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FRIDAY 21 JUNE 2019 ISSUE 3,397 CITYAM.COM FREE IT’S GOODNIGHT FROM THEM... HARRY ROBERTSON global payments system. a super-safe place to keep their Both men were giving what is likely money. @henrygrobertson to be their last ever speeches at the The Bank would also extend the use TWO OF the most powerful famous Mansion House bankers’ and of its settlements system, lowering custodians of the UK economy last merchants’ dinner in the City. the cost and increasing the speed of night laid out their vision for how the Carney is due to step down in payments for non-bank institutions. financial sector can thrive after they January after six years at the Bank’s Carney said the Bank was “levelling leave office. helm, while Hammond is unlikely to the playing field” and “reducing Addressing a City audience in the stay in Number 11 Downing Street reliance on major banks” which heart of the Square Mile, chancellor when a new prime minister replaces traditionally hold other firms’ money Philip Hammond announced a major Theresa May next month. and act as middlemen for payments. review into financial regulation as the Carney announced last night that Threadneedle Street appeared to be banking sector undergoes rapid the Bank will consult on letting non- readying itself for a new financial change and Britain prepares to leave bank financial institutions such as world, two days after Facebook the European Union. fintech firms deposit money with it proposed a global payments system Bank of England governor Mark overnight. linked to its 2.4bn-member social Carney said his institution would He said the move would “support network. open itself up to tech companies, just financial stability” by giving days after Facebook proposed a new increasingly important payment firms £ CONTINUES ON P2 ...AND HELLO FULL STORY TO BORIS? PAGE 3

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THE CITY VIEW The City bids farewell to Spreadsheet Phil

N THE drama of the Tory leadership contest, last night was a reminder that it is not only the Prime Minister to whom we Iwill soon be bidding farewell, but the chancellor too. Philip Hammond’s speech at the Mansion House dinner marked his final major address to the City and the effective end of his tenure at the Treasury. Unlike some of his predecessors, Hammond has not been the kind of flashy chancellor who tried to use the role as a stepping stone for the top job. In fact, at his first fiscal event – the 2016 Autumn Statement – he spoke out against making hundreds of tax changes twice a year, and committed to a single annual Budget and a straightforward Spring Statement responding to the economic forecast, forgoing the multiple opportunities to tinker and show off that George Osborne had so enjoyed. “Spreadsheet Phil” should also be commended for his commitment to fiscal discipline. While numerous members of the government, including Protestors, apparently affiliated with Greenpeace, interrupted the event during Theresa May in her final He won’t depart to chancellor Philip Hammond’s speech. Footage emerged of Tory MP Mark Field weeks, have attempted to a chorus of cheers, (right) appearing to grab a protestor by the neck and walk her out of the room. siphon off more taxpayer but he can leave funds, he has kept a tight grip on the purse strings. As with his head high the leadership candidates Climate protest gets ugly have pledged tax cuts and spending splurges on everything from schools to local councils to the environment, the chancellor’s contribution to the contest has been to urge them to commit to reducing the national debt (at least as a proportion of GDP) and not increasing the deficit. as big beasts bow out Beyond that, his record is mixed. Hammond can have a tin ear for the political mood and wasn’t much of an asset in winning over floating voters. His attempt to raise national insurance for CONTINUED FROM FRONT PAGE reflect on his time in the cabinet. protestors burst into Mansion House the self-employed was misguided and embarrassing, while his He also used his speech to issue a in an attempt to bring attention to announcement of an income tax cut last autumn (as a sign that Carney praised the tech giant’s pro- warning to the next prime minister – the issue of climate change. posed system, which would be based most likely to be Brexiter Boris John- They protested inside the building austerity was over) was partially nullified by a rise in national on a cryptocurrency called libra. son – about the consequences of for around five or six minutes before insurance for middle and high earners – an underhand move He said it could “substantially im- crashing out of the EU without a deal. being escorted out, according to an from a chancellor who trades on being too mature or too dull for prove financial inclusion”, but said it Carney, who is expected to outlast executive present. Greenpeace said such stealth machinations. Still, it is worth remembering that must be tightly regulated “in advance Hammond by some months, said less there were around 40 activists. of any launch”. Hammond also ad- about his tenure. But he returned to Footage emerged last night of Cities under Hammond, the deficit has been all but eliminated and the dressed rapid technological change, the theme of climate change, on of London and Westminster MP Mark UK economy is in a respectable state. The UK jobs miracle saying it must be used to empower which the Canadian has previously Field – a foreign office minister – ap- continues, wage growth has ticked up, and the economy is (for consumers and small businesses. been vocal. pearing to grab one of the protestors Hammond said a new regulatory He threw the Bank’s weight behind and forcibly eject her from the room. now at least) still growing. Hammond won’t depart to a chorus of system must recognise that the EU calls to make it mandatory for compa- On BBC Newsnight, Tory MP Alistair cheers, but he can leave with his head held high. will remain “one of our major trading nies and financial institutions to dis- Burt said “Mark [Field] will answer for partners”, but said it will lay “the close climate-related financial risks himself”. Labour’s Dawn Butler groundwork for the more global which could affect them. tweeted: “An investigation needs to nature of our future financial services He also announced it will carry out take place as soon as possible”. industry”. a “stress test” of UK financial institu- Field could not be reached for com- After three years in charge at the tions’ finances in 2021 to see how well ment last night. The City of London Treasury, Hammond used his speech they would cope with a climate crisis. Police said it had not recieved any Follow us on Twitter @cityam to the City’s big names to While Hammond spoke, Greenpeace reports related to the incident.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL S&P DOWNGRADES KRAFT WHAT THE BBC TO LOOK AT VETTING MOBILE PHONE OPERATORS UNITEDHEALTH TO BUY HEINZ TO WORST GRADE OTHER AFTER DEBATE CRITICISM ACCUSED OF COLLUSION PAYMENTS FIRM FOR $3.2BN S&P Global became the latest to cut The BBC will consider “additional steps” Britain’s biggest mobile operators face Unitedhealth has agreed to buy health- Kraft Heinz’s credit rating to the lowest PAPERS SAY in its vetting process after being explosive claims of attempted price care payments firm Equian from its investment grade, potentially further criticised over the televised debate this fixing and collusion as part of a £1bn private-equity owner for about $3.2bn complicating the packaged food THIS week between the Conservative High Court battle over the sudden (£2.5bn), according to people familiar conglomerate’s efforts to reverse leadership candidates. Ofcom received collapse of Phones 4U. The former chief with the matter. Equian, owned by New flagging sales growth and draw a line MORNING 31 complaints about Our Next Prime executive of the mobile operator O2 Mountain Capital, offers payment- under problems with its accounting. Minister. made “inappropriate” attempts to processing services for health-care The rating agency cut the maker of discuss pricing and smartphone sales companies and insurers. Heinz ketchup and Philadelphia cream MPs TOLD TO REPAY AFTER plans with a direct rival, it is claimed. cheese to BBB- from BBB. The move SUBLETTING THEIR OFFICES MOORE TO MAKE SECOND leaves Kraft Heinz’s just one notch away MPs have been made to pay back EU DEADLOCKED OVER NEXT ALABAMA SENATE BID from junk status. thousands of pounds after subletting PRESIDENT OF COMMISSION Republican Roy Moore – who narrowly “possible forms of integration” of the their taxpayer-funded offices and failing The European Union was deadlocked lost to Democrat Doug Jones in a 2017 TELECOM ITALIA TALKS WITH two networks. It said it has signed a to hand back the money. The missing over who should replace Jean-Claude special election for the US Senate in OWNERS OF OPEN FIBER non-disclosure agreement with state payments were only uncovered when Juncker last night, with Emmanuel Alabama after a scandal over past Telecom Italia has opened formal talks lender Cassa Depositi e Prestiti and parliament’s expenses watchdog Macron and Angela Merkel at conduct– announced yesterday he will with the owners of Open Fiber about energy company Enel. carried out an inquiry. loggerheads over the next president. make another run. CITYAM.COM FRIDAY 21 JUNE 2019 NEWS 03

WAR GAMES Tensions with Iran spike as Hunt left to face American drone is shot down at oil route Surge Financial boss arrested Boris as Gove’s in LCF probe JAMES BOOTH @Jamesdbooth1 MILLIONAIRE businessman Paul Careless was arrested on allies cry foul Wednesday in connection with the collapse of mini-bond investment firm London Capital & Finance OWEN BENNETT secure in the knowledge their pre- (LCF), it emerged yesterday. @owenjbennett ferred candidate had an unassailable A Serious Fraud Office lead – to keep Gove off the final ballot. spokesperson said: “On 19 June BORIS Johnson will face Jeremy Hunt There was also a suggestion that re- 2019, search warrants were in the final stage of the race to be- venge could be a motivation, as Gove IRAN yesterday said it downed a US drone, stoking fears executed at several properties in come Prime Minister after a brutal sunk Johnson’s tilt at the leadership of war in the region. Tehran claimed it shot down the the Home Counties. One individual day in Westminster. in 2016, withdrawing his support on drone over its southern territory, while US President was arrested and released pending Michael Gove lost out on reaching the day of Johnson's launch. Donald Trump blamed a rogue individual. further investigation.” the final two in the contest by just One Gove supporter, asked by City LCF went into administration in two votes – winning the support of 75 A.M. if he feared there had been a January owing £236m to more than MPs compared to Hunt’s 77. stitch-up, he replied: “Of course.” 11,000 investors. Johnson topped the poll with 160 A source on the Johnson campaign Careless is the chief executive of backers, and will now go forward hit back, and describing the specula- Surge Financial, which found with the foreign secretary to a ballot tion as “all nonsense”. Apple presses to drop US tariffs clients for LCF. LCF paid Surge a 25 of Conservative party members. The day began with four candidates per cent commission for running While Gove took to Twitter to offer in the race, but after a ballot of MPs EMILY NICOLLE next week to resume talks on the its marketing campaign, which “many congratulations” to Hunt and before lunch, home secretary Sajid @emilyjnicolle trade war after more than a month’s amounted to £60m. Johnson, some supporters felt their Javid was eliminated as he finished hiatus. US President Donald Trump A spokesperson for Surge said: candidate had been victim of a stitch- last with 34 votes. APPLE became the latest in a slew of previously said he would consider “Paul Careless has not been up to keep him off the final ballot. Johnson and Hunt will now take major retailers to pressure the US extending tariffs to another $300bn charged and he is not on bail.” In the last round of voting, John- part in 16 hustings events around the government to abandon plans for (£236bn) of Chinese goods. They added that Surge “did not son’s support went up by just three country, kicking off in Birmingham more tariffs on China yesterday. Other firms in the chorus of voices handle client money and had no votes, while Hunt’s surged by 18 and tomorrow. The result of the ballot of The tariffs would affect Chinese- against the move included Keurig Dr involvement in the deployment of Gove’s increased by 14. Conservative party members will be made goods, including Apple’s Pepper, Dell, HP and Walmart. funds to borrowing companies”. The suggestion was that some of announced in the week commencing iPhone and Macbook products. Apple said tariffs would reduce its The Evening Standard first Johnson’s backers voted for Hunt – 22 July. The US and China are set to meet contribution to the US Treasury. reported Careless’ arrest. 04 NEWS FRIDAY 21 JUNE 2019 CITYAM.COM Hargreaves Lansdown Monsoon seeks store rent cuts chief exec ‘angered’ by in rescue plan SEBASTIAN MCCARTHY Woodford fund freeze @SebMcCarthy MONSOON Accessorize is planning to JESS CLARK under fire for failing to remove Wood- slash its rent bill for more than half ford’s fund from its “best buy” lists de- of its stores, it revealed yesterday, as it @jclarkjourno spite raising concerns with the fund became the latest troubled retailer to HARGREAVES Lansdown chief execu- manager as early as 2017. The fund turn to a controversial rescue plan in tive Chris Hill said he is “angered” by was only removed following its a bid to avoid collapse. the lack of resolution regarding Neil suspension earlier this month, The high street fashion chain is Woodford’s suspended flagship fund. prompting questions over the close Walmart allegedly paid bribes in Mexico to obtain permits to build stores there hoping landlords will back its The fund supermarket’s investors relationship between the businesses. planned rent cuts on 135 stores after currently have £1.6bn exposed to the The investment platform received offering them up to £10m if the firm suspended Woodford Equity Income £41.1m in fees from the fund since its Walmart in $282m bribes fine trades profitability in the future. Fund. Since the fund was last tradable launch in 2014, it was revealed in a Founder Peter Simon has also on 31 May its value has fallen five per letter from Hill to the Treasury Select offered the firm an £18m interest- cent, Hill said. Committee yesterday. NANDITA BOSE to resolve parallel criminal charges free loan in a bid to win the support In a statement yesterday, Hill said: Hill also said that Woodford had not by the US Department of Justice. of landlords, who will be voting on “We are angered by the lack of resolu- told Hargreaves Lansdown when it WALMART said yesterday it will pay In a separate regulatory filing, the proposals at a crunch creditor tion so far but remain actively en- breached a 10 per cent investment $282m (£221.9m) to settle a seven- Walmart said the $282m was part of meeting next month. gaged with the regulator, Woodford, limit in unquoted stocks. year-long investigation into whether a “global settlement” and ended all Monsoon, which said the “current Link [the fund’s authorised corporate “The nearly 300,000 Hargreaves its overseas units in Mexico, Brazil, FCPA-related investigations into the rent and occupancy costs facing the director] and the treasury select com- Lansdown customers who invested in China and India violated the US retailer and its overseas businesses. group are now unaffordable given mittee to ensure that all investors... this fund through the investment Foreign Corrupt Practices Act (FCPA). The US launched an investigation the fundamental changes that have are able to access their investment as platform are probably more than a lit- The retailer will pay more than of the retailer after a series of taken place in the retail sector”, soon as possible.” tle angered,” said Shaun Port, chief in- $144m to settle charges by the US articles described alleged bribes paid ruled out any current store closures Hargreaves Lansdown has come vestment officer at Nutmeg, a rival. financial regulator and about $138m by Walmart in Mexico. Reuters as part of the rescue deal. British-Saudi arms sales ruled unlawful in court

