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THURSDAY 6 JUNE 2019 ISSUE 3,386 CITYAM.COM FREE THE MAGAZINE OUR LATEST ISSUE HITS THE CITY’S STREETS TODAY STALLEDARCADIA RESCUE SUMMIT KICKED BACK A WEEK AS GREEN SCRAMBLES TO WIN OVER LANDLORDS

SEBASTIAN MCCARTHY @SebMcCarthy SIR PHILIP Green made a dramatic last- minute bid to stall the collapse of his retail empire yesterday by postponing a crunch vote that threatened the future of his high street brands. In a shock move, the Topshop tycoon decided to delay the final decision from creditors on whether to give the go-ahead to controversial insolvency plans for his Arcadia fashion group, as landlords wavered in their support for a major restructuring effort. Green and his Arcadia directors are now set for a frenzied week of negotiations with landlords ahead of a second make-or-break meeting next Wednesday. Creditors will vote again on whether to approve a company voluntary arrangement (CVA), a form of insolvency used to cut rents and close stores. If the retail giant fails to secure support from 75 per cent of creditors, it is expected to collapse into administration, putting 18,000 jobs at risk. “We believe that with this adjournment, there is a reasonable prospect of reaching an agreement that the majority of landlords will support,” Arcadia chief executive Ian Grabiner said last night. In a vote that looked set to come down to the wire, some of Britain’s largest landlords were split on whether to back the under-fire mogul’s seven CVA proposals. Intu, Aviva and M&G were among the major creditors understood to have voted against some of the proposals, while British Land and Hammerson were said to have voted in favour of them. “In the context of the recent high-profile retail CVAs, this is certainly a first,” Simon Underwood, business recovery partner at accountancy firm Menzies, told City A.M. Green, who was not present at yesterday’s meeting in central London, suspended yesterday’s vote count by an hour to plead personally with several landlords such as Land Securities. However, after voting closed at 5pm, Arcadia said it had decided to “conduct further dialogue with a few landlords.”

FTSE 100 ▲ 7,220.22 +5.93 FTSE 250 ▲ 19,072.17 +64.01 DOW ▲ 25,539.57 +207.39 NASDAQ ▲ 7,575.48 +48.36 £/$▼ 1.269 -0.001 £/€▲ 1.130 +0.001 €/$▼ 1.123-0.002 02 NEWS THURSDAY 6 JUNE 2019 CITYAM.COM

BACK ON THE BEACHES Veterans mark 75 years since the Normandy landings as the Queen and leaders honour the fallen THE CITY VIEW Without action, a crisis over pensions looms

HE ROW over pensions for women born in the 1950s stepped up a gear this week when campaigners headed to Tthe High Court for a judicial review. Women used to retire at 60, five years earlier than men. In 1995, a timetable was drawn up to equalise this, phasing in the increase. However, the changes were brought forward by the coalition government in 2011 in a bid to make the state pensions bill more affordable. For 2.6m women, this meant hastily adjusting their retirement plans. Campaigners argue that the rises were too abrupt and poorly communicated, with some reportedly left unaware even of the 1995 change, and therefore forced to work for years past their anticipated retirement date. For the most vulnerable, this ordeal has been devastating. They are now demanding compensation. Clearly, these women – some of whom claim they got barely a THE QUEEN and international dignitaries gathered to honour the dead and veterans of the D-Day landings yesterday. US Air Force veteran Joseph Morettini, pictured, was among those who dropped into France on the night between 5 and 6 June. “The year’s notice that their retirement age would be five years later heroism, courage and sacrifice of those who lost their lives will never be forgotten,” the Queen told an audience in Portsmouth. than expected – have been treated exceptionally badly. Their case deserves proper consideration, and it is imperative that the government takes a hard look at the communications process that led to this disaster. However, the underlying principle that the state pension age must rise is undeniable. Since modern state pensions were introduced for all in 1948, life expectancy has shot Whitman in the witness up, while the threshold has barely moved. With more pensioners living longer in receipt of state benefits, the cost of pensions has sky-rocketed, making up around 40 per cent of the welfare budget and 20 per cent of all central government spending. Just today, the IFS has published a new report on the severity of the situation box at $5bn HP fraud trial and the difficulties in the immediate and medium-term future of accommodating the demands of an older population. There are JESSICA CLARK who was the founder and chief execu- over the acquisition. huge benefits to people living longer – PwC estimates that the UK @jaclarkjourno tive of Autonomy, for $5.1bn (£4bn). Whitman told the High Court that The tech firm claims Lynch and she refocused HP on its core hardware could boost GDP by £180bn by encouraging more employment FORMER HP boss Meg Whitman was finance chief Sushovan Hussain falsely business to reassure the market follow- among over-55s. But if we want to maintain a sustainable state prepared to throw her predecessor inflated the software firm’s revenue ing an announcement of the Auton- pension system without crippling working people with untenable “under the bus” and blame him for the ahead of the sale. omy acquisition and a proposal to spin tech giant’s failed £8.4bn acquisition Giving evidence in court yesterday off the company’s PC business, which taxes or drastically cutting other public services, the retirement of Autonomy, a court heard yesterday. Whitman said: “I felt like he sparked a share price plunge. age must rise to reflect the fact that on average people are now In an email to HP’s head of commu- [Apotheker] was trying to throw the “There is no question I was securing living several decades past 65. The government cannot afford to nications in 2012, Whitman said she board under the bus and it was in a our hardware business... I didn’t say we drag its feet. The plight of 1950s-born women shows what was “happy to throw Leo under the bus moment of anger over what had were not going to do anything with in a tit for tat” following a news report happened here and I shouldn’t have software but I wanted to make sure the happens when politicians delay and then rush to make hasty in which ex-HP chief executive Leo said it.” customers and the markets knew we changes to the retirement system, without giving people enough Apotheker blamed the company’s Robert Miles QC, for Lynch, said: were not going to walk away from our time to adjust. People currently in their 40s need to know now board for the acquisition. Her “This is what you then did to Dr bread and butter,” she said. email, read out to the court yes- Lynch.” The court also heard that Whitman when they can expect to stop working. Reluctance to act today is terday, was sent a month after Whitman then denied that played country music in executive sowing the seeds for another pensions crisis down the road. HP announced a huge write- was the case. committee meetings and read aloud down on the deal which had Lynch has accused HP of praise she had received from staff. closed a year earlier. treating Autonomy like its Whitman denied reading out compli- The deal is at the centre of “unwanted stepchild”, say- mentary messages but admitted she the biggest civil fraud trial in ing the board lost its nerve had once played ‘The Gambler’ by UK history. Kenny Rogers during in a meeting to HP is suing UK busi- Whitman gave fiery “get a message across”. Follow us on Twitter @cityam nessman Mike Lynch, testimony yesterday The trial continues.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL HAMMOND WARNS CARBON WHAT THE HOSPITALS TO GET EXTRA ITV SETTLES CASE WITH EU THREATENS ITALY FOR GOAL MAY COST £1 TRILLION OTHER CASH FOR USING ROBOTS DUCK DYNASTY COUPLE FLOUTING BUDGET RULES Philip Hammond has warned Theresa Health providers will be paid to ITV has settled a long-running legal The European Union threatened to May that her plan to reduce greenhouse PAPERS SAY substitute clinicians with machines as battle with the husband and wife duo punish Italy for flouting budget rules, gas emissions to net zero by 2050 will the NHS embraces artificial intelligence behind the cancelled reality TV hit Duck but Rome is unlikely to heed the EU cost the UK over £1 trillion. In a letter to THIS to improve patient outcomes and Dynasty, who it had accused of fraud unless it faces investors’ wrath. Italy’s the Prime Minister seen by the Financial deliver savings, the chief executive of and “stunning greed”. Scott and Deirdre public debt, which is more than double Times, the chancellor said the cost MORNING NHS England has said. Simon Stevens Gurney sold a majority stake in their LA- the EU limit and is rising, prompted the meant that less money would be said that jobs could be at risk in return based company for $40m (£31.5m) in bloc’s executive arm yesterday to call available for schools, police, hospitals for the NHS’s extra £20bn a year it was 2012. ITV had alleged that they then for steps to shrink the country’s budget and other areas of public spending. He given in 2018. fraudulently inflated profit. deficit. also warned that the target would render some industries “economically THAI DICTATOR SET TO BRITISH FOOD AND DRINK MEXICO LOBBIES WHITE uncompetitive” without huge BECOME PRIME MINISTER EXPORTS SMASH RECORD HOUSE AS TARIFFS LOOM government subsidies. review two agreements that govern the Thailand’s dictator Prayuth Chan-ocha Exports of food and drink reached New figures yesterday showed US way musicians are paid when their is poised to be elected as Prime Minister record levels in the first quarter of the apprehensions at the southern border JUSTICE DEPARTMENT TO music is performed in public spaces. by a newly-chosen parliament packed year, with whisky, salmon and accelerated, as Mexican officials made a REVIEW 1941 ROYALTIES LAW They require companies to sell licenses with his own supporters, five years after chocolate proving the most popular last-ditch effort to head off tariffs US The US Department of Justice will to any music users that request them. seizing power in a military coup. products. President Trump has threatened. CITYAM.COM THURSDAY 6 JUNE 2019 NEWS 03 St James’s Place Fiat Chrysler withdraws Renault merger plans after French doubts drops Woodford LOUIS ASHWORTH prompted Fiat to withdraw its offer. Fiat had previously suggested the In a statement, Fiat said: “It has merger with Renault, which would @Louis_Ashworth become clear that the political have formed the world’s third-largest AUTOMOTIVE giant Fiat Chrysler conditions in France do not currently car maker, could have helped both withdrew its proposal to merge with exist for such a combination to firms to overcome regulatory and rival Renault late last night, but said it proceed successfully.” technological pressures. from £3bn fund was still “firmly convinced” of the Two representatives of Nissan – a Earlier yesterday, France’s finance deal’s potential. close ally of the French firm – on minister Bruno Le Maire said there An apparent lack of enthusiasm Renault’s board also refused to offer was no rush to reach a deal, adding: JAMES BOOTH securities. The decision to list assets from the French government, which support for the €33bn (£29.1bn) deal, “We should take our time.” AND JESS CLARK on The International Stock Exchange owns 15 per cent of Renault and had raising doubts over the Japanese car Renault said it could not make a (Tise) in Guernsey was a way of stay- requested the deal be postponed, firm’s commitment to the move. decision given France’s position. @Jamesdbooth1 @jclarkjourno ing within that limit. NEIL Woodford was dropped as the The FCA said it had been “in discus- manager of £3.5bn of St James’s sions” with Link Funds and Tise Place’s funds yesterday. “regarding the circumstances around St James’s Place said it had termi- the listing of certain [parts] of the nated its mandates with Woodford fund’s assets on that exchange”. Investment Management, appointing Woodford’s fall from grace has also Columbia Threadneedle and RWC hit stockbroker Hargreaves Lans- Partners in its place. down, which had heavily promoted A spokesperson for St James’s Place Woodford’s funds to its clients. said the firm had “been keeping a Yesterday, it waived its platform fee close eye on the situation” and that for the fund while dealing is the firm had spoken to Neil to com- suspended, and said it had put municate its decision. pressure on Woodford Investment Trading in the former star stock Management to do the same. picker’s flagship Woodford Equity Hargreaves Lansdown’s share price Income Fund was suspended on fell 6.8 per cent yesterday to 1,981p. Monday following a spike in On Tuesday night, Woodford apolo- withdrawals. gised to investors in a Youtube video. Yesterday, the Financial Conduct “As difficult a decision as this is, and Authority (FCA) said it was examining clearly frustrating for you, our the circumstances around the fund’s investors, we felt that this was neces- decision to list some of its assets on sary to protect your interests,” he said. the Guernsey stock exchange. He said he would use the duration of According to EU rules, funds can the suspension to reduce the fund’s ex- only hold up to 10 per cent of unlisted posure to illiquid and unlisted stocks.

LET’S PLAY Sports Direct’s Ashley makes £52m takeover proposal for Game Digital

SPORTS Direct upped its stake in Game Digital to 38 per cent yesterday, immediately launching a bid to buy out the gaming chain. It is the latest attempt by owner Mike Ashley to expand his high street empire, having acquired House of Fraser. Unions fear Ford may pull plug on Welsh factory with 1,700 staff

AUGUST GRAHAM time ago, but changed the agenda at late notice, GMB told City A.M. @AugustGraham The US manufacturer will cut WORKERS fear “disaster” could strike around 550 jobs at its Essex as car maker Ford prepares for talks headquarters, City A.M. revealed today over the future of its engine earlier this month. plant in Bridgend. The firm is trying to streamline its Unions have been called to the European operations, which had company’s Essex headquarters to slim profits in the first quarter. discuss the future of the Welsh Ford said it was unable to factory, where it has 1,700 staff. comment on speculation. “If our worst fears are confirmed it Local Plaid Cymru assembly will mean disaster,” said Jeff Beck, a member Bethan Sayed said: “If this is GMB union organiser. true, it will have devastating impact Ford arranged the meeting some on Bridgend [and] the region.” THE INSIDE TRACK IS FASTER CITYAM.COM THURSDAY 6 JUNE 2019 NEWS 05 GVC dealt bloody nose as investors rebel against remuneration report ALEXANDRA ROGERS moving to forego around £150,000 of remuneration committee notes and his salary in a bid to thwart the is naturally disappointed with the @city_amrogers rebellion. vote on resolution two. OVER 40 per cent of shareholders in Last month, Alexander agreed to “We engaged extensively with GVC Holdings, the owner of betting give up three quarters of a recent shareholders ahead of the annual shop Ladbrokes, staged a revolt over £200,000 pay rise to £950,000 after general meeting and would like to pay at the company’s annual meeting talks with the company’s board, and thank them for their helpful and in Gibraltar yesterday. instead settle on a new £800,000 constructive input. Nearly 194m votes were cast figure for his base salary. “We understand that some against the firm’s remuneration Overall, top executives collected shareholders ultimately felt unable to report for last year, in which GVC nearly £28m in pay after support the remuneration report, in chief executive Kenny Alexander was considerable share awards. part due to our legacy arrangements, awarded £19.1m. GVC’s remuneration committee which going forward no longer form The revolt came despite Alexander chair, Jane Anscombe, said: “The part of our remuneration framework.” GVC Holdings, which owns betting shop Ladbrokes, paid its boss £19.1m CMA chair Tyrie Watchdog to probe specialist warns the Big lender merger CALLUM KEOWN @CallumKeown1 THE COMPETITION watchdog Four on audits announced yesterday it would investigate the potential £1.6bn merger between One Savings Bank and Charter Court. JAMES BOOTH scandals, such as the collapse of The Competition and Markets outsourcer Carillion last year, in Michael Gove is widely seen as Boris Johnson’s closest rival for the leadership Authority (CMA) said it would @Jamesdbooth1 which auditors failed to spot serious assess whether the deal would lead THE CHAIR of the Competition and problems within a client firm. to a “substantial lessening of Markets Authority (CMA) Lord Andrew Since the publication of the CMA’s Gove: I’d rather have no-deal competition” in the market. Tyrie said yesterday the demand for re- report, KPMG has shaken up the In March, the challenger banks form of the audit sector is “very strong” structure of its audit practice and confirmed the terms of the £1.6bn in government and parliament. PwC has said it will spend an extra merger, which will see One Savings In April, a report by the CMA called £30m on training to improve quality. than not have any Brexit at all Bank shareholders grab around 55 for the audit practices of the Big Committee chair Rachel Reeves MP per cent of the new combined Four to be ringfenced from their asked Tyrie if voluntary reforms by OWEN BENNETT Corbyn could be handed the keys to company. consultancy arms. the Big Four went far enough. Downing Street. The deal will create one of the “I think the market needs to realise, He said the CMA’s proposals were @owenjbennett Gove set himself apart from other UK’s largest specialist lenders, if they don’t already, that the appetite needed to “crack the problems”, CONSERVATIVE leadership contender Brexiters standing for the Tory adding Charter Court’s residential for whatever is required to address adding: “Doing something else risks Michael Gove would choose no-deal leadership by telling a group of Tory market expertise to One Savings’ this is very strong,” Tyrie told the not addressing adequately those over no Brexit, he revealed yesterday MPs at a separate event he would strength in commercial and Business, Energy and Industrial problems.” in a day of posturing from those consider a delay to Brexit in order to development lending. Strategy (Beis) Select Committee. Tyrie said the CMA would urge the hoping to succeed Theresa May as negotiate a new withdrawal deal The pair both reported strong The report also called for joint government to deliver reform. Prime Minister. with the EU. loan book growth last month ahead audits where one of the Big Four – EY, A Beis department spokesperson Speaking at event in Central Former Brexit secretary Dominic of the deal’s completion. PwC, Deloitte and KPMG – would said: “We are committed to bringing London, the environment secretary Raab told Conservative MPs at a The CMA has invited comments audit companies alongside one of the forward reforms to ensure the UK said it was a “democratic hustings event he did not back an on the proposed merger from so-called challenger firms. continues to offer the highest imperative” the UK left the EU extension to the UK’s EU interested parties by 19 June to The report followed a series of standards.” before the next election, or Jeremy membership beyond 31 October. help with its investigation. Bank of England calls for ‘last orders’ on TABLETS or LIQUID Does your calcium scandal-hit Libor as 2021 deadline looms supplement also provide important CALLUM KEOWN alternative systems following to transact Sonia-based progressing ahead of TABLETS magnesium? the Libor-rigging scandal, which products; and stop adding to expectations despite @CallumKeown1 Osteocare® combines saw global banks fined billions their post-2021 Libor exposures.” acknowledging the deadline calcium THE BANK of England has called for manipulating the rate for Speaking to Bloomberg, he was ambitious and aggressive. magnesium “last orders” on the scandal-hit profit, and a reduction in added: “To be honest I see a He said: “I think we are at calcium vitamin D Libor interest rates as regulators transactions. possible advantage here for least up to and if not probably magnesium push for financial institutions The FCA and the Bank were London, getting on and somewhat ahead of where I’d zinc to transition away from the forced to issue a reminder last innovating with the new hoped we would be on that vit.D & zinc benchmark by 2021. year as progress was moving product, Sonia, the new front by now.” which all contribute Deputy governor Dave slowly, with the rate, which infrastructure. This could be But Bailey warned “nothing to the maintenance Ramsden said good progress measures the cost of borrowing good for London as a financial would be off the table” when it of normal bones. was being made, and added that between banks, still being used centre.” came to finding ways of dealing getting on with the switchover for derivatives, bonds, and loan In September last year the with the legacy of contracts that Britain’s No.1 Vitamin Company* to the Sterling Overnight Index contracts worth more than Bank and the Financial Conduct still reference Libor after the Nielsen GB ScanTrack Total Coverage Unit Sales 52 w/e 23 Feb 2019. Average (Sonia), an alternative £300 trillion. Authority ramped up efforts to end of 2021. * benchmark, could be a boost for Speaking at a Bank of accelerate the transition, The City watchdog also the City. England event earlier today, writing to chief executives warned earlier this year that Available from Global regulators, led by the Ramsden said: “The time for asking for their plans to ditch the endgame for Libor would be , Holland & Barrett, Financial Conduct Authority ‘last orders’ is now. the rate. uncertain, urging all banks that Superdrug, supermarkets (FCA) in the UK, have been “Firms need to be focused on FCA chief executive Andrew use the rate to “rapidly” move to www.osteocare.com encouraging banks to find what they need to do to be able Bailey said the transition was alternatives. 06 NEWS THURSDAY 6 JUNE 2019 CITYAM.COM UK growth ‘near Provident could hit back as NSF stagnation’ as deal collapses CALLUM KEOWN @CallumKeown1 16.10% NON-STANDARD Finance’s failed hostile services pick up takeover bid of rival Provident could leave the sub-prime lender exposed to a counter-offer, it has HARRY ROBERTSON commit to new contracts last month, been warned. while export business fell. The deal collapsed on Tuesday @henrygrobertson Despite Brexit being extended until night after the Prudential THE UK SERVICE sector beat analysts’ 31 October, a no-deal scenario is still a Regulation Authority (PRA) said the expectations to reach a three-month clear possibility. enlarged group would not have high in May, according to survey data Conservative leadership candidates enough capitalisation unless more released yesterday by IHS Markit and have been playing up their hard- shareholders supported the offer. the Chartered Institute of Procure- Brexit credentials in a bid to win Peloton’s connected bike and treadmill are staples in the high-end fitness market The regulator’s intervention ment & Supply (Cips). party members’ votes. brought an end to a months-long Yet IHS Markit said the UK economy Chris Williamson, chief business battle between the two lenders. was “close to stagnation” as Brexit economist at IHS Markit, said: “Al- Provident shares soared 16 per and a global slowdown dragged on though service sector business activity Exercise tech giant Peloton files cent yesterday as it fended off the growth in services, having sent man- gained a little momentum in May, bid, but Non-Standard Finance’s ufacturing into contraction in May. with growth reaching a three-month stock plunged close to 11 per cent. A modest rebound in new business high, the pace of expansion remained to go public in bumper US listing Goodbody analyst John Cronin boosted the service sector, which saw disappointingly muted.” said Provident put up a strong the biggest rise in employment since “The PMI surveys collectively indi- EMILY NICOLLE raised a funding round of $550m defence and that the “prey could November 2018. Business optimism cated that the UK economy remained (£433m) in August, with a valuation now become the predator” as the improved to its best score in eight close to stagnation midway through @emilyjnicolle of around $4.2bn. proposed combination was logical. months, the survey showed. the second quarter,” he said. SMART exercise firm Peloton The firm has a series of connected NSF said it could have won PRA However, the figures came a day Chris Sood-Nicholls from Lloyds confidentially filed to go public on exercise products with interactive approval if it had attracted more after IHS Markit and Cips said the Bank said: “While a small expansion Wall Street yesterday, becoming the displays, through which fitness shareholder support. manufacturing sector contracted in the sector is positive, we must be latest entrant in a slew of tech fanatics can view courses and stream But several prominent investors sharply in May. Manufacturers realistic – many services firms remain listings so far this year. coaching and classes. including Aberdeen Standard, blamed Brexit as they reported it was understandably cautious in the cur- Peloton did not disclose the details Its chief executive said last year Coltrane and Schroders had much harder to convince clients to rent environment.” of its flotation. The tech firm last Peloton is “weirdly profitable”. rejected the offer.

