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RED BOX, RED MUNCH WITH A MUNCH ALERT? WE LOOK NO SCREAMS IN THESE AHEAD TO THE GALLERY EATERIES P22-23 BUDGET P20 WEDNESDAY 4 MARCH 2020 ISSUE 3,569 CITYAM.COM FREE

Startups and watchdog in FIRST EMERGENCY merger row JAMES WARRINGTON @j_a_warrington BRITISH startups were yesterday plunged into a bitter war of words with the RATE CUT SINCE ‘08 competition watchdog as the two sides clashed over the WALL ST SLIDES DESPITE FED’S DRAMATIC INTERVENTION regulation of major mergers. Industry body the Coalition HARRY ROBERTSON The shock move was the first time the respond to an expected demand slump. not rule out following the US example for a Digital Economy (Coadec) AND ANNA MENIN Fed has cut rates between scheduled Australia slashed rates to a record low with an emergency rate cut. penned a scathing letter to meetings since 2008, at the height of the of 0.5 per cent yesterday and investors The Bank’s Monetary Policy Commitee chancellor Rishi Sunak @harrygrobertson @annafmenin financial crisis — but US markets still are betting on a cut from the Bank of meets on 26 March, overseen by new warning that the Competition THE US Federal Reserve slashed interest finished significantly down on the day. Canada when it meets today. governor Andrew Bailey. and Markets Authority (CMA) rates yesterday at an emergency meeting It lowered the bank’s interest rate Outgoing Bank of England governor However, both Powell and Carney risked “killing” British tech as policy makers around the world range to between one and 1.25 per cent. Mark Carney yesterday signalled that stressed they do not view coronavirus as firms by launching lengthy vowed to contain the economic fallout Powell said the central bank had seen Threadneedle Street would be prepared a 2008-level event. Powell said the US investigations, while global from coronavirus. signs that the virus was damaging the to cut rates to “help UK businesses and economy is strong and “will get to the rivals were free to pull ahead. Fed chair Jay Powell said the 50 basis travel and hospitality industries as well households manage through an other side of this”. “The recent actions of the point (0.5 percentage point) cut came as supply chains, adding it “poses economic shock that could prove large Carney said: “The prospect with this CMA reflect an ignorant one- after rate-setters had witnessed the evolving risks to economic activity”. but will ultimately be temporary”. situation is that we will have disruption size-fits-all approach to tech “broader spread of the virus” and “come Many analysts said the Fed’s move is He told MPs the Bank will “take all not destruction.” acquisitions, investment and to the view that it is time for us to act in likely to herald the start of a global rate- necessary steps to support the UK mergers that can only damage the support of the economy”. cutting cycle as central banks seek to economy and financial system” and did £ CONTINUES ON P2 the tech ecosystem in the UK,” Coadec executive director Dom Hallas wrote in a letter, seen by City A.M. The watchdog has made a number of high-profile interventions in recent tech deals, including Just Eat’s merger with Takeaway.com and Amazon’s investment in Deliveroo. Hallas said these risked deterring both scaling companies trying to grow in global markets and the investors backing them. Coronavirus worries But the CMA yesterday have hit the US hard, returned fire, insisting as Wall Street suffers instead that regulators had under volatile markets not come down hard enough on tech firms. THE CITY VIEW P2 AIRLINES WARN WORSE YET TO COME P5 SHOULD WE READY FOR A RECESSION? P15 £ CONTINUES ON P3

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10-13 MARCH 2020 CHELTENHAM 02 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM

MODEL BEHAVIOUR Chanel hits the runway as Paris Fashion Week storms ahead despite growing coronavirus outbreak fear THE CITY VIEW The biggest economy in the world is scared

HE FINAL weeks of 2019 saw the traditional flurry of analysts and market commentators raising the prospect of Tso-called black swan events in 2020. Looking back through these notes today, one is confronted with a range of nightmare scenarios ranging from military conflict in the South China Sea to the collapse of a major investment bank and global food shortages caused by climate change. Other scenarios included Apple buying Disney, the US introducing capital FASHION pundits yesterday flocked to the Chanel controls and Hillary Clinton bagging a surprise victory in the US show during Paris Fashion Week despite warnings over the spread of coronavirus. Last week’s string presidential election. The closest anyone came to raising fears of of runways in Milan saw fashion brand Dries Van a global pandemic was a prediction that China’s swine fever Noten hand out surgical masks for audience would spread beyond the country borders. We now know that members, while Chinese labels cancelled shows as something far worse emerged from the food markets of Wuhan, the virus began to gain force in Italy. Yesterday’s Chanel show, led by creative director Virginie Viard, and yesterday the US Federal Reserve intervened with its first marked a stark style departure from her emergency cut to interest rates since predecessor Karl Lagerfeld who died last year. the collapse of Lehman Brothers in October 2008. The Fed’s decision is hugely significant. The world’s largest economy has looked to the horizon, There is no and shuddered at what it’s seen. Fed doubt that the UK construction chair Jerome Powell said yesterday virus will take World Bank puts that the rate cut “won’t reduce the a bite out of rate of infection, won’t fix a broken global growth sector bounces supply chain,” but would “provide a meaningful boost by preventing further tightening of financial conditions.” As of last night, the US markets weren’t responding up $12bn funding after election to his antidote. Attention now turns to the Bank of England, HARRY ROBERTSON with a swarm of economists now predicting a cut when the Monetary Policy Committee next meets. Just weeks ago, CONTINUED FROM FRONT PAGE avoid any measures that could impact @harrygrobertson attention was on the run of good economic news — the on trade. UK CONSTRUCTION output rose at increased optimism in corporate Britain, the encouraging PMI The World Bank late last night said it Spring meetings for the World Bank its fastest rate in over a year in would provide up to $12bn in funding and the International Monetary Fund February, as new orders picked up numbers and gains in wage growth and employment. The mood for countries to help them adapt their will be held virtually. at a fast clip. music turned against a cut to interest rates here, but the tune responses to the coronavirus out- The FTSE closed up 0.95 per cent yes- The IHS Markit/Cips construction appears to have changed. There is now no doubt that the break, as global bodies rallied around terday, while US stocks at first jumped purchasing managers’ index (PMI) coronavirus will take a bite out of global economic growth, at a a multilateral effort to contain the in reaction to the Fed move but jumped to 52.6 in February, up virus’ spread. quickly fell into the red. The S&P 500 from 48.4 in January. time when many countries — including our own — can ill afford The lender said up to $6bn in funds closed 2.81 per cent lower while the A score of above 50 indicates it. Elsewhere, Germany’s economy has been in the doldrums as would be made available from its Dow Jones ended 2.94 per cent down. expansion and it was the first time its manufacturing output slumps. How will it cope with a private finance arm, the Interna- European stocks trimmed earlier the index had climbed above this tional Finance Corporation. Mean- gains but finished higher. mark since April 2019. deeper global slowdown? Japan is already heading straight for while $2.7bn would come from the Responding to the Fed’s decision, New orders rose at their fastest recession, and now faces postponing or cancelling the Olympic International Bank for Reconstruc- Erik Norland of CME Group said: “The pace since 2015, data firm IHS games as it grapples with the outbreak. What’s more, Japan’s tion and Development for middle-in- rate cut failed to support equities for Markit said yesterday, as central bank — like the ECB — has exhausted its room for come countries, and $1.3bn from the more than a few minutes largely be- confidence recovered following International Development Associa- cause a cut was already priced in.” Prime Minister Boris Johnson’s monetary stimulus. And all the while, fear of the virus spreads tion for poorer nations. Seema Shah of Principal Global landslide election win in December. faster than the virus itself. Taken together, these twin demons The funds will be targeted at improv- Investors said it was “another case of Duncan Brock, group director at pose a deeply dangerous risk. ing local health infrastructure and the Fed being held hostage by Cips — the Chartered Institute of aid to stage public interventions if markets”. She added: “If the Fed Procurement & Supply — said it required. World Bank president David hadn’t delivered, that in itself would was “the residential sector that was Follow us on Twitter @cityam Malpass said the lender wished to have been a negative shock.” the main winner” in February.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL SUNAK TO END FREEZE ON WHAT THE SHETTY MULLS SALE OF PROPERTY TYCOON CLEARED US PUSHES GOOGLE ON FUEL DUTY IN BUDGET OTHER PHARMA ARM TO SAVE FIRM OF ABUSIVE BEHAVIOUR COLLECTING PATIENT DATA Chancellor Rishi Sunak will next week The founder of NMC Health is Notorious property tycoon Nicholas van A bipartisan trio of US senators pushed use his Budget to signal the end to a PAPERS SAY considering a sale of his Hoogstraten has been cleared of a again for answers on Google’s decade of freezes on fuel duty, as he pharmaceuticals business as he tries to charge of abusive behaviour after he controversial Project Nightingale, announces a raft of measures intended THIS salvage his dwindling assets and cut called a police officer a “poofter” during saying the search giant evaded requests to help Britain meet its climate change debts. BR Shetty is said to have received a row in a car park. The British-born for details on its far-reaching data tie-up targets. As the first stage Sunak will MORNING preliminary expressions of interest for businessman — who changed his name with health giant Ascension. The scrap the £2.4bn diesel subsidy for Neopharma from trade and private to Nicholas Adolf von Hessen — made senators said they were put off by the users of farming and construction equity suitors. the comment after his son was arrested. lack of disclosure around the effort. vehicles — part of what government officials say is a wider package of green GRENFELL ARCHITECT DID CHINA BILLIONAIRE STARTS CHIEF EXEC OF SAKS PARENT taxes to help Britain achieve net zero NOT KNOW OF FIRE RISK VENTURE TO RIVAL MUSK HUDSON’S TO STEP DOWN carbon emissions by 2050. The architect who led work on the A Chinese billionaire has started a Hudson’s Bay’s chief executive is leaving gain as the US stock market has refurbishment of Grenfell Tower was venture to launch satellites, rivalling the company, following a deal it TESLA SHORTSELLERS REAP suffered its swiftest fall since the unaware of the risk that cladding could similar ambitions from Elon Musk’s reached last week with shareholders to $2.8BN IN TOUGH MARKET financial crisis. The car maker is a spread fire up and along the outside of Space X. Li Shufu is the owner of Geely, go private. Helena Foulkes joined the Investors betting against Tesla stock popular target for shortsellers, who hold a high-rise building, an inquiry was told a Chinese automotive giant in control parent of Saks Fifth Avenue from CVS have reaped a $2.8bn (£2.2bn) paper a collective $12bn in Tesla short interest. yesterday. of Volvo Cars. Health in 2018. CITYAM.COM WEDNESDAY 4 MARCH 2020 NEWS 03 MPs urge PM to ditch Huawei deal POPPY WOOD state-subsidised firm permission to Duncan Smith is set to lead talks be- @poppyeh supply equipment to more than a tween MPs in today’s Westminster Hall third of the UK’s 5G network. debate amid growing concern that A GROUP of MPs will today petition Writing in today’s Telegraph, former Britain’s networks could be exploited the government to reduce Huawei’s in- Conservative leader Sir Iain Duncan for surveillance by the Chinese state. volvement in the UK’s 5G network by Smith said: “The only way out of this The Telegraph reported that fellow 2023, amid growing concerns sur- mess is that the government should Conservative MPs David Davis, rounding the Chinese tech giant. accept we are deeply compromised Damian Green, Tobias Ellwood, Owen A cross-party group of around 40 and ensure that Huawei goes from its Paterson and Sir Bill Cash are expected MPs will today call on the Prime present position to not just 35 per cent to be among a slew of Tory heavy- Minister to pedal back on his contro- but to zero per cent involvement over weights set to challenge the govern- versial decision to grant the Chinese the next two to three years.” ment on its Huawei decision. Duncan Smith will today lead a group of MPs challenging the PM’s Huawei decision Watchdog calls Future unclear for more power for Vauxhall’s over tech bids Ellesmere plant CONTINUED FROM FRONT PAGE JACK RICHARDSON @JackRich93 Speaking in London, CMA chair Lord Andrew Tyrie said there had A FINAL decision on the future of “probably been under-enforcement of Ellesmere Port’s car plan will likely merger control in digital markets”, not be made until the end of the adding that this could have a negative year amid uncertainty over Britain’s impact on consumers. relationship with the EU, the firm’s Tyrie took aim at large online chief executive said yesterday. platforms, which he said could “The decision will not be taken “destroy a small business with a until we have a clear understanding change to an algorithm”. of the outcome of the discussions The comments came after CMA between the British government and chief executive Andrea Coscelli cited the European Union,” boss Carlos Facebook’s takeovers of Instagram Tavares told reporters in a and Whatsapp as examples of conference call. mergers that had contributed to “We won’t have an answer on [the “poor market outcomes”. Ellesmere Port] until at least midway In his speech Tyrie argued that the through this year and most probably watchdog should make greater use of not until the end of 2020,” he added. its so-called soft power, meaning it The car industry has been one of should engage more with tech the many sectors to say it could be firms before enforcement action adversely affected if a trade deal with became necessary. the EU is not struck. But he also called for stronger PSA, which is currently merging competition and consumer with Italy’s Fiat Chrysler, makes protection powers to ensure the Vauxhall and Opel cars at the plant. watchdog had a “hard edge”. The Ellesmere Port facility is listed One industry source told City A.M. as a candidate to make the next that promoting soft power while also generation Vauxhall Astra. calling for more enforcement was The company also has a factory in “inherently contradictory”. Luton which manufacturers A report published earlier this commercial vehicles. week by law firm Allen & Overy Tavares also said the company has revealed the CMA had become a enough supply stocks to weather the “standout enforcer”, blocking three economic effects of coronavirus. deals last year and causing a further On the advice of the Chinese five to be abandoned. authorities, the company will In his letter, first reported by Sky resume operations in Hubei province News, Hallas cited the Furman on 11 March. Review into digital competition Several international car which last year warned enforcement companies including Nissan, could be “slow and unpredictable”. Hyundai and Tesla have had their “The CMA now risks making the operations disrupted in the wake of very mistake that the review the coronavirus outbreak. identified — killing British companies Nissan has had to temporarily with lengthy investigations whilst close one of its main factories in global digital markets move on Japan due to difficulty sourcing around them,” Hallas added. parts from China. “There must be a more appropriate The world economy has also faced approach than stifling British turmoil as stock markets and the oil companies of investment whilst their price fell last week with the virus global competitors grow.” spreading to more countries. Sirius investors back Anglo American tie-up JACK RICHARDSON for Sirius’ north Yorkshire mining had also pledged to vote for the deal. @JackRich93 project, which was set to be shuttered However a rift had broken out if no deal could be reached. among more high-profile investors. INVESTORS late last night approved a Sirius shares rose 7.7 per cent to Crispin Odey, husband of Jupiter boss controversial £405m rescue bid by 4.67p ahead of the news yesterday. Nichola Pease, had been a long term rival Anglo American for troubled Chief executive Chris Fraser had critic of Anglo’s proposal and had mining firm Sirius Minerals. previously urged shareholders to rallied against the takeover bid, A lengthy meeting in London support the Anglo deal, saying there arguing it undervalued Sirius. approved the deal, with 80.3 per cent was no obvious alternative. The proposed Yorkshire mine is of votes in favour and 19.7 per cent Jupiter Fund Management, which thought to be the largest deposit of The takeover deal will secure the future of a mining project in north Yorkshire against. It will provide a saving grace holds a 7.8 per cent stake in Sirius, potash fertiliser in the world. 04 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM

MAC ATTACK Selection of scotch whisky Fresnillo posts steep dip in profit for set to fetch upwards of quarter of a million SIX BOTTLES of Macallan whisky, ranging in age 2019 following four production cuts from 50 to 65 years old and JAMES BOOTH Pre-tax profit fell 63 per cent to Veins. Gold production also fell encased in @Jamesdbooth1 £178m and revenue grew less than due to lower production at Noche Lalique glass, one per cent to £2.1bn. Buena and a lower ore grade at San will go under MINING firm Fresnillo fell yesterday “2019 was a more challenging Julian Veins. the hammer at reported a plunge in pre-tax profit of year as expected, but we remain The company said yesterday it Sotheby’s this 63 per cent for 2019 after a volatile determined and optimistic for expected production to stabilise this month with an year for the company. the future,” said chief executive year and to increase next year. estimate of The company cut its production Octavio Alvidrez. “We will rise to the immediate £320,000 to forecast four times last year, as it Total silver production fell 11.6 per challenges... and move forward with £480,000. The grappled with lower quality ore and cent as a result of lower ore grade at certainty and vigour,” said Alvidrez. distiller has construction delays at its Herradura Saucito and lower than expected ore Shares rose 4.8 per cent to 649p become a mine in Mexico. grades at Fresnillo and San Julian yesterday despite the news. collectors’ favourite in recent years. Rescue deal for British Steel to complete at last

EDWARD THICKNESSE energy efficiency and environmental @edthicknesse footprint. Jingye’s offer, which was accepted BRITISH Steel’s survival was finally in November, came after talks confirmed yesterday as Chinese con- with Turkish company Ataer broke glomerate Jingye announced that it down because of what one source was on course to complete the acqui- called “difficulties” with the Turkish sition of the steel maker next week. government. The deal, which will be signed on 9 Chief executive Li Huiming said: March, will preserve 3,200 of the “We are delighted to have reached firm’s jobs in Scunthorpe and Tee- this agreement and look forward to side, with another 100 roles moving completing the transaction over the over to Barrett Steel after the sale of coming days so we can begin a new four distribution centres. chapter in British steel-making.” However, the acquisition does not at Steel workers’ unions welcomed the this stage involve the assets of British decision, with Unite’s assistant Steel France, which are subject to general secretary Steve Turner saying approval by the French government. that workers would “be feeling a Jingye said that it had not yet had an sense of relief today that the deal has indication from the French as to finally been confirmed”. when a decision would be reached. Roy Rickhuss, general secretary of Following the impasse, the Chinese Community, said: “It is welcome news firm said it had agreed to the Official that the completion of the deal is now Receiver’s proposal, supported by the in sight. This is all credit to the world government, to complete the transac- class workforce who have kept British tion in stages, first completing on the Steel running through this long pe- UK and Netherlands assets before riod of uncertainty”. completing on the French assets. Both agreed that it was critical that The £50m deal will see Jingye invest the government’s role in ensuring a £1.2bn on the site, improving its buyer did not end here.

HOW DID WE GET HERE? In May 2019 British Steel fell into insolvency after failing to obtain a £75m cash injection from the Q&A government, throwing thousands of jobs into jeopardy at Britain’s second-biggest steel maker. WHAT ABOUT JOBS? Since then, the Official Receiver Jingye says the deal will save 3,200 has been running the firm while the jobs in Teeside and Scunthorpe, with government has been searching another 100 jobs transferring to for a buyer. Barrett Steel, which is buying some of British Steel’s distribution centres. WHAT DOES THE DEAL INVOLVE? The deal, which is worth around WHY DOES THE FRENCH £50m, will see Jingye buy steelworks GOVERNMENT GET A SAY? at Scunthorpe and UK mills at Hayange, the firm’s steel mill in Teesside Beam Mill and France, produces rail for national Skinningrove, as well as subsidiary train firm SNCF and is one of the businesses FN Steel and TSP most profitable parts of the firm. It Engineering. The Chinese firm will has been dubbed a “strategic asset” put £1.2bn into the site in a bid to by the French government, meaning improve its environmental it can grant or withhold approval for credentials. any change of ownership. CITYAM.COM WEDNESDAY 4 MARCH 2020 NEWS 05 CORONAVIRUS UPDATE Johnson unveils virus battle plans CATHERINE NEILAN not that the UK will be significantly around 12 weeks in order to fully mit- AND STEFAN BOSCIA affected”. Up to one per cent of igate the spread of coronavirus, while @CatNeilan @Stefan_Boscia infected people could die from coron- ensuring the country’s ability to con- avirus, with authorities saying 80 per tinue to run as normally as possible. UP TO a fifth of the UK’s workforce cent of the country could be infected It came as London mayor Sadiq Khan could be made absent by coronavirus at the most. yesterday said Londoners are unlikely during its peak weeks, Boris Johnson Measures likely to be deployed if to be told to stop using the Tube dur- warned yesterday as he published his the virus reaches that point include ing the coronavirus outbreak. action plan to tackle the outbreak. closing schools, encouraging greater Khan yesterday said he couldn’t Downing Street is bracing itself home working and reducing the num- foresee banning public gatherings for a reasonable worst-case scenario, ber of large scale gatherings. or telling people to stay away from warning that it is “more likely than It is thought this could last for public transport. Londoners will likely get to keep using the Tube as the virus spreads across the UK Airline bosses Robert Walters warn the worst shares sink on is yet to come profit warning EDWARD THICKNESSE JOE CURTIS @edthicknesse @joe_r_curtis AIRLINE bosses have warned that the ECONOMIC bellwether recruiter worst is yet to come for the industry Robert Walters’ shares sank yesterday after coronavirus fears saw passenger as it warned 2020 profit will miss demand slump, with carriers cutting expectations due to the coronavirus flights to locations round the world. outbreak. Speaking at an industry The recruitment agency’s shares conference in Brussels, outgoing IAG fell seven per cent to 494p after the boss Willie Walsh said that there had coronavirus profit warning been “a very significant fall-off in compounded a dire 2019 filled with demand” in Italian markets, while Brexit and economic uncertainties. Ryanair’s Michael O’Leary said he Profit before tax slipped three per was expecting a “very deflated cent to £47.4m last year, Robert booking environment” for two or Walters said yesterday. Earnings per three weeks. share fell four per cent as a result to Both however agreed that there 48.4p, while revenue dipped one per would be a “rapid return to normal” cent to £1.22bn. if the outbreak stabilises and follows The recruiter hailed a “resilient” the pattern in Asia. performance as group net fee income O’Leary was speaking after budget climbed three per cent to a record carrier Ryanair revealed year-on-year £405.5m, despite 2019’s challenges. passenger growth for February, But investors sold out of the firm as increasing 10 per cent from 9.6m to it warned the coronavirus threat was 10.5m passengers. a greater risk to the company than However, after last night’s warning any recent economic headwind it over the cancellation of 25 per cent has survived. of its Italian short-haul programme “We’ve been through downturns for the three weeks from 17 March, it and banking crises and political added that traffic and load factor uncertainty and trade wars,” chief were “likely to be lower than normal executive Robert Walters told City A.M. due to the fall in bookings during “But nothing it quite like this that period in response to the virus”. incident, This is affecting everywhere IAG-owned British Airways also in the world.” warned that it will cut more than In 2019, Robert Walters’ 400 flights, including at least one a divisions outside the UK delivered 76 day to New York’s JFK airport, in per cent of profit to offset the UK’s response to outbreak, between 16 weak hiring market amid prolonged and 28 March. Brexit anxiety. France, the Airlines did at least have a better Netherlands, Belgium and Spain all day on the world’s markets, having delivered record levels of net fee led the way in the record falls posted income and Japan made up for over the last week. IAG, which fell as Hong Kong protests causing low as 420p yesterday, rallied to post turbulence in Asia. a seven per cent rise, making it the But the coronavirus, which began FTSE 100’s best performing stock. in China, has spread around the globe Tour operator Tui, which is widely to affect almost 70 countries. tipped to fall out of London’s blue- “Coming on the back of some chip index in today’s reshuffle, also degree of turbulence last year, rose three per cent, as did Ryanair, [coronavirus] is definitely impacting while Easyjet rose 4.5 per cent over just about everything,” chief the day’s trading. executive Walters added. Japan mulls options to delay Tokyo games JOE CURTIS games could be deferred until worldwide continue to spike, with @joe_r_curtis the winter. the Tokyo marathon scaled down. “The contract calls for the games Japanese Prime Minister Shinzo JAPAN may be allowed to postpone to be held within 2020. That could be Abe last week ordered all schools to the Tokyo Olympics until the end of interpreted as allowing a close until April, affecting more than 2020, the minister responsible for the postponement,” the minister said in 10m children. games said yesterday. response to a question in parliament. A fortnight ago a spokesman for Olympics minister Seiko The Tokyo Olympics are due to get the mayor of London told City A.M. Hashimoto has said Japan’s underway in July this year in the that the capital would “step up to the agreement with the International capital. But Japan has counted 274 plate” if the International Olympic The Tokyo Olympics are due to take place in Japan in July this year Olympic Committee to host the 2020 cases of coronavirus as infections Committee needed an alternative. 06 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM

