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Sterling slips after Carney IRAN ‘SHOT cuts warning JAMES WARRINGTON @j_a_warrington THE POUND slumped to a near two-week low yesterday after Mark Carney warned that the Bank of England (BoE) could cut interest rates to DOWN’ JET boost the economy. Sterling dropped as much as 0.55 per cent against the dollar to $1.301 after the central bank governor said a cut was possible if weaknesses in the economy looked likely to continue. “With the relatively limited space to cut Bank rate, if evidence builds that the weakness in activity could persist, risk management considerations would favour a relatively prompt response,” • EVIDENCE MOUNTS OVER UKRAINE FLIGHT DOWNED IN TEHRAN Carney said during one of his final speeches before his departure in March. • US OFFICIALS CONVINCED IRANIAN ANTI-AIRCRAFT FIRE TO BLAME In the last two monthly meetings of the Bank of EDWARD THICKNESSE in the crash — said that “the evidence plane burning as it went down. incident. “All indications are that the England’s Monetary Policy AND CATHERINE NEILAN indicates the plane was shot down by an US officials earlier told media outlets plane was shot down accidentally”. Committee, two members Iranian surface-to-air missile”. that the incident was likely a mistake. Ukrainian officials had earlier have voted to cut interest @edthicknesse @CatNeilan Both leaders called for a “full, The crash came shortly after Iran fired demanded to search the crash site after rates, though Carney backed WORLD leaders last night lined up to transparent investigation” into the ballistic missiles at two coalition bases in unverified pictures of missile debris keeping them on hold. blame Iran for mistakenly shooting down crash, which Johnson labelled a Iraq in retaliation for the killing of Qasem appeared on social media. The UK economy grew at its the Ukrainian passenger plane which “tragedy”. In a statement, he asked Soleimani, the leader of the Islamic Iran denies the accusation, describing joint-weakest annual rate crashed outside Tehran with no survivors both sides to “urgently de-escalate Republic’s elite Quds force. the reports as “pchological warfare.” since 2012 last year as early on Wednesday morning. tensions in the region”. No official statement has been issued, However, it will allow countries whose protracted political Prime Minister Boris Johnson said there The Boeing 737-800, bound for Kiev, but US President Donald Trump said that citizens were affected to join in uncertainty took its toll, was a “body of information” showing the was airborne for around two minutes he “had his suspicions” about the crash, investigating the crash. though Boris Johnson’s plane, which had 176 people — including before satellite data showed the heat adding that he did not think it was due to It also urged Boeing to send a landslide election victory gave four UK nationals onboard — was signatures of two surface-to-air missiles. a mechanical issue. representative to examine the plane’s rise to some optimism. downed by Iranian anti-aircraft missiles. According to one official, the missiles’ A Whitehall source told City A.M. the UK black box recording equipment, which Money markets now price Canadian Prime Minister Justin appearance was swiftly followed by an “was in the same place” as its allied will remain in Iran despite calls for it to in a roughly 14 per cent Trudeau — whose country lost 63 citizens explosion, with further data showing the intelligence services in its view of the be released. chance of a rate cut by the Bank this month. Tory victory an early Christmas present for job-hunters as recruitment picks up JAMES BOOTH picked up from November, the growth was only modest. increase at a relatively sluggish following the clarity of the election survey from KPMG and the The report linked the upturn to pace, with vacancy growth outcome, the jobs market finally @jamesdbooth1 Recruitment & Employment higher business activity, the languishing near a decade low. began to show signs of life with HIRING conditions in the UK job Confederation (REC) found. commencement of previously There was a further fall in permanent placements rising for market improved following the According to respondents, some delayed hiring plans and the candidate numbers which led to the first time in a year.” Conservative victory in the firms had approved new hires upcoming IR35 legislation changes. starting pay for both permanent Neil Carberry, appointed last General Election, a report following a long period of delayed However, despite the positive and temporary staff rising, and year as chief executive of the REC, published today showed. decision-making. news, rates of expansion were at slightly quicker rates than added: “After the uncertainty of Permanent staff appointments The December data showed the notably weaker than seen on in November. 2019, there are some signs of a rose for the first time in a year, first rise in permanent staff average over the survey history. James Stewart, vice chair at clearer outlook for hiring in while temporary billings growth appointments for a year, though Demand for staff continued to KPMG, said: “It would appear that today’s survey.”

FTSE 100▲ 7,598.12 +23.19 FTSE 250▼ 21,643.07 -8.85 DOW▲ 28,596.90 +211.81 NASDAQ▲ 9,203.43 +74.18 £/$▼ 1.307 -0.004 £/€▼ 1.177 -0.002 €/$▼ 1.111 -0.001 02 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM

OFF WITH THEIR HEADS Madame Tussauds removes Harry and Meghan waxworks as Queen calls for ‘workable solutions’ in family THE CITY VIEW White has a sizeable job to do at John Lewis

HE SCALE of the turnaround job waiting for incoming John Lewis boss Sharon White next month is starting to Tbecome clear. Yesterday the retailer issued a profit warning, threatened to scrap its staff bonus for the first time since the 1950s and announced that John Lewis managing director Paula Nickolds is set to leave the business. Former Ofcom chief executive White’s first job will be to fill the marketing and brand executive director role that Nickolds was expected to take up under the new partnership structure that was announced last year. Current chairman Sir Charlie Mayfield refused to be drawn on whether Nickolds had been pushed out, but whichever way her shock exit came about, she takes 25 years of John Lewis experience with her. The firm said “it was the right time for her to move on” but taking everything into WAX FIGURES of the Duke and Duchess of Sussex were removed from the Royal Family display at Madame Tussauds in London yesterday, after the Royal couple announced their plans to quit their Royal duties on Wednesday. The Queen yesterday urged account this can be translated as “go now, please”. She follows members of the Royal household to find “workable solutions” for the Sussexes within “days not weeks”, a Palace source told PA. Waitrose boss Rob Collins who announced his resignation in October after 26 years with the retailer, and there is still a strategic director appointment yet to be confirmed. Mayfield insisted that there is 100 years of John Lewis experience on the company’s board. However, White — a retail rookie — will be tasked with filling the empty roles, and those key hires could be Start spreadin’ the news: more crucial than ever. An obvious area that White could overhaul is John Lewis’s “never knowingly undersold” policy. The partnership prides itself on its price-match promise but in an increasingly promotional retail environment the pledge is beginning to eat further into margins. “The rules of this New York hits record high promise may need to be reviewed and renewed if the retailer is to start turning around, and a savvy operator with Treasury EDWARD THICKNESSE experience like Sharon White may be just the kind of mind Amazon, Google @edthicknesse parent Alphabet and needed to do it,” Julie Palmer, partner at restructuring firm Microsoft gained the Begbies Traynor said. Another area of the business that requires US STOCK markets closed at record most from the eas- improvement is its digital marketing strategy. The John Lewis highs yesterday as easing Washington- ing geopolitical situ- Tehran tensions in the Middle East ation, climbing Christmas advert generates hype each year, however that has soothed traders’ nerves after a week between 0.7 and 1.5 clearly failed to translate into sales. White will have to revitalise of drama. per cent. the department store’s advertising plans if she wants to keep up The Dow Jones and the S&P 500 both China’s commerce with digital-savvy competitors. In September City A.M. wrote that rose around 0.7 per cent, to 28,957.44 ministry also helped and 3,274.69 respectively. sentiment by an- White would be wise to reconsider the partnership’s store The Nasdaq was the biggest winner nouncing that vice portfolio. Yesterday’s update only adds urgency to the need for a in the day, up over 0.8 per cent to premier Liu He would sign the long- Markets have been suffering since a review of its estate. Analysts expect White to “instigate a big 9,203.43, as investors rushed back into awaited phase one trade deal with the US airstrike killed Iranian general high-flying stocks in a much needed US in Washington next week. Traders Qasem Soleimani last Friday, which change programme” upon her arrival. Looking at recent results, rally for the market. will hope that this will mean an end sent the price of oil and gold soaring. it seems that change is long overdue. The new record prompted a state- to the prolonged tariff war that the These have now eased back, as fears of ment from US President Donald two sides have been fighting. a squeeze on global supplies of oil Trump, who tweeted: “STOCK MAR- Meanwhile, in a statement last grew less severe. KET AT ALL-TIME HIGH! HOW ARE night, Trump said that Iran seemed to Strategists at Eastspring Investments YOUR 409K’S DOING? 70%, 80%, 90% be “backing down” after the Islamic told clients that if “the nascent recov- up? Only 50% up! What are you doing Republic targeted coalition bases in ery in the global economy continues, wrong?” Iraq with ballistic missiles in the early further upside in global markets is Follow us on Twitter @cityam Tech behemoths Facebook, Apple, hours of Wednesday. still possible”.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL FRENCH UNIONS STAGE WHAT THE NATIONAL TRUST DITCHES WOODFORD INVESTORS SIGN TRUMP PLANS CLIMATE FOURTH MASS STRIKE OTHER MEAT FOR CARBON NEUTRAL UP FOR LEGAL ACTION CURBS TO HURRY PROJECTS Trade unions in France staged their The National Trust is to convert vast Almost 3,500 investors are preparing US President Donald Trump proposed a fourth mass strike against President PAPERS SAY areas of its land from producing meat to legal action in a battle to recover losses major overhaul of environmental Macron’s pension reform, despite growing trees to become carbon inflicted by the collapse of Neil permitting to accelerate approval of ministers nearing a deal with a THIS neutral by 2030. The trust will add 20m Woodford’s investment empire. infrastructure projects yesterday. moderate union federation. Finance trees to its land over the next 10 years, The savers are weighing up possible Environmentalists warned the move minister Bruno le Maire has promised MORNING from planting or allowing them to self- claims against Woodford, his company, would hurt efforts to slow climate financial help for small businesses such seed by removing livestock. and the platforms and advisers that change. as hotels, shops and restaurants in the recommended and marketed the Paris area crippled by ongoing strikes THIS IS OUR ELECTION, discredited stock picker’s operation. FACEBOOK KEEPS TARGETED on the capital’s trains and metro lines. TAIWAN TELLS CHINA POLITICAL ADVERTISING Taiwan has warned that defeat for IKEA TO OPEN FIRST UK MINI In a break with other tech companies, DIXONS CARPHONE FINED Beijing’s candidates in its presidential STORE IN HAMMERSMITH Facebook yesterday said it wouldn’t £500,000 OVER TILL HACK data of more than 14m consumers. The election could prompt greater Chinese Ikea is planning to open a flagship small limit how political ads are targeted to Dixons Carphone has been fined ICO yesterday said its investigation “military intimidation and diplomatic store in a west London shopping centre potential voters, but would instead give £500,000 by the Information found an attacker installed malware on isolation” of the self-ruled island. “This as it seeks to conquer the high street. users tools to see fewer of those ads on Commissioner’s Office (ICO) over a data 5,390 tills at stores that collected is our own election,” the foreign The Swedish retailer has bought the its platforms. Political ads will be crucial breach that compromised the personal personal data for nine months. minister Joseph Wu said. premises in Hammersmith for £170m. ahead of the 2020 Presidential election. CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 03 John Lewis exec Tesco buoyed by bumper Christmas revenue for a fifth consecutive year steps down as it JESS CLARK strong operational performance and product offering very competitive @jclarkjourno competitive deals. and...our operational performance However, Tesco’s UK stores was the best of the last six years. As a TESCO delivered its fifth consecutive suffered a 0.4 per cent drop in like- result, this Christmas we had the Christmas period of growth last year, for-like sales during the third biggest ever day of UK food sales in outperforming its competitors in a quarter to the 23 November. Revenue our history.” warns on profit tough retail environment. picked up over the Christmas The supermarket’s central Europe The grocer’s UK and Ireland trading period, growing 0.1 per cent business suffered a 10.3 per cent division, which includes its in the six weeks to 4 January. slump in like-for-like sales, while the JOE CURTIS Charlie Mayfield said. wholesale business Booker, increased Tesco chief Dave Lewis said: “In company’s Asia division — which @joe_r_curtis “The decision will be influenced by like-for-like sales by 0.4 per cent in our centenary year, our customer Tesco is considering putting up for our level of profitability, planned the 19 weeks to 4 January due to a proposition was compelling, our sale — reported a dip of 1.6 per cent. JOHN Lewis & Partners yesterday investment and maintaining the issued a profit warning and said its strength of our balance sheet.” managing director will leave the John Lewis revealed that gross sales struggling business next month, after slipped 2.3 per cent year-on-year at underwhelming Christmas sales. £1.13bn over the crucial Christmas The retail partnership warned trading period. full-year profit will be “substantially Waitrose also suffered a 1.3 per cent down” on last year as it revealed decline to £1.03bn due to shop clo- significant drops in both John Lewis sures, though like-for-like sales rose and Waitrose revenue. 0.4 per cent. It also said managing director Paula Overall the John Lewis Partnership Nickolds will step down in February, saw gross sales slide 1.8 per cent calling it “the right time for her to to £2.16bn. move on”. Meanwhile, digital sales at Waitrose She was set to become executive di- rose almost 17 per cent, with Christ- rector of brand and marketing as well mas grocery orders up 23.4 per cent. as service and digital innovation But John Lewis reported a subdued 1.4 across the group, but the board and per cent rise in online shopping. Nickolds have had a change of heart. Mayfield hailed a 4.7 per cent rise in The department store chain also beauty sales to put the division “com- warned it may not pay a bonus to staff fortably ahead” of rivals. But home for the first time since the 1950s. sales and electrical sales dropped 3.4 “The Partnership board will meet in per cent and four per cent respec- February to decide whether it is pru- tively. Black Friday demand rose 10 dent to pay a partnership bonus,” per cent year on year but sales waned John Lewis Partnership chairman Sir in subsequent weeks.

PLAIN SAILING Buyout giant to stump up millions for Britain’s biggest yacht builder

PLYMOUTH-BASED Princess Yachts is in talks with lenders over a multi-million- pound cash injection. The boatbuilder, which is supported by L Catterton, a buyout firm owned by France’s richest man, is facing growing demand, Sky News reported. Dunelm enjoys early gift as sales boom despite Black Friday shun

JESS CLARK “significantly” more customers on @jclarkjourno the website than the previous site had capacity for. HOMEWARE brand Dunelm reported In the first half of the year like-for- a jump in sales in the run-up to like sales jumped 5.6 per cent and Christmas, despite deciding not to total growth was six per cent. take part in Black Friday discounting. Dunelm chief executive Nick Like-for-like sales increased five per Wilkinson said: “We are really cent in the second quarter while total pleased with our performance in the growth, including the benefit of new first half, building on the strong stores, was 6.2 per cent following the growth and profitability delivered launch of its new digital platform. last year. The second quarter was Dunelm said yesterday that over particularly strong in terms of sales the crucial Christmas trading period, and margin growth, on both one-year the new platform was able to host and two-year bases.” 04 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM

A DONE DEAL Boris Johnson’s Brexit bill Just Eat bids go down to the wire as glides through Commons ballot with ease Takeaway investors support merger JESS CLARK On 19 December Takeaway, which Just Eat has said an all-share @jclarkjourno is embroiled in a battle with rival merger with Takeaway would create Prosus to buy Just Eat, said it had one of the world’s leading food TAKEAWAY.COM shareholders assurances from 46 per cent of Just delivery companies and would yesterday approved its intended Eat shareholders that they will back “deliver greater value” to £5.9bn acquisition of UK delivery the offer. shareholders. platform Just Eat. Last month Just Eat’s board Takeaway’s offer would involve a The Dutch food ordering company rejected Prosus’ cash offer, after merger with Just Eat worth 916p per said its plan for an all-share both companies upped their bids for share, compared to a previous offer of merger received the backing of the company. 731p. It also proposed increasing Just investors at an extraordinary The tender period for both offers Eat shareholders’ stake in the group meeting in Amsterdam yesterday. expires today. from 52 per cent to 57.5 per cent.

