found an effective Homebuilder Barratt’s 500 sector, jumping 3.8 per cent along drug for the virus, shares climbed after 30 Jan 31 Jan 3 Feb 4 Feb 5 Feb with a rise in crude prices. while Sky News said strong earnings The Dow Jones rose 483.22 points, researchers had made a Video game publisher Frontier Developments impressed with its interim results, or 1.68 per cent, to 29,290.85, the S&P “significant break more than six per cent bagging first-half revenue of £32m. The Cambridge-based company highlighted the 500 gained 37.1 points, or 1.13 per through” in developing a each, after the former record launch of Planet Zoo, its wildlife theme park simulation game. This calendar cent, to 3,334.69 and the Nasdaq vaccine. posted higher annual year will also see major expansions of Elite Dangerous and Planet Coaster. Analysts Composite added 40.71 points, or 0.43 Though the World Health Or- core earnings. at Liberum said it can see increased revenue across all games, while two launches in per cent, to 9,508.68. ganisation played down the reports, Housebuilder Barratt climbed 2.2 the following full year and a third deal in the pipeline could push up forecasts. They The healthcare sector climbed two markets bet that the outbreak would per cent higher after announcing an gave Frontier Developments a “buy” rating with a target price of 1,800p. per cent led by health insurers as well be contained soon. increase in first-half earnings and a as by a 17.5 per cent jump in shares of The blue-chip bourse had dropped special dividend. Biogen after the biotech company 3.4 per cent in January, more than Among midcaps, Tullow Oil firmed FUTURE won a patent ruling on a multiple twice the fall suffered by its European 4.6 per cent after a source said the en- sclerosis drug. P counterpart due to its greater expo- ergy firm plans to cut a third of its 1,600 Shares of Tesla cooled off after a sure to commodity prices. staff to save about $20m (£15.4m). huge six-day rally, dropping 19 per An index of travel and leisure stocks Its shares have tanked nearly 75 per 1,500 cent after a senior executive warned jumped 1.3 per cent and enjoyed its cent since November amid a plethora 1,400 that the coronavirus outbreak in 5 Feb China would delay deliveries of Model best day in more than a week. of setbacks. 1,300 1,188 3 cars made at its Shanghai plant. 1,200 In earnings news, Ford shares fell TOP RISERS FTSE 1,100 9.5 per cent after the company P delivered a weaker-than-expected 1. Smurfit Kappa Up 6.11 per cent 7,600 2020 forecast. 2. DS Smith Up 6.04 per cent 30 Jan 31 Jan 3 Feb 4 Feb 5 Feb Coty shares rose 14.5 per cent after 3. Mondi Up 5.01 per cent 7,500 7,482.48 the cosmetics and fragrance maker 7,400 5 Feb Media group Future last week fell victim to a shortseller attack amid claims its reported quarterly profit above TOP FALLERS acquisitions were flawed and its shares were overvalued. For Peel Hunt, though, the expectations. Meanwhile, Merck 7,300 future remains bright. The brokers said the firm’s recent trading update was strong shares dropped 2.9 per cent after the 1. Imperial Brands Down 6.63 per cent and its full-year earnings per share increased 13 per cent. Despite the strong start to drug maker said it will spin off its 2. Glaxosmithkline Down 3.85 per cent 7,200 the year, shares have been shaky. Peel Hunt said this provided investors an women’s health, biosimilar drugs and 3. NMC Health Down 3.35 per cent “excellent entry point” for one of its top picks of the year. The brokers gave future a older products into a separate 30 Jan31 Jan 3 Feb 4 Feb 5 Feb “buy” rating with a target price of 1,975p. publicly traded company. CITY MOVES WHO’S SWITCHING JOBS

DENTSU AEGIS played a pivotal role in executing the business strategy LLOYDS for fast-growth, high-ambition tech startups. These Dentsu Aegis Network has that has brought sustainable growth despite a Lloyds Bank has added to its media, technology and businesses are all different and it’s vital they’ve got a announced the appointment challenging marketplace for publishers. Prior to that creative industries team in London with the banking partner who understands this and is on hand of Hamish Nicklin as executive he held senior roles at digital business AOL and Google appointment of Jordan Humphrey as a relationship to help them achieve their growth targets.” director of media for the UK following a stint working in the financial sector. Euan manager. Jordan initially joined Lloyds Bank as an and Ireland. Hamish will be Jarvie, chief executive of Dentsu Aegis, said: “Hamish is apprentice, before stints managing local business ALIX PARTNERS responsible for leading the a truly creative business leader with a reputation built relationships and business development for the bank. Global consulting firm Alix Partners has commercial growth of the out of an ability to maximise the opportunities for He joins the team, led by Darren Cable and part of announced the promotion of Ben Browne to group’s media line of business sustainable growth. He has also showcased a real Lloyds’ small and medium-sized enterprise banking managing director. Ben has more than 15 years’ by continuing its tradition of understanding of how digital is transforming our remit, to focus on supporting startup, fast-growth restructuring experience, having focused on liquidity offering clients’ services that industry and how that can be leveraged to build businesses in the tech, media and creative space, at a management, financial and operational restructuring, are built seamless access to lasting partnerships. I look forward to our business time when the sector is booming across the capital. stakeholder management, contingency planning, and the network’s full range of capabilities. He joins the benefitting the unique skills and perspectives that Commenting on his new role, Jordan said: “From the formal restructuring. Rob Hornby, Local Market Leader, business from the Guardian where he spent three-and- Hamish will bring as we continue to focus on delivering shared work spaces of Silicon Roundabout to the London, said: “[Ben] exemplifies Alix Partners’ core a-half years as chief revenue officer. There he has the best services in the marketplace for our clients.” incubators of Canary Wharf, London is the place to be values, while delivering high impact results.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM THURSDAY 6 FEBRUARY 2020 MARKETS 17

