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TRADING TIMES IG boss says INVESTORS trimming day is wrong direction SPLASH OUT

EMILYON NICOLLE FINTECHincluded funding rounds from the Frederic Court, founder and manag- AND ANNA MENIN likes of Oaknorth, Monzo and ing partner at Felix Capital, said @emilyjnicolle @annafmenin Starling Bank, while startups Check- recent deals in the US such as Morgan out.com and Sumup entered the uni- Stanley buying digital stockbroker GLOBAL investors poured money into corn ranks as their valuations E-Trade for $13bn are a sign that the UK’s fintech sector last year, surpassed $1bn. consolidation is on the horizon for almost doubling the amount invested KPMG’s Pulse of Fintech report British fintech firms. “There will be a EXCLUSIVE been lobbying for the London Stock here between 2018 and 2019 — despite showed cross-border transactions lot of value shifting from the estab- ANNA MENIN Exchange to trim the City’s trading the rest of the world suffering a slight around the world remained high last lished players to some of the emerg- @annafmenin day, arguing it would improve downturn in funding. year, despite ongoing geopolitical ten- ing startups such as Monzo and workplace culture and market British fintech companies attracted sions. Cross-border deal value sur- Revolut,” said Court. SHORTENING trading hours in London liquidity. In December the bourse $48.5bn (£37.4bn) of investment in passed $50bn in 2019, with 138 deals. “Consumers have spoken, and they would not be “helpful” for the City and launched a consultation into cutting 2019, up 91 per cent from $25.4bn a “As a number of UK fintechs hit want to lead their financial life the could make it “less competitive hours, and European peer Euronext year earlier. Data released by KPMG their high-growth phase, they're in- way they lead the rest of their life: globally”, according to the head of one has followed suit. today also revealed the number of evitably seeking both scale and prof- using their mobile phone, and having of Britain’s biggest trading platforms. “Right now London has a lot of deals in the UK reached a six-year itability; they’re coming out of their simple products and apps that they June Felix, whose firm IG Group challenges with Brexit,” said Felix. high, defying the amount invested niche and going deep by providing a find as easy to use as social media. offers 24-hour trading to its customers, “Adding [shorter hours] on top of that globally where overall fintech wider range of services or going wide That’s where the incumbents have a said “the whole idea that everything to make you less competitive globally fundraising fell just short of 2018’s by becoming international,” Starling lot to improve.” has to be around work/life would not necessarily, record at $135.7bn. Bank boss Anne Boden told City A.M. Eileen Burbidge, partner at Passion balance” is a “bit skewed”. in my humble opinion, Across Europe, the UK accounted for “The incumbents are in real danger Capital, added: “The UK is currently “Based on that, you THE TIMES THEY be helpful to where half of the top 10 deals and netted of being left behind on both fronts.” the leading fintech hub in the world, wouldn’t have 24-hour ARE A-CHANGING London wants to be more than 80 per cent of the conti- Data from Tech Nation and Deal- thanks to extensive financial services electricity... you wouldn’t and remain to be a nent’s record-setting total of $58bn. room last month showed the sector experience, digital technology talent, have 24-hour police global financial hub.” City The largest funding round in UK his- more than doubled its 2018 total in and progressive regulators and policy support,” she told MARKET LEADERS AND INVESTOR GROUPS CALL FOR A SHORTER WORKING DAY ON THE CAPITAL’S TRADING FLOORS

SEBASTIAN MCCARTHY for a 90-m A.M. inute reduction to the day. lagging behind a w £ READ THE FULL @SebMcCarthy Long hours are impacting on traders’ ider financial services industry push for more diversity and shorter could also mean less profit as tory occurred last year, when fintech in an interview. mental health and wellbeing, the there would be less tim venture capital funding alone to THE DAILY bustle on Eur makers supportive of increasing com- bodies e f ope’s high- inclusion unless the or activity.” warned, adding that a short long trading day is Another chief executive said: “I agree octane trading floors shoulde bcut short ened day tackled by an industry-wide appr by more than an hour in a bid to improvewould help recruit and retain employees oach”. with the point that we need a mor However, today’s call haseen b me e mental health and div with families. t diverse workforce, but if you take off 90 ersity, two of the Calls for greater diversity on the with mixed reaction from those in financial industry’s most influen the City. minutes to the trading side of business, it tial trading floors come amid a wider push t won’t solve much INTERVIEW: P12 lender Greensill raised $800m from reach $5.4bn last year, comfortably petition and accelerating innovation Industry bodies have bodies have d t d o Th b f Softbank. Other standout deals outpacing the rest of Europe. in such a crucial sector.”

FTSE 100▼ 7,403.92 -32.72 FTSE 250▼ 21,780.20 -86.49 DOW▼28,992.41 -227.57 NASDAQ▼ 9,576.59 -174.37 £/$▲ 1.300 +0.009 £/€▲1.195 +0.002 €/$▲ 1.086 +0.006 02 NEWS MONDAY 24 FEBRUARY 2020 CITYAM.COM

THEY DON’T MAKE ‘EM LIKE THEY USED TO York’s Viking reenactors take a break from marching, fighting and pillaging THE CITY VIEW Spending spree could come at a heavy cost

ROM the briefings that have been emerging from Downing Street and the Treasury in recent weeks, it is sometimes Fdifficult to remember which party won the last election. Ahead of the Budget, there are reports we could be set for a spending boom to rival Gordon Brown’s pre-election giveaway in 2001 — the very height of New Labour. It’s no wonder some Conservatives are starting to get a little antsy about the fiscal implications of Boris Johnson and Rishi Sunak’s spree, even if the politics are blindingly obvious. Of course the Conservatives are going to spend money in parts of the country that, as the PM puts it so effectively, “loaned” his party their vote in the last election. But that doesn’t mean that all the work that David Cameron did to persuade the country that austerity was YORK’s 36th Viking Festival ended with a popular march yesterday, with reenactors paying tribute to the history of the invaders. necessary can be thrown out alongside. The great British public The city was first captured in November 866 by Ivar the Boneless, who removed the Anglo-Saxons from the region. The Yorkshire has an innate scepticism about city was home to a mint and became one of the Danes’ most important trading posts, with links as far afield as the Persian Gulf. massive spending programmes, as Jeremy Corbyn found out at the ballot box in December. There is a virtue in fiscal Somebody needs prudence that Johnson and to keep an eye on ... but Treasury Sunak must not forget — both Digital currency the finances for the sake of the country’s plots a plan to finances, and because if you allow a spending war to become the overriding narrative of British politics then the opposition will usually win eventually. It’s in that context that eyebrows are vital, says BoE... keep cash alive entitled to be raised when well-sourced reports that the Treasury plans to concoct new fiscal rules or change the way its ANNA MENIN timescales appear, and similarly when it is proposed that the @annafmenin ANNA MENIN “We need to think as an institution next boss of the government’s fiscal watchdog, the Office for @annafmenin about how to position ourselves to THE TREASURY is drawing up plans Budget Responsibility, might not have quite the teeth of the make sure society still has a broad to protect the availability of cash incumbent. This government has already enjoyed its THE BANK of England’s (BoE) chief range of payments that it can use amid concerns over declining cashier has indicated support for an with confidence,” John told the Sun- access to dispensers for older honeymoon period perhaps a little too much; losing a official digital currency, saying it is day Telegraph. people and those from rural chancellor is not considered entirely best practice just two “crucial” for central banks to consider “It is absolutely right that central communities. months into an administration. There will, of course, be plenty entering the market before it be- banks think about whether a public Officials are understood to be in of people who will welcome a burst of infrastructure spending. comes dominated by tech giants. sector or private sector would be best detailed discussions about how to Sarah John, who is responsible for to provide a digital currency going combat the decline of cash ahead But as a new Institute for Government report has made clear, issuing banknotes, said it was “really forward.” she added. of the Budget next month, with one invariably such big clumps of cash do not end up entirely where important” for central banks to Last month, the BoE teamed up with possible option the introduction of they’re supposed to. They’re used to plug day-to-day funding consider digital currencies “as an several of its peers to assess the case laws forcing some banks to provide option”. for launching their own digital cur- cash services, according to the gaps, and those put in charge of large construction projects tend Central banks have come under rencies, fuelling speculation that cen- Sunday Telegraph. The Treasury is to be wildly optimistic about their costs — with inevitable pressure to take action amid the tral banks were seeking to limit the said to be considering laws similar delays. Johnson and Sunak are going to loosen the purse strings, controversy surrounding Libra, Face- possible influence of Libra. to those recently imposed in and there’s a good case for updating Britain’s in some places book’s planned digital currency. In total, 18 central banks globally Sweden, which require all banks Regulators and politicians have are now developing some form of with a certain amount of deposits creaking infrastructure. But many at home, and abroad, will raised repeated concerns that the sovereign digital currency, and the to offer cash services. want to know that somebody’s looking after the finances. currency could be used for money Financial Stability Board has said A spokesperson for the Treasury laundering purposes, and has the authorities must “quicken the pace” refused to comment on timings, potential to destabilise the global of development regulation for the but said it was “working closely” on Follow us on Twitter @cityam financial system. asset class. the issue.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL MGA BOSS WARNS VIRUS WHAT THE DEFENCE BOSS AWARDED TECH GIANTS’ WARNING BOEING OFFERS SUPPORT MAY CAUSE TOY SHORTAGE OTHER £300,000 TAX-FREE PAYOFF OVER DUTY OF CARE MOVE FOR 737 MAX SUPPLIERS The maker of the world’s most popular A defence official has been given a tax- Three of Silicon Valley’s biggest Boeing is planning more financial and toy said he fears the coronavirus PAPERS SAY free payoff of almost £300,000 despite companies have warned investors that other support to its 737 Max suppliers to outbreak will lead to global shortages of the government promising to ban six- Britain’s plan for a new social media prepare them to resume production of toys as early as Easter as factories in THIS figure exit packages in the public sector. regulator could hit profit because of extra the jetliner — and dissuade some from China are left incapacitated. “It’s going The senior figure in the armed forces fines and compliance costs. Google, seeking more business from Airbus. to hit the toy business big time,” Isaac MORNING received the publicly-funded Facebook and Twitter have all identified Boeing suspended Max production in Larian, founder and chief executive of redundancy payout despite complaints the UK’s new rules as a potential threat January after building more than 400 MGA Entertainment, the firm behind from defence chiefs that the military in their 2019 annual reports. planes it was unable to deliver. Bratz fashion dolls , told the Financial budget had been overstretched. Times. “There is going to be a shortage MICHAEL SPENCER BACKS INTUIT NEARS DEAL TO BUY on hot toys, worldwide.” The toy sector PATEL ‘LIVID’ AFTER CLAIM NEW UTILITY DISRUPTOR CREDIT KARMA FOR $7BN sources an estimated 80 per cent of its SHE HAS LOST TRUST OF MI5 Michael Spencer, veteran City financier Intuit is nearing a deal to buy personal- products from China. co-creative director of the Prada label, Priti Patel has demanded a formal leak and founder of money-banking firm finance portal Credit Karma for about in a move that the luxury group hopes inquiry into “hostile briefings” by Icap, has teamed up with Barclays to $7bn (£5.4bn) in cash and stock, in a RAF SIMONS TO JOIN PRADA will reinvigorate interest in the company officials in her department after claims back a technology startup which aims move that would push the AS CO-CREATIVE DIRECTOR and attract new generations of high- emerged that intelligence chiefs at MI5 to help people manage their utility bookkeeping-software giant further Raf Simons is to join Miuccia Prada as end shoppers. do not trust her. suppliers and identify better deals. into consumer finance. CITYAM.COM MONDAY 24 FEBRUARY 2020 NEWS 03 Countrywide ‘in France warns of tech tax chaos if a global deal is not reached this year talks’ for £500m JAMES WARRINGTON of conflicting systems. digital tax, but has suspended it until The Organisation for Economic the end of the year pending a global @j_a_warrington Cooperation and Development solution. The UK is set to roll out a FAILURE to reach a global agreement (OECD) is plotting a global policy to similar levy from April. on how to tax tech giants such as make digital companies pay tax in At a G20 meeting yesterday, Japan’s merger with LSL Google and Facebook would lead to a where they do business, rather than finance minister Taro Aso said the chaotic mix of different tax regimes, where they are registered. country was “very concerned” about France’s finance minister has warned. But the plans have been met with the US’ own tax proposal of a so- Bruno Le Maire yesterday called opposition in the US, with President called safe harbour regime, which JAMES WARRINGTON looked to avoid duplication and cut on international leaders to reach a Donald Trump arguing that they would allow firms to choose whether costs. Together they operate more consensus over tax reform by the end unfairly targeted American firms. to abide by the new set of rules or @j_a_warrington than 1,000 outlets across the UK. of the year or risk a global patchwork France has already adopted its own stick to existing regulations. COUNTRYWIDE and LSL Property While Countrywide is the larger of Services are said to be in talks over a the two companies by headcount, it £500m merger that would create the would be the junior partner in any largest estate agency group in the UK. merger. It has a market capitalisation The companies, which are two of of roughly £111m, compared to LSL’s Britain’s largest listed estate agents, valuation of almost £360m. are in discussions over a potential all- Countrywide’s shares have suffered share deal, Sky News reported. a torrid period of trading over the last The negotiations are said to be “seri- year amid subdued activity in parts of ous”, although it is not yet clear how the UK housing market and the emer- It’s good to have soon a deal could be announced. gence of online rivals such as Zoopla The Takeover Panel, which regulates and Purple Bricks. mergers and acquisitions, is likely to The estate agent, which is chaired by force the companies to confirm the former Royal Mail bigwig Peter Long, options talks tomorrow morning, according to last year agreed a £38m sale of its the report. commercial property arm Lambert A tie-up would bring together a Smith Hampton. string of Countrywide’s brands, However, the deal is still yet to be We know that you have your own unique trading including Bairstow Eves, Hamptons completed after it emerged that the strategy. That’s why we’ve built our platform International and Gascoigne-Pees, buyer — a Danish property entrepre- with LSL divisions such as Your Move neur — was struggling to stump up to be fully customisable, from background and Marsh & Parsons. the money. This uncertainty is said to colour to charting intervals. However, it could also lead to job have accelerated Countrywide’s cuts from the combined workforce of search for a tie-up. roughly 14,000 people if the two firms LSL declined to comment. cmc markets

NICE TRY Buyout firm CVC tackles rugby market with £300m Six Nations stake offer

CVC CAPITAL Partners has formed plans to complete a £300m deal for a stake in flagship rugby tournament Six Nations, the Financial Times reported. The 14 per cent stake is set to take CVC’s total investment in rugby to more than £600m. IN BRIEF NEW LAW TO MAKE VENUES BODY CALLS FOR LOWER VISA PLAN FOR TERROR ATTACKS FEES FOR SMALL UK FIRMS A proposed new law will require the New immigration rules can work for Trade your way UK’s venue operators to have measures small businesses if hiring costs are kept in place to protect the public from a down and the system is easy to Spread betting & CFDs: terrorist attack. The new legislation, navigate, according to a new report. FX | Indices | Cryptos | Commodities | Shares named by the government as Protect The new points-based immigration Duty, could force operators to increase system, to be implemented from 2021, physical security, conduct training and will require EU immigration applicants draw up incident response exercises for to speak English, have a job offer in the staff on what to do during an attack. It UK and to have never been given a has been suggested by the Home Office custodial sentence of 12 months or that the duty would be proportionate more. A new Federation of Small to the size and type of organisation. Businesses (FSB) report released today Spread bets and CFDs are complex instruments and come with a high risk of losing The policy — to be announced by recommends the government keeps money rapidly due to leverage. 70.5% of retail investor accounts lose money when security minister James Brokenshire the cost of hiring overseas employees spread betting and/or trading CFDs with this provider. You should consider whether today — will go under a consultation to below £1,000, includes a special visa you understand how spread bets and CFDs work and whether you can afford to take the phase with business owners starting in for social care workers and exempts high risk of losing your money. The speculative nature of cryptocurrencies combined spring. “This public consultation will small firms from paying immigration with leverage could lead to significant losses. ensure we put in place a law that will fees. The report said 48 per cent of help protect the public while not companies surveyed would be unable putting undue pressure on businesses,” to afford current visa fees levelled at Brokenshire said. employers who hire non-EU migrants. 04 NEWS MONDAY 24 FEBRUARY 2020 CITYAM.COM Macron ‘not sure’ UK-EU trade deal Acid-washed US can be struck within PM’s deadline STEFAN BOSCIA negotiator David Frost made it clear the end of the year,” he said. chicken may still @Stefan_Boscia in a speech last week that the UK “Anyway, it is going to become would not be seeking future more tense because [the British] are FRENCH President Emmanuel regulatory alignment with the EU. very hard.” The French President said Macron has cast doubt that the UK Instead, Frost said the UK will be fishing rights could be an area of will strike an EU trade deal by the after a “Canada free trade contention in the negotiations. government’s 31 January deadline. agreement-type relationship”. Under current regulations, fishing be on the menu Negotiations will begin next Speaking to a group of fishermen boats from other EU countries have month, with issues such as financial in Paris yesterday, Macron said the access to UK waters. However, services regulation, fishing rights negotiations would be “tense”. Johnson said in a recent speech that STEFAN BOSCIA Street was considering taking an and tariffs at the fore of discussions. “I am not sure that an agreement “British fishing grounds are first and @Stefan_Boscia independent stance on food safety at Boris Johnson’s chief Brexit will be reached between now and foremost for British boats”. an upcoming World Trade Organiza- ENVIRONMENT secretary George tion meeting. Eustice has refused to rule out “The truth is that it is already illegal the prospect of allowing imports of in this country to sell chlorine- acid-washed chicken under a UK-US washed chicken or indeed hormone trade deal. beef — that is in our legislation,” Eu- Food standards post-Brexit has been stice said. “[US farmers] now use other an ongoing issue in Westminster, disinfectants such as lactic acid. with opposition parties claiming the “There is room for a sensible discus- Tories are prepared to allow a diver- sion. We also use lactic acid on some sion from the EU’s stringent rules to species, notably beef.” strike a trade deal with the US and The difference between the US and other countries. EU food standards comes down to Some US manufacturers are known burden of proof. to wash their chicken in chlorine, In the EU, lawmakers require there while some use hormones in cattle be scientific evidence that a practice farming — both illegal under EU law. is safe before it is made legal. In the However, Eustice told the BBC yester- US, there has to be incontrovertible day that the more common practice scientific proof that a practice is in the US for chicken now was “lactic unsafe for it to be banned. acid washing”. Eustice said yesterday that the gov- He said the government had “no ernment “will not take risks” with plans” to change food safety laws, but food standards. would not rule out accepting US food Boris Johnson has in the past said standards in a trade deal. that future UK food safety laws will be It comes after City A.M. exclusively “governed by by science and not revealed last Thursday that Downing mumbo jumbo”.