THE BREXIT deal was passed by MPs yesterday, with the PM not even marking the moment with a valedictory speech. The Withdrawal Agreement Bill passed its third reading in the Commons with 330 votes to 231, and will now move to the Lords. Marks & Spencer slides as men’s jeans a poor fit

JESS CLARK cent increase overall in group UK AND ANNA MENIN like-for-like revenue. Total UK revenue @jclarkjourno @annafmenin dropped 0.6 per cent to £2.8bn. While the food division reported an MARKS & Spencer’s (M&S) Christmas increase in sales volumes, the unit performance was weakened by poor also experienced higher waste levels. sales in its menswear business, after Sales of traditional gifts were also the retailer ordered too many skinny poor in the crucial trading period, as jeans in the wrong sizes. customers favoured more expensive The high street chain said it over- presents such as cashmere jumpers. ordered skinny and slim-fit mens’ Rowe also said levels of discounting trousers, under-bought regular fit among M&S’s rivals on Black Friday jeans and had too many small sizes and in the run-up to Christmas were and not enough medium and large. “unprecedented”. Shares dropped more than nine per Anusha Couttigane, principal fash- cent yesterday after the retailer said ion analyst at Kantar, said: “With for- its troubled clothing and home divi- mer F&F director Richard Price set to sion suffered a 3.7 per cent drop in take the helm of clothing and home, total revenue, while the unit’s like-for- he will have his work cut out for him, like revenue slumped 1.7 per cent in not least in the company’s online per- the third quarter. formance, where social commerce is M&S chief executive Steve Rowe has becoming more and more important been trying to turn the unit’s to unlocking conversion. fortunes around, and said it had “In its traditional categories, such as made progress in the womenswear festive womenswear and novelty chil- department. drenswear, we see that M&S can play The poor clothing and home per- to its strengths, but Mr Price will need formance was offset by like-for-like to bring the retailer’s menswear revenue growth of 1.4 per cent in its performance in line with the rest of food business, leading to a 0.2 per the division.” Freshfields ex-tax head charged over alleged trading fraud plot JAMES BOOTH caused tax losses for the German € @Jamesdbooth1 state of more than 380m (£324m) through so-called cum-ex deals. A FORMER global head of tax at Magic Dividend stripping, or cum-ex Circle law firm Freshfields Bruckhaus trading, involved using a now closed Deringer has been charged by legal loophole to claim tax credits German prosecutors for his part in a for both buyers and sellers of shares suspected fraudulent trading scheme. by buying shares just before their Ulf Johannemann, who resigned dividends expired and then selling from Freshfields last year, was them on straight away. charged alongside six ex-bankers Johannemann was arrested in from the now-defunct Maple Bank. November last year. The Frankfurt Prosecutor’s office Freshfields declined to comment. said yesterday that the bankers and Johannemann’s lawyer did not the tax lawyer are alleged to have respond to a request for comment. CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 05 Willie Walsh to stand down as IAG chief

privilege to have been instrumental Alex Daniel and in the creation and development HE SAID WHAT? of IAG.” Anna Menin glide His replacement, Gallego, said: “It is ILLIE Walsh has never been a huge honour to lead this great shy of a word or two, and over the career of company. It is an exciting time at Wrarely pulled his punches IAG and I am confident that we can when discussing BA or his rivals. Alex British Airways build on the strong foundations Daniel trawls through the catalogue created by Willie.” for some of the more memorable: owner IAG’s boldly Some of Walsh’s most memorable moments included striking a £1m ON THE ICELANDIC ASH CLOUD: outspoken boss bet with Sir Richard Branson in 2012 “A gross over-reaction to a very minor that the billionaire would cease to risk.” ILLIE Walsh, the forth- control Virgin Atlantic within five right chief executive of years, and that it would lose the ON TERMINAL 5 AND HEATHROW: British Airways’ owner Virgin brand. “People have spoken of [Terminal 5] International Airlines Sure enough, Branson declared him- as a national embarrassment. If we Group (IAG), is to step self the winner in 2017 — but Walsh were to be honest, Heathrow has down,W in a move likely to elicit a sigh disputed this. been a national embarassment for of relief among politicians, union He said: “As everyone knows, he no many years.” bosses and rival airline chiefs alike. longer owns or controls the business, IAG said yesterday that Walsh would Walsh has spent 15 years in the pilot seat of the airline conglomerate a reality confirmed by the decision to ON A CABIN CREW STRIKE THREAT: quit as chief executive in March, and sell more of his shares to Air France. “That’s irrelevant to me. I don’t give officially retire on 30 June after 15 of aircraft and even selling off the operating profit last year despite a He’s lost the bet.” any consideration to that at all.” years at the firm. carrier’s art collection. string of damaging strikes at BA. He also led the airline industry’s re- It comes after the Irishman an- However, his arrival heralded a Alex Cruz, BA’s chief executive sponse to a 2010 Icelandic volcanic ON HIS APPROACH TO PROFIT: nounced in late October that he turnaround for Aer Lingus, and four under 58-year-old Walsh, had previ- eruption which prompted regulators “We make no apologies for focusing would step down within two years. He years later Walsh was named the ously been tipped to take the top job to close airspace — flying an empty jet on profit. There was no way around it. will be replaced by Luis Gallego, chief boss of British Airways, facing down at IAG. However, Cruz’s chances were through the ash cloud to challenge It was adapt or die.” executive of Spanish carrier Iberia, a bitter strike among cabin crew likely dented by the strikes, which safety concerns. which is also owned by IAG. workers in 2009. resulted in Walsh urging manage- Michael O’Leary of rival Ryanair said AND ON THAT INFAMOUS BET Over a 40-year career in the aviation He went on to lead the merger with ment to “make a deal” in October. Walsh would be “a huge loss to IAG WITH SIR RICHARD BRANSON: industry, which began as a pilot at Spain’s Iberia in 2011 which created Instead, Gallego will replace him. and to the airline industry. “I don’t think a million pounds would Irish carrier Aer Lingus, Walsh took parent company IAG as it is known Walsh said he had “been a core mem- “His drive and vision has trans- hurt him. I don’t have a million the reins at the airline in 2001. today. The firm’s current shares are ber of the team and has shown true formed both IAG and European air- pounds — so a knee in the groin, He quickly acquired the unfortu- up 40 per cent since the merger nine leadership over the years”. lines for the benefit of passengers maybe, that would be just as painful nate nickname of “Slasher Walsh” for years ago. Willie Walsh said yesterday upon everywhere. He has repeatedly proven for him as me.” cutting 2,500 jobs, reducing the range IAG turned a €1.43bn (£1.22bn) announcing his exit: “It has been a that ‘you’ll never beat the Irish.’”

CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 07

GREEN LIGHT Stormont stalemate set to end after draft power sharing deal agreed Value of UK mergers and acquisitions deals rises by whopping £15bn in 2019 EDWARD THICKNESSE despite the total number of deals management sectors saw decreases, falling from 236 to 211. from £11.8bn to £7.3bn and £4bn to @edthicknesse The majority of the value was £1.8bn respectively. THE TOTAL value of merger and generated by a small number of Tom Groom, transactions advisory acquisition (M&A) deals completed by extremely large deals, such as the leader for EY’s UK financial services the UK financial services industry London Stock Exchange’s (LSE) division, said he was hopeful the rose almost £15bn in 2019, even £27bn (£20.7m) takeover of data decisive General Election result though the number of such deals firm Refinitiv. would give firms more certainty over dropped considerably. Sector-wise, banking deals were Brexit, paving the way for firms to According to data from Big Four exclusively responsible for the value progress their growth plans in 2020. THE BRITISH and Irish governments have published the draft version of a deal auditor EY, financial firms completed increase, growing from £9.1bn in However, he warned that “it is too that would restore power sharing in Northern Ireland. The assembly will today £39.8bn worth of deals last year, up 2018 to £30.7bn over the last year, led early to say if the Brexit headwinds reconvene after three years of deadlock in Stormont to debate the agreement. from £24.9bn in 2018. chiefly by the LSE deal. that have plagued activity levels... are The substantial increase came Both the insurance and the asset finally beginning to lift”. Vanguard gains Northern Rail is UK approval for ‘months’ away investor advice ANNA MENIN @annafmenin BRITAIN’s financial watchdog has from collapsing given US fund management giant Vanguard the go-ahead to begin providing investment advice. In a move that will ramp up ALEX DANIEL “Passengers in the north have had competition in the UK’s crowded to put up with unacceptable services wealth management sector, the @alexmdaniel for too long. Financial Conduct Authority (FCA) THE CRISIS-STRICKEN Northern Rail Longer term decisions on the yesterday granted Vanguard franchise is on course for a full-scale running of the franchise would come regulatory permission to begin financial collapse within months, after the publication of a long- The US has urged its allies to ban Huawei amid fears over espionage providing retail investment advice. according to transport secretary awaited government commissioned In a letter to clients, Vanguard’s Grant Shapps. review into the future of Britain’s head of Europe Sean Hagerty said In a statement citing the franchise’s railways written by former British plans to enter the space were at an most recent financial information, Airways boss Keith Williams. Just one in 10 Brits trust Huawei early stage and that no timetable Shapps said the franchise could only That was planned to come out late had been established. continue to run for “a number of last year, but has been delayed. Vanguard has been crowned the months” before the government It is now expected in the opening fastest-growing fund manager in stepped in. months of 2020. as spying worries take their toll the world for seven consecutive The process to strip Northern Rail of The statement on Northern Rail fol- years, and manages $5.6 trillion its franchise has already begun, after lows a year of chaos and cancellations JAMES WARRINGTON according to a new survey from (£4.3 trillion) in assets globally. years of poor performance. Shapps across the network. The line runs YouGov, while 22 per cent say they Since launching in the UK in will now assess whether to give Arriva from Newcastle to Leeds, Liverpool, @j_a_warrington would “never” buy its handsets. 2009, the fund titan has built a a “short-term management contract” Hull, Manchester and Stoke. WHILE the UK is yet to decide Huawei has been blacklisted by US considerable reputation for or whether to nationalise it, by hand- Chris Burchell, managing director of whether or not it will allow Huawei President Donald Trump over fears winning over new clients by ing operations over to the govern- Arriva’s UK trains arm said: “We to participate in the country’s 5G the firm’s kit could be used for undercutting its rivals fees. ment’s Operator of Last Resort (OLR). accept services on the Northern net- network, it seems the public may spying by authorities in Beijing, and “Investors should have access to He said a decision would be taken by work are not yet good enough and we already have made up its mind. the UK is weighing up a similar ban. advice that is robust, low-cost and the end of January. sincerely apologise to our customers Just one in 10 Brits said they trust Huawei has always denied all that puts their interests first,” said In a written statement, Shapps said: for our role in that.” the controversial Chinese tech firm, allegations of wrongdoing. Hagerty in his letter. 08 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM Airbus still ‘committed’ to UK after no-deal Brexit concerns assuaged EDWARD THICKNESSE operations in the UK this year”. very harmful decisions” for its Faury added: “Airbus is committed UK business in the event of a @edthicknesse to the UK and to working with the no-deal scenario. AIRBUS’ chief executive has said new government on an ambitious Business minister Andrea Leadsom, that the aerospace company is still industrial strategy.” who was also at the event, welcomed “committed” to the UK, in a The firm is one of the UK’s Faury’s comments, saying it was turnaround from previous largest manufacturers, employing “great to hear [him] say that Airbus comments on Brexit. around 13,500 people at sites remains committed to the UK. Speaking at the company’s New across the country. “Please rest assured that we also Year’s reception last night, Guillaume Last year Airbus’ former chief remain absolutely committed to Faury said that he saw “great executive Tom Enders said that the Airbus — and to the industry as a potential to improve and expand our firm would be faced with “potentially whole,” she added.

The aerospace firm currently produces its aeroplane wings in the UK Ease in tensions helps oil and gas prices to settle

EDWARD THICKNESSE David Madden, market analyst at CMC Markets UK, said the fall was in @edthicknesse line with the standard narrative AFTER a week of escalating tensions when stocks rally, as happened on in the Middle East which saw oil Wall Street yesterday. prices hit their highest levels in He said: “Traders are in risk-on months, prices yesterday fell to where mode, hence why we have seen record they were at the end of last year. highs on the Wall Street, and in turn Having spiked through $70 a barrel dealers are dumping the metal. Gold after a US airstrike killed Iranian mil- has traditionally suffered when itary leader Qasem Soleimani in stocks rally, and that old habit is Baghdad a week ago, Brent crude yes- playing out today.” terday settled around $65.50. After a dramatic week, attention has West Texas Intermediate, which was turned instead to growing US crude at one point trading at over $64 a stocks, which will likely limit oil barrel, eased back below $60 as the prices. Stocks grew by 1.2m barrels in prospects of a larger conflict in the re- a surprise for the market, wiping out gion became more distant. the final gains from last month’s de- Gold, which had also rallied to cision by producer cartel Opec to in- record levels as investors sought crease supply cuts to 2.1m barrels a safe havens in the face of growing day up until March 2020. uncertainty, also fell on the back of Edward Moya, senior market analyst the de-escalation. at Oanda, said that although a Having burst through the key $1,600 stronger dollar could provide further level for the first time in seven years pressure for commodities, prices in the previous session, spot gold should now stabilise in the short- fell 0.2 per cent to $1,552.28 per term. After the past seven days, this ounce yesterday. will come as a welcome break for Analysts suggested the slide could traders bruised by the volatility. continue, with several suggesting Moya’s colleague Craig Erlam said: $1,530 as a possible target. “Let’s hope cooler heads remain.” Credit card giant Newday set to buy retail finance platform Deko ANNA MENIN Hourican was appointed chief executive in March. @annafmenin Citing sources close to the deal, Sky CREDIT card issuer Newday is said to News reported that Newday was have agreed to purchase retail seeking to diversify its business finance platform Deko in a bid to away from traditional credit card boost its tech credentials. revenues and tap into the Newday has reached a deal to opportunities offered by new acquire Deko for up to £40m, platforms such as Deko. depending on the tech provider’s Deko would continue to operate as performance, Sky News reported a standalone business with its yesterday. If the purchase were to go existing team. The firm offers ahead, it would be Newday’s first finance products including major acquisition since former Royal consumer loans and instalment Bank of Scotland executive John credit via a panel of lenders. CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 09

EDITOR’S NOTES News and views from the City, Westminster & beyond CHRISTIAN MAY @CHRISTIANJMAY [email protected]

Corbyn’s defeat won’t end THERE’S ALWAYS A £ 2019 was a relatively healthy BUSINESS ANGLE year for UK M&A though many in the debate about capitalism I’ve lost count of the the City still talk of buckets of cash number of times we’ve waiting in the wings, ready to be HE CITY, the wider business of its irredeemable inadequacies. found a way in for a splashed around as our political community and, indeed, our This week we reported on the business paper to pick up on waters start to simmer down. T Early evidence of this came on entire market economy may record tax revenues generated by stories seemingly far from have escaped the ravages of the financial services sector but, as our patch. Take the current Wednesday with the news that Corbynism, but that doesn’t mean City pundit William Wright was Royal drama, for example. lobbying giant Cicero has been questions about corporate correct to point out, the value goes How, exactly, will the Sussex tempted into the Havas/AMO conduct or the nature of modern far beyond this illuminating but branch of the firm achieve family. The shape (and size) of this capitalism will fall away. ultimately rather crude the financial independence temptation will become clear Nor does it mean that business calculation. Finance is essential to they’re after? Furthermore, when deal details are announced leaders and advocates of liberal, the wider economy, from the I hear the Sun’s stonking but for now at least we can note it free-market economics should smallest startup in the south west scoop (they broke the news) brings two of the nicest City gents step back from addressing issues to the largest public-sector has accelerated their under the same roof: Cicero’s Iain of concern. And there are plenty of pension fund. More focus on (and strategic expansion in the Anderson and Maitland/AMO’s concerns. Jeremy Corbyn and appreciation of) this reality would US after American networks Neil Bennett. Corks will pop at the John McDonnell may have latched not go amiss. But the problem spent the day citing their Havas HQ in King’s Cross today. on to dissatisfaction and runs deep. Wright runs the New front page. frustration over issues such as Financial think tank, which £ When faced with a set of inequality and globalisation in focuses on capital markets. The complex international order to bring down a system they fact that its latest report is called £ Downing Street’s ban on of hypocrites and sycophants is CAN I QUOTE YOU ON THAT? negotiations, while at the same have despised for decades, but the The Crisis of Capitalism is telling. ministers attending the Davos the reason I’d give. Who can forget time reimagining the structure of concerns they weaponised so We can assume Wright is a fan of summit didn’t last long, with news last year’s highlight of Christine government, you will turn to the cynically remain deep-rooted, capitalism, but he says it's “in emerging that chancellor Sajid Lagarde talking to Bono and greatest minds and most despite the electoral failure of a danger of losing the social licence Javid has been given a pass. A Rwanda’s increasingly tyrannical transformative leaders for help. So hard-left Labour party. It remains from which it derives its rather petulant-sounding Number President Kagame about the spoon-bending oddball Uri Geller the case that a dynamic market legitimacy”. His report analyses 10 source had previously said that importance of good governance? ... to help keep our can surely expect to hear from economy is by far the best system public opinion (grim reading) and the government had better things Meanwhile, for MPs keen to still get seats safe Number 10 after offering his for rewarding work and risk, concludes that “understanding to do than hang out with a sense of the place, Davos will services. Geller says he’s answered allocating capital, advancing the causes of the loss of faith in billionaires. There are many host this year’s Parliamentary Ski Treasury minister Rishi Sunak the call from the PM’s chief adviser innovation and determining capitalism is the first step towards reasons to boycott the annual ski Week, where honourable and right explained why the government Dom Cummings who advertised winners and losers. Labour’s reforming and preserving resort bash but the net wealth of honourable members can enjoy was investing in the police. He for unconventional but brilliant ideological error was to insist that capitalism for the greater good.” attendees isn’t one of them. The discounted access to the white quickly corrected himself to candidates to join him. He says the system’s vagaries, Copies should be sent to CEOs, fact that it’s become a virtue- stuff and a reception with the “streets”. he’s “confident” he will be brought contradictions and flaws are proof without delay. signalling, white-washing parade mayor of Davos. Bon voyage! into Downing Street. We’ll see. 10 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM Doubts raised over mobile signal checks JAMES WARRINGTON @j_a_warrington MILLIONS of mobile users across the UK may not be receiving the coverage they are paying for due to failings by network providers, a new report has warned. The Local Government Association (LGA) today warned of weaknesses in so-called coverage The government has pledged to improve mobile coverage in rural areas checker websites, which use computer modelling to predict phone contract to buy. an accurate picture of mobile mobile signal strength. The government has committed coverage on the ground. The lobby group said these sites to signing a new deal with mobile “By relying solely on operators’ were not based on the real-life operators within 100 days to help own computer modelling rather experiences of phone users and so improve the UK’s mobile network. than on the ground testing, the were sometimes inaccurate. But the LGA warned that mobile government and Ofcom are at risk Many consumers use coverage providers cannot be held to of letting operators mark their checker sites to decide which account over this pledge without own homework,” it said.