STOPPED IN ITS TRACKS RMT suspends Greggs reheats next week’s South Western Railway strikes WPP ad agency wins huge Intel overseas plans global account JAMES WARRINGTON @j_a_warrington WPP WAS granted a welcome boost yesterday as Intel selected one of to drive growth the ad giant’s companies as its global creative agency of record. VMLY&R is set to take the lion’s JESS CLARK Greggs, which has 2,000 stores in share of Intel’s global creative the UK, is still ramping up expansion account, which is estimated at @jclarkjourno in the country as it improves its $1.4bn (£1.1bn), according to GREGGS will consider international coffee range to compete directly with RAIL workers union RMT yesterday said it has suspended strike action on South industry sources. expansion in the next five years to cafe chains, and opens new sites at Western Railway that was due for next week to allow talks to take place this Friday. The deal, which is thought continue the strong growth it has transport hubs, petrol stations and The action was due to take place on 9 March and 12 March. Usual service is expected. to be one of the largest in recent achieved in the UK, the bakery chain service stations. years, will see other WPP agencies said yesterday as it reported record The company also recently work with the chipmaker across results for last year. announced a delivery partnership its brand, products and partner Chief executive Roger Whiteside said with Just Eat, which Whiteside said marketing. the company has not yet started to has performed strongly, and will Shares in WPP rose as much as look at options but it has acknowl- trial opening Greggs stores within Dixons Carphone shakes up its three per cent following the edged that global expansion may be Asda supermarkets. announcement, before closing just necessary beyond 2025. Greggs reported record results for under two per cent higher. The high street bakery launched in the 52 weeks to 28 December, as profit executive team as chief resigns It comes as a much-needed Belgium in 2003 under the Engelse soared 31 per cent to £108.3m and fillip to the holding group, which Bakker brand, but ended the interna- total sales hit £1.16bn — an increase of JESS CLARK officer duties alongside his current last week suffered its biggest tional experiment after five years. 13.5 per cent — with like-for-like sales role from 4 May. daily share price drop in three Whiteside said yesterday that its in company-managed shops up 9.2 per @jclarkjourno Dixons Carphone also announced decades after disappointing fourth- diversification into a cafe chain could cent. January sales were strong, but DIXONS Carphone has announced a that former John Lewis director of quarter results. benefit its next global push. Greggs warned that storms in shake up of its executive team, as its partnership strategy Ed Connolly will “Intel is a brand synonymous Whiteside, who indicated that the February had led to a “significant chief operating officer steps down join the company as chief with innovation worldwide and we 2025 plan is likely to happen under slowdown”, particularly in Wales. after 11 years at the company. commercial officer. are delighted that a WPP team has different leadership, said another The cafe chain also said coronavirus Alan Ritchie will leave the business Connolly will replace Steve Ager, been entrusted with the next stage option is to expand within the UK could have a negative impact on the in June, and chief digital officer Mark who is also leaving in June after 12 of its creative transformation,” said under a different brand. business if consumer demand slumps. Allsop will take on chief operating years at Dixons Carphone. WPP chief executive Mark Read.

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Try Xero free for 30 days. CITYAM.COM WEDNESDAY 4 MARCH 2020 NEWS 07 StanChart scouts Winters’ successor ANNA MENIN that is not currently part of any public handling of the matter, formal selection process. Bloomberg reported. @annafmenin Winters, who has led the London- A StanChart spokesperson said its STANDARD Chartered chairman Jose based bank since 2015, had a public chairman and board think that Win- Vinals has reportedly approached spat with shareholders last year ters is the best chief executive the banking executives this year in a bid after some opposed the lender’s com- bank could have, and would like to to gauge their interest in replacing pensation policy, calling investors’ keep him on “as long as possible”. current chief executive Bill Winters. criticism of his pension award “imma- Winters recently dismissed specula- Vinals has been sounding out possi- ture and unhelpful”. tion he could leave the lender. “I don’t ble candidates from companies in StanChart eventually cut Winters’ know who the colleagues are saying Britain, south-east Asia, and Europe, pension allowance, but Vinals was that I’ve checked out, but they’re... not according to Bloomberg, in a search not happy about the chief executive’s close to me,” he told Bloomberg. Standard Chartered chief Bill Winters took over the reins in 2015 Pensions body Aggreko set to launches probe monitor virus’ over benefits risk to Olympics JAMES BOOTH JACK RICHARDSON @Jamesdbooth1 @JakRich93 5.10% THE PENSIONS Regulatory (TPR) SHARES in back-up power yesterday launched a consultation on generator company Aggreko closed new tougher rules on the funding of up more than five per cent yesterday defined benefit pension schemes. as the firm reported strong profit TPR is proposing a twin-track and said it was making progress with approach to funding defined the Tokyo 2020 Olympics despite the benefit schemes, which are pension coronavirus outbreak. funds where an employer legally The temporary power supplier has to make up any shortfall in the yesterday reported an increase in event that the scheme is profit after tax from £125m to underfunded. £129m for 2019. Under the proposals, trustees Final dividend per share increased will be able to choose either a fast from 17.1p in 2018 to 18.3p in 2019. track or a bespoke approach to Operating cash inflow ballooned completing and submitting a 48 per cent from £423m to £628m valuation of their scheme. from 2018 to 2019. If a trustee can demonstrate their “Our 2019 results demonstrate the valuation meets TPR’s guidelines, it significant progress we have made to can follow the more straightforward improve the group’s financial but prescriptive fast track approach. performance,” said chief executive The bespoke option will offer Chris Weston. more flexibility but require greater The business noted its rental supporting evidence from trustees solutions arm had performed about how they will manage risk strongly with an operating profit and is likely to attract greater increase of 22 per cent and the regulatory scrutiny. power solutions utility arm’s Martin Jenkins, head of pensions at underlying profit also increased by law firm Irwin Mitchell, said: “The 21 per cent. However, the power timing is unfortunate. The latest solutions industrial arm’s figures say £100bn has been wiped off underlying profit fell seven per cent. pension fund assets because of the Aggreko will supply equipment market reaction to coronavirus and a for the Olympic and Paralympic lot of [financial officers] will say they games, which have faced speculation are still working through some of the of being disrupted or even cancelled complexity of the existing regime.” due to the crisis. The TPR said schemes should Companies around the world have develop appropriate recovery plans in been affected by the spread of the cases where a funding shortfall arises. coronavirus with sectors including It will also expect trustees to set a the car and airline industries funding and investment strategy to reporting significant disruption. try and reduce the reliance of the Last week saw a major fall in scheme on the sponsoring employer. international markets with the oil TPR’s executive director of price around $50 (£39) a barrel. regulatory policy David Fairs said: This comes on the day the US “These schemes will be more Federal Banking Reserve cut interest vulnerable to risks associated with rates in order to safeguard the US poor funding levels and shorter economy from a slowdown. investment horizons... Trustees China, the source of the outbreak, should aim to reduce their scheme’s is also seeking to stimulate its reliance on the sponsoring employer.” economy following the disruption. Bailey urged to keep climate focus at Bank HARRY ROBERTSON and campaign groups, include on Bailey to make it mandatory for former UK chief scientific adviser Sir firms to disclose their climate risk @harrygrobertson David King and former Bank rate- “as soon as possible”, and raised fears INCOMING Bank of England governor setter and Citigroup chief economist the Bank is not acting fast enough. Andrew Bailey must maintain Thread- Willem Buiter. The letter came ahead of Bailey’s needle Street’s concern with climate The Bank has earned international appearance before MPs today and change after he takes over this month, plaudits for its approach to climate after anti-Brexit lawyer Gina Miller more than 101 economists, scientists change under current governor Mark last week called for a review of his and industry leaders have said. Carney, who has warned the appointment at the Bank of England, Signatories to a letter to Bailey, financial sector needs to do more. following his allegedly “toxic” tenure Bailey has faced calls to make it mandatory for firms to publish their climate risk organised by left-leaning research But last night campaigners called as head of the City watchdog. 08 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM Direct Line says coronavirus claims could weigh on its travel business JAMES BOOTH against all but essential travel. £3.2bn, of which premiums from its @Jamesdbooth1 The company also estimated the own brands were flat at £2.2bn. 3.78% cost of storms Dennis and Ciara in It also announced a £150m share DIRECT Line said yesterday February at £35m, against an buyback and said it was giving its that the coronavirus expected annual weather cost of staff £500 of free shares each. outbreak could hit the 2020 sales of around £64m. It said it was too early Chief executive Penny James said: its travel business. to assess the impact of Storm Jorge “We have delivered a good set of The insurer said it had incurred which hit the UK at the weekend. results, and continued to improve the coronavirus-related claims of around Direct Line said profit before tax quality, while navigating a difficult £1m, the majority of which were for for 2019 was £509.7m, down 12 per motor market and delivering trips to regions where the Foreign & cent on the previous year. Gross significant change in the business.” Commonwealth Office (FCO) advised written premiums fell 0.3 per cent to Shares rose 3.8 per cent to 324p. Sainsbury’sLidl was the onlyknocks Big Four supermarket to report growth big in the period rivals off course in grocery war

JESS CLARK market share fell to 15.6 per cent. @jclarkjourno Fraser McKevitt, head of retail and consumer insight at Kantar, said: LIDL was the fastest growing “Sainsbury’s has performed supermarket in the UK well this period despite over the last 12 weeks, a challenging market, taking the crown from growing sales in its online grocer Ocado. Sainsbury’s Local The German dis- -0.8% 5.7% convenience stores as counter increased sales well as online. by 11.4 per cent in the 12 “It’s worth noting, weeks to 24 February, however, that continued becoming Britain’s pressure from the fastest growing grocer discount retailers for the first time since meant the retailer November 2017, as it 0.3% 2.5% still lost market share opened its 800th store this month.” last month. Tesco sales dipped 0.8 Rival budget supermar- per cent and Asda sales ket Aldi reported 5.7 slumped 1.2 per cent, per cent sales growth, while Morrisons’ re- boosted by demand for ported sales fell two alcohol and chilled -1.2% 11.4% per cent. convenience items such Meanwhile, Ocado as dips and prepared continued its double salads. digit growth with a 10.8 Sainsbury’s was the per cent rise in sales, only one of the so- and Waitrose — which called big four UK su- will end its partner- permarkets to report -2.0% -1.3% ship with the online sales growth in the supermarket in Sep- period, as revenue ticked tember — suffered a 1.3 up 0.3 per cent. However, its Source: Kantar per cent drop in sales.

IN BRIEF NIVEA MAKER BEIERSDORF URBAN EXPOSURE MULLS REPORTS SOLID OUTLOOK BREAKUP AMID PRESSURE Nivea maker Beiersdorf said yesterday London-listed property development it expected similar sales growth and finance group Urban Exposure is set for profitability in 2020 compared with a large-scale breakup and sale of its 2019 and that a strategy of investing in constituent parts amid growing new business should mitigate the pressure from financier Robert impact of the coronavirus. Chief Tchenguiz. The firm is close to a sale of executive Stefan de Loecker told its loan-book to investment fund Pollen analysts the consumer business and Street Capital, Sky News reported was “considerably below plan” for yesterday. If plans go through, Urban January and February because of the Exposure will sell its asset management coronavirus. The outbreak has also arm to its own executive team, and the affected its adhesives unit, as has parent company will then be delisted weakened demand from the car sector. and dissolved. The Aim-listed firm, De Loecker said Beiersdorf was well which has been trading at a steep placed to ride out the impact of the discount against its net asset value, has coronavirus because of the strategy faced scrutiny from Tchenguiz over its that he launched last year of investing corporate structure. His firm R20 has a in new business areas within the firm. 12.6 per cent stake in Urban Exposure. CITYAM.COM WEDNESDAY 4 MARCH 2020 NEWS 09 Travis Perkins is CMC Markets’ profit jumps despite stock volatility caused by Covid-19 rare gem amid a JOE CURTIS £199m to £202.3m. The rapid spread of the Covid-19 @joe_r_curtis “I am delighted that CMC’s strategy virus outside of China last week 14.32% of targeting and retaining higher wiped £200bn off the FTSE 100, and ONLINE trading platform valued clients and our diversifying saw US and UK stocks suffer their CMC Markets yesterday revenue base... has continued to yield worst week since the financial crisis. predicted that its full-year profit positive underlying performance CMC said net operating income difficult market would beat market forecasts amid throughout the second half of rose 45 per cent for the six months to higher customer trading due to the the year,” chief executive Peter the end of September, when it hit Covid-19 coronavirus outbreak. Cruddas said. £102.3m. It said yesterday it continues JAMES BOOTH It sold its wholesale plumbing and Net operating income for the CMC has previously forecast profit to maintain momentum in 2020. @Jamesdbooth1 heating unit Primaflow to distribu- year to the end of March is set to before tax to land somewhere in the CMC shares rose 14.3 per cent to 1.94% tion group Newbury Investments for beat the current estimate of range of £46.9m to £56.7m. 175.6p yesterday. BUILDING materials busi- £46m in January. ness Travis Perkins said yester- Chief executive Nick Roberts said: day it had swung to a profit in 2019. “The group remains focused on deliv- It said operating profit was £232m, ering against our key priorities, and compared to a £22m loss last year. we are optimistic that we can build Adjusted operating profit rose 7.8 on the positive performance in 2019, per cent to £442m, despite a “chal- continue to outperform our end-mar- lenging market backdrop”. kets and deliver improved returns for Revenue grew 3.2 per cent to £6.9bn, our shareholders.” with like-for-like revenue growth of Shore Capital analysts said: “We be- 3.8 per cent. lieve there is better value and clearer Basic earnings per share was 48.9p, strategies available elsewhere in the up from a loss of 34.4p last year. building materials sector.” It said its profit was driven by a Canaccord Genuity analysts said: strong recovery in its Wickes business, “There is plenty of change being its transformation programme in its undertaken by the group currently. plumbing and heating business and The 2019 results all look broadly the impact of cost cutting. as expected, with no big surprises The added that it had delayed the and profits slightly ahead of divestment of its plumbing and expectations.” heating business in late 2019 due to Analysts at UBS said: “2019 trading “unprecedented uncertainty”. was resilient but 2020 outlook looks The building merchant said its somewhat softer with trading still process to demerge DIY division challenging near-term.” Wickes was “well progressed” with Travis Perkins shares rose 1.9 per completion set for the second quarter. cent to 1,472.5p yesterday.

HAMMER IT HOME Cairn Homes posts revenue climb as average sale price rises

CAIRN Homes yesterday reported a 28 per cent jump in operating profit, with the Irish housebuilder benefitting from an increase in the number of homes sold and a rise in average selling prices. Revenue also increased 29 per cent to €435m (£379m). UK infrastructure firm John Laing reports growth in net asset value

JAMES BOOTH on renewable energy projects in the @Jamesdbooth1 first half of 2019 and an exceptional gain in 2018 for the drop. BRITISH infrastructure company John John Laing said it would stop Laing said yesterday its net asset investing in standalone wind and value (NAV) grew 4.3 per in 2019. solar projects following a review The FTSE 250 company said NAV last year. It said it was preparing its per share was 337p at 31 December, existing wind and solar assets for sale compared to 323p per share on 31 in the short-to-medium term. December 2018. Chief executive Olivier Brousse NAV grew to £1.6bn from £1.5bn said: “Value enhancements in the Cardboard is considered Widely Recycled by OPRL standards. Co-op Irresistible Margherita Pizza 510g. the previous year. Pre-tax profit for second half as expected... have helped the year fell to £100m from £296m to mitigate the impact of the first the previous year. half write downs.” The company blamed write downs Shares rose 4.8 per cent to 358.4p. 10 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM Whitehall requires project ‘delivery Business appeal revolution’ to avoid wasting £10bn STEFAN BOSCIA spend £100bn on infrastructure. National Infrastructure Commission; over Crossrail 2 @Stefan_Boscia However, a new Resolution and devolve decision more making Foundation report said project powers over investment decisions to THE GOVERNMENT will waste £10bn delivery within Whitehall needed local authorities. in its attempts to “level up” the reform to “avoid wasting up to £10bn Cara Pacitti, Resolution country’s infrastructure unless it on poorly chosen, designed, or Foundation researcher, said: “While reforms project delivery, according to executed infrastructure projects”. an infrastructure revolution is gets DfT backing a leading London think tank. The think tank said the desperately needed, it’s equally Chancellor Rishi Sunak is government should increase important the government get its expected to announce a wave of new transparency by forcing departments priorities right and ramps up the projects in next week’s Budget to to publish project business cases; focus on delivery as much as it STEFAN BOSCIA therefore be used to support a deci- fulfil the Tories’ election promise to hand more oversight powers to the ramps up investment spending.” @Stefan_Boscia sion on the project at the next spend- ing review.” THE BUSINESS case for Crossrail 2 has A DfT spokesperson told City A.M. been given approval by the Depart- that the government is still reviewing ment for Transport (DfT), bringing whether to fund the project. the project closer to a decision on its It comes after the government’s of- final fate. ficial infrastructure adviser, the Na- The latest business case for the new tional Infrastructure Commission, north-south Tube line was submitted said last week that the project should WORLD to the government by Transport for get a funding guarantee this year. SLEEP DAY London (TfL) in June last year. It in- However, problems surrounding Friday March 13th 2020 cludes details on an updated route for Crossrail 1, which will be three the line, expected to span from Surrey years late and more than £3bn over to Hertfordshire, how it will be budget, has thrown Crossrail 2 into funded and how to avoid the delays some doubt. and budget blowouts of Crossrail 1. There has also been talk that the It is expected TfL would have to fund government’s plans to “level up” the half of the project, with the other half rest of the country, by investing in coming from the Treasury’s coffers. infrastructure in the north and mid- TfL said in committee papers re- lands, will mean London projects will leased this week that the transport be left on the shelf. department has green-lit the business Adam Tyndall, infrastructure case and will be considered in the gov- programme director at the advocacy ernment’s spending review this year. group London First, said Crossrail 2 The transport body added: “The would benefit the whole country. DfT commented on the high quality “London is ready to pay its fair share of the document and stated no of the costs and, in doing so, further further work is required on the [busi- contribute to levelling up the whole BREAKFAST ness case] at this time, and it could country,” he said. OVERGROUND UPGRADE Tfl unveils new IN BED electric trains on the London Overground As part of the Hästens Bed Talk Series, and in observance of World Sleep Day, Hästens invites you to Breakfast In Bed, a conversation around the importance and benefi ts of good sleep. Date: Friday 13th March Time: 8.00am Arrival and Breakfast, 8.30–9.30am Panel and Q&A Location: M Restaurants Threadneedle Street, Unit 2-3, 60 Threadneedle St, London EC2R 8HP At Breakfast In Bed, a panel of sleep and health experts will unravel sleep myths and help set you up for a new life of good sleep, better work performance and improved mental health.

A RAFT of new trains were rolled out on the London Overground yesterday. The new electric trains will increase capacity by 10 per cent and replace the oldest rolling stock on the network. They feature air-conditioning, wi-fi and USB charging points.