THE FUTURETURE OF AVAAVIATIONVVIAATTION ThursdayThursday 20 June 2019 6.30pm – 9.30pm

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STRICTLYS TLTRIC Y RSVPRSVP - TTOO REGISREGISTERTER YYOUROUR INTERESINTEREST TOTO ATTENDAT TTEND PLEASE VISIT WWWWWW.CITYAM.COM/EVENT/RAD.CITYAM.COM/EVENT AD/R CITYAM.COM THURSDAY 6 JUNE 2019 NEWS 07

TAKING THE CHAIR Government urged to Tory peer is new Crisis-era ‘bad head of Financial bank’ pays off prioritise consumer Ombudsman Service Treasury loan BARONESS Zahida Manzoor has been appointed chair of the Financial Ombudsman Service, HARRY ROBERTSON it was announced yesterday. rights in UK trade deals She will take up the role on 2 @henrygrobertson August, succeeding Sir Nicholas THE SO-CALLED bad bank created to OWEN BENNETT ensure all of the UK benefits from the Montagu – who was in post for take loans off the hands of Northern deals; the protection of labour stan- more than seven years. Rock and Bradford & Bingley (B&B) @owenjbennett dards and public services; the mainte- after the financial crisis has paid BUSINESS leaders and trade union nance of consumer rights and back the last of almost £50bn used to bosses will today urge the govern- standards; the promotion of interna- fund the bailouts. ment to maintain consumer rights tional development; the creation of a Treasury-owned UK Asset and standards in any future trade fair and transparent dispute resolu- Resolution (UKAR) yesterday said it deals at the first meeting of a new tion; and environmental protections. had repaid in full the government advisory group. A statement from the groups said: loan of £48.7bn which it had mainly The CBI, Federation of Small Busi- “Trade can be a powerful tool to in- Oil slips up as the US stockpiles used to buy up bad loans from now- nesses and TUC union – along with crease and share prosperity in the UK defunct Northern Rock and B&B. consumer specialists Which and the and around the world. UKAR was created in 2010 to help Fair Trade Foundation – are among 16 “But the public debate in this area – AUGUST GRAHAM 6.8m barrels, against a predicted wind up the imperilled lenders in an representatives from the commercial almost exclusively on Brexit or the 849,000 fall. orderly way. sector to sit on the newly-formed merits of possible new free trade @AugustGraham Oil prices have dipped in recent It took on billions of pounds Strategic Trade Advisory Group. agreements – says very little about THE PRICE of Brent crude fell sharply weeks as worries escalate over trade worth of mortgage loans that Ahead of the group’s first meeting how trade can benefit the whole of yesterday after US inventories surged between the US and China. borrowers could not afford to pay this morning, which will be attended society. last week, against analyst predictions. “The overriding concern here is back as house prices fell. by international trade secretary Liam “Today is an opportunity to press The international standard that inventories are swelling just as Ian Hares, chief executive of UKAR, Fox, the organisations released a set the reset button and show how trade reached lows of $59.50, dropping Trump’s trade war on multiple said: “The final payment followed of “guiding principles” for any post- can work for all when trade unions, more than three per cent across the fronts threatens future demand,” the completion of the sale of the two Brexit commerce agreements. businesses and civil society work in day as a running price decline said Fiona Cincotta, a senior analyst NRAM [formerly Northern Rock] The six principles include helping to partnership with government.” continued. US stockpiles rose by at City Index. portfolios.”

Brussels recommends debt crackdown on Rome City of London update HARRY ROBERTSON the row between Brussels and Debt stood at 132 per cent of Rome, as the Italian government GDP in 2018, more than twice the @henrygrobertson seeks to cut taxes and increase EU’s limit. Italy is due to THE EUROPEAN Commission (EC) spending. overshoot the bloc’s three per Square Mile set for top yesterday said disciplinary Yesterday, the Commission – cent deficit ceiling in 2020. procedures should be launched the European Union’s executive The EC said it recommended an against Italy over its high levels of arm – said Italy had not kept its “excessive deficit procedure”, a speed of 15mph government debt. word on a 2018 plan to reduce its process through which it will The move will further inflame public debt. investigate Italy’s debt situation. HE City Corporation is to make T the Square Mile the first area in ANNOUNCEMENTS the UK with a 15mph speed limit, subject to government approval. LEGAL AND PUBLIC NOTICES This decision follows a public CITY OF LONDON consultation into 54 proposals which Finsbury Circus – Pedestrianisation of the western arm The City of London (Free Parking Places) (Disabled Persons) together sets a 25-year framework for (No. *) Order 201* the City’s first long-term Transport The City of London (Loading Bays) (Amendment No. *) Order 201* Strategy. The City of London (One Way Streets) (Amendment No. *) Order 201* The City of London (Prescribed Routes) (Road Closure) (Amendment No. *) Order 201* The plans have been developed to The new Strategy will prioritise the The City of London (Prohibited and Compulsory Movements) (Amendment No. *) Order 201* support changing working, living and needs of people walking when delivering The City of London (Waiting and Loading Restriction) (Amendment commuting habits.Monitoring reveals changes to streets, and make the most No. *) Order 201* that 90% of all journeys made on the efficient use of street space by working 1. NOTICE IS HEREBY GIVEN that the Common Council of the City of London propose to make the above Orders under sections 6 City’s streets are partially or entirely to reduce motor traffic by 25% by 2030, DQGRIWKH5RDG7UDIÀF5HJXODWLRQ$FW walked. and by 50% by 2044. 2. The effect of the Orders would be in the western arm of Finsbury Circus to: - (a) introduce a ‘no vehicles at any time’ restriction between the Industrial action could hit services across London junctions with the rotunda and Moorgate; (b) revoke the disabled persons parking place and the loading bay New forum to encourage legal tech on the south side; F UHYRNHWKHRQHZD\WUDIÀFUHVWULFWLRQDQGWKHFRPSXOVRU\OHIW Tube could be hit with The City of London Corporation has turn only restriction at the junction with Moorgate; and (d) extend ‘at any time’ waiting restrictions throughout. launched a LawTech Sounding Board to  7KH 2UGHUV DOVR UHGHÀQH WKH H[WHQWV RI ORDGLQJ ED\V LQ gather views on how to increase Cheapside, Great Tower Street and St. Martin’s Le Grand to match fresh wave of strikes the on-street bays and correct anomalies in the current loading bay adoption of legal technology in the Consolidation Order. AUGUST GRAHAM financial and professional services 4. Copies of the proposed Orders, of the statement of reasons for proposing to make the Orders and of a plan showing the proposals @AugustGraham sector. FDQEHLQVSHFWHGGXULQJQRUPDORIÀFHKRXUVRQ0RQGD\WR)ULGD\V inclusive at the Planning Enquiry Desk, North Wing, Guildhall, MAJOR strikes could bring the Tube to a standstill, with London, EC2P 2EJ. up to 10,000 workers threatening to walk out. The creation of the Sounding Board 5. Further information may be obtained from City Transportation, Union RMT said it would ballot for a strike after comes in the wake of a report by the Law City of London, PO Box 270, Guildhall, London EC2P 2EJ or by “crucial” talks with management collapsed yesterday. Society, which showed that adoption of WHOHSKRQH Managers refused to increase salaries and improve 6. Persons desiring to object to the proposed measures should send working conditions, RMT said. technology remains limited across the a statement of their objection and the grounds thereof in writing Drivers, platform staff, engineers, and fleet legal sector. taken by the legal and tech WRWKH7UDIÀF2UGHUV2IÀFHUDWWKHDERYHDGGUHVVE\-XQH maintenance crews would walk out in the strike, communities to ensure the UK retains quoting the reference TraffOrder/DBE/CT-GL. likely shutting down the entire Tube system. 'DWHG-XQH RMT said it was open to more talks, with It will aim to provide a forum for its competitive advantage as a legal Zahur Khan preparations expected to take a couple of weeks. “But exploring what practical action can be technology hub. Transportation and no one should underestimate our determination,” Public Realm Director RMT general secretary Mick Cash said. A TfL said: “We have made an offer to our unions that we believe is fair and affordable.” News, info and offers at www.cityoflondon.gov.uk/eshot This simple banana peel To turn trash inspired a bold idea:

08 NEWS THURSDAY 6 JUNE 2019 CITYAM.COM New car market BT to shutter 90 per cent of misfires after its UK offices ROBBIE HARB

BT GROUP will shut offices in more than 270 locations across UK as it seeks to cut £1.5bn in costs. incentive cuts The telecoms company is to slash its number of offices across the UK by 90 per cent, leaving just 30 open. ALEX DANIEL fusing policy messages and changes to In some locations, existing @alexmdaniel incentives continue to affect con- buildings will be refurbished while sumer and business confidence, caus- other offices will move to more RULE changes to government policy ing drivers to keep hold of their older, modern premises. and automotive grants caused hybrid more polluting vehicles for longer.” Initial new locations will be and diesel car sales to fall last month. Overall alternatively fuelled car Belfast, Birmingham, Bristol, Overall, new car sales fell 4.6 per sales rose 11.7 per cent as petrol hy- Cardiff, Edinburgh, London, cent year-on-year to just 183,724 units, brids continued to boom, recording a The defence firm reported a 47 per cent operating profit slump last month Manchester, and Ipswich. according to the Society of Motor 34.6 per cent sales rise. Philip Jansen, who took over as Manufacturers and Traders (SMMT). New diesel car sales fell for the 26th the firm’s chief in April, said: “We The SMMT yesterday said uncer- consecutive month, plummeting 18 have dedicated teams working on tainty over clean air policies and the per cent in May. Until a few years ago, Babcock charts its way back to identifying the best buildings to removal of incentives for hybrid cars diesel made up around half the UK’s move into and which ones to were behind the drop. new car market. That has since nearly redesign for the future. As a result Plug-in hybrid car sales fell 40 per halved, with market share standing at success with profit growth plan of this programme, BT people will cent compared to May 2018. 28 per cent. be housed in inspiring offices that The drop comes after the govern- Ongoing anti-diesel sentiment and ALEX DANIEL bolster total revenues to more than are better for our business and ment cut the subsidy for those buy- the forthcoming introduction of low @alexmdaniel 85 per cent. They currently sit at 75 better for our customers.” ing electric cars from £4,500 to emission zones continues to affect per cent. This would come from its The changes comes as part of a £3,500. It also excluded a number of buyer confidence. DEFENCE giant Babcock has outlined three key divisions of defence, larger plan announced a year ago plug-in models from qualifying for plans to boost profit growth by four emergency services and nuclear. by Jansen’s predecessor, Gavin the grant. NEW CAR REGISTRATIONS per cent by 2024. Babcock also plans to expand Patterson, to save £1.5bn and The government has repeatedly de- NAME % The company yesterday laid out a abroad, increasing overseas revenue improve its services. BT will cut nied that its reduction of the subsidy Petrol sales +1 series of medium-term targets from 30 per cent of group turnover 13,000 jobs as part of the process. has had a detrimental effect. Diesel sales -18.3 designed to boost growth between currently, to more than 40 per cent. A BT spokesperson told City A.M. SMMT boss Mike Hawes said: “Con- AFV sales +11.7 three and four per cent. It hopes to Shares rose 2.5 per cent yesterday. no further jobs will be cut. Into jet fuel. We see possibilities everywhere. BP is partnering with Fulcrum BioEnergy to convert landfi ll waste into biofuel for planes. It’s one more way BP is working to make energy cleaner and better.