EXTRA LIFE Game calls for more ‘realistic’ All Bar One owner posts ‘good, not rents as it closes 40 stores across the UK great’ sales over Christmas period JOE CURTIS demonstrating the breadth of Mitchells &Butlers’ share price rose appeal of our brands for special 2.7 per cent to 433p at the bell @joe_r_curtis occasions,” chief executive Phil yesterday, after hitting highs of PUB CHAIN Mitchells & Butlers Urban said. 444.7p during trading. enjoyed a solid rise in like-for-like “We achieved record sales levels The pub chain, founded in 1898, sales over Christmas, but suffered across the five key festive days at was heavily reliant on beer for the from strong comparative sales the growth of 6.5 per cent. This bulk of its sales in the 1980s, but year before. continued progress reflects the now around three-quarters of its The core three-week festive output of our Ignite initiatives total sales come from food. period saw the firm’s pub chains — which will continue to be our focus Over the past year Mitchells & which include All Bar One, Ember for the year ahead.” Butlers has completed 81 venue Inns and Harvester — enjoy But analysts at Barclays called remodels and opened a new site. comparable sales growth of Mitchells & Butlers’ performance The firm’s results came as 5.6 per cent. “good but not great”, citing “very welcome note amid poor British Like-for-like sales grew 2.6 per tough” comparatives from a strong retail sales over the holiday season, cent over the 14 weeks to 4 January, performance last year when like- as a result of the General Election with food performing especially for-like sales grew seven per cent and lower footfall at brick and strong. Over the year to date total over Christmas. mortar stores. sales have risen 2.7 per cent “Investors may have been hoping In December, the government compared to last year. for stronger trading, albeit we note committed to a “fundamental “We are pleased with our trading that the shares have been weak review” of business rates to help ENTERTAINMENT chain Game yesterday urged its landlords to set “realistic” rents as performance over the festive year to date,” Barclays’ research struggling chains, including a 50 the retailer confirmed it will close 40 stores across the country. The video game trading season against a strong set note read. per cent rate discount for high chain, owned up Mike Ashley’s Sports Direct, has already served notice to 13 sites, of results last year, again Despite the tepid results, street properties including pubs. with plans to shut London stores in Watford, Lakeside and Bexleyheath. CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 11 Royal reporting row heats up as Daily Mail’s takeover of i union slams Harry and Meghan

JAMES WARRINGTON together with Downing Street’s new policy on lobby briefings, an faces government probe @j_a_warrington attempt to “prevent the media THE NATIONAL Union of from functioning and Journalists (NUJ) hit back at the compromising the ability of JAMES WARRINGTON the editorial independence of the i. The order, also known as a hold Duke and Duchess of Sussex journalists to do their jobs, which However, DCMS said the deal could separate arrangement, means DMGT yesterday after the Royal couple is completely unacceptable”. @j_a_warrington negatively impact the requirement will be forced to run the i independ- launched its latest attack on the NUJ general secretary Michelle THE GOVERNMENT yesterday said it for a “sufficient plurality of views ently ahead of a potential competi- media over alleged misreporting. Stanistreet said: “The rota system is was “minded” to intervene in the in newspapers”. tion probe. Prince Harry and Meghan Markle not perfect, but it does allow UK Daily Mail owner’s £50m takeover of Despite the initial warning, culture The proposed deal ended months of sent shockwaves through the media to cover the British Royal the i newspaper. secretary Nicky Morgan has not made speculation over the bidders for titles nation on Wednesday when they Family — an institution The Department for Digital, Cul- a final decision on whether the belonging to JPI Media, which was announced plans to step back as maintained by the public purse. ture, Media and Sport (DCMS) warned government will intervene. formed after a private equity-led res- senior members of the Royal Family. “We cannot have a situation the deal, which was agreed with cur- DMGT and JPI Media have until 13 cue deal for Johnston Press last year. In a lengthy statement posted to where journalists writing about the rent i owner JPI Media in November, January to provide further informa- While the i newspaper was consid- their new website, the couple said Duke and Duchess of Sussex can could raise public interest concerns. tion in writing, and a final decision ered the prized pony in JPI’s stable of they will no longer participate in only do so if they have the royal Daily Mail and General Trust, which will be made in the week commenc- titles, a number of other newspapers the royal rota — a pooling system seal of approval.” also owns Metro, at the time de- ing 20 January. including the Yorkshire Post and the for news coverage — and would The union boss also blasted the scribed the takeover as “both strategi- The competition watchdog has Scotsman are still up for grabs. instead provide access to “credible pair for claiming to respect the cally and financially” compelling. already stepped in, serving an initial Publishing group Reach in Novem- news outlets” and engage with media while simultaneously Chief executive Paul Zwillenberg in- enforcement order while it reviews ber said it had pulled out of the race “grassroots” media organisations. launching “sweeping” criticisms of sisted that the group will maintain the merger. for some of JPI’s titles. But the NUJ branded this, news organisations.

Sun launches US website in a bid to boost online audience abroad JAMES WARRINGTON in the US, but the launch of the declining print circulation. new site will help to better tailor Both the Sun and Mail Online @j_a_warrington the brand to the market and cash appear to have hit peak audience in THE SUN has quietly launched a US in on its hits. the UK, with relatively flat version of its website as the British In 2018 the Sun became the UK’s audience growth according to the tabloid looks to emulate its online most-read online news site after latest Pamco figures. The launch of success across the pond. overtaking fierce rival Mail Online. Sun US marks a doubling down of The paper, which is part of The paper now reaches just under the publisher’s efforts to break into Rupert Murdoch’s News UK 34m monthly users across both a lucrative market. empire, announced in a tweet print and digital, and has emerged It comes amid tensions between yesterday that Sun US is now live, as the top mobile news provider publishers and Silicon Valley tech though the rollout was with a 5.2m daily audience. giants over alleged anti-competitive accompanied by limited fanfare. However, the titles have been behaviour in the digital ad market. The new site is being run by a fighting a wider downturn in the The Daily Mail’s parent company team of journalists in New York, newspaper market, and the latest was among media organisation to who will produce some unique accounts for its parent company launch blistering attacks on reporting aimed at the US market. News Group Newspapers showed Facebook and Google last year over However, much of the site’s the firm swung to a pre-tax loss of their monopoly power and content will be focused on existing £91.2m in 2018. “unscrupulous behaviour”. entertainment and Royal coverage Despite this, total ad revenue The competition watchdog last that is already popular in the US. increased for the first time over the month warned rivals can no longer It is understood that the Sun has period as the Sun’s owners shift compete with the so-called duopoly developed an online audience of their attention to online “on equal terms” due to their over 16m unique users per month advertising revenue in the face of dominance in the sector. 12 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM Gardiner rules Assets edge up at Polar Capital himself out of in trying period ANNA MENIN @annafmenin POLAR Capital yesterday reported an increase in assets under Labour lead bid management (AUM) during the first nine months of its financial year, despite having a “challenging” CATHERINE NEILAN my colleagues.” third quarter. @CatNeilan His decision came shortly after The investment manager’s AUM Labour confirmed that four candi- climbed 2.8 per cent between 1 SHADOW international trade secre- dates, including Long-Bailey, had April and 31 December to hit tary Barry Gardiner yesterday ruled secured enough MP nominations to £14.2bn. It suffered net outflows of himself out of the Labour leadership get through to the second round. £1.07bn during the same period, contest, saying he does not believe he Long-Bailey has 29 nominations, but said these were offset by a can command enough support “at significantly behind rival Keir Anne Hampson OBE has been involved in some the Square Mile’s biggest projects £1.46bn increase related to market this late stage”. Starmer, who already has the backing movement and fund performance. Gardiner admitted he was toying of 59 colleagues. “In the nine month period to 31 with running last night, with the Starmer is also the only candidate to December we were not immune to deadline for applications closing on have been endorsed by a union — Uni- City of London’s planning chief the challenging conditions Monday. son — with Unite failing to get behind experienced by the industry as a But last night the frontbencher, who anyone as yet. whole,” said the firm’s chief is thought to have been prompted to Remaining candidates Jess Phillips Annie Hampson to step down executive Gavin Rochussen. consider the move by Rebecca Long-- and Lisa Nandy have 22 nominations In the third quarter, Polar Bailey’s faltering campaign, con- each, the minimum amount re- STEFAN BOSCIA Gherkin, Millennium Bridge and the suffered an £81m decline in AUM. firmed he would not stand. quired, while Thornberry has notched @Stefan_Boscia redevelopment of St Bartholomew’s “The election result and reduced “I am now clear that at this late up just nine. Rank outsider Clive Hospital in her 31 years with the Brexit uncertainty increased stage I cannot secure sufficient nomi- Lewis has the backing of four. A LEADING council planner involved corporation. She announced demand for our UK Value Fund nations to proceed to the next round. Earlier in the day Thornberry gave in some of the Square Mile’s biggest yesterday she would retire in March. which had net inflows of £100m I have therefore decided not to stand Jeremy Corbyn “nought out of 10” recent projects is retiring from the City of London planning and in December. for the leadership at this time,” for his leadership skills on the basis of City of London Corporation. transportation committee chair “On the other hand, clients Gardiner said. the election — but insisted he Chief planning officer Annie Alastair Moss said the whole of continued to reduce their He added: “I will continue to serve would get full marks for “firing up Hampson OBE was intimately London “has been a benefactor of exposure to North American the party loyally under whichever of the party”. involved with projects such as the Annie’s fantastic talent”. equities,” he added. CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 13 Apple’s iPhone enjoys surge on Chinese holiday

ANNA MENIN @annafmenin SALES of Apple’s iPhone in China jumped over 18 per cent year on year in December, according to government data revealed yesterday. China is gearing up for the Lunar New Year in late January — a major holiday for gift-giving in the country. Apple shipped roughly 3.2m handsets in China in December, up from 2.7m a year earlier, according to data from the government and calculations by Reuters. The tech giant offered discounts and financing schemes aimed at boosting Chinese sales throughout 2019. In Apple’s last earnings call, chief executive Tim Cook indicated that such promotions had been successful in attracting more Chinese consumers. After peaking in 2015, iPhone sales in China had stagnated due to factors including longer upgrade cycles and greater competition. Hitachi to slash 250 jobs at County Durham plant

JAMES WARRINGTON a £350m deal to supply trains for invest roughly £8.5m in train Avanti West Coast, but earlier in the welding and painting at the plant in @j_a_warrington year missed out on a larger contract order to expand its capabilities to a HITACHI Rail has announced that it with the Tyne and Wear Metro. wider range of products, from trams will cut 250 jobs from its train “These redundancies need to be and metros to commuter and high- factory in County Durham. laid at the door of the speed trains. The Newton Aycliffe plant, which government,” said Unite Paul Howell, the newly- opened in 2015, will make almost a regional officer Pat elected MP for Sedgefield, quarter of its staff redundant McCourt. described the job losses following a 45-day consultation “Its existing as “disappointing”. process with employees. procurement policies The Japanese conglomerate said mean that major Hitachi will invest yesterday the cuts formed part of a contracts for new £8.5m in its factory plan to make the factory more trains are too readily “flexible, agile and globally awarded to overseas “At this stage it is a competitive”, and insisted they were companies, depriving consultation and I am entirely unrelated to Brexit. factories in the UK assured that Hitachi will But officials at the Unite union of work.” work with all parties to look blamed the government for the job Hitachi said there could be at opportunities to mitigate the losses, saying they were caused by opportunities for some of the impact to employees,” he said. Hitachi’s difficulties winning major affected staff to be redeployed in Hitachi said its presence in the UK UK contracts. other parts of its rail business. was now strongly established and it In December the company signed It added that the company will remained committed to the market. Netflix rival Quibi to launch new video platform

JAMES WARRINGTON available for $7.99. and Idris Elba. Quibi — which stands for The platform also plans to @j_a_warrington quick bites — was founded by screen special news bulletins A NEW streaming service hoping former Disney chairman and from organisations including NBC to shake up the crowded on- Hollywood veteran Jeffrey and the BBC. demand market with its bite-size Katzenberg, and is led by Meg At the heart of Quibi’s videos has announced that it will Whitman, former head of Ebay announcement yesterday was launch in the US in April. and Hewlett Packard Enterprise. Turnstile, a unique feature Quibi, which has raised an eye- The pair unveiled a string of that will maintain full-screen watering $1bn (£766m), has details about the made-for-mobile viewing regardless of whether the assembled some of the biggest service during the CES tech phone is held in landscape or names in Hollywood to produce conference in Las Vegas yesterday. portrait mode. original shows that are 10 Among the big names The technology will allow minutes or shorter. commissioned to create new filmmakers to create video in The platform will launch in the content were directors Steven both formats, which flips when US on 6 April. The ad-funded Spielberg, Guillermo del Toro and the phone is rotated, or even to version will cost $4.99 (£3.80) per Steven Soderbergh, as well as reveal different viewpoints in month, while an ad-free option is actors Bill Murray, Anna Kendrick different orientation. IT’S AIR TIME

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Book now at Londoncityairport.com 5360 ABTA No.G3655 CITYAM.COM FRIDAY 10 JANUARY 2020 NEWS 15 Nuclear projects Liberty Steel to axe 355 British jobs in ‘challenging’ market conditions could face up to JOE CURTIS In a widely reported statement, sustainable for the long-term.” @joe_r_curtis chief executive Cornelius Louwrens It comes less than a year after the said: “Liberty has taken enormous UK’s second-biggest steel producer, LIBERTY Steel yesterday said it plans strides in improving the performance British Steel, went into to slash 355 jobs from its South of the steel mills it has acquired over administration. The government was six-year delays Yorkshire and south Wales plants the last six years. forced to take over operation of amid pressure from “challenging “Unfortunately, the steel industry British Steel’s main plant in market conditions”. in the UK is facing challenging Scunthorpe and find a new buyer. The steel firm also blamed “a conditions and we have made the Roy Rickhuss, general secretary of EDWARD THICKNESSE some construction now complete, lingering reduction in demand for UK difficult decision that there is a need the steelworkers’ union Community, @edthicknesse “problems in the earlier and riskier steel products” as it made the to reduce the workforce at a handful said: “This will be a worrying time for stages of these projects have caused announcement. of locations, in order to make them many steelworkers and their families.” THREE infrastructure projects which delays and cost increases”. are together critical to the UK’s nu- It estimated that £647m of the extra clear deterrent are set for delays of up cost was a result of the fact that con- to six years due to the Ministry of De- struction starting before the require- fence’s (MoD) “poor management”. ments were fully developed. According to a new report from the Gareth Davies, head of the NAO, said National Audit Office (NAO), the proj- the MoD had failed to learn the les- ects will be delivered between 1.7 and sons from other UK nuclear projects: 6.3 years late, at a £1.4bn extra cost. “While these infrastructure projects The three projects, which were are complex, the MoD has encoun- initially estimated to cost £2.5bn, are tered similar challenges before in its DECODES crucial to maintain the network nuclear work”, he said. which keeps the UK’s continuous-at- “Although it has recently intro- sea nuclear deterrent running. duced changes to enhance its over- The delayed projects include Mensa, sight of the projects and improve its a nuclear warhead assembly facility contracts with suppliers, it should WE HAVE TO worth £1.8bn, at the Atomic Weapons have learned earlier from past mis- Establishment site near Reading. takes and the experience of others in Also affected are core production ca- the nuclear sector.” pability facilities valued at £474m at An MoD spokesperson said: “We are TALK ABOUT RACE a Rolls-Royce site in Derby, as well as a carefully examining the conclusions £240m building facility at BAE Sys- in their report and will respond for- tems dockyard at Barrow-in-Furness. mally in due course.” The NAO said that while progress on The MoD will foot the bill for the the projects had been made, with cost increases, not its contractors.

STOCK PICK LSE hires Citigroup equities boss Murray Roos as new head of markets

Tuesday 28th January M Threadneedle Street, 2 - 3 Threadneedle Walk 60 Threadneedle Street, London, EC2R 8HP 8.00am Arrival & breakfast 8.30am - 9.30am Panel & Q&A

Join the City A.M. Club for the next in our City A.M. Decodes: Diversity and Inclusion series - We Have to Talk About Race - hosted by Julia Streets, Founder & CEO of Streets Consulting and Host of DiverCity Podcast.

The 2018 ‘BAME Boss’ report published by the Equality Group found that half of ethnic minority respondents noted no prominent role models of their ethnic profile in professional positions to which they aspire. Yet, on leaving school, 59% aspired to securing a role at senior management, director and/or board level. THE LONDON Stock Exchange has hired Murray Roos, Citigroup’s chief of stock trading, as head of capital markets. The former derivatives trader joins after a Today responsibility for D&I sits very firmly on the shoulders of all leaders, challenging time for the company’s division. managers and rising stars and they need to understand and embed it in their leadership style, philosophy, business, talent and performance planning. In this series, we will expose the reality, wrestle with the complexity and engage in debate leaving our audience with a whole host of practical ideas designed Ghosn gets travel ban as former to drive change and gain an edge. Dr Miranda Brawn Raphael Mokades CEO, The Miranda Managing Director, Nissan boss Saikawa fires back Brawn Diversity Rare Recruitment Leadership Foundation ALEX DANIEL also asked Japan for its file on @alexmdaniel Ghosn, including the charges Hephzi Pemberton Bev Shah against him. CEO, The Equality CEO, CityHive A LEBANESE prosecutor imposed a Former chief executive of Nissan Group travel ban on former Nissan boss and successor to Carlos Ghosn, Carlos Ghosn yesterday, after he was Hiroto Saikawa, has slammed his questioned over an Interpol warrant past mentor’s daring escape. Hosted by Julia Streets, Founder issued by Japan seeking his arrest on He said: “I feel like I have been Register to attend at and CEO, Streets Consulting & financial misconduct charges. betrayed again.” cityam.com/events/city-a-m-decodes-january-2020/ Host of DiverCity Podcast Ghosn fled Tokyo for Beirut late It comes after a defiant but last month while awaiting trial for rambling press conference in Beirut four charges of financial from Ghosn on Wednesday, in which misconduct, making him a fugitive he named Saikawa as one of the from the law. “unscrupulous and vindictive The Lebanese judicial authorities individuals” in a plot to oust him. 16 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM Watchdog plots single interest rate across all UK cash savings accounts ANNA MENIN for many of the 40m consumers Woolard said the measures would @annafmenin with easy access savings accounts “prevent firms from gradually and we want that to change,” said reducing interest rates over time and THE FINANCIAL watchdog yesterday Christopher Woolard, the City make them compete for all their proposed an overhaul of cash savings regulator’s executive director of customers”. products in the UK, a move it said strategy and competition. “We are concerned that many would bump up interest payments to The FCA is proposing that longstanding customers are seeing a consumers by £260m a year. providers are given the change to poor outcome and we want firms to Under the plans by the Financial offer consumers multiple focus more on these customers,” Conduct Authority (FCA), banks introductory rates for up to 12 he continued. would have to set a single easy access months, but must then choose one “The new rate will also make it interest rate (SEAR) across all easy SEAR across all their easy access cash easier for savers to know whether access accounts. savings accounts, and one for their they are getting a good deal after “Competition is not working well easy access cash savings ISAs. any introductory offer has expired.” The watchdog said it expects longstanding customers to benefit from the changes Just a handful of Energy firm sparks £300m LCF investors will London listing JAMES BOOTH @Jamesdbooth1 SMART meter firm Calisen be compensated yesterday said it is considering a London float that could raise up to £300m and value the company at between £1.3bn and £1.5bn. JAMES BOOTH Mini-bond firm LCF collapsed in The company is owned by private @Jamesdbooth1 January 2019 owing £236m to more equity firm KKR. than 11,000 investors. It consists of two businesses — THE FINANCIAL Services The circumstances around its Calvin Capital, through which it Compensation Scheme (FSCS) failure are being investigated by the owns and manages gas and yesterday announced the Financial Conduct Authority (FCA) electricity meters, and Lowri Beck, “disappointing” news that only a and the Serious Fraud Office (SFO). under which it carries out meter small number of investors in The SFO has made five arrests. reading, installation and collapsed mini-bond company The FSCS’s chief executive Twitter chief Jack Dorsey has promised to crack down on bullying on the platform maintenance services. London Capital & Finance (LCF) are Caroline Rainbird said: “I appreciate The government wants energy eligible for compensation. that the initial decisions and suppliers to roll-out smart meters It said it would protect the 159 outlook we are announcing today are to every house in the UK by 2024. bondholders who switched from likely to be disappointing to many Twitter trials a feature allowing Calisen said the float would aid it stocks and shares ISAs to LCF bonds. LCF customers.” in the next stage of the smart The FSCS said it is unable to protect She added that the FSCS was meter roll-out and allow it to pay the 238 bondholders who dealt with “working as quickly as we can to users to block all replies on posts down existing debt facilities. LCF before it was authorised to carry establish a suitable process for Calisen chief executive Bert Pijls out financial services business on 7 determining customers’ claims”. STEFAN BOSCIA follows, allowing replies from people said a listing would provide the June 2016. Rainbird said the FSCS had carried @Stefan_Boscia mentioned and to not allow any company “with the platform for It added that some customers were out a “thorough factual and legal replies at all. our next phase of growth in an given misleading advice by LCF and analysis” in coming to its decision. TWITTER is trialling a new feature Twitter said the trial was being expanding segment... positioning will have valid claims as a result. She said the body had received over that allows users to block replies on done in an attempt to curb abusive us as a leading provider of essential But it said it expected that many 7,000 questionnaires and obtained their posts in a bid to cut down on behaviour on the platform. The energy infrastructure.” customers will not be eligible for thousands of telephone recordings online abuse. company said: “We want to help Calisen has appointed Credit compensation on this basis. and a “vast number of emails”. The social media giant announced people feel safe participating in the Suisse as sponsor. Other groups The FSCS said: “While we LCF’s scheme was marketed as a the trial at Las Vegas’ Consumer conversation on Twitter.” working on the float include KKR acknowledge that many customers fixed rate ISA to customers, many of Electronics Show yesterday, and will The trial comes after Twitter Capital Markets, Citigroup Global were given incorrect information them first time investors. be brought in alongside an option to recently implemented a feature Markets, HSBC Bank, Barclays Bank about investing in LCF bonds, being LCF paid Surge Financial 25 per choose who can reply to posts. allowing users to choose whether and Goldman Sachs International. given incorrect information on its cent commission for running the There will be four different settings people can see their replies. It is part On Monday, Nippon Active Value own doesn’t constitute misleading marketing campaign, which — to allow anyone to respond to posts, of a larger push to improve discourse Fund said it planned to raise up to advice.” amounted to £60m. allowing replies from people the user on the app and reduce bullying. £200m via a London listing. Galliford Try boasts its new contract gains after selling off housing arm

