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PORT IN A STORM ON THE DEFENSIVE ASHES FLAGSHIP POLICY DEFEAT LEAVES ENGLAND COULD BOOST JOBS ASKING QUESTIONS P18 AND GROWTH P14 TUESDAY 6 AUGUST 2019 ISSUE 3,429 CITYAM.COM FREE

Boohoo bids for troubled CHINA Karen Millen AUGUST GRAHAM @AugustGraham CONCERNS were raised for over 1,000 jobs last night as it SHOCKS emerged that online retailer Boohoo appears set to snap up British brand Karen Millen. Sky News reported that negotiations continued into the late hours, with the deal to be finalised when Deloitte is appointed as administrator GLOBAL to Karen Millen. One of the UK’s best-known high street brands, Karen Millen was put up for sale by its Icelandic owners in June. The six-week process was led by Deloitte. Karen Millen, which has STOCKS expanded across 50 countries, made a loss of £1.4m last year. TRADING FLOORS SCRAMBLE Sales reached £162m in the year to February 2018. IN WAKE OF RENMINBI FALL Boohoo’s takeover would also include fellow fashion brand Coast, which Karen HARRY ROBERTSON significant escalation of the two sides’ slumped into the red with investors said China holding its currency steady Millen bought out of trade war. China vowed to retaliate. viewing the falling renminbi as a sign had been “seen as key if there was any administration last October, @henrygrobertson Trump responded to the renminbi’s that China has given up hope of a res- chance of trade talks succeeding”. saving 600 jobs. CHINA’s currency slumped against slide yesterday by accusing China of olution to the ongoing trade conflict. Investors piled into so-called safe- Sources told Sky last night the dollar yesterday to a level not seen “currency manipulation”. The FTSE 100 led European stock haven assets on the move. The Japan- that the firms were being since the financial crisis, sparking a A lower renminbi makes Chinese markets downwards, falling 2.5 per ese yen ended the day flat, while yields bought through a process global equities sell-off amid fears of a goods more competitive. cent as investors also took the rising on US 10-year government bonds fell called pre-pack further escalation of trade tensions. He tweeted last night: “Are you lis- chances of a no-deal Brexit into con- 0.14 per cent. Yields move inversely to administration. It was The renminbi, which the Chinese tening Federal Reserve? This is a sideration. Germany’s benchmark prices. inevitable after the company government lets fluctuate two per major violation which will greatly Dax index fell 1.8 per cent, while the Julian Evans-Pritchard, senior China was hit by tough conditions cent either side of a set figure, fell to weaken China over time! ... It is now pan-European Euronext 100 dropped economist at Capital Economics, said on the high street, they said. an 11-year low so that one dollar even more obvious to everyone that 3.4 per cent. of China: “Given that their goal is pre- One analyst told the bought 7.0458 yuan late last night. Americans are not paying for the Tar- In the US markets endured their sumably to offset some of the impact broadcaster that most of the The dramatic fall came after US iffs – they are being paid for compli- worst day of 2019, with the tech-heavy from additional US tariffs, they are company’s 1,100 workers are President Donald Trump last week ments of China, and the US is taking Nasdaq falling 3.5 per cent while the likely to allow the currency to weaken likely to lose their jobs. slapped 10 per cent tariffs on $300bn in tens of Billions of Dollars!” S&P 500 shed three per cent. further, probably by five to 10 per cent (£247bn) of Chinese goods in a Stock markets around the world Merian Global Investors’ Nick Wall over the coming quarters.” £ SHAPE OF BRITISH RETAIL: P3 Mike Ashley wins battle of Wills with swoop on troubled retailer JESS CLARK fashion chain, adding the business to UK trading assets were immediately renegotiate rents with Jack Wills’ his expanding retail empire. sold to Sports Direct. landlords in order to help “restore it @jclarkjourno The businessman has recently City A.M. understands Day’s offer to its former glory”. RETAIL tycoon Mike Ashley’s Sports acquired Evans Cycles and Sofa.com, would have avoided an The company’s directors will Direct last night bought struggling and last year bought beleaguered administration process. continue to assess options for the high street brand Jack Wills out of department store House of Fraser out All 100 stores across the UK and retailer’s international business. administration for £12.75m. of administration. Ireland, the distribution centre and The embattled fashion brand had Ashley won a race against Will Wright and Chris Pole from all employees will transfer to Sports been experiencing mounting cash billionaire and retail rival Philip Day, KPMG were appointed as joint Direct. flow pressures in recent years as it who owns the Edinburgh Woollen administrators yesterday afternoon Last night Sports Direct’s Michael struggled in an increasingly Mill Group, to snap up the “preppy” before the Jack Wills brand and its Murray said the company will seek to challenging high street environment.

FTSE 100 ▼ 7,223.85 -183.21 FTSE 250 ▼ 18,871.42 -381.75 DOW ▼ 25,717.74 -767.27 NASDAQ ▼ 7,726.04 -278.03 £/$▼ 1.214 -0.002 £/€▼ 1.084 -0.011 €/$▲ 1.121 +0.011 02 NEWS TUESDAY 6 AUGUST 2019 CITYAM.COM

AROUND THE WORLD IN 126 DAYS Spitfire pilots set off on epic trip for first round-the-world journey in classic WWII plane THE CITY VIEW Boris has his work cut out on regional growth OR THE populist left-wing, typified by Jeremy Corbyn, there are few problems that can’t be solved by taxing the Frich. But who exactly are they? A new report by the Institute for Fiscal Studies (IFS) sheds some light on this much-maligned demographic. To be in the top 10 per cent of income tax payers you need to earn a little over £50,000. To be in the top one per cent you need to bring home three times that, while the top 0.1 per cent earn more than £650,000 before tax. The disparity is enormous. It is, as they say, the difference between the haves and the have-yachts. But the findings are clear on one point: the UK’s top earners are predominantly male, middle-aged and living in London or the south east. Aside from the glaring gender disparity, the figures lay bare the TWO BRITISH aviators are set to take a classic Second World War Supermarine Spitfire on tour, reaching 30 countries and country’s geographical imbalance. Boris Johnson has been keen covering more than 43,000 kilometres on their round-the-world journey. The first leg of the trip started yesterday and will take Matt Jones and Steve Boultbee Brooks to Iceland, Canada and the US. Engineers stripped the WWII fighter, which was to trumpet his credentials as a One Nation Tory, pledging to built in 1943, of its weapons and peeled back its paint to reveal the shiny metal underneath. unlock the UK’s potential beyond the border of the M25. But how will this work when high productivity and top earners are concentrated, by and large, in one corner of the It is the difference country? This is the between the haves challenge for policy-makers. and the have-yachts Should we increase the tax burden on top earners and HSBC top dog dumped as hope that Whitehall can successfully redistribute it? Or should we invest in and incentivise growth and innovation in the regions? Johnson, to his credit, favours the latter approach. The £1.8bn NHS cash bank culls 4,700 job roles boost, along with regional infrastructure spending and an aim to roll out full-fibre broadband by 2025, demonstrate – in ALEX DANIEL six months of the year, a 16 per cent theory, at least – his commitment to life outside London. As @alexmdaniel BOTTOM LINE improvement from 2018. Revenue was Brexit reverberates through British politics, the north-south up eight per cent at $29.4bn. HSBC has axed thousands of jobs and Seen as a safe pair of hands, John Flint’s The firm said yesterday it needed a divide is even more acute, and there’s no doubt the Prime sacked its chief executive, in an abrupt appointment as HSBC chief was the first change at the helm to deal with a Minister has northern Leave voters in mind when he makes his about-turn at Europe’s biggest bank major decision taken by chair Mark “challenging global environment”. promises. But the IFS figures show just how important concepts yesterday. Tucker last February. Just 18 months Flint is stepping down “by mutual such as the Northern Powerhouse could be for harnessing the Less than an hour after boss John later he’s out “by mutual agreement”. agreement”. Flint fell victim to a top-level reshuffle It’s thought a breakdown of relations London-headquartered HSBC, which country’s potential after we leave the EU. Regional connectivity, after 18 months in the job, chief finan- between the two may be behind the makes more than 80 per cent of its infrastructure investment and greater devolution could all, in cial officer Ewen Stevenson said as abrupt decision. The two reportedly profit in Asia, said that its global com- time, reduce our reliance on London’s top earners. Paul many as 4,700 people could join him disagreed over how to turn around the mercial banking unit head Noel Quinn in being made redundant. The high bank’s waning US business. Others will be interim chief executive. The Johnson, director of the IFS, also warned of the pernicious street lender hopes to trim long-term noted the board’s dissatisfaction with board will consider external candi- effects of fiscal drag, where tax thresholds swallow earners for costs by reducing its global salary bill the speed of reform under Flint’s watch. dates for the role. whom the 40p rate was never intended. Johnson should act to by four per cent. With the US and China embroiled in a In its lacklustre US division, HSBC tackle this, alongside his plans for regional growth. A spokesperson declined to comment damaging trade war, City analysts admitted it was unlikely to meet its six on whether any of the bank’s 42,000 agreed that a more decisive action may per cent return on average tangible UK workers, 18 per cent of HSBC’s be necessary to boost returns. With equity target by 2020. This was in part 237,000-strong total employees, would 4,700 job roles set to go, that may be because of falling interest rates in the be laid off. already underway. Too little, too late to US, and “geopolitical issues” which The announcements come despite save Flint, whose slow and steady “could impact a significant number of solid half-year results. Pre-tax profit strategy seems to have sealed his fate. our major markets”. Follow us on Twitter @cityam rose to $12.4bn (£10.2bn) for the first Shares closed down three per cent.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL MURDOCH TAKES CONTROL WHAT THE JOHNSON TO DEFY ANY VOTE RETIRING POLICE COULD BE GATEHOUSE MEDIA PARENT OF TRIBECA FILM FESTIVAL OTHER OF NO CONFIDENCE GIVEN PENSION INCENTIVES TO BUY GANNETT FOR $1.4BN James Murdoch is to partner with Boris Johnson would refuse to resign Police officers about to retire could be The country’s two largest newspaper Robert De Niro after leading the PAPERS SAY even after losing a confidence vote so offered pension incentives to retain chains agreed to combine their acquisition of a controlling stake in the he could force through a no-deal Brexit them and help hit Boris Johnson’s businesses in a roughly $1.4bn (£1.2bn) company behind New York’s Tribeca THIS on 31 October, under plans being target of 20,000 extra police in three deal, further consolidating an industry Film Festival, which was co-founded by considered by Downing Street. years. A working group of senior police reeling from strong economic the Hollywood star. Lupa Systems, the MORNING chiefs will consider expanding a scheme headwinds. New Media, the parent of investment vehicle founded by CUMMINGS ACCUSES PHILIP pioneered by Scotland Yard to combat a Gatehouse Media, is buying Gannett in a Murdoch this year in the wake of his HAMMOND OVER NO-DEAL shortfall of experienced officers. cash-and-stock transaction. father Rupert’s $71bn (£58.4bn) sale of Dominic Cummings has clashed with most of 21st Century Fox to Disney, is Philip Hammond after accusing him of BERKELEY TEARS UP PAY MARRIOTT TAKES $126M leading a consortium acquiring a attempting to block no-deal POLICY AFTER OUTCRY CHARGE RELATED TO BREACH majority stake in Tribeca Enterprises . preparations while he was chancellor. Berkeley Group has drawn up a new Marriott International said late last Data Processing, two targets of the Boris Johnson’s most senior aide is pay policy for bosses including its night it booked a $126m (£103.8m) ACKMAN SELLS STAKES IN fund’s few public shareholder activist understood to have accused Hammond founder Tony Pidgley after outrage over charge in the latest quarter tied to a UNITED TECH AND ADP campaigns in recent years. Bill and Greg Clark, the former business payouts worth tens of millions of massive data breach disclosed last year, Pershing Square has sold off its stakes Ackman’s hedge fund lobbied against secretary, of frustrating plans for no- pounds. It handed its three highest-paid and lowered financial projections for in United Technologies and Automatic United’s proposed merger in June. deal during a meeting with advisers. executives a combined £21m last year. the year. CITYAM.COM TUESDAY 6 AUGUST 2019 NEWS 03 IN BRIEF HEATHROW STRIKE BACK IN FORCE DELAYED FOR SECOND DAY The 24-hour strike that was due to Former Virgin force Heathrow into shutdown Retail growth Money boss tipped today has been called off. The union Unite had been engaged in talks for Salesforce chief with senior Heathrow personnel about averting the strike of more THE FORMER head of Virgin than 4,000 workers, including Money, Dame Jayne-Anne security guards, firefighters and dragged down Gadhia, is set to make a engineers. comeback as Salesforce prepares to announce her as its UK JOINS US EFFORT TO next chief executive for the UK PROTECT SHIPS IN GULF and Ireland. Sky News reported Britain plans to work with the US to last night that the New-York ensure the safety of commercial by in-store sales listed company will appoint ships passing through the Strait of Gadhia from October. The firm Hormuz and the Persian Gulf from JESS CLARK needed. The government should has said it will invest $2.5bn Iranian attack, defence secretary freeze future business rates rises and (£2.1bn) in UK operations. Ben Wallace said yesterday amid @jclarkjourno fix the appeals system before embark- escalating tensions in the region. LAST month was the worst July on ing on a wholesale reform of this However the UK will not join US record for retail sales growth, accord- broken tax system.” sanctions against Iran, Wallace said ing to new data, in the latest blow for Online retailers also struggled after US President Donald Trump the struggling industry. during the month as non-food sales ripped up a nuclear deal with the Total sales growth was 0.3 per cent growth slumped from 7.5 per cent in country last year. Foreign secretary in July – compared to an increase of July 2018 to 3.7 per cent last month, Tesco slashes thousands of jobs Dominic Raab said that the UK’s 1.6 per cent last year – the lowest level according to the latest data from the approach to Iran has not changed. recorded for the month since records British Retail Consortium (BRC) and began in 1995. KPMG published today. across its entire Metro network RAAB CROSSES POND AS The slump was driven by falling Meanwhile data from Barclaycard BREXIT DEADLINE LOOMS retail sales at bricks and mortar showed that consumer spending in AUGUST GRAHAM customers use Metro stores – Foreign secretary Dominic Raab is stores, not including food purchases, department stores contracted by 3.9 AND JESS CLARK which were designed for the set to visit the US, Canada and which declined four per cent on a per cent last month. weekly shop – for daily purchases. Mexico this week as he seeks like-for-like basis in the three months Sales in leisure items such as cin- @AugustGraham @jclarkjourno The changes mean each store will opportunities for the UK after Brexit. to the end of July. ema tickets and meals out, which TESCO is set to slash around 4,500 carry fewer items in the stockroom, Between the three countries, they Helen Dickinson, British Retail Con- grew 14.8 per cent and 10.1 per cent jobs across all of its 153 Metro and start filling shelves in faster represent £225bn in annual trade sortium chief executive, said: “The respectively, helped boost overall stores as it battles with tough and simpler ways. Staff will have to with the UK. The foreign secretary challenging retail environment is tak- spending. trading conditions. work flexibly across the store to said he wanted to “fire up economic ing its toll on many high street brands However, total spending growth for The cutbacks will reduce focus resources. It also promised a relationships with non-European who must contend with rising import the month was just 1.7 per cent, processes and administrative tasks “leaner management structure”. partners”. Raab returned from costs, a multitude of public policy following consumer spending growth across the stores, it said. Shopworkers’ union Usdaw Thailand last week where he met 20 costs, and ever higher business rates. of 1.1 per cent and 0.9 per cent in May It comes after the company called on the government to foreign ministers from across the “A coherent strategy for retail is and June respectively. discovered 70 per cent of “tackle the crisis in retail”. Asia-Pacific region. Brexit deadline must be met ‘whatever Privacy regulators worried the consequences,’ insists Number 10 by Facebook’s crypto plan AUGUST GRAHAM tion and cryptocurrency, amplifying CATHERINE NEILAN spokesman told journalists. threats to derail Johnson’s promise of privacy concerns about the network’s “We must restore trust in our Brexit “do or die” ratchet up. @AugustGraham design and data sharing arrange- @CatNeilan democracy and fulfil the repeated Former Conservative leader Iain THE UK information commissioner ments,” Denham said. A HALLOWEEN Brexit will take place promises of parliament to the people Duncan Smith told City A.M.: “If we has joined global regulators voicing In a joint statement she joined reg- “whatever the circumstances”, by coming out of the EU on 31 don’t leave, there will be a worries over Facebook’s plans to ulators from Canada, the EU and the Downing Street insisted yesterday, as October. Politicians cannot choose democratic crisis, but there is rapidly launch its own cryptocurrency. US to demand answers from the com- rebel MPs up the rhetoric about which votes to respect. They promised becoming a hardcore of people who Elizabeth Denham said she was pany. They referenced the social net- blocking the process through a vote to respect the referendum result. We won’t accept anything… There are “concerned” over the lack of detail on work’s past failures on privacy. of no confidence. . must do so.” some people who will never accept how Facebook and its partners will Last month ministers from the G7 “The UK will be leaving the EU on The spokesman deflected questions the result of the referendum.” handle personal information. pushed back against Facebook’s plans. October 31, whatever the about what might happen in the He slammed would-be rebels as “There is the potential to combine They fear tech giants are getting too circumstances. There are no ifs or event of a confidence vote, or if “conniving remainers” who sought to Facebook’s vast reserves of personal involved in areas usually reserved for buts,” the Prime Minister’s official parliament voted against no deal, as “create problems” in the Commons. information with financial informa- governments. Moving home? See how much you could borrow. Easy. ("1%"Ɯ/0101"-4&1% )&#5 ,+)&+"$/""*"+1&+/&+ &-)"ǽ

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%"*,2+14" ,2)!)"+!6,2&0+,1$2/+1""!+!&002 '" 11,#2))*,/1$$"--)& 1&,+ǽ Your home may be repossessed if you don’t keep up repayments on your mortgage

This information is correct as of August 2019 and is relevant to Halifax products and services only. Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. CITYAM.COM TUESDAY 6 AUGUST 2019 NEWS 05

NEW MONEY Boris Johnson denies using old Treasury cash for £1.8bn NHS boost Manufacturing malaise drags down euro area as investor gloom grows HARRY ROBERTSON Eurozone economy. trade tensions and a global The purchasing managers’ index slowdown. @henrygrobertson (PMI) composite output index, a Meanwhile, Eurozone investors GROWTH in the Eurozone economy gauge of the health of the overall were at their gloomiest since softened in July as German output economy from data provider IHS October 2014 this month, according fell to a six-year low, a closely-watched Markit, fell to 51.5 in July. This was to a survey from finance data firm survey showed yesterday. down from June’s 52.2 and showed Sentix, which called a German The area’s manufacturing sector only modest growth in the zone’s recession “inevitable”. continued to struggle but the economy. Sentix’s economic index of services sector posted solid growth Germany’s composite PMI fell to a investor confidence fell 7.9 points to in July as employment grew and pay 73-month low in March as its minus 13.7, significantly below rose, highlighting a divide in the economy continued to grapple with expectations.

