BUSINESS WITH PERSONALITY

RELAX, DON’T DO IT THE TOUGH AT THE TOP WHICH BOSS IS MORE BENEFITS OF A HANDS-OFF IN NEED OF EUROPA APPROACH TO YOUR JOB P18 VICTORY? P26-27 WEDNESDAY 29 MAY 2019 ISSUE 3,380 CITYAM.COM FREE

IT’S A STEEL Over 80 possible EU DIGS IN buyers weighing up British giant HEELS OVER

OWENBREXIT BENNETT a consensus in parliament on DEALhow to However, foreign secretary Jeremy @owenjbennett proceed with Brexit. Hunt warned yesterday that pushing She said: “It’s a matter of great ahead with no deal would be EU LEADERS ruled out any renegotia- regret to me that I haven’t been able to “political suicide”. tion of the Brexit deal yesterday, as deliver Brexit but of course that mat- The role of the House of Commons Theresa May once again called for ter is now for my successor and they could be complicated further by MPs to compromise. will have to find a way of addressing speaker John Bercow, who yesterday Arriving for the outgoing PM’s final the very strongly-held views on both said it was “simply unimaginable” to summit in Brussels, numerous lead- sides of this issue... To do that and to believe parliament would not be ers made it clear to May the get a majority in parliament, as central to the Brexit debate. proposal which has been re- I said on Friday, will require Bercow, who had previously sug- jected by the UK parlia- compromise.” gested he would step down this sum- ment three times was The EU’s resistance to mer after 10 years as speaker, told the ALEX DANIEL to the firm’s financial information. the only deal on offer. Guardian he intended to stay on in @alexmdaniel British Steel’s failure has left 5,000 Outgoing European Juncker insisted there the role following a General Election. jobs hanging by a thread, mostly at Commission president will be no renegotiation Housing minister Kit Malthouse CIVIL servants are optimistic that the firm’s main steelworks in Jean-Claude Juncker over the UK’s departure yesterday became the latest name to British Steel’s furnaces will continue Scunthorpe. Around 20,000 more summed up the mood, join the leadership race, while James to fire beyond the next few weeks, as people’s jobs also rely heavily on the telling reporters he is Cleverly, another former London As- it was revealed more than 80 company, which is Britain’s second- “crystal clear – there will reopening negotiations sembly member elected to parlia- potential bidders have been in touch biggest steel maker behind Tata. be no renegotiation”. increases the possibility of a ment in 2015, is expected to about buying the stricken industrial Speculation has since emerged that Other leaders echoed his no-deal Brexit. announce his candidacy today. giant out of insolvency. potential buyers could include Liberty defiant stance, with Spain’s Prime Many of the 10 candidates vying to Former London mayor Boris John- The official receiver David Steel, private equity fund Endless and Minister Pedro Sanchez saying: “There succeed May as Prime Minister – in- son is still perceived as the favourite Chapman, who took control of the Indian steel firm JSW. is no other option than the agreement cluding Boris Johnson, Esther McVey to win the contest, which the Conser- firm last week after bailout talks fell Chapman yesterday hailed the we reached.” and Andrea Leadsom – have vatives hope to conclude before the through, said 60 parties have been “good progress”, adding that As the summit got underway, May indicated they would be willing leave end of July. sent non-disclosure agreements, expressions of interest in a deal are warned that whoever succeeded her the EU without a deal when the cur- meaning they have been given access due by early June. in Downing Street would need to find rent extension ends on 31 October. £ TORY TROUBLES: FORUM, P16

FTSE 100 ▼ 7,268.95 -8.78 FTSE 250 ▲ 19,204.93 +77.67 DOW ▼ 25,347.77 -237.92 NASDAQ ▼ 7,607.35 -29.66 £/$ ▼ 1.266 -0.002 £/€ 1.133 unc. €/$ ▼ 1.117 -0.002

SEE PAGE 20 FOR OUR PARTNER SPOTLIGHT 02 NEWS WEDNESDAY 29 MAY 2019 CITYAM.COM

EXPENSIVE TASTES Documents lift the lid on lavish £16m Harrods spending spree by wife of jailed Azerbaijani banker THE CITY VIEW The West is wrong to turn on globalisation

NE OF the many bizarre political twists of recent years has seen conservative leaders and voters take a less Ofavourable approach to globalisation and free markets than some of their left-leaning rivals, a phenomenon observed particularly, but not exclusively, in the US. Globally, we now have a situation in which America’s political leaders and voters are significantly more pessimistic about globalisation than their counterparts in China – an eventuality that would have seemed incredible during the Reagan era. A recent worldwide survey asked more than a thousand economists to what extent they agreed with this statement: “Globalisation has reached the limits of its acceptance among the wider population of my country.” In China, just 7.7 per cent THE DIZZYING £16m Harrods shopping bill racked up by Zamira Hajiyeva, the wife of a jailed Azerbaijani agreed. In the US the figure was 70.4 per cent. banker, has been revealed. Hajiyeva, who is fighting one of the National Crime Agency’s first unexplained wealth orders, spent the money over 10 years on jewellery, toys and Godiva chocolate, among other The data, published yesterday by the Ifo Institute, gives a things. She is married to banker Jahangir Hajiyev, who was jailed for 15 years in 2016 for embezzlement. fascinating snapshot of attitudes towards globalisation. Overall, wealthy industrial nations are far more likely to take a dim view of globalisation compared to people in poorer parts of the world. There are some exceptions, however. Scandinavia, so often misdescribed as a hotbed of socialism, has the most positive attitudes towards globalisation in Europe. Anti- globalisation sentiment in Sweden is just 7.1 per cent, and 27.3 Equality body will probe per cent in Norway. In the UK, it is 67.5 per cent. In France, 85.2 per cent. The survey also contrasts perceived economic problems in advanced economies with those in emerging and developing states. History shows that growth has been greater in countries antisemitism in Labour with a strong rule of law, enforceable property rights, OWEN BENNETT accountable government and relatively low barriers to party does not handle antisemitism right place on Brexit, not least thanks AND JOE CURTIS complaints fairly and robustly, or that to tactical voting by party members, entrepreneurship, trade and foreign investment. It is thus sad, @owenjbennett @joe_r_curtis the party has acted unlawfully, and including MPs, councillors and peers but unsurprising, that economists in less wealthy areas are still we will continue to cooperate fully who back [a second referendum]”. more concerned with corruption (74.5 per cent vs 28.6 per cent THE EQUALITY and Human Rights with the EHRC.” A Labour spokesperson said: “Sup- Commission (EHRC) has launched a Meanwhile, Tony Blair’s former spin port for another political party or can- in advanced economies), “legal and administrative barriers for formal probe into claims of anti- doctor Alastair Campbell was kicked didate is incompatible with party business” (64.7 per cent vs 36.4 per cent), unforgivable climates semitism within Jeremy Corbyn’s out of the Labour party yesterday membership.” for foreign investors (55.4 per cent vs 28.1 per cent) and, Labour party. after voting for the Liberal Democrats Campbell said legal representation indeed, trade barriers to exports (49.4 per cent vs 34.3 per cent). The investigation will seek to estab- in last week’s European elections. advised him that he had sufficient lish whether Labour has discrimi- Campbell, who helped mastermind grounds to appeal the decision. In the west we are extremely lucky to have enjoyed the benefits nated against, harassed or victimised Labour’s 1997 general election land- He served as former Prime Minister of free trade. While it is a shame that these advantages are now anybody because they are Jewish. slide victory, revealed on Sunday he and Labour leader Tony Blair’s chief being taken for granted, it is also heartening to see people in The commission launched the probe voted for the Lib Dems as he sup- spokesman from 1994 to 2003 – over- after “receiving a number of com- ported the party’s anti-Brexit stance. seeing two general election victories. poorer countries adopt a more positive attitude towards the plaints about allegations of anti- He took to Twitter to confirm he had Since the 2016 EU referendum, he opportunities that stem from an open approach to the world. semitism” within the party. now been expelled from Labour, has been a prominent campaigner for It said the Labour party has vowed to although he pledged to appeal against another public ballot on Brexit – “cooperate fully” with the investiga- the decision. dubbed a People’s Vote – a policy tion. A report of the body’s findings Campbell said he was “sad and dis- which Labour has yet to embrace. will follow the probe, potentially in- appointed” to receive an email Corbyn is said to be preparing to cluding recommendations. expelling him from the party, “partic- come out in favour of a second refer- A Labour party spokesperson said: ularly on a day [that its] leadership endum within the next few days, the Follow us on Twitter @cityam “We reject any suggestion that the finally seems to be moving to the Mirror reported late last night.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL HANCOCK ATTACKS BORIS WHAT THE TRADE WAR WITH CHINA QUORN BOOSTED BY GREGGS MACKENZIE BEZOS TO GIVE ‘F**K BUSINESS’ COMMENT OTHER DRIVES STUDENTS TO UK VEGAN SAUSAGE ROLL AWAY HALF HER WEALTH Matt Hancock has lambasted Chinese students are shunning US The Greggs vegan sausage roll MacKenzie Bezos is to donate at least Conservative leadership rival Boris PAPERS SAY universities in favour of British continued to boost meat-free brand half of her wealth to charity after her Johnson for his anti-business stance, institutions as a trade war between Quorn as sales surged seven per cent to divorce from husband Jeff. Bezos has arguing that the party should repair THIS Washington and Beijing escalates and £220m last year. Greggs said the vegan signed the Giving Pledge, which asks relations with corporate Britain, which the US clamps down on visa version mirrored some of the sausage the world’s richest people to give half has felt shunned by the May MORNING requirements. EIC Education, found the roll’s “classic features”, including 96 their money to charity, the philanthropy government. In a wide-ranging UK has become the most sought-after layers of puff pastry, wrapped around a group said yesterday. interview, the health secretary and destination for Chinese students. “bespoke” Quorn filling. leadership candidate set out his WORKDAY INCREASES proposals to revitalise the economy, MERKEL: POLICE HAVE A ENERGY AUCTIONS TO DRIVE SUBSCRIPTION OUTLOOK break the Brexit stalemate and rebuild DUTY TO PROTECT JEWS DOWN WIND FARM COSTS Workday reported stronger revenue in relations with businesses. Every Jewish institution in Germany The cost to bill payers of supporting its latest quarter as it benefitted from debt, following another ratings requires police protection amid a surge new offshore wind farms could shrink to new and existing customers spending FRENCH RETAILER SCRAPS downgrade for the French retailer. Last in antisemitic violence, Angela Merkel zero after a new subsidy auction to be on its human-resources software. The DIVIDEND TO CUT DEBT week parent company Rallye sought has said. The Chancellor warned fought this week. Major energy firms are company said revenue grew 33 per cent Casino has decided not to pay an court protection to freeze its debts for yesterday “dark forces” were on the rise expected to drive the price of state to $825.1m (£652m) in its fiscal first interim dividend in 2019 in a bid to cut up to 18 months and restructure. in Germany and Europe. support contracts to record lows. quarter from a year earlier. CITYAM.COM WEDNESDAY 29 MAY 2019 NEWS 03 Boots’ US owner P&O Ferries sues government for £33m over Eurotunnel settlement ALEXANDRA ROGERS no-deal Brexit ferry contracts to BBC, P&O claimed the sum “was not, mulls over 200 three firms, including Seaborne and could not be, a genuine estimate @city_amrogers Freight which had no ships. of Eurotunnel’s alleged losses”, P&O FERRIES is suing the Eurotunnel launched legal action adding that such an agreement government for £33m over its after it complained that the “could only lawfully have been decision to settle a challenge against procurement process for the entered into following a duly its no-deal Brexit ferry contracts. contracts, which also went to advertised and competitive tender store closures P&O wants the government to Brittany Ferries and DFDS, had been process”. cancel the £33m it paid out to rival “secretive”. The government later A DfT spokesperson said: “We are SEB MCCARTHY rently do not have a major pro- operator Eurotunnel, which cancelled all of the no-deal ferry confident we acted appropriately in gramme envisaged, but as you’d challenged the Department for contracts. reaching the agreement with @SebMcCarthy expect we always review underper- Transport’s (DfT) decision to award In court documents seen by the Eurotunnel.” BOOTS, Britain’s largest chain of forming stores and seek out opportu- chemists, looks set to become the nities for consolidation.” latest victim of high street turmoil as As part of its drive to save money, its US owner eyes several hundred Boots told employees in February that store closures. it planned to cut up to 350 jobs Walgreens Boots Alliance from the company’s head (WBA), the retailer’s US office in Nottingham. parent, is said to be look- Last month, WBA an- ing at bringing down nounced it was under- the shutters on more than 200 of its 2,485 Boots has 2,485 stores Boots outlets across the in the UK and over UK over the next two 56,000 employees years, Sky News re- ported yesterday. taking a review of its A significant number of Boots estate, with the busi- stores at the retail group ness “focusing on low-per- could be axed under the Ameri- forming stores”. can owner’s major restructuring Competition from online rivals has plans, less than a month after the hit sales at Boots, with revenue tum- firm’s latest accounts showed that bling 2.3 per cent to £6.8bn. WBA said profits at Boots UK stores had plunged it had suffered its “most difficult 18.3 per cent last year. quarter” vowing to take “decisive A Boots spokesperson said: “We cur- steps to reduce costs in the UK”.

GOING OUT OF FASHION Select launches fresh bid to rescue business

ADMINISTRATORS at Select have launched proposals for a controversial insolvency process as the troubled women’s fashion group battles to stay in business. Creditors are set to decide whether or not to trigger a company voluntary arrangement (CVA) on 11 June, with administrators warning that a vote against a CVA would mean the company could stop trading.

Vegan firm Beyond Meat sizzles as investors hunger for more ELLIOT KIME include the construction of a new manufacturing facility in VEGAN burger startup Beyond Meat’s Zoeterwoude, the Netherlands. share price jumped eight per cent The company hopes that its first yesterday after the firm said it was facility outside the US will help preparing to cater directly to reduce the brand’s transportation European customers by opening a impact and help reach European production site in the Netherlands. clients more efficiently. However, concerns that such an “The consumer response in Europe expansion might be too much, too has been very positive,” said chief soon have left investors divided. executive Seth Goldman. Beyond Meat, a leader in plant- “We are pleased to have strong based substitutes, said that its strategic partners in Europe like partnership with Zandbergen Zandbergen to help us grow our World’s Finest Meat will expand to global footprint.”

CITYAM.COM WEDNESDAY 29 MAY 2019 NEWS 05 Lender Amigo hails soaring profit JOE CURTIS The firm has previously warned that Brexit uncertainty could dent its loan AMIGO @joe_r_curtis 250 book growth, and it said yesterday it P LENDER Amigo said earnings grew will “continue to monitor the poten- 240 almost 70 per cent to £111m in its tial effects” of the UK’s departure from 230 234 latest financial year, amid the threat the EU. 28 May of a regulatory crackdown on the Chairman Stephan Wilcke said the 220 guarantor loan market. company’s float last summer It set out strong growth figures in its “fuelled some urban myths about us 210 maiden results since its initial public and our customers” in the guarantor 200 offering in June 2018, which valued loans space, which is facing a regula- the business at £1.3bn. tory crackdown. 21 May 22 May 23 May 24 May 28 May Loan companies are facing regulatory pressure from the City watchdog

IN BRIEF M&G REJECTS HOSTILE Employers hire TAKEOVER OF PROVIDENT M&G Investments has announced that it will reject a hostile takeover of Provident Financial by rival sub- in May despite prime lender Non-Standard Finance. The investment firm, which owns 1.7 per cent of Provident’s Brexit impasse stock, has joined Schroders and Coltrane in confirming it will refuse HARRY ROBERTSON to back the deal. Shareholders of around 20.2 per cent of Provident @henrygrobertson shares have said they do not intend EMPLOYERS’ confidence in the UK to accept the bid. However, NSF economy in May stayed close to the lowered the level of acceptances it record low recorded in April, a survey needed to push forward with its has shown, as the Brexit deadlock takeover plans from 90 per cent to continues to weigh on sentiment. 50 per cent. Confidence among bosses in making hiring and investment FLYBE BOSS TO STAND decisions also stayed near the record DOWN AFTER SALE low level seen last month, the latest The boss of Flybe has announced jobs outlook report from the she will step down in mid-July Recruitment and Employment following the sale of the ailing airline Confederation (REC) showed today. to a consortium led by Virgin. However, employers’ hiring Christine Ourmieres-Widener will intentions remained stronger in May stand down as chief executive on 15 than confidence levels would July following Flybe’s sale to suggest, with more saying they were Connect Airways, which is led by looking to hire permanent staff than Virgin Atlantic, Stobart Air and a year earlier. hedge fund Cyrus Capital. The The mixed figures add to a picture struggling airline completed the sale of the UK economy being pulled in of its assets and operations to different directions. While depleted Connect Airways back in February business confidence has seen for £2.8m. Flybe said it hopes to investment and trade fall, announce Ourmieres-Widener's employment rates are at record replacement before 15 July to highs and wages are rising. ensure a “smooth handover”. In May, far more bosses said they were not confident in the economy NETFLIX SPEAKS OUT ON than said they were, taking the GEORGIA ABORTION BAN percentage balance to minus 29, up Netflix yesterday pledged to work only slightly from the record low of with activist organisations and minus 31 recorded in April. politicians to fight the US state of Yet the balance of those looking to Georgia’s anti-abortion legislation. hire permanent staff compared to The streaming giant’s chief content those not looking rose one point to a officer Ted Sarandos told Variety the score of 18. firm has many female employees in Nearly half of the employers Georgia, which is a major hub for surveyed by the REC said they were television and film production. “It’s seeing shortages of candidates for why we will work with the American permanent jobs in engineering and Civil Liberties Union and others to health and social care. fight it in court,” said Sarandos. Neil Carberry, chief executive of “Given the legislation has not yet the REC, called on the government to been implemented, we’ll continue scrap the policy that bans non-UK to film there while also supporting immigrants receiving visas unless partners and artists who choose not they have a job lined up that pays to. Should it ever come into effect, over £30,000. we’d rethink our entire investment Carberry said ending the visa in Georgia.” The law bans abortions policy would “be a big first step” after a fetal heartbeat can be towards “protecting key sectors detected, which can be as early as including the NHS”. six weeks into pregnancy. Galliford rises after Bovis reveals rejection SEBASTIAN MCCARTHY up the FTSE 250 construction giant’s Galliford Try UK listed construction home building arm was rebuffed. focused group had a viable capital @SebMcCarthy Bovis said that the two firms were structure,” Bovis said in a statement. HOME builder Bovis revealed “no longer in discussions” following Under the proposals, which yesterday that talks for a £950m the rejected bid, which Galliford said comprised Bovis offering Galliford merger deal with Galliford Try’s it did not believe accurately reflected shareholders £950m in shares for its housing business collapsed after its the value of the businesses. Linden Homes and Partnerships & all-share offer was rejected. “Galliford Try did not believe that Regeneration businesses, Galliford Galliford’s shares closed up 3.62 the proposal fully reflected the value would have remained an per cent yesterday after Bovis of the housing businesses and the independent UK-listed company Galliford Try said the offer did not reflect its believed valuation confirmed that its proposal to snap need to ensure that the remaining focused on construction. The world demands The world demands more energy. less carbon.

06 NEWS WEDNESDAY 29 MAY 2019 CITYAM.COM Shopping price Goals will miss inflation gained pace in May its targets after SEBASTIAN MCCARTHY

SHOP inflation edged up this month, as rising costs from wages, taxes and political uncertainty drove non-food retailers to push up accounts error their prices during May. Following years of deep SEBASTIAN MCCARTHY suspension in shares as “historical discounts, goods in sectors such as @SebMcCarthy accounting errors” meant it could not furniture and beauty have be clear on its exact financial position. recorded a jump in year-on-year FIVE-A-SIDE football venue operator The board also revealed it does not prices to May 2019, according to a Goals has warned that its 2018 and expect trading to resume until it has index carried out by Nielsen and 2019 performances will likely be clarity on the financial position of the the British Retail Consortium and significantly weaker than previously company – specifically any potential published yesterday. expected in the wake of a major liability associated with the firm’s Ashley’s business empire has had a tough year amid high-street turmoil Non-food prices increased in May accountancy error. misdeclaration of VAT – and the audit by 0.2 per cent compared to April, The embattled firm, which sus- of the 2018 financial results is com- when prices decreased 0.6 per cent, pended its shares in March, said yes- pleted and published. Sports Direct headquarters sold marking the second month of non- terday it is forecasting both its 2018 Earlier this month, the company food inflation in 2019, in contrast and 2019 financial was dealt a further blow when its to the past six years of deflation. results to be “materially below expec- chief executive decided to step down, Meanwhile, food inflation, while tations and historically-reported departing just a little over a year after to Malaysian fund for £120m remaining above the 12-month financial performance”. he joined. average, continued to slow down. In a trading update, the group Andy Anson, who has been in the SEBASTIAN MCCARTHY a 15-year lease, said yesterday that it Mike Watkins, head of retailer added it may not be in a position to role for a year, is set to leave the group @SebMcCarthy has sold its logistics centre to Kwasa and business insight at Nielsen, complete its full-year 2018 audit by in six months to take on the role of Logix Sportivo. said: “Inflation has returned to non the 30 June deadline. chief executive at the British Olympic MIKE Ashley’s Sports Direct has The location, in Shirebrook, food but consumers remain Goals, which operates about 50 foot- Association. confirmed the freehold sale of its Derbyshire, was at the centre of a cautious and there is intense ball sites in the UK and the US, admit- Goals also confirmed yesterday it headquarters to a Malaysian pension scandal over working practices at competition on the high street.” ted in March there had been a “a remains in active dialogue with fund for £120m in cash. Sports Direct in 2016, when MPs He added: “Price discounting substantial misdeclaration of VAT” to- HMRC in establishing a timetable for The sportswear retailer, which will concluded that Ashley’s firm had could quickly return if demand talling roughly £12m, prompting a resolving any misdeclaration. continue to occupy the building on run like a “Victorian workhouse”. weakens.” Can the world We see possibilities have both? everywhere. From renewable energy and cleaner-burning natural gas to advanced fuels and new low carbon businesses, BP is working to make energy cleaner and better.