ALEX DANIEL sale of its residential arm to Vistry maintenance jobs. @alexmdaniel Group — previously known as Bovis Meanwhile in the private Homes — last week, said its current sector, it won the Project Nash GALLIFORD Try shares soared order book stands at 3.2bn. development in central London for yesterday as the construction Shares in the London-listed the Portman Estate. group touted a number of contract company climbed 5.2 per cent In a first-half trading update, wins after the £1.1bn sale of its yesterday, closing trading with a Hocking said: “The successful residential business. value of 151.5p. completion of the disposal of the Chief executive Bill Hocking said The Cowley-based firm won housing and partnerships divisions the business had “good momentum” contracts with Sheffield Council, means Galliford Try is now a well- and a strong order book. Yorkshire Water and Southern capitalised and focused UK The construction firm recently sold off its residential arm to Vistry Group Galliford, which completed the Water, as well as a number of road construction group.” CITYAM.COM FRIDAY 10 JANUARY 2020 MARKETS 17

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

FTSE welcomes BALFOUR BEATTY P Wall Street hits 270

265 260.90 9 Jan records amid 260 winding down 255 trade optimism 250 AJOR US stock indexes Mregistered record closing highs 3 Jan 6 Jan 7 Jan 8 Jan 9 Jan yesterday as optimism about a US-China trade deal firmed and as of US-Iran woes Balfour Beatty suffered a nightmare start to the year when it fell foul of MI6. The Apple and other market heavyweights construction giant lost more than 100 papers relating to the intelligence service posted strong gains. headquarters — and was summarily booted off the job. Nonetheless, shares have Also helping the market were easing performed well in the last six months, with political certainty providing a more concerns over tensions between the ONDON’s main share index months, after warning on margins. stable footing for the construction industry, according to analysts at Liberum. They United States and Iran. US President advanced yesterday as chances Its blue-chip rival Kingfisher dropped said: “Some of the more shovel-ready projects like roads, schools, hospitals and HS2 Donald Trump refrained from of a full-blown crisis in the 2.9 per cent. should get the go ahead.” They gave it a 400p target price and a “buy” rating. ordering more military action, and LMiddle East waned, but mid- The retail gloom also engulfed Iran’s foreign minister said the missile caps lagged as SIG and Marks & greeting card specialist Card Factory, strikes on Iraqi bases that house US Spencer (M&S) fell after warning of which tanked 30 per cent to a NAKED WINES forces had “concluded” Tehran’s lower annual results. lifetime low after saying subdued response. P The FTSE 100 rose 0.3 per cent on performance over Christmas would 230 Apple gained 2.1 per cent on twin its best day in a week after US hit profit. support from data showing iPhone President Donald Trump stepped Industry data this week showed 230 sales jumped more than 18 per cent in 225 back from more military action that Britain’s supermarkets 9 Jan China in December, as well as a price against Iran and Tehran recorded the lowest sales target hike by Jefferies on signalled an end to growth over the Christmas 220 expectations of a strong finish to 2019. retaliation. trading period for five The S&P 500 technology sector rose Among the top blue- years and that was 1.1 per cent, making it the top gainer chip gainers was 215 among sectors. British Airways owner Travis Perkins shares The financial index ended up 0.77 IAG, which added fell three per cent 3 Jan 6 Jan 7 Jan 8 Jan 9 Jan per cent after bullish brokerage nearly three per cent yesterday comments on Citigroup and after naming Iberia Naked Wines investors drank up the news that the online booze merchant’s Goldman Sachs ahead of their boss Luis Gallego as the confirmed by trading revenues increased 11 per cent in the final 10 weeks of the year. The stock rose 1.6 earnings next week. replacement for long- updates from Tesco and per cent yesterday on outgoing chief executive Rowan Gormley’s last day at the On trade, China’s commerce time chief Willie Walsh. John Lewis. office. While he toasts the next stage in his career, incoming boss Nick Devlin inherits ministry said vice premier Liu He will The FTSE 250 handed back However, Tesco shares a firm which has just shed its Majestic Wines part of the business. Everyone is waiting sign a phase one deal in Washington initial gains and edged 0.04 per cent advanced one per cent as near-flat on their numbers after the demerger, analysts said, declining to give it a rating or a next week. Trump said his lower as building materials supplier Christmas sales still bettered its target price until it has been left to breath a little. administration will start negotiating SIG slumped 21 per cent, blaming its main rivals’ performance. Bernstein the phase two trade agreement soon weak outlook on the slow pace of analysts said the result was very but that he might wait after recovery in British and German strong, given a subdued market and NICHOLS November’s presidential election. construction markets. pressure from discounters. The Dow Jones Industrial Average P It was SIG’s worst day since Galliford Try outperformed other 1,550 rose 211.81 points, or 0.74 per cent, to November 2018. Its peer Travis mid-caps with a 5.2 per cent rise, 28,956.9, the S&P 500 gained 21.65 Perkins fell three per cent. saying new construction contract 1,500 points, or 0.67 per cent, to 3,274.7 and Retailer M&S slid 11 per cent, its wins after the sale of its residential the Nasdaq Composite added 74.18 biggest one-day fall in over seven business to Vistry Group. 1,450 points, or 0.81 per cent, to 9,203.43. 9 Dec Among the day’s decliners was the 1,400 1,385 department store operator Kohl’s, TOP RISERS FTSE which slid 6.5 per cent after reporting 1,350 P lower holiday season sales and 1. NMC Health Up 6.56 per cent 7,650 warning of full-year earnings coming 7,598.12 3 Jan 6 Jan 7 Jan 8 Jan 9 Jan 2. Vodafone Up 3.02 per cent 9 Jan in at the bottom end of an already 3. Rolls-Royce Up 2.97 per cent 7,600 lowered forecast. Nichols, the maker of Vimto cordial, warned yesterday that profit will be below Smaller rival JC Penney tumbled TOP FALLERS 7,550 expectations. The reaction among shareholders? Less than cordial, with the stock 10.8 per cent after disappointing falling by 1.6 per cent. Liberum analysts, however, focused on the positives, pointing same-store sales numbers. 1. Ocado Down 4.31 per cent 7,500 out that its Middle Eastern business delivered 20 per cent growth this year. They said Fourth-quarter earnings season 2. Kingfisher Down 2.90 per cent Nichols had an “improved top line thanks primarily to the Middle East” — putting its kicks off next week. Analysts expect 3. BHP Down 2.04 per cent executives among a small group of people benefitting from what is going on in the profits for S&P 500 companies to drop 3 Jan6 Jan 7 Jan 8 Jan 9 Jan region... Liberum gave it a 1,795p target price and a “hold” rating. 0.6 per cent. CITY MOVES WHO’S SWITCHING JOBS