SEBASTIAN MCCARTHY Following the surprise decision, From 2012 to 2017, total imports the UK government decided to halt of major arms into Saudi Arabia @SebMcCarthy new arms licenses to Saudi Arabia more than tripled when compared UK ARMS sales to Saudi Arabia have as it urgently reviewed its with the previous five years. been declared unlawful by the processes. The government is set to Court of Appeal, in a major blow to The move could challenge the decision. both the government and the potentially hit British The Department for British defence industry. defence industry A landmark legal ruling giants such as BAE The UK licenses yesterday concluded that the UK systems, which has Typhoon fighter jets to government did not properly assess worked alongside Saudi Arabia whether a Saudi-led coalition had the UK government committed violations of to deliver arms International Trade international humanitarian law in contracts to Saudi said it disagreed with the past during the Yemen conflict. Arabia. the judgement, adding it Campaign Against Arms Trade, Over the last four years, was not about whether the which made the judicial review, the UK has licensed more than decisions themselves were right argued military equipment from £4.7bn of arms exports to Saudi or wrong, but whether the process the UK was used to kill civilians Arabia, including Typhoon and in reaching those decisions was and violated international law. Tornado fighter jets. correct.

Property Pints Gold climbs to a five- with BuyAssociation UK banks need ‘more support’ Thursday 27th June year peak as Federal 6.30pm - 8.30pm Reserve signals cut Boisdale of Canary Wharf, Cabot Square, and tax cuts after Brexit chaos Canary Wharf, London E14 4QT CALLUM KEOWN summer reception on Wednesday AUGUST GRAHAM Join us on Thursday 27th June for an informal night, Wigley said: “I do not think look at the property investment market outlook @CallumKeown1 it’s unfair to say that since the @AugustGraham beyond London, at Boisdale Canary Wharf, with UK BANKS need more support financial crisis and particularly GOLD prices hit a five-year high the award-winning team from BuyAssociation. from government to promote a during the Brexit negotiations, yesterday after dovish signals from Whether you’re a first time investor, a sea- positive vision and cut taxes on our sector and services generally the US Federal Reserve put pressure soned property professional or mildly curious, the industry, UK Finance have seen nothing like the level of on the dollar. come along for a drink and a chat. chairman Bob Wigley has said. strategic support and attention Spot gold hit $1,380.96 per ounce, The trade body chair said from government that has been its highest peak since March 2014. government failed to adequately granted to goods and technology.” It follows a rise of around $80 in If you are interested in attending, support the finance industry in He added the aggregate rate of June alone. The rise came as the Fed please RSVP to [email protected] the Brexit negotiations and called tax paid by banks in New York signalled it could cut interest rates for a new formal body to be set up. and Frankfurt was much lower potentially as early as next month. The organisation, he said, than in London. “The driver for the surge is obvi- should be made up of regulators, He also called for a review of ously the Fed delivering the dovish government officials and the the rules to ease the burden on tilt that the market was looking for,” Bank of England governor. mid-tier and smaller banks, citing said Saxo Bank commodity strategist Speaking at UK Finance’s poor promotion of competition. Ole Hansen. CITYAM.COM FRIDAY 21 JUNE 2019 NEWS 05 IN BRIEF SLAUGHTER AND MAY UPS CARBON CHIEF: GREEN SHIFT SOUTH AFRICA’S RAMAPHOSA FINE ELMS Henderson Park and Greystar JUNIOR PAY TO £100,000 CHEAPER THAN YOU THINK SAYS ECONOMY AT RISK buy former Royal Mail depot for £101m Slaughter and May yesterday said it is The cost of ridding Britain of emissions South Africa’s President Cyril increasing its pay package for newly- by 2050 will not be as high as reported, Ramaphosa pledged yesterday to speed qualified (NQ) solicitors to over £100,000. the head of the Committee on Climate up 230bn rand (£12.7bn) of support for The City stalwart said basic salary for Change has said. His comments come ailing power utility Eskom, which he said NQs was going up to £92,000 from after chancellor Philip Hammond was “too vital” to the economy to be £83,000. Factoring in a discretionary claimed that the plans, adopted last allowed to fail. In his first state of the bonus, which last year was 8.2 per cent, week by the government, will cost the nation address since leading his party to NQ lawyers stand to receive over six UK more than £1 trillion. “The kind of victory in a 8 May election, Ramaphosa figures a year. Freshfields Bruckhaus transition which will get us to net zero said Eskom’s financial position remains Deringer fired the first shot in the pay will not involve all of these huge costs a matter of grave concern. In February fight last month when it increased salary you’ve read about in the newspapers,” the government pledged a 23bn rand a for NQ lawyers to £100,000. In addition Chris Stark, the chief executive of the year bailout over three years, but the to basic pay, Freshfields’ NQ lawyers are government’s advisers, told a group of firm says it needs more cash to keep the also eligible for a discretionary bonus. academics on Wednesday. The lights on after nationwide blackouts Earlier this month Clifford Chance Committee on Climate Change (CCC) last earlier in the year. He has pledged to followed suit, upping its package of month proposed a plan to get Britain to speed up badly needed economic salary plus bonus to £100,000. The Magic net zero emissions by 2050. Meanwhile a reforms, but he faces a huge task Circle pay increases are being driven by push to agree for the EU to go carbon reviving an economy that just posted its pressure from US firms which have taken neutral by 2050 failed to get unanimous biggest quarterly contraction in a talent from the traditional City elite. support at a leaders summit yesterday. decade.

HENDERSON Park and Greystar Real Estate Partners confirmed yesterday that they have acquired a site located at the former Royal Mail depot in Nine Elms for £101m. The two firms plan to develop it into an 894-home build to rent residential scheme. Dixons Carphone warns of further mobile struggles

CALLUM KEOWN mobile like-for-like revenue dropping @CallumKeown1 four per cent in the 12 months to April. DIXONS Carphone shares plunged Over the same period electricals yesterday after the retailer swung to a revenue rose one per cent. £259m loss and warned of “more It now expects to pull in £210m in pain” to come in its struggling mobile headline profit before tax for the cur- phone division. rent financial year, far short of con- The company blamed the UK’s sensus analyst guidance of £300m. rapidly-evolving market for mobile Baldock said: “We know we have it phones and warned the division in us to be a much more valuable would be “significantly loss-making” business. That will take time. this coming year as well. He added the firm was accelerating The high street giant reported losses its mobile transformation – renegoti- of £259m in the year to the end of ating legacy contracts – and the inte- April, as it took charges of £557m to gration of mobile and electrical arms. deal with the “changing UK mobile market.” DIXONS CARPHONE Chief executive Alex Baldock said he was restructuring the mobile arm to 130 P boost cash generation, aiming for the division to break even by 2021. 120 The revelations of further losses sent 110 shares plunging 20 per cent in early 20 Jun trading before recovering to still close 100 118.20 5.1 per cent down at 118.20p. Dixons has been hit by customers 90 keeping hold of their mobile phones for longer, with UK and Ireland 14 Jun 17 Jun 18 Jun 19 Jun 20 Jun