Natural gas burns 50% cleaner than coal in power generation.

CITYAM.COM WEDNESDAY 29 MAY 2019 NEWS 07

I WAS WRONG Bercow admits ‘mistake’ in allowing China’s Xi to address parliament Italy could face Ramsay empire €3bn fine over high debt level returns to profit HARRY ROBERTSON @henrygrobertson THE EUROPEAN Union could slap Italy with a €3bn (£2.7bn) fine for breaking the bloc’s rules on public despite slump debt, the country’s deputy prime minister said yesterday. JESS CLARK came a household name through pro- Matteo Salvini said he expected a grammes such as Hell’s Kitchen and fine to soon arrive from the EU @jclarkjourno Ramsay’s Kitchen Nightmares, also over Italy’s high government debt, CELEBRITY chef Gordon Ramsay’s outlined plans to expand “bottomless COMMONS speaker John Bercow yesterday said in Washington it was wrong to let which has been compounded by a restaurant empire has returned to pizza” brand Street Pizza outside Lon- Chinese President Xi Jinping, who has been condemned for human rights abuses, stagnating economy. profit despite challenging conditions don this year. address parliament in 2015. “Was it necessarily the right decision? No.” he said. “Let’s see if we get this letter in the casual dining sector. The company will launch a new ven- where they give us a fine for debt Ramsay’s company made a pre-tax ture named Lucky Cat next month, accumulated over the past and tell profit of £500,000 in the year to which will replace the Maze restau- us to pay €3bn,” he told an August 2018, after reporting a rant in the London Marriott Hotel interviewer on Europe’s RTL radio. £3.8m loss in 2017 due to legal in Grosvenor Square, and has taken Salvini’s right-wing League party costs and the closure of its 3,000 reservations since 23 May. EU heads gather in Brussels to triumphed in last week’s European Plane Food branch at Heathrow “Guests do not just expect a good elections, with the results showing after just five months. plate of food, we are relentless the party had received 34 per cent The group weathered tough with our food quality, that is a mull candidates for top jobs of the vote in Italy. conditions in the restaurant given,” Ramsay told the Press The resounding result teed up industry, which last week Association. ALEXANDRA ROGERS German politician Manfred Weber another spat between Rome and saw the collapse of rival “Our guests want to join has been seen as the favourite to Brussels. An emboldened Salvini TV chef Jamie Oliver’s us for all occasions, be it @city_amrogers succeed Juncker and has the backing has already signalled he will take business in order to social or business, and EU LEADERS met in Brussels of Chancellor Angela Merkel. on the EU over the issue of deficits. post a 4.3 per cent rise then relax in a great envi- yesterday to mull potential However, French President Last week, Salvini said the EU in sales to £53.6m, ronment,” he added. candidates for the organisation’s top Emmanuel Macron has thrown his should change its rules to allow the Press Association jobs, including the new head of the weight behind the likes of EU taxes to be lowered in Italy without first reported. Ramsay rose to fame for Commission, a role currently held by competition head Margrethe Vestager overshooting the bloc’s three per Ramsay, who be- his TV appearances Jean-Claude Junker. and Brexit negotiator Michel Barnier. cent of GDP deficit limit. THE INSIDE TRACK IS FASTER CITYAM.COM WEDNESDAY 29 MAY 2019 NEWS 09 GIRL POWER Gender equality fund beats Almost half of Approvals of UK FTSE 350 in its first year since launching LEGAL & General firms victims of Investment Management’s (LGIM) gender financial crime equality fund, mortgages hit which invests in JAMES BOOTH companies with greater gender @Jamesdbooth1 diversity, beat the NEARLY half of companies were FTSE 350 in its victims of financial crime in the first year. LGIM last 12 months, according to a two-year high head of personal survey published today. investing Dame Of those who had been a victim HARRY ROBERTSON Howard Archer, chief economic Helena Morrissey of financial crime in the previous advisor to the EY Item Club, said: said companies year, 20 per cent had been victims @henrygrobertson “Housing market activity may well are realising the of fraud, 20 per cent victims of THE NUMBER of mortgage approvals have got at least some temporary sup- issue is “not going cyber crime, 19 per cent victims of for house purchases in the UK port from the avoidance of a disrup- to go away”. theft, 16 per cent victims of bribery reached a two-year high in April, re- tive Brexit at the end of March.” and corruption and 14 per cent search showed yesterday, suggesting “Improved consumer purchasing victims of money laundering. the country’s housing market may be power and robust employment The survey was commissioned by recovering from a recent slowdown. growth” may have helped, he added. financial markets data and UK banks approved 42,989 mort- The number of loans approved by infrastructure company Refinitiv gages in April, the highest figure high street banks for remortgaging and interviewed 2,373 senior since February 2017 on a seasonally- rose £3bn in April compared to a year Airtel Africa dials up plans for managers at organisations with adjusted basis, and up from 38,554 a earlier, as homeowners continued to average annual turnover of $17.4bn year earlier, according to figures from take advantage of record-low interest (£13.7bn). data firm UK Finance. rates. City float that could raise $1bn The report estimated the total The value of loans approved for In another bright sign for the sector, revenue lost to financial crime by house purchases by high street banks figures released today by the Interme- JAMES BOOTH that could value the business at the companies surveyed was $1.45 in April rose £1.3bn year-on-year, com- diary Mortgage Lenders Association around $5bn. trillion, equivalent to 3.5 per cent pared to a rise of £580m year-on-year (IMLA) showed that, in the first quar- @Jamesdbooth1 Airtel has a presence in 14 of total annual turnover. in March. ter, mortgage applications were con- AFRICA’s second-largest mobile countries in Africa, serving 98.9m Phil Cotter of Refinitiv said: Britain’s housing market has experi- verted into offers at the highest rate operator, Airtel Africa, yesterday said subscribers and 14.2m mobile money "Organisations are paying a heavy enced a Brexit-induced slowdown in in three years. it is considering a London listing to customers as of 31 March. financial cost, collectively spending recent months as customers put off Kate Davies, executive director of cut its debt. It has appointed Goldman Sachs, billions trying to prevent financial big purchases due to political uncer- IMLA, said the mortgage industry was The telecoms group, which is Standard Bank, JP Morgan, Citi, BofA crime, yet they are seeing ever tainty, despite consumer spending in “keeping calm and getting on” with owned by Bharti Airtel of India, could Merrill Lynch, Barclays, HSBC, BNP greater amounts disappear from other areas remaining resilient. business at an uncertain time. raise up to $1bn (£790m) in a float Paribas and Absa as advisers. their businesses.” 10 NEWS WEDNESDAY 29 MAY 2019 CITYAM.COM

ALL ABOARD Scottish double decker bus Lonmin owners pass bid to create maker sold to Canadian firm for £320m world’s largest platinum producer AUGUST GRAHAM The all-share deal gives Lonmin cision by regulators to allow the deal shareholders a 10.9 per cent stake in to go ahead. The union said it was try- @AugustGraham 6.60% the new Sibanye group. The vote came ing to save jobs at the struggling SHAREHOLDERS in Lonmin after Sibanye investors had approved miner, which has been cutting thou- yesterday clubbed through a the deal, with more than 99 per cent sands of staff to slash costs. takeover bid from Sibanye-Stillwater, of shares voting in favour. The struggles at Lonmin helped push which will create the world’s largest The votes are the second and third down the price in new shares that producer of platinum. hurdles that the deal has crossed this Sibanye would have to pay. The initial Investors owning nearly 99 per cent month, after a judge earlier found deal, announced in December 2017, of the stock in Lonmin voted for the against Lonmin’s bigger union. was at around £285m in shares. £226m deal, which was £60m lower The Association of Mineworkers and Shares in Lonmin closed up 6.6 per than the original proposal. Construction Union had appealed a de- cent, while Sibanye rose 10.3 per cent.

o ALEXANDER Dennis, one of Scotland’s largest manufacturers, has been sold to Canadian firm NFI Group in a £320m deal. The Falkirk-based company made the red London bus which featured in the 2008 Olympic Games closing ceremony. NMC raises its guidance after Saudi fund deal TIME GIVEN, PEOPLE SUPPORTED ELLIOTT KIME cent of the venture, while Gosi’s stake will total 47 per cent. NMC HEALTHCARE’s share price rose The formation of the new company more than seven per cent yesterday follows a preliminary agreement in after the Abu Dhabi-based company October that included plans to invest REGISTER NOW raised its full-year guidance on the up to 6bn (£1.3bn) riyals in the king- back of a partnership with Saudi dom’s healthcare facilities by 2024. 24 SEPT Arabia’s state-run pension fund. Shares in NMC Healthcare rose 7.5 The private hospital and care per cent in London. But the group, AND JOIN US provider said it expects sales of be- which was the first of its kind from 2019 tween $2.50bn (£1.97bn) and $2.54bn, Abu Dhabi to list on the London Stock higher than its previous upper target Exchange in April 2012, has recorded of $2.46bn set in October. a share price drop of 3.7 per cent since Projected earnings before interest, the beginning of the year, and has Join the Lord Mayor and the [email protected] tax, depreciation and amortisation fallen more than 28 per cent since rest of the City to showcase the lordmayorsappeal.org/cgd (Ebitda) have also risen, and are now May 2018. fantastic charity and community set to come in between $575m and @LMAppeal #CGD #peoplematter $585m, compared with the $566m- NMC work that businesses across the $576m range originally projected. 2,650 The FTSE 100-listed company has P City support throughout the year. finalised a joint venture agreement 2,600 2,620 with Hassana Investment Company, 2,550 28 May the investment arm of Saudi Arabia’s state-run pension fund, the General 2,500 Organization for Social Insurance Latest 25 companies to register 2,450 (Gosi), which also made an additional $66m cash injection in the joint ven- 2,400 Acuris eSecLending ture, called NMC KSA. Apttus EMEA Hermes Investment NMC Healthcare will control 53 per 21 May 22 May 23 May 24 May 28 May Black Swan Capital Jenner & Block LLP Bracewell LLP KL Discovery Bupa Lime Street & Cornhill Ward Club C H Hoare & Co Momenta Top bosses targeted by phishing Castle Trust Orrick Herrington & Sutcliffe LLP Centrus RSM UK Chartered Insurance Institute (CII) Shook, Hardy & Bacon International LLP attacks as email threats increase Cheapside Business Alliance SimCorp Ltd JAMES WARRINGTON In some cases, attackers even Chubb Tesco PLC mimicked the chief executive’s email @j_a_warrington address to trick other staff members. Clyde & Co The Weavers’ Company ALMOST two-fifths of global It comes amid a rising threat from Druces LLP executives have fallen victim to an phishing attacks, with 94 per cent of email-based cyber attack over the last firms admitting they had received year as hackers target top brasses, malicious emails over the last year. REGISTER NOW FOR YOUR OPPORTUNITY TO APPEAR new data has revealed. “With fraudulent emails ON OUR NEXT ROLL OF HONOUR! Research by cybersecurity firm increasingly difficult to spot, and the Mimecast revealed 38 per cent of legal fines associated with data loss company bosses and other executives potentially crippling for many CELEBRATING VOLUNTEERING AND have experienced email-based organisations, the risk factor is PHILANTHROPY IN THE CITY spoofing, where criminals disguise extremely high,” Mimecast vice themselves as trusted contacts in a president of threat intelligence bid to gain access to sensitive data. Joshua Douglas told City A.M. CITYAM.COM WEDNESDAY 29 MAY 2019 NEWS 11

GREASE LIGHTNING Freebike to launch electric bike-sharing scheme in the City Mid-sized firms UK gloom drags ELECTRIC bike firm top up turnover Freebike is set to launch a bike-service growth abroad in the Square down economic Mile. The ALEX DANIEL pedal-assist electric bikes @alexmdaniel will allow MEDIUM-sized companies are workers to boosting Britain’s revenue growth travel around overseas, driving international sentiment in EU the City, with turnover up 63 per cent in the last a pause five years, according to research. HARRY ROBERTSON Britain registered a sentiment score facility New data has revealed that the of 94.5 in May, below the long term av- enabling increase, from £96bn to £157bn, @henrygrobertson erage and 4.8 points lower than users to exceeds that of FTSE 350 firms, ECONOMIC sentiment in the UK fell April’s figure. pause the whose overseas turnover has fallen dramatically in May as confidence in Confidence fell in each one of rental during 15 per cent in the same period. the industrial sector hit its lowest Britain’s industry, services, consumer, meetings. Mid-sized businesses based in level in 11 months, according to data retail trade and construction sectors London were the best-performing from the European Commission. as uncertainty over the country’s in the country for foreign revenue British gloom held down sentiment final relationship with the EU contin- growth, recording an increase of 80 in the European Union as a whole, ued to loom large. per cent from £28bn to £50bn. The with the Commission’s economic Things were different in the Euro- south west and the west midlands sentiment indicator remaining zone, where industry confidence saw Facebook-backer Index leads grew overseas turnover by 69 per broadly stable in May at 103.8, it was the first solid improvement in 13 cent and 66 per cent respectively, revealed yesterday. A score of over 100 months, with managers expecting a said accountancy firm BDO. is above the long-term average. considerable rise in production fol- $4m round for legal startup BDO managing partner Paul The Eurozone’s score of 105.1 in May lowing a tough few months. Eagland said: “It is great to see the marked the first improvement in sen- Andrew Kenningham, chief Europe EMILY NICOLLE of Facebook, Just Eat and Slack in its UK’s economic engine excelling timent for the currency area in 11 economist at Capital Economics, portfolio. both in terms of overseas and months, which had dropped from called the improvement in sentiment @emilyjnicolle The startup was founded in 2017 domestic growth. These are bold 111.8 in June 2018 to 103.9 in April in “good news,” but added: “It is not SEEDLEGALS, which helps UK by its chief executive Anthony Rose, businesses with entrepreneurial the Commission’s monthly surveys. enough to fully reverse its fall in startups automate the fundraising who was behind the launch of BBC's instincts who are succeeding Europe’s economies have struggled April, and does not change our view process, has secured $4m (£3.2m) in a iPlayer. Seedlegals fully manages the despite the current uncertainty.” in recent months amid a raging US- that economic growth probably series A funding round. automation of the startup funding Domestic turnover growth China trade war, ongoing Brexit nego- dropped back to around 0.2 per cent San Francisco and London-based process from start to finish, among mid-sized firms increased tiations, and a slowdown in Germany, quarter-on-quarter in the second Index Ventures led the round, including all negotiation and legal 44 per cent over the same period, the continent’s biggest economy. quarter.” putting Seedlegals among the likes documents. from £920bn to £1.3 trillion.

ADVERTISEMENT FEATURE Until now investors have put up with FLAT-FEE REVOLUTION paying a percentage Percentage fees ROCKS INVESTING can add up to many of their wealth to thousands of middlemen. But not pounds over years for much longer … KEY RESEARCH FINDINGS: 79% assume they would pay a quiet revolution is stirring standard delivery cost for the usually placid world of supermarket delivery, only 7% personal finance. It is being would pay a percentage charge sparked by a seemingly sim- based on the weight or the value of ple switch in how people pay their groceries. toA invest, and it has the potential to When selling a house, 68% dislike save people many thousands of the idea of lawyers setting their pounds over their lifetime. hourly rate based on a percentage of It comes down to a binary choice: the value of the house. Only 10% whether you are resigned to paying liked the idea. an adviser, broker or middleman a 57% expect to pay a flat monthly percentage of the wealth you invest – fee to watch a TV streaming service. or if you prefer to pay a flat monthly Only 10% would pay by the hour fee regardless of your account 43% think that it sounds too balance, like you would with a expensive for a broker to charge an Netflix subscription, for example. annual account charge of 0.5%. This A survey* reveals that an goes up to 49% when they learn increasing number of British how much it would cost over 10 investors feel that percentage years. charges are taking them for a *Opinium Research study among ride. After all, they don’t 2,001 UK adults, commissioned by in- expect to pay Ocado extra to teractive investor. deliver their shopping if they spend more. The van This article is provided for information has to drive the same purposes only and is not intended to be distance. People say they a personal recommendation to buy or don’t expect to pay a Moira O’Neill, Head of compounding of charges eats into percentage of a decent-sized amount sell any financial instrument or product, penalty for spending more. Personal Finance at returns. – let us say the amount you plan to or to adopt any investment strategy. They feel the same when interactive investor. There is still work to do, because live off for retirement – soon they’re buying a house – the most Brits do not grasp just how mounts up. solicitor’s fee should be a fair They can see simply how much extra they might be paying. “What this research demonstrates hourly rate, whether they are buying much they are paying to invest. The research found that only half of is how important it is that investors a bedsit above a bookies in Barking Percentage fees can add up to adults could correctly work out that get a pounds and pence figure for or a mansion in Mayfair. many thousands of pounds over a 0.5% charge on a £50,000 nest egg their platform or product charges so That is why the personal finance years – and the more you invest, the would amount to £250 in the first they can decide whether a industry is seeing a move away from more you pay – and it is much year. percentage-based or flat fee is better READ MORE ONLINE percentage piracy to charging tougher to tot up what it is costing. Mark Polson, from The Lang Cat value for them.” models which offer fairer, flat fees. Investors are beginning to realise financial services consultancy, said: It is a good start for any investor Keep up to date on our news at: Customers tend to like the up- the true cost of percentage charges “A tiny percentage - say 0.5% - sounds who is eager to fight for their www.ii.co.uk front-and-easy monthly cost. over the long-term as the like nothing at all. But even a tiny financial independence. 12 NEWS WEDNESDAY 29 MAY 2019 CITYAM.COM Travelodge books in 17 more hotels amid European expansion drive SEBASTIAN MCCARTHY The move, which would take hair dryers and bigger desks. Travelodge’s portfolio across the UK, Peter Gowers, Travelodge chief @SebMcCarthy Spain and Ireland to nearly 600 executive, said: “The next phase of FRESH signs of Travelodge’s bullish locations, comes as the group ramps our expansion plan will see us expansion plans emerged yesterday up its efforts to attract more deliver more choice in more places after the chain revealed a new £115m business customers and roll out its than ever before.” investment drive to open a further so-called budget chic arm. In March the group posted a rise swathe of hotels this year. Business customers now make up in full-year sales and profits, having The budget hotel group, which more than 50 per cent of recovered from the brink of earlier this year unveiled a target to Travelodge’s revenue, with the administration in 2012. build 100 new outlets by 2024, group ramping up its investment in Gowers described the market as upped its ambitions with a plan to concepts such as Travelodge Plus – “mixed”, with strong growth in open another 17 extra sites and where for an extra £10, guests are London but falling sales in the rest create 350 new jobs this year. offered Lavazza coffee pods, new of the UK. Travelodge is aiming to reach 600 locations globally by the end of 2019 Online ads set Wealthy women to be majority of total spend lack confidence JAMES WARRINGTON @j_a_warrington INTERNET advertising formats are set to account for more than half of all media spend worldwide for the for investment first time next year, as mobile continues to drive growth. JESS CLARK per cent respectively. Figures published by industry Duncan Stratford, head of UK front body Warc showed online @jclarkjourno office at Canaccord Genuity Wealth advertising will account for 48 per MORE than a third of wealthy women Management, said: “Time and again The final of last year’s Love Island broke viewing records for ITV2 cent of all media spend – roughly do not invest due to a lack of confi- studies have shown that investing in $298.1bn (£228.2bn) – this year, and dence, according to research pub- the markets provides the best return will rise to more than 50 per cent lished yesterday. of any asset class. in 2020. A total of 35 per cent of high-net- “And other studies have shown that Live TV still top choice for Brits Internet adverts already account worth women do not have an invest- in most cases, women would rather for the majority of media spend in ment portfolio, a survey of 500 leave their money in cash or invest in eight major markets, including the wealthy individuals found, compared property rather than the markets. despite streaming service boom UK, the US, China and Russia, as to 17 per cent of men. “Women have an inherent mistrust advertisers shift their focus away Almost half – 45 per cent – of female of investing, but they are missing out from more traditional formats. respondents to the survey carried out on an opportunity to secure their JAMES WARRINGTON call when they sit down to watch TV. The surge has also been boosted by Canaccord Genuity and YouGov financial future if they don’t have a The survey highlights the stark by the rising popularity of video on said they were cautious investors and portfolio in place.” @j_a_warrington generational gap in viewing habits, as demand, as well as strong growth were more likely than men to be nerv- He added: “This is a clarion call to BROADCAST live TV is still the go-to more than half of 16 to 19-year-olds in the digital out-of-home sector. ous about their financial future. the financial services industry that option for Brits when deciding what said they never look at live TV first. But the key driving force behind The study found 49 per cent of they need to understand the underly- to watch, despite the surge in “The overwhelming popularity of the growth in online advertising is wealthy women had more confidence ing reasons why women aren’t invest- popularity of on-demand services, a broadcast live TV is still a force to [be mobile, which is set to take a 59 per in property as an asset class that ing and collectively work together to new survey has revealed. reckoned] with,” said Dan Brilot, head cent share of all internet spend this could contribute to their financial fu- clarify the benefits of pensions and More than two fifths of the UK of insight at Differentology. year, according to Warc. ture, while only 27 per cent thought investments.” population still always turn to live TV The figures showed broadcasters “While the first wave of internet the same of investment portfolios and Research by fintech firm Yolt deliv- in the first instance, making are edging ahead of their rivals, with growth was driven by banner ads 15 per cent of pensions. ered similar findings earlier this traditional broadcasters the most 61 per cent per cent of young people and search keywords on desktop Meanwhile, 38 per cent of high-net- month which found that fewer than popular choice, according to research saying they “always or sometimes” go computers, the second phase has worth men believed their investment half of adults – and just 36 per cent of consultancy Differentology. to services such as BBC iPlayer and All been propelled by social media portfolio would contribute the most women – would agree that they felt But the figures showed almost a 4, compared to a third who said they advertising delivered on mobile to their long-term wealth, followed by comfortable making financial invest- quarter of people consider on- look at subscription services such as devices,” said James McDonald, pensions and property at 28 and 27 ments. demand services their first port of Netflix and Amazon Prime first. managing editor at Warc Data. Pret a Manger has swallowed up Eat – but how will it taste? IGH street lunchtime staple Stephan cent being aged 18 to 34. Thus that although Veggie Prets will £ Stephan Shakespeare is the chief HPret a Manger recently an- Shakespeare opening further Veggie Prets could undoubtedly be welcomed by some, executive of YouGov nounced it will be purchasing help Pret to grow its customer base. there may be resistance from others. Eat, one of its main competitors. A third of Eat’s customer base Pret also announced plans to con- work in London (32 per cent) which SUPPORT FOR MORE MEATLESS OPTIONS HIGHER AMONG EAT CUSTOMERS THAN PRET vert many of Eat’s existing shops into will also work to Pret’s advantage. What extent do you agree with statement ‘Restaurants should offer more vegan/vegetarian options? % Pret’s vegetarian spin off, Veggie Pret, Inner London has the highest in response to growing consumer proportion of vegetarians (six per demand for vegetarian and vegan cent) in the country followed by Eat customers options. vegetarians are aged 55 and older – outer London (five per cent), and it’s 41 Three per cent of the population even though this age group makes the same story for vegans at four per 3421 Pret customers currently class their diet as up 38 per cent of the population. cent and two per cent respectively. vegetarian and one per cent as But will a move towards focusing Support for more readily available vegan, according data from a recent solely on plant-based diets alienate meat-free options in restaurants is YouGov report. Vegetarians tend to Pret from the 73 per cent of the higher among Eat customers (79 per be at the younger end of the age population whose diet is meat- cent) than Pret customers (64 per 16