LOMBARD ODIER Management and ING Barings. He will be supported by the Dana-Farber Cancer Institute in Boston, from Deloitte, where she spent more than 10 years in Lombard Odier Investment Christian Vondenbusch and Jeroen van Oerle who also Massachussets. He is also the Richard and Susan the firm’s financial advisory practice. Louise has more Managers has bolstered its join from Robeco. Didier Rabattu, global head of Smith distinguished professor of medicine, professor than 20 years’ experience in financial advisory, with a equities franchise with the equities, said: “The creation of this team represents an of pediatrics, professor of genetics and faculty dean strong background in restructuring and advising mid creation of a new thematic important step forward... We are excited to strengthen emeritus for oncology at Harvard Medical School. to large sized corporates across a broad range of team headed by Henk our existing franchise and offer a new means to Commenting on his new role, Edward said: “I look service lines. She has previously held roles at some of Grootveld. Henk brings over capture attractive investment opportunities.” forward to working alongside the leadership team and the UK’s biggest advisory businesses including Grant 20 years’ experience and scientific staff as they work towards the goal of Thornton, KPMG and EY. In her new position, Louise expertise in thematic F-STAR improving treatment outcomes for patients suffering will head up the firm’s restructuring practice in the investment. He joins the firm UK cancer research firm F-star Therapeutics has from difficult-to-treat cancers.” south west, as well as supporting and expanding its from Robeco, where he was announced the appointment of Edward Benz to its wider advisory services. Graham Randall, partner at head of the Trends Investing board of directors. Edward is a renowned leader in the QUANTUMA Quantuma, said: “Louise has a wealth of experience in Equity team and most recently managed one of the field of oncology with a distinguished career spanning Business advisory firm Quantuma has announced the delivering a range of restructuring advisory services to firm’s flagship megatrends funds. Prior to joining more than 40 years across industry and academia. He appointment of Louise Durkan as partner as the corporates and their stakeholders and will be an Robeco in 2001, Henk worked at Aegon Asset is currently the president and chief executive officer of company continues to grow its practice. Louise joins excellent addition to our senior team.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 18 MARKETS FRIDAY 10 JANUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1765 ÄÄ0.0021 €/$ 1.1106 0.0010 7598.12 21643.07 4213.77 28956.90 9203.43 3274.70 /$ 1.3069 Ä 0.0040 €/£ 0.8499 à 0.0016 23.19 8.85 10.33 211.81 74.18 21.65 £ /¥ 143.06 0.1200 €/¥ 121.59 0.3400 Ã Ä Ã ÃÃà Ãà Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise ...... 463.0 3.0 509.0 421.5 Just Eat...... 884.0 16.0 884.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 326.5 -0.5 357.5 323.0 Kingfisher...... 217.5 -6.5 266.2 185.9 Tsy 4.750 20 ...... 100.65 0.00 104.5 100.7 Contour Global...... 189.8 -1.0 222.5 159.1 Games Workshp ...... 6530.0 240.0 6530.0 2800.0 BP ...... 492.1 -2.2 582.5 462.4 Aggreko ...... 852.4 6.8 856.6 693.2 Abcam ...... 1428.0 38.0 1500.0 1066.0 Witan Invest ...... 232.5 1.5 234.5 197.4 Marks & Spencer ...... 194.4 -24.2 303.2 163.9 Tsy 8.000 21...... 110.36 0.03 117.2 110.3 Drax Gp ...... 297.2 -3.8 413.8 251.0 LIFE INSURANCE Cairn Energy...... 201.0 -2.6 213.8 143.1 Ashtead Gp ...... 2473.0 46.0 2473.0 1805.5 Advanced Medical ...... 297.5 -3.5 354.5 225.0 Tsy 2.500 24 ...... 361.09 -0.16 377.9 358.8 SSE ...... 1410.5 2.5 1467.5 1008.0 Wwide Healthcare .....3165.0 35.0 3255.0 2495.0 Next ...... 6800.0 -106.0 7340.0 4644.0 Energean Oil & Gas .....898.0 0.0 1082.0 613.3 Aviva ...... 417.7 1.6 438.8 352.3 Babcock Intl Grp...... 643.2 2.2 646.6 416.7 Alliance Pharma ...... 81.4 -0.2 84.5 60.0 Tsy 5.000 25 ...... 122.22 0.02 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 275.0 0.0 287.8 117.5 Premier Oil ...... 112.8 3.8 117.8 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 767.0 6.0 780.5 561.5 Bunzl ...... 2042.0 12.0 2551.0 1943.0 Tsy 4.250 27 ...... 127.57 -0.05 132.8 125.2 Vivo Energy ...... 117.2 -0.8 139.5 111.4 Royal Dutch Shell A...2260.5 -15.0 2612.0 2144.5 ASOS...... 3489.0 32.0 4066.0 2107.0 Halma ...... 2097.0 22.0 2164.0 1385.0 BT Gp ...... 193.0 -2.9 238.9 158.9 Legal & General ...... 308.9 0.8 317.7 216.7 Capita ...... 163.7 0.4 183.0 99.9 Watches of Switz ...... 380.0 5.0 390.0 270.0 Royal Dutch Shell B ...2269.5 -21.0 2622.0 2126.5 Blue Prism ...... 1139.0 -6.0 1472.0 788.0 Tsy 6.000 28 ...... 145.45 -0.11 152.1 143.1 Morgan Advanced ...... 307.0 -0.4 324.8 232.4 Talktalk Telecom ...... 118.7 0.7 126.5 96.5 Phoenix Gp ...... 743.7 -2.6 758.7 609.0 DCC ...... 6522.0 74.0 7496.0 6225.0 WH Smith...... 2528.0 -90.0 2654.0 1850.0 Tullow Oil ...... 54.8 -2.9 250.0 39.9 Camellia ...... 8475.0 -100.0 11750.0 8475.0 Tsy 4.125 30 ...... 376.74 -0.76 404.2 364.2 Oxford Instruments ..1582.0 38.0 1626.0 866.0 Telecom Plus ...... 1514.0 -2.0 1534.0 1130.0 Prudential ...... 1477.0 16.0 1790.0 1279.5 Diploma ...... 1996.0 6.0 2084.0 1260.0 Tsy 4.250 32...... 138.50 -0.25 146.4 132.4 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Renishaw ...... 3730.0 -30.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1157.5 9.0 1199.5 913.6 Electrocomp ...... 691.0 7.2 729.8 523.8 Caretech Holdings ...... 462.0 9.0 462.0 325.0 Tsy 4.250 36 ...... 146.11 -0.54 155.7 137.5 Spectris ...... 2847.0 47.0 2962.0 2234.0 Greggs ...... 2436.0 2.0 2476.0 1495.0 Convatec ...... 204.4 3.5 204.4 118.5 Std Life Aberdeen ...... 316.5 4.8 336.9 231.1 Hunting ...... 398.8 -8.4 657.0 363.8 Equiniti ...... 213.2 5.2 236.2 186.2 Central Asia Metals .....224.5 7.5 266.5 180.0 Tsy 4.750 38...... 160.35 -0.66 171.8 150.0 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 192.6 1.8 245.8 176.9 Mediclinic Intl ...... 398.6 1.8 415.3 293.4 MEDIA Petrofac ...... 386.7 0.8 559.0 374.4 Essentra ...... 426.2 -10.8 449.0 357.4 Clinigen Group ...... 907.5 -7.5 1069.0 737.5 Tsy 4.250 46 ...... 167.02 -0.88 181.0 1.0 Ocado Gp ...... 1276.5 -57.5 1435.0 861.2 NMC Health ...... 1340.0 82.5 3000.0 1257.5 Wood Gp(J) ...... 372.6 -0.4 598.6 319.6 3i Infrastructure ...... 293.0 2.0 306.5 263.8 4imprint ...... 3350.0 110.0 3500.0 1800.0 Experian ...... 2579.0 46.0 2631.0 1874.5 CVS Group ...... 1146.0 -2.0 1160.0 395.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 224.3 -2.9 293.9 177.1 Smith & Neph...... 1847.0 14.5 1990.0 1405.5 PERSONAL GOODS Aberforth Smlr Cos .. 1496.0 -2.0 1546.0 1114.0 Ascential ...... 403.2 0.8 405.0 319.0 Ferguson ...... 7146.0 166.0 7146.0 4800.0 Dart Group ...... 1705.0 30.0 1750.0 709.5 SSP Group ...... 670.0 2.0 721.0 608.0 UDG Hlthcare ...... 793.5 6.0 832.5 551.0 BAE Systems ...... 593.0 1.0 593.0 443.9 Alliance Trust ...... 854.0 8.0 854.0 708.0 Auto Trader Gp ...... 563.2 5.0 607.6 441.8 Burberry Gp...... 2219.0 43.0 2345.0 1695.0 G4S ...... 200.9 -1.7 234.3 168.3 Tesco ...... 253.3 2.3 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil ....105.5 -2.0 116.5 97.0 Cobham ...... 164.5 0.1 168.3 99.8 AVI Global Trust...... 780.0 1.0 789.0 691.0 Euromny Inst Inv...... 1300.0 0.0 1498.0 1152.0 PZ Cussons ...... 205.0 2.0 227.0 178.6 Hays ...... 172.1 -3.8 183.5 138.0 FOOD PRODUCERS Draper Esprit ...... 490.0 0.0 548.0 410.0 Meggitt ...... 680.0 6.8 680.0 488.0 Baillie Gifford Japan ....837.0 9.0 848.0 711.0 Barratt Devel ...... 758.0 -3.2 774.2 498.5 Future ...... 1432.0 32.0 1572.0 491.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1316.0 5.0 1316.0 874.0 QinetiQ ...... 359.0 -2.6 367.4 267.0 EMIS Group ...... 1132.0 12.0 1242.0 890.0 Bankers InvTst ...... 1008.0 11.0 1012.0 803.0 Assoc British Foods...2660.0 -2.0 2672.0 2106.0 Bellway ...... 3858.0 1.0 3888.0 2698.0 Informa ...... 841.6 -2.0 892.0 644.4 AstraZeneca ...... 7681.0 55.0 7808.0 5325.0 Intertek Gp ...... 5780.0 72.0 5962.0 4643.0 Rolls-Royce ...... 685.4 19.8 988.4 665.6 Fevertree Drinks ...... 1895.0 -19.5 2475.0 1732.5 BlackRock Smaller .....1710.0 4.0 1726.0 1280.0 Bakkavor ...... 138.4 0.8 170.0 93.3 Berkeley Grp Hldgs ...4826.0 -24.0 5214.0 3437.0 ITV ...... 147.2 -1.9 156.5 103.6 Dechra Pharma ...... 3056.0 46.0 3056.0 2282.0 IWG...... 445.9 5.0 445.9 220.2 Senior ...... 179.5 -2.3 239.2 165.7 BMO Global Smaller ...... 147.0 2.9 150.0 127.0 Cranswick ...... 3300.0 50.0 3464.0 2472.0 Countryside Prop ...... 473.2 5.2 474.4 277.6 Moneysupermkt.com ...336.2 -0.5 417.7 285.7 Genus ...... 3142.0 6.0 3246.0 2158.0 Network Int...... 583.0 -1.0 645.0 513.0 First Derivatives ...... 2595.0 -25.0 3555.0 2050.0 Ultra Electronics ...... 2232.0 18.0 2252.0 1232.0 Caledonia Inv ...... 3120.0 -5.0 3180.0 2910.0 Greencore Gp ...... 252.4 -1.0 281.8 185.1 Crest Nicholson ...... 429.0 0.8 445.0 332.0 Pearson ...... 625.0 -10.4 1027.5 615.0 GlaxoSmithKline ...... 1790.2 19.0 1818.8 1436.0 Pagegroup ...... 477.0 0.0 539.0 367.8 Frontier Devs ...... 1248.0 28.0 1260.0 844.0 AUTOMOBILES & PARTS City of London IT ...... 443.0 2.0 448.5 381.5 Hilton Food Gp ...... 1084.0 32.0 1118.0 894.0 McCarthy & Stone...... 140.7 -0.6 158.8 123.5 RELX ...... 1929.0 29.0 2011.0 1606.0 Hikma Pharma ...... 1902.0 27.5 2200.0 1510.5 Paypoint...... 1028.0 22.0 1118.0 820.0 Gamma Comms ...... 1295.0 -5.0 1390.0 766.0 Edin Inv Trust ...... 625.0 2.0 652.0 535.0 Tate & Lyle ...... 784.4 10.0 800.4 663.8 Persimmon ...... 2730.0 7.0 2826.0 1836.0 Rightmove Group ...... 641.2 6.2 649.6 465.1 Aston Martin...... 407.3 -1.1 1374.4 399.3 REAL ESTATE Rentokil Initial ...... 455.0 9.5 467.8 329.0 GB Group ...... 749.0 -11.0 800.0 420.0 TI Fluid Systems ...... 262.5 0.0 273.0 155.2 European Opp ...... 830.0 16.0 875.0 675.0 Unilever ...... 4281.0 41.0 5324.0 3941.0 Assura ...... 75.8 0.3 79.3 53.5 Sanne Group ...... 679.0 1.0 752.0 450.0 Gooch & Housego ...... 1427.5 5.0 1527.5 954.0 BANKS F&C Investment ...... 767.0 7.0 778.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 Fidelity China SPE ...... 244.0 5.5 250.0 192.4 Big Yellow Gp ...... 1153.0 -16.0 1200.0 898.0 Serco ...... 160.7 2.0 165.0 110.1 Hurricane Energy ...... 29.9 0.0 53.6 29.5 Mondi ...... 1712.0 -13.5 1898.0 1510.5 Barclays ...... 182.9 0.8 192.5 136.2 Fidelity Euro Values ....262.0 1.0 263.5 214.0 Risers à % Fallers Ä % BMO Comm Prop ...... 114.0 -0.4 131.2 106.0 SIG ...... 94.2 -24.9 153.0 94.2 Impax Asset Mgmt .....368.0 -7.0 394.0 184.0 BGEO Group ...... 1559.0 20.0 1755.0 1252.0 GENERAL FINANCIAL British Land ...... 592.6 -10.2 638.8 468.3 Travis Perkins...... 1584.0 -47.0 1692.5 1144.0 Fidelity Spec Val ...... 277.5 1.5 280.5 240.5 NMC Health ...... 1340.00 6.6 SIG ...... 94.25 -20.9 Iomart Group ...... 400.0 30.0 400.0 316.5 HSBC Hldgs...... 588.1 6.8 680.6 552.3 Finsbury G&I Tst ...... 883.0 6.0 958.0 757.0 3i Group ...... 1094.0 6.0 1184.5 810.8 Galliford Try ...... 151.50 5.1 Marks & Spencer ...... 194.40 -11.1 Captl & Count Prop .....258.0 -2.5 270.5 184.8 TECHNOLOGY HARDWARE & EQUIPMENT IQE...... 49.2 0.7 98.0 41.8 Lloyds Banking ...... 61.9 -0.9 67.2 48.6 GCP Infra Inv ...... 131.6 -0.2 132.4 122.6 Ashmore Gp ...... 513.0 3.0 542.5 367.8 Kainos Gp ...... 776.00 4.6 Barr (AG) ...... 526.00 -7.2 CLS Hldgs ...... 285.0 2.5 312.5 212.0 Spirent Comms ...... 207.0 -5.0 251.5 122.4 James Halstead ...... 540.0 4.0 560.0 440.0 Royal Bank of Scot ...... 238.7 -1.6 270.4 177.7 Genesis Emerging ...... 795.0 7.0 805.0 650.0 Brewin Dolphin ...... 358.2 -12.8 375.2 287.6 Games Workshp ...... 6530.00 3.8 Ferrexpo ...... 147.80 -5.4 Daejan Hldgs ...... 5370.0 10.0 6160.0 4715.0 Avast...... 495.20 3.6 Tullow Oil ...... 54.80 -5.1 TOBACCO Standard Chartered .....707.8 9.0 738.6 575.7 Greencoat UK ...... 150.2 0.6 152.8 128.2 Close Brothers ...... 1626.0 0.0 1663.0 1227.0 Derwent London ...... 3898.0 -6.0 4010.0 2884.0 Johnson Service Gp ...... 211.5 6.5 211.5 128.0 Premier Oil ...... 112.85 3.5 Cineworld Group ...... 200.70 -4.5 TBC Bank Group...... 1220.0 0.0 1706.0 1150.0 Harbourvest Glb ...... 1824.0 10.0 1832.0 1384.0 Coats Group ...... 74.6 0.7 91.3 68.1 Grainger ...... 301.0 -1.4 315.6 214.8 Br Am Tob ...... 3459.0 -10.5 3469.5 2375.0 Keywords Studios ...... 1499.0 44.0 1838.0 900.0 4imprint ...... 3350.00 3.4 Computacenter...... 1680.00 -4.4 Virgin Money UK ...... 181.6 1.6 220.1 104.4 Finablr ...... 130.0 4.0 215.0 126.0 Grt Portland Est ...... 848.2 -2.0 871.0 649.4 Herald Inv Trust ...... 1460.0 20.0 1514.0 1150.0 Centamin ...... 125.65 3.4 Ocado Gp ...... 1276.50 -4.3 Imperial Brands ...... 1965.4 -5.0 2713.5 1668.2 Learning Tech Gp ...... 135.6 1.0 143.0 62.2 Hargreaves Lans...... 1893.0 -18.5 2433.0 1633.0 Hammerson ...... 277.9 -8.5 388.4 203.9 BEVERAGES HICL Infr ...... 171.2 -0.8 174.0 156.6 Finablr ...... 130.00 3.2 Grafton Group ...... 845.00 -4.0 TRAVEL & LEISURE M&C Saatchi ...... 115.0 4.0 394.0 79.0 Land Securities...... 963.8 -15.0 1001.5 735.4 JPM American ...... 494.0 7.0 494.5 409.0 IG Gp...... 688.6 4.4 708.0 474.8 Hilton Food Gp ...... 1084.00 3.0 Paragon...... 507.50 -3.6 Barr (AG) ...... 526.0 -41.0 975.0 526.0 Carnival ...... 3542.0 58.0 4430.0 3056.0 M.P. Evans ...... 716.0 5.0 750.0 612.0 JPM Emerg Mkt ...... 1062.0 12.0 1072.0 861.0 Integrafin Holdings ...... 435.0 0.5 462.0 315.0 LondonMetric Prop ...... 227.0 -0.8 241.2 176.6 Britvic ...... 879.5 -4.5 1068.0 850.0 Cineworld Group ...... 200.7 -9.5 321.0 191.0 JPM Indian IT ...... 745.0 14.0 790.0 633.0 Intermediate Capital .1624.0 14.0 1642.0 971.5 Reckitt Benckiser ...... 6083.0 14.0 6688.0 5593.0 WPP ...... 1060.0 -7.5 1077.5 800.4 NewRiver Retail ...... 201.0 2.2 246.0 147.6 Majestic Wine ...... 230.0 5.5 318.0 213.0 Coca-Cola HBC AG ...... 2627.0 9.0 3074.0 2299.0 JPM Japan IT ...... 464.0 4.0 477.5 368.0 Intl Public Prtnshps .....168.8 -1.2 171.0 146.8 Redrow...... 771.0 7.0 771.0 533.0 MINING Primary Hlth Prop ...... 158.4 -0.6 160.0 112.0 Compass Gp ...... 1910.0 12.5 2138.0 1583.0 Midwich Group ...... 546.0 -1.0 633.0 474.5 Diageo ...... 3245.5 37.0 3625.5 2701.0 Jupiter Fund Mngt ...... 401.8 -3.2 432.0 309.9 Investec ...... 441.3 8.3 518.6 395.3 Taylor Wimpey ...... 196.1 2.8 201.2 142.9 Safestore Hldgs ...... 773.5 -5.5 817.5 527.5 Dominos Pizza ...... 310.1 -2.4 326.4 221.2 Mortgage Advice B ...... 729.0 -3.0 795.0 546.0 CHEMICALS Anglo American ...... 2144.0 -9.0 2266.0 1666.6 IP Group ...... 68.1 -0.9 112.4 55.7 Vistry Group ...... 1270.0 11.0 1399.0 926.8 Savills ...... 1135.0 -2.0 1175.0 728.0 easyJet ...... 1438.5 31.0 1501.0 854.8 Law Debenture ...... 636.0 0.0 654.0 552.0 Antofagasta ...... 934.6 3.6 1022.5 779.6 Next Fifteen Comm .....540.0 0.0 658.0 465.0 Croda International ..5035.0 -55.0 5375.0 4564.0 Mercantile IT ...... 254.0 0.0 267.5 188.0 John Laing Gp ...... 382.0 5.4 402.0 339.0 SEGRO ...... 872.0 -6.2 900.0 616.4 EI Group ...... 284.0 0.0 285.0 194.0 INDUSTRIAL ENGINEERING BHP Group ...... 1771.2 -36.8 2049.0 1563.0 Nichols...... 1385.0 -27.5 1880.0 1385.0 Elementis...... 164.4 1.0 197.9 129.8 Monks Inv Tst ...... 976.0 12.0 976.0 768.0 London Stock Exch ....7766.0 224.0 7766.0 4323.0 Shaftesbury ...... 908.0 -9.5 979.5 739.5 FirstGroup ...... 120.5 1.6 137.5 89.0 Bodycote ...... 925.5 4.5 971.0 652.0 Centamin ...... 125.7 4.1 152.3 79.8 Numis Corporation ...... 299.0 -1.0 306.0 212.0 Johnson Matt...... 2946.0 36.0 3454.0 2770.0 Murray Intl Tst ...... 1240.0 0.0 1286.0 1114.0 Man Group ...... 156.9 1.4 175.2 130.5 St Modwen Props ...... 486.5 -4.0 510.0 373.0 Flutter Ent...... 9350.0 -80.0 9456.0 5525.0 Onesavings ...... 421.2 -2.8 452.0 313.6 Hill & Smith ...... 1451.0 0.0 1510.0 1049.0 Fresnillo ...... 620.0 -22.0 1027.5 539.6 TR Property IT ...... 479.0 1.5 491.5 377.0 Synthomer ...... 340.8 -4.2 420.8 279.0 Next Energy Solar ...... 124.5 0.0 126.5 112.0 Go-Ahead Gp ...... 2086.0 -30.0 2278.0 1686.0 Polar Capital Hdgs ...... 560.0 -6.0 604.0 450.0 Paragon...... 507.5 -19.0 553.5 388.0 IMI ...... 1167.5 12.0 1206.0 906.0 Glencore ...... 238.4 -1.4 340.3 216.9 Tritax Big Box ...... 142.9 0.2 159.7 135.3 Victrex ...... 2496.0 0.0 2540.0 1845.0 Pantheon Intl Partn ..2480.0 -20.0 2620.0 2010.0 GVC Hldgs ...... 929.2 -1.6 930.8 507.5 Purplebricks Gp ...... 123.0 0.4 132.0 96.0 Plus500 ...... 891.0 6.0 1647.0 495.0 Melrose Ind ...... 238.2 1.0 242.3 156.8 Hochschild Mining ...... 162.9 -2.1 227.0 152.0 UK Commercial Prop .....86.8 0.1 92.7 79.9 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...330.0 0.5 342.0 284.5 Intercontl Htls ...... 5065.0 2.0 5738.0 4257.5 Redde...... 105.6 -1.8 127.6 100.6 Provident Fin ...... 423.8 -2.5 657.0 356.0 RHI Magnesita ...... 3716.0 24.0 5000.0 3420.0 Kaz Minerals ...... 547.4 13.4 738.4 380.3 Unite Group ...... 1244.0 -1.0 1261.0 852.0 Pershing Square ...... 1510.0 20.0 1570.0 1102.0 Renew Holdings...... 526.0 14.0 568.0 358.0 Balfour Beatty ...... 260.6 5.6 295.0 194.2 Workspace Gp ...... 1152.0 -23.0 1198.0 806.0 Intl Cons Airl...... 634.6 16.2 667.6 413.5 Personal Assets Tst ...42800 0.0 43150 39000 Quilter ...... 166.4 -1.1 167.6 120.8 Rotork ...... 313.1 -0.5 341.2 260.7 Polymet Int...... 1209.0 7.0 1272.0 772.6 CRH ...... 3016.0 8.0 3100.0 2169.0 Marstons ...... 123.1 0.4 131.4 93.3 RWS Holdings ...... 616.0 5.0 670.0 450.0 Polar Cap Tech Tst ...... 1634.0 28.0 1634.0 1136.0 Rathbone Brothers ....2120.0 -10.0 2540.0 2045.0 Spirax-Sarco...... 8930.0 -20.0 9400.0 6240.0 Rio Tinto ...... 4451.0 -49.0 4976.5 3761.5 SOFTWARE & COMPUTER SERVICES Galliford Try...... 151.5 7.4 177.2 102.4 Schroders ...... 3281.0 32.0 3419.0 2541.0 Mitchells & Butlers ...... 433.0 11.5 470.5 238.0 Scapa Group ...... 256.0 -0.5 403.0 157.0 Renewables Infra Gp ...136.4 1.4 139.2 115.4 Weir Gp ...... 1462.0 -38.0 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 495.2 17.0 495.2 276.0 Grafton Group...... 845.0 -35.0 937.0 645.5 TP ICAP ...... 409.2 5.8 417.5 270.0 National Express ...... 461.8 -2.6 476.0 379.0 RIT Cap Partners ...... 2075.0 -10.0 2180.0 1944.0 INDUSTRIAL METALS Aveva Gp...... 4772.0 16.0 4772.0 2634.0 Secure Income REIT ..454.0 0.0 454.0 384.0 Ibstock ...... 310.6 -4.4 322.0 208.6 Vodafone Gp ...... 152.0 4.5 165.2 123.3 PPHE Hotel Gp ...... 1900.0 30.0 1990.0 1630.0 Schroder Asia ...... 467.0 7.0 476.5 408.0 GENERAL RETAILERS Computacenter...... 1680.0 -77.0 1829.0 1008.0 Serica Energy...... 124.8 -1.2 143.4 103.6 Marshalls ...... 819.5 -9.0 876.0 496.0 Evraz ...... 390.6 5.5 709.4 341.4 NONLIFE INSURANCE Rank Gp ...... 270.0 -0.5 280.0 144.0 Scottish Inv Tst ...... 828.0 0.0 843.0 769.0 B&M ...... 397.2 -8.0 420.9 308.9 FDM Group...... 1028.0 2.0 1100.0 647.0 Smart Metering Sys.....547.0 -8.5 665.0 310.0 Polypipe Group ...... 514.5 -6.5 546.5 364.4 Ferrexpo ...... 147.8 -8.5 301.3 123.0 Scottish Mortgage ...... 600.5 10.5 600.5 465.7 Dixons Carphone ...... 138.2 -0.3 150.0 104.9 Admiral Gp ...... 2313.0 45.0 2317.0 2014.0 Kainos Gp ...... 776.0 34.0 786.0 430.0 Restaurant Grp ...... 161.2 0.0 166.4 111.9 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 117.6 -0.2 118.0 110.0 Dunelm Gp...... 1107.0 -36.0 1173.0 675.0 Beazley ...... 544.5 5.5 628.0 492.6 Micro Focus Intl ...... 1097.8 -11.8 2160.0 1004.0 Stagecoach Gp...... 159.0 -1.0 167.0 115.5 Thorpe (F.W.) ...... 346.0 3.0 359.0 248.5 Smith (DS) ...... 376.3 -3.2 394.8 307.9 Smithson Inv ...... 1306.0 6.0 1334.0 1016.0 Frasers Group ...... 487.6 11.6 487.6 214.0 Clarkson ...... 2925.0 -20.0 3030.0 2200.0 Direct Line Ins ...... 321.0 8.5 366.5 270.5 Playtech ...... 402.3 -3.7 457.7 360.5 Wetherspoon (JD) ..... 1622.0 -3.0 1734.0 1178.0 Smiths Gp...... 1748.0 3.0 1748.0 1378.0 Syncona ...... 217.0 -1.5 294.0 203.0 Howden Joinery Gp...... 662.4 3.0 685.8 474.0 Fisher (James) ...... 2000.0 50.0 2260.0 1790.0 Hastings Gp Hldgs ...... 185.5 1.9 231.6 167.9 Sage Group ...... 742.4 8.6 820.4 592.0 Whitbread ...... 4721.0 -16.0 5152.0 3988.0 Watkin Jones ...... 242.0 -0.5 247.5 199.6 Smurfit Kappa Gp...... 2870.0 10.0 2966.0 2096.0 Temple Bar IT ...... 1440.0 0.0 1486.0 1162.0 Inchcape...... 703.5 -15.5 720.0 545.5 Royal Mail ...... 225.8 1.6 304.3 188.4 Hiscox ...... 1373.0 2.0 1777.0 1213.0 Softcat ...... 1150.0 -7.0 1198.0 662.0 William Hill ...... 186.7 -1.5 205.2 132.3 Young’s Brew NV ...... 1275.0 0.0 1310.0 1030.0 Vesuvius...... 486.8 6.4 642.0 341.0 Templeton Em Mkts ....855.0 16.0 856.0 710.0 JD Sports Fashion ...... 827.4 8.4 844.2 396.2 Signature Avi ...... 324.9 0.0 406.0 284.8 RSA Ins Gp ...... 564.2 -3.0 597.0 501.6 Sophos ...... 565.2 1.2 577.0 298.2 Wizz Air Holdings ...... 3858.0 83.0 4013.0 2880.0 Young’s Brew-A...... 1650.0 45.0 1885.0 1475.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 310.00 7.15 302.85 197.00 3M ...... 181.20 0.57 219.50 150.74 AIR LIQUIDE ...... 125.50 0.50 130.80 102.40 ABBOTT LABORATORIES ...... 86.44 0.23 88.74 68.27 ALLIANZ AG ...... 220.70 2.40 223.80 178.96 ADOBE INC ...... 340.45 2.58 337.87 234.56 AMADEUS IT GROUP ...... 74.30 1.22 73.70 42.30 ALPHABET NON VTG-C ...... 1419.83 15.51 1404.32 1036.23 ANHEUSER BUSCH INBEV ...... 73.28 -0.18 92.71 61.83 ALPHABET-A ...... 1419.79 14.75 1405.04 1116.79 AMAZON.COM ...... 1901.05 9.08 2020.99 1588.22 ASML HOLDING NV ...... 272.40 1.70 270.70 137.50 AMERICAN EXPRESS ...... 127.81 2.27 128.57 97.99 AXA ...... 25.25 -0.03 25.47 19.56 APPLE INC ...... 309.63 6.44 303.19 150.00 BANCO SANTANDER ...... 318.10 -0.50 402.00 295.05 AT&T ...... 38.80 -0.57 39.63 29.37 BASF...... 66.31 0.58 74.49 56.20 BANK OF AMERICA ...... 35.03 0.06 35.64 26.03 BAYER AG...... 74.72 0.72 74.00 52.53 BERKSHIRE HATHAWAY...... 228.65 2.66 228.39 195.78 BMW ...... 74.36 -0.05 77.75 58.70 BOEING CO ...... 336.34 4.97 432.69 320.42 BNP PARIBAS ...... 52.40 -0.38 53.58 39.32 CATERPILLAR INC ...... 147.31 -0.37 150.53 113.38 CRH ...... 3016.00 8.00 3100.00 2169.00 CHEVRON ...... 117.51 -0.19 126.54 111.39 DAIMLER ...... 49.68 0.21 59.31 40.53 CISCO SYSTEMS ...... 47.32 -0.20 58.05 43.21 DANONE ...... 72.70 0.14 82.00 61.47 CITIGROUP ...... 80.08 0.72 81.23 56.69 DEUTSCHE POST AG ...... 34.62 0.34 34.91 24.91 COCA-COLA CO ...... 55.34 0.99 55.77 44.69 DEUTSCHE TELEKOM ...... 14.85 0.30 16.25 14.10 COMCAST ...... 45.51 0.12 46.97 34.97 DOW ...... 52.19 -0.54 66.65 40.71 ENEL ...... 7.30 0.04 7.27 5.10 EBAY INC ...... 35.18 -0.41 41.57 30.21 ENGIE...... 14.81 -0.06 15.12 12.45 EXXON MOBIL ...... 69.76 0.53 83.38 66.70 ENI ...... 14.14 -0.07 15.94 13.04 FACEBOOK ...... 218.30 3.08 215.22 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 242.60 4.84 237.76 176.93 FRESENIUS MEDICAL CARE ...... 66.40 1.18 76.32 57.92 HOME DEPOT INC ...... 225.19 3.40 238.85 174.87 IBERDROLA ...... 8.83 -0.15 9.54 6.02 HONEYWELL INTERNATIONAL ...... 179.07 1.31 182.01 137.36 INDITEX ...... 31.87 -0.13 32.37 2.55 IBM ...... 136.74 1.43 151.36 120.39 ING GROEP NV...... 11.01 -0.07 12.05 8.34 INTEL ...... 59.30 0.33 60.84 43.46 INTESA SANPAOLO...... 2.37 0.04 2.41 1.83 JOHNSON & JOHNSON ...... 145.39 0.43 146.44 126.95 KERING ...... 595.90 -1.40 600.90 394.30 JPMORGAN CHASE & CO ...... 137.44 0.50 141.09 98.93 KON KPN NV ...... 2.67 0.03 2.96 2.47 MASTERCARD INC ...... 309.10 4.00 305.10 195.43 MCDONALD’S ...... 208.35 2.44 221.15 173.97 L’OREAL ...... 262.80 1.60 266.10 195.25 MEDTRONIC ...... 118.39 1.89 116.50 84.15 LVMH MOET HENNESSY ...... 424.50 5.70 419.15 246.55 MERCK & CO ...... 89.38 0.78 92.04 72.92 MUENCHENER RUECKVE ...... 268.70 3.70 267.30 190.45 COMMODITIES TOURIST RATES MICROSOFT ...... 162.09 2.00 160.62 102.05 NOKIA ...... 21.88 0.00 21.88 21.88 NETFLIX ...... 335.66 -3.60 385.03 254.59 ORANGE ...... 13.15 0.04 15.01 13.11 Gold ...... 1551.10 -21.50 Copper Cash Official...... 6153.75 +19.50 Canada ...... 1.63 New Zealand ...... 1.85 NIKE INC ...... 101.48 -0.07 102.20 76.04 ROYAL PHILIPS ...... 44.69 0.94 44.34 30.20 Silver (Pence) ...... 1842.00 +27.50 Aluminium Cash Official ...... 1771.25 -22.50 Croatia ...... 7.94 Norway...... 10.85 ORACLE ...... 54.38 0.25 60.15 48.06 SAFRAN ...... 139.45 1.95 149.90 105.55 Silver (Cents) ...... 1405.00 +25.00 Nickel Cash Official ...... 13807.50 -50.00 Czech Republic ...... 26.93 Poland ...... 4.52 PAYPAL HOLDINGS ...... 112.57 0.75 121.30 96.64 SANOFI ...... 92.00 0.66 91.35 72.24 Krugerrand ...... 1566.05 -25.03 Aluminium Alloy Cash Official ...... 1380.00 u/c Denmark ...... 8.25 Singapore ...... 1.67 PEPSICO ...... 134.79 0.09 140.28 118.61 SAP SE ...... 123.16 2.34 124.72 88.07 Brent Crude ...... 65.44 -2.83 Natural Gas ...... 30.46 +0.22 Hong Kong ...... 9.67 Sweden ...... 11.63 PFIZER INC ...... 38.89 -0.17 44.40 34.24 SCHNEIDER ELECTRIC ...... 91.80 -0.76 93.74 58.20 Platinum ...... 972.00 +11.00 Tin Cash Official ...... 16967.50 +35.00 Iceland ...... 146.27 Switzerland ...... 1.21 PROCTER & GAMBLE ...... 123.85 1.34 126.09 90.44 SIEMENS AG ...... 118.40 1.36 119.90 85.00 British Sovereign ...... 365.57 -5.73 Zinc Cash Official ...... 2405.50 +59.50 India ...... 82.38 Turkey ...... 7.50 TRAVELERS COMPANIES ...... 137.62 1.01 154.83 120.47 SOCIETE GENERALE...... 31.79 0.01 31.77 21.13 Lead Cash Official ...... 1908.25 +4.00 White Sugar ...... 361.30 -1.80 Israel ...... 4.26 United States ...... 1.26 TWITTER ...... 33.22 0.17 45.42 28.89 UNITED HEALTH GROUP ...... 294.22 -1.68 295.97 215.26 TELEFONICA SA ...... 6.18 0.02 9.18 5.94 UNITED TECHNOLOGIES ...... 153.65 0.23 153.68 109.95 TOTAL ...... 49.96 -0.28 52.27 43.18 WORLD INDICIES VERIZON COMMUNICATIONS ...... 58.85 -0.86 62.07 53.28 UNILEVER NV ...... 50.16 0.34 57.56 46.03 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 193.25 1.33 191.92 168.86 VINCI ...... 98.92 -1.00 102.40 72.98 FTSE 100...... 7598.12 +23.19 +0.31 S&P 500...... 3274.70 +21.65 +0.67 CAC 40 ...... 6042.55 +11.55 +0.19 Hang Seng ...... 28561.00 +473.08 +1.68 WALGREENS BOOTS ALLIANCE...... 54.68 -1.15 76.05 49.29 VIVENDI ...... 25.97 0.22 26.42 21.49 FTSE 250 ...... 21643.07 -8.85 -0.04 Dow Jones I.A ...... 28956.90 +211.81 +0.74 Swiss Market Index ...... 10650.97 -1.19 -0.01 Nikkei ...... 23739.87 +535.11 +2.31 WALMART ...... 117.36 1.20 121.28 93.86 VOLKSWAGEN AG ...... 181.72 4.90 183.46 138.16 FTSE All-Share ...... 4213.77 +10.33 +0.25 Nasdaq Composite ...... 9203.43 +74.18 +0.81 ISEQ Overall Index ...... 7249.62 +37.75 +0.52 STI Index ...... 3247.48 +1.59 +0.05 WALT DISNEY CO ...... 144.83 -0.57 151.64 107.79 FTSE AIM All-Share ...... 963.01 +4.97 +0.52 Xetra DAX...... 13495.06 +174.88 +1.31 FTSEurofirst 300 ...... 1641.14 +5.38 +0.33 ASX All Ordinaries...... 6991.40 +61.30 +0.88 WELLS FARGO & CO ...... 52.73 -0.09 54.46 43.38 CITYAM.COM FRIDAY 10 JANUARY 2020 FEATURE 19 OFFICE POLITICS Parlez vous francais? No longer in the UK