NO HUAWEI Senior Tory brands 5G deal ‘worst spy decision’ since Cambridge Five

FORMER Brexit secretary David Davis has branded the government’s 5G deal with Huawei the “worst intelligence decision since MI6’s recruitment of Kim Philby”. Writing in the Mail on Sunday, Davis urged the PM to reverse his decision. Mayoral candidate set to propose additional £104m for Met budget STEFAN BOSCIA Khan to spend an extra £104m on @Stefan_Boscia the Met — enough to hire another 1,500 police officers. TORY mayoral candidate Shaun The mayoral hopeful proposes to Bailey will attach an amendment to do this by cutting spending on City the mayor’s budget in an attempt to Hall staff, the culture budget and by inject an extra £104m to the scrapping a privilege for Transport Metropolitan Police’s coffers. for London (TfL) employees that The London Assembly will vote on allows them to nominate one friend Sadiq Khan’s £17bn 2020/21 mayoral or family member to travel for free. budget today. The 25 assembly “There are millions of pounds members can successfully add currently being spent on marketing, amendments to the budget with a PR officers and union reps that two-thirds majority vote. could instead be spent on the police Bailey’s amendment would force and tackling crime,” he said. WHO WOULD BE MOST LIKELY TO GRANT YOU A MORTGAGE? AN ALGORITHM? OR A HUMAN BEING?

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It puts £17.2bn @angharadcarrick domestic output so any prolonged dis- of holiday spending on hold as FINANCE ministers of the world’s top ruption will have a serious effect on people await clarity over the virus. 20 economies have said they will the country’s struggling economy. A disparity in the perception monitor the effect of the coronavirus Images on social media yesterday over the current level of threat is outbreak, after the International showed Italian shoppers stocking up playing out in differences in Monetary Fund (IMF) predicted the on essentials such as canned food, toi- Shares in Burberry have fallen by 11 per cent since the coronavirus outbreak consumers’ habits. epidemic will shave 0.1 percentage let paper and bottled water, leaving Concerned consumers, who points off global growth. supermarket shelves empty. believe the virus threat is high, are Meanwhile Italy is trying to contain Austria last night ceased all train five times more likely to currently the largest outbreak of the virus in traffic to and from Italy, in a bid to Fund managers snap up luxury avoid travelling abroad and are 20 Europe by putting the worst affected protect itself from the outbreak. times more likely to avoid shopping towns into lockdown. Its number of The epidemic, which originated in destinations such as malls. confirmed cases jumped to over 150, China, has now spread to nearly 30 brands as Covid-19 takes its toll If the virus persists there could with the death toll rising to three. countries. Four of the British evacuees be a significant knock-on effect on The G20 finance heads said they will from the Diamond Princess cruise ANGHARAD CARRICK and BNY Mellon, are taking the retail and leisure sector. enhance global risk monitoring and ship in Japan tested positive for the advantage of the dip according to Six per cent of consumers “stand ready to take further action to coronavirus yesterday. It brings the @angharadcarrick the Sunday Times. The Shanghai currently avoid shopping address these risks”. total number of cases in the UK to 13. LEADING fund managers are buying Composite Index has fallen 11 per destinations but this number could US Treasury secretary Steven The news comes after the World millions of pounds of shares in cent since the start of the year. rise to 16 per cent if the Mnuchin said central bankers Health Organisation chief Tedros luxury brands after significant Chinese citizens account for 35 coronavirus continues. would look at options to respond to Adhanom Ghebreyesus said that falls triggered by the outbreak of the per cent of all luxury purchases Around a quarter of consumers the epidemic, while the Bank of Japan the spread of infection outside of Covid-19 virus. made around the world but a believe the threat is high in the UK, has said it will ease policy if necessary. China without a clear link is “very Fund manager Nick Train, along number of stores have closed to curb while 35 per cent think it is a Lombardy and Veneto, which are the concerning”. with bosses from Rathbone, Jupiter the spread of infection. moderate threat. CITYAM.COM MONDAY 24 FEBRUARY 2020 NEWS 07 DON’T BANK ON IT Unicredit chief exec Digital banks in Last-ditch talks rules himself out of running for HSBC boss UNICREDIT chief executive Jean UK close to 20m Pierre Mustier has ruled himself out of the running to take over the reins at HSBC, the Financial Times users last year reported late last night. Mustier had as British Steel ANNA MENIN been chosen as the preferred external candidate by HSBC’s board @annafmenin of directors. The leadership contest, which is now set to enter its seventh DIGITAL banks operating in the UK month with no outcome, was said edged towards 20m customers in deadline looms to be a two-horse race between 2019, but slowing customer and Mustier and internal contender Noel deposit growth mean the lenders Quinn, who has served as HSBC could face challenges on long interim chief since last August. term profitability, new figures JAMES BOOTH Times reported last Friday. have shown. @Jamesdbooth1 France has the power to veto the sale Digital lenders including Monzo, of the factory in Hayange in northern Revolut and Starling Bank gained THE GOVERNMENT and its advisers France because it supplies rail to over 6m customers in the second are rushing to finalise the sale of French state railway company SNCF half of last year to reach a global British Steel to China’s Jingye ahead and is considered of strategic national total of 19.6m, according to a of a crunch deadline on Thursday. importance. report released today by Accenture. Jingye agreed a provisional £50m If the deal fails, British Steel could This growth represented an deal in November to buy British be broken up and sold. almost tripling of their customer Steel’s plants in the UK, the Nether- Jingye is working to buy a hotel in base in a year. But while their lands and France and was given 70 Scunthorpe to accommodate its exec- Odey’s hedge fund threatens to growth rate of 150 per cent working days to finalise the details. utives working on the deal, the Sun- dwarfs the one and two per cent The Official Receiver, which took day Telegraph reported. recorded by incumbent and control of British Steel when it col- Representatives of Jingye have vis- up Sirius stake amid Anglo offer traditional challenger banks lapsed last year, and advisers from Big ited the Bridge Hotel which is near respectively, their pace of Four accountancy firm EY were in British Steel’s works in the town. JAMES BOOTH average price of 4.9p per share. expansion is slowing. talks with Jingye over the weekend as Since it failed last May, British Steel @Jamesdbooth1 It is lobbying for an increase in Digital banks’ customer they raced to meet Thursday’s dead- has been run by the Official Receiver Anglo’s takeover bid from 5.5p to 7p growth rate slipped 20 per line, the Sunday Telegraph reported. and is being propped up by taxpayers. CRISPIN Odey’s hedge fund is or more. The Sunday Times reported cent in the second half, while The report cited sources who said Jingye is reportedly planning on reportedly threatening to raise its that it is poised to increase its their average deposit balance also they thought it was unlikely the dead- cutting 10 per cent of British Steel’s stake in struggling miner Sirius holding if the share price falls from fell by a quarter from £350 to £260 line would be met. 4,000-strong UK workforce if it gets Minerals if its share price falls, amid the 5.2p at close last Friday. Anglo per customer. Jingye wrote to the French govern- the deal through as a part of a cost- mining giant Anglo American’s offer faces a vote on 3 March to get “Mounting evidence suggests ment last week to push for its blessing cutting drive. to acquire the company. approval for its approach. that profitability continues to be a for Jingye’s acquisition of British Jingye and the Official Receiver did Odey Asset Management has Odey did not respond to requests challenge,” said Accenture Steel’s factory in France, the Financial not respond to requests for comment. bought a 1.3 per cent stake at an for comment. Strategy’s Tom Merry. JP Morgan scopes out former regulator to oversee London rollout of neobank POPPY WOOD Times reported last night. bank Finn in an attempt to enter the @poppyeh Adamson left the FCA in 2015, consumer banking market, however and has since held various non- it was shuttered a year later after US INVESTMENT bank JP Morgan is executive roles at JP Morgan, struggling to recruit customers. said to have lined up a former City including chair of its international Its move to launch a digital bank regulator to spearhead the launch of business and non-executive director on this side of the Atlantic follows its digital bank in the UK. of JP Morgan Securities. rival Goldman Sachs’ expansion into Clive Adamson, who previously America’s largest bank is set to the UK banking sector with the served as head of supervision at launch a range of savings and loan rollout of its Marcus brand in 2018. the Financial Conduct Authority products in the UK in the coming Marcus brought in 250,000 British (FCA), has been elected to chair JP months, though further details are customers in its first year alone. 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Actor and entrepreneur Liz Hurley was among UK recruitment the celebrities to secure a payout from the group firm scurries to raise extra cash

ANNA MENIN of the banks denied the request. The possible change in ownership, @annafmenin first reported by the Sunday Times, CORDANT, one of the largest could derail Cordant’s plan to become recruitment agencies in the UK is the largest social enterprise in the UK. rushing to raise new cash after In 2017, Ullmann announced that coming close to collapse following a executive pay at the group would be row with its lenders. capped at £400,000 — 20 times that of The company, whose clients include its lowest-paid employee — and that Lloyds, Amazon and Tesco, is racing to annual dividends to its owners would secure a deal with investors that be capped at £3m. would end the majority ownership of Cordant is two months’ late in filing the Ullmann family, who have con- its annual accounts with Companies trolled the business since its founda- House. The group’s last available Murdoch’s empire hit by phone hacking charges tion in 1957. accounts show it made an operating Cordant’s biggest shareholder, loss of £12.2m. JAMES WARRINGTON £68m in the year to the end of June. Elizabeth Hurley winning payouts. Phillip Ullmann, is set to retain his A spokesperson for Cordant said it The news came despite the fact that Many of the cases refer to activity role of “chief energiser” under the had been “working closely with man- @j_a_warrington the Sun remains Britain’s best-selling at the News of the World, which was deal, but it is likely a new chairman agement and shareholders to secure RUPERT Murdoch’s Sun newspapers newspaper as well as becoming the published by NGN before closing in will be appointed. partnerships with key investors in the have posted another year of deep UK’s largest digital news brand after 2011. Civil cases related to matters at The recruiter was left close to col- sectors” and was “nearing the end of losses after the publisher was forced thesun.co.uk and its subsidiaries the Sun have been settled without lapse after one of its lenders refused to that process”. to pay out millions of pounds to overtook the Daily Mail. admissions from the newspaper. refinance a debt facility. Cordant’s “The prospective purchasers of the settle phone hacking cases. The loss — narrowed from £91m in NGN posted turnover of £420m, up lenders include the Royal Bank of business are keen to embark on an News Group Newspapers (NGN), 2018 — was driven by the continued from £401m the previous year, Scotland, Barclays, and Dutch bank exciting new phase of the Cordant which publishes the Sun and the Sun impact of phone hacking cases, with helped by a one-off £39m payment ABN Amro, but it is not known which Group’s 60-year journey,” they added. on Sunday, reported a pre-tax loss of celebrities such as Sir Elton John and linked to the closure of Sun Bets. Hedge funds to bet against Ladbrokes owner GVC ahead of fresh regulations ANGHARAD CARRICK company with the biggest change in Flutter has 7.5 per cent of its shares short positions so far this year. out on loan to hedge funds, while @angharadcarrick Reportedly 3.6 per cent of its William Hill has 0.58 per cent out. HEDGE fund tycoon Ken Griffin is shares, worth £180.2m, are out on A spokesperson for GVC said: “The building a bet against Ladbrokes loan to hedge funds. level of short positions in our stock owner GVC as it battles a potential Bookmakers are facing a tide of is unremarkable, especially increase in regulation. regulation as the government cracks compared to some industry peers. Griffin, the founder of hedge fund down on the fixed-odds betting “It’s not for us to comment on the Citadel, has taken an £80m bet terminals, reducing the stake from possible motivations of shortsellers, against the bookmaker, as other £100 to £2. Other gambling firms but we welcomed recent news that traders also increased their have also come under attack from the German states have reached a positions, according to the Sunday shortsellers recently. compromise on future online Times. It has made GVC the FTSE 250 Paddy Power and Betfair owner gambling regulation.” The government has been cracking down on fixed-odds betting terminals

CITYAM.COM MONDAY 24 FEBRUARY 2020 NEWS 11

LOCKED AND LOADED Camden takes tech crown as it leads UK new business creation Government appoints advisers to assess health of key outsourcers JAMES BOOTH outsourcer Carillion in 2018. Kier is set to benefit from the @Jamesdbooth1 The Cabinet Office, which government’s decision to push employs crown representatives to ahead with the HS2 railway project THE GOVERNMENT is said to have manage relationships with major with a series of lucrative contracts appointed advisers to monitor the public sector suppliers, was for its construction. health of important outsourcing criticised for a lack of oversight of However, the Sunday Telegraph firms such as engineering giant Kier. Carillion before its failure. reported that Kier had hired The Sunday Telegraph reported It is understood the Cabinet accountancy firm EY as a financial that the Cabinet Office has hired Office is looking at corporate adviser amid fears it could be audit firm Deloitte to assist in resolution plans and living wills for facing another financial squeeze. assessing key contractors. its key strategic suppliers in case Kier and the Cabinet Office The move follows the collapse of they get into financial difficulties. declined to comment. CAMDEN has topped the UK rankings for new business creations as London’s booming tech scene continues to drive growth in the capital. Westminster came in second place while Hackney ranked fourth, according to figures published today by Growthdeck. Cost of payouts to staff plunged The fastest by third last year way to

JAMES BOOTH It said some businesses may have cho- sen to retain staff they might not need make @Jamesdbooth1 in the short term due to the difficul- THE COST of redundancy payments to ties in recruiting replacements later. UK businesses fell 28 per cent last year, However, the data may not reveal the according to analysis published today. full number of workers losing their Redundancy payments fell to a jobs, as it does not show workers made someone’s decade low of £3.3bn in 2018/19, down redundant by their employers after from £4.6bn the previous year, law less than two years’ employment as firm EMW said. they are not eligible for redundancy The firm said the sharp fall in pay. the amount paid by UK businesses in It also does not include agency work- redundancy payments suggests the ers laid off or those in the gig economy day negative impact of Brexit on the econ- who in some cases are treated as self- omy may not have been as bad as ini- employed. tially feared. Many of the jobs lost in the retail sec- The number of redundancy payments tor in the last year may not have led to has also dropped to a 10-year low, redundancy payments as retail busi- falling to 180,000 last year, down nesses tend to have a high turnover of from 380,000 in 2008/9 during the staff with many part-time employees, credit crunch. the firm said. EMW said another factor that may Jon Taylor, principal of EMW, said: have reduced the number of redundan- “Brexit has not led to a large wave of cies is the UK’s tight labour market. redundancies.”

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Journey time shown represents a typical Monday-Friday journey. 12 NEWS MONDAY 24 FEBRUARY 2020 CITYAM.COM

markets are quite volatile right IG’s June Felix talks now because of all the change and I think it’s important to be responsible trading hours, in that”. CUTS TO Earlier this month, FTSE 100 bosses diversity in the City were accused of “dragging their feet” over a target to appoint a non-white and Brexit with director to their board by the end of Anna Menin 2021, after it emerged that just 53 had TRADING done so to date. Felix, who is one of S HEAD of FTSE 250 trading platform IG, June Felix is one of the most prominent female bosses in Britain. Her intervention in the ongoingA debate over cutting trading DAY ‘NOT We have great hours — arguing it would not be “helpful” and could make London representation “less competitive globally” — makes and will continue her the City’s first major dissenting voice on the issue. to work on it, but Felix, whose online platform offers HELPFUL’ 24-hour trading to customers, says it’s not like its over “the whole idea that everything has to be around work/life balance” is a “bit skewed”.“Based on that, you just a handful of women of colour wouldn’t have 24-hour electricity… currently leading FTSE 350 firms, says you wouldn’t have 24-hour police sup- it is the “harsh reality” that the finan- port,” she tells City A.M. cial services industry “still has a lot of Industry bodies have been lobbying where London wants to be and re- spearheading calls for a shorter trad- global markets exist to enhance liq- need to progress” on diversity. for the London Stock Exchange (LSE) main to be a global financial hub.” ing day in London argue that long uidity for economies and companies.” “It’s not just the right thing to do to to trim the City’s trading day, saying At eight-and-a-half hours, London hours are bad for traders’ mental She says the LSE’s consultation was be fair, it’s good business sense,” she that the change would improve work- currently has one of the longest trad- wellbeing and particularly impact “asking the wrong question” for the says, citing research showing that di- place culture and market liquidity. ing days in the world, with markets women and working parents. City, and that firms should be focused verse firms produce better returns. In December the bourse launched a active from 8am to 4.30pm. Traders in The LSE’s consultation document on creating “a vibrant sustainable “Creating the right environment” to consultation into cutting hours. New York and Tokyo work for two on trading hours acknowledged that business” for both their employees help diverse employees excel is key to “Right now London has a lot of chal- hours fewer, while markets in Tokyo a shorter day could “encourage staff and clients. improving representation, she contin- lenges with Brexit,” says Felix, who be- and Hong Kong both pause for lunch. diversity” and have a “positive impact “If you’re going to be a global finan- ues. While she prides herself on IG’s came IG’s first female chief executive London’s trading day is harmonised on the mental wellbeing of staff”. cial hub there’s a lot of aspects to that diversity, she is not complacent about in 2018. “Adding [shorter hours] on with its European counterparts, and Asked if she thought shorter hours question. How do you become avail- progress. “We have great representa- top of that to make you less competi- is designed to overlap with the close would promote diversity, Felix says: able?” she adds. “Maybe you can do tion... and are continuing to work on tive globally would not necessarily, in of Asian markets and opening of “We also have to be practical: this is a that with lunch breaks and having it,” she says. “It’s something we feel my humble opinion, be helpful to the US. But the industry bodies globally competitive world. These everyone on automated systems... but good about, but it’s not like it’s over.”