GONE are the days of consumers rushing BOTTOM LINE to upgrade their mobile phone at the first opportunity. Gone too are the days of division to break even. networks tempting customers with When Dixons and Carphone Warehouse unlimited text packages. merged in 2014, the electrical retailer had Phone habits have changed, people are made good progress to turn around its keeping their swanky new phones for fortunes. longer, moving away from long-term In its final results before the deal, Dixons contracts and demanding flexibility. reported annual pre-tax profit of £133m – This shift has hammered Dixons 53 per cent up on the previous year. Carphone, which has moved to Five years on and the electrical giant is renegotiate its network contracts to keep being heavily weighed down by mobile up. phones, calling into question whether Its £259m losses are significant, but the merger was ultimately the right more worrying is the warning of “more move – it may take a number of years yet pain” to come with the company insisting to get the answer. it could take up to two years for its mobile CALLUM KEOWN 06 NEWS FRIDAY 21 JUNE 2019 CITYAM.COM Hedge fund manager who bet on financial crash closes London office JESS CLARK the Financial Times: “The Paulson would consider making his firm a European Fund represented a small “family office” focused on managing @jclarkjourno amount of our [assets under his personal wealth rather than HEDGE fund manager John Paulson, management]. The UK and western funds from external clients. He told who made billions of dollars by Europe will continue to be an According to Sources, an industry betting against subprime mortgages important part of our investment podcast, that he could make the before the financial crash, has focus.” change within a couple of years. reportedly closed his London In 2016, the firm shrunk its The hedge fund manager was the business. London office down to one floor. subject of The Greatest Trade Ever, a Orkun Kilic, the last remaining Partner Harry St. John Cooper, gold book written by Wall Street Journal partner in the Paulson & Co London strategist John Reade and two reporter Gregory Zuckerman, which office, has left the firm, according to traders also left the firm in that year chronicled Paulson’s bet against the a filing to Companies House. as the company downsized. US housing market in the lead-up to A spokesperson for the fund told Earlier this year, Paulson said he the financial crash. Paulson was the subject of a book detailing his bet against the housing market Slack surges to Forex broker Argentex kicks $25bn valuation off £120m float JAMES BOOTH @Jamesdbooth1 LONDON foreign exchange broker at public debut Argentex pulled the trigger yesterday on a listing that values the firm at £120m. Argentex assists businesses and EMILY NICOLLE $400m in 2018. It reported losses of high-net worth individuals with $143.9m. forex transactions related to their @emilyjnicolle Slack has more than 90m users glob- business needs, but does not SHARES of workplace messaging app ally, but only around 100,000 paying engage in speculative trades for its Slack soared in its first session as a customers for its premium options. clients or offer margin trading, publicly-traded company yesterday, “We are in a growth phase right now The probe includes a review into the bank’s handling of alleged suspicious activity spread betting or similar products. rising nearly 60 per cent to value the and we are continuing to invest, but It has conditionally raised £14m firm above $25bn (£19.7bn). we expect to hit breakeven cash flow before expenses at 106p per The tech firm had used a direct list- soon,” said Slack’s chief financial of- ordinary share by the way of an ing model to go public on Wall Street, ficer Allen Shim. Deutsche Bank faces US probe institutional placing of 12.6m opting to not raise any additional cap- The unusual move to plump for a ordinary shares. ital after several large funding rounds direct listing may prove popular In addition, 30.6m ordinary topping up the books in recent years. among other large tech firms yet to over money-laundering claims shares are being sold by the selling Slack’s share price rose as high as chase an initial public offering (IPO) shareholders who are in line for a $41 per share during trading, up from this year, despite the lack of fresh CALLUM KEOWN £32m windfall. the New York Stock Exchange’s refer- capital it provides. Trump and his son-in-law and Admission to the market is ence price of $26. It closed at $38.62, Airbnb is said to be considering a @CallumKeown1 adviser, Jared Kushner. expected on 25 June. a rise of almost 49 per cent. similar model, as it allows firms to DEUTSCHE Bank is facing a US Last month, it emerged that Co-chief executive Harry Adams The trading price awarded Slack save on investment banking fees and criminal investigation into whether it Deutsche Bank staff had flagged a told City A.M.: “We are in a space with a valuation of more than 50 avoid restrictions on insiders vesting complied with anti-money number of transactions that were where we believe that it’s such a times its full-year revenue. their shares. laundering laws. linked to Trump and Kushner during vast market that we are confident Though that multiplier is lower Shim said: “We think a direct listing US federal authorities are 2016 and 2017. that the next few years, especially than some other tech listings this is a more effective and efficient way investigating whether Germany’s They recommended the with this money behind us, is going year, analysts voiced concerns at the to get to a normalised level of supply biggest lender complied with laws transactions be reported to a federal to allow the company to accelerate high valuation for a loss-making firm. and demand without the constraints intended to stop money laundering crimes watchdog, but the bank’s and maintain and build on the “They are going to have to do an of an IPO.” and other crimes, the New York executives ignored the plea, momentum we have seen.” awful lot to get the company’s funda- Slack’s listing is the latest in a string Times reported. according to reports. Adams and co-chief executive mentals to justify that kind of valua- of bumper tech IPOs this year, follow- The probe includes a review into It is part of a wider investigation Carl Jani will hold 12.2 per cent tion,” said Kathleen Smith, a principal ing the likes of Crowdstrike, Pinterest the bank’s handling of alleged into how illicit funds flow through each of the company on admission. and manager at Renaissance Capital. and Zoom. suspicious activity reports, including the US financial system, with several Argentex reported revenue of Revenue for Slack rose more than 80 Others, such as Uber and Lyft, had a some involving legal entities other banks also being investigated, £21.9m and operating profit of per cent in the last year alone to reach more disappointing start to trading. controlled by US President Donald the paper reported. £9.4m for the year to 31 March. UK keeps finance investment crown Russia raises $2.5bn with sale of Eurobonds after new rouble high but sentiment falls to all-time low ANDREY OSTROUKH The announcement comes after the rouble hit a 10-month high HARRY ROBERTSON will get less attractive over the next increasingly gloomy about the UK RUSSIA raised $2.5bn (£2bn) selling following dovish statements by the three years, said EY, who ran the this year. dollar-denominated Eurobonds US Federal Reserve suggesting it @henrygrobertson survey. Their principal worries were over maturing in 2029 and 2035 yesterday, could cut interest rates. THE UK remained Europe’s most Yet Britain remained top of the potential loss of access to EU the finance ministry said. Finance minister Anton Siluanov attractive place for international European leaderboard as the markets and restrictions on labour The sale of Eurobonds maturing in said this month that current market investment in finance in 2018, country which attracted the most mobility, EY said. 2029 with a yield of 3.95 per cent conditions were highly favourable for despite investor sentiment dropping financial services foreign direct Omar Ali, EY’s UK financial raised $1.5bn while the 2035 a placement of sovereign Eurobonds. to an all-time low, according to Big investment (FDI) projects in 2018. services leader, said: “The high level Eurobond, with a yield of 4.3 per Russia tapped the global bond Four professional services firm EY. It brought in 112 financial FDI of investment in 2018 reflects the cent, raised $1bn. market in March, raising $3bn in a Ongoing uncertainty over Brexit projects in 2018, well ahead of historic optimism of investors at the The initial benchmark yield on the new dollar-denominated Eurobond has damaged investors’ views of second-placed Germany, which time... Mutual market access was 2029 Eurobonds was around four per and €750m (£667m) in a top-up issue Britain, with nearly half of financial attracted 81 projects. still on the table [and a] deal looked cent and about 4.45 per cent for the of an existing euro-denominated services investors thinking the UK However, investors were like it could still be reached.” 2035 Eurobonds, the ministry said. Eurobond. Reuters CITYAM.COM FRIDAY 21 JUNE 2019 NEWS 07 Domino’s picks a Rennie after Wild excess

RENNIE is a long-held cure to approve a company voluntary His comment about Arcadia not lenge would be Intu Properties, the for indigestion. Domino’s Mark arrangement (CVA) that Arcadia being on the brink also ignores what Trafford Centre-owner, which voted Pizza Group’s franchisees, Kleinman “never came close to collapse” may was there in black and white in the against the proposals. It declared itself Awho have been complaining come back to haunt him. CVA proposals: that without approval, “disappointed” with the outcome (a that they have had as much Sir Philip appears to have forgotten the retail group was “highly likely” to strange choice of word for a vote which as they can swallow of boss David the 28-day challenge period that enter administration. appeared to have just salvaged close to Wild, should, then, welcome the fact allows creditors to lodge objections to Indeed, insolvency practitioners 18,000 jobs), although it also pledged that a Rennie is exactly what they’re the plan’s implementation. were on standby to be appointed to work closely with the company. in line to get. Despite the CVA’s adroit handling within hours of the vote. But even if Intu does not, other cred- Having acknowledged in March that by Deloitte, some must be tempted to The fact that the ballot had to be itors might be tempted to challenge searches were underway for a new former boss of Fujitsu UK and a pro- do so. adjourned for a week – and sweetened the man who remains the high chairman, chief and senior independ- lific appointee to government boards. For one thing, the Topshop owner is with nearly £30m of his family’s street’s most pugilistic force. ent director, it looks as though Wild Blagden, as I reported earlier this hardly a beneficiary of goodwill, with money – has also been (in)conve- Green peace? Don’t count on it yet. will be the first to depart. week, is being lined up as Baroness photographs of his super-yachts niently erased from the tycoon’s His successor is likely to be Andrew Fairhead’s successor as trade minister. continuing to fill vacant newsprint memory. £ Mark Kleinman is the City Editor Rennie, who runs the mainland Euro- It’s not a done deal yet, but well- and airtime. The likeliest party to mount a chal- of Sky News. @MarkKleinmanSky pean parts of Domino’s Pizza Enter- placed sources tell me his name has prises, covering markets such as been going through the required Belgium and France. approval processes before he can be Rennie’s appointment is still a few handed his peerage. weeks off, according to insiders, but it Leaving aside the fact that a private seems logical that someone who un- company set up by Blagden has derstands the Domino’s network donated more than £200,000 to the should be the favoured choice to Tories since 2005, there’s the valid address the simmering row between question of whether he’s remotely the London-listed company’s board qualified for the job. Many of the and franchisees. senior businesspeople I sounded out Much of the enmity stems from is- this week said they had never heard sues which are superficial – address- of him. ing concerns, for example, about how Then there’s the issue of timing: the company spends the advertising May’s successor surely won’t be pounds contributed by franchise- bounced into filling any ministerial holders. roles with her preferences. The his- eToro Trading Course Rennie will bring a fresh pair of eyes tory of this post, littered with grand to these issues but would also under- names from corporate Britain who line the truism that a change is as depart after little more than 18 in association with good as a rest. months, fails to inspire confidence. That principle also applies to much Appointing another in the dying of the rest of its board. If Domino’s days of her premiership would make served pizzas that were as stale as little sense – but would reflect the City A.M. many of its directors, it would be out mess May is leaving behind. of business very quickly. GREEN PEACE NOT ASSURED PM’S PARTING GESTURE Changing shopping habits, pressure Theresa May pledged on her first day from regulators and jealousy of as Prime Minister to work “not for a “people who can write a cheque”: Sir privileged few but for every one of Philip Green argues vehemently that us”, so it’s fitting that as her disas- he has been treated unfairly as he trous tenure draws to a close, one of contends with the restructuring of her final acts in Downing Street may his Arcadia Group. fit the narrative of what has gone Nevertheless, the high street tycoon before – handing a peerage to a has developed an unerring tendency Fancy learning how to trade? Join multi-asset investment platform eToro for a free Conservative donor. to shoot himself in the foot. His Step forward Simon Blagden, the remark in the wake of winning a vote trading course on 1 July 2019.

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Strictly RSVP - to register to attend AIRBUS called yesterday for a chance to compete for a blockbuster plane order by visit www.cityam.com/event/etoro-event British Airways owner IAG, which stunned executives at this week’s Paris Airshow by ordering 200 of Boeing’s grounded 737 Max. Airbus publicly voiced its frustration over the deal and urged IAG to run a competition for the planes. 08 NEWS FRIDAY 21 JUNE 2019 CITYAM.COM Huawei founder downplays $30bn hit to revenues after US trade ban JAMES WARRINGTON would impact overseas business. added Huawei to a trade blacklist, “I don’t see that problem, because effectively banning American @j_a_warrington in the Chinese market, the companies from doing business with HUAWEI’s founder Ren Zhengfei has consumer business has not seen a the telecoms giant. played down the impact of a US trade decline,” Ren told CNBC. The move has also taken its toll on ban on the Chinese tech firm, just “It’s just that there might be the supply chain. A string of tech days after it forecast a $30bn declines overseas. In the worst case, firms, including UK chip giant Arm, ($23.6bn) drop in revenue for the year. 40 per cent, but now it’s less than 20 have suspended trading with Ren said Huawei would still post per cent. And that kind of decline is Huawei. $100bn in revenue this year, roughly also changing. As I look at the Huawei has always denied flat compared to 2018, and insisted declines in the consumer business, allegations its equipment could be the firm’s consumer business in that would be about 10 per cent used for spying, and has dismissed China was still strong. roughly, so it’s not that big.” the US’s campaign against it as However, he admitted the ban US President Donald Trump has politically-motivated. Huawei’s international smartphone sales will be affected by the ban