Germany, for example, is projected The government’s decision on the Erasmus to have a labour shortage of three mil- lion skilled workers by 2030. Whereas scheme will harm Britain’s bottom line this gap could have been filled by workers from the UK, without pro- HE UK has always lagged be- Sander grammes like Erasmus, these oppor- hind its European neigh- tunities won’t be as readily available. bours in foreign language van de Rijdt As we train and educate the next learning, and the vote this LA LINGUA generation of engineers, doctors, sci- week to eradicate the Eras- entists, economists, journalists and musT scheme will only slow that adop- Memrise artists, during constant political tur- tion further. Free moil and the exit from the EU, the For many, Erasmus was an opportu- government should consider it a des- nity to live and learn a new culture Twitter is full of perate priority to offset this decision. and language, free from class and in- people sharing Reintroducing compulsory foreign come boundaries. The programme Labour government chose to scrap their fond language learning in schools, partner- gave the UK’s youth an international compulsory foreign language learn- memories of ing with businesses, or replacing the edge. But now that the government ing at the GCSE level, which led to a going on an Erasmus programme altogether could has denied university students this ex- severe drop in the number of UK Erasmus all be viable options to help industries. change scheme, following Wednes- pupils taking subjects such as French scheme. If you Scrapping Erasmus does, however, day’s Brexit votes, it runs a serious and German. In fact, there has been a never went on create a unique opportunity for private risk of making British students more huge 63 per cent fall in GCSE entries one, or just fancy businesses to invest in more interna- insular, constricted, and less cultur- for French and a 67 per cent for Ger- brushing up your tional working and language training ally open. man since 2002. The UK’s is concerning that this Brexit-driven language skills, to enrich those deprived of opportu- Concerns about this decision don’t The government is setting a danger- language skills decision has gone ahead without a re- Memrise can nity. As the saying goes: “If you’re buy- just begin and end with the loss of cul- ous precedent. It sends the message to deficit could be gard for its implications. help you learn a ing, I’ll speak your language; if you’re tural and social benefits for students — young Brits that foreign language costing the For example, non-UK nationals ac- new tongue. selling, you speak mine.” it will inevitably affect the UK’s future skills aren’t important, and that Eng- economy up to count for 40 per cent of the workforce Using practice The UK will now need to strengthen workforce and bottom line. lish is the language of the world. £48bn each year in the construction of buildings. This games, flash its relationship with Europe through In the midst of the Brexit process, It isn’t. In fact, only 20 per cent of results in a language barrier on-site so cards, and video the power of business, and the govern- where we have already seen a reduc- the world’s population speaks English large that the industry’s productivity clips of native ment must realise the importance of tion in net migration since the refer- — this includes both native and sec- is one of the lowest globally. speakers, the foreign languages and immediately endum, how will British industries ond language speakers. There is also a knock-on impact for app claims that make changes to ensure that further fair without this source of diversity in In 2013, the now-dissolved Depart- the EU’s economy. The businesses and it can help you opportunities are not denied to the learning and incoming talent? ment of Business, Innovation and universities which take on UK talent learn to talk talent of tomorrow. This decision is arguably the worst Skills revealed that the UK’s language during the programme and there- like a local. one made for the British education skills deficit could be costing the after will now experience a void that £ Sander van de Rijdt is co-founder of system since 2004, when Tony Blair’s economy up to £48bn each year. So it they will desperately need to fill. construction technology firm PlanRadar. 20 OPINION FRIDAY 10 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS This Veganuary, I’m trusting TO THE EDITOR Cool your people to eat what they want enthusiasm