Source: YouGov Profiles YouGov Source: 23 32 scale, with a quarter being aged 18 based, or is this a savvy business cent), although this figure is still 5 14 to 24 (25 per cent) while a further 27 move in line with current trends? high. However, more than a fifth of 12 12 9 9 per cent are aged 25 to 34. Pret and Eat’s customer bases also Eat’s customers say they “don’t Definitely agree Tend to agree Neither agree Tend to disagree Definitely By contrast, only 17 per cent of tend to be young, with 39 to 41 per understand vegetarians”, suggesting or disagree disagree CITYAM.COM WEDNESDAY 29 MAY 2019 NEWS 13

FLYING COLOURS Dutch flag carrier KLM KLP goes cold Centrica aims to promises to use sustainable aircraft fuel turkey on sin stock holdings SEBASTIAN MCCARTHY lure businesses @SebMcCarthy NORWAY’s largest pension fund has pledged to ban investments in alcohol and gambling stocks yesterday as it ramps up efforts to to electric cars divest from vice stocks. KLP, which controls roughly AUGUST GRAHAM largest commercial fleet in the UK. $80bn (£63bn) in assets under Centrica is responding to demand, management, is severing its ties @AugustGraham with the number of new electric vehi- with casino groups, brewers and BRITISH Gas owner Centrica has cles in the UK jumping 55 per cent KLM ROYAL Dutch Airlines will pump millions of euros into building Europe’s first cigarette companies. launched a new power tariff for busi- year-on-year so far in 2019, according factory for producing sustainable aircraft fuel. It committed to using 750,000 tonnes Some 90 companies are set to be ness customers looking to to recent data from the Society of of the product over 10 years – starting in 2022, when the plant will be finished. hit by the move, including spirits charge their electric vehicles Motor Manufacturers and and beer giants such as Diageo, as the UK prepares for the Traders. Carlsberg and Heineken. switch to plug-in cars. The government has The move underlines a number More than three quar- of recent high-profile efforts from ters of firms plan to Petrol and diesel cars will investment management groups to change to electric vehi- be banned from 2040 London Stansted ranked UK’s exclude so-called sin stocks – cles (EVs), Centrica said companies that deal in tobacco, yesterday as it launched pledged to end the sale alcohol or other products deemed an EV product aimed at of petrol and diesel cars worst airport for flight delays harmful – from their portfolios. companies. by 2040, but is now being KLP has also cut its bond and Its business unit has al- urged to bring the date for- FRANCESCA RICCIARDI Aviation Authority data by the Press equity exposure in almost 50 coal ready installed more than ward five years in a bid to Association found yesterday. and mining companies. 17,000 charging points across the drive emissions to net zero by 2050. FLIGHTS departing from UK airports Luton and Gatwick airports were The Norwegian group, which said UK since 2012, but it is now working Jorge Pikunic, who leads Centrica were subject to delays of an average ranked second and third respectively, it had talked to both customers with sister company British Gas to Business Solutions, said: “The adop- of 16 minutes last year, with London with average delays of 19 and 18 and owners before making the offer a business EV tariff powered by tion of electric vehicles is no longer a Stansted airport topping the list. minutes, while Heathrow airport was move, yesterday reiterated its view renewable energy. question for tomorrow. Planes leaving Stansted airport the capital’s best performer with that it did not want to make money It has also begun work to electrify its “For businesses, the transition to EV were delayed by 25 minutes on delays of 13 minutes, despite being from goods potentially harmful to 14,000 vehicles which form the third- is a big opportunity.” average in 2018, an analysis of Civil London’s busiest airport. people with addictions.

PARTNER CONTENT The UK growth outperforms the pessimists he UK looks set to grow at a since the Referendum, with full-time look good, highlighted by the steady re- large risk premium has already been fac- modest pace this year. Its out- Gerard Lyons jobs up significantly over the last year. duction in the budget deficit. tored into UK assets. It is premature to look is influenced heavily by Chief Economic Wages are rising. With inflation sub- Indeed, as nominal GDP grows say sterling has hit bottom even though the interaction between the Strategist, dued, this should underpin consumer steadily, there is the potential for the it is already at a competitive rate. Little fundamentals, policy and con- Netwealth spending. debt to GDP ratio to fall significantly in wonder some long-term investors may fidence.T Uncertainty, however, has dampened coming years. This will allow the govern- view this as an attractive opportunity. Confidence is always hard to predict, investment. Yet the UK is still a huge re- ment to relax its fiscal purse strings, fur- no more so than now, as the world econ- cipient of inward investment and intan- ther helping demand. £When investing your capital is at risk omy slows and the domestic political cri- gible investment may not be reflected One hallmark over the last decade has sis persists. strated remarkable resilience since the fully in the data. been unconventional monetary policy The fundamentals, meanwhile, are 2016 Referendum. Perhaps this is not While it is clarity over Brexit that is globally. Do not be surprised if we enter READ MORE ONLINE mixed. The UK is an imbalanced econ- surprising, as previous supply side re- sought, the other aspects of policy are a phase where the case is made globally omy, for reasons unconnected with forms have led to a flexible economy, likely to support the domestic outlook. that there is more fiscal space available For information on Netwealth’s Brexit, whether it be a lack of housing, able to adapt well to shocks. There is no need for premature mone- too. investment service, visit: low investment or low productivity. This is reflected best in the jobs data. tary tightening, as inflation remains Sterling is one shock absorber for the netwealth.com Yet, despite politics, the UK has demon- Employment has risen by one million low. Meanwhile, the fiscal dynamics UK’s ongoing political crisis. Thus, a 14 MARKETS WEDNESDAY 29 MAY 2019 CITYAM.COM

CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT

BABCOCK FTSE 100 chokes 550 P Wall St pares 500 467 28 May gains as trade 450 400 fears weigh as tobacco firms 350 S STOCKS closed lower on Uyesterday, with initial gains 21 May 22 May 23 May 24 May 28 May giving way to declines as the likelihood of a prolonged trade war Defence giant Babcock was rattled by a sharp drop in shares last week after it posted between the United States and China a decline in pre-tax profit of almost 50 per cent. The submarine specialist was once again kept risk appetite in check. fall on revenue weighed down by hefty one-off costs, but also took a hit from a critical note from US President Donald Trump on Boatman Capital, an unregistered entity purporting to be an analyst group, which Monday said he was “not yet ready” to DROP in blue-chip tobacco Brexit-sensitive stocks such as retail- said Babcock was in choppy waters after a spat with the Ministry of Defence. Brokers make a deal with China, although he stocks after a report showing ers, which took a hit last week ahead at Jefferies sounded a note of caution over the preliminary results, which were expected one could be reached in the declining cigarette volumes of Prime Minister Theresa May’s an- “mixed”. Jefferies held its “buy” rating, but downgraded the target price to 825p. future. An expanding tariff battle Aand losses in pharmaceutical nouncement that she would resign, between the two sides has raised giants was enough to offset also recouped some losses. concerns the trade war would lead to gains in mining heavyweights and Shares of mid-cap builder Galliford, GO COMPARE a global economic slowdown. push London’s main stock index into one of those to have suffered from the Consumer confidence jumped in the red yesterday. collapse of major government con- 83 P May as households grew more upbeat The FTSE 100 was 0.1 per cent lower, tractor Carillion last year, were up 3.6 82 about the labor market, although while the mid-cap FTSE 250 rose 0.4 per cent. They had earlier surged as 81.50 economists said the strong readings per cent. much as 8.2 per cent after news 81 28 May likely did not fully capture the impact British American Tobacco and emerged of a rebuffed offer of the trade standoff between 80 Imperial Brands were for two of its units from Washington and Beijing. among the biggest drags Bovis Homes. 79 The benchmark S&P 500 index is on the main index after Tour operator Thomas now down nearly five per cebt from its data from Nielsen 78 closing high set in April, while the Dow showed cigarette indus- Miners jumped as iron Jones Industrial index declined for a try volumes deterio- ore prices hit a record 21 May 22 May 23 May 24 May 28 May fifth straight week, its longest weekly rated in the four weeks high in China losing streak in eight years. to 18 May. Gocompare.com parent company Goco Group has set its sights on data, which it The tech sector, which is down 7.3 Astrazeneca snapped a Cook, hammered last believes could be the driving force behind its business. The price comparison giant per cent this month, also gave up four-day winning streak week by worries over its offers a range of data tools for free in a bid to help providers offer better prices to early gains and turned negative and rival Glaxosmithkline cashflow and summer sales, their customers, which would in turn drive consumers back to the site. Analysts at despite a boost from a 4.72 per cent also fell after rising for the last climbed more than 21 per cent Peel Hunt believe they’ve stumbled across a great deal, saying insurance providers jump in Total System Services. three sessions. on its best day since early December, view the service as an “engaged and extensive offering”. Peel Hunt said they Global Payments said it would buy The drugmakers gave up more than after Berenberg raised its rating to consider Goco to be underrated, giving it a “buy” rating with a target price of 110p. the payment technology company for two per cent each, and offset a rise in “hold” from “sell”, citing bids the about $21.5bn (£17bn) in stock. Its miners that had capitalised on company has said it has received for shares declined three per cent. China’s iron ore prices hitting record its airline unit. NEWRIVER In addition, Advanced Micro highs earlier in the day. “The deterioration in Thomas Cook's Devices shares surged 9.8 per cent In a news-driven move, healthcare financial position leaves the company 235 P after the company unveiled new chips provider NMC Health advanced 7.5 per looking for a white knight to pay a 230 to battle for market share with Intel, cent on its best day in more than six fairly punchy multiple for the air- which fell 2.24 per cent. months after hiking its 2019 revenue line,” Berenberg analysts wrote in a 225 The Dow Jones Industrial Average and core earnings targets. note yesterday. 28 May fell 237.32 points, or 0.9 per cent, to 220 215 25,348.37, the S&P 500 lost 23.91 215 points, or 0.9 per cent, to 2,802.15 and TOP RISERS FTSE the Nasdaq Composite dropped 29.66 210 7,400 points, or 0.4 per cent, to 7,607.35. 1. NMC Health Up 7.47 per cent Among other stocks, Activision 2. Flutter Ent Up 3.49 per cent 7,350 21 May 22 May 23 May 24 May 28 May Blizzard rose 2.86 per cent after 3. Rio Tinto Up 2.89 per cent Goldman Sachs upgraded its shares 7,300 Property investor Newriver is all about revenue streams. Brokers at Liberum were to “buy” and said the videogame TOP FALLERS 28 May swept away by its diverse portfolio, which is centred on affordable convenience and publisher would benefit from its 7,250 7,268.95 community assets. The broker said further retail pressures are inevitable, and duly recent releases. 1. BAT Down 3.28 per cent lowered its forecasts. However, a new joint venture with investment management Fedex slipped 0.93 per cent after 2. Evraz Down 3.13 per cent 7,200 firm Pimco to acquire retail assets will leverage the group’s expertise and could turn Huawei said it is reviewing its 3. Spirax-Sarco Down 2.48 per cent the tide for Newriver. Liberum gave the company a “buy” rating with a slightly relationship with the US package 21 May 22 May 23 May 24 May 28 May reduced target price of 270p. delivery company. CITY MOVES WHO’S SWITCHING JOBS

CLEARSTAR Clearstar’s financial reporting, compliance and discretionary portfolio management UK, continuing a workspace in the UK, has announced the appointment Clearstar has announced that accounting. Jennifer joined Clearstar from Aprio, an buildout in the UK market that started with the of Toby Ogden as chief commercial officer, a new role it has appointed Jennifer Atlanta-based business consultancy and accounting appointment of Michael Morley as chief executive of for the company. Joining in October 2019, he will build Balleza as the company’s chief firm. During her tenure at Aprio of over 14 years, she the UK business in July 2017. Alistair was most recently on the commercial foundations put in place by the financial officer with progressed through several audit roles before being head of discretionary at Coutts where he worked since founders and co-chief executive officers Olly Olsen and immediate effect. Jennifer, promoted to a senior manager in the assurance 2000. He was previously a portfolio manager at Charlie Green, and will oversee the growing who has been serving as the practice. Jennifer holds a Bachelor of Science degree Gartmore from 1998 to 2000. Alistair will join the acquisition, property development and revenue teams company’s interim chief in accounting from the University of Arkansas, and her wealth management arm of Deutsche Bank on 3 June at the company’s London headquarters. Toby joins financial officer since January professional affiliations include the American Institute 2019, based in London. He will sit on the European TOG following 12 years with Cushman & Wakefield and 2019, is not being appointed of Certified Public Accountants and the Georgia regions-input investment committee and chair the UK as head of the London markets division since 2017. At to the board of directors at this Society of Certified Public Accountants. investment committee. He will also sit on the wealth TOG, Toby will drive strategies that ensure continued time. Jennifer, a certified management UK executive council. growth through a property acquisition and revenue public accountant, joined clearstar as corporate DEUTSCHE BANK WEALTH MANAGEMENT mandate across the company’s expanding portfolio. controller in 2014 ahead of the company’s listing on Deutsche Bank Wealth Management has announced THE OFFICE GROUP The company will continue to work closely with AIM. In this role, she was responsible for managing the appointment of Alistair Jex as head of The Office Group (TOG), pioneers of design-led flexible Cushman & Wakefield on its future growth.

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM WEDNESDAY 29 MAY 2019 MARKETS 15

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1335 0.0007 €/$ 1.1165 0.0028 7268.95 19204.93 3980.38 25347.77 7607.35 2802.39 /$ 1.2654 0.0024 €/£ 0.8822 0.0004 8.78 77.67 1.23 237.92 29.66 23.67 /¥ 138.39 0.4553 €/¥ 122.12 0.4614