CITYAM.COM THURSDAY 6 JUNE 2019 NEWS 09 IN BRIEF

MICROSOFT AND ORACLE TO TAKE ON AMAZON Microsoft and Oracle will connect Retailer Findel their cloud services in an effort to woo big businesses and take on market leader Amazon Web Services (AWS). The combined service will enable users to connect Oracle’s autonomous databases to change name with Microsoft services. Oracle has lost much of its ground to Amazon’s AWS. According to Jefferies, AWS holds a 65 per cent market share, compared with 25 per cent for amid sales rise Microsoft and Google’s 10 per cent. BOMBARDIER BOOSTS ON MITSUBISHI HEAVY TALKS JAMES WARRINGTON mandatory takeover bid. Japan’s Mitsubishi Heavy said But Findel’s board rejected the yesterday it was holding talks to buy @j_a_warrington £139m offer, which it said “signifi- Bombardier’s regional jet program, HOME shopping company Findel cantly undervalued” the company, sending the Canadian company’s posted a sharp rise in profit and un- and the bid lapsed. shares up 14 per cent. Mitsubishi veiled a new brand name yesterday, In a review published alongside the Heavy, which is working to break weeks after it fended off a takeover results, chief executive Phil Maudsley into aviation with the launch of its bid from shareholder Sports Direct. said the firm had also scrapped plans The retail firm enjoyed a sales boost from Valentine’s Day and Mother’s Day own regional jet program, said that Pre-tax profit jumped 33 per cent to to roll out a menswear range with it was in discussions but that no £29.4m in the year to the end of Ashley’s retail empire. decision had been made. March, while revenue rose 5.7 per He said the company will continue Bombardier also confirmed that it cent to £506.8m. to explore potential for access to Card Factory posts revenue jump was in discussions with Mitsubishi. Findel said its performance had other Sports Direct-owned brands. been driven by growth in customer CHALLENGER BANK PCF POSTS PROFIT SURGE numbers, sales and profit in Studio, FINDEL despite ‘challenging’ conditions its online discount retail division. AIM-listed UK bank PCF posted a 57 The London-listed firm revealed 205 P JAMES WARRINGTON April as the firm cashed in on a spike per cent profit surge yesterday as its lending portfolio continued to grow plans to change its name to Studio Re- 200 in demand on Valentine’s Day and tail Group in a bid to raise the profile @j_a_warrington Mother’s Day. rapidly in the first half of the year. of the Studio brand. 203 CARD Factory posted a modest rise in The FTSE 250 firm said it was an The specialist lender said profit rose 195 5 June The overhaul comes amid a tussle sales for the first quarter yesterday, as “encouraging start to the year”, to £10.1m in the six months to the with Mike Ashley’s Sports Direct, 190 strong performance in seasonal cards though the figures were flattered by end of March. The bank also entered which is Findel’s largest shareholder. helped offset tough conditions on poor trading in the comparative the bridging property finance 185 Earlier this year the tracksuit tycoon the high street. period last year. market earlier this year, and increased his stake in the firm to Like-for-like sales rose 2.3 per cent Card Factory maintained its profit acquired media finance provider more than 30 per cent, forcing a 31 May 3Jun 4Jun 5 Jun in the three months to the end of guidance for the full year. Azule. 10 NEWS THURSDAY 6 JUNE 2019 CITYAM.COM Aviva finance Costs lay waste boss set to exit to Biffa’s profit amid shakeup JOE CURTIS @joe_r_curtis AVIVA’s chief financial officer (CFO) is set to depart in the latest of a series of as revenue rises sweeping changes under new boss Maurice Tulloch. Tom Stoddard will quit his role as HARRY ROBERTSON net debt while helping to increase chief financial officer at the end of revenue. June, the UK insurer’s board of @henrygrobertson Biffa had a challenging year in its directors said yesterday. WASTE management firm Biffa’s key municipal market, with underly- He will be replaced on an interim profit almost halved over the past ing operating profit more than halv- basis by Jason Windsor, who is financial year, as the company ing from £11.2m in the year ended currently the CFO of Aviva’s UK arm. absorbed expensive one-off charges. March 2018 to £4.7m this year. “Tom is a tremendous leader and The UK firm’s results for the 12 It put the weak municipal perform- has played a major role in delivering months to the end of March, released ance down to fuel and wage cost Aviva’s financial turnaround, yesterday, put the fall down to pressures and under-performing Streaming has been boosted by demand for hit shows such as the BBC’s Killing Eve significantly strengthening the onerous contracts, debt payments contracts. group’s capital position,” Tulloch and regulatory costs. Biffa’s share price fell 0.88 per cent said. “After five successful years at It also said it would reorganise itself per cent yesterday to stand at 226p. Online video will send £10bn Aviva, he leaves with my best wishes into two divisions – collections, and Michael Topham, chief executive, and those of Aviva’s board.” resources and energy – to better said: “We’ve had another very strong Stoddard added: “Whilst I will reflect the changing waste market. year of organic and acquisition miss all the friends I have made Biffa’s statutory profit before tax fell growth coupled with a further reduc- streaming into UK’s media here, Aviva has a strong finance 44 per cent to £21.5m from £38.3m a tion in customer churn.” team, and it is now time for me to year earlier. He said Biffa had “successfully clear the way for others to step up, as Meanwhile the waste management weathered the headwinds associated JAMES WARRINGTON growth, the report stated, as I consider new opportunities.” firm’s statutory revenue rose to with the Chinese import restrictions broadcasters and tech giants line up Windsor will take on the interim £1.09bn for the year to 29 March from on commodities and the recent @j_a_warrington to launch their own streaming CFO role from 1 July. He has worked £1.08bn a year previously. market impacts in our municipal THE SURGING public demand for services to rival Netflix. at Aviva since 2010 and his roles have The total dividend per share rose to division”. video streaming will drive a £10bn The UK’s nascent 5G network is included chief capital and 7.2p from 6.7p. “We are proud of our leading plas- growth in the UK’s entertainment expected to fuel this growth, with investments officer, and a group Biffa has narrowly fulfilled the tics recycling capabilities and are ex- and media sector over the next five British consumers forecast to use executive member. promise it made in March to increase cited at the role we are playing in this years, a report on the sector more internet data than any other Stoddard will remain with the underlying revenue growth, although area.” For example, he said, “85 per published today has found. country in western Europe over the company until the end of the year to its profit was heavily dented this year cent of milk bottles in the UK now The booming industry is set to be next four years. ensure a smooth transition. by exceptional charges. contain Biffa recycled material”. worth £80bn in 2023, up from the “The UK remains a leading market The CFO is the most recent in a The High Wycombe-headquartered “Our strategic priorities are clear – £70bn projected for this year, in terms of talent, reputation and wave of departures announced by firm made seven acquisitions in the growing our industrial and commer- according to professional services innovation, and has seen significant Aviva since Tulloch took the top job year. Those included Weir Waste cial collections business and investing firm PwC. levels of financial investment as a in March. He dumped Andy Briggs, Services Limited and Specialist Waste in recycling and energy from waste as- The growing range of on-demand result,” said Mark Maitland, UK head the chief executive of Aviva’s UK Recycling Limited, which pushed up sets,” he said. video platforms will be a key driver of of entertainment and media at PwC. insurance arm, in late April.

IN PARTNERSHIP WITH @LMAPPEAL #CGD #GoRed #peoplematter Workspace makes room for hike to Supporting City Giving Day dividend as net asset values climb Which charities do you support? The sponsorship raised this year goes to The SEBASTIAN MCCARTHY Pre-tax profit tumbled from our property footprint across Stephen Hawking Foundation and MND £170.4m to £137.3m, with the London.” Association to fund Project Ambrosia, a @SebMcCarthy 1.94% group saying that an increase in He added: “We completed eight programme researching this devastating FLEXIBLE office provider trading profit was offset by a lower refurbishments which have been disease and hoping to help find a cure. Workspace raised its uplift in property valuation and met with very strong demand and dividend yesterday, as net asset lower disposal profit than during acquired two well located What are you hoping to achieve by Who can enter? values rose despite a drop in pre-tax the year before. properties in Camden and supporting City Giving Day? Anyone! You don’t need to be a pro swimmer to profits. Net rental income climbed 16 per Shepherd’s Bush. We want the City to beat Motor Neurone enter, there will be challenges for all levels The London office space group cent to £111m, while customer Late last year the flexible office Disease! London City Swim is an outdoor swim Companies enter teams of four, individuals can lifted the payout by 20 per cent enquiries averaged 1,048 per space provider announced a nearly and after party near Canary Wharf, raising enter, groups of individuals can form a team. The after a “strong financial month, rising from 1,016 in the 20 per cent drop in profit before money to smash MND. The event was launched event is accessible, so if you are living with Motor performance and positive outlook”. previous year. tax in its half-year results, as a by Professor Stephen Hawking and is proud to Neurone Disease, use a wheelchair or have other It reported a 4.7 per cent rise in Graham Clemett, interim chief weakening London property be part of City Giving Day. needs, we welcome you and your helpers. net asset value to £10.86 per share executive at Workspace, said: “We market took its toll. for the 12 months ending 31 March have made good progress over the Shares in the company closed CHARITY IN ACTION 2019. year in upgrading and expanding down just under two per cent.

This event is City people competing and having fun to Professor Hawking Volkswagen fires up €4bn modernisation drive support The said "Come and join Stephen us and help make a ALEX DANIEL The cuts will mainly centre employed in procurement, HR Hawking difference" before around administrative roles, and other administrative roles in Foundation he passed away last @alexmdaniel where digital processes are the firm’s Wolfsburg base. VW and MND year. Swim in VOLKSWAGEN (VW) will invest as upending traditional roles across said it will not make any Association in memory of him. much as €4bn (£3.6bn) until 2023 many industries. compulsory lay-offs until 2029. their mission to to digitally transform its VW said the modernisation Its chief operating officer Ralf find a cure for Professor Stephen operations. would include a new “highly Brandstatter said the move was Motor Neurone Hawking The automotive giant said efficient purchasing system” and part of “making the company fit Disease 1942-2018 yesterday it could cut up to 4,000 “new standard human resources for the digital era”, adding: “If we jobs in non-production units in applications”. It said manual tasks have to eliminate jobs as a result JOIN US AND REGISTER NOW AT Germany during the process, but will become more simple of digitalisation we are doing so... WWW.LONDONCITYSWIM.COM/CGD added the move would create “at “through improved IT”. in the most socially-responsible least 2,000” jobs elsewhere. The news will concern those manner possible.” CITYAM.COM THURSDAY 6 JUNE 2019 NEWS 11 Go-Ahead says interim finance boss will keep role ahead of fresh results ALEXANDRA ROGERS Brown said: “I am delighted that December 2018 to 5 June 2019. Elodie can build on the impact she Go-Ahead previously said its profit @city_amrogers has already made to the business in dropped by more than 50 per cent in GO-AHEAD Group has appointed the past six months,” adding: “Her the second half of last year due to former Southeastern finance director appointment is testament to her the scrapping of its London Midland Elodie Brian as its chief financial leadership skills and evidence of the franchise and poor financial officer (CFO). strength of talent that we have performance for Govia Thameslink Brian has been operating as the within Go-Ahead.” Railway. transport group’s interim CFO since Brian said: “The business has an Rail operating profit fell from December 2018, having previously ambitious growth strategy and I am £40.3m to £17.6m in the six months worked as finance and contracts excited to be working with David to ending 29 December 2018, but this director at Southeastern, one the deliver it.” was ahead of expectations, leading firm’s franchises. Go-Ahead will release a trading Go-Ahead to raise its guidance for Go-Ahead chief executive David update today for the period from 30 the full year. Go-Ahead Group provides nearly a quarter of London's buses Customers rail JLR teams up with BMW on against Southern electric vehicles ALEX DANIEL @alexmdaniel BMW AND Jaguar Land Rover (JLR) in trust survey yesterday announced they will jointly develop electric cars. The firms said they would work together to make transmissions ALEXANDRA ROGERS wide variations between train opera- and power electronics, unveiling tors that keenly reflect the passenger yet another industry alliance @city_amrogers experience. Public trust in the railway designed to lower the costs of SOUTHERN has been ranked as the is fragile but has never been more developing electric cars. least-trusted rail operator in the UK, important.” Both car makers are under according to new research from the Other operators that scored low on pressure to roll out zero-emission independent transport watchdog. the trust scale were Great Northern, Hitachi and Bombardier’s mockup design for an HS2 train was among three revealed vehicles to meet stringent anti- Southern, which is run by Govia which 22 per cent of passengers said pollution rules, but have struggled Thameslink Railway (GTR), was not they did not trust. Thameslink, which to maintain profit margins in the trusted by 23 per cent of passengers as is also run by GTR, was not trusted by face of the the rising costs of of autumn last year, Transport Focus 21 per cent of passengers. Giants battle for HS2 seat with making electric cars. data revealed. Meanwhile, the two train compa- “Together, we have the Southern’s reputation took a hit in nies with the highest trust ratings opportunity to cater more 2016 when it suffered the first wave of were Grand Central and the effectively for customer needs by industrial action over the role of Heathrow Express, which achieved rival train design concept bids shortening development time and guards on its trains. The row went on trust scores of 70 per cent or more. bringing vehicles and state-of-the- for nearly two years. ALEXANDRA ROGERS officer of Siemens Mobility called art technologies more rapidly to Transport Focus surveyed 25,000 LEAST-TRUSTED RAIL OPERATORS the submission a “huge milestone” market,” said BMW board member passengers for the research. It forms NAME % @city_amrogers for the company. Klaus Froehlich. part of the group’s submission to the Southern 23% SIEMENS, Bombardier and Hitachi, Hitachi Rail’s managing director, BMW and JLR said they will save government’s “root and branch” re- Great Northern, Northern 22% and Alstom have submitted bids for Karen Boswell, said its joint bid costs through shared development, view of the railways in the wake of Thameslink 21% a £2.75bn contract to design, build with Bombardier would “be a production planning and joint last year’s May timetable chaos, in Scotrail, Southeastern 11% and maintain trains for HS2. shining example of British purchasing of electric car which thousands of services were TransPennine Express 10 % The contract is to design, build ingenuity”. components. overcrowded, delayed and cancelled. Greater Anglia, Transport for Wales, 9% and maintain at least 54 trains for Nick Crossfield, managing Both firms will produce electric Former British Airways boss Keith Great Western Railway, Gatwick Express phase one of the £56bn next- director for Alstom UK and Ireland, drivetrains in their own factories, Williams is leading the review, and is C2C 6% generation railway, which will link said: “Alstom’s vision is to make HS2 BMW said. due to publish his findings in the TfL Rail 5% London to the West Midlands. trains a timeless design classic.” The pact comes as rivals Fiat summer, in time for a government LNER, Virgin Trains, 4% HS2 is expected to award the The project’s future has become a Chrysler and Renault explore a white paper in the autumn. East Midlands Trains rolling stock contract in spring talking point among Tory $35bn (£27.6bn) tie-up to share Transport Focus chief executive London Overground 3% 2020. leadership candidates, some of costs in the struggling automotive Anthony Smith said: “There are some * % of passengers that do not trust the operator William Wilson, chief executive whom want it scrapped or reviewed. industry. Samsung slashes production at its last smartphone factory in China

ROBBIE HARB rising labour costs and stiffer per cent in 2013 to less than one per competition from domestic rivals cent today, according to Strategy SAMSUNG will cut production at its such as Huawei and Xiaomi, which Analytics. last remaining smartphone factory in offer rival models at a cheaper price. Paolo Pescatore, an analyst for PP China, as its loses ground on The Huizho factory, which had Foresight, said: “The factory closure domestic rivals. more than 6,000 workers, produced highlights the intense competitive The reduction comes just six 63m smartphones in 2017 – 17 per landscape and the ongoing months after the South Korean firm cent of Samsung’s production that challenges of competing with announced the closure of its factory year, according to Caixin. Chinese rivals”. in Tianjin. Another factory in The world’s biggest smartphone “It should not have a negative Shenzhen closed in April. maker has seen its share of the impact on [Samsung’s] global Samsung has struggled as global smartphone sales decline Samsung has struggled against Chinese market shrink from about 20 operations,” he added. 12 NEWS THURSDAY 6 JUNE 2019 CITYAM.COM CITY TALK PARTNER CONTENT D-DAY FOR Flyers could keep liquids THE ECB in luggage in fresh trial AUGUST GRAHAM “This cutting-edge equipment will cameras and face recognition. not only keep the airport safe with The equipment, which is being @AugustGraham the latest technology, but will mean trialled until December, will make PASSENGERS passing through that our future passengers can keep Heathrow “faster and more efficient”. AS PRESSURE security at Heathrow airport may their focus on getting on with However, critics of the soon be allowed to keep liquids and their journeys and spend less technology say it raises laptops in their luggage. time preparing for security privacy questions. Heathrow said today it is investing screening,” said Heathrow “Travellers should be more than £50m in a 3D security chief executive Chris very concerned with MOUNTS TO ACT system based on computed Garton. tomography technology. The rollout will also The trial will cut plastic The new equipment will be reduce the time spent waste, Heathrow said installed across Heathrow’s terminals queueing at security and by 2022, the company said. help increase capacity, being photographed It will ultimately allow passengers the airport said. and scanned at airports to keep liquids in their bags, and It will also reduce the use — or anywhere else, for eliminate the need for separate of single-use plastics. that matter, when it is done plastic bags. The trial follows other new indiscriminately to the masses However, passengers will still have technology being tested at London’s as proposed,” Wendy Thompson, a to follow the old rules until similar biggest airport. spokesperson for travellers’ group technology has been rolled out at Airport officials are currently Freedom to Travel USA, told the other UK airports. running assessments on biometric Washington Post earlier this year. MARKETS TALK Neil Wilson discusses the recent DOUBLE DOWN ON DENIM American Eagle sales top estimates deterioration in the market outlook