A BRIDGE TOO FAR Four-month wait Bigger Heathrow until Hammersmith Bridge costs revealed Caretech boom after Cambian must be a ‘level acquisition JAMES WARRINGTON @j_a_warrington 1.07% CARE home operator playing field’ Caretech has posted a sharp rise in revenue and profit for the half year after snapping up rival firm Cambian Group. ALEXANDRA ROGERS of creating strong competition, Caretech’s revenue soared 120 greater choice and lower fares for con- per cent to £192.5m in the six @city_amrogers sumers and business.” months to the end of March. MPs MUST launch an inquiry into the Weiss said that while the current Underlying earnings before allocation of take-off and landing rules for allocating airport capacity interest, tax, depreciation and slots at an expanded Heathrow air- work on a season-by-season basis, amortisation (Ebitda) rose 71 per port to ensure a “level playing field”, there was a “growing consensus” they LONDON mayor Sadiq Khan admitted yesterday that Hammersmith and Fulham cent to £33.3m. the boss of a leading airline has said. are “ill-suited to the unique scale and Council would not reveal the costs of repairing the Hammersmith Bridge until The figures mark Caretech’s first Shai Weiss, the chief executive of circumstances of Heathrow expan- August. The bridge has been closed to vehicles since March. results since its bumper £372m Virgin Atlantic, has said the current sion, particularly the need to deliver takeover of Cambian, which rules around slot allocation allow on a wide range of policy objectives provides specialist care and IAG, the owner of British Airways, to such as domestic connectivity and education care. operate as a monopoly at the hub air- effective competition”. Caretech described the deal, port, with a holding of over 55 per A spokesperson for IAG said: “Cost which was cleared by the cent of all take off and landing slots. effective expansion of Heathrow will Jaguar Land Rover downgraded Competition and Markets “As things stand, International enable more airlines to fly from the Authority in February, as Airlines Group holds over 55 per cent airport and we welcome the addi- “transformational”, saying the of all take-off and landing slots at tional competition. However, slot al- by Moody’s as China slows down integration of the firm was “well Heathrow, with no other airlines hav- location should be undertaken underway”. ing more than give per cent of capac- according to IATA’s [International Air JAMES WARRINGTON turn around performance in China,” Removing the impact of the ity,” Weiss said in a letter to Lilian Transport Association] internation- said Tobias Wagner, vice president Cambian deal, Caretech’s like-for- Greenwood, the chair of the Trans- ally-agreed and very effective world @j_a_warrington and senior analyst at Moody’s. like revenue rose 12 per cent to port Select Committee. slot guidelines.” EMBATTLED car giant Jaguar Land It comes amid a torrid period for £98m, while like-for-like Ebitda “One group’s stranglehold on our Earlier this week, Heathrow re- Rover (JLR) suffered a fresh blow JLR, which last month posted an ticked up to £21m. nation’s hub airport means that all vealed its “master plan” for its yesterday after credit rating agency annual loss of £3.6bn after a hefty Caretech, which operates more other airlines do not compete effec- £14.4bn runway, alongside a 12-week Moody’s downgraded the firm and write-down to cover falling demand than 550 residential facilities and tively on anything approaching a level consultation. warned of a “negative outlook”. for newer models and diesel- specialist schools across the UK, playing field and passengers are The airport will reveal how it plans “The downgrade reflects Moody’s powered cars. said its property portfolio was paying the price.” to reduce emissions and noise – two expectation that leverage will JLR has blamed the results on a valued at £774m following the He added: “Expansion offers a areas that campaigners have circled remain elevated and free cash flow slowdown in its key Chinese market, acquisition. genuine once-in-a-lifetime opportu- out as areas of concern – as well as a negative for fiscal years 2020 and which prompted a 5.8 per cent The firm said it remained on nity to shake up the market in favour proposed ban on night flights. 2021 as Jaguar Land Rover seeks to decline in year-on-year retail sales. track for its full-year results. RMT union accuses Sadiq Khan of joining Tory Tube cuts ‘stitch-up’

ALEXANDRA ROGERS office has denied. per cent reduction in middle and TfL’s finances have been on the backroom staff. @city_amrogers rocks due to the cut of its grant from RMT boss Mick Cash said: “The fact THE RMT rail union accused London the government, which took effect that this stitch-up in being rolled mayor Sadiq Khan of carrying out last year. TfL has had to manage with out under the watch of a London “Tory cuts to the Tube” as it protested the reduction of around £700m per Labour mayor is disgraceful.” outside City Hall yesterday. year, as well as the ongoing costs to A spokesperson for the mayor The union claims that Transport the Crossrail delay and the loss of said: “Anyone who wants to see for London (TfL), which Khan chairs, fare income from the project. To London’s transport service properly has “given up” on restoring central cope with the stretch on its finances, funded should be joining this government funding to the TfL has carried out a rigorous cost- campaign, rather than trying to Khan has carried out a rigorous cost-cutting programme to rescue TfL’s finances transport body, which the mayor’s cutting programme, including a 30 deflect blame for government cuts.” CITYAM.COM FRIDAY 21 JUNE 2019 NEWS 09

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

There’s a first time for £ The most heartwarming ONE SMALL emails I receive are the ones everything... including STEP FOR AN thanking our distributors, the men and women in blue marrying your friends EDITOR... jackets who get our paper to Not long to go until the lord our readers. I was therefore VER the years I’ve ticked off couldn’t face the Italian mayor and I step over the deeply saddened to learn of Omost of the public speaking bureaucracy. They took care of the edge and off the top of the the death of Michel de formats. I’ve enjoyed after legal side of marriage in a swift Barclays Bank HQ in Canary Dadelsen, who supervised our dinner speeches, panel and secret ceremony at home in Wharf, so forgive me for London Bridge distribution for discussions, debates and events of Jersey and then went ahead with asking one more time for the past five years. I’m told all sizes. Last week, I ticked off the ‘real’ wedding in Tuscany last your support. The annual Michel’s father, the poet and another category of performance week, complete with assembled City abseil is on 4 July, and if author Jean-Paul de by conducting my friends’ guests, music, readings, ushers, you wish to support the Dadelsen, worked in de wedding. The only other time I’d vows, rings and a ‘sermon’ from brilliant charities partnering Gaulle’s provisional been as surprised at a suggestion yours truly. It was one of the most with this year’s Lord Mayor’s government in London and was when the proprietors of this wonderful honours and privileges Appeal, kindly visit was a wartime correspondent newspaper asked me to take the of my life. To be able to perform justgiving.com/fundraising/ for the clandestine French editor’s chair, four years ago. On such a role for one’s friends and to christian-may2 newspaper Combat, edited by both occasions I said yes, of have been entrusted with such a Albert Camus. In this tradition, course, and prepared to jump sacred and significant occasion Michel spent many years hurdles and cross bridges later. My was at once uplifting and working for an international dear friends, Jason and Leanne, humbling. Congratulations to the £ Despite the rail strike and a little a request came in via Whatsapp CAN I QUOTE YOU ON THAT? press agency covering wanted an Italian wedding but happy couple. bit of rain we enjoyed a from a City grandee in a very grand economics and finance, and tremendous day at Royal Ascot on box, asking for advice. Bill’s took up with City A.M. in his Y MATRIMONIAL duties in astounding piece of work. Tuesday. This was in no small part wisdom was relayed, and retirement – rising before MItaly were preceeded by a Appeasing Hitler by Tim Bouverie down to City A.M.’s racing tipster, champagne corks were soon ...should suffer no dawn each day. He was a week in Corfu with my is a staggeringly good account of Bill Esdaile. With his characteristic popping for this financier’s guests. more for dabbling in member of the Chartered entire family, during which I the build-up to the Second World charm and insight, Bill revised his My £10 flutter on that race was well cocaine than should Institute of Linguists and used devoured two remarkable books. War, focusing on the rise of Nazi earlier tips on account of the rewarded, so I expect those with his fluency in four languages Fall and Rise by Mitchell Zuckoff Germany, the intense efforts at weather and talked our table deeper pockets had even greater a former Lord to offer translation services. is a heartbreaking and forensic home to avoid war and on those through his picks. Bill’s expertise cause for celebration. Some of the Chancellor... He was committed to charity, account of 9/11, told through the who disagreed with the policy. It is saves a novice like me from placing City A.M. team spend the entire Judge Owen Davies cites to his friends, and to his stories of hundreds of individuals gripping, dramatic and revelatory. bets on the basis of a horse’s name week trackside, but for me one day Michael Gove’s past drug use family – who described him to from office workers, air traffic If you can fit either in your and, having followed his advice to is enough: have a great lunch, after letting a defendant off a us as “a gentleman with old- controllers, family members and luggage this summer, take them the letter, we left comfortably up wave at the Queen, try not to slip drugs charge fashioned good manners.” emergency responders. It is an with you. on the day. Ahead of the first race, into the red and back to London. Morgan slams Internet red tape ‘strangles FCA over access UK economy’ JAMES WARRINGTON @j_a_warrington GOVERNMENT plans to tighten to bank services regulations against internet companies pose a serious threat to free speech and will damage the economy, according to a new JAMES BOOTH The FCA said “ensuring compliance report. with the Equality Act is generally The Adam Smith Institute (ASI) @Jamesdbooth1 beyond our expertise as a financial warned that making platforms TREASURY Committee chair Nicky services regulator”. such as Google and Facebook Morgan criticised the Financial Morgan said: “Why could the FCA accountable for material posted by Conduct Authority (FCA) today for not acquire the expertise required to their users could lead to “lacking in desire” to improve con- ensure that the Equality Act is widespread censorship. sumer access to financial services. enforced and protect vulnerable The think tank also dismissed The Treasury Committee made a consumers?” Bad weather kept people indoors, driving up Dunelm sales concerns about big tech series of recommendations of how In connection with the closure of monopolies, arguing competition consumer access to financial services bank branches and free cash in the sector remains strong. could be improved in a report machines, FCA chief executive Dunelm raises forecast as poor It warned regulation would published last month. Andrew Bailey acknowledged that create new barriers to entry that These included a requirement that “cash remains a crucial means of pay- would entrench the dominance of firms act in customers’ best interests, ment for many”. tech giants and harm startups. suggestions for the preservation of The FCA said it was working in a weather leaves it sitting pretty “The UK government is on the bank branches and free-to-use cash cross-governmental group in relation verge of making our internet the machines, and enforcement of banks’ to cash access and said the group CALLUM KEOWN £124 and £126m, up from 2018’s most censored and highly compliance with the equality act “will announce in due course their £102m and ahead of expectations. regulated of any western being moved to the FCA. proposed work plans and how they @CallumKeown1 8.52% Dunelm added that a weak democracy,” said Matthew Lesh, Morgan slammed the FCA over plan to coordinate in this area”. FURNITURE firm Dunelm comparative period last year had also head of research at the ASI and its response to the report and In connection to the Committee’s raised expectations for the contributed to the strong growth. report co-author. suggested the City watchdog has “an- duty of care recommendation, Bailey year after strong sales growth in The homewares group previously The report called on the other go” at replying. said: “It is clear there is a strong recent months. raised expectations in April after government to adopt a so-called “The vast majority of the FCA’s reply desire to see us strengthen our The company said unseasonably higher-than-expected sales in the permissionless innovation to our recommendations appears to principles and use them to much favourable weather had boosted like- first three months of the year – like- approach, allowing entrepreneurs be a holding response or lacking in more real effect.” for-like growth in May and June as it for-like revenue was up 12.5 per cent to experiment with new business desire to effect any change. He added: “There is a good case for continued to defy the UK’s gloomy to £264.6m. models and technologies and only “We recommended that in addition enhancing the standing and practical retail sector. Earlier this year, the home intervening when there is clear, to the [Equality and Human Rights impact of our principles, rather than Shares in Dunelm climbed more furnishings retailer said profit and demonstrable harm to the public. Commission], the FCA should be just writing more rules.” than eight per cent as the company’s revenue climbed in the first six The ASI said Brexit provides an given responsibility for the enforce- Morgan said: “The FCA should have latest profit boost further buoyed months of the financial year but also opportunity for the UK to break ment of the Equality Act,” she said. another go at responding to our investors. warned its outlook was “cautious” away from the “excessively “Yet the FCA said that it does not have report and approach our recommen- In a trading update, the board said due to Brexit uncertainty. precautionary approach” of the EU, the expertise as a financial services dations with a far more inquisitive it now expected pre-tax profit for the The firm said it had set aside just attract tech investment and boost regulator to carry out enforcement.” and curious attitude.” full year to 29 June to be between under £2m for Brexit stockpiling. job prospects. 10 NEWS FRIDAY 21 JUNE 2019 CITYAM.COM Carnival cruises into choppy waters as Washington reinstates Cuba ban JOSH MARTIN better trading for the Miami-based bookings that included the @JoshMartinNZ company, with net cruise revenue up Communist island state. 12.00% 5.2 per cent on a constant currency Carnival said the disruption from LONDON-LISTED shares in basis to $3.8bn (£3bn). the ban would hit earnings per share Carnival Cruises sunk 12 per However net income for the three by between four and six cents. cent yesterday after the travel months to 31 May slid to $451m, Its revised earnings per share company cut its profit forecast due to compared to $561m for the same outlook for the year is now between the Trump administration’s sudden period last year. $4.25 and $4.35, a downgrade from ban on cruises to Cuba. US President Donald Trump’s March when it stood at $4.35 and The cruise giant also blamed announcement reinstated a travel $4.55. higher expenses and an expectation ban to Cuba via cruise ships, The downgrade also dragged on of lower ticket prices in the coming personal aircraft or boats, and the US-listed shares of cruise holiday months for the downgrade. meant a forced change in itinerary rivals Royal Caribbean Cruises and The second quarter heralded for close to 800,000 Americans with Norwegian Cruise Lines. Cruising company Carnival will now have to divert itineraries away from Cuba IN BRIEF FAILED SUPPLIERS LEAVE HOUSEHOLDS WITH BILL The head of Citizens Advice has Gloomy weather called on the government to act as households face a £172m bill after 11 suppliers collapsed. Gillian Guy said consumers should not be left to bail out the industry when companies go out of business. She dampens retail has said the government should use an upcoming white paper to “close the gap in protections and limit the cost to consumers of any future supplier failures”. volumes in May BRITAIN BEATS PERSONAL BEST IN COALLESS POWER Britain smashed another record for not burning coal from energy JESS CLARK cent and 9.2 per cent respectively due yesterday as it moves towards @jclarkjourno to the warmer weather. eliminating the fuel by 2025. British “Considering we are facing a sum- power plants have now stood idle RETAIL sales suffered a setback last mer of political upheaval and ongo- for 1,976 hours so far this year, more month as volumes dropped 0.5 per ing Brexit uncertainty, it seems only than in all of 2018. It has helped cent month-on-month driven by logical that consumers are being reduce carbon emissions by around unseasonably cold weather. cautious by not flashing their cash on 5m tonnes, the government said. Sales were up 2.3 per cent compared ‘nice-to-haves’,” said Emma-Lou Mont- “Coal is fast becoming the fossil of to May last year, representing gomery, associate director for The online retailer was previously operated with catalogue sales model our energy system and it will soon the smallest year-on-year rise since personal investing at wealth manage- be consigned to the history books,” October 2018. ment firm Fidelity International. said energy and clean growth In April, the year-on-year increase Online sales increased 8.2 per cent minister Chris Skidmore. Last was 5.1 per cent, while in March it last month compared to May 2018, Retailer N Brown’s share price month Britain hit its consecutive was 6.7 per cent, according to the accounting for 19.3 per cent first week, then its first fortnight, latest data from the Office of National of all retail sales. However, sales were without burning a lump of coal for Statistics (ONS). flat month-on-month for the amount surges on digital sales boost power. The department store sector has not spent. seen an increase in quarterly sales Karen Johnson, head of retail and JOE CURTIS the retailer’s eight per cent higher, UN AND EU BODIES PUSH AGAINST SPACE JUNK since September 2018, and May wholesale at Barclays Corporate Bank- @joe_r_curtis before settling to three per cent up. marked the eight consecutive month ing, said: “It’s certainly true that 2.97% Meanwhile, revenue in financial European and UN bodies yesterday of zero growth. some retailers are keeping consumers SALES at N Brown fell services grew eight per cent in outlined a joint push for global According to figures published yes- spending by finding innovative ways despite growth in its digital comparison with the same quarter action on space junk, saying that terday, in the three months to May to get customers into their stores and division in the three months to the last year. debris orbiting the earth must be the struggling sector saw a 0.9 per onto their websites. start of June, it revealed yesterday. Chief executive Steve Johnson cleaned up as satellites launched by cent decline in the quantities bought. “Whether that’s through a more ex- Total revenue dropped 3.8 per cent defended the performance as “solid” private companies and other new Clothing store sales also slowed periential focus in-store, making on- year on year even though digital despite the drop in sales. entrants are adding to the crowding. rapidly last month to 0.3 per cent as line shopping simpler, or even sales rose three per cent, the retailer “The retail market remains So-called space debris has been an customers delayed stocking up their demonstrating their sustainability said. Digital sales now comprise 83 challenging, but we have a clear issue since the Cold War-era space summer wardrobes due to poor credentials, parts of the sector are per cent of overall revenue. strategy to deliver profitable digital race. In the absence of solutions, weather. showing that it is possible to appeal The progress on digital sales – core growth and our full year and with countries having In March and April this year, the to shoppers and keep sales ticking to N Brown’s pivot from its history as expectations are unchanged,” he developed the ability to shoot down sector saw strong growth of 7.2 per over as summer finally approaches.” a catalogue clothing brand – pushed said yesterday. satellites, it has only got worse. Former Interpol chief admits bribe guilt during Chinese court hearing MICHAEL MARTINA he travelled back to his home when he was deputy minister of country of China. public security and head of China's FORMER Interpol chief Meng In March, the ruling Communist coast guard, went back to 2005. The Hongwei admitted his guilt during a party said its investigation into court, in the northern city of court hearing yesterday after Chinese Meng found he spent “lavish” Tianjin, will announce its verdict at prosecutors accused him of taking amounts of state funds, abused his a later date, it said. 14.5 million yuan (£1.67m) in bribes, power and refused to follow party It is not clear who Meng’s lawyer state media said. decisions. “Meng Hongwei made is and it was not possible to reach Interpol, the global police final remarks, and admitted guilt him or a legal representative for coordination agency based in and expressed remorse to the court,” comment. Chinese courts are tightly France, last October said Meng had the People’s Daily reported. controlled by the Communist party, Meng is almost certain to be found guilty in the court resigned as its president, days after The paper added that his alleged and Meng is almost certain to be his wife reported him missing after crimes in various posts, including found guilty. Reuters CITYAM.COM FRIDAY 21 JUNE 2019 MARKETS 11