                                InterContinental . . . . .5140.0 13.0 5161.0 3958.4 GILTS Kier Group ...... 268.8 -12.8 1065.3 268.8 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6380.0 -33.0 7155.0 5593.0 Euromoney Institu . . .1362.0 28.0 1450.0 1132.0 REAL ESTATE INVEST. TRUSTS Gocompare.com Gro . . . .81.5 0.0 139.0 64.6 International Con . . . . .461.2 -7.2 726.6 461.2 Marshalls ...... 654.5 -4.5 669.0 399.8 Redrow ...... 547.0 -4.0 674.6 460.8 Merlin Entertainm . . . .380.0 2.9 410.5 307.1 Tsy 3.750 19 ...... 100.83 -0.03 104.1 100.8 Polypipe Group ...... 429.0 6.0 439.6 307.8 3i Group ...... 1074.0 15.0 1088.5 756.2 Centrica ...... 93.7 0.8 163.7 92.5 Taylor Wimpey ...... 167.6 -0.8 202.8 129.3 Haynes Publishing . . . .197.0 0.0 246.0 160.0 Big Yellow Group . . . . .1012.0 -2.0 1062.0 852.5 Tsy 2.000 20 ...... 101.54 0.01 103.0 101.4 3i Infrastructure ...... 287.0 -1.5 291.0 221.0 National Grid ...... 812.1 -4.5 889.2 748.7 Huntsworth ...... 100.0 -1.0 139.0 81.0 British Land Comp . . . .530.0 -4.4 692.0 523.0 Millennium & Copt . . . .476.0 10.0 553.0 436.0 ELECTRICITY 91.4 238.0 Tsy 4.750 20 ...... 103.16 -0.04 107.4 102.8 AJ Bell ...... 423.0 3.0 477.0 220.0 Pennon Group ...... 723.6 19.8 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 780.2 -9.0 859.0 605.8 Civitas Social Ho ...... 84.5 0.8 114.0 82.7 Mitchells & Butle . . . . .269.0 -1.5 2 Tsy 3.750 20 ...... 103.93 -0.01 107.1 103.8 Allied Minds ...... 77.8 0.7 116.8 37.3 ITE Group ...... 78.8 1.2 90.6 56.3 Derwent London . . . .3246.0 -14.0 3328.0 2761.0 National Express . . . . .394.0 6.6 433.2 361.4 Contour Global ...... 188.0 -6.0 250.0 150.1 Severn Trent ...... 1953.0 44.5 2091.0 1770.0 Bodycote ...... 779.0 -3.0 1055.0 676.0 Rank Group ...... 148.2 -7.0 194.0 135.0 Tsy 2.500 20 ...... 356.41 -0.01 362.3 356.0 up ...... 311.4 -2.4 427.2 310.2 Amigo Holdings ...... 234.0 19.0 310.0 154.5 United Utilities ...... 795.6 17.2 873.6 682.4 ITV ...... 108.1 0.1 180.4 107.5 Great Portland Es . . . . .716.8 -11.4 773.6 652.3 Drax Gro Hill & Smith Hold . . . .1230.0 -2.0 1523.0 902.5 Restaurant Group . . . . .129.7 3.6 235.2 111.9 Tsy 8.000 21 ...... 114.98 -0.04 122.0 114.6 SSE ...... 1041.0 3.0 1421.5 1008.0 Arrow Global Grou . . . .206.2 -0.6 288.5 167.2 IMI ...... 935.2 6.8 1242.0 870.0 Moneysupermarket. . . .371.7 3.0 373.2 264.0 Hammerson ...... 277.9 4.1 560.2 269.8 Tsy 4.000 22 ...... 109.41 0.00 112.2 109.0 ASA International . . . .400.0 5.0 510.0 336.0 GENERAL INDUSTRIALS Pearson ...... 808.0 6.2 1027.5 777.6 Intu Properties ...... 89.7 -4.3 207.3 89.2 Stagecoach Group . . . . .127.9 1.2 177.0 115.5 Melrose Industrie ...... 173.1 4.0 240.8 146.3 TUI AG Reg Shs (D . . . . .745.0 4.0 1776.0 713.2 Tsy 0.500 22 ...... 99.68 0.07 99.7 97.7 ELECTRONIC & ELECTRICAL EQ. Ashmore Group ...... 471.0 0.4 488.0 337.0 RPC Group ...... 790.8 1.2 834.8 632.2 Reach ...... 79.3 1.2 83.2 54.6 Land Securities G . . . . .831.0 -2.0 965.1 791.8 RHI Magnesita N.V . . .4774.0 -26.0 5135.0 3318.0 Wetherspoon (J.D. . . .1326.0 -3.0 1375.0 1066.0 Tsy 1.875 22 ...... 116.96 0.01 119.2 115.5 Halma ...... 1801.5 -19.0 1834.5 1237.0 Brewin Dolphin Ho . . . .301.0 -4.6 378.8 295.4 Smith (DS) ...... 323.5 -0.7 538.9 292.2 Relx plc ...... 1837.0 7.0 1847.0 1491.5 LondonMetric Prop . . . .202.4 -2.6 209.2 172.7 Rotork ...... 299.8 4.3 361.4 235.7 Whitbread ...... 4578.0 17.0 5114.0 3883.0 Tsy 2.250 23 ...... 106.78 0.02 106.8 104.7 Morgan Advanced M . .248.8 0.0 363.0 237.0 Charter Court Fin . . . . .330.0 0.0 375.0 228.8 Smiths Group ...... 1485.0 4.0 1801.0 1279.5 Spirax-Sarco Engi . . . .8650.0-220.0 8940.0 5900.0 Rightmove ...... 575.0 5.8 575.4 420.9 Primary Health Pr . . . . .135.0 1.4 135.0 106.4 Tsy 2.500 24 ...... 367.08 0.04 369.1 358.7 ...... 3876.0 -34.0 5685.0 3670.0 City of London In . . . . .405.0 -25.0 433.0 360.0 2221.0 -35.0 3292.0 1934.0 STV Group ...... 363.0 -17.0 458.0 318.0 SEGRO ...... 691.0 -12.4 719.0 585.2 William Hill ...... 134.1 1.8 328.9 131.6 Renishaw Smurfit Kappa Gro . . . Weir Group ...... 1544.5 12.5 2222.0 1240.0 Wizz Air Holdings . . . .3108.0 -30.0 3797.0 2329.0 Tsy 0.125 24 ...... 113.87 0.04 114.4 110.9 Spectris ...... 2561.0 5.0 2908.0 1966.5 CMC Markets ...... 86.6 -0.9 206.0 77.4 Vesuvius ...... 511.0 0.0 662.0 473.2 Tarsus Group ...... 430.0 -1.0 431.0 243.0 Shaftesbury ...... 821.0 -11.0 968.0 817.0 Tsy 5.000 25 ...... 124.37 0.00 125.9 122.1 Coats Group ...... 81.0 1.9 91.3 69.8 INDUSTRIAL METALS & MINING WPP ...... 962.2 10.8 1301.0 800.4 Tritax Big Box Re ...... 147.3 1.0 155.7 129.0 AIM 50 Tsy 4.250 27 ...... 128.29 0.00 128.3 122.6 EQUITY INVESTMENT INSTRUM. Georgia Capital ...... 975.0 0.0 1260.0 941.0 GENERAL RETAILERS Unite Group ...... 941.0 -11.5 973.5 797.5 Evraz ...... 587.6 -19.0 669.0 442.1 MINING Abcam ...... 1427.0 5.0 1539.0 1017.0 Tsy 1.250 27 ...... 135.25 0.06 135.6 128.4 Aberforth Smaller . . . .1254.0 -14.0 1442.0 1120.0 Hargreaves Lansdo . . .2277.0 -9.0 2433.0 1633.0 Auto Trader Group . . . .598.6 1.2 601.4 351.2 Ferrexpo ...... 227.1 5.2 301.3 143.5 Workspace Group . . . . .893.0 -4.5 1165.0 789.5 Acacia Mining ...... 160.0 -1.0 256.6 96.1 Advanced Medical . . . .354.5 9.5 370.0 260.0 Tsy 6.000 28 ...... 146.54 -0.02 146.6 140.5 Alliance Trust ...... 768.0 2.0 789.0 672.0 IG Group Holdings . . . .549.8 6.2 954.5 474.8 B&M European Valu . . .362.0 14.5 426.3 278.6 INDUSTRIAL TRANSPORTATION SOFTWARE & COMPUTER SERV. Tsy 0.125 29 ...... 127.34 0.11 127.6 118.8 Apax Global Alpha . . . .147.5 1.5 153.0 127.0 IntegraFin Holdin . . . . .404.0 6.1 409.7 269.0 Card Factory ...... 194.8 4.2 228.6 162.6 Anglo American . . . . .1952.4 8.4 2226.0 1464.6 Alliance Pharma ...... 77.7 0.2 102.0 60.0 Tsy 4.750 30 ...... 140.41 0.01 140.5 132.1 Intermediate Capi . . . .1314.0 16.0 1322.0 899.0 Antofagasta ...... 815.8 13.8 1149.0 727.2 Avast ...... 319.4 4.8 319.4 208.2 ASOS ...... 3545.0 45.0 6834.0 2128.0 AVI Global Trust ...... 742.0 9.0 767.0 660.0 Dixons Carphone ...... 119.4 2.2 233.4 115.4 BBA Aviation ...... 263.0 -0.2 350.0 207.0 Blue Prism Group . . . .1855.0 25.0 2575.0 1040.0 Tsy 4.125 30 ...... 378.77 0.07 379.4 355.2 . . . .787.0 11.0 869.0 663.0 International Per ...... 173.0 3.4 248.8 157.6 Dunelm Group ...... 871.5 7.5 912.5 482.8 BHP Group ...... 1834.0 34.0 1944.2 1490.6 Aveva Group ...... 3434.0 -26.0 3490.5 2284.0 Baillie Gifford J . . . Clarkson ...... 2410.0 45.0 2900.0 1878.0 Camellia ...... 10650.0 450.0 12575.0 9100.0 Tsy 4.250 32 ...... 137.43 0.03 137.7 128.5 Bankers Inv Trust . . . . .890.0 4.0 914.0 766.0 Investec ...... 457.4 -13.1 594.8 423.4 Inchcape ...... 587.0 8.0 799.0 486.6 Centamin (DI) ...... 86.3 -1.0 136.2 79.8 Computacenter ...... 1286.0 20.0 1620.0 952.0 Fisher (James) & . . . .1964.0 -12.0 2260.0 1600.0 CareTech Holding . . . . .374.0 -3.0 406.0 325.0 Tsy 1.250 32 ...... 155.67 0.13 156.9 144.1 BBGI SICAV S.A. ( ...... 153.5 -2.0 168.0 133.0 IP Group ...... 81.2 -0.6 142.8 80.0 JD Sports Fashion . . . . .627.0 8.2 635.6 318.5 Royal Mail ...... 208.7 -1.9 530.4 197.9 Fresnillo ...... 738.0 11.2 1340.0 724.8 FDM Group (Holdin . . .949.0 -11.0 1128.0 734.0 Tsy 0.125 36 ...... 147.67 0.26 149.8 133.4 John Laing Group . . . . .397.2 9.4 402.0 264.2 Glencore ...... 260.1 -1.0 400.4 259.3 Micro Focus Inter . . . . .1977.0 9.4 2491.6 1427.2 Central Asia Meta . . . . .226.0 2.5 294.0 203.0 BlackRock Smaller . . .1446.0 0.0 1600.0 1160.0 Just Eat ...... 618.0 -2.0 883.4 533.8 Stobart Group Ltd ...... 117.4 10.4 266.5 105.8 Clinigen Group ...... 1069.0 29.0 1069.0 721.0 Tsy 4.250 36 ...... 143.76 0.07 144.0 133.1 BMO Global Smalle . . .1330.0 8.0 1495.0 1220.0 JTC ...... 412.0 -15.0 440.0 287.0 Kingfisher ...... 218.4 4.9 318.1 205.4 Hochschild Mining . . . . .158.5 -3.9 219.9 149.1 Playtech ...... 400.9 0.6 818.6 361.8 Tsy 4.750 38 ...... 157.27 0.06 157.8 144.9 Caledonia Investm . . .2930.0 -10.0 3060.0 2650.0 Jupiter Fund Mana . . . .360.8 -0.8 472.4 287.6 Kaz Minerals ...... 530.0 4.2 1076.0 436.7 Sage Group ...... 756.4 2.0 772.0 525.6 CVS Group ...... 672.0 14.0 1163.0 395.0 Tsy 0.625 40 ...... 169.22 0.28 172.7 152.8 Liontrust Asset M . . . . .688.0 -12.0 710.0 532.0 Polymetal Interna . . . . .819.6 -7.0 894.0 597.2 Softcat ...... 940.5 2.0 967.0 565.0 Dart Group ...... 903.5 -4.0 1017.0 740.0 City of London In ...... 415.0 0.5 439.0 376.0 Diversified Gas & ...... 134.0 3.0 134.5 92.0 Tsy 4.500 42 ...... 160.01 0.05 161.0 145.9 inburgh Inv Tru . . . . .601.0 0.0 712.0 588.0 LMS Capital ...... 50.4 0.0 53.5 44.0 Rio Tinto ...... 4776.0 134.0 4821.0 3486.0 Sophos Group ...... 421.5 15.6 639.0 298.2 Ed Draper Esprit ...... 466.0 8.0 645.0 440.0 Tsy 3.500 45 ...... 142.04 0.05 143.0 128.0 F&C Investment Tr . . . .694.0 1.0 741.0 616.0 London Finance & . . . . .39.5 0.0 45.5 39.5 MOBILE TELECOMS SUPPORT SERVICES Tsy 4.250 46 ...... 161.35 0.13 162.7 145.7 Fidelity China Sp ...... 211.5 2.5 268.0 182.4 London Stock Exch . . .5224.0 -6.0 5292.0 3867.0 Eland Oil & Gas ...... 128.7 0.7 137.5 97.0 Tsy 4.025 49 ...... 167.49 0.07 169.0 150.0 Man Group ...... 152.0 2.8 190.5 126.8 MAIN CHANGES UK 350 Inmarsat ...... 547.0 2.2 632.2 356.6 Aggreko ...... 816.8 10.0 882.0 641.8 EMIS Group ...... 1200.0 -6.0 1206.0 860.0 Fidelity European . . . . .239.0 -0.5 240.0 202.0 Fevertree Drinks . . . . .2721.0 -34.0 3956.0 2131.0 Tsy 0.500 50 . . . . .200.42 0.42 207.7 173.7 Fidelity Special ...... 256.5 2.0 280.0 220.0 OneSavings Bank . . . . .401.0 -1.6 449.6 330.0 Vodafone Group ...... 127.1 1.0 198.0 123.3 Ashtead Group ...... 1977.0 13.5 2438.0 1586.5 BCA Marketplace ...... 187.7 2.3 242.0 183.9 First Derivatives . . . . .3375.0 155.0 4680.0 2050.0 Tsy 0.250 52 ...... 196.97 0.46 204.9 168.8 Finsbury Growth & . . . .894.0 0.0 899.0 740.0 Paragon Banking G . . .435.6 1.2 524.0 379.2      OIL & GAS PRODUCERS 127.4 0.0 130.8 119.0 Plus500 Ltd (DI) ...... 645.0 22.8 2040.0 495.0  Bunzl ...... 2103.0 13.0 2551.0 2060.0 Frontier Developm . . . .998.0 -2.0 1825.0 740.0 GCP Infrastructur ...... Gamma Communicati .1185.0 10.0 1199.0 688.0 AEROSPACE & DEFENCE . . .709.0 6.0 739.0 615.0 Provident Financi . . . . .472.6 19.8 692.6 445.8 Stobart Group Ltd...... 117.4 9.7 Saga ...... 45.2 -8.7 BP ...... 545.5 1.0 598.3 485.9 Capita ...... 108.1 2.0 169.1 102.3 Genesis Emerging . GB Group ...... 628.0 16.0 630.0 410.5 Greencoat UK Wind . . . .135.2 0.0 143.2 120.4 Quilter ...... 131.7 -3.6 156.6 110.6 Amigo Holdings ...... 234.0 8.8 Cobham ...... 104.3 -5.1 Cairn Energy ...... 169.7 1.8 258.8 140.0 DCC ...... 6728.0 -60.0 7390.0 5555.0 BAE Systems ...... 447.5 -2.6 676.4 445.5 0 1628.0 1234.0 Rathbone Brothers . .2250.0 0.0 2652.0 2198.0 NMC Health ...... 2620.0 7.5 Kier Group ...... 268.8 -4.6 Energean Oil & Ga . . . .792.0 7.0 846.0 493.5 Diploma ...... 1474.0 1.0 1634.0 1150.0 Gooch & Housego . . . .1350.0 -40.0 1880.0 1095.0 Cobham ...... 104.3 -5.7 131.7 96.8 HarbourVest Globa . . .1628.0 24. Herald Investment . . .1330.0 -8.0 1370.0 1055.0 Real Estate Credi ...... 171.0 0.5 175.5 163.0 Premier Oil ...... 86.6 2.3 143.6 55.6 Electrocomponents . . . .621.4 0.0 761.6 480.0 Hurricane Energy ...... 57.1 0.8 60.1 39.0 Meggitt ...... 500.6 0.4 572.0 458.0 Sirius Minerals ...... 16.2 6.9 Intu Properties ...... 89.7 -4.5 Iomart Group ...... 350.0 0.0 475.0 308.0 HGCapital Trust ...... 219.0 4.0 2170.0 212.3 Record ...... 29.3 -0.9 47.0 27.3 Bakkavor Group ...... 130.6 6.2 Rank Group ...... 148.2 -4.5 Royal Dutch Shell . . . .2481.5 -5.5 2694.5 2213.0 Equiniti Group ...... 236.2 3.8 271.0 186.2 QinetiQ Group ...... 300.8 -2.2 312.4 256.6 HICL Infrastructu ...... 160.0 0.0 170.1 140.0 River and Mercant . . . .253.0 3.0 330.0 212.0 Royal Dutch Shell . . . .2504.0 3.5 2780.5 2227.0 Essentra ...... 400.0 0.6 507.0 325.4 IQE ...... 75.2 4.9 116.4 56.3 oyce Holdi . . . . .874.2 -14.0 1094.0 759.2 Metro Bank ...... 790.0 5.1 Capital & Counties ...... 213.8 -3.4 25.9 367.0 Rolls-R International Pub . . . . .151.6 -1.6 163.4 141.4 S&U ...... 2240.0 -10.0 2715.0 1767.5 Tullow Oil ...... 208.9 1.6 266.3 165.2 Experian ...... 2367.0 35.0 2379.0 1728.5 James Halstead ...... 516.0 0.0 5 Senior ...... 226.4 1.2 334.4 185.4 Aston Martin Lagon ...... 885.3 4.9 British American T ...... 2886.5 -3.3 Ferguson ...... 5162.0 2.0 6556.0 4749.0 Johnson Service G . . . .154.0 0.4 155.0 113.6 JPMorgan American . .450.0 2.0 472.0 386.5 Sanne Group ...... 670.0 -4.0 724.0 450.0 OIL EQUIPMENT & SERVICES Ultra Electronics . . . . .1590.0 10.0 1743.0 1232.0 Schroders ...... 2877.0 -63.0 3370.0 2334.0 Provident Financia ...... 472.6 4.4 Hilton Food Group ...... 1006.0 -3.3 G4S ...... 214.1 3.2 282.0 175.9 Keywords Studios . . . .1700.0 22.0 2065.0 900.0 JPMorgan Emerging . .925.0 -1.0 972.0 759.0 ning Technolo . . . . .94.0 3.2 166.5 62.2 BANKS JPMorgan Indian I . . . .762.0 4.0 762.0 566.0 Standard Life Abe . . . . .263.6 -0.1 416.0 224.9 B&M European Value ...... 362.0 4.2 Evraz ...... 587.6 -3.1 Hunting ...... 531.5 5.0 859.0 453.6 Grafton Group Uni . . . .878.0 5.5 937.0 630.0 Lear TP ICAP ...... 273.5 1.5 439.9 259.7 Sophos Group ...... 421.5 3.8 Contour Global ...... 188.0 -3.1 Petrofac Ltd...... 420.3 11.6 663.4 381.5 Hays ...... 150.3 0.3 212.0 135.7 M&C Saatchi ...... 370.0 7.0 394.0 270.0 Bank of Georgia G . . . .1719.0 33.0 3113.0 1310.0 JPMorgan Japanese . . .428.5 3.5 472.0 367.0 M. P. Evans Group . . . . .680.0 6.0 800.0 637.0 Jupiter European . . . . .836.0 3.0 895.0 666.0 VPC Specialty Len ...... 72.0 0.0 84.4 71.4 Wood Group (John) . . .418.0 9.2 796.4 408.8 Homeserve ...... 1229.0 5.0 1229.0 849.0 Barclays ...... 150.7 1.4 206.2 146.1 Law Debenture Cor . . .592.0 -6.0 636.0 534.0 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Howden Joinery Gr . . .499.4 4.3 539.0 416.4 Majestic Wine ...... 280.5 -9.0 485.0 219.0         PERSONAL GOODS . .617.0 -3.0 685.0 491.5 Close Brothers Gr . . . .1406.0 7.0 1660.0 1390.0 Mercantile Invest . . . . .205.7 -0.2 226.0 168.0 XPS Pensions Grou . . . .156.0 -4.0 192.0 132.0 Intertek Group ...... 5360.0 118.0 6014.0 4387.0 Midwich Group . . . . . CYBG ...... 188.0 0.3 364.2 173.9 Pagegroup ...... 522.5 1.5 623.5 432.2 Mortgage Advice B . . .596.0 -1.0 720.0 490.0 Monks Inv Trust ...... 868.0 8.0 891.0 710.0 Marks & Spencer G . . . .250.5 4.2 314.5 242.4 Burberry Group ...... 1799.0 -9.5 2325.0 1623.5 HSBC Holdings ...... 658.5 -0.9 734.6 600.8 FIXED LINE TELECOMS NON LIFE INSURANCE PZ Cussons ...... 204.0 3.5 244.0 178.6 Rentokil Initial ...... 374.6 -5.4 391.1 284.8 Next Fifteen Comm . . .580.0 9.0 600.0 455.0 . . . . .57.6 -0.9 66.6 50.0 Murray Internatio . . . .1152.0 4.0 1208.0 1056.0 Next ...... 5878.0 96.0 6202.0 3991.0 Lloyds Banking Gr . NB Global Floatin ...... 90.1 -0.1 94.5 87.6 BT Group ...... 196.6 0.4 264.7 194.8 Robert Walters ...... 650.0 2.0 475.0 814.0 Nichols ...... 1770.0 -30.0 1840.0 1240.0 Metro Bank ...... 790.0 38.0 3422.0 475.0 Pets at Home Grou . . . .187.3 3.7 192.6 110.0 Admiral Group ...... 2093.0 44.0 2281.0 1870.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 131.8 1.8 136.5 84.1 Numis Corporation . . . .269.5 -2.5 438.5 221.5 NextEnergy Solar . . . . .117.0 0.0 124.5 107.5 TalkTalk Telecom ...... 117.0 0.3 137.0 96.6 Saga ...... 45.2 -4.3 138.7 45.2 Beazley ...... 570.0 -2.0 608.0 492.6 Royal Bank of Sco . . . . .216.6 -0.1 289.7 203.0 Telecom Plus ...... 1478.0 30.0 1524.0 1010.0 AstraZeneca ...... 5938.0 -151.0 6525.0 5182.0 SIG ...... 133.9 0.6 153.0 102.2 Polar Capital Hol . . . . .580.0 14.0 732.0 448.0 Standard Chartere . . . .691.2 6.6 754.6 519.8 Pantheon Internat . . .2205.0 5.0 2220.0 1955.0 Sports Direct Int ...... 290.8 9.2 436.1 233.2 Direct Line Insur ...... 318.8 2.2 372.6 304.9 Purplebricks Grou . . . . .104.8 3.8 389.6 90.0 Perpetual Income . . . .314.0 0.0 370.5 301.5 BTG ...... 836.0 1.5 853.0 475.0 Travis Perkins ...... 1271.5 -8.0 1475.5 970.0 TBC Bank Group . . . . .1676.0 22.0 1774.0 1290.0 FOOD & DRUG RETAILERS Ted Baker ...... 1444.0 6.0 2518.0 1405.0 Hastings Group Ho . . . .188.0 0.2 274.2 174.0 Spirent Communica . . . .157.0 2.4 166.2 110.6 Redde ...... 106.8 0.6 196.0 90.0 Pershing Square H . . .1344.0 8.0 1398.0 990.0 Vivo Energy ...... 115.6 4.2 175.0 96.0 Hiscox Limited (D . . . .1658.0 4.0 1711.0 1418.0 Dechra Pharmaceut . .2798.0 50.0 3168.0 2014.0 0.0 41300.038900.0 Greggs ...... 2170.0 36.0 2190.0 942.0 Genus ...... 2678.0 -22.0 2992.0 2098.0 Renew Holdings ...... 436.5 8.5 439.0 333.0 BEVERAGES Personal Assets T . . .41250.0 -5 WH Smith ...... 2006.0 6.0 2186.0 1697.0 Lancashire Holdin . . . . .697.0 10.5 707.0 530.0 TOBACCO RWS Holdings ...... 628.0 13.0 629.0 343.5 Polar Capital Tec . . . . .1310.0 2.0 1386.0 1066.0 Morrison (Wm) Sup . . .199.9 0.7 269.4 197.3 GlaxoSmithKline . . . . .1546.8 -35.2 1621.6 1418.0 Barr (A.G.) ...... 947.0 11.0 947.0 665.0 RSA Insurance Gro . . . .556.8 0.4 681.8 496.6 British American . . . .2886.5 -98.0 4222.5 2375.0 Scapa Group ...... 300.5 -5.0 473.4 275.8 RIT Capital Partn . . . . .2015.0 -5.0 2130.0 1892.0 Ocado Group ...... 1205.0 5.0 1435.0 749.8 HEALTH CARE EQUIPMETN & S. Sabre Insurance G . . . .264.0 2.5 294.0 241.0 Hikma Pharmaceuti . .1734.0 -20.5 2025.0 1317.0 Britvic ...... 921.5 -6.5 956.0 745.0 Sainsbury (J) ...... 198.8 3.5 341.5 195.1 Indivior ...... 47.8 -1.3 496.2 30.1 Imperial Brands . . . . .1999.8 -49.2 2987.5 1999.8 Secure Income Rei . . . .406.0 1.0 414.0 371.0 Coca-Cola HBC AG . . .2869.0 8.0 2877.0 2244.0 Riverstone Energy . . . .893.0 -16.0 1296.0 893.0 Assura ...... 63.7 -0.1 64.0 52.4 Serica Energy ...... 137.4 4.2 143.2 57.4 0 SSP Group ...... 686.0 1.0 744.4 615.1 LIFE INSURANCE Diageo ...... 3359.0 10.5 3370.0 2523.5 Schroder Asia Pac . . . .430.0 4.0 481.0 379. Convatec Group ...... 147.0 5.4 239.0 118.6 REAL ESTATE INVEST. & SERV. TRAVEL & LEISURE Smart Metering Sy . . . .510.0 17.4 830.0 480.0 Scottish Inv Trus ...... 788.0 2.0 902.0 748.0 Tesco ...... 238.2 6.2 266.2 189.6 Mediclinic Intern ...... 315.1 -6.1 633.2 301.3 Aviva ...... 408.2 3.9 528.8 364.6 888 Holdings ...... 131.0 0.6 311.2 129.0 Staffline Group ...... 284.0 -31.0 1340.0 276.0 CHEMICALS Scottish Mortgage . . . . .510.5 4.5 568.3 441.4 UDG Healthcare Pu . . . .714.5 4.5 907.0 551.0 NMC Health ...... 2620.0 182.0 4120.0 2192.0 Just Group ...... 58.8 0.8 145.6 57.1 Capital & Countie ...... 213.8 -7.4 308.9 213.4 conomic . . . .112.4 0.4 114.2 106.0 CLS Holdings ...... 223.0 0.0 255.0 195.4 Carnival ...... 3950.0 25.0 5000.0 3659.0 Telford Homes ...... 303.0 21.5 465.5 267.0 Croda Internation . . . .5100.0 -35.0 5447.7 4576.0 Sequoia E Smith & Nephew . . . .1680.0 24.5 1680.0 1258.0 Legal & General G . . . . .260.5 -2.8 291.2 223.7 Thorpe (F.W.) ...... 319.0 0.0 340.0 248.0 Smithson Investme . . .1182.0 -2.0 1222.0 1000.2 FOOD PRODUCERS Daejan Holdings . . . . .5570.0 -40.0 6400.0 5530.0 Cineworld Group ...... 310.9 2.3 323.6 245.0 Elementis ...... 151.7 1.6 279.1 149.3 Phoenix Group Hol . . . .662.7 -8.3 724.8 544.0 Compass Group ...... 1813.0 -3.0 1825.0 1483.0 Watkin Jones ...... 220.0 -3.0 232.5 192.2 Syncona Limited N . . . .241.5 2.5 302.5 223.0 Associated Britis . . . . .2511.0 1.0 2836.0 2041.0 HHOLD GDS & HOME CONSTR. 40.0 F&C Commercial Pr . . . .119.4 -2.8 155.0 117.0 Johnson Matthey . . . . .3177.0 47.0 3823.0 2620.0 Prudential ...... 1605.5 11.5 1890.5 13 Domino's Pizza Gr . . . .229.5 -0.5 386.9 224.4 Young & Co's Brew . . . .1847.5 0.0 1885.0 1322.5 Temple Bar Inv Tr . . . .1246.0 -4.0 1366.0 1116.0 Bakkavor Group ...... 130.6 7.6 206.0 113.0 Barratt Developme . . .568.6 2.6 625.8 434.0 St James's Place . . . . .1083.5 3.5 1240.5 914.0 Grainger ...... 248.8 1.8 291.0 205.8 SCirOiuNsS TMRiUnCeTrIaOlsN .& . M. .A .T .E R. .I A.1L6S.2 1.1 38.5 15.0 Cranswick ...... 2722.0 -2.0 3460.0 2472.0 NewRiver REIT ...... 215.0 -2.0 297.5 195.0 easyJet ...... 909.4 -9.6 1796.0 906.4 Young & Co's Brew . . .1190.0 0.0 1325.0 1030.0 Synthomer ...... 374.6 -4.4 575.5 347.4 Templeton Emergin . . .742.0 1.0 792.0 649.0 Bellway ...... 2790.0 -2.0 3409.0 2419.0 The Renewables In . . . .125.8 2.0 125.8 104.5 Greencore Group . . . . .208.8 0.2 230.0 162.9 MEDIA Safestore Holding . . . .630.0 -12.0 658.5 499.4 EI Group ...... 213.6 -2.2 224.8 134.6 Victrex plc ...... 2020.0 10.0 3408.0 1984.0 Berkeley Group Ho . . .3513.0 -1.0 4321.0 3226.0 FirstGroup ...... 111.2 1.1 116.6 79.3 TR Property Inv T ...... 411.0 -0.5 433.5 353.5 Hilton Food Group . . .1006.0 -34.0 1088.0 884.0 4Imprint Group . . . . .2630.0 -30.0 2700.0 1715.0 Savills ...... 833.0 3.0 975.5 678.5 Bovis Homes Group . . .996.5 2.0 1298.0 828.0 Flutter Entertain . . . . .5874.0 198.0 9110.0 5525.0 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .442.0 1.0 472.0 390.0 Tate & Lyle ...... 757.2 -2.4 800.4 622.6 Countryside Prope . . . .307.0 1.2 377.2 270.0 Ascential ...... 398.4 -1.6 465.0 337.2 St. Modwen Proper . . .439.5 0.5 440.5 365.0 VinaCapital Vietn . . . . .343.0 -0.5 350.0 306.0 Unilever ...... 4859.5 -24.0 4908.2 3931.0 Bloomsbury Publis . . . .232.0 -3.0 254.0 190.5 UK Commercial Pro . . . . .91.7 -0.3 92.7 81.0 Go-Ahead Group . . . . .1841.0 39.0 2078.0 1388.0 Balfour Beatty ...... 232.2 3.4 311.1 223.4 Crest Nicholson H . . . . .370.8 11.8 446.2 296.4 Greene King ...... 636.6 1.2 704.4 472.8      Witan Inv Trust ...... 211.4 2.6 1138.0 207.0 edia ...... 56.3 0.5 56.5 34.7 CRH ...... 2497.0 6.0 2857.0 1971.5 FORESTRY & PAPER McCarthy & Stone . . . . .129.7 1.7 142.4 97.5 Centaur M GVC Holdings ...... 595.2 7.8 1170.0 507.5 Woodford Patient ...... 78.1 -1.1 91.0 73.3 Persimmon ...... 1971.5 3.0 2880.0 1859.5 Entertainment One . . .452.6 13.6 483.4 292.6  Galliford Try ...... 558.0 19.5 1104.0 512.0 Mondi ...... 1680.5 2.0 2236.0 1584.0 Ibstock ...... 242.6 -0.4 300.0 193.1 Worldwide Healthc . .2605.0 5.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 73.96 -0.33 91.14 56.32 3M...... 163.35 -2.74 219.75 163.35 ADIDAS N ...... 262.85 1.50 265.00 178.30 ABBOTT LABORATOR...... 75.71 -1.27 80.74 60.32 AIR LIQUIDE...... 113.00 -1.45 119.10 101.85 ADOBE...... 278.25 3.48 291.71 204.95 AIRBUS BR...... 116.32 -0.52 124.00 77.50 ALPHAB NON VTG-C...... 1134.15 0.68 1289.27 970.11 ALLIANZ...... 202.20 -0.35 216.20 170.38 ALPHABET-A...... 1139.56 0.95 1296.98 977.66 AMADEUS IT GRP BR-A...... 68.98 -0.92 82.20 58.06 AMAZON.COM ...... 1836.43 13.15 2050.50 1307.00 ASML HLDG...... 172.16 -0.70 189.50 130.12 AMERICAN EXPRESS...... 118.17 -1.34 120.88 89.05 AXA...... 22.20 -0.19 23.90 18.40 APPLE ...... 178.23 -0.74 233.47 142.00 BANCO SANTANDER...... 4.02 -0.02 5.03 3.80 AT&T...... 31.93 -0.34 34.53 26.80 BASF N...... 60.25 -0.81 88.89 57.26 BANK OF AMERICA...... 27.90 -0.28 31.91 22.66 BERKSHIRE HATH RG-B...... 199.70 -1.99 224.07 1 4.75 BAYER N...... 55.50 0.67 102.74 52.00 8 BOEING CO ...... 354.88 -0.02 446.01 292.47 BBVA...... 5.05 0.01 6.44 4.48 CATERPILLAR...... 121.59 -1.31 159.37 112.06 BMW...... 64.05 0.40 87.93 62.83 CHEVRON...... 118.31 -0.40 128.55 100.22 BNP PARIBAS BR-A...... 44.29 0.09 61.59 38.14 CISCO SYSTEMS...... 53.93 -0.44 57.53 40.25 CRH PLC...... 28.25 -0.12 34.87 26.53 CITIGROUP ...... 63.79 -0.60 75.24 48.42 DAIMLER N...... 47.87 -0.02 65.30 44.54 COCA-COLA CO...... 49.10 -0.51 50.84 42.10 DANONE ...... 72.26 0.30 72.54 59.72 COMCAST-A...... 42.47 -0.20 43.96 30.67 DEUTSCHE POST N...... 26.81 -0.20 33.94 23.43 DOW...... 48.56 -0.64 0.00 0.00 DEUTSCHE TELEKOM N...... 15.21 -0.05 15.88 13.09 EXXON MOBIL...... 72.61 -1.49 87.36 64.65 ENEL N...... 5.77 0.00 5.82 4.22 FACEBOOK-A ...... 184.31 3.25 218.62 123.02 ENGIE...... 12.70 -0.05 14.28 11.31 GOLDMAN SACHS GR...... 189.44 -3.56 245.08 151.70 ENI N...... 14.03 -0.04 16.71 13.42 HOME DEPOT...... 191.55 -2.04 215.43 158.09 ESSILORLUXOTT ...... 104.00 -2.20 129.55 95.50 IBM...... 130.46 -1.82 154.36 105.94 FRESENIUS...... 47.88 0.10 71.10 38.50 INTEL...... 43.57 -1.00 59.59 42.36 IBERDROLA ...... 8.48 -0.02 8.56 5.77 JOHNSON & JOHNSO ...... 137.07 -1.78 148.99 118.62 INDITEX ...... 25.14 0.08 30.30 21.85 JPMORGAN CHASE...... 108.52 -1.19 119.24 91.11 ING GROUP...... 9.82 0.05 13.36 9.09 MASTERCARD RG-A...... 253.43 1.95 258.86 171.89 INTESA SANPAOLO N...... 1.89 -0.02 2.72 1.86 MCDONALD'S...... 196.67 -1.10 201.15 153.13 KERING...... 479.25 -6.70 539.80 351.70 MEDTRONIC...... 91.31 -1.72 100.15 81.66 KON AH DEL BR...... 20.57 0.06 24.01 18.60 MERCK...... 80.26 -0.91 83.85 58.03 L'OREAL...... 243.50 -1.00 245.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 126.16 -0.08 131.37 93.96 LINDE ...... 165.45 -3.75 0.00 0.00 NETFLIX ...... 354.78 0.39 423.21 231.23 LVMH...... 342.60 3.95 355.05 242.30 NIKE -B-...... 81.20 -0.96 90.00 66.53 Gold...... 1282.50 2.10 Copper Cash Official...... 5918.00 58.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 ORACLE...... 51.75 -1.02 55.53 42.40 MUENCHENER RUECKV N...... 219.60 -0.20 224.00 175.00 Silver ...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 14.55 -0.70 Aluminium Cash Official...... 1761.00 22.00 PAYPAL HOLDINGS...... 111.74 1.89 114.66 74.66 NOKIA...... 4.51 -0.06 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 1.91 0.00 Brent Crude...... 68.69 3.00 Nickel Cash Official...... 11865.00 7.00 PEPSICO...... 127.63 -1.87 130.90 99.65 ORANGE...... 14.03 0.01 15.25 13.15 Krugerrand...... 1314.20 4.10 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.70 -0.05 Aluminium Alloy Cash Official...... 1430.00 -15.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.380 0.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS ...... 36.07 0.02 40.01 29.05 Palladium...... 1334.00 -6.00 Cocoa Futures ...... 2461.00 33.00 LIBOR Euro - overnight...... -0.472 0.00 The vix index...... 17.50 1.65 PFIZER...... 41.90 -0.05 46.47 35.32 SAFRAN...... 119.25 -2.55 130.00 97.08 Platinum...... 806.00 11.00 Coffee 'C' Futures ...... 96.15 2.85 LIBOR Euro - 12 months...... -0.222 0.00 The baltic dry index...... 1066.00 -2.00 PHILIP MRRS INT...... 81.55 -3.09 92.74 64.67 SANOFI ...... 74.24 -1.33 80.44 64.45 Tin Cash Official...... 19530.00 -190.00 LIBOR USD - overnight...... 2.357 0.00 Markit iBoxx EUR ...... 237.52 0.04 PROCTER&GAMBLE...... 104.46 -2.23 108.68 72.80 Feed Wheat Futures ...... 155.50 2.20 SAP I...... 113.58 0.12 117.02 84.02 Lead Cash Official...... 1816.50 35.50 LIBOR USD - 12 months...... 2.619 0.00 Markit iBoxx GBP...... 339.77 0.48 TRAVELERS COS...... 146.28 -1.66 148.85 111.08 SCHNEIDER EL...... 73.68 -0.16 78.66 57.54 Zinc Cash Official...... 2705.00 36.00 Soybeans Futures Continuation Contract...856.00 26.20 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD ...... 249.33 0.02 TWITTER...... 37.29 -0.12 47.79 26.19 SIEMENS N...... 105.38 -0.06 121.40 90.90 UNITEDHEALTH GRO ...... 242.06 -5.57 287.94 208.07 SOCIETE GENERALE ...... 22.60 -0.45 41.43 22.41 WORLD INDICES UTD TECHS...... 129.92 -1.48 144.40 100.48 TELEFONICA ...... 7.25 0.01 8.06 6.59                 VERIZON COMM...... 58.73 -0.59 61.58 47.13 TOTAL...... 47.52 -0.33 55.39 44.23 VISA RG-A ...... 163.71 1.07 165.77 121.60 UNILEVER CERT...... 54.38 -0.31 54.90 45.12 FTSE 100...... 7268.95 -8.78 -0.12 S&P 500...... 2802.39 -23.67 -0.84 CAC 40...... 5312.69 -23.50 -0.44 Hang Seng ...... 27390.81 102.72 0.38 WALGREENS BOOTS...... 51.69 -0.08 86.31 51.16 VINCI...... 89.60 -0.84 90.48 69.98 FTSE 250...... 19204.93 77.67 0.41 Dow Jones I.A...... 25347.77 -237.92 -0.93 Swiss Market Index...... 9680.87 -32.09 -0.33 Shanghai Composite...... 2909.91 17.53 0.61 WALMART...... 102.42 -0.25 106.21 81.81 VIVENDI...... 23.63 0.23 26.69 20.40 FTSE All-Share ...... 3980.38 -1.23 -0.03 Nasdaq Composite...... 7607.35 -29.66 -0.39 ISEQ Overall Index ...... 6152.63 37.85 0.62 STI Index...... 3165.32 -5.45 -0.17 WALT DISNEY...... 132.62 -0.17 142.37 98.81 VOLKSWAGEN VZ I...... 145.12 0.52 170.68 131.02 FTSE AIM All-Share ...... 965.33 4.74 0.49 Xetra DAX ...... 12027.05 -44.13 -0.37 FTSEurofirst 300 ...... 1479.71 0.09 0.01 ASX All Ordinaries...... 6580.40 35.60 0.54 WELLS FARGO...... 45.59 -0.58 59.53 43.02 16 OPINION WEDNESDAY 29 MAY 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS The next Tory leader is doomed TO THE EDITOR before they have even started British Strength [Re: Should the government nationalise British Steel in a bid to save it?] The recent British Steel news is worrying HE PARTIES of the West- servative party a future overall ma- failure. Although it also lost votes for UK manufacturing and construction minster establishment are jority in a General Election. Alan on the Leave side of its support sectors, but also on a strategic level for the terrified of us.... The Brexit It is unlikely that the soon-to-be- Mendoza base, being outflanked by the resur- country as a whole. While – rightly – the TParty is here to stay and to departing incumbent of the 10 gent Liberal Democrats on the Re- focus in the headlines is for the jobs at risk, change politics for good.” Downing Street bunker recognises main side of the equation has there is a much bigger subtext here. Unless With those triumphant words de- any of this. But her putative succes- shown the party where its bread somebody, government-backed or livered after the European election sors as Prime Minister should. needs to be buttered. otherwise, picks up the production results, Nigel Farage made public Worryingly, they appear intent on Being as stubborn in his own way capacity, our capability to produce steel the worst-kept secret in Westmin- making similar mistakes. as May, Corbyn may not heed this without greater reliance on production ster: that his Brexit Party did not in- The Tory leadership candidates lesson. But if he does not, Labour and supply abroad will shrink. tend to be a one-hit wonder, as had can roughly be split into two groups. will be laid to waste in a similar Uncertainty in supplies of steel has been wistfully hoped for by much of The no-dealers start with an ad- Nigel Farage has lit manner to the Conservatives in any dogged our manufacturing industry. Just a the political class. vantage: their approach has the Brexit-inspired election. few years ago, a worldwide steel crisis, Never short on hubris about his benefit of appealing to the mass of the blue touchpaper Of course, there remains an obvi- caused by steel production being “bought” ability to deliver change, Farage has Conservative members who will on Westminster ous way out of this version of polit- by the far east only to later flood the nonetheless successfully lit the blue elect their leader. ical apocalypse now. Rather than market with surplus, created a roller- touchpaper on Westminster politics But once in office, a stark reality politics as we know it try to pass a deal through a parlia- coaster in prices. as we have known it. For while he will hit home. The only Brexit pro- ment comprised of shades of grey, Maintenance of our production will help now retreats to a safe distance to posal that parliament has been or gamble the entire country on red to prevent such artificial “spikes” adversely shout from the sidelines, the slow- able to muster a majority for has or black in an election, we could affecting UK industry. Aside from the risk to burning fuse he has set will deto- been against the idea of no-deal. be no changes to the withdrawal ask the people again. our manufacturing base at a time when it nate its payload on 31 October. Absent a change of personnel in agreement. Even if there could be, Every party and individual MP already faces headwinds caused by the Should Brexit not happen by this the House of Commons, that situa- the only direction of travel would be would finally be free to back the op- likes of the world economic slowdown, date, or should the manner of the tion will not alter. It will probably to closer EU harmonisation. tion they really believed in. Brexit uncertainty, and automotive issues, departure be anything short of the spark a successful vote of no confi- A negotiated-deal Prime Minister But holding a clearly defined ref- there are many UK infrastructure projects “clean Brexit” that the Faragists dence against a government push- would end up in the same position erendum would also serve a greater planned which require heavy steel over the have demanded, expect the result- ing such an agenda. as Theresa May, and face the same process. It would prevent the most next few years. ing explosion to alter much of our A General Election to reshuffle ignominious result. A General Elec- divisive issue of our day from con- British Steel used to have the strapline political landscape. the pack of MPs will not provide any tion under such circumstances taminating the entire political sys- “British Steel, British Strength”. Maybe the The “stab in the back” mythology guarantee of success either. Opin- would be a grim prospect, with both tem, by giving the power of decision news is a timely reminder to repeat this that the Brexit Party has already en- ion polls show that support for no- the Faragists and the Remainers back to where it started: the people. mantra to those in the corridors of power. couraged in its short history, waxing deal is a minority position in the running rampant. In so doing, it would also break Johnathan Dudley, national head of lyrically about the betrayal of the country. A Conservative party run- For it has now become clear that, the hold of the Faragists as they manufacturing, Crowe UK people by the entire political class, ning on that platform may be able despite his own personal desire to would now be cast back into the sin- will be deployed to devastating effect to negate the Faragist threat, but it secure Brexit and achieve a form of gle issue from where they emerged. once more in both eventualities. will simultaneously forfeit the sup- socialist nirvana that EU rules make The British people are perfectly ca- Either the politicians will have re- port of all other shades of opinion. impossible, Jeremy Corbyn will be pable of passing judgement on BEST OF fused outright to carry out the That is not a winning strategy. under intense pressure to swing negotiated-deal, no-deal and re- TWITTER wishes of the people, or they will Nor can negotiated-deal leader- Labour to a de facto Remain posi- main options if placed before them. have connived to stitch up a “Brexit ship contenders derive much com- tion by supporting the idea of a sec- If only a Conservative leadership Spoken to @michaelgove and am in name only”. fort. This group appear to have ond referendum. candidate or Corbyn were brave delighted he will guarantee EU In each case, the Brexit Party can fallen prey to the mythology that The Labour party’s deplorable elec- enough to let them do so. nationals rights with a declaratory emerge with a sizeable chunk of the better terms can somehow be ex- tion performance has shown that scheme & offer them fee free British public vote. This will almost cer- tracted from the EU. They cannot. attempting to straddle all positions £ Alan Mendoza is executive director of Citizenship. This is the morally right tainly be enough to deny the Con- The EU is adamant that there can on the Brexit question is doomed to the Henry Jackson Society. thing to do & will help heal our nation. He has my full support to be our next PM. @AlbertoCostaMP

