BUSINESS WITH PERSONALITY

CITY PAGES OUR IN FOCUS SNEAK PREVIEW OF GUIDE TO THE A NEW EXHIBITION BY TOP CITY BEST BUSINESS SNAPPER JAMES BURNS P14-15 BOOKS P13 MONDAY 11 NOVEMBER 2019 ISSUE 3,497 CITYAM.COM FREE SPARKS FLY OVER ‘FAKE’ £1TN CLAIMS STEFAN BOSCIA Business minister Kwasi Kwarteng government would spend an addi- @Stefan_Boscia was asked yesterday by Sky News how tional £1.2 trillion over a five-year much the Tories would spend if they term, citing the cost of Labour’s 2017 THE CONSERVATIVES have sparked a won the 12 December election. manifesto as well as policies passed furious political row with Labour over He said: “I’m not going to bandy by the party in subsequent party claims that a Jeremy Corbyn govern- around figures”, and said the mani- conferences. ment would splurge over £1 trillion festo would be costed when it was Javid said Labour’s plans would on its policy pledges. finalised. “lead to an economic crisis within ARAMCO TO OPEN UP TO THE Shadow chancellor John McDonnell Javid also refused to give away fur- months”. said the Tory attack was “fake news” ther details of the Conservatives’ McDonnell said the analysis was MASSES AHEAD OF LISTING while government ministers came spending plans, telling the BBC: “I’m “an incompetent mish-mash of de- unstuck amid questions about their not going to get into individual bunked estimates and bad maths ALEX DANIEL shares when it hits public markets on own spending commitments. policies today.” cooked up because they know @alexmdaniel 17 November. With economic policy set to take The Conservatives have pledged to Labour’s plans for real change are However, despite coming to 658 centre-stage during the campaign, end austerity after the election with popular”. INVESTORS will start bidding for pages, the prospectus did not include Conservative strategists believe spending promises of an extra £20bn The Liberal Democrats’ treasury shares in Saudi Aramco this Sunday, important details about the deal such Labour is vulnerable to the charge a year on capital projects, and an spokesperson Ed Davey said both as the starting gun fires in the race to as the number of shares on offer, or that its policies would “bankrupt the extra £7bn and £34bn for the educa- parties’ costings need to be scruti- own a part of the world’s most the offer price. country”. F tion and health nised by the Office for Budget Respon- profitable company. It also lacked commitments from City In what could be the biggest ever early supporters to back it. This Chancellor Sajid ahe budgets respectively sibility. He accused Labour and the Javid has also firm over the next three Tories of engaging in a “battle to stock market listing, Aramco said in comes despite reports that some of HEY, BIG SPENDERS ANNA M vowed to ramp up @annaf years. splash the cash”. its initial public offering (IPO) Saudi Arabia’s richest families have FIRMS domin the 50 compa public spending Fint Labour, mean- Reports emerged yesterday that prospectus over the weekend that it been urged to buy in. pole p techno quicke the in but refused yester- firm D while, has pledged voters may be treated to a televised will offer 0.5 per cent of its shares to Aramco disappointed potential Rev averag rate o the le day to put a precise bank to double net capital head-to-head debate between Javid ordinary investors as part of the float. investors last year when a long- provid came respe The figure on the costs. of all spending to £100bn and McDonnell. The two sides are ap- If it achieves its ambitious $2 trillion awaited dual float on both cent, Dunc “noth and “ innov a year. parently wrangling over the details. (£1.57 trillion) valuation, this would international and domestic stock enjoy techn Th Lond How we covered the tech The Conservatives amount to about $10bn worth of exchanges was temporarily called off. SPENDIN’ show two t RED IT’S THE BATTLE OF THE BUDGETS AS base Lo £ ALL YOU NEED TO KNOW: P8 pledges on Friday TORIES AND LABOUR RAMP UP SPENDING nam claim that a Labour best COMMITMENTS AHEAD OF ELECTION SAJ and crow JOHN fi t FTSE 100 ▼ 7,359.38 -47.03 FTSE 250 ▼ 20,357.63 -75.59 DOW ▲ 27,681.24 +6.44 NASDAQ ▲ 8,475.31 +40.80 £/$ ▼ 1.279 -0.004 £/€ 1.161 unc. €/$ ▼ 1.102 -0.002 02 NEWS MONDAY 11 NOVEMBER 2019 CITYAM.COM

IN MEMORIAM Leaders from the major parties gather to show support for the fallen at the Cenotaph on Remembrance Sunday THE CITY VIEW Retailers are wishing for a Christmas miracle

HE CRUCIAL Christmas trading season was once relished by high street bosses hoping to fatten their profits before Tthe New Year. But so troubled is the sector that the once so-called golden quarter of retail has lost much of its shine, being viewed today by many executives as a way of raking in just enough cash to stave off collapse. Looking back at the year to date, it has largely been one of worsening conditions on the high street. The likes of Sir Philip Green’s Arcadia, department store chain Debenhams and preppy fashion group Jack Wills have all turned to radical restructuring or fallen into administration. Now it looks as if card company Clintons is heading down a similar path, with reports on the weekend that 66 stores face closure. Whether it is Next in fashion, Tesco in POLITICAL leaders suspended General Election hostilities yesterday to pay their respects to British and Commonwealth service- groceries or Greggs in food, there have been exceptions to the men and women at the Cenotaph. Liberal Democrat leader Jo Swinson, Scottish National Party MP Ian Blackford, Labour leader rule. Strong management teams with a fixation on cost-control Jeremy Corbyn and Prime Minister Boris Johnson yesterday attended the annual ceremony to commemorate the UK’s war dead. can deliver solid results in uncertain times. But for Bad weather this many bricks-and-mortar Christmas could be stalwarts, the outlook a nail in the coffin remains gloomy. Springboard insights director Diane for some retailers Wehrle is forecasting that Optimism in short supply this Christmas will be slightly worse than last year’s for the retail sector: “Consumer confidence is still lower. There is no reason to suggest Christmas will be any more positive this year.” After the 12 December election, retailers have a two-week trading opportunity to claw as Boris gets ballot boost back any sales they might have lost in previous weeks due to HARRY ROBERTSON uncertainty. But if the weather is bad during that crucial grew from 18 to 22 in September. The year for the national economy. bulk of this increase was driven by Unemployment has stayed close to fortnight, and people stay indoors rather than visit retail @henrygrobertson employers in public-sector dominated lows last seen in the 1970s this year, destinations, it could be a nail in the coffin for the most CONFIDENCE among UK businesses industries, amid higher government despite business investment and trade troubled chains. Springboard research published today with the tumbled to its lowest level in over spending and promises of even falling under the weight of Brexit seven years last month but employers greater largesse from the Tories and confusion. Some economists have said British Retail Consortium underlines the challenge that weather in September nonetheless predicted a Labour in the run-up to the December firms are hiring workers who can later presents — a rainy autumn this year helped drive a 3.2 per cent rise in hiring, as economists today General Election. be sacked instead of making long-term drop in annual footfall. There is also the problem of customer gave the economy a breath of relief. Meanwhile figures released today investments. experience; with some of Britain’s biggest retailers slashing Businesses in Britain’s manufactur- are expected to show the economy is Although hiring intentions ing sector were the most pessimistic to recover from its first contraction in increased in September, employers in costs, they risk longer queues at tills as a result of reduced staff with political uncertainty acting as a seven years amid political uncertainty. public-sector dominated industries overheads. These headwinds leave the high street bracing itself drag on confidence. Estimates for the latest quarter reported that they struggled to fill for what could be its toughest ever golden quarter; they will be Manufacturers are now facing are set to predict a 0.4 per cent roles. Three-quarters of healthcare “recessionary conditions,” the latest increase in output over the summer, employers said finding workers was hoping their Christmas wishes of good weather and a welcome optimism index from accountants bringing GDP back into the black after difficult, for example. dose of political clarity can come to the rescue. BDO said today. a 0.2 per cent decline in the second Yet CIPD labour market economist However, a survey by human quarter. Jon Boys said chancellor Sajid Javid’s resources industry body CIPD said Experts forecast growth to improve September spending review, which that Brexit uncertainty was yet to take even further if the Brexit deadlock is increased funding for all government its toll on employers’ hiring expecta- broken. departments, particularly education tions this year. It comes as a major boost for Boris and health, had already “seen hiring CIPD’s net employment score — a Johnson ahead of the 12 December and pay expectations increase sharply Follow us on Twitter @cityam measure of employment confidence — General Election, after a turbulent in the past quarter”.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL LAGARDE FACES ECB PUSH WHAT THE SNP THREATENS LAWSUIT IF PROSUS THREATENS TO VIACOM AND CBS SHAKE UP TO REDRAFT POLICYMAKING OTHER REFERENDUM IS BLOCKED WALK AWAY FROM JUST EAT EXECUTIVE RANKS Christine Lagarde is to face calls on A senior SNP minister has threatened to Tech giant Prosus is warning Just Eat Viacom and CBS are realigning the Wednesday for an overhaul of how the PAPERS SAY take Boris Johnson to court if he tries to investors that it will walk away from its leadership of their creative operations European Central Bank decides block a second independence pursuit of the delivery company if they in advance of the expected closing of monetary policy as senior colleagues THIS referendum. Mike Russell, the Scottish back a rival plan to merge with their merger in early December, people use the start of her presidency to argue government’s constitutional relations Takeaway.com. Despite being armed familiar with the matter said. The for changes including formal votes on MORNING secretary, has given the clearest signal with a €20bn (£17bn) warchest, boss restructuring will result in consolidation setting interest rates. yet that court action is the SNP’s “Plan Bob van Dijk is telling Just Eat among the cable programming and B” to break the impasse over a second shareholders that Prosus is not digital operations of the two APPLE’S PROFITS FADE BUT referendum. interested in buying both companies. companies. SHARES DEFY GRAVITY Apple has piled on more than $400bn LAVISH PARADE CELEBRATES ALCHEMY PUSHES FOR BOEING SEEKS BLESSING TO (£312.6bn) of market capitalisation so EMPEROR’S RISE IN JAPAN BREAK-UP OF LENDER NSF DELIVER 737 MAX JETS far this year, even as its profit margins best run for a decade and almost three Japanese Emperor Naruhito and A top shareholder in Non-Standard Boeing hopes to deliver 737 Max aircraft fade and its new iPhone failed to wow times the gain for the benchmark S&P Empress Masako marked the imperial Finance is exploring a break-up of the to airlines before the end of the year analysts. The share price of the tech 500. The increase in its equity value succession in front of thousands of doorstep lender in the wake of its failed even if regulators haven’t approved company closed on Friday at a record since January comes to almost as much supporters. Emperor Naruhito, 59, hostile takeover of larger rival Provident related pilot training, people familiar high, up 65 per cent so far this year, its as the entire value of JP Morgan. acceded to the throne in May. Financial. with the matter said. CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 03

PRESIDENT RESIGNS Bolivian leader Evo Morales exits top job amid political upheaval Jingye poised Staff at People’s to buy British Steel for £70m Vote prepare for ALEX DANIEL @alexmdaniel CHINESE firm Jingye is set to agree a deal to buy British Steel today, in a move that is hoped to save more showdown talks than 4,000 jobs at the company’s flagship plant in Scunthorpe. STEFAN BOSCIA a vote of no confidence and a data Advisers have been working on a @Stefan_Boscia privacy row. draft agreement in recent days, in Staff said they now feel comfortable which Jingye has agreed in PEOPLE’S Vote staff members are set re-entering campaign offices, but are principle to pay £70m upfront for for showdown talks with the group’s still unhappy with Rudd’s role in the the troubled industrial firm. de facto chairman today as they seek a campaign, and his appointment of Jingye will also be able to use a resolution to a two-week long strike. Tory figure Stuart Hand. BOLIVIAN President Evo Morales resigned last night amid a growing political crisis £300m taxpayer-funded support About 40 campaign staff have asked “There is a real danger that the following a disputed election last month. Morales had faced a political backlash after package, it was widely reported late to meet Roland Rudd, chairman of PR errors of the past fortnight will be allegations the poll was rigged, with police siding with protesters in recent days. last night. firm Finsbury and People’s Vote co- compounded unless the board of British Steel employs around founders Open Britain, following new Open Britain finally grasps the oppor- 5,000 people in the UK, and chief executive Patrick Heneghan’s tunity to open a proper dialogue,” a supports about 20,000 further jobs resignation on Saturday. Heneghan is statement read. in the supply chain. It is one of stepping down pending an investiga- “Rudd needs to demonstrate he is London renminbi trading spikes Network Rail’s main suppliers. tion into sexual harassment claims, more than a wealthy man playing pol- Jingye reentered the fray as a first revealed by City A.M. last week. itics as a hobby.” JAMES BOOTH bidder for the company when Three young female staff alleged The campaign was plunged into @Jamesdbooth1 per cent on the previous quarter and negotiations with Ataer Holding, Heneghan propositioned them and chaos after its director and communi- over 20 per cent year-on-year, the an investment arm of the Turkish invited them back to his house to take cations chief were both sacked by RECORD amounts of Chinese report from the City of London military’s pension fund, did not cocaine. They say he also inappropri- Rudd, in what was branded a Liberal renminbi are being traded daily in Corporation and People’s Bank of come to fruition during a period of ately touched them. It was alleged to Democrat takeover of the campaign. the UK, according to a report China said. exclusivity with the Official have happened weeks before he was The claim has now re-surfaced as published today, far outstripping that Catherine McGuinness of the City Receiver, which is managing the appointed chief executive in what was accusations swirl that party power of any other financial centre. of London Corporation said: “In the negotiations. described as a “boardroom coup”. brokers are preparing to change tacti- An average of £85bn of the Chinese face of considerable uncertainty, the Jingye Group is chaired by Heneghan lasted less than two weeks cal voting advice to favour the Lib currency were traded daily in the fundamentals of London and the UK businessman Li Ganpo, one of the in the job and endured staff walkouts, Dems for next month’s election. second quarter of 2019, up nearly 10 continue to shine brightly.” richest men in China. 04 NEWS MONDAY 11 NOVEMBER 2019 CITYAM.COM IN BRIEF INVESCO HIT BY OUTFLOWS LIDL SET FOR GROWTH SPURT LONDON SIGHTSEEING FIRM OF $54BN IN LAST 12 MONTHS AS 230 NEW STORES TO OPEN GOLDEN TOURS UP FOR SALE Asset manager Invesco has been hit by Lidl’s expansion spree is set to Open-bus sightseeing operator Golden outflows of more than $1bn (£780m) a accelerate, with the German discounter Tours is said to have appointed advisers week over the last 12 months, according planning 230 extra store openings. In a for a £100m sale. Nick Palan, to new data. The group suffered $54bn bid to ramp up its rivalry with the UK’s philanthropist and chairman of Golden of net outflows from its mutual funds in largest supermarket chains, Lidl is Tours, has hired KPMG to oversee the the 12 months ended September, pushing ahead with ambitions to grow auction of the company, the Telegraph according to Morningstar data reported its footprint to 1,000 stores in the next reported. KPMG are allegedly seeking a by the Financial Times. Morningstar last three years. The new store plan, first valuation of up to 10 times earnings. The week downgraded two of Invesco’s UK reported in the Sunday Times, is the tour operator reported a £9.7m profit funds to “neutral”, citing concerns about latest in a string of bullish moves from before interest, taxation, depreciation investments in illiquid stocks. The two Lidl and Aldi, which have been snapping and amortisation in 2018 on £48m of funds are managed by former Neil up an increasing share of the grocery sales. Golden Tours, a licensee of the Woodford protege Mark Barnett. In a market away from the so-called Big Four Grayline Group, has a fleet of 67 buses in statement, Barnett said: “My funds are — Tesco, Asda, Sainsbury’s and London, serving around 2m tourists a appropriately positioned, well diversified Morrisons. Lidl previously pledged to year. It is understood to have given and able to generate liquidity should open roughly 50 to 60 stores a year. In interested parties until the end of investors wish to buy or sell.” Former star July the firm unveiled a £500m November to enter first-round bids. Both stock picker Woodford left Invesco to set expansion plan to open 40 new stores in KPMG and Golden Tours did not respond up his own funds in 2014. London, including its first central outlet. to requests for comment.

Fans enjoyed a pint with the Rugby World Cup final but the pub sector is struggling Number of pubs and bars folding balloons in 2019 ARCHIE MITCHELL risen from 18 per cent in 2005 to 29 per cent in 2015, according to data AT LEAST 530 pub and bar companies from BMC Public Health. closed down over the past 12 months A rise in popularity for Dry January, in the UK, at a rise of 13 per cent com- a viral challenge where participants pared with a year earlier. avoid alcohol for the first month of Brexit-driven cost increases and the year, did little to ease concerns. It reduced levels of drinking among was also suggested social media is young people are some of the reasons reducing the amount of time young why the number of pubs going bust is people spend meeting in such venues. rising, according a report out today Meanwhile England’s run to the by accountancy group UHY Hacker Rugby World Cup finals failed allevi- Young. ate the pressures. The weakness in sterling since the Pub and restaurant sales fell 0.6 per 2016 Brexit referendum and low cent in October, with London lagging consumer confidence have also left behind the rest of the UK, according pubs handling higher costs for import- to the Coffer Peach business tracker ed drinks. released today. Peter Kubik, partner at UHY Hacker Karl Chessell, director of business Young, said a crucial problem for insight consultancy CGA said the lack smaller bars and pubs is lack of access of a major boost from the sporting to the capital needed to adapt. action was “probably due to the early “Hopefully, once the Brexit question morning kick-offs”. is cleared up, high street lenders will Live the Local, a campaign group be less nervous about lending to small- pushing for a cut in beer duty, said er pub companies,” he said. that one of the biggest pressures pubs Pubs also struggled to adapt to the face is tax. increasing level of young adults The group said that one in every £3 abstaining from alcohol, which has spent in a pub goes to the taxman.

US law firm opens London base and eyes regions in Brexit move JAMES BOOTH told City A.M.: “The primary reason @Jamesdbooth1 we are expanding into the UK is because of Brexit. The weakness of A US LAW firm has launched in the pound has made the ability to London to capitalise on the weakness open in the UK extremely affordable of the pound triggered by Brexit. compared to five or six years ago.” Tully Rinckey received regulatory Tully said the firm aimed to offer approval to operate in the UK during international legal services to mid- the summer and has opened its first tier clients at a much lower price UK office in Mayfair. than offered by most US law firms. The firm is also weighing offices “Why should you have to pay in Scotland, Northern Ireland and £1,000 an hour to get an attorney regional English cities such as who can advise you on matters in Manchester, Liverpool and Bristol. Asia, Africa and North America? To Founding partner Matthew Tully me that’s just gluttony,” he said. WHO WOULD BE MOST LIKELY TO GRANT YOU A MORTGAGE? AN ALGORITHM? OR A HUMAN BEING?