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enough in terms of strengthening and engaging with the business com- munity,” she says. “Skills and making Siobhan Benita sure you have access to talent are the concerns I’m hearing from the City and from businesses.” Beyond busi- ness, the ex-civil servant has pitched her campaign around making London “safer, greener and kinder”. wants to ‘Love Making London safer will likely by the central issue of the campaign. Her plan to tackle gang violence is grounded in policies to decriminalise cannabis, create more youth pro- grammes and designate Metropolitan London Better’ Police liaison officers for every school. “Prevention and intervention are just as important as enforcement when it comes to knife crime,” she Stefan Boscia talks business with the says. It may be difficult for Benita to stamp her authority on the issue. Liberal Democrats’ mayoral candidate Tory candidate Shaun Bailey, a for- mer social worker, and independent OR A moment in 2019, the Lib- fewer seats than when it started. candidate Rory Stewart are seen by eral Democrats looked in with It has left the party needing to some as the most likely to make it a a chance of upending Britain’s rebuild and find an identity beyond signature issue. Ftwo-party political hegemony. stopping Brexit. Making London “kinder” is more of After years in the political The journey largely begins with Lon- a unique selling point. Her slogan — wilderness, the party rode a wave don mayoral candidate Siobhan “Love London Better” — plays into this of Brexit uncertainty, parliamentary Benita, who ran as an independent in facet of her campaign. “If you start division and a wave of defecting the 2012 race against Boris Johnson. looking at any issue through this lens MPs to top the Westminster YouGov The 7 May poll gives her a chance to of kindness, the need for more action polls in late May, eliciting cries of ju- reboot the party’s brand in the capital becomes very clear,” she says. One gets bilation from long suffering Lib Dem and lay out a clear vision for what a the sense these issues are close to the supporters. Lib Dem platform looks like in 2020. heart of the born and bred Londoner. Its clearly defined Brexit stance, and A part of her pitch has been that she She’s proud of the city’s diversity the ostensible popularity of Jo Swin- would be the “most business-friendly and calls London the world’s “most in- son, had the party looking strong. mayor” London has seen. Included clusive and welcoming city”. However, Nine months on and things look de- among her policies is to create an in- whether Benita can forge an identity cidedly less peachy, if not disastrous. ternational trade team at City Hall, in the minds of voters remains to be In the General Election, the Lib Dems open a London-wide tech incubator seen. If she manages to perform well picked up 11 per cent of the vote, and to lobby central government for a in May, it could represent the first Swinson’s constituency turfed her out “London visa”. step of putting the Lib Dems back on and the party finished with nine “I don’t think Sadiq [Khan] has done the map. CITYAM.COM MONDAY 24 FEBRUARY 2020 NEWS 15 Sanders takes the lead G20 agrees on final bulletin for as he declares victory climate change

ANDREA SHALAL

at the Nevada caucuses FINANCE officials from the world’s 20 biggest economies meeting in Riyadh ANGHARAD CARRICK mayor Pete Buttigieg with 15 per cent. yesterday reached agreement on the “The press is ready to declare wording of a final communique that @angharadcarrick people dead quickly, but we’re alive includes for the first time a reference BERNIE Sanders has solidified his and we’re coming back and we’re to climate change, G20 diplomatic status as the Democratic front-runner gonna win,” Biden told supporters on sources said. in the US presidential election after Saturday night. Compromise language hammered declaring victory in the Nevada Biden will be counting on a strong out to overcome US objections caucuses. showing in the next primary Greece has been urged to address high numbers of refugees on its islands retained a reference to the Financial The momentum for in South Carolina, which Stability Board’s work examining the Sanders, who is a self- has a large bloc of black implications of climate change for declared socialist, comes voters. According to France offers Greece solidarity financial stability, although it as the support of moder- Reuters, entrance polls dropped climate change from its ate Democrats is split list of downside risks to global between his rivals. Sanders was ahead of over tensions in Aegean Sea economic growth. Former vice president Biden and Buttigieg G20 finance ministers and central Joe Biden is on track for bankers are meeting in the Saudi a second-place finish in in Nevada showed GEORGE GEORGIOPOULOS a host of issues ranging from mineral capital to discuss top global economic Nevada which gives Biden led among rights in the Aegean Sea to ethnically challenges, including the spread of his struggling campaign African Americans with FRANCE will stand by Greece and split Cyprus. Tensions are also high the new coronavirus. new hope. 36 per cent, followed by Cyprus, supporting both in their because of Turkish drilling off Concerns about the economic Sanders had 47 per cent of the Sanders with 27 per cent. disputes with Turkey over maritime Cyprus — the EU has prepared impact of climate change have county convention delegates in Nevada is the third contest in zones in the Mediterranean, French sanctions against Turkey in response. escalated in recent years and pressure Nevada last Saturday, with 50 per cent the Democratic primary race, and defence minister Florence Parly was “France intends to stand by Greece is mounting on business to accelerate of the precincts reported. Biden comes at a critical point just before quoted saying in a Greek newspaper and help it to confront multiple the shift to a low-carbon economy trailed in second place with 19 per Super Tuesday on 3 March, when 14 yesterday. tensions in the Aegean,” Parly told To ahead of United Nations climate talks cent, followed by former Indiana states will vote. Greece and Turkey are at odds over Vima newspaper. Reuters in November. Reuters

NEWSLETTERS The ‘known unknowns’ The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL that could define 2020 CITYAM.COM/NEWSLETTER

whether the senator from Vermont go? How will non-US companies who TOWN AND COUNTRY PLANNING (DEVELOPMENT Eric Cantor, the could be 2020’s Jeremy Corbyn, pop- use US technology be impacted? How MANAGEMENT PROCEDURE) ORDER 2015 ular amongst his fans but given a bat- does China respond? Whatever the Notice under Article 13 for an application for Full former House tering at the ballot box. answers, they promise to be less lin- Planning Permission Second, if the US is choosing ear and less predictable than tariffs majority leader in between two paths in 2020, the UK — the impact of which are, at least, has many more to choose from — all understood to policy makers and cor- Proposed development at: Millennium Bridge House, 2 Lambeth Hill, London DC, looks to the with their own drawbacks and porate leaders. EC4V 4AG limitations. Despite this political uncertainty, We give notice that: AG Beltane MBH B.V. global horizon Close-alignment with the EU? A and a raft of “unknown unknowns” Is applying to City of London Corporation for full planning permission for the Canadian or an Australian model, or like the coronavirus, consumer con- following: T’S NOT long since warnings of an something else entirely? As difficult fidence is hitting record highs in the “Refurbishment and extension of the existing building involving the partial upcoming slowdown dominated as it was to get a Brexit bill through US and the UK. demolition and partial infilling of the existing structure and the introduction the British news agenda. But with parliament, resolving the trading What explains such optimism? of a new façade to all elevations and extension to the building at all floors, a Brexit deal in hand and signs of and regulatory relationship with the Perhaps it is the recognition that introduction of roof terraces at fifth and sixth floors, including a public a thaw in the global trade war, un- EU will be harder and even more crit- despite all the uncertainty generated viewing terrace and associated lobbies at second and sixth floors, alongside a Icertainty has lessened and the fear of ical for business. And there are less by policy makers, the fundamentals part change of use at ground floor from Office to Retail/Café/Restaurant/Bar recession receded. than 10 months to figure it out. of the economy are remarkably (Class A1/A3/A4); a part change of use at first from Office to either Office or So it is smooth sailing from here? Thirdly, investors the world-over strong. Retail/Restaurant/Bar (Class A1/A3/A4/B1); second floor from Office to either Hardly. New uncertainties are likely took a measure of comfort in the out- Or perhaps we have all become too Office or Retail/Restaurant (Class A1/A3/B1) and a change of use from Office to emerge just as quickly as last year’s come of the phase one US-China confident in our ability to manage to Retail/Café/Restaurant (Class A1/A3); a part change of use at sixth floor disappeared. Here’s three of the trade deal. Yet the issues that remain, the unexpected. from Office (Class B1) to either Office or Restaurant/Bar (Class B1/A3/A4) and “known unknowns”. especially around technology, are Our economies have ploughed on a change of use from office to restaurant/bar (Class A3/A4) use together with First, elections are supposed to be more complicated and more difficult despite uncertainty — albeit at a public realm works to Peter’s Hill (including the removal and relocation of the the means of resolving which direc- to resolve. lower trend growth rate. Maybe we southern HSBC gates), Lambeth Hill, Trig Lane and Paul’s Walk (part of the tion a nation wants to go. Tradition- Huawei gets the headlines, but the have become desensitised to surprise. Thames Path) and associated works.” ally, at least in the United States, the US administration is considering Our ready expectation of the “un- choice has been about two paths more far-reaching tools to block vir- known unknown” furthers our ap- Any Owner of the land or Tenant who wishes to make representations about this heading in the same general direc- tually any “technology” transaction preciation of the fundamental application should write to City of London Corporation, Department of the Built tion, just one leaning more right and between US firms and China and re- strengths that unite our two nations. Environment, PO Box 270, Guildhall, London, EC2P 2EJ, within 21 days from the one more left. stricting all kinds of exports. It is unfashionable to defend the date of this notice. Not so in 2020. The leading Demo- How far does the administration virtue of businesses that do the sim- cratic candidate for president, Bernie ple things well — turn a profit by serv- Gerald Eve LLP Sanders, is a self-described socialist ing their customers, and the who vows to undo all the communities in which they operate. On behalf of: AG Beltane MBH B.V. executive actions of the current Pres- But the United Kingdom and ident and fundamentally remake United States have these in 'Owner' means a person having a freehold interest or a leasehold interest the unexpired whole sectors of the economy. abundance. It is a good reminder to term of which is not less than seven years. 'Tenant' means a tenant of an agricultural The incumbent has demonstrated a business leaders and policy makers holding any part of which is comprised in the land. willingness to take unconventional alike that, when the only thing that means in support of non-traditional is certain is more uncertainty, the Statement of owners' rights: The grant of planning permission does not affect owners' ends, especially in trade and foreign best thing to do is to keep calm and rights to retain or dispose of their property, unless there is some provision to the relations. carry on. contrary in an agreement or lease. He is likely to increase the use of dis- ruptive methods and create addi- £Eric Cantor is vice chairman and a Statement of agricultural tenants' rights: The grant of planning permission for non- tional uncertainty if validated with managaing director at investment bank agricultural development may affect agricultural tenants' security of tenure. re-election — and many Democratic Moelis & Company. He was the House operatives are openly speculating Cantor was House majority leader majority leader from 2010 to 2014. 16 NEWS MONDAY 24 FEBRUARY 2020 CITYAM.COM Ryanair boss O’Leary slammed for Muslim airport profiling comments POPPY WOOD be less stringent as “the chances “This is the very definition of [they] are going to blow them all Islamophobia,” they added. @poppyeh up is zero”. Meanwhile, Labour MP Khalid RYANAIR chief executive Michael O’Leary’s comments sparked Mahmood said O’Leary was O’Leary has been criticised for widespread outrage across the “encouraging racism” with his comments suggesting Muslim men Muslim community, with many comments. should be screened at airports brandishing his remarks as racist. “If he can tell me what colour because “that is where the threat is A spokeswoman for the Muslim Muslims are then I’d be very happy to coming from”. Council of Britain said: “Michael learn from him — you can’t judge a The airline boss told the Times that O’Leary should be under no illusion: book by its cover,” he told the Times. plane bombers are most likely to be his comments are racist and In a statement released over the single “males of a Muslim discriminatory... He openly advocates weekend, Ryanair peddled back on persuasion”. He added that checks on discrimination against [anyone] who O’Leary’s comments, saying: “He families with young children should ‘looks or acts like a Muslim.’” apologises sincerely for any offence.” Michael O’Leary said airline bombers were “generally males of a Muslim persuasion” Hammerson set IMF extends its visit to crisis-hit to cut dividend Lebanon today ERIC KNECHT

THE INTERNATIONAL Monetary Fund (IMF) will continue meetings amid sector woe with Lebanese authorities today, sources familiar with the process said, extending a visit to provide technical advice that was expected ANGHARAD CARRICK to the book value of the assets. to end yesterday. The deal takes the total sum of The IMF began meetings with @angharadcarrick Hammerson’s disposals since the Lebanese authorities on 20 UK PROPERTY development firm beginning of last year to £975m. February to provide broad Hammerson will reportedly slash its While the deal will help technical advice on how to tackle dividend and write down the value of Hammerson pay down its £3.4bn of the country’s crippling financial its assets in its results this week. debts, Stifel analyst John Cahill said and economic crisis. The fund had Peel Hunt analysts have forecasted the loss of income meant the firm said it would stay until 23 February. that the shopping centre owner will would only just cover its current The Rubik Mona Lisa is made up of 330 Rubik’s Cubes Lebanon has not requested cut its dividend by 30 per cent, accord- dividend. financial assistance from the IMF ing to reports in the Sunday Times. The dividend cut is reportedly likely as it draws up a rescue plan to Analysts estimate that the value of to be supported by Dutch pension tackle a long-brewing financial Hammerson’s assets, which stood at fund APG, which has built a 19.3 per Invader’s ‘Rubik Mona Lisa’ art crisis that spiralled last year as £9.9bn a year ago, will fall by approxi- cent stake in the firm. capital inflows slowed and protests mately 20 per cent. Shares in Hammerson have slumped erupted against the ruling elite. The firm is exposed to the woes of in the last two years after the firm beats estimate at Paris auction The sources familiar with the the retail sector as online shopping rebuffed a £5bn takeover approach meetings said talks would continue and increased costs have plague the from French shopping centre owner DOMINIQUE VIDALON of a blockbuster Leonardo da Vinci until the Lebanese government British high street. Shares in the Klepierre in 2018. exhibition at the nearby Louvre made a decision on issues related property development firm have more Shares in other retail landlords have A FRENCH street artist’s museum, the home of the real Mona to the technical assistance. than halved over the past two years to followed suit amid a spate of bank- interpretation of the Mona Lisa made Lisa. That show marked the 500th The results of the meetings were 222p, which leaves it trading on a divi- ruptcies and closures. Shares in Intu of 330 Rubik’s Cubes sold for anniversary of the death of the “positive”, they added, without dend yield of 11.7 per cent. lost nearly a third of their value €480,200 (£401,659) yesterday at a Renaissance master. specifying further. Since 2018 Hammerson has been in earlier this month after Link Real modern art auction in Paris, well Invader is known for his mosaic Lebanon is grappling with an the process of exiting the retail parks Estate Investment Trust said it would above presale estimates of up to tile works featuring pixilated versions acute liquidity crunch and one of sector to focus instead on a portfolio no longer participate in a £1bn emer- €150,000, organisers Artcurial said. of the 1978 Space Invaders video the highest public debt burdens in of flagship assets. gency cash call. The 2005 artwork by anonymous game characters, which “invade” the world that has prompted banks Last week Hammerson announced it The Trafford Centre owner is strug- street artist Invader uses the plastic cities around the world. fearing capital flight to impose had sold seven retail parks to Orion’s gling under a £4.7bn debt pile while puzzles’ squares to create a mosaic of The Rubik Mona Lisa is the first in strict controls. European real estate fund for £400m, many of its tenants are closing stores the Mona Lisa and her famous smile Invader’s Rubikcubism series, in The Lebanese pound has slumped the largest sale of its kind in the UK for in response to rising costs and a move- in garish colors. which he recreates well-known Old by about 60 per cent on a parallel a decade. It was a 22 per cent discount towards online shopping. The sale coincided with the closure Master works. Reuters market, hiking inflation. Reuters Sonic the Hedgehog edges out Call of the Wild on US box office charts

REBECCA RUBIN Ford’s Call of the Wild surprised by Though Call of the Wild, an taking the top spot last Friday. adaptation of Jack London’s 1900s AFTER a close box office battle, However, Sonic finished the novel, beat expectations, it carries a Paramount’s Sonic the Hedgehog weekend with $26.3m (£20.3m), massive $125m price tag, and will pulled ahead of Disney and 20th enough to defeat Call of the Wild and need support from ticket buyers Century’s The Call of the Wild on its $25m debut. across the globe to break even. North American charts over the The animation became a surprise STX’s supernatural thriller Brahms: weekend. box office hit after launching with a The Boy II, last weekend’s other new The two movies had been in a tug- stellar $70m over the Presidents’ Day release, generated $6m from 2,151 of-war for first place. Heading into holiday. After its second week of venues in the US. The horror film the weekend, Sonic was expected to release, the movie crossed the $100m drew another $2.22m for a global Sonic drew in $26.3m over the weekend, bringing total sales to more than $100m easily dominate again but Harrison mark in North America. start of $8.22m. Reuters CITYAM.COM MONDAY 24 FEBRUARY 2020 MARKETS 17

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DOMINOS PIZZA UK stocks slip as 330 P Wall St pulled 325 down by US 320 21 Feb virus fears quell 322.60 315 business data