t’s D-Day for euro bulls as we look to central bankers to act. Itoday’s meeting of the European Growth indicators are also soft. The Central Bank (ECB) to see whether the final composite eurozone PMI for May breakout can be sustained or whether was higher than the flash estimate, but this is yet another bull trap in an ongoing ‘the overall picture remains one of weak downtrend. The bulls have secured the current growth and gloomier prospects beachhead above $1.12, but they now for the year ahead’, according to survey need to gather the troops to push further compilers IHS Markit. The composite inland. With the market turning a little PMIs indicate growth of a mere 0.2% in cold on the US dollar as Treasury yields Q2. The outlook for the global economy fall and the market bets on the Federal has also softened. Trade concerns mean Reserve cutting rates, the euro has an risks remain skewed to the downside, opportunity, from a technical whilst Brexit is still a source of angst. perspective at least, to rally more. In short, the outlook has deteriorated However, the ECB looks set to be more since March and we should anticipate a dovish as the pressure mounts on reaction from the ECB. policymakers to act. Moreover, the lower What might that look like? It could volatility environment has kept FX pairs change its forward guidance, which is range-bound and we may see EURUSD designed to anchor interest rate revert to well-trodden turf. Today’s interest rate decision is vital. There’s not been an ECB meeting with such a degree of uncertainty for a while. The pressure is mounting on policymakers to do more to stimulate growth and inflation. And with this The outlook has arguably the last time ECB president Mario Draghi can deliver a surprise deteriorated since before his departure, he may choose to March and we AMERICAN Eagle Outfitters topped analysts’ estimates for quarterly same-store sales yesterday, as the apparel retailer cashed in seize the opportunity. on a revival in the popularity of jeans in the United States. Even as athleisure continues to dominate the current fashion scene, Policymakers are already downcast should anticipate more shoppers are looking to get back into jeans as companies invest in making them more comfortable and fit better. about the prospects for the Eurozone. Minutes from the April meeting show a reaction from deteriorating confidence in the ECB achieving its growth and inflation the ECB targets. ‘Recent data had turned out Drivers get mid-week even weaker than expected,’ the minutes expectations. Back in March it pushed Watchdog finds no proof junk read, adding that there was ‘somewhat back the guidance for a hike to not boost as supermarkets less confidence' in hitting the growth before 2020. Even that looks ambitious target. Meanwhile some policymakers and we should prepare for further easing food ads being targeted at kids drop forecourt prices thought that inflation was in the form of QE or an interest rate cut ‘uncomfortably low’. before this date is reached. The ECB may Indeed, inflation is still very tame. Core therefore take the current 2020 hike JAMES WARRINGTON children in order to identify AUGUST GRAHAM CPI, which strips out volatile elements forward guidance off the table campaigns that breach advertising like food and energy prices, slumped to altogether, and instead say it stands @j_a_warrington rules, which state junk food @AugustGraham 0.8% in May from 1.3% in April, also ready to lower rates. This would be the THE ADVERTISING watchdog has adverts must not be delivered to DRIVERS will get a boost at the pumps below the 0.9%-1% expected. Headline signal required that it’s thrown in the found no evidence of brands children under the age of 16. as Asda led a supermarket price slash CPI declined to 1.2% from 1.7% a month towel and is readying for a fresh easing targeting online junk food adverts The ASA found that, in general, yesterday. before and was below the 1.3% cycle and QE2. at children, but has pledged to stop brands were sticking to the rules. The supermarket cuts prices by 3p expected. Whilst we had expected a drop children from coming across ads But the sting identified some ads per litre for diesel, and 1p for petrol, due to seasonal factors, the deceleration for unhealthy food. on children’s Youtube channels at all its 322 petrol stations across the in price growth was more severe than The Advertising Standards promoting unhealthy food. UK. It brings the price to 128.7p for forecast. The ECB has undoubtedly taken Authority (ASA) today said it did The watchdog identified eight diesel and 126.7p for petrol. note. The absence of any sustained not identify “any clear evidence” of brands, including Asda, Lidl and Morrisons and Sainsbury’s followed uptick in inflation has persistently brands trying to deliver ads for Marks & Spencer, whose adverts for suit later in the day. dogged the central bank as it seeks to READ MORE ONLINE products high in fat, salt or sugar HFSS products broke the rules. However, falling oil prices warrant a achieve its target of 2% inflation. Sure (HFSS) on children’s websites and However, 26 of the 39 websites bigger decrease, said insurer RAC. structural factors probably matter just as Read more at: Youtube channels. clearly aimed at children did not “We view this round of cuts very much as cyclicals, but we are still in a cityam.com/talk/markets The ASA used avatars that serve a single ad for an HFSS much as a good start. We should re- world where the expectation is on the simulate the online profiles of product. ally see more in the next week or so.” CITYAM.COM THURSDAY 6 JUNE 2019 MARKETS 13

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888 HOLDINGS FTSE 100 ekes out 160 P Wall St climbs 150 150 140 5 Jun on jobs data gains on hopes US 130 ALL Street’s major indexes rose yesterday as investors 120 W bet on a Federal Reserve interest rate cut after weak private 31 May 3Jun 4 Jun 5 Jun sector jobs data and hopes grew that Fed will cut rates the United States and Mexico would It may be time to cash in on the success of online gambling firm 888 after it posted reach an agreement to avoid US tariffs six per cent like-for-like revenue growth in the first quarter. Peel Hunt analysts on Mexican goods. maintained its “buy” rating with a target price of 220p. They described 888 as the The gains extended the rally on “Baldrick” of online gambling as it can also be relied on to have a cunning plan. In Tuesday when Fed chairman Jerome HE MAIN index inched ager Neil Woodford suspended trad- particular they said the redesign of 888’s Orbit casino platform had really taken off. Powell indicated the central bank may higher yesterday as com- ing in one of his funds on Monday. have to react to the US trade wars, ments from the US central Following on from the suspension, DIXONS CARPHONE boosting rate cut hopes. Fed officials bank seen hinting at a rate Woodford said that orders to trade in also hinted a rate cut was possible. T 125 cut soothed investor nerves, his flagship fund placed after midday P The ADP National Employment while mid-cap sub-prime lender Provi- last Friday had been rejected, leaving Report yesterday further bolstered dent surged after rival NSF dropped its investors unsure of when they would 120 bets for a rate cut. Private employers hostile bid. get their money back. 118.55 hired at the slowest pace in more than The FTSE 100 rose 0.1 per cent, up 5 Jun nine years in May, weakness that for the third straight session, while FTSE 115 analysts blamed on the heightening the mid-cap FTSE 250 rose 0.3 per global trade tensions. 7,300 The Dow Jones Industrial Average cent. 110 Housebuilders, seen as particularly 7,350 7,220.22 rose 207.39 points, or 0.82 per cent, to vulnerable to any fallout from Brexit, 25,539.57, the S&P 500 gained 22.88 7,200 5 June gained after a business survey showed 31 May 3 Jun 4 Jun 5 Jun points, or 0.82 per cent, to 2,826.15 a modest expansion among services 7,150 and the Nasdaq Composite added firms in May. 7,100 Analysts signalled a strong performance in Dixon Carphone’s upcoming results. 48.36 points, or 0.64 per cent, to Money manager Hargreaves Lans- Barclays analysts maintained an “overweight” rating on the company with a target 7,575.48. down fell another 6.8 per cent, push- 7,050 price of 175p. They said the retailer was a work-in-progress and expected a resilient The energy sector slipped 1.1 per ing this week’s losses to over 11 per performance in electricals in the full year results. While they expect it to reach £300m cent, making it the only S&P sector in cent after well-known money man- 31 May 3 Jun 4 Jun 5 Jun pre-tax profit, analysts predicted contrasting performance among its divisions. the red, as crude prices fell sharply. CITY MOVES WHO’S SWITCHING JOBS

KANTAR across the fintech industry, including at NEX Group Africa Equity Capital Markets team at Jefferies chairman of Growthdeck’s new property team, the Kantar, the world’s leading (formerly ICAP) where, as head of marketing and brand International and will be working with Tom Jenkins, private equity investment firm. Xavier was co-founder marketing insights and strategy, she developed, launched and built the NEX Matt Singh and Paul Stevens in BGF’s Quoted team, and managing director at Capital & Regional, the consulting company, brand globally, and Thomson Reuters where she led specialising in funding options for AIM-listed London-listed Real Estate Investment Trust (REIT), for announced the appointment internal marketing for the flagship Eikon product. businesses. BGF’s Quoted team has invested almost over 30 years and helped drive growth in net assets of Nathalie Burdet as chief Nathalie holds a LLM in European and international £200m into more than 40 quoted companies since from £7m in 1986 to over £700m when he left in 2013. marketing officer (CMO). business law and a Postgraduate Diploma in inception. In addition to supporting businesses with At Capital & Regional, Xavier jointly led its initial float Nathalie is appointed from her Marketing from the Chartered Institute of Marketing in initial investments, such as Manchester's genedrive, and the creation of its US portfolio of industrial current position as global London. the team have also made follow on investments into properties, Centrepoint Properties, which was floated marketing leader of Kantar’s several current portfolio companies to support their as a REIT in 1993 in New York. Apart from his own Insights division. She BGF growth, including Accsys and Inspired Energy. direct commercial property investments he is working additionally joins the Kantar BGF, the UK and Ireland’s most active investor in at Property Partner, the UK’s leading crowdfunding Board. Nathalie replaces Mandy Pooler, who retires growing companies, has bolstered its Quoted team GROWTHDECK property investment platform, as the director of after serving as CMO since 2006. Prior to this Nathalie with the appointment of Simon Blackaby as an Joint founder and former managing director of Capital commercial property. He is also a partner at Ruffena held progressively senior marketing leadership roles investor. Simon joins from the Europe, Middle East and & Regional, Xavier Pullen, has been appointed as Capital.

To appear in CITYMOVES please email your career updates and pictures to [email protected] NEWS Boeing’s 777X faces engine snags as questions rise over delivery goal ERIC M JOHNSON service, industry sources said. “As we see it today, we still expect to Dubai’s Emirates has said it expects fly this year and enter into service in BOEING’s efforts to build the world’s to fly its first 777X in June 2020, a 2020,” Smith said. largest twin-engined jet, the 777X, date now widely seen in doubt. “But obviously, we’re staying very continue to be hampered by Boeing chief financial officer Greg close to that and we'll keep you challenges with General Electric’s Smith told a conference that 2020 updated if that changes. But that's new GE9X turbine engine, a top entry into service was “still the still the current assumption.” Boeing executive said yesterday. current assumption”, echoing The market for widebody jets has Boeing is facing testing glitches on comments from chief executive been fragile due to oversupply and the GE9X after assembly delays on the Dennis Muilenburg last week. fears over the economy and trade engine and the plane’s carbon- “(The) long pole in the tent right disputes. composite wings. now is the GE engine,” Smith said. Reuters reported in March that a These issues, coupled with the crisis “There’s some challenges they are major potential deal for more than over its 737 Max in the wake of deadly working through there on testing. So 100 Boeing jetliners of various types crashes, leaves the world’s largest we are having to do some re-testing, with China was in doubt in the wake planemaker less leeway to deliver on and they’re working their way of the trade dispute and the Max its official 2020 target for entry into through that.” plane crisis. Reuters Boeing’s 777X, the world’s largest twin-engined jet, is facing engine issues 14 MARKETS THURSDAY 6 JUNE 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1304 0.0021 €/$ 1.1223 0.0030 7220.22 19072.17 3952.92 25539.57 7575.48 2826.15 /$ 1.2681 0.0017 €/£ 0.8843 0.0018 5.93 64.01 4.79 207.39 48.36 22.88 /¥ 137.52 0.1874 €/¥ 121.69 0.0041