Owain Evans DC Dr Kat Lederle, Laura Bond, Sara Di Carlo, Mchiro, Clinical sleep expert and Nutritional Therapist European Retail Director, Backspace published author (DipION), Director, Journalist & Speaker Hästens Beds Driverless car startup Five raises Moderator: Steve Dinneen, Editor, City AM Magazine. $41m investment from Direct Line EMILY NICOLLE Strictly RSVP at: Five, which creates technology for www.cityam.com/events/ @emilyjnicolle self-driving cars that was used in on- hastens-bed-talk-series street trials across London last year, LONDON tech firm Five has today has raised $77m to date. closed $41m (£32m) in funding from The startup said it will use the a slew of new investors, including new capital to create new products, Trustbridge Partners, Direct Line and utilising the data gained from these Waking up in a Hästens bed is an eye-opener about Sistema VC. trials in Croydon and Bromley. the value of perfect sleep. It’s built with the ultimate The series B fundraising was Direct Line’s managing director of combination of nature’s materials – together with supported by existing backers motor insurance Gus Park will join tireless craftsmanship. Lakestar, Amadeus Capital Partners, Five’s board as part of the deal. Kindred Capital and Notion Capital Chief executive Stan Boland said — which between them have backed he viewed the investment as the likes of Airbnb, Klarna, “validation” of the startup’s success Graphcore and Paddle. and place in the growing sector. Transparent trading, with no hidden fees

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.5% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. The speculative nature of cryptocurrencies combined with leverage could lead to significant losses. 12 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM Direct Line to cut jobs as customers mostly online

T’S BEEN a difficult start to the Stephan More than two-fifths of consumers This preference for online remain profitable. year for Direct Line. The company Shakespeare purchase their financial products purchases among Direct Line policy Considering almost six in 10 of has paid out £1m worth of travel online, either completely from start holders also reflects the views of the those aged 18 to 24 prefer to shop Iinsurance claims as trips get to finish or at least for most of the population, proving this changing online rather than in stores (57 per cancelled due to the spread of buying process (44 per cent). customer behaviour is industry wide cent) and only three in 10 trust coronavirus, and £35m in home Almost a fifth of this group (17 per (45 per cent shop online versus 11 per insurance companies to act in their insurance payouts due to last cent) purchase solely online — from cent offline). best interest (31 per cent), appealing month’s storms. comparing options on comparison YouGov data also shows that a fifth to this younger demographic could The Direct Line insurance group, sites to completing their order. confess to rarely or never purchasing help Direct Line and other insurance which also owns the Churchill and the changing customer journey for While one in 10 (11 per cent) Brits financial products highlighting that companies to tap into a market that Green Flag brands, said that the insurance isn’t unique to Direct Line, say that they split their purchasing Direct Line’s potential market is is currently less inclined to purchase changes were necessary for the and that when it comes to buying equally between online and offline, already diminished. insurance. company to economise and “reflect financial products such as life nine per cent prefer to shop for Changing business procedures changing customer behaviour”. insurance, very few Brits prefer to financial products mostly offline — to better fit the needs of £ Stephan Shakespeare is chief However, YouGov data shows that buy in-store or over the phone. and 13 per cent do so entirely. customers is therefore vital to executive at YouGov

CONSUMERS PREFER TO BUY FINACIAL PRODUCTS ONLINE OVER OFFLINE “For finacial products, please indicate whether you tend to make most of your purchases online or offline.” UK adults versus Direct Line policy holders JOOLS HOLLAND IS BOISDALE’S PATRON OF MUSIC Source: YouGov Profiles March 2020

35 UK adults Direct Line 27 policy holders 18 15

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WRITTEN IN THE STARS Sky confirms US equity giant Disney Plus deal as it bolsters its portfolio MPs to grill BBC amid questions in £400m bid to over its future JAMES WARRINGTON @j_a_warrington TOP BBC executives are set to be hauled in front of MPs to face a buy Huntsworth grilling over their plans for the future as the broadcaster attempts to stave off a string of crises. JAMES WARRINGTON Huntsworth is strongly positioned as Outgoing director general Lord an independent listed company, the Tony Hall and chairman Sir David @j_a_warrington all-cash offer from CD&R represents a Clementi will both give evidence to SHARES in healthcare and communi- compelling opportunity for share- the Digital, Culture, Media and cations group Huntsworth skyrock- holders to realise an attractive cash Sport (DCMS) Committee next eted yesterday after a US-based private value in respect of their shares.” SKY YESTERDAY confirmed it has signed a multi-year deal with Disney Plus to make week, as well as director of policy equity firm said it has agreed a He added: “In addition, the board the nascent streaming service available to its pay-TV customers. Disney Plus, which Clare Sumner. takeover deal worth roughly £400m. believes CD&R will be an excellent launches in the UK on 24 March, will boast originals including a new Star Wars series. It will be the first hearing called Clayton, Dubilier & Rice (CD&R) partner for Huntsworth, its employ- by the DCMS Committee, which yesterday said it would pay 108p in ees and customers.” was officially formed yesterday cash per share for the owner of City PR It came as Huntsworth reported a 27 under chair Julian Knight — a vocal giant Grayling, which provides mar- per cent rise in pre-tax profit to critic of the licence fee. keting services to healthcare clients. £39.1m in the full year. The committee said its decision The offer represents a 50 per cent This was driven by a return to Murdoch’s News UK and Bauer to question top brass followed a premium on Huntsworth’s closing growth in its communications divi- number of recent developments at price on Monday. However, shares sion, which includes London PR firms the BBC, including plans to slash surged almost 53 per cent to 110p fol- Quiller, Citigate Dewe Rogerson and launch new digital ad platform 450 jobs, a government lowing the announcement yesterday. Red Consultancy. The group’s medical consultation into non-payment Analysts at Peel Hunt described the arm also performed well, as like-for- JAMES WARRINGTON Talksport and Virgin Radio. of the licence fee and questions bid as an “excellent price for the bid- like revenue grew nine per cent. The launch marks the radio over equal pay. ding company”, compared to its tar- “Healthcare remains our focus for @j_a_warrington operators’ efforts to take on rival “The BBC has made headlines for get price of 120p. growth and investment, as it contin- COMMERCIAL radio groups Bauer Global, which controls stations such the wrong reasons in recent “We expect this modest valuation to ues to be a fast-growing sector led by and Wireless have teamed up to as Capital, Heart and LBC. months,” Knight said in a leave the door ajar for speculation on increasing global demand for new launch a new digital audio Bauer last year withdrew from statement. “Unprecedented the potential for a competing ap- drugs to help ageing populations,” advertising platform in a bid to take Global’s audio ad platform Dax in an changes in how we watch and listen proach,” they said. said Huntsworth boss Paul Taaffe. on rival Global. effort to gain greater control over mean the broadcaster faces a fight New York-based CD&R said it viewed The deal would be the latest major Octave Audio will allow user data. Octave Audio, which will for its future.” Huntsworth’s underlying markets in acquisition by a US private equity advertisers to target digital listeners launch in spring this year, will tap It is the latest blow for embattled the US and Europe as “attractive and firm in Britain as investors capitalise across the two companies’ into first-party data to help target bosses at Broadcasting House, as underpinned by long-term, stable on a drop in the value of the pound. stations, as well as on-demand specific audiences. the government ramps up its pharma-related trends”. It added that Buyout firm Advent earlier this year catch-up shows. “This partnership brings the rhetoric against the broadcaster. it planned to help the healthcare completed its £4bn takeover of Bauer owns brands including Kiss, strengths of Wireless and Bauer Senior aides to the Prime Minister firms pursue future acquisitions. defence giant Cobham, while Black- Absolute and Magic, while Wireless, Media to a new level,” said Dominic last month told the Sunday Times Huntsworth chairman David Low- stone has agreed to buy Legoland which is owned by Rupert Carter, group chief commercial they were “not bluffing” about den said: “Whilst we believe that owner Merlin for £6bn. Murdoch’s News UK, operates officer at News UK. plans to scrap the licence fee.

Telling, Showing, Uniting Philanthropy IN PARTNERSHIP WITH LEADINGLIGHTS and Volunteering in the City City Giving Day is good for business Hear from Gill Lofts, UK Head of Hear from Pranathi Wealth and Asset Praveen, UK Financial and MindOut. Following this we ran our annual pro bono Charity Consult- Services Advisory – Management ing Day, where around 100 of our Advi- sory Consultants gave their time to Cybersecurity e were thrilled to participate in help solve some of the biggest business City Giving Day once again in challenges faced by 5 of our chosen Organising City Giving Day for EY Wour Canary Wharf office – it is charities. On the day itself we facili- has allowed me to bring a non- a great opportunity to connect with tated a mental health session to en- work passion into my working life. our wider community, support some courage our people to take a break and It is incredible to see how incredible causes through a variety of discuss mental health issues, and were colleagues come together to volunteering efforts, and it is impor- proud to welcome the Rt Hon Lord tant to our people. This year we focused Mayor of London, Peter Estlin who make a difference – whether it’s on charities doing some brilliant work helped raise awareness of the bone making or buying a cupcake to around social mobility and mental marrow register managed by blood can- It’s a brilliant opportunity for raise money or facilitating a pro health, including our EY Foundation. cer charity, DKMS. We fundraised us to engage with staff at EY, bono workshop to equip young In the run up to City Giving Day, we through a bake sale and VR games, and @LMAPPEAL girls with essential technology life held our own charity quiz night, with 2 workshops for students in the local for them to hear from the skills. It’s a great day of proceeds shared between Whizz-Kidz community rounded off a great day. young people we support, and #CGD celebration that really instils a to learn about the positive sense of community and raises JOIN US AND REGISTER NOW AT impact of our partnership. #GoRed funds and awareness for some WWW.THELORDMAYORSAPPEAL.ORG/CGD Whizz-Kidz great causes. 14 NEWS WEDNESDAY 4 MARCH 2020 CITYAM.COM Chevron shows Fuel prices fall on the back of off war chest by virus epidemic JACK RICHARDSON @JackRich93 PRICES of petrol and diesel fell in February, marking one of the pledging $80bn biggest monthly reductions for more than 20 years. According to data released today JENNIFER HILLER greenhouse gas emissions from their by the RAC, average UK unleaded operations. petrol prices fell 2.93p to 124.02p a CHEVRON yesterday said it would Wirth, however, yesterday laid out a litre at the end of February, keep its spending in check and return long-term case for growing global compared to 126.95p at the start of up to $80bn (£62.5bn) to shareholders demand for oil and gas. the month. This means the cost of over the next five years, with chief ex- “The world will need more of what filling up a 55-litre family car with ecutive Mike Wirth making the case we produce, not less,” he said. The vehicle agency has said that chicken excuses will not wash when it comes to tax petrol is £1.61p less than it was in that his company is the oil major best Chevron currently produces about January at £68.21. able to produce oil and generate prof- 3m barrels of oil daily. Diesel also fell 4.24p over the its at the lowest cost. Chevron will stick to its previously same period from 131.28p The number two US oil producer announced capital spending plan of DVLA says a van full of chickens to 127.04p, marking the 11th laid out its plan to weather what is $19bn to $22bn annually through biggest monthly drop since RAC turning into one of the most challeng- 2024, setting it apart from chief US fuel price records began in 2000. ing markets in years, as coronavirus rival Exxon Mobil, which is spending no excuse for not paying car tax RAC fuel spokesman Simon concerns dent short-term demand heavily to boost production. Williams said: “The oil price has and environmental and investor pres- But the company has based its plans JAMES BOOTH One person said: “I would’ve taxed slumped due to the spread of the sures cloud the longer-term outlook on a $60 international oil price, about my van but my bitter ex put four live coronavirus prompting fears of for the industry. $7 higher than current prices, and is @Jamesdbooth1 chickens in it.” slower global demand.” Oil prices are down 20 per cent this working toward “increased growth in THE DRIVER and Vehicle Licensing Another said: “I’m about to start a He added that this might lead to year and natural gas prices have fallen a world which looks to not need it,” Agency (DVLA) said yesterday that prison sentence, so is there any way a move from oil producer group to their lowest since the 1990s. analysts at Tudor, Pickering, Holt & excuses it has received for not paying you could hang on to my ice cream Opec and its allies to restrict Industry returns have lagged the Co said. vehicle tax included people saying van for six months ‘til I get out?” production when they stage an broader market for a decade, souring Returning cash to shareholders is their van was full of chickens. DVLA chief executive Julie Lennard extraordinary meeting in Vienna investors. the “number one priority,” Wirth The agency said it had received a said: “Taxing your car is so easy to do on Friday. “[This] would very likely European majors such as BP have set said in a meeting with analysts and weird and wonderful range of online, so there really is no excuse — put an end to falling fuel prices,” significant commitments to reduce investors in New York. Reuters excuses for non-payment of car tax. even if it is filled with chickens.” Williams said.

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NFORTUNATELY, it is start- ing to look like the coron- avirus is going to spread widely. I say this not with any insight into epidemiol- ogy.U Rather, I don’t think governments have implemented anything approach- ing the sort of policies that might be expected to contain its spread. Travel within and between nations is more or less unconstrained, people are working normally and public trans- portation systems remain full. For most, it is business as usual. As a result, I expect the virus to con- tinue to spread. To think otherwise re- quires a belief that the virus will somehow become less infectious out- side China. That is not a rational view. Logic dictates that the virus’s spread will be worse outside China, because China went into a lockdown quaran- tine and the rest of the world hasn’t. If we can believe the data, China’s success in limiting the outbreak was due to the simple tactic of isolating everyone in their homes for three weeks. Only if we see a similarly scaled drop in interpersonal contact across the world can we believe the infection is going to be contained. This means a large drop in global GDP is a prerequi- site for getting the virus under control. The only plausible short term curtail- ment mechanism is a large reduction in contact between citizens. I suspect that most people understand this, and if governments don’t do it, people will, Short of a miracle, a deep global Of the two, company failures pose improbable that any fiscal easing in companies. A deep global recession, a albeit in a more disorganised, and recession is inevitable. That implies a the main risk. It is easy to imagine developed economies will be so effec- savage decline in corporate profits and much less effective manner. large, if temporary, drop in profits, large companies maintaining payrolls tively targeted that a spike in corporate a very large increase in corporate finan- and a jump in unemployment and through a temporary disease outbreak. defaults is prevented. And the politics cial distress, seem very likely. LACK OF CONTROL default rates. It is less easy to imagine small compa- behind using taxpayers’ money to bail In this context, the rate cuts and The more that governments are in- nies doing the same. out irresponsibly levered firms are com- quantitative easing by the world’s cen- volved in the process, the shorter the However, most employers should be plicated. Should the taxpayer support tral banks are more or less irrelevant. quarantine and the faster the normali- able to see an endpoint to the current the firm whose six-times debt/Ebitda Instead, we should think more about sation afterwards. China probably rep- crisis in a way that was not possible in ratio was a function of double-digit the scale of the fiscal response, the in- resents the shortest possible timeline 2008–09. Company failures are another coupons paid to private equity owners? telligence of its targeting and the for the containment process because of matter. In China, the government has strings that are attached. its greater willingness and ability to There are no logical ordered a temporary debt jubilee FISCAL RESPONSE The idea that we might have exercise absolute control over citizens through to June, forcing forbearance When governments moved to support discounted all this in the existing lim- than anywhere else in the world. We grounds for on lenders. This will curtail the spike in the banks in 2008, they exacted hair- ited equity and credit market reaction can therefore assume that the fight Chinese default rates. cuts and imposed severe restrictions on is just naive. against the virus will take longer else- assuming the spread behaviour afterwards. Will this apply to I doubt we are much more than 20 where. There are no logical grounds for of infection and GDP FEWER OPTIONS irresponsibly run corporates who need per cent into the eventual scale of the assuming that the spread of infection Such a solution is not possible in mar- government help to survive the virus? reaction. and the hit to GDP will be much less in hit will be less here ket-based economies, where tax relief is One can postulate an environment in the rest of the world than in China. The the main avenue for getting fiscal help which there will not be very much left £Tim Bond is a partner and portfolio opposite is much more likely. than in China to stretched borrowers. It seems very on the table for equity holders in those manager at Odey Asset Management

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CITYDASHBOARD YOUR ONE-STOP SHOP FOR BROKER VIEWS AND MARKET REPORTS LONDON REPORT BEST OF THE BROKERS NEW YORK To appear in Best of the Brokers, email your research to [email protected] REPORT

London shares 4IMPRINT 3,400 P Another foul

3,200 3,130 day on Wall St rise as Fed opts 3,000 3 Mar 2,800 after rate cuts

2,600 ALL Street tumbled in a Wvolatile session yesterday 26 Feb 27 Feb 28 Feb 2 Mar 3 Mar after the US Federal Reserve surprised investors with a half to combat virus 4imprint, the purveyor of personalised promotional products, may not be the percentage-point cut in interest flashiest stock in existence, but it put in a strong showing yesterday. Analysts and rates, amplifying fears about the investors alike hailed the FTSE 250 company’s strong results, which sent shares magnitude of the coronavirus’ impact rising over 15 per cent. Peel Hunt analysts welcomed news that trading for 2020 had on the economy. ONDON’s bluechip index rose But analysts have expressed doubt started well, but warned that the impact of the coronavirus outbreak on demand All three major US stock market for a second day yesterday, as about the efficacy of interest rate cuts was not yet clear. Analysts raised the company’s rating to “add” from “hold”, with a indexes closed nearly three per cent the US Federal Reserve cut in- amid severe disruptions to the supply target price of 3,250p. lower after the Fed’s first emergency Lterest rates to protect the US chain. Several multinational compa- rate cut since the 2008 financial crisis. economy from the impact of nies including Rio Tinto and Diageo The rate reduction underscored the the coronavirus, marking the central have flagged a hit to profits this year. BEGBIES TRAYNOR US central bank’s concern about the bank’s first emergency rate cut since “A Fed rate cut of 50 basis points rate 90 new coronavirus, which has spread the financial crisis. won't get people on planes, it won't P around the world after emerging late G7 finance officials also pledged get people out spending money at a 85 last year in China. It came two weeks “appropriate”, unspecific policy time when potentially people are 85 ahead of a scheduled policy meeting, moves as the coronavirus spreads going into quarantine and people are 80 3 Mar where traders had fully priced in a 50- around the world, hitting avoiding large groups,” said basis-point cut. sports events, trade exhibi- CMC Markets chief market 75 Stocks had initially jumped more tions and other large analyst Michael Hewson. 70 than one per cent, but then dropped gatherings worldwide. Britain unveiled its as traders worried whether pumping Britain’s blue-chip 65 more money into financial markets index ended the day Aggreko climbed five per would address the central problem — one per cent higher, cent as it said Olympics 26 Feb 27 Feb 28 Feb 2 Mar 3 Mar a drop in business activity as workers while the domestically plans were progressing and consumers stay home. focused mid-cap index Shares in corporate restructuring specialists Begbies Traynor have fallen as much 15 The Dow Jones Industrial Average rose two per cent. “battle plan” to tackle per cent so far this year, but Canaccord Genuity analysts think the tumble isn’t dropped 2.94 per cent to end at Banks ended the day in the spread of coronavirus justified. After all, who stands to benefit more from challenging market conditions 25,917.41 points, while the S&P 500 the red, down 2.13 per cent, yesterday, warning that as than an insolvency specialist? Begbies’ board has said it expects to deliver full-year lost 2.81 per cent to finish at 3,003.37. while miners and airlines up be- many as a fifth of employees results “at least” in line with expectations as it continues to benefit from the The Nasdaq Composite descended tween 2.2 per cent and 2.8 per cent, could be off work at the peak of the turbulence. Analsysts kept the company’s rating unchanged at “buy”, and 2.99 per cent to 8,684.09. after they were caught up in last outbreak. maintained a target price of 105p. Wall Street last Friday had its biggest week’s rout that erased over $5 tril- Marketing firm 4imprint jumped 15 weekly decline in more than a decade lion (£3.9 trillion) from global equity per cent after saying it had so far as cases of the virus outside China markets. seen minimal impact from the CAKE BOX fanned fears of a global recession. Australia’s central bank cut interest health crisis. 165 Like other recent sessions, volume rates to a record low yesterday, while Aggreko surged five per cent and was P was heavy on US exchanges, with those in Japan, Britain, France and eyeing its best day in over seven 14.7bn shares changing hands the United States have signalled months as it kept its 2020 targets, and 160 162.50 compared with a 9.8bn share average willingness to inject more cash into said plans for the Tokyo Summer 3 Mar for the last 20 days. the system. Olympics were “progressing well”. All of the 11 major S&P sectors fell, 155 with the information technology index slumping 3.8 per cent. Apple and TOP RISERS FTSE Microsoft fell 3.2 per cent and 4.8 per cent respectively. 7,200 P 150 1. IAG Up 7.23 per cent Yesterday’s selloff left the S&P 500 2. M&G 4.65 per cent 7,000 6,718.20 26 Feb 27 Feb 28 Feb 2 Mar 3 Mar down about 11 per cent from its 3. Just Eat Takeaway Up 4.5 per cent 3 Mar record high close on 19 February. 6,800 Liberum analysts are eating up Cake Box, a company they said benefits from a Healthcare equipment maker TOP FALLERS capital light rollout model as light as its sponge. The company has a proven track- Thermo Fisher Scientific, rose 1.8 6,600 record of growth and expansion, they added, and has a strong market position per cent after it launched an $11.6bn 1. Barclays Down 2.61 per cent thanks to being the only national chain selling egg-free, fresh cream celebration (£9.05bn) bid for German genetic 2. Hargreaves Lans. Down 2.28 per cent 6,400 cakes (who knew?). Not keen to over-egg the pudding, however, analysts warned testing company Qiagen. 3. Morrisons Down 2.22 per cent increasing consumer interest in healthier diets could hit the company, but remained Protective mask maker Alpha Pro 26 Feb27 Feb 28 Feb 2 Mar 3 Mar optimistic overall. They rated the company as “buy”, with a target price of 250p. Tech jumped nearly 20 per cent.

CITY MOVES WHO’S SWITCHING JOBS Gold Prices Rally as Fed cuts rates by 0.5% TRUELAYER including Stripe, Shopify, and Adyen, and was part of director for the London market speaks volumes to Truelayer, a leading provider the team that created a small and medium business where we are going.” GOLD AT $1629 / OZ (AS AT 3:33PM / 3RD MAR) of financial APIs, has package to automate sales, boosting its scalability. appointed payments expert PROFUSION REASONS TO BUY GOLD Max Emilson as chief revenue VAYNERMDIA Data science company Profusion has announced that 1. A safe haven asset in uncertain times officer to drive global sales Vaynermedia London announced that Becky Charlie Wijeratna has joined its board as non- 2. A liquid asset with no counterparty risk and nurture current McOwen-Banks will be joining the agency as its first executive director. Charlie will help expand partnerships. Prior to joining executive creative director. Becky joins from FCB Profusion’s commercial offering, develop its 3. Preservation of wealth Truelayer, Max spent eight Inferno, where she was creative director for over five charitable programmes and support its new Data years working for Klarna, years creating award-winning work for UEFA Women Academy. Natalie Cramp, chief executive of Profusion, helping grow the business as well as BMW, Nivea, NS&I and The Girl Effect. Rob said: “Appointing Charlie is a real coup for us. [He] from a local payment Lenois, global chief creative officer of Vaynermedia, brings a wealth of senior experience from a range of method in the Nordics to a well-known global brand. added: “The creative momentum we’ve experienced different organisations. This talent and insight will As vice president of channel sales he created across the board recently has been phenomenal. help Profusion capitalise on the soaring demand for SHARPSPIXLEY.COM partnerships with major e-commerce players Hiring Becky as our very first executive creative data-driven marketing services.” T: +44 (0) 207 871 0532 To appear in CITYMOVES please email your career updates and pictures to [email protected] VISIT THE SHOWROOM AT 54 ST JAMES'S STREET, SW1A 1JT CITYAM.COM WEDNESDAY 4 MARCH 2020 MARKETS 17