310 S STOCKS sold off and the UNasdaq had its worst daily 17 Feb 18 Feb 19 Feb 20 Feb 21 Feb percentage decline in about three weeks last Friday as a spike in appetite for risk Broker Peel Hunt has developed a real taste for Domino’s Pizza’s dough-based new coronavirus cases and data cheesy offerings which it thinks could be the basis for future growth with the right showing a stall in US business activity strategy. It applauds the company’s decision to pull out of markets such as Norway in February fuelled investors’ fears which have been a drain on resources and profitability. It retains its “buy” rating and about economic growth. K SHARES fell last Friday as again this week, keeping volatility ele- ups its target price by 10p to 350p on the hope that a renewed focus on the UK and Declines were led by the technology investors took measures to vated in global markets. the Republic of Ireland where it is “dominant in terms of awareness, profitability and sector for a second straight session. reduce their exposure to Data showed US business activity in cash generation” should allow it to achieve much more in the future. Tech-related heavyweights Microsoft, Uperceived risky assets as both the manufacturing and services Amazon and Apple were the biggest the coronavirus continued sectors stalled in February with com- drags on the S&P 500. to spread, while a buyout offer panies increasingly concerned about HAYS The S&P technology index dropped powered mid-cap real estate the epidemic. 2.3 per cent. Chipmakers, which have 170 P investment firm Daejan to an all- Firms including tech giant Apple 21 Feb strong ties to China, also fell sharply. time high. have warned of a hit to sales, leading 158.80 The Philadelphia Semiconductor The FTSE 100 slipped 0.4 per market participants away from 165 index ended down three per cent. cent and marked its second equities and into safe haven assets Apple earlier last week issued a sales consecutive week in the red like gold. Still, Erlam raised warning, citing the impact of the virus after an uptick in new cases the possibility of a quick 160 outbreak. of the virus in China and rebound as dealers look to The worries pushed up Wall Street's South Korea hit stocks buy into assets at a fear gauge, the CBOE volatility index, more exposed to com- 155 and caused investors to seek safe- modity prices, includ- Royal Mail shares slipped haven assets. The VIX hit its highest ing oil majors and 2.2 per cent ahead of a 17 Feb 18 Feb 19 Feb 20 Feb 21 Feb closing level since 3 February. miners. potential strike Gold and bond prices rose and some “Perhaps the reality of Broker Liberum made recruiter Hays a hot prospect while the sun shone, but defensive equity sectors, including the situation is starting cheap price. difficulties in China and ongoing tough conditions in core markets the UK, Germany staples, ended the day higher. to hit home for investors “This is a dip buying envi- and Australia mean it has once again trimmed its projected earnings for 2020 for The IHS Markit Purchasing or maybe, and probably ronment so it’s probably only the stock. The cumulative cut amounts to 28 per cent since last July. The broker Managers’ index of US services sector more likely, they’re using the a matter of time until investors lowers its target price by 5p to 155p and maintains its “hold” rating. On the plus activity dropped to its lowest level slew of [company earnings] warnings pile back in on the ‘discount goods’,” side, it says Hays’ balance sheet remains strong and it still forecasts a special since October 2013, signalling a to take some profit and risk off the he said. dividend, although at lower levels than initially predicted. contraction for the first time since table,” Oanda analyst Craig In other moves, education group 2016. The manufacturing sector Erlam said. Pearson skidded four per cent to the also clocked its lowest reading The FTSE 250 was also 0.4 per cent bottom of the blue-chip bourse after PLAYTECH since August. lower, but Daejan helped cap losses, its annual profit came in slightly The Dow Jones Industrial Average 350 P gaining 55.7 per cent to match its below its forecast. fell 227.57 points, or 0.78 per cent, to 8,050p per share offer price. Shares of Royal Mail fell 2.2 per cent 28,992.41, the S&P 500 lost 35.48 345 The spread of the China-linked coro- as the postal group’s largest labour 347.20 points, or 1.05 per cent, to 3,337.75 navirus, which has killed more than union said it could call a strike as 21 Feb and the Nasdaq Composite dropped 2,200 people, dominated headlines early as next month. 340 174.38 points, or 1.79 per cent, to 9,576.59. The Nasdaq shed 1.6 per 335 cent, its biggest weekly percentage TOP RISERS FTSE decline in three weeks. Dropbox 7,500 P 330 Also on Friday, jumped 20 1. Polymetal Int Up 2.95 per cent per cent after it raised its outlook for 2. Berkeley Up 2.2 per cent 17 Feb 18 Feb 19 Feb 20 Feb 21 Feb operating margin, and Deere & Co 3. BAE Systems Up 1.92 per cent 7,450 rose seven per cent after an Analysts at Peel Hunt say gambling company Playtech is a “strategic muddle” but unexpected rise in first-quarter profit. TOP FALLERS 7,400 21 Feb add that it has a solid business-to-consumer offering in Italy as its core. The analysts Sprint climbed six per cent as it 7,403.92 continue to view the stock with optimism, but say management has to overcome announced new merger terms with T- 1. Pearson Down 3.87 per cent some key hurdles to get investors on side. Key risks include exposure to coronavirus- Mobile showing a reduction in the 2. Rolls-Royce HLG Down 2.86 per cent 7,350 hit China and a potential Italian regulatory crackdown. They also urge management stake of major Sprint shareholder 3. Smith & Nephew Down 2.78 per cent to expedite the sale of struggling business units to let investors focus on its core. Peel Softbank. T-Mobile shares dipped 0.9 17 Feb18 Feb 19 Feb 20 Feb 21 Feb Hunt reiterates its “add” rating and holds its target price at 425p. per cent. CITY MOVES WHO’S SWITCHING JOBS Time to Shine.

ARTEMIS RESOURCES successfully led a turnaround of the business through strengthen our management team capability and help SPOT GOLD PRICE Artemis Resources has the acquisition of new royalties, disposal of non-core 4ways continue to deliver strong growth.” announced the appointment assets, and successful equity and debt fundraisings. £1,270.05 / OZ of Mark Potter as chairman. NESTIFY (21 FEB, 3:51PM) Mark has over 14 years’ 4WAYS UK proptech lettings agent Nestify has announced the experience in natural 4ways, the UK-based remote radiology reporting appointment of Guy Maranon in the newly created role resources investments and service, has announced the appointment of Susan of national sales manager. Guy brings a wealth of holds several board positions Veness to the board as chief financial officer (CFO). experience to Nestify, with almost a decade of across the mining industry. He Susan has a wealth of experience in senior financial experience as a seasoned property lettings and currently serves as the chief and business roles across a range of sectors, including negotiations professional. Guy joins Nestify from investment officer (CIO) of biotech, housing, manufacturing and travel. She joins Kinleigh Folkard & Haywood where he had held the Metal Tiger, and is the founder from Phlexglobal, where she was CFO and responsible position of lettings manager since 2015. Hedi Zidan, co- and a partner of Sita Capital Partners. Mark was for the delivery of core finance functions. Ajay Bh founder and chief executive of Nestify commented: SHARPSPIXLEY.COM formerly a director and CIO of Anglo Pacific, a London- Chadha, chief executive officer at 4ways, said: “We are “We’re excited to welcome Guy to our team, [with] his listed natural resources royalty company, where he delighted to welcome Susan to 4ways. [She] will experience and knowledge of property lettings.” T: +44 (0) 207 871 0532

To appear in CITYMOVES please email your career updates and pictures to [email protected] VISIT THE SHOWROOM AT 54 ST JAMES'S STREET, SW1A 1JT 18 OPINION MONDAY 24 FEBRUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Don’t leave it up to the EU to TO THE EDITOR decide how we regulate AI Playing chicken [Re: UK preparing to break with EU on food safety at WTO meeting] We might have hoped it would take more HE WAR of words between simply give legal force to some of ing to the context in which the AI than a month from the UK gaining an Britain and the EU has Marc the many vague ethical codes cur- tool is deployed. For instance, an al- independent trade policy for the begun ahead of next Warner rently floating around the industry. gorithm which hands out super- government to roll back on promises of Tmonth’s trade talks. But as But the lack of specificity of these market loyalty points might be high standards in our food and high Britain sets its own course codes means that they would result measured only on whether it is fair ambition for the environment. on everything from immigration to in heavy-handed blanket regulation, and protects personal data, Cows and chickens are fed hormones fishing, there is one area where the which could have a chilling effect whereas one making clinical deci- and washed in acids or chlorine because battle for influence is only just kick- on innovation. sions in a hospital would be re- they’re raised in industrial farms. The links ing off: the future regulation of ar- Instead, the aim must be to ensure quired to reach better-than-human- between such forms of food production tificial intelligence. that AI works effectively and safely, average standards in every area. and pollution and climate change are As AI becomes a part of our every- so partly based on the regulations while giving companies space to in- The third principle is that regula- scientifically proven. If these rumours are day lives — from facial recognition which apply there. novate. With that in mind, we have tors must balance transparency true, it seems it is our government’s software to the use of “black-box” al- Put simply, the regulation of AI is created four principles which we be- with trust. For example, they might promises of global environmental gorithms — the need for regulation too important for Britain’s future lieve a British approach to AI regu- publish one set of standards for su- leadership that are mumbo jumbo. has become more apparent. But prosperity to leave it up to the EU lation should be designed around. permarket loyalty programmes, Kierra Box, Friends of the Earth around the world, there is rigorous or anyone else. The first is that regulations should and another for radiology algo- disagreement about how to do it. That doesn’t mean a race to the be context-specific. “AI” is not one rithms. Each would be subject to [Re: Britain stands to lose more than its Last Wednesday, the EU set out its bottom. Regulation is meaningless technology, and it cannot be gov- different licensing regimes: a light- Marbles if it folds now] approach in a white paper, propos- if it is so lax that it doesn’t prevent erned as such. Medical algorithms touch one for supermarkets, and a Rachel Cunliffe writes: “In Ceta’s case, the ing regulations on AI in line with harm. But if we get it right, Britain and recommender algorithms, for much tougher inspection regime EU was not about to sacrifice a deal worth “European values, ethics and rules”. will be able to maintain its position example, are likely to both be regu- for hospitals. an extra €5.8bn a year”, but I wonder It outlined a tough legal regime, in- as the technology capital of Europe, lated, but to differing extents be- Finally, regulators will need to whether she has thought to divide that cluding pre-vetting and human as well as setting thoughtful stan- cause of the impact of the outcomes equip themselves with the skills gain by the EU’s collective GDP of nearly oversight, for high-risk AI applica- dards that guide the rest of the — the consequences of a diagnostic and know-how needed to design €16 trillion a year? The answer would be tions in sectors such as medicine western world. error are far greater than an algo- and manage this regime. That less than 0.04 per cent, hardly an earth- and a voluntary labelling scheme So what should a British ap- rithm pushing an irrelevant product means having data scientists and shattering gain. for the rest. proach to AI regulation look like? advert into your social media feed. engineers who can look under the In fact even compared to the typical In contrast, across the Atlantic, It is tempting for our legislators to Our second principle is that regu- bonnet of an AI tool, as well as ethi- annual growth of the EU economy, around Donald Trump’s White House has lation must be precise; it should not cists and economists. They will also €0.5 trillion, the gain would still be so far taken a light-touch approach, be left up to tech companies them- need the powers to investigate any negligible — just over one per cent. publishing 10 principles for public selves to interpret. algorithm’s performance. More to the point as far as we are bodies designed to ensure that reg- Fortunately, the latest develop- These four principles offer the concerned, the gains for the EU’s ulation of AI doesn’t “needlessly” ments in AI research — including basis for a regulatory regime precise counterparty to the trade deal — Canada get in the way of innovation. some which we are pioneering at enough to be meaningful, nuanced — are also negligible. If the UK adopted the Britain has still to set out its own If we are late Faculty — allow for analysis of an al- enough to permit innovation, and same position vis-a-vis the EU, in reality approach, and we must not be too to the party, we gorithm’s performance across a robust enough to retain public that would be of little additional value late to the party. If we are, we may range of important dimensions: ac- trust. We believe they offer a prag- compared to having no special trade deal. lose the opportunity to influence may lose the curacy (how good is an AI tool at matic guide for the UK to chart its Surely it should be clear that it is hardly the shaping of rules that will im- doing its job?); fairness (does it have own path and lead the debate about worth the bother of even trying to pact our own industry for decades opportunity to implicit biases?); privacy (does it leak the future of the AI industry. negotiate any such preferential trade deal to come. shape rules that people’s data?); robustness (does it with the EU, let alone making any This matters, because AI firms — fail unexpectedly?); and explainabil- £ Dr Marc Warner is chief executive and concessions to secure it? the growth generators of the future will impact us for ity (do we know how it is working?). co-founder of AI company Faculty, and a Dr D R Cooper — can choose where to locate and Regulators should set out precise member of both the Digital Economic which market to target, and will do decades to come thresholds for each of these accord- Advisory Council and the AI Council. BEST OF TWITTER Immigration was never intended as means of letting care homes (and Culture complements commerce, so let’s other employers) get away with scandalously low pay. But it’s now Labour who side with these employers — and Tories who say the celebrate the City’s thriving artistic scene days of wage-slavery are ending. @FraserNelson

S LORD mayor of the City arts are a major driver for social and Our arts sector promotes a rich Interesting to see all the Conservatives of London, my role is pri- William economic change, and how cultural and vibrant creative economy, and who have never campaigned against marily business-focused. Russell engagement has the power to help showcases the City, London, and low pay & bad working conditions ABut I am also passionate us all rethink and frame our values the whole of the UK as a major des- suddenly getting worked up about it about arts and culture, and and behaviour. tination for business. in order to justify their anti- with so much of it on our doorstep, Together, we are reminding every- We should be immensely proud of immigration stance... Londoners are truly fortunate. one of the importance of a cultur- all that it offers — which is why, @BenRamanauskas In fact, championing culture is a ally diverse City, and our combined with the Barbican, Guildhall School key part of my mayoral theme. And commitment to supporting this of Music & Drama, London Sym- What matters for a Democratic to underline its importance, I am flourishing sector. phony Orchestra, and the Museum candidate is whether they can beat looking forward to welcoming tions” to celebrate arts and culture According to the most recent fig- of London, we have been develop- Trump in Pennsylvania, Michigan, major players from the industry to in the City. ures, the UK’s creative industries ing Culture Mile, a new home for Wisconsin — and perhaps Arizona, the Mansion House — today, and Today, I look forward to joining generate over £101bn a year for the contemporary culture in the north- Florida, and North Carolina. That’s it. then in April and September — for the audience to enjoy the discus- economy. Exports of creative services west of the City. If the Democratic nominee can’t win three unique debates. sions generated by these cultural is- and goods alone are worth £50bn. We are redefining the City of Lon- in several/most of those states, none Each event will be a meeting of sues, specifically on the theme of For our part, the City Corporation don, so that it becomes known and of this matters. minds, an opportunity for leading art for social change . invests over £100m every year in admired as much for being a world- @brianklaas figures of the UK’s cultural sector to Of course, there is more to follow. heritage and cultural activities of class cultural and artistic destina- air their views, discussing them not In April, we will debate arts and all kinds, including widening access tion as for its position as a leading English has an ancient law: in words only with each other, but crucially culture’s role in architecture, inno- and participation in the sector. global financial centre. like “chit chat”, “zigzag”, and “seesaw”, with our invited audience. vation, and placemaking — for This is serious money, and it helps Culture complements commerce we always put the part with an i (as in The City of London Corporation, which we have attracted speakers ensure London’s position as an — and now more than ever, the arts “pit”) or e (as in “be”) first. We which I am proud to head, and the from some of the most illustrious open, vibrant and culturally rich are vital to the UK economy and our instinctively know this rule of “ablaut Genesis Foundation, which champi- cultural institutions in London. city. It is hardly surprising, then, position in the world. reduplication”. You can’t have a pair of ons the work of promising young And come September, we will look that so many people are attracted to flop flips or jamjims, or play pong ping. creatives, are working together on at philanthropy and the arts. living in, working in, and visiting £ William Russell is the lord mayor of @susie_dent this series of “cultural conversa- These events will show how the the capital. London. CITYAM.COM MONDAY 24 FEBRUARY 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Financial secrecy is the enemy DEBATE Is there a case for Britain keeping in the fight against corruption the Elgin Marbles?

ERE’S a stat to start your eficial ownership transparency helps Throughout history, art objects have Monday morning: 70 per Thom build business and market confi- passed across borders. No one is cent of grand corruption Townsend dence, improves governance, and tack- suggesting that every Italian Master Hcases, when politicians or les corrupt and criminal activities. belongs to the Italian government. Why, YES their associations misappro- This is by no means a government- then, should we think that the Elgin priate and use public funds for their exclusive agenda — business is sup- Marbles belong to the Greek TIFFANY JENKINS personal benefit, involve the use of portive too. As Katja Hall, the former government? anonymous companies. CBI chief policy director, has pointed Instead, consider where they can Greek art influenced sculpture from Last month’s Luanda Leaks are a out, “businesses back the creation of prompt truth and understanding. Turkey to India, and the impact on the poignant reminder of how transna- a beneficial ownership register which In the British Museum, you see the Roman Empire. tional and complex corruption has be- less financial secrecy. will support efforts to promote trans- marble sculptures in the context of To appreciate the tremendous come. Isabel dos Santos, Africa’s Significantly, there is a positive shift parency and stamp out illicit finan- multiple cultures and world history. achievement that was the Parthenon — richest woman, had with her husband on disclosing the true owners of com- cial activity.” Walking through the many galleries, you its origins and influences — the British received billions of dollars from her fa- panies. The number of countries that But businesses can’t do this alone — can appreciate how the civilisations of Museum, where six million visitors gaze ther’s government in Angola through have completed beneficial ownership we need more action from global in- Egypt and Assyria as well as Persia (the at the astonishing craftsmanship for a web of more than 400 companies registration more than doubled be- stitutions. It’s time for multilateral or- enemy of ancient Athens) contributed free each year, is the ideal home. and subsidiaries in 41 countries. tween 2018 and 2020, and is now at 41. ganisations like the OECD and the to the great accomplishment of fifth- Tackling anonymous companies re- In 2018, only the UK was disclosing Financial Action Task Force to respond century BC Athens. £ Tiffany Jenkins is author of Keeping quires action on multiple fronts: in beneficial ownership data online; to this catalogue of success by mandat- By looking at the similarities and Their Marbles: How Treasures of the Past countries like Angola, where money today there are six countries, with ing central registers of beneficial own- differences between the artefacts from Ended Up in Museums and Why They is being siphoned out; in the jurisdic- more likely to follow suit. ers, with the ultimate aim of making various cultures, you understand that Should Stay There. tions where transfers are arranged In total, 87 countries have made registers publicly accessible, online, from; and in the tax havens where il- commitments or started to imple- and in open data formats. Otherwise, licit financial flows can end up. ment beneficial ownership trans- we risk perpetuating the current frac- We can’t confront this problem un- parency reforms across the globe. tured system where basic information When the Earl of Elgin removed the less we know where to focus. Last OpenOwnership is currently working on companies cannot be easily found Marbles from the Parthenon, he week, the Tax Justice Network re- with 36 countries to implement bene- or accessed by law enforcement and disrupted an ancient narrative relating leased its latest Financial Secrecy ficial ownership transparency to fight other government agencies. to the city of Athens. Was he granted NO Index, which assesses the state of fi- corruption and societal harms like If we want to get serious about tack- legal permission to remove the nancial secrecy in 133 jurisdictions. trafficking and modern slavery. ling corruption, relying on leaks to sculptures? Debatable — this TOM FLYNN Indexes are imperfect tools, but they There are good reasons — both ethi- uncover bad behaviour is neither sus- justification was based on a dubious are good at giving a broad picture. cal and economic — for doing so. Ben- tainable or desirable. The Financial Se- document from the Ottoman wilfully misleading. The 2020 Financial Secrecy Index re- crecy Index provides a strong authorities occupying Athens at that The general public understand this, veals that OECD countries are respon- indication of where the problem lies. time. He was not “rescuing” them, but and unequivocally argue for return sible for half of the financial secrecy A sensible first step is targeting the ve- taking them for his personal benefit. whenever a poll is taken. At a moment in the world. Jurisdictions involved in hicle of choice for hiding illicit gains Elgin’s act was essentially destructive, when Europe needs symbols of the dos Santos web of companies in- and activities: anonymous companies. like removing sections of the film reel of unification rather than fragmentation, cluded Portugal, Malta, the Nether- Governments and businesses are on Citizen Kane and expecting it to still returning the Marbles to Athens would lands, the UAE, the UK, Switzerland, Target the vehicle board — we must now concentrate on make sense. The New Acropolis be a magnanimous gesture of cultural Italy, the US, Cyprus, and France. for hiding illicit ensuring that this window of oppor- Museum in Athens was designed to generosity that would resonate around If that illustrates the scale of the tunity is not lost. accommodate the sculptures in a the world. challenge, the good news is that gains: anonymous beautiful gallery in sight of the things are changing. Globally, the re- £ Thom Townsend is executive director of monument for which they were £ Dr Tom Flynn is an art historian for sults vary, but the trend is towards companies OpenOwnership. created. The British Museum display is Flynn & Giovani Art Provenance Research.