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1808 à 0.0012 €/$ 1.1006 Ä 0.0036 7482.48 21520.00 4159.03 29290.85 9508.68 3334.69 /$ 1.2999 ÄÄ0.0029 €/£ 0.8468 0.0010 42.66 80.07 22.27 483.22 40.71 37. 10 £ /¥ 142.60 0.1200 €/¥ 120.77 0.0300 ÃÃÃÃÃÃ Ã Ä Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise ...... 447.0 1.0 509.0 421.5 Kingfisher...... 207.8 3.7 266.2 185.9 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 314.0 -3.0 357.5 314.0 Marks & Spencer ...... 180.7 -0.3 303.2 163.9 Tsy 4.750 20 ...... 100.34 -0.01 104.3 100.3 Contour Global...... 192.0 2.0 222.5 159.1 Games Workshp ...... 7050.0 250.0 7050.0 2800.0 BP ...... 484.3 12.8 582.5 452.7 Aggreko ...... 783.0 4.2 869.2 707.2 Abcam ...... 1300.0 -65.0 1500.0 1066.0 Witan Invest ...... 228.0 2.0 235.0 201.2 Tsy 8.000 21...... 109.90 -0.02 116.9 109.9 Drax Gp ...... 290.8 4.8 399.8 251.0 Next ...... 6874.0 -110.0 7340.0 4724.0 LIFE INSURANCE Cairn Energy...... 174.5 4.1 213.8 143.1 Ashtead Gp ...... 2592.0 2.0 2592.0 1805.5 Wwide Healthcare ....3240.0 60.0 3255.0 2495.0 Advanced Medical ...... 285.0 1.0 354.5 225.0 Tsy 2.500 24 ...... 361.97 -0.24 377.9 358.8 SSE ...... 1566.5 29.0 1566.5 1008.0 Pets at Home Gp ...... 293.6 2.4 293.6 126.8 Energean Oil & Gas ...... 755.0 -7.0 1082.0 645.0 Babcock Intl Grp...... 585.2 -17.4 646.6 416.7 Aviva ...... 408.4 6.6 438.8 352.3 Alliance Pharma ...... 87.5 0.0 87.5 63.0 Tsy 5.000 25 ...... 122.89 -0.13 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 111.6 0.2 139.5 105.0 Premier Oil ...... 105.4 4.2 118.7 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 752.0 4.5 780.5 574.5 Bunzl ...... 1996.0 8.0 2551.0 1943.0 Tsy 4.250 27 ...... 129.09 -0.28 132.8 125.5 Watches of Switz ...... 390.0 -2.8 392.8 270.0 Royal Dutch Shell A...2024.5 29.1 2612.0 1964.4 ASOS...... 3288.0 13.0 4066.0 2107.0 Halma ...... 2206.0 32.0 2206.0 1477.0 BT Gp ...... 158.3 -4.5 233.0 158.3 Legal & General ...... 312.1 2.8 317.7 216.7 Capita ...... 153.9 2.2 183.0 99.9 WH Smith...... 2458.0 28.0 2654.0 1896.0 Royal Dutch Shell B ...2015.5 17.5 2622.0 1963.2 Blue Prism ...... 1790.0 -51.0 1841.0 788.0 Tsy 6.000 28 ...... 147.34 -0.39 152.1 143.3 Morgan Advanced ...... 315.6 2.8 324.8 232.4 Talktalk Telecom ...... 120.0 -2.1 126.5 96.5 Phoenix Gp ...... 779.9 9.7 779.9 631.2 DCC ...... 6268.0 -12.0 7496.0 6132.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 51.1 2.3 250.0 39.9 Camellia ...... 8475.0 -50.0 11750.0 8350.0 Tsy 4.125 30 ...... 381.06 -1.08 404.2 364.5 Oxford Instruments ...1624.0 26.0 1626.0 943.0 Telecom Plus ...... 1512.0 -6.0 1552.0 1130.0 Prudential ...... 1427.5 31.0 1790.0 1279.5 Diploma ...... 1970.0 6.0 2084.0 1280.0 OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 141.39 -0.54 146.4 132.7 Renishaw ...... 4046.0 64.0 4638.0 3232.0 FOOD & DRUG RETAILERS Convatec ...... 212.5 1.6 217.3 118.5 St James Place ...... 1187.0 6.0 1199.5 913.6 Electrocomp ...... 704.6 -8.4 729.8 540.8 Caretech Holdings ...... 477.0 4.0 477.0 325.0 Tsy 4.250 36 ...... 149.72 -0.68 155.7 137.9 Spectris ...... 2761.0 32.0 2962.0 2234.0 Greggs ...... 2264.0 -24.0 2476.0 1554.0 Mediclinic Intl ...... 380.7 1.1 415.3 293.4 Std Life Aberdeen ...... 311.0 1.7 336.9 231.1 Hunting ...... 319.2 8.0 657.0 297.0 Equiniti ...... 210.4 -4.8 236.2 186.2 Central Asia Metals .....218.0 4.5 266.5 180.0 Tsy 4.750 38...... 164.74 -0.78 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 180.8 0.4 243.7 176.9 NMC Health ...... 970.0 -31.5 3000.0 970.0 MEDIA Petrofac ...... 361.6 6.7 527.2 344.4 Essentra ...... 427.6 4.0 449.0 373.4 Clinigen Group ...... 955.0 2.0 1069.0 737.5 Tsy 4.250 46 ...... 172.85 -1.07 181.0 1.0 Ocado Gp ...... 1221.5 -21.5 1435.0 873.8 Smith & Neph...... 1877.5 20.5 1990.0 1424.5 Wood Gp(J) ...... 382.9 6.8 598.6 319.6 Experian ...... 2753.0 35.0 2753.0 1960.0 3i Infrastructure ...... 312.5 0.0 312.5 265.1 4imprint ...... 3350.0 -10.0 3500.0 1917.5 CVS Group ...... 1187.0 23.0 1187.0 431.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 203.5 1.3 293.9 177.1 UDG Hlthcare ...... 780.0 4.0 832.5 551.0 PERSONAL GOODS Ferguson ...... 7290.0 -88.0 7378.0 4800.0 Aberforth Smlr Cos ..1448.0 0.0 1546.0 1114.0 Ascential ...... 382.6 4.0 421.2 319.0 Dart Group ...... 1795.0 56.0 1820.0 709.5 SSP Group ...... 675.0 11.0 721.0 608.0 HOUSEHOLD GOODS BAE Systems ...... 646.0 -2.2 648.2 443.9 Alliance Trust ...... 860.0 12.0 872.0 729.0 Auto Trader Gp ...... 582.0 -9.2 607.6 448.4 Burberry Gp...... 2034.0 9.0 2345.0 1695.0 G4S ...... 198.0 1.7 234.3 168.3 Tesco ...... 248.3 -2.0 258.9 212.6 Diversified Gas & Oil ...... 91.6 -0.6 116.5 89.2 Meggitt ...... 665.4 -9.0 697.4 489.9 AVI Global Trust...... 782.0 1.0 802.0 703.0 Barratt Devel ...... 839.4 18.4 839.4 552.8 Euromny Inst Inv...... 1206.0 -14.0 1498.0 1152.0 PZ Cussons ...... 198.0 2.2 227.0 178.8 Hays ...... 165.7 4.5 183.5 138.0 Draper Esprit ...... 524.0 -14.0 548.0 410.0 QinetiQ ...... 374.6 1.6 374.6 267.0 Baillie Gifford Japan ....818.0 6.0 848.0 711.0 FOOD PRODUCERS Bellway ...... 4100.0 13.0 4100.0 2698.0 Future ...... 1188.0 -110.0 1572.0 556.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1314.0 -10.0 1340.0 953.0 Rolls-Royce ...... 686.6 1.2 988.4 636.6 Intertek Gp ...... 5898.0 72.0 6170.0 4643.0 EMIS Group ...... 1144.0 -4.0 1242.0 925.0 Bankers InvTst ...... 1012.0 8.0 1032.0 831.0 Assoc British Foods...2672.0 28.0 2672.0 2106.0 Berkeley Grp Hldgs ...5280.0 -46.0 5412.0 3437.0 Informa ...... 820.0 34.8 892.0 680.0 AstraZeneca ...... 7663.0 128.0 7878.0 5644.0 Senior ...... 166.0 -1.5 239.2 160.0 IWG...... 442.4 2.2 469.0 222.2 Fevertree Drinks ...... 1382.0 -1.5 2475.0 1365.0 BlackRock Smaller .....1764.0 18.0 1764.0 1298.0 Bakkavor ...... 140.0 0.2 170.0 93.3 Countryside Prop ...... 513.0 6.5 513.0 277.6 ITV ...... 136.6 -1.2 156.5 103.6 Dechra Pharma ...... 2840.0 4.0 3068.0 2330.0 Ultra Electronics ...... 2162.0 -66.0 2292.0 1232.0 BMO Global Smaller .....144.0 1.4 150.0 127.5 Cranswick ...... 3610.0 -28.0 3714.0 2472.0 Crest Nicholson ...... 506.0 -11.0 517.0 332.0 Moneysupermkt.com ...328.0 -5.2 417.7 309.5 Genus ...... 3122.0 22.0 3246.0 2178.0 Network Int...... 618.0 -13.0 645.0 513.0 First Derivatives ...... 2700.0 -5.0 3555.0 2050.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3095.0 5.0 3180.0 2910.0 Greencore Gp ...... 240.7 -1.2 281.8 192.1 McCarthy & Stone...... 149.7 0.2 158.8 123.5 Pearson ...... 581.0 9.4 943.6 563.4 GlaxoSmithKline ...... 1739.6 -75.4 1846.0 1497.4 Pagegroup ...... 478.4 1.8 539.0 367.8 Frontier Devs ...... 1318.0 -126.0 1444.0 844.0 Aston Martin...... 452.4 -5.8 1374.4 399.3 City of London IT ...... 435.0 2.0 448.5 396.5 Hilton Food Gp ...... 1048.0 4.0 1118.0 894.0 Persimmon ...... 3100.0 -38.0 3138.0 1836.0 RELX ...... 2079.0 20.0 2079.0 1606.0 Hikma Pharma ...... 1878.0 30.5 2200.0 1556.5 Paypoint...... 1000.0 -16.0 1118.0 844.0 Gamma Comms ...... 1370.0 -20.0 1460.0 782.0 Edin Inv Trust ...... 615.0 5.0 652.0 535.0 Tate & Lyle ...... 801.2 5.4 801.4 663.8 Reckitt Benckiser ...... 6465.0 36.0 6688.0 5767.0 Rightmove Group ...... 688.2 8.0 688.2 465.9 Rentokil Initial ...... 499.0 8.0 499.0 329.0 TI Fluid Systems ...... 244.0 -3.5 273.0 155.2 REAL ESTATE GB Group ...... 716.0 -14.0 800.0 420.0 European Opp ...... 922.0 19.0 922.0 675.0 Unilever ...... 4636.0 42.5 5324.0 3983.0 Sanne Group ...... 591.0 -15.0 752.0 495.0 BANKS Assura ...... 79.2 0.3 79.3 56.7 Gooch & Housego ...... 1425.0 15.0 1527.5 954.0 F&C Investment ...... 773.0 8.0 783.0 673.0 FORESTRY & PAPER MAIN CHANGES UK 350 Serco ...... 165.5 2.4 167.7 111.7 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Fidelity China SPE ...... 234.5 1.5 253.0 202.0 Big Yellow Gp ...... 1168.0 -20.0 1200.0 933.0 Hurricane Energy ...... 21.1 -0.2 53.6 20.5 Mondi ...... 1657.5 80.5 1898.0 1510.5 SIG ...... 92.5 0.0 153.0 91.3 Barclays ...... 173.0 1.0 192.5 136.2 % % BMO Comm Prop ...... 110.4 0.6 128.0 106.0 Fidelity Euro Values ....268.5 4.0 268.5 218.0 GENERAL FINANCIAL Risers à Fallers Ä Travis Perkins...... 1593.0 31.5 1692.5 1166.0 Impax Asset Mgmt ...... 375.5 -6.5 405.0 201.0 BGEO Group ...... 1556.0 26.0 1755.0 1252.0 Smurfit Kappa Gp ...... 2900.00 6.7 Future ...... 1188.00 -8.5 British Land ...... 573.8 2.4 638.8 468.3 Fidelity Spec Val ...... 269.0 0.5 280.5 240.5 TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 381.5 5.0 400.0 316.5 HSBC Hldgs...... 569.0 5.3 680.6 551.8 Finsbury G&I Tst ...... 916.0 5.0 958.0 787.0 3i Group ...... 1148.0 0.0 1184.5 904.8 Smith (DS)...... 374.00 6.1 Finablr ...... 72.70 -7.9 Captl & Count Prop ...... 244.7 -0.6 270.5 184.8 IQE...... 52.0 -2.9 98.0 41.8 Lloyds Banking ...... 57.1 -0.4 67.2 48.6 GCP Infra Inv ...... 127.4 -1.0 134.0 122.6 Ashmore Gp ...... 553.0 -0.5 567.5 397.8 Mondi ...... 1657.50 5.1 Imperial Brands ...... 1821.60 -6.7 CLS Hldgs ...... 274.5 -7.5 312.5 212.0 Spirent Comms ...... 223.0 3.0 251.5 140.4 James Halstead ...... 564.0 0.0 570.0 440.0 Royal Bank of Scot ...... 221.6 -0.4 270.4 177.7 Genesis Emerging ...... 792.0 5.0 818.0 686.0 Brewin Dolphin ...... 359.8 -0.8 375.2 287.6 Syncona ...... 229.50 4.8 GlaxoSmithKline ...... 1739.60 -4.2 Daejan Hldgs ...... 5200.0 -40.0 6160.0 4715.0 TOBACCO Tullow Oil ...... 51.12 4.6 Coats Group ...... 72.65 -3.9 Standard Chartered ....640.8 2.4 738.6 575.7 Greencoat UK ...... 144.0 0.0 152.8 128.8 Close Brothers ...... 1446.0 -2.0 1663.0 1227.0 Derwent London ...... 4178.0 42.0 4186.0 2884.0 Johnson Service Gp .....210.0 0.5 211.5 128.0 Informa ...... 820.00 4.4 Intl Public Prtnshps ...... 161.00 -3.7 Br Am Tob ...... 3448.0 3.0 3507.0 2648.0 TBC Bank Group...... 1250.0 0.0 1706.0 1150.0 Harbourvest Glb ...... 1838.0 -4.0 1854.0 1406.0 Coats Group ...... 72.7 -3.0 91.2 68.1 Grainger ...... 307.6 10.0 315.6 217.4 Keywords Studios .....1502.0 53.0 1838.0 900.0 Dominos Pizza ...... 310.00 4.3 NMC Health ...... 970.00 -3.1 Imperial Brands ...... 1821.6 -131.6 2713.5 1668.2 Virgin Money UK ...... 177.5 5.5 220.1 104.4 Finablr ...... 72.7 -6.2 215.0 72.7 Grt Portland Est ...... 934.0 5.8 948.6 649.4 Herald Inv Trust ...... 1514.0 10.0 1514.0 1185.0 Premier Oil ...... 105.40 4.2 Ultra Electronics ...... 2162.00 -3.0 Learning Tech Gp ...... 161.8 -0.2 162.0 62.2 Hargreaves Lans...... 1755.5 -22.5 2433.0 1633.5 Hammerson ...... 228.4 0.5 388.4 203.9 TRAVEL & LEISURE BEVERAGES HICL Infr ...... 179.0 -0.4 180.0 156.6 Intl Cons Airl ...... 617.20 3.8 Babcock Intl Grp ...... 585.20 -2.9 M&C Saatchi ...... 100.5 0.5 394.0 79.0 JPM American ...... 511.0 6.0 511.0 421.0 IG Gp...... 670.6 -6.6 708.0 474.8 Land Securities...... 955.4 -0.2 1001.5 735.4 Carnival ...... 3214.0 23.0 4373.0 3056.0 Barr (AG) ...... 596.0 -12.0 975.0 526.0 RHI Magnesita ...... 3380.00 3.7 Vodafone Gp ...... 146.98 -2.8 M.P. Evans ...... 680.0 -1.0 750.0 612.0 JPM Emerg Mkt ...... 1048.0 12.0 1088.0 878.0 Integrafin Holdings ...... 503.0 -2.0 510.0 337.0 LondonMetric Prop ...... 231.8 2.2 241.2 185.4 Cineworld Group ...... 176.0 -1.2 321.0 176.0 Britvic ...... 925.5 4.5 1068.0 850.0 Majestic Wine ...... 210.0 -2.0 318.0 210.0 JPM Indian IT ...... 734.0 11.0 790.0 633.0 Intermediate Capital .1745.0 3.0 1745.0 987.5 Redrow...... 811.0 -11.0 822.0 533.0 WPP ...... 974.6 4.6 1077.5 800.4 NewRiver Retail ...... 191.6 0.8 246.0 147.6 Compass Gp ...... 1906.5 15.5 2138.0 1665.0 Coca-Cola HBC AG .....2842.0 19.0 3074.0 2299.0 Primary Hlth Prop ...... 159.0 -0.2 160.2 116.0 JPM Japan IT ...... 451.5 1.5 477.5 368.0 Intl Public Prtnshps .....161.0 -6.2 171.2 146.8 Taylor Wimpey ...... 222.5 -0.4 223.0 142.9 MINING Dominos Pizza ...... 310.0 12.8 326.4 221.2 Midwich Group ...... 532.0 17.0 633.0 474.5 Diageo ...... 3149.0 8.5 3625.5 2913.5 Investec ...... 440.4 3.8 518.6 395.3 Safestore Hldgs ...... 798.5 -14.5 817.5 573.5 Jupiter Fund Mngt ...... 385.1 -10.6 432.0 314.0 Vistry Group ...... 1420.0 6.0 1420.0 975.0 Anglo American ...... 2072.5 6.0 2266.0 1666.6 easyJet ...... 1536.5 53.0 1536.5 854.8 Mortgage Advice B ...... 742.0 0.0 795.0 546.0 CHEMICALS IP Group ...... 68.0 -0.2 109.0 55.7 Savills ...... 1225.0 -1.0 1244.0 817.5 Law Debenture ...... 638.0 2.0 654.0 552.0 INDUSTRIAL ENGINEERING Antofagasta ...... 881.8 23.8 1022.5 779.6 EI Group ...... 284.2 -0.2 285.0 194.0 Next Fifteen Comm ...... 503.0 -3.0 658.0 465.0 John Laing Gp ...... 345.6 -5.0 402.0 345.6 SEGRO ...... 903.0 -0.6 915.8 636.6 Croda International . 5085.0 80.0 5375.0 4564.0 Mercantile IT ...... 270.0 3.0 270.0 188.0 FirstGroup ...... 125.0 -0.1 137.5 89.3 Bodycote ...... 893.0 24.0 971.0 652.0 BHP Group ...... 1720.2 18.0 2049.0 1600.0 Nichols...... 1360.0 -2.5 1880.0 1322.5 Elementis...... 130.7 -0.1 197.9 127.9 Monks Inv Tst ...... 1002.0 9.0 1002.0 788.0 London Stock Exch ....8136.0 108.0 8136.0 4489.0 Shaftesbury ...... 878.5 -11.0 979.5 739.5 Centamin ...... 127.2 -2.3 152.3 79.8 Flutter Ent...... 8650.0 52.0 9456.0 5525.0 Numis Corporation ...... 279.0 -6.0 306.0 212.0 Johnson Matt...... 2744.0 44.0 3454.0 2605.0 Murray Intl Tst ...... 1222.0 12.0 1286.0 1114.0 Man Group ...... 157.5 1.1 175.2 130.5 Hill & Smith ...... 1450.0 0.0 1510.0 1049.0 St Modwen Props ...... 496.0 -2.0 510.0 373.0 Fresnillo ...... 623.6 -0.6 1027.5 539.6 Go-Ahead Gp ...... 2050.0 0.0 2278.0 1783.0 Synthomer ...... 341.8 1.2 420.8 279.0 Next Energy Solar ...... 120.0 -0.5 126.5 114.0 Onesavings ...... 425.6 -10.6 452.0 313.6 IMI ...... 1152.0 25.0 1206.0 906.0 TR Property IT ...... 482.0 -0.5 491.5 377.0 Polar Capital Hdgs ...... 582.0 -8.0 604.0 480.0 Glencore ...... 236.7 3.6 340.3 216.9 GVC Hldgs ...... 897.6 10.2 939.0 507.5 Victrex ...... 2346.0 80.0 2540.0 1845.0 Pantheon Intl Partn ..2530.0 65.0 2620.0 2020.0 Paragon...... 525.0 3.5 553.5 388.0 Melrose Ind ...... 248.3 7.0 248.3 156.8 Tritax Big Box ...... 141.5 1.5 159.7 135.5 Purplebricks Gp ...... 114.0 -0.4 132.0 96.0 Plus500 ...... 901.4 -8.6 1647.0 495.0 Hochschild Mining ...... 157.0 -3.8 227.0 152.0 UK Commercial Prop .....86.9 -0.1 92.7 79.9 Intercontl Htls ...... 