My emerging view: Rory Stewart has the potential to be a From taxes to cats, May’s government has superstar His manner and approach are exactly what a brutalised Britain needs been an affront to Conservative ideology He is a relatively clean skin He would destroy Corbyn in a GE He would probably promote all the HERESA May has finally referred to as the Great Helmsman, torist pay a fee for their effort in right people announced her resigna- a name bestowed upon leaders of Paul making a record of the accident – @chrisdeerin tion. How can we capture centrally-planned economies such Ormerod even better, that they get a special Tthe flavour of her tenure as Joseph Stalin. subsidy from the taxpayer. Rory Stewart is the new Ruth in office? Brown could not resist detailed Civil servants will be recruited to Davidson – the Tory who appeals to This can be found in the dry and meddling of the most microscopic check that the vets’ forms are cor- everyone except Tories measured content of the Economic variety, exactly as if he were in rectly filled in. There will be de- @mrianlesli and Fiscal Outlook from the Office charge of a Five Year Plan in the old mands for new regulations on vets for Budget Responsibility (OBR). Soviet Union. But during his long to ensure that they are trained to I will vote for whoever gets furthest The OBR stated in its latest publi- reign, taxes as a percentage of GDP comply with the new law, and a way round the Ninja Warrior course cation in March 2019 that: “the tax remained lower than they are now. 250,000 are either killed or injured to enforce these rules for drivers. @PM4EastRen receipts-to-GDP ratio ends the fore- And it’s not just taxes but regula- every year in this way. These inci- None of this seems to have oc- cast in 2023-24 slightly higher than tion too where the government dents create a great deal of stress curred to Chishti. For him, a prob- Blimey! Labour struggling for years to its 2018-19 level”. under May is behaving in a decid- and unhappiness for the owners. It lem exists, and the way you solve it take disciplinary action against Of course, this is a forecast, and edly un-Conservative manner. would obviously be good if the is by state intervention. members accused of antisemitism but all the usual caveats need to be at- Despite what the Tories like to say, number could be reduced. Another way, of course, is for own- managed to expel Alastair Campbell tached. But, remarkably, it was the the culture of interference seems to The bill would force owners to mi- ers to take more personal responsi- for voting Lib Dem over the course of intention of a Conservative govern- have got even worse under May. crochip their cats so that they could bility for their cats, but that doesn’t one Bank Holiday weekend. Amazing ment for taxation to be higher in A rather minor issue symbolises be identified. This seems reason- seem to occur to politicians. new efficiency! five years’ time than it is now. the mentality of the May regime. able. But Chishti proposes that a From cats to taxes, May essentially @Tony_Robinson Already, taxes are high. Taxes as a This is the Cats’ Bill, a private mem- motorist hitting a cat should be re- created a social democratic govern- percentage of GDP in 2018/19 were ber’s bill sponsored by Rehman quired not just to stop, but to report ment, not a Conservative one. That electoral map showing Scotland higher than at any time since 1979, Chishti, Tory MP for Gillingham the incident to a vet, on pain of a all SNP yellow doesn’t show Scotland the first year with Margaret and Rainham. Michael Gove has de- fine of up to £20,000. £ Paul Ormerod is an economist at is a different country to rest of UK. The Thatcher as Prime Minister. scribed the bill as an “inspiration”. The bill is brought in with the very Volterra Partners LLP, a visiting professor bewildering popularity of “Bob Gordon Brown effectively ran eco- There is undoubtedly a problem best of intentions. But it will simply in the Department of Computer Science Servant” does. nomic policy from 1997 until 2010. with cats being hit by motor vehi- create another regulated industry. at UCL, and author of Against the Grain: @PoliticalYeti Even at the time, he was satirically cles. Campaigners estimate that Vets will demand that the mo- Insights of an Economic Contrarian. CITYAM.COM WEDNESDAY 29 MAY 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Mind the expectation gap: Khan DEBATE is a disappointment to London A new review recommends cutting university fees to £7,500 HEN Sadiq Khan was infrastructure upgrades – including elected as London mayor Gareth the Bakerloo Line extension – simply a year – is this a good idea? just over three years ago, Bacon haven’t materialised. Wit was off the back of This situation has come about for some big promises. one reason: Transport for London (TfL) Lowering tuition fees makes training The new mayor reassured us that he is broke. The transport budget deficit for your future a little more affordable was going to make our city a “safe and is on course to hit almost £900m by and provides better value for money. secure place”. He pledged that we 2020, with the delays to Crossrail due The current £9,000 fees act as a YES wouldn’t pay a penny more to travel to deprive TfL of between £600m and deterrent for the poorest in our society. around the capital, although this £1bn in lost revenue. If you look across Europe at some of MATTEO BERGAMINI wouldn’t come at the expense of in- ing which could be used to invest in an The mayor’s decision to freeze fares the countries with the best, most frastructure upgrades. London’s hous- additional 1,378 police officers for Lon- has also starved TfL of cash, although accessible higher education systems, dying a slow death. ing crisis would be consigned to the don. Khan rejected this plan. Londoners who hold season tickets you start to notice a trend. We need to see education as a dustbin of history; housing was, after Funding for other areas raises ques- have been excluded from the freeze. Studying in Germany is free, studying collective investment in our future, not all, his top priority. tions of his spending priorities. For ex- Khan promised that he’d keep the in France is free or low-cost, and as a cost to be cut or passed onto Our new report, Cost of Khan 3, eval- ample, the mayor has somehow cost of travel down while still main- studying in any Nordic country is free young people. I welcome this proposal, uates the mayor’s performance since managed to find an additional £22m taining transport investment, but he’s too. Indeed, the UK is by far one of the and the recommendation to replace 2016. We find that his rhetoric fails to for staff and £11m for the culture delivered exactly the opposite. most expensive countries for higher the reduction in fees by direct funding match his record, and that his com- budget, and even splurged £400,000 While the mayor’s incompetence education in Europe, able to charge to universities from the government. placency, incompetence, and ten- on a beach party in Newham. means that he doesn’t have the cash such rates purely due to the myth that dency to shirk responsibility has This is all money which could be to spend on transport, the same can’t we have one of the best university £ Matteo Bergamini is founder and meant that London has shifted into used instead to bring crime down. And be said about housing. Khan has been sectors in the world – a myth that is director of Shout Out UK. reverse gear. while Khan protests that central gov- given nearly £5bn by the government The mayor’s first duty is to keep Lon- ernment is to blame for rising crime, to build 116,000 homes in London by doners safe – and, on this score, he is it is disingenuous for him to suggest 2022, but is failing to deliver. undeniably failing. that there is nothing he could do. Although we are now halfway Cutting tuition fees might win student Since Khan came to office, burglary In addition to crime, Khan is letting through the government’s pro- votes, but it will leave few graduates is up by 37 per cent and robbery has Londoners down on another issue top gramme, the mayor has only started better off. Monthly repayments, which surged by an eye-watering 59 per cent. of their priority lists: transport. His 34,515 new homes – just 30 per cent depend on earnings, will remain NO Most tragically, the 52 per cent rise in failure to invest in public transport of the overall target. exactly the same as they are now. High- knife crime has taken the lives of far means that a whole host of promised The reality for so many young Lon- earners will see their repayments stop JOANNA WILLIAMS too many young Londoners. doners is that home ownership still a few months earlier, but most people It is of course true that much of Lon- remains an impossible dream. will not notice any difference. there will be less funding for higher don’s police budget comes from cen- Three years in, it is Being London mayor is one of the Nor is reducing fees likely to widen education. Courses will be cut and staff- tral government, and that the best jobs in politics. The mayor has a participation in higher education. student ratios will increase. Metropolitan Police have had to find clear that the mayor is far-reaching remit, an £18bn budget, Almost all 18-year-olds with good For the past two decades, we have savings over the past decade. However, and the ability to change Londoners’ A-levels go to university, irrespective of obsessed over how much going to the mayor has a multi-billion-pound passing up his golden lives for the better. their background. university should cost and who should budget and could move money from opportunity to deliver Three years in, it is clear that Khan In Scotland, where students do not pay. Meanwhile, more important elsewhere in order to give our police is passing up his golden opportunity pay tuition fees at all, fewer working- questions about what higher education force the boost it needs. the positive change to deliver the positive change that class youngsters enter higher education is for, who should go to university, and In fact, at the mayor’s last budget, the that Londoners need Londoners need. than in the UK. why, remain unasked. Conservative group at City Hall tabled Some universities are already feeling an amendment which identified £ Gareth Bacon is Conservative group a financial squeeze. Without plans to £ Dr Joanna Williams is head of nearly £83m worth of wasteful spend- leader of the London Assembly. make up the shortfall from a cut in fees, education at Policy Exchange.