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1468 ÃÃ0.0009 €/$ 1.1178 0.0028 6718.20 19682.65 3749.09 2 5917.41 8684.09 3003.29 /$ 1.2818 à 0.0043 €/£ 0.8720 Ä 0.0007 63.31 380.95 42.26 785.91 268.07 86.94 £ /¥ 137.53 0.4710 €/¥ 119.94 0.4990 ÃÃÃÄÄÄ ÄÄ Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Temple Bar IT ...... 1210.0 6.0 1486.0 1162.0 Inchcape...... 593.5 2.5 720.0 545.5 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES Advanced Medical ...... 256.0 4.5 354.5 225.0 Tsy 4.750 20 ...... 100.26 0.16 104.0 100.1 Contour Global...... 175.0 -0.2 222.5 163.0 Templeton Em Mkts .....792.0 24.0 876.0 731.0 JD Sports Fashion ...... 739.0 17.8 881.4 464.5 Games Workshp ...... 6615.0 345.0 7350.0 2800.0 BP ...... 414.9 3.7 582.5 396.1 Aggreko ...... 709.2 34.4 869.2 674.8 Alliance Pharma ...... 78.5 -0.4 87.5 63.0 Vietnam Enterprise .....420.0 10.0 509.0 404.0 Kingfisher...... 188.6 3.6 266.2 185.0 Tsy 8.000 21...... 109.69 0.08 116.3 109.5 Drax Gp ...... 266.6 6.0 386.8 251.0 LIFE INSURANCE Cairn Energy...... 137.0 -2.4 207.8 137.0 Ashtead Gp ...... 2408.0 1.0 2774.0 1805.5 ASOS...... 2951.0 6.0 4066.0 2107.0 Tsy 2.500 24 ...... 363.72 0.98 377.9 358.8 SSE ...... 1578.0 32.5 1686.5 1008.0 VinaCapital Vietna ...... 285.0 8.0 357.5 270.5 Marks & Spencer ...... 163.8 6.5 290.1 157.3 Energean Oil & Gas ...... 677.0 19.0 1082.0 654.0 Babcock Intl Grp...... 442.3 1.5 646.6 416.7 Aviva ...... 346.0 2.8 438.4 343.2 Blue Prism ...... 1479.0 34.0 1841.0 788.0 Tsy 5.000 25 ...... 123.75 0.27 126.0 122.1 Witan Invest ...... 201.5 3.5 235.0 196.0 Next ...... 6162.0 136.0 7340.0 5086.0 Premier Oil ...... 78.7 1.9 118.7 65.1 Bunzl ...... 1960.5 50.5 2551.0 1870.0 ELECTRONIC & ELECTRICAL EQUIPMENT Legal & General ...... 265.1 10.6 318.4 216.7 Wwide Healthcare ....3100.0 95.0 3330.0 2495.0 Pets at Home Gp ...... 263.8 8.0 314.6 140.0 Royal Dutch Shell A....1723.6 7.6 2612.0 1661.4 Capita ...... 128.4 -0.2 183.0 99.9 Camellia ...... 8250.0 -75.0 11275.0 8250.0 Tsy 4.250 27 ...... 130.73 0.33 132.8 125.8 Halma ...... 2054.0 56.5 2244.0 1595.0 Phoenix Gp ...... 708.0 10.3 803.0 634.2 FIXED LINE TELECOMMUNICATIONS Vivo Energy ...... 104.0 5.0 139.0 99.0 Royal Dutch Shell B ....1721.0 9.0 2622.0 1663.6 DCC ...... 5644.0 90.0 7496.0 5532.0 Caretech Holdings ...... 464.0 13.0 502.0 325.0 Tsy 6.000 28 ...... 149.50 0.41 152.1 143.6 Morgan Advanced ...... 286.2 10.6 324.8 232.4 Prudential ...... 1263.0 -7.0 1790.0 1263.0 Watches of Switz ...... 340.6 14.2 392.8 270.0 Tullow Oil ...... 32.6 0.1 250.0 32.5 Diploma ...... 1949.0 62.0 2134.0 1342.0 Tsy 4.125 30 ...... 387.00 1.79 404.2 367.4 Oxford Instruments ...1410.0 4.0 1654.0 963.0 BT Gp ...... 139.7 -0.1 230.7 139.5 St James Place ...... 1016.0 14.5 1199.5 913.6 Central Asia Metals .....181.6 2.8 266.5 178.8 WH Smith...... 1952.0 59.0 2654.0 1893.0 OIL EQUIPMENT & SERVICES Electrocomp ...... 618.2 12.2 729.8 540.8 Tsy 4.250 32...... 144.62 0.46 146.4 133.6 Renishaw ...... 3408.0 8.0 4638.0 3232.0 Talktalk Telecom ...... 109.3 0.3 126.5 99.0 Std Life Aberdeen ...... 279.9 4.2 336.9 238.1 HEALTH CARE EQUIPMENT & SERVICES Clinigen Group ...... 717.5 14.0 1069.0 703.5 Tsy 4.250 36 ...... 153.95 0.49 155.7 139.2 Telecom Plus ...... 1338.0 12.0 1552.0 1130.0 Hunting ...... 302.0 -23.6 657.0 290.8 Equiniti ...... 203.0 5.0 236.2 186.2 Spectris ...... 2786.0 91.0 3005.0 2234.0 MEDIA CVS Group ...... 1075.0 25.0 1250.0 490.6 Tsy 4.750 38...... 169.72 0.55 171.8 152.0 EQUITY INVESTMENT INSTRUMENTS FOOD & DRUG RETAILERS Convatec ...... 192.6 -1.9 220.4 132.6 Petrofac ...... 299.8 -9.7 527.2 299.8 Essentra ...... 343.0 -0.4 449.0 343.0 4imprint ...... 3130.0 410.0 3500.0 2110.0 Experian ...... 2812.0 105.0 2898.0 2003.0 Dart Group ...... 1189.0 71.0 1943.0 709.5 Tsy 4.250 46 ...... 179.72 0.81 181.0 1.0 Greggs ...... 2166.0 76.0 2476.0 1730.0 Mediclinic Intl ...... 353.1 9.1 415.3 293.4 Wood Gp(J) ...... 359.8 2.4 598.6 319.6 3i Infrastructure ...... 300.0 -0.5 317.5 270.4 Ascential ...... 330.4 2.6 421.2 319.0 Ferguson ...... 7002.0 222.0 7602.0 4800.0 AEROSPACE & DEFENCE Morrison (WM) ...... 176.1 -4.0 230.0 170.1 NMC Health ...... 1000.0 0.0 3000.0 700.0 PERSONAL GOODS Diversified Gas & Oil ...... 78.6 0.0 116.5 78.6 Aberforth Smlr Cos ..1240.0 22.0 1546.0 1114.0 Auto Trader Gp ...... 516.6 -2.6 607.6 469.1 G4S ...... 156.9 -3.6 234.3 156.9 BAE Systems ...... 612.0 1.2 669.0 443.9 Ocado Gp ...... 1126.0 6.5 1435.0 1052.0 Smith & Neph...... 1794.0 24.0 1990.0 1444.5 Draper Esprit ...... 518.0 16.0 602.0 410.0 Alliance Trust ...... 777.0 12.0 876.0 730.0 Euromny Inst Inv...... 1072.0 14.0 1498.0 1036.0 Burberry Gp...... 1702.5 41.5 2345.0 1649.0 Hays ...... 133.5 -2.1 183.5 133.5 Meggitt ...... 550.4 7.6 697.4 489.9 Sainsbury(J) ...... 206.3 2.0 240.6 177.1 UDG Hlthcare ...... 721.5 15.5 832.5 551.0 AVI Global Trust...... 715.0 7.0 802.0 695.0 Future ...... 1176.0 26.0 1572.0 736.0 PZ Cussons ...... 190.8 5.8 227.0 178.8 Homeserve ...... 1227.0 26.0 1340.0 966.5 EMIS Group ...... 1166.0 12.0 1242.0 949.0 QinetiQ ...... 342.6 -0.4 387.8 267.0 SSP Group ...... 492.0 18.5 721.0 473.5 HOUSEHOLD GOODS Baillie Gifford Japan ...690.0 0.0 848.0 675.0 Informa ...... 655.2 -4.4 892.0 655.2 PHARMACEUTICALS & BIOTECHNOLOGY Intertek Gp ...... 5412.0 88.0 6170.0 4643.0 Fevertree Drinks ...... 1272.0 8.5 2475.0 1262.0 Rolls-Royce ...... 635.8 20.0 941.2 600.6 Tesco ...... 235.1 6.9 258.9 212.6 Bankers InvTst ...... 946.0 12.0 1032.0 851.0 Barratt Devel ...... 757.8 7.4 878.4 552.8 ITV ...... 116.7 1.9 156.5 103.6 AstraZeneca ...... 7172.0 162.0 7878.0 5644.0 IWG...... 359.0 13.7 469.0 239.0 Senior ...... 145.1 -2.0 235.0 141.2 FOOD PRODUCERS First Derivatives ...... 2740.0 -10.0 3555.0 2100.0 BlackRock Smaller .... 1530.0 54.0 1794.0 1298.0 Bellway ...... 3784.0 109.0 4310.0 2698.0 Moneysupermkt.com ....315.9 8.2 417.7 307.7 Dechra Pharma ...... 2710.0 54.0 3068.0 2348.0 Network Int...... 565.0 18.0 650.0 513.0 Ultra Electronics ...... 1963.0 36.0 2292.0 1441.0 Frontier Devs ...... 1250.0 66.0 1444.0 866.0 BMO Global Smaller .....129.4 1.7 150.0 126.0 Assoc British Foods...2279.0 17.0 2708.0 2106.0 Berkeley Grp Hldgs ...4815.0 77.0 5474.0 3437.0 Pearson ...... 554.0 4.0 927.0 550.0 Genus ...... 3416.0 184.0 3416.0 2178.0 Pagegroup ...... 376.2 -6.8 539.0 367.8 AUTOMOBILES & PARTS Caledonia Inv ...... 2975.0 75.0 3180.0 2875.0 Bakkavor ...... 105.0 -0.8 149.6 93.3 Countryside Prop ...... 489.8 23.0 540.5 277.6 RELX ...... 1920.5 35.0 2099.0 1606.0 GlaxoSmithKline ...... 1608.0 -22.0 1846.0 1501.6 Paypoint...... 841.0 6.0 1118.0 830.0 Gamma Comms ...... 1300.0 80.0 1460.0 830.0 Aston Martin...... 292.8 1.8 1181.0 291.0 City of London IT ...... 393.0 4.0 448.5 382.0 Cranswick ...... 3450.0 76.0 3852.0 2488.0 Crest Nicholson ...... 455.6 12.2 519.0 332.0 Rightmove Group ...... 625.6 6.4 701.2 495.0 Hikma Pharma ...... 1879.5 -19.5 2200.0 1556.5 Rentokil Initial ...... 525.4 12.2 525.4 345.2 GB Group ...... 687.0 22.0 800.0 464.0 Edin Inv Trust ...... 540.0 7.0 652.0 528.0 Greencore Gp ...... 214.0 5.4 281.8 193.4 McCarthy & Stone...... 132.7 1.1 158.8 123.5 WPP ...... 755.0 14.6 1077.5 740.4 TI Fluid Systems ...... 195.4 5.4 273.0 155.2 REAL ESTATE Sanne Group ...... 600.0 23.0 752.0 498.0 Gooch & Housego ...... 1220.0 5.0 1527.5 954.0 European Opp ...... 823.0 17.0 926.0 708.0 Hilton Food Gp ...... 1012.0 47.0 1118.0 905.0 Serco ...... 152.3 2.1 167.7 120.3 BANKS Assura ...... 77.9 3.0 83.5 56.7 Hurricane Energy ...... 14.5 -0.3 53.6 14.5 F&C Investment ...... 695.0 5.0 786.0 672.0 Tate & Lyle ...... 727.0 16.0 801.4 663.8 MAIN CHANGES UK 350 SIG ...... 60.7 -2.1 153.0 60.7 Bank of Georgia...... 1513.0 0.0 1755.0 1252.0 Big Yellow Gp ...... 1133.0 49.0 1240.0 955.5 Fidelity China SPE ...... 233.0 2.0 253.0 205.5 Unilever ...... 4382.5 62.5 5324.0 4046.0 Travis Perkins...... 1472.5 28.0 1720.0 1166.0 Impax Asset Mgmt ...... 355.0 9.5 405.0 212.5 Barclays ...... 139.6 -3.7 192.5 136.2 % BMO Comm Prop ...... 97.4 0.8 124.2 96.6 Fidelity Euro Values ....250.0 5.5 272.0 218.0 FORESTRY & PAPER Risers à Fallers Ä % TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 370.0 -5.5 405.0 316.5 BGEO Group ...... 1686.0 6.0 1818.0 1252.0 Fidelity Spec Val ...... 240.5 5.5 280.5 230.0 4imprint ...... 3130.00 15.1 Ibstock ...... 252.40 -10.0 British Land ...... 504.2 10.2 638.8 468.3 Mondi ...... 1611.0 39.0 1846.0 1510.5 HSBC Hldgs...... 509.8 -10.3 680.6 509.8 Rotork ...... 306.80 9.6 Hunting ...... 302.00 -7.2 Captl & Count Prop .....209.0 9.7 270.5 184.8 Spirent Comms ...... 216.0 3.5 256.0 140.4 IQE...... 46.3 0.6 94.2 41.8 Finsbury G&I Tst ...... 829.0 18.0 958.0 795.0 GENERAL FINANCIAL Lloyds Banking ...... 48.7 -0.9 67.2 48.6 GCP Infra Inv ...... 123.0 3.0 134.0 117.0 Intl Cons Airl ...... 464.40 7.2 Puretech ...... 285.00 -5.9 CLS Hldgs ...... 252.0 0.0 312.5 212.0 TOBACCO James Halstead ...... 506.0 26.0 570.0 440.0 Harbourvest Glb ...... 1732.00 7.2 Hiscox ...... 1206.00 -5.5 Royal Bank of Scot ...... 170.4 -2.0 270.4 170.4 Genesis Emerging ...... 743.0 11.0 818.0 686.0 3i Group ...... 1020.0 32.2 1184.5 942.2 Daejan Hldgs ...... 7990.0 10.0 8020.0 4715.0 Br Am Tob ...... 3099.5 99.0 3507.0 2648.0 Johnson Service Gp ....204.5 7.5 223.0 131.6 Trainline ...... 475.50 7.0 Playtech ...... 242.50 -4.2 Standard Chartered .....538.2 -12.2 738.6 538.2 Greencoat UK ...... 143.0 0.4 152.8 133.8 Ashmore Gp ...... 476.6 14.8 570.0 397.8 Derwent London ...... 4124.0 184.0 4282.0 2884.0 Imperial Brands ...... 1583.8 20.8 2648.5 1554.8 Apax Global ...... 161.00 6.3 Stagecoach Gp ...... 120.70 -3.9 Keywords Studios ...... 1547.0 41.0 1838.0 1052.0 TBC Bank Group...... 1276.0 -24.0 1706.0 1150.0 Harbourvest Glb ...... 1732.0 116.0 1868.0 1406.0 Brewin Dolphin ...... 309.2 1.4 375.2 287.6 Grainger ...... 305.4 6.4 338.0 217.4 Sirius Real Estate ...... 85.00 6.1 SIG ...... 60.70 -3.4 TRAVEL & LEISURE Virgin Money UK ...... 147.4 0.5 220.1 104.4 Close Brothers ...... 1279.0 13.0 1663.0 1227.0 Grt Portland Est ...... 870.2 25.2 966.0 649.4 Learning Tech Gp ...... 143.2 9.2 172.2 63.7 Herald Inv Trust ...... 1360.0 28.0 1530.0 1205.0 Hochschild Mining ...... 174.30 5.8 Dixons Carphone ...... 115.00 -3.3 Coats Group ...... 59.0 -0.1 86.8 59.0 Hammerson ...... 200.7 4.7 383.3 196.0 Carnival ...... 2329.0 -4.0 4237.0 2329.0 BEVERAGES HICL Infr ...... 175.2 0.6 183.0 156.6 Genus ...... 3416.00 5.7 Cineworld Group ...... 133.95 -3.3 M&C Saatchi ...... 78.8 0.0 394.0 73.4 Land Securities...... 830.8 9.8 1001.5 735.4 Cineworld Group ...... 133.9 -4.5 321.0 133.9 JPM American ...... 465.0 3.0 524.0 421.0 Finablr ...... 50.9 -1.1 215.0 50.9 IG Gp ...... 719.20 5.6 Petrofac ...... 299.80 -3.1 M.P. Evans ...... 675.0 13.0 750.0 612.0 Barr (AG) ...... 546.0 12.0 975.0 526.0 Compass Gp ...... 1713.0 12.5 2138.0 1698.0 JPM Emerg Mkt ...... 982.0 27.0 1088.0 878.0 Hargreaves Lans...... 1519.5 -35.5 2433.0 1519.5 LondonMetric Prop ...... 216.2 6.4 241.2 191.4 Britvic ...... 882.0 15.5 1068.0 850.0 Dominos Pizza ...... 308.5 4.6 326.4 221.2 Majestic Wine ...... 218.5 8.5 318.0 208.0 JPM Indian IT ...... 651.0 11.0 790.0 628.0 IG Gp...... 719.2 38.0 719.2 474.8 Persimmon ...... 2942.0 101.0 3298.0 1836.0 MINING NewRiver Retail ...... 159.0 3.2 246.0 147.6 Coca-Cola HBC AG .....2582.0 67.0 3074.0 2299.0 Primary Hlth Prop ...... 154.0 3.8 162.8 123.0 easyJet ...... 1070.0 7.5 1552.0 854.8 Midwich Group ...... 521.0 -8.0 633.0 474.5 JPM Japan IT ...... 394.0 4.0 477.5 383.0 Integrafin Holdings .....480.0 -7.0 529.0 337.0 Reckitt Benckiser ...... 5786.0 38.0 6688.0 5721.0 Anglo American ...... 1903.0 58.4 2266.0 1666.6 Diageo ...... 2820.5 9.0 3625.5 2765.5 Intermediate Capital .1667.0 63.0 1877.0 999.0 Redrow...... 749.0 16.0 848.0 533.0 Safestore Hldgs ...... 824.5 39.5 867.0 586.0 EI Group ...... 284.6 0.0 285.0 194.0 Jupiter Fund Mngt ...... 315.8 4.0 432.0 300.0 Antofagasta ...... 778.6 3.0 1022.5 752.0 Mortgage Advice B ...... 712.0 9.0 800.0 546.0 CHEMICALS Intl Public Prtnshps .....163.8 1.2 171.2 146.8 Taylor Wimpey ...... 207.8 4.9 236.2 142.9 Savills ...... 1095.0 14.0 1258.0 822.0 FirstGroup ...... 117.0 1.4 137.5 89.6 Law Debenture ...... 590.0 12.0 654.0 552.0 Next Fifteen Comm ...... 492.5 12.5 658.0 465.0 BHP Group ...... 1462.8 13.8 2049.0 1418.4 Flutter Ent...... 8640.0 138.0 9456.0 5525.0 Croda International ..4744.0 54.0 5375.0 4554.0 Mercantile IT ...... 242.0 7.0 278.5 188.0 Investec ...... 389.0 3.4 518.6 385.6 Vistry Group ...... 1311.0 40.0 1478.0 975.0 SEGRO ...... 861.6 29.0 935.0 655.0 Centamin ...... 141.2 6.3 153.2 79.8 Nichols...... 1285.0 -5.0 1880.0 1285.0 Elementis...... 98.2 -0.4 184.5 98.2 IP Group ...... 66.0 -0.4 100.4 55.7 INDUSTRIAL ENGINEERING Shaftesbury ...... 819.5 17.5 979.5 739.5 Go-Ahead Gp ...... 1906.0 8.0 2278.0 1783.0 Monks Inv Tst ...... 935.0 15.0 1026.0 809.0 Fresnillo ...... 649.8 29.8 921.2 539.6 John Laing Gp ...... 358.4 16.4 402.0 328.4 St Modwen Props ...... 474.0 1.0 530.0 373.0 GVC Hldgs ...... 802.6 10.0 939.0 507.5 Numis Corporation ...... 237.0 -13.0 306.0 212.0 Johnson Matt...... 2501.0 26.0 3454.0 2475.0 Murray Intl Tst ...... 1078.0 10.0 1286.0 1056.0 Bodycote ...... 767.5 19.0 971.0 652.0 London Stock Exch ....7864.0 -24.0 8542.0 4538.0 Glencore ...... 191.3 -2.1 340.3 191.3 TR Property IT ...... 462.0 21.0 497.5 377.0 Intercontl Htls ...... 4274.0 -13.0 5738.0 4274.0 Synthomer ...... 277.0 0.2 420.8 276.8 Next Energy Solar ...... 117.0 2.0 126.5 114.0 Hill & Smith ...... 1376.0 47.0 1510.0 1049.0 Polar Capital Hdgs ...... 490.0 16.0 604.0 474.0 Man Group ...... 150.3 6.8 175.2 130.5 Hochschild Mining ...... 174.3 9.6 227.0 152.0 Tritax Big Box ...... 136.0 4.2 159.7 130.0 Intl Cons Airl...... 464.4 31.3 671.0 413.5 Victrex ...... 2128.0 64.0 2540.0 1845.0 Pantheon Intl Partn .2200.0 90.0 2620.0 2020.0 IMI ...... 1040.0 38.0 1206.0 906.0 Purplebricks Gp ...... 88.0 3.0 132.0 85.0 Onesavings ...... 395.8 -1.0 452.0 313.6 Kaz Minerals ...... 423.2 1.7 738.4 380.3 UK Commercial Prop .....82.7 1.6 92.7 79.6 Just Eat Takeaway.com 7090.0 305.0 8255.0 6785.0 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ..288.5 4.5 342.0 282.5 Melrose Ind ...... 206.5 3.1 248.5 160.7 Paragon...... 458.2 -3.8 553.5 388.0 Polymet Int...... 1266.0 44.5 1345.0 772.6 Unite Group ...... 1155.0 47.0 1339.0 896.5 Marstons ...... 87.7 -0.1 131.4 87.7 Renew Holdings...... 518.0 8.0 568.0 360.0 Pershing Square ...... 1384.0 12.0 1578.0 1224.0 RHI Magnesita ...... 2956.0 -34.0 5000.0 2956.0 Balfour Beatty ...... 243.4 0.6 295.0 194.2 Plus500 ...... 950.0 11.4 950.0 495.0 Rio Tinto ...... 3821.5 101.5 4976.5 3608.0 Workspace Gp ...... 1177.0 58.0 1307.0 806.0 Mitchells & Butlers ...... 334.5 -2.0 470.5 238.0 RWS Holdings ...... 548.0 18.0 670.0 473.5 Personal Assets Tst 42750.0 450.0 44050.0 Rotork ...... 306.8 26.9 341.2 269.8 CRH ...... 2757.0 39.0 3100.0 2279.0 Provident Fin ...... 414.8 13.0 594.8 356.0 MOBILE TELECOMMUNICATIONS SOFTWARE & COMPUTER SERVICES National Express ...... 416.2 1.6 476.0 387.4 39950.0 Spirax-Sarco...... 8755.0 210.0 9415.0 6850.0 Scapa Group ...... 176.0 9.6 403.0 157.0 Galliford Try...... 150.9 3.1 190.4 102.4 Quilter ...... 151.3 7.0 174.7 124.2 PPHE Hotel Gp ...... 1620.0 -30.0 2140.0 1620.0 Polar Cap Tech Tst .....1590.0 54.0 1746.0 1220.0 Weir Gp ...... 1272.5 -4.5 1814.0 1250.5 Vodafone Gp ...... 133.5 0.0 165.2 123.3 Avast...... 410.2 11.8 551.0 282.0 Secure Income REIT ...447.0 17.0 473.0 394.0 Grafton Group...... 851.5 12.5 990.0 645.5 Rathbone Brothers ....1682.0 -2.0 2540.0 1660.0 Rank Gp ...... 259.5 4.0 326.0 144.0 Pollen Street ...... 856.0 8.0 884.0 802.0 Aveva Gp...... 4534.0 128.0 5315.0 2962.0 Ibstock ...... 252.4 -28.2 322.2 208.6 Schroders ...... 2926.0 90.0 3443.0 2541.0 INDUSTRIAL METALS NONLIFE INSURANCE Restaurant Grp ...... 98.3 -2.1 166.4 98.3 Serica Energy...... 97.4 1.9 143.4 95.5 Renewables Infra Gp ...135.4 0.8 139.2 115.4 Computacenter...... 1676.0 29.0 1920.0 1049.0 Marshalls ...... 726.0 16.0 876.0 543.0 TP ICAP ...... 379.9 12.4 417.5 270.0 Evraz ...... 330.6 13.0 709.4 317.6 Stagecoach Gp...... 120.7 -4.9 166.4 115.5 RIT Cap Partners ...... 2000.0 76.0 2180.0 1886.0 Admiral Gp ...... 2186.0 46.0 2330.0 2014.0 FDM Group...... 885.0 -2.0 1100.0 647.0 Smart Metering Sys....490.2 15.2 627.0 310.0 Polypipe Group ...... 547.5 9.0 619.0 372.8 Ferrexpo ...... 135.7 2.2 301.3 123.0 Wetherspoon (JD) ..... 1328.0 21.0 1734.0 1269.0 Schroder Asia ...... 441.0 5.0 485.5 424.5 GENERAL RETAILERS Beazley ...... 530.0 1.5 628.0 504.5 Kainos Gp ...... 786.0 34.0 880.0 430.0 Telford Homes ...... 349.5 0.0 358.0 267.0 DIVERSIFIED INDUSTRIALS Whitbread ...... 3768.0 9.0 5152.0 3759.0 Scottish Inv Tst ...... 733.0 9.0 843.0 715.0 B&M ...... 336.7 6.7 420.9 315.0 INDUSTRIAL TRANSPORTATION Direct Line Ins ...... 324.0 11.8 366.5 270.5 Micro Focus Intl ...... 720.8 19.9 2160.0 700.9 William Hill ...... 146.3 2.0 205.2 132.3 Thorpe (F.W.) ...... 298.0 4.0 359.0 267.0 Smith (DS) ...... 322.5 6.2 394.8 307.9 Scottish Mortgage ...... 605.5 22.5 659.0 472.0 Dixons Carphone ...... 115.0 -4.0 152.4 104.9 Clarkson ...... 2550.0 30.0 3110.0 2200.0 Hastings Gp Hldgs ...... 166.0 4.6 231.6 161.4 Playtech ...... 242.5 -10.6 457.7 242.5 Wizz Air Holdings ...... 3385.0 61.0 4496.0 2880.0 Watkin Jones ...... 268.0 11.5 286.0 199.6 Smiths Gp...... 1557.5 25.0 1769.5 1378.0 Sequoia Econ Infra ...... 113.0 0.2 118.6 110.0 Dunelm Gp...... 1103.0 25.0 1404.0 730.5 Fisher (James) ...... 1828.0 32.0 2260.0 1680.0 Hiscox ...... 1206.0 -70.0 1777.0 1206.0 Sage Group ...... 701.8 7.6 820.4 655.0 Smurfit Kappa Gp...... 2684.0 78.0 3010.0 2096.0 Smithson Inv ...... 1248.0 38.0 1388.0 1105.0 Frasers Group ...... 361.4 -8.6 518.0 214.0 Royal Mail ...... 161.1 -0.1 268.5 161.1 Lancashire Hldgs ...... 728.0 3.0 807.0 640.5 Softcat ...... 1059.0 10.0 1260.0 746.0 AIM 50 Young’s Brew NV ...... 1195.0 -5.0 1310.0 1030.0 Vesuvius...... 430.6 11.2 642.0 341.0 Syncona ...... 244.0 0.5 275.5 203.0 Howden Joinery Gp..... 642.2 0.0 732.6 478.8 Signature Avi ...... 291.2 0.0 406.0 291.2 RSA Ins Gp ...... 522.0 4.0 597.0 501.6 Sophos ...... 580.4 0.0 580.4 298.2 Abcam ...... 1231.0 34.0 1500.0 1066.0 Young’s Brew-A...... 1605.0 5.0 1885.0 1530.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 252.95 6.50 316.05 204.80 3M ...... 145.24 -7.78 219.50 146.85 AIR LIQUIDE ...... 126.85 1.80 140.30 110.65 ABBOTT LABORATORIES ...... 77.99 -3.62 91.86 72.88 ALLIANZ AG ...... 198.22 1.12 232.20 195.34 ADOBE INC ...... 348.34 -11.94 383.28 254.74 AMADEUS IT GROUP ...... 63.04 0.54 78.60 42.30 ALPHABET NON VTG-C ...... 1341.39 -47.72 1526.69 1036.23 ANHEUSER BUSCH INBEV ...... 51.26 -0.74 92.71 50.73 ALPHABET-A ...... 1337.72 -48.60 1524.87 1116.79 AMAZON.COM ...... 1908.99 -44.96 2170.22 1620.80 ASML HOLDING NV ...... 259.30 9.05 292.95 158.30 AMERICAN EXPRESS ...... 108.01 -5.86 136.93 107.86 AXA ...... 21.01 0.28 25.50 20.73 APPLE INC ...... 289.32 -9.49 327.20 172.50 BANCO SANTANDER ...... 3.24 -0.02 4.10 3.25 AT&T ...... 36.30 -0.88 39.63 29.81 BASF...... 54.10 0.35 74.49 53.40 BANK OF AMERICA ...... 27.75 -1.62 35.64 26.25 BAYER AG...... 64.61 -0.99 78.06 52.53 BERKSHIRE HATHAWAY...... 208.81 -8.82 230.20 195.81 BBVA ...... 4.25 -0.04 5.69 4.21 BOEING CO ...... 280.62 -8.65 424.46 275.11 BMW ...... 57.99 -0.29 77.75 58.28 CATERPILLAR INC ...... 124.38 -3.22 150.53 113.38 BNP PARIBAS ...... 42.81 -0.65 54.18 39.32 CHEVRON ...... 94.39 -2.20 126.54 93.34 CRH ...... 31.11 0.00 36.50 26.70 CISCO SYSTEMS ...... 40.04 -1.13 58.05 39.93 DAIMLER ...... 37.14 -0.27 59.31 37.38 CITIGROUP ...... 65.05 -2.54 81.91 60.33 DANONE ...... 62.80 -0.30 82.00 63.10 COCA-COLA CO ...... 56.06 0.14 60.13 44.84 DEUTSCHE POST AG ...... 26.32 -0.51 34.91 26.38 COMCAST ...... 41.44 -1.08 47.50 38.19 DOW ...... 40.56 -0.86 66.65 39.55 DEUTSCHE TELEKOM ...... 14.86 -0.04 16.61 14.45 EBAY INC ...... 36.72 0.76 41.57 33.56 ENEL ...... 7.79 0.15 8.57 5.40 EXXON MOBIL ...... 51.30 -2.58 83.38 49.82 ENGIE...... 15.23 0.10 16.64 12.45 FACEBOOK ...... 185.89 -10.55 223.23 174.60 ENI ...... 11.12 0.00 15.94 11.12 GOLDMAN SACHS GROUP ...... 203.43 -6.04 249.72 182.49 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 HOME DEPOT INC ...... 227.94 -2.00 247.02 181.14 FRESENIUS MEDICAL CARE ...... 70.60 0.18 77.66 57.92 HONEYWELL INTERNATIONAL ...... 161.89 -2.35 183.23 151.59 IBERDROLA ...... 10.80 0.08 11.22 6.02 IBM ...... 128.90 -5.40 156.76 126.99 INDITEX ...... 27.92 0.01 32.37 2.55 INTEL ...... 55.97 -2.21 68.47 43.46 ING GROEP NV...... 8.34 -0.09 12.05 8.34 JOHNSON & JOHNSON ...... 135.59 -4.43 153.99 126.95 INTESA SANPAOLO...... 2.12 -0.02 2.60 1.83 JPMORGAN CHASE & CO ...... 116.96 -4.56 141.09 98.93 KERING ...... 512.00 7.40 610.20 425.05 MASTERCARD INC ...... 292.00 -14.74 344.56 221.87 MCDONALD’S ...... 199.51 -3.04 221.15 179.50 KON KPN NV ...... 2.26 0.00 2.96 2.20 MEDTRONIC ...... 100.40 -2.22 121.30 84.15 L’OREAL ...... 251.40 3.90 275.30 224.00 MERCK & CO ...... 79.13 -2.24 92.04 73.19 LVMH MOET HENNESSY ...... 377.35 1.25 439.05 305.80 COMMODITIES TOURIST RATES MICROSOFT ...... 164.51 -8.28 188.70 110.39 MUENCHENER RUECKVE ...... 239.00 1.80 282.50 207.50 NETFLIX ...... 368.77 -12.28 387.78 254.59 NOKIA ...... 21.88 0.00 21.88 21.88 Gold ...... 1607.04 +8.21 Copper Cash Official...... 5639.50 +67.50 Canada ...... 1.6265 New Zealand ...... 1.9001 NIKE INC ...... 90.93 -1.75 104.58 77.14 ORANGE ...... 12.12 -0.07 15.01 12.18 Silver (Pence) ...... 1691.50 -27.00 Aluminium Cash Official ...... 1684.25 +21.50 Croatia ...... 7.7726 Norway...... 11.35 ORACLE ...... 48.85 -2.05 60.15 49.46 ROYAL PHILIPS ...... 38.59 0.39 45.61 34.90 Silver (Cents) ...... 1324.00 -10.00 Nickel Cash Official ...... 12435.00 +277.50 Czech Republic ...... 26.99 Poland ...... 4.3661 PAYPAL HOLDINGS ...... 109.76 -3.10 123.91 96.64 SAFRAN ...... 127.15 3.85 150.25 116.90 Krugerrand ...... 1619.92 +4.42 Aluminium Alloy Cash Official ...... 1355.00 +4.00 Denmark ...... 8.172 Singapore ...... 1.6604 PEPSICO ...... 135.58 -2.00 146.99 118.61 SANOFI ...... 86.09 0.50 94.00 72.24 Brent Crude ...... 52.77 +3.10 Natural Gas ...... 22.38 +0.68 Hong Kong ...... 9.4375 Sweden ...... 11.63 PFIZER INC ...... 34.30 -0.58 44.40 33.42 SAP SE ...... 112.94 1.82 129.36 95.20 Platinum ...... 587.00 -284.00 Tin Cash Official ...... 16422.50 +210.00 Iceland ...... 144.61 Switzerland ...... 1.1672 PROCTER & GAMBLE ...... 118.17 -1.39 127.14 98.41 SCHNEIDER ELECTRIC ...... 94.64 2.40 102.90 67.60 British Sovereign ...... 377.90 +1.01 Zinc Cash Official ...... 2008.75 -9.50 India ...... 82.25 Turkey ...... 7.5489 TRAVELERS COMPANIES ...... 125.31 -2.37 154.83 119.81 SIEMENS AG ...... 92.50 0.20 119.90 85.00 Lead Cash Official ...... 1904.50 +36.00 White Sugar ...... 391.90 -4.70 Israel ...... 3.9851 United States ...... 1.2204 TWITTER ...... 34.93 -0.89 45.42 28.89 UNITED HEALTH GROUP ...... 261.40 -11.71 305.31 215.26 SOCIETE GENERALE...... 24.23 -0.79 31.93 21.13 UNITED TECHNOLOGIES ...... 132.53 -1.54 156.83 122.94 TELEFONICA SA ...... 5.28 -0.06 9.18 5.34 WORLD INDICIES VERIZON COMMUNICATIONS ...... 55.70 -1.62 62.07 54.16 TOTAL ...... 39.32 0.22 52.27 38.38 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 185.73 -6.60 213.31 168.86 UNILEVER NV ...... 49.33 0.81 57.56 47.59 FTSE 100...... 6718.20 +63.31 +0.95 S&P 500...... 3003.29 -86.94 -2.81 CAC 40 ...... 5393.17 +59.65 +1.12 Hang Seng ...... 26284.82 -6.86 -0.03 WALGREENS BOOTS ALLIANCE...... 46.12 -1.99 76.05 45.76 VINCI ...... 93.32 2.50 106.75 83.68 FTSE 250 ...... 19682.65 +380.95 +1.97 Dow Jones I.A ...... 25917.41 -785.91 -2.94 Swiss Market Index ...... 10087.40 +136.57 +1.37 Nikkei ...... 21082.73 -261.35 -1.22 WALMART ...... 112.91 -2.97 121.28 96.94 VIVENDI ...... 23.45 0.09 26.42 23.02 FTSE All-Share ...... 3749.09 +42.26 +1.14 Nasdaq Composite ...... 8684.09 -268.07 -2.99 ISEQ Overall Index ...... 6521.81 +99.17 +1.55 STI Index ...... 3019.56 +11.84 +0.39 WALT DISNEY CO ...... 116.45 -3.53 151.64 107.79 VOLKSWAGEN AG ...... 153.12 2.62 185.52 138.16 FTSE AIM All-Share ...... 882.96 +21.52 +2.50 Xetra DAX...... 11985.39 +127.52 +1.08 FTSEurofirst 300 ...... 1487.26 +18.07 +1.23 ASX All Ordinaries...... 6511.60 +50.50 +0.78 WELLS FARGO & CO ...... 40.53 -1.73 54.46 40.85 18 OPINION WEDNESDAY 4 MARCH 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Yes We Can: American politics TO THE EDITOR is a masterclass in messaging Not for sale [Re: Is there a case for Britain keeping the Elgin Marbles?] The Parthenon sculptures are dispersed, S POLITICS is a fascinat- “Kennedy” 16 times in the first 15 For brands, kicking against an blown around the world by history. One ing watch, especially if Jamie seconds. Things have developed enemy can be enormously effective. quarter of the originals — known as the you’re interested in Williams since then, but finding a simple In its “we try harder” campaign, Elgin Marbles — are in the British Museum. Ubranding, communica- message that resonates is gold dust. Avis, the second biggest car rental Greece has never sued Britain for them, as tions, and the successes Obama’s “Yes We Can” phrase company in the US, took aim at cat- experts agree that Lord Elgin obtained and failures of connecting with au- caught fire and enthused a move- egory leader Hertz. It gave Avis an permission to take them from Athens. He diences. And for those that follow it ment across America. Trump’s underdog springboard for commu- did not loot them. He saved them. through this lens, right now is “Make America Great Again” took it nicating across all of its media chan- Culture is international — and sellable. prime-time viewing. to another level. nels and it worked a treat. Brands There is no room for nationalism in this As Democrats vote on their candi- Worryingly for the Democrats, that know their enemies tend to debate. If a foreign buyer legally purchases date to take on Donald Trump in his big South Carolina win, hasn’t none of the candidates have a simple, have a clearer vision of themselves. a statue from Roman Britain, or a Damien November, the political battle- managed to generate the excite- insightful message that voters can Hirst, the British government cannot claim grounds in the US are becoming ment or movement style of the 78- buy into. Without one, taking on the IMAGE IS EVERYTHING that they belong to the UK. The same is case studies in communications. year-old socialist. Trump machine will be tough. In politics, image is (almost) every- true for the Parthenon sculptures. There But can Bernie bring onboard the In the advertising world, brands thing. Style and body language help are no separate rules for Greek art. POWER OF MONEY middle ground — critical for any like Ronseal, Specsavers and L’oreal candidates stand out, get noticed, The EU has not demanded that Britain Everything is easier when you have challenger movement looking to go have perfected this simple repeated and be liked. Obama was the con- relinquish the Elgin Marbles. A document a big budget. Michael Bloomberg mainstream? It’s what Innocent and message with huge success. “Does summate storyteller, every address a mentions “unlawfully removed cultural has reportedly spent over $500m on BrewDog did, establishing a disrup- what it says on the tin”, “Should have masterclass in engagement. If more objects”. This would not include the Elgin TV and social ads, taking him from tive anti-corporate niche movement gone to Specsavers”, and “Because of this had rubbed off on Biden, he Marbles, which were acquired lawfully. nowhere to 19 per cent in some na- before hitting the mainstream. I’m worth it” have weaved their way might well be leading the Demo- However, in the years ahead, British tional polls last week. into popular culture and become cratic pack. Conversely, Trump con- politicians will look for things to give the US politics is often about raising REPEAT WITH MEANING valuable assets in themselves. nects with his base through his EU in return for improved trade terms. This money and proving to your donors Throw someone one ball and all-American macho image of suc- must not include the Elgin Marbles, which that you warrant their backing. they’ll catch it — throw them four DEFINE YOUR ENEMY cess and “winning” that plays well are seen in Britain, for free, by six million That’s not a concern for billionaire and they’ll drop them all. Giving Recognising an enemy is a useful to a certain audience. people a year, fostering love and candidates. Bloomberg has essen- consumers one simple message and tool for brands and politicians For brands, what they say is often admiration of ancient Athenian art. The tially bought a place in the running repeating it over and over can be ef- alike. For all his faults, nobody can superseded by how they say it. In an British Museum is a world treasure: its without doing all the hard yards or fective. JFK’s 1960 TV ad repeated deny Trump’s brilliance at taking environment where consumer contents are not for sale by politicians. having a rallying point of difference. down his enemies. “Lyin’ Ted Cruz”, touch points are becoming more di- Dominic Selwood, barrister and “Little Marco Rubio”, “Low Energy verse and fragmented, tone of voice historian THE CHALLENGER MOVEMENT Jeb” — he saw off his 2016 Republi- is increasingly more important. Everyone loves an outsider — some- can challengers with relative ease, The Democratic race reached a one who has taken on the main- and then moved up a level with critical moment this week with BEST OF stream and revolutionised a “Crooked Hillary”. “Super Tuesday” — but there is still TWITTER category. Barack Obama was the “Sleepy Joe Biden” is this year’s tar- all to play for. Despite Bernie’s lead quintessential challenger brand. get. But the main enemy in 2016 and Biden’s recent comeback, no- The experts knew this was inevitable. Trump also harnessed that route, Can Bernie bring was the Washington “swamp”. body has truly broken through. It’s They knew, when it came, the forecasts playing the role of the anti-Wash- Trump’s proclaiming that he would a chaotic category, with everything had to be as accurate as possible. They ington champion of ordinary folk. onboard the “drain it” was enormously effective to play for. As an ongoing lesson in needed to know often people mix with Today, Bernie Sanders is the chal- middle ground — in beating Hillary Clinton. communications, it remains a fas- one another. Thanks to the lenger brand, having galvanised an Sanders has a clearly articulated cinating watch. experiment, we’ve now got a dataset energised youthful base. Joe Biden, critical for any enemy in greedy corporate America, that does exactly that, at a scale never as a previous vice president, is the but can he get that message to res- £ Jamie Williams is managing partner been seen before. We don’t have many established Democrat, and despite challenger brand? onate with enough of the country? of creative agency isobel. weapons in the fight against infectious disease, but maths is a powerful ally. @FryRsquared