4948.0 99.5 5738.0 4419.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ....327.5 2.5 342.0 284.5 RHI Magnesita ...... 3380.0 122.0 5000.0 3194.0 Redde...... 101.8 1.8 127.6 98.0 Provident Fin ...... 491.5 9.6 610.0 356.0 Kaz Minerals ...... 490.6 17.7 738.4 380.3 Unite Group ...... 1279.0 -1.0 1305.0 873.5 Intl Cons Airl...... 617.2 22.8 671.0 413.5 Pershing Square ...... 1528.0 8.0 1578.0 1200.0 Rotork ...... 315.4 1.4 341.2 269.8 Renew Holdings...... 520.0 8.0 568.0 360.0 Balfour Beatty ...... 267.4 -1.0 295.0 194.2 Workspace Gp ...... 1215.0 -21.0 1247.0 806.0 Marstons ...... 104.5 -1.5 131.4 93.3 Personal Assets Tst ....43500 -50.0 43550 39700 Quilter ...... 174.0 -0.4 174.7 120.8 Polymet Int...... 1233.5 11.0 1286.0 772.6 CRH ...... 2984.0 21.0 3100.0 2279.0 Spirax-Sarco...... 9290.0 210.0 9400.0 6510.0 Mitchells & Butlers ...... 401.0 -4.0 470.5 238.0 RWS Holdings ...... 573.0 1.0 670.0 460.0 Polar Cap Tech Tst .....1682.0 10.0 1682.0 1210.0 Rathbone Brothers ....1996.0 0.0 2540.0 1966.0 Rio Tinto ...... 4273.0 66.5 4976.5 3924.5 SOFTWARE & COMPUTER SERVICES Galliford Try...... 160.0 1.9 177.2 102.4 Schroders ...... 3361.0 50.0 3419.0 2541.0 Weir Gp ...... 1421.0 31.5 1814.0 1261.5 National Express ...... 443.6 1.4 476.0 383.0 Scapa Group ...... 245.0 -4.5 403.0 157.0 Renewables Infra Gp ...135.4 1.0 139.2 115.4 MOBILE TELECOMMUNICATIONS Avast...... 454.6 9.8 551.0 282.0 Grafton Group...... 943.0 13.5 943.0 645.5 TP ICAP ...... 399.6 -2.5 417.5 270.0 INDUSTRIAL METALS PPHE Hotel Gp ...... 2040.0 20.0 2100.0 1630.0 RIT Cap Partners ...... 2085.0 40.0 2180.0 1954.0 Aveva Gp...... 5140.0 20.0 5170.0 2884.0 Secure Income REIT ...473.0 0.0 473.0 394.0 Ibstock ...... 297.4 3.4 322.0 208.6 Vodafone Gp ...... 147.0 -4.3 165.2 123.3 Schroder Asia ...... 463.0 6.5 485.5 424.0 GENERAL RETAILERS Evraz ...... 394.1 12.4 709.4 341.4 Computacenter...... 1867.0 6.0 1867.0 1049.0 Rank Gp ...... 293.5 2.5 293.5 144.0 Serica Energy...... 115.0 4.6 143.4 103.6 Marshalls ...... 812.0 9.0 876.0 496.6 NONLIFE INSURANCE Restaurant Grp ...... 124.6 -1.4 166.4 111.9 Scottish Inv Tst ...... 799.0 -1.0 843.0 769.0 B&M ...... 363.8 -5.1 420.9 315.0 Ferrexpo ...... 145.6 5.0 301.3 123.0 FDM Group...... 1030.0 8.0 1100.0 647.0 Smart Metering Sys..... 511.0 -4.0 637.0 310.0 Polypipe Group ...... 556.5 2.0 556.5 372.8 Scottish Mortgage ...... 621.0 -0.5 621.5 472.0 Dixons Carphone ...... 134.8 -1.2 152.4 104.9 Admiral Gp ...... 2287.0 7.0 2330.0 2014.0 Kainos Gp ...... 852.0 26.0 880.0 430.0 Stagecoach Gp...... 136.1 0.9 167.0 115.5 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 113.4 -0.4 118.6 110.0 Dunelm Gp...... 1206.0 18.0 1206.0 704.5 Beazley ...... 535.0 -7.5 628.0 502.0 Micro Focus Intl ...... 774.1 7.3 2160.0 766.8 TUI AG ...... 837.4 23.4 1081.5 698.0 Thorpe (F.W.) ...... 324.0 -1.0 359.0 267.0 Smith (DS) ...... 374.0 21.6 394.8 307.9 Smithson Inv ...... 1346.0 14.0 1346.0 1065.6 Frasers Group ...... 485.8 -9.2 518.0 214.0 Clarkson ...... 3005.0 -25.0 3110.0 2200.0 Direct Line Ins ...... 345.0 3.4 366.5 270.5 Playtech ...... 347.5 -4.2 457.7 343.7 Wetherspoon (JD) .....1558.0 2.0 1734.0 1239.0 Smiths Gp...... 1748.0 34.0 1751.0 1378.0 Syncona ...... 229.5 10.5 294.0 203.0 Howden Joinery Gp..... 704.6 4.6 704.6 478.8 Fisher (James) ...... 1966.0 18.0 2260.0 1790.0 Hastings Gp Hldgs ...... 184.8 1.8 231.6 167.9 Sage Group ...... 778.6 16.0 820.4 634.6 Whitbread ...... 4558.0 8.0 5152.0 3988.0 Watkin Jones ...... 247.0 4.0 255.0 199.6 Smurfit Kappa Gp.....2900.0 182.0 2966.0 2096.0 Temple Bar IT ...... 1376.0 0.0 1486.0 1162.0 Inchcape...... 655.0 1.0 720.0 545.5 Royal Mail ...... 189.3 -1.4 286.7 188.4 Hiscox ...... 1328.0 -4.0 1777.0 1213.0 Softcat ...... 1220.0 13.0 1257.0 702.0 William Hill ...... 171.8 -1.2 205.2 132.3 Young’s Brew NV ...... 1210.0 -15.0 1310.0 1030.0 Vesuvius...... 454.4 9.2 642.0 341.0 Templeton Em Mkts .....841.0 4.0 876.0 731.0 JD Sports Fashion ...... 855.6 -9.6 874.0 448.4 Signature Avi ...... 291.2 0.0 406.0 289.5 RSA Ins Gp ...... 560.0 11.0 597.0 501.6 Sophos ...... 568.6 1.4 577.0 298.2 Wizz Air Holdings ...... 4210.0 11.0 4329.0 2880.0 Young’s Brew-A...... 1530.0 -20.0 1885.0 1500.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 290.95 -2.85 316.05 197.00 3M ...... 162.33 5.09 219.50 150.74 AIR LIQUIDE ...... 134.95 1.95 133.00 104.40 ABBOTT LABORATORIES ...... 89.56 1.33 91.86 72.74 ALLIANZ AG ...... 223.90 4.50 223.80 182.72 ADOBE INC ...... 365.55 -1.19 366.74 253.74 AMADEUS IT GROUP ...... 73.94 -0.48 78.60 42.30 ALPHABET NON VTG-C ...... 1448.23 1.16 1486.65 1036.23 ANHEUSER BUSCH INBEV ...... 69.75 0.50 92.71 65.77 ALPHABET-A ...... 1446.05 0.64 1484.69 1116.79 AMAZON.COM ...... 2039.87 -9.80 2049.67 1588.22 ASML HOLDING NV ...... 276.35 6.40 272.40 157.68 AMERICAN EXPRESS ...... 133.60 1.75 135.11 104.39 AXA ...... 24.71 0.31 25.47 20.11 APPLE INC ...... 321.45 2.60 324.34 169.43 BANCO SANTANDER ...... 321.05 11.10 402.00 294.70 AT&T ...... 37.81 0.18 39.63 29.45 BASF...... 62.78 0.58 74.49 56.20 BANK OF AMERICA ...... 34.71 1.09 35.64 26.25 BAYER AG...... 77.08 1.77 75.75 52.53 BERKSHIRE HATHAWAY...... 228.65 3.57 230.20 195.81 BBVA ...... 4.90 0.11 9.56 4.19 BOEING CO ...... 329.55 11.61 432.69 309.00 BMW ...... 66.31 1.27 77.75 58.70 CATERPILLAR INC ...... 137.44 3.93 150.53 113.38 BNP PARIBAS ...... 49.61 0.32 53.58 39.32 CHEVRON ...... 110.28 3.43 126.54 106.28 CRH ...... 2984.00 21.00 3100.00 2279.00 CISCO SYSTEMS ...... 48.45 0.83 58.05 43.52 DAIMLER ...... 44.00 1.56 59.31 40.53 CITIGROUP ...... 78.85 2.35 81.91 60.33 DANONE ...... 73.16 -0.22 82.00 64.39 COCA-COLA CO ...... 58.85 0.01 58.86 44.69 DEUTSCHE POST AG ...... 32.66 0.54 34.91 25.26 COMCAST ...... 44.59 0.31 47.50 37.00 DOW ...... 49.61 1.56 66.65 40.71 DEUTSCHE TELEKOM ...... 14.75 0.08 16.25 14.14 EBAY INC ...... 37.12 -0.28 41.57 33.56 ENEL ...... 8.07 0.07 8.09 5.10 EXXON MOBIL ...... 62.73 2.76 83.38 59.97 ENGIE...... 15.54 -0.11 15.88 12.45 FACEBOOK ...... 210.11 0.28 223.23 174.60 ENI ...... 13.03 0.24 15.94 12.61 GOLDMAN SACHS GROUP ...... 244.30 2.36 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 238.11 3.11 238.85 181.14 FRESENIUS MEDICAL CARE ...... 72.68 1.54 76.32 57.92 HONEYWELL INTERNATIONAL ...... 176.90 1.69 183.23 148.15 IBERDROLA ...... 10.20 0.25 9.95 6.02 IBM ...... 156.33 7.22 151.36 126.99 INDITEX ...... 31.43 0.17 32.37 2.55 INTEL ...... 67.34 1.88 68.47 43.46 ING GROEP NV...... 10.29 0.20 12.05 8.34 JOHNSON & JOHNSON ...... 153.99 2.39 151.60 126.95 INTESA SANPAOLO...... 2.45 0.10 2.41 1.83 JPMORGAN CHASE & CO ...... 137.59 2.30 141.09 98.93 KERING ...... 573.60 4.60 610.20 425.05 MASTERCARD INC ...... 328.32 -0.80 329.12 213.97 MCDONALD’S ...... 214.37 -0.25 221.15 173.97 KON KPN NV ...... 2.48 -0.01 2.96 2.49 MEDTRONIC ...... 120.62 0.63 121.09 84.15 L’OREAL ...... 263.10 1.60 275.30 216.10 MERCK & CO ...... 85.83 -2.53 92.04 73.19 LVMH MOET HENNESSY ...... 415.00 4.40 439.05 283.40 COMMODITIES TOURIST RATES MICROSOFT ...... 179.90 -0.22 180.12 105.25 MUENCHENER RUECKVE ...... 274.60 2.60 272.70 197.75 NETFLIX ...... 369.67 0.66 385.03 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1554.20 -3.23 Copper Cash Official...... 5651.00 +57.00 Canada ...... 1.6473 New Zealand ...... 1.8685 NIKE INC ...... 100.54 -0.84 104.58 77.14 ORANGE ...... 12.61 -0.03 15.01 12.63 Silver (Pence) ...... 1773.00 -4.00 Aluminium Cash Official ...... 1686.75 -7.25 Croatia ...... 7.937 Norway...... 11.47 ORACLE ...... 54.74 0.70 60.15 50.22 ROYAL PHILIPS ...... 43.51 0.30 45.61 33.77 Silver (Cents) ...... 1362.00 +1.00 Nickel Cash Official ...... 12777.50 +30.00 Czech Republic ...... 27.20 Poland ...... 4.4329 PAYPAL HOLDINGS ...... 119.72 -0.36 121.30 96.64 SAFRAN ...... 147.50 -0.80 150.05 112.25 Krugerrand ...... 1570.27 -4.73 Aluminium Alloy Cash Official ...... 1360.00 -15.00 Denmark ...... 8.3819 Singapore ...... 1.675 PEPSICO ...... 144.30 1.08 143.83 118.61 SANOFI ...... 89.93 1.37 92.72 72.24 Brent Crude ...... 53.96 -0.49 Natural Gas ...... 23.02 +0.19 Hong Kong ...... 9.5875 Sweden ...... 11.93 PFIZER INC ...... 38.17 0.48 44.40 34.24 SAP SE ...... 124.40 1.74 126.90 90.96 Platinum ...... 964.00 -2.00 Tin Cash Official ...... 16152.50 -185.00 Iceland ...... 143.93 Switzerland ...... 1.2011 PROCTER & GAMBLE ...... 126.81 1.15 126.41 97.14 SCHNEIDER ELECTRIC ...... 95.58 1.54 94.22 62.10 British Sovereign ...... 366.44 -1.18 Zinc Cash Official ...... 2217.25 +18.25 India ...... 81.72 Turkey ...... 7.4133 TRAVELERS COMPANIES ...... 136.78 4.20 154.83 125.42 SIEMENS AG ...... 113.82 0.42 119.90 85.00 Lead Cash Official ...... 1854.25 -24.25 White Sugar ...... 413.70 -2.90 Israel ...... 4.0398 United States ...... 1.2424 TWITTER ...... 33.39 -0.57 45.42 28.89 UNITED HEALTH GROUP ...... 295.73 14.89 300.74 215.26 SOCIETE GENERALE...... 30.29 0.66 31.79 21.13 UNITED TECHNOLOGIES ...... 155.63 2.63 154.47 120.72 TELEFONICA SA ...... 6.16 -0.02 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.13 0.84 62.07 53.57 TOTAL ...... 45.44 0.64 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 202.81 -0.75 208.21 168.86 UNILEVER NV ...... 53.97 0.78 57.56 47.05 FTSE 100...... 7482.48 +42.66 +0.57 S&P 500...... 3334.69 +37.10 +1.13 CAC 40 ...... 5985.40 +50.35 +0.85 Hang Seng ...... 26786.74 +110.76 +0.42 WALGREENS BOOTS ALLIANCE...... 52.98 0.64 76.05 49.29 VINCI ...... 104.05 1.85 102.40 76.20 FTSE 250 ...... 21520.00 +80.07 +0.37 Dow Jones I.A ...... 29290.85 +483.22 +1.68 Swiss Market Index ...... 10994.15 +193.51 +1.79 Nikkei ...... 23319.56 +234.97 +1.02 WALMART ...... 116.81 1.54 121.28 95.58 VIVENDI ...... 25.28 0.17 26.42 22.20 FTSE All-Share ...... 4159.03 +22.27 +0.54 Nasdaq Composite ...... 9508.68 +40.71 +0.43 ISEQ Overall Index ...... 7199.29 +64.87 +0.91 STI Index ...... 3200.13 +43.56 +1.38 WALT DISNEY CO ...... 141.37 -3.36 151.64 107.79 VOLKSWAGEN AG ...... 170.72 3.30 185.52 138.16 FTSE AIM All-Share ...... 960.73 +0.36 +0.04 Xetra DAX...... 13478.33 +196.59 +1.48 FTSEurofirst 300 ...... 1653.78 +19.92 +1.22 ASX All Ordinaries...... 7080.90 +33.30 +0.47 WELLS FARGO & CO ...... 48.31 1.05 54.46 43.38 18 OPINION THURSDAY 6 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS The energy of the future can TO THE EDITOR power us to a greener world Know the drill It’s testimony to the UK’s strong economy that, despite the political and economic uncertainty, labour productivity rose by HERE is an old joke among is an impressive but colossal project to a series of engineering challenges: 0.5 per cent in 2018 — as demonstrated in scientists: fusion power is David which has succumbed to numerous can we build a tokamak with all its the ONS regional figures released 30 years away, and always Kingham delays and cost increases. In recent magnets made from HTS? Can we yesterday. However, the long-term Twill be. Yet as we enter the years, some have been investigating get to fusion temperatures in a com- prosperity of the country cannot be decade in which the big the possibility of a smaller, faster pact device? Can we get to fusion sustained on these small, incremental questions on the future of energy and cheaper way to fusion with all breakeven in a compact device? Can improvements, especially since London must be answered, is it time to revis- sorts of novel concepts proposed. we get sufficiently beyond and the south east are effectively helping it fusion and its unrivalled potential But what of the tokamak? Is there breakeven to produce electricity for to prop up these figures. to change the way the world gener- a way of reducing the scale of this the first time? And can we go on With the country entering an “unknown” ates power? most highly developed and top- from that to build reliable, econom- for future trade agreements, it has never The past few years have seen a dra- est minds for over 60 years. performing device? ic, fusion power plants? been more important for the UK to matic shift in the conversation Different approaches to fusion ener- Within the class of tokamaks there We are confident that we can — embolden the knowledge economy. around climate change, with a sig- gy are being pursued: from cold are two choices: the conventional and have a plan to build a grid con- The future success of the knowledge nificant rise in environmental fusion (which still lacks evidence doughnut shape such as JET, or the nected power plant by 2030. economy is dependent on the ability of activism and increasing pressure on and may never work), to inertial apple-shaped spherical tokamak. As the evidence for fusion mounts, British firms to use data to inform better political leaders and big businesses fusion (which could work), to mag- Pioneered in the UK, the latter the next challenge is finding the insights and services. Wharton Business to fix the problem. netic fusion — which really works. caught the eye of Boris Johnson over right model for supporting innova- School identified that those that do can Just this week, the government The magnetic fusion approach the summer, when he visited the tion using all of our strengths. The expect a 3–5 per cent increase in total announced plans to ban the sale of uses strong magnetic fields to con- research centre in Culham Prime Minister has committed market value. In 2018, for large enterprises new petrol and diesel cars by 2035. tain the hot plasma. There are The spherical tokamak has two big £200m over five years for a design this represented a $320–$534m increase. Such a move is part of the UK’s mis- many different configurations of advantages. First, as a squashed-up study of “STEP” — Spherical Yet, UK firms are currently not realising this sion to meet its target of net-zero magnetic fusion devices, but the version of the tokamak, it is inher- Tokamak for Energy Production. opportunity, and their investment in data emissions by 2050, but the impact best performance, by far, has been ently compact. Second, it