ELCOME to January, backlash that goes far beyond the Or to bring things back to the [Re: Was the British Museum right to the month of new obvious and justifiable criticisms: Rachel Cunliffe topic of the day — the Royal family bypass BP as a sponsor for its Arctic year’s resolutions. Di- namely, why would anyone who Comment and features — consider this headline from last exhibition?] etary transformation supports the vegan cause patronise editor at City AM year: “Is Meghan’s favourite snack There are no shortcuts when it comes to W sustainability. The recent news that BP will has always been cen- Burger King or KFC at all? fuelling drought and murder?” The tral to the post-Christmas madness The business model of these snack was avocados, a staple of the not be a sponsor for the British Museum’s — eating “better” is probably the chains, the argument goes, is al- plant-based diet which is apparently new “Arctic: culture and climate” most cliched resolution there is. most entirely based on meat. linked to deforestation, water short- exhibition is just the latest in a line of But whereas this used to be Spending money there, even on a It is the height of ages, and ecosystem destruction. corporate philanthropy controversies. framed primarily in terms of plant-based product, is indirectly And that’s before we get to the However, caught in the line of fire are not weight loss, with fads like intermit- funding the meat industry, and is elitism to imagine socio-economic ramifications if mil- only the sponsors and beneficiaries, but tent fasting and protein shakes tak- therefore unethical. you can come up with lions of people in rich countries sud- also employees and associates. ing centre stage, in recent years a This reveals an interesting split in denly change their diets. Increased When it comes to a company’s impact on new angle has come to dominate. the meat-free movement. Last year, the ideal ethical diet western demand for quinoa, an- society, the environment and the future, Changing what we eat has become I chaired a panel on “dietary tribes” other vegan favourite, has had a dev- businesses need to have a clear and less about our personal wellbeing, that included Alex Petrides, astating impact on the Latin honest story to tell and get employees and more about saving the planet — founder of the vegan meal startup American economies that produce it who are on the front line of the or signalling our virtue. allplants. As someone who has re- movement, where compromise is and has even been linked to famine. organisation involved in order to legitimise And so we have “Veganuary”, a duced my meat consumption but is not taken lightly. It is not inaccurate Here in Britain, many people can- any outreach. concept that has turned the highly still very much an omnivore, I was to liken it to a religion — 2020 began not afford fancy plant-based alter- Hence, it is easier if a company supports personal decision to cut down on expecting judgement from a man with a tribunal ruling that ethical natives, or have health restrictions a cause that is associated with the animal products for a month into a whose job is essentially getting me veganism is a philosophical belief, that the disapproving vegan watch- business. Examples may be a software collective frenzy to improve the to stop eating what I want. and thus a protected characteristic ing them scoff a ham sandwich company sponsoring a coding camp for world, one vegan burger at a time. Instead, he was positive about the in terms of discrimination law. won’t be aware of. It is the height kids, or an energy corporation supporting Businesses are jumping on the fact that I was cutting down at all. The trouble with all religions is of elitism to imagine you can factor an environmental research initiative. bandwagon. Last year, the Greggs His argument was that it would be that purity has a tendency to trump in every variable, from dietary in- Companies that wish to support a cause vegan sausage roll attained cult-like great for the planet if more people pragmatism. First, you’re less likely tolerances to food poverty to the simply because they believe it to be status, contributing to a boost in stopped eating animal products al- to win someone over to your cause wellbeing of Bolivian farmers, and important — even if it is unrelated to their the bakery chain’s profits of 52 per together, but encouraging them to if you act like anyone who doesn’t come up with the ideal ethical diet. business or impact on society — should be cent and proving so successful that cut down even a little, say with already agree with you is immoral. None of this is to discourage peo- very clear on why and how it is relevant. employees have just received a £7m “meat-free Mondays”, was an impor- And second, while cutting down on ple from thinking about their food What values or beliefs do they wish to bonus payment. tant step. If everyone in the UK ate animal products to protect the envi- or attempting to live more ethically. support? A clear message helps the This year, KFC’s foray into Vegan- vegan one a day week, that would ronment may be a worthy goal, Avoiding meat and dairy is, accord- understanding of both the public and uary has gone less smoothly, with have a far bigger impact than a what do you do when it has unin- ing to scientists, the biggest way any employees. several customers being mistakenly small handful going fully vegan. tended consequences? of us can reduce our environmental Oskar Palmerot, employee served chicken burgers. Burger By this logic, anyone who chooses This week, the Guardian ran an ar- footprint. But what we choose to communications consultant, King, meanwhile, came under fire a Burger King or KFC plant-based ticle bemoaning how the almond put in our bodies is one of the most Spoon Agency when it was revealed that its own option is helping, and whatever industry is decimating bee popula- personal decisions we can make. plant-based burger was unsuitable else those restaurants sell, it’s posi- tions. It also consumes a staggering So if your January resolution is for full vegans, as it is cooked on the tive that they’re providing reduced- amount of water. committing to eating less meat, you same grill as meat products. meat products at all. In their account of this tragedy, the have my full support. I’ll even join BEST OF These are clearly PR errors, and But the sanctimonious fury we’ve authors failed to mention how the you — that Greggs vegan roll is deli- TWITTER KFC’s negligence is probably a law- seen this week shows that not shift away from dairy was spurring cious. But mine is judging people suit waiting to happen. But delve everyone sees it that way. demand for almond milk. “How your less for their dietary choices. Entrepreneur behind “PopUp into the depths of vegan social To the critics, veganism is less a veganism is killing bees” might have If anyone has a problem with that Business School”, Alan Donegan, has media, and you’ll quickly encounter dietary choice, more an ideological made a more accurate headline. I’ll tell them I’m saving the bees. been in touch, offering ideas to Meghan and Harry on getting financial independence - Majestic Marijuana - Declutter and flog stuff - “Crown Jewels” jewellery brand - Wedding consultancy Reinvigorating the regions and levelling - Megoland Windsor theme park Also: put Frogmore Cottage on @AirBnB up is crucial for the future of our country @BBCDouglasF To those genuinely upset about Harry HE PRIME Minister had Lord Kerslake, has called for a na- gap should be a major area of focus & Meghan still staying at Frogmore — victory to savour on holi- tional renewal fund and a plan Ali for the government. “SPONGING OFF OUR TAXES” — don’t day in Mustique, and akin to Germany’s post Cold War Miraj Finally, there’s an opportunity to worry. Their wedding was estimated Twhen he returned foreign reunification strategy. think creatively — which Downing to have brought in between £300m policy was very much top Central to any such blueprint is Street already appears to be doing. and £1bn in revenue, so they’ve made of the agenda, with the escalating infrastructure investment. Fortu- Over Christmas we heard of plans us far more money than they’ll ever tensions between Iran and the US. nately, the government appears to for a new scientific research agency rinse out of us via a new kitchen But if Boris Johnson is to remain understand this. A change to Treas- to be located in the north. Along @caitlinmoran in power for a decade, he must not ury rules to encourage capital ex- with a promised £800m for R&D take his eye off the ball domesti- penditure in areas outside the and the potential expansion of free I’ve been thinking about it and cally — and that means delivering south east is expected ahead of the fund the UK’s first gigafactory to ports to encourage inward invest- Megone is surely better than Megxit. for those who voted Conservative in Spring Budget. build electric car batteries. Then ment into certain regions, this is all Or Sussexit if you must. the Midlands and the north. At present, the focus is on overall there’s the large chunk of the part of a vision for a rebalanced @rcolvile If the Tories’ pro-Brexit policy economic benefit to the country, as £100bn that the chancellor has al- country. The creation of an en- showed that the party was in-step opposed to whether investment ready earmarked for infrastructure larged business department com- I think this sets a nice precedent for all with these voters culturally, it is in- will improve wellbeing in a partic- over a five-year period, expected to bining international trade and of the Royals to just retire — I don’t vestment that will demonstrate it ular area or reduce regional in- be invested in the north and in- inward investment with a regional mind keeping them comfortable until is also aligned with them socio- equality. This favours areas that are clude a £39bn fast rail line between bent will also focus the minds of all they all die out/find gainful economically. heavily populated and already eco- Liverpool, Hull and Newcastle. who work in Whitehall. employment. Go find what you are At present, the UK is uncomfort- nomically vibrant, notably London. So far, so good. But if Johnson If the centre of economic gravity good at! Start an Etsy store! Open ably London-centric, with economic There is now a clear electoral in- wants to “level up” prosperity, in- moves outwards, beyond the capi- university! output per head in the capital 70 centive for the Conservatives to vestment in education and skills is tal, the voices of those who have @Sorrelish per cent above the national average. change the rules and invest in the also vital. Two thirds of secondary been ignored for so long will have This decoupling of London from regions. West Midlands mayor schools teaching the most disadvan- begun to be heard. Far from being If Barry became PM then every the rest of the country is concern- Andy Street, who is up for re-elec- taged children are in the north, to London’s detriment, the country Wednesday we could have Gardiner’s ing. In an attempt to reverse it, the tion in May, wants an extension of with white working-class boys in as a whole will be the better for it. Question Time. UK2070 Commission, headed by the tram line between Birmingham former industrial towns performing @DuncanWeldon former head of the Civil Service and Wolverhampton and £1.5bn to worst academically. Tackling this £ Ali Miraj is a political commentator. CITYAM.COM FRIDAY 10 JANUARY 2020 OPINION 21

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Three ways to prevent the UK DEBATE Could bringing back from falling into data anarchy performance-based bonuses O BUSINESS will admit to using personal data in ways Deborah oper to chief executive. help make pay fairer? that are unethical or dis- O’Neill That said, preventing data anarchy Ncriminatory. But when every is not the task of businesses alone. social media click, phone The government also has a role to News this week that FTSE 100 bosses call, card payment, and gym visit play. Legislation like GDPR and the earn a typical worker’s wage in just 33 pings into existence a new nugget of European Commission’s Ethics Guide- hours angered people across the UK — data, how can any of us be sure that lines for Trustworthy AI are starting something has to change. And counter- YES our data is being used ethically? to give businesses guidance on what intuitive as it may seem, bringing back There are many excellent examples is and is not acceptable. But enforce- bonus schemes would help. GILES GIBBONS of how these nuggets are being aggre- As this technology becomes more ment has so far focused on cyber secu- Yes, they are the symbol of the crazed gated into clouds of big data and used widespread, these issues are garnering rity breaches and privacy invasions. short-termism that led to the collapse of available to everyone who works for the to improve lives around the world. more attention. The Information Com- This must expand to cover all GDPR Lehman Brothers and the subsequent organisation, proportional to their Take the crowdsourcing platform missioner’s Office has now proposed requirements, which should be financial crash. But that’s a result of the input, not just the few at the top. Ushahidi, for example, which uses big that, in order to comply with GDPR, thought of as an important part of way they were structured. The concept Structured in this way, you could link data to coordinate disaster relief activ- companies must be able to explain our digital human rights. of bonuses remains an unbeatable way overall pay to actual performance far ities. Data is volunteered by individu- every decision made by automated sys- The final way to prevent data anar- to link reward to results. more fairly. It would mean that als and anonymised, before being tems. Having such a map of analyses chy is via consumers. This is arguably Two changes would need to be made. everyone who contributes to the used for specific activities that benefit will ultimately make it easier for busi- the weakest link in the chain. When First, bonuses need to be designed to success of the business benefits from it others. Very few would argue that this nesses to critically review how they are we accept free wifi in public spaces prevent risky behaviour and incentivise — who’s going to complain about that? sort of use of data is unacceptable. using customer data and ensure that without reading the terms and condi- progressive capitalism by linking them At the other end of the spectrum, we their actions align with their ethics. tions or “accept cookies” on a website, to non-financial targets as well as £ Giles Gibbons is chief executive of Good see personalisation as a product of- In addition to this more formal over- we are giving our data away in return profits. Second, they need to be Business, an ethical strategy consultancy. fered to advertisers. Personal profiles sight, we often propose that compa- for less than its market worth, without are auctioned off to third parties as nies apply a “tweet test” when they use even properly thinking about it. part of online advertising, creating rev- customers’ data. They have to ask In order to decide whether we are enue for buyers and sellers while deny- themselves what the reaction would getting a fair deal, we need to get bet- The share of total UK income captured ing individuals their right to opt out or be from the public or media if the ter educated about the value of our by the richest one per cent has control how their information is used. company tweeted about their analysis: data. Once we understand what our increased from six per cent to 15 per No ethical business wants to be praise or backlash? In other words, can clicks are worth, we can start to cent since 1979. Research from the LSE NO caught in that space. But there is a they properly explain and justify what change the data landscape. shows that the biggest leaps in the share grey area in which many businesses they are doing? By integrating this While we don’t do enough to protect of income going to the one per cent LUKE HILDYARD unintentionally and embarrassingly simple empathy experiment into their our data, companies don’t always resulted from increased pay and find themselves, such as when female work, everyone can sense-check how make it easy for us to understand or bonuses in the financial services sector. profitability and hit bonus targets. customers get given lower credit card data is used, from contracted devel- opt out, and the government needs to So the evidence suggests that Stronger employment rights, trade limits than their husbands because of tighten up legislation. Only when all performance-related pay in banking union access for low-paid workers, the way a finance provider used data, three stakeholders work together will has made the gaps between those at stakeholder-oriented corporate or when insurance premiums vary GDPR requirements data anarchy be prevented. the top and everybody else even wider governance, and higher taxes on the based on gender or ethnicity. should be thought of We’ve had a taste of the potential — while also playing a role in Libor super-rich are the route to fairer pay, Cases like this get blamed on insuf- consequences if we get this wrong. It manipulation, money laundering, and not the fantasy of performance-related ficiently-trained algorithms. This, as part of our digital will be tough, but it is possible to take countless other scandals. Elsewhere, pay, which has already proven its highly though, is a symptom of an over- human rights back control of our data. chief executives’ incentive payments undesirable consequences. reliance on bought-in “black box” sys- have encouraged businesses to take an tems: a credit card application goes in, £ Deborah O’Neill is UK head of digital at increasingly short-term perspective, £ Luke Hildyard is executive director of and a credit limit number pops out. Oliver Wyman. cutting investment in order to increase the High Pay Centre.

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NEWSLETTERS The biggest stories direct to your inbox GET THE MORNING UPDATE, CITY A.M.’S DAILY EMAIL CITYAM.COM/NEWSLETTER 22 HOT PROPERTY FRIDAY 10 JANUARY 2020 CITYAM.COM HOTPROPERTY ALL YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET Edited by Helen Crane

GREAT SCOT! A NEW HOTEL

countryside” but it looks a bit theme- You can now stay y, and on a January evening, I can’t say I was transported to Theresa May’s overnight in the fields of wheat. The hotel’s location close to Trafal- iconic police HQ. gar Square is undeniably central (I Laura Ivill could see Nelson from a sixth-floor visits. room), and you might well find your- self in the vicinity for a nightcap. 40 o kick off the new year, a Elephants and the speakeasy bar Sibin visit to the new Great Scot- will stay open until 2am on weekends land Yard Hotel in Whitehall if you are already drinking, and are is a great way to see some of looking to compete with big hitters the emerging trends in the like The Savoy and The Connaught. LondonT design and going out scenes. Which brings us to the wine list and It is the latest in a series of renova- the new, London-wide trend for small tions of civic buildings (police sta- measures. Order prosecco and you tions, town halls, courthouses) into might expect the flute-sized 125ml hotels, bars and restaurants. Where glass – but red wine? An unwelcome previously these had fallen out of use development. or become identikit offices, we can Instead, my dry January got off to a now enjoy their history for the price cracking start with the best non-alco- of a drink. holic cocktail I’ve ever ordered (I re- The five-star Great Scotland fuse to call them ‘mocktails’). I could Yard Hotel, formerly the Met tell the Undercover (£12) was hand- Police HQ where detectives in- crafted, and it had all the complexity vestigated Jack the Ripper in of a negroni. This health-driven trend the Victorian era, has had a From top: 40 tained, the interior was gutted. Refer- shards, as if the gang had shattered gets full marks from me. £50m facelift to become part Elephants; ences to London's Victorian policing the skylight from which it hangs. Geographically close to Kerridge’s of the Hyatt Unbound collec- the lobby; can be seen in the police-blue bed- The hotel has bought impressive art- and The Northall at the Corinthia, tion. With 152 rooms as well the hotel room doors with their elaborate works from the prison charity one hopes the venue will find its feet. as a two-bedroom townhouse, exterior crests, and in the Peaky Blinders' vibe Koestler Arts, which are displayed at the hotel courts a deliberately of 40 Elephants bar, named after an the entrance to its flagship restau- £ Doubles from £430 room-only. The Great intimate feel. all-female gang of London thieves.The rant, The Yard. Run by chef Robin Gill, Scotland Yard Hotel, 3-5 Scotland Yard, Although the 1910 exterior was re- chandelier is made up of glass it claims to “celebrate the English London SW1A (greatscotlandyard.com) CITYAM.COM FRIDAY 10 JANUARY 2020 HOT PROPERTY 23 PROPERTY OF THE WEEK A PALATIAL PAD IN FULHAM New Lodge comes with its own pool and cinema – and a hefty price tag, says Helen Crane

inema, swimming pool, sauna, bar, wine storage. These are things most of us can only dream of having in our homes – but that’s what Cone super-rich buyer will be getting if they snap up New Lodge in Fulham. New to the market with a jaw- dropping £20m price tag, the six-bed, six-bath home on Broomhouse Lane is said to be the most expensive NEW LODGE, FULHAM, £20M property put up for sale in SW6 in more than a decade. rooms, all of Ideal for a family that likes to enter- calm that you forget where you are,” owners were really proud of the house Its surroundings which are ensuite, tain, there is a dining room and bar says Ken Dowling at JLL. “The previous and the interiors are minimalist but are suitably well- and the master area on the lower ground floor with finished to the highest degree.” heeled. Its next-door has a his-and-hers a temperature-controlled glass wall It is well-connected to Heathrow – neighbour is The walk-in wardrobe. for wine storage and a walk-in servery. AREA GUIDE: SW6 and also fits the bill if you prefer a Hurlingham Club; the The formal drawing There is also a 12-metre pool, sauna, HOUSE PRICES Source: Zoopla more private mode of transport. exclusive members’ room and kitchen are steam room, gym and cinema. Staff DETACHED SEMI TERRACED FLATS “The last gentleman I showed sports and social club on the ground floor, quarters are provided, and the home £2.5m £2.3m £1.7m £773,159 around flew his helicopter into the where the rules of polo were along with the garden has multiple security systems with di- TRANSPORT Source: TfL Battersea heliport, which is just across written in 1873. which Tom Middleditch at sales rect police call-out. Time to Kings Cross 28 mins the bridge,” says Dowling. At 9,550 sq ft, New Lodge is palatial agent JLL describes as a “cook’s “There aren’t many homes of this Time to Liverpool Street 37 mins For the grandest house in Fulham, in size. The top floor houses the bed- dream” with its own barbecue pit. size in Fulham. It is so pleasant and Nearest tube station Parsons Green you would expect no less. 24 LIFE&STYLE FRIDAY 10 JANUARY 2020 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen THE BEST IN CULTURE FROM NOW TILL EASTER

BIRDS OF PREY DIR. CATHY YAN RELEASE DATE: 7 FEB

With the best will in the world, DC’s comic caper Suicide Squad was not a good movie. It was, in fact, a proper stinker, and the fact it grossed three quarters of a billion at the box office says more about the likes of you and I than it does David Ayer’s film. But it did have one saving grace: Margot Robbie. The star of Once Upon a Time in Hollywood and I, Tonya ONWARD brought enough charisma to the role DIR. DAN SCANLON of Harley Quinn to make entire RELEASE DATE: 7 FEB scenes almost completely watchable, and in doing so earned herself a spin- The release of a new Pixar movie off movie entitled Birds of Prey (and isn’t quite the cinematic event it the Fantabulous Emancipation of was in the studio’s heyday, when One Harley Quinn). the likes of Toy Story and Finding Directed by Cathy Yan and written Nemo were met with unanimous by Christina Hodson, the female-fo- praise from both fans and critics. cused film promises to move away Even so, Onward looks promising. from the icky men’s rights activist Billed as an “urban fantasy” it’s set vibe of Suicide Squad, charting in a world where magic is being Quinn’s life after splitting from for- slowly replaced by science and mer beau The Joker. machinery. While another instalment in DC’s With a stellar voice cast including extended universe is hardly cause for Tom Holland, Chris Pratt, Julia anticipation these days, Birds of Prey Louis-Dreyfus, and Octavia Spencer could be the movie to break the and directed by animation veteran mould. And even if it’s not, Robbie Dan Scanlon, there are high hopes will no doubt prevent it from being a for this one. total write-off.