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FTSE 100 firms as BERKELEY 3,800 P S&P 500 hits 20 Jun 3,700 3,526 a record high 3,600 BoE growth slash HE S&P 500 hit a record high 3,500 Tyesterday, lifted by Wall Street’s 3,400 expectations that the Federal Reserve will cut interest rates as soon as next month to keep the US-China aids stimulus hope 14 Jun 17 Jun 18 Jun 19 Jun 20 Jun trade war from stalling economic growth. UK homebuilder Berkeley Group has beaten expectations once again, say All 11 S&P 500 sector indexes logged analysts at Canaccord Genuity in a glowing review. They call the firm’s profit gains for the session after the US delivery over the last three years “truly remarkable”. Canaccord Genuity is central bank left rates unchanged at HE FTSE 100 rebounded on BoE cut its second-quarter growth unchanged in its assessment: “Buy” with a target price of 3,850p. the end of its two-day policy meeting growing hopes of more cen- forecast to zero and highlighted risks on Wednesday, but pledged to “act as tral bank stimulus after the from global trade tensions and grow- appropriate” to sustain economic TBank of England (BoE) cut its ing fears of a no-deal Brexit. ESSENTRA health. growth forecast and the US But exporter stocks still took a hit as Wall Street’s main indexes have Federal Reserve flagged interest rate sterling held on to some earlier gains. 425 P gained in recent weeks on cuts, though cruise operator Carnival Reckitt Benckiser, HSBC and As- expectations of a rate cut and hopes slid after lowering its profit target. trazeneca all edged lower. 420 of a revival of trade talks between the The FTSE 100 index rose 0.3 per cent United States and China at the G20 BP Shell 415 with and both up more than FTSE meeting next week in Japan. one per cent as Middle East tensions A more-than-expected dovish Fed drove oil prices higher. 7,500 410 420.20 led to US Treasury bond yields The more domestically focused mid- 20 Jun tumbling, with the benchmark 10-year 7,450 405 cap index outperformed, rising 0.7 yields dropping below two per cent for per cent to its highest in nearly a 7,400 the first time in more than two-and-a- month. It was led higher by a 22 per 14 Jun 17 Jun 18 Jun 19 Jun 20 Jun half years. cent surge in car auction firm BCA 7,350 The energy index jumped 2.21 per Marketplace after it received a nearly 7,424.44 Supplier of plastic products Essentra recently sold its speciality tapes business for cent, the most among the 11 major £2bn takeover bid from private equity 7,300 20 June £61m in its third disposal from the specialist components division since January. S&P sectors, as oil prices surged over firm TDR Capital. Analysts at Peel Hunt say the disposal reduces the firm’s net debt, giving it five per cent on renewed tensions in The pound trimmed gains after the 14 Jun 17 Jun 18 Jun 19 Jun 20 Jun headroom for new buys. Peel Hunt says “buy” with a target price of 500p. the Middle East. CITY MOVES WHO’S SWITCHING JOBS

MARSH join the firm later this year. Most recently, Tim was vice president of sales for Europe, Middle East and FULCRUM Marsh has announced the head of the UK real estate practice at Aon, a position Africa (EMEA). With extensive experience leading Fulcrum Utility Services has appointed Daren Harris as appointments of Tim Scoble he has held since 2016, having joined the firm in 2008. organisations in the data protection industry, Nick will chief financial officer. Daren will join the company and as chief executive. Part of Before joining Aon, he was a leadership partner within lead efforts to further expand Druva’s presence in the its board on 24 June 2019. Daren brings with him Marsh JLT Specialty, the UK the property investors division at Willis Towers Watson region and support enterprises as they transform for significant experience gained in various senior finance real estate practice provides for five years. Marsh has also appointed Mark Lumley the cloud era. In his role as EMEA vice president of roles including those in the construction, mechanical insurance and risk advisory as client director of its UK Real Estate Practice. In his sales, Nick will be responsible for managing and and electrical engineering, defence and energy services to real estate owners, role, Mark will assume responsibility for client growing Druva’s sales operations in EMEA, as well as services sectors. His most recent role was as group operators, managers, and leadership and the strategic management of key leading the sales and channel strategy across the finance director and primary board member of the developers. As chief executive accounts. Mark will return to Marsh later this year from region. Nick joins Druva from Dell/EMC, where for the Byrne Group, a construction services provider which of Marsh JLT Specialty’s UK Howden, where he has been head of real estate since last four years he has led the specialist data protection during his tenure achieved turnover in excess of real estate practice, Tim will 2015. solutions division for the UK and Ireland region. Prior £300m. Prior to that Daren was group finance director have overall responsibility for the development of to that, he ran the software business unit responsible of NG Bailey, a £400m turnover engineering and strategic solutions that will assist clients in managing DRUVA for data protection, data management and storage services business. Daren is a member of The Institute the increasingly complex risks they now face. He will Druva has announced that it has hired Nick Turner as virtualisation software for IBM in its European region. of Chartered Accountants in England and Wales.