uses the Looking to the US, we see examples has resulted in substantial productivity cost will be limited without the develop- achieved in ring-doughnut-shaped magnetic field more efficiently. of public-private collaborations in where employees are not trained to use it. ment of new, clean energy sources. devices known as “tokamaks”. Its limitation has always been the the pursuit of green energy, which British businesses lose a working week in With no CO2 emissions, no risk of The world record is held by the JET tricky engineering due to lack of retain constructive competition. time per employee each year from meltdown, and no long-lived tokamak at Culham near Oxford, space for magnets. But recently a Fusion is undoubtedly hard to unproductive behaviour as a result of radioactive waste, fusion is a prom- which achieved 16MW of fusion solution has been found. achieve, but the difficulty of the workers feeling overwhelmed by data and ising solution and has been for power in 1997. The latest generation of high tem- challenge is more than matched by technology — a staggering cost to UK decades, but it is hard to achieve. So However, progress since then has perature superconductor (HTS) is the value of the solution. A mere 1kg businesses of £10bn every year. why has it proven so difficult in the slowed. The successor device, ITER, able to conduct high currents with of readily available fusion fuel can Looking at the 2018 figures, it’s clear that past, and what is changing now? zero resistance at temperatures well produce the same energy as 10m kg the knowledge economy is bolstering the Fusion occurs in stars, including above absolute zero and in a strong of coal or oil in a process that is safe, UK’s productivity growth. As our our sun, where the huge gravitation- magnetic field. Exceptionally high- scalable, and cost-effective. dependence on these industries grows al force creates pressures and tem- field compact magnets can now be The recent advancements in further, it’s important that businesses peratures so intense that charged made, allowing much simpler solu- fusion energy come at a perfect continue to empower their workforce to particles which normally repel each tions to the engineering problems of time. The much-needed answer to thrive with modern working practices. This other collide and fuse. 1kg of readily magnet cooling and protection. the world’s most pressing issue isn’t will be keen to ensure that any gains aren’t On Earth we need to create similar So instead of building ever-larger anything radical, absurd or out of offset by unforeseen productivity costs. conditions, and hold a hot plasma available fusion tokamak devices, with huge costs reach, but is instead a process that James Fisher, chief product officer, Qlik with fusion fuel at high enough and long timescales, we can see a is well underway. Watch this space. pressure for long enough for energy- fuel can produce way forward by increasing the mag- generating reactions to occur. the same energy netic field in more compact devices. £ Dr David Kingham is executive vice This is a difficult problem that has This turns the pursuit of fusion chairman and founder of Tokamak BEST OF occupied some of the world’s bright- as 10m kg of coal energy from a single big moonshot Energy. TWITTER Why are ministers dragging their feet over the BBC? It should be a matter of principle that the licence fee is wrong. It should obviously be scrapped as soon as possible. Boris Johnson can’t rely on party unity for @RichardWellings Anti-licence fee types often say a “slimmed-down” BBC would force the ever, and one day he may have to pick sides BBC to focus on what it does best. By which they mean news. Because they are always journalists, saying this, and VEN after the huge success desire for power. Johnson may see invulnerable now, that’s what they think matters. But of December’s General Catherine But his failure to identify with any but the truth is that without a actually, most people love the BBC for Election, the Conservative Neilan one tribe could soon come back to guiding philosophy, even those its comedy and drama. Etribes remain fully intact. bite him. Who will remain loyal to a without a grudge will merrily @Baddiel The big question is which of man who in one breath says he’s switch allegiances once they sense the tribes, with competing and in taking back control of a sovereign change is afoot. If the @bbc are going to force us to many cases conflicting ideologies, nation, and in another takes the Despite his protestations at PMQs pay a licence fee under duress of Boris Johnson belongs to — and inflammatory decision to allow yesterday, Johnson isn’t even loyal sanction, then it would seem logical which of them he’s prepared to Huawei 5G involvement? to his original tribe — the that we should have a say who runs it. upset over the course of his term. The fractures are already visible, journalists — some of whom staged Let’s vote that human in The Tory party is not homogenous liberal, but a lot of his new voters with Number 10 and Number 11 a walk-out in protest at others being @LozzaFox and its members range from social aren’t. And as we’ve seen in recent seemingly at war. blocked from briefings. conservatives to free-market liber- weeks, he veers from intervention- Last year’s briefings that Sajid So far, the one group he has been Dear Lobby Journalists. tarians. Balancing these interests ism to buccaneering free trader to Javid was “Chino” — chancellor in loyal to are those who have helped Congratulations on taking a stand will not be easy. climate change activist without name only — have snowballed, and him get where he is now. But as May against the manipulative practices of The European Research Group blinking. the relationship between the quickly discovered (albeit not quick- Number 10 Downing Street. You’re (which dogged and ultimately Because the truth is Johnson does- Treasury and Johnson’s chief ly enough), relying on a small num- quite right — what they’re doing is destroyed Theresa May) is watching n’t belong to any one tribe, and adviser Dominic Cummings is said ber of aides to the exclusion of appalling, and disgracefully and waiting to see how this year’s arguably never has. Tory colleagues to have broken down completely. others is a hiding to nothing. misleading to the public. trade talks pan out, while the Blue freely offer their explanation for Like Japanese knotweed, these ten- Johnson needs to start relying on @PaulbernalUK Collar Conservatism group is eager this: the Prime Minister doesn’t sions are said to be spreading something with more depth than for policies aimed at keeping the have an overarching political phi- throughout the cabinet — no doubt his charm and enthusiasm if he is to The only times Corbyn ever took a support of former Labour voters. losophy. What does he stand for, amplified by the looming reshuffle. forge the ties that will keep him safe question from The Sun or the Daily Mail Johnson claims to be a One Nation beyond his own personal ambition? MPs point to the number of hostile when things start getting tough. he pulled a face like he had just seen Tory, but several members of the Many of his MPs recognise this former ministers Margaret Tony Blair bulldozing his allotment caucus don’t buy it. We know that with a degree of pragmatism — he is Thatcher built up during her tenure £ Catherine Neilan is political editor at @PickardJE he’s basically a metropolitan social not the first to be driven largely by as a model he won’t want to follow. City A.M. CITYAM.COM THURSDAY 6 FEBRUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Free the e-scooters and unleash DEBATE a British transport revolution The government wants to ban new diesel and petrol vehicle HE E-SCOOTER revolution is Matthew revolutionary new technology. happening at breathtaking E-scooters also offer broader benefits sales by 2035 — is this too soon? speeds — but because of Lesh in terms of spreading opportunity. Tarchaic laws, the United Fixed bicycle rental schemes — like the Kingdom is missing out. Boris bikes — tend to be centred in The government already had its work E-scooters can be legally purchased in higher-income neighbourhoods cut out to meet its previous 2040 Britain, and have become an increas- already served relatively well by public deadline, and endless confusion over ingly common sight on the streets. transport. E-scooters, in contrast, pro- Brexit and the car industry’s future YES haven’t helped consumer confidence They are, however, unlawful for use on vide “last mile transport”, offering ALEX BUTTLE public roads, cycle paths and pave- communities underserved by public to make the switch to electric. ments under the Highways Act 1835 either for riders or for other road transport easier connection to employ- So by cutting that deadline by five and the Road Traffic Act 1988. This is users. But while the evidence base is ment, families and friends. years, it has brought even more owners to switch until they are despite surveys and usage indicating still developing, the existing figures And if nothing else, e-scooters are pressure on itself. confident that there is both public and that they are exceedingly popular in do not appear to indicate a dispropor- fun. As a report from the Society of If the government is to stand a chance private charging infrastructure in place countries where they are legal. tionate risk compared to other trans- Automotive Engineers explains, they of meeting such an ambitious target, it that will be able to cope with demand. The case for reform is overwhelming. port options and activities. provide the “freedom and control of must improve the UK’s electric vehicle Now Brexit has taken a back seat for E-scooters are now available in 350 In 2018, there were 1,545 accidents driving, the pleasantness of walking, infrastructure and encourage early the time being, the government can cities worldwide and have safely pro- involving e-scooters in the US. This the excitement of cycling, and the con- switching to electric cars. refocus its attention on getting its vided hundreds of millions of rides. compares to 124,933 skateboard venience of skateboarding”. While more could be done to ambitious net-zero emissions strategy Bird, the pioneers of dockless e-scoot- injuries, 424,346 bicycle injuries, and So when will we get to enjoy the ben- incentivise car owners to switch to back on track. er rental, are the fastest company in 218,527 playground equipment efits without fearing legal repercus- electric with better subsidies, the major history to reach unicorn status and be injuries. Following the “safety in num- sions? Last month, transport minister issue remains access to charging points. £ Alex Buttle is director of car selling valued at over $1bn. A study by bers” phenomenon, we can expect e- George Freeman announced that his There is clearly resistance from car comparison website Motorway.co.uk. McKinsey estimated that the micromo- scooters to become even safer over department will be releasing a consul- bility industry in the US, Europe and time, as they become more familiar to tation on e-scooters “in due course”. China could be worth as much as other road users. While there is danger This could not come soon enough. $500bn by 2030. posed by any road transport method, The government should immediately The 2035 ban is easily achievable — and And it’s not just about money. Road we must avoid allowing a relatively legalise e-scooters and develop a the government could be even more traffic, which is projected to grow by small number of highly publicised inci- liberal regulatory regime, with trials ambitious. A ban is possible within a as much as half by 2050, is a major dents create a moral panic about this for dockless rental schemes, leaving decade, with the right infrastructure NO challenge to urban areas. Cars cities and regions responsible for and incentives to encourage the switch FIONA HOWARTH produce substantial CO2 emissions, locally appropriate regulation. to electric vehicles (EVs). contributing to climate change, and Over the last two centuries, new The benefits speak for themselves. NOx pollutants that choke our lungs technologies from the horse and EVs are great to drive, good for the per cent in 2017. and shorten our lives. buggy to trains, cars, and planes have planet, and easy on the wallet, saving Scotland’s deadline for banning sales Congestion costs the economy a In other cities, liberated us from the tyranny of dis- drivers up to 90 per cent of fuel costs. of new petrol and diesel cars is 2032, hefty £7.9bn a year. Over two thirds of tance. E-scooters are the latest genera- Tesla has done to the car market what and the Committee on Climate Change city car trips in the UK are under three one third of rides tion of that technology. Let’s set them Apple did with smartphones — and has called for a 2030 ban. That should miles — short enough to be replaced free on our roads. traditional automakers are catching up. be the goal across the UK. with e-scooters. In other cities, one replace car There are now 25 per cent more public The revolution on our roads is third of e-scooter rides replace £ Matthew Lesh is head of research at the charging locations in UK than petrol happening. The government should personal car journeys and ride sharing journeys, meaning Adam Smith Institute and author of the stations, making “range anxiety” a thing make it happen even sooner. — meaning millions fewer car trips. millions fewer new report Safe to Scoot: How Legalising of the past. Drivers are realising this. One argument often made against e- E-scooters Will Save Lives, Bust Congestion Over 70 per cent are considering going £ Fiona Howarth is chief executive of scooters is that they are not safe, car trips and Help the Environment. electric for their next vehicle, up from 25 Octopus Electric Vehicles.