                                International Con . . . . .468.7 5.7 726.6 449.1 GILTS Kier Group ...... 153.8 -7.5 1062.3 152.4 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6329.0 10.0 7155.0 5593.0 Euromoney Institu . . .1300.0 0.0 1450.0 1132.0 British Land Comp . . . .535.2 8.2 692.0 523.0 Gocompare.com Gro . . .85.2 0.8 139.0 64.6 Merlin Entertainm . . . .368.8 -1.2 410.5 307.1 Marshalls ...... 644.5 7.0 669.0 399.8 Redrow ...... 559.0 3.0 674.6 460.8 Civitas Social Ho ...... 82.8 2.1 114.0 79.7 Millennium & Copt . . . .498.0 2.0 553.0 436.0 Tsy 3.750 19 ...... 100.78 -0.01 104.0 100.7 Polypipe Group ...... 434.6 1.2 439.6 307.8 3i Group ...... 1055.0 5.5 1088.5 756.2 Centrica ...... 94.5 0.4 163.7 92.6 Taylor Wimpey ...... 169.2 3.1 192.3 129.3 Haynes Publishing . . . .218.0 0.0 246.0 160.0 Derwent London . . . .3220.0 88.0 3328.0 2761.0 Tsy 2.000 20 ...... 101.52 -0.04 102.8 101.4 3i Infrastructure ...... 282.0 -1.5 289.0 221.0 National Grid ...... 800.7 17.7 889.2 748.7 Huntsworth ...... 98.0 -1.4 139.0 81.0 Mitchells & Butle ...... 280.5 -1.0 291.4 238.0 ELECTRICITY Great Portland Es . . . . .710.0 10.2 773.6 652.3 . . . .392.8 2.2 433.2 361.4 Tsy 4.750 20 ...... 103.07 -0.03 107.3 103.1 AJ Bell ...... 418.0 4.0 477.0 220.0 Pennon Group ...... 733.2 6.8 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 777.8 7.8 859.0 605.8 Hammerson ...... 278.1 5.7 547.6 266.9 National Express . Tsy 3.750 20 ...... 103.88 -0.05 107.0 103.8 Contour Global ...... 197.4 3.2 250.0 150.1 Allied Minds ...... 77.8 2.8 115.0 37.3 ITE Group ...... 75.5 -0.1 90.0 56.3 Rank Group ...... 153.0 -4.0 194.0 135.0 Severn Trent ...... 1999.0 23.0 2091.0 1770.0 Bodycote ...... 778.0 -4.0 1055.0 676.0 Intu Properties ...... 88.8 0.0 204.8 87.5 Restaurant Group . . . . .128.6 0.9 227.3 111.9 Tsy 2.500 20 ...... 356.26 -0.03 361.8 356.0 Drax Group ...... 291.8 -2.2 427.2 290.4 Amigo Holdings ...... 270.5 -5.5 310.0 154.5 United Utilities ...... 807.2 20.0 873.6 682.4 ITV ...... 107.6 -0.3 180.4 105.2 5.8 12.8 965.1 791.8 Hill & Smith Hold . . . .1208.0 -2.0 1523.0 902.5 Land Securities G . . . . .84 Stagecoach Group . . . . .127.7 4.2 177.0 115.5 Tsy 8.000 21 ...... 114.90 -0.07 121.7 114.5 SSE ...... 1096.5 8.5 1400.0 1008.0 Arrow Global Grou . . . .207.0 2.2 288.5 167.2 IMI ...... 940.6 9.4 1242.0 870.0 Moneysupermarket. . . .374.3 3.3 380.7 264.0 LondonMetric Prop . . .208.6 2.8 209.2 172.7 Tsy 4.000 22 ...... 109.49 -0.11 111.9 109.0 ASA International . . . . .350.0 -20.0 510.0 336.0 GENERAL INDUSTRIALS Pearson ...... 776.2 7.0 1027.5 764.0 TUI AG Reg Shs (D . . . . .716.4 -6.2 1764.5 698.0 Melrose Industrie . . . . .168.9 0.7 240.5 146.3 Primary Health Pr . . . . .137.4 1.2 137.5 106.4 Wetherspoon (J.D. . . . .1357.0 12.0 1375.0 1066.0 Tsy 0.500 22 ...... 99.86 -0.12 99.9 97.7 ELECTRONIC & ELECTRICAL EQ. Ashmore Group ...... 480.0 -2.8 488.0 337.0 RPC Group ...... 789.6 -1.0 834.8 632.2 Reach ...... 77.1 1.1 83.2 54.6 RHI Magnesita N.V . . .4702.0 -18.0 5085.0 3318.0 SEGRO ...... 702.8 9.8 719.0 585.2 Whitbread ...... 4707.0 12.0 5114.0 3883.0 Tsy 1.875 22 ...... 117.29 -0.11 118.8 115.5 Halma ...... 1850.0 17.5 1856.0 1237.0 Brewin Dolphin Ho . . . .307.4 1.4 376.6 295.4 Smith (DS) ...... 326.1 4.5 538.9 292.2 Rotork ...... 295.9 0.1 361.4 235.7 Relx plc ...... 1845.5 26.0 1853.0 1491.5 Shaftesbury ...... 831.0 5.0 968.0 817.0 Tsy 2.250 23 ...... 106.97 -0.16 107.0 104.7 Morgan Advanced M . .254.6 0.6 363.0 237.0 Charter Court Fin . . . . .330.0 0.0 375.0 228.8 Smiths Group ...... 1468.0 3.0 1801.0 1279.5 Rightmove ...... 564.4 -0.9 583.8 420.9 Tritax Big Box Re ...... 149.4 1.3 155.7 129.0 William Hill ...... 139.9 3.0 323.5 132.3 Spirax-Sarco Engi . . . .8535.0 60.0 8870.0 5900.0 Wizz Air Holdings . . . .3507.0 0.0 3797.0 2329.0 Tsy 2.500 24 ...... 368.94 -0.10 369.5 358.7 Renishaw ...... 3934.0 18.0 5685.0 3670.0 City of London In . . . . .408.5 -1.5 433.0 360.0 Smurfit Kappa Gro . . .2209.0 0.0 3292.0 1934.0 Weir Group ...... 1471.5 -10.5 2212.0 1240.0 STV Group ...... 354.5 -0.5 458.0 318.0 Unite Group ...... 949.0 16.5 973.5 797.5 Tsy 0.125 24 ...... 114.39 -0.16 114.5 110.9 Spectris ...... 2566.0 3.0 2908.0 1966.5 CMC Markets ...... 89.4 0.9 206.0 77.4 Vesuvius ...... 503.5 -3.0 662.0 473.2 Tarsus Group ...... 433.0 0.0 433.0 243.0 Workspace Group . . . .886.0 -17.5 1165.0 789.5 AIM 50 INDUSTRIAL METALS & MINING Tsy 5.000 25 ...... 124.56 -0.21 125.5 122.1 Coats Group ...... 77.8 0.4 91.3 69.8 WPP ...... 967.0 -2.6 1301.0 800.4 SOFTWARE & COMPUTER SERV. Tsy 4.250 27 ...... 128.77 -0.28 128.9 122.6 EQUITY INVESTMENT INSTRUM. Georgia Capital ...... 970.0 0.0 1260.0 941.0 GENERAL RETAILERS Abcam ...... 1463.0 21.0 1539.0 1017.0 Evraz ...... 611.4 4.2 669.0 442.1 MINING Advanced Medical . . . .339.5 1.5 370.0 260.0 Tsy 1.250 27 ...... 136.39 -0.24 136.6 128.4 Aberforth Smaller . . . .1256.0 16.0 1442.0 1120.0 Hargreaves Lansdo . . .1981.5-144.5 2433.0 1633.0 Auto Trader Group . . . .587.4 8.2 599.4 353.6 Ferrexpo ...... 238.7 -0.2 301.3 143.5 Avast ...... 312.2 0.0 319.4 208.2 Tsy 6.000 28 ...... 147.13 -0.29 147.2 140.5 IG Group Holdings . . . . .557.0 10.2 954.5 474.8 B&M European Valu . . .351.0 0.1 426.3 278.6 Acacia Mining ...... 167.0 4.7 256.6 96.1 Alliance Pharma ...... 78.4 0.6 102.0 60.0 Alliance Trust ...... 762.0 6.0 789.0 672.0 INDUSTRIAL TRANSPORTATION Aveva Group ...... 3794.0 180.0 3816.0 2284.0 .3360.0 54.0 6834.0 2128.0 Tsy 0.125 29 ...... 128.61 -0.26 128.9 118.8 Apax Global Alpha . . . .146.0 -0.5 153.0 127.0 IntegraFin Holdin . . . . .380.6 -4.1 406.1 269.0 Card Factory ...... 193.7 0.7 212.4 162.6 Anglo American . . . . .1919.8 -15.6 2226.0 1464.6 Computacenter ...... 1262.0 10.0 1620.0 952.0 ASOS ...... Tsy 4.750 30 ...... 141.15 -0.36 141.3 132.1 Intermediate Capi . . . .1339.0 26.0 1347.0 899.0 Antofagasta ...... 798.0 -6.6 1149.0 727.2 din . . .958.0 -9.0 1128.0 734.0 Blue Prism Group . . . .1755.0 10.0 2575.0 1040.0 AVI Global Trust ...... 738.0 -3.0 767.0 660.0 Dixons Carphone ...... 118.6 1.5 200.1 113.9 BBA Aviation ...... 262.6 0.0 350.0 207.0 FDM Group (Hol Camellia ...... 10450.0-100.0 12425.0 9100.0 Tsy 4.125 30 ...... 382.45 -0.27 383.2 355.2 .769.0 7.0 869.0 663.0 International Per ...... 159.0 0.2 248.8 157.6 Dunelm Group ...... 911.5 5.5 917.5 482.8 BHP Group ...... 1794.4 -6.2 1944.2 1490.6 Baillie Gifford J ...... Clarkson ...... 2450.0 25.0 2900.0 1878.0 Funding Circle Ho . . . . .250.0 0.0 440.0 221.5 CareTech Holding . . . . .370.0 0.0 406.0 325.0 Tsy 4.250 32 ...... 138.41 -0.41 138.8 128.5 Bankers Inv Trust . . . . .893.0 1.0 914.0 766.0 Investec ...... 467.8 -1.8 573.6 423.4 Inchcape ...... 604.0 4.5 799.0 486.6 Centamin (DI) ...... 98.3 0.7 136.2 79.8 1905.4 46.6 2491.6 1427.2 Fisher (James) & . . . .2000.0 -10.0 2260.0 1600.0 Micro Focus Inter . . . . . Central Asia Meta . . . . .221.5 1.5 294.0 203.0 Tsy 1.250 32 ...... 157.34 -0.41 158.0 144.1 BBGI SICAV S.A. ( ...... 154.5 1.0 168.0 133.0 IP Group ...... 78.1 -4.9 142.8 77.7 JD Sports Fashion . . . . .627.2 2.4 637.4 318.5 Royal Mail ...... 208.0 9.3 512.4 194.5 Fresnillo ...... 789.6 4.8 1315.5 724.8 Playtech ...... 405.5 5.5 811.8 361.8 Tsy 0.125 36 ...... 149.31 -0.59 149.8 133.4 John Laing Group . . . . .372.8 -4.2 402.0 264.2 ...... 594.4 -9.2 883.4 533.8 Glencore ...... 259.5 -2.3 400.4 254.7 Sage Group ...... 757.0 23.8 772.0 525.6 Clinigen Group ...... 1023.0 -19.0 1069.0 721.0 BlackRock Smaller . . .1444.0 12.0 1600.0 1160.0 Just Eat . . Stobart Group Ltd . . . . .102.2 -1.2 266.5 102.0 CVS Group ...... 628.5 4.5 1163.0 395.0 Tsy 4.250 36 ...... 144.98 -0.52 145.1 133.1 BMO Global Smalle . . .1318.0 -2.0 1495.0 1220.0 JTC ...... 390.0 6.5 440.0 287.0 Kingfisher ...... 218.1 -0.8 318.1 205.4 Hochschild Mining . . . .165.0 0.9 219.9 149.1 Softcat ...... 924.5 3.5 967.0 565.0 Tsy 4.750 38 ...... 158.76 -0.60 159.4 144.9 Caledonia Investm . . .2950.0 10.0 3060.0 2650.0 Jupiter Fund Mana . . . .375.6 0.6 472.4 287.6 Kaz Minerals ...... 513.4 0.4 1076.0 436.7 Dart Group ...... 899.5 7.5 1017.0 740.0 Tsy 0.625 40 ...... 170.72 -0.69 172.7 152.8 Liontrust Asset M . . . . .680.0 6.0 710.0 532.0 Polymetal Interna . . . .867.0 3.6 894.0 597.2 SUPPORT SERVICES Diversified Gas & ...... 115.0 -9.0 134.0 94.0 City of London In ...... 411.0 1.0 439.0 376.0 Draper Esprit ...... 467.5 -2.5 645.0 458.0 Tsy 4.500 42 ...... 161.63 -0.71 161.9 145.9 Edinburgh Inv Tru . . . .592.0 -1.0 712.0 588.0 LMS Capital ...... 51.3 0.5 53.5 44.0 Rio Tinto ...... 4521.0 -85.0 4776.0 3486.0 Sophos Group ...... 400.0 4.0 639.0 298.2 Tsy 3.500 45 ...... 143.62 -0.77 144.3 128.0 London Finance & . . . . .39.5 0.0 45.5 39.5 Eland Oil & Gas ...... 125.8 -2.4 137.5 97.0 F&C Investment Tr . . . .685.0 -1.0 741.0 616.0 MOBILE TELECOMS Aggreko ...... 784.0 4.2 882.0 641.8 IS Group ...... 1170.0 0.0 1206.0 860.0 Tsy 4.250 46 ...... 163.07 -0.79 163.3 145.7 Fidelity China Sp . . . . .206.0 -1.5 268.0 182.4 London Stock Exch . . .5334.0 34.0 5362.0 3867.0 Ashtead Group ...... 1907.5 10.5 2438.0 1586.5 EM Tsy 4.025 49 ...... 169.34 -0.86 169.6 150.0 Man Group ...... 145.1 -2.9 190.5 126.8 MAIN CHANGES UK 350 Inmarsat ...... 542.6 -2.0 632.2 362.8 Fevertree Drinks . . . . .2642.0 57.0 3956.0 2131.0 Fidelity European . . . . .238.5 0.0 240.5 202.0 BCA Marketplace ...... 184.2 2.8 242.0 178.5 First Derivatives . . . . .3300.0 -10.0 4680.0 2050.0 Tsy 0.500 50 ...... 201.49 -1.10 207.7 173.7 . . . . .254.5 -0.5 280.0 220.0 OneSavings Bank . . . . .401.0 -2.0 449.6 330.0 Vodafone Group ...... 133.1 -0.6 196.6 123.3 51.0 2059.0 Fidelity Special . Bunzl ...... 2157.0 29.0 25 Frontier Developm . . .1070.0 -6.0 1825.0 740.0 Tsy 0.250 52 ...... 198.06 -1.20 204.9 168.8 Finsbury Growth & . . . .882.0 0.0 899.0 740.0 Paragon Banking G . . .433.0 2.4 524.0 379.2      OIL & GAS PRODUCERS Capita ...... 107.8 -1.0 169.1 102.3 Plus500 Ltd (DI) ...... 627.8 3.0 2040.0 495.0  Gamma Communicati .1105.0 0.0 1195.0 688.0 GCP Infrastructur ...... 128.4 -1.0 130.8 119.0 DCC ...... 6800.0 134.0 7390.0 5555.0 GB Group ...... 585.0 -19.0 632.0 410.5 AEROSPACE & DEFENCE Genesis Emerging . . . .718.0 -1.0 739.0 615.0 Provident Financi ...... 517.8 71.8 692.6 446.0 Provident Financia ...... 517.8 16.1 Entertainment One ...... 350.0 -16.7 BP ...... 537.6 -7.0 598.3 485.9 Diploma ...... 1509.0 38.0 1634.0 1150.0 Quilter ...... 137.1 1.6 156.6 110.6 Aston Martin Lagon ...... 1017.0 5.4 Woodford Patient C ...... 66.1 -6.9 Cairn Energy ...... 151.4 -1.3 258.8 140.0 Gooch & Housego . . . .954.0 -96.0 1880.0 954.0 BAE Systems ...... 465.0 -2.0 676.4 443.9 Greencoat UK Wind . . . .136.2 1.2 143.2 121.4 Electrocomponents . . .606.0 0.8 761.6 480.0 HarbourVest Globa . . .1578.0 2.0 1628.0 1234.0 Rathbone Brothers . .2090.0 -20.0 2652.0 2065.0 888 Holdings ...... 150.0 5.3 Hargreaves Lansdow ...... 1981.5 -6.8 Energean Oil & Ga . . . . .811.0 5.0 846.0 493.5 Equiniti Group ...... 218.4 -0.6 266.0 186.2 Hurricane Energy ...... 56.2 -2.9 64.7 39.0 Cobham ...... 101.9 0.9 131.7 96.8 475.0 308.0 Herald Investment . . .1326.0 6.0 1370.0 1055.0 Real Estate Credi ...... 171.0 0.0 175.5 163.0 Premier Oil ...... 73.4 -4.5 143.6 55.6 07.0 325.4 Iomart Group ...... 346.5 -3.5 Meggitt ...... 502.8 3.5 572.0 458.0 Go-Ahead Group ...... 1883.0 5.3 IP Group ...... 78.1 -5.9 Essentra ...... 399.4 0.0 5 IQE ...... 74.3 0.0 116.4 56.3 5.0 Record ...... 29.0 0.0 47.0 27.3 Royal Dutch Shell . . . .2460.5 1.5 2694.5 2213.0 Experian ...... 2384.0 9.0 2406.0 1728.5 QinetiQ Group ...... 285.8 -1.0 312.4 256.6 HGCapital Trust ...... 216.9 1.9 219.0 17 Aveva Group ...... 3794.0 5.0 Premier Oil ...... 73.4 -5.8 James Halstead ...... 532.0 10.0 532.0 367.0 HICL Infrastructu ...... 158.2 -5.0 170.1 140.0 River and Mercant . . . .252.0 -1.5 330.0 212.0 NewRiver REIT ...... 204.5 4.9 Bakkavor Group ...... 123.4 -5.1 Royal Dutch Shell . . . .2481.5 2.5 2780.5 2227.0 Ferguson ...... 5220.0 54.0 6556.0 4749.0 Rolls-Royce Holdi . . . . .883.0 4.0 1094.0 759.2 S&U ...... 2350.0 30.0 2695.0 1767.5 Tullow Oil ...... 199.2 -5.4 266.3 165.2 G4S ...... 208.6 1.3 282.0 175.9 Johnson Service G . . . . .155.4 -1.0 160.4 113.6 Senior ...... 229.4 1.4 334.4 185.4 International Pub . . . . .148.4 -2.4 163.4 141.4 Royal Mail ...... 208.0 4.7 Kier Group ...... 153.8 -4.7 JPMorgan American . . .439.0 -1.0 472.0 386.5 Sanne Group ...... 695.0 0.0 724.0 450.0 Grafton Group Uni . . . .870.5 0.0 937.0 630.0 Keywords Studios . . . .1590.0 -2.0 2065.0 900.0 Ultra Electronics . . . . .1586.0 32.0 1743.0 1232.0 OIL EQUIPMENT & SERVICES Learning Technolo . . . . .85.2 3.2 166.5 62.2 JPMorgan Emerging . .930.0 -11.0 972.0 759.0 Schroders ...... 2901.0 -32.0 3297.0 2334.0 Metro Bank ...... 694.0 4.4 NMC Health ...... 2260.0 -4.6 Hays ...... 150.4 2.2 212.0 135.7 BANKS JPMorgan Indian I . . . .769.0 0.0 778.0 566.0 Standard Life Abe . . . . .273.5 -1.5 416.0 224.9 Stagecoach Group ...... 127.7 3.4 Saga ...... 42.5 -4.3 Hunting ...... 508.5 -12.0 849.0 453.6 Homeserve ...... 1222.0 24.0 1229.0 849.0 M&C Saatchi ...... 349.0 -12.0 394.0 270.0 TP ICAP ...... 273.4 -0.1 431.9 259.7 Sage Group ...... 757.0 3.3 HICL Infrastructur ...... 158.2 -3.1 Petrofac Ltd...... 411.9 -7.1 663.4 381.5 M. P. Evans Group . . . . .666.0 0.0 800.0 637.0 Bank of Georgia G . . . .1615.0 -15.0 2064.5 1310.0 JPMorgan Japanese . . .424.5 0.0 472.0 367.0 Howden Joinery Gr . . .509.8 2.4 539.0 416.4 Majestic Wine ...... 280.0 13.0 485.0 219.0 Jupiter European . . . . .823.0 -1.0 895.0 666.0 VPC Specialty Len ...... 68.7 -1.3 84.4 68.0 Wood Group (John) . . .401.0 -12.3 796.4 389.9 Intertek Group ...... 5382.0 100.0 6014.0 4387.0 Barclays ...... 152.5 -1.6 201.3 146.1 Walker Crips Grou . . . . .25.0 0.0 39.0 24.0 Midwich Group ...... 595.0 -11.0 685.0 491.5 Law Debenture Cor . . .588.0 -8.0 636.0 534.0         PERSONAL GOODS Pagegroup ...... 511.0 0.0 623.5 432.2 Close Brothers Gr . . . .1403.0 -8.0 1660.0 1374.0 .0 -1.1 226.0 168.0 XPS Pensions Grou . . . .150.0 -4.0 192.0 132.0 Rentokil Initial ...... 375.1 4.8 391.1 284.8 Mortgage Advice B . . . .585.0 0.0 720.0 490.0 CYBG ...... 181.5 -0.6 364.2 173.9 Mercantile Invest . . . . .204 Burberry Group ...... 1745.5 13.5 2325.0 1623.5 Walters ...... 660.0 4.0 475.0 814.0 Next Fifteen Comm . . .570.0 -16.0 600.0 455.0 HSBC Holdings ...... 646.3 -1.4 734.6 600.8 Monks Inv Trust ...... 862.0 1.0 891.0 710.0 FIXED LINE TELECOMS Marks & Spencer G . . . .230.4 0.5 300.8 221.1 NON LIFE INSURANCE Robert Nichols ...... 1750.0 -5.0 1840.0 1240.0 Murray Internatio . . . .1134.0 -6.0 1208.0 1056.0 Next ...... 5838.0 110.0 6202.0 3991.0 PZ Cussons ...... 204.5 3.5 244.0 178.6 Serco Group ...... 129.5 -0.4 136.5 84.1 Lloyds Banking Gr ...... 57.8 -0.1 66.6 50.0 BT Group ...... 201.6 -0.1 264.7 193.8 Numis Corporation . . . .265.5 2.5 438.5 221.5 Metro Bank ...... 694.0 29.0 3422.0 475.0 NB Global Floatin ...... 89.5 -0.7 94.5 87.6 Pets at Home Grou . . . .185.0 -0.7 187.3 110.0 Admiral Group ...... 2087.0 12.0 2281.0 1870.0 PHARMACEUTICALS & BIOTECH SIG ...... 132.9 3.7 153.0 102.2 . . . .114.0 -1.5 124.5 107.5 TalkTalk Telecom ...... 114.7 -0.3 137.0 96.6 Polar Capital Hol ...... 558.0 -18.0 732.0 448.0 Royal Bank of Sco . . . . .214.4 -4.0 270.6 203.0 NextEnergy Solar . Saga ...... 42.5 -1.9 138.7 41.2 Beazley ...... 561.0 1.5 599.0 492.6 Travis Perkins ...... 1279.0 17.0 1475.5 970.0 Purplebricks Grou . . . . .109.4 4.0 366.8 90.0 Pantheon Internat . . .2215.0 0.0 2225.0 1955.0 Telecom Plus ...... 1512.0 16.0 1524.0 1010.0 Sports Direct Int ...... 293.8 -0.8 436.1 233.2 Direct Line Insur ...... 322.2 1.1 366.5 304.9 AstraZeneca ...... 5959.0 -28.0 6525.0 5182.0 Spirent Communica . . .153.6 0.6 166.2 112.8 Standard Chartere . . . .685.4 2.6 746.6 519.8 BTG ...... 834.5 -0.5 853.0 475.0 Redde ...... 102.0 -1.0 196.0 90.0 Perpetual Income . . . .318.0 1.0 367.0 301.5 Ted Baker ...... 1337.0 -13.0 2476.0 1315.0 Hastings Group Ho . . . .180.8 0.9 274.2 174.0 TOBACCO TBC Bank Group . . . . .1560.0 0.0 1774.0 1290.0 Pershing Square H . . .1288.0 -12.0 1398.0 990.0 FOOD & DRUG RETAILERS Dechra Pharmaceut . .2750.0 78.0 3168.0 2014.0 Renew Holdings ...... 424.0 0.5 436.5 333.0 Vivo Energy ...... 131.0 -1.2 167.0 96.0 Hiscox Limited (D . . . .1664.0 24.0 1711.0 1418.0 RWS Holdings ...... 626.0 8.0 632.0 365.0 BEVERAGES Personal Assets T . . .41250.0 50.0 41300.038900.0 Greggs ...... 2204.0 44.0 2236.0 942.0 WH Smith ...... 2000.0 15.0 2186.0 1697.0 Lancashire Holdin . . . .706.0 6.0 712.5 530.0 Genus ...... 2676.0 36.0 2992.0 2098.0 British American . . . .2828.5 -9.5 4222.5 2375.0 Morrison (Wm) Sup . . .196.0 -1.1 269.4 192.2 GlaxoSmithKline . . . . .1527.6 -2.8 1621.6 1418.0 Scapa Group ...... 166.0 1.4 473.4 157.0 Barr (A.G.) ...... 948.0 15.0 957.0 665.0 Polar Capital Tec . . . . .1276.0 2.0 1386.0 1066.0 RSA Insurance Gro . . . . .561.4 2.4 681.8 496.6 Imperial Brands ...... 1961.0 23.0 2987.5 1871.0 Secure Income Rei . . . .405.0 0.0 414.0 371.0 RIT Capital Partn . . . .2020.0 0.0 2130.0 1892.0 Ocado Group ...... 1139.5 27.0 1435.0 749.8 HEALTH CARE EQUIPMETN & S. Sabre Insurance G . . . . .255.5 -2.5 294.0 241.0 Hikma Pharmaceuti . .1598.0 -12.5 2025.0 1376.0 Britvic ...... 917.5 16.0 956.0 745.0 Sainsbury (J) ...... 202.2 -0.3 341.5 195.1 Indivior ...... 46.1 1.4 496.2 30.1 TRAVEL & LEISURE Serica Energy ...... 120.0 -1.8 142.0 57.4 Coca-Cola HBC AG . . .2899.0 58.0 2912.0 2244.0 Riverstone Energy . . . .850.0 0.0 1296.0 839.9 Assura ...... 63.8 0.0 64.5 52.4 Smart Metering Sy . . . .510.5 -2.0 803.0 480.0 SSP Group ...... 667.0 -3.0 744.4 615.1 LIFE INSURANCE 888 Holdings ...... 150.0 7.5 300.2 129.3 Diageo ...... 3336.0 38.0 3362.0 2523.5 Schroder Asia Pac . . . .430.0 0.5 481.0 379.0 Convatec Group ...... 140.1 0.6 239.0 118.6 REAL ESTATE INVEST. & SERV. Staffline Group ...... 245.0 -19.0 1340.0 245.0 ttish Inv Trus ...... 791.0 1.0 902.0 748.0 Tesco ...... 227.9 -0.9 266.2 189.6 Carnival ...... 3876.0 -8.0 5000.0 3659.0 Sco Mediclinic Intern ...... 314.2 2.3 589.0 301.3 Aviva ...... 410.6 -7.2 517.0 364.6 Telford Homes ...... 298.0 3.0 465.0 267.0 CHEMICALS Scottish Mortgage . . . .502.5 1.0 568.3 441.4 UDG Healthcare Pu . . . .722.0 7.0 900.0 551.0 NMC Health ...... 2260.0 -110.0 4120.0 2192.0 Just Group ...... 49.0 0.9 143.9 46.4 BMO Commercial Pr . . .120.0 1.0 155.0 117.0 Cineworld Group ...... 291.0 4.0 323.6 245.0 ic . . . .112.0 -0.4 114.2 106.0 Capital & Countie . . . . .216.9 -0.7 303.2 213.1 Thorpe (F.W.) ...... 317.0 5.0 340.0 248.0 Croda Internation . . . .5085.0 45.0 5447.7 4576.0 Sequoia Econom Smith & Nephew . . . . .1672.0 21.5 1680.0 1258.0 Legal & General G . . . . .260.4 -1.0 291.2 223.7 Compass Group ...... 1794.5 9.5 1825.0 1483.0 Watkin Jones ...... 208.0 5.5 232.5 192.2 Smithson Investme . . .1170.0 2.0 1222.0 1000.2 FOOD PRODUCERS CLS Holdings ...... 224.5 6.0 255.0 195.4 1 3.6 386.9 224.4 Elementis ...... 139.4 -1.1 276.9 138.6 Phoenix Group Hol . . . .686.5 10.2 724.8 544.0 Domino's Pizza Gr . . . . .237. Young & Co's Brew . . .1792.5 27.5 1885.0 1322.5 Syncona Limited N . . . .233.0 -5.0 302.5 223.0 Associated Britis . . . . .2575.0 64.0 2836.0 2041.0 HHOLD GDS & HOME CONSTR. Prudential ...... 1607.5 6.5 1866.5 1340.0 Daejan Holdings . . . .5600.0 -30.0 6400.0 5500.0 easyJet ...... 903.6 18.6 1796.0 854.8 Johnson Matthey . . . . .3135.0 -61.0 3823.0 2620.0 Bakkavor Group ...... 123.4 -6.6 206.0 113.0 Grainger ...... 253.0 1.2 291.0 205.8 8.2 -3.4 224.8 143.0 Young & Co's Brew . . .1095.0 5.0 1325.0 1030.0 Sirius Minerals ...... 15.5 -0.1 38.5 15.0 Temple Bar Inv Tr . . . .1240.0 -2.0 1366.0 1116.0 Barratt Developme . . .565.8 11.8 625.8 434.0 St James's Place . . . . .1042.0 6.5 1240.5 914.0 EI Group ...... 20 CONSTRUCTION & MATERIALS .0 Cranswick ...... 2650.0 -14.0 3460.0 2472.0 NewRiver REIT ...... 204.5 9.5 294.0 194.3 FirstGroup ...... 108.8 -1.0 116.6 79.3 Synthomer ...... 365.0 0.0 575.5 347.4 Templeton Emergin . . .751.0 -2.0 792.0 649 Bellway ...... 2814.0 39.0 3409.0 2419.0 Greencore Group . . . . .209.7 1.6 230.0 162.9 MEDIA Safestore Holding . . . .628.5 -0.5 658.5 499.4 4.0 8890.0 5525.0 Victrex plc ...... 2046.0 -6.0 3408.0 1950.0 The Renewables In . . . .125.2 0.4 126.8 106.9 Berkeley Group Ho . . .3589.0 67.0 4321.0 3226.0 Flutter Entertain . . . . .5802.0 5 TR Property Inv T ...... 411.5 0.0 433.5 353.5 Hilton Food Group . . . .974.0 -22.0 1088.0 884.0 Bovis Homes Group . .1000.0 10.0 1275.5 828.0 4Imprint Group ...... 2610.0 10.0 2700.0 1715.0 Savills ...... 869.0 7.0 965.5 678.5 Go-Ahead Group . . . . .1883.0 94.0 2078.0 1388.0 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .440.5 1.5 472.0 390.0 Tate & Lyle ...... 727.8 7.8 800.4 622.6 Countryside Prope . . . .301.6 4.6 374.4 270.0 Ascential ...... 360.4 -5.6 465.0 337.2 St. Modwen Proper . . .425.0 3.0 441.5 365.0 Greene King ...... 646.0 4.6 704.4 472.8 Unilever ...... 4858.0 43.5 4887.0 3931.0 UK Commercial Pro . . . .90.5 0.2 92.7 81.0 Balfour Beatty ...... 239.6 0.6 311.1 223.4 VinaCapital Vietn . . . . .343.0 -2.0 350.0 306.0 Crest Nicholson H . . . . .368.0 3.4 446.2 296.4 Bloomsbury Publis . . . .231.0 2.0 254.0 190.5 GVC Holdings ...... 625.0 15.0 1170.0 507.5 Witan Inv Trust ...... 206.0 -1.0 227.6 189.6 . . . .5019.0 34.0 5159.0 3958.4      CRH ...... 2535.0 -9.0 2857.0 1971.5 FORESTRY & PAPER McCarthy & Stone . . . . .132.6 1.9 142.4 97.5 Centaur Media ...... 49.0 -6.8 56.5 34.7 REAL ESTATE INVEST. TRUSTS InterContinental . Woodford Patient . . . . .66.1 -4.9 91.0 64.9 Persimmon ...... 2022.0 16.0 2880.0 1859.5 Entertainment One . . .350.0 -70.0 483.4 323.8  Galliford Try ...... 646.5 19.0 1104.0 512.0 Mondi ...... 1670.0 3.5 2236.0 1584.0 Big Yellow Group . . . .1020.0 12.0 1062.0 852.5 Ibstock ...... 237.4 1.0 300.0 193.1 Worldwide Healthc . .2590.0 -10.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 74.35 0.05 91.14 56.32 3M...... 163.85 -0.44 219.75 159.32 ADIDAS N...... 257.15 -1.35 265.00 178.30 ABBOTT LABORATOR...... 78.69 1.23 80.74 60.32 AIR LIQUIDE...... 114.20 -0.10 119.10 101.85 ADOBE...... 272.86 4.15 291.71 204.95 AIRBUS BR...... 118.70 0.22 124.00 77.50 ALPHAB NON VTG-C...... 1042.22 -10.83 1289.27 970.11 ALLIANZ...... 202.25 -0.25 216.20 170.38 ALPHABET-A ...... 1044.64 -9.85 1296.98 977.66 AMADEUS IT GRP BR-A ...... 68.58 0.58 82.20 58.06 AMAZON.COM ...... 1738.50 8.94 2050.50 1307.00 ASML HLDG...... 169.04 0.52 189.50 130.12 AMERICAN EXPRESS...... 118.12 1.27 120.88 89.05 AXA...... 22.20 -0.09 23.90 18.40 APPLE...... 182.54 2.90 233.47 142.00 BANCO SANTANDER...... 4.01 -0.03 4.86 3.80 AT&T ...... 31.68 0.20 34.53 26.80 BASF N...... 61.16 -0.36 88.89 57.26 BANK OF AMERICA...... 27.91 -0.01 31.91 22.66 BERKSHIRE HATH RG-B...... 203.30 1.71 224.07 184.75 BAYER N...... 54.11 -0.53 101.50 52.00 BOEING CO ...... 348.75 4.13 446.01 292.47 BBVA...... 4.98 -0.03 6.44 4.48 CATERPILLAR ...... 123.12 1.04 159.37 112.06 BMW ...... 63.17 -0.35 87.72 61.31 CHEVRON...... 117.65 0.35 128.55 100.22 BNP PARIBAS BR-A...... 41.73 -0.27 56.94 38.14 CISCO SYSTEMS...... 54.75 1.52 57.53 40.25 CRH PLC...... 28.68 -0.10 34.87 26.53 CITIGROUP...... 65.78 -0.10 75.24 48.42 DAIMLER N...... 48.18 -0.36 63.53 44.54 COCA-COLA CO ...... 50.78 0.78 51.14 42.96 DANONE...... 71.70 -0.12 72.96 59.72 COMCAST-A...... 41.30 -0.10 43.96 30.96 DEUTSCHE POST N...... 27.11 0.06 33.36 23.43 DOW...... 50.34 0.41 0.00 0.00 DEUTSCHE TELEKOM N ...... 15.30 0.06 15.88 13.09 EXXON MOBIL...... 72.98 -0.61 87.36 64.65 ENEL N...... 5.73 0.02 5.82 4.22 FACEBOOK-A...... 168.17 0.67 218.62 123.02 ENGIE...... 12.95 0.29 14.28 11.31 GOLDMAN SACHS GR...... 188.44 -1.44 245.08 151.70 ENI N...... 13.87 -0.15 16.71 13.39 HOME DEPOT...... 196.69 1.44 215.43 158.09 ESSILORLUXOTT...... 105.90 2.35 129.55 95.50 HONEYWELL INTL...... 169.41 1.26 174.34 123.48 FRESENIUS...... 46.78 -0.09 71.10 38.50 IBM...... 131.49 -1.20 154.36 105.94 IBERDROLA...... 8.60 0.15 8.61 5.81 INTEL...... 44.55 -0.24 59.59 42.36 INDITEX ...... 24.89 0.06 30.30 21.85 JOHNSON & JOHNSO...... 134.38 0.65 148.99 120.11 ING GROUP ...... 9.89 -0.09 13.28 9.09 JPMORGAN CHASE ...... 110.13 0.39 119.24 91.11 INTESA SANPAOLO N...... 1.85 -0.02 2.66 1.80 MASTERCARD RG-A ...... 256.26 7.08 258.86 171.89 KERING ...... 471.40 2.95 539.80 351.70 MCDONALD'S...... 200.13 0.50 201.15 153.13 KON AH DEL BR...... 20.03 0.07 24.01 18.60 MEDTRONIC...... 96.55 2.14 100.15 81.66 L'OREAL...... 242.20 2.40 245.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 81.69 0.61 83.85 59.80 LINDE...... 170.10 2.90 0.00 0.00 MICROSOFT...... 125.83 2.67 131.37 93.96 NETFLIX...... 355.73 2.33 423.21 231.23 LVMH...... 349.50 7.40 355.05 242.30 Copper Cash Official...... 5796.00 9.00 Euro Base Rate ...... Gold...... 1324.25 7.15 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 NIKE -B-...... 82.72 1.10 90.00 66.53 MUENCHENER RUECKV N...... 217.80 0.30 224.00 175.00 Silver ...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 14.72 0.02 Aluminium Cash Official...... 1763.50 -12.50 ORACLE...... 52.10 0.08 55.53 42.40 NOKIA ...... 4.42 -0.04 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 1.91 0.00 Brent Crude...... 66.87 -2.58 Nickel Cash Official...... 12045.00 -250.00 PAYPAL HOLDINGS...... 110.77 2.04 114.66 74.66 ORANGE...... 13.90 0.09 15.25 13.15 Krugerrand...... 1314.20 -0.40 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.63 0.03 Aluminium Alloy Cash Official...... 1240.50 7.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor ...... -0.391 0.00 PEPSICO...... 131.39 2.32 131.61 99.82 ROY.PHILIPS...... 35.33 0.11 40.01 29.05 Palladium...... 1327.00 -9.00 LIBOR Euro - overnight...... -0.470 0.00 The vix index...... 16.09 -0.88 PEPSICO ...... 118.61 0.56 119.74 101.06 SAFRAN...... 120.75 0.40 130.00 97.08 Cocoa Futures...... 2359.00 8.00 Platinum...... 821.00 24.00 LIBOR Euro - 12 months...... -0.231 0.00 The baltic dry index...... 1122.00 19.00 PFIZER ...... 42.48 0.25 46.47 35.73 SANOFI...... 73.71 0.03 80.44 64.87 Coffee 'C' Futures...... 98.53 -7.12 Tin Cash Official...... 18950.00 275.00 LIBOR USD - overnight...... 2.360 0.00 Markit iBoxx EUR ...... 239.24 0.36 PROCTER&GAMBLE...... 106.73 2.05 108.68 73.60 Feed Wheat Futures ...... 152.00 -1.50 SAP I...... 112.40 1.14 117.02 84.02 Lead Cash Official ...... 1790.50 43.00 LIBOR USD - 12 months ...... 2.405 -0.01 Markit iBoxx GBP...... 342.12 1.31 TRAVELERS COS...... 149.85 2.30 149.86 111.08 SCHNEIDER EL ...... 72.30 0.24 78.66 57.54 Zinc Cash Official...... 2615.00 20.00 Soybeans Futures Continuation Contract...869.40 -12.20 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 252.29 -0.48 TWITTER...... 36.33 0.23 47.79 26.19 SIEMENS N...... 103.92 -0.38 121.40 90.90 UNITEDHEALTH GRO...... 242.77 2.01 287.94 208.07 SOCIETE GENERALE...... 22.42 -0.30 35.06 21.45 WORLD INDICES UTD TECHS...... 131.36 1.99 144.40 100.48 TELEFONICA ...... 7.39 0.08 8.06 6.59                 VERIZON COMM...... 57.03 0.81 61.58 47.13 TOTAL...... 46.88 -0.35 55.39 44.23 VISA RG-A ...... 165.39 3.06 165.77 121.60 UNILEVER CERT...... 53.91 0.34 54.90 45.12 FTSE 100...... 7220.22 5.93 0.08 S&P 500 ...... 2826.15 22.88 0.82 CAC 40 ...... 5292.00 23.74 0.45 Hang Seng...... 26895.44 133.92 0.50 WALGREENS BOOTS...... 50.80 -0.70 86.31 49.31 VINCI...... 89.32 0.08 90.48 69.98 FTSE 250...... 19072.17 64.01 0.34 Dow Jones I.A...... 25539.57 207.39 0.82 Swiss Market Index...... 9658.62 60.91 0.63 Shanghai Composite ...... 2861.42 -0.86 -0.03 WALMART...... 104.42 1.86 106.21 82.37 VIVENDI...... 24.52 0.27 26.69 20.40 FTSE All-Share ...... 3952.92 4.79 0.12 Nasdaq Composite ...... 7575.48 48.36 0.64 ISEQ Overall Index ...... 6179.93 22.42 0.36 STI Index...... 3139.54 18.47 0.59 WALT DISNEY...... 135.94 1.12 142.37 99.76 VOLKSWAGEN VZ I...... 143.16 -1.02 165.88 131.02 FTSE AIM All-Share...... 939.41 -2.52 -0.27 Xetra DAX...... 11980.81 9.64 0.08 FTSEurofirst 300 ...... 1471.36 4.03 0.27 ASX All Ordinaries...... 6443.60 26.90 0.42 WELLS FARGO...... 45.86 0.18 59.53 43.02 CITYAM.COM THURSDAY 6 JUNE 2019 FEATURE 15 OFFICE POLITICS Would you want to be trained by an AI?