Editorial Editor Christian May | Deputy Editor Julian Harris Distribution helpline Our terms and conditions for external Josh Martin Rachel Cunliffe contributors can be viewed at Fountain House, News Editor | Comment & Features Editor If you have any comments about Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres the distribution of City A.M. cityam.com/terms-conditions 3rd Floor, 130 Fenchurch Street, Billy Breton London, EC3M 5DJ Certified Distribution Creative Director please ring 0203 201 8955, or email [email protected] Tel: 020 3201 8900 from 01/04/2019 till Printed by West Ferry Printers Ltd, Email: [email protected] 28/04/2019 is 85,758 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli Kimpton Rd, Luton LU2 0SX

4 breakfast seminars Valuing a culture of diversity and inclusion 2 workshops Lord Mayor is at the heart of our Attending business. Through The 5 Senior Leadership Forums Lord Mayor’s Appeal 1 webinar our people have gained insight into some of 1 evening roundtable the most important conversations on Our 2019 programme will focus on the key challenges diversity and inclusion which they can take into and priorities identified across recruitment, retention their day to day roles. and development of diverse talent; and on creating Peter Harrison, Group Chief inclusive workplace cultures where everyone is able Executive, Schroders #jointheconversation to bring their whole self to work. TheLordMayorsAppeal.orgTheLordMayorsAppeal.org @LMAppeal

The Lord Mayor’s Appeal TheLordMayorsAppeal 18 FEATURE WEDNESDAY 29 MAY 2019 CITYAM.COM OFFICE POLITICS The zen power of simply doing nothing

most. As any good rugby coach will Sometimes tactical patience can achieve tell you, if every fullback tried to run around constantly during a match, much more than trying to do something they’d never have the energy to last more than 20 minutes, let alone make HIEF executives feel com- Jon the try-saving tackle. pelled to be constantly In a study by D.A. McLean, the aver- “doing”. There’s an underly- Goulding age work-to-rest ratio of a typical rugby ing urgent mantra of “move AND BREATHE back is 1:15 – that’s 15 minutes of rel- quickly” and “make things IN... ative inactivity for every one minute Chappen”, high pressure played out of intensive action. As England man- against a backdrop of constant and ac- Insight Timer ager Eddie Jones commented after the celerated change. Free 2-1 series loss to South Africa in 2018, But isn’t that just business as usual? “you lose rugby games when you get PwC recently reported that chief ex- If you plan to use sucked in to playing at the frenetic ecutives now spend, on average, just about sticking your head in the sand the “power of pace of the opposition”. 4.8 years in their role, compared to 8.3 and hoping that a problem will go doing nothing” And the idea of space and of “less is years in 2010. Quite simply, they have away or miraculously resolve itself. then you need more” is one reiterated by the interna- less and less time to make their mark It’s about taking the considered deci- something to fill tional rugby union referee Nigel and create success. sion to “wait and see what happens” all that time Owens. “The easy part of the job is The chief executive role is now like before making your next move. spent not doing blowing the whistle”, he explains. working in a spin cycle. Keeping It’s the same philosophy used by the anything. Insight “The hard part is knowing when not clients satisfied, driving innovation, military, but they refer to it as “tacti- Timer is a to blow the whistle.” improving sustainability, delivering cal patience”. The principle is based Pick your There are, however, examples of meditation app It makes great personal and busi- a diversity agenda, winning new on the truth that even if you’re not moments and those in power who have mastered that can play ness sense to take this lesson from business, building a positive reputa- doing something, everyone else wait for the the art. For example, the EU has ambient sounds sport and pick your moments in order tion – an exhausting list of actions around you will be, and while you clouds to pass seemingly plunged our entire parlia- for experienced to conserve energy and wait for the and decisions that rely on your expe- may not be 100 per cent clear on the before sprinting ment into a tailspin by simply sitting meditators, as clouds to pass before sprinting into rience to make split-second judge- right course of action today, it may be- into your next back and not moving. In contrast, well as guides to your next decision or taking the next ment calls, day in, day out. come clear tomorrow. Ostensibly, it’s decision our MPs are trying desperately to help beginners. forced action. When the stakes are relatively low, about not making a quick decision make more and more decisions and Taking the time Perhaps we can turn more high- this is fine. But what happens when based on your first impulse. take more and more actions, in the to meditate each stakes moments to our advantage if the stakes are high and the situation Working with complex, high-stakes hope of forcing a solution. The EU day can help you we take a step back, use our inner complex, with multiple stakeholders business activities is no different. The seems to be holding most of the make important strength, and deploy the power of and conflicting information? challenge, of course, is that “actively cards, even though it has done very decisions and doing nothing. That’s when you need to deploy the doing nothing” is counter-intuitive, little for months. focus better. patience and self-restraint of “ac- and it requires a lot of self-discipline Doing nothing can also save you £ Jon Goulding is chief executive of tively doing nothing”. This isn’t to resist the “act now” temptation. valuable energy for when you need it Atomic London. CITYAM.COM WEDNESDAY 29 MAY 2019 FEATURE 19 PERSONAL FINANCE

account (once you’ve switched, you Take-up has can’t return to the voucher system). O’Connor notes that the new system been low and can appear more generous than child- care vouchers for those with pre-school complaints are children, because these are the most Katherine expensive years. “However, once chil- high – dren reach school-age, parents tend to Denham use fewer hours of care, and so it may looks at be that childcare vouchers offer better value at this stage.” tax-free childcare It’s not just the age of your child that you should take into account either, HILDCARE is notoriously ex- because other factors – such as your pensive in the UK. For British tax band, whether you’re self- parents with two children, employed, and how many children around 46 per cent of house- you have – also affect the savings you hold income goes towards could make. But even after parents Cchildcare – the highest of all OECD have carefully weighed up their op- countries – while prices have risen tions, some appear to be encountering three per cent in the past year, accord- problems with the new system, with ing to the UK’s Childcare Survey 2019. figures showing that a high number “With the cost of full-time childcare of complaints have been lodged about for a two-year-old exceeding the aver- HMRC’s childcare service. age monthly mortgage repayments in According to a Freedom of Informa- the UK, busy working parents need all tion request submitted by Royal Lon- the help they can get,” says Becky don, the Treasury received 1,830 O’Connor, personal finance specialist complaints from parents about the at Royal London. service between 1 November and the You would think that, given these end of March this year. The mutual in- huge costs, parents would be rushing surer says that’s equivalent to one to make use of the government’s tax- complaint every daytime hour since free childcare scheme. Yet surpris- the scheme was fully rolled out. ingly, participation has been poor. Neither of the above schemes should The scheme works like this: parents be confused with the government’s ini- who are each earning less than tiative to offer 30 hours of free child- £100,000 a year can sign up, with the care for children aged three and four. government adding an extra £2 for HMRC told City A.M. that it’s not pos- every £8 that they pay into their on- sible to completely separate com- line childcare account. plaints related to this scheme and the For each child, this equates to a max- tax-free childcare initiative, as many imum top-up of £2,000 per year until parents are signed up to both. But it the child is 12, and £4,000 per year for did say that half of the complaints a disabled child until they are 16. came from parents who have missed But despite an estimated 1.5m fami- MODERN FAMILY the 30 hours free childcare deadline. lies being eligible for this scheme, just Regardless of which scheme is caus- 125,000 were using it in March 2019, ing the issues, the set-up is hugely con- according to figures published by fusing for parents. “The figures show HMRC last week. While this is a Available through employers, the Coles says: “There’s always the hope that not enough families are getting marked increase from the 47,000 who vouchers help you pay for childcare that one of the reasons tax-free child- help, and when they do, they en- applied in the previous year, it’s con- with pre-taxed income, allowing fam- care hasn’t been more successful is be- counter problems,” says O’Connor. cerning that less than 10 per cent of ilies to save hundreds of pounds a cause parents who already had “The system is admin-heavy and time- families have signed up since the year. Basic-rate taxpayers can buy up childcare vouchers are using them in- consuming. The fact that parents with scheme began its roll-out in April 2017. to £55 of vouchers a week, while stead. And if they have older children, little time on their hands are making Given suggestions that it has been higher-rate taxpayers can buy £28. Not enough there’s a good chance that they may the time to complain speaks volumes.” poorly promoted, HMRC says that it is While the vouchers were closed to parents are be better off with vouchers too, be- It’s still early days for the tax-free looking to raise awareness and encour- new applicants in October last year, cause they can be more generous for childcare system, and HMRC has age parents to apply for an account. parents of children already signed up getting help, and higher-rate taxpayers with relatively pledged to listen carefully to cus- Other than communication issues, can continue to buy them. Around low childcare costs.” tomers to develop the service. another reason for low take-up may be 600,000 parents relied on them for fi- when they do, Parents in receipt of the vouchers Let’s hope that the system makes parents continuing to use childcare nancial support in 2018, and it’s likely are advised to figure out which sys- the lives of busy working parents eas- vouchers, which the newer account that many will continue to do so. they encounter tem would leave them better-off be- ier, so they don’t end up throwing the system was bought in to replace. As Hargreaves Lansdown’s Sarah problems fore opening a tax-free childcare baby out with the bathwater. 20 LIFE&STYLE WEDNESDAY 29 MAY 2019 CITYAM.COM FOOD&DRINK

CITY AM CLUB PARTNER SPOTLIGHT

Indian fine dining star partners with the Club

here is a universal truth, with vivid pink and burnt orange, widely acknowledged: with palm trees and plush sofas everybody enjoys a good creating a relaxed, congenial curry. The Cinnamon atmosphere. Collection of restaurants It’s the perfect place to relax offerT that and so much more. with a cocktail, and if you’re a With four renowned London member of the City A.M. Club, venues to his name (The then you’re in luck: members Cinnamon Club in Westminster, receive a complimentary after- Cinnamon Kitchen in the City, dinner cocktail in Cinnamon Cinnamon Bazaar in Covent Kitchen’s stunning bar when Garden, and Cinnamon Kitchen dining with groups of six or in Battersea), Vivek Singh is a more. true heavyweight of Indian fine Alternatively, groups of six can dining, famous for his claim a complimentary bottle of innovative, modern spin champagne and some of on classic Indian Singh’s exquisite WEEKLYGRILL cuisine. canapes. “I am always And that’s not all – Double Michelin starred chef Hélène Darroze talks about her new looking hard to members of the City evolve the food we A.M. Club can enjoy restaurant in Paris, the joy of boiled eggs and cooking for Jacques Chirac cook,” says Singh, an exclusive tour of “I respond to new the kitchen, ingredients, soaking in the sight WHO ARE YOU AND tradition. My grandparents owned a local the chicken, served with French fries techniques and of a team of real WHAT DO YOU DO? restaurant so we would always wait till cooked in duck fat. influences to create experts at work. My name is Hélène Darroze, I am a they finished work rather than eat at menus and dishes The benefits aren’t cuisinière and mother. Most Londoners lunch. All my family would gather WHAT’S THE BEST that are mindful of restricted to the City will know me from my eponymous together, my grandfather at the top of THING ABOUT THE Indian tradition but are restaurant, either – log onto restaurant, Hélène Darroze at the the table, and my grandmother cooked LONDON FOOD SCENE? always adapting, changing to club.cityam.com for full details of Connaught, which holds two Michelin You can find the best Italian, Japanese, keep in step with the times.” our exciting partnership. stars. Chinese and Vietnamese cuisine. There’s So how do you improve on that diversity but also quality to match. mouthwatering proposition? £ To redeem these City A.M. Club WHAT’S NEW? Eating al fresco, of course. To benefits. simply call Cinnamon Kitchen I’m opening a new restaurant, Marsan in AND THE WORST THING? celebrate its 10th anniversary, the City on 020 7626 5000 and quote Paris. It’s in the same location as my last ‘Concept restaurants’, places that focus City’s Cinnamon Kitchen, located your Club membership number. venture, Restaurant Hélène Darroze, and on trends or location or ambience than under the covered courtyard of Cinnamon Kitchen City is located at it opened this week. I’ve completely the food itself. Spitalfields’ Devonshire Square, 9 Devonshire Square, EC2M 4YL; reinvented the space at 4 Rue d’Assas, has completely revamped its for more information go to and with the food I’ve decided to pay TELL US ABOUT THE BEST “tropical terrace”. It’s now alive cinnamon-kitchen.com tribute to the Marsan region, where my MEAL YOU EVER HAD family is and was, the place where I was My first meal at Masa, a three Michelin . born and where it all began. starred Japanese restaurant in New York. It’s between that and my first ever meal WHAT’S YOUR at Alain Ducasse’s Le Louis XV in Monaco. EARLIEST FOOD MEMORY? In 1990, when I first started working HOW TO JOIN THE CLUB The boiled eggs my grandmother used there, my parents came to visit and it to cook. My mother worked in a was simply amazing. The City A.M. Club is your passport to the lifestyle brands, to your favourite pharmacy and farmers would bring her City, giving you access to networking restaurants. eggs that had been laid that morning. My WHAT’S YOUR FAVOURITE opportunities, events and exclusive An annual membership costs £240 – grandmother would cook them simply, FOOD-RELATED ANECDOTE? offers. City A.M. has collected more than an amount that could easily be recouped boiled and served with soldiers and When I first had the restaurant, I cooked 50 partners, each providing a totally in a matter of weeks. To apply, log on to butter. for Jacques Chirac. I felt a lot of stress unique, curated experience for City A.M. our Club website at club.cityam.com. We and pressure but it was very special. Club Members. They range from leading look forward to seeing you on the inside. WHAT’S YOUR FAVOURITE DISH? £ Hélène Darroze at the Connaught has a For more information, visit: CLUB.CITYAM.COM Roast chicken on a Sunday. Growing up weekday lunch menu, with three courses in Les Landes in Southwestern France, and two glasses of wine for £60; go to the- we ate it every Sunday night as a family connaught.co.uk for more info. CITYAM.COM WEDNESDAY 29 MAY 2019 LIFE&STYLE 21