THE WELKIN NATIONAL THEATRE OPENING NIGHT: 15 JAN

This new play by Lucy Kirkwood – the writer of The Children and Mosquitos – is our pick of the National Theatre’s early 2020 CIRQUE DU SOLEIL: LUZIA The company’s latest show is Luzia, a STEVE MCQUEEN Years a Slave. His most recent project calendar. It’s the story of a woman ROYAL ALBERT HALL celebration of the “faces and sounds TATE MODERN was photographing 76,146 year 3 sentenced to death for a terrible OPENING NIGHT: 12 JAN of Mexico”. OPENS: 13 FEB children from 1,504 schools across murder who attempts to avoid the Taking place at the Royal Albert London and was displayed on noose by claiming she’s pregnant. Cirque du Soleil is a true global Hall, it promises to incorporate Steve McQueen rose to fame after billboards across the capital, as well Starring Maxine Peake as phenomena, with the 35-year-old indoor rain into the act, a first for winning the Turner Prize in 1999. as the walls of the Tate Britain. protagonist Lizzy Luke, it promises circus and acrobatics troupe taking the company, as well as the usual Since then the artist has shown an This first major retrospective in 20 to be a gloriously sombre affair, and their larger than life shows on tour death-defying stunts and impossible uncanny ability to move from years will bring together 14 major an early contender for awards come across the world, from Las Vegas to feats of balance and choreography. A medium to medium, winning an works spanning film, photography the end of the year. Tokyo. must for circus fans of all ages. Oscar for his harrowing drama 12 and sculpture. CITYAM.COM FRIDAY 10 JANUARY 2020 LIFE&STYLE 25

FAUSTUS: THAT DAMNED WOMAN LYRIC HAMMERSMITH OPENING NIGHT: 22 JAN: Continuing the trend for gender-swapping roles in classic plays, Faustus: That Damned Woman at the Lyric Hammersmith reimagines Christopher Marlowe’s Elizabethan tragedy Doctor Faustus, placing Johanna at the heart of the drama. After striking a deal with the devil, she’s able to roam through time, changing the course of history. Caroline Byrne directs playwright Chris Bush’s play, with Jodie McNee taking the title role. FILMS OUT THIS WEEK

ESSENTIAL that horror. The characters, and the tors of 2017 indie hit Good Time. He While the format is similar to camera, rarely stop moving, pausing transforms himself as Howard, a Good Time, this follow up is enough 1917 only briefly to take in what’s hap- Manhattan jeweller who finds him- to confirm the duo as names to DIR. SAM MENDES pened. As Mark Strong’s stiff-upper- self on a downward spiral regarding watch, as well as giving us hope that BY JAMES LUXFORD lip superior says, “it doesn’t do to his decisions surrounding a rare Sandler’s next dramatic turn isn’t dwell on it”. The trauma comes not gem. too far away. he set-up for Sam Mendes’ from the bloodshed, but the look in Fast talking and fearless, this is un- first film since Bond is the eyes of those experiencing it. In like anything that’s come before WEATHERING WITH YOU straightforward enough: this world, the greatest challenge is from the actor. Even previously DIR. MAKOTO SHINKAI T young soldier Tom (Dean to keep moving. lauded dramatic performances such BY STEVE DINNEEN Charles-Chapman) and his MacKay is perfectly cast as William, as Punch Drunk Love still carried friend William (George MacKay) are who acts as the audience’s point of something of Sandler’s usual per- It’s been almost six years since the tasked with crossing No Man’s Land view for much of the film. Unlike his sona, whereas Howard feels like an retirement of Studio Ghibli’s Hayao to deliver a message that could save friend, he’s seen combat before, and entirely different being. Miyazaki ended a near-30 year run of the lives of thousands. his reluctance to go on this mission A whirlwind of compulsion, the guaranteed anime hits in the west. Once that mission begins, however, presents the film’s most interesting camera follows Howard around New Makoto Shinkai was earmarked by we are taken on a spectacular war arc. The baby face looks that made York City as he attempts to solve his many as the heir apparent, and thriller, masterfully crafted by him so effective in 2014’s Pride are problems through a series of increas- when his 2016 film Your Name be- Mendes and cinematographer Roger used differently here. Behind his ingly high-stakes risks. Most impres- came the biggest grossing anime of Deakins to appear as one continuous youthful complexion is a man strug- sive is the assured nature of all time, that prediction appeared to ANDY WARHOL shot. Two hours fly by as the pair en- gling to keep it together. In such a Sandler’s performance – he’s baffled be confirmed. His new film, Weath- counter rogue soldiers, weary com- technically-minded film, he brings that his debtors don’t see why the ering With You bears many similar- TATE MODERN rades, and brief appearances from emotional heft to supplement the next bet is a sure thing, or why the ities with its predecessor. It’s just as OPENS: 12 MAR stars including Andrew Scott, Colin impressive camera work. next deal will make them all rich. beautiful for a start, combining tra- Firth, and Benedict Cumberbatch. 1917 deserves its plaudits, although He views family as an inconven- ditional hand-drawn frames with One of the most hotly anticipated War films of the last two decades a great film shouldn’t be judged on ience, leading to darkly comic mo- computer animation. An early pan exhibitions of the year, the Tate have often felt a responsibility to the number of trophies it’s given. ments such as a shakedown at his from a grey cityscape to raindrops Modern will hold a major mimic Saving Private Ryan, showing What makes it so special is the bal- daughter’s school play. He gels per- running down a window to a close- retrospective work of the world’s harrowing scenes of warfare to ham- ance between artistry and realism. fectly with talented co-stars Idina up of a face is breathtaking. most famous pop artist. mer home a feeling of authenticity. Mendes reaches down into the mud Menzel, Lakeith Stanfield, and New The story follows a young runaway Promising to present a “fresh look” Mendes doesn’t shy away from the re- and finds something beautiful. York itself, while the city is portrayed who befriends an orphan girl who at the artist, delving into his alities of war, but he approaches it in as a tapestry of decadence, where can control the weather, bringing personal story as a shy Catholic from a different way. The film is set in an RECOMMENDED everyone is looking for their next fix. occasional rays of sunshine to a a working-class immigrant family area where fighting has ceased, so It all gels wonderfully with the di- Tokyo besieged by endless rain. It’s who became the most unlikely of often we only see the remnants of UNCUT GEMS rectorial style of the Safdie Brothers, both a tale of young lovers standing cultural superstars. battle – bodies draped on barbed DIR. JOSH AND BENNY SAFDIE once again telling a story of mount- on the precarious edge of adulthood Works on display will include his wire, booby traps in tunnels, devas- BY JAMES LUXFORD ing stakes and unbearable tension. and a sombre rumination on the cli- pop images of Marilyn Monroe, Coca- tated towns. They feel like filmmakers from a dif- mate crisis. Cola and Campbell’s Soup Cans, as That makes the sporadic bursts of Those who only know Adam Sandler ferent era, with the low-fi visual ap- Not quite as well told, nor as grip- well as examples of his multimedia violence and death all the more pow- as the guy who makes fart jokes on proach and electronic soundtrack ping as Your Name, this is neverthe- work and early paintings. A must-see erful for their scarcity. Most affect- Netflix will be in for a huge surprise reminiscent of the independent less another accomplished work for modern art fans. ing, however, is the attitude toward in this tense thriller, from the direc- movie boom of the 90s. from anime’s brightest star. 26 PUNTER FRIDAY 10 JANUARY 2020 CITYAM.COM THE PUNTER RACING TRADER

The trainer on his David Do Notre fear about runners across the Pipe country over the next few days

Pari in the Lanzarote ANY of you may have He ran well considering and will noticed that we haven’t now go straight to Aintree for the had that many runners Grand National. previews could be his tomorrow, as NOTRE PARI A win in this will get him into the big Mof late and have very As for RAMSES DE TEILLEE, he Bill Esdaile looks to have an excellent chance in the handicaps at Cheltenham, where I’m few entered up over the could run in a National Trial of Unibet Lanzarote Hurdle (2.40pm) at sure he won’t be out of place. coming days. some sort but may have a spin over tomorrow’s cards at Kempton. If you can find any 4/1, snap that up as The reason for that is that this is hurdles first at Doncaster later this He was very impressive at Aintree last I reckon he will be nearer 2/1 at the off. the time of year we vaccinate our month. Kempton and month and it was something of a sur- The big betting race at Warwick is the horses and we just give them an COLLINGWOOD COURT, the City prise that he was only raised 8lbs by the McCoy Contractors Civil Engineering easy time in the immediate A.M. syndicate horse, is back on Warwick handicapper. Classic Chase (3.00pm), which was won aftermath. track after his wind operation and three years ago by One For Arthur before It has still been a busy time for the we are getting plenty of work into LLY Murphy has only been he went on to win the Grand National. yard, though, and we have had him now. training since 2017, but he has I’m not saying that will happen again, some new additions arrive, which is The plan for him isn’t set in stone made an excellent start to his but I do think THE CONDITIONAL should always something to be excited yet, but it could involve going over Ocareer which followed a four- be backed at 9/2 with Ladbrokes. about. hurdles towards the end of the year spell with Gordon Elliott An excellent second in the Ladbrokes Looking back at the Christmas month. in Ireland. Trophy last time, he has done really well period and one of the highlights has Finally, there has been plenty The son of decorated bloodstock owner since joining David Bridgwater and is to be ISRAEL CHAMP who carried a written and said in the last week Aiden, he comes from the right back- the one they all have to beat here. penalty to victory in the Listed about Cheltenham potentially ground to succeed in this tough game bumper at Ascot. switching to five days rather than although that is no guarantee of suc- @BillEsdaile He will head straight to four for the Festival. cess. Cheltenham now for the Champion I’m afraid it will happen one day, In his first season, he managed to land Bumper all being well. but don’t forget we all moaned the £150,000 Racing Welfare Handicap POINTERS TOMORROW The ground wasn’t really soft when it switched from three to four Ascot Hurdle – formerly known as The enough at Sandown for VIEUX days! Ladbroke Hurdle – with Hunters Call, Notre Pari 2.40pm Kempton LION ROUGE in last Saturday’s and he hasn’t looked back since. Up and coming trainer Olly Murphy can The Conditional 3.00pm Warwick Veteran Chase. in association with Another historic handicap hurdle land another big race tomorrow CITYAM.COM FRIDAY 10 JANUARY 2020 SPORT 27

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north-west rivals could well Scrum-half quandary looms as represent a highlight of the campaign. It was United, too, who famously ended Arsenal’s run in 2004. Beyond that match, the level of Liverpool’s opposition would Jones draws up Six Nations plan appear to ease up until the trip to City. The following fixture against Wolves will not be an easy task RUGBY given Nuno Espirito Santo has COMMENT navigated a historic double over City this season among other high- profile results, but Liverpool will Ollie take comfort from having beaten the Midlands outfit 1-0 just before Phillips the New Year. Further down the line Liverpool will also face trips to Goodison Park and then the Emirates DDIE Jones has hinted he Stadium, while simultaneously could make a number of having to juggle their defence of changes when he names his EEngland squad for the Six Na- tions in 10 days’ time and I’m intrigued to see where he goes. It is the start of a new Rugby World Cup cycle and, while I don’t think he will make wholesale alterations, some But there’s a twist: players will not make it to France in 2023 and for that reason could be left Liverpool’s 49th out of the upcoming squad. One of the areas where England game will come need to find more options is at scrum- away at Man City half, with Ben Youngs, 30, and Willi Heinz, 33, coming to the end of their in early April international careers – if they haven’t already. Youngs was woeful in the World Cup final defeat to South the Champions League and an FA Africa a couple of months ago and, Cup run, depending on how far based on that performance alone, they progress. there is an argument that he deserves But Everton haven’t beaten their to be dropped now. If that game had Merseyside rivals since 2010 and, been played last week, you suspect he on the evidence of last weekend’s may have been. FA Cup third-round tie, are Despite that, I still expect him to be unlikely to change that anytime in the squad because he is England’s Wasps’ Dan Robson (left) and Ben Spencer of Saracens are the most likely to vie for the England No9 shirt over the next few years soon. most capped scrum-half, but Jones Arsenal have also endured a has a decision to make as to who ing him just two appearances. a bright future ahead. The Bears have be about continuing the momentum disappointing season so far, but should wear the No9 shirt going for- He missed the end of last season played some wonderful rugby this of the World Cup and fine-tuning look rejuvenated in the early days ward. The obvious candidates are Ben with injury, which hampered any re- season and if Jones makes his selec- rather than rebuilding and, with of Mikel Arteta’s reign. Spencer of Saracens and Dan Robson maining chance of a World Cup place, tion on form then he shouldn’t be too other teams in transition, England When the Gunners host of Wasps, who are both good enough and while he will harbour hopes of a far from a call-up. The 59-year-old is could realistically go the whole of Liverpool, Klopp’s side will have and, at 27, young enough for the next call-up this year and would add to the not averse to a curveball after all. 2020 unbeaten. That would then either already surpassed the 49- World Cup in four years. attacking back-line, Wasps have not make it very difficult to do anything game record or suffered a defeat, I don’t see any problems with either been playing well lately. RFU MUST STOP DITHERING other than extend Jones’s deal. but Arsenal will have the of them. For many, Spencer should It leaves Spencer as the outstanding One thing that remains a mystery to While I personally don’t believe the opportunity to prevent them going have been in Jones’s World Cup squad candidate and, in truth, there are not me is why the Rugby Football Union Australian is the right man to lead a season unbeaten on the third to but was ousted late in the day by an many No9s knocking on the door. has not yet made a decision on Jones’s England at the next World Cup, clar- last matchday if others have failed. in-form Heinz, who helped engineer Northampton and Sale have South long-term future, one way or the ity over who will is needed sooner While those games are some way Gloucester’s top-four finish. Robson, African scrum-halves in Cobus other. While other nations, including rather than later. off, a visit to north London to face meanwhile, has long had his cheer- Reinach and Faf de Klerk respectively, Wales, Ireland and France, are begin- Tottenham is imminent and is leaders for inclusion in the England while Exeter Chiefs have an Aus- ning to rebuild under new leadership, £ Ollie Phillips is a former England Sevens perhaps the first significant test set-up, although Jones appeared not tralian in Nic White. England’s future is uncertain beyond captain and now a director within the real among Liverpool’s remaining to take to him when he was called up Bristol’s Harry Randall is perhaps 2021 when the current head coach’s estate and construction team at PwC. fixtures that will challenge their to last year’s Six Nations’ squad, hand- England’s next best bet and, at 22, has contract expires. The Six Nations will @OlliePhillips11 claims to invincibility. 28 SPORT FRIDAY 10 JANUARY 2020 CITYAM.COM JONES’S HEADACHE England have a scrum-half SPORT dilemma, says Ollie Phillips PAGE 27 KANE KO’D Tottenham talisman sidelined until April following hamstring surgery SPORT DIGEST FARAH: I WISH I’D KNOWN TOTTENHAM and EARLIER ABOUT SALAZAR England striker Harry £ Four-time Olympic champion Mo Kane has been ruled out Farah insists he would have split for most of the rest of the from his former coach Alberto season after being Salazar earlier if he had known that advised to have surgery he broke anti-doping rules. Salazar, on a hamstring injury. who helped Farah win the 5,000m Spurs yesterday issued and 10,000m at both the London an update on Kane, who 2012 and Rio 2016 Olympics, was suffered a ruptured banned in November following a tendon in his left leg in four-year probe by the US Anti- the New Year’s Day Doping Agency. The Briton stopped defeat to Southampton, working with Salazar in 2017 and adding that he would not said yesterday: “Had I known sooner return to training before I would have been the first one out. April. The news means That’s the bit that’s kind of annoying the 26-year-old, who has – I wish I’d known quicker.” scored 27 times in 31 games this term, will HUNDRED WOOS FAMILIES miss the club’s next 10 WITH £5 TICKETS FOR KIDS Premier League games £ Under-16s will pay just £5 to and their Champions attend any match at The Hundred, League tie with RB English cricket chiefs announced Leipzig at least. Kane yesterday as they revealed pricing also faces a race to regain for the new family-friendly top form before England tournament. Adult seats will cost take part in this £10-£35, with tickets for a family of summer’s European four starting at £26 for women’s Championship. matches and £30 for men’s and double headers. Under-5s will get in free to all fixtures at the star-studded 100-ball competition, which takes place for the first time this summer. The first tickets go on sale to County members on 15 January and to those who have pre-registered interest on 12 February. ARTETA COOLS ARSENAL TRANSFER EXPECTATIONS £ Arsenal manager Mikel Arteta has played down the prospect of making new signings in the January transfer window. The Gunners are light in defence and midfield but new boss Arteta said: “I am not expecting big things. If we can find something to help us get through the season in a more balanced way in certain areas then we will look at the options.” The Spaniard also reiterated his intention to keep striker Pierre-Emerick Aubameyang, who is entering the last 18 months of his contract. LIVERPOOL: INVINCIBLES?

Hard to see where Arsenal’s unbeaten 2003-04 season, pleting their charge to an invincible Meanwhile, Liverpool are on an in- they are now just 12 games away from 20 DOWN, 18 TO GO: season and matching Arsenal’s 16- credible run of 28 wins from their last relentless Reds will equalling the Gunners’ 49-match un- REMAINING GAMES year-old achievement, making the 29 league matches. beaten run from the same period. game at the Etihad Stadium all the Should they go the full season un- stumble on march It was a record that felt unbeatable, more interesting, with the league beaten it will supersede Arsenal’s particularly given the subsequent in- TOTTENHAM (A) Sat 11 Jan title likely to have been decided. record by virtue of games won; the towards title, says crease in the competitiveness of the MAN UTD (H) Sun 19 Jan Jose Mourinho will be hoping his Gunners drew 12 on their way to be- Premier League. But then records are WOLVES (A) Thu 23 Jan Spurs side can cause an upset tomor- coming invincible, albeit that a num- made to be broken and Liverpool now WEST HAM (A) Wed 29 Jan row when they welcome Liverpool to ber of these came with the title Michael Searles look likely to pull off the impossible SOUTHAMPTON (H) Sat 1 Feb the Tottenham Hotspur Stadium. But already wrapped up. for the second time in Premier League NORWICH (A) Sat 15 Feb with just one win in their last five The only occasion on which Liver- F LIVERPOOL avoid defeat against history. WEST HAM (H) Mon 24 Feb games they are some way off the team pool have dropped any points since Tottenham tomorrow evening, If they do go the season unbeaten, WATFORD (A) Sat 29 Feb that faced the Reds in last season’s last March was a draw with Manches- they will have gone 38 league they will surpass Arsenal’s 49-game BOURNEMOUTH (H) Sat 7 Mar Champions League final, despite a ter United earlier this season. games unbeaten; the equivalent of record on the way. But there is a twist: EVERTON (A) Sat 14 Mar short-lived new-manager bounce So could Ole Gunnar Solskjaer’s side I CRYSTAL PALACE (H) Sat 21 Mar a full season. that 49th game will come away to under Mourinho. be the one to end their magnificent Unfortunately, there are no medals Manchester City at the start of April. MAN CITY (A)* Sat 4 Apr League matches between the two run? Liverpool welcome them to An- for that in isolation, but there will be City away was the only fixture in ASTON VILLA (H) Sat 11 Apr have been close of late, the last three field next weekend and United have a trophy come the end of the season which Jurgen Klopp’s side suffered de- BRIGHTON (A) Sat 18 Apr edged 2-1 by Liverpool, including last caused their long-term foes plenty of assuming they stay on course to end feat during the last Premier League BURNLEY (H) Sat 25 Apr year’s fixture at Anfield decided only problems over the years, despite their 30-year top-flight drought. season, which effectively earned City ARSENAL (A) Sat 2 May in the 90th minute by a Toby Alder- falling from grace since the retire- They currently sit 13 points clear at the title at their expense and came CHELSEA (H) Sat 9 May weireld own goal. ment of Sir Alex Ferguson. the top of the Premier League with a just over a year ago. Liverpool’s 2-0 NEWCASTLE (A) Sun 17 May But despite the apparent competi- The pair have drawn six of their last game in hand and anything but first win against Sheffield United last tiveness between the two – until this eight meetings, with one win apiece. place now would represent the week ensured they had gone 12 *Liverpool will equal Arsenal’s 49- season at least – Spurs have only Amid a disappointing season, ending biggest collapse in modern English months without a league defeat. game record if they remain beaten them once in 16 matches over the unbeaten run of their bitter footballing history. It is difficult to see who other than unbeaten after facing Man City the last seven years. The omens, then, As well as being on course to match City could stop the Reds from com- are not in their favour. CONTINUES ON PAGE 27