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Relax, Don't Do It the Benefits of a Hands-Off Approach To 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.
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