If you wanted to stop the spread of a virus, I’m not sure that having millions of people on casual contracts without The Home Office is due a shake-up, and sick pay living in shared accommodation would be the ideal starting point really. it’s in Britain’s interest that ministers win @JonnElledge GOVERNMENT CORONAVIRUS ADVICE POST DISCUSSIONS WITH DOCTORS HE REVERBERATIONS us. Their primary motivation is not data that there had been a huge in- & SCIENTISTS: around the resignation of Paul to serve the public, it is to further crease in crime since the Second -wash your hands. Sir Philip Rutnam, the top Ormerod the interests both of themselves as World War. On the contrary (accord- Other advice includes: Tcivil servant at the Home individuals and of the bureaucracy ing to these officials), this merely re- -Don’t put knife in toaster. Office, continue. Priti as a whole. flected changes in the propensity to -Don’t get in the van. Patel, the home secretary, is receiv- The Home Office itself provides report crimes. The actual level of - If you see the Coronavirus hanging in ing a barrage of abuse. many examples which support this crime, they purported, was the the air, don’t catch it with an empty jar Labour’s John McDonnell has pro- view. When tasked by ministers same in 2000 as it had been in 1950. to bring home to inhale. nounced that he cannot see how with deporting those without cor- I was impressed by the brilliance @WeeMissBea Patel could carry on. He raised the rect documentation, the bureau- of this hypothesis. It meant that no possibility that she might be in This group see Rutnam as one of crats did not try to track down, say, bureaucrat could ever be criticised I performed at an event tonight where some way “suspended”. It seems to their own: a professional expert, Albanian drug dealers. Instead, they for failing to control crime. no one kissed or shook hands or have slipped the shadow chancel- conscientiously going about his minimised effort to themselves, Of course, the view that people al- hugged. Half of them were French or lor’s mind that he himself was keen business. Naturally, they regard his identifying people who had lived ways act purely in their own self-in- Swiss. It was like watching British to carry out a purge of economists actions as sound, carried out in the here for decades but whose paper- terest is rarely completely true. people resist saying “sorry” to the in the Treasury and Bank of Eng- interests of the nation as a whole. work was not quite in order. The re- There will be a mix of motivations lamp post they’ve bumped into. land if Labour had won the election. An important part of economic sult was the Windrush scandal. at play. But in clashes between @ShappiKhorsandi The officials which remained would theory takes a completely different Some 20 years ago, I was involved politicians and the bureaucracy, it have required “re-educating”. view of the motivations of bureau- in a project on crime for Charles is essential for democracy that the We talk a lot about transport in the But right now it doesn’t really mat- crats. James Buchanan was Clarke when he was home secretary former win. north but has anyone proposed a ter what Labour thinks. The salient awarded the Nobel Prize in 1986 for under Tony Blair. I discovered an in- network of ziplines? I reckon they’d be point about the criticism of Patel is his work in developing what is fluential group in the Home Office £ Paul Ormerod is an economist at the cheapest and quickest form of that it is coming from the serried called “public choice theory”. who believed that the number of Volterra Partners LLP, a visiting professor transport. Leeds to Manchester in ranks of the metropolitan liberal Public choice economics rejects criminal offences actually carried in the Department of Computer Science about 30 mins, might be a bit breezy elite. The Guardian newspaper has the idea that bureaucrats act in a out was more or less constant from at UCL, and author of Against the Grain: but think of the views over the Pennines been in a total lather. The BBC’s cov- disinterested, objective way. They year to year. Insights of an Economic Contrarian, @RobynVinter erage has hardly been impartial. are no less selfish than the rest of It may have appeared from the published by the IEA. CITYAM.COM WEDNESDAY 4 MARCH 2020 OPINION 19