robot is tricky – both technically and Artificial intelligence and chatbots could on a personal level. Coaching is not simply about imparting facts – some- soon be used to give coaching to humans thing a bot could easily do. Coaches are trained professionals who help people Y 2025, five billion people Anton uncover solutions for themselves – will be connected to each Riolo facilitating them into considering new other through four billion approaches and ways of thinking. smartphones and 50bn other AI SHRINK They give people the tools to develop devices. This will produce answers to problems, not necessarily Bnew data at unimaginable rates. Replika the answers straight away. Often, Add in exponential growth in artifi- Free they’re also part-psychologist – ad- cial intelligence (AI) – which is pre- dressing deep-seated emotional issues dicted to generate 1.7MB of data for We are social that stop workers from progressing, every person every second by this time creatures, and such as why they lack confidence or next year – and the possibilities for asking pre-screening questions to filter sometimes we can’t relate to certain people. what technology can do seem endless. out unsuitable candidates. AI will be a just need to pour In short, coaches don’t merely spit Already, online chat facilities offered key topic at the Chartered Institute of our heart out to out solutions. They must spend time by banks or customer service centres Personnel and Development’s (CIPD) someone who with people to encourage them to self- have been automated – thanks to AI inaugural Festival of Work on 12-13 listens. You’ve reflect and consider the reasons for and natural language processing tech- June at Olympia London. tried talking to their performance issues. That’s before nology – to such an extent that most of But could chatbots also be used for your dog Charlie they can do something about it – the questions that customers type into learning and development? Instead of but he’s very which often takes a lot of time, goal- a chat box go nowhere near a human. turning to a coach or trainer as the Firms are software analyses team dynamics, in- easily distracted, setting, and exercises. Bots don’t yet Instead, chatbots “write” algorithm- source of all knowledge, a question experimenting cluding figuring out any issues team while your cat seem designed for such introspection. generated answers based on what peo- could be answered on the spot by a bot with virtual members might have by asking them Molly is only Wherever this brave new world is tak- ple have asked previously. that has scoured the web and other tuition services, about their communication style and interested in ing us in terms of coaching, the Meanwhile, employers are using sources for a more definitive answer. where learners work goals. From here, it presents feed- herself. So why human touch is still likely to be sacro- chatbot-style AI to save HR profession- Already, firms are experimenting can interact back on ways that they can improve. not talk to your sanct for some time yet. But bots could als from having to individually reply to with virtual tuition services, where with a “class” There are now several commercial phone? Sounds “check in” on people on a coach’s be- similar questions about holiday enti- learners interact with a “class” from from across the applications on the market that mimic strange, but the half to ask how they’re doing. These in- tlement, sick leave, or parental rights. across the world through their screens. world through the reflective aspects of coaching, chatbot app teractions could be looked at by The savings are substantial – one And chatbots are beginning to be in- their screen working with individuals to ask and re- Replika is coaches to then better design and pre- South American firm claims to have troduced as virtual coaches. The NHS spond to questions about their career essentially an pare for the next session. And in the automated 66.9 per cent of all queries recently partnered with Hertfordshire and motivations. Evidence suggests AI therapist. world of AI, it’s unwise to say never. to HR, enabling the department’s pro- Partnership University NHS Founda- that users find such coaching bots ductivity to rise by 24.4 per cent. tion Trust to provide a digital version highly user-friendly and effective. £ Anton Riolo is head of content for CIPD Others are using it for recruitment, of its team-building programmes. This But fully replacing a coach with a Events at Haymarket Business Media. 16 OPINION THURSDAY 6 JUNE 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS We must not forget the value TO THE EDITOR Time off for of the US special relationship good behaviour?