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NNOVATIONS in technologies such as biometrics, cyber security, and artificial intelligence stand to per- Iform an unprecedented, positive role in society. But their development means that HOW TECH CAN we’re being asked to entrust more of our lives to technologies that we don’t fully understand, hand over our data to people we can’t see, and form relationships with businesses we don’t really know. EARN YOUR TRUST That’s a scary prospect, especially when some technologies are clearly Ajay Bhalla falling short of the high levels of secu- explains why technology rity, privacy, and ethical use that every- day consumers rightly expect. These companies must first win over the range from small-scale scare stories like the talking toy doll hackable by public if they want to innovate anyone with a smartphone, to bigger horror tales such as in 2018, when a cyber security breach crippled four gas pipelines across the US. What these examples show is how inexpensive, non-secure devices are becoming conduits for cyber criminals to gain access to important informa- tion. The pipelines were compromised through a video camera, and the doll was hacked through a $2 microphone. With an anticipated 50bn internet- connected devices set to be in use by 2025 — ranging from watches and fridges to cars, lighting, and tooth- brushes — the need to secure each link in this rapidly-expanding chain is more critical than ever before. In the future, we’ll (reluctantly) toler- ate our computers crashing every now and then, but we shouldn’t tolerate technologies crashing self-driving cars, compromising smart home security, and sharing details of our private lives with the rest of the world. So when asking people to make a leap of faith and participate in a tech- nology-led economy and society — to literally put their lives into the hands of a machine — all such solutions need to be infallible. They need to be intu- itively trusted. And building that trust — which in this case requires a “confident rela- tionship with the unknown” — is arguably the single greatest challenge facing the technology industry today. To that end, I see three key principles that must guide our collective think- ing in order to help foster greater pub- lic confidence in technology as we continue to innovate.