THE DAY I GOT HOOKED

In the second extract from his new book, Hooked: Adventures in Angling & Eating, Mark Hix remembers the time the salmon turned the tables and he got hooked through the cheek

y fishing trips aren’t all their spawning destination. So they ment of the week. his head and said, “No, lad, it’s well face, he got one of my group to go about catching fish. hold up in the saltwater estuary Day two, we split up into two in, come with me to the surgery.” across the road to the mechanics to There‘s fun and games to where they are near impossible to groups with our gillies. It was all This was a first for me, and the rea- borrow a pair of pliers for the opera- be had when the water is catch unless you have a net. Rivers going well in a non-fishy kind of way son why you should always wear tion, as he said there would be a fair too high or too low, or need rain and so this can be a com- and Chris, our photographer, glasses for fishing: one, to see the bit of snipping and tugging to be Mwhatever other reason the river- mon problem with salmon fishing, was shooting away for fish, and two, not to get the done – eek! I know how a bloody keeper (or ‘gillie’) gives you when no but it’s hard to judge when you pre- an Esquire magazine fly in your eye! salmon feels now. At least the stuff one is catching anything. plan a trip. Always best to live on the piece I was writ- Surprisingly, it did- he pumped into me numbed my Just as well, too. I remember a river, I suppose. ing. He was tak- n’t hurt, but there cheek sufficiently while he slowly re- trip to Blackwater Nevertheless, we ing some was some pain to moved the hooks. By the time he’d River in County had a sponta- action shots come for sure, finished there were just two red dots Cork when – after neous two-hour when there as the hooks on my cheek, but he did warn me it the airport had fish in the early was a sud- were lodged in would be a bit blue and sore the fol- lost our rods – the evening before den gust of my cheek. lowing day. Anyway, I got straight gillie solemnly an- dinner at Bal- wind on Some people I back into my waders and into the nounced that lyvolane. I bor- my line as I know would river for a quick hour’s fish, with a there were no fish rowed a rod and lifted off pay good different fly of course! in the river, and had a brief en- the water. money for a The fishing didn’t get any better. only one had been counter with a Trying to face piercing We even tried out the mouth of the caught so far that salmon that avoid Chris, like that. estuary for sea bass and ended up year. It was similar chased my little I swung the We managed with a bucketful of mackerel, which, to the situation I’d purple shrimp same purple to catch Dr Barry of course, wasn’t the targeted encountered visit- fly across the shrimp fly just as he was leav- species for the week, but better than ing the same place surface, then dis- straight into my ing the surgery, so it blanking completely, I suppose. a few years ago appeared and right cheek. It was a was off with my waders with chef Richard was off down slow-motion moment as and shirt and on to the in- £ Hooked: Adventures in Angling & Eat- Corrigan. This time, the river some- I saw the damn thing coming spection bed. He shook his head ing, published by Mitchell Beazley, is avail- there was hardly where. The brief straight at me, and there wasn’t a and said he’d never seen two hooks able for £20 from any Hix Restaurant any water in the chase was en- thing I could do about it. I turned to embedded like that before, which river which, in fish- couraging, to Martin, the gillie, and he suggested worried me a bit, although there ing terms, means say the least, trying to get it out with the degorg- wasn’t a lot I could do about it by the fish can’t run even if it was ing gadget in his fishing waistcoat. that point. After administering a sy- the river to reach the only excite- Then, on closer inspection, he shook ringe of local anaesthetic into my 22 PUNTER WEDNESDAY 29 MAY 2019 CITYAM.COM THE PUNTER RACING TRADER Hong Kong racing expert Wally Pyrah previews today’s action from Happy Valley Star Luck can help Teetan get back to winning ways T SURELY can’t get any better for a full book of rides – having picked up a reigning champion jockey Zac couple of spare mounts with late with- Purton at present. At Sha Tin over drawals – and you can guarantee the ma- Star Luck and Karis the weekend, he matched his per- jority of his mounts will be well backed. Teetan can combine sonal best of riding six winners in a Happy Valley is not the easiest track at for victory in the six Isingle meeting and added another two which to find winners at the best of furlong opener Group Ones to his already considerable times, but this is further exacerbated by tally in Hong Kong and Singapore. Hong Kong suffering dreadful weather The Australian has now ridden a dozen at present, with rain and thunderstorm 1.45pm. plaudits in recent times, jockey Karis been held in high esteem by his stable Group One winners in the past two sea- warnings. This flashy looking three-year-old Teetan, who has chased the champion and now makes his debut on turf after sons in Hong Kong, taking his total to 22. Racing normally takes place on good- picked up a 7lb penalty when getting off for most of the season, has slipped into winning one of his three races on dirt. Included in that score is his one ride in to-firm ground, but the word yielding the mark over course and distance last a relatively quiet spell. An impressive recent track trial, in the UK, when partnering Little Bridge to looks likely to be added to the going de- month. The Mauritian-born pilot has been a preparation for this contest, suggests he victory in the King’s Stand Stakes at scription this afternoon. That form has been advertised by the model of consistency all year, riding one could prove different class to his rivals. Royal Ascot back in 2012. Looking back at past statistics when subsequent successes of runner-up or two winners at the majority of race Back in Hong Kong, he has visited the racing takes place on the ‘C’ track, soft Jumbo Prize and the third-placed meetings - until the last month that is. winners’ circle 31 times in the last 11 ground has only appeared a couple of Takingufurther winning at the Valley He has a couple of chances to get him- race-meetings and 13 of those have come times in the last three seasons. last week. self back on track when he teams up POINTERS in his last 26 rides. Purton does look to have a ready-made With an inside draw a major positive with trainer Frankie Lor on Star Luck in No wonder ‘Pundon’, as the locals call winner when he resumes his winning and the opposition average, he has a gilt- the opener at 12.15pm over six furlongs, Star Luck 12.15pm Happy Valley him, is the blue-eyed boy of the sport. partnership with the Peter Ho-trained LE edged chance to repeat his previous win. and Coby Oppa at 3.50pm. Le Terroir 1.45pm Happy Valley He arrives at the inner-city track with TERROIR in the six-furlong dash at While Purton has been taking all the Lightly-raced STAR LUCK has always Smart Rocket can show his speed for Moore and Moreira ORMER champion jockey Joao trainer John Size, since he returned to home straight. complete a three-timer with the racing against some ordinary Moreira has been living in the Hong Kong back in December. Showing nerves of steel, Moreira minimum of fuss. handicappers. Fshadows of Zac Purton recently. Moreira and Size team up with the suddenly conjured up a devastating Moreira also climbs aboard the With some luck, he will be hard to However, it didn’t stop the Brazilian hat-trick-seeking TRUE GRIT in the finishing dash from the four-year-old – Moore-trained SMART ROCKET who will beat. providing another masterclass of 3.15pm over the extended mile. the fastest closing sectional time of be seeking to defy a 5lb penalty for a jockeyship at Sha Tin last Sunday Supporters of True Grit, a red-hot any horse in the three races over the comfortable win over a mile on a soft when booting home four winners, favourite over course and distance a trip that afternoon – and drew clear in surface at Sha Tin earlier this month. POINTERS including two by the narrowest of fortnight ago, would have been the latter stages. The jockey will have to be at his margins. tearing their tickets up after the four- This is a horse destined to race magical best to overcome the outside Smart Rocket 2.15pm Happy Valley The ‘Magic Man’ is now on a roll year-old got shuffled back into last against better class in the future and, draw in the 2.15pm, but this three-year- True Grit 3.15pm Happy Valley with 69 winners, including 48 for place before turning into the short with a low draw a bonus, should old looks highly progressive and is

Today at Happy Valley. Eight races, 12.15pm - 3.50pm.

Online Watch Shops Hong Kong Racing Merchandise now available at www.giftatraces.com CITYAM.COM WEDNESDAY 29 MAY 2019 PUNTER 23

9 500774 FORZA ANGEL (24) (GS) HAPPY VALLEY (9) Y Tsui 5-8-7 ...... J Moreira 96 Runs: 16 Wins: 2 Places: 1 Going: GOOD 10 059335 HEALTHY LUCK (14) (CD) (G) HO CHUNG RIVER HANDICAP (DIV I) (CLASS 4) (3YO+) (2) K Man 6-8-7 ...... U Rispoli 97 12.15(COURSE C) (TURF) 6f 3yo plus12 dec. Runs: 29 Wins: 3 Places: 10

1 010 STAR LUCK (37) (D) (A) 11 -40151 MR RIGHT (28) (CD) (G,GF) (9) F Lor 4-9-7 ...... K Teetan 74 (1) L Ho 8-8-2 ...... H T Mo(3) 96 Runs: 43 Wins: 5 Places: 4 Runs: 3 Wins: 1 Places: 0 2 008090 PRINCE HARMONY (24) (CD) (GF) ᗂBETTING: 3 Hong Kong Bet, 9/2 Dream Come True, 11/2 Others

(4) W So 7-9-4 ...... J Wong(3)ᗂ 75 SHAN PUI RIVER HANDICAP (CLASS 3) (3YO+) (COURSE C) Runs: 28 Wins: 4 Places: 3 3.15(TURF) 1m 3yo plus12 dec. 3 896635 WONDERFUL JOURNEY (35) (CD) (2) P Yiu 8-9-3 ...... M Poon(3) 74 1 5-3275 HARMONY HERO (31) (B) (GS,G) (6) Richard Gibson 5-9-7 ...... N Callan 96 Runs: 35 Wins: 3 Places: 9 4 -44079 ALL BEST FRIENDS (35) (B) (CD) (G,A) Runs: 13 Wins: 2 Places: 2 (6) K Man 6-9-1 ...... C Y Ho 78 2 769-76 MEGA RED (21) (H) (A) (11) C Chang 8-9-3 ...... R Bayliss 94 Runs: 38 Wins: 3 Places: 3 5 0- EXCEL DELIGHT (185) Runs: 11 Wins: 2 Places: 1 (12) J Size 4-8-13 ...... J Moreira 43 3 078000 HEAVENLY THOUGHT (24) (H) (G) (1) F Lor 5-9-1 ...... K Leung 97 Runs: 1 Wins: 0 Places: 0 6 0 MEHBOOB (21) Runs: 10 Wins: 1 Places: 1 (5) P O’Sullivan 4-8-13 ...... M Chadwick 50 4 6-4591 RICKFIELD (42) (CD) (GF,G) Runs: 1 Wins: 0 Places: 0 (10) A Millard 7-9-0 ...... U Rispoli 100 1 7 09 BANDY (14) (B ) Runs: 29 Wins: 6 Places: 2 (7) Richard Gibson 4-8-11 ...... G Van Niekerk 62 5 930702 XIANG BAI QI (14) (D) (G) (7) D Ferraris 5-8-12 ...... M Chadwick 100 Runs: 2 Wins: 0 Places: 0 Runs: 22 Wins: 2 Places: 4 8 4-6594 LIGHTNING STEED (35) (G) The hat-trick- 6 -05864 LET’S TAKE IT EASY (14) (HV) (CD) (GF,G) (10) C Fownes 5-8-11 ...... Z Purton 78 seeking True Grit Runs: 13 Wins: 1 Places: 3 (12) L Ho 6-8-11 ...... T So(2) 95 runs in the 9 591232 BULLISH BROTHER (14) (TB) (CD) (G) Runs: 30 Wins: 4 Places: 3 (8) A Cruz 4-8-10 ...... A Domeyer 78 3.15pm over the 7 41-670 WORLD FAMOUS (31) (TP) (D) (GF,G) (9) A Cruz 3-8-10 ...... K Teetanᗂ 100 Runs: 11 Wins: 1 Places: 4 extended mile 10 230-00 FLYING GODSPELL (49) (D) (A) Runs: 7 Wins: 2 Places: 0 (1) J Ting 6-8-10 ...... H T Mo(3) 70 8 541236 MERRYGOWIN (28) (B) (CD) (G,GF) Runs: 32 Wins: 3 Places: 6 5 6490-5 BULLISH GLORY (11) (H) THE SAUTERNES CUP (HANDICAP) (CLASS 4) (3YO+) (3) P O’Sullivan 7-8-8 ...... Victor Wong(5) 92 (COURSE C) (TURF) 1m 3yo plus12 dec. 11 605354 HEARTS KEEPER (21) (TB) (D) (A) (10) C Chang 6-8-13 ...... K Leung 78 2.15 Runs: 24 Wins: 3 Places: 8 9 58-837 TANGMERE (11) (B) (3) D Ferraris 10-8-10 ...... Victor Wong(5) 76 Runs: 24 Wins: 2 Places: 2 1 8-8098 SUN SUN FA FA (45) (TB) (8) C Fownes 5-8-8 ...... Z Purton 99 Runs: 30 Wins: 3 Places: 8 6 688747 CROWN AVENUE (21) (V) (C) (A,G) (1) A Cruz 4-9-7 ...... R Bayliss 70 Runs: 10 Wins: 0 Places: 1 12 864683 STAR SUPERIOR (21) (D) (SW,A) (5) C Yip 7-8-9 ...... Z Purton 78 Runs: 6 Wins: 0 Places: 0 10 033-11 TRUE GRIT (14) (V) (CD) (G) (11) C Chang 7-8-2 ...... T So(2) 76 Runs: 32 Wins: 4 Places: 1 2 800058 PERFECT BUDDY (28) (H) (2) J Size 5-8-6 ...... J Moreira 94 Runs: 35 Wins: 2 Places: 4 7 31-194 HOLY UNICORN (21) (T) (C) (G,A) (8) K Lui 5-9-3 ...... C Y Ho 79 Runs: 6 Wins: 2 Places: 2 13 00805 DATING (21) (HTB) (6) J Ting 6-8-8 ...... Victor Wong(5) 73 Runs: 8 Wins: 0 Places: 0 11 7-8608 FLYING QUEST (49) (B) (CD) (GF,G) (13) C Yip 5-8-2 ...... RESERVE 68 Runs: 29 Wins: 4 Places: 4 3 816345 PERFECT TO PLAY (14) (HT) (CD) (GF) Runs: 5 Wins: 0 Places: 0 (5) D Hall 7-8-4 ...... C Y Ho 97 8 605603 FAMILY LEADER (7) (H) (4) C Fownes 5-9-3 ...... Z Purton 75 Runs: 28 Wins: 3 Places: 2 ᗂBETTING: 3 Wonderful Journey, 7/2 Bullish Brother, 13/2 Excel Delight, (4) C Fownes 5-8-6 ...... C Y Ho 77 Runs: 20 Wins: 1 Places: 3 12 0-1362 UNIVERSAL GO GO (14) (CD) (GF,G) 7 Star Superior, 10 Lightning Steed, Star Luck, 14 All Best Friends, Mehboob, Runs: 10 Wins: 0 Places: 2 4 807860 SLEEP EDUCATION (21) 16 Hearts Keeper, 20 Others (4) K Lui 5-8-4 ...... M Poon(3) 93 9 -63521 FORTUNE PATROL (18) (TB) (G) (6) D Ferraris 7-9-1 ...... K Teetanᗂ 80 Runs: 12 Wins: 2 Places: 4 KAM TIN RIVER HANDICAP (CLASS 5) (3YO+) (COURSE C) (1) P O’Sullivan 5-8-2 ...... M Chadwick 74 Runs: 23 Wins: 0 Places: 4 13 12-000 KUNGFUMASTER PANDA (35) (T) (D) (HY,GF) (TURF) 5f 3yo plus12 dec. Runs: 25 Wins: 2 Places: 4 5 601717 GENTRY (7) (CD) (G) 12.45 (13) T Yung 5-9-1 ...... RESERVE 100 10 -12320 THE JOY OF GIVING (14) (B) (CD) (G) (11) C Yip 8-9-0 ...... G Van Niekerk 75 1 -08969 CAPTAIN BOSS (7) (TB) Runs: 18 Wins: 4 Places: 3 Runs: 33 Wins: 4 Places: 4 (8) C Chang 5-8-4 ...... J Moreira 72 (2) A Millard 5-9-7 ...... Victor Wong(5) 55 ᗂBETTING: 3 True Grit, 9/2 Rick" eld, Universal Go Go, 7 Xiang Bai Qi, 10 Others Runs: 35 Wins: 3 Places: 10 6 103351 SMART ROCKET (24) (P) (D) (G,GY) Runs: 22 Wins: 0 Places: 3 (12) John Moore 4-8-11 ...... J Moreira 73 2 3-5197 MASSIVE MOVE (56) (V) (D) (A,GF,G) 11 324016 ENJOYABLE SUCCESS (21) (B) (C) (G) TAN SHAN RIVER HANDICAP (CLASS 3) (3YO+) (COURSE C) Runs: 12 Wins: 2 Places: 2 (TURF) 6f 3yo plus12 dec. (10) L Ho 9-9-6 ...... H T Mo(3) 55 (2) C Chang 5-8-3 ...... M Yeung(2) 75 3.50 Runs: 33 Wins: 3 Places: 4 7 500546 MISTER MONTE (7) (P) (CD) (G) Runs: 35 Wins: 4 Places: 4 1 618000 BREEDERS’ STAR (18) (H) (CD) (G,GF) 1 (9) C Chang 6-8-9 ...... K Leung 80 3 842966 VERY SWEET ORANGE (21) (V ) ᗂBETTING: 5 Clement Legend, Family Leader, 6 King’s Man, 7 Crown Avenue, Runs: 28 Wins: 1 Places: 5 (1) D Ferraris 7-9-7 ...... A Domeyer 90 (4) Y Tsui 5-9-6 ...... J Moreira 58 Fortune Patrol, Happy Rocky, 8 The Joy Of Giving, 12 Bullish Glory, 14 Holy Unicorn, Runs: 37 Wins: 5 Places: 5 8 6003 WONDER EXPRESS (18) (TB) Runs: 14 Wins: 0 Places: 2 Sangria, 20 Others 2 -25311 WALDORF (42) (TB) (CD) (G,GF) (10) C Shum 4-8-8...... A Domeyer 76 4 -12640 SHOW MISSION (35) (TB) (CD) (G) (10) A Cruz 5-9-7 ...... J Moreira 91 HO CHUNG RIVER HANDICAP (DIV II) (CLASS 4) (3YO+) Runs: 4 Wins: 0 Places: 1 (6) C Chang 7-9-3 ...... N Callan 56 Runs: 20 Wins: 3 Places: 4 1.45(COURSE C) (TURF) 6f 3yo plus12 dec. 9 -73630 BUNDLE OF ENERGY (21) (B) Runs: 27 Wins: 2 Places: 7 3 064736 MR GENUINE (7) (B) (CD) (35) (TB) (CD) (G,GF) (5) D Hall 5-8-7 ...... T So(2) 76 5 99-415 SHOWING CHARACTER (70) (T) (C,D) (G) 1 020-02 GOLDEN GLORY (3) D Hall 8-8-13 ...... T So(2) 97 Runs: 13 Wins: 0 Places: 3 ᗂ (8) D Ferraris 7-9-1 ...... A Domeyer 57 (12) J Ting 9-9-7 ...... U Rispoli 74 Runs: 40 Wins: 4 Places: 9 10 -56587 POLYMER LUCK (14) (B) (CD) (G) Runs: 39 Wins: 5 Places: 7 Runs: 26 Wins: 3 Places: 7 4 41421 COBY OPPA (21) (T) (D) (A,SW) (3) J Ting 7-8-4 ...... J Wong(3) 77 6 -80341 STARLOT (28) (B) (C) (G) 2 074417 LORIZ (14) (V) (CD) (G) (6) F Lor 4-8-12 ...... K Teetan 100 Runs: 29 Wins: 2 Places: 11 (5) P O’Sullivan 6-9-1 ...... K Leung 61 (6) P Yiu 4-9-2 ...... K Leung 72 Runs: 5 Wins: 2 Places: 1 11 004000 LITTLE ISLAND (18) (CD) (GF,G) Runs: 30 Wins: 2 Places: 4 Runs: 6 Wins: 1 Places: 0 5 10-200 POWERMAX (49) (B) (CD) (GF) (2) K Man 8-8-3 ...... M Poon(3) 77 7 8-0602 TRAVEL SUCCESSOR (35) (TB) 3 633686 PLAY WISE (21) (8) Richard Gibson 7-8-8 ...... K Leung 93 Runs: 40 Wins: 3 Places: 1 (11) W So 6-9-1 ...... M Harley 61 (8) C Yip 6-9-2 ...... H T Mo(3) 80 Runs: 25 Wins: 4 Places: 8 12 688852 ASSOCIATION FANS (21) (H) (CD) (GY,GF) Runs: 30 Wins: 2 Places: 6 Runs: 21 Wins: 0 Places: 5 6 846025 FIRST RESPONDER (18) (T) (BF) (7) L Ho 7-8-1 ...... M Chadwick 84 8 -79825 PEACE ON EARTH (28) (TB) (C) (G) 4 744421 LE TERROIR (35) (HP) (CD) (G) (9) John Moore 3-8-8 ...... Z Purton 95 Runs: 34 Wins: 2 Places: 4 (3) K Man 8-9-0 ...... M Poon(3) 58 (2) L Ho 4-9-1 ...... Z Purton 73 Runs: 8 Wins: 0 Places: 3 13 050749 STARLIT KNIGHT (18) (CD) (GF,G) Runs: 25 Wins: 2 Places: 7 Runs: 11 Wins: 1 Places: 1 7 0321-5 PRIVATE ROCKET (14) (A) 1 (13) Y Tsui 7-9-4 ...... RESERVE 80 9 4-9700 STRIKING MR C (21) (TB) 5 -78364 SHAMPORT (14) (V ) (12) John Moore 3-8-7 ...... U Rispoli 99 Runs: 35 Wins: 3 Places: 4 (7) T Yung 5-9-0 ...... M Yeung(2) 61 (5) C Fownes 5-9-1 ...... N Callan 81 Runs: 5 Wins: 1 Places: 2 14 424840 LE PANACHE (14) (B) (D) (GF,G) Runs: 14 Wins: 0 Places: 2 Runs: 15 Wins: 0 Places: 2 8 9-5790 GINTOKI (14) (G) (14) W So 6-8-4 ...... RESERVE 76 10 2282-2 CARRY TO WIN (133) (B) 6 090806 CHEEKY BEE (14) (11) T Yung 5-8-5 ...... M Yeung(2) 88 Runs: 42 Wins: 3 Places: 9 (9) Richard Gibson 6-8-5 ...... G Van Niekerkᗂ 57 (4) D Ferraris 5-9-0 ...... K Teetan 79 Runs: 8 Wins: 1 Places: 0 Runs: 22 Wins: 0 Places: 6 Runs: 9 Wins: 0 Places: 0 ᗂBETTING: 11/4 Smart Rocket, 9/2 Polymer Luck, 11/2 Others 9 -00131 JOLLY CONVERGENCE (28) (P) (CD) (G)

11 80359- FIRST BEAUT (157) (HV) (BF) 7 812935 BRAVE BABY (45) (TB) (D) (G) NAM CHUNG RIVER HANDICAP (CLASS 3) (3YO+) (COURSE C) (4) Richard Gibson 6-8-5 ...... M Chadwick 91 (12) K Man 6-8-1 ...... T So(2) 61 Runs: 38 Wins: 5 Places: 4 (10) A Cruz 5-8-13 ...... A Domeyer 71 2.45(TURF) 5f 3yo plus11 dec. Runs: 15 Wins: 0 Places: 1 Runs: 10 Wins: 1 Places: 2 10 593447 MIGHTY MAVERICK (7) (ET) (D) (GF) 1 94-637 ENCORE BOY (21) (C,D) (G,SW) 12 054820 THE HAPPY BUNCH (21) (B) (BF) 8 6-8980 FLYING MONKEY (35) (T) (CD) (GF) (2) C Fownes 8-8-5 ...... C Y Ho 98 (10) P Yiu 6-9-7 ...... A Domeyer 92 (1) C Shum 5-8-1...... K Teetan 60 (7) T Yung 7-8-12 ...... M Yeung(2) 81 Runs: 49 Wins: 3 Places: 10 Runs: 22 Wins: 3 Places: 9 Runs: 20 Wins: 0 Places: 1 Runs: 21 Wins: 2 Places: 3 11 026180 VERY RICH MAN (28) (H) (CD) (G) 2 113/00 ARDENODE (14) (T) (D) (G) 13 7/3-25 WHISTLE UP (49) (V) 9 0-0005 MCMUNIGAL (21) (T) (S) (5) L Ho 7-8-4 ...... H T Mo(3) 91 (5) W So 4-9-5 ...... K Ng(3) 96 (13) L Ho 6-8-10 ...... RESERVE 56 Runs: 25 Wins: 3 Places: 6 (3) D Hall 4-8-10 ...... M Poon(3)ᗂ 77 Runs: 17 Wins: 0 Places: 3 Runs: 5 Wins: 2 Places: 0 Runs: 11 Wins: 1 Places: 1 12 000359 CONFUCIUS DAY (11) (T) 3 -82195 DREAM COME TRUE (11) (CD) (G) ᗂBETTING: 5/2 Very Sweet Orange, 5 Peace On Earth, 6 Starlot, 7 Carry To Win, (7) C Chang 5-8-3 ...... M Poon(3) 93 10 070 BRILLIANT (35) (HT) (6) T Yung 5-9-5 ...... Z Purton 93 10 Show Mission, The Happy Bunch, 12 Captain Boss, First Beaut, Travel Successor, Runs: 9 Wins: 0 Places: 1 (1) K Lui 5-8-9 ...... C Y Ho 65 Runs: 14 Wins: 1 Places: 3 16 Showing Character, 20 Others ᗂBETTING: 7/2 First Responder, 4 Coby Oppa, 9/2 Waldorf, 11/2 Others Runs: 3 Wins: 0 Places: 0 4 37-761 HONG KONG BET (14) (T) (CD) (G)