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Rent controls are a minefield DEBATE of unintended consequences Should the chancellor rethink plans to get rid of entrepreneurs’ HERE is no denying that Lon- dren), corruption, and even a crime relief in next week’s Budget? don faces a housing crisis. Syed wave linked to the complex system for Similarly, there is no deny- Kamall allocating housing. Some of this illegal Ting that many people feel activity and misallocation may already Critics of entrepreneurs’ relief want that their rents take too high happen in London, but rent controls proof of its economic impact, but it’s a proportion of their income. will only make the problem worse. not as simple as throwing a couple of If you are Sadiq Khan, the solution The solution to the housing crisis is, headline figures around and dismissing YES beneficiaries as the already is obvious: if people object to high quite evidently, to increase the supply CAROLINE PLUMB rents, the state should cap them — of housing. It cannot be overstated. “staggeringly rich” getting richer. problem solved. It is an appealing More homes of every kind — for rent- Everyday entrepreneurs treat their enough proposition, especially for a tenants — those who do not necessarily ing and owning, flats and houses, so- businesses as a nest egg akin to the Don’t be fooled into believing the politician heading into an election. need to rent (those happy to continue cial housing and private — will drive family home. Scrapping the relief would caricature that the government is trying But is it really that simple? living with parents for example) — to down prices for everyone. punish those who personally guarantee to spin of millionaire businessmen: 90 Modern politicians often lack the move into the rented sector and fur- Developers who want to build con- loans, take risks (often with little salary per cent who use entrepreneurs’ relief courage to admit that even the most ther drive down supply. stantly vent their frustration at the of their own), and endure sleepless will not make life-changing sums, but well-intentioned policies have unfore- Khan wants to take a leaf out of Swe- bureaucracy of the planning process, nights to create jobs and growth. deserve some payback for the risks they seen consequences. As economist den’s book, but seems less keen to the lack of experienced planning offi- Their businesses fund public services take. Or would we rather those founders Friedrich Hayek said, there will al- learn lessons from the Swedes’ expe- cers, and the inability of local author- and welfare systems through invest not in jobs but in FTSE-tracker ways be gaps in our knowledge when rience. Research from the Swedish ities to make quick decisions with corporation tax, business rates, national funds, which are taxed in the same way? making policy. This is why we should think tank Timbro revealed that rent clear and consistent guidelines. insurance, and the collection of VAT. always consider the possible conse- controls in Stockholm led to an in- If any current or future mayor really Such long-term contributions are worth £ Caroline Plumb OBE is chief executive quences of any decision — both in- crease in the subletting market, with wants to reduce rents in London, they far more than the cost of the relief. and co-founder of Fluidly. tended and unintended. sub-letters paying rents twice as high could do two things: bang the heads Khan need not look far for his own as the official tenants, and in the ille- of local authority planning depart- examples. A freeze on some travel fares gal rental market, with one in five ments together to encourage more makes for a good headline and a popu- young tenants admitting to having planning permission, and lobby West- Entrepreneurs’ relief is one of the most lar election pledge, but in practice it paid illegally for a rental contract. minster to allow local authorities to egregious examples of a tax break that meant less money for investment in Swedish controls have also led to a receive more of the income from de- just does not do what it says on the tin. London’s public transport system. misallocation of housing (resulting in velopment. A land value tax, for exam- The relief allows effectively all NO So what could the unintended con- long commutes for families with chil- ple, would mean any increase in land business owners to pay a reduced rate ALFIE STIRLING sequences of rent controls be? value when planning permission is is- of capital gains tax of 10 per cent. But Quite simply, high rents indicate sued would be retained locally, incen- detailed research from the Institute for that supply is not meeting demand. tivising the issue of more permits. Fiscal Studies has shown that this has are often on far lower incomes as well. Imposing rent controls may make the The mayor of London has a unique not increased productive investment or Entrepreneurs’ relief was supposed to mayor feel better, and arguably im- national and international platform. innovation by firms. Instead, it simply increase entrepreneurship. It doesn’t. It prove life for some renters in the short Khan could serve Londoners — and incentivises owners to move their was supposed to boost investment. It term, but it doesn’t solve the lack of Sadiq Khan is the rest of the country — better by income from “pay as you earn” (PAYE) doesn’t. And every year it costs the supply. In fact, it may make it worse. pushing for a housing revolution, not to capital gains, avoiding income tax Treasury an estimated £2–3bn — Rent controls will force so-called mar- fighting for failed fighting for failed economic policies and national insurance along the way. around five times as much as total ginal landlords, who will decide that economic policies that entrench the problem. The relief is also part of a wider moral spending on homelessness services in the lower income is not worth the has- problem in the UK: those who own their England. It’s time for a rethink. sle of renting out rooms in their home, that entrench £ Professor Syed Kamall is academic and own company are asked to contribute to leave the market and reduce supply. research director at the Institute of proportionately less in tax than those £ Alfie Stirling is head of economics at They could also encourage marginal the problem Economic Affairs. who happen to work for them — who the New Economics Foundation.

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S RISHI Sunak, the new chancel- This is a largely unknown tax trap that is too lor, prepares for his first Budget easily triggered, and unfairly prevents older next week, the pensions industry workers from making significant pension Awill be watching what happens contributions when they may need to. with eagle eyes. Reports have circulated that the HOW TO PREVENT GOOD government, emboldened by its landslide INVESTMENT PERFORMANCE General Election win last year, could bring in FROM BEING TAXED? sweeping changes to how some people save Scrap the lifetime allowance. This is the for retirement. Some predict that Sunak will maximum amount that a person can save take aim at the complex and contentious into pensions during their lifetime. 10 years pension tax relief. Others hope he will make ago, it stood at £1.8m. Today, it is £1.06m — the system more friendly to those who have nearly £750,000 lower. Its austerity-led invested well. reduction over the last 10 years has With a wishlist ranging from specific effectively turned it into a tax on successful measures to make it more profitable for investment performance, with any excess doctors to stay in work, to broad-brush taxed by as much as 55 per cent. Today’s reforms which could turn the industry on its low annual allowance has all but made the head for low earners, Barnett Waddingham’s lifetime allowance redundant. pensions specialist James Jones-Tinsley tells City A.M. how the chancellor can bring about HOW CAN THE CHANCELLOR HELP meaningful change in the sector. HIGH EARNERS LIKE DOCTORS? Get rid of the tapered annual allowance. HOW CAN THE CHANCELLOR This reduces how much someone can pay HELP PEOPLE UNDERSTAND into their pension when their annual PENSION TAX RELIEF? income is more than £150,000. The rules First, simplify it. Currently, personal surrounding it are far too complex. As a contributions to a pension attract tax relief result, many people, including doctors and at the highest rate of income tax paid by an other public sector professionals, end up individual. However, the way tax relief facing significant and unexpected tax bills works is opaque and largely where they inadvertently contribute too misunderstood. If the chancellor agrees to much to their pension. Any tax rule that introduce the same rate of relief for makes doctors refuse to work extra shifts in everyone, regardless of earnings, the order to reduce patient waiting times — as chosen rate should be at a level that we have seen — has to be ditched. encourages basic rate taxpayers to save into a pension, while not over-penalising FINALLY, WHAT IS THE MOST higher rate taxpayers. IMPORTANT ISSUE FOR LOWER For these reasons, a flat rate of 20 per cent INCOME WORKERS? is too low. A rate of 30 per cent or above End the tax relief inequality in workplace would be more reasonable. BUDGET: pension schemes. Lower earners have Such a seismic change should not be typically been auto-enrolled into workplace rushed, however. Instead, the chancellor pension schemes since 2012. Some of these should set up an independent commission schemes operate on a net pay basis, while to agree the rate and oversee its successful others offer relief at the source. delivery, in much the same way as This means that employees who earn less happened with auto-enrolment. than the personal allowance of £12,500 and are auto-enrolled into a net pay scheme do WHAT CHANGES WOULD HELP not receive pension tax relief on their OLDER WORKERS KEEP HIGH INCOMING contributions. Those auto-enrolled into a PENSION CONTRIBUTIONS? With pensions reforms on the way, relief at source scheme do. Ditch the money purchase annual To borrow from the chancellor’s own allowance. Where a saver aged 55 or over Alex Daniel asks James Jones-Tinsley what words, the tax treatment between the two starts to take income from a money types of scheme needs to be “levelled up”, purchase pension scheme, the amount that could be done to shake up the industry so that lower earners are treated the same they can carry on paying into their pension from a tax relief perspective, regardless of shrinks from £40,000 a year to just £4,000. which type of scheme they join. How to pick a decent investment manager

UMANS are bad investors. them do not, on the other hand, trustworthy, informed, and engaged. for simplicity and predictability. Unfortunately, they think Neil excel at research and investing. Moreover, it pays to avoid managers they are great at it. So how Cockerill That would be fine (sort of) if they THE VALUE OF PRODUCT who cannot speak directly about Hcan you protect yourself could admit the limits of their UK firms invest more in sales and their research. Managers who from yourself? knowledge. But they believe their marketing (service) than in-house outsource their product may struggle Here is are your need-to-knows in own hype, leading them to stake out investment research (product). Most to respond to these questions — but finding an investment manager who ill-informed positions using other are not managers at all — they are you deserve answers before you turn might help. people’s money. sales and distribution platforms over your hard-earned cash. buying third-party products. Selecting a quality manager YOU ARE A BAD INVESTOR PROTECTING YOU It’s no surprise that these requires due diligence. However, if If you have money, you were probable YOUR INVESTMENT MANAGER FROM YOURSELF managers often put their clients’ handled properly, it’s a decision you’ll successful. Congratulations. That IS NOT MUCH BETTER Despite the foregoing, investors who money in trendy active funds with make only once in a lifetime. does not make you a good investor. Few UK managers are experts in hire managers still earn better high fees. Our advice: when selecting But if it still sounds too daunting, Research shows that there is no strategies which they invest clients’ returns over time. This is because an investment manager, find one you might be better off without a correlation between investment money into. But that does not stop managers protect you from yourself that prioritises research, not sales. manager at all. Just put your money results and wealth, social status, or them claiming otherwise. These while providing baseline advice. in a low-cost, diversified exchange education. managers regularly (and sometimes But the best managers are honest TRANSPARENCY IS KEY traded fund. Then walk away and Believing otherwise usually outrageously) overstate their about where they add value (and Transparency and trust are at the check back in 20 years. results in the accumulation of ego- competence. where they don’t). They don’t need heart of the manager relationship. driven investments. And those rarely The truth is that most managers to be Warren Buffett or our very own Steer clear of managers with £ Neil Cockerill is a senior investment end well. excel at sales and service. Most of Jason Hsu — they just need to be complex fee structures. Instead, look manager at Henderson Rowe CITYAM.COM WEDNESDAY 4 MARCH 2020 FEATURE 21 OFFICE POLITICS Step it up to tackle the homeless crisis

housing benefit, people are left with Shelter’s Vertical Rush challenge is back, nowhere they can afford to live. Until the government takes responsi- rasing funds to combat rough sleeping bility for building more social homes, Shelter’s frontline services remain crit- LEEPING on a cold, wet pave- Polly ical. Our expert advisers and support ment is not a fate anyone Neate workers will stand by the side of any- should have to face in the fifth one facing homelessness — and fight wealthiest country in the DONATE WITH hard to get them the help they need. world. And yet, 4,266 of our TRIVIA Shelter helps millions of people Sfellow citizens were recorded doing each year, but we can’t do that with- just that on a given night last au- Freerice out the public’s support. We rely on tumn, according to government fig- Free the generosity of people who care. ures published last Thursday. So if you’re one of those people, and Each person counted is living Freerice is a you feel motivated to support our through the horror of street home- “move-on accommodation” for up to charity app with work and to try something different, lessness. This is the very worst mani- 6,000 rough sleepers, and appointed a difference. why not sign up for our tower-running festation of the national emergency Dame Louise Casey to investigate the Unlike others, challenge Vertical Rush on Thursday our housing crisis has become. root causes of homelessness. you don’t need 12 March? Taking place at London’s People who sleep rough suffer lone- All of this is encouraging news — and to shell out iconic Tower 42, over 1,000 runners — liness, serious ill-health, violence, and indeed, the government’s strategy money straight including our very kind celebrity sup- even death. Take the appalling news does appear to be making a small from your own porters — will power up 932 steps, all last month that at least seven people dent, with the number of people sleep- pocket. Instead, to raise vital funds for those of us had been crushed to death by rubbish ing rough last year nine per cent lower Taking place lessness. More than 280,000 people in you just play without a place to call home. trucks in the last five years, after being than in 2018. But a huge word of warn- at London’s England are homeless — over 170,000 trivia games, and Without tackling the core reasons so desperate they used a bin for refuge. ing is needed. Despite the slight Tower 42 on in London alone. This includes tens of sponsors will behind homelessness, emergency When people are losing their lives progress, rough sleeping remains 141 12 March, 1,000 thousands of families with children take care of the measures to cut rough sleeping or in- because of the housing crisis, it should per cent higher than it was in 2010. runners will trapped in temporary accommoda- cash going to crease the number of hostel rooms sound the alarm. We need real and There is clearly still a marathon to be power up 932 tion, as well as people crashing on those in need. can only go so far. After all, a hostel lasting action to tackle homelessness. run before this crisis is solved. steps to raise friends’ sofas or in otherwise unstable Designed by the bed is not a home. But until the gov- The Prime Minister has said he is The government’s statistics on rough funds for those living arrangements. World Food ernment solves the root cause of the committed to this, and reiterated last sleeping are also shaky. They are just a without a place Why are so many people being Programme, it’s problem, we’re here, with the help of week that he will make it his mission snapshot — and a gross underestimate to call home tipped into homelessness? The answer a way to learn Londoners, to fundraise, volunteer, to end the “scourge” of street home- at that. We know that many people is no mystery: homelessness is being new things while and campaign for change. lessness before the end of this parlia- are simply missed by this basic count. driven by the failure of consecutive you donate. ment. To that end, he has added an And no matter what figures you governments to build the social £ Polly Neate is chief executive of Shelter. extra £236m to the government’s look at, rough sleeping is only the tip homes that we need. Combined with Visit www.shelter.org.uk/verticalrush to rough sleeping strategy to provide of the iceberg when it comes to home- sky-high private rents and cuts to find out more. 22 LIFE&STYLE WEDNESDAY 4 MARCH 2020 CITYAM.COM FOOD&DRINK CULTURE CLUB: THE BEST GALLERY RESTAURANTS

TOWNSEND which would probably be better placed as WHITECHAPEL GALLERY a main but is satisfying nonetheless. Egg, flowering kale and battered anchovy looks WHAT IS IT? The Whitechapel Gallery has great but is a hotchpotch of flavours and converted its ground-floor cafe into a more temperatures (cold egg, warm kale, serious dining space, creating an intimate, WORKING aggressively salty anchovy). I realised at light-filled restaurant serving modern this point I’d probably over-ordered, British cuisine that sits somewhere LUNCH something that was confirmed when a between “casual lunch” and “proper vast bowl of granny-style lamb mince and dinner”. It’s named after Charles Harrison creamed potato arrived, although it was so Townsend, the architect who designed the well prepared I somehow managed to put distinctive art nouveau building in 1897. it away. The piece-de-resistance was an It’s a relatively small venture, a mere 36 excellent curried potato cake with chard covers, although if you’re hosting a casual and pureed carrot, suffused with a faint business lunch you should be able to bag a hint of curry. Wonderful stuff, and with walk-in so long as there isn’t a newly- Steve Dinneen on mains averaging around £16, you certainly opened exhibition. the best places to get your money’s worth. WHO’S RESPONSIBLE? It’s the brainchild wine and dine your AND DESSERT? Yes, although after all that of director Nick Gilkinson, previously of I didn’t try any of them. If you pace Anglo, and head chef Joe Fox, who used to favourite clients yourself better than I did, you could order ply his trade at Petersham Nurseries; a ginger and treacle cake or rhubarb solid combination in anyone’s book. The crumble. menu claims to be inspired by the “wily creativity” of the gallery’s namesake, made WHAT ABOUT DRINKS? There’s a decent up of traditional British dishes with selection of wine available by the glass, European and colonial influences. and bottles ranging from £24 to almost £100. You could also get yourself a negroni, WHAT SHOULD I ORDER? The menu is provided you don’t plan on getting very divided into snacks, starters and mains, much work done when you get back to the the former including a well executed fried office. squid dish with a vivid green garlic mayo, and some decent purple sprouting HOW TO BOOK Call 020 7522 7896, go to broccoli in hazelnut crumb. There’s an whitechapelgallery.org, or visit The absurdly generous starter of potato Whitechapel Gallery at 77-82 Whitechapel dumplings with potted brown shrimp, High St, E1 7QX Where to find top meals in London’s cultural hotspots From the Tate Modern and the NPG to the ICA and Somerset House, there are plenty of places to dine in the shadow of art, says Steve Dinneen

ondon is not short of galleries. The Tate Modern, British Mu- seum, National Gallery and L Natural History Museum all draw more than 5m visitors a From left: Margot Henderson of Rochelle year. Being host to so many humans fame; The interior of Maos in the Blur gives you something of a captive audi- Mountain School; The dazzling interior ence, and captive audiences don’t al- of Spring in Somerset House ways inspire top-quality cuisine (see also: hotel restaurants). So which Lon- intimate Bryn Williams, which serves eating, a place where excellent food than you can shake a spoon at. that Mãos is part of a bigger project,” don institutions are worth eating in? that catch-all cuisine “modern comes without any air of pretension. Rather more traditional is the Na- says Christine. “We see it as a cultural If you’re in the mood for fine din- British”, albeit with a European- “We have a varied and creative tional Theatre’s House restaurant, space in itself. We break the bound- ing, it’s hard to fault Skye Gyngell’s meets-Welsh accent. Williams re- group of people who frequent the which was overhauled a few years aries of regular restaurant dining by Spring in Somerset House. The for- cently devised a special gallery,” says Henderson. “They have back. While not quite a destination in encouraging our guests to explore mer Petersham Nurseries Cafe chef – mushroom-based menu to comple- often come here to drink up the cul- its own right, it’s a more than ade- the space and engage with the chefs who infamously called her Michelin ment the Mushrooms: The Art, De- ture. I like to think some of our dishes quate stop-in if you’re about to watch, while they are dining. There’s a com- star a “curse” – is known for her sign and Future of Fungi exhibition are very ICA: a little bit hippy, very for example, Lesley Manville star in plete removal of ‘front and back of meticulous attention to detail and ir- over the corridor in the exhibition vegetable based... It is a joy to be sur- The Visit (and in this instance you’ll house’ – the whole process is visible reproachable sourcing of produce. space. rounded by such beautiful buildings. need the extra fortitude to sit through from the outset.” The dining room is brighter than The ICA may not have the clout of The foliage always lifts my heart as I the three and a half hour marathon). For something less challenging, Por- heaven itself, every surface gleaming the Tate Modern, but it has a restau- walk through the park.” For something a little more off the trait Restaurant in the NPG and Tate white, a blank canvas, so to speak, for rant that’s a destination in its own Another lesser-known gem is the beaten track, you could try Mãos, lo- Modern Restaurant in the new Blavat- her seafood-, fish- and vegetable- right: Rochelle. The dining room, Garden Cafe at the Garden Museum, cated at the Blue Mountain School in nik Wing of the Tate Modern both heavy cooking. overseen by Margot Henderson and where you can enjoy seasonal modern the East End, run by Christie Brown offer perfectly decent food with views Also at Somerset House is the more Melanie Arnold, is a lesson in casual European cooking amid more foliage and James Brown. “We love the fact that will impress your mum. CITYAM.COM WEDNESDAY 4 MARCH 2020 LIFE&STYLE 23

WINES OF THE WEEK Luca Dusi, co- founder of Passione Vino wine importer, in Shoreditch picks two bottles to buy

1. 2.

1. GESS, VALTELLINA SUPERIORE GRUMELLO, DIRUPI, LOMBARDY, 2015 WEEKLYGRILL From the slopes of the magical Valley of Valtellina, this single vineyard within the Grumello sub zone, is a stunner. The 20 Chucs executive chef Simon Henbery on chef-on-chef year old Nebbiolo vines are organically grown, handpicked and left to age for 24 violence, and why we should embrace knobbly veg months in a French oak barrel, following a spontaneous fermentation in steel tanks. Initial minty and eucalyptus WHO ARE YOU? younger chefs: “Make love to it, don’t f**k garden step and eat it so I didn’t stain the vegetables. We don’t all look great and tasting notes, make way to small forest I’m Simon Henbery, an old married dad of it!” Treat your ingredients with respect. floor in the kitchen. neither do they. It’s a terrible waste. berries, moss, a hint of leather and a two and accidental chef from south west delicate pinch of pipe tobacco.. London. I fell into cooking over 20 years WHAT FOOD MAKES WHAT’S THE WORST WHAT’S YOUR ago after a failed university attempt and YOU HAPPY AND WHY? THING YOU’VE EVER PUT FAVOURITE DISH? £ £POA, passionevino.co.uk IN YOUR MOUTH? never looked back. After working around A really good cheese board. This would Lamb biryani – I never tire of Indian food. 2. NOSIOLA 2018 GIUSEPPE London, including seven years with Jamie be my desert island dish: good cheese, Cottage cheese, Kingston hospital, FANTI, TRENTINO Oliver at Fifteen and Barbecoa, I’m now good bread, good wine. extended stay circa 1986. WHAT SHOULD EVERYONE executive chef director for Chucs, looking HAVE IN THEIR KITCHEN An indigenous variety of the Dolomites, after the food and chefs at all of our sites. YOU COME HOME DRUNK TELL US ABOUT THE BEST CUPBOARD? these vines are planted on the Dolomitic AND HUNGRY – WHAT DO MEAL YOU EVER HAD Chillies, anchovies, capers, pickles, salad slopes around the Village of Pressano, WHAT’S NEW? YOU COOK? There are two, over ten years apart. First, cream. My fridge is full of weird bits, from where they benefit from the mineral We recently opened Chucs Cafe Some sort of toasted cheese sandwich. The Square in 2006. It was a Rolls Royce homemade tobacco to my mate’s kimchi. richness of its terroir. The minerality is Kensington, which has been a great Extra mature cheddar, Worcestershire of a restaurant. Flawless. Then Sat Bains evident and accompanied by a mid- success. It’s really rewarding to see sauce, pickled chillies. Sometimes with in Nottingham about six years ago – WHAT’S THE MOST body weight, which shows off freshness something exceed your expectations after McCoys salt and vinegar crisps. unbelievably inventive. He’s one of my OUTRAGEOUS THING YOU’VE and crunchiness with a zesty all the hard work. We have a couple more favourite chefs now. SEEN A CHEF DO? citrus notes. new sites coming in the next few months. WHAT’S YOUR EARLIEST Pick me up by the throat for phoning in FOOD MEMORY? YOU’RE MAYOR FOR A DAY – sick – no names! £ £POA, passionevino.co.uk WHAT DO MOST PEOPLE GET Eating proper Alphonso mangoes in the WHAT FOOD LAW WOULD YOU WRONG WHEN COOKING? summer in Raynes Park. Mum split them INTRODUCE? £ To reserve a table at The Chucs For more information and to shop I have a saying I’ve been using in the between me and my brothers – I always Something to stop this supermarket Restaurant & Café Collection call 020 7766 for interesting bottles of wine go kitchen for years, especially with the got the stone and had to stand on the obsession with perfect-looking 2814 or go to chucsrestaurants.com to passionevino.co.uk

