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BUSINESS WITH PERSONALITY FIGHTING TERROR PEDAL POWER THE BEST RORY STEWART’S NEW KIT FOR CYCLING IN PLAN TO KEEP THE LONDON AND BEYOND P21 STREETS SAFE P14 THURSDAY 6 FEBRUARY 2020 ISSUE 3,550 CITYAM.COM FREE 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.” FTSE 100▲7,482.48 +42.66 FTSE 250▲21,520.00 +80.07 DOW▲29,290.85 +483.22 NASDAQ▲9,508.68 +40.71 £/$▼1.300 -0.003 £/€▲1.181 +0.001 €/$▼ 1.101 -0.004 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.