SECURITY BY DESIGN sion, not a commodity. And that tal realms, with the minimum Take the example of biometric development above all else. Instead, it First, every connected entity needs to means we must empower individuals amount of data exchanged, only with authentication. With fingerprint and is incumbent on all parties involved in be secure, no matter how small or with information on how their data is your consent and with parties you facial biometrics, we have replaced the development, use, and application apparently insignificant, and operat- used and how they can control it. trust — could be the future. the password with the person. This, of technology — from policymakers to ing within a secure network. This principle of privacy by design combined with behavioural biomet- industry players — to build a cohesive More importantly, responsibility for also requires that organisations han- SECURITY MUST BE A DRIVER rics and device ownership, has environment where new tech can security lies with the producer. If a dling people’s data do so with the OF CONSUMER EXPERIENCE enabled multi-factor authentication thrive and evolve, while still ensuring device can’t be patched remotely, it highest standards of security, trans- Finally, the user experience needs to be and frictionless transactions, enhanc- that the right safeguards are built into shouldn’t be connected. parency, and integrity. secure and convenient. Consumers ing the consumer experience. the way they are developed. The creation of user-centric digital want a quick and seamless experience, It’s no longer acceptable to “move PRIVACY BY DESIGN identities — which allow you to prove but they also want to know that the fast and break things” — the Silicon £ Ajay Bhalla is president of cyber and Personal data is the consumer’s posses- your identity in the physical and digi- interaction is safe and secure. Valley mantra that placed product intelligence at Mastercard. It’s time to give the emoji a thumbs up and a smiley face HERE is a clear rule of thumb in discovered the emoji keyboard. and feeling. An emoji in an email just show your customers that you aren’t customer isn’t using emojis, then it’s Tthe world of marketing: Today, people send billions of feels “friendlier”. They can also help afraid to speak to them on a more best not to go overboard with them. emojis equal engagement. emojis every day across social media avoid conflict or misunderstandings, personal level. The key is to make It’s also important to have some Emails with an emoji in the subject and messaging platforms. For because they help convey a tone. Who sure that you are matching the right key select emojis that are on brand, line have better click-throughs, and generation Z, who have grown up in a doesn’t feel better about asking symbols and pictures to support your so be sure to avoid anything cryptic. social media posts with images get digitised world, emojis have always someone to do something when they content and tone. And check that your staff are sure of more responses. formed an integral part of their can add a smiley face? Plus, let’s be Of course, you need to apply some the meaning of every emoji they use Given this, why do some marketers written communication. fair, it’s also much quicker to respond general principles when using emojis — some emojis have rather still feel that these modern-day But businesses are always slower to a message with a thumbs up, — not to mention common sense. surprising adult connotations. hieroglyphics are a formality fail, than consumers — normally to their especially when you are on the move. To get started, it’s best to use them Lastly, remember that emojis can especially in a business setting? detriment. Words alone don’t cut it These icons really do have the in a real-time setting, whether that is complement and enrich a message — Emoji usage by businesses is still anymore, as they don’t reflect the power to break down barriers: by through chat, social media or on but they can’t replace it. relatively new. After all, they only hit language changes of customers. engaging with your target market in feedback buttons. Train your agents the mainstream in 2012 when Apple Emojis add a whole new layer to the way that they communicate, you and social media teams to sense the £ Lindsay Willott is chief executive of released iOS 6, and iPhone owners text, communicating emotion, tone, can truly humanise your brand and tone with customers — if the Customer Thermometer. CITYAM.COM THURSDAY 6 FEBRUARY 2020 LIFE&STYLE 21 TECHNOLOGY EDITED BY STEVE HOGARTY BEST FOR CHASING BOATS BEST FOR SECURITY MANTA5 £5,790, MANTA5.COM VANMOOF ELECTRIFIED S2 £3,198, VANMOOF.COM Not so much a bike accessory as it is a personal hydrofoil for traversing bodies of The Apple of ebikes, the VanMoof water, the Manta5 lets you cycle on lakes Electrified S2 is a feature-packed ride and oceans like some kind of Chris Hoy with a slew of security features built Jesus. What’s more, it’s an ebike, assisting right into the frame. The rear wheel you up to speeds of 12mph – roughly as locks when you walk away and, were a fast as you’d go on a regular bike on the determined tea-leaf to successfully road, and much, much faster than a make off with it, the bike will shriek like regular bike on the sea. No more standing a damsel in distress. Then, if all the on the coast staring wistfully at distant, screaming doesn’t deter the crim, the unreachable shorelines. company will dispatch a special crew of expert bike hunters to track down your stolen bike using GPS tracking. It also has a turbo boost button for accelerating away from the lights, or BEST FOR VANITY for ramping dramatically over a police roadblock during a climactic getaway. HOVDING AIRBAG HELMET Although the latter is not advisable. £249, HOVDING.COM