[Re: What went wrong for Neil XACTLY 75 years ago today, a team effort. But by this point, the crowds waving obscene placards, Woodford?] Allied forces mounted Oper- British Empire and Common- Alan flying puerile balloons, and scream- Is it really the case that Neil Woodford is ation Overlord. The largest wealth were already in the fifth Mendoza ing abuse at him and his supporters now to stock-picking what Theresa May Emilitary operation ever at- year of conflict and suffering the therefore went well beyond the was to leadership? Investors clearly think tempted began the process economic and human conse- bounds of reasonable protest and so, but the truth is that Woodford should of freeing the European continent quences. The effort required to into the realm of national insult. not be judged only by his performance from the jackboot of Nazi tyranny. muster up the force to retake the It may well be that the breakdown over the past two years. So familiar are we with the general continent must never be forgotten, of authority is such today that we These days, to assess any fund manager story of D-Day that it is easy to forget nor the price we paid as a nation can no longer expect better from a based on only a recent historical snapshot some of the extraordinary details. By for doing what was required of us section of the people acting like a is outdated thinking, to put it mildly. June 1944, more than two million in humanity’s darkest hour. rabble. But we are surely entitled to The trouble is that investors have little troops from over 12 countries had as- But it is indisputable that D-Day The way Trump was better behaved politicians. better to go on than Woodford’s recent sembled in the UK ready for the as- and what followed could not have Whether it was the latest Twitter poor returns, which is why they have sault into occupied Europe. succeeded without the involvement received by snarling spat between the mayor of London pulled their money en masse. An elaborate intelligence opera- of our closest ally, the US. On and the President, or the decision of If, however, Woodford had concrete tion which included double agents, “Bloody Omaha”, where the heavi- protests should be a party leaders like Jeremy Corbyn to behavioural analysis that proved that he phantom armies, and a body double est fighting of D-Day occurred, cause for collective address the anti-Trump rally, many has made consistently skilled investment for General Bernard Montgomery American troops suffered some of our elected representatives de- decisions, and that his decision-making successfully fooled the Germans 4,000 killed and wounded, with one national shame cided that they would lower them- process was intact despite the recent into believing that the pas de Calais unit landing in the first wave re- selves to the level Trump himself underperformance, he may have been in a would be the real target of opera- ceiving a 90 per cent casualty rate. has frequently been critiqued for. position to have a much more constructive tions, and that any attack into Nor- Thereafter, it was the seemingly Fortunately, Trump’s state visit conversation with his investors now – mandy was just a ruse. endless supply of American materiel sary of a banana republic, or even a has still been a successful one, with giving them enough reassurance to not run So perfect did weather conditions accompanied by their finest fight- powerful despot like President Xi of the UK promised a “phenomenal” for the exit. need to be for the plan to succeed ing forces – men willing to lay down China or the Emir of Qatar, both of US trade deal post-Brexit as well as Clare Flynn Levy, chief executive that only a few days in early June their lives to free a distant continent whom have been feted on state vis- important political and business Essentia Analytics were deemed possibilities for the in- – that helped tip the balance in the its in the past decade with not a discussions having taken place. vasion, and it could easily have been battle against Nazi Germany. fraction of the controversy accom- Even in an era of fake news, the cancelled: D-Day was supposed to be It is a debt that Europeans should panying Trump’s visit. truth remains that the security and 5 June but was delayed for a day be- always recall, for without the kind- This was the leader of the free prosperity of the UK is intrinsically BEST OF cause of inclement conditions. ness of American strangers, the his- world, celebrating what he described tied to the interests and commit- TWITTER Once the Allied forces landed on tory of western civilisation may well as the “eternal friendship” of our ment of the global superpower. the five beaches codenamed Sword, have taken a very different turn. two peoples and the “greatest al- Love him or loathe him, there is .@SteveBakerHW “...the NHS is of Juno, Gold, Omaha and Utah, they Not that you would know it from liance the world has ever known”. He no doubt that Trump retains a course, not for sale, but the NHS does faced a race against time to estab- some of the outrageous conduct on was here to commemorate the seal- fondness for our island nation that buy a lot... if the NHS can buy less lish bridgeheads before German re- display on British soil this week to ing in blood of that special relation- we may yet come to miss if it is not expensive drugs through a trade deal inforcements could arrive to drive mark the state visit of the US Presi- ship by the sacrifice of the many US shared by those US politicians that from the USA, then that's a good them back into the sea. dent. Donald Trump may be no soldiers who never returned home follow him. thing...” In the face of fierce resistance, Franklin Delano Roosevelt, but the because they paid the ultimate price The malcontents can do their @BrexitCentral they triumphed. By nightfall, some way he was received by snarling to help free our continent. worst. But national interest dictates 156,000 troops had been success- protests and boorish behaviour Trump may be many things to that we should pursue our closest I need to underline and repeat YET fully landed. Nazi control of France from a clutch of desperate politi- many people, a fair few of them alliance with our customary vigour. AGAIN that the @brexitparty_uk is not was challenged, and 11 months cians should be a cause for collec- highly disagreeable, but he remains going to privatise the NHS. Stop this later, Europe was liberated. tive national shame. the US President. The disrespect £ Alan Mendoza is executive director of scaremongering. It is dangerous. And Operation Overlord was of course This was not some third-rate emis- shown towards him by hostile the Henry Jackson Society. it worries people. Politics of fear are cheap and smack of desperation. @drdavidbull

For anyone interested in how a UK-US trade deal might affect drug pricing, here’s a good overview from the Without net neutrality, our free internet Lancet. Short version: “American drug pricing policy now has the explicit and unusual goal of risks becoming a dystopian nightmare making drugs more expensive in other countries.” for the established internet giants @EllenBarryNYT HAT could the inter- such as Netflix; blocked competing to improve their offerings. net look like in 10 services such as Google Wallet and Rob If you think that this is just a prob- Remainers arguing that Brexit makes years’ time? Bleak, if tethering apps; and even cut data Mardisalu lem for Americans, remember that the NHS vulnerable should look at Wthe 2017 ruling by the speeds for a Californian fire many of the biggest internet compa- procurement rules as legislated by EU. US Federal Communi- brigade during the 2018 wildfires. nies are US-based, so this would af- NHS is open to EU business, and many cations Commission (FCC) to undo Bad as this is, it’s mild compared fect people across the world. of these countries... here’s the kicker... net neutrality is allowed to stand. with what may be to come. Our Opponents of net neutrality argue have profit-driven healthcare systems! Net neutrality is the principle team at TheBestVPN.com have put that if an ISP abuses their power, @KateAndrs that all information on the internet together an apocalyptic vision of customers could switch provider. should be equally accessible. With- the future of the web, which tries But this is often difficult, especially Attacking Rory Stewart for being out net neutrality, an internet serv- to examine what could plausibly nies more to give them an edge over in rural areas and where one ISP popular with LibDem and Labour ice provider (ISP) could control happen in the next 10 years, as the others. You can guess which compa- has a monopoly over infrastructure. voters suggests a rather odd approach what users see online, and how consequences of repealing net neu- nies would benefit, and which will Net neutrality is vital for competi- to winning general elections... quickly they can access it. trality are fully realised. be forced out of business as a result. tion and for progress. It is also pop- @CapurrodDaniel In 2015, the principle of net neu- Our interactive simulator ex- ISPs could block devices to force ular: the University of Maryland trality was enshrined into US law, plores the worst-case scenario for users towards specific products, polled a representative sample of Hi, Rory Stewart here, I will be in the only to be repealed in 2017 by the internet users: they’re penny-and- whether that be wifi routers, PCs, Americans in December 2017 and #LoveIsland villa for the next hour, Trump administration. The big ISPs dimed at every turn, reduced to vis- phones, or games consoles. They found that 83 per cent did not ap- come down and let’s talk about how in America already had a history of iting only four websites, forced to could also block or limit services – prove of the FCC’s plans to repeal it. to breakthrough the brexit deadlock attempting to get around net neu- share their browsing habits, and especially data-heavy ones such as Alas, their calls fell on deaf ears. #RoryWalks trality, but when the rules officially only given news written by AI bots. streaming. Your privacy is under It’s only been a year since the rules @Jonathon_Murphy expired in June 2018, they gained yet This might sound dystopian, but threat too, with ISPs free to snoop lapsed, so there is still hope that our more power to do so with impunity. since the repeal, it is increasingly on users and sell on personal data. dire predictions will never come to The sudden wave of panic as you So how are things looking a year likely. Under net neutrality, start- For the consumer, this could pass. Let’s hope we’re wrong. The fu- knock over a full glass of water onto later? To start with, ISPs have at- ups and giants like Google are mean either pricier streaming sub- ture of the internet depends on it. your desk and watch in horror as it tempted to block VOIP services such equal at the point of delivery, en- scriptions or lower quality content. pours into the power bank. as Skype and FaceTime; disrupted suring a level playing field for all. In the long run, reduced competi- £ Rob Mardisalu is co-founder of @TrialsOfTheTech and throttled streaming services Without it, ISPs can charge compa- tion would result in less incentive TheBestVPN, and a privacy enthusiast. CITYAM.COM THURSDAY 6 JUNE 2019 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam AI for AI’s sake? Tech lessons for DEBATE business from the world of art Is it right for voting records on Brexit to play a part in deciding ORTRAIT of Edmond de Be- Matthew Herndon explained that she was treat- lamy went under the hammer ing the technology as a “performer the next Tory leader? for an impressive $432,500 in Howard rather than a composer”. POctober 2018, over 40 times its We should approach using AI in predicted price point. business in the same way. Just as AI is The problem with not having a The painting itself is by no means successfully acting as a background Brexiteer Prime Minister stems from extraordinary. However, the fact that performer in music, its primary role public trust. it was created and painted by an algo- should be handling background tasks Theresa May’s time in Number 10 has YES destroyed whatever trust there was rithm makes it a modern-day master- in business. BENEDICT SPENCE piece, and a lucrative one at that. Take email triage, a simple back- that a Remainer could oversee a Brexit The art world is far from alone in the latter, it has exhibited bias against ground task which has successfully be- that would satisfy most Leavers. The its embrace of technology. Business residents of certain neighbourhoods. come automated by AI in a range of strategy of making a deal at any cost, Leave voters is if it comes from an leaders across the UK believe that AI is by no means a “plug-and-play” industries. An algorithm categorises creeping ever closer to “Brexit in name unambiguous Brexiteer. there is significant money to be technology. Experts in the industry are each email in terms of urgency and only”, has lost Remainer MPs a lot of The Tory membership and general made in artificial intelligence (AI), still grappling to understand what the subject, forwarding it on to the most goodwill. It no longer matters what public want as swift and clean an and are prepared to wager signifi- technology is truly capable of; ethics relevant contact and notifying them of their intentions are. outcome as possible. With parliament cant sums in its development. boards are being created to ensure the level of attention that it requires. The new Tory leader will obviously opposing this, the next Prime Minister According to new research pub- that it is used in a safe and unbiased In healthcare, meanwhile, this kind have an eye on the next General will need both onside, either for a fresh lished by Deloitte, more than one in way; teams are being reskilled as many of application can be used for GP re- Election, and will know that anything election or another referendum. Their three UK executives have spent over of their daily tasks become automated. ferrals which would traditionally be other than being seen to “deliver Brexit” stall must be set out clearly. $5m on the technology in the last fis- Perhaps we can again look to the art assessed and processed by consult- will result in catastrophe. A Remainer’s cal year. world for an example of how to make ants, while in retail it can be used to deal will not be trusted, no matter how £ Benedict Spence is a freelance writer. However, evidence of the value that the most out of investment in AI, categorise customer feedback and good it is – the only way it will satisfy He is on Twitter @BenedictSpence. this investment is bringing to organi- rather than expecting it to do too trigger a response. sations is proving elusive, with one in much and then being disappointed or In both case, a small “back office” four saying that they are yet to overwhelmed with the results. task has been automated, while em- achieve positive return-on-investment The key – in art and in business – is ployees still act as the main decision- Brexit may be the most contentious from their spend on AI. to use AI to complement rather than maker and provide a response. issue in the public eye, but electing a One key difference in the adoption outright replace jobs done by people, Using AI in these kinds of applica- Prime Minister based on little more of AI in business compared to art is with humans exerting overall control. tions, with small data-sets and a lim- than a dogmatic approach to a NO the expectation for the technology. For instance, in singer Holly Hern- ited number of tasks, ensures that it complex issue will not be a success for VICTORIA MACKARNESS Artists are using AI to create particu- don’s latest album, she uses an “AI is used in a safe and ethical way, with Brexiteers, or for anyone else. lar pieces, but many business leaders baby” called Spawn which has the human decision-making as a core part Many have likened Brexit to a divorce. are looking to swiftly automate vast ability to mimic voices and create new of the process. The received wisdom in a divorce is that records, but on the skills and qualities swathes of significant administrative sounds. When creating the album, A machine may have created Por- one hires a lawyer because, in a they have displayed throughout their tasks, including in recruitment and trait of Edmond de Belamy, but artists complex negotiation where emotions career. We need someone who has customer service. were responsible for its program- are running high, you need someone proven their ability to negotiate, to To trust AI with business-critical de- One in three UK ming. While it is still time for “art for who is calm, collected, and – most understand complex policy, and to cisions in an unbiased way, such as executives have art’s sake” to be celebrated, “AI for AI’s importantly – qualified. bring people together in pursuit of a screening CVs to select candidates for sake” should be reproached. Yes, the next Prime Minister needs to common goal. To paraphrase the Dog’s job interviews or calculating mort- spent over $5m on believe in delivering on the public’s Trust, a Prime Minister is for the nation, gage offerings, is overestimating its artificial intelligence £ Dr Matthew Howard is the director of desire to leave the EU, but that should not just for Brexit. capabilities. In the former, we’ve seen artificial intelligence at Deloitte where he not be their only qualification. The AI unfairly discriminate against can- leads the commercial and technology values we need in a leader should not £ Victoria Mackarness is an account didates due to their gender, while in teams for AI and cognitive projects. just be based on previous voting manager at CMS Strategic.