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NEWS Minister apologises for fresh delays Defiant Italy demands to pornography age-check scheme change to EU debt rules SEBASTIAN MCCARTHY that companies will need to comply verify the age of UK visitors. FRANCESCO GUARASCIO Conte told reporters yesterday. @SebMcCarthy with, meaning there will be further Sites that do not implement the Under current rules, EU states with delays to a measure that has already rules could face having payment ITALY’s Prime Minister defied Euro- large public debts should gradually PLANS to stop people under the age of been postponed once before. services withdrawn or being blocked pean Union concern over its debt reduce them, but Rome’s debt 18 from accessing online pornography Wright said: “It has come to my in the UK. yesterday, saying the bloc’s fiscal rules increased last year and is forecast to were delayed by the government for attention in recent days that an Yesterday’s delay comes months should focus on growth rather than expand further until 2020. the second time yesterday. important notification process was after the government was embroiled stability, and blaming partners for Conte said the Italian government Changes designed to stop under-18s not undertaken for an element of in a data breach blunder just hours unfair tax competition and excessive will complete the assessment of its fi- from watching pornographic content this policy and I regret to say this will after setting out its own privacy laws surpluses. nances in a meeting next Wednesday were set to be launched in just a few delay the commencement date.” for the pornography age verification Arriving at a meeting of European after which he expects new estimates weeks, but have now been pushed The verification system were set to checks. leaders in Brussels, Giuseppe Conte to point to a 2019 deficit of around 2.1 back a further six months. become mandatory for commercial Digital minister Margot James dismissed warnings over Rome’s grow- per cent of output, below the EU Com- Culture secretary Jeremy Wright providers of pornography by 15 July. insisted privacy around porn checks ing debt and said Italy was complying mission’s expectations. apologised for the mistake yesterday, Such a delay to the proposal – will be secure despite a press release with EU fiscal rules. It is unclear, however, whether this saying the government had not which is set to be the first of its kind regarding the new laws exposing “We have a stability and growth pact would be enough for the EU Commis- notified the European Commission anywhere in the world – would mean hundreds of email addresses when it that focuses on stability and not on sion to stop a disciplinary procedure in line with a directive over new laws pornographic sites would have to was sent out to journalists in April. growth. We want to invert this order,” against Italy. Reuters 12 MARKETS FRIDAY 21 JUNE 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1243 0.0015 €/$ 1.1293 0.0065 7424.44 19384.13 4054.83 26753.17 8051.34 2954.18 /$ 1.2703 0.0062 €/£ 0.8887 0.0008 20.90 138.67 13.90 249.17 64.02 27.72 /¥ 136.29 0.3324 €/¥ 121.17 0.1774