If you’ve got big hair, or simply enjoy feeling the wind on your scalp, you’ll want to swap out your regular helmet for a Hovding. This airbag is worn around the neck and deploys in fractions of a second if the on-board sensors detect a crash, rapidly enveloping your fragile skull in what appears to be a giant piece of popcorn or one of those bonnets babies wore in the 1920s. It’s disarmed when not in use too, so there’s no risk of it going off during a meeting.

BEST FOR LOCKING HIPLOK GOLD £85, HIPLOK.COM

If you’re the sort of cyclist who likes to feel like they’re in a cartoon gang in 1980s New York by wearing their chain around their waist and occasionally trying to defeat the Teenage Mutant Ninja Turtles, perhaps it’s time to upgrade to the Hiplok. It’s a bike chain that’s actually designed to be worn, BEST FOR LUNGS with an adjustable fastener that makes wearing your chain safe and easy, and one THE ATMOS thousand times less likely to cause you ON YOUR BIKE $350, AO-AIR.COM serious injury in a crash. Regular cycling masks make you look like a Mortal Kombat fighter. Instead, why not filter out London’s noxious fumes while looking Ready to get back on the road? Check out our pick like a knock-off Daft Punk? The Atmos was announced at CES in January and claims to of the year’s best (and strangest) cycling gadgets, be 50 times more effective than the leading pollution masks, utilising flowing air to waft from air filtration masks to personal airbags particulates away without sealing or covering up that beautiful mouth of yours.

BEST FOR TRAINS BEST FOR BRAKING BEST FOR VISIBILITY FURO X BERYL BURNER BRAKE REFLECT360 JACKET £1,799, FUROSYSTEMS.COM £40, BERYL.CC £90, PROVIZSPORTS.COM

The Furo X, from FuroSystems, As well as being fun to say out The Reflect360 jacket uses millions of tiny is a carbon fibre folding bike loud, the Beryl Burner Brake glass beads embedded throughout the with a powerful and discreet lights up when it detects that garment’s high-tech fabric to beam light BAFANG motor mounted in you’re slowing down, alerting back to where it came from. Thanks to the hub of the rear wheel. As other cyclists and road users to science and photons and what-have-you, soon as you begin pedalling, your abating velocity. An even the tiniest glimmer can light you up the electric motor kicks into accelerometer and some clever like a cycling Christmas tree, rendering you action and assists you up to coding lets it recognise the absolutely visible in even the most speeds of around 15mph. Five difference between deliberate crepuscular of winter evenings. Now you degrees of pedal assist adapt braking and coasting. The can shout “how did you not bloody see to how lazy you’re feeling on Beryl Burner Brake also me?” with more incredulity than ever. any given day, while functions as a waterproof rear the folding bike light too, with BEST FOR HEADS frame and a 200 lumen handlebars lamp that’s HEXR 3D PRINTED HELMET allow you to visible in £299, HEXR.COM take the bike on daylight. It’s trains and tube been developed Heads come in all shapes and sizes. carriages. You by the same Some are tiny and smooth, others large can even use the team who and lumpy, or very wide and pointy, so saddle to wheel invented the a one size fits all approach to helmets the folded up bike green LED makes no sense. Enter the Hexr helmet, around by hand. lights for the a 3D printed case that uses scanning Perfect for the Santander tech to construct a lid that will fit snugly partway commuter, Cycles, winning around the contours of your unique or for anyone who lives a couple of dome. A honeycomb structure, inspired in a tiny flat or up a design awards by the hard work of bees, makes it flight of stairs. along the way. especially strong too. 22 FEATURE THURSDAY 6 FEBRUARY 2020 CITYAM.COM OFFICE POLITICS Are 2021 diversity goals out of reach?

temporary solutions, but set a prece- FTSE boards need to step up and get dent for the long term. They need to prioritise ethnic diver- serious about ethnic representation sity to the same degree as any other commercial imperative, setting NE BY 21” was a target that targets to hold themselves to account seemed realistic in 2017. John and disclosing diversity metrics and However, three years on and Parker progress on a regular basis. it is less clear whether the and TRAIN YOUR There is also a key role for targeted ambition of having one eth- Arun BRAIN programmes to help high-performers Onic minority director on each FTSE 100 reach senior management and board board by next year is achievable. Batra Elevate level, and for leaders to make a real It is impossible to deny that there Free to download investment in the progression and has been movement in the last few development of black and minority years. Since 2017, 11 more FTSE 100 Elevate is the ethnic talent through sponsorship. firms have an ethnic minority director to increase up to 20 per cent by 2030. gym for your The Parker Review sets out clear on their board, and there have been This demographic change is taking mind. Featuring guidelines to help companies along strong signals of intent from those place not just in the UK but across the dozens of brain their diversity journey, and shows the that engaged with the 2020 Parker world. Ethnic diversity needs to be games, the app importance of head-hunters in high- Review, published yesterday. given the same level of focus that led is designed to lighting ethnic minority candidates But ultimately progress has been to increasing female representation improve for chair and chief executive roles. slower than hoped for, and there is on boards, which has seen real attention span, The recommendations are not a rad- still some way to go. progress in recent years. speaking skills, ical or exhaustive list, but outline sev- The need and case for change We know that this problem cannot The Parker few people within UK businesses are memory, maths eral key actions which can accelerate remains clear. A diverse board which be solved overnight. Changing mind- Review lays out prepared to do something about it. and more. change. They are forward-thinking reflects wider society will better sets within a business takes time. guidelines for Simply put, there is inertia. Featuring a and will encourage companies to care- understand the needs of its customer Organisations continue to underesti- big companies We need an approach which com- personalised fully consider their commitment to base and perform better. And greater mate the breadth and depth of the to get more bines several parallel activities. Those “workout” diversity. diversity of experience and back- available talent pool both in the UK ethnic minority include pressure from regulatory calendar, If we are to have any hope of meeting ground leads to better discussion and and globally, and the benefits they can employees on frameworks on reporting the makeup detailed results our “one by 21” target, the remaining challenge in a board. get from that talent. their boards of boards and diversity policies; lead- tracking, and all-white FTSE boards need to trans- Yet more than 30 FTSE 100 boards Moreover, many people continue to ership buy-in with a commitment to flexible difficulty, form intent into action. If they do still have no ethnic representation. struggle with discussing race in the investigate hidden talent in the busi- it is time to say that, they too will realise the benefits Looking across the FTSE 350, the fig- workplace, and subsequently misun- ness; and challenging legacy issues. hello to your of a diverse board. ures are even more stark; more than derstand the potential of ethnic Combined, these will be powerful in new personal 150 boards have no ethnic diversity. minority talent. improving a company’s diversity. trainer. £ Sir John Parker is chairman of the Around 14 per cent of the UK popula- We know that the pipeline of future Organisations need to make sure Parker Review. Arun Batra is a partner at tion is non-white, and this is expected leaders is far from full, and that too that any steps they take are not just EY and adviser to the review committee. CITYAM.COM THURSDAY 6 FEBRUARY 2020 SPORT 23 England are right to be building towards bigger things

NGLAND’S seven-wicket de- CRICKET Mark Wood and Jofra Archer absent in the first game. motivation and form, but when you feat by South Africa in the and Adil Rashid rested, two players Although Rashid is 31 and could get older other considerations begin first One-Day International COMMENT were given their ODI debuts in Cape play for a while longer, there is no to weigh a big heavier. on Tuesday caused a bit of a Town this week. harm in looking at other options, and England appear to be in a strong po- stir, but I don’t think there is Chris Tom Banton came into the middle now is a good time to do so. sition in the shorter formats at the anythingE to worry about. order, batting at No6 because of the Parkinson is only 23 so has moment. Their group looks With the Twenty20 World Cup ap- Tremlett lack of space at the top. Banton is used grown up in the T20 era settled and there is no rea- proaching later this year and improve- to opening the batting for Somerset, where you can expect son for changes. One day ment in the Test arena an ongoing but the 21-year-old will have to earn batsmen to attack you, Morgan will step aside priority, ODIs have understandably his chance to bat there, with the part- but there is increased taken a back seat for the time being. lar starters might be struggling for a nership of Jonny Bairstow and Jason scrutiny at the top level Tom Banton made 18 on England completed their goal by bit of motivation, while some of the Roy well established. as well, with people his ODI debut, batting at winning the 50-over World Cup in other players are inexperienced at in- Banton is a serious talent, who I picking apart every No6 against South Africa July and, with the next one not until ternational level. think could be even better than Roy in facet of your game. 2023, they seem to be using the cur- It was clear after the World Cup that the future, but he has been presented The other issue Eng- and I’m sure they will rent series in South Africa as a testing they had one eye on the future. Liam with a different challenge for now. Ul- land will have to think have a succession plan in ground. Captain Eoin Morgan has Plunkett, who was brilliant in the timately it is a good problem to have, about is who should suc- place when the time comes, spoken of starting the “next cycle”, tournament but will be 37 by the next as his presence keeps competition for ceed Morgan as white-ball cap- but now is a time to prepare for which makes sense, although in some World Cup, was left off the central places high. tain. The 33-year-old has led the side the next tournament on the horizon. ways creates a strange period of flux. contracts list in September. It was a Matt Parkinson also debuted on brilliantly and has said he wants to In that context a slow start to the harsh but realistic move for the long Tuesday. As a leg-spinner he appears stay in charge for the next two T20 Chris Tremlett is a former England and first ODI series since the World Cup term. With that in mind, and with to be competing against Adil Rashid, World Cups. Ultimately it will be a Surrey fast bowler and a director at Source was perhaps to be expected. The regu- the likes of Jos Buttler, Ben Stokes, who is in the squad but didn’t feature personal decision for him, based on Property Investments. @ChrisTremlett33