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JOIN THE CLUB TODAY AND BANK £100 TO SPEND AT GAUCHO VISIT CITYAMCLUB.COM 18 LIFE&STYLE THURSDAY 6 JUNE 2019 CITYAM.COM TECHNOLOGY EDITED BY STEVE HOGARTY The shape-shifting iMac killer

den but efficient strip vents, minimal Announced back in October 2018, the other. Context-aware, radial op- The transformable detailing, no garish Intel hologram the second generation of Studio is fi- tions appear in a ring around wher- stickers cluttering up the chassis, and nally available to purchase in the UK. ever the Dial is placed. Surface Studio 2 strange skeletal hinges unlike any- It looks almost identical to the previ- It sounds gimmicky, but for drawing thing else seen in laptop design. ous model, but its insides – all con- and creative work, and when used is Microsoft’s most There’s a sexy alien aesthetic to Mi- tained within the book-sized base with Adobe Creative Cloud, it be- crosoft’s new generation of hardware. from which the hinged screen rises – comes one of the most useful and in- spectacular PC All of it would look at home in a are souped up, improving on the mid- tuitive ways of interacting Philip K Dick adaptation, operated by dle-of-the-road specifications of the with a screen since right- ever. Apple should a pouting blonde woman in a white original Studio. clicking. The display is as latex jumpsuit and a severe bowl cut. Powering the new device is an i7- stunning as ever too. be taking note Maybe she’s tracking a squadron of 7820HQ Intel CPU alongside an Though this time Mi- Korblaxian Raiders. Or maybe she’s Nvidia GeForce GTX 1060 GPU and – crosoft says that it has op- PC doing her weekly Tesco shop. Surface most crucially for the kind of work tically bonded the screen devices seem to fit both occasions. you’d use this machine for – a solid to the glass, bringing it MICROSOFT SURFACE STUDIO 2 The head of this growing Surface state hard drive for wrangling with nearer to the surface to FROM £3,549, MICROSOFT.COM family is the Surface Studio, a 28-inch large media files, with much im- create a brighter and BY STEVE HOGARTY hinged desktop PC that folds down to proved load times. Performance is more richly coloured almost flat, like a giant graphics lightning quick all round, and there’s image. However it’s Microsoft’s Surface range began in tablet, and the ideal position for doo- just enough oomph in that little box been achieved, the re- 2012 with a series of hybrid tablet dling with the Surface Pen stylus. to play high-end games, should you sult is plain to anyone computers, but it wasn’t until the It is a gorgeous object, the 12.5mm get bored of editing and want to raid sitting in front of it, a launch of the Surface Book laptop in thick screen gliding along its hinge so some tombs for a while instead. super high resolution, 2016 that the company really started effortlessly that you can lay it flat just Returning from the original Studio, better than 4K screen upping their design game and steal- by pushing on it with a single finger, and sold separately, the £90 Microsoft that’s heaving with ing Apple’s brushed metal lunch. as though the whole screen is float- Dial is a physical, rotating knob that dense, crisp pixels. Around then Microsoft started pro- ing on air. You’d feel mildly anxious can be placed anywhere on the The Surface Studio ducing futuristic machines that ap- about leaving it near any open win- screen, acting as a way to navigate is a rare thing: a peared to be hewn from single slabs dows, in case a gust of wind carries it through menus with your left hand desktop computer of matte-finish aluminium, with hid- off like a kite. while keeping hold of your stylus in that turns heads.

The Surface Studio 2 alongside its varied peripheral offspring: the keyboard, mouse, Pen and Dial

GAMES completing a series of mini-games within You play as Aliya, an intergalactic the ship’s Nostromo-esque operating archeologist tasked with tracking down a OBSERVATION; HEAVEN’S VAULT system: recalibrating modems and missing academic. And while she’s a PLATFORM: BOTH ON PC & PS4 triangulating magnetic signals through strong, independent woman who often tests of reflex, memory and spatial finds herself raiding tombs, she likes to BY STEVE DINNEEN awareness. These are only mildly solve her problems not with a pistol, but bservation is one hell of a challenging but work in service to the with a note-pad. proposition: a follow-up to the sparse, low-fi aesthetic. It’s the latest title from Inkle, the superlative indie horror game As you zip around, hacking into laptops Cambridge-based studio behind smash-hit Stories Untold, set in a space and reading post-it notes, a conspiracy text adventure 80 Days. Like that game, station designed by alumni of begins to solidify around you, just as the Heaven’s Vault juggles a mind-bogglingly OAlien: Isolation, in which you control a messages worming their way into your complex set of branching narratives, giving rogue AI inspired by HAL from 2001. system become stranger and more you a huge amount of freedom to sail And for the most part, it lives up to that obtrusive. around its strange and beautiful pocket promise. It begins with an unidentified But while the art direction and story are universe. disaster, which somehow results in a strong, the minute-by-minute experience And “sail” is the correct term. It’s set in a multinational space station, the of bumbling around the Observation can distant galaxy far, far away – Star Wars is a Observation, diverting from its orbit above be frustrating, sometimes painfully so. The pretty overt reference-point – where the Earth to somewhere in the vicinity of game’s systems are deliberately dominant civilisation is built upon the Saturn. You, the onboard AI known by the obfuscated, a tangible reflection of your ruins of a far more technologically acronym SAM, are woken – or rebooted – corrupted memory: this fine from a advanced race. One throw-back to this by the only known survivor, Emily Fisher; narrative point of view, but it means long-dead culture is a series of mysterious you’re her only chance of survival, which minutes at a time are spent clicking interplanetary “rivers” that ebb and flow in makes the message you just received – through menus searching for a prompt to never-ending circuits, shepherding Aliya “BRING HER” – all the more chilling. advance the story. Navigating the station across the cosmos. The space station itself is brilliantly also becomes a chore, with tasks too often Along the way she finds scraps of an realised, a series of modular corridors filled involving scouring a big space for a small ancient language, at first inscrutable but with unfathomable knobs and buttons and object. soon rewardingly decipherable, that hint doodahs. You traverse the space using the Still, the Observation is a singularly at the history of the universe and of archaic on-board CCTV system – all atmospheric place to float around, and the troubles to come. crunchy audio static and visual collection of sci-fi cliches explored The joy of discovery, however, is dulled interference – your digital eyes panning the eventually coagulate into something that by the increasingly mindless traversal from claustrophobic station with an oppressive delivers a genuinely powerful payload. place to place, with minutes at a stretch mechanical whirr. You can flick between spent bobbing along beautiful vistas that working cameras at will using a blueprint eaven’s Vault is a love letter to soon become forgettable wallpaper. of the ship; later you take control of a small language, a sci-fi odyssey in It’s a shame, because the way Heaven’s floating sphere to navigate the space in which the 3D environment is Vault encourages you to explore not in the three dimensions. really just a backdrop to the hope of powerful items or gaining You’re first tasked with restoring the strings of hieroglyphics you experience points but in a genuine quest station’s core functions, which involves Hbecome increasingly adept at translating. for knowledge is a rare and beautiful thing. CITYAM.COM THURSDAY 6 JUNE 2019 SPORT 19

CONTINUED FROM BACK PAGE England hope to build on from 2005 to 2012, the Golden the success of Premier Generation found international The rise of Serie A in the 1990s saw League clubs in Europe medals far harder to come by. Italian clubs reach nine of 10 A recurring explanation for Champions League finals from 1989 England’s failings has been the to 1998. While that helped the pressure. Rooney, Gerrard, Lampard Azzurri finish runner-up at the 1994 and Ferdinand have all spoken about World Cup and Euro 2000, they did the burden they felt when not add a trophy until the 2006 representing their country. The World Cup, which was sandwiched nadir of Roy Hodgson’s spell in between two more European Cups charge and Sam Allardyce’s aborted for AC Milan. reign set the bar low for Southgate’s England aside, France are the men at the 2018 World Cup. biggest anomaly. Twice in living Reaching the semi-finals, however, memory Les Bleus have reached back-to-back major finals: when they won the 1998 World Cup and Euro 2000, and then when they followed a second place at Euro 2016 by winning last year’s World Cup. Yet England’s success French clubs have not been in touching distance of a European Cup and that of its since 1993, when Marseille won it two years after reaching the final. At clubs was once that time the national team was on its knees, failing to make two World intertwined. For Cups in a row. 50 years it’s been Once upon a time, England’s success and that of its clubs seemed a different story to be intertwined, with the 1966 World Cup heralding good results in and now being within 180 minutes Europe, notably Manchester United’s of lifting a first meaningful piece of 1968 European Cup win. Since then, silverware for 53 years has begun to however, it has been a different nudge it up a few notches. story. English clubs’ domination of Southgate’s nurturing of a club Europe during the late 1970s and feel to the squad appears to have early ‘80s was absolute. With made the England dressing room a Liverpool at the fore, they won seven happier place; recent wins over European Cups in eight years from Spain and Croatia were testament to 1977 to 1984. But the national team that. Keeping the pressure in check – did next to nothing. And when and reversing decades of disconnect Premier League teams began between club and country dominating the Champions League, achievements – will be key if this providing three different winners generation is to prove more golden and five runners-up in eight years than the last. CORRELATION OF COUNTRIES’ SUCCESS IN CLUB AND INTERNATIONAL COMPETITIONS

NATIONALITY OF MAJOR INTERNATIONAL TOURNAMENT FINALIST WINNER RUNNER UP

NATIONALITY OF EUROPEAN CUP/CHAMPIONS LEAGUE FINALIST WINNER RUNNER UP

1980 1980 1966 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

KEY: ITALY ENGLAND HOLLAND SPAIN GERMANY W.GERMANY PORTUGAL FRANCE S. AMERICAN OTHER Pakistan loss should be a World Cup wake-up call for England NGLAND’S 14-run defeat by CRICKET they lacked the intensity they of beating each other, as South Africa in their opener and Pakistan on Monday won’t normally pride themselves Bangladesh’s win over South will be well-supported in Wales, have triggered any major COMMENT on. Africa and Afghanistan’s close with their fans making a lot of alarm bells in the camp, call against Sri Lanka showed. noise to cancel out the feeling of E MOMENTUM but it should act as a minor For England now it’s about playing at home. wake-up call for Eoin Morgan’s side. Chris England are fortunate that learning from the negatives, The pitch can often be quite green Despite their 11 successive one-day Tremlett the format of the 10-team taking the positives and try- in Cardiff, so the loss of a few early international losses, and recent 4-0 tournament doesn’t punish ing to peak at the right wickets is a possibility. series defeat against England, Pak- slip-ups like the one at time. England’s opening partnership be- istan are a dangerous team who de- Trent Bridge more Aside from brilliant tween Roy and Jonny Bairstow has served the win. from his first five overs to force a harshly. hundreds from Joe Root been a huge strength for them over They showed their batting capabil- bowling change. Rashid is crucial to With every and Jos Buttler I the past year, but one of them has ities in the previous series against England’s game-plan, but he just side playing thought Wood justified departed early in both games so far. England and with Mohammad Amir seemed to skid onto the bat in con- each other his selection, bowling If the conditions are bowler-friendly and Wahab Riaz now leading the ditions that didn’t suit him. once there well for his figures of I feel they might need to adapt their bowling attack they looked a more However, as good as Pakistan were, are nine 2-53. gameplan and not go out so hard complete side. there were a few areas Morgan and group stage Next up it’s Bangladesh against the seamers. Having been bounced out by West coach Trevor Bayliss will have been games to in Cardiff on Saturday, Regardless of what has come be- Indies in their first game Pakistan disappointed with. gather mo- which won’t be a sim- fore, if England play their best then knew what would be coming from Their fielding – normally a mentum be- ple task by any stretch they will be too strong for England, so they worked hard on strength – was very sloppy, with fore the semi-finals, so in of the imagination. Bangladesh. their faults and combatted the hos- Jason Roy dropping a simple catch theory a side could lose Bangladesh were I’m backing them to get back on tility of Jofra Archer and Mark and runs conceded unnecessarily three times and still get brilliant in beating track this weekend. Wood to post an imposing total of through a lack of concentration. through. 348-8. England’s fielders looked half I don’t think anyone Roy had a poor Chris Tremlett is a former England and Crucially, Pakistan also piled the asleep early on as Pakistan’s open- will win all nine. The game against Surrey fast bowler. Follow him pressure on Adil Rashid, taking 43 ers got off to a solid start and I feel teams are all capable Pakistan @ChrisTremlett33 20 SPORT THURSDAY 6 JUNE 2019 CITYAM.COM CHRIS TREMLETT Pakistan defeat should be World Cup SPORT wake-up call for England PAGE 19

HAT-TRICK HERO Ronaldo fires Portugal past Switzerland and into Nations League final SPORT DIGEST SOUTHGATE FACES TOUGH CHOICES FOR ENGLAND £ Gareth Southgate will make a late decision on whether or not to use players involved in the Champions League final in England’s Nations League semi-final with Holland this evening. Seven Liverpool and Tottenham players have joined the squad in Portugal but Southgate admitted Saturday’s final will play a part in his team selection. “It’s been a strange, different sort of preparation,” he said. “I have to assess all the players who were involved in Madrid – a unique game and set of circumstances.” INDIA OFF TO WINNING START AGAINST PROTEAS £ Rohit Sharma struck an assured century as India began their World Cup with a comfortable win over struggling South Africa yesterday. Sharma struck an unbeaten 122 in Southampton to guide India home on 230-4 after South Africa managed just 227-9 from their 50 overs. The Proteas have now lost all three of their games. Elsewhere, New Zealand edged past Bangladesh by two wickets at The Oval, chasing 244 with 17 balls to spare. ERIKSEN: I MIGHT WANT TO TRY SOMETHING NEW £ Tottenham midfielder Christian Eriksen says he “might want to try something new” after speculation over his future at the club. Eriksen, who has one year left on his deal, has been linked with Real Madrid. “I feel that I am a place in my career where I might want to try something new,” he told Danish magazine Ekstra Bladet. “If I have to go, then hopefully it will be a step up.” KONTA SEMI-FINAL MOVED DUE TO RAIN IN PARIS £ Johanna Konta’s bid to reach a first French Open final has been pushed back to Friday after heavy rain in Paris. The British No1 was supposed to play Marketa Cristiano Ronaldo scored a hat-trick as Portugal left it late to beat Switzerland 3-1 in Porto and reach the final of the inaugural Nations League last night. The Juventus striker Vondrousova in the semi-final at scored twice in the final two minutes to seal progression for the hosts, who had to weather heavy pressure from the Swiss. Ronaldo gave Portugal a 1-0 lead at half-time with a Roland Garros today, but has had powerful low free-kick, but Ricardo Rodriguez’s penalty after a prolonged video assistant referee review drew Vladimir Petkovic’s side level in the 57th minute. The Swiss her tie moved back a day after the wasted chances and Portugal took full toll on the counter-attack, Ronaldo blasting in at the near post from Bernardo Silva’s cut-back and bending into the far corner after some remaining women’s quarter-finals trademark stepovers to wrap up the victory. The hosts will now play the winner of this evening’s clash in Guimaraes between England and Holland in Sunday’s final in Porto. couldn’t be played yesterday. ENGLAND EXPECTS AGAIN

preparations for tonight’s Nations triumphs at World Cups or European Spain to claim an unprecedented European Championship and Southgate aiming to League semi-final against Holland in Championships, their legacy was a three consecutive major titles at reaching the 1970 World Cup final. buck the trend and Porto. But Southgate has another, string of quarter final exits Euro 2008, the 2010 World Cup and Following four Dutch winners of more nebulous issue to grapple and a creeping Euro 2012. Spanish clubs, Real the European Cup from 1970-73, convert club success with. The continental success of Liv- disillusionment with the Madrid in particular, then rode Holland reached successive World erpool, Spurs, Manchester City and national team. that wave to monopolise the Cup finals in 1974 and 1978. When into silverware, says Chelsea is likely to turn up the heat History is strewn with Champions League from 2014 to they did win a title at last, at Euro again on the national team to finally examples of other 2018. 1988, it came just weeks after PSV Frank Dalleres deliver a trophy. countries finding a West Germany’s Euro 1972 Eindhoven claimed club football’s Raised expectations threaten to reciprocal relationship and 1974 World Cup wins, plus a equivalent. Equally, it was no HILE Premier League reopen old wounds. The crime between their clubs’ runner-up spot at Euro 1976, coincidence that Portugal reached clubs running amok in pinned on the so-called Golden success in European overlapped with Bayern their first major final, at Euro 2004, Europe this season may Generation of the previous decade competition and Munich’s three European Cups in the year that Porto won the have lifted spirits was that they never fulfilled their international glory. in a row from 1974. Champions League. among his squad, it has potential. That England team of Barcelona’s hat-trick of Similarly, Italy parlayed It is not as straightforward as one causedW a headache for England man- Wayne Rooney, Michael Owen, European Cups in Inter and AC Milan’s thing following the next, however. ager Gareth Southgate. The problem Steven Gerrard, Frank Lampard, John 2006, 2009 and 2011 four European Spain remained in the international is largely logistical, with the late ar- Terry and Rio Ferdinand was stacked provided a Cups in seven doldrums despite Real Madrid rival of Liverpool and Tottenham with players who won Champions springboard for years between winning three Champions Leagues players to the training following this Leagues and multiple Premier 1963 and 1969 between 1998 and 2002. week following their Champions League titles. Yet instead of Southgate has eased into winning League final exertions disrupting converting that into long-awaited pressure on his team the 1968 £ CONTINUED ON PAGE 19