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CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 07

¿QUE, UNO MAS? Spain heads to the polls for its fourth general election in four years Silvertown Tunnel campaign group threatens Khan with a court review STEFAN BOSCIA well-informed decision”, and that They added: “Extensive modelling @Stefan_Boscia the courts should review the project. on the impacts on traffic, air quality Campaigners claim that TfL and carbon emissions has been CAMPAIGNERS against the Silvertown modelling for the £1bn road tunnel undertaken and has been subject to Tunnel have sent a letter to Sadiq — which would run across the thorough examination in public, as Khan threatening to seek a judicial Thames from Greenwich to the Royal well as rigorous peer review.” review of the project if it is approved. Docks — shows congestion would The project is expected to get final The No To Silvertown Tunnel decrease at the tunnel mouth, but approval from TfL within a matter of coalition sent a letter to the London increase in surrounding areas. weeks, following the drawn out mayor claiming that modelling from They say this would increase air battle with anti-tunnel campaigners. Transport for London (TfL) on the pollution. A spokesperson for the project is “insufficient to make a mayor said the tunnel is essential. £ READ MORE: P19

SPAIN went to the polls yesterday for another general election amidst widespread political apathy. With over 95 per cent of votes counted, far-right party Vox more than doubled its number of seats in Spain’s parliament while the Socialists came top. Banking salaries jump in UK amid battle for talent

JAMES BOOTH New Financial found that more than @Jamesdbooth1 330 financial firms have relocated parts of their business ahead of the THE AVERAGE salary for UK financial UK’s departure from the EU. services workers jumped to £53,000 in “Potential applicants might be put the second quarter amid competition off from applying for a job that might for talent. soon be moved abroad, or made redun- Data released today by recruitment dant altogether,” Broadbean said. software provider Broadbean showed “But London will still remain a the average salary for financial financial hub, and the City still needs workers in the first quarter rose to to attract talent. One method to £48,500, before climbing to £53,000 in attract talent is to increase the salaries the second quarter. for new vacancies,” it added. The increase in salaries comes The rise in financial services salaries despite a fall in the number of roles was mirrored by an increase in advertised, with the number of roles salaries across other sectors of the available dropping from the second economy. quarter of 2018 to the same period The average salaries of roles adver- this year. tised through Broadbean rose 12 per The number of applications per cent from the second-quarter average vacancy for banking and finance jobs of £38,000, to £42,500 for the same has gradually declined since the UK period in 2019. voted to leave the EU in 2016. The company said this could be Broadbean said Brexit is having an attributed to two factors: increases to effect on industry confidence, with minimum wage pushing up salaries overseas talent less likely to move to of lower earners, and worsening skills the UK market and banks moving shortages at senior levels leading some operations to EU jurisdictions. businesses to pay a premium to A report last month from think tank attract talent. Administrators set to sue former BHS owner Dominic Chappell

SEBASTIAN MCCARTHY Last week Chappell was banned @SebMcCarthy from serving as a director for 10 years after “abusing his THE FORMER owner of BHS could responsibilities”. The government’s face legal action from the collapsed insolvency service also disqualified department store chain’s his father for five years. administrators, according to reports Claire Entwistle, assistant director by the Sunday Times. for the Insolvency Service, said: Duff & Phelps and FRP Advisory “Both Dominic and his father abused are said to be planning to sue their responsibilities as directors. Dominic Chappell to reclaim £4.5m. Not only did they carry out reckless The claim is over money that they financial transactions but they failed allege he extracted from BHS, which to maintain adequate company he bought from Sir Philip Green for records — a basic requirement for £1 in 2015. any responsible director.” 08 NEWS MONDAY 11 NOVEMBER 2019 CITYAM.COM ELECTION 2019

BRITS AND BELFAST POLL WATCH Poll bad news for UK The so-called left behind towns will be key to the election, and a new YouGov/Centre for Labour open to FOUR in 10 Brits care “little or Towns survey makes for interesting reading. not at all” about Northern The Tories lead with 32 per cent of voters in Ireland, a poll from YouGov has ex-industrial towns, with Labour lagging on found. The pollsters showed 27 per cent — 23 points down from 2015. both Leavers and Remainers The Brexit Party and the Lib Dems are on 16 prioritise their vision of Brexit per cent and 15 per cent respectively. free movement over keeping Northern Ireland in the union. Almost two-thirds of GOOD DAY STEFAN BOSCIA allows British citizens to enjoy some Britons would see Northern @Stefan_Boscia of the freedoms they will lose as a Ireland leave the United A typical weekend on political Twitter is result of Brexit. The quid pro quo is Kingdom in order for their invariably awash with politicos LABOUR’s election coordinator has those EU citizens in the UK… will be preferred Brexit outcome to celebrating their interactions with refused to deny the party would able to as well.” pass. Four in 10 Brits said they constituents and receiving a “great continue to allow uncontrolled immi- The prevarication comes on the wouldn’t be “bothered” if the reception” on the doorstep. So it was gration from the EU in its prospective back of Labour leader Jeremy Corbyn country of almost 2m people left refreshing to see Labour campaigner Jim Brexit deal. also refusing to rule out an end the UK. Robbins offer some honesty instead. Labour’s Brexit policy, if it to freedom of movement at “Pretty dismal session on the wins the election, is to a recent campaign event. #labourdoorstep,” he tweeted. “Raining, negotiate a new deal Corbyn is set to meet cold, my heart wasn’t really in it.” with the EU and put it senior Labour figures BAD DAY to the public in a con- Keith Vaz quits the Commons firmatory referendum. Shadow minister Andrew When you appear on TV to slam Labour’s However, the party’s Gwynne is leading POPPY WOOD In a statement, the politician costing pledges, it helps to have an idea of Labour’s campaign election coordinator @poppyeh said: “I have decided to retire after your own. Business minister Kwasi and shadow communi- on Saturday to finalise completing 32 years as the member Kwarteng was caught out by an ties secretary Andrew the party’s General Elec- LABOUR’s Keith Vaz announced of parliament for Leicester East.” incredulous Sophy Ridge on Sky News Gwynne yesterday refused tion manifesto. last night he will not stand for re- Labour leader Jeremy Corbyn yesterday when he failed to answer a to say whether the deal would Home secretary Priti Patel election in the December ballot. praised Vaz for helping “pave the question about the cost of the Tory end freedom of movement with said voters faced a choice of the Vaz was facing a six-month way for more [minority] people to manifesto. “I’m not going to bandy the other 27 EU member states. Conservatives or a “weak coalition suspension from the Commons become involved in politics”. around figures,” he said, seconds after Gwynne told the BBC: “Let me be headed by Corbyn in a gridlocked after being found to have Vaz has held his Leicester East claiming Labour’s manifesto would tot up very clear, we are looking for recipro- parliament that refuses to control “expressed willingness” to seat since 1987, and is the longest- to more than a trillion. cal agreements with the EU 27 that immigration”. purchase cocaine for others. serving British Asian MP. CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 09 Former Wework Visa set to invest $200m in African fintech firm ahead of London float

JAMES BOOTH in Interswitch in return for a 20 scheme in Africa with more than chief is sued over per cent stake, Sky reported. 19m cards on its network. @Jamesdbooth1 The deal would make Visa a The potential deal follows Visa’s VISA is set to spend hundreds of cornerstone investor in the rival investing $300m in Dubai- millions of dollars to acquire a stake Nigerian firm ahead of a proposed based payments business Network in African payments group London initial public offering International before its April Interswitch ahead of the latter’s during the first half of 2020. £2,2bn listing in London. $1.7bn exit payout mooted London listing. Interswitch is one of the largest JP Morgan is reportedly leading Sky News first reported the talks electronic payments and the banks who have been hired to JAMES BOOTH September after investors grew wary of between the pair that could lead to infrastructure companies in Africa. work on Interswitch’s float. @Jamesdbooth1 its losses, its business model and its a deal being announced this week. Its debit card, Verve, is the Interswitch declined to corporate governance. Visa could invest $200m (£156m) biggest domestic debit card comment. WEWORK’S former chief executive Adam Estimates of Wework’s valuation Neumann is being sued by minority have sunk to as little as $5.9bn, based shareholders angry at his $1.7bn (£1.3bn) on the value of Softbank’s proposed exit package. $9.5bn rescue, from $47bn in August. The shared office company’s former The Wall Street Journal reported boss stepped down in September after yesterday the We Company had been its botched initial public offering (IPO). wrangling with the US Securities and In a proposed class action filed last Exchange Commission in the run week in San Francisco Superior up to its planned listing. On Court, former Wework 11 September the regulator employee Natalie Sojka reportedly sent the accused the company’s shared-workspace board of directors of breaching its fiduciary Adam Neumann secured duties to minority a $1.7bn golden shareholders like herself. parachute from Softbank Sojka faulted the board for letting Japan’s Softbank company a list of 13 still- rescue Wework by boosting unresolved concerns its stake to a potential 80 per covering issues such as cent from 29 per cent at a “fire- how it framed its heavy sale” price, and granting Neumann a losses. $1.7bn exit package. Last week Wework revealed plans to Softbank and its chairman, divest all non-core businesses and cut Masayoshi Son, are among the 10 jobs, while Neumann’s former chief of named defendants in the complaint, staff sued him a few days earlier for which also accuses them and Neumann pregnancy discrimination. of self-dealing. Former Wework employee Sojka said “Wework believes this lawsuit is the defendants caused a big drop in the meritless,” a spokesperson said. stock’s value, and threatened Wework’s parent company, the We “irreparable harm” from the Softbank Company, shelved its IPO on 30 rescue and other transactions. 10 NEWS MONDAY 11 NOVEMBER 2019 CITYAM.COM Boris Johnson wary of putting HS2 ‘on scrap heap’ as review drags on ALEX DANIEL railway’s planned stops, he said he seen the damage that can be done to @alexmdaniel was wary of putting the project “on the UK by delaying big the scrap heap”. In an interview with infrastructure, I hesitate before just PRIME Minister Boris Johnson has yet Nottinghamshire Live, a local news taking something like HS2 and just to make his mind up on the High outlet, Johnson said he has not read putting it on the scrap heap. Speed 2 (HS2) rail project but called it the review. “I think you need to look very “incredibly expensive” late last week, He said: “I love infrastructure. The carefully at whether there are as a government-commissioned problem with HS2, is that it’s savings to be made, whether you can review into its future enters its final incredibly expensive. do it another way round, and that’s stages. “Instinctively I hesitate as the sensible thing to do and we will Speaking on the campaign trail in somebody who’s done a lot of big have an answer in the fullness and Nottingham near one of the infrastructure projects, and who’s richness and maturity of time.”

HS2 has been dogged by delay, scandal and spiralling costs in recent years Whitehall faces deluge of rows over contracts

ALEX DANIEL Meanwhile, rail operator Stagecoach @alexmdaniel also sued the DfT earlier this year, after it was barred from bidding for WHITEHALL is dealing with a spi- three rail franchises. ralling number of complaints from On average, nine out of every 10 companies bidding for government working days last year involved a com- work, as officials move to counter plaint landing on a civil servant’s growing disquiet over the handling of desk for how a contract was awarded. contracts in recent years. James Geary, principal at EMW, said The number of official complaints companies were fighting “tooth and rose by nearly 50 per cent in 2018 to nail” to win work as public sector con- 235, up from 159 the previous year, tracts became more sought after. This according to figures released under is thought to be in part down to re- the Freedom of Information act to strained government spending, with law firm EMW. public sector expenditure as a per- No figures have been recorded for centage of GDP falling to 34.1 per cent 2019, but the scrutiny appears to have in 2018/19, compared to 37.3 per cent continued after government depart- five years before in 2013/14. ments came under fire for a number Companies are also thought to be of high-profile slip-ups including a no- lodging more complaints in an effort deal Brexit ferry contract that went to to get an advantage over competitors, a firm which had no ships. with the process sometimes yielding That was resolved last month, but information about rival bids that not before ferry operators P&O and would otherwise be kept secret. Eurotunnel sued the government A Cabinet Office spokesperson said: over the decision. The Department for “The vast majority of procurements Transport (DfT) was forced to pay that take place are carried out in com- Eurotunnel £33m in a settlement pliance with public contract regula- after its decision to award Seaborne tions — only a small fraction result in Freight the £13.8m deal. a legal challenge in the courts.” Police watchdog denies delaying inquiry into Johnson and Arcuri STEFAN BOSCIA whether Johnson had engaged in @Stefan_Boscia “possible criminality” and if a formal criminal investigation should be THE POLICE watchdog has refuted launched. claims it delayed releasing a report The Observer reported yesterday into whether to investigate Boris that the IOPC was ready to announce Johnson for criminal conduct in the results of the inquiry, but decided relation to conflict of interest claims. to delay the release until after the 12 The Independent Office for Police December General Election. Conduct (IOPC) is investigating Sources inside the IOPC said senior claims that Johnson used his officials at the police watchdog had a influence as mayor of London to private meeting where they agreed to award a £10,000 grant to American withhold the inquiry results after the tech entrepreneur Jennifer Arcuri. election. However, the IOPC has The inquiry is investigating denied the report. CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 11 US private equity Sales of ‘super-prime’ £5m houses surge outside of London’s hotspots ARCHIE MITCHELL more than £5m Camden also contributed, offering firm Lone Star in Areas of London excluding newer and larger apartments at LONDON’s biggest spenders are Westminster and Kensington and discounted prices. branching out of usual hot-spots Chelsea saw 19 per cent more super- The City of Westminster and Westminster and Kensington & prime property sales this year, with Kensington and Chelsea dominated Chelsea in search of super-prime 107 in the 12 months to June 30. the super-prime market with almost houses — properties worth over £5m Lack of stock attracted two-thirds of all sales, but this was line for Kier bid — according to a study by law firm international buyers to look outside down from over 70 per cent last year. Boodle Hatfield. of the traditional super-prime areas Saskia Arthur, head of residental ALEX DANIEL reportedly marketing the debt for as Southwark’s Blackfriars Road was of London as they seek to take property at Boodle said: “Some buyers @alexmdaniel little as 70p in the pound, as they try the top street in London for super- advantage of the pound’s low value. are more willing to look elsewhere to cut their losses in case the firm prime sales with 16 homes sold for Developments in Southwark and than they were previously.” AMERICAN private equity firm Lone meets the same fate as fellow out- Star is said to be one of the bidders in sourcer Carillion. the race to buy parts of Kier Group, as Hedge funds, which specialise in the embattled contractor seeks to distressed debt, are circling the sale raise money. in the hope they can use the debt to Kier is preparing to sell off “non- take control of the firm. core” parts of its business, with its Kier is one of the country’s biggest housebuilding division, Kier Living, builders of roads, schools and rail- up for grabs. ways, and carries out a significant The struggling outsourcer staggered amount of work for the government. to a £245m loss in its latest full year, This includes two contracts worth with net debt of £167m. £1.4bn to design and build major rail- The sell-off comes as part of new way tunnels beneath Northampton- chief executive Andrew Davies’s at- shire, which were originally part of a tempt to turn the company around. three-way joint venture including Since his arrival in March this year, he Carillion. has announced 1,200 job cuts as part However, when Carillion collapsed of a wider cost reduction plan. early last year, Kier and French con- Lone Star’s interest was first re- struction company Eiffage took on 50 ported by the Sunday Times. per cent of the job each. But last week, it was reported Kier’s The company has suffered a year of lenders are trying to offload its debt turmoil with its share price dropping to hedge funds, in a sign they think 88 per cent in the last 12 months. the risk of another corporate collapse It has come amid a series of profit in the embattled sector is increasing. warnings, and the ousting of former HSBC and other lenders are boss Haydn Mursell.

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WATERSPORTS charity the Ahoy Centre has opened registration for its Channel Row Challenge — a 23-mile row down the English Channel. The event will raise money for disadvantaged, at-risk youth and disabled people to experience sailing and rowing. London startup founded by NHS manager secures £9.1m injection

EMILY NICOLLE clinical information and imaging. @emilyjnicolle The startup participated in a trial for connected ambulances with VISIONABLE, a healthtech startup co- telecoms giant O2 earlier this year, founded by a former NHS manager and now reaches approximately 500 and independent peer Lord Victor patients an hour with its platform. Adebowale, has today revealed its Visionable chief Alan Lowe, who series A funding round at £9.1m. previously led the service The raise was led by West Hill improvement programme for NHS Capital, which valued the business Westminster, said: “This latest round at £47.6m. of funding shows that investors are Visionable provides doctors, just as excited as we are about the paramedics and others in the NHS possibility for Visionable to make a with video conferencing software real difference to the healthcare specifically designed for sharing industry in the next decade.” 12 NEWS MONDAY 11 NOVEMBER 2019 CITYAM.COM Deliveroo offers new pick-up service China trade expo with plans to hit 10,000 restaurants

JAMES BOOTH Deliveroo is aiming to sign “Pick-up is great for Byron, it’s another 10,000 restaurants to the given us another avenue for our brings deals amid @Jamesdbooth1 platform in the UK in the next six customers to reach us and we’re DELIVEROO customers can now months, to take the total the excited to see this launch in more order food to pick up using the app, company works with to 30,000. sites across the UK.” the company said yesterday. Chains that have signed up for Ajay Lakhwani, vice president for Over 700 restaurants have signed the pick-up service include Byron, new businesses for Deliveroo, said: up to the new service which is Pizza Express, Pizza Hut, TGI “Deliveroo’s new pick-up service US tariff tensions available in 13 cities across the UK. Friday’s, Frankie & Benny’s, will give customers even more More than 10,000 UK restaurants Chiquito, Coast to Coast and opportunities to order amazing HARRY ROBERTSON been in the sights of the US, which has are expected to offer the service Giraffe. food from their favourite now slapped tariffs on $550bn worth of within a year, Deliveroo said. Patrick Gray from Byron said: restaurants.” @henrygrobertson Chinese products. TRADE deals worth $71bn (£56bn) were After months of negotiations, the two struck at the China International Im- sides said last week that they had agreed port Expo (CIIE) last week as Beijing “phase one” of a trade deal involving sought to demonstrate its growing open- China committing to buy large amounts ness to the rest of the world, the coun- of US farm goods and tightening protec- try’s commerce ministry said yesterday. tions of intellectual property in ex- The biggest of trade deals — between change for the rollback of some tariffs. the US and China — remains unresolved, But on Friday, US President Donald however. Last week was marked by Trump threw the deal into doubt. mixed messages from Washington “I haven’t agreed to anything,” he said, about the rolling back of tariffs. adding that reports about removing China’s commerce ministry said the tariffs were inaccurate. value of the deals signed at CIIE was 23 The broad, however, consensus is that per cent higher than last year. It said 32 an agreement will be signed this year. per cent were in manufacturing. Both countries’ economies are showing China’s trading practices have long signs of strain under the impasse. CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 13 CITYPAGES EDITED BY JESS CLARK @JCLARKJOURNO

OGER Bootle founded Capital Eco- OR ARTIFICIAL INTELLIGENCE? REVIEWS: WHAT TO READ THIS MONTH nomics in 1999 and has served as spe- There is a substantial threat to many retail cial advisor to the House of Commons jobs and admin jobs in offices across all THE AI ECONOMY SUPER PUMPED: Treasury Committee. In 2012, Bootle sectors, including banks and lawyers. It is THE BATTLE FOR UBER and a team from Capital Economics extremely difficult to know where the new BY ROGER BOOTLE Rwon the Wolfson Prize for Economics. Q&A jobs will appear and I am sure that many will BY MIKE ISAAC Bootle has previously published books on the spring up in areas of activity that we can THE AI Economy by problems facing the European Union and the barely imagine. Of those that we can economist Roger Bootle BY NOW, most of us are causes of the financial crisis. The AI Economy is Jess Clark envisage, job prospects are good in personal tackles the questions familiar with the concept his seventh book. talks to services of all types. Most people like to deal the new technology of the overtly-masculine, with other people rather than machines. raises for work, wealth power-hungry “tech WHY IS NOW THE RIGHT TIME TO Roger Bootle about and welfare. Bootle bro” living inside Silicon EXAMINE THE IMPACT OF ARTIFICIAL ARE THERE OTHER FACTORS THAT admits from the off that Valley’s biggest companies. In the last year INTELLIGENCE (AI) ON THE ECONOMY? drones, robots and COULD BE MORE DISRUPTIVE THAN AI was a new topic to him when researching alone, giants such as Google and Facebook Several factors have come together recently to ARTIFICIAL INTELLIGENCE? the book, which comes as a relief to the have faced numerous complaints from their bring an improvement in AI’s capabilities and the future of work I believe that AI will be tremendously average reader and means we are not bogged employees of a sexist internal culture, there are some key initiatives coming to disruptive, just not in the way that most down in technical jargon, with tricky concepts unequal gender splits and even sexual fruition, most notably driverless cars. people imagine — and fear. No mass explained succinctly and clearly. Some of harassment. However, one man’s history Moreover, anxiety about the implications of AI unemployment does not mean that there these questions would seemingly be more at exemplifies all three of those criteria: Uber for employment has increased dramatically. won’t be dramatic changes in the world of home in a science fiction novel than a tome founder Travis Kalanick. Ousted in 2017 Five years ago, the issues and the potential employment and business. I am sure there will by a noted economist. Will robots take over following a string of scandals of the same ilk, were there but people weren’t that focused on be. I think the greatest issue facing us in the and reduce humans to an underclass? Will in addition to spying on government officials, what AI could do. They are now. western world is this: as we get richer, what do humans eventually merge with technology? hedonistic partying and illegal workarounds, we want to do with our extra money? I suspect Will we all be out of a job in the near future? Kalanick almost brought the ride-hailing WHAT WAS THE MOST INTERESTING that many people will choose to work less and Not if Bootle’s predictions are correct. He giant to its knees. A reporter for the New York FACT YOU DISCOVERED DURING enjoy more leisure. I expect a four-day working does not shy away from the fact that AI will be Times, Mike Isaac’s charting of Kalanick’s rise YOUR RESEARCH? week to become normal. a massively disruptive force on the economy, and fall tells a sorry tale of how the founder’s The greatest manning problem in the US Air which will force some workers to find new power became influential enough to infiltrate Force is “manning its unmanned platforms”. WHAT IS THE PLAN FOR employment, but The AI Economy is a the actions of his employees almost Apparently drones require an enormous YOUR NEXT BOOK? somewhat reassuring read if you are spooked independently of his role as chief executive. workforce to maintain them and analyse the I think it will be more political, sociological and by the idea that robots will steal all the jobs, Isaac toes the line between who is to blame information that they bring back from their cultural than anything I have written about or wince at the idea of inserting a microchip for Kalanick’s final form, but if you want to sorties. before. There is more to life than under your skin. “Robots will never be better understand how some of Silicon Valley’s economics — although there is an at being human than humans,” he writes. biggest players tick, this is the book for you. WHICH JOBS ARE MOST AT RISK OF economic aspect to almost BEING TAKEN OVER BY ROBOTS everything. Reviewed by Jess Clark @jclarkjourno Reviewed by Emily Nicolle @emilyjnicolle