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FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1945 ÃÃ0.0017 €/$ 1.0856 0.0062 7403.92 21780.20 4132.71 28992.41 9576.59 3337.68 /$ 1.2967 à 0.0093 €/£ 0.8372 Ä 0.0012 32.72 86.49 17.4 8 227.57 174.37 35.55 £ /¥ 144.90 0.9370 €/¥ 121.31 0.6050 ÄÄÄÄÄÄ Ãà Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Templeton Em Mkts ....836.0 -11.0 876.0 731.0 JD Sports Fashion ...... 878.8 11.4 881.4 464.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 278.0 0.5 354.5 225.0 Tsy 4.750 20 ...... 100.14 -0.03 104.0 100.1 Contour Global...... 183.2 -0.2 222.5 163.0 Vietnam Enterprise .....446.0 -6.0 509.0 421.5 Kingfisher...... 219.0 0.0 266.2 185.9 Games Workshp ...... 7115.0 -5.0 7350.0 2800.0 BP ...... 453.6 -12.7 582.5 452.7 Aggreko ...... 773.2 -4.6 869.2 707.2 Alliance Pharma ...... 86.6 -0.9 87.5 63.0 VinaCapital Vietna ...... 312.0 -3.0 357.5 310.5 Marks & Spencer ...... 183.3 -2.9 303.2 163.9 Tsy 8.000 21...... 109.53 -0.05 116.4 109.5 Drax Gp ...... 277.4 -5.0 386.8 251.0 LIFE INSURANCE Cairn Energy...... 167.7 -6.2 213.8 143.1 Ashtead Gp ...... 2741.0 -33.0 2774.0 1805.5 ASOS...... 3287.0 33.0 4066.0 2107.0 Tsy 2.500 24 ...... 361.05 -0.54 377.9 358.8 SSE ...... 1686.0 10.0 1686.5 1008.0 Witan Invest ...... 227.5 -1.5 235.0 201.6 Next ...... 7078.0 -48.0 7340.0 5026.0 Energean Oil & Gas ...... 762.0 -6.0 1082.0 648.9 Babcock Intl Grp...... 497.6 6.1 646.6 416.7 Aviva ...... 404.1 -2.1 438.8 352.3 Blue Prism ...... 1651.0 49.0 1841.0 788.0 Tsy 5.000 25 ...... 122.63 0.01 126.0 122.1 ELECTRONIC & ELECTRICAL EQUIPMENT Wwide Healthcare ....3280.0 -20.0 3330.0 2495.0 Pets at Home Gp ...... 305.0 -0.8 314.6 140.0 Premier Oil ...... 102.7 -3.8 118.7 65.1 Bunzl ...... 1948.5 21.0 2551.0 1911.5 Legal & General ...... 313.9 -1.0 318.4 216.7 Camellia ...... 8650.0 -50.0 11350.0 8350.0 Tsy 4.250 27 ...... 128.96 0.06 132.8 125.5 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 109.0 -2.4 139.0 105.0 Royal Dutch Shell A....1887.8 -39.0 2612.0 1887.8 Capita ...... 151.6 0.8 183.0 99.9 Halma ...... 2227.0 10.0 2244.0 1511.0 Phoenix Gp ...... 788.7 -6.0 803.0 634.2 Watches of Switz ...... 374.2 -5.0 392.8 270.0 Royal Dutch Shell B ...1886.4 -34.6 2622.0 1886.4 DCC ...... 6252.0 -10.0 7496.0 6132.0 Caretech Holdings ...... 502.0 0.0 502.0 325.0 Tsy 6.000 28 ...... 147.32 0.07 152.1 143.3 Morgan Advanced ...... 299.2 -5.8 324.8 232.4 BT Gp ...... 156.3 0.2 230.7 153.0 Prudential ...... 1489.0 -11.0 1790.0 1279.5 WH Smith...... 2400.0 20.0 2654.0 1896.0 Tullow Oil ...... 40.6 -1.9 250.0 39.9 Diploma ...... 2112.0 -20.0 2134.0 1342.0 Tsy 4.125 30 ...... 381.37 -0.30 404.2 364.5 Oxford Instruments ...1610.0 -2.0 1654.0 963.0 Talktalk Telecom ...... 117.7 -0.9 126.5 98.2 St James Place ...... 1166.0 -2.0 1199.5 913.6 Central Asia Metals ....209.0 -3.5 266.5 180.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Electrocomp ...... 685.2 -8.4 729.8 540.8 Tsy 4.250 32...... 142.02 0.26 146.4 132.7 Renishaw ...... 3910.0 -36.0 4638.0 3232.0 Telecom Plus ...... 1546.0 -2.0 1552.0 1130.0 Std Life Aberdeen ...... 323.0 -2.2 336.9 238.1 Clinigen Group ...... 875.0 2.0 1069.0 787.5 Tsy 4.250 36 ...... 151.16 0.67 155.7 137.9 FOOD & DRUG RETAILERS Equiniti ...... 217.6 -2.4 236.2 186.2 Spectris ...... 3005.0 76.0 3005.0 2234.0 Convatec ...... 215.8 -0.7 220.4 128.9 MEDIA Hunting ...... 304.8 -10.0 657.0 297.0 CVS Group ...... 1196.0 -4.0 1250.0 448.2 Essentra ...... 400.4 -6.0 449.0 376.8 Tsy 4.750 38...... 166.96 1.02 171.8 150.5 EQUITY INVESTMENT INSTRUMENTS Greggs ...... 2440.0 -2.0 2476.0 1730.0 Mediclinic Intl ...... 390.1 -5.9 415.3 293.4 Petrofac ...... 370.2 -1.1 527.2 344.4 4imprint ...... 3330.0 -50.0 3500.0 2000.0 Experian ...... 2863.0 -6.0 2898.0 1960.0 Dart Group ...... 1898.0 8.0 1943.0 709.5 Tsy 4.250 46 ...... 176.53 1.90 181.0 1.0 Morrison (WM) ...... 185.9 -0.2 235.0 176.9 NMC Health ...... 855.2 -2.2 3000.0 700.0 Wood Gp(J) ...... 421.6 -0.1 598.6 319.6 3i Infrastructure ...... 310.0 -0.5 317.5 269.9 Ascential ...... 354.0 -7.8 421.2 319.0 Ferguson ...... 7566.0 -14.0 7602.0 4800.0 Diversified Gas & Oil ...... 91.0 1.0 116.5 84.2 AEROSPACE & DEFENCE Ocado Gp ...... 1135.5 -9.5 1435.0 886.2 Smith & Neph...... 1924.0 -55.0 1990.0 1424.5 PERSONAL GOODS Aberforth Smlr Cos ...1422.0 -6.0 1546.0 1114.0 Auto Trader Gp ...... 569.8 0.4 607.6 469.1 G4S ...... 200.3 -4.6 234.3 168.3 BAE Systems ...... 669.0 12.6 669.0 443.9 Sainsbury(J) ...... 210.7 1.7 240.6 177.1 UDG Hlthcare ...... 777.5 -13.0 832.5 551.0 Draper Esprit ...... 590.0 -8.0 602.0 410.0 Alliance Trust ...... 862.0 -13.0 876.0 730.0 Euromny Inst Inv...... 1164.0 -34.0 1498.0 1152.0 Burberry Gp...... 1870.5 -49.5 2345.0 1695.0 Hays ...... 158.8 -2.9 183.5 138.0 Meggitt ...... 615.8 3.8 697.4 489.9 SSP Group ...... 666.0 -13.0 721.0 608.0 HOUSEHOLD GOODS EMIS Group ...... 1216.0 -10.0 1242.0 938.0 AVI Global Trust...... 757.0 -17.0 802.0 713.0 Future ...... 1402.0 4.0 1572.0 682.0 PZ Cussons ...... 197.2 -1.4 227.0 178.8 Homeserve ...... 1300.0 -6.0 1340.0 953.0 QinetiQ ...... 387.8 4.8 387.8 267.0 Tesco ...... 255.7 0.8 258.9 212.6 Baillie Gifford Japan ....752.0 -7.0 848.0 735.0 Barratt Devel ...... 863.2 -0.2 878.4 552.8 Informa ...... 775.8 -4.0 892.0 700.0 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5844.0 -42.0 6170.0 4643.0 Fevertree Drinks ...... 1457.5 -29.5 2475.0 1365.0 Rolls-Royce ...... 645.6 -19.0 982.8 636.6 FOOD PRODUCERS Bankers InvTst ...... 1016.0 -12.0 1032.0 843.0 Bellway ...... 4297.0 31.0 4310.0 2698.0 ITV ...... 130.6 -1.2 156.5 103.6 AstraZeneca ...... 7690.0 116.0 7878.0 5644.0 IWG...... 444.5 -2.5 469.0 227.8 First Derivatives ...... 3035.0 -5.0 3555.0 2050.0 Senior ...... 157.8 2.8 235.0 155.0 BlackRock Smaller .....1776.0 -18.0 1794.0 1298.0 Assoc British Foods...2583.0 -51.0 2708.0 2106.0 Berkeley Grp Hldgs ...5470.0 118.0 5474.0 3437.0 Moneysupermkt.com ...352.0 -15.7 417.7 309.5 Dechra Pharma ...... 2800.0 -38.0 3068.0 2348.0 Network Int...... 640.0 -10.0 650.0 513.0 Frontier Devs ...... 1332.0 12.0 1444.0 844.0 Ultra Electronics ...... 2136.0 -4.0 2292.0 1232.0 BMO Global Smaller ...... 144.1 -0.6 150.0 127.5 Bakkavor ...... 137.4 -1.6 167.0 93.3 Countryside Prop ...... 540.5 11.5 540.5 277.6 Pearson ...... 561.4 -22.6 927.0 556.4 Pagegroup ...... 456.2 -7.6 539.0 367.8 Genus ...... 3294.0 58.0 3294.0 2178.0 Gamma Comms ...... 1340.0 0.0 1460.0 830.0 AUTOMOBILES & PARTS Caledonia Inv ...... 3095.0 -20.0 3180.0 2910.0 Cranswick ...... 3840.0 16.0 3852.0 2472.0 Crest Nicholson ...... 518.0 2.0 519.0 332.0 RELX ...... 2072.0 -10.0 2099.0 1606.0 GlaxoSmithKline ...... 1658.2 8.2 1846.0 1497.4 Paypoint...... 944.0 -12.0 1118.0 844.0 GB Group ...... 698.0 6.0 800.0 464.0 Aston Martin...... 401.6 -21.3 1374.4 399.3 City of London IT ...... 431.5 -4.0 448.5 396.5 Greencore Gp ...... 251.4 0.4 281.8 193.4 McCarthy & Stone...... 156.5 0.6 158.8 123.5 Rightmove Group ...... 688.0 -2.0 701.2 471.9 Hikma Pharma ...... 1927.5 17.5 2200.0 1556.5 Rentokil Initial ...... 508.4 5.2 508.4 329.0 TI Fluid Systems ...... 232.5 -3.5 273.0 155.2 Edin Inv Trust ...... 601.0 -5.0 652.0 535.0 Hilton Food Gp ...... 1054.0 -10.0 1118.0 905.0 Persimmon ...... 3282.0 21.0 3298.0 1836.0 WPP ...... 968.2 -16.0 1077.5 801.0 REAL ESTATE Sanne Group ...... 635.0 -14.0 752.0 498.0 Gooch & Housego ...... 1360.0 -12.5 1527.5 954.0 European Opp ...... 912.0 -1.0 926.0 705.0 Tate & Lyle ...... 788.4 -2.8 801.4 663.8 Serco ...... 157.4 2.7 167.7 120.3 Hurricane Energy ...... 15.2 -1.3 53.6 15.2 BANKS Assura ...... 81.2 -0.1 83.5 56.7 F&C Investment ...... 774.0 -10.0 786.0 675.0 Unilever ...... 4593.0 -3.0 5324.0 3983.0 MAIN CHANGES UK 350 SIG ...... 86.4 -1.1 153.0 86.4 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Big Yellow Gp ...... 1240.0 14.0 1240.0 955.0 Impax Asset Mgmt ...... 393.5 1.0 405.0 202.0 Fidelity China SPE ...... 242.0 -3.5 253.0 205.5 FORESTRY & PAPER Travis Perkins...... 1698.0 -21.0 1720.0 1166.0 Barclays ...... 179.6 -1.7 192.5 136.2 Fidelity Euro Values ....270.0 -2.0 272.0 218.0 % % BMO Comm Prop ...... 108.2 -0.2 124.2 106.0 Iomart Group ...... 386.0 -10.0 405.0 316.5 Mondi ...... 1717.0 20.5 1898.0 1510.5 Risers à Fallers Ä TECHNOLOGY HARDWARE & EQUIPMENT BGEO Group ...... 1728.0 5.0 1818.0 1252.0 Fidelity Spec Val ...... 266.5 -3.5 280.5 240.5 Daejan Hldgs ...... 8020.00 55.1 Finablr ...... 71.00 -5.9 British Land ...... 556.2 -11.2 638.8 468.3 IQE...... 56.2 -2.0 98.0 41.8 GENERAL FINANCIAL Captl & Count Prop ...... 242.7 -2.5 270.5 184.8 Spirent Comms ...... 249.5 -2.0 256.0 140.4 HSBC Hldgs...... 562.2 2.5 680.6 551.8 Finsbury G&I Tst ...... 912.0 -8.0 958.0 795.0 Hochschild Mining ...... 201.00 6.6 Aston Martin ...... 401.60 -5.0 James Halstead ...... 550.0 -18.0 570.0 440.0 Lloyds Banking ...... 55.4 -1.2 67.2 48.6 GCP Infra Inv ...... 123.6 -1.2 134.0 122.6 3i Group ...... 1171.0 -3.0 1184.5 935.4 Fisher (James) ...... 1974.00 4.7 Tullow Oil ...... 40.57 -4.4 CLS Hldgs ...... 276.0 0.0 312.5 212.0 TOBACCO Syncona ...... 264.00 3.5 Moneysupermkt.com ...... 352.00 -4.3 Johnson Service Gp .....212.0 -6.0 223.0 128.0 Royal Bank of Scot ...... 204.1 -3.6 270.4 177.7 Genesis Emerging ...... 783.0 -8.0 818.0 686.0 Ashmore Gp ...... 558.0 -5.0 570.0 397.8 Daejan Hldgs ...... 8020.0 2850.0 8020.0 4715.0 Br Am Tob ...... 3352.5 9.0 3507.0 2648.0 Fresnillo ...... 712.20 3.0 Kaz Minerals...... 493.40 -4.3 Keywords Studios .....1664.0 44.0 1838.0 1052.0 Standard Chartered .....627.0 5.8 738.6 575.7 Greencoat UK ...... 145.0 -0.6 152.8 133.8 Brewin Dolphin ...... 360.8 -1.8 375.2 287.6 Derwent London ...... 4282.0 42.0 4282.0 2884.0 Imperial Brands ...... 1729.0 20.0 2648.5 1668.2 Polymet Int ...... 1344.00 2.9 Cineworld Group ...... 181.70 -4.1 TBC Bank Group...... 1336.0 -42.0 1706.0 1150.0 Harbourvest Glb ...... 1864.0 -4.0 1868.0 1406.0 Close Brothers ...... 1440.0 -6.0 1663.0 1227.0 Grainger ...... 338.0 1.6 338.0 217.4 Learning Tech Gp ...... 161.2 3.4 172.2 63.7 Spectris ...... 3005.00 2.6 Pearson ...... 561.40 -3.9 TRAVEL & LEISURE Virgin Money UK ...... 181.8 -2.1 220.1 104.4 Coats Group ...... 71.1 -1.2 91.2 68.1 Grt Portland Est ...... 958.2 3.4 966.0 649.4 Herald Inv Trust ...... 1474.0 -30.0 1530.0 1205.0 Galliford Try ...... 175.50 2.5 IP Group ...... 75.70 -3.6 M&C Saatchi ...... 88.0 -6.0 394.0 79.0 Finablr ...... 71.0 -4.5 215.0 71.0 Hammerson ...... 222.0 -3.7 388.4 203.9 Carnival ...... 3010.0 -52.0 4347.0 3010.0 BEVERAGES HICL Infr ...... 181.2 -1.4 183.0 156.6 Centamin ...... 153.15 2.4 Cairn Energy ...... 167.70 -3.6 Land Securities...... 961.2 -6.4 1001.5 735.4 Cineworld Group ...... 181.7 -7.8 321.0 176.0 M.P. Evans ...... 684.0 -3.0 750.0 612.0 JPM American ...... 515.0 -9.0 524.0 421.0 Hargreaves Lans...... 1710.0 0.0 2433.0 1604.5 Barr (AG) ...... 604.00 2.4 Premier Oil ...... 102.65 -3.5 Barr (AG) ...... 604.0 14.0 975.0 526.0 Compass Gp ...... 1953.0 4.5 2138.0 1665.0 Majestic Wine ...... 218.0 -1.5 318.0 210.0 JPM Emerg Mkt ...... 1038.0 -12.0 1088.0 878.0 IG Gp...... 692.6 1.2 708.0 474.8 LondonMetric Prop ...... 233.8 0.4 241.2 190.2 Britvic ...... 928.0 10.0 1068.0 850.0 Dominos Pizza ...... 322.6 -3.7 326.4 221.2 JPM Indian IT ...... 720.0 -6.0 790.0 633.0 Integrafin Holdings ...... 525.0 0.0 529.0 337.0 Reckitt Benckiser ...... 6414.0 -78.0 6688.0 5767.0 MINING NewRiver Retail ...... 191.0 2.0 246.0 147.6 Midwich Group ...... 584.0 4.0 633.0 474.5 Coca-Cola HBC AG .....2798.0 -8.0 3074.0 2299.0 Primary Hlth Prop ...... 161.6 1.0 162.8 120.0 easyJet ...... 1508.5 -8.5 1552.0 854.8 JPM Japan IT ...... 427.5 -7.0 477.5 383.0 Intermediate Capital .1877.0 18.0 1877.0 999.0 Redrow...... 844.0 9.0 848.0 533.0 Anglo American ...... 2125.0 2.5 2266.0 1666.6 Mortgage Advice B .....780.0 9.0 795.0 546.0 Diageo ...... 3099.5 -23.5 3625.5 2913.5 Intl Public Prtnshps .....169.6 -1.4 171.2 146.8 Safestore Hldgs ...... 867.0 2.5 867.0 586.0 EI Group ...... 284.6 -0.2 285.0 194.0 Jupiter Fund Mngt ...... 390.6 -0.3 432.0 314.0 Taylor Wimpey ...... 232.4 2.3 236.2 142.9 Antofagasta ...... 860.2 4.0 1022.5 779.6 CHEMICALS FirstGroup ...... 132.5 -0.3 137.5 89.3 Next Fifteen Comm .....485.0 -15.0 658.0 465.0 Law Debenture ...... 620.0 -10.0 654.0 552.0 Investec ...... 446.2 4.2 518.6 395.3 Vistry Group ...... 1457.0 4.0 1478.0 975.0 Savills ...... 1229.0 -11.0 1258.0 822.0 BHP Group ...... 1661.6 -15.6 2049.0 1600.0 Flutter Ent...... 9052.0 34.0 9456.0 5525.0 Nichols...... 1425.0 10.0 1880.0 1322.5 Croda International ..5015.0 -85.0 5375.0 4564.0 Mercantile IT ...... 277.5 -1.0 278.5 188.0 IP Group ...... 75.7 -2.8 103.2 55.7 INDUSTRIAL ENGINEERING SEGRO ...... 921.4 1.4 935.0 650.0 Centamin ...... 153.2 3.5 153.2 79.8 Go-Ahead Gp ...... 2160.0 10.0 2278.0 1783.0 Elementis...... 122.2 -4.3 195.4 121.7 Monks Inv Tst ...... 1010.0 -14.0 1026.0 808.0 John Laing Gp ...... 360.0 4.6 402.0 345.6 Shaftesbury ...... 899.5 0.5 979.5 739.5 Numis Corporation ...... 290.0 13.5 306.0 212.0 Bodycote ...... 850.0 -9.5 971.0 652.0 Fresnillo ...... 712.2 20.8 976.0 539.6 GVC Hldgs ...... 862.8 12.8 939.0 507.5 Johnson Matt...... 2709.0 -69.0 3454.0 2605.0 Murray Intl Tst ...... 1196.0 -18.0 1286.0 1114.0 London Stock Exch ....8422.0 6.0 8542.0 4489.0 St Modwen Props ...... 516.0 4.0 530.0 373.0 Polar Capital Hdgs ...... 540.0 0.0 604.0 482.0 Hill & Smith ...... 1459.0 -6.0 1510.0 1049.0 Glencore ...... 224.3 -4.6 340.3 216.9 Intercontl Htls ...... 5022.0 -99.0 5738.0 4499.5 Synthomer ...... 330.0 -3.2 420.8 279.0 Next Energy Solar ...... 116.5 0.0 126.5 114.0 Man Group ...... 158.7 -0.7 175.2 130.5 TR Property IT ...... 495.5 -2.0 497.5 377.0 IMI ...... 1100.0 8.0 1206.0 906.0 Hochschild Mining ...... 201.0 12.4 227.0 152.0 Intl Cons Airl...... 623.0 -8.8 671.0 413.5 Purplebricks Gp ...... 103.1 -4.9 132.0 96.0 Victrex ...... 2280.0 -16.0 2540.0 1845.0 Pantheon Intl Partn ..2465.0 -35.0 2620.0 2020.0 Onesavings ...... 436.0 -2.0 452.0 313.6 Tritax Big Box ...... 145.7 0.3 159.7 137.9 Melrose Ind ...... 244.6 0.2 248.5 160.7 Kaz Minerals ...... 493.4 -22.0 738.4 380.3 Just Eat Takeaway.com 7570.0 25.0 8255.0 7350.0 Redde...... 105.0 0.0 127.6 98.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...323.5 -2.5 342.0 284.5 Paragon...... 510.5 -5.0 553.5 388.0 UK Commercial Prop ...... 87.1 0.3 92.7 79.9 RHI Magnesita ...... 3084.0 -56.0 5000.0 3084.0 Polymet Int...... 1344.0 38.5 1344.0 772.6 Unite Group ...... 1339.0 14.0 1339.0 896.5 Marstons ...... 106.7 -0.8 131.4 97.5 Pershing Square ...... 1556.0 -14.0 1578.0 1224.0 Plus500 ...... 857.6 14.8 949.6 495.0 Renew Holdings...... 556.0 8.0 568.0 360.0 Balfour Beatty ...... 278.6 -2.0 295.0 194.2 Rio Tinto ...... 4202.5 -7.0 4976.5 3924.5 Workspace Gp ...... 1268.0 2.0 1307.0 806.0 Mitchells & Butlers ...... 417.5 -2.0 470.5 238.0 Personal Assets Tst 43900.0 -150.0 44050.0 Provident Fin ...... 466.1 -4.9 610.0 356.0 Rotork ...... 312.1 -4.5 341.2 269.8 RWS Holdings ...... 578.0 -10.0 670.0 461.5 CRH ...... 2904.0 -18.0 3100.0 2279.0 Quilter ...... 171.8 2.8 174.7 124.2 Spirax-Sarco...... 9365.0 -50.0 9415.0 6655.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES National Express ...... 439.2 1.2 476.0 387.4 39800.0 Scapa Group ...... 196.0 -2.6 403.0 157.0 Galliford Try...... 175.5 4.3 190.4 102.4 Rathbone Brothers ....1996.0 16.0 2540.0 1958.0 PPHE Hotel Gp ...... 2120.0 -20.0 2140.0 1630.0 Polar Cap Tech Tst .....1704.0 -32.0 1746.0 1218.0 Weir Gp ...... 1333.0 -34.0 1814.0 1261.5 Vodafone Gp ...... 154.9 -0.1 165.2 123.3 Avast...... 436.6 -12.8 551.0 282.0 Grafton Group...... 976.5 -3.0 990.0 645.5 Schroders ...... 3376.0 -11.0 3443.0 2541.0 Rank Gp ...... 322.5 -3.5 326.0 144.0 Secure Income REIT ..466.0 2.0 473.0 394.0 Renewables Infra Gp ....137.0 -0.6 139.2 115.4 INDUSTRIAL METALS Aveva Gp...... 4870.0 -122.0 5315.0 2962.0 Ibstock ...... 319.8 -2.4 322.2 208.6 TP ICAP ...... 399.8 -0.2 417.5 270.0 NONLIFE INSURANCE Restaurant Grp ...... 128.5 -1.0 166.4 111.9 Serica Energy...... 107.2 -4.8 143.4 103.6 RIT Cap Partners ...... 2085.0 -10.0 2180.0 2005.0 Computacenter...... 1877.0 26.0 1920.0 1049.0 Marshalls ...... 827.5 -17.5 876.0 526.5 Evraz ...... 387.4 -0.3 709.4 341.4 Stagecoach Gp...... 141.5 1.0 167.0 115.5 Schroder Asia ...... 464.0 -5.0 485.5 424.5 GENERAL RETAILERS Admiral Gp ...... 2275.0 -23.0 2330.0 2014.0 FDM Group...... 999.0 5.0 1100.0 647.0 Smart Metering Sys.....543.0 0.5 635.0 310.0 Polypipe Group ...... 607.5 -3.5 619.0 372.8 Ferrexpo ...... 156.3 -1.4 301.3 123.0 Wetherspoon (JD) .....1505.0 -15.0 1734.0 1269.0 Scottish Inv Tst ...... 790.0 -10.0 843.0 769.0 B&M ...... 366.6 -5.9 420.9 315.0 Beazley ...... 579.0 -5.5 628.0 504.5 Kainos Gp ...... 842.0 4.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Whitbread ...... 4769.0 37.0 5152.0 3988.0 Scottish Mortgage ...... 640.0 -10.0 659.0 472.0 Dixons Carphone ...... 134.3 -1.5 152.4 104.9 Direct Line Ins ...... 335.7 -0.3 366.5 270.5 Micro Focus Intl ...... 789.7 -7.1 2160.0 766.8 William Hill ...... 192.4 2.6 205.2 132.3 Thorpe (F.W.) ...... 319.0 -3.0 359.0 267.0 Smith (DS) ...... 356.0 -6.7 394.8 307.9 Sequoia Econ Infra ...... 114.8 0.2 118.6 110.0 Dunelm Gp...... 1276.0 -30.0 1404.0 730.5 Clarkson ...... 2850.0 10.0 3110.0 2200.0 Hastings Gp Hldgs ...... 184.2 -0.4 231.6 167.9 Playtech ...... 347.2 4.0 457.7 334.2 Wizz Air Holdings ...... 4407.0 -32.0 4496.0 2880.0 Watkin Jones ...... 286.0 6.0 286.0 199.6 Smiths Gp...... 1745.5 -11.5 1769.5 1378.0 Smithson Inv ...... 1368.0 -12.0 1388.0 1105.0 Frasers Group ...... 491.8 -11.2 518.0 214.0 Fisher (James) ...... 1974.0 88.0 2260.0 1810.0 Hiscox ...... 1332.0 1.0 1777.0 1213.0 Sage Group ...... 773.8 -5.2 820.4 655.0 Smurfit Kappa Gp...... 2830.0 -34.0 3010.0 2096.0 Syncona ...... 264.0 9.0 294.0 203.0 Howden Joinery Gp...... 732.0 2.6 732.6 478.8 Royal Mail ...... 178.4 -4.1 283.2 174.2 Lancashire Hldgs ...... 807.0 9.0 807.0 640.5 Softcat ...... 1190.0 -37.0 1260.0 743.0 AIM 50 Young’s Brew NV ...... 1240.0 -5.0 1310.0 1030.0 Vesuvius...... 442.4 -12.4 642.0 341.0 Temple Bar IT ...... 1362.0 -16.0 1486.0 1162.0 Inchcape...... 632.5 -5.5 720.0 545.5 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 569.0 -1.8 597.0 501.6 Sophos ...... 570.2 -3.2 577.0 298.2 Abcam ...... 1277.0 -18.0 1500.0 1066.0 Young’s Brew-A...... 1657.5 7.5 1885.0 1520.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 282.45 -3.00 316.05 204.80 3M ...... 156.93 -1.63 219.50 150.74 AIR LIQUIDE ...... 139.25 0.75 140.30 109.40 ABBOTT LABORATORIES ...... 87.45 -1.01 91.86 72.88 ALLIANZ AG ...... 231.20 2.70 232.20 194.14 ADOBE INC ...... 372.95 -6.01 383.28 254.74 AMADEUS IT GROUP ...... 70.96 -0.66 78.60 42.30 ALPHABET NON VTG-C ...... 1485.11 -33.04 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 66.15 -1.33 92.71 65.86 ALPHABET-A ...... 1483.46 -33.53 1524.87 1116.79 AMAZON.COM ...... 2095.97 -57.13 2170.22 1620.80 ASML HOLDING NV ...... 285.00 -2.70 292.95 158.30 AMERICAN EXPRESS ...... 134.90 -1.68 136.93 106.93 AXA ...... 24.13 -0.35 25.50 20.78 APPLE INC ...... 313.05 -7.25 327.20 172.50 BANCO SANTANDER ...... 3.78 -0.07 4.19 3.40 AT&T ...... 38.55 -0.06 39.63 29.81 BASF...... 60.83 -0.36 74.49 56.20 BANK OF AMERICA ...... 34.36 -0.49 35.64 26.25 BAYER AG...... 74.15 -0.56 78.06 52.53 BERKSHIRE HATHAWAY...... 229.33 1.16 230.20 195.81 BBVA ...... 5.11 0.01 5.69 4.21 BOEING CO ...... 330.38 -5.90 432.69 309.00 BMW ...... 64.51 -0.80 77.75 58.70 CATERPILLAR INC ...... 137.21 0.28 150.53 113.38 BNP PARIBAS ...... 53.22 -0.04 54.18 39.32 CHEVRON ...... 109.01 -0.80 126.54 106.28 CRH ...... 34.67 -0.20 36.50 26.70 CISCO SYSTEMS ...... 46.30 -0.56 58.05 43.52 DAIMLER ...... 42.60 -0.99 59.31 40.53 CITIGROUP ...... 76.44 -1.78 81.91 60.33 DANONE ...... 71.00 -0.46 82.00 65.88 COCA-COLA CO ...... 60.13 0.41 59.95 44.69 DEUTSCHE POST AG ...... 31.81 -0.46 34.91 26.38 COMCAST ...... 45.82 -0.20 47.50 38.19 DOW ...... 48.30 -0.46 66.65 40.71 DEUTSCHE TELEKOM ...... 16.46 -0.15 16.61 14.45 EBAY INC ...... 38.20 0.51 41.57 33.56 ENEL ...... 8.44 0.01 8.57 5.27 EXXON MOBIL ...... 59.13 -0.73 83.38 59.86 ENGIE...... 16.59 0.12 16.64 12.45 FACEBOOK ...... 210.18 -4.40 223.23 174.60 ENI ...... 12.76 -0.14 15.94 12.61 GOLDMAN SACHS GROUP ...... 230.62 -2.11 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 245.34 -1.68 247.02 181.14 FRESENIUS MEDICAL CARE ...... 75.68 -1.98 77.66 57.92 HONEYWELL INTERNATIONAL ...... 179.88 -0.82 183.23 151.59 IBERDROLA ...... 11.18 0.14 11.22 6.02 IBM ...... 149.84 -1.38 156.76 126.99 INDITEX ...... 31.59 0.01 32.37 2.55 INTEL ...... 64.34 -1.11 68.47 43.46 ING GROEP NV...... 9.88 -0.17 12.05 8.34 JOHNSON & JOHNSON ...... 149.93 1.56 153.99 126.95 INTESA SANPAOLO...... 2.52 -0.03 2.60 1.83 JPMORGAN CHASE & CO ...... 135.81 -1.68 141.09 98.93 KERING ...... 561.60 -4.90 610.20 425.05 MASTERCARD INC ...... 339.70 -4.75 344.56 221.87 MCDONALD’S ...... 215.87 0.79 221.15 179.50 KON KPN NV ...... 2.52 -0.01 2.96 2.46 MEDTRONIC ...... 113.28 -0.58 121.30 84.15 L’OREAL ...... 266.00 0.30 275.30 220.30 MERCK & CO ...... 82.34 -0.15 92.04 73.19 LVMH MOET HENNESSY ...... 404.50 -5.30 439.05 302.00 COMMODITIES TOURIST RATES MICROSOFT ...... 178.59 -5.83 188.70 110.39 MUENCHENER RUECKVE ...... 274.20 0.20 282.50 205.90 NETFLIX ...... 380.07 -5.93 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1643.92 +26.45 Copper Cash Official...... 5729.00 -16.25 Canada ...... 1.6257 New Zealand ...... 1.89 NIKE INC ...... 100.25 -2.28 104.58 77.14 ORANGE ...... 13.44 -0.01 15.01 12.61 Silver (Pence) ...... 1838.50 +4.00 Aluminium Cash Official ...... 1686.50 +1.50 Croatia ...... 8.0385 Norway...... 11.44 ORACLE ...... 54.68 -0.83 60.15 50.24 ROYAL PHILIPS ...... 44.24 -0.14 45.61 34.66 Silver (Cents) ...... 1428.00 +15.00 Nickel Cash Official ...... 12682.50 -15.00 Czech Republic ...... 27.40 Poland ...... 4.489 PAYPAL HOLDINGS ...... 119.49 -2.94 123.91 96.64 SAFRAN ...... 143.80 -1.75 150.25 116.90 Krugerrand ...... 1656.10 +24.82 Aluminium Alloy Cash Official ...... 1362.50 -2.50 Denmark ...... 8.4912 Singapore ...... 1.6816 PEPSICO ...... 145.85 0.69 146.99 118.61 SANOFI ...... 93.33 -0.17 94.00 72.24 Brent Crude ...... 59.31 +0.19 Natural Gas ...... 23.14 +0.10 Hong Kong ...... 9.5136 Sweden ...... 12.08 PFIZER INC ...... 35.72 -0.13 44.40 34.24 SAP SE ...... 126.00 -2.06 129.36 93.81 Platinum ...... 986.00 -19.00 Tin Cash Official ...... 16587.50 +60.00 Iceland ...... 145.83 Switzerland ...... 1.2083 PROCTER & GAMBLE ...... 126.70 0.12 127.14 98.41 SCHNEIDER ELECTRIC ...... 101.65 -1.25 102.90 67.60 British Sovereign ...... 386.18 +5.68 Zinc Cash Official ...... 2099.00 -27.25 India ...... 81.32 Turkey ...... 7.4726 TRAVELERS COMPANIES ...... 135.16 1.18 154.83 128.93 SIEMENS AG ...... 105.20 -1.10 119.90 85.00 Lead Cash Official ...... 1938.50 +19.50 White Sugar ...... 419.70 -2.30 Israel ...... 3.9824 United States ...... 1.2309 TWITTER ...... 38.31 -0.74 45.42 28.89 UNITED HEALTH GROUP ...... 301.43 -0.70 305.31 215.26 SOCIETE GENERALE...... 31.07 -0.15 31.93 21.13 UNITED TECHNOLOGIES ...... 151.52 1.62 156.83 122.94 TELEFONICA SA ...... 6.11 -0.18 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 58.20 0.11 62.07 54.35 TOTAL ...... 44.30 -0.46 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 208.81 -2.64 213.31 168.86 UNILEVER NV ...... 53.92 -0.13 57.56 47.05 FTSE 100...... 7403.92 -32.72 -0.44 S&P 500...... 3337.68 -35.55 -1.05 CAC 40 ...... 6029.72 -32.58 -0.54 Hang Seng ...... 27308.81 -300.35 -1.09 WALGREENS BOOTS ALLIANCE...... 51.45 -0.42 76.05 49.29 VINCI ...... 105.45 0.25 106.75 82.16 FTSE 250 ...... 21780.20 -86.49 -0.40 Dow Jones I.A ...... 28992.41 -227.57 -0.78 Swiss Market Index ...... 11110.78 -43.75 -0.39 Nikkei ...... 23386.74 -92.41 -0.39 WALMART ...... 118.58 0.89 121.28 96.94 VIVENDI ...... 25.14 0.22 26.42 23.40 FTSE All-Share ...... 4132.71 -17.48 -0.42 Nasdaq Composite ...... 9576.59 -174.37 -1.79 ISEQ Overall Index ...... 7240.19 +4.56 +0.06 STI Index ...... 3181.03 -17.65 -0.55 WALT DISNEY CO ...... 138.97 -1.40 151.64 107.79 VOLKSWAGEN AG ...... 166.02 -3.66 185.52 138.16 FTSE AIM All-Share ...... 972.62 -2.56 -0.26 Xetra DAX...... 13579.33 -84.67 -0.62 FTSEurofirst 300 ...... 1667.89 -9.01 -0.54 ASX All Ordinaries...... 7230.40 -24.80 -0.34 WELLS FARGO & CO ...... 47.70 0.36 54.46 43.38 CITYAM.COM MONDAY 24 FEBRUARY 2020 FEATURE 21 ENTREPRENEURS