CONTINUED FROM BACK PAGE

“Bright is now showing the potential which most Premier League teams FOREST EYE END like. He’s got pace and power and he has now started to produce things on a regular basis so he’s got a great chance. “Ilias may take a little bit longer but he will get there as well because he has got a determination and TO 21-YEAR EXILE desire to play at the highest level. I really think all three have got the potential to do it.” Former European Forest bear similarities to Wolves, While fellow London clubs who won the Championship two sea- Arsenal, Tottenham and West Ham champions in the sons ago, in that they have a sizeable have moved into bigger, more Portuguese contingent and there are modern stadiums and neighbours running to return questions about the influence of Brentford will do later this year, super-agent Jorge Mendes. Along with Ferdinand admits that QPR have, to top flight, writes Carvalho, there is Tiago Silva pulling despite plans for a new training the strings in midfield, defensive duo ground at Warren Farm in Southall, Michael Searles Tobias Figueiredo and Yuri Ribeiro, as been left behind. well as Benfica loanee Alfa Semedo. “Yes, I think we have if you look at HIS weekend sees two once- But despite those additions, there is great clubs of English foot- a crop of English players at the heart ball go head to head as they of Forest’s promotion push. FUTURE IS BRIGHT, both look to take a step closer Joe Worrall, 22, has been an ever-pre- EBERE AND ILIAS to rising from the ashes. Both sent at the back for Lamouchi’s side, areT battling for the Championship’s who are much improved defensively automatic promotion places, with this term, conceding just 28 goals so EBERE EZE, 21 Leeds one point off the top in second far to 54 last season. A local lad, Wor- Twinkle-toed No10 is enjoying his place and Nottingham Forest, who rall has attracted interest from Pre- second term as a first-team regular they visit on Saturday, close behind in mier League clubs and, with his and has rewarded Rangers with 10 fourth. contract set to enter its final year this goals from 32 games. Linked with It is no shock to see Leeds up there summer, anything but promotion Spurs and Crystal Palace. given the club’s transformation since could see him leave. owner Andrea Radrizzani bought in Former midfielder Matty Cash, 22, BRIGHT OSAYI-SAMUEL, 22 three years ago and their flirtation has slotted in at right-back admirably Nigerian-born winger can play on with promotion last year under thanks to his work ethic and pace, either flank and is also growing in Marcelo Bielsa. keeping Carl Jenkinson out of the side influence for QPR. Has five goals, But Forest’s presence is more surpris- when the ex-Arsenal man has been fit. five assists and more minutes than ing given the turbulence they have en- Cash has contributed two goals and last season already this campaign. dured over the last decade, which has four assists, but it is fan favourite Joe seen more lows than highs. Lolley, 27, who has often stepped up ILIAS CHAIR, 22 They have had 19 managers since on the big occasions, including with a Belgian-Moroccan midfield all- 2009, including Martin O’Neill, Stuart vital winner against promotion rivals rounder has become an integral Pearce, Steve McClaren, Alex McLeish Brentford last month. part of Mark Warburton’s team and Aitor Karanka, none lasting more Sammy Ameobi, 27, has been a main- since impressing on loan at than 18 months. It makes sense, then, stay on the left of midfield since his Stevenage last season. that Frenchman Sabri Lamouchi – free transfer from Bolton, while Pre- only the club’s third boss from outside mier League stalwarts Michael Daw- the British Isles – was given a one-year son, 36, Ben Watson, 34, and Grabban, contract on arriving last summer. 30, have been integral too. The blend other clubs in the capital. We’ve had But in Lamouchi the two-time Euro- of experienced professionals from a plans in place for a while to build a pean champions finally look to have higher level and the exuberance of new training ground. Unfortunately found a coach with a strong footballing in 2017. It brought an end to the under- Carvalho, the third most expensive youth has made Forest a side who are the legislation has faltered. But the philosophy and the vision to get the whelming era of Fawaz Al Hasawi and Championship signing of all time, al- organised and energetic. intention is that we will have a new club back to its glory days – or at least has seen renewed investment. Forest though he has yet to live up to expecta- Lamouchi has drilled his players well training ground in the next couple to its Premier League days, which splashed out a club-record £13.5m in tions. The club also bought Lewis and made them difficult to beat – only of years. ended in 1999. 2018 on Portuguese midfielder Joao Grabban from Bournemouth for £6.1m West Brom have lost fewer matches – “The ground might take a little bit Forest have been in the Champi- and the forward’s 16 league goals have meaning they are often more than the longer because most of our onship for 12 years now, longer than propelled Forest up the table. sum of their parts. supporters want to stay in the any other current second-tier team, al- Number of To reduce their dependence on the When they walk out at the City Shepherd’s Bush area. though too often looking over their different team’s only out-and-out striker for the Ground this weekend, there will be lit- “The areas where you are able to shoulder rather than up the table. managers run-in, Forest added Strasbourg’s tle doubt which side has more talent. build a stadium is prime land and Despite the hokey-cokey of managers, Forest have Nuno de Costa, 28, for £1.8m in the But it is Forest’s renewed discipline, that does not come up very easily in the club’s fortunes appeared to turn had since 2009 January transfer window and also re- desire and team spirit that has taken W12. We’re looking and hoping. The the corner following the takeover by called Tyler Walker, 23, from his loan them this far. One final push and a re- ground will take a little bit longer Greek shipping magnate Evangelos 19 at Lincoln, where he scored 16 goals in turn to the Premier League could be but the training ground will be on Marinakis, who also owns Olympiacos, * 33 games for the League One side. on the horizon. its way in the next year or two.” 24 SPORT THURSDAY 6 FEBRUARY 2020 CITYAM.COM CHRIS TREMLETT England are right to prioritise the future SPORT over South Africa ODIs PAGE 23

SON SAVES THE DAY Late penalty sees Spurs past Saints and into FA Cup fifth round SPORT DIGEST CORONAVIRUS THREATENS THE CHINESE GRAND PRIX £ The Chinese Grand Prix could be cancelled after authorities in Shanghai recommended the suspension of all sporting events in the city due to coronavirus. The Shanghai Sports General Association urged event organisers to rethink their plans after the number of coronavirus cases in the country passed 24,300 and the death total rose to 490. The Chinese Grand Prix is scheduled to take place in Shanghai on 19 April. OVERSEAS PLAYERS COULD GO UP IN COUNTY GAME £ The Professional Cricketers Association has endorsed a move to increase the number of overseas players allowed in county cricket in order to nullify the possible negative effects of Brexit. Britain’s exit from the European Union will put the status of Kolpak players – those, often South African players, who are able to qualify as local ones if they quit international cricket – under threat. PCA chairman Daryl Mitchell says teams should be allowed to sign two overseas players to guard against talent drain and “maintain standards in the county game”. INJURED WATSON RULED OUT OF SCOTLAND GAME £ Anthony Watson has been ruled out of England’s Six Nations clash with Scotland on Saturday with a calf injury. Watson has suffered a recurrence of the problem which kept him from featuring in Sunday’s 24-17 defeat by France and, like Manu Tuilagi (groin), has returned to his club. Joe Launchbury could feature after replacing Charlie Ewels in the squad following a knee injury, while Mako Vunipola returns after an eye problem. Courtney Lawes has called on the experienced players to SON HEUNG-MIN scored a late penalty as Tottenham came from behind to beat Southampton 3-2 in their FA Cup fourth-round replay last night. Spurs were sloppy for much of spark improvement at Murrayfield. the game, but Son found the bottom corner from the spot in the 87th minute after being brought down by goalkeeper Angus Gunn to earn a home tie against Norwich in the fifth “We need to work on when things round. The hosts took the lead when Jack Stephens deflected Tanguy Ndombele’s shot into his own net, but Saints hit back through Shane Long’s rebound to make it 1-1 at half- aren’t going to plan,” he said. “That’s time. Danny Ings curled in from a fantastic counter-attack to give Southampton the lead before Lucas Moura shot low past Gunn to set up the dramatic conclusion. what New Zealand do so well.” LES: THE KIDS R ALRIGHT

“It’s about getting some stability and are in the Premier League, you try to Talented youngsters once we’ve got that stability in the compete so you end up buying players are helping QPR to Championship you can push on. Our that you think are going to keep you dream is to get back in the Premier there. Unfortunately that did not hap- rebuild, Ferdinand League before long. If you’re not think- QPR had a great pen for us and we’re having to build ing like that, you’re in the wrong busi- again.” tells Alessandro ness. reputation for Interest from Premier League clubs in “The owners of this football club have attacking trio Eze, Osayi-Samuel and Schiavone been fantastic. They lost loads of producing players Chair – all 22 or younger and the most money but they are still there and high-profile graduates of an under-23 ES FERDINAND harbours want to get back to where we used to and selling them. team that has produced 18 first-team dreams of leading QPR back be. We all know it’s going to take We lost that players – is testament that the club is into the Premier League but time but we think we have the moving in the right direction again. the club legend and current di- right manager in Mark Warbur- identity for a while Despite Championship survival being rector of football insists a new ton and hopefully we can push far from sealed – they lie 16th in the eraL of success in west London will not forward and bring in the right Rangers abandoned that ap- Championship and face Huddersfield be ushered in overnight. players that will make QPR suc- proach in favour of signing es- on Saturday – there is a sense that Fer- Ferdinand, who marked five years in cessful again.” tablished, big-name players, dinand is overseeing a new dawn in the role this week, believes the Cham- The R’s used to be known for but it backfired and in 2015 W12. pionship outfit’s return to a philoso- discovering future stars, the club suffered relegation “At the moment we’ve got some phy of developing talent such as Ebere whether through an academy from the top flight for the young players coming through the sys- Eze, Bright Osayi-Samuel and Ilias that nurtured Raheem Ster- second time in three years. tem which takes us back to what the Chair is, however, a step in the right di- ling or talent-spotting, as in “QPR had a great reputation values of QPR were in the past,” he said. rection. the case of Ferdinand, of producing players, buying “All the talk has been about Eze this “It’s been tough. We want to get back plucked from non-league them for very little and selling season and rightly so. He has played ab- to being a force again,” said the 53-year football. them big,” Ferdinand said. solutely fantastically well. old former England, Tottenham and During their most recent “We lost that identity for a while, Newcastle striker. spell in the Premier League, which is normal because when you £ CONTINUED ON PAGE 23