BORIS Johnson has insisted his £1.8bn cash injection for NHS hospitals is “new money”, amid claims that the cash had already been earmarked. The PM yesterday unveiled an £850m boost for 20 hospitals, alongside a £1bn uplift in capital spending. Services sector helps stalling UK economy in July HARRY ROBERTSON “among the worst since the height of the global financial crisis in 2009”. @henrygrobertson The UK economy has slowed in re- ACTIVITY in the UK services sector cent months as business investment edged up to a nine-month high in and manufacturing have suffered July, a closely-watched survey showed under Brexit uncertainty and a global yesterday, but stayed well below the slowdown. The Bank of England pre- post-financial crisis average. dicted last week that growth stag- Growth in services, which makes up nated in the second quarter. over 70 per cent of the UK economy, Household spending, driven by low helped GDP expand last month de- unemployment and rising wages, has spite falling output in both manufac- propped up the economy. turing and construction. The increased services business ac- The services purchasing managers’ tivity in July was driven by a solid re- index (PMI) rose to 51.4 in July, up bound of new work, with a number of from 50.2 in June and above the 50 no- survey respondents saying the weak change mark for the fourth month in pound helped them sell more to a row, data provider IHS Markit and clients abroad. the Chartered Institute of Procure- However widespread reports resur- ment and Supply (Cips) said yesterday. faced that domestic political uncer- IHS Markit’s gauge of the overall tainty held back decision making by health of the economy rose to 50.3 in clients, particularly large companies. July, only just escaping contraction. “Even growth in the service sector “The overall picture is one of an remains worryingly subdued,” said economy that is only just managing Williamson. “The best performing to skirt recession,” said Chris sector was consumer services, high- Williamson, chief business economist lighting how the economy remains at IHS Markit. dependent on consumer spending to He said July’s performance was avoid contraction.” Ad industry urges Prime Minister to ditch junk food ban proposal JAMES WARRINGTON will face a 9pm watershed when promoting products high in fat, salt @j_a_warrington or sugar on TV and online. THE ADVERTISING industry has The AA warned the move would urged Prime Minister Boris Johnson have “severe impacts” on media to rethink “onerous” restrictions on revenue and the wider supply chain. ads for unhealthy food amid concerns In addition, the industry body has over the economic impact. argued that an ad ban would do little In a letter to Johnson, the to address the fundamental causes of Advertising Association (AA) said that childhood obesity. while it supported the government’s The AA cited government analysis ambition to reduce childhood obesity in its letter to Johnson, which showed by 2050, plans to crack down on the proposed restrictions would only adverts would not achieve that aim. remove around 1.7 calories per day Under the proposals, advertisers from children’s diets. 06 NEWS TUESDAY 6 AUGUST 2019 CITYAM.COM Cuadrilla to bid for permission to Prime property continue fracking at Lancashire site AUGUST GRAHAM Its permission at Preston New It comes as the Oil and Gas Road is set to run out at the end of Authority yesterday approved @AugustGraham prices in London November, after 30 months. Cuadrilla’s plans to start fracking at CUADRILLA will apply for permission However, Egan said, the firm will its second well. to continue work at the UK’s most only have drilled or fracked at the Shale gas proponents have pointed advanced fracking site as it seeks a site for 21 of those months. to British gas as a less carbon way forward, despite regulation it The extra time would give intensive way of meeting the UK’s claimed is stifling the industry. Cuadrilla the chance to open two gas needs. However, protesters worry edge upwards Chief executive Francis Egan will more wells on top of the two it has that fracking can cause earthquakes, ask Lancashire County Council to let already drilled. It has permission and contaminate groundwater. the firm continue for another 18 already, but did not have the time, Regulations force work to stop if JESS CLARK So-called Gazumping – where a sec- months on top of the current period. the company said. tremors hit 0.5 on the Richter scale. ond higher offer is accepted after an @jclarkjourno initial bid has been approved – is on LONDON’s prime property market the rise as competition ramps up made a slight recovery in the second among buyers with fewer homes to quarter of this year, with prices edg- choose from. ing 3.1 per cent higher than at the However, the lack of supply is also end of 2018. contributing to the increase in prices Property prices returned to levels seen over the last quarter. last seen 12 months ago, indicating Sales were concentrated in Mayfair that the bottom of the market may and St James’s, which saw the biggest have been reached. price rise of 4.1 per cent, reflecting Sales activity picked up 21.4 per cent the appeal of the central location and up on the previous quarter. the fact that the lack of stock to meet However, some sellers are being put demand is driving up prices. off by lower prices, which are still Demand for family homes in outer- down considerably compared to the London prime areas such as Hamp- height of the market. stead and Wimbledon has also The number of prime properties on remained strong. the open market is down 12.5 per cent Less than a third of homes in those on last year, according to the latest areas are selling at a discount to ask- London Prime Property Index by ing price, compared to 47 per cent on private bank Coutts. average across the capital. The number of property listings in Alex Midha, a senior private banker Kensington, Notting Hill and Holland at Coutts, said: “Managing the trans- Park is 25 per cent lower than one action is very important to ensure all year ago. parties are speaking to each other reg- A lack of housing stock in desirable ularly and that the vendor and ven- areas could also be presenting dor’s agent are confident that the hurdles for would-be buyers. buyer is credible and proceedable.”

FINTECH LEAK Monzo asks a fifth of its users to change PINs after security bug

DIGITAL challenger bank Monzo urged users to change their PINs yesterday after admitting a data breach allowed members of staff to access security information. Around a fifth of customers were affected by the leak, which has now been resolved. Stelios urges investors to reject Icamap’s £139m Easyhotel deal JOE CURTIS Easygroup investment firm, said the offer is “very low”. @joe_r_curtis “I urge all other shareholders to EASYHOTEL founder Sir Stelios take no action until the true value Haji-Ioannou has called on and future potential of Easyhotel shareholders to reject a £139m bid can be evaluated,” he said. for the business, saying it fails to Icamap’s offer represents a 34.8 recognise the company’s “true per cent premium to last week’s value”. close of 70.5p per share. Haji- Real estate fund Icamap made the Ioannou said the share price has 95p per share bid for the hotel chain been much higher in recent years. yesterday alongside developer “It should be noted Icamap Ivanhoe Cambridge. themselves paid 110p only 18 Haji-Ioannou, who remains a 27 months ago and the stock has been per cent shareholder via his as high as 128p just 15 months ago.” CITYAM.COM TUESDAY 6 AUGUST 2019 NEWS 07 ‘Rolling bad Private equity apples’ remain problem in City investments hit JAMES BOOTH @Jamesdbooth1 FINANCIAL services staff with poor conduct records are still able to move to new firms, despite efforts to improve conduct in the sector, five-year low the City watchdog said yesterday. A review by the Financial ANNA MENIN from £47bn to £31.5bn. Conduct Authority (FCA) found The number of first-half deals that “rolling bad apples” continued @annafmenin involving private equity in the UK’s to be an issue, despite tougher PRIVATE equity investment in the UK middle market also fell dramatically, Neil Woodford’s Equity Income fund was first suspended on 3 June new regulations. has fallen to its lowest level in over from 273 in 2018 to 199 in the first The FCA’s senior managers five years, as continued economic and half of this year. regime, introduced in 2016, aimed geopolitical uncertainty has left However, the total value of these to clean up the finance sector after vendors too nervous to put assets up deals increased, bucking the Calls for warnings over risks of banks were fined billions of for sale. downward trend seen elsewhere in pounds for trying to rig interest A study of UK transactions involving the market. rate benchmarks and currencies. private equity investors during the Jonathan Boyers, head of mergers Woodford-style suspensions The regime aims to make senior first half of the year showed that both and acquisitions at KPMG, said: staff at finance firms directly deal volumes and deal value have “Investors are currently eschewing ANNA MENIN In evidence given to the Treasury accountable for their actions. dropped below 2014 levels. those higher-risk transactions that Select Committee (TSC), Andrew In its review of the regime, the The research, by auditor KPMG, they may have been willing to under- @annafmenin Bailey, who leads the FCA, had said FCA found “the majority felt that found that 384 deals were completed take a couple of years ago.” INVESTORS should be given clearer that the possibility of suspension the industry had some way to go to between January and June 2019, with Uncertainty over Brexit is continu- warnings about the risks of fund was “very clearly set out” in investor improve the quality and timeliness a combined value of £28.5bn. This ing to shape both investor and vendor suspensions, the head of an industry materials. of references. Another challenge compares to 483 completed deals behaviour, he added. body has said. In a letter to the TSC sent earlier for firms is that other firms are not totalling £31.5bn during the first half “However, once the Brexit conun- Ian Sayers, from the Association of this month and released yesterday, always consistent in recording of 2014. drum is resolved, we may see a flurry Investment Companies (AIC) has Sayers said he disagreed this was “a breaches of the conduct rules.” This year’s figures also represented of asset sales, investment activity and challenged statements made by the fair warning to investors”. The FCA said the research a significant decline compared to the deal making as both sellers and head of the Financial Conduct Responding to the letter, an FCA showed there was now “a stronger same period in 2018, with deal vol- buyers look to make up ground Authority (FCA) about information spokesperson said the regulator tone and ownership from the top”. umes down 35 per cent from 594 to following this lengthy period of given to investors in Neil Woodford’s “[does] not agree with the AIC’s The watchdog said measuring 483, and deal values down 40 per cent uncertainty,” Boyers said. suspended Equity Income Fund. interpretation”. cultural changes was still difficult. Top Article 50 lawyer facing disciplinary SVS Securities braced for tribunal over dishonesty allegations probe as broker goes bust JAMES WARRINGTON on SVS conducting regulated activi- JAMES BOOTH alleged it is owed by a former client, SRA [Solicitors Regulation Authority] ties and restricted it from disposing of David Davies. have concluded on several occasions. @j_a_warrington its own or its clients’ assets. @Jamesdbooth1 Davies argued that his former We are applying to strike it out as STOCKBROKER SVS Securities has col- The regulator said it has also THE VICE president of the Law Society company Eco Power instructed an abuse.” lapsed into administration and will launched a probe into the broker over is set to face a disciplinary tribunal Edwin Coe, and that he was never Greene, who is set to become face a regulatory investigation amid unspecified concerns about the way it this month over claims of dishonesty. personally a client of the firm. president of the Law Society next “serious concerns” about its business. had invested clients’ money. David Greene, who acted for a He also alleged that Greene was year, advised Deir Dos Santos on his Administrators at Leonard Curtis “Acting on intelligence received claimant in the Article 50 litigation dishonest in previous hearings on 2016 challenge to the government’s have been appointed to take control about the assets in which SVS invested in 2016, is set to appear before the the matter, misleading the court in power to trigger Article 50 without of the City-based broker and are its clients’ money, we conducted Solicitors Disciplinary Tribunal (SDT) his evidence to claim Davies was parliamentary approval. exploring options including a sale, urgent supervisory work and identi- on 13 August. personally a client of the firm. A spokesperson for the Law Society the Financial Conduct Authority fied serious concerns about the way The claim centres around £7,000 Greene said: “This complaint has said: “It would be inappropriate for (FCA) said in a statement. in which the business was operating,” in unpaid fees his firm Edwin Coe no substance as the courts and the us to comment.” It comes after the FCA placed a ban the FCA said. 08 NEWS TUESDAY 6 AUGUST 2019 CITYAM.COM BBA Aviation British car sales profit declines amid struggles splutter despite ALEX DANIEL @alexmdaniel 1.14% AEROSPACE services firm BBA Aviation’s share price fell yesterday as it announced a slight de- electric surge terioration in first-half profit. The firm, which provides the ALEX DANIEL However, a ray of light for the car global aviation industry with @alexmdaniel industry was a sharp spike in demand fuelling, ground handling and for pure electric cars, which almost passenger services, said a cooling NEW CAR sales were hampered last tripled to take a record in monthly sector was partly to blame for the month by confusion over Brexit un- market share. lacklustre results. certainty, despite a spike in transac- Forecasts by the SMMT predicted Historic shipyard Harland and Wolff built the Titanic between 1909 and 1911 Shares fell as much as three per tions involving pure electric vehicles. electric cars’ share of the market cent yesterday. BBA’s pre-tax profit Britain’s new car market shrunk 4.1 could double over the course of 2020. fell to £150.2m in the first half of per cent in July, its fifth straight The trade body expects people will Titanic shipyard Harland and 2019, a two per cent year-on-year month of decline, according to the buy more than 51,000 of the vehicles drop, while revenue increased 19 Society of Motor Manufacturers and next year, around two per cent of the per cent to £1.53bn. Traders (SMMT). total market. Free cash flow was £129m at the Just 157,198 cars were registered over SMMT chief Mike Hawes said: “De- Wolff sinks into administration end of June, a 13 per cent increase, the course of the month. Orders from spite yet another month of decline in while net debt grew seven per cent business customers fell 22.5 per cent, the new car market, it’s encouraging ANNA MENIN The shipyard, which built the to £1.34bn. while two per cent fewer sales to indi- to see substantial growth in zero @annafmenin Titanic between 1909 and 1911, Revenue at its Signature unit, viduals took place. emission vehicles. Thanks to manu- traces its history back to 1861. which makes up about four-fifths of Diesel cars increasingly look set to facturers’ investment in these new HISTORIC Belfast shipyard Harland It has struggled in the face of stiff the overall business, increased 23.3 become a thing of the past in the com- technologies over many years, these and Wolff is expected to file competition from abroad, and made per cent. Private equity firm Ontic’s ing years due to strict regulation cars are coming to market in greater administration papers today, putting a loss of £5.8m in 2016 – the last year revenue grew 28.2 per cent. across Europe. Sales fell 22.1 per cent, numbers than ever before. If the UK is 130 jobs at risk. for which it filed accounts. BBA’s completed sale of Ontic to their 28th straight monthly decline to meet its environmental ambitions, The company’s owner, Norwegian Harland and Wolff’s 130 staff have CVC Capital Partners followed hot Plug-in hybrid electric car sales however, government must create the firm Dolphin Drilling, had filed for been given redundancy notices. BDO on the heels of fellow aviation nearly halved, on the back of the right conditions to drive uptake, bankruptcy in June and put the yard was appointed as administrators supplier Cobham agreeing a government’s decision to cut certain including long-term incentives and up for sale, but no buyer has been yesterday afternoon, though the blockbuster £4bn takeover by a US subsidies for people buying them. investment in infrastructure.” found. firm has yet to file formally. private equity firm.

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Kia Oval, Kennington, SE11 5SS CITYAM.COM TUESDAY 6 AUGUST 2019 NEWS 09 CITY TALK PARTNER CONTENT Quilter to offload its life assurance arm for £425m ANNA MENIN Feeney called the figures “solid”, and per cent – a fairly neutral said the firm’s board planned to performance amid widespread falls @annafmenin 2.11% return a “meaningful” proportion of across the stock exchange during QUILTER plans to sell its the sale’s profits to investors. yesterday’s Brexit and trade war- life assurance business to “I am delighted we have agreed to tinged trading. rival Reassure for £425m as it tries to sell Quilter Life Assurance to Reassure’s owner Swiss Re said the streamline its operations. Reassure. Reassure is a highly acquisition will add over 200,000 The FTSE 250-listed asset manager, regarded manager of closed book policies and £12bn of assets to the formerly known as Old Mutual assets and has the experience to firm, which scrapped plans for a Wealth Management, hopes to deliver continued high quality £3bn float last month. complete the deal later this year, investment and administration In June Quilter completed the subject to regulatory approval. services to clients of Quilter Life acquisition of national advice firm Yesterday’s announcement came as Assurance,” he said yesterday. and network Lighthouse for £46.2m, FUND SPOTLIGHT: RATHBONE Quilter reported a first-half operating “We are focused on making Quilter adding 390 advisers to its business. loss of £40m, but said adjusted pre- a simpler, more efficient wealth Earlier this year in February, it tax profit rose five per cent to £115m. management business, and the bought financial planning business ETHICAL BOND FUND Assets under management and announcement today of the sale of Charles Derby. administration at Quilter rose eight Quilter Life Assurance is a further Quilter said a delay to the per cent during the first half of the significant step forward in this construction of its new UK platform year to £118.4bn. regard,” he added. would incur additional costs to the Quilter Life Assurance made up Feeney said that gross new business of around £25m, on top of INTERACTIVE INVESTOR TALK £26m of Quilter’s profit, down from business sales have “held up well at the £160m already allocated. £27m for the same period last year. £6bn” in the UK’s “uncertain The firm said these costs will Dzmitry Lipski, discusses ethical In a statement released with the political environment”. account for incremental call centre investing and looks at the aims of results, Quilter chief executive Paul Shares closed down just over two capacity and technical support. the Rathbone Ethical Bond fund

raditionally, ethical investing meant WHAT'S IN IT? SUPERSIZE ME Just Eat shares undervalued as it agrees terms buying stocks of companies that are The fund will invest in at least 80% Tnot involved in alcohol, tobacco, investment grade bonds, with the other on £8.3bn mega-merger with Dutch delivery firm Takeaway.com armaments or gambling, or investing in 20% in high-yield and unrated, however businesses that helped the environment or this is usually at a minimum. It is supported positive social causes. benchmark agnostic and well diversified But lately, the idea has spread to bonds, with over 200 holdings. and a growing segment of the fixed income The fund does not invest in gilts, as they universe are so-called green, climate or do not pass the ethical screen – meaning social bonds, which reflect the increasing the fund may lag when gilts outperform. importance being placed on environmental The sector exposure of the fund is driven and social sustainability. by themes leading to banks and insurance These bonds are used by companies for a bonds making up over two-thirds of the specific social or environmental purpose portfolio. such as initiatives for clean water or The social housing sector accounts for renewable energy, community investment 8.7% of the fund and is where the team find and employee welfare. Such bonds provide a lot of opportunities, as the companies are investors not only with income but also usually well managed with strong credit with the satisfaction of knowing that the ratings and environmental, social, and proceeds of their investment will be used governance (ESG) ratings. for a positive cause. HOW DOES IT PERFORM? THE FUND The fund has been one of the best performers Rathbone Ethical Bond fund aims to in the IA Sterling Corporate Bond sector. It also provide a regular, above-average income by has a higher income target than most of its investing in a range of sterling- peers and currently yields 4.4%. denominated bonds with strict ethical criteria. The managers predominantly II VIEW invest in investment-grade bonds using an Rathbone Ethical Bond Fund features in the approach that considers economic and ii Super 60 list of high-conviction active and political trends, company analysis and passive funds as a Global Bonds JUST Eat and former rival Takeaway.com have agreed the terms of a $10bn (£8.3bn) merger, valuing the former’s shares at 731p. thematic ideas. Adventurous recommendation. Managed However, that figure falls below the 736p figure shares hit at the close of London Stock Exchange trading last Friday, raising the When assessing which companies' bonds by highly experienced managers, the fund possibility that a rival bidder could yet emerge. The boards of both companies yesterday confirmed their support for the deal. to buy, the managers use their 'four Cs plus' provides exposure to high-quality, process to help them make selections. This investment-grade credit with ethical includes: Character - management's ability criteria. It has a higher income target than to react to events; Capacity - sources of most of its peers while still taking an liquidity and cash-flow analysis; Collateral - average level of risk. Switzerland’s central assets that are pledged and, lastly, However, the flexible and unconstrained Facebook slammed over failure Covenants. The 'plus' is Conviction — to nature of the portfolio means its returns bank hikes currency achieve long term, above average can deviate from the index and peers. In performance, investors must think addition to combining a good level of to crack down on fake reviews buying to tame franc differently to the market. income with ethics, the fund can offer After applying these techniques, the investors the benefits of diversification managers look at the opportunity set from away from their equities allocation in a JAMES WARRINGTON urging them to clamp down on the JOHN REVILL a valuation perspective to identify assets well-diversified portfolio. burgeoning marketplace for fake which they believe to be undervalued. @j_a_warrington and misleading online reviews. THE SWISS National Bank (SNB) Following this, Rathbone Greenbank, the £Dzmitry Lipski is an investment analyst at FACEBOOK is failing to crack down But the continued presence of appeared to be buying foreign company's separate ethical investment interactive investor. This article is provided on a “thriving” marketplace of fake dozens of these groups on currency again last week as escalating unit, then applies an ethical overlay for information purposes only and is not reviews on its website, despite Facebook will spark concerns trade tensions pushed the value of the consisting of a negative screen and then a intended to be a personal recommendation being told by regulators to tackle about the effectiveness of the safe-haven Swiss franc higher against positive screen. Rathbone Greenbank have to adopt any investment strategy. the problem, a new investigation social media site’s response. the euro. a veto right on any investment put forward has revealed. Which called on the CMA to take Sight deposits, a proxy for the cen- by the credit team. Consumer group Which found action against Facebook over its tral bank’s currency interventions, As a result, the fund will avoid bond dozens of groups on the social failure to remove the groups. rose by SFr1.6bn (£1.4bn) to issuers involved in armaments, media site that recruit people to A Facebook spokesperson said: SFr582.7bn last week, according to environmentally unsustainable activities, write fake reviews on e-commerce “We don’t allow people to use data published yesterday. animal testing, tobacco, nuclear power, READ MORE ONLINE sites such as Amazon in exchange Facebook to facilitate or encourage The increase, following a SFr1.7bn alcohol, pornography, gambling and for free products. false reviews. We have removed rise the week before, seemed to show predatory lending. Read more at: The Competition and Markets nine of the 10 groups reported to the SNB had continued its foreign cur- In addition, all positions must have at cityam.com/talk/interactive- Authority (CMA) issued a warning us and are investigating the rency purchases to stabilise the franc, least one positive environmental, social or investor in June to both Facebook and Ebay, remaining group.” analysts said. Reuters corporate governance quality. 10 NEWS TUESDAY 6 AUGUST 2019 CITYAM.COM Google turns to Dialight shares recycled plastic fall on chair exit in green drive PARESH DAVE

ALPHABET’s Google yesterday announced that it would neutralise carbon emissions from delivering and poor results consumer hardware by next year and include recycled plastic in each JAMES BOOTH stepping down, having taken up the of its products by 2022. role in January 2016. The new commitments step up @Jamesdbooth1 He is being replaced by non- the competition among tech DIALIGHT shares fell yesterday on the executive director David Blood with companies aiming to show release of its “disappointing” half-year immediate effect. Other retailers have already stopped selling HTC handsets consumers and governments that results and the exit of its chairman. The exit of the chairman comes they are curbing the environmental The LED lighting company posted a after Rapp announced last month toll from their gadgets. £1.6m loss for the first half of 2019, that he is to step down as chief Anna Meegan, head of down from a profit of £2m for the executive this month, with finance HTC pulls phones from UK shops sustainability for Google’s devices same period the previous year. chief Fariyal Khanbabi taking the and services unit, said the firm’s Revenue fell to £76.1m, down two reins as interim boss while the firm AUGUST GRAHAM The two are arguing about a transport-related carbon emissions per cent on the first half of 2018. hunts for a permanent successor. wireless technology developed for per unit fell 40 per cent last year The firm said its net debt position @AugustGraham car phones. compared to 2017 by relying more stood at £11m, compared to a net DIALIGHT TAIWANESE phone maker HTC has City A.M. could not reach HTC for on ships instead of planes to move cash position of £7.3m in the first pulled its handsets from shelves in comment last night. phones, speakers, laptops and P half of 2018. 390 the UK as it deals with the fallout It told the BBC, which first other gadgets from factories to Shares fell 5.1 per cent to 370p, 380 from an intellectual property dispute. reported this story: “As a leading customers across the world. after making gains last Friday. All phones on the UK version of innovator, HTC takes intellectual The company will offset Marty Rapp, group chief executive, 370 HTC’s website were yesterday listed property issues very seriously. remaining emissions by purchasing said: “Lighting revenues were 360 as “out of stock”. “We are proactively investigating carbon credits, Meegan said. 5 Aug impacted by some softening of end 350 They were still available to buy on an infringement claim by a third Three out of nine products for markets and delayed market share 370 its US website. party with respect to a single which Google has detailed recovery.” 340 The firm is locked in a copyright handset model.” disclosures online contain recycled The company also said yesterday dispute with German research and Some of the phones are still plastic, ranging from 20 per cent to that its chairman Wayne Edmunds is 30 Jul 31 Jul 1 Aug 2 Aug 5 Aug development company Ipcom. available through Amazon. 42 per cent. Reuters

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LEGAL AND PUBLIC NOTICES NEWSLETTERS The biggest stories direct to your inbox CITY OF LONDON FORUM GET THE MORNING UPDATE, THE PLANNING ACTS AND THE ORDERS AND REGULATIONS MADE THEREUNDER CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER This notice gives details of applications registered by the Department of The Built Environment EU rules Code: FULL/FULMAJ/FULEIA/FULLR3 – Planning Permission; LBC – Listed Building Consent; mean that TPO – Tree Preservation Order; OUTL – Outline Planning Permission it’s difficult 10 Bolt Court, London, EC4A 3DQ 27 Stanley Cohen House, Golden Lane IN PARTNERSHIP WITH @LMAPPEAL 19/00291/FULL Estate, London, EC1Y 0RL #CGD #GoRed 19/00745/LBC to offer the Replacement of the existing balustrading, #peoplematter installation of new decking and planting at roof Remove an existing water tank and boiler incentives level in association with the formation of a roof cupboard from a kitchen. terrace for use by occupants of the building Salisbury House, Finsbury Circus, London, that have between 9am and 8pm with the exception of EC2M 5SQ 15 times a year when this would be extended to 19/00749/LBC made Supporting City Giving Day 11pm. (Amended Description, revised drawings Installation of four glazed screens into existing and supplementary information). FRUULGRUZDOOVDWVHFRQGÁRRUOHYHO freeports a 11 Gough Square, London, EC4A 3DE Dyers’ Hall, 10 Dowgate Hill, London, 19/00630/FULL EC4R 2SU success Society and Comic Relief. The Ned also Replacement of principle entrance doors and side 19/00751/FULL partners with charities Hospitality Action, panels. elsewhere CookforSyria, Kitchen Social, StreetSmart Application under S73 of the Town and Country ROBERT COLVILE 130 Fenchurch Street, London, EC3M 5DJ Planning Act 1990 (as amended) to allow variation and SleepSmart. We raised over £30,000 for 19/00713/FULMAJ of condition 5 (approved plans) of planning ON FREEPORTS our partner charities in 2018. permission dated 14th March 2019 (18/01268/ PAGE 14 Why are you supporting CGD? Application under Section 73 of the Town and FULL) to allow the lift shaft to be increased in Country Planning Act to vary condition 38 height by 600mm. We’re excited to support City Giving Day How will you celebrate CGD? (approved plans) of planning permission dated this year. It’s a chance for us to engage the We’ve got a few initiatives in place, 29th March 2019 (16/00809/FULMAJ) to enable Wax Chandlers’ Hall, Gresham Street, staff in giving back and make them feel including a staff party and we’re adding a minor material amendments to the include: (i) London, EC2V 7AD 19/00753/FULL proud to work at The Ned. £1 voluntary donation on restaurant bills revised facades to provide an alternative glazing over £30 for the day. Individual teams at solution including associated external changes; &KDQJH RI 8VH RI IRXUWK ÁRRU IURP /LYHU\ KDOO Which charities do you support? The Ned will also come up with their own 6XL*HQHULV WRRIÀFH %  VTP  (ii) minor alterations to the internal layout of the At The Ned we support a range of charities ideas from hosting staff yoga classes to a building as a result of the proposed alternative Flat 3A, 12 Trinity Square, London, EC3N 4AL such as Cancer Research UK, Alzheimer’s bring and buy sale. glazing solution; and (iii) other minor associated 19/00763/FULL changes. Change of Use from residential (Class C3) to 10 Carthusian Street, London, EC1M 6EB short-term let accommodation for more than 90 CHARITY IN ACTION 19/00733/FULL days in a year (Class C3). &KDQJHRIXVHDWJURXQGÁRRUDQGEDVHPHQWOHYHOV 1 Poultry, London, EC2R 8EJ We will be supporting Mental Health Mates and The Lord from a Cafe ( A3) to a Sui Generis use (Nail and 19/00764/LBC Mayors Appeal. Beauty Salon) (77sq.m) Redecoration of part of the ceiling within the Barbican Estate Highwalks, London existing unit at concourse level. 19/00744/LBC 30 Cannon Street, London, EC4M 6XH Installation and display of 99 non-illuminated 19/00770/LBC We’re delighted to be a signs throughout the Barbican Estate Highwalks Installation and display of two externally part of City Giving Day as to replace existing signs and to provide signs in illuminated fascia signs on the Bread Street we’re proud of our new locations. elevation. community. We look forward to supporting two $SSOLFDWLRQV FDQ EH YLHZHG DW ZZZSODQQLQJFLW\RÁRQGRQJRYXN RU DW WKH Department of the Built Environment, North Wing, Guildhall, Basinghall incredibly worthy causes. Street, London EC2, between 09.30 and 16.30. Representations must be made within 21 days of the date of this newspaper online or in writing to Gareth Banner, Managing 3/1&RPPHQWV#FLW\RÁRQGRQJRYXNRUWKH&KLHI3ODQQLQJ2IÀFHU32%R[ Director of The Ned Guildhall, London, EC2P 2EJ. In the event that an appeal against a decision of the Council proceeds by way of the expedited procedure, any representations made JOIN US AND REGISTER NOW AT about the application will be passed to the Secretary of State and there will be no opportunity to make further representations. WWW.THELORDMAYORSAPPEAL.ORG/CGD CITYAM.COM TUESDAY 6 AUGUST 2019 MARKETS 11

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CINEWORLD FTSE tumbles as 260 P Wall St sinks 255 250 as yuan slides 245 5 Aug 238.50 ALL Street’s major indexes US-China tensions 240 Wposted their biggest 235 percentage drop of the year yesterday, as a fall in the yuan following US President Donald 30 Jul 31 Jul 1 Aug 2 Aug 5 Aug Trump’s vow to impose additional tariffs on Chinese goods sparked fears fuel asset sell-off In a plot twist at Cineworld, its antagonist Cinemark posted strong results last of further escalation of the US-China week that showed Cineworld’s US business Regal shedding market share. But, trade war. TOCK market indexes fell Metals miner Fresnillo added 4.7 per say analysts at Peel Hunt, investment and time can help Regal seize some of this While stocks pared losses in the last sharply yesterday, joining a cent and was the only blue-chip stock share back. They say “buy” with a target price of 252p. hour of trading, the benchmark S&P sell-off in global markets, as that closed in the black. 500 fell about three per cent to notch SUS-China trade tensions M&S and Ocado fell 5.1 per cent and its biggest one-day percentage decline prompted investors to 4.6 per cent respectively, following SIRIUS MINERALS since December last year. The decline seek safe-haven assets, while Ocado their online food venture amounted to a $766bn (£631m) paper and Marks & Spencer (M&S) fell deal that will result in the termina- 15.4 P loss for the index. after sealing a deal to set up an tion of Ocado’s current deal The S&P 500 has fallen for six 15.2 online food joint venture. with Waitrose. consecutive sessions and is now The FTSE 100 shed 2.5 per cent in its 15 about six per cent below its record worst day since early December, FTSE closing high in July. 14.8 5 Aug while the mid-cap FTSE 250 sank 2 P Shares of S&P 500 technology per cent and hit its lowest level in 7,700 14.60 companies, which are heavily exposed 14.6 two months. 7,600 to Chinese markets, fell 4.1 per cent. Markets have been alarmed Apple shares slid 5.2 per cent as 7,500 14.4 by President Donald Trump’s action 5 Aug analysts warned that the newly to slap 10 per cent tariffs on $300bn 7,400 7,223.85 30 Jul 31 Jul 1 Aug 2 Aug 5 Aug proposed tariffs may hurt demand for in Chinese imports, prompting China 7,300 the iPhone. to vow to retaliate. Fertiliser firm Sirius Minerals is serious about investment. It has given guidance on The Dow Jones Industrial Average With dealers shunning equities, 7,200 a $500m (£412m) bond, due to price next week, at a yield of 13.5 per cent. This fell 2.9 per cent, the S&P 500 lost 2.98 gold prices jumped to their highest was higher than analysts at Liberum were expecting, but they say it removes per cent, and the Nasdaq Composite level in more than six years yesterday. 30 Jul 31 Jul 1 Aug 2 Aug 5 Aug financing risk and could boost shares. They say “buy” with a target price of 40p. dropped 3.47 per cent. CITY MOVES WHO’S SWITCHING JOBS

ACCOR EUROPE brands in northern Europe, which includes the UK, Corporate and Investment Banking businesses, and as special adviser in November in a client facing role, Accor has announced that Benelux and Nordics. Prior to that she was SVP for Citi country officer (CCO). Most recently, Raymond where he will be focusing on major corporate Karelle Lamouche has been economy and budget hotels in the UK, with overall headed up the Caribbean and Central America cluster investigations and advising companies on their appointed chief commercial responsibility for operations and marketing across the for the bank’s newly formed Banking Capital Markets financial crime prevention programmes. He will also officer for Europe. In this newly ibis family of brands – Ibis, Ibis Styles and Ibis Budget. Advisory business, as well as serving as CCO for look to bring together other KPMG consulting created role, Karelle will lead Caribbean countries. In addition to Raymond’s capabilities in order to provide a broader offer for Accor’s European commercial CITI COMMERCIAL BANK experience with corporate clients, he has also clients dealing with economic crime. Mark had team with responsibility for Citi has appointed Raymond Gatcliffe as head of Citi managed consumer and commercial banking previously worked for KPMG prior to joining the SFO in driving the business revenue Commercial Bank for Europe, Middle East and Africa businesses in his prior CCO assignments in Puerto Rico 2004 where he has worked in a number of different strategy for the company and (EMEA). Based in London, Raymond will report to Sunil and Panama. roles, including being head of proceeds of crime for its partners across all Garg, global head of Citi Commercial Bank, and David four years and also acting as interim director after the European markets. Livingstone, Citi chief executive officer, EMEA. He will KPMG departure of Sir David Green CB QC in April 2018. In his Karelle has been with Accor since 2003, most recently join Citi’s executive committee for the region. KPMG has announced the appointment of Mark most recent role as chief operating officer, he has had as senior vice president (SVP) for sales and marketing, Raymond joined Citi in Trinidad in 1994, and has held a Thompson, Serious Fraud Office (SFO) chief operating day-to-day responsibility for running the SFO under distribution and revenue management across all its number of positions in Latin America, both in the officer, to its forensic practice. Mark will join KPMG as a the current director Lisa Osofsky.

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NEWS Aerospace engineer Senior’s profits Diageo invests £180m in fall after Boeing 737 Max grounding green African breweries ALEX DANIEL cent to £26.5m, while revenue rose 11 Firms like General Electric and JESS CLARK Diageo chief executive Ivan Menezes @alexmdaniel per cent to £580.4m. France’s Safran, which help make the @jclarkjourno said: “We believe this is one of the Senior makes sensors and other jet’s engines, have also cut biggest single investments in address- BRITISH engineer Senior has become high-tech parts for commercial jets production rates while Boeing deals GUINNESS owner Diageo has an- ing climate change issues across mul- the latest aerospace supplier to and defence customers. Boeing is one with the crisis. nounced £180m of investment to tiple sub Saharan markets." highlight the impact of Boeing of its most important customers. Chief executive David Squires said: improve the green credentials of its Under the new plans Diageo will grounding its flagship 737 Max jet, The FTSE 250 firm, one of British “Notwithstanding the reported 737 African breweries. switch to renewable energy at three reporting a first-half profit drop of aerospace engineering’s mainstays Max production rate cuts and the The investment will be directed to- breweries in Kenya and Uganda more than one-sixth yesterday. since before the Second World War, ongoing uncertainty around the wards 11 of the drinks giant’s brewing Plans also include a new water recov- FTSE 250 aerospace firm said warned in April that the groundings current geopolitical and sites across seven African countries ery, purification and reuse facility although it had mitigated some of would hit its aerospace unit’s macroeconomic backdrop, overall the and will deliver solar energy, biomass across five sites, which could save the damage through stronger sales in margins for the rest of the year. board expects to meet current power and water recovery initiatives. more than 2bn cubic litres of water other parts of its business, “the sector The department accounts for expectations for 2019. Diageo’s African portfolio includes each year. Solar panels will be in- has been impacted” by the nearly three-quarters of total revenue “Looking ahead, the group is Tusker, Bell, which is Uganda’s oldest stalled at 12 breweries across six coun- grounding. and supplies parts directly to Boeing working to minimise the impact of beer, Serengeti and local spirits in- tries, which are expected to produce Shares in the firm fell 0.5 per cent as well as engine suppliers and other the risk associated with the cluding Kenya Cane and Uganda up to 20 per cent of each brewery’s yesterday. Profit before tax fell 16 per customers. challenges described.” Waragi. electricity demand. 12 MARKETS TUESDAY 6 AUGUST 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.0837 0.0107 €/$ 1.1199 0.0091 7223.85 18871.42 3944.15 25717.74 7726.04 2844.74 /$ 1.2138 0.0023 €/£ 0.9225 0.0092 183.21 381.75 95.38 767.27 278.03 87.31 /¥ 128.69 0.9431 €/¥ 118.74 0.3424

                                Millennium & Copt . . . .680.0 0.0 685.0 436.0 GILTS Marshalls ...... 608.0 -11.0 690.0 412.2 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .5972.0-180.0 7155.0 5593.0 Future ...... 1056.0 -56.0 1248.0 375.0 Derwent London . . . .2884.0 -46.0 3328.0 2761.0 Goco Group ...... 82.8 -0.5 118.4 64.6 Mitchells & Butle ...... 312.0 -1.0 321.5 238.0 Polypipe Group ...... 384.6 -12.4 453.8 307.8 Redrow ...... 538.0 -5.0 674.6 460.8 Great Portland Es . . . . .649.4 -13.2 773.6 646.6 National Express . . . . .421.2 -0.2 438.4 361.4 Tsy 3.750 19 ...... 100.27 -0.03 103.4 100.3 3i Group ...... 1069.0 -34.0 1164.5 756.2 Centrica ...... 71.2 -2.2 155.6 70.4 Haynes Publishing . . . .223.0 -1.0 227.0 160.0 ...... 206.8 -7.2 513.2 202.9 ELECTRICITY Taylor Wimpey ...... 147.4 -8.1 192.3 129.3 Hammerson PPHE Hotel Group . . .1840.0 20.0 1990.0 1490.0 Tsy 2.000 20 ...... 101.41 -0.03 102.5 101.4 3i Infrastructure ...... 282.0 0.5 303.0 232.5 National Grid ...... 842.0 -14.6 889.2 748.7 Huntsworth ...... 99.0 -1.0 125.0 81.0 Intu Properties ...... 40.0 -3.1 201.5 38.5 Tsy 4.750 20 ...... 102.47 -0.05 106.4 102.5 Contour Global ...... 164.2 -2.8 246.0 150.1 AJ Bell ...... 392.0 -13.5 477.0 220.0 Pennon Group ...... 710.2 -18.0 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 828.4 -22.4 892.0 605.8 Land Securities G . . . . .774.2 -21.0 943.6 765.6 Rank Group ...... 149.4 1.0 187.4 135.0 Tsy 3.750 20 ...... 103.51 -0.04 106.3 103.5 Allied Minds ...... 61.0 -4.0 87.1 37.3 ITE Group ...... 71.0 -2.0 83.7 56.3 Restaurant Group . . . . .146.2 -3.6 221.9 111.9 Drax Group ...... 295.0 -10.0 427.2 260.2 Severn Trent ...... 1993.5 -47.5 2153.0 1770.0 Bodycote ...... 700.5 -14.5 1024.0 676.0 LondonMetric Prop . . . .196.4 -3.6 215.2 172.7 Stagecoach Group . . . . .130.4 0.5 177.0 115.5 Tsy 2.500 20 ...... 356.03 -0.04 361.4 355.8 SSE ...... 1080.0 -17.5 1280.0 1008.0 Amigo Holdings ...... 150.0 4.2 297.5 144.6 United Utilities ...... 776.8 -18.6 873.6 682.4 Hill & Smith Hold . . . . .1077.0 21.0 1473.0 902.5 ITV ...... 105.3 -1.5 170.1 104.3 Primary Health Pr . . . . .129.2 0.0 139.0 106.4 Moneysupermarket. . .348.6 -8.4 417.7 264.0 TUI AG Reg Shs (D . . . . .797.6 -18.6 1582.5 698.0 Tsy 8.000 21 ...... 113.96 -0.06 120.4 113.6 Arrow Global Grou . . . .266.8 -3.6 273.0 167.2 GENERAL INDUSTRIALS IMI ...... 968.6 -30.0 1227.0 870.0 SEGRO ...... 734.2 -15.8 789.0 585.2 Tsy 4.000 22 ...... 109.48 -0.03 111.3 109.0 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .348.0 -5.0 510.0 320.0 Pearson ...... 816.2 -14.2 1027.5 769.2 750.5 -21.5 930.5 746.0 Wetherspoon (J.D. . . . .1471.0 -30.0 1581.0 1066.0 Melrose Industrie . . . . .170.5 -8.8 233.9 146.3 Shaftesbury ...... Whitbread ...... 4255.0 -79.0 5114.0 3905.0 Tsy 0.500 22 ...... 100.54 0.02 100.6 97.7 Halma ...... 1878.5 -60.5 2094.0 1237.0 Ashmore Group ...... 509.5 -16.0 542.5 337.0 Smith (DS) ...... 320.9 -17.3 513.4 292.2 Reach ...... 90.2 -1.0 92.3 54.6 RHI Magnesita N.V . . .4236.0 20.0 5085.0 3318.0 Tritax Big Box Re ...... 147.0 -3.8 159.7 129.0 William Hill ...... 138.8 -6.6 270.9 132.3 Tsy 1.875 22 ...... 117.47 -0.05 118.3 115.5 Morgan Advanced M . . .251.0 0.0 363.0 237.0 Brewin Dolphin Ho . . . .296.0 -9.8 366.0 294.4 Smiths Group ...... 1548.5 -55.5 1666.0 1279.5 Relx plc ...... 1889.5 -29.5 1978.0 1491.5 .0 -3.0 1076.0 797.5 Rotork ...... 285.9 -10.4 359.0 235.7 Unite Group ...... 1012 Wizz Air Holdings . . . .3447.0-140.0 3769.0 2329.0 Tsy 2.250 23 ...... 107.89 0.03 108.1 104.7 Oxford Instrument . . .1264.0 -10.0 1424.0 842.0 Charter Court Fin ...... 271.5 -10.5 375.0 228.8 Smurfit Kappa Gro . . .2438.0 -82.0 3292.0 1934.0 Spirax-Sarco Engi . . .8500.0-290.0 9400.0 5900.0 Rightmove ...... 504.6 -10.3 585.1 420.9 Workspace Group . . . . .810.0 -6.5 1088.0 789.5 Tsy 2.500 24 ...... 377.07 -0.02 377.4 358.7 Renishaw ...... 3464.0-160.0 5520.0 3436.0 City of London In ...... 418.5 -2.0 440.0 360.0 Vesuvius ...... 477.2 -13.8 662.0 471.4 Weir Group ...... 1305.0 -71.0 1939.0 1240.0 STV Group ...... 370.0 -3.0 432.5 318.0 AIM 50 Tsy 0.125 24 ...... 115.59 -0.03 115.7 110.9 Spectris ...... 2357.0-103.0 2898.0 1966.5 CMC Markets ...... 88.7 -3.3 193.0 77.4 Tarsus Group ...... 425.0 1.0 438.0 243.0 SOFTWARE & COMPUTER SERV. Tsy 5.000 25 ...... 125.86 0.06 126.0 122.1 Coats Group ...... 74.0 -2.1 91.3 69.8 GENERAL RETAILERS INDUSTRIAL METALS & MINING WPP ...... 910.6 -26.6 1301.0 800.4 Abcam ...... 1228.0 -25.0 1539.0 1017.0 EQUITY INVESTMENT INSTRUM. Avast ...... 320.8 -7.0 345.8 229.6 Advanced Medical . . . .284.0 -9.5 370.0 260.0 Tsy 4.250 27 ...... 131.46 0.20 131.6 122.6 Georgia Capital ...... 991.0 3.0 1260.0 941.0 Auto Trader Group . . . . .513.4 -12.8 606.0 388.5 Evraz ...... 607.2 -5.6 709.4 442.1 MINING Aveva Group ...... 3754.0-146.0 4170.0 2284.0 Tsy 1.250 27 ...... 139.45 0.03 139.7 128.4 Aberforth Smaller . . . .1150.0 -16.0 1394.0 1120.0 Hargreaves Lansdo . . .1903.5-139.5 2433.0 1633.0 B&M European Valu . . .349.0 -6.4 426.3 278.6 0 1572.0 952.0 Alliance Pharma ...... 71.8 -0.2 95.6 60.0 Ferrexpo ...... 234.0 -9.6 301.3 143.5 Computacenter ...... 1450.0 -31. ASOS ...... 2500.0 -47.0 6222.0 2107.0 Tsy 6.000 28 ...... 150.40 0.20 150.5 140.5 Alliance Trust ...... 796.0 -17.0 838.0 672.0 IG Group Holdings . . . .565.6 -1.6 919.0 474.8 Card Factory ...... 161.1 -3.0 212.4 158.5 Acacia Mining ...... 233.0 6.8 256.6 96.1 FDM Group (Holdin . . .800.0 -8.0 1000.0 734.0 Tsy 0.125 29 ...... 132.25 0.05 132.5 118.8 Apax Global Alpha . . . .154.0 -1.0 159.0 127.0 IntegraFin Holdin . . . . .382.5 -0.5 406.1 269.0 Dixons Carphone ...... 114.7 -0.5 179.8 107.6 INDUSTRIAL TRANSPORTATION Anglo American . . . . .1820.0 -64.0 2266.0 1464.6 Funding Circle Ho . . . . .104.8 -5.2 440.0 103.2 Blue Prism Group . . . .1225.0 -49.0 2575.0 1040.0 Tsy 4.750 30 ...... 145.24 0.26 145.4 132.1 Intermediate Capi . . . .1313.0 -25.0 1429.0 899.0 Antofagasta ...... 819.2 -26.8 1022.5 727.2 Camellia ...... 10550.0-100.0 11750.0 9100.0 AVI Global Trust ...... 738.0 -22.0 781.0 660.0 Dunelm Group ...... 875.5 -14.5 981.0 482.8 BBA Aviation ...... 311.0 -3.6 324.8 207.0 Kainos Group ...... 514.0 -36.0 676.0 340.0 CareTech Holding . . . . .377.0 0.0 406.0 325.0 Tsy 4.125 30 ...... 396.79 0.06 397.3 355.2 ...... 800.0 -19.0 866.0 663.0 International Per ...... 101.0 -5.0 248.8 100.2 Inchcape ...... 575.5 -15.0 716.5 486.6 BHP Group ...... 1804.4 -39.6 2049.0 1490.6 Micro Focus Inter . . . . .1650.2 -89.6 2491.6 1434.4 Baillie Gifford J . Clarkson ...... 2425.0 -40.0 2900.0 1878.0 Central Asia Meta . . . . .194.4 -4.6 266.5 193.4 Tsy 4.250 32 ...... 142.96 0.34 143.0 128.5 Bankers Inv Trust . . . . .922.0 -21.0 970.0 766.0 Investec ...... 432.9 -15.5 561.0 423.4 JD Sports Fashion . . . . .582.0 -32.2 649.8 318.5 Centamin (DI) ...... 133.5 4.0 136.2 79.8 ytech ...... 414.0 -19.2 560.4 361.8 Fisher (James) & . . . .2030.0 -50.0 2260.0 1600.0 Pla Clinigen Group ...... 970.0 -32.0 1069.0 721.0 Tsy 1.250 32 ...... 162.62 0.04 162.7 144.1 BBGI SICAV S.A. ( ...... 154.0 -0.5 168.0 142.5 IP Group ...... 61.7 -0.9 131.2 61.2 Just Eat ...... 731.2 -5.2 806.4 533.8 Royal Mail ...... 205.2 -5.9 489.0 194.5 Fresnillo ...... 640.0 29.0 1027.5 601.0 Sage Group ...... 702.2 -21.6 820.4 525.6 Tsy 0.125 36 ...... 155.32 0.11 155.4 133.4 John Laing Group . . . . .377.6 -5.8 402.0 283.2 Glencore ...... 235.0 -7.3 341.5 228.0 CVS Group ...... 885.5 -28.0 1023.0 395.0 BlackRock Smaller . . .1340.0 -30.0 1600.0 1160.0 Kingfisher ...... 209.4 -5.6 299.4 202.2 Softcat ...... 898.0 -31.5 993.5 565.0 Dart Group ...... 766.0 2.5 1017.0 751.0 Tsy 4.250 36 ...... 150.76 0.42 150.8 133.1 BMO Global Smalle . . .1368.0 -38.0 1495.0 1220.0 JTC ...... 345.0 -4.0 440.0 287.0 Marks & Spencer G . . . .190.7 -10.4 299.1 188.8 Hochschild Mining . . . .208.2 6.2 217.0 149.1 Sophos Group ...... 410.0 -15.0 539.5 298.2 Kaz Minerals ...... 491.7 -20.9 738.4 436.7 Diversified Gas & ...... 105.5 -1.5 134.0 100.0 Tsy 4.750 38 ...... 165.48 0.47 165.5 144.9 Caledonia Investm . . .3020.0 -15.0 3110.0 2650.0 Jupiter Fund Mana . . . .353.7 -1.7 433.3 287.6 SUPPORT SERVICES Tsy 0.625 40 ...... 176.76 0.15 177.1 152.8 434.0 376.0 Liontrust Asset M . . . . .766.0 -12.0 816.0 532.0 Polymetal Interna . . .1000.0 15.2 1031.0 597.2 Draper Esprit ...... 478.0 -32.0 645.0 458.0 City of London In . . . . .402.5 -10.5 Eland Oil & Gas ...... 122.6 -1.0 134.0 97.0 Tsy 4.500 42 ...... 168.96 0.52 169.2 145.9 LMS Capital ...... 50.2 0.0 53.5 44.0 Rio Tinto ...... 4290.0 -96.5 4976.5 3486.0 Aggreko ...... 811.8 -12.8 882.0 691.8 Edinburgh Inv Tru . . . .566.0 -13.0 699.0 565.3 EMIS Group ...... 1194.0 -18.0 1242.0 864.0 Tsy 3.500 45 ...... 150.99 0.55 151.4 128.0 London Finance & . . . . .38.5 0.0 44.5 37.5 Ashtead Group ...... 2117.0 -79.0 2438.0 1586.5 F&C Investment Tr . . . .695.0 -14.0 741.0 616.0 MOBILE TELECOMS Fevertree Drinks . . . . .2292.0 -73.0 3956.0 2070.0 Tsy 4.250 46 ...... 171.30 0.55 171.7 145.7 Fidelity China Sp . . . . .208.0 -10.5 250.0 182.4 London Stock Exch . .6606.0-208.0 7058.0 3867.0 BCA Marketplace ...... 241.8 0.2 247.0 178.5 Tsy 4.025 49 ...... 178.04 0.57 178.5 150.0 Man Group ...... 155.4 -6.9 183.0 126.8 MAIN CHANGES UK 350 Inmarsat ...... 575.0 -3.4 581.6 362.8 First Derivatives . . . . .2765.0-140.0 4390.0 2050.0 Fidelity European . . . . .244.5 -5.0 257.5 202.0 Bunzl ...... 2082.0 -60.0 2551.0 2059.0 Frontier Developm . . . .915.0 -13.0 1385.0 740.0 Tsy 0.500 50 . . . . .209.05 0.30 209.6 173.7 pecial ...... 243.5 -8.5 278.0 220.0 OneSavings Bank . . . . .333.0 -11.0 447.4 330.0 Vodafone Group ...... 147.7 -2.7 186.7 123.3 Capita ...... 136.3 -0.5 150.2 99.9 Fidelity S Gamma Communicati 1090.0 10.0 1195.0 688.0 Tsy 0.250 52 ...... 205.90 0.31 206.5 168.8 Finsbury Growth & . . . .912.0 -24.0 956.0 740.0 Paragon Banking G . . .392.4 -6.8 502.0 379.2      OIL & GAS PRODUCERS DCC ...... 6400.0-244.0 7390.0 5555.0 . . .123.0 0.4 130.8 122.4 Plus500 Ltd (DI) ...... 568.6 -6.6 2040.0 495.0  GB Group ...... 580.0 -20.0 631.0 410.5 GCP Infrastructur . . . Diploma ...... 1457.0 -21.0 1634.0 1150.0 Gooch & Housego . . . .1255.0 -37.5 1880.0 954.0 AEROSPACE & DEFENCE Genesis Emerging . . . .740.0 -21.0 783.0 615.0 Provident Financi . . . . .401.6 -19.6 692.6 394.9 Fresnillo ...... 640.0 4.8 SIG ...... 118.9 -8.0 BP ...... 515.6 -11.3 598.3 485.9 Electrocomponents . . .563.6 -30.8 761.6 480.0 Quilter ...... 137.1 -3.0 156.6 110.6 Vivo Energy ...... 118.8 3.1 Intu Properties ...... 40.0 -7.1 Cairn Energy ...... 146.0 -2.0 250.0 140.0 Hurricane Energy ...... 42.7 -0.7 60.8 39.0 BAE Systems ...... 538.8 -6.0 636.2 443.9 Greencoat UK Wind . . . .137.0 0.0 143.2 122.8 Equiniti Group ...... 211.4 0.2 266.0 186.2 .0 0.0 295.0 184.0 HarbourVest Globa . . .1660.0 -20.0 1726.0 1300.0 Rathbone Brothers . . .2125.0 -10.0 2634.0 2085.0 Centamin (DI) ...... 133.5 3.1 Hargreaves Lansdow ...... 1903.5 -6.8 Energean Oil & Ga . . . .1036.0 -14.0 1082.0 510.0 Essentra ...... 385.0 -13.6 507.0 325.4 Impax Asset Manag . . .236 Cobham ...... 164.9 -1.2 168.3 96.8 Real Estate Credi ...... 170.0 1.0 175.5 163.0 Premier Oil ...... 70.8 -4.0 143.6 55.6 Iomart Group ...... 328.0 -4.0 475.0 308.0 Meggitt ...... 571.2 -11.4 602.6 458.0 Herald Investment . . .1284.0 -40.0 1364.0 1055.0 Hochschild Mining ...... 208.2 3.1 Kainos Group ...... 514.0 -6.6 Experian ...... 2451.0 -28.0 2544.0 1728.5 IQE ...... 59.0 -4.3 112.5 51.6 HGCapital Trust ...... 206.0 -1.0 220.0 175.0 Record ...... 31.7 -1.0 42.1 27.3 Acacia Mining ...... 233.0 3.0 PayPoint ...... 930.0 -6.3 Royal Dutch Shell . . . .2362.0 -41.5 2666.0 2213.0 Ferguson ...... 5850.0-202.0 6556.0 4749.0 QinetiQ Group ...... 277.4 -2.8 312.4 267.9 HICL Infrastructu ...... 164.4 0.6 170.1 149.9 River and Mercant . . . .267.0 2.0 330.0 212.0 Royal Dutch Shell . . . .2362.0 -46.5 2705.5 2227.0 James Halstead ...... 510.0 0.0 532.0 367.0 ls-Royce Holdi . . . . .815.0 -13.4 1094.0 759.2 Amigo Holdings ...... 150.0 2.9 Riverstone Energy ...... 754.0 -6.2 G4S ...... 183.1 -4.2 282.0 175.9 13.6 Rol International Pub . . . . .159.2 -0.4 163.4 146.8 S&U ...... 2140.0 -80.0 2605.0 1767.5 Tullow Oil ...... 176.2 -6.0 266.3 165.2 Grafton Group Uni . . . .688.0 -13.0 937.0 630.0 Johnson Service G . . . .166.0 -4.0 174.8 1 Senior ...... 197.8 -1.0 327.8 185.4 Hill & Smith Holdi ...... 1077.0 2.0 Prudential ...... 1512.0 -5.5 Keywords Studios . . . .1550.0 -65.0 2065.0 900.0 JPMorgan American . .469.0 -10.0 494.5 386.5 Sanne Group ...... 521.0 -27.0 752.0 450.0 OIL EQUIPMENT & SERVICES Hays ...... 146.9 -3.9 212.0 135.7 Ultra Electronics . . . . .1866.0 -35.0 1972.0 1232. Schroders ...... 2897.0-123.0 3210.0 2334.0 Pets at Home Group ...... 219.8 1.7 Premier Oil ...... 70.8 -5.4 Learning Technolo . . . .104.8 -2.2 166.5 62.2 JPMorgan Emerging . . .987.0 -35.0 1066.0 759.0 Homeserve ...... 1108.0 2.0 1263.0 849.0 chi ...... 335.0 -8.0 394.0 270.0 BANKS JPMorgan Indian I . . . . .701.0 -24.0 790.0 566.0 Standard Life Abe . . . . .283.4 -8.1 378.9 224.9 Polymetal Internat ...... 1000.0 1.5 JD Sports Fashion ...... 582.0 -5.2 Hunting ...... 445.4 -14.6 849.0 438.0 Howden Joinery Gr . . . .523.8 -14.4 573.4 416.4 M&C Saat TP ICAP ...... 282.8 -10.7 324.5 267.2 PPHE Hotel Group L ...... 1840.0 1.1 Taylor Wimpey ...... 147.4 -5.2 Petrofac Ltd...... 399.8 0.3 663.4 380.0 87.0 M. P. Evans Group . . . . .662.0 -15.0 800.0 637.0 Bank of Georgia G . . . .1330.0 -22.0 1878.8 1310.0 JPMorgan Japanese . . .440.0 -8.0 470.0 367.0 Intertek Group ...... 5434.0-208.0 5962.0 43 Majestic Wine ...... 276.0 6.0 452.0 219.0 Jupiter European . . . . .842.0 -13.0 895.0 666.0 Walker Crips Grou ...... 27.0 0.0 39.0 24.0 Wood Group (John) . . .473.4 -15.1 796.4 389.9 Network Internati . . . .604.0 -23.0 628.0 500.0 Barclays ...... 147.3 -5.9 193.1 146.1 XPS Pensions Grou . . . . .117.0 4.5 180.0 95.0 Midwich Group ...... 548.0 -8.0 685.0 491.5 Law Debenture Cor . . .566.0 -10.0 636.0 534.0         PERSONAL GOODS Pagegroup ...... 438.8 -2.8 623.5 415.0 Close Brothers Gr . . . .1285.0 -28.0 1660.0 1285.0 192.4 -5.4 219.0 168.0 oint ...... 930.0 -63.0 1118.0 748.0 Mortgage Advice B . . . .570.0 0.0 720.0 490.0 CYBG ...... 153.3 -5.5 364.2 151.4 Mercantile Invest ...... FIXED LINE TELECOMS PayP Monks Inv Trust ...... 913.0 -21.0 964.0 710.0 Burberry Group ...... 2163.0 -86.0 2345.0 1623.5 Rentokil Initial ...... 433.4 -5.1 447.0 284.8 Next Fifteen Comm . . .590.0 -18.0 658.0 469.0 HSBC Holdings ...... 626.8 -19.3 725.8 600.8 Next ...... 5904.0 -22.0 6064.0 3991.0 NON LIFE INSURANCE Nichols ...... 1800.0 0.0 1840.0 1240.0 Murray Internatio . . . . .1132.0 -38.0 1208.0 1056.0 BT Group ...... 183.4 -2.6 264.7 182.2 Pets at Home Grou . . . .219.8 3.6 224.0 110.0 PZ Cussons ...... 211.5 -5.0 244.0 178.6 Robert Walters ...... 495.0 -23.0 475.0 814.0 Lloyds Banking Gr . . . . .50.2 -1.1 66.6 49.8 TalkTalk Telecom ...... 103.1 -0.7 137.0 96.6 Numis Corporation . . . .236.0 -1.0 424.5 221.5 Metro Bank ...... 315.4 -17.0 3050.0 309.4 NB Global Floatin ...... 89.8 0.2 93.3 87.6 Sports Direct Int ...... 216.2 -5.0 406.7 213.6 Admiral Group ...... 2085.0 -61.0 2300.0 1932.5 PHARMACEUTICALS & BIOTECH Serco Group ...... 143.0 -0.9 147.4 84.1 . . . .117.5 1.0 124.5 108.0 Telecom Plus ...... 1346.0 -12.0 1528.0 1010.0 ...... 118.9 -10.3 153.0 102.2 Polar Capital Hol ...... 536.0 -40.0 644.0 448.0 Royal Bank of Sco . . . . .197.5 -5.5 270.4 197.2 NextEnergy Solar . Ted Baker ...... 900.0 -3.5 2378.0 800.0 Beazley ...... 550.0 -8.5 599.0 492.6 SIG . . Purplebricks Grou . . . . .116.0 1.0 300.0 90.0 Pantheon Internat . . .2200.0 -5.0 2330.0 1955.0 Vivo Energy ...... 118.8 3.6 154.0 96.0 Direct Line Insur ...... 309.9 -8.7 366.5 304.9 AstraZeneca ...... 7099.0 -141.0 7240.0 5325.0 Travis Perkins ...... 1223.5 -33.0 1465.0 970.0 Standard Chartere . . . .638.4 -34.2 736.8 519.8 FOOD & DRUG RETAILERS BTG ...... 837.5 -0.5 853.0 508.5 Redde ...... 116.2 -2.2 196.0 90.0 Perpetual Income . . . .294.5 -9.0 364.5 294.5 WH Smith ...... 2018.0 -50.0 2186.0 1697.0 Hastings Group Ho . . . .189.5 -3.0 274.2 174.0 TOBACCO TBC Bank Group ...... 1338.0 -6.0 1746.0 1242.0 Pershing Square H . . .1444.0 -6.0 1480.0 990.0 Greggs ...... 2132.0 -58.0 2476.0 1006.0 Dechra Pharmaceut . .2798.0 -68.0 3168.0 2014.0 Renew Holdings . . . . .400.0 10.0 436.5 333.0 Hiscox Limited (D . . . .1599.0 -51.0 1777.0 1418.0 RWS Holdings ...... 615.0 -23.0 656.0 415.5 BEVERAGES Personal Assets T . . .42500.0 100.042800.038900.0 Morrison (Wm) Sup . . .186.2 -4.7 269.4 184.6 HEALTH CARE EQUIPMETN & S. Lancashire Holdin . . . . .681.0 -14.5 725.5 530.0 Genus ...... 2552.0 -28.0 2890.0 2098.0 British American . . . .2980.0-130.5 4222.5 2375.0 Ocado Group ...... 1152.5 -56.0 1435.0 749.8 GlaxoSmithKline . . . . .1662.8 -28.2 1730.0 1418.0 Scapa Group ...... 195.0 -3.0 473.4 157.0 Barr (A.G.) ...... 679.0 -3.0 975.0 610.0 Polar Capital Tec . . . . .1386.0 -72.0 1500.0 1066.0 Assura ...... 64.7 0.4 66.4 52.4 RSA Insurance Gro . . . .536.0 -4.4 641.0 496.6 Imperial Brands . . . . .2069.0 -67.0 2987.5 1846.8 Secure Income Rei . . . .416.0 -3.0 420.0 371.0 RIT Capital Partn . . . . .2035.0 -45.0 2150.0 1892.0 Sainsbury (J) ...... 189.5 -5.9 341.5 187.9 Convatec Group ...... 181.9 -3.6 239.0 118.6 Sabre Insurance G . . . .263.5 -2.5 294.0 249.0 Hikma Pharmaceuti . . .1771.0 -44.5 2025.0 1510.5 Britvic ...... 875.0 -30.0 956.0 745.0 SSP Group ...... 693.0 -17.0 744.4 615.1 TRAVEL & LEISURE Serica Energy ...... 108.0 -3.2 142.0 74.9 Coca-Cola HBC AG . . .2773.0 -78.0 3074.0 2244.0 Riverstone Energy . . . .754.0 -50.0 1282.0 754.0 Mediclinic Intern ...... 313.0 -8.3 514.2 293.4 REAL ESTATE INVEST. & SERV. Smart Metering Sy . . . .475.6 -2.6 665.0 472.2 Schroder Asia Pac . . . .429.0 -18.0 469.5 379.0 Tesco ...... 217.1 -3.6 266.2 189.6 NMC Health ...... 2402.0 0.0 4120.0 2192.0 LIFE INSURANCE Carnival ...... 3519.0 -92.0 5000.0 3412.0 Diageo ...... 3382.0 -61.0 3526.0 2523.5 UDG Healthcare Pu . . . .755.0 -22.5 824.0 551.0 BMO Commercial Pr . . .106.0 -2.2 149.4 106.0 Telford Homes ...... 349.0 0.0 430.0 267.0 Scottish Inv Trus ...... 806.0 -15.0 902.0 748.0 Smith & Nephew . . . .1849.0 -34.0 1924.5 1258.0 Aviva ...... 384.9 -15.9 502.8 364.6 Cineworld Group ...... 238.5 -6.7 323.6 236.4 Thorpe (F.W.) ...... 326.0 -1.0 340.0 248.0 CHEMICALS Scottish Mortgage . . . .520.5 -22.5 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .244.1 -7.9 291.2 223.7 Capital & Countie . . . . .186.9 -6.4 279.5 185.2 Compass Group ...... 2015.0 -40.0 2110.0 1483.0 HHOLD GDS & HOME CONSTR. CLS Holdings ...... 231.0 -2.5 255.0 195.4 Watkin Jones ...... 209.0 -1.5 232.5 192.2 Croda Internation . . . .4674.0 -2.0 5447.7 4576.0 Sequoia Economic . . . .113.4 0.6 115.2 106.0 Phoenix Group Hol . . . .655.4 -21.4 724.8 544.0 Domino's Pizza Gr . . . . .233.8 -11.0 319.7 224.4 Young & Co's Brew . . .1625.0 -15.0 1885.0 1322.5 Associated Britis . . . . .2393.0 -23.0 2638.0 2041.0 Daejan Holdings . . . . .5570.0 60.0 6190.0 5420.0 . .282.4 1.4 285.0 152.0 Elementis ...... 138.3 -2.5 247.8 129.8 Smithson Investme . . .1214.0 -32.0 1278.0 1000.2 Barratt Developme . . .625.6 -13.6 663.0 434.0 Prudential ...... 1512.0 -88.5 1824.0 1340.0 EI Group ...... Young & Co's Brew . . . .1130.0 -30.0 1300.0 1030.0 Syncona Limited N . . . .236.5 -5.0 302.5 213.5 Bakkavor Group ...... 99.9 -2.7 190.0 99.9 Bellway ...... 2868.0 -53.0 3226.0 2419.0 St James's Place ...... 920.8 -17.6 1171.0 911.8 Grainger ...... 217.4 -5.0 278.5 205.8 FirstGroup ...... 112.0 -2.5 116.6 79.3 Johnson Matthey . . . .2930.0-103.0 3752.0 2620.0 Cranswick ...... 2594.0 -32.0 3454.0 2472.0 NewRiver REIT ...... 157.0 -5.4 278.5 156.0 Sirius Minerals ...... 14.6 -0.4 38.5 13.5 Temple Bar Inv Tr . . . .1186.0 -44.0 1366.0 1116.0 Berkeley Group Ho . . .3736.0 -119.0 3981.0 3226.0 Flutter Entertain . . . . .6320.0-226.0 8140.0 5525.0 CONSTRUCTION & MATERIALS 649.0 Greencore Group . . . . .208.5 -2.6 230.0 162.9 MEDIA Safestore Holding . . . . .607.5 -10.0 658.5 499.4 Synthomer ...... 279.8 -13.0 537.2 279.8 Templeton Emergin . . .768.0 -24.0 829.0 Bovis Homes Group . .1030.0 -37.0 1177.0 828.0 Go-Ahead Group . . . .2034.0 -36.0 2200.0 1480.0 Hilton Food Group . . . .905.0 0.0 1088.0 880.0 Savills ...... 940.0 -13.5 957.0 678.5 0 -13.2 704.4 472.8 Victrex plc ...... 1899.0 -63.0 3408.0 1877.0 The Renewables In . . . .125.2 0.4 133.2 109.3 Countryside Prope . . . .277.6 -10.0 353.2 270.0 4Imprint Group ...... 2910.0 20.0 2953.4 1800.0 Greene King ...... 602. TR Property Inv T . . . . .415.0 -5.0 433.5 353.5 Tate & Lyle ...... 727.0 -16.2 800.4 630.6 Crest Nicholson H . . . . .347.0 -9.0 404.8 296.4 Ascential ...... 373.4 -10.6 434.8 337.2 St. Modwen Proper . . . .387.5 -10.5 441.5 365.0 GVC Holdings ...... 562.2 -16.4 1138.0 507.5 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .470.0 -1.5 473.3 420.0 Unilever ...... 4868.0 -71.5 5091.0 3931.0 McCarthy & Stone . . . . .135.9 -1.1 142.7 107.1 Bloomsbury Publis . . . .224.0 -6.0 243.0 190.5 UK Commercial Pro . . . .80.6 0.4 92.7 79.2 InterContinental . . . .5289.0-193.0 5738.0 3958.4 VinaCapital Vietn . . . . .348.0 -1.0 352.9 318.0 International Con . . . . .444.5 -3.7 711.4 413.5 Balfour Beatty ...... 196.9 -6.9 296.5 195.6 FORESTRY & PAPER Persimmon ...... 1906.0 -47.0 2501.0 1859.5 Centaur Media ...... 45.5 0.0 56.5 34.7 REAL ESTATE INVEST. TRUSTS      Witan Inv Trust ...... 212.5 -5.0 227.6 189.6 Entertainment One . . . .419.8 -8.4 483.4 336.4 Marston's ...... 106.9 -0.5 124.7 89.9 CRH ...... 2578.0 -53.0 2735.0 1971.5 . . . .42.7 -2.0 91.0 41.4 Mondi ...... 1593.5 -36.5 2236.0 1564.0 Big Yellow Group . . . . .967.5 -13.5 1062.0 852.5 Merlin Entertainm . . . . .451.3 0.8 452.5 307.1  Galliford Try ...... 560.5 -19.0 1104.0 512.0 Woodford Patient . Euromoney Institu . . . .1318.0 -36.0 1412.0 1132.0 Worldwide Healthc . .2720.0 -50.0 2915.0 2325.0 British Land Comp . . . .479.3 -21.1 656.0 477.3 Ibstock ...... 211.4 -1.4 262.0 193.1        

EU SHARES US SHARES         AB INBEV...... 87.65 -2.23 92.71 56.32 AWARDS2019 3M ...... 164.71 -5.84 219.75 159.32 ADIDAS N...... 266.65 -14.55 297.95 178.30 ABBOTT LABORATOR...... 83.16 -2.66 88.76 63.07 AIR LIQUIDE...... 120.75 -0.60 127.20 101.85 ADOBE ...... 280.36 -13.35 313.11 204.95 AIRBUS BR...... 120.70 -2.64 133.86 77.50 ALPHAB RG-C-NV...... 1152.32 -41.67 1289.27 970.11 ALLIANZ...... 201.60 -3.35 218.70 170.50 ALPHABET-A...... 1154.75 -41.57 1296.98 977.66 AMADEUS IT GRP BR-A...... 68.74 -1.20 82.20 58.06 AMAZON.COM...... 1765.13 -58.11 2050.50 1307.00 ASML HLDG...... 190.84 -6.72 211.50 130.12 AMERICAN EXPRESS...... 120.72 -3.59 129.34 89.05 AXA...... 21.82 -0.48 23.99 18.40 APPLE...... 193.34 -10.68 233.47 142.00 BANCO SANTANDER ...... 3.70 -0.06 4.71 3.68 AT&T...... 33.49 -0.68 34.64 26.80 BASF N...... 56.50 -1.98 81.73 56.32 BANK OF AMERICA...... 28.08 -1.30 31.91 22.66 BERKSHIRE HATH RG-B...... 197.73 -4.9 224.07 186.10 BAYER N...... 55.99 -2.32 96.97 52.00 4 BOEING CO...... 331.06 -8.50 446.01 292.47 BBVA...... 4.46 -0.06 6.11 4.44 CATERPILLAR...... 121.65 -2.89 159.37 112.06 BMW ...... 63.34 -1.58 86.71 61.31 CHEVRON...... 118.74 -1.99 127.60 100.22 BNP PARIBAS A...... 40.42 -0.74 55.34 38.14 CISCO SYSTEMS...... 51.37 -1.88 58.26 40.25 CRH PLC...... 27.90 -0.85 34.87 26.53 CITIGROUP ...... 65.18 -2.43 75.24 48.42 DAIMLER N...... 43.98 -1.53 59.90 43.70 COCA-COLA CO...... 51.65 -0.68 54.82 44.25 DANONE ...... 76.22 -0.82 79.42 59.72 COMCAST-A ...... 41.61 -1.04 45.30 32.61 DEUTSCHE POST N...... 27.74 -0.77 32.20 23.43 7 NOVEMBER 2019 DOW...... 44.77 -0.83 0.00 0.00 DEUTSCHE TELEKOM N...... 14.65 -0.20 15.88 13.36 LEONARDO ROYAL HOTEL LONDON EXXON MOBIL...... 70.28 -1.47 87.36 64.65 ENEL N...... 6.12 -0.07 6.62 4.22 FACEBOOK-A...... 181.73 -7.29 208.66 123.02 ENGIE ...... 13.35 -0.32 14.39 11.31 ST. PAULS 10 GODLIMAN STREET GOLDMAN SACHS GR...... 201.68 -7.69 245.08 151.70 ENI N...... 13.48 -0.20 16.71 13.39 LONDON, EC4V 5AJ HOME DEPOT...... 204.94 -7.21 219.30 158.09 ESSILORLUXOTT...... 120.50 -2.65 129.60 95.50 IBM...... 140.76 -6.49 154.36 105.94 FRESENIUS...... 43.24 -1.53 71.00 38.50 FOR TABLE AND SEAT ENQUIRIES INTEL...... 46.97 -1.71 59.59 42.36 IBERDROLA...... 8.64 -0.02 9.13 5.81 PLEASE CALL 0203 201 8900 OR EMAIL JOHNSON & JOHNSO...... 130.16 -0.91 148.99 121.00 INDITEX ...... 26.38 -0.66 28.86 21.85 [email protected] JPMORGAN CHASE...... 109.57 -3.36 119.24 91.11 ING GROUP...... 8.85 -0.40 12.91 8.76 MASTERCARD RG-A...... 256.84 -12.61 283.33 171.89 INTESA SANPAOLO N...... 1.97 0.02 2.47 1.80 TO SUBMIT YOUR NOMINATION PLEASE VISIT CITYAM.COM/AWARDS/ MCDONALD'S...... 210.45 -4.03 218.96 154.29 KERING...... 442.35 -8.55 539.80 351.70 MEDTRONIC ...... 99.51 -2.82 103.95 81.66 KON AH DEL BR...... 20.24 -0.20 24.01 18.60 MERCK...... 83.12 -1.35 87.07 64.97 L'OREAL...... 230.30 -7.30 257.80 182.00 COMMODITIES CREDIT & RATES MICROSOFT...... 132.21 -4.69 141.68 93.96 LINDE ...... 171.55 4.25 0.00 0.00 NETFLIX ...... 307.63 -11.20 386.80 231.23 LVMH...... 343.25 -15.15 392.65 242.30 NIKE -B-...... 78.97 -2.17 90.00 66.53 Gold...... 1441.75 34.95 Copper Cash Official...... 5875.50 6.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 ORACLE...... 53.76 -2.08 60.50 42.40 MUENCHENER RUECKV N...... 213.70 -0.30 228.70 180.00 BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 Silver...... 16.19 0.19 Aluminium Cash Official ...... 1757.00 -8.00 PAYPAL HOLDINGS...... 103.60 -3.49 121.48 74.66 NOKIA ...... 4.76 -0.05 5.76 4.17 ...... 61.89 1.39 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.50 0.00 Brent Crude...... Nickel Cash Official ...... 14285.00 235.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ORANGE ...... 13.28 -0.12 15.25 13.08 Krugerrand...... 1475.80 1.70 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.30 -0.09 Aluminium Alloy Cash Official ...... 1270.00 -20.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.411 -0.01 PEPSICO...... 124.40 -3.52 135.24 104.53 ROY.PHILIPS...... 41.03 -0.68 43.67 29.05 Palladium...... 1421.00 -93.00 Cocoa Futures ...... 2316.00 -14.00 LIBOR Euro - overnight...... -0.465 0.00 The vix index...... 24.59 6.98 PFIZER ...... 36.96 -1.04 46.47 36.41 SAFRAN...... 123.65 -3.00 137.20 99.98 Platinum...... 845.00 -7.00 Coffee 'C' Futures...... 95.43 -2.72 LIBOR Euro - 12 months...... -0.354 0.00 The baltic dry index...... 1798.00 -24.00 PHILIP MRRS INT...... 80.26 -3.91 92.74 64.67 SANOFI ...... 72.35 -1.87 80.44 71.32 Tin Cash Official...... 17275.00 -14.00 LIBOR USD - overnight...... 2.104 0.00 Markit iBoxx EUR ...... 247.33 0.23 PROCTER&GAMBLE...... 113.08 -3.36 121.76 78.49 Feed Wheat Futures...... 144.90 -1.05 SAP I...... 106.28 -3.12 125.00 84.02 Lead Cash Official...... 1973.00 -23.00 LIBOR USD - 12 months...... 2.116 0.00 Markit iBoxx GBP...... 354.62 2.17 TRAVELERS COS...... 143.93 -2.99 155.09 111.08 SCHNEIDER EL...... 72.74 -1.68 81.36 57.54 Zinc Cash Official...... 2395.00 -44.00 Soybeans Futures Continuation Contract...850.25 0.30 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 258.23 0.38 TWITTER...... 40.37 -2.48 43.48 26.19 SIEMENS N...... 90.01 -2.48 115.10 89.64 UNITEDHEALTH GRO ...... 245.06 -4.99 287.94 208.07 SOCIETE GENERALE ...... 22.40 -0.02 35.01 20.81 WORLD INDICES UTD TECHS...... 125.75 -5.06 144.40 100.48 TELEFONICA ...... 6.66 -0.12 8.06 6.59                 VERIZON COMM...... 55.22 -0.37 61.58 51.76 TOTAL...... 44.14 -0.60 55.39 43.72 VISA RG-A...... 168.86 -8.56 184.07 121.60 UNILEVER...... 50.92 -0.99 55.40 45.30 FTSE 100 ...... 7223.85 -183.21 -2.47 S&P 500 ...... 2844.74 -87.31 -2.98 CAC 40...... 5241.55 -117.45 -2.19 Hang Seng...... 26151.32 -767.26 -2.85 WALGREENS BOOTS...... 51.87 -1.81 86.31 49.31 VINCI...... 89.20 -2.08 94.96 69.98 FTSE 250 ...... 18871.42 -381.75 -1.98 Dow Jones I.A...... 25717.74 -767.27 -2.90 Swiss Market Index...... 9599.43 -204.26 -2.08 Shanghai Composite...... 2821.50 -46.34 -1.62 WALMART...... 105.82 -3.58 115.49 85.78 VIVENDI...... 23.98 -0.18 26.69 20.80 FTSE All-Share ...... 3944.15 -95.38 -2.36 Nasdaq Composite ...... 7726.04 -278.03 -3.47 ISEQ Overall Index...... 5809.55 -168.60 -2.82 STI Index...... 3196.57 -64.36 -1.97 WALT DISNEY...... 138.30 -3.41 147.15 100.35 VOLKSWAGEN VZ I...... 142.68 -4.24 163.70 131.02 FTSE AIM All-Share...... 907.25 -14.09 -1.53 Xetra DAX...... 11658.51 -213.93 -1.80 FTSEurofirst 300...... 1454.32 -34.86 -2.34 ASX All Ordinaries ...... 6710.60 -135.50 -1.98 WELLS FARGO...... 46.14 -1.30 59.53 43.02 CITYAM.COM TUESDAY 6 AUGUST 2019 FEATURE 13 OFFICE POLITICS Lessons in Love Island: Toxic colleagues

think you were ‘that’ type of girl”. The popular reality Double standards in the workplace TV show can teach can lead to resentment between em- ployees, so it is important to address us how to deal those being treated differently, as Lucie did so in a conversation with Joe, estab- with noxious office lishing her right to spend time with whom she wishes. Or the case of Amy, relationships BREAKING who’s boyfriend blamed her for his BAD own disloyalty, prompting her to quite rightly leave the villa to focus on her OVE Island has once again Netflix own mental health. graced our screens this summer. Free In times of high pressure, col- Six million of us watched for leagues often turn to blaming each Leight weeks as bronzed, toned It’s over. You sit other as an outlet for their emotion. millennials took to reality TV in there staring It is important here to understand, search of true love – not to forget a vacantly into like Amy did, that it is not in fact our £50,000 cash prize, lucrative brand the distance, fault, and that our own wellbeing deals, and an army of followers. wondering how matters more than pleasing others. While it may appear indulgent to get you’re going to Many have criticised Love Island for so invested in these seemingly vapid move on from broadcasting such toxic relationships, personalities, there are important les- this. You’ve but that’s unfair to say. The show’s au- sons that can be drawn from the been living off dience does not condone such behav- drama of the show. This year’s islanders modular, offices of the City, both While a villa in about his behaviour. Amber’s emo- takeaways for iour – we learn from it. have presented us with a display of the locations are susceptible to the petty Majorca seems tional resilience throughout her time eight weeks, and Through the eyes of the contestants, most toxic behaviour yet – but that is world of gossip and jealousy. alien to the offices in the villa ultimately awarded her the your skin is now we are exposed to the red flags of not necessarily a bad thing. Perhaps it’s the common phenome- of the City, both winning title. She and her partner a dusty shade of emotional manipulation. Love Island is meant to represent a non of gaslighting that plagues your are susceptible Greg O’Shea were not the most estab- grey. Even the Ultimately, Love Island should be microcosm of our society, and it has office: psychological manipulation in- to gossip and lished couple, but Amber’s condemna- daylight burns praised for condemning negative be- brought awareness to noxious al- flicted on one person with the aim to jealousy tion of Michael’s toxic behaviour and your eyes. Don’t haviour and defending those who are liances – and how to prevent them. make them doubt the authenticity of her refusal to submit to it resonated worry, Love suffering at its hands. Enter the toxic office relationship. their own emotions. with the British public. Island might be If we were to transfer these values Disputes ranging from low-level bick- We saw this happen between There were other instances of nega- over, but there is into the workplace, we would be more ering to the more serious, messy work- contestants Amber Gill and Michael tive and manipulative behaviour a tonne of stuff productive and more aware of warn- place wars disrupt productivity and Griffiths. Rather than accepting re- throughout the series. Lucie’s friend- you can watch ing signs that lead towards a toxic of- make the office an unpleasant space. sponsibility for his wrongdoings, ships with the other male contestants on Netflix. fice relationship. While a colourful villa on the isle of Michael repeatedly called his partner alarmed her partner Joe – he brought Majorca seems alien to the open plan, childish for daring to confront him up his concerns, telling her “I didn’t £ Hana El-chamaa is a freelance journalist. 14 OPINION TUESDAY 6 AUGUST 2019 CITYAM.COM FORUM EDITED BY LUKE GRAHAM LETTERS Free ports could turn Brexit TO THE EDITOR Putting pedal to our economic advantage power to the test

[Re: Cycling – a perfect blend of NE OF the most exciting Of course, like everything to do support of the idea: a detailed study business and pleasure] shifts in policy under the with Brexit, the idea has its critics. Robert for construction firm Mace showed While Gareth Mills is correct in his belief new government has been One of the most common objec- Colvile that more than 17,500 jobs could be that businesses should encourage people Oits whole-hearted embrace tions is that free ports are allowed created on Teesside alone. to “get on their bikes” and his suggestion of free ports. But many by the European Union anyway. So Another criticism is that these that businesses should look at installing people are still puzzled by what why do we have to Brexit to get the free ports become lawless areas – a bike racks or ensuring that their they are. benefits? haven for all manner of ill-gotten employees have access to showers, his In a nutshell, free ports are areas Well, that’s technically true. But wealth to be stored. article overlooks the fact that, in the which are within the UK, but out- it comes with severe qualifications. It’s true that the Geneva majority of cases, the real challenge is that side its customs borders. So you can As a member of the EU’s Customs Freeport, the most famous such the buildings we occupy were often not bring your goods into the zone – Union, the UK does not control its zone, has become a treasure trove designed with cycle commuters in mind. usually by ship, though you can set own customs and tariffs. EU state of art and antiquities. But just Without a doubt, the current provision of them up around airports too – and aid rules mean that it’s extremely because UK free ports would be cycling facilities in the workplace is far pay no customs duty. difficult to offer the kind of incen- outside our customs territory does below that required if we are to meet You are then free to move those tives that have made free ports a not mean that they would be out- official targets for the number of people goods on to another country; to success elsewhere – indeed, any at- side the UK. Indeed, the fact that the authorities wish to see cycle to work. bring them into the UK (paying tar- tempt to provide them (for exam- British law would be enforced is a Research undertaken by Remit iffs in the process); or to use a fac- ple, favourable tax treatment) can key attraction for investors. Consulting, in conjunction with the British tory in the free port zone to process and will be challenged by any A better point is that we should Council of Offices, suggests that property them and then either import or re- member state. focus on making sure that the cus- developers and investors can gain a export the finished article. A United Nations study concluded toms regime across the entire UK is competitive advantage with their The government will often offer that “free trade zones as originally so sympathetic that there is no properties through the provision of top incentives to help free ports de- conceived do not exist any more in need for free ports at all. quality cycling facilities. This was velop, for example offering tax the EU”. Indeed, Brexit practically de- underlined during a recent cycle tour of breaks to firms that relocate there. The next claim – now being made If the British mands that we invest in developing office properties within central London Now I have to declare an interest by the Labour Party – is that free programme was as a genuinely world-class customs that we organised to provide property here. The idea of free ports as a way ports merely redistribute economic regime. But even then, free ports professionals with the opportunity to to boost Britain’s economy post- activity rather than generate it: successful as the could still have a role as economic experience the facilities offered by a Brexit was first proposed in The firms move to the zones because of American one, it incubators, with different incen- number of buildings from the perspective Free Ports Opportunity, a 2016 re- the tax advantages, leaving overall tives and structures tested and then of cycle commuters. port for our think tank by Rishi GDP unchanged. could generate rolled out more widely – a recipe Our ReTour event also revealed that the Sunak, one of the Tory party’s rising But the evidence suggests that around 86,000 jobs that worked extremely well in best facilities are those within buildings stars (and the new chief secretary to this isn’t the case. We all know that China and elsewhere. that provide a range of bicycle storage the Treasury). lower taxes and simpler regulation It was Victor Hugo who said that solutions. It is not simply enough to It’s a pretty exciting idea. spur economic growth. there was nothing as powerful as provide racks and showers as there is not Worldwide, there are roughly There would be a particular in- an idea whose time has come. a “one size fits all” answer. The popularity 3,500 free trade zones employing centive for manufacturing firms, ernous geographical inequality – Free ports are not a new idea, but of folding bikes and the growth in the use 66m people. America’s 250 zones since raw materials can be and of the UK’s 30 largest ports, they offer a tangible and welcome of electric bikes are examples of the handle $750bn in merchandise processed into higher-value prod- more than half are in the poorest way that we could turn Brexit to changing nature of cycling, and also every year. Yet on the British main- ucts within free ports without in- parts of the country. our economic advantage – and in confirm the need for a variety in the land, there are none. curring customs charges. Free ports and accompanying low- doing so spread prosperity more facilities provided. Sunak has calculated that if a And even if growth were simply tax zones may be just what’s needed widely across the UK. If we are to encourage cycling as part of British free port programme was as redistributed, it would still be a to help these areas compete. That’s our business culture, these issues need to successful as the American one, it very good thing. why Ben Houchen, elected mayor of £ Robert Colvile is director of the Centre be addressed by landlords and property could generate around 86,000 jobs. Britain is a country with cav- Tees Valley, has been so vocal in his for Policy Studies. managers as much, if not more than, the businesses that occupy their buildings. Neil Webster, Remit Consulting

Businesses must wake up to unconscious BEST OF TWITTER bias in their product development teams Dominic Cummings, one of Boris Johnson’s most senior advisers, has suggested that it is already too late for MPs to stop a #NoDealBrexit before HE LACK of diversity in cations for society as a whole. completely is an epic – and some October 31 but is he right? technology is not a new As day-to-day life becomes more Claire would say impossible – undertak- @Telegraph issue. A study by Statista driven by technology, the compa- Vo ing. However, for technology busi- Tshowed that female em- nies that create these products nesses, mitigating this issue can be NEW: Dominic Grieve insists ployees make up between have a responsibility to produce as simple as introducing a diverse pro-Remain MPs can still stop no-deal 26 percent and 43 percent of the great experiences for all their cus- team from multiple social and eco- Brexit as he blasts ‘disinformation’ workforce at major tech companies. tomers, and cater for everyone. But nomic backgrounds. from Dominic Cummings However, even this does not tell this is only possible with a diverse For product teams, data should @politicshome the whole story, as the number of product team. Reflecting the diver- be at the heart of all decision mak- women in engineering or product- sity of your userbase across the ing. So a key part of our role is to The future of the UK and of Brexit now focussed jobs is even lower. wider team is therefore a huge interpret this data, and evaluate rests on which of two Dominics – Diversity goes far beyond the pres- competitive advantage to those the opportunities at hand. Cummings or Grieve – is actually ence of women in technology. In- companies that make it a priority. In this process, it is easy for engi- the cleverest clusive Boards recently found that Let’s take Amazon’s artificial- neers to become abstracted from @davidallengreen only one in nine senior UK tech intelligence-powered Rekognition their audience, especially when a leaders come from black, Asian or service as an example. It came is a challenge. Doing so without a product needs to be delivered in a On that Scotland poll: minority ethnic backgrounds. under fire after it incorrectly product team that reflects all con- limited timeframe, and turning – It’s just one poll This is a pressing challenge, since matched pictures of US Congress sumers? Nearly impossible. numbers on a screen into tangible – It’s within the margin of error it has been proven time and again members to mugshots of sus- Unconscious bias is deeply em- human experiences can be a chal- – It’s just one poll that diversity drives success – re- pected criminals, and was called bedded in society, as numerous ac- lenge in itself. – This might be a short term Boris/no gardless of industry. out as potentially damaging to ademic studies have shown. Not But becoming more customer- deal talk effect And if organisations in the tech- communities of colour. only does this impact our daily centric should be a goal that all or- – Or it might be long term, especially if nology sector are to prosper, then This is a symptom of an uncon- thoughts, processes and actions, ganisations strive for – and it is no deal actually happens diversity should be a boardroom scious bias that is holding product but this also has an inevitable im- diversity that holds the key. – Or it might be an outlier priority. While this issue is one development back around the pact on the work that we do, as – Because it’s just one poll that can define the success of a world. Producing facial recognition well as the projects we work on. £ Claire Vo is senior vice president of @harrydcarr business, it also has wider ramifi- tools that match a diverse populus Eliminating unconscious bias product management at Optimizely. CITYAM.COM TUESDAY 6 AUGUST 2019 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam The next stage of the cannabis DEBATE comeback will happen in Japan Are professional traders becoming obsolete? ANNABIS has long been part them all is becoming unaffordable. Trading as we know it is certainly of traditional medicine in Marc It’s also why many now expect Japan becoming obsolete. Financial Asia. In Japan, the earliest Davis to become one of the largest medical instruments will always be traded, but Ctraces can be found as far cannabis markets in the world within the traditional isolated trading model back as 8,000 BC – this may be the next decade. Prohibition Partners’ we know today will soon be consigned YES the earliest ever recorded. report says that this market could to the past. MIKE READ It is only since the mid-twentieth reach $800m by 2024. Platforms that connect individuals century that usage has become heavily The advantages of doing so are obvi- wanting to trade in the financial space point-and-click traders. This trend has restricted, due to changing western ous. Faced with the dilemma where are now the future. We’re witnessing in been amplified by the change in opinions and the enforcement of UN advances in medical treatments con- real time the transition from trading European margin requirements. drug treaties. As a result, attitudes cannabis be reclassified to reflect the tinue to put further strain on univer- alone to trading with friends to auto- Restrictions on trade volumes have across Asia have now become some of mounting evidence of its medical ben- sal healthcare systems around the copying or “managed accounts”. led new entrants to look for precision the most conservative in the world. efits? It is not because of any change world, medical cannabis is an inex- The simple premise for this evolution is tools, and with no capacity for trial and However, that stance is beginning to in Japan’s conservative values – it is in- pensive and effective alternative to to gain exposure to profitability. error, users are now turning to systems soften. Thailand’s recent legalisation stead an economic imperative. many treatments, especially as it is People are hunting for help from the with a proven track record to trade for of medical cannabis represents a wa- For a while now, Japan has been fac- now widely viewed as a non-toxic and best traders, and the model of isolated them. This is here to stay. tershed moment for the continent as ing a financially draining national cri- non-addictive substitute for pricey trading will soon be gone. We are now they followed the lead of South Korea, sis that Prime Minister Shinzo Abe prescription drugs. seeing brokers report up to 70 per cent £ Mike Read is chief executive and co- who surprised many to become the wants to avert. The reason is that And signs indicate that Japan’s polit- of trade volume from non-traditional founder of Pelican Trading. first east Asian country to legalise Japan’s senior citizens currently enjoy ical leaders are aware of this. In 2016, medical cannabis in November 2018. the world’s longest life expectancy, liv- the use of cannabidiol oil (CBD) be- Experts now predict that other coun- ing for 85 years on average. This means came legal and the market has almost tries in the region will follow suit and that 33 per cent of the population is doubled in size year-on-year. In 2018, legalise the plant for medicinal pur- now over the age of 60, and that is pro- the government approved a clinical Traders have traditionally been used to poses. Prohibition Partners estimates jected to reach 40 per cent by 2060. trials for Epidiolex, a cannabis com- compile and adjust odds, as well as that by 2024 the legal cannabis mar- In fact, annual Japanese healthcare pound that helps treat epilepsy, and manage financial risk. Thanks to ket in Asia – which is home to more expenditure grew at a pace 40 times about 40 farmers have been granted technology and increased access to NO than half the world’s population – faster than the economy from 2000 to licences to grow plants so further re- data, betting opportunities have grown could be worth upwards of $8.5bn. 2016 – the region’s spending on search can be conducted into CBD. rapidly in recent years. DARREN SMALL And it’s estimated that Japan and healthcare is estimated to reach $2.7 If laws are relaxed further, Japan can As artificial intelligence continues to China could share 90 per cent of this trillion by 2020. For a country with a then attract the expertise of foreign revolutionise the industry, some argue experts, data scientists, and market – even though conservative at- shrinking number of taxpayers and cannabis firms, ironically from the that trading could become an entirely mathematicians, and combine this titudes in the two countries have be- the highest national debt in the world same western nations that originally automated process, ruling out the with cutting-edge technology, are come predominant, with laws that are (235.96 per cent of its GDP), treating convinced it to demonise marijuana. need for traders. able to take a more quality approach still far stricter than in Europe or the Within a few short years, this legal But there is a different approach. to trading. US. This is evidenced by comparing and cultural transformation could Technology struggles to handle all Automation has undoubtedly come a recreational usage, where only 1.4 per By 2024, the legal herald a vibrant multi-billion dollar qualitative factors – such as player long way, but evolved, expert human cent of people aged between 15 and 64 cannabis market in domestic Japanese medical cannabis injuries or the weather in sports traders will always be vital in managing in Japan have ever tried cannabis, com- market that is open and accessible, trading, for example. These elements, the exceptions when it comes to pared to 29 per cent in the UK and 40 Asia could be worth making for another curious tale in from a calculation perspective or technology-driven systems. per cent in the US and Canada. upwards of $8.5bn the cannabis comeback. without real-time data points, affect So why is the Japanese government probabilities and prices. £ Darren Small is managing director of now looking to heed the World £ Marc Davis is president of Capital Data providers that hire specialist trading services at Sportradar. Health Organisation’s proposal that Markets Media.

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Our series on AI, Blockchain, Cryptoassets, DLT and Tokenisation PARTNER CONTENT

CITY A.M.’S hat was the biggest aha mo- Wment? A simple way to explain CRYPTO INSIDER Blockchain without getting buried in cryptography and deep tech. JAMES BOWATER The example is easy to understand and share - and it is an explanation that a lot BLOCKCHAIN lobal uncertainty seems to be the theme of blockchain pros will absolutely hate! Gdominating headlines and social A Blockchain is an Excel sheet with media streams. The list is alarmingly protected cells and potentially some long as the crisis in Iran continues with macros. Lots of unrelated people have EXPLAINED 101 another tanker being seized; India has identical copies of the Excel sheet. Any significantly ramped up tensions with single individual can update the Excel Pakistan by revoking Kashmir’s special sheet, but only one at a time. And autonomous status cutting off all that’s it. communications and deploying 10,000 troops - So now let’s take that apart. let’s not forget that Pakistan and India are both nuclear powers; “A Blockchain is an Excel sheet...” the 30-year old Intermediate Range Nuclear Treaty between the You may have heard Blockchain re- US and Russia abandoned, the US-China trade war is escalating ferred to as a ledger. Ledger’s contain in- widening to include currency devaluation; Venezuelan inflation formation related to business has exceeded one million percent and the Hong Kong protests transactions. In a Blockchain, you can are spooking investors with China almost certainly about to lose record data related to verification, trans- patience before a totalitarian crack down on the ‘Special fer and transformation of an asset. And Administrative Region’. you can query a blockchain to track and What does any of this have to do with the Crypto Market? trace and asset. Each record in a Since last week’s Crypto AM and at the time of writing, Bitcoin blockchain will include a transaction ID, (BTC) is up 24% at US$11,727.50; Ethereum (ETH) is up 12% at timestamp, source, destination and US$234.76; Ripple (XRP) is at US$0.3283; Binance (BNB) is at units of value transferred. You can put US$28.23 and Cardano (ADA) is at US$0.05782. Overall Market the same information into a single row Cap is up circa 18% at US$310.35bn (data source: in an Excel sheet. You can select several www.CryptoCompare.com) rows in the Excel sheet (several transac- Yesterday I spoke with my friend Naeem Aslam, Think tions) and agree that this group of rows Markets’ Chief Analyst, to get his feel: “Bitcoin has soared over be called a block. 200% year to date, outpacing all the top three coins by a huge “...with protected cells…” margin and I think it is highly likely that Bitcoin could easily top An Excel sheet allows for cells to be this year’s high of $14,000. The bitcoin price had several battles protected using a password. This means with the 50-day moving average during the past few weeks, but that cells are still readable, but that you finally the bulls have conquered this battle field.” can no longer change, edit, delete or On the new currency war. “The Chinese Yuan crossed the level amend the contents of these cells. of $7 for the first time and this is only because China clearly Blockchains work in much the same wants to devalue its currency. Donald Trump will have no way in that once information has been choice but to actually retaliate against this action and he will do written into the Blockchain you can no everything in his power to not let Beijing to win this war. The longer edit, delete or amend the infor- escalation in the currency war means that the Fed will have to mation. In Blockchain core principles adopt ultra-dovish monetary policy, odds for another interest we refer to this as the data as being im- rate cut have jumped, and the only direction for the dollar mutable. index is to the downside. We all know what does this mean for “Lots of unrelated people have identi- Designed by database run by a single entity, like a blockchain and then come to a consen- Bitcoin: it is going to explode and continue to move higher.” cal copies of the Excel sheet.” Phill Snelling, bank, multiple people have a complete sus as to the current state of the As I mentioned last week the first official London meetup of This is not the same a Google Drive Bowater Media copy of all of the transactions in the blockchain as well as the validity of any Binance took place with Founder Changpeng ‘CZ’ Zhao taking where many people have access to the blockchain. future transactions. centre stage reinforcing how approachable he is - I believe he same information. Instead, we are talk- The more people who have a copy of “Any single individual can update the met and shook hands individually with every single one of the ing about multiple people having iden- the blockchain, the more secure the Excel sheet, but only one at a time” 300 attendees - it was extremely impressive! For now Binance’s tical copies of the Excel sheet. In the blockchain. Why? Because it becomes in- Anyone in the network has the right to only footprint in the U.K. is Jersey There are no immediate plans same way, multiple people have a copy creasingly difficult for the data to be cor- add a new block of transactions to the for a London office although, post Brexit, who knows? What he of the data in the blockchain. In rupted either unintentionally or Excel sheet. In blockchain principles, we made clear to me is that CZ is committed to spending much Blockchain principles we describe this intentionally by a bad actor. Everyone refer to this as being decentralised. In a more of his time in Europe. as being distributed. Unlike a classic can see everyone else’s copy of the blockchain, there is no central authority

anything and register it, and it then becomes unassailable." Shatner has bold Crypto A.M. ambitions for the blockchain space! Vinay Gupta, CEO of Mattereum says “I want to create a world in which physical things tell us their own stories, can be shines its Spotlight searched like the web, bought, sold, optioned, composed - physical things which work like both data and financial instruments. Intelligent search for precise on Mattereum physical objects will revolutionize manufacturing, particularly in fields like attereum is a London fintech IDChainz on identifying people for the aerospace and medical.” Gupta has quite a Mstartup that knows how to get blockchain ecosystem, but adds an aspect track record in the blockchain space: he was physical assets on the blockchain, of “skin in the game” to get object the project manager for the Ethereum securely audited and correctly accounted verification experts like curators, assayers, launch (and before that a refugee camp for. They see blockchain is a tool for valuation professionals and others to bring designer - his hexayurt shelter is all over the enabling trade: not just for decentralizing their expertise into the blockchain space. Burning Man festival.) finance, but for managing supply chains Asset tokenization companies, as well as The booming market for tokenizing assets and bringing digital methods to bear on the supply chain finance firms like SweetBridge, like real estate shows how big the appetite is real world. rely on secure and correct physical asset for the blockchain to break into the real Their first product, the Mattereum Asset records on chain too. Matterum’s huge world. Mattereum’s vision of a world in Passport, provides a legal and technical potential has generated a lively buzz among which all manufactured goods have a framework for pre-auditing physical assets, both blockchain and traditional VC firms on blockchain “digital twin” that works like any and putting those audited assets on the other blockchain financial asset is blockchain. An item - initially memorabilia, compelling. Gupta adds “one day every but in theory any asset class from art to important purchase a person makes will industrial components - has expert opinions have a blockchain register for guarantees, from people in the know. Their assertions Gupta has quite a Vinay Gupta, Founder maintenance, resale, insurance, all built into about the asset are tied to indemnifications & CEO of Mattereum the same digital twin. We will look back and or insurance policies in case of error. As the track record in the wonder why we ever did it any other way.” Mattereum team joke, “it’s true or you can Merging the digital and the physical world sue!” blockchain space: both sides of the atlantic. startup - and the first live user of together has a big future. The trend can be The Asset Passport directly parallels the project managing Screen legend William Shatner’s Third Mattereum’s technology. In a recent found everywhere, from virtual reality to the work done by Self Sovereign Digital Identity Millennia is a consumer goods and interview with Forbes, Shatner said of the fourth industrial revolution. The future is firms like Sovrin, uPort, or London’s own the Ethereum launch Hollywood memorabilia authentication new partnership "we can authenticate integrated. CITYAM.COM TUESDAY 6 AUGUST 2019 FEATURE 17

E: [email protected] @CityAm_Crypto In association with

erate on the contents of the blockchain. CRYPTOCOMPARE MARKET VIEW They must be called explicitly and they may have connections to services in the real world. As many of the transactions on the blockchain are underpinned by New FCA Guidelines Welcomed business agreements, the code may re- flect the terms, obligations and commit- ments written in a real-world contract by UK Crypto Industry and they may operate in an automated fashion - hence the name smart con- he UK’s aspiration to be a world- $200 ahead of the weekly open, ether’s tracts. leading crypto hub received a boost value grew 10% over the week to trade at So a blockchain is just a shared Excel Tthis week as the Financial Conduct the time of writing at $229. Despite some sheet with protected cells which might Authority (FCA) published revised strong individual performances, with Tezos guidelines on its treatment of cryptoassets. (XTZ) for example surging more than 44%, The guidance, which followed on from a the altcoin market has continued to draft proposal published in January and a consolidate, hovering around a combined 90-day consultation period with crypto- market cap of $90 billion. BTC dominance related businesses and associations, has increased over the week, currently A Blockchain is signalled the FCA’s intention to avoid sitting at 68%. heavy-handed regulation on the trading of Key assets to watch this week include an Excel sheet with cryptoassets such as bitcoin and ether Litecoin (LTC) and Tron (TRX). Litecoin saw protected cells (ETH). The pragmatic approach was its much-anticipated halving event on 5 welcomed by industry body CryptoUK. August, reducing miner rewards from 25 to and potentially In the markets, Bitcoin (BTC) has 12.5 LTC per block. With the run up to some macros. continued to defy bearish expectations. A halvings usually creating a price surge, rally to $9500 ahead of the weekly open litecoin is currently trading at $95, having provided strong momentum for the asset reached a high of $146 in June. Tron have some macros. to rise more than 23% over the week, meanwhile, maligned in recent weeks You can even use this example to eval- surging past $11,000 to trade at the time of following reports of regulatory issues in uate opportunities or projects within writing at $11,719. Ether (ETH) also China, is due to enhance the capacity of its your enterprise. All you need to do is ask benefited from the wave of bullish content-sharing platform with the launch the question: momentum. After slipping back below of the Sun Network on August 10th. “Would I do that in an Excel sheet which I had to share with lots of peo- ple?” It really focuses your attention on what data, how much data, and the value of sharing that data between mul- CRYPTO A.M. INDUSTRY VOICES tiple distrusting parties. With this in mind, many more productive conversa- tions are possible within your enter- prise. Blockchain could help James Bowater in conversation with Troy Norcross, Co-Founder of Blockchain scourge of doping in sport with the exclusive right to update the in- update to the rest of the network. Rookies and Crypto AM regular formation in the blockchain. “...and potentially with some macros.” contributor. Get in touch with him through In order to prevent conflicts, only one Some Excel sheets include macros. [email protected] / Twitter s an avid believer in blockchain Yang is at the heart of another doping individual is able to update the These are small pieces of software code. @igetblockchain technologies, I’m constantly scandal, having already served a ban 2014 blockchain at a time and once they com- Macros operate on the contents of the Athinking of innovative ways to he is set to appear in front of a court of plete the process, they send an update Excel sheet. They have to be triggered to IMPORTANT INFORMATION: THE VIEWS AND utilise this technology. As you’ll know arbitration accused of destroying his to everyone who holds a copy of the run and they may connect to various OPINIONS PROVIDED BY CITY A.M.'S CRYPTO from the other pieces I have written for blood samples with a hammer. Yet he is Excel sheet so that they can update their services in the outside world. Some INSIDER AND IN THE CRYPTO A.M. SECTION Crypto AM, I do not think blockchain is still allowed to compete and, what’s own copy. The same is true in Blockchains, not all, have the ability to SHOULD NOT BE TAKEN AS INVESTMENT OR the solution for everything. more, is that Brit Duncan Scott received blockchain, anyone can add a new block support smart contracts. Smart con- FINANCIAL ADVICE. ALWAYS CONSULT WITH I play ice hockey at a semi-profes- a warning for his conduct when he re- of transactions and then advertise the tracts are small pieces of code which op- YOUR FINANCIAL ADVISOR. sional level, I’m actually in New fused to acknowledge him on the Zealand playing for the Skycity Stam- podium. pede right now. I also studied Sports I firmly believe that you should be sus- Performance at the University of Bath pended from competition until you are before life led me to blockchain. Ever proven innocent. WHAT IS A since then I have been hypothesising Where does blockchain fit into this? ways that I could draw together my two Many sports are in turmoil with athletes CRYPTOCURRENCY ANYWAY? passions – sport and technology. failing drug tests at an alarming rate. This led me to read about the utilisation With modern technology, both in terms of blockchain technology in doping of testing and also in terms of spreading Jon Walsh, Associate Partner Blockchain Rookies within sports. This, of course, is not my news of failure, I am amazed athletes still original idea but it is certainly something do it. But they do, and here we are. Sport ith so many of these things project taking advantage of this new applications. that piqued my interest and having re- as a whole is fighting an uphill battle to available to buy or trade, how technological advancement of All of these coins and tokens searched the subject I believe there are remain scrupulous in the eyes of the pub- Wcan anyone tell the difference Blockchain. Some are for currently fall under the umbrella of some serious legs in this. lic, and blockchain can be used to create from one “cryptocurrency” to another? cryptocurrencies and some for tokens cryptocurrency. In time, the title will WADA (World Anti Doping Authority) a globally shared inventory of all athletes To the purists, a cryptocurrency must to be used for other purposes. likely change to the category of Digital analysed over 300,000 athlete samples in and samples taken that can be shared se- exist on a protocol which is fully There are now a multitude of Assets with each entity having a clear 2016. This in itself is not a large number, curely and cannot be tampered with. decentralised, permission-less and different tokens and coins in different delineation for clarity of purpose. and as a standalone data point would not WADA goes to great to lengths to ensure publicly accessible. This is the case categories including privacy coins, There are clear ideas as to what lead me to believe that this needs to be that they maintain their integrity, to the with bitcoin. The advantage of having dApp tokens, security tokens and makes a cryptocurrency over what is put onto a blockchain. However, this is extent of making press releases about these characteristics is that network coins. Most recently Libra has merely a token. Unfortunately, today sport and there are vast variables that their tamper-proof sample containers, but cryptocurrencies are inherently been proposed in a white paper from there is not broad agreement in the reach much farther than what is on the that is not to say that on a state level these censorship-resistant, unable to have a Facebook. While to the purists, Libra community, by governments or by surface. records could not be doctored by the local 3rd party assert control over who uses cannot be viewed as a true industry. The sooner we get to On the world stage there is a huge authorities. In 2016 the RUSADA was it, and what they chose to do with it. cryptocurrency, as it is neither standard accepted definitions, the amount of equity in sentiment and how found to be tampering with their samples Cryptocurrencies create a completely permissionless nor public, it quite sooner the market can move forward. sports are perceived by the general pub- within a WADA approved facility. new paradigm for money. clearly intends to be a digital currency lic. This is where the tricky part comes As bitcoin’s brand and value has to be used as a medium of exchange Get in touch with us Cycling? Doping. Russian athletes? though, any time there is a bridge be- grown, there have been many people and value transfer with initial use [email protected] / Drug cheats. tween technology and the physical world who have wanted to create their own within the Facebook family of Twitter @igetblockchain Only recently in Australia, there has there is an opportunity for tampering. been a scandal surrounding Olympic We must trust the data going on to a swimmer Shayna Jack and how she had blockchain for it to be a valid point of ref- tested positive, but it was kept under erence. We can reduce the risk, but to be- wraps until a decision had been made by lieve it can be eliminated would be naïve. WADA. This is due to an internal ASADA I haven’t figured this one out yet, but I (Australian Sports Anti Doping Authority) will be watching this space. process but the point remains. There needs to be more transparency around Alastair Band, defenceman for Skycity this. Stampede and Partner at Verum Ventures Sticking with swimming, China’s Sun [email protected] 18 SPORT TUESDAY 6 AUGUST 2019 CITYAM.COM SPORT Hosts left with tough questions after painful first Test thrashing, writes Felix Keith

N THE END England surrendered the first Ashes Test meekly. The 251-run margin of defeat was unimaginable on the opening day, when Australia were reeling on I122-8 at a raucous Edgbaston. And unimaginable for good reason: Eng- land have made history, registering the biggest loss of any Test side to have claimed a first-innings lead of 90 runs or more. England did, of course, run up against the best batsman in the world, who played his best ever Test match to score a match-swinging 286 runs over 11 hours at the crease. Steve Smith was a very worthy man of the match. Also, amid the Birmingham gloom, there were some positives. A gritty maiden Test century for Rory Burns to ease the perennial opener issue, at least for now. A 17th Test match five- wicket haul for Stuart Broad. An all- round impressive contribution from Chris Woakes. But really, considering the stage, the significance of the occasion and the position they found themselves in, this result can’t be framed as anything ENGLAND ON other than a crushing defeat. With a 1-0 deficit and an in-form and fired-up opposition to face at Lord’s on 14 August, the repercussions will be great. THEIR KNEES ANDERSON BLOW “It was hard losing Jimmy early on, but these things happen.” That was how captain Joe Root attempted to Whoever replaces Anderson – be it ture of Denly’s performances suggest While Australian off-spinner Nathan FRIED MINDS play down Jimmy Anderson’s calf in- Jofra Archer or Sam Curran – England he doesn’t have what it takes to make Lyon showed his credentials, bowling Worryingly, Denly and Moeen are far jury which significantly weakened will hope Lord’s helps them swing the the step up. brilliantly to take nine wickets, includ- from the only two out of form. If they England’s attack just eight overs into new ball. With Australia recharging their bat- ing 6-49 in the second innings on a are going to bounce back and come the match and could force a rethink of tery of fast bowlers over the next helpful Edgbaston pitch, Moeen from behind to win the Ashes, Eng- their strategy over the series. DENLY ON THIN ICE week, with the potential for a fresh looked shot, drained entirely of the at- land need vast improvements from England haven’t put a timeframe on While Burns’ 133 was a very welcome Mitchell Starc to be unleashed, who- tributes England want from him. the core of their team, which has gone Anderson’s return but, whatever the boost to England’s top order prob- ever does bat No4 in the second Test His batting has fallen off a cliff and, from being a dependable powerhouse prognosis, their bowling attack, which lems, Joe Denly’s place requires ac- can expect to be tested. at the moment, his bowling is far to a collapse waiting to happen. is also without the injured Mark tion. Root moved up a place to No3 to from pulling its weight either. “It gives us a chance to get away, re- Wood, will be tested. protect the 33-year-old, but to no avail, MERCURIAL MOEEN Somerset’s Left-arm spinner Jack group, and make sure this doesn’t Much was made of England’s deci- with unconvincing scores of 18 and 11 Moeen Ali is the ultimate confidence Leach, who was man of the match have a hangover effect,” said Root of sion to insist on a batch of Dukes balls – alongside ineffectual leg-spin – leav- player. He is the top wicket-taker in against Ireland – albeit for his batting the nine-day gap until the next game. like those used against India last sum- ing him open to the chop. Test cricket over the last 12 months – could return to the side at Lord’s, World Cup heroes Jos Buttler and mer. But the fact they didn’t offer There is always an argument that se- and yet after one poor game he looks the scene of his brilliant innings of 92, Jonny Bairstow, who contributed 20 much swing played into Australia’s lectors can act too early, that frequent likely to lose his place in England’s allowing Moeen some time out of the runs between them in four innings, hands. change creates instability, but the na- side. spotlight. must use the time well. Sit back and enjoy big guns doing battle for $15m FedEx Cup ITH a $15m top prize for GOLF Masters, which is a shame; Dustin friends, family and supporters every- breakthrough. the winner, the FedEx Johnson has had a so-so year by his where you look can create extra pres- England’s Georgia Hall couldn’t de- Cup play-offs, which COMMENT very high standards. sure, or the whole experience can fend her title at the Women’s British begin this week at the I fancy Tommy Fleetwood to be spur you on. Open but the event did see the emer- Northern Trust and con- Sam bursting to do something this For 26-year-old JT Poston, who gence of another exciting new talent cludeW with the Tour Championship week, having gone so close at landed his first win on the PGA in Hinako Shibuno. later this month, have become a huge Torrance The Open last time out. He Tour at the Wyndham Champi- Despite this being her first Major event in the golf calendar. was also runner-up at the onship on Sunday in his native and her first tournament outside of The format of the competition 2018 US Open at Shinnecock North Carolina, it was her native Japan, the 20-year-old saw doesn’t always make it easy to follow Hills which, like this week’s certainly the latter. off more experienced rivals with an but the rewards on offer ensure top also had a great year albeit without tournament at Liberty Na- And if that wasn’t incredible back nine of 31. Well done quality fields for the three play-off ending his wait for another Major. tional, was held a stone’s special enough, Pos- to her. events which represent the climax to For others, the play-offs offer a throw from New York ton did so without Finally, I was deeply saddened by the PGA Tour season. So let’s sit back chance to end the season on a high City. Open winner dropping a shot, becom- the passing of Gordon Brand Jnr last and enjoy it. note. Justin Rose won the FedEx Cup Shane Lowry, mean- ing the first man to go week. World No1 Brooks Koepka and Rory last year and repeating that feat while, has had time bogey-free on his way to a We spent 40 years on tour together McIlroy occupy the top places in the would be a great way to finish 2018- for partying and re- PGA Tour title since the and he became one of my dearest FedEx Cup standings and there’s an 19; Tiger Woods will hope to reach the flection and he’ll now great Lee Trevino in 1974. friends. Rest in peace, Gordon. intriguing battle in prospect between Tour Championship and defend the be excited to get back to work as What a way to make your those two. crown he won so memorably in 2018; a Major champion. Sam Torrance OBE is a multiple Ryder Cup- US PGA champion Koepka is in the Francesco Molinari has done nothing Playing in your local area can go Justin Rose won the winning golfer and media commentator. strongest shape while McIlroy has since his final-round collapse at the one of two ways: the presence of FedEx Cup last year Follow him @torrancesam CITYAM.COM TUESDAY 6 AUGUST 2019 SPORT 19

Football slow to SPORT DIGEST change despite MAGUIRE JOINS UNITED IN WORLD RECORD £80M DEAL warnings, writes £ Manchester United yesterday Michael Searles completed the signing of England defender Harry Maguire for a world- HEAD record fee of £80m from Leicester City. T THE end of last season Uefa The 26-year-old, who has agreed a six- president Aleksander Ceferin year deal with United, eclipses Virgil van called on Fifa to introduce new Dijk, who cost Liverpool £75m from concussion protocols, stating Southampton in January 2018, as the they “need updating to protect INJURY world’s most expensive defender. bothA the players and doctors”. “From my conversations with the It came after a year in which a number manager, I am excited about the vision of footballers, including Tottenham’s and plans he has for the team,” he said. Jan Vertonghen in a Champions League semi-final, were allowed to play on after TOO DARN HOT RETIRED suffering a blow to the head before later POLICY AFTER SUSSEX STAKES WIN being removed from the field. £ Too Darn Hot, winner of the Qatar Goalkeepers David Ospina and An- Sussex Stakes at Goodwood, has been thony Lopes and defender Fabian Schar retired after sustaining a career-ending – who was completely knocked out – leg injury. The two-year-old son of were all also allowed to continue despite Dubawi, trained by John Gosden, head traumas before being substituted STILL underwent surgery on a hairline during matches last season. fracture and will now stand at stud for And while the medical staff involved the 2020 season. “The injury is not life have come in for criticism, the need for threatening and he should make a full football to introduce new concussion recovery,” said Simon Marsh, racing and regulations has become increasingly ap- bloodstock manager for owners Lord parent as the Premier League prepares A SORE and Lady Lloyd-Webber. for its big kick-off this weekend. The Football Association and world BELGIAN CYCLIST, 22, DIES governing body Fifa’s current guidelines AFTER CRASH IN POLAND dictate that players who lose conscious- £ Belgian cyclist Bjorg Lambrecht has ness should not return to the field, but died aged 22 after crashing on the Tour POINT of Poland. Lambrecht was taken to that is only a symptom in around 10 per cent of concussion cases. hospital by helicopter following an Additionally, it is not a protocol shared accident 60 miles from the end of stage by European governing body Uefa, high- three from Chorzow to Zabrze but later lighting the lack of universal legislation pendent doctors, rather than club plays specifically designated for this the lack of time players spend recover- died. “The biggest tragedy possible that that must be adhered to. medics, should make the ultimate deci- role, must undergo a comprehensive as- ing, with current guidelines advising could happen to the family, friends and Fifa did, however, adopt Uefa’s three- sion as to whether or not a player is fit sessment with a doctor and unaffiliated them to take six days off. teammates of Bjorg has happened... minute assessment policy for the 2018 to continue.” neurotrauma consultant. A study published in the American Rest in peace Bjorg,” said his team, World Cup. But during that tourna- It’s a system that other professional Journal of Sports Medicine last month Lotto Soudal, in a statement yesterday. ment Morocco fielded defender Nordin sports have already implemented. NEW PROTOCOLS? revealed Premier League players missed Amrabat in a match five days after he A head injury assessment (HIA) was in- Even in a non-contact sport like cricket just 10.9 days, or 0.6 games, on average MAUPAY JOINS BRIGHTON AS was hospitalised and lost six hours of troduced in Rugby Union following the where concussion is less common, the following a concussion, compared with PALACE SNAP UP CAHILL memory. That incident came just a 2015 World Cup, allowing a team or in- county game last year implemented 37 days, or 7.3 games, for top-flight foot- £ Brighton have bolstered their attack month after then-Liverpool goalkeeper dependent matchday doctor to conduct rules that allow an on-field assessment ballers in the US. by signing Brentford striker Neal Loris Karius suffered an undiagnosed a 10-minute off-field assessment while a for five minutes with the possibility to It also revealed Premier League players’ Maupay for £20m. Maupay, who scored concussion midway through the Cham- temporary substitute replaces them. use a concussion substitute if deemed performances suffered a dip following 25 goals for the Bees last season, pions League final. Anyone displaying symptoms of con- necessary. The laws were changed after their return that the US players didn’t, penned a four-year deal with the cussion is permanently removed from research revealed that around 15-20 and it is perhaps owing to the concus- Seagulls yesterday. Meanwhile, Crystal CONCUSSION SUBSTITUTIONS the game, while all players who need as- players a season had suffered a concus- sion storm that embroiled the NFL that Palace have signed defender Gary The pressure has since ramped up on sessment must be re-evaluated within sion due to being hit in the head by the American sports appear to be taking the Cahill on a two-year contract after the Fifa to introduce new laws to protect three hours of the final whistle and ball and the international game has issue more seriously. 33-year-old was released by Chelsea. players from serious, long-term damage. again two days later. since followed suit. Fifa is understood to be looking into Temporary substitutions is one solution In NFL, a sport that faced multi-million Repeated blows to the head can lead to new protocols, but declined to specify KONTA BEATEN IN CANADA supported by brain injury association dollar litigation over is treatment of the onset of chronic traumatic en- what they might look like or when they ON WIMBLEDON RETURN Headway. “Assessing a player for three head injuries, the rules are now even cephalopathy (CTE), and a recent study might come into effect. £ Johanna Konta was beaten by minutes does not allow medical staff to more rigorous. Any player showing con- led by the University of Glasgow discov- “Fifa regularly monitors the situation Ukrainian teenager Dayana Yastremska make a reliable diagnosis,” says Head- fusion, amnesia or a lack of conscious- ered that former footballers and rugby of head injuries, maintaining constant at the Rogers Cup in Canada yesterday. way chief executive Peter McCabe. ness is permanently removed from the players with dementia were six times contact with current and on-going stud- The British No1 lost 6-3, 6-2 in one hour “Football should trial temporary con- field. Players involved in an incident more likely to suffer from CTE, revealing ies on this matter and reviewing our and 21 minutes to the 19-year-old in her cussion substitutions that would allow with the head, which can be identified the multitude of long-term brain ill- protocols,” a spokesperson said, refer- first match since her defeat by Barbora longer off-pitch assessments to be con- by the team doctor, an independent doc- nesses that head traumas can cause. ring to their current “when in doubt, sit Strycova in the quarter-finals at ducted. It’s also imperative that inde- tor, or “spotters” with access to video re- There are additional concerns about the player out” recommendation. Wimbledon last month. TRANSFERTRRAANSFAN RER NEWS WON’TWWOON’N T WINN YOUYOU ££250K.K052 K Betway’seB ttwwwaay’’ss 4 ttoo ScoreS oc rree might.m .thgi HeeddeeH YourYYoourr HunchHun hc forfor a freeffrree chancec cnah e ttoo winwin ££250K.K052 .

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