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TOWER BRIDGE SUNSET Some things never change, FROM THE and nor should they. For all the towering growth either side of this ROOFTOPS frame, London does a very good job of protecting OF LONDON sight lines of its heritage buildings. Captured from Canada Water in 2014. PHOTOGRAPHER James Burns and the Shard. has been hauling his camera to “I used to cycle from Wood the top of London’s tallest Green to Elephant and Castle. buildings for the last 10 years, Sometimes I wouldn’t even get writes Archie Mitchell. to university because there were He sees the story of London all these amazing parts of over the past decade as one of London I would explore,” he skyscraper proliferation. says, “I won’t stop, I love what I “When I started photography, do.” So will there be a Fifty Years London’s skyline was a little bit of London Rooftops collection? boring. I used to take “Yes there will,” he says. photographs with the intention London from the Rooftops — C1 Moonglow of making it look more A Decade of Change, will feature interesting,” he says. large format prints as well as an “Now, I don’t have to do that in-depth slideshow taking at all.” viewers through the decade. Born in Highbury and a The exhibition will be held “In the world of haute horology, a handful of lifelong north Londoner, he took from 19–21 November at the to the rooftops in search of new Steel Yard’s City Bar. makers have done intriguing things, but in the realm views of the city. His favourite Here, Burns describes a buildings are the Cheesegrater selection of his favourite shots. of the affordable watch, only Christopher Ward has tackled this challenge” Worn & Wound

HUNTER’S MOON If one image in the exhibition captures the intensity of recent development in The City, it's this one. Zooming with a long lens from a rooftop close to Hyde Park, the skyline appears as a curtain of cranes and skyscrapers with the moon emerging behind the core of 100 Bishopsgate.

£ James Burns’ London from the Rooftops — A Decade of Change will be held from 19–21 November at the Steel Yard’s City Bar. CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 15

CENTRE POINT PURPLE HAZE SUNRISE This foggy dawn view from With new the Broadgate Tower is a architecture comes picture of serenity but 160- new photographic odd metres below, it’s a hive opportunities but of activity as the City gears this was a shot I had up for business a few days to bide my time for. before Christmas 2016. When viewing the City from Centre Point in the West End, for a few days of the year only, the sun now rises between the sloped silhouettes of the Leadenhall Building (aka the Cheesegrater) and the Scalpel, like a modern day Stonehenge.

BOLT FROM THE BLUE One wild night in July 2017, Londoners were woken by dazzling thunderstorms that rumbled through the night. Captured from Lauderdale Tower at the Barbican, there was some debate over this image at the time. Was the lightning striking one, all, or none of the skyscrapers? 16 NEWS MONDAY 11 NOVEMBER 2019 CITYAM.COM

REBELLIOUS STREAK London gym chain Ryanair named UK’s dirtiest airline 1Rebel launches Peloton competitor bikes by more than half its passengers MICHAEL SEARLES cent of passengers on average found be seen by the naked eye. cleanliness was at a good level, but Rory Boland, Which travel editor, @michaelsearles_ for Ryanair it was just 42 per cent. said: “It is unacceptable for some RYANAIR has been named as the A quarter of customers were airlines to be cutting corners when it filthiest flight operator in the UK by “unhappy” with the poor levels of comes to cleaning out their cabins passengers, according to a Which hygiene on the Irish budget airline. properly, no matter how cheap the survey. A Which investigator used an airline ticket. Having surveyed 7,901 people who ultraviolet light to examine a Ryanair WizzAir received positive feedback had taken 12,459 flights between plane cabin and found “greasy tray from 62 per cent of passengers, while them, more than half rated hygiene tables, soiled headrests and dusty rival Easyjet had 68 per cent of in Ryanair plane cabins negatively. window sills”. passengers rate the hygiene levels as Of the 42 airlines surveyed, 81 per It also showed up stains that could “good”, “very good” or “excellent”.

1REBEL will today unveil a rival subscription service to US fitness giant Peloton. The gym firm, which has five London studios, will launch a library of pre-recorded and live spin classes, as well as an at-home bike in collaboration with Technogym. Surge in female non-execs on UK boards this year

HARRY ROBERTSON top jobs are held by men. Out of the newly-appointed non-ex- @henrygrobertson ecutive directors to the 150 biggest UK WOMEN made up the majority of companies, over a quarter were first- newly appointed non-executive direc- time directors. The average age of all tors to FTSE 150 boards last year for new non-executive directors was 57, the first time, new analysis of UK Spencer Stuart said. boardrooms has shown. A third had a financial services back- In the 2018/19 financial year, a ground and a quarter were experi- record 72 per cent of FTSE 150 boards enced chief executives. More than 90 appointed a new non-executive direc- per cent did not attend Oxbridge, a tor as they sought to reinvigorate figure that stands in stark contrast to their companies. This was up from 65 55 per cent of the latest UK cabinet. per cent in 2018, executive search Bamford said: “Boards are recognis- firm Spencer Stuart said today. ing the strategic imperative for new “The class of 2019 showcase record perspectives and experience in the levels of diversity — whether in terms boardroom. of education, experience, skills, gen- “As we continue to see a reduction der, race, ethnicity, nationality, and in the number of chairs holding age,” said Tessa Bamford, a member of outside board roles, there is increased Spencer Stuart’s board practice. opportunity to breathe new life into However, big business in the UK has corporate Britain.” a long way to go in terms of gender di- She added: “To remain relevant, to versity. With the appointment of Ali- be able to make a meaningful contri- son Rose at RBS, there are only six bution to strategy and challenge man- female chiefs in the FTSE 100. agement effectively, boards need to Forget about price rises: The legal requirement to report refresh themselves continually and the price will stay the same gender pay gaps has revealed a signif- seek out directors who can bring in throughout your contract. icant discrepancy at the UK’s biggest much-needed knowledge and experi- firms, where often the majority of ence from the front line.” Forget about your contract too: we’ll be in touch before it ends. Forget about us: focus on TSB Bank to face heavy criticism running your own business. after investigation into IT failure MICHAEL SEARLES As a result of the IT meltdown a number of current and former TSB @michaelsearles_ managers have had outstanding TSB BANK is set to be criticised for deferred share awards dating back to failing to prepare for a systems 2015 cancelled, Sky News reported. migration in a report on the Executives could consider taking malfunction that left 2m customers legal action against the ban.The long- unable to access their current awaited, 300-page report cost £25m, Offer ends 25th Nov accounts. with TSB board members expected to 0800 731 7517 plus.net/business City law firm Slaughter and May take the brunt of criticism. Call: Visit: has submitted its final report on the The Financial Conduct Authority incident to the bank and regulators, and Prudential Regulation Authority New customers only. Unlimited Business Fibre - £25.00 plan available until 25/11/19. £43.50/mth from mth 25. Outside low-cost areas £31.00/mth, then £49.50/mth from mth 25. Prices excludes 20% VAT. 24 month min term. Subject to availability. New line install £50 (subject to survey). Fixed price applies to broadband and line rental monthly price only (excludes according to Sky News, with an are set to carry out a joint other services, such as call plans, call charges and add-ons). Terms apply, visit plus.net/business for more details. expectation it will be published later investigation in the wake of the in the month. report. CITYAM.COM MONDAY 11 NOVEMBER 2019 NEWS 17 Violence spreads Malta in talks with Libya coastguard to start intercepting migrant boats

CHRIS SCICLUNA told Reuters the Mediterranean paper said. across Hong Kong state had been working with the “Search and rescue areas are not MALTA’s armed forces have started Libyan coastguard for many years areas where the coastal state cooperating with Libya’s and always operated within the exercises sovereignty or has coastguard to turn back migrant law. jurisdiction, but areas forming boats heading into Malta’s search Under the terms of the deal, part of high seas where foreign and rescue zone, a newspaper when a migrant boat is spotted military assets have every right to as protests persist reported yesterday, citing a secret sailing towards Malta, the island’s investigate any illegal activity government deal. armed forces seek the intervention departing from their coast,” the JESSIE PANG damaged shops at Festival Walk in The government declined to of the Libyan coastguard to Maltese government said. Kowloon Tong and “stormed” stores in comment directly on the report in intercept them before they enter Malta has taken in hundreds of POLICE fired tear gas and water cannons Tsuen Wan, police said. the Sunday Times of Malta, but Malta’s territorial waters, the migrants in recent months. Reuters to break up rallies across Hong Kong’s Police used water cannon and volley New Territories and Kowloon peninsula after volley of tear gas to try to clear the yesterday during the 24th straight week- main artery of Nathan Road. end of anti-government unrest. They also fired tear gas late at night in Protesters shouted abuse at “black the New Territories district of Tai Po, police” in Cantonese, referring to north of Sha Tin. perceived brutality against demonstra- Protesters are demonstrating against tions in the Chinese-ruled city that show what they see as police brutality and no sign of let-up after more than five meddling by Beijing in the former months of protests. British colony’s freedoms, guaranteed by Pro-democracy protesters vandalised a the “one country, two systems” formula train station in the central new town of in place since the territory returned to Sha Tin and a restaurant seen as being Chinese rule in 1997. pro-Beijing, overturning banqueting China denies interfering and has tables and smashing glass panels, two blamed Western countries for stirring weeks before district council elections. up trouble. Violence spilled out onto the streets of Thousands of people gathered at a Sat- Tuen Mun outside the city mall, with urday night vigil for “martyrs”, follow- running battles between riot police and ing the death of a student in hospital protesters. this week after falling from a car park Now TV showed pictures of a bruises during a protest. Many called for on the upper arm of one of its reporters revenge. who said she had been hit by a tear gas “Yes, we are hopeless, we are restless. canister in Tsuen Wan, where police But we won’t give up. Of course, we want fired tear gas late into the evening to to see this moment end in harmony and clear the streets. in justice,” said protester Tanya Yeu, 55. The rail station was closed in Sha Tin, “Perhaps there is a long way to go, but amid scuffles between police and we will hang in, we will hang in.” protesters young and old, on a day of Hong Kong’s district council elections planned shopping mall protests are due to take place on 24 November, throughout the territory. though increased violence has raised Protesters daubed graffiti and doubts they will happen. Reuters PA AWARDS

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Joshua Mahony WHAT NOW AS Senior Market Analyst, IG MONETARY POLICY he UK looks set to reverse the course of austerity with all par- ties planning to ramp-up Tspending as the reality of a RUNS ITS COURSE? huge Brexit upheaval puts the pressure on both the treasury and Bank of England. However, despite the recov- ery seen in the post-2008 world, we have seen little upside in terms of interest rates beyond the three-year stint that saw the Fed funds rate rise from 0.25% to 2.50%. Elsewhere, we have seen little by way of monetary tightening which could bring about a position with which a cen- tral bank could act if the downturn in global growth continues or intensifies. For the most part, markets are hopeful that the US and China will find resolu- tion to the deadlock over trade, opening up a recovery in global growth which would lessen the need for supportive ac- tions on a state level. However, if one thing has been proven throughout this whole process, it is that those negotia- tions are anything but reliable. The deci- sion to split trade negotiations into multiple phases does allow for partial progress, yet Trump has always shown a willingness to revert to tariffs as soon as things do not go his way. Thus, while markets are getting excited at the prospect of a phase one trade deal, there are no guarantees that the issue of non- compliance or failed further talks would not see a ramp-up in tariffs. With that in mind, the prospect of a stable return to growth remains less as- we are likely to see a switch in focus to- spending crowding out investment have the confidence to borrow and sured than many would have hoped. The wards fiscal expansion, with pressure from elsewhere, taking employees and spend could make sense. Consumer con- central bankers and politicians will growing on the traditionally conserva- lessening their ability to do business. fidence has been less susceptible to the hope that their woes will be resolved by tive Germans to impose a policy mix Unemployment is not the issue here; de- recent decline in growth-rates, with Trump and Xi Jinping, yet that may not that includes a ramp-up in government mand is. Unemployment in the Western businesses always more likely to be re- be the case. The question we must then expenditure to raise employment and Markets are developed economies remain at multi- active to the economic indicators than ask is where we go from here. The demand. year lows despite the huge uncertainty your common consumer. Therefore, if changing of the guard at the ECB pro- However, there are doubts over the ef- hopeful that the that looms large. With business confi- output is the problem, and monetary vides one such example of a potential fectiveness of fiscal policy, despite Key- US and China will dence so low, the ability to borrow at policy has run its course, perhaps gov- change in tact as they seek to address an nesian theory that such a move would cheaper rates will do little to ramp-up ernments should look towards employ- ongoing slowdown in the region. With cut unemployment and ramp up out- find resolution output. ing a more direct distribution of funds negative rates and an ongoing pro- put. Post-2008 experience shows that na- The focus could instead turn to the into the consumers themselves to stim- gramme of quantitative easing amount- tions with the faster growth in debt to the deadlock more dramatic, with suggestions of ‘he- ulate economic growth in the absence ing to €20 billion per month, there are were not necessarily the most successful over trade. licopter money’ coming back into play. of a comprehensive and lasting resolu- questions over what comes next if at bringing down unemployment. That Providing funding directly to the con- tion to the hugely damaging US-China growth continues to flounder. Instead could come partially from government sumer at a time when businesses do not trade war.

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say it will take pressure off the nearby Stefan Boscia Blackwall Tunnel, thereby easing con- gestion and improving air quality. takes a look at the “The Silvertown Tunnel is the best way to resolve these problems and Lon- battle to finally get don cannot afford to wait any longer to see it delivered,” Khan recently told the Silvertown the London Assembly. However, not everybody agrees. Tunnel underway For members of the No To Silvertown Tunnel coalition, the cause is deeply in east London personal. “I live in Greenwich, very close to ONDON has just three road where the proposed tunnel is and my river crossings east of Tower kids went to three of the most polluted Bridge. Two of these — the schools in London,” says coalition coor- Rotherhithe Tunnel and the dinator Victoria Rance. western portion of the Black- “The tunnel would make it worse Campaigners against the tunnel say it Lwall Tunnel — were built for the and it’s our kids who are going to will increase congestion and air passage of horse-drawn carts and car- suffer.” pollution on both sides of the Thames riages around the turn of the century. Rance’s message is simple — Silver- Legend has it that the bends in the town is being built primarily for heavy project. So too does Labour Greenwich quality of life of local residents,” Transport Association, says the bridge western Blackwall Tunnel, built in goods vehicles (HGVs) to cross the river, & Woolwich MP Matthew Pennycook, Pennycook says. would provide a dramatic boost to a 1897, were designed to stop horses meaning more of these high-polluting and 2020 mayoral candidates Sian TfL has pointed to modelling that number of sectors. from treating the tunnel like the Royal vehicles would be drawn to Greenwich Berry of the Green party and the Lib shows congestion and air pollution “This bridge is so vital in terms of Ascot straight. and Woolwich, thus worsening conges- Dems’ Siobhan Benita. would decrease after the Silvertown products and supply chains,” she says. However, the East End looks close to tion and air pollution. “My fear is that far from alleviating Tunnel is built, however campaigners “In terms of the environment, the getting its fourth — and doubtless The coalition also argues the tunnel congestion and air pollution, the remain sceptical and unconvinced. lorries are still going into the area now, most controversial — road river cross- will act as a disincentive for people to proposed scheme will exacerbate both They say the modelling shows con- but have to be diverted to the Dartford ing after numerous failed attempts. use public transport. to the detriment of the health and gestion would only be reduced at the Crossing [in Kent]. Putting HGVs on di- The £1bn Silvertown Tunnel is on the Rance, who is also a Green party can- tunnel mouths and would get worse version is far worse for CO2 emissions.” verge of getting final approval from didate for the General Election, says elsewhere. Chapman adds that there needs to be Transport for London (TfL), as a con- the coalition would rather see a toll on Meanwhile, business groups con- a “network of river crossings” in east tract with Riverlinx consortium is Blackwall tunnel, more public trans- tinue to argue the urgent need for London. expected to be signed imminently. port options and a “smart road pric- more river crossings in east London. “East London desperately needs con- It comes after legal action from a los- ing” scheme to manage levels of traffic John Dickie, policy director for lobby nectivity… If we can spread out the ing bidder was recently dismissed. around London. group London First, says Greenwich is river crossings it will also be a good The tolled underground tunnel will There are a growing number of local The tunnel would already awfully congested and pol- thing for the environment,” she says. span between the Royal Docks precinct stakeholders who now agree with her. make [air luted because of the inability of Black- While the war appears to be lost, the and Greenwich, and it will fall within Fifteen heads of local schools have wall Tunnel to handle traffic flow. No To Silvertown Tunnel coalition will the Ultra Low Emissions Zone (Ulez). signed a letter to the mayor opposing pollution] worse, “The Silvertown Tunnel will connect not be retreating any time soon. It would provide a vital link to trans- the project due to concerns about air communities, alleviate congestion, The green light may be soon given to port goods across the river, according pollution. and it’s our kids and open up opportunities for jobs, the project, but Rance and co have to its supporters. The Greenwich, Hackney and homes and growth,” he says. made it clear they will not go quietly TfL and mayor of London Sadiq Khan Newham councils also oppose the who will suffer Natalie Chapman, from the Freight into the night on this issue. 20 MARKETS MONDAY 11 NOVEMBER 2019 CITYAM.COM