E TEND to associate en- trepreneurship with op- portunistic founders Woperating out of bustling Silicon Valley hubs — or perhaps more specifically the five American tech giants whose com- bined market value, it was reported re- cently, has increased by $1.3 trillion in the past year. In fact, entrepreneurship exists wherever you are. The sharing econ- omy is producing millions of micro- entrepreneurs who are putting dormant assets to good use. Necessity entrepreneurs in the developing world are supplementing incomes, boosting economic growth, and ex- tending products or services to those who need them. And some — like Cherie Blair — will find other ways to be their own boss. Mrs Blair is one of few “First Ladies” to convincingly step out of her hus- band’s shadow. Perhaps that’s because she was never in it: in the same year they met, she became a barrister, and was the only wife of a Prime Minister to work full-time while her husband was in office. She was a founding member of Matrix Chambers, and more recently set up Omnia Strategy. Though the list of accolades is ex- haustive, one senses that she is most proud of the Cherie Blair Foundation for Women, which was set up in 2008 to unleash the potential of female en- trepreneurs in developing nations. LIFE AFTER NUMBER 10 If the Blair family felt melancholic on 27 June 2007, as removal men emptied their belongings from Downing Street Annabel Denham in front of a huddle of cameramen and reporters, it did not show. Tony Blair himself had that day received an catches up with unprecedented standing ovation in the Commons. Opportunity awaited. Cherie Blair and For Mrs Blair, the decision to set up a foundation focused on women’s eco- her work supporting nomic empowerment had personal ex- perience at its core. female entrepreneurs “I was brought up by a mother who was a single parent with help from my around the world paternal grandmother,” she recalls. “I witnessed how difficult it was for her when my father abandoned us. From a very early age I understood that a woman needs to be in control of her own money. I did it through the law — as a self-employed barrister I’ve essen- tially always been an entrepreneur.” Mrs Blair was a beneficiary of her is encouraging — after all, entrepre- issue of childcare, against a backdrop BRIGHT FUTURE one of the best vehicles for encourag- time: the first of her family to go to neurship offers an accelerated route to of systemic views on what women and The opportunity here is huge, accord- ing and supporting entrepreneurship, university, where she thrived, taking economic empowerment and gender men should do.” ing to Mrs Blair. “Women entrepre- and has acted as a boon to female first-class honours. During Tony’s equality — we know that women-led The foundation is less concerned by neurs could open new frontiers in founders across the globe. tenure as PM, she toured the globe vis- firms tend not to reach the same scale the problem than its potential solu- every field of business, bringing us Nor is it a one-way street. With tech- iting women’s projects, and quickly re- as those led by men. tions. We are seeing more women closer to solutions for the world’s most nology rapidly advancing, for in- alised the challenges that many faced. The barriers to growth, according to enter what has historically been a male pressing problems, and transforming stance, it’s not uncommon for “All those personal reasons made Mrs Blair, are the same regardless of preserve. But while many developing the way we live our lives.” mentors to be mentored by their me aware of this gap in the women’s geography. Just as we hear horror sto- nations have equal or higher rates of Mrs Blair’s understated offices, nes- mentee in areas such as coding, the entrepreneurial space. If you can give ries of venture capitalists asking fe- entrepreneurial activity among tled in a quiet street in W1, are worlds hottest new apps, and social media. women the ability to earn and spend male founders what their husbands women than men, these are often vul- apart from the nations where the Mrs Blair adds: “Bank of America their own money, then we see a think of the business here in the UK, nerable, informal micro-businesses. foundation works. Sitting in her yoga Merrill Lynch gives us over 100 men- transformative effect,” she says em- two thirds of the women in the coun- Which is where the foundation gear, the trailblazing barrister, cam- tors every year. They see it as talent de- phatically. “Help a woman and you tries where the foundation operates comes in, to provide training, organ- paigner and author reels off statistics velopment. And if you’re a company tend to help a family. More than that have experienced stereotyping and ise mentoring, and share knowledge, and anecdotes passionately. doing business across the world, it — a community.” discriminatory remarks. inspired by women across the world She is inspired near-daily by the gives employees insight into what life The foundation’s chief executive, and supported by partners, donors women she has encountered, but one is really like in a given country.” CHANGING TIMES Helen McEachern, formerly of Action and collaborators. touched her more profoundly than Earlier this year, it was announced The foundation has supported over Aid, points to the “enormous” struc- most. Dhanashree, an Indian micro- that the foundation would launch a 160,000 businesswomen across more tural issues in many of these nations. entrepreneur, lost her hand operating new phase: a £10m mentoring cam- than 100 countries since 2008. It cre- The odds are stacked against women, a noodle-making machine in her gro- paign to help 100,000 female entrepre- ates teaching videos, internet forums and when it comes to economic cery store several years ago. The foun- neurs in just three years. The 100,000 and apps to help women who would power, we are moving backwards. dation’s workshops equipped her with Women campaign was unveiled at otherwise not have access to training. In fact, based on the current rate of the skills and confidence she needed Davos and has the backing of Hillary As Mrs Blair is acutely aware, the progress, it will take well over 200 From a very early to take her aspirations forward. She Clinton. Mentors will be paired with quantity and quality of entrepreneur- years to close the economic gender now runs a number of small-scale en- an aspiring entrepreneur in another ship still rests on the rules in place gap completely. To Mrs Blair, this is age I understood terprises including dress-making and country, provided with training, and that support or hinder it. This is espe- simply not good enough. milk-selling. asked to give two hours a month. cially true for female entrepreneurs. “Automation has affected men, but that a woman The success of the foundation hinges Their goal is ambitious, but as Clin- In the UK, women are behind also jobs traditionally held by women. needs to be in on a willingness from mentors to give ton has said of the foundation’s work, roughly one in three businesses, and New roles are more STEM orientated up precious time to support these “it is the right thing to do.” the rate of entrepreneurialism has (science, technology, engineering and control of her women. But “they are passionate to grown faster in the past decade mathematics), where women are un- the point of gushing,” McEachern says. £Annabel Denham is associate director at among women than men. While this derrepresented. There is the perennial own money Mentoring has long been viewed as The Entrepreneurs Network. 22 FEATURE MONDAY 24 FEBRUARY 2020 CITYAM.COM MARKETING

think our industry behaves like bloody football agents,” he says. “It is murky as As the decline of you like, driven by self interest, and not doing the best jobs for clients.” print advertising These “shenanigans,” as he calls them, mainly come in the form of continues apace, advertising kickbacks, whereby news- Alex Daniel papers reward agencies for buying ad meets space in bulk with cash, fees or other benefits. Larger firms have faced wide- the entrepreneurs spread accusations of pocketing rebates that should be passed on to the trying to revive it customers who have paid for the space, as well as persuading unwitting clients HE LAST decade has been a to spend money on ads not because it slow motion car crash for helps them, but because it allowed the print media. Sales have suf- agency to get the extra cash. fered a precipitous fall, trust- Inefficient planning of ads with ed newspapers and news outlets, which kickback culture Tmagazines have retreated onto the contributes to, is costing brands in the internet, and scores of cherished out- UK £3bn in profit every year, according lets have shut up shop entirely. to research by marketing body In 2018, the chief executive of the Newsworks. Thomson hopes The Print New York Times, Mark Thompson, esti- mated that the newspaper’s print product had about a decade left. “There may come a point when the economics of [the print paper] no longer make sense for us,” he said. But two print advertising stalwarts When we spoke to are refusing to go down without a fight. After distinguished careers at friends both in major marketing agencies, Steve and out of the Goodman and Peter Thomson last year did the seemingly unthinkable and set industry, they said: up The Press Business, a boutique firm which specialises in getting adverts in ‘What on earth are print newspapers. “Clearly, it is a little SWIMMING counterintuitive,” says Goodman, a for- you doing?’ mer director at US advertising giant WPP. “When we spoke to friends both Business can help clients reduce that in and out of the industry, people said: figure by rejecting rebates, being more ‘What on earth are you doing?’” transparent, and planning campaigns Indeed, circulation figures make for AGAINST more effectively than bigger competi- grim reading. The Sun, Britain’s best- tors. Leading by example, he says, is selling print publication, has gone part of his “long-term vision to change from more than 3m copies per day at the way the industry is remunerated”. the start of 2010 to just 1.2m a decade For now, however, their efforts are later. Free newspapers like City A.M. concentrated on winning business — have fared better, but have also taken a and the early signs seem promising. knock. Print advertising spending has THE TIDE Goodman says the company is already subsequently plummeted, from an “quite deep” in talks to take over the annual £6bn across the industry print buying operations of several before the global financial crisis to less independent agencies. “We’ve pretty than £2.5bn last year. So why are money on it. Like newspapers, some 2006, and for several years was in operations for bigger independent much been appointed by one of them Goodman and Thomson doing it? have merged their print and digital charge of more than a quarter of all agencies for whom it is no longer prof- already,” he says, stopping short of It is all a question of demand — teams altogether. As a result, spending on print ads in Britain. itable. They officially opened for busi- telling me which one. which is very much alive, Goodman Goodman tells me, those agencies are Thomson, meanwhile, founded M2M ness in January, having moved into In one sense, Thomson admits, “we tells me. “There is no question circula- left with a team full of digital special- in 2003, an ad agency which was taken their new office space in King’s Cross. are zigging while everyone else is zag- tion is going down,” he says. “But there ists who “every now and then [are] told over by US giant Omnicom before This is where I meet them. ging”. But in another, the move are still significant numbers of news- to go off and buy a print campaign, eventually closing its UK business in Thomson, especially, is thinking big. reflects a wider trend sweeping the papers being sold every day, and without having a clue about the craft 2016. Between them, they have 70 Within 20 minutes of sitting down he industry, which has seen clients turn clients still find print very effective. behind doing that correctly”. years’ experience in their trade. has already quoted John Maynard to specialist, channel-specific agencies That will continue to be the case for That intersection — where demand In July last year, they met for coffee. Keynes and Warren Buffett at me. Not rather than using the big names across quite a long time to come. It is not for print advertising meets a lack of Goodman floated the idea, and the only does he want The Press Business all disciplines. going to switch off overnight.” expertise at major agencies — is where months that followed involved “watch- to fill a gap in the market, but he also “And like they have done in other Major marketing firms, however, are the two ad men come in. Goodman ing my savings diminish,” says hopes to launch a broader crusade media,” says Goodman, “we believe rapidly losing interest in print, and became director of UK press at Group Thomson. Their business model against “dubious practices” employed now is the time that they will start have subsequently stopped spending M, WPP’s media investment arm, in involves taking on the print marketing by the big ad agencies. “At times, I considering that in print.” On influencer fraud, the buck stops with Facebook

NFLUENCER fraud is one of the clients over-inflated prices. fake followers and likes suggests it combat the fraud epidemic in the Instagram’s interests to make life biggest headaches facing mar- Brands pay influencers for their to be in the hundreds of thousands. form of temporarily blocking easy for influencers by allowing keters today. As an industry, ability to engage people. An That means brands are being fraudulent users. However these them to achieve huge follower influencer marketing was worth influencer’s worth is usually judged defrauded by millions every year. updates look for the most basic types growth and engagement, in order to an estimated £6bn last year, and — somewhat crudely — on how Many marketers attempt to of fraud, rather than the multitude keep them on the platform rather Iis forecast to reach £12bn by 2022. many social media followers they identify frauds, but it requires of options that are available to than risk losing them to competitors Its breakneck growth is largely due have, and the number of likes their expertise, the right technology, and Instagram users. like YouTube and Twitter. to the parallel rise in fortunes of social posts receive. These give a basic time-consuming human analysis. So why is Facebook failing to act? Currently, it offers influencers media giant Instagram. indication of their ability to Without these, most marketers The answer, most likely, is because more potential to grow and The Facebook-owned platform is influence an audience, and unknowingly continue to enable the status quo is good for business. monetise than its rivals, in a home to most of the world’s therefore the fee that brands are this behaviour. Within Instagram’s ecosystem, the fraction of the time and with a influencers, who range from micro- willing to pay for posting about Simply put, the buck stops with role of the influencer is to bring fraction of the effort. influencers with a few thousand their products. Facebook. Its Instagram platform is people onto the platform and keep It is a strategy that has helped followers, to savvy entrepreneurs If an influencer is using fake so susceptible to fraud that in less them there consuming content. If turn Facebook’s $1bn investment in with vast digital empires and a followers or likes, brands are paying than five minutes — and for less Instagram were a stadium, 2012 into an estimated valuation of follower count in the millions. for exposure to audiences that than five pounds — any Instagram influencers are the entertainment. $100bn in 2020. And it is showing Yet behind the celebrity lifestyles simply do not exist. user can buy thousands of fake The longer people stay on the no sign of slowing down. that many of them project is the The number of fraudulent followers and likes. Since Facebook platform, the more ads they are shadowy practice of exaggerating influencers is not yet known, but took over Instagram in 2012, a few shown — and the more ad revenue £ Alexandra Dunn is the founder of social their results in order to charge their the booming online industry for vague attempts have been made to Instagram can make. It is in marketing agency Common. CITYAM.COM MONDAY 24 FEBRUARY 2020 FEATURE 23 OFFICE POLITICS Is your gloomy office holding you back?

socialising between employees. Improving how we design our workplaces Off-grid spaces have also become more desirable as employees like to can boost productivity and reduce stress spend time in more home-like environ- ments at work, where they can work HATEVER industry you’re Linda quietly without having the constant in, most companies will distraction of social media or phones. tell you that their biggest Morey We have been creating attractive li- cost is talent. That’s why -Burrows OUT OF brary spaces for many of our larger the prediction that stress- THIS WORLD headquarters, where people can get relatedW illnesses will be the main cause away from screens and interruptions. of sickness in 2020, accounting for 44 Star Realms Flexible working areas enable spaces per cent of all work-related absences, Free to be used more efficiently, as differ- should be a big concern. ent areas can be reconfigured for al- One source of this stress is technol- Can you conquer ternative purposes. Dunhill’s head ogy, which has altered the way we on-site facilities to help improve em- the galaxy? Star office in Mayfair, for example, which work and is making us feel anxious ployee wellbeing, and create appealing Realms is a card we completed in 2018, includes two due to the “always on” mentality that “off-grid” spaces for staff to work with- game where you showrooms also used for events, and makes it difficult to switch off after out the interruption of technology. acquire powerful additional working space for expan- business hours. When it comes to offices, one size cards to build a sion which future proofs the design. And even if stress is not affecting us, definitely does not fit all. Each indus- strong deck and Whether residential, hospitality, or pangs of loneliness might be. Screen- try attracts different personality types, blow your workspace, designers should create based work reduces physical human and this is reflected in their working opponent to spaces that make people feel comfort- contact, and thus increases isolation. styles, how they socialise, and their Workplace We have also designed flexible stu- smithereens. able and happy. Workplace design of- A government strategy document to lifestyle habits. Consequently, we carry design offers dio spaces where employees can ex- This digital fers businesses the opportunity to tackle loneliness released in October out extensive research through em- businesses the periment with a range of different version of the address many of the productivity and 2018 estimated that between five per ployee questionnaires and observe how opportunity to classes from kickboxing to yoga, as we game retains the health issues that our society faces cent and 18 per cent of UK adults feel spaces are used in order to create a de- address the discovered from our research that sci-fi art style, today, while retaining talent. lonely often or always. sign which is tailored to each business. productivity some employees want access to a vari- and enables you People should be proud of their With these issues in mind, smart For instance, some of my clients have and health ety of workout options. to play with working environment. If they don’t firms are looking for new ways to re- a high proportion of cyclists among issues that our We design spaces that encourage people online as feel safe and calm, how can they fos- tain talent, increase productivity, and their employees. In the past, we have society faces mobility, including open staircases well as complete ter positive relationships with their boost mental health in the workplace. designed purpose-built spin studios, and different work models to suit a a compelling clients and colleagues? The work en- That’s what makes investing in intel- multi-purpose exercise rooms for variety of tasks which can vary single-player vironment should be a showcase for ligent workplace design so important. classes, one-to-one personal training throughout the day, from working in- campaign. the brand — and its business ethics. Designers, such as my own firm, are sessions, and a surgery for appoint- dependently to brainstorming in able to consider how businesses can ments with a health professional to groups. Most of our designs also in- £ Linda Morey-Burrows is principal use space more effectively, incorporate meet different health needs. clude cafe and bar areas to encourage director at design studio MoreySmith. 24 LIFE&STYLE MONDAY 24 FEBRUARY 2020 CITYAM.COM TRAVEL SRI LANKA’S