LAM TSUEN RIVER HANDICAP (CLASS 4) (3YO+) (COURSE C) 11 59097- MUTUAL JOY (240) (HB) (C) (8) A Cruz 4-9-5 ...... K Teetan 95 Happy Valley Racecourse Turf Track Starts 1.15(TURF) 1m3f 3yo plus11 dec. (9) P O’Sullivan 7-8-2 ...... T So(2) 75 Runs: 5 Wins: 1 Places: 1

Runs: 19 Wins: 3 Places: 2 1000M 2400M 2200M 1 542823 KING’S MAN (21) (V) (C) (G) 5 485723 MAGIC LEGEND (14) (P) (D,BF) (3) P Yiu 7-9-7 ...... G Van Niekerk 75 12 00050 WHISKY KNIGHT (21) (TB) (7) John Moore 6-9-2 ...... K Leungᗂ 95 (11) John Moore 4-8-3 ...... J Wong(3) 70 Runs: 38 Wins: 5 Places: 4 Runs: 35 Wins: 3 Places: 9 Runs: 5 Wins: 0 Places: 0 2 238116 HAPPY ROCKY (14) (TB) (CD) (G) 6 0009 BEAR AGAIN (14) (11) C Chang 8-9-6 ...... R Bayliss 70 13 8800- EVERYONE’S ELITE (228) (B) (3) D Ferraris 5-9-1 ...... M Harley 84 (13) K Man 5-8-4 ...... RESERVE 72 Runs: 4 Wins: 0 Places: 0 Runs: 46 Wins: 3 Places: 8 Runs: 4 Wins: 0 Places: 0 3 1-1343 CLEMENT LEGEND (37) (TB) (CD) (G) 7 /5-006 BREEDERS’ SKY (14) (P) (GS) (7) C Shum 5-9-3...... K Teetan 74 14 00 TIGERLAD (18) (B) (11) Richard Gibson 5-8-12 ...... N Callan 94 W (14) Richard Gibson 4-8-10 ...... RESERVE 52 Runs: 10 Wins: 2 Places: 0 Runs: 18 Wins: 4 Places: 3 Runs: 2 Wins: 0 Places: 0 4 7-5768 SANGRIA (37) (C) (G) 8 401182 FRUSTRATED (14) (CD) (G,GF) (9) D Ferraris 6-9-3 ...... N Callanᗂ 78 ᗂBETTING: 15/8 Le Terroir, 4 Shamport, 8 Brave Baby, Golden Glory, Loriz, (4) F Lor 4-8-12 ...... Victor Wong(5) 97 Runs: 35 Wins: 2 Places: 7 10 Flying Monkey, 12 Play Wise, 20 Others Runs: 6 Wins: 2 Places: 1 Cards provided by

24 PUNTER WEDNESDAY 29 MAY 2019 CITYAM.COM THE PUNTER CRICKET TRADER @crobertson95

enemy AUSTRALIA as my main fancy for a sixth World Cup trophy. Returning Aussie As we all know, much of the Aussies’ preparation has been domi- nated by the inclusion of ‘sandpaper gate’ duo David Warner and Steve Smith and there are guaranteed to duo can make sure be plenty of boos when both take to the field throughout the tourna- ment. However, as Warner showed in the Indian Premier League and Smith in Cricket World Cup a recent warm-up game against Eng- land, these are two of the world’s best batsman and with the likes of captain Aaron Finch and the ultra- consistent Shaun Marsh in their remains Down Under ranks too, they have a more than ca- pable batting line-up. Charlie Robertson hander has masterminded turning a For me, the reason they have per- bunch of no-hopers into world beat- haps gone slightly under the radar previews the 2019 ers. this time around is because their While the likes of New Zealand bowlers haven’t quite performed as Cricket World Cup and Australia were playing a dy- well as we know they can. namic and entertaining brand of Mitchell Starc and Pat Cummings UST over four years have cricket, England were accused of have shown time and time again the passed since that harrowing being old-fashioned and one-dimen- damage they can do and they’ve got night at the Adelaide Oval sional. to be feared, particularly in English Jwhere England were dumped Accusations, based on their re- Australia are boosted by the return of both Steve Smith and David Warner conditions. out of the 2015 Cricket World sults, that were warranted. Adam Zampa and Nathan Lyon are Cup by Bangladesh. It was clear a total change in men- since the last World Cup, have given win it, buy them at 54 and you effective ODI spinners, and provid- That defeat was the latest in a long tality, as well as personnel, was re- Morgan a sense of control he could would win 46 (100-54) times your ing Marcus Stoinis and Glenn line of abject performances from quired and England acted quickly by only have dreamt of about four years stake. Maxwell can share the workload of the Three Lions in cricket’s premier bringing in the likes of Jason Roy, ago. As I mentioned, and as the world the sixth bowler, I think they look to 50-over competition and, with the Jonny Bairstow, Adil Rashid and Morgan’s side have won over 70 per rankings suggest, England are the have all bases covered. next one due to take place in their Liam Plunkett. cent of their matches since 2015 and most likely winners, particularly Buying Australia at 39 with Sport- own back yard, serious work was These players have typified what are the rightful favourites to win given they have conditions in their ing Index looks the way to go. needed, and fast. England are about in one-day cricket their first World Cup. favour, but they look short enough On the eve of the 2015 tourna- these days; brutal batting led by the Spread betting firm Sporting for a side that hasn’t done it at a POINTERS ment, Eoin Morgan replaced Alas- swashbuckling opening partnership Index offer a spread of 50-54 in their major tournament and there is tair Cook as captain and having of Roy and Bairstow, while the var- outright 100-50-25-0 Index, with 100 value elsewhere. Buy Australia 39 watched his side capitulate in the ied attack, spearheaded by Rashid, points awarded to the winner. Therefore, I’m going to remove my Sporting Index Australian sun, the Irish-born left- the leading wicket taker in ODIs This means if you fancy England to patriotic hat and side with the old Roy to smash tournament sixes quote out of the park T’S been 20 years since Sporting Index the 1999 tournament and while it’s changed, with five teams scoring over and JASON ROY can cause. runs for fun. Iwere caught out by their infamous unlikely for wides to have such a 400 runs in an innings – scores we never Given the likelihood of batsman- England have a fairly easy start to the World Cup wides rick. damaging effect this year, I like the look thought were achievable a few years friendly pitches during the tournament, tournament and I fancy Roy to profit. The trading team predicted there of another of their tournament markets ago. I advise buying at 540. would be 255 wides in the 42-game instead. Much of the destructive hitting is due Of those batsmen I mentioned, I’m POINTERS tournament, though after seeing 21 They offer a spread of 525-545 on the to the incredible six-hitting that so keen on Roy in the top tournament wides bowled in England’s opening number of sixes in the tournament and many sides possess these days. batsman market. Buy tournament sixes 545 match versus Sri Lanka, the spread based on recent evidence, there’s a solid Andre Russell hit a staggering 52 He’s come into form at just the right Sporting Index betting firm realised they had made a case for saying there could be more sixes in the Indian Premier League, time with three 50s and one 100 in his Buy Jason Roy 13 rather expensive error. than that. while we’ve seen the destruction the last five innings and the thing about Sporting Index Sporting Index lost over £500k during Since 2015, one-day cricket has totally likes of David Warner, Jonny Bairstow Roy is, when he’s in form, he scores CITYAM.COM WEDNESDAY 29 MAY 2019 SPORT 25

SPORT DIGEST KANTE 50/50 FOR EUROPA LEAGUE FINAL, SAYS SARRI £ Chelsea manager Maurizio Sarri says London ready for centre stage as midfielder N’Golo Kante is “50/50” for this evening’s Europa League final against Arsenal in Baku. Kante trained in Azerbaijan yesterday but picked up a knee injury on Saturday after recovering from a hamstring complaint. curtain lifts on Cricket World Cup “He is 50/50 at the moment,” Sarri said. “We are in trouble in midfield. At the moment we have only three Capital hosting 10 midfielders for three positions.” games and many EMERY YET TO DECIDE BETWEEN LENO AND CECH more side events, £ Arsenal manager Unai Emery has yet to decide whether Petr Cech or Bernd writes Felix Keith Leno will play in goal against Chelsea in the Europa League final. Cech has been HE SUMMER is here, the sun the preferred option in the competition is out and London is ready for this season, but Emery’s decision has the Cricket World Cup. With been complicated by rumours of the two venues and 10 games to 37-year-old rejoining former club look forward to, the capital is Chelsea at the end of the season. “I atT the epicentre of the tournament think he deserves trust in him,” Emery and will be abuzz with action between said yesterday. “Tomorrow he can start tomorrow’s opening match involving or not start, I am going to decide.” England and South Africa at The Oval and the final at Lord’s on 14 July. EDMUND THROUGH BUT The hope is that after the city went NORRIE AND EVANS BEATEN into full-blown World Cup fever 12 £ Kyle Edmund and Johanna Konta months ago for a football version are the only British players left in the which wasn’t even held in the coun- singles of the French Open after try, cricket can dominate this sum- Cameron Norrie and Dan Evans were mer’s sporting agenda. It’s not a bad knocked out yesterday. Edmund line-up, with the World Cup preceding needed just seven minutes to wrap up a a historic Ireland Test match at Lord’s five-set first round win over Jeremy and home Ashes series for both Eng- Chardy following a bad light delay on land’s men and women. Monday evening. But Norrie lost in Considering there were an unprece- straight sets to qualifier Elliot dented 3m ticket applications from Benchetrit and Evans was beaten in 148 countries and more than 90 per four by Fernando Verdasco. Edmund cent of all World Cup tickets have Afghanistan fans brought will play Pablo Cuevas in the next been sold, it’s certain there are plenty a lively atmosphere to round, while Konta faces Lauren Davis. of others who weren’t lucky enough to Monday’s warm-up game gain entry to a match. SOUTH AFRICA’S STEYN OUT “Demand is strong across the whole OF ENGLAND OPENER country, but in London it’s extremely on their doorstep. end on 7-9 June, when cricket clubs The ICC has been in touch with sup- £ England were handed a boost for strong,” Paul Smith, the World Cup’s Visitors landing at Heathrow Airport across the country will open their porters groups, like India’s Bharat Thursday’s World Cup opener against director of city and spectator experi- this week will be greeted by reams of doors for community days and show Army and Pakistan’s Stani Army, to South Africa at The Oval yesterday after ence, tells City A.M. “We’re talking advertising, a giant 5m high replica matches. canvas ideas for entertainment and fast bowler Dale Steyn was ruled out handfuls of tickets left – and those are World Cup and an augmented reality Smith worked on 2017’s Champions music inside grounds and to provide through injury. Proteas coach Otis the ones we’ve had back from external cricket experience, while anyone in Trophy and Women’s World Cup and colour on the walkways from trans- Gibson said Steyn was “not quite ready stakeholders.” the vicinity of The Mall this afternoon says the lessons learned from those port links. yet” due to a nagging shoulder injury, That’s why organisers the Interna- will encounter the opening party. events have been carried into this “We’ve made a big effort for each but would play later in the tournament. tional Cricket Council (ICC) have gone As well as campaigns across social summer. “I think the words ‘World match to make sure the music and the above and beyond to engage anyone media and Transport for London, the Cup’ are magic. It’s easy to understand entertainment is relevant to who’s POLICE ARREST SUSPECTED and everyone – and London is their giant World Cup will then move to to a lay person, so you get an instant participating and the cities we’re in, MATCH-FIXERS IN SPAIN main focus. Vauxhall station to coincide with The engagement,” he says. “The beauty of so we can show off those cultures and £ A number of La Liga players were Having already staged milestone Oval hosting its five matches inside 16 these ICC tournaments and this coun- countries while showcasing the best arrested in Spain yesterday as part of events at Brick Lane and Trafalgar days at the start of the tournament. try is that every participating nation of England and Wales,” Smith adds. an investigation into match-fixing. Square in the countdown to the tour- The final weekend, from 12 to 14 July, has its own fans in this country. The “There’s a whole raft of things peo- Current and former players from nament and sent the trophy around will then see a fanzone erected in colours, noise and passion of those ple can connect to throughout the Spain’s top two divisions and high- the country on a tour, attention now Trafalgar Square. fans, that people are going to see all tournament. It’s about creating that ranking club executives were among turns to making sure as many people The ICC’s efforts tie into the England across the host cities, is really going to connection and scale for people to em- those detained, with at least three in the capital know what is happening and Wales Cricket Board’s club week- blow people away.” brace the sport.” suspicious matches under scrutiny. 26 SPORT WEDNESDAY 29 MAY 2019 CITYAM.COM SPORT Emery and Sarri still to convince as first seasons draw to close, writes Frank Dalleres

HEN Unai Emery and Maurizio Sarri pitched up in London a year ago they Wdid so with something to prove. For the Spaniard, it was that his failure to deliver the clean sweep of honours that Paris Saint-Ger- main’s hierarchy craved owed more to the unique ecosystem of France’s richest club than his own shortcomings as a manager; for the Italian, it was that he could export the singular philosophy that won him admirers at Napoli and recreate Sarriball with another club. Twelve months on from their arrival during that endless, sweltering summer, it is fair to say that both men have felt the heat. Emery and Sarri will meet on tonight in just about the most far-flung London derby possible, having navigated Arsenal and Chelsea through the Europa League’s labyrinthine format to its equally ill-conceived conclusion in Baku. FINAL SHOT Neither man can claim their journey to this point has been an unqualified suc- cess and, as another close season ap- proaches, the jury remains out on both of their long-term prospects. Emery has at the very least halted the decline that Arsenal slipped into during the later years of Arsene Wenger’s reign. AT GLORY Finishing fifth in the Premier League is one place better than last term, while their total of 70 points is seven up on their 2017-18 haul. He has also addressed some long-standing frailties, notably their defending of set-pieces, and made them more competitive in matches group of players he took an age to settle In the same interview he pointed out ing Arsenal in Azerbaijan. against their rivals in the upper reaches on a favoured XI. Even having finally that he “did not promise titles” but “to For all that, the 60-year-old has failed of the table, doubling their points done so, Arsenal remain a team without compete”. By that measure at least, he in his task of implementing Sarriball at against Big Six sides with wins over Tot- a well-defined style, prone to stodgy play has met his targets. Stamford Bridge. Far from winning ad- tenham, Manchester United and and too reliant on elite strikers Alexan- mirers with their bewitching interplay, Chelsea. On top of that, he could yet cap dre Lacazette and Pierre-Emerick PEDESTRIAN PERFORMANCES Chelsea have at times alienated their the campaign with a trophy and qualifi- Aubameyang. Sarri, too, has engineered an improve- own fans with pedestrian performances. cation to the Champions League. The former Sevilla manager might For a manager ment of sorts, accruing 72 points – two Two players that the club recruited to On the other hand, that Champions argue that he has been hampered by a more than Antonio Conte did in the pre- aid Sarri’s project, Jorginho and Gonzalo League spot was within Emery’s grasp very patchy squad that became stretched who wowed his vious season and enough to see that Higuain, have been deeply underwhelm- with just two league games to go and Ar- to breaking point when a series of in- prospective Chelsea finished third and returned to ing on an individual level and largely in- senal blew it. They are barely any closer juries hit. The absences of Hector Bel- the Champions League. He has guided effective in making the copllective effort to challenging Manchester City or Liver- lerin, Rob Holding, Danny Welbeck and, employers with a them to not one but two finals, having resemble anything like Sarri’s Napoli pool, who took almost 30 points more, later, Aaron Ramsey in particular only lost the Carabao Cup to the om- vintage. Yes, third place and two cup fi- their away form is still a major concern, seemed to dent momentum. On the lack dossier on this nipotent City on penalties, and, for all nals looks good on paper, but it is un- and for all the improvements at set- of a discernible style, Emery told Span- that this has proven a turbulent, uncom- clear to what degree Chelsea have plays, the defence remains an unpre- ish media this week that he wants Arse- squad Emery took fortable year for the club on several lev- achieved that because of their manager dictable, clunky mess. For a coach who nal to be “a chameleon team”, wedded an age to settle on els, Sarri could yet end it on a high note. or despite him. was said to have wowed his prospective neither to a possession game nor His team are fancied by the betting mar- Sarri’s major mitigation is that he did employers with a detailed dossier on this counter-attacking but able to use either. a favoured XI kets to claim the silverware by overcom- not start work until mid-July, just a CITYAM.COM WEDNESDAY 29 MAY 2019 SPORT 27

ons League will extend to a third year, Aubameyang and stripping another layer of sheen from Lacazette have scored their standing in the game. More than 50 goals between them that, it would dent their income consid- for Arsenal this season erably – English teams earned around €90m each from this year’s Champions League while even winning the Europa League will only bank Arsenal or Chelsea around €20m – and therefore af- fect recruitment and their hopes of catching their rivals. That is simply not the case for Chelsea, who have already guaranteed a place in next season’s top club competition and all the concomi- tant benefits. DIFFERENT STAKES As a significant honour, winning the Eu- ropa League would also likely mean more to Arsenal than Chelsea. The Gun- ners have not lifted a European trophy since Alan Smith’s volley sank a cele- brated Parma side in Copenhagen 25 years ago, bagging the now-defunct Cup Winners’ Cup. Chelsea, meanwhile, have won both the Europa League and Cham- pions League within the last eight years.

It’s unclear Arsenal’s deadly duo gives whether Chelsea came third and reached cup finals because of Sarri Gunners the edge in Baku or despite him HERE is very little in the way uncertainty surrounding the club Tof form to go on when teams FOOTBALL that is a concern. The futures of The stakes are different for the man- have a 17-day gap from their COMMENT Eden Hazard and manager agers, too. While Sarri’s position does last fixture to their next, as is the Maurizio Sarri are the subject of not appear as irretrievable as it once did, case for Chelsea and Arsenal in this intense speculation, while off the the expectation is that he will depart evening’s Europa League final. In- Trevor field the club is facing a transfer this summer, with Juventus said to be stead, a match like this is usually Steven ban and has shelved plans for a new keen on offering him a return to Italy. If decided by fine margins and small stadium. This accumulation of he leaves a trophy as a parting gift – and advantages. negative issues around Chelsea two fingers to those at the club he has I have a slight hunch for Arsenal creates the impression of a club clashed with – then so much the better. and that is in part due to Unai stuck in the mud. But it feels too late to win back some Emery’s experience in this The Champions League factor is fans and whether he wins the Europa competition. also huge. Emery wasn’t able to get month before the season started, as the League or not will probably matter little He won the Europa League three Arsenal back into the top four so club wrangled with Napoli over his re- in their and the club’s final judgement. years in a row as coach of Sevilla, so they must hope to qualify by lease and their own severance terms For Emery, the situation is more deli- he is very familiar with the The accumulation winning the Europa League – a with predecessor Antonio Conte. That cately balanced. Managing director scenario and knows how to prepare route Manchester United took in left him scant time to acclimatise, espe- Vinai Venkatesham said last week that teams for precisely this occasion. of negative issues 2017. It’s a massive incentive, but on cially since he was expected to indoctri- Arsenal are “delighted” with the Another factor in their favour is around Chelsea the other hand it’s a pressure for nate the squad with an intricate new Basque’s performance already but, how- the strikeforce of Pierre-Emerick the north Londoners. Chelsea don’t system. He has been quick to pin the ever their season concludes, this has Aubameyang and Alexandre makes them look have that burden, and that might blame on his players’ unwillingness to been a mixed campaign and without Lacazette, which has returned 50 just be their biggest advantage. take instruction, a claim given some Champions League qualification will goals already in this campaign. like a club stuck in The Blues are more than capable weight when goalkeeper Kepa Arrizabal- represent more a stemming of the bleed- While Arsenal’s season has been of winning but it will likely come aga refused to be substituted in the ing rather than an outright healing. And up and down, the Aubameyang- the mud down to small details. Arsenal’s Carabao Cup final. Ultimately, Sarri can though Arsenal are slight underdogs Lacazette partnership has steadily greater togetherness, goal threat argue that he has delivered improve- there is pressure on Emery, whose career improved and they now look like team have goals in them. By and Emery’s pedigree give them an ment, albeit without his feted style. has largely been built on three wins in players who are comfortable at the contrast, Chelsea’s attacking can edge in my eyes. While both Arsenal and Chelsea would this competition with Sevilla. Fail here club and performing to their look hesitant. relish success in the Europa League this and his credibility will suffer a knock capabilities. Chelsea will be relieved to have Trevor Steven is a former England week, the stakes are higher for one team and – unlike Sarri – that is acutely im- If the players around got Champions League footballer who has played at two World than the other. Unless Arsenal win in portant for a coach who must continue Aubameyang and Lacazette can qualification tied up already, but Cups and two European Championships. Baku, their absence from the Champi- winning people over next season. provide the ammunition, Emery’s there is a general mood of @TrevorSteven63