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GAMES WORKSHOP P Wall St treads FTSE dragged by 5,400 5,200 water as tariff 5,000 5,375 8 Nov 4,800 mining stocks in 4,600 rollback halted 4,400 ALL Street halted a record run Won Friday as US President 4 Nov 5 Nov 6 Nov 7 Nov 8 Nov Donald Trump contradicted reports that the United States and Games Workshop ended the week feeling victorious, after its share price jumped on China would roll back existing tariffs. US-China doubt the back of higher profit and sales. The fantasy figurine maker is expected to boost The S&P 500 and Dow Jones indexes royalties income from its existing franchises, including Total War and Warhammer had closed at all-time highs on Two. It said that profit would be at least £55m, compared with £41m in the same Thursday after officials said both ALLS for mining stocks and a A near 20 per cent surge for half-year period last year. Analysts at Peel Hunt said that the group was “storming” countries had agreed to roll back four per cent drop in Asia- Warhammer-owner Games Workshop during the first-half period. They have subsequently increased their target price from tariffs on each others’ goods in a exposed luxury brand Burberry following upbeat forecasts helped cap 4,750p to 5,000p, while reiterating their “buy” recommendation. “phase one” trade deal if it is Fled the FTSE 100 lower on losses on the midcap index, which completed. Friday, as doubts about a US- marked its best week in four. But Trump said on Friday he had not China trade deal halted a five-day win- However, in a sign that worries over MCCARTHY AND STONE agreed to roll back the tariffs, ning streak for European markets. Brexit had far from receded, data although Beijing would like him to do P The main index was down 0.6 per from Halifax showed house prices 150 so. The news sent all three major US cent, while the FTSE 250 , which hit a rose at their slowest annual pace in six stock indexes sharply lower, but they three-week high on Thursday after and a half years last month which led quickly recovered to trade near flat. two Bank of England policy makers housebuilders lower. Blue-chips 145 Seven of the 11 major S&P 500 unexpectedly voted for lower Barratt and Berkeley dipped sectors were trading lower, with the 8 Nov interest rates, shed 0.5 per 2.2 per cent and one per 140 energy sector shedding 1.51 per cent cent. cent, respectively. 137.20 as oil prices fell. Trade-sensitive Positive trade signals Lloyd’s insurer Beazley technology stocks dropped 0.11 per between the US and 135 cent. China at the beginning Games Workshop took Still, the S&P 500 is on track for its home a bumper loot in of last week had 4 Nov 5 Nov 6 Nov 7 Nov 8 Nov best year since 2013, while the spurred a fresh round the first half of 2019 Nasdaq and blue-chip Dow are eyeing of bets on shares. Housebuilder McCarthy & Stone has been developing a series of strategic initiatives yearly gains after dropping in 2018, However, hopes for an advanced seven per cent in recent months. However, analysts at Canaccord Genuity predict that margins are partly propelled by a rosy third- imminent deal faded after after it said year-to-date likely to remain under pressure, saying: “The trading update pointed to plenty of quarter earnings season. sources said it faced opposi- returns on investment had progress being made with the key strategic initiatives, but clearly underlying trading Disney gained 3.96 per cent as its tion on multiple fronts and US surged as falling US yields boost- conditions remain very challenging with management reacting by taking additional popular theme parks and a remake of President Donald Trump said he had ed gains in its fixed income portfolio. measures on costs.” The broker has lowered its price target to 133p, down from The Lion King lifted earnings, and the not agreed to rollbacks of US tariffs That followed a dive in shares of big- 136p, while keeping its “hold” recommendation on the stock. company also spent less than it had sought by China. ger rival Hiscox on Thursday, the latest projected on its online streaming Miners tumbled two per cent on sign of concerns over a jump in catas- service, Disney Plus. their worst day in a month, while Asia- trophe claims due to hurricanes and SUPERDRY Among other stocks, Gap tumbled focused financials Prudential and other natural disasters. 8.14 per cent after it said chief P HSBC were also among big drags on “In the context of widespread con- 480 executive Art Peck would leave the the main bourse. cerns about US casualty, the reminder company, a surprise exit in the middle While off the week’s highs, the FTSE that Beazley began opening their loss 460 of a restructuring. The clothing retailer still recorded gains of nearly one per estimates at a higher level in 2018 is 471.80 also slashed its full-year earnings cent for the five days. reassuring,” Jefferies analysts wrote. 440 8 Nov forecast. Activision Blizzard fell 1.36 per cent 420 after the video game publisher TOP RISERS FTSE forecast fourth-quarter adjusted 400 P revenue below estimates, as it faces 1. LSE Up 2.34 per cent 7,450 stiff competition from online games. 2. Centrica Monster Up 2.30 per cent 4 Nov 5 Nov 6 Nov 7 Nov 8 Nov Energy drinks maker was up 3. DCC Up 1.52 per cent 7,400 3.53 per cent after posting a better- Superdry’s fashion show has come under the spotlight since Julian Dunkerton than-expected third-quarter profit 8 Nov TOP FALLERS 7,350 muscled his way back into the embattled firm. While profit margins have been and announcing a $500m ($391.4m) 7,359.38 starting to recover, the firm reported a steep fall in sales last week. Like a number of share buyback plan. 1. Ocado Down 7.14 per cent high street retailers, Superdry has faced a swathe of pressures in the last year, from The S&P index recorded 14 new 52- 7,300 2. Evraz Down 3.81 per cent rising costs to higher competition. Liberum has issued a target price of 600p with a week highs and two new lows, while 3. NMC Health Down 3.74 per cent “buy” rating. The broker said that “the team is now very stable” following the Nasdaq recorded 37 new highs 4 Nov5 Nov 6 Nov 7 Nov 8 Nov Dunkerton’s dramatic return earlier this year. and 59 new lows. CITY MOVES WHO’S SWITCHING JOBS

NHS PROPERTY SERVICES from international built environment consultancy WEMATCH CARMIGNAC NHS Property Services Turner and Townsend, where she was head of Web developer fintech Wematch has appointed Jack Independent asset management firm Carmignac has (NHSPS) has appointed corporate responsibility. Prior to that, she managed Jeffery as chairman of its board. With more than 35 announced the appointment of Chrystelle Eid as an sustainability expert Alison global sustainability reporting and communications at years’ experience in financial markets, Jack was equity analyst specialising in the consumer sector Davies as head of corporate JLL, helped Unilever to assess sustainability in supply previously chief executive at electronic fixed income reinforcing the equity team. Chrystelle joined responsibility. In her role, chains and led a waste and recycling programme in platform MTS and also at electronic broking platform Carmignac in September, prior to which she held the Alison will develop and lead local government at Daventry District Council. NHSPS EBS. Jack served 11 years at Citigroup, where he was role of investment manager at Charterhouse Capital delivery of the organisation’s communications director Deborah Prince said: global head of forex options. Partners. She has also previously worked for Apollo corporate social responsibility “Alison’s strong track record and passion for creating a He has previously served on the Bank of England and Global Management and Goldman Sachs. David Older, strategy. This will include more sustainable world are a perfect fit for what we US Federal Reserve Foreign Exchange committees. head of equities at Carmignac, said: “We are delighted establishing a creating more are trying to achieve at NHS Property Services. We’re Joseph Seroussi, co-chief of Wematch, said: “Jack to announce the addition of such an impressive new spaces to support social delighted to have her lead our growing and ambitious Jeffery’s experience will be invaluable to Wematch as talent within our equity team to help drive our alpha prescribing, whereby people can benefit from non- corporate responsibility team as we seek to transform we work to bring the benefits of electronic trading’s generation capabilities. Chrystelle’s appointment is clinical, local services, provided by community and the NHS estate into a better, healthier and more auditing and transparency to traders across capital also significant as it brings the headcount of our voluntary sector organisations. Alison joins NHSPS sustainable place for its people and patients.” markets.” London office to 46.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] CITYAM.COM MONDAY 11 NOVEMBER 2019 MARKETS 21