                                International Con . . . . .456.0 13.0 726.6 440.0 GILTS Kier Group ...... 126.3 3.6 1022.0 108.0 FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . .6310.0-192.0 7155.0 5593.0 Euromoney Institu . . .1270.0 6.0 1434.0 1132.0 British Land Comp . . . .540.0 1.8 687.6 523.0 Goco Group ...... 90.0 -7.5 139.0 64.6 Merlin Entertainm . . . .389.3 -0.6 410.5 307.1 Marshalls ...... 679.0 22.0 682.5 399.8 Redrow ...... 547.0 1.0 674.6 460.8 Civitas Social Ho ...... 78.8 0.4 114.0 76.7 Millennium & Copt . . . .685.0 5.0 685.0 436.0 Tsy 3.750 19 ...... 100.65 -0.01 103.8 100.6 Polypipe Group ...... 437.8 5.0 445.8 307.8 3i Group ...... 1056.0 9.0 1088.5 756.2 Centrica ...... 88.1 -2.7 163.7 87.9 Taylor Wimpey ...... 156.5 -0.3 192.3 129.3 Haynes Publishing . . . .226.0 0.0 238.0 160.0 Derwent London . . . . .3130.0 -18.0 3328.0 2761.0 Tsy 2.000 20 ...... 101.46 -0.05 102.7 101.4 3i Infrastructure ...... 290.5 2.0 292.5 221.0 National Grid ...... 842.5 8.3 889.2 748.7 Huntsworth ...... 103.0 0.0 139.0 81.0 Mitchells & Butle ...... 281.5 -1.0 291.4 238.0 ELECTRICITY Great Portland Es . . . . .698.6 -2.0 773.6 652.3 . . . .392.2 3.4 433.2 361.4 Tsy 4.750 20 ...... 102.90 -0.04 107.0 102.9 AJ Bell ...... 383.0 0.0 477.0 220.0 Pennon Group ...... 764.6 0.8 812.4 684.2 INDUSTRIAL ENGINEERING Informa ...... 808.2 4.6 859.0 605.8 Hammerson ...... 281.2 -4.2 547.6 266.9 National Express . Tsy 3.750 20 ...... 103.75 -0.06 106.8 103.7 Contour Global ...... 184.2 -3.8 250.0 150.1 Allied Minds ...... 78.7 2.7 110.8 37.3 ITE Group ...... 72.7 0.7 90.0 56.3 Rank Group ...... 154.4 0.0 194.0 135.0 Severn Trent ...... 2095.0 12.0 2106.0 1770.0 Bodycote ...... 819.5 6.5 1055.0 676.0 Intu Properties ...... 77.2 -5.2 201.5 77.2 Restaurant Group . . . . .123.8 0.3 221.9 111.9 Tsy 2.500 20 ...... 356.21 0.02 361.4 355.8 Drax Group ...... 292.2 4.6 427.2 283.4 Amigo Holdings ...... 239.5 1.5 310.0 154.5 United Utilities ...... 791.6 -28.4 873.6 682.4 ITV ...... 107.5 -1.6 180.4 105.2 826.8 -9.8 965.1 791.8 Hill & Smith Hold . . . . .1187.0 1.0 1523.0 902.5 Land Securities G . . . . . Stagecoach Group . . . . .126.3 1.7 177.0 115.5 Tsy 8.000 21 ...... 114.58 -0.10 121.3 114.2 SSE ...... 1113.5 -3.0 1400.0 1008.0 Arrow Global Grou . . . .242.0 -9.8 267.0 167.2 IMI ...... 1013.0 17.4 1242.0 870.0 Moneysupermarket. . .405.0 4.0 411.0 264.0 LondonMetric Prop . . . .201.6 -0.4 209.2 172.7 Tsy 4.000 22 ...... 109.37 -0.14 111.7 109.0 ASA International . . . . .366.0 5.5 510.0 336.0 GENERAL INDUSTRIALS Pearson ...... 815.0 -6.4 1027.5 769.2 TUI AG Reg Shs (D . . . . .736.8 2.0 1742.5 698.0 Melrose Industrie . . . . .178.0 3.4 233.9 146.3 Primary Health Pr . . . . .134.0 1.0 139.0 106.4 Wetherspoon (J.D. . . .1442.0 12.0 1444.0 1066.0 Tsy 0.500 22 ...... 99.92 -0.15 100.0 97.7 ELECTRONIC & ELECTRICAL EQ. Ashmore Group ...... 496.4 4.8 498.8 337.0 RPC Group ...... 792.0 0.2 834.8 632.2 Reach ...... 76.6 1.1 83.2 54.6 RHI Magnesita N.V . . .4540.0 40.0 5085.0 3318.0 SEGRO ...... 733.0 4.6 738.0 585.2 Whitbread ...... 4509.0 -116.0 5114.0 3883.0 Tsy 1.875 22 ...... 117.08 -0.19 118.5 115.5 Halma ...... 2028.0 45.0 2048.0 1237.0 Brewin Dolphin Ho . . . .303.6 2.4 366.0 295.4 Smith (DS) ...... 351.4 -2.7 513.4 292.2 Rotork ...... 310.1 5.4 361.4 235.7 Relx plc ...... 1940.5 25.5 1950.0 1491.5 Shaftesbury ...... 818.5 -9.0 946.0 812.5 Tsy 2.250 23 ...... 107.04 -0.22 107.2 104.7 Morgan Advanced M . .265.4 -1.6 363.0 237.0 Charter Court Fin ...... 310.5 -3.0 375.0 228.8 Smiths Group ...... 1522.0 7.0 1749.5 1279.5 Rightmove ...... 570.4 -1.1 585.1 420.9 Tritax Big Box Re ...... 151.0 1.4 155.7 129.0 William Hill ...... 143.4 2.3 310.4 132.3 Spirax-Sarco Engi . . . .8985.0 160.0 9055.0 5900.0 Wizz Air Holdings . . . .3485.0 -20.0 3797.0 2329.0 Tsy 2.500 24 ...... 370.42 -0.27 370.8 358.7 Renishaw ...... 3924.0 20.0 5650.0 3670.0 City of London In . . . . .410.0 8.0 430.0 360.0 Smurfit Kappa Gro . . .2412.0 -21.0 3292.0 1934.0 Weir Group ...... 1527.0 35.0 2020.0 1240.0 STV Group ...... 361.0 0.5 458.0 318.0 Unite Group ...... 967.0 10.0 975.5 797.5 Tsy 0.125 24 ...... 114.27 -0.30 114.8 110.9 Spectris ...... 2739.0 62.0 2793.0 1966.5 CMC Markets ...... 87.1 -1.3 206.0 77.4 Vesuvius ...... 537.0 4.0 662.0 473.2 Tarsus Group ...... 427.0 -1.0 433.0 243.0 Workspace Group . . . . .888.5 18.5 1127.0 789.5 AIM 50 INDUSTRIAL METALS & MINING Tsy 5.000 25 ...... 124.64 -0.29 125.5 122.1 Coats Group ...... 81.1 1.1 91.3 69.8 WPP ...... 984.6 -4.8 1301.0 800.4 SOFTWARE & COMPUTER SERV. Tsy 4.250 27 ...... 129.21 -0.44 129.3 122.6 EQUITY INVESTMENT INSTRUM. Georgia Capital ...... 1094.0 16.0 1260.0 941.0 GENERAL RETAILERS Abcam ...... 1435.0 -9.0 1539.0 1017.0 Evraz ...... 650.8 -25.0 709.4 442.1 MINING Advanced Medical . . . .320.0 0.0 370.0 260.0 Tsy 1.250 27 ...... 136.59 -0.51 137.4 128.4 Aberforth Smaller . . . .1240.0 14.0 1412.0 1120.0 Hargreaves Lansdo . . .1891.5 32.5 2433.0 1633.0 Auto Trader Group . . . .565.8 -5.4 606.0 388.5 Ferrexpo ...... 263.8 5.5 301.3 143.5 Avast ...... 304.4 -3.8 319.4 208.2 Tsy 6.000 28 ...... 147.70 -0.46 147.8 140.5 IG Group Holdings . . . .570.0 -5.0 954.5 474.8 B&M European Valu . . .327.5 -7.3 426.3 278.6 Acacia Mining ...... 175.9 6.8 256.6 96.1 Alliance Pharma ...... 71.5 -1.1 99.8 60.0 Alliance Trust ...... 797.0 7.0 797.0 672.0 INDUSTRIAL TRANSPORTATION Aveva Group ...... 3900.0 -42.0 4004.0 2284.0 .2886.0 -114.0 6640.0 2128.0 Tsy 0.125 29 ...... 128.85 -0.61 129.7 118.8 Apax Global Alpha . . . .148.0 3.0 153.0 127.0 IntegraFin Holdin . . . . .379.6 5.7 406.1 269.0 Card Factory ...... 175.1 0.1 212.4 162.6 Anglo American . . . . .2139.0 17.5 2226.0 1464.6 Computacenter ...... 1294.0 22.0 1620.0 952.0 ASOS ...... Tsy 4.750 30 ...... 141.88 -0.54 142.0 132.1 Intermediate Capi . . . .1370.0 20.0 1380.0 899.0 Antofagasta ...... 889.2 -0.8 1028.5 727.2 up (Holdin . . . .955.0 36.0 1096.0 734.0 Blue Prism Group . . . .1465.0 -40.0 2575.0 1040.0 AVI Global Trust ...... 756.0 16.0 767.0 660.0 Dixons Carphone ...... 118.2 -6.4 199.9 90.0 BBA Aviation ...... 275.0 3.8 350.0 207.0 FDM Gro Camellia ...... 10400.0-500.012000.0 9100.0 Tsy 4.125 30 ...... 384.58 -0.54 386.2 355.2 . . .804.0 16.0 869.0 663.0 International Per . . . . .162.0 -2.0 248.8 157.6 Dunelm Group ...... 981.0 77.0 989.0 482.8 BHP Group ...... 1963.0 38.8 1986.0 1490.6 Funding Circle Ho . . . . .250.0 -1.0 440.0 221.5 Baillie Gifford J . . . . Clarkson ...... 2480.0 20.0 2900.0 1878.0 CareTech Holding . . . . .377.0 4.0 406.0 325.0 Tsy 4.250 32 ...... 139.10 -0.54 139.3 128.5 Bankers Inv Trust . . . . .932.0 4.0 939.3 766.0 Investec ...... 499.5 5.9 568.0 423.4 Inchcape ...... 612.0 -2.0 799.0 486.6 Centamin (DI) ...... 110.3 5.2 136.2 79.8 Micro Focus Inter . . . . .2019.0 30.4 2491.6 1427.2 Fisher (James) & . . . .1884.0 42.0 2260.0 1600.0 Central Asia Meta . . . . .218.0 -6.0 266.5 203.0 Tsy 1.250 32 ...... 158.26 -0.59 159.1 144.1 BBGI SICAV S.A. ( ...... 155.0 -2.0 168.0 134.0 IP Group ...... 75.3 1.3 138.0 72.5 JD Sports Fashion . . . . .591.4 2.6 635.6 318.5 Royal Mail ...... 206.3 0.8 506.0 194.5 Fresnillo ...... 868.8 45.6 1173.0 724.8 Playtech ...... 406.2 0.2 773.2 361.8 Tsy 0.125 36 ...... 150.70 -0.55 151.5 133.4 John Laing Group . . . . .386.2 0.6 402.0 264.2 ...... 619.2 4.6 883.4 533.8 Glencore ...... 278.9 3.4 387.2 254.7 . . . . .787.0 8.2 789.6 525.6 Clinigen Group ...... 1031.0 -14.0 1069.0 721.0 BlackRock Smaller . . .1456.0 12.0 1600.0 1160.0 Just Eat Stobart Group Ltd . . . . .109.4 1.4 258.0 102.2 Sage Group . . . . . CVS Group ...... 668.0 31.0 1163.0 395.0 Tsy 4.250 36 ...... 145.99 -0.56 146.3 133.1 BMO Global Smalle . . .1356.0 18.0 1495.0 1220.0 JTC ...... 361.0 8.0 440.0 287.0 Kingfisher ...... 208.5 -1.5 318.1 205.4 Hochschild Mining . . . . .183.8 8.2 208.4 149.1 Softcat ...... 920.0 4.0 967.0 565.0 Tsy 4.750 38 ...... 159.82 -0.58 160.3 144.9 Caledonia Investm . . .3080.0 25.0 3080.0 2650.0 Jupiter Fund Mana . . . .413.4 5.2 458.8 287.6 Kaz Minerals ...... 581.4 10.4 861.4 436.7 Sophos Group ...... 381.1 -3.4 639.0 298.2 Dart Group ...... 842.5 -7.5 1017.0 740.0 Tsy 0.625 40 ...... 171.76 -0.47 173.5 152.8 Liontrust Asset M . . . . .732.0 0.0 739.7 532.0 Polymetal Interna . . . .926.2 26.6 932.0 597.2 Diversified Gas & ...... 112.0 4.0 134.0 96.0 City of London In . . . . .425.5 4.0 436.0 376.0 SUPPORT SERVICES Draper Esprit ...... 514.0 -18.0 645.0 458.0 Tsy 4.500 42 ...... 162.60 -0.67 163.4 145.9 urgh Inv Tru . . . .584.0 -8.0 699.0 582.1 LMS Capital ...... 52.8 0.0 53.5 44.0 Rio Tinto ...... 4682.5 33.5 4877.5 3486.0 Edinb Eland Oil & Gas ...... 124.0 0.6 137.5 97.0 Tsy 3.500 45 ...... 144.60 -0.70 145.4 128.0 F&C Investment Tr . . . .705.0 9.0 741.0 616.0 London Finance & . . . . .38.5 -1.0 45.5 38.0 MOBILE TELECOMS Aggreko ...... 809.0 11.8 882.0 641.8 Tsy 4.250 46 ...... 164.20 -0.70 165.1 145.7 Fidelity China Sp ...... 225.0 8.5 256.5 182.4 London Stock Exch . . .5530.0 50.0 5600.0 3867.0 Ashtead Group ...... 2141.0 40.0 2438.0 1586.5 EMIS Group ...... 1180.0 8.0 1206.0 860.0 Tsy 4.025 49 ...... 170.48 -0.73 171.6 150.0 Man Group ...... 150.6 2.3 187.2 126.8 MAIN CHANGES UK 350 Inmarsat ...... 544.0 -3.6 632.2 362.8 Fevertree Drinks . . . . .2358.0 30.0 3956.0 2131.0 Fidelity European . . . . .249.5 3.5 250.0 202.0 BCA Marketplace . . . . .238.0 43.4 242.0 178.5 First Derivatives . . . . .3380.0 -45.0 4680.0 2050.0 Tsy 0.500 50 ...... 202.21 -0.25 207.7 173.7 . . . . .260.5 5.0 278.0 220.0 OneSavings Bank . . . . .379.0 -3.0 449.6 330.0 Vodafone Group ...... 128.3 1.1 191.0 123.3 .2120.0 -15.0 2551.0 2059.0 Fidelity Special . Bunzl ...... Frontier Developm . . .1082.0 -28.0 1570.0 740.0 Tsy 0.250 52 ...... 198.70 -0.25 204.9 168.8 Finsbury Growth & . . .904.0 9.0 908.9 740.0 Paragon Banking G . . .434.2 -14.6 524.0 379.2      OIL & GAS PRODUCERS Capita ...... 104.2 -0.3 169.1 99.9 Plus500 Ltd (DI) ...... 588.8 9.0 2040.0 495.0  Gamma Communicati .1120.0 -50.0 1195.0 688.0 GCP Infrastructur ...... 129.6 1.8 130.8 119.0 DCC ...... 7058.0 72.0 7390.0 5555.0 GB Group ...... 536.0 7.0 631.0 410.5 AEROSPACE & DEFENCE . . .760.0 15.0 760.0 615.0 Provident Financi . . . . .429.6 -2.3 692.6 426.6 BCA Marketplace ...... 238.0 22.3 Carnival ...... 3549.0 -12.0 BP ...... 549.3 7.7 598.3 485.9 Genesis Emerging . Diploma ...... 1600.0 21.0 1634.0 1150.0 Gooch & Housego . . . .1077.5 2.5 1880.0 954.0 Greencoat UK Wind . . . .139.8 0.2 143.2 122.6 Quilter ...... 141.0 0.3 156.6 110.6 Domino's Pizza Gro ...... 279.8 10.6 Cineworld Group ...... 258.5 -8.0 Cairn Energy ...... 164.3 7.5 258.8 140.0 Electrocomponents . . .623.6 4.4 761.6 480.0 BAE Systems ...... 483.8 -7.9 676.4 443.9 Rathbone Brothers . . .2195.0 25.0 2652.0 2085.0 Dunelm Group ...... 981.0 8.5 Intu Properties ...... 77.2 -6.3 Energean Oil & Ga . . . .853.0 0.0 874.0 493.5 Hurricane Energy ...... 56.4 1.2 60.8 39.0 Cobham ...... 105.9 0.2 131.7 96.8 HarbourVest Globa . . .1616.0 32.0 1628.0 1260.0 Equiniti Group ...... 218.0 2.8 266.0 186.2 Real Estate Credi ...... 171.0 1.0 175.5 163.0 Premier Oil ...... 77.3 4.2 143.6 55.6 420.2 3.8 507.0 325.4 Iomart Group ...... 321.0 -3.0 475.0 308.0 Meggitt ...... 524.8 2.6 572.0 458.0 Herald Investment . . .1356.0 14.0 1364.0 1055.0 Bakkavor Group ...... 129.6 7.5 Dixons Carphone ...... 118.2 -5.1 Essentra ...... IQE ...... 71.7 -0.3 112.5 56.3 175.0 Record ...... 34.1 0.1 47.0 27.3 Royal Dutch Shell . . . .2572.5 26.5 2694.5 2213.0 QinetiQ Group ...... 289.2 -2.0 312.4 256.6 HGCapital Trust ...... 218.0 3.0 219.0 Saga ...... 35.5 7.4 Evraz ...... 650.8 -3.7 Experian ...... 2419.0 38.0 2443.0 1728.5 James Halstead ...... 502.0 -12.0 532.0 367.0 HICL Infrastructu ...... 164.0 0.2 170.1 140.0 River and Mercant . . . .268.0 -0.5 330.0 212.0 Just Group ...... 58.5 6.3 Aston Martin Lagon ...... 1020.4 -3.6 Royal Dutch Shell . . . .2585.5 29.5 2780.5 2227.0 Ferguson ...... 5682.0 38.0 6556.0 4749.0 Rolls-Royce Holdi . . . . .913.0 4.6 1094.0 759.2 S&U ...... 2340.0 -50.0 2660.0 1767.5 Tullow Oil ...... 213.7 10.3 266.3 165.2 Johnson Service G . . . . .155.0 -4.2 168.4 113.6 Senior ...... 229.4 3.4 334.4 185.4 International Pub . . . . .154.4 -0.2 163.4 141.4 Premier Oil ...... 77.3 5.8 United Utilities G ...... 791.6 -3.5 G4S ...... 214.7 0.0 282.0 175.9 organ American . . .461.5 4.0 472.0 386.5 Sanne Group ...... 699.0 9.0 724.0 450.0 866.5 -12.5 937.0 630.0 Keywords Studios . . . .1652.0 24.0 2065.0 900.0 Ultra Electronics . . . . .1600.0 -22.0 1743.0 1232.0 JPM OIL EQUIPMENT & SERVICES Grafton Group Uni . . . . Learning Technolo ...... 93.1 3.9 166.5 62.2 JPMorgan Emerging . . .997.0 22.0 1000.0 759.0 Schroders ...... 3097.0 45.0 3268.0 2334.0 Fresnillo ...... 868.8 5.5 Paragon Banking Gr ...... 434.2 -3.3 Hays ...... 165.2 4.8 212.0 135.7 BANKS JPMorgan Indian I . . . .762.0 13.0 776.0 566.0 Standard Life Abe . . . .284.0 3.2 394.3 224.9 Tullow Oil ...... 213.7 5.1 Metro Bank ...... 513.0 -3.2 Hunting ...... 535.0 14.0 849.0 453.6 Homeserve ...... 1238.0 10.0 1263.0 849.0 M&C Saatchi ...... 360.0 9.0 394.0 270.0 TP ICAP ...... 292.3 0.2 422.4 259.7 Centamin (DI) ...... 110.3 5.0 EI Group ...... 195.9 -3.0 Petrofac Ltd...... 433.2 8.9 663.4 381.5 M. P. Evans Group . . . . .672.0 -10.0 800.0 637.0 Bank of Georgia G . . . .1638.0 -22.0 1927.2 1310.0 JPMorgan Japanese . . .442.5 7.5 472.0 367.0 Howden Joinery Gr . . .502.2 -1.0 539.0 416.4 Majestic Wine ...... 270.0 0.5 485.0 219.0 Jupiter European . . . .869.0 5.0 895.0 666.0 VPC Specialty Len ...... 70.0 0.0 84.4 67.0 Wood Group (John) . . .416.7 16.3 796.4 389.9 Intertek Group ...... 5632.0 24.0 6014.0 4387.0 Barclays ...... 150.5 -2.7 194.0 146.1 Walker Crips Grou ...... 27.0 0.0 39.0 24.0 Midwich Group ...... 598.0 2.0 685.0 491.5 Law Debenture Cor . . .600.0 8.0 636.0 534.0         PERSONAL GOODS Pagegroup ...... 529.0 9.0 623.5 432.2 Close Brothers Gr . . . . .1415.0 -10.0 1660.0 1374.0 Mercantile Invest . . . . .204.0 1.0 222.5 168.0 XPS Pensions Grou . . . .158.5 2.5 192.0 132.0 Rentokil Initial ...... 398.0 6.4 400.6 284.8 Mortgage Advice B . . .605.0 35.0 720.0 490.0 CYBG ...... 194.1 -2.9 364.2 173.9 Burberry Group ...... 1780.0 10.0 2325.0 1623.5 Next Fifteen Comm . . . .614.0 -30.0 644.0 455.0 HSBC Holdings ...... 654.0 -3.3 731.4 600.8 Monks Inv Trust ...... 915.0 15.0 919.0 710.0 FIXED LINE TELECOMS Marks & Spencer G . . . .212.0 -0.1 300.8 208.3 NON LIFE INSURANCE Robert Walters ...... 660.0 0.0 475.0 814.0 Nichols ...... 1790.0 0.0 1840.0 1240.0 Murray Internatio . . . .1156.0 12.0 1208.0 1056.0 Next ...... 5554.0 24.0 6136.0 3991.0 PZ Cussons ...... 206.5 0.5 244.0 178.6 Serco Group ...... 138.4 1.5 139.0 84.1 Lloyds Banking Gr . . . . .58.4 -0.8 66.6 50.0 BT Group ...... 203.2 -3.6 264.7 193.8 Numis Corporation . . . .268.0 3.0 438.5 221.5 Metro Bank ...... 513.0 -17.0 3422.0 475.0 NB Global Floatin ...... 90.3 0.2 94.2 87.6 Pets at Home Grou . . . .184.0 -0.6 187.3 110.0 Admiral Group ...... 2098.0 13.0 2281.0 1870.0 PHARMACEUTICALS & BIOTECH SIG ...... 133.7 -1.0 153.0 102.2 . . . .120.0 -1.0 124.5 107.5 TalkTalk Telecom ...... 110.4 -1.6 137.0 96.6 .0 Polar Capital Hol . . . . .580.0 10.0 732.0 448.0 Royal Bank of Sco . . . . .217.7 -4.8 270.4 203.0 NextEnergy Solar . Saga ...... 35.5 2.4 138.7 32.9 Beazley ...... 550.0 -2.5 599.0 492.6 Travis Perkins ...... 1344.0 -4.0 1465.0 970 Purplebricks Grou . . . . .103.0 1.8 356.4 90.0 Pantheon Internat . . .2140.0 10.0 2225.0 1955.0 Telecom Plus ...... 1488.0 -14.0 1528.0 1010.0 Sports Direct Int ...... 285.8 5.6 436.1 233.2 Direct Line Insur ...... 321.5 -1.0 366.5 304.9 AstraZeneca ...... 6486.0 36.0 6545.0 5182.0 Spirent Communica . . .147.4 -3.0 166.2 112.8 Standard Chartere . . . .708.2 -3.0 716.0 519.8 BTG ...... 833.0 -0.5 853.0 475.0 Redde ...... 100.8 0.0 196.0 90.0 Perpetual Income . . . .306.5 1.5 365.5 301.5 Ted Baker ...... 826.5 11.5 2378.0 811.4 Hastings Group Ho . . . .179.3 -0.2 274.2 174.0 TOBACCO TBC Bank Group . . . . .1668.0 18.0 1774.0 1290.0 Pershing Square H . . .1378.0 32.0 1398.0 990.0 FOOD & DRUG RETAILERS Dechra Pharmaceut . .2746.0 -22.0 3168.0 2014.0 Renew Holdings ...... 423.0 -2.0 436.5 333.0 Vivo Energy ...... 139.0 1.6 156.3 96.0 Hiscox Limited (D . . . . .1716.0 5.0 1730.0 1418.0 RWS Holdings ...... 652.0 14.0 659.0 393.5 BEVERAGES Personal Assets T . . .41950.0 150.042000.038900.0 Greggs ...... 2294.0 20.0 2301.1 942.0 WH Smith ...... 1924.0 11.0 2186.0 1697.0 Lancashire Holdin . . . . .702.0 -3.0 724.5 530.0 Genus ...... 2600.0 -20.0 2992.0 2098.0 British American . . . .2800.0 0.0 4222.5 2375.0 Morrison (Wm) Sup . . . .199.1 0.0 269.4 195.3 GlaxoSmithKline . . . . .1607.0 2.0 1621.6 1418.0 Scapa Group ...... 207.5 4.0 473.4 157.0 Barr (A.G.) ...... 906.0 5.0 975.0 666.0 Polar Capital Tec . . . . .1320.0 8.0 1386.0 1066.0 RSA Insurance Gro . . . .573.6 1.4 681.8 496.6 Imperial Brands . . . . .1869.2 -23.8 2987.5 1865.2 Secure Income Rei . . . .404.0 2.0 414.0 371.0 RIT Capital Partn . . . . .2075.0 5.0 2130.0 1892.0 Ocado Group ...... 1102.5 15.5 1435.0 749.8 HEALTH CARE EQUIPMETN & S. Sabre Insurance G . . . .260.0 -1.0 294.0 249.0 Hikma Pharmaceuti . .1752.0 11.5 2025.0 1376.0 Britvic ...... 886.5 4.5 956.0 745.0 Sainsbury (J) ...... 196.3 0.2 341.5 192.4 Indivior ...... 45.0 -0.0 385.1 30.1 TRAVEL & LEISURE Serica Energy ...... 131.8 1.8 142.0 57.4 Coca-Cola HBC AG . . .2958.0 45.0 2967.5 2244.0 Riverstone Energy . . . .855.0 5.0 1282.0 840.0 Assura ...... 64.1 0.7 65.5 52.4 Smart Metering Sy . . . .506.0 2.0 778.0 480.0 .0 SSP Group ...... 647.0 5.0 744.4 615.1 LIFE INSURANCE 888 Holdings ...... 156.2 -0.6 276.8 129.3 Diageo ...... 3394.5 9.0 3430.0 2523.5 Schroder Asia Pac . . . . .455.0 13.0 465.0 379 Convatec Group ...... 141.5 -0.8 239.0 118.6 REAL ESTATE INVEST. & SERV. Staffline Group ...... 91.5 -8.5 1340.0 90.2 Scottish Inv Trus ...... 818.0 5.0 902.0 748.0 Tesco ...... 236.6 1.6 266.2 189.6 Carnival ...... 3549.0-484.0 5000.0 3500.0 Mediclinic Intern ...... 303.2 -3.3 544.4 293.9 Aviva ...... 417.1 0.8 514.8 364.6 Telford Homes ...... 311.0 -0.5 430.0 267.0 CHEMICALS Scottish Mortgage . . . .535.0 8.5 568.3 441.4 UDG Healthcare Pu . . . .770.0 0.5 851.0 551.0 NMC Health ...... 2435.0 4.0 4120.0 2192.0 Just Group ...... 58.5 3.5 140.1 44.6 BMO Commercial Pr . . . .112.2 1.4 155.0 110.6 Cineworld Group . . . . .258.5 -22.5 323.6 249.0 conomic . . . .110.4 0.2 114.2 106.0 Capital & Countie . . . . .218.2 -3.4 294.2 209.5 Thorpe (F.W.) ...... 317.0 -2.0 340.0 248.0 Croda Internation . . . .5330.0 100.0 5447.7 4576.0 Sequoia E Smith & Nephew . . . . .1720.5 11.0 1734.5 1258.0 Legal & General G . . . . .266.1 -2.5 291.2 223.7 Compass Group ...... 1868.5 -29.5 1912.0 1483.0 Watkin Jones ...... 206.0 -0.5 232.5 192.2 Smithson Investme . .1234.0 14.0 1242.6 1000.2 FOOD PRODUCERS CLS Holdings ...... 218.0 2.0 255.0 195.4 79.8 26.8 357.7 224.4 Elementis ...... 143.8 4.1 263.8 136.3 Phoenix Group Hol . . . .685.0 2.7 724.8 544.0 Domino's Pizza Gr . . . . .2 Young & Co's Brew . . .1800.0 50.0 1885.0 1322.5 Syncona Limited N . . . .228.0 1.0 302.5 223.5 Associated Britis . . . . .2427.0 18.0 2836.0 2041.0 HHOLD GDS & HOME CONSTR. Prudential ...... 1680.5 12.0 1824.0 1340.0 Daejan Holdings . . . .5590.0 60.0 6400.0 5500.0 easyJet ...... 892.6 24.8 1796.0 854.8 Johnson Matthey . . . .3203.0 77.0 3760.0 2620.0 Bakkavor Group ...... 129.6 9.0 193.0 113.0 Grainger ...... 244.2 2.0 284.9 205.8 . .195.9 -6.1 224.8 145.0 Young & Co's Brew . . .1065.0 -10.0 1325.0 1030.0 Sirius Minerals ...... 13.9 0.4 38.5 13.5 Temple Bar Inv Tr . . . .1248.0 16.0 1366.0 1116.0 Barratt Developme . . . .565.4 2.8 625.8 434.0 St James's Place . . . . .1087.0 24.5 1216.5 914.0 EI Group ...... CONSTRUCTION & MATERIALS Cranswick ...... 2536.0 -18.0 3454.0 2472.0 NewRiver REIT ...... 187.8 -3.4 283.5 185.8 FirstGroup ...... 100.3 1.2 116.6 79.3 Synthomer ...... 378.8 6.2 575.5 347.4 Templeton Emergin . . .786.0 12.0 792.0 649.0 Bellway ...... 2739.0 15.0 3226.0 2419.0 he Renewables In . . . .127.2 -0.2 128.4 106.9 Greencore Group ...... 212.2 1.9 230.0 162.9 MEDIA Safestore Holding . . . . .616.5 5.5 658.5 499.4 36.0 122.0 8510.0 5525.0 Victrex plc ...... 2198.0 56.0 3408.0 1950.0 T Berkeley Group Ho . . .3526.0 -26.0 3981.0 3226.0 Flutter Entertain . . . . .60 TR Property Inv T . . . . .416.0 -1.5 433.5 353.5 Hilton Food Group . . . . .971.0 21.0 1088.0 884.0 Bovis Homes Group . .1025.0 14.0 1202.0 828.0 4Imprint Group . . . . .2630.0 -20.0 2700.0 1715.0 Savills ...... 866.5 13.5 949.5 678.5 Go-Ahead Group . . . . .1926.0 10.0 2080.0 1388.0 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .443.0 2.0 472.0 390.0 Tate & Lyle ...... 738.8 -11.2 800.4 622.6 Countryside Prope . . . .292.0 0.6 355.2 270.0 Ascential ...... 363.0 6.2 465.0 337.2 St. Modwen Proper . . . .432.5 9.0 441.5 365.0 Greene King ...... 600.0 -8.6 704.4 472.8 Unilever ...... 4913.0 -14.0 4983.5 3931.0 UK Commercial Pro . . . .88.7 -0.4 92.7 81.0 Balfour Beatty ...... 246.0 3.0 296.5 223.4 VinaCapital Vietn . . . . .342.0 3.0 350.0 306.0 Crest Nicholson H . . . . .355.4 0.4 404.8 296.4 Bloomsbury Publis . . . .228.0 -1.0 243.0 190.5 GVC Holdings ...... 639.4 8.6 1170.0 507.5 Witan Inv Trust ...... 213.5 1.5 227.6 189.6 . . . .5201.0 -24.0 5281.0 3958.4      CRH ...... 2564.0 49.0 2765.0 1971.5 FORESTRY & PAPER McCarthy & Stone . . . . .137.8 -0.2 142.4 97.5 Centaur Media ...... 46.0 -2.0 56.5 34.7 REAL ESTATE INVEST. TRUSTS InterContinental . Woodford Patient . . . . .54.5 0.7 91.0 53.5 Persimmon ...... 1936.5 0.0 2610.0 1859.5 Entertainment One . . . .381.6 1.0 483.4 336.4  Galliford Try ...... 640.0 -2.5 1104.0 512.0 Mondi ...... 1769.5 12.5 2236.0 1584.0 Big Yellow Group . . . .1000.0 -23.0 1062.0 852.5 Ibstock ...... 248.2 2.4 299.2 193.1 Worldwide Healthc . . .2715.0 15.0 2915.0 2325.0        

EU SHARES US SHARES         AB INBEV...... 78.96 1.10 91.14 56.32 3M...... 173.94 3.19 219.75 159.32 ADIDAS N ...... 269.25 2.15 273.50 178.30 ABBOTT LABORATOR...... 84.94 0.61 85.32 60.32 AIR LIQUIDE...... 120.75 -0.05 123.90 101.85 ADOBE...... 302.11 10.90 302.66 204.95 AIRBUS BR...... 123.46 0.46 126.50 77.50 ALPHAB NON VTG-C...... 1111.42 9.09 1289.27 970.11 ALLIANZ...... 211.00 -0.65 216.20 170.38 NEWSLETTERS ALPHABET-A ...... 1113.20 8.69 1296.98 977.66 AMADEUS IT GRP BR-A...... 69.66 1.18 82.20 58.06 AMAZON.COM...... 1918.19 9.40 2050.50 1307.00 ASML HLDG...... 178.38 3