il is slowly dripped onto my forehead as I lie on TOURISM my back, feeling Ostrangely relaxed. This is shirodhara, an ancient Ayurvedic treatment and part of my detox programme at Sen Well- HOURS IN... ness Sanctuary. Outside, the sound TURNAROUND of monkeys chattering and waves HAUTE-SAVOIE, crashing in the far distance add to the sense of tranquility. FRENCH ALPS Our home for the next few days Last year’s Easter bombings is a beautiful, thatched cabana: one of eight, simply but luxuri- saw holidaymakers desert this ously designed. A favourite ele- ment is the shower with roof open country, but as 2020 begins to the stars. Set up three years ago by London- tourism is surging again, with based osteopath Sam Kankanamg, the retreat is nestled between pris- visitor numbers almost back to tine beach and lagoon and sur- rounded by mangroves on the normal. Naomi Lloyd visits. island’s southern coast, close to Tangalle. After the Easter attacks, Sen saw 90 per cent cancellations, but says WHERE TO STAY its bookings have almost returned Check into the all-inclusive Grand to those of the previous year. Massif Samoëns Morillon Chalet- Ayurvedic food and spa treat- Apartment. Set over three floors, it ments have seen a recent surge in offers mountain views, has access to an popularity amongst health-con- exclusive lounge and comes with its scious UK urbanites. Sri Lanka, own butler service. Visit clubmed.co.uk where Ayurveda is thought to date back 5,000 years, is building a name for itself as a high-end well- ness destination. Our fellow guests at Sen are mostly over-worked execs and cre- atives, with solo women travellers clearly feeling at home. We are drawn in by the friendly, commu- nity feel and compare notes on our treatments and ability to function with limited wifi and no alcohol or caffeine. Surprisingly well is the consensus. WHERE TO GO For the more adventurous, Venture into the town of Samoëns, a there’s the option of all-out cleans- commune in the Auvergne-Rhône Alps ing and fasting. I opt for a more located in the East of France. Take a gentle programme with massages stroll around the Eglise Notre-Dame de and a herbal flower bath. Tout Grace du Plateau d’Assy. Highlights are the early morning Visit passy-mont-blanc.com yoga class, looking out onto tree- tops as monkeys take running jumps off the roof, and the sunset beach meditation, with the thrill of seeing turtles nesting as night falls. Our next stop is further along the coast at Yala National park. Chena Huts is a five-star boutique lodge with fourteen exclusive, sa- fari-inspired cabins spaced over seven acres. Our thatched, dome-ceilinged dwelling is the height of luxury: WHERE TO EAT spacious, surrounded by jungle The popular restaurant of Le 8M des wilderness, with its own outdoor Monts needs to be booked way in deck and private plunge pool. advance, as it’s calling out for a Michelin We drink in views that stretch Star and set in a cosy setting in the heart down to the rugged Indian Ocean of Samoëns. Refined French cuisine coastline, welcoming the sense of changes according to season. serenity and wellbeing. Tempted as we are to wander, leaving the deck is off-limits as wild animals roam freely here. On our first game drive, we’re pool, watching a pair of dragon- time I’ve seen them in their natural spoilt by the abundance of flies skim the surface. habitat. wildlife. We marvel at elephants We head for sunset drinks at the Staff are from the local villages up close, as well as water buffalo, open-air bar nestled in the sand and welcome us with the island’s wild boar, deer and crocodiles. dunes and sit watching the waves legendary hospitality. Our delight- Suddenly our driver gets word that crash below, non-detox gin and We compare ful personal butler is attentive to a leopard has been spotted. tonic in hand. our every need, organising trips to This is the moment we realise we We move on to Jetwing notes on our a local waterfall and a bike tour of are not so alone, as several jeeps Kadruketha, an upmarket eco-re- ability to function the village. screech to a halt beside us. Unde- sort at the foot of the spectacular Unlike many other hotels forced WHERE TO DRINK terred, a breathtakingly beautiful Namunukula mountain range. with limited wifi to sack staff in the aftermath of the Hang out with locals at Vin sur Vin, a leopard slinks out of the bush and Inspired by the design of a tradi- bombings, the family-run Jetwings neighbourhood favourite serving up saunters nonchalantly past us. tional Sri Lankan village, the ele- and no alcohol company committed to keeping on French and Italian wines and only a I wind down with a massage at gant bungalows have stunning all employees at its more than 30 short stroll away from the main square. the resort’s world-class spa. After- vistas across lush countryside and or caffeine. hotels. Drinks come with a cheese and meat wards, I’m served a fresh coconut paddy fields. Cows wander past and The food, with its focus on au- platter, perfect in the mountain setting. drink as I lie by the lagoon-like peacocks preen and call: the first thentic Sri Lankan cuisine and dif- CITYAM.COM MONDAY 24 FEBRUARY 2020 LIFE&STYLE 25

how to weave in new, positive habits when back home. Guests choose from a range of packages including mind-body detox, yoga and meditation, and weight-loss. Those with chronic dis- eases are welcomed although staff make it clear they promise no cures, simply a holistic space to be in na- ture and improve diet and lifestyle. A team of in-house Ayurvedic doc- tors (also trained in western medi- cine), fitness trainers and chefs are on hand to create a personalised programme. The Ayurvedic spa treatments are made with locally grown herbs, spices and oils. My favourite was a particularly blissful warm, herbal oil massage that dis- solved all knots and left me feeling as though I was floating. For those wishing for a taste of Sri Lankan wellbeing closer to home, Plantation Villa is opening a retreat centre in the UK this spring. ferent mouth-watering curries each The colonial-style villa once be- tell me they are repeat visitors or We leave feeling truly relaxed, re- day, is the best we have tasted on longed to the village chief and is the have come on a recommendation. juvenated and brimming with good our travels. ancestral home of founder Ishara de The remoteness of the resort from health. A highlight is a private vegan cook- Silva. After a successful career as a larger towns meant few cancella- ery class with the head chef, previ- London banker, she quit the City to tions after the Easter attacks. NEED TO KNOW ously at the Hilton in Colombo, establish this wellness retreat. We spend our time We spend our time lazing by the where we cook up an array of deli- We’re welcomed with the utmost pool and enjoying twice daily yoga For more info on Sen Wellness Sanctuary cious dishes in the outdoors shade. warmth and kindness by staff and lazing by the pool classes in the shaded, tropical gar- visit senwellnesssanctuary.com Our final stop is Plantation Villa, a affectionately treated as part of the dens. The atmosphere is utterly re- boutique Ayurveda and yoga resort, family throughout our stay. Both and enjoying twice laxing; city stresses a distant For more info on Chena Huts by Uga deep in the tropical rainforest about eco-friendly and non-profit, Planta- memory in this little corner of na- Escapes visit ugaescapes.com/chenahuts an hour and a half’s drive from tion Villa employs local villagers, daily yoga classes ture’s paradise. Colombo. Surrounded by fragrant whilst supporting community proj- in the shaded, Optional talks on Buddhism and For more info on Kaduruketha visit coconut, black pepper and cinna- ects. meditation techniques provide food jetwinghotels.com/jetwingkaduruketha mon plantations, a family of mon- With minimal marketing, word tropical gardens for the mind and soul, while keys strolls across the lawn as we has spread quickly about the wellbe- Ayurvedic cooking classes nourish For more info on Plantation Villa visit arrive. ing effect here. Many of the guests the stomach. We pick up tips on srimalplantation.com 26 SPORT MONDAY 24 FEBRUARY 2020 CITYAM.COM SPORT ROLLED OVER Error-ridden Irish made it easy for England to revive Six Nations hopes, writes Felix Keith

HE build-up to England’s Six Nations clash against Ire- land at Twickenham yester- day was dominated by one storyline. TEngland captain Owen Farrell com- ing up against his father, Ireland head coach Andy, was an understand- able focus, given the importance of both figures. But before England’s 24-12 win was over it was clear that particular as- pect had little impact. Instead it was Farrell Jr’s opposite number – the man his dad chose as Ireland captain – whose performance shaped the scoreline. Johnny Sexton is Ireland’s skipper, fly-half, creative fulcrum and, in the- ory, their best player. Former Eng- land full-back Mike Brown revealed last week that a life-sized cardboard cut-out of Sexton is placed in the team dining room in the lead up to an Ireland game, to hammer home the importance of shackling the op- position’s main man. “Everything Ireland do well goes through him so there would always be a huge amount of focus on how to limit his influence and suffocate him,” Brown wrote in the Daily Mail. In the end the man himself did plenty to limit his own effectiveness, putting in an error-strewn perform- SIX NATIONS called scrum-half Ben Youngs sent a 40 minutes and a Farrell penalty gave them on the board in the 50th ance which saw Ireland’s Triple speculative grubber into the in-goal them a 17-0 lead at the break. minute and substitute Andrew Crown and Grand Slam hopes evapo- ENGLAND IRELAND area for Farrell and George Ford to Porter did the same in the closing rate inside the first half. chase. The only reason Ford managed IMPROVEMENT POSSIBLE stages to make the score line re- to touch down for the opening try But for all their territorial and phys- spectable after Luke Cowan-Dickie STRENGTH TO WEAKNESS was a glaring mistake by Sexton who ical dominance – England completed scored from a rolling maul, but Ire- For so long Ireland’s strength, which retreated, juggled and finally 32 dominant tackles to Ireland’s land had already paid the price for a carried them to the world No1 rank- Tries:24Ford, Daly, Tries: 12Henshaw, dropped the bouncing ball. eight – the hosts’ comfortable lead lacklustre start. ing, was the No9-No10 axis between Cowan-Dickie Porter Having pinned Ireland back with a came courtesy of two defensive er- While he was pleased with the re- Conor Murray and Sexton. The un- Pens: Farrell Cons: Cooney combination of powerful ball-carry- rors. They had clearly identified a sult – and to not be fielding ques- derstanding between the world class Cons: Farrell (3) ing, turnovers and poor Ireland deci- weakness and moved twice to exploit tions about Tom Curry and Jonathan duo meant the forwards and backs sion-making, England repeated the it, yet their tries were far from guar- Joseph playing out of position – were on the same wavelength. trick to establish a 14-0 lead. Ford anteed. Eddie Jones was disappointed with Murray would provide quick, inci- chipped, Jacob Stockdale floundered Had Sexton not horribly shanked a the second half display. sive ball from the ruck, while Sex- Sexton in particular showed signs and Elliot Daly applied the telling penalty and a conversion then Ire- But with a confidence-boosting vic- ton’s intelligence would conduct that, at 34, his best days could be be- touch just in front of the dead-ball land’s second-half improvement tory behind them and two weeks to traffic and his unerring boot would hind him and all the responsibility line. could have shredded the nerves of go until Wales arrive at Twicken- gain territory and release the pres- might be weighing too heavily. England’s relentless line speed and the Twickenham crowd. ham, Jones has plenty of time in sure valve when needed. It took England just eight minutes domination at the set piece gave Robbie Henshaw drove himself over which to reflect upon improvements On Sunday that was not the case, as to hit the front at Twickenham. Re- them almost total control in the first the try line from close range to get and plot their downfall. Unhappy Hammers facing up to relegation battle reality

League relegation zone and facing a club up and has been brought into revered by the fans but some were Moyes has vowed to try to get a re- Fans set to release daunting remaining 12 matches. do the same this season. content to see him improve the team sult at Anfield, but the flat perform- That run starts tonight at runaway However, despite claiming “that’s and lead them to safety in 2018 when ance against Manchester City last black balloons at leaders Liverpool, where disaffected what I do – I win”, West Ham have they finished 13th. week will have done little to inspire West Ham fans are set to release won just once since the Scot This time around such a confidence. Anfield, writes black balloons in a fixture that will returned and have lost comfortable ride looks a The 53-year-old was criticised for Michael Searles be broadcast around the globe. four of six league games tall order, especially his damage-limitation approach to It follows a protest outside the Lon- since. given the tough run-in. the match and, with the Hammers don Stadium last month in which It is a run of form In the five fixtures desperate for any kind of result, T WAS less than two years ago hundreds of fans chanted “10 years that has seen them seems likely to set up ultra-defen- that West Ham fans’ protests of failure”, referring to the club’s slip into the bottom Moyes’s comments have sively once again. against the club’s owners boiled stagnation since the current regime three – exactly what come back to bite him To their critics, Moyes’s tactics re- over onto the pitch during a de- took over in 2010. Moyes was hired to flect a pragmatism in the boardroom feat by Burnley. Just as in March 2018, when fans in- prevent. that follow Liverpool that led to his appointment and the IDavid Gold and David Sullivan had vaded the pitch and directed their His hubristic re- the east Londoners host club’s controversial departure from to be escorted out of the directors’ anger towards Gold, Sullivan and marks, which also in- Southampton, Wolves Upton Park for the largely soulless box before full-time as fans turned vice-chairman Karren Brady, David cluded “there are only two and Chelsea and visit Arse- London Stadium. on them, chanting and throwing Moyes is once again the manager or three managers with a bet- nal and Tottenham. The result is an environment that, missiles. tasked with leading them through a ter Premier League win record”, have Games toward the tail end of the for all the club’s historically lofty as- Now, once again, there is similar difficult spell. come back to haunt him. campaign against sides around them pirations, has left West Ham fans tension bubbling under the surface Moyes was an unpopular appoint- The former Everton and Manches- in the table are shaping up to be de- feeling as disconnected and frus- with the Hammers in the Premier ment in his first stint but kept the ter United boss has never been cisive. trated as they ever have. CITYAM.COM MONDAY 24 FEBRUARY 2020 SPORT 27

UNITED MOVE UP TO FIFTH HERE WE GO AGAIN Fury expects Wilder to take up rematch WITH WATFORD VICTORY SPORT DIGEST £ Manchester United eased to a 3-0 win over Watford at Old Trafford to WSL TITLE RACE WIDE OPEN move fifth in the Premier League AS CITY AND CHELSEA DRAW yesterday. Bruno Fernandes netted his £ Manchester City were held to a 3-3 first United goal from the penalty spot draw by Chelsea yesterday to leave the after he was brought down by Ben Women’s Super League title race wide Foster to make it 1-0. Troy Deeney had open. City remain a point ahead of the an equaliser ruled out for handball Blues, who have a game in hand, after before Anthony Martial’s chip doubled the entertaining match in which the United’s lead. Mason Greenwood then hosts missed a penalty failed to find a thumped home on the counter to winner. Elsewhere, Manchester complete the scoring and send the United beat Everton 3-2, Tottenham hosts past Tottenham into fifth place. overcame Brighton 1-0 and West Ham Elsewhere, Diogo Jota scored twice as won 4-2 against Liverpool. Wolves comfortably beat bottom side Norwich 3-0. Jota struck twice in the ENGLAND THRASH IRELAND first half to make it five goals in a week IN WOMEN’S SIX NATIONS after his hat-trick against Espanyol £ England thrashed Ireland 27-0 and his strike partner Raul Jimenez yesterday to move another step closer sealed the win with a rebound. to a second successive Women’s Six Nations Grand Slam. The unbeaten PROTEAS STUN ENGLAND IN hosts ran in five unanswered tries in T20 WORLD CUP OPENER Doncaster to earn a bonus-point win, £ England opened their Women’s T20 which puts them three points ahead of World Cup campaign in a France at the top of the table. disappointing fashion, suffering a six- wicket defeat against South Africa CORONAVIRUS FEARS STOP yesterday. Natalie Sciver (50) was the SERIE A GAMES IN ITALY only player to find form with the bat as £ Fears over the spread of England posted 123-8 in Perth. Dane coronavirus saw four Serie A games van Niekerk (46) and Marizanne Kapp postponed in Italy yesterday. Inter (36) fell in the space of five balls as Milan v Sampdoria, Torino v Parma, TYSON Fury expects Deontay Wilder to take up the option of a third instalment of their rivalry after Fury claimed the American’s WBC South Africa’s chase faltered. But, Verona v Cagliari and Atalanta v heavyweight title with a dominant seventh-round stoppage in Las Vegas on Saturday night. Another rematch would keep boxing fans needing nine of the final over, Mignon Sassuolo were all suspended following waiting for a blockbuster all-British showdown between Fury and Anthony Joshua, who holds the other three belts. “I’m almost sure he will du Preez struck Katherine Brunt for six an announcement by Italian prime take a rematch,” said Fury, who was held to a draw in 2018’s first bout. “Whoever’s next will get the same treatment, that’s for sure.” to see them home with two balls left. minister Giuseppe Conte.

Improvements and flaws of both sides on show in lively contest, says Frank Dalleres OUTGUNNED

NTRIGUE was never going to be in short supply in a match between two Premier League teams over- Ihauled by high-profile new man- agers still harbouring faint hopes of European qualification. Still, Arsenal’s narrow victory in a five-goal contest that swung one way then the other – from Dominic Calvert-Lewin’s acrobatic first-minute goal to Pierre-Emerick Aubameyang’s decisive brace – delivered and then some. The Gunners and Everton looked much improved under Mikel Arteta and Carlo Ancelotti respectively, yet their all-too-visible frailties mean both remain a long way off the fin- ished articles. Ancelotti’s effect on Everton has been the most pronounced, the for- mer AC Milan and Real Madrid coach engineering five wins from eight league games since taking charge in December, and the reasons were on show here. A liberated front two of Dominic Calvert-Lewin and Richarlison trou- bled Arsenal all afternoon and both scored, albeit with contrasting levels of style and aided by some hapless defending. PREMIER LEAGUE defending he has worked so hard to to be pleased with the contributions been guilty of shirking. Calvert-Lewin’s seventh in 10 games reduce – and others that escaped un- of Aubameyang, Eddie Nketiah, Dani Finally, Leno – arguably at fault for under Ancelotti was an overhead kick ARSENAL EVERTON punished by Everton. Ceballos, Buyako Saka and Leno. Everton’s second – rescued his team with the outside of his right boot Having regained the lead straight Aubameyang’s first, for 2-1, was a with a sprawling point-blank save after Arsenal defender David Luiz after half-time, they spent most of the placed finish straight out of Thierry from Calvert-Lewin. made a mess of clearing a free-kick. second period hanging on, inviting Henry’s playbook and the second a It was enough to earn Arteta the Richarlison’s equaliser for 2-2 also Everton to attack them and showing firm downward header from a Nico- first consecutive league wins of his owed something to the hosts’ set- little cutting edge nor even inclina- las Pepe cross. No one has more than tenure – Arsenal’s first since August – piece weakness, the Brazilian getting tion to advance. his 17 league goals this term. and their third victory in eight days. a faint prod to a Yerry Mina knock- Nketiah32 (27), Calvert-Lewin (1), Youngsters Nketiah and Saka com- They remain unbeaten under the down and scuffing it under goal- Aubameyang (33, Richarlison (45+4) WORK IN PROGRESS bined for the former’s first top-flight Spaniard. keeper Bernd Leno. 46) They remain a work in progress in the goal of the season on his second start, A win over Everton is not insignifi- The downside for Ancelotti is that final third, with the Spaniard having a classy cushioned volley from the cant, bursting the bubble of a rival for Everton should have scored more – prioritised shoring up a leaky defence left-back’s inviting early cross. the European places and overtaking their expected goals was 2.41 to Arse- dor between full-back Djibril Sidibe – whatever the evidence here – and Ceballos continued where he left off them to go ninth, four points of Man- nal’s 1.38 – and an effective midfield and the centre-backs. Arsenal’s first still struggle for controlled posses- in last weekend’s four-goal win over chester United in fifth. blend remains elusive. two goals sprung from that area. sion. Newcastle, with a dynamic display The question now is whether two Defensively they were too easily by- Arteta, meanwhile, will reflect on The positives outweighed the nega- full of the kind of positive forward teams grappling with long-standing passed as well, especially in the corri- two instances of the kind of kamikaze tives, however, and Arteta had reason passing his midfield team-mates have flaws can sustain their resurgence.