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1605 ÄÄ0.0006 €/$ 1.1018 0.0023 7359.38 20357.63 4055.66 27681.24 8475.31 3093.08 /$ 1.2789 Ä 0.0039 €/£ 0.8617 Ã 0.0005 47.03 75.59 23.17 6.44 40.80 7.9 0 £ /¥ 139.59 0.6000 €/¥ 120.28 0.4500 ÄÄÄÃÃÃ ÄÄ 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 Temple Bar IT ...... 1328.0 -12.0 1366.0 1116.0 Inchcape...... 643.0 -3.0 678.0 519.5 Royal Mail ...... 219.7 -3.3 348.0 188.4 Hastings Gp Hldgs ...... 181.7 -3.1 231.6 174.0 Sage Group ...... 733.8 2.6 820.4 536.2 AIM 50 Templeton Em Mkts .....801.0 -2.0 829.0 666.0 JD Sports Fashion ...... 735.2 -9.8 781.0 318.5 Hiscox ...... 1269.0 15.0 1777.0 1254.0 Softcat ...... 1096.0 7.0 1096.0 565.0 Tsy 4.750 20 ...... 101.29 -0.03 105.3 101.3 Contour Global...... 212.0 -2.0 222.5 150.1 LEISURE GOODS Abcam ...... 1251.0 42.0 1500.0 1017.0 Vietnam Enterprise .....505.0 -2.0 509.0 421.5 Just Eat...... 738.0 -0.4 812.0 533.8 RSA Ins Gp ...... 547.2 -6.2 597.0 496.6 Sophos ...... 572.0 -1.4 577.0 298.2 Tsy 8.000 21...... 111.62 -0.11 118.5 111.6 Drax Gp ...... 280.4 -5.0 427.2 251.0 Games Workshp ...... 5375.0 869.0 5375.0 2800.0 Advanced Medical ...... 234.5 -8.5 354.5 225.0 VinaCapital Vietna ...... 341.5 -3.5 357.5 323.0 Kingfisher...... 217.8 -0.8 266.2 185.9 OIL & GAS PRODUCERS Tsy 2.500 24 ...... 365.88 -0.40 377.9 360.6 SSE ...... 1250.0 2.5 1322.5 1008.0 LIFE INSURANCE SUPPORT SERVICES Witan Invest ...... 220.5 -1.5 225.5 189.6 Marks & Spencer ...... 186.0 -5.4 309.6 163.9 Alliance Pharma ...... 72.8 -1.1 80.4 60.0 Tsy 5.000 25 ...... 123.49 -0.17 126.0 122.9 ELECTRONIC & ELECTRICAL EQUIPMENT BP ...... 508.6 -5.3 582.5 484.9 Aggreko ...... 798.6 -21.2 855.2 691.8 Wwide Healthcare ....2735.0 30.0 2835.0 2325.0 Aviva ...... 430.7 -3.0 438.8 352.3 ASOS...... 3076.0 -93.0 5550.0 2107.0 Tsy 4.250 27 ...... 128.77 -0.19 132.8 124.4 Next ...... 6600.0 -86.0 6850.0 3991.0 Cairn Energy...... 178.5 0.2 213.8 140.0 Ashtead Gp ...... 2359.0 -33.0 2392.0 1586.5 Halma ...... 1907.0 -7.5 2094.0 1282.0 Lancashire Hldgs ...... 716.5 4.5 746.0 561.5 Tsy 6.000 28 ...... 146.87 -0.21 152.1 142.6 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 204.8 2.2 239.4 111.5 Energean Oil & Gas .....894.0 -8.0 1082.0 568.0 Blue Prism ...... 822.5 -20.5 1472.0 788.0 Morgan Advanced ...... 270.0 9.0 281.2 232.4 Legal & General ...... 269.4 -4.0 291.2 216.7 Babcock Intl Grp...... 522.0 -9.6 616.2 416.7 Tsy 4.125 30 ...... 380.50 -0.27 404.2 363.3 BT Gp ...... 187.1 -3.3 262.9 158.9 Sports Direct Intl ...... 319.2 0.4 325.6 214.0 Premier Oil ...... 86.5 -1.2 106.2 55.6 Camellia ...... 9250.0 -100.0 11750.0 9100.0 Oxford Instruments ...1376.0 -2.0 1424.0 842.0 Phoenix Gp ...... 708.8 -9.8 724.8 544.0 Bunzl ...... 2090.0 -9.0 2551.0 1943.0 Tsy 4.250 32...... 139.56 -0.24 146.4 130.6 Talktalk Telecom ...... 108.8 -0.7 130.0 96.5 Vivo Energy ...... 126.0 -1.6 139.5 96.0 Royal Dutch Shell A...2341.0 -1.5 2612.0 2213.0 Caretech Holdings ...... 396.0 1.0 405.0 325.0 Renishaw ...... 4184.0 40.0 4670.0 3232.0 Prudential ...... 1368.0 -32.0 1790.0 1326.0 Capita ...... 155.0 -4.8 173.1 99.9 Tsy 4.250 36 ...... 146.97 -0.27 155.7 135.2 Telecom Plus ...... 1236.0 -6.0 1528.0 1130.0 WH Smith...... 2314.0 18.0 2314.0 1697.0 Royal Dutch Shell B ...2329.5 -5.5 2622.0 2218.0 Spectris ...... 2692.0 20.0 2898.0 1992.5 St James Place ...... 1065.5 -3.5 1143.0 913.6 DCC ...... 7496.0 112.0 7496.0 5555.0 Central Asia Metals .....213.0 0.0 266.5 180.0 Tsy 4.750 38...... 161.38 -0.30 171.8 147.0 HEALTH CARE EQUIPMENT & SERVICES Tullow Oil ...... 208.5 -4.0 250.0 165.2 EQUITY INVESTMENT INSTRUMENTS FOOD & DRUG RETAILERS Std Life Aberdeen ...... 310.5 -2.5 313.0 224.8 Diploma ...... 1690.0 -3.0 1701.0 1150.0 Clinigen Group ...... 856.5 6.5 1069.0 721.0 Tsy 4.250 46 ...... 167.55 -0.47 181.0 146.4 Convatec ...... 194.8 -2.5 202.8 118.5 OIL EQUIPMENT & SERVICES Electrocomp ...... 725.0 -4.8 729.8 480.0 3i Infrastructure ...... 295.0 3.0 306.5 244.8 Greggs ...... 1771.0 -14.0 2476.0 1183.0 MEDIA CVS Group ...... 997.5 29.0 1029.0 395.0 AEROSPACE & DEFENCE Morrison (WM) ...... 198.9 -1.1 251.2 176.9 Mediclinic Intl ...... 374.3 -5.4 384.9 293.4 Hunting ...... 431.0 -7.6 661.5 393.0 Equiniti ...... 230.4 3.4 236.2 186.2 Aberforth Smlr Cos ...1326.0 0.0 1346.0 1114.0 4imprint ...... 2980.0 20.0 3130.0 1800.0 Dart Group ...... 1279.0 -4.0 1285.0 709.5 Ocado Gp ...... 1189.5 -91.5 1435.0 749.8 NMC Health ...... 2318.0 -90.0 3678.0 1801.5 Petrofac ...... 399.9 -1.3 563.2 381.5 Essentra ...... 407.4 7.4 442.0 325.4 BAE Systems ...... 579.6 -4.4 588.2 443.9 Alliance Trust ...... 818.0 -1.0 838.0 672.0 Ascential ...... 339.4 7.0 411.0 332.4 Diversified Gas & Oil ....104.0 -1.0 116.5 97.0 Sainsbury(J) ...... 201.0 -4.6 318.0 177.1 Smith & Neph...... 1650.5 -8.0 1990.0 1380.5 Wood Gp(J) ...... 378.0 -2.0 674.4 327.4 Experian ...... 2388.0 18.0 2631.0 1793.0 Cobham ...... 155.0 -0.5 168.3 96.8 AVI Global Trust...... 757.0 1.0 781.0 660.0 Auto Trader Gp ...... 534.2 -12.8 606.0 417.0 Draper Esprit ...... 469.0 -7.0 548.0 410.0 SSP Group ...... 639.0 -6.0 721.0 608.0 UDG Hlthcare ...... 799.5 -3.5 821.0 551.0 PERSONAL GOODS Ferguson ...... 6742.0 16.0 6742.0 4749.0 Meggitt ...... 639.6 2.4 643.0 458.0 Baillie Gifford Japan ....807.0 -1.0 840.0 663.0 Entertainment One ...... 557.5 0.0 589.0 336.4 Tesco ...... 237.9 -4.2 253.0 189.6 HOUSEHOLD GOODS G4S ...... 206.0 -4.8 234.3 168.3 Eland Oil & Gas ...... 165.4 0.4 165.4 101.0 QinetiQ ...... 316.4 0.2 319.0 267.0 Bankers InvTst ...... 948.0 -3.0 970.0 766.0 Euromny Inst Inv...... 1320.0 -14.0 1498.0 1132.0 Burberry Gp...... 2044.0 -74.0 2345.0 1623.5 FOOD PRODUCERS Hays ...... 161.6 -1.1 165.3 135.7 EMIS Group ...... 1060.0 22.0 1242.0 864.0 Rolls-Royce ...... 776.8 -2.8 988.4 702.0 BlackRock Smaller ....1500.0 -2.0 1502.0 1160.0 Barratt Devel ...... 626.8 -13.6 683.0 434.0 Future ...... 1394.0 -12.0 1514.0 465.0 PZ Cussons ...... 199.2 -4.8 244.0 178.6 Homeserve ...... 1164.0 -1.0 1263.0 849.0 Fevertree Drinks ...... 1782.5 -23.0 2475.0 1765.0 Senior ...... 177.5 -1.4 260.0 174.0 BMO Global Smaller ...... 137.0 -1.6 140.6 122.0 Assoc British Foods...2443.0 12.0 2614.0 2041.0 Bellway ...... 3168.0 -47.0 3536.0 2419.0 Informa ...... 800.0 -14.4 892.0 605.8 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5250.0 -134.0 5962.0 4494.0 Ultra Electronics ...... 2100.0 32.0 2252.0 1232.0 Caledonia Inv ...... 3030.0 15.0 3110.0 2740.0 Bakkavor ...... 125.8 -0.4 170.0 93.3 Berkeley Grp Hldgs ...4450.0 -47.0 4541.0 3226.0 First Derivatives ...... 2350.0 -20.0 3555.0 2050.0 ITV ...... 134.2 -0.9 158.8 103.6 AstraZeneca ...... 7277.0 -10.0 7580.0 5325.0 IWG...... 391.5 5.2 421.9 199.8 AUTOMOBILES & PARTS City of London IT ...... 418.5 -1.5 431.5 376.0 Cranswick ...... 3170.0 -14.0 3408.0 2472.0 Frontier Devs ...... 1164.0 -56.0 1220.0 740.0 Bovis Homes Gp ...... 1138.0 -17.0 1226.0 828.0 Moneysupermkt.com ...345.1 -5.9 417.7 267.0 Dechra Pharma ...... 2622.0 -8.0 3036.0 2014.0 Network Int...... 525.0 0.0 628.0 513.0 Edin Inv Trust ...... 602.0 -4.0 652.0 535.0 Greencore Gp ...... 243.5 -1.1 244.6 162.8 Gamma Comms ...... 1215.0 -20.0 1235.0 688.0 Aston Martin...... 467.0 42.1 1374.4 399.3 Countryside Prop ...... 352.8 -2.0 368.0 276.8 Pearson ...... 706.0 -3.2 1027.5 674.2 Genus ...... 3080.0 14.0 3080.0 2124.0 Pagegroup ...... 460.4 -1.2 539.0 367.8 F&C Investment ...... 728.0 -2.0 731.0 616.0 Hilton Food Gp ...... 1022.0 -6.0 1088.0 884.0 TI Fluid Systems ...... 220.5 11.5 220.5 155.2 GlaxoSmithKline ...... 1737.0 13.8 1782.0 1418.0 Paypoint...... 910.0 -3.0 1118.0 748.0 GB Group ...... 623.0 -4.0 631.0 410.5 Fidelity China SPE ...... 223.0 -1.0 250.0 183.4 Tate & Lyle ...... 718.4 21.6 800.4 658.4 BANKS MAIN CHANGES UK 350 Hikma Pharma ...... 1899.0 -43.0 2200.0 1510.5 Rentokil Initial ...... 437.8 -1.5 467.8 310.6 Gooch & Housego ...... 1120.0 25.0 1755.0 954.0 Fidelity Euro Values ....254.5 -2.0 257.5 202.0 Unilever ...... 4675.0 20.5 5324.0 3941.0 REAL ESTATE Sanne Group ...... 547.0 2.0 752.0 450.0 Hurricane Energy ...... 43.0 1.2 53.6 38.7 Barclays ...... 166.4 -3.6 175.5 136.2 Fidelity Spec Val ...... 268.5 -1.5 270.0 220.0 FORESTRY & PAPER Risers % Fallers % Ã Ä Serco ...... 156.4 -0.8 157.6 84.1 BGEO Group ...... 1455.0 -17.0 1755.0 1252.0 Finsbury G&I Tst ...... 886.0 -3.0 958.0 741.0 Games Workshp ...... 5375.00 19.3 Ocado Gp ...... 1189.50 -7.1 Assura ...... 72.9 -0.1 75.4 52.5 Impax Asset Mgmt ...... 265.0 1.5 295.0 184.0 Mondi ...... 1709.0 -14.0 1898.0 1510.5 SIG ...... 116.2 -0.8 153.0 99.3 HSBC Hldgs...... 595.6 -5.2 680.6 580.9 GCP Infra Inv ...... 129.8 -0.2 131.6 122.4 Aston Martin ...... 467.00 9.9 Ferrexpo ...... 128.65 -6.8 Big Yellow Gp ...... 1151.0 9.0 1152.0 858.5 Iomart Group ...... 355.0 -10.5 400.0 308.0 GENERAL FINANCIAL Travis Perkins...... 1448.0 -18.0 1490.0 1004.5 Lloyds Banking ...... 56.3 -0.9 66.6 48.6 Genesis Emerging ...... 779.0 -6.0 785.0 618.0 Sirius Minerals ...... 3.20 7.3 Investec ...... 440.60 -6.4 BMO Comm Prop ...... 117.6 0.0 141.8 106.0 IQE...... 70.7 0.7 98.0 47.6 Beazley ...... 577.00 7.1 Evraz ...... 370.80 -3.8 TECHNOLOGY HARDWARE & EQUIPMENT Royal Bank of Scot ...... 213.0 -2.7 270.4 177.7 Greencoat UK ...... 146.2 -0.4 148.8 124.4 3i Group ...... 1139.0 -3.0 1184.5 756.2 British Land ...... 573.0 -7.6 638.4 468.3 James Halstead ...... 502.0 -8.0 532.0 367.0 TI Fluid Systems ...... 220.50 5.5 AJ Bell ...... 392.50 -3.8 Standard Chartered .....726.0 -7.6 736.8 567.2 Harbourvest Glb ...... 1686.0 -2.0 1786.0 1326.0 Ashmore Gp ...... 497.0 0.6 542.5 341.2 Captl & Count Prop ...... 246.6 -3.4 270.5 184.8 Spirent Comms ...... 207.0 6.0 208.5 112.8 Morgan Advanced ...... 270.00 3.4 Playtech ...... 391.10 -3.8 Johnson Service Gp ...... 171.4 -5.2 183.2 113.6 TBC Bank Group...... 1350.0 0.0 1706.0 1150.0 Herald Inv Trust ...... 1348.0 8.0 1364.0 1055.0 Brewin Dolphin ...... 341.0 -1.8 355.0 287.6 CLS Hldgs ...... 246.0 -1.5 266.5 195.4 TOBACCO Tate & Lyle ...... 718.40 3.1 NMC Health ...... 2318.00 -3.7 Keywords Studios .....1260.0 27.0 1838.0 900.0 Virgin Money UK ...... 145.3 0.2 272.8 104.4 HICL Infr ...... 173.8 -0.2 174.0 156.6 Close Brothers ...... 1401.0 -20.0 1605.0 1227.0 Daejan Hldgs ...... 4895.0 -60.0 6160.0 4715.0 Spirent Comms ...... 207.00 3.0 Burberry Gp ...... 2044.00 -3.5 Br Am Tob ...... 2885.5 20.5 3197.5 2375.0 Learning Tech Gp ...... 108.0 -0.4 130.0 62.2 JPM American ...... 474.0 1.0 494.5 386.5 Coats Group ...... 74.0 -1.4 91.3 69.1 Derwent London ...... 3514.0 -48.0 3638.0 2779.0 BEVERAGES Dunelm Gp ...... 787.50 2.9 Riverstone Energy ...... 470.00 -3.5 Imperial Brands ...... 1774.0 3.0 2713.5 1692.4 JPM Emerg Mkt ...... 993.0 -7.0 1066.0 787.0 Finablr ...... 172.0 2.0 176.4 140.2 Grainger ...... 258.6 -0.8 291.0 205.8 M&C Saatchi ...... 172.0 4.0 394.0 146.0 Barr (AG) ...... 545.0 3.0 975.0 540.0 London Stock Exch ...... 6904.00 2.3 Provident Fin ...... 435.00 -3.2 TRAVEL & LEISURE JPM Indian IT ...... 745.0 -11.0 790.0 609.0 Hargreaves Lans...... 1752.5 -11.0 2433.0 1633.0 Grt Portland Est ...... 777.0 -8.6 799.6 649.4 M.P. Evans ...... 675.0 10.0 722.0 612.0 Britvic ...... 953.5 -2.5 1068.0 782.5 JPM Japan IT ...... 462.0 0.5 462.0 367.0 IG Gp...... 658.2 0.0 658.2 474.8 Crest Nicholson ...... 359.4 -8.6 435.2 309.4 RELX ...... 1850.0 4.5 2011.0 1566.0 Hammerson ...... 281.6 -4.1 440.1 203.9 Carnival ...... 3237.0 -17.0 4650.0 3056.0 Coca-Cola HBC AG .....2366.0 -1.0 3074.0 2244.0 Majestic Wine ...... 254.5 -6.0 400.0 219.0 Jupiter European ...... 779.0 -2.0 875.0 666.0 Integrafin Holdings ...... 385.5 0.5 406.1 271.8 McCarthy & Stone...... 137.2 -2.3 158.8 123.5 Rightmove Group ...... 591.2 -4.4 602.8 420.9 Land Securities...... 882.0 -8.4 963.0 735.4 Cineworld Group ...... 229.8 -0.2 321.0 212.0 Diageo ...... 3090.0 -26.0 3625.5 2701.0 Midwich Group ...... 529.0 -4.0 633.0 474.5 Jupiter Fund Mngt ...... 359.9 -4.6 432.0 287.6 Intermediate Capital .1453.0 -20.0 1501.0 899.0 Persimmon ...... 2358.0 -4.0 2471.0 1836.0 WPP ...... 1007.0 -2.5 1038.0 800.4 LondonMetric Prop ...... 231.6 0.0 234.2 172.7 Compass Gp ...... 2022.0 -4.0 2138.0 1551.5 CHEMICALS Mortgage Advice B .....600.0 0.0 620.0 546.0 Law Debenture ...... 606.0 -2.0 618.0 534.0 Intl Public Prtnshps .....159.8 -0.2 165.4 146.8 Reckitt Benckiser ...... 5910.0 -49.0 6703.0 5593.0 MINING NewRiver Retail ...... 195.6 -2.4 246.0 147.6 Dominos Pizza ...... 270.8 0.6 290.4 221.2 Investec ...... 440.6 -30.0 518.6 395.3 Redrow...... 604.0 -5.0 649.0 460.8 Primary Hlth Prop ...... 140.0 -0.6 141.8 108.0 Next Fifteen Comm ...... 474.0 2.5 658.0 467.0 Croda International ..4780.0 -76.0 5375.0 4564.0 Mercantile IT ...... 229.5 -0.5 230.0 168.0 Anglo American ...... 2064.5 -42.5 2266.0 1539.0 easyJet ...... 1303.5 -35.0 1347.5 854.8 IP Group ...... 57.8 -1.0 122.0 55.7 Taylor Wimpey ...... 167.8 -1.4 192.2 129.3 Safestore Hldgs ...... 697.5 -4.5 707.5 506.5 Nichols...... 1580.0 30.0 1880.0 1350.0 Elementis...... 175.0 0.2 204.6 129.8 Monks Inv Tst ...... 922.0 0.0 964.0 710.0 Antofagasta ...... 932.8 -10.4 1022.5 738.0 EI Group ...... 281.8 -0.2 285.0 171.4 John Laing Gp ...... 363.8 -2.6 402.0 298.2 Savills ...... 928.0 14.0 957.0 678.5 Johnson Matt...... 3219.0 -52.0 3454.0 2620.0 Murray Intl Tst ...... 1240.0 -8.0 1248.0 1058.0 INDUSTRIAL ENGINEERING BHP Group ...... 1726.8 -25.0 2049.0 1497.2 FirstGroup ...... 127.8 0.1 137.5 79.3 Numis Corporation ...... 226.0 0.0 296.0 212.0 London Stock Exch ...6904.0 158.0 7514.0 3867.0 SEGRO ...... 836.0 -5.0 850.8 585.2 Synthomer ...... 303.0 1.6 445.8 279.0 NB Glbl Fltg Rate Inc .....89.7 0.1 91.8 87.6 Bodycote ...... 808.5 -6.5 903.0 652.0 Centamin ...... 113.0 -0.8 152.3 79.8 Flutter Ent...... 8072.0 -104.0 8210.0 5525.0 Polar Capital Hdgs ...... 522.0 10.0 604.0 448.0 Man Group ...... 147.5 -2.6 175.2 126.8 Shaftesbury ...... 909.5 -10.0 979.5 739.5 Victrex ...... 2392.0 8.0 2680.0 1845.0 Pantheon Intl Partn .2280.0 -5.0 2330.0 1955.0 Hill & Smith ...... 1357.0 3.0 1357.0 1049.0 Fresnillo ...... 673.4 -10.2 1027.5 601.0 Go-Ahead Gp ...... 1978.0 -30.0 2234.0 1480.0 Purplebricks Gp ...... 110.6 -2.4 132.0 96.0 Onesavings ...... 361.2 1.4 447.4 313.6 St Modwen Props ...... 453.5 5.5 472.0 370.2 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...318.5 -3.0 339.0 284.5 IMI ...... 1120.0 -16.0 1136.0 870.0 Glencore ...... 254.4 -4.3 340.3 222.2 GVC Hldgs ...... 803.2 3.2 897.4 507.5 Paragon...... 505.5 -6.5 515.0 379.2 TR Property IT ...... 445.5 0.0 450.0 353.5 Redde...... 108.0 -1.4 127.6 100.6 Pershing Square ...... 1418.0 -12.0 1570.0 990.0 Melrose Ind ...... 225.3 -0.7 226.0 146.3 Hochschild Mining ...... 190.7 -4.1 227.0 149.9 Intercontl Htls ...... 4784.5 -48.5 5738.0 4230.4 Balfour Beatty ...... 230.8 -2.2 295.0 194.2 Plus500 ...... 753.4 -20.4 1647.0 495.0 Tritax Big Box ...... 147.0 -0.6 159.7 130.0 Renew Holdings...... 378.0 -4.0 436.5 333.0 Personal Assets Tst 42200.0 0.0 43150.0 RHI Magnesita ...... 3740.0 -10.0 5000.0 3318.0 Kaz Minerals ...... 514.2 -10.8 738.4 380.3 Intl Cons Airl...... 541.6 -3.0 667.6 413.5 CRH ...... 2851.0 -25.0 2879.0 1971.5 Provident Fin ...... 435.0 -14.5 658.6 356.0 UK Commercial Prop .....86.5 -0.4 92.7 79.9 RWS Holdings ...... 579.0 -9.0 652.0 450.0 38900.0 Rotork ...... 337.2 -0.2 337.4 235.7 Polymet Int...... 1210.0 -4.5 1272.0 700.2 Marstons ...... 119.7 -1.6 131.3 90.5 Galliford Try...... 703.0 -23.0 857.5 512.0 Quilter ...... 142.5 -1.8 156.6 110.6 Unite Group ...... 1129.0 7.0 1174.0 797.5 Scapa Group ...... 220.0 -1.0 445.0 157.0 Polar Cap Tech Tst ...... 1456.0 -10.0 1500.0 1066.0 Spirax-Sarco...... 8440.0 -50.0 9400.0 5900.0 Rio Tinto ...... 4206.0 -126.5 4976.5 3513.5 Mitchells & Butlers .....426.0 -1.5 432.0 238.0 Grafton Group...... 801.5 -8.5 937.0 630.0 Rathbone Brothers ....2120.0 -30.0 2540.0 2075.0 Workspace Gp ...... 1058.0 6.0 1058.0 789.5 Renewables Infra Gp ...129.6 -0.2 133.2 109.6 Weir Gp ...... 1502.5 -1.0 1814.0 1240.0 Sirius Minerals...... 3.2 0.2 24.3 2.9 National Express ...... 444.0 -6.4 462.0 361.4 Secure Income REIT ..430.0 -2.0 454.0 371.0 Ibstock ...... 252.8 -3.2 262.0 193.1 Schroders ...... 3234.0 -28.0 3262.0 2334.0 RIT Cap Partners ...... 2160.0 -5.0 2170.0 1892.0 SOFTWARE & COMPUTER SERVICES PPHE Hotel Gp ...... 1870.0 10.0 1990.0 1540.0 Serica Energy...... 131.2 -2.6 143.4 103.6 Marshalls ...... 742.0 4.5 742.0 415.2 TP ICAP ...... 370.9 3.9 370.9 270.0 INDUSTRIAL METALS MOBILE TELECOMMUNICATIONS Riverstone Energy ...... 470.0 -17.0 1230.0 441.5 Avast...... 436.4 8.6 436.4 259.6 Rank Gp ...... 213.0 -6.5 247.5 135.0 Polypipe Group ...... 467.4 0.4 467.4 312.8 Evraz ...... 370.8 -14.7 709.4 367.2 Inmarsat...... 562.6 4.6 608.2 362.8 Smart Metering Sys.....510.0 10.0 665.0 310.0 Schroder Asia ...... 452.5 -6.5 469.5 388.0 GENERAL RETAILERS Aveva Gp...... 4248.0 34.0 4256.0 2284.0 Restaurant Grp ...... 135.8 2.0 164.2 111.9 DIVERSIFIED INDUSTRIALS Ferrexpo ...... 128.7 -9.4 301.3 123.0 Vodafone Gp ...... 162.2 -1.2 168.9 123.3 Telford Homes ...... 349.5 0.0 358.0 267.0 Scottish Inv Tst ...... 823.0 -4.0 843.0 748.0 B&M ...... 373.2 -2.3 405.0 278.6 Computacenter...... 1376.0 -32.0 1525.0 952.0 Stagecoach Gp...... 133.1 -2.5 177.0 115.5 Thorpe (F.W.) ...... 279.0 0.0 340.0 248.0 Smith (DS) ...... 383.4 -2.5 385.9 292.2 Scottish Mortgage ...... 520.0 0.0 568.5 441.4 Card Factory ...... 163.7 -2.2 209.0 151.2 INDUSTRIAL TRANSPORTATION NONLIFE INSURANCE FDM Group...... 756.0 6.0 994.0 647.0 Wetherspoon (JD) ...... 1487.0 6.0 1624.0 1066.0 Smiths Gp...... 1659.5 -10.5 1692.0 1315.0 Sequoia Econ Infra ...... 115.6 0.2 117.6 108.5 Dixons Carphone ...... 121.2 -0.8 169.4 104.9 BBA Aviation ...... 306.0 0.0 324.8 207.0 Admiral Gp ...... 2080.0 -19.0 2300.0 1958.0 Kainos Gp ...... 512.0 -14.0 676.0 430.0 Whitbread ...... 4244.0 -45.0 5114.0 3988.0 Watkin Jones ...... 230.5 -5.0 241.5 192.2 Smurfit Kappa Gp...... 2684.0 -76.0 2760.0 1934.0 Smithson Inv ...... 1226.0 -2.0 1280.0 1000.2 Dunelm Gp...... 787.5 22.0 981.0 482.8 Clarkson ...... 2785.0 -35.0 2900.0 1878.0 Beazley ...... 577.0 38.0 628.0 492.6 Micro Focus Intl ...... 1077.0 6.8 2160.0 1004.0 William Hill ...... 172.4 1.6 205.2 132.3 Young’s Brew NV ...... 1175.0 -5.0 1238.0 1030.0 Vesuvius...... 424.4 -9.4 642.0 341.0 Syncona ...... 235.0 2.5 294.0 213.5 Howden Joinery Gp...... 581.2 -4.6 585.8 416.4 Fisher (James) ...... 1890.0 -24.0 2260.0 1600.0 Direct Line Ins ...... 275.7 -4.5 366.5 272.1 Playtech ...... 391.1 -15.3 468.0 360.5 Wizz Air Holdings ...... 3899.0 -36.0 3935.0 2722.0 Young’s Brew-A...... 1575.0 5.0 1885.0 1322.5 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 272.00 5.70 296.35 180.10 3M ...... 173.04 -1.48 219.50 150.74 AIR LIQUIDE ...... 119.55 0.45 130.80 102.40 ABBOTT LABORATORIES ...... 83.62 0.23 88.74 65.56 ALLIANZ AG ...... 219.00 -4.80 223.80 172.16 ADOBE INC ...... 292.12 1.35 311.27 205.16 AMADEUS IT GROUP ...... 71.46 0.38 71.08 42.30 ALPHABET NON VTG-C ...... 1310.07 1.21 1308.86 976.22 ALPHABET-A ...... 1308.07 1.12 1306.94 1116.79 ANHEUSER BUSCH INBEV ...... 71.10 0.18 92.71 57.35 AMAZON.COM ...... 1783.05 -5.15 2020.99 1343.96 ASML HOLDING NV ...... 242.05 -1.40 246.50 130.88 AMERICAN EXPRESS ...... 121.42 0.14 128.57 89.50 AXA ...... 25.38 0.38 25.00 18.54 APPLE INC ...... 259.93 0.50 259.43 142.19 BANCO SANTANDER ...... 321.30 -10.90 402.00 301.00 AT&T ...... 39.35 -0.07 39.42 27.36 BASF...... 70.98 -0.39 74.49 56.20 BANK OF AMERICA ...... 33.21 -0.02 33.23 22.73 BAYER AG...... 70.63 -1.08 72.81 52.53 BERKSHIRE HATHAWAY...... 221.01 -1.73 222.74 187.76 BMW ...... 75.04 1.53 77.75 58.70 BOEING CO ...... 351.40 -5.91 432.69 294.16 BNP PARIBAS ...... 50.71 -0.63 51.34 38.55 CATERPILLAR INC ...... 147.97 0.96 147.01 113.38 CRH ...... 2851.00 -25.00 2879.00 1971.50 CHEVRON ...... 120.86 -1.02 126.54 100.99 CISCO SYSTEMS ...... 48.80 0.39 58.05 40.28 DAIMLER ...... 53.45 0.84 59.31 40.53 CITIGROUP ...... 76.04 0.23 75.81 49.26 DANONE ...... 73.90 0.22 82.00 60.28 COCA-COLA CO ...... 52.20 -0.09 55.77 44.69 DEUTSCHE POST AG ...... 32.74 0.27 32.67 23.72 COMCAST ...... 45.18 0.48 46.97 33.07 DEUTSCHE TELEKOM ...... 15.44 -0.24 16.25 14.10 DOW ...... 55.94 0.14 66.65 40.71 ENEL ...... 6.87 0.11 6.97 4.45 EBAY INC ...... 35.16 0.27 41.57 26.14 ENGIE...... 14.19 -0.06 15.12 11.99 EXXON MOBIL ...... 70.85 -2.16 83.38 65.51 ENI ...... 14.19 0.01 15.94 13.04 FACEBOOK ...... 190.53 0.11 204.87 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 222.68 -0.61 223.29 156.35 FRESENIUS MEDICAL CARE ...... 68.10 0.22 76.32 56.64 HOME DEPOT INC ...... 232.70 -0.24 237.93 158.14 HONEYWELL INTERNATIONAL ...... 181.06 1.40 180.81 124.83 IBERDROLA ...... 8.97 0.09 9.54 6.02 IBM ...... 137.50 -0.19 151.36 107.57 INDITEX ...... 27.52 -0.76 32.37 2.55 INTEL ...... 58.19 0.14 58.82 43.46 ING GROEP NV...... 10.75 -0.13 12.05 8.34 JOHNSON & JOHNSON ...... 132.89 1.46 147.84 122.84 INTESA SANPAOLO...... 2.34 -0.01 2.36 1.83 JPMORGAN CHASE & CO ...... 130.29 0.29 130.00 92.14 KERING ...... 519.60 -4.50 537.50 374.20 MASTERCARD INC ...... 274.68 1.89 292.08 174.65 KON KPN NV ...... 2.79 0.02 2.96 2.34 MCDONALD’S ...... 193.57 0.49 221.15 170.28 L’OREAL ...... 264.30 0.50 265.00 195.25 MEDTRONIC ...... 106.96 0.16 111.18 82.45 LVMH MOET HENNESSY ...... 403.00 -1.00 404.00 243.25 MERCK & CO ...... 83.46 0.58 86.91 71.15 MUENCHENER RUECKVE ...... 253.40 3.80 250.80 185.10 COMMODITIES TOURIST RATES MICROSOFT ...... 145.73 1.47 144.61 94.13 NETFLIX ...... 291.16 1.59 385.03 233.88 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1484.25 -1.80 Copper Cash Official...... 5940.50 +27.25 Canada ...... 1.6085 New Zealand ...... 1.8734 NIKE INC ...... 89.68 -0.72 96.22 67.53 ORANGE ...... 14.29 -0.11 15.16 13.15 Silver (Pence) ...... 1753.00 -1.00 Aluminium Cash Official ...... 1817.25 u/c Croatia ...... 7.7783 Norway...... 11.14 ORACLE ...... 56.40 0.42 60.15 42.69 ROYAL PHILIPS ...... 39.93 -0.12 44.34 29.10 Silver (Cents) ...... 1366.00 +5.00 Nickel Cash Official ...... 16302.50 -82.50 Czech Republic ...... 27.18 Poland ...... 4.3415 PAYPAL HOLDINGS ...... 101.35 0.88 121.30 96.64 SAFRAN ...... 145.50 -0.15 146.35 100.70 Krugerrand ...... 1477.11 -22.01 Aluminium Alloy Cash Official ...... 1290.00 -40.00 Denmark ...... 8.2398 Singapore ...... 1.623 PEPSICO ...... 133.06 -0.26 140.28 118.61 SANOFI ...... 83.00 0.64 85.25 72.24 Brent Crude ...... 62.29 +0.55 Natural Gas ...... 42.50 -0.58 Hong Kong ...... 9.5086 Sweden ...... 11.80 PFIZER INC ...... 37.06 0.15 46.23 34.24 SAP SE ...... 123.26 2.90 124.38 85.79 Platinum ...... 932.00 +2.00 Tin Cash Official ...... 16587.50 +180.00 Iceland ...... 141.26 Switzerland ...... 1.214 PROCTER & GAMBLE ...... 119.67 0.06 124.94 87.36 SCHNEIDER ELECTRIC ...... 87.46 0.38 87.08 57.58 British Sovereign ...... 345.21 -5.04 Zinc Cash Official ...... 2541.50 +14.00 India ...... 80.42 Turkey ...... 7.0097 TRAVELERS COMPANIES ...... 133.18 0.17 154.83 112.63 SIEMENS AG ...... 113.80 5.42 108.66 85.00 Lead Cash Official ...... 2104.50 -33.00 White Sugar ...... 332.10 -6.80 Israel ...... 4.0314 United States ...... 1.2228 TWITTER ...... 29.20 0.15 45.42 29.05 SOCIETE GENERALE...... 28.39 -0.29 33.66 21.13 UNITED HEALTH GROUP ...... 256.81 0.35 286.33 215.26 UNITED TECHNOLOGIES ...... 148.70 -0.03 148.73 102.06 TELEFONICA SA ...... 6.86 -0.01 9.18 5.94 WORLD INDICIES VERIZON COMMUNICATIONS ...... 59.33 -1.21 61.05 53.05 TOTAL ...... 49.30 -0.29 52.27 43.18 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 178.77 0.34 185.74 168.86 UNILEVER NV ...... 54.36 0.45 57.56 46.03 FTSE 100...... 7359.38 -47.03 -0.63 S&P 500...... 3093.08 +7.90 +0.26 CAC 40 ...... 5889.70 -1.29 -0.02 Hang Seng ...... 27651.14 -196.09 -0.70 WALGREENS BOOTS ALLIANCE...... 59.23 0.56 76.05 49.29 VINCI ...... 100.15 0.00 102.40 70.50 FTSE 250 ...... 20357.63 -75.59 -0.37 Dow Jones I.A ...... 27681.24 +6.44 +0.02 Swiss Market Index ...... 10326.78 Nikkei ...... 23391.87 +61.55 +0.26 WALMART ...... 119.31 -0.92 120.24 85.82 VIVENDI ...... 24.88 -0.09 26.42 20.93 FTSE All-Share ...... 4055.66 -23.17 -0.57 Nasdaq Composite ...... 8475.31 +40.80 +0.48 ISEQ Overall Index ...... 6781.08 STI Index ...... 3264.30 -21.42 -0.65 WALT DISNEY CO ...... 137.91 4.95 146.39 100.35 VOLKSWAGEN AG ...... 181.68 3.96 177.72 136.26 FTSE AIM All-Share ...... 891.92 -2.08 -0.23 Xetra DAX...... 13228.56 -60.90 -0.46 FTSEurofirst 300 ...... 1588.91 -4.38 -0.27 ASX All Ordinaries...... 6833.20 -3.70 -0.05 WELLS FARGO & CO ...... 54.04 0.04 54.35 43.38 22 OPINION MONDAY 11 NOVEMBER 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS These Wizard of Oz contenders TO THE EDITOR will struggle to take on Trump Round the clock [Re: Should the London Stock Exchange cut its hours?] The long-hours, adrenaline-fuelled, macho HE STARTING gun may Biden’s doddery demeanour is by can presidential elections. culture that has dominated working life in have yet to sound in the far his greatest long-term weakness. John Vying with Warren for the pro- the City is no longer a viable or healthy way 2020 Democratic presiden- It is also an open question as to Hulsman gressive vote, senator Bernie of working. But the answer is not so much tial contest, but with the whether today’s Democratic party, Sanders is the ruffled, authentic about reducing the overall hours of T operation, but rather reducing the hours of Iowa caucus only 90 days which has moved increasingly left- voice of American socialism. Sup- away, there is already a surprising wards since 2016, wants the last ported by a strong cadre of adher- work for the individual and enabling amount that is clearly in focus. moderate standing as its standard ents who fell in love with him flexible working. In fact, I’m surprised that First, the very crowded Demo- bearer in the fight against Trump. during his inspired (if failed) race the London Stock Exchange hasn’t already cratic field has already been deci- Still, Biden is actively liked by against Hillary Clinton in 2016, become a 24-hour operation, reflecting the sively winnowed. According the 7 most of the Democratic establish- Sanders rivals Trump in having a City’s role in global markets. Reducing the November Real Clear Politics aver- ment and African Americans (a base that seems to be with him hours and encouraging flexible working age of polls, only three candidates vital party constituency), and is whatever happens — his poll num- isn’t about working mothers or even are presently in double digits. presently slightly ahead of Presi- bers even remained buoyant after working parents — it’s about offering a That poll of polls found former dent Trump in the state polls in all The problem is that recently suffering a heart attack. better quality of life for everyone and vice president Joe Biden leading the the battleground states (Michigan, But 2020 is not 2016. Then, recognising that people have fulfilling lives field at 29 per cent support nation- Pennsylvania, Wisconsin, Florida, Elizabeth Warren’s Sanders stood alone against the outside of work, regardless of personal ally, senator Elizabeth Warren next North Carolina). He is still consid- more moderate Clinton, uniting circumstances. Attracting and retaining at 21 per cent, with senator Bernie ered the most likely Democrat to answers are all from progressives. This time, he is neck- talent is a challenge, and, as we begin to Sanders closely trailing her at 18 beat Trump head-to-head. the left in what and-neck with Warren, who seems anticipate longer working lives, offering per cent. But, in a sense, head-to-head is better prepared, more professional, people greater choice of when they work In terms of Iowa and New Hamp- precisely the problem. Trump is a remains a solidly and more serious than Sanders’ and preventing early burnout is crucial. shire, the first two Democratic con- fearsome if unorthodox debater. centre-right country ramshackle campaign. Gwen Rhys, founder, Women in the City tests, the results favour the The Democrats rightly fear that he The added risk for both Sanders outsiders, with Warren leading could obliterate Biden in the na- and Warren is that going left of both by four points. tional presidential campaign — Trotsky has political downsides in a Breathe in... But among these three it is all to that the old war horse’s best years country where being called a social- play for, with Indiana mayor Pete are behind him. plan for that” has become the rally- ist still remains a derogatory epithet [Re: London Underground has the city’s Buttigieg’s candidacy still having an In contrast, no one has had a bet- ing cry for those in the party who for many. highest level of air pollution] outside shot of catching fire. So, ter political year so far than Eliza- want to go beyond merely beating So, as was true of Dorothy’s com- Tube staff and the millions of Underground given that one of this trio is highly beth Warren. Trump and onto reshaping America panions on the Yellow Brick Road, passengers deserve to breathe the likely to take on Donald Trump in Widely written off just 12 months in line with their progressive vision. while worthy, each of the Demo- cleanest air possible. Transport for London 2020, it is worth taking a minute to ago following the “Pocahontas af- The problem — in terms of the cratic frontrunners is missing (TfL) monitors air quality on the Tube. The handicap each of their strengths fair”, whereby Warren claimed Na- presidential election — is that War- something important that could air in tunnels is different from that found and weaknesses. tive American ancestry that DNA ren’s answers are all from the left get in the way of victory. on the surface, where pollution is mainly Let’s start with Biden. Despite the testing did not validate, she became in what remains a solidly centre- Given this Wizard of Oz problem, due to vehicle exhaust emissions and fact that he is consistently ahead in that worst of things, the butt of one right country. the smart money must still be on includes nitrogen dioxide or carbon almost all the major national Dem- of Trump’s savage Twitter jokes. Warren is for impeaching Trump, the President. monoxide, which are at much lower levels ocratic polls, Barack Obama’s vice But remarkably, Warren has risen for hugely expensive universal in the Tube. Particulates on the Tube are president seems like a figure from from the political dead, doing her healthcare, passionately for higher £ Dr John C. Hulsman is senior within Health and Safety Executive limits. another era. homework both in terms of assem- taxes, for abortion rights with few columnist at City A.M., a life member of We work hard to make the environment The former vice president, cur- bling the commonly acknowledged limits, and for an almost unre- the Council on Foreign Relations, and underground cleaner and invest £60m rently 76, now seems a step slower best campaign team, as well as in strained immigration policy. All president of John C. Hulsman every year on cleaning trains, stations and on the campaign trail. After consis- setting out detailed policy plans for these stances place her at odds with Enterprises. He can be reached for tunnels. We work with independent tently mediocre-at-best debate per- just about everything. independent voters — the very peo- corporate speaking and private briefings experts to examine what more we can do, formances and endless gaffes, Her unofficial slogan “I have a ple who tend to determine Ameri- at www.chartwellspeakers.com. including new studies to ensure that we understand potential health effects. Encouraging people to use public transport is a vital part of addressing air pollution across London. We will continue to draw on expert advice to ensure clean air for our customers and staff. The success of the City rests on our unique Lilli Matson, TfL’s chief safety, health blend of expertise, innovation, and culture and environment officer BEST OF TWITTER S THE 692nd lord mayor of kets, looking to maximise overseas My time in office will of course co- the City of London, it is an opportunities for UK firms and at- William incide with the continuation of the @patel4witham outlines our plans to enormous privilege to rep- tract inward investment. Russell Brexit saga. Whatever happens on 12 introduce a new fast-track NHS visa Aresent the greatest city in Second, I will work with busi- December, I hope that this election for doctors and nurses so we can the world. I was delighted nesses to bang the drum for the very provides a clear and positive path attract the best skilled talent from to start my term with a spectacular best that the UK has to offer in inno- forwards for the UK and EU’s future around the world into our NHS, as cultural event on Saturday at the vative areas such as fintech and trading relationship, for the benefit part of our plans for a points-based Lord Mayor’s Show, which brought green finance, while also promoting of businesses and consumers on immigration system together different communities digital innovations in education as both sides of the Channel. @CCHQPress from across the capital and beyond. the boundaries between industries The world is not stopping for This showcased how culture is in- become ever more blurred. UK’s fourth largest funder of cul- Brexit, however, so we must con- How about instead of picking and tegral to the enduring success of Finally, I will champion a rich and tural activities, contributing over tinue to promote a confident long- choosing sectors to help out — the City, London, and the UK. vibrant cultural economy. No other £100m every year. term vision of London and the UK. because govt made it so bloody That’s why I have dedicated my city on the planet has the history Our ambitious Culture Mile proj- Our trading expertise, our ability difficult to come here in the first place mayoralty to the theme of “Global and the heritage, the cultural ect — which is hosting a nocturnal to innovate, and our unique cre- — we just liberalise the lot? Doctor or UK: Trade, Innovation and Culture”. riches and the creativity, that we three-night festival entitled Culture ative and cultural credentials mean student, bricklayer or lawyer, we say My aim is to highlight the connec- have in London. Mile Nights, taking place later this that we are well-placed to seize new come on in tivity between these three pillars in The Square Mile is, of course, al- month to celebrate the night-time opportunities as the global econ- @emmamrevell a thriving local, national, and inter- ready home to a number of world- economy of West Smithfield — is omy evolves. I firmly believe that national economy. class institutions, such as the seeking to build on this strong foun- the City will continue to flourish as I actually wish there was a secret First, trade and commerce have Barbican, the Guildhall School of dation by creating a world-leading part of a vibrant London and a WhatsApp group of “lines to take” for been at the heart of what the City Music & Drama, the London Sym- cultural destination in the north- global UK, regardless of political de- depressed centrists because does for centuries. I will promote phony Orchestra, and the Museum west corner of the City. velopments, thanks to these funda- constantly coming up with new ways the UK’s world-leading financial of London. These are assets that The creative industries are signifi- mental strengths. to despair of literally everything all by and professional services, both do- make the City such an attractive cant employers in the Square Mile, yourself is frankly exhausting. mestically and during visits to place to live, work and visit – which and I will be delighted to promote £ William Russell is lord mayor of @hugorifkind around 25 key international mar- is why the City Corporation is the the role they play. London. CITYAM.COM MONDAY 11 NOVEMBER 2019 OPINION 23

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The right horse with the wrong DEBATE backers: Libra has a PR problem Are there any benefits to the rise of renting? T THE World Blockchain alike: Facebook’s under-qualification Forum in September, one of Jenny for the job. the speakers asked who in Corlett At the end of last year, Facebook was While the UK has traditionally been a Athe audience thought that voted the least trusted tech company nation of homeownership, more libra was likely to succeed in in the world. It’s not hard to see why people are choosing to rent, and the taking cryptocurrencies mainstream. — not only is the company currently profile of renters is changing too, with YES About half the room raised their embroiled in fake news scandals relat- more families and retirees looking for a ANNE-MARIE hands. He then continued: “Who ing to political advertising, but it has stress-free alternative. As a result, the BROWN wants it to be Facebook that achieves still not fully recovered from the Cam- market is improving. this?” All hands were hastily lowered. bridge Analytica revelations last year. Rental options have been evolving in improve conditions for renters. In the It comes as no surprise that a crypto which transcends borders and is us- Consequently, despite assurances response to this changing demand, UK, we are far behind our European audience would respond like this. able by anyone with access to a smart- from Facebook that it will share cus- with a real focus on build-to-rent counterparts such as Germany, which Under Facebook’s strict advertising phone would democratise global tomers’ financial data with third par- developments, which deliver modern provide lifelong tenancies and rules, the majority of crypto organisa- payments, allowing people who have ties only in necessary cases, people homes with professional management protections against over-inflated rent tions found themselves unable to pro- previously been shut out by the finan- simply don’t trust the tech giant to and high-quality services by reputable increases. Evictions are pretty much mote their offerings via the site. This cial system to send and receive cash handle their data responsibly. landlords. This shift is encouraging. For unheard of. feels like a calculated move one year on a daily basis. As a result, it could be a case of find- many, renting is a lifestyle choice, not a The rise of renting in the UK can help before Facebook launched its own So if the idea is sound, why has libra ing the right horse with the wrong necessity — they value flexibility and drive better living conditions and more cryptocurrency. had such a hostile reception? backers. Perhaps a company with a the option to live in a high-quality choice and competition in the market. However, contempt for the proposed One obvious problem is that Face- slightly less nefarious reputation development in a central location. digital currency extends far beyond book’s offering requires approval from would have had more luck. The increase in renting has also put £ Anne-Marie Brown is founder and the crypto community. Libra has suf- governments whose own currencies Of course, it would have been diffi- more pressure on the government to chief executive of Love to Rent. fered blow after blow, from govern- stand to lose out if libra succeeds. Ac- cult to find an organisation with the mental bodies condemning it, to cepting the potential benefits of a same global reach which is squeaky seven of its 28 backers getting cold global universal currency also means clean. The only other one which comes feet and abandoning the project. accepting that the current financial to mind is Amazon, which comes in be- The facts speak for themselves. Our This peaked at the end of October, system is flawed, and it is not in the in- hind Facebook at number two on the annual survey tells us that of the 4.5m when the US House of Representatives terests of government regulators to bet list of least trusted tech firms. UK households renting, over three Committee on Financial Services laid against their own prosperity. Still, as libra limps towards its pro- quarters — almost 3.5m — want to NO into chief executive Mark Zuckerberg, But personal stake aside, there was posed 2020 launch, one thing is clear: own their home. using libra as evidence of the com- one common underlying factor in the if Facebook pulls this off, it will be the And why is that? Renters report a raft PAULA HIGGINS pany’s blase attitude toward every- criticism from governments, crypto PR coup of the century. Whether the of problems, from poorly maintained thing from data breaches to industry leaders, and businesses currency goes ahead or not, it seems and damp properties, to unreasonable better, as ownership provides misleading political ads. that crypto and libra are now inex- rent increases and the lack of security continuity because they may not need This begs the question: would the orably linked, with prices rising and due to short-term leases. to move so frequently. And pensioners new currency have had more success Would it have had falling in conjunction with each twist In contrast, there are many are far less likely to suffer poverty in old if it was launched by a less controver- and turn of libra’s rocky journey. advantages to owning your own home age if they have built up the safety net sial company? more success if it Those in the cryptocurrency space — if you are lucky enough to be able to of owning their home, rather than At its core, libra is an excellent idea. was launched by hoping for a decentralised currency to afford it. Being a homeowner gives you paying rent to someone else. Currently, 1.7bn adults in the world go mainstream will have no choice the ultimate freedom. You can make Flexibility may be valuable for some, don’t have access to a bank account. a less controversial but to strap in and see where the libra improvements as you wish, you can but most would prefer stability. However, the percentage which does- company? rollercoaster ends up. control your costs more easily, and it n’t have access to social media or a can be cheaper — especially with low £ Paula Higgins is chief executive of smartphone is dramatically lower. £ Jenny Corlett is a blockchain PR interest rates. HomeOwners Alliance, providing advice Having a stable digital currency specialist at Aspectus Group. Families, especially children, also fare and services to homebuyers and sellers.