THIS WEEK’S RECIPE: often cooked poorly: get it wrong leasing its distinctive flavour and £25-30g root ginger, peeled and grated MARK HIX and it becomes slimy; freeze helping to thicken the soup. £3tbls black rice vinegar Forget everything you it and it tastes horrible; Another is one I found in Chef and overcook it and it’s a little hidden away METHOD think you know about restaurateur quickly ruined. But if Sichuan restaurant in £Mix the ginger with the vinegar lady’s fingers: here’s how you buy it dead fresh, Earl’s Court, okra in £ Bring a pan of salted water to the boil cook it briefly and ginger, which is what and cook the okra for 2 minutes then drain to make them really serve it with the right I’ve chosen for this in a colander shine at a dinner party. dish, it tastes amaz- week’s recipe. £ Arrange the okra on serving plates and ing. spoon over the dressing. hen I first moved to love with okra. A lot of my friends A great dish using OKRA WITH GINGER London some 35 years refer to it as devil’s food so I go okra is the classic New (SERVES 4) ago, I soon discovered out of my way by forcing it upon Orleans gumbo, in which good Indian food and them when I cook dinner. the okra is sliced and cooked INGREDIENTS Wimmediately fell in Okra gets a bad rep because it’s with either shrimp or chicken, re- £200g very fresh okra 24 PUNTER WEDNESDAY 4 MARCH 2020 CITYAM.COM

THE PUNTER Wally Pyrah previews today’s racing card from Happy Valley HONG KONG RACING TRADER

With a recent encouraging trial Zac Purton looks to catching the eye, and Purton booked have plenty of for the first time this season, the good chances at omens look good. Happy Valley today Purton’s best ride of the day should Purton looks be CLASSIC POSH, who returns to the track after a three-month lay-off, in the To Kwa Wan Handicap (12.15pm) over six furlongs. This son of high-class Australian sprinter Testa Rossa has taken some time to acclimatise to conditions in set to Rule the territory, but has trialled three times since December, the latest over course and distance with Purton aboard last month. With blinkers equipped for the first time and a class drop a bonus, he is going to be very hard to beat. Moreira will be hoping to return Valley again from his enforced week’s holiday with a couple of winners, including the promising John Size-trained Super Alliances in the To Kwa Wan NCE again it looks like jock- commitment, and connections, get Handicap (1.15pm) and last-start win- eys Joao Moreira and Zac the pick of the rides in Hong Kong ner Flash Famous in the San Po Kong Purton are going to domi- and are currently riding around 30 Handicap (2.15pm). Onate today’s meeting at per cent of the winners in the terri- Both Moreira on Green Reign and Happy Valley. tory. Purton on Beauty Spark go head-to- Both reigning champion Purton Both will partner the majority of head in the best race of the day, the and former champion Moreira have favourites at the inner-city track £140,000 Kowloon City Handicap their cards marked in all eight races today, although, at least on the form (2.50pm). and it’s inconceivable that both will book, Purton looks to have the Both are closely-matched on their leave the track empty-handed. stronger. are simply not very good and there- This former NZ galloper served no- course and distance form, but face While ‘Magic Man’ Moreira was In fact, the Zac-Man will fancy his fore Demons Rock can’t be consid- tice he was about to peak when an stiff opposition from the fast improv- sidelined last week, serving a two- chances of taking the first three ered a betting proposition. encouraging fourth over the ex- ing This Is Class. meeting suspension, Purton visited races on the card, starting with Purton gets the leg up on the Paul tended mile in January. the winner’s enclosure a handful of Demons Rock, who looks close to his O’Sullivan-trained RULE THEE in the He then tried his luck on the all- times, which cut the Brazilian’s lead first win, when he lines up in the Ma nine-furlong Kowloon Tong Handi- weather the following month and POINTERS down to seven in the chase for the Tau Wai Handicap (11.15am). cap (11.45am) and the former course was unplaced on a surface he clearly title and it’s all to play for. This is a Class 5 contest, however, and distance winner looks cherry doesn’t like, but was dropped 2lbs in Rule Thee 11.45am Happy Valley It has been said many times before, and pits horses against each other ripe to win his first race of the sea- the handicap and now finds himself Classic Posh 12.15pm Happy Valley that both jockeys through their skill, who are past their best, unreliable, or son. down in a Class 4 contest. Weight not enough to stop Methane from bursting clear

UNTERS are guaranteed to put frustrating this season. Tangmere, who finished strongly chance on last-start winner Schofield, fresh from his winning Ptheir faith in Joao Moreira and He has obvious ability judged on over nine furlongs last time, but METHANE, who attempts to defy a treble at Sha Tin last Sunday, Zac Purton when the duo eye- track-work and trial form but hasn’t drops down in trip here. 6lb penalty. replacing recently departed Lyle ball each other in the Ma Tau Kok reproduced that on the racecourse When trainer Caspar Fownes and The well-bred son of Pierro showed Hewitson, expect the combination Handicap (12.45pm). yet. Purton team up it’s always a pointer improvement when a convincing to make a dash for gold shortly after Moreira stays loyal to Casa De Cruz has called for blinkers for the to the horse’s chance. There is no winner on his first attempt over the turning into the home straight. Forca, despite his mount failing to first time, though there is always the doubt Tangmere is well-rated on his mile early last month and having deliver when sent off a short-priced worry they could mean he over races best form, however there is also a only raced a handful of times in the POINTERS favourite last month. during the contest. question mark around what the territory, he is more than capable of That was not the first-time Tony Purton in the meantime renews gelding’s best distance is. improving again. Methane 12.45pm Happy Valley Cruz’s gelding has proved his association with well-drawn This could be the time to take a With in-form jockey Chad

LIVE 8 RACES FROM 11:15AM

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Online RACING TODAY Watch AT HAPPY VALLEY CITYAM.COM WEDNESDAY 4 MARCH 2020 PUNTER 25

7 159-03 JOLLY HONOUR (28) (TB) (CD) (HY,G,GF) HAPPY VALLEY Caspar Fownes’ (3) Y Tsui 6-8-10 ...... G Van Niekerk 95 Methane can go Runs: 19 Wins: 3 Places: 2

Going: Turf - GOOD back-to-back at 8 9-409 TOTAL POWER (21) Happy Valley (5) D Hall 5-8-8 ...... C Y Ho 97 MA TAU WAI HANDICAP (CLASS 5) Runs: 4 Wins: 0 Places: 0 (3YO+) (COURSE B) (TURF) 5f 3yo plus 12 dec. 1 11.15 9 0-90 SUPER BULLET (25) (B ) 1 1 904-46 U W BROTHER (35) (B ) (7) P O’Sullivan 6-8-7 ...... M Chadwick 90 Runs: 3 Wins: 0 Places: 0 (9) Y Tsui 4-9-6 ...... H N J Wong(3) 59 Runs: 11 Wins: 0 Places: 1 10 90-808 THE WEATHERMAN (25) (GF,S,GS)

2 86-789 AURORA STEED (7) (B) (9) D Whyte 4-8-7 ...... K H A Chan(7) 93 Runs: 12 Wins: 3 Places: 1 (8) J Size 5-9-5 ...... N Callan 61 Runs: 7 Wins: 0 Places: 0 11 00-839 JADE FORTUNE (21) (B) (CD) (SW,G)

3 46-098 PRAWN YEAH YEAH (28) (TB) (CD) (G) (6) K Man 8-8-3 ...... M Poon(2) 98 Runs: 46 Wins: 5 Places: 5 (4) Richard Gibson 6-9-4 ...... M Chadwick 61 Runs: 15 Wins: 1 Places: 0 12 085-90 HAPPY FORCE (25) (B) (G)

4 69-642 DEMONS ROCK (28) (B) (10) T Yung 6-8-2 ...... M Yeung 98 Runs: 17 Wins: 3 Places: 3 (6) D Hall 5-9-2 ...... Z Purton
65 Runs: 33 Wins: 4 Places: 4
BETTING: 100/30 Magniœcent, 7/2 Surrealism, 4 The Hulk, 5 Solar Wai Wai, 5 0006-0 MULTIMAX (49) (B) (CD) (G) 6 Jolly Honour, 12 Happy Force, 14 Jade Fortune, 20 Others

(7) L Ho 9-9-2 ...... J Moreira 62 SAN PO KONG HANDICAP (DIV II) (CLASS 3) Runs: 51 Wins: 3 Places: 8 2.15(3YO+) (COURSE B) (TURF) 1m 3yo plus 11 dec. 6 9846-5 GREAT SON (49) (TB) (CD,BF) (G) (5) P O’Sullivan 6-9-1 ...... K H A Chan(7) 60 1 5021-7 STAR OF YUEN LONG (59) (BF) (G) Runs: 22 Wins: 2 Places: 2 (2) K Man 5-9-7 ...... C Y Ho 92

Runs: 5 Wins: 1 Places: 1 7 5668-0 FARM BUMPER (37) (10) K Man 5-9-0 ...... C Scho—eld 65 2 6550-0 BRAVE LEGEND (35) (TB) (CD) (G,GF) Runs: 10 Wins: 0 Places: 0 (6) A Cruz 7-9-5 ...... K Leung 97 TO KWA WAN HANDICAP (DIV I) (CLASS 4) 11 610-70 KANBEKI MOLLY (42) (CD) (GF)
Runs: 30 Wins: 4 Places: 2 8 234-06 LA BOMBA (28) (T) 12.15(3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. (4) P Yiu 5-8-6 ...... C V Wong(5) 78 (12) D Whyte 6-8-13 ...... B Shinn 64 1 Runs: 10 Wins: 1 Places: 0 3 03/2-9 SOUTHERN SUPERSTAR (17) 1 47778- CLASSIC POSH (87) (B ) Runs: 11 Wins: 0 Places: 2 12 81-980 HAPPY HOUR (21) (T) (CD) (GF) (10) A Millard 7-9-3 ...... C Scho—eld 93 (4) D Hall 5-9-7 ...... Z Purton 76 9 7441-5 FIRE AND GOLD (37) (B) (G) (1) C Yip 6-8-4 ...... H N J Wong(3) 80 Runs: 4 Wins: 0 Places: 2 Runs: 7 Wins: 0 Places: 1 (3) C Yip 7-8-12 ...... M Poon(2) 61 Runs: 22 Wins: 1 Places: 2 4 388-13 CHAMPION SUPREME (25) (TB) (D) (G) 2 000-05 SHANGHAI MASTER (28) (CD) (G) Runs: 20 Wins: 1 Places: 1 13 28-870 UNIVERSAL GO GO (21) (CD) (GF,G) (7) John Moore 5-9-2 ...... N Callan 94 (12) K Lui 7-9-5 ...... C Y Ho
79 10 /0602- TRAVEL SUCCESSOR (315) (TB) (13) K Lui 6-9-7 ...... RESERVE 78 Runs: 16 Wins: 3 Places: 4 Runs: 29 Wins: 2 Places: 3 (11) W So 7-8-11 ...... K Teetan 62 Runs: 19 Wins: 2 Places: 7 5 719-08 XIANG BAI QI (21) (C,D) (G) 3 999-76 SUMSTREETSUMWHERE (25) (HV) (C) (G) Runs: 30 Wins: 2 Places: 6 14 552-76 BEST ALLIANCE (14) (G) (5) D Ferraris 6-9-0 ...... K Teetan 93 (7) L Ho 6-9-2 ...... M Chadwick 82 11 4987-0 YEE CHEONG LUCKY (10) (B) (14) D Whyte 5-9-5 ...... RESERVE 79 Runs: 31 Wins: 3 Places: 5 Runs: 26 Wins: 1 Places: 2 (2) A Millard 5-8-8 ...... C V Wong(5) 64 Runs: 26 Wins: 2 Places: 2 6 72-821 FARSHAD (21) (P) (CD) (GF)

Runs: 14 Wins: 0 Places: 0 4 8 FIRE BALL (49) (BF) (9) Y Tsui 6-8-9 ...... M Poon(2) 94
BETTING: 3 Casa De Forca, 7/2 Tangmere, 9/2 Methane, 6 Starlit Knight, 7 Others 12 6542-4 SHOW MISSION (28) (B) (CD) (G) (11) C Yip 4-8-13 ...... C V Wong(5) 60 Runs: 24 Wins: 3 Places: 3 Runs: 1 Wins: 0 Places: 0 TO KWA WAN HANDICAP (DIV II) (CLASS 4) (1) C Chang 8-8-6 ...... G Van Niekerk 64 1.15(3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. 7 740-27 BIG BANG BONG (21) (T) (CD) (G) Runs: 37 Wins: 2 Places: 8 5 225-31 MASTER ALBERT (35) (TB) (CD) (GF,G) (4) C Chang 7-8-8 ...... G Van Niekerk 95 13 898-20 FLYING MONKEY (31) (T) (CD) (GF) (6) W So 7-8-13 ...... K Teetan 74 1 1350-1 SHAMPORT (42) (T) (CD) (GF,G) Runs: 57 Wins: 5 Places: 11 Runs: 33 Wins: 2 Places: 9 (13) T Yung 8-9-3 ...... RESERVE 65 (3) C Fownes 6-9-7 ...... C Y Ho 76 8 2-646 SUPERB DADDY (21) Runs: 30 Wins: 2 Places: 4 6 0 RESOLUTE (17) Runs: 22 Wins: 2 Places: 3 (8) L Ho 4-8-8 ...... Z Purton 92 (10) (HB) (3) A Millard 4-8-13 ...... C Scho—eld 53 2 312-23 MEHBOOB (28) (CD) (G) Runs: 4 Wins: 0 Places: 1 14 09-097 FAIRY FLOSS Runs: 1 Wins: 0 Places: 0 (14) J Ting 5-8-9 ...... RESERVE 61 (2) P O’Sullivan 5-9-5 ...... Z Purton 73 9 795-86 OWNERS’ STAR (14) (TB) (C) (G) Runs: 10 Wins: 0 Places: 0 7 84-5 SMART OF YOUTH (42) (T) Runs: 10 Wins: 1 Places: 5 (3) C Shum 5-8-4...... H T Mo(3) 97 (10) C Shum 5-8-11 ...... J Moreira 73 3 498-00 EVERBRAVE (28) (C) (G) Runs: 21 Wins: 3 Places: 3
BETTING: 11/4 Demons Rock, 7/2 Multimax, 7 U W Brother, 8 Great Son, Show Mission, 12 Aurora Steed, Fire And Gold, La Bomba, 20 Others Runs: 3 Wins: 0 Places: 0 (8) K Man 7-9-2 ...... B Shinn 76 10 1106-1 FLASH FAMOUS (42) (TB) (CD) (G)

8 9-088 SACRED TIMING (17) (B) Runs: 26 Wins: 1 Places: 4 (1) F Lor 6-8-3 ...... J Moreira 93 KOWLOON TONG HANDICAP (CLASS 4) (1) J Ting 5-8-8 ...... M Poon(2) 70 4 0 DASHING GRACE (28) (ET) Runs: 28 Wins: 4 Places: 2 (3YO+) (COURSE B) (TURF) 1m1f 3yo plus 12 dec. 11.45 Runs: 4 Wins: 0 Places: 0 (5) T Yung 4-9-0 ...... M Yeung 34 11 85-170 STARSHIP (21) (B) (D) (GF,G) (14) (CD) (GF,G) Runs: 1 Wins: 0 Places: 0 1 06-186 PLAY WISE (21) (B) (C) (G) 9 191-77 AFTER ME (11) P O’Sullivan 8-8-3 ...... M Chadwick 93 (12) C Yip 7-9-7 ...... M Poon(2) 73 (5) P Yiu 5-8-7 ...... G Van Niekerk 72 5 090-56 CEREFINO (28) (T) (C) (GF) Runs: 40 Wins: 4 Places: 4

Runs: 31 Wins: 2 Places: 6 Runs: 25 Wins: 3 Places: 2 (1) W So 7-8-12 ...... K Teetan 77

BETTING: 4 Farshad, Flash Famous, 5 Southern Superstar, Star Of Yuen Long, Runs: 19 Wins: 1 Places: 0 2 893-49 RULE THEE (31) (CD) (G) 10 0/00-9 HAPPY WINNER (28) (H) 6 Champion Supreme, 9 Superb Daddy, 12 Big Bang Bong, Xiang Bai Qi, (9) P O’Sullivan 8-9-6 ...... Z Purton
79 (9) C Chang 5-8-6 ...... K Leung 67 6 3602-2 SUPER ALLIANCES (56) (BF) 14 Owners’ Star, 20 Others

Runs: 34 Wins: 3 Places: 5 Runs: 4 Wins: 0 Places: 0 (12) J Size 4-8-12 ...... J Moreira 77 KOWLOON CITY HANDICAP (CLASS 3) Runs: 5 Wins: 0 Places: 3 3 0-0000 SALTO OLIMPICO (10) (B) (CD) (G) 11 00-096 LOOK ERAS (28) (TB) (CD) 2.50(3YO+) (COURSE B) (TURF) 6f 3yo plus 12 dec. (10) D Hall 7-9-6 ...... B Shinn 78 (8) Y Tsui 7-8-6 ...... H T Mo(3) 82 7 0-0 GORGEOUS INHERITOR (45) Runs: 31 Wins: 3 Places: 3 Runs: 42 Wins: 2 Places: 11 (11) C Yip 5-8-11 ...... M Poon(2) 49 1 88-000 MR SO AND SO (14) (G)

Runs: 2 Wins: 0 Places: 0 4 338-17 CALIFORNIA LEGEND (21) (T) (CD) (G) 12 000-0 HAPPY PROJECT (21) (T) (1) C Chang 6-9-7 ...... C V Wong(5)
92 (21) (B) Runs: 24 Wins: 2 Places: 5 (1) A Cruz 5-8-13 ...... G Van Niekerk 72 (2) T Yung 5-8-2 ...... M Yeung 59 8 05-03 VICTORY FOR ALL Runs: 17 Wins: 2 Places: 3 Runs: 4 Wins: 0 Places: 0 (7) Y Tsui 4-8-10 ...... G Van Niekerk 75 2 121-21 THIS IS CLASS (28) (HP) (CD) (GF,G)

Runs: 4 Wins: 0 Places: 1 5 43-145 CHEERFUL STAR (10) (TP) (D) (G) 13 00-05 VICTORY MASTERY (21) (E/S) (6) K Lui 6-9-4 ...... C Y Ho 94 (21) (HP) Runs: 9 Wins: 3 Places: 2 (4) F Lor 6-8-13 ...... C Y Ho 74 (13) J Size 4-8-8 ...... RESERVE 74 9 66-786 WOOD ON FIRE Runs: 28 Wins: 1 Places: 4 Runs: 4 Wins: 0 Places: 0 (6) L Ho 5-8-9 ...... M Chadwick 79 3 50-513 HINCHINLOVE (25) (TB) (CD) (G)

Runs: 6 Wins: 0 Places: 1 6 708-35 FULL POWER (21) (B) 14 80 HAPPY TANGO (17) (3) T Yung 6-9-2 ...... M Yeung 97 (31) (P) (D) (G,GF) Runs: 25 Wins: 2 Places: 7 (11) Richard Gibson 4-8-11 ...... N Callan 78 (14) D Whyte 5-8-11 ...... RESERVE 71 10 715-97 ADONIS Runs: 6 Wins: 0 Places: 1 Runs: 2 Wins: 0 Places: 0 (9) D Whyte 7-8-7 ...... K Leung 78 4 00-08 SEVENTH SEA (28)

7 50-660 BULLISH GLORY (10) (H) (CD) (G) Runs: 27 Wins: 2 Places: 4 (7) D Ferraris 5-9-1 ...... B Shinn 91
BETTING: 11/4 Smart Of Youth, 3 Classic Posh, 6 Fire Ball, Master Albert, (14) (TP) (C) (G) Runs: 4 Wins: 0 Places: 0 (3) C Chang 7-8-7 ...... M Yeung 77 8 After Me, 10 Look Eras, 14 Shanghai Master, Sumstreetsumwhere, 20 Others 11 613-80 ISLAND WINNER Runs: 37 Wins: 3 Places: 4 (4) P Yiu 5-8-6 ...... C V Wong(5) 76 5 709-04 SUPER WISE (17) (ET) (D) (G,GF)

MA TAU KOK HANDICAP (CLASS 4) Runs: 11 Wins: 1 Places: 1 8 220-23 DIONYSUS COLLIN(21) (H) (BF) (10) K Man 7-8-13 ...... K H A Chan(7) 96 12.45(3YO+) (COURSE B) (TURF) 1m 3yo plus 12 dec. (21) (HT) (D) (A,SW) Runs: 32 Wins: 3 Places: 9 (5) K Lui 5-8-7 ...... J Moreira 74 12 59-060 GRAND HARBOUR Runs: 16 Wins: 0 Places: 6 (10) C Chang 10-8-3 ...... H N J Wong(3) 79 6 0-624 GREEN REIGN (21) (B) 1 341-54 FLAME LILY (28) (T) (CD) (G) Runs: 57 Wins: 3 Places: 14 9 8964-8 SANGRIA (42) (B) (CD) (8) F Lor 6-9-6 ...... K Leung 74 (12) C Fownes 5-8-10 ...... J Moreira 97

(6) D Ferraris 7-8-7 ...... C Scho—eld 78 Runs: 23 Wins: 2 Places: 8 13 0-459 THIS IS CHARISMA (21) (HB) Runs: 4 Wins: 0 Places: 1 Runs: 43 Wins: 2 Places: 8 (13) K Lui 5-8-12 ...... RESERVE 75 7 99-801 PING HAI GALAXY (21) (CD) (GF) 2 968-86 MIGHTY POWER (28) Runs: 4 Wins: 0 Places: 0 10 0-9538 GALA NIGHT (21) (P) (3) T Yung 6-9-6 ...... M Yeung 75 (9) J Size 5-8-10 ...... M Poon(2) 97 (21) (T) Runs: 6 Wins: 1 Places: 0 (2) John Moore 4-8-4 ...... K Leung 74 Runs: 7 Wins: 0 Places: 0 14 0-060 BEAUTY ANGEL Runs: 9 Wins: 0 Places: 2 (14) A Cruz 4-8-12 ...... RESERVE 77 8 7231-9 FALCON TURBO (37) (B) (CD) (G) 3 4578-9 ALL YOU KNOW (53) (HTB) (CD) (GF,G) (14) (C,D) (G,A) Runs: 4 Wins: 0 Places: 0 (5) D Whyte 6-8-9 ...... K Teetan 99 11 6-8648 CURLING LUXURY (6) Richard Gibson 6-9-5 ...... G Van Niekerk 80 Runs: 23 Wins: 2 Places: 5 (8) Y Tsui 8-8-3 ...... H N J Wong(3) 78 Runs: 25 Wins: 2 Places: 5
BETTING: 5/2 Mehboob, 7/2 Super Alliances, 11/2 Shamport, Victory For All, Runs: 51 Wins: 6 Places: 5 9 49-333 BEAUTY SPARK (21) (TB) 4 344-38 ORIENTAL ELITE (28) (C) (GF,G) 12 Cereœno, Wood On Fire, 18 Everbrave, 20 Others 12 878-03 FORTUNE PATROL (17) (B) (D) (G) (4) F Lor 5-8-8 ...... Z Purton 95 (9) P O’Sullivan 7-9-5 ...... N Callan 74 SAN PO KONG HANDICAP (DIV I) (CLASS 3) (7) A Millard 6-8-2 ...... K Teetan 74 Runs: 7 Wins: 0 Places: 3 Runs: 17 Wins: 2 Places: 4 1.45(3YO+) (COURSE B) (TURF) 1m 3yo plus 12 dec. Runs: 31 Wins: 2 Places: 5 10 1807-1 TAKINGUFURTHER (21) (HV) (CD) (G,GF) 5 00721- GREEN DISPATCH (175) (T) (CD) (G) 1 13 643-79 SHADOW BREAKER (17) 1 029-00 THE HULK (37) (V ) (11) J Ting 6-8-5 ...... G Van Niekerk 96 (5) C Shum 8-9-4...... B Shinn 73 (13) J Ting 4-8-12 ...... RESERVE 73 (11) C Fownes 5-9-7 ...... Z Purton
97 Runs: 8 Wins: 2 Places: 1 Runs: 38 Wins: 8 Places: 6 Runs: 7 Wins: 0 Places: 2 Runs: 6 Wins: 0 Places: 1 1 11 174-07 VERY RICH MAN (28) (HT) (CD) (G,GF) 6 57-353 CASA DE FORCA (28) (B ) (D,BF) (GF,A) 14 99-793 HAPPY ROCKY (10) (TB) (CD) (G) 2 721-69 MAGNIFICENT (28) (CD) (G) (8) L Ho 8-8-4 ...... H T Mo(3) 95 (7) A Cruz 5-9-3 ...... J Moreira 79 (14) C Chang 9-8-7 ...... RESERVE 79 (2) L Ho 5-9-5 ...... J Moreira 92 Runs: 33 Wins: 4 Places: 7 Runs: 24 Wins: 3 Places: 5 Runs: 55 Wins: 3 Places: 9 Runs: 25 Wins: 2 Places: 7 (28) (CD) (G,GY) 12 26-598 STARLIGHT 7 587-23 STARLIT KNIGHT (21) (CD) (GF,G) 3 045-14 SOLAR WAI WAI (21) (CD,BF) (G)
BETTING: 2 Dionysus Collin, 7/2 Rule Thee, 8 Cheerful Star, Fortune Patrol, (2) C Yip 8-8-3 ...... M Chadwick 99 (11) Y Tsui 8-9-2 ...... K Teetan 78 10 California Legend, 12 Full Power, Play Wise, 14 Gala Night, 16 Sangria, 20 Others (1) F Lor 5-9-3 ...... N Callan 92 Runs: 50 Wins: 7 Places: 10 Runs: 44 Wins: 3 Places: 7 Runs: 13 Wins: 3 Places: 3 13 2840-0 FIRST RESPONDER (31) (T) 1000M 2400M 2200M 8 90-006 TANGMERE (35) (T) 1 4 /31-70 BEAUTY HAPPY (21) (B ) (GY) (13) John Moore 4-8-8 ...... RESERVE 99 (2) C Fownes 6-9-2 ...... Z Purton 79
(8) John Moore 4-9-0 ...... K Leung 92 Runs: 15 Wins: 0 Places: 4 Runs: 21 Wins: 0 Places: 2 Runs: 6 Wins: 1 Places: 1 14 900-69 ELIGERE (17) (B) 1 9 360-81 METHANE (28) (CD) (G) 5 252-33 SURREALISM (21) (B ) (D) (GF,GS) (14) Y Tsui 5-8-5 ...... RESERVE 91

(10) D Ferraris 5-9-1 ...... C Scho—eld 77 (12) D Ferraris 5-8-11 ...... K Teetan 94 Runs: 5 Wins: 0 Places: 0 Runs: 5 Wins: 1 Places: 1 Runs: 20 Wins: 3 Places: 7
BETTING: 2 This Is Class, 7/2 Takingufurther, 5 Beauty Spark, 8 Green Reign, W 10 50-49 PLIKCLONE (21) (H) (31) (HT) (GS) 6 900-04 CALIFORNIA ARGENT 9 Hinchinlove, 10 Ping Hai Galaxy, 12 Falcon Turbo, 16 Starlight, 20 Others (12) D Hall 5-8-8 ...... M Poon(2) 80 (4) A Cruz 5-8-10 ...... B Shinn 98 Runs: 4 Wins: 0 Places: 0 Runs: 16 Wins: 2 Places: 3 Cards provided by

26 SPORT WEDNESDAY 4 MARCH 2020 CITYAM.COM PRIME EXAMPLE What does the success of Amazon’s Premier League experiment mean for football rights? By Felix Keith

MAZON broadcast its first “Netflix of sports”, is seen as another riers for companies like Facebook live football matches in De- possible bidder. It is due to launch in and Google entering the market. cember, showing 20 Pre- the UK in May as part of a major “The economics of acquiring exclu- Amier League games to global expansion, having spent big sive premium sports rights are not subscribers on its Prime to establish itself in nine countries supported by an ad-funded business Video platform. already. model in the majority of cases, so we FITZDARES PRESENTS The decision to make a first foray Before Amazon snapped up its doubt it is likely that either will be into the sector was a brave, albeit rel- package in the last rights tender aggressively competing for core atively small, one for the US retail process, rumours swirled that fellow rights in the next cycle,” she added. giant. Now that the dust has settled, media giants Apple, Google, Face- THE CHELTENHAM DIRECT-TO-CONSUMER it looks increasingly like an intelli- book and Netflix could bid. Now that gent one too. Amazon has taken the plunge, While Amazon’s major competitors Figures released by Britain’s televi- might others reconsider when the might be holding fire for the time sion ratings body the Broadcasters’ next rights packages for 2022-25 go being, there is another potential FESTIVAL Audience Research Board showed up for sale? player in the market. that Amazon Prime Video subscriber “Not necessarily,” said Wiltshire. The Premier League could cut out numbers increased by 35 per cent “Netflix seems pretty clear in its the middleman and sell subscrip- year-on-year in the fourth quarter of path on sports – it will have major tions directly to consumers via its 2020 2019, to 7.14m homes. Overall, 1.86m sports documentaries but not pre- own streaming service, a prospect al- new subscribers signed up last year. mium live rights. Facebook and ready floated by new chief executive Amazon’s Premier League offering Google, via YouTube, have both ex- Richard Masters. was the key to providing the com- “I’m not saying it will happen in pany’s best year for subscribers since the next cycle, or when it will hap- launching Prime Video in 2014. With SUBSCRIPTIONS pen, but eventually the Premier a solid precedent established and STILL ON THE RISE League will move to a mix of direct- two more rounds of fixtures left in to-consumer and media rights sales,” their package, they will be confident MAJORITY SIGNED UP he said last month. of snaring an even larger audience. However, like other companies “It’s the first time in the UK we’ve More than half of UK homes – they are in no rush, with broadcast seen a major sport on an over-the-top almost 14.3m – now hold a rights still selling like hot cakes. media service and the delivery of it subscription to one of Netflix, Although the value of Premier was near-perfect,” Minal Modha, con- Prime Video or Now TV. League rights in the UK market sumer research lead at Ampere DOUBLING SERVICES dipped slightly in the last sales Analysis, told City A.M. process, overseas rights for the three- “Amazon were able to deal with A fifth of UK homes – some six year cycle between 2019 and 2022 the simultaneous streams and pro- million – now subscribe to two or rose by 35 per cent to £4.35bn. vided an experience which was more subscription video-on- Modha says the Premier League pretty seamless.” demand services. could use a direct-to-consumer – or Lewis Wiltshire, a consulting part- over-the-top (OTT) – service in mar- ner at digital sports agency Seven kets where rights are not selling League, agrees. perimented with live sport but nei- well, but that scenario is not yet a “It was a really smart move by Ama- ther seems poised to make the kind worry. zon to dip a toe into the water with of splash Amazon did with the Pre- “Recent TV deals such as the one two matchdays and with both of mier League rights. Would it make with the Nordic Entertainment them around Christmas when Prime sense for Apple TV+? Maybe, in time. Group in Scandinavia [worth £2bn members are likely to be active,” he That’s one to watch.” over six years, a 20 per cent increase told City A.M. “Prime membership is Facebook is streaming two other- in value] highlights the appetite for MARCH 10, 11, 12, 13 now one of the most prominent bun- wise unavailable FA Cup fifth-round TV rights from third parties in a lot dles in the media industry.” ties this week, last night’s match be- of their key markets,” she said. I tween Reading and Sheffield United “If they’re able to sell the rights at *,$176&5((16 7+5((&2856(6($621$//81&+   FACEBOOK NEXT? and this evening’s fixture between these high values, it would be un- (;&(//(17:,1(6 I $)7(512217($ I FREE £50 BET That Amazon’s move has proven to Leicester and Birmingham. likely that they would want to risk be a short-term success is fairly obvi- It also has rights to Spain’s LaLiga this guaranteed revenue by launch- ous, but what it means for the future in India and showed Major League ing their own service.” Boisdale of Premier League broadcasting is Baseball games in the US via its Wiltshire added: “The Premier open to interpretation. Watch platform last year, but seems League, and every other major Amazon has shown that with the in no rush to push ahead in the sec- rights-holder, will want to keep OTT BELGRAVIA & CANARY WHARF right game-plan, funding and infra- tor. Peter Hutton, the company’s di- as an option, either to replace or aug- structure, it is possible to muscle in rector of global live sports ment TV deals.” on Sky and BT’s stranglehold on Eng- partnerships, said in October that The bottom line for now is that, TICKETS £125 lish football and get a piece of the Facebook was currently “testing the while Amazon has shown that I most popular and profitable pie in market” and “certainly not expect- streaming services are a viable op- 7Ɵ  :Ɵ%2,6'$/(&28. sports broadcasting. ing any huge investments in sports tion, they are not one that any of the DAZN, the subscription-based rights in the near future.” other major media players need to streaming platform and self-styled Modha says there are inherent bar- take just yet. CITYAM.COM WEDNESDAY 4 MARCH 2020 SPORT 27

FOOTBALL mill player – he is exceptional. COMMENT Foden’s promotion for England could come sooner. Although he isn’t 20 until May, he has accumulated Trevor enough experience – 26 appearances Steven last season, 25 already this term – to be considered ready. He is used to training with the best technical team in the country on a daily basis and, as a key figure in the Under-17s’ World Cup win three years T WEMBLEY on Sunday, Phil ago, he knows the national set-up in- Foden gave us all a reminder side out. of his talent and maturity Although he seems quiet, that is no with a man-of-the-match per- barrier to making his mark at senior formance as Manchester City level. A lot of footballers are introverts beatA Aston Villa in the final of the off the field who express their person- Carabao Cup. alities when they play the game. The way he addresses the ball; his balance and awareness; his under- MESSI ROLE standing of the way City want to play; Foden’s qualities make him suited to that extra finesse that left-footed play- more than one role. He can play as a ers have; in short, Foden is outstand- left-footed winger coming in off the ing. You just want to watch the right, as he did against Villa and as is 19-year-old, and I believe we’ll be see- fashionable, or as a No10. ing a lot more of him for City and Eng- Good decision-making is what land in the coming months. Foden’s display at the weekend will have come as no surprise to his club coach. Managing a youngster’s devel- opment can be a puzzle and Pep Guardiola deserves huge credit for his handling of this one. I’ll eat my hat if he The player could have become frus- trated at being used sparingly – he has isn’t a regular started 21 games this season and last, mostly in the cups – especially as league starter for Jadon Sancho has flourished since City next year. leaving for Germany in search of reg- ular first-team action. Foden isn’t a run But Guardiola has kept Foden in- volved and convinced him that, at 18 of the mill player, or 19, he doesn’t need to play every he’s exceptional game, especially in the Premier League, where the physicality poses a greater risk of injury. marks out the great players, and he Of course, there has been some prag- has that. It’s difficult to make compar- matism on Pep’s part to playing more isons but he could become the player senior players ahead of Foden. But that Jack Wilshere never did. that’s also a reflection of the compe- Foden is also excellent in small tition he faces, and Guardiola will be spaces. Both of the Silvas excel at that challenging Foden to refine and fine- but the best in the business is Lionel tune his game like David Silva and FODEN CAN Messi. I’m not saying Foden will get to Bernardo Silva have. that level, but he can have that role. England certainly have a vacancy for APPRENTICESHIP a creative midfielder who can unlock Now is the time for Foden to take the defences and, with James Maddison next step. He has served his appren- off the boil and Ross Barkley not play- ticeship, gone through a learning pe- ing regularly, I see a chance for Foden. riod and is ready for elevation by club STAR AT I’d have no qualms about starting and country. him for England and I would be more David Silva’s departure from City in surprised if Foden wasn’t part of the summer is a natural opportunity Gareth Southgate’s Euro 2020 squad for Foden to be promoted. He will be and dazzling at Wembley again this tasked with emulating Silva at his summer. peak; that is the level the club require. Fitness permitting, Foden simply Trevor Steven is a former England has to become a regular starter in the EURO 2020 footballer who played at two World Cups league next season. I’ll eat my hat if and two European Championships. he doesn’t. This isn’t some run-of-the- @TrevorSteven63 Rehabilitated Villas-Boas comes in from cold at Marseille

later – Villas-Boas, now 42, is still then everything fell apart. Shanghai SIPG in the Chinese Super Kamara and Duje Caleta-Car and Former Spurs and trying to piece his reputation back Sacked after only eight months League. midfielder Valentin Rongier, while together, now with Olympique when a stuttering Chelsea lost the also getting the best from the Chelsea manager Marseille. first leg of their Champions League TOO AMBITIOUS experienced heads of goalkeeper The beginnings of his last 16 tie with Napoli, he then had An almost two-year hiatus followed, Steve Mandanda and talisman is thriving in south rollercoaster career, as a 16-year-old to watch as assistant Roberto di during which he fulfilled a long- Dmitri Payet. junior scout for then Porto Matteo steered the club to held ambition to compete in the Toppling PSG looks to be a step of France, writes manager Sir Bobby Robson, European glory. Dakar Rally, before he returned to too far, but finishing second behind Michael Searles who lived in the same Undeterred, Tottenham management last summer with Ligue 1’s Qatar-bankrolled super- apartment block, are took a punt on him, but Marseille. power is almost a prize in itself, and well documented. he was unable to lead The Ligue 1 side, too, have would see France’s most decorated T SEEMED to be a case of too He rose through the endured a turbulent time since Paris club return to the Champions much too soon for Andre Villas- ranks and began Villas-Boas is on course Saint-Germain’s big-spending reign League next season. Boas when his time in English coaching under the to deliver Marseille’s best began in 2012. Villas-Boas said upon taking his football ended in ridicule and his tutelage of Mourinho, finish for seven years At the start of his tenure Villas- current job that he had been “too rapid rise to the top, aged just 33, who he followed as an Boas targeted a “podium” and, ambitious” early on in his career, Ioverwhelmed him. assistant to Chelsea and them into the top four although they sit 13 points behind perhaps recognising the importance The Portuguese had been hailed Inter Milan before and was replaced after 18 runaway leaders PSG, they are eight of man management as well as as the new Jose Mourinho when he embarking on a months. points clear of third-placed Rennes, tactics. He has always shown a talent arrived at Chelsea in the summer of managerial career of his own. His reputation in tatters, leaving the club on course for their for coaching but, now equipped 2011 following an exceptional treble- Immediate success in his Villas-Boas sought refuge in Russia highest finish in seven years. with a decade’s worth of experience, winning campaign with Porto. homeland with Academica and then where he won the league and cup Key to his success has been Villas-Boas appears ready to Nine years on from that Porto saw Chelsea swoop in despite with Zenit St Petersburg between nurturing Marseille’s younger complete his redemption and return appointment – and several clubs his just two years of experience. And 2014 and 2016, before a year with talents, such as defenders Boubacar to the biggest stage. 28 SPORT WEDNESDAY 4 MARCH 2020 CITYAM.COM PRIME EXAMPLE What does Amazon’s success SPORT mean for football on TV? PAGE 26

T WAS teed up to be the tie of the round and it did not fail to deliver as Chelsea ended Liverpool’s Idreams of a treble. Goals in each half from Willian and Ross Barkley of drastically differing quality were the difference as Liverpool REDS OVERRUN crashed out of the FA Cup in the fifth round at Stamford Bridge. Jurgen Klopp’s side have lost three of Liverpool’s poor form is extended as their last four matches to nil and it is Liverpool’s poor form continues as surely no coincidence that captain Lampard’s FA Cup calls pay off in Jordan Henderson has been absent in Lampard’s FA Cup calls pay off in both the 3-0 defeat to Watford on Sat- some style, writes MichaelMichael Searles Searles urday as well as last night’s. some style, writes Once again, there were signs that the relentless run Liverpool have been on over the past 18 months has caused fatigue as mistakes crept in at both ends of the pitch. The defensive frailties in particular were reminiscent of the team in Klopp’s early days as Chelsea repeat- edly threatened, while a mistake early on from goalkeeper Adrian gifted Frank Lampard’s team the initiative. TALE OF TWO KEEPERS It came about during a hectic, end-to- end opening 20 minutes. Adrian looked shaky as he parried a shot from Barkley, which fizzed off of his gloves, but appeared to settle any nerves moments later with a tremen- dous save from Willian. However, as he attempted to play out from the back, Chelsea’s high press forced Fabinho into a mistake and Willian had another effort from the edge of the box, and this time Adrian palmed it into the corner of his goal. Both goalkeepers, for different rea- sons, had points to prove, but when the under-fire Kepa Arrizabalaga was called into action less than 10 min- utes later, he made a fantastic treble save. After saving a close-range effort from Sadio Mane he kept his concen- tration to stop follow-up shots from Divick Origi and Curtis Jones. Although not his most testing match, a clean sheet will do no harm in his battle to regain the No1 jersey. CHELSEA’S BLUEPRINT Chelsea continually looked to get in behind the Liverpool defence, often playing balls over the top for the wingers or up to Olivier Giroud, who proved a handful for defenders Joe Gomez and Virgil van Dijk. It looked as though they had taken FA CUP The England international ran di- Williams, but it was Chelsea’s Billy he wasn’t afraid to get stuck in with a a leaf out of Watford’s book on how to rectly at goal and, as Gomez backed Gilmour who stole the show. few firm but fair sliding tackles. beat the Reds and Giroud, in similar CHELSEA LIVERPOOL off, unleashed a fierce strike into the The 18-year-old started the match in Perhaps even more impressive was vein to Troy Deeney, caused problems bottom corner past Adrian to book place of Jorginho and with the matu- the awareness he showed to track for the centre-backs as he brought Chelsea’s place in the FA Cup quarter- rity and composure he demonstrated Mane’s run midway through the first- others into play. His hold-up play finals and put himself firmly back on on the ball it was difficult to tell the half as the Liverpool forward was opened up space for Willian, Pedro, Gareth Southgate’s radar ahead of difference. Gilmour sat in front of the played in on goal. Mason Mount and Barkley, all of this month’s internationals. back four and collected the ball under The young Scot kept goalside to whom had opportunities to score. pressure before looking forward and claim the ball on the edge of his six- It was Barkley (pictured) who made 20HAPPY GILMOUR always keeping possession. yard box and managed to keep posses- Willian 13 it 2-0, however, after 64 minutes, with Barkley 64 A number of promising youngsters Unlike Jorginho, he also showed his sion in what was an all-round a charging run from deep into the op- were given the opportunity to impress ability to run with the ball and glided excellent performance on a memo- position’s half. including, Liverpool’s Jones and Neco past challenges, while also showing rable night for Chelsea.

ALMIRON HELPS MAGPIES TO HUNDRED TO GIVE MEN AND CORONAVIRUS PRECAUTION RAIN THREATENS TO RUIN T20 FA CUP WIN OVER WEST BROM SPORT DIGEST WOMEN EQUAL PRIZE MONEY RULES VUNIPOLA OUT WORLD-CUP FOR ENGLAND £ Newcastle reached the quarter-finals £ The Hundred will offer the winner of £ England prop Mako Vunipola is no £ England could be knocked out of the of the FA Cup for the first time since 2006 ENGLAND TO FACE FAMILIAR the men’s and women’s competitions longer available to face Wales in the Six Women’s T20 World Cup semi-finals by with a 3-2 win over Championship FOES IN THE NATIONS LEAGUE equal prize money when it launches this Nations on Saturday after going into self- the weather on Thursday. England are leaders West Bromwich Albion last night. £ England have been drawn against summer. The England and Wales Cricket isolation as a coronavirus precaution. due to face India in the last four of the Steve Bruce’s side raced into a 3-0 lead at Belgium, Denmark and Iceland in League Board’s new 100-ball tournament, which Vunipola was due to meet up with Eddie competition in Sydney at 4am UK time. the Hawthorns as Miguel Almiron scored A of the 2020-2021 Uefa Nations League. will run between 17 July and 15 August Jones’s 34-man squad on Monday, but But with Tropical Storm Esther expected twice in the first half before Valentino Gareth Southgate’s side will face world and feature eight city-based sides, has has been kept from training because he to bring heavy rain they might not get the Lazaro bundled in a third from Allan No1 side Belgium, who beat them twice committed to splitting the £600,000 pot travelled through Hong Kong on the way opportunity to reach the final. There is no Saint-Maximin’s cross. Matt Phillips fired at the 2018 World Cup, in September this equally between genders. “We’re really back from visiting Tonga. “Mako is not in reserve day scheduled in the event of a in to make it 3-1 and Kenneth Zohore year, with the finals scheduled for the proud of our movement towards making camp on medical grounds,” said a Rugby wash-out, meaning England would be netted in injury-time, but it wasn’t summer of 2021. Wales will face the cricket a gender-balanced sport and Football Union spokesperson. “He is not knocked out if no game goes ahead enough. Elsewhere, Billy Sharp’s goal in Republic of Ireland, Finland and Bulgaria whilst we’re aware there is more to do in sick but it is a precaution.” Vunipola flew because they finished second in Group B, extra-time sent Sheffield United through in League B, while Northern Ireland are this space, this is an important step in the to Tonga for family reasons and missed while India topped Group A. Rain is to the next round with a 2-1 win over grouped with Austria, Norway and right direction,” said Beth Barrett-Wild, England’s 24-12 win over Ireland on 23 threatening both semi-finals, with hosts Reading. David McGoldrick’s header was Romania in the same league. Scotland head of the women’s competition. “It’s February. The virus is prevalent in Hong and defending champions Australia cancelled out by George Puscas’ penalty, will play the Czech Republic, Slovakia and recognition for the women’s players and Kong and travellers are advised to self- playing Group B winners South Africa but Sharp’s 106th-minute header won it. Israel in League B. the huge value they bring.” isolate for 14 days to avoid spreading it. after England’s game at the SCG.