Editorial Editor Christian May | Deputy Editor Andy Silvester Distribution helpline Our terms and conditions for external Josh Martin Rachel Cunliffe contributors can be viewed at Fountain House, News Editor | Comment & Features Editor If you have any comments about Lifestyle Editor Steve Dinneen | Sports Editor Frank Dalleres the distribution of City A.M. cityam.com/terms-conditions 3rd Floor, 130 Fenchurch Street, Billy Breton London, EC3M 5DJ Certified Distribution Creative Director please ring 0203 201 8955, or email [email protected] Tel: 020 3201 8900 from 26/08/2019 till Printed by West Ferry Printers Ltd, Email: [email protected] 29/09/2019 is 82,331 Commercial Sales Director Jeremy Slattery | Head of Distribution Gianni Cavalli Kimpton Rd, Luton LU2 0SX 24 FEATURE MONDAY 11 NOVEMBER 2019 CITYAM.COM ENTREPRENEURS FLOATING ON AIRBNB Katherine Denham meets the founder who is taking the hassle out of hosting

HEN James Jenkins-Yates erty management company, both in ously, largely because it was too diffi- rented out his London terms of geographical locations and the cult to manage. “If anything, our serv- home via Airbnb while he number of homes it looks after. It has ice would increase supply of Airbnb Wwent on holiday to Rome, raised $12m in funding — not bad for a places in the market, which you could it was a complete disaster. firm that is just four years old. argue decreases prices,” he says. “But I “Everything went wrong,” he tells me. don’t think that’s the case at all.” “I had three back-to-back bookings over HOST WITH THE MOST the week and guests were everywhere If hosts want to use Airsorted’s services, THE LINEN NEVER LIES — I received calls at 3am, one guest the company charges a minimum of 12 Jenkins-Yates adds that Airsorted couldn’t get in through the gate, clean- per cent commission on the revenue should improve the experience for ers didn’t show up, the keys were left they make from renting the property. those booking through sites like under a plant pot.” In the end, he re- For that, Airsorted manages your en- Airbnb, who get a hassle-free stay. funded two of the three guests. tire listing for you. That includes the While his early mishap opened his The entrepreneur, who had planned account itself, photos of your home, eyes to the struggles of hosting, the to use the money to pay for a plusher guest communication, professional founder is very familiar with the chal- trip, was baffled as to how hosts could cleaning, and the delivery of linen. lenges on this side of the equation too, provide a stress-free experience for The company also installs a police- after spending 18 months living in guests when they weren’t nearby to approved key safe at each property it Airbnbs around London — which, for a help. “When I looked for a business that looks after so that guests can check-in man who runs a short-let management could manage this on my behalf, there whenever they want. company, is probably the most valuable was nothing — it was quite nascent.” For the cleaners, Airsorted works like market insight you can get. In order to gauge whether there was Uber taxi drivers, in that individuals “I sold my house, and was so busy The design of Airsorted’s website gives the impression of an Airbnb spin-off any interest in such a proposition, Jenk- sign up and are vetted by the company. with work that I couldn’t be bothered ins-Yates — who had just com- It currently has about 500 to 600 to find somewhere else to live, so I got CRUISE CONTROL lots of different preferences, whereas pleted a crash course in cleaners on board in 22 cities an Airbnb for two weeks and it just be- Airsorted, of course, isn’t the only short- with our competitors, the managing coding — created a tester around the world, who all in- came a thing. And it was really useful let company on the block, with the likes company has all the control.” web page featuring the teract with the app. because I thought ‘oh this is what you of Hostmaker, GuestReady, and City words “hassle-free Airbnb While around 60 per cent do there, or this is where it could be bet- Relay to name but a few. So how does PUT TO BED hosting, enter your email of the listings are on Airbnb, ter’ — I learnt from all those hosts and this firm compete? It’s no accident that the design of Air- address”. It wasn’t long be- the remainder are largely put that insight into the product.” Jenkins-Yates says that his company sorted’s website gives the impression of fore he received messages booked through a mixture of So what was the biggest lesson he sees the hosts as partners. “You have got an Airbnb spin-off. However, while the from wannabe hosts Booking.com, Expedia, and took from this? “The importance of your own account manager who will two companies work alongside each eager to list their proper- HomeAway. When I ask if good quality sheets,” he says, grinning. build your listing for you, help you set other, there isn’t actually an official link ties on Airbnb while they this fee risks increasing the “That was a dealbreaker.” your price, and make sure you don’t between them — though that’s not to say were away. prices of short-let sites like make any mistakes.” that Jenkins-Yates’ doesn’t want one. In Seeing an opportunity, the Airbnb, the founder says no, One extra quirk of the service is that fact, he sees it as a benefit for guests to young founder bit the bul- pointing out that many of hosts can set preferences, selecting the know when they are booking a profes- let, and within a the hosts who decide to level of control to dictate how much sionally managed property in that it month, he had use Airsorted have freedom they give Airsorted to manage gives them confidence that the experi- quit his job as a never listed their Within a month, he their property. ence is going to be a certain standard — financial ana- homes on a plat- “There are some hosts who care or at the very least, provide assurance lyst to focus on form previ- had quit his job as about every little detail and want to that a listed property actually exists. building Air- a financial analyst be sent photos of the property after It’s a matter of time and trust. It took sorted in 2015. each clean. But there are others who years for Airbnb to establish itself as the It is now the James to focus on ask not to be contacted unless it costs trusted brand it is today. And Airsorted world’s largest Jenkins- over £1,000 to fix something in the is riding on the back of the success of short-let prop- Yates is CEO building Airsorted property,” he explains. “You can set this unicorn. CITYAM.COM MONDAY 11 NOVEMBER 2019 FEATURE 25 MARKETING Luke Graham examines the debate around THE PROPER PLACE political ads on social media FOR POLITICS ITH the upcoming UK General Election, the pri- maries for the Demo- Wcratic presidential nominee in the US, and the race for the White House next year, politics is once again centre stage. Candidates on both sides of the At- lantic will be turning once more to po- litical advertising to win over voters – and one area of marketing that has come into focus like never before is the role of such ads on social media. Politicians have always relied on ad- vertising to spread their message and connect with voters. And social media offers extra advantages, such as the ability to engage with voters directly. But the data that these platforms col- lect from users has led to the rise of microtargeting, whereby voters can be segmented based on their preferences, demographics, or even location. This means that messages can be tai- lored for incredibly specific audiences, and gives politicians the ability to reach voters in a way that is un- matched by other marketing channels. And there is currently very little regu- lation around microtargeting. There is also the risk that, due to the lack of transparency as to who pays for political ads on social media, voters “Paid-for political advertising does been set — the full rules will be re- is about paying for reach,” he added. ments are considering new regula- could be misled by messages contain- not constitute free speech. It has been leased on 15 November — but Dorsey “Paying to increase the reach of politi- tions for political advertising. Vera ing false information or outright lies. three years since the Cambridge Ana- initially received praise. He was seen as cal speech has significant ramifications Jourova, the EU commissioner for jus- The debate over what impact micro- lytica scandal, yet Facebook is yet to taking the higher ethical ground on that today’s democratic infrastructure tice, consumers and gender equality, targeting and fake news have on poli- step up and address this issue in any the issue, in contrast to Facebook’s may not be prepared to handle.” told CNBC last week that lawmakers in tics has been raging since the meaningful way,” she told City A.M. laissez-faire approach. Others pointed out that Twitter does- Brussels will introduce rules for more Cambridge Analytica scandal and the She also criticised Clegg’s “tennis The decision was also welcomed by n’t actually make much money from transparency in political campaigning 2016 US presidential election. But it court” comparison. the UK ad industry’s professional political advertising anyway — the “so that people know who is behind has come into sharper focus now be- “Tennis has standards, rules, and um- body, the Institute of Practitioners in company only earned $3m from it dur- the campaigning, who pays for it, and cause finally the social media plat- pires — in contrast, Facebook’s ap- Advertising (IPA). ing the 2018 US midterms, against what are the interests”. forms themselves are getting involved. proach has a reckless disregard for the “Dorsey’s statement specifically ref- total revenue of $3bn for the year. So Political ads have existed since the First, in September, Facebook’s head rules of fair play or democracy.” erences the dangers to civic discourse Twitter isn’t sacrificing much with first elections thousands of years ago. of global affairs and communications The other major incident came at the presented by political microtargeting this ban. Critics also argued that Twit- And their more modern equivalents (and former Liberal Democrat leader) end of October, when Twitter’s co- and unchecked misleading informa- ter isn’t even that useful for campaign- do enable candidates to reach a wider Nick Clegg clarified the company’s founder and chief executive Jack tion,” said Paul Bainsfair, director gen- ing, as only a fraction of the electorate audience and connect with voters in policy that it would not fact-check ads Dorsey took the opposite approach, an- eral of the IPA, in a press release. “This actually spend much time engaging a targeted, meaningful way, as well as or statements from politicians on its nouncing plans to ban political adver- is something we have repeatedly high- there, compared to the wider public. allowing niche politicians or move- platform. Clegg argued that it wasn’t tising on the platform. lighted and lobbied government to ad- But the biggest criticism is that Twit- ments to gain traction — look at Rory Facebook’s place to police free speech “Internet advertising is incredibly dress, and is the reason behind our ter has gone too far, banning ads not Stewart, who has gained a large fol- or political debate. Instead, he com- powerful and very effective for com- repeated call for a ban on online polit- just for candidates, but for political is- lowing thanks to his authentic, pared Facebook to a tennis court — it mercial advertisers. That power brings ical microtargeted advertising.” sues. Democratic presidential candi- quirky approach to social media. is Facebook’s job to keep the court in significant risks to politics, where it However, not everyone is happy. date Elizabeth Warren argued that this But that power can easily be abused, order, but not to “pick up a racket and can be used to influence votes to affect Many, including US Senate Republi- means organisations fighting climate with new technologies like microtar- start playing”. the lives of millions,” Dorsey said. “It’s can leader Mitch McConnell, argued change cannot buy ads, while compa- geting which have vast power The announcement drew plenty of not credible for us to say: ‘We’re work- that the ban would undermine free nies producing emissions from fossil matched by relatively little trans- criticism from activists for electoral ac- ing hard to stop people from gaming speech, favouring political incumbents fuels could still promote themselves. parency. More regulation from gov- countability, but also from marketers our systems to spread misleading info, and bigger parties. Dorsey responded Clearly, while Facebook’s hands-off ernments might be part of the themselves. Nicola Kemp, managing but if someone pays us to target and by pointing out that social movements approach is problematic, Twitter’s answer, but that is unlikely to arrive editor of ad agency Creativebrief’s edi- force people to see their political ad, have achieved massive scale on the total ban may not be the answer either. anytime soon — especially with the torial platform Bite, says that Facebook well, they can say whatever they want.’” platform without advertising. Regardless, the decision may soon be UK already in election campaign needs to face its responsibilities. Twitter’s new stance hasn’t officially “This isn’t about free expression. This taken out of their hands, as govern- mode. Be careful what you read. Don’t dismiss small publications, they serve a role in PR

O OUR customers read that so on — filter for stuff that I’m reputation (consistency of don’t sit back and wait for the phone in future. That ambitious young publication anyway?” It’s a interested in. So consider the topics, competency and character). to ring. Use your website, social journalist is unlikely to stay at question that any chief exec- themes, and brands that your Few people or brands catapult media, and newsletters to put your boring.com forever — they’ll Dutive or marketer should audience will find relevant. directly into the national media point of view right in front of your remember those who helped them ask. Marketing that’s not Whether they subscribe to Music from a standing start — not for the target audience. when it mattered, and those who targeted at your audience is waste — Week, the FT, or The Cricketer, right reasons, at least. And The fact that you’ve been featured fobbed them off. or so the theory goes. chances are that they’ll tune in to remember, your peers and rivals are in a media title at all says that a So focus on the media that matters Brands should of course aim for the topics they care about — so if you also targeting the same premium professional journalist considered most, but realise that earning coverage in relevant media. But what talk about stuff your audience is titles as you. you worth attention. This is why attention takes time. Until then, cast about leads from publications that interested in, your brand is likely to PR is dubbed “earned media” for a earned media has greater gravitas your PR net wider, and rinse any aren’t strictly on point? Sometimes find its way to them. reason, so start small. It will prepare and reach, especially if you tag the media coverage for all it’s worth. Like there’s logic in untargeted media too. But however interesting you are, you for when the big beasts of the journalist and they reshare the building brands, earning reputation Personally, I’ll read, watch, and your “brand capital” matters: by national press start to show an article with their audience. is a marathon, not a sprint. listen to the things under my nose. which I mean your power (proven interest in you. It also does wonders Media coverage in (ahem) “lower- And my feeds — newsletters, social success in your category), presence for your search engine optimisation. tier” media also helps you build £ Matt Phillips is founder of startup media, Google Alerts, podcasts, and (how often you’re seen), and And when you get media coverage, relationships that may prove useful communications consultancy PPR. 26 LIFE&STYLE MONDAY 11 NOVEMBER 2019 CITYAM.COM TRAVEL RODRIGUES: THE INDIAN OCEAN’S HIDDEN PARADISE Steve Dinneen finds a wonderful island retreat teeming with life. And best of all? None of your mates will have a clue where it is.

alking into Rodrigues’ you could happily while away after- Reserve François Leguat noons just wandering from your is one of those wild mo- villa to the beach a few metres away. Wments that will stay From there you can walk for miles, with you forever. As you past herds of free-roaming cattle, enter a deep, green valley, you’re discovering tucked away beaches greeted by dozens of giant tortoises, and interesting rock pools filled which amble amiably towards you, with bright purple anemone. ponderously dragging their massive There’s something about the land- bulk across the grass in the hope scape here that makes you want to you’ll toss them a lime. They are vast do stuff rather than just hang out on creatures, and the sheer number of the beach (although that’s obviously them – 1,200, evenly split between an option, too). One afternoon I Aldabra giant tortoises and smaller made the reasonably challenging radiated tortoises – is hard to take hike from Tekoma up to Gravier in: you can almost hear John beach, taking in the island’s se- Williams’ Jurassic Park theme play- cluded coves, including the stun- ing in the background. ning Trou d’argent Beach (an area Reserve François Leguat is a spec- From top: The vivid blue Indian Ocean; one of the giant tortoises; that’s inaccessible by car), which has tacular ecology project, a huge un- A room at Tekoma; An aerial shot of the Tekoma resort a natural wave machine formed by a dertaking aimed at restoring and narrow gully carved out of the rocks. protecting the islands indigenous the little sister to Mauritius – most into fellow travellers was rare. home to an astonishing selection of At the end of every day, I’d return plants and wildlife, including trips here will be tacked on to a trip An unusual reef formation sur- endemic species of plants and ani- to Tekoma and hole up in the restau- 110,000 endemic and native plants. to the larger island – which lies rounding the island means Ro- mals. My guide through the reserve rant, ploughing through Phoenix The tortoises are sadly not native to around 370 miles to the west. But drigues is surrounded by a vast was a hardened twitcher deter- beer and occasionally mixing things the island – the Domed Rodrigues while Mauritius has 1.265 million lagoon twice as big as the island it- mined to show me one of the two up with a spiced rum. The food is ex- giant tortoise was wiped out by hu- people and an international reputa- self. This lagoon contains 18 islets, in- rare birds that like to hang out here, cellent, too, heavily skewed towards mans some time around 1800. The tion as a high-end, sun-and-sandals cluding bird-watching haven Coco mimicking their tune in the hope fish and seafood, naturally, and ex- Aldabra giant tortoises are the clos- destination, Rodrigues is home to Island, home to an astonishing num- one would arrive (and one duly did). cellently prepared. est surviving species, and have been under 40,000 and almost nobody ber of birds. Or so I’m told: the un- I was more interested, however, in Watching the sun set from the van- shipped over from the Seychelles. has heard of it. And while touring usually high winds that whipped the gigantic orb web spiders that tage point of the restaurant, the Each tortoise is painted with a num- Mauritius will almost certainly in- across the island all week meant it has set up shop in the trees. With blues of the ocean getting darker ber so the rangers can keep track of volve navigating traffic jams, a drive was too dangerous to go out. the leg-span of a dinner plate and until everything fades to inky black them, with the monstrously sized around Rodrigues is more likely to Another way to traverse the is- vivid red-on-black markings, these is ridiculously romantic. But not in tortoise #1 having been rescued be interrupted by obstinate goats re- land – one that’s not quite so suscep- truly are the stuff of nightmares. a cheesy, footprints-in-the-sand, pic- from a public park. fusing to get out of the road. tible to high winds – is on the back I stayed in the island’s most luxu- ture postcard kind of way. That’s not Every so often you hear a crash as It’s a rugged island, the rocky, of a 4x4. Clattering down rocky rious resort, Tekoma, a collection of Rodrigues’ style. It’s romantic in a massive, gold-hued Rodrigues fly- windswept scenery, full of bowed, paths, being propelled a foot into neat little villas hunkering down on that wistful, almost melancholy ing fox flaps out of a tree, leaving a squat trees, more reminiscent of the the air with every bounce, is a huge a hillside overlooking the ocean (to way, where you feel like you’re trail of leaves and branches in its Faroes or the Falklands than your typ- amount of fun, and something be fair, almost everything on Ro- standing at the end of the world, a wake. Snaking underneath the park ical tropical paradise, although the pretty much every guide on the is- drigues overlooks the ocean). The million miles from civilisation. It’s are spectacular limestone caves, temperature is a solid 24-29 degrees land will be happy to arrange for rooms are well presented, making blissful. which you can explore with a guide, year-round. It’s also incredibly windy, you. It’s also a great way to see more liberal use of driftwood and coming who will point out the densely making it a big destination for kite of that wonderfully harsh terrain. with all the paradise island touches NEED TO KNOW packed, millennia-old stalagmites surfers, who you can see zipping From the higher outcrops, you really you’d expect, including an outdoor and stalactites, with the most im- across the ocean at break-neck speed. get the sense that you’re lost in the shower/bath and picture windows so £ For more information and to book pressive sections lit up. Rodrigues is a largely agricultural is- middle of the ocean, standing on you can gaze out to sea from the accommodation at Tekoma, go to Reserve François Leguat is just one land, and while tourism is a big part the last piece of Africa before east comfort of your four-poster bed. tekoma-hotel.com, call +230 483 49 70, or of the surprising things about this of the economy, it doesn’t feel touristy, Asia unspools further east. The resort – which is expanding to email [email protected] thoroughly surprising island. Ro- and when I was there during one of Another must-see is the The Grand almost double its capacity – has the £ There are two flights a day with Air drigues (pronounced “rod-reegs”) is the island’s quieter periods, bumping Montagne Nature Reserve, which is look and feel of an eco village, and Mauritius from Mauritius to Rodrigues. CITYAM.COM MONDAY 11 NOVEMBER 2019 LIFE&STYLE 27

THE VICTORIA INN THE LONG HOLKHAM, NORFOLK WEEKEND Josh Martin test drives the smarter alternative to the typical rental car

THE WEEKEND: Some of Great Britain's dangerous for your early morning run best spots are best explored without the plans. disappointment often caused by the UK rail network. But what if you're one of the WHO GOES?:Predominantly Brits from thousands of car-less Londoners who the South and East of England, although yearn for a road-trip but shudder at the one characteristically loud New Yorker thought of queuing at an airport car hire exclaimed North Norfolk is in her "top kiosk for an hour just to be handed the three global destinations" alongside keys to an old Fiat Picanto? Fret no more. Montana and New Zealand, in case you This weekend, we're trialling a new were wondering (we weren't). Gwyneth service from The Out, an app offering an Paltrow is also a fan, having shot the final on-demand fleet of Land Rover Discovery scenes of Shakespeare in Love on Sports, Range Rover Sports, Range Rover Holkham Beach's shore. Velar and Jaguar I-Paces to discerning renters. The concierge delivered mine to THE FOOD: Unpretentious British grub is City A.M. Towers and after a quick run done very well at the Victoria Inn, using as through of all the high-tech specs of the much produce from the Holkham farms new Discovery Sport (I am new to the as possible. The cut of the day comes world of keyless starts, backing cams and from the herds of South Devon crosses steering wheel warmers) we're off. Our that graze the mashes across the road destination? The sandy shores of from the restaurant. The Full English is North Norfolk, specifically the homemade beef sausages, black Victoria Inn on the pudding and smoked bacon is Holkham estate owned locally sourced and a vegan's by the Earl of Leicester, nightmare. More please. the right mix of posh countryside and ASK ABOUT: Visiting rugged seaside. Holkham Hall, the palatial family home of the Earl of THE WHEELS: The Leicester, a short walk up seven-seater the road. The sprawling Discovery Sport was a estate has cycling tracks, a tight squeeze down deer park and bountiful Norfolk's quaint country walled garden which was in full lanes whenever Google Maps bloom when we called in. Kids will thought it had the fastest route. enjoy the Farm to Fork experience, an However young families or friends on a interactive, high-tech exhibition road trip would be well-suited. Diesel- explaining the story of farming and powered yet still packing a tonne of conservation in the estate. oomph when you need it and enough bells and whistles to make you feel AND AFTER THAT? Buckle back in to the sufficiently technologically dated. Discovery Sport and drive 45 minutes along the coast to the seaside town of THE STAY: The Victoria Inn was built in Cromer. It's all beach huts, ice cream 1837 and is roadside in the blink-and- shops and pier amusements here but the you'll-miss-it village of Holkham, which standout star is crab. Locally hauled itself is equidistant from the grand crustaceans seem to fill every third shop Holkham Hall and the vast sand dunes of window, but the best we found were Holkham beach. It's a near-perfect served at Hot Rocks in the main village. country escape, with the beach close by if the faint hope of an English summer ever NEED TO KNOW: The Out app is transpired. Keeping the genteel English available for download on iOS and offers theme, there's a drawing room to read or vehicle drop-off and collection to any play board games when the fickle British address in London zones 1-3 and Gatwick weather is true-to-form. It also offers and Heathrow airports from £149 per day. after-dinner tipples port, brandy and The Victoria Inn at Holkham has rooms whisky on a pour-your-own basis. Great from £215 per night on a B&B basis, visit to get guests mingling, but potentially holkham.co.uk 28 FEATURE MONDAY 11 NOVEMBER 2019 CITYAM.COM OFFICE POLITICS

losophy of learning from the plant world one step further. It’s a green, Want healthy, open space that we believe will be conducive to driving innovation. Of course, a few plants here and there aren’t enough to create a happy workforce. Before we opened the new happy staff? office, we wanted to get a sense for THE NEED FOR what drives cyber security profession- SPEED als in particular to want to do their best and what motivates them in Treat them Alto’s Odyssey terms of their environment. Free To find this out, we worked with British Land, a leading UK property Alto’s Odyssey is company, to survey over 300 cyber se- like plants an endless- curity professionals. A whopping runner game, eight in 10 called for a greater focus where you ride a on office-based wellbeing. surfboard across This highlights the need for better Just like a garden, employees need plenty an unending welfare within the profession as it mystic desert. grapples with skill shortages and out- of light and space to grow and flourish The goal is to dated stereotypes. collect coins and London is ripe with talented and score points ambitious people who want to be part HEN imagining a tech Peter The best solutions After all, employees are hired to help from doing tricks of creating the future of British tech. company’s office, the Bauer will only come to solve problems — particularly in a and flips, while That’s why we two South Africans first thing that comes to your business cyber security business. The best solu- not colliding chose this as the place to launch our mind is not usually a when you create tions will only come to your company with rocks, business — despite the gloomy bright, green, collabora- the conditions when you create the conditions that falling down weather. However, to help the City tiveW working environment. that encourage encourage that to happen. giant chasms, or keep its edge, businesses need to If you think about cyber security, the that to happen This is why we put so much thought getting attacked come together and offer better work- associated images are even worse. into the look and feel of our offices, by a lemur. The ing conditions for staff. Who doesn’t immediately picture a investing in clean, airy spaces that mechanics are People need more than a bit of sun- faceless hacker with their hood up, employees like plants, ensuring that our staff wanted to work in. simple, but the light and water to thrive, and I am pas- typing on a keyboard in a poorly lit they have a working environment Take our original UK office in Kings visual graphics sionate about creating a positive basement room? that allows them to grow and prosper. Cross, which had a lot of window-like are gorgeous, environment where employees can It’s high time that this stereotype As everyone told me and my co- glass to create the illusion of daylight. and you truly feel grow and flourish. But if you want to comes to an end — for all our sakes. founder when we started out, build- Or one of our first offices in Boston, a sense of speed improve employee health and drive Building a successful and sustainable ing a tech company in the wake of the which used to be a watch factory and as Alto gains creativity, start with the basics: collab- tech business isn’t just about having dotcom crash was considered a crazy had plenty of natural light — hugely momentum and orative spaces, social areas, and lots of a great core idea — it’s about attract- idea. Now 16 years on, I credit much beneficial in terms of making staff the background natural light. ing the best talent and providing a of our company’s success with our de- feel energised and inspired. flies by. space for them to flourish. cision to focus on what our employees We’ve opened new headquarters in £ Peter Bauer is chief executive This is why companies should treat need to thrive. London, and for this, we took our phi- of Mimecast. CITYAM.COM MONDAY 11 NOVEMBER 2019 SPORT 29 Parasport: sponsorship’s best kept secret? World Championships show the value Games as well as in the run-up to the Tokyo 2020 Paralympic Games. being overlooked, says Minna Hall Virgin Media has set out to change people’s perceptions of disability and encourage the nation to be inspired by HE 2019 World Para Athletics efforts, a familiar pattern surrounds Paralympians. With this goal in mind, Championships is currently the Paralympics, whereby brands start it published research showing Para- being held at the new sta- to make noise leading up to the event lympians to be the most fearless ath- dium of the Dubai Club for but shortly afterwards the buzz fades letes, and the most inspirational for People of Determination – a for two to four years. As the data sur- children, ahead of footballers and fittingT name for what will be the cli- rounding Channel 4’s campaigns rugby players. Through its partnerships max of the para athletics season. shows, parasport is a gold mine, and with the BPA and charity Scope, Virgin The championships are also the last beyond the Paralympics lie other op- major opportunity to qualify for the portunities for brands, such as the Tokyo 2020 Paralympic Games, so it’s World Para Athletics Championships. arguably one of the biggest and most BP, a long-term partner of the Para- poignant sporting occasions we, as lympics and more recently the World consumers, will witness this year. But Para Athletics Championships, used are brands paying enough attention? some of parasport’s finest talent to Channel 4’s was The London 2012 Paralympics en- send a different message to Channel sured an eruption of parasport across 4’s. It emphasised that an athlete’s dis- the second most the globe and a brand that recognised ability is not their superpower, rather shared Olympic ad the opportunity was Channel 4. it is their strength, determination and Its Meet the Superhumans advertis- energy that has enabled them to of all time ing campaign highlighted the strength achieve what they have – disability or and resilience of the athletes while not. BP featured a moving film on its building excitement. It delivered the website, but could more have been Media supports disability in everyday broadcaster its biggest TV audience in done to promote the partnership and life, ensuring an impact in sport but 10 years (11.8m viewers), helped the the abilities of the athletes? Britain’s Hannah Cockroft has won gold in Dubai, where the action continues this week also in the workplace and in conven- Paralympic Games sell out for the first tional attitudes. time and became the second-most UNCROWDED SPACE involved doing enough? This relatively There are of course, exceptions. Chan- Perhaps, as the Championships con- shared Olympic-related ad of all time. BP’s global brand director Duncan uncrowded space needs further explo- nel 4 is certainly one, and arguably the tinue in Dubai this week, brands Channel 4 continued its campaign Blake has called the Paralympics ration as it will give brands the oppor- brand that has gone even further is Vir- should all be paying more attention through to the Rio 2016 Games, pro- “sport’s best kept secret”. There appear tunity to be a part of the story, the gin Media. Having started a new part- and taking a leaf out of Virgin Media ducing a feel-good campaign that cele- to be few commercial partners knock- power to grow their audience and that nership with the British Paralympic and Channel 4’s book. brated sport and other areas of ing on its door, which leaves room for of parasport, and the advantage of Association (BPA), the brand immedi- creativity in life with a disability, such those involved to build their own pres- being viewed as a responsible company ately got behind the athletes before the Minna Hall is a senior account executive at as music and theatre. But despite their ence. However, are the brands already driving positive change. PyeongChang 2018 Paralympic Winter global sports marketing agency rEvolution. 30 SPORT MONDAY 11 NOVEMBER 2019 CITYAM.COM SPORT MOVE OVER,CITY Liverpool send out title message with convincing defeat of champions. By Frank Dalleres

HIS wasn’t so much a pass- ing of the baton as the baton being wrenched away and twirled in celebration while the opposition howled at the moonT about perceived injustice. The upshot is the same, though: Liv- erpool have replaced Manchester City as the best in the country, have a strong claim to being the best in the world, and are definitely the team to beat in the Premier League. Until this game that was up for de- bate, but the efficiency and authority with which they took control of the contest through early goals from Fabinho and Mohamed Salah ren- dered it irrelevant. When Sadio Mane effectively killed off City with the third goal after half- time, it assured Liverpool of an eight- point lead at the top of tne table that they must – surely – convert into sil- verware this time. While the manner of the decapita- tion was urgent and swift, this has been no overnight dethroning of City. Two years ago Liverpool showed they could beat them in the Champions League yet finished 25 points adrift domestically. Last year it was only one PREMIER LEAGUE Claudio Bravo could only spill over bench while Fernandinho partnered the second half, when Raheem Ster- point, after two tight and tense en- the line, was another illustration of John Stones, and Angelino started at ling’s attempted cross hit Alexander- counters. LIVERPOOL MAN CITY Liverpool playing with freedom and left-back, with the City boss reporting Arnold’s arm from point-blank range. This time Jurgen Klopp’s men came swagger while the visitors too often Benjamin Mendy unfit to be in the Again, it was in vain, summing up into the clash as runaway leaders and, tensed up and stumbled. squad. City’s frsutrating afternoon. far from shrinking from hammering The football was, of course, a mere Klopp praised his team’s intensity another nail into their opponents, TEST OF NERVE interlude to the serious business of ar- but attempted to deflect talk of Liver- summoned by far their best perform- In between proclaiming that City had guing about the use of the video assis- pool ending their 30-wait for the Eng- ance of the season. 31Fabinho 6’, Salah Bernardo 78’ “shown why we were champions” and tant referee. lish top-flight title. The Reds have closed the gap, over- 13’, Mane 51’ insisting he was “so proud” because On the touchline, Guardiola did not He won’t be able to avoid it for the taken their rivals and rammed home his team had been “so good”, Pep hide his displeasure at Fabinho’s goal next six months, though. His team the point by thoroughly dismantling Guardiola noted City had been with- being allowed to stand, much less are in the box seat and it is now as them. out some key players. after City might have been awarded a much as test of skill and will as it will City had chances and no shortage of Bravo probably should have saved penalty for Alexander-Arnold’s hand- be of nerve. them, not least from Kevin De Liverpool cleared a City attack – not Mane’s header and was a downgrade ball. It would be unfair to characterise Bruyne’s gilded set-piece deliveries. without some controversy, as the ball on the injured Ederson, while the Replays showed, however, that City’s City coming from seven points be- But, save for a frantic first five min- did hit Trent Alexander-Arnold’s arm long-term absence of Aymeric Laporte Bernardo Silva had himself handled hind Liverpool in January to win last utes, they trailed for the whole match – while Salah’s cushioned header (pic- continues to destabilise central de- immediately before the ball struck season as Klopp’s men caving, al- and their attempts to get back into it tured) moments later came from a fence. the Liverpool defender – for which though it must have left its scars. allowed the hosts to showcase their brilliant early cross on the break by Still, Guardiola’s selection was a the hosts would have been awarded a But Anfield expects and if not now rapier counter-attacking flair. Andy Robertson. gamble, as it has been at Anfield be- free-kick. – with this group and this manager – Fabinho’s 20-yard rocket came after Mane’s back-post header, which fore. Nicolas Otamendi sat on the Guardiola howled for a penalty in then, really, when? Hammers not so happy after Burnley expose flaws Pellegrini has tough job on his hands as West Ham continue slide down the table, writes Felix Keith

HINGS are not looking rosy the ease with which their opponents guarded net later on. Traore’s pace and unrelenting desire some of his raw and unique magic. for West Ham United. The are being allowed to shoot is worry- West Ham face London derbies to get to the byline saw him complete problems are mounting for ing, the most glaring of their deficien- against Tottenham and Chelsea after 10 take-ons and make a match-sealing INFLUENTIAL MARTIAL Manuel Pellegrini following cies at present lies in goal. the imminent international break assist in Wolves’ 2-1 win against Anthony Martial is a vital player for their abysmal 3-0 thrashing When Lukasz Fabianski suffered a and, with third choice David Aston Villa. It was the most Manchester United and Ole Gunnar byT Burnley on Saturday. torn hip muscle in late September it Martin on standby, Pelle- take-ons any player has Solskjaer’s hopes of reviving his un- The Hammers have plummeted to was always going to be a blow, but the grini has a decision to managed in a single game derachieving squad. 16th place in the Premier League, hav- cost of the injury has been massive, make over his ailing this season, with Matt The United striker did not score in ing taken just one point from their with replacement goalkeeper Roberto goalkeeper. their 3-1 win over Brighton yesterday, last five games and haven’t tasted vic- truly hindering his side. Roberto has struggled in but he did get two assists and his all- tory since 22 September. The 33-year-old has conceded 15 TERRIFIC TRAORE goal for West Ham after round influence is undeniable. It All of their issues were on display at goals in six starts, five of which have Adama Traore is unlike Lukasz Fabianski’s injury doesn’t seem much, but in the con- Turf Moor, where their lack of confi- come from set-pieces. Burnley ex- any other player in the text of United’s season, Martial’s dence, organisation and application ploited his weakness ruthlessly on the Premier League. Like Targett and then Neil record this season of played 10, won saw them hold up the white flag weekend, aiming corners directly at Liam Neeson’s character Taylor run ragged for 90 six, drawn two and lost two reflects against the direct, confrontational him. The Spaniard punched Ashley in Taken, the Wolves wide minutes. his importance. style of Burnley. Westwood’s delivery into his own net man has a unique set of skills, If Traore could refine his game The Frenchman’s pace and finishing While the lack of creativity from the and was fortunate to hear the whistle but rather than using them to find to improve his crossing and finishing ability takes the weight off Marcus likes of £24m Pablo Fornals and £36m save him from another costly flap his kidnapped daughter he deploys he would undoubtedly be a better Rashford’s shoulders. How Solskjaer Felipe Anderson are a concern and when Ben Mee headed into an un- them to terrify opposition full-backs. player, and yet it would take away will be hoping he can stay fit. CITYAM.COM MONDAY 11 NOVEMBER 2019 SPORT 31

SOLSKJAER: BRIGHTON WIN REPEAT PERFORMANCE England beat New Zealand in super over OUR BEST OF THE SEASON SPORT DIGEST £ Ole Gunnar Solskjaer hailed Macclesfield fielded a side of youth Jonny Bairstow said Manchester United’s “best players and loanees and seventh-tier England don’t want to performance of the season” after his Kingstonian took full advantage, with make a habit of winning side beat Brighton 3-1 yesterday. striker Louie Theophanous scoring games by super overs Andreas Pereira’s strike, a Davy twice in a comfortable victory. after sealing a Twenty20 Propper own goal and Marcus Elsewhere, Maldon & Tiptree of the series win over New Rashford’s shot moved United up to Isthmian Division One North stunned Zealand yesterday. Just seventh place. “It was a great League Two’s Leyton Orient 2-1 and like in July’s World Cup performance and we should have won Sol Campbell’s Southend United were final, the scores were by a bigger distance,” Solskjaer said. beaten 1-0 by Dover Athletic. level at the end, with Elsewhere, Wolves beat rivals Aston England then scoring 17 Villa 2-1 to move up to eighth place. LONDON IRISH IMPRESS IN to the hosts’ eight runs in Ruben Neves smashed them ahead WIN OVER LEICESTER the super over to claim and Raul Jimenez slotted in before £ London Irish ran in five tries to the series 3-2 in Auckland. Trezeguet’s late consolation for Villa. thrash Leicester 36-11 yesterday and “It was manic,” Bairstow leave the Tigers bottom of the said. “We don’t want to HATTON VICTORIOUS AFTER Premiership. Waisake Naholo, Ollie keep making a habit of SIX-PLAYER PLAY-OFF Hoskins, Ben Loader, Ruan Botha and super overs. It just shows £ Tyrrell Hatton won the Turkish Tom Parton all scored for the newly- how close the sides are. It Open under floodlights yesterday after promoted side, who moved up to sets up a fantastic Test coming out on top on the fourth hole seventh place. Elsewhere, Dan series.” After rain off a dramatic six-player play-off. Thomas scored in injury-time as shortened the game, New Hatton finished on 20 under-par Bristol Bears came from 17-0 behind at Zealand smashed 146-5 alongside Matthias Schwab, Kurt half-time to beat Exeter Chiefs 20-17 from their 11 overs with Kitayama, Benjamin Hebert, Victor and go top of the Premiership. Martin Guptill (50), Colin Perez and Erik van Rooyen. After four Munro (46) and Tim players were knocked out, Hatton won COCKROFT SETS NEW Seifert (39) all the trophy when Schwab missed a WORLD RECORD IN DUBAI contributing. Bairstow putt on the fourth play-off hole. £ Hannah Cockroft set a new world (47 from 18 balls) got record to win her fifth consecutive T34 England off to a flier and KINGSTONIAN REACH FA 100m title at the World Para Athletics Chris Jordan (pictured) CUP SECOND ROUND Championships yesterday. Cockroft, scored 12 runs from the £ Kingstonian beat Macclesfield Town an 11-time world champion, finished final three balls to tie and 4-0 yesterday to reach the second in 16.77 seconds. Meanwhile, Maria force the super over. round of the FA Cup. With their first Lyle and Aled Davies won gold in the team on strike over unpaid wages, T35 100m and the F63 shot put.

INNING the final and biggest ATP Tour event of the year will be Wenough motivation for the eight taking centre stage at London’s O2 Arena this week, but for Rafael Nadal and Novak WHAT’S Djokovic the world No1 spot is also on the line. Nadal currently leads Djokovic in the rankings by 640 points, but the Serb – who started his campaign yes- terday with a resounding 6-2, 6-1 win ON THE against Italian rising star Matteo Berrettini – could overtake him by next Sunday. Each of the three group matches are worth 200 points for a win, with vic- tory in the semi-final earning the win- LINE AT ner 400 points and the final 500 points. If Nadal, 33, wins all his matches up until the final it would be impossible for Djokovic to claim back the No1 spot, but if he were to lose at least one or more along the way then the op- THE O2 portunity is there. YOUNG GUNS Discussion about where the next gen- eration of men’s tennis stars will Djokovic and Nadal’s tussle for the come from is a recurring one, but this year’s finals see four players 23 or world No1 ranking and four more under involved for the first time since 2009, when Nadal, Djokovic, Andy things to look out for at the ATP Murray and Juan Martin del Potro Michael Searles took part. Finals in London. By This time Daniil Medvedev and Berrettini, 23, and Stefanos Tsitsipas, 21, are all making their ATP Finals de- buts having risen from No16, No54 and No15 in the world rankings re- in the Wimbledon semi-finals. How- long-term residence in London led to Murray, who also failed to qualify for spectively since the start of the year. ATP FINALS ever, he was forced to pull out of the suggestions that the event had be- the event. They are also joined by 22-year-old Paris Masters semi-final two weeks come stale. Joe Salisbury, 27, and partner Rajeev Alexander Zverev, who won the tour- WHAT YOU NEED TO KNOW ago and injury issues continue to lurk Nonetheless, there is still plenty to Ram, 35, became the seventh doubles nament last year, beating Federer and in the background. play for with more than £2.1m in pair to qualify after the British/Amer- Djokovic in straight sets in the semi- Results Federer, the all-time record holder prize money available for an unde- ican duo won the Vienna Open last final and final respectively. No2 seed Novak Djokovic beat No8 seed for grand slam titles, also tops the feated champion, making it one of month. They also won the prestigous Matteo Berrettini 6-2, 6-1 charts for most ATP Finals wins with the biggest pay days in tennis. Players Dubai Championship earlier this year ELUSIVE TITLE six. Djokovic, who is currently tied receive £170,000 each just for being and have reached five finals through- The young German Zverev is among No5 seed Dominic Thiem beat No3 seed second with five wins, could draw there. out the season. the three former champions in this Roger Federer 7-5, 7-5 level this year. It is also one of the biggest events in Salisbury, who was born in Putney week’s line up, along with Federer tennis in audience terms, with more and lives in Peckham, struggled as a and Djokovic, but for Nadal it is a rare Today’s matches PRIZE MONEY than 250,000 people expected to de- singles player with a career-high rank- title to have eluded him. No4 seed Daniil Medvedev v No6 seed This is the tournament’s 50th edition scend on Greenwich’s O2 Arena over ing of No559 and only made his break- The Spaniard has never won in Lon- Stefanos Tsitsipas (2pm) and the penultimate time it will ap- the week, despite the absence of Andy through in doubles last year, after don despite reaching finals in 2010 pear in London, before moving to Murray, traditionally a big draw. reaching the semi-finals at Wimble- and 2013 but comes into this year’s No1 seed Rafael Nadal v No7 seed Rome from 2021 following a 12-year don. This week he will star alongside edition in good form, having won 31 Alexander Zverev (8pm) stint in Britain. BEST OF BRITISH some of the greatest tennis players to of his last 32 matches. The finals used to move around dif- There will be another Briton for fans have graced the game in his The only loss came against Federer ferent countries each year but its to support, however, and it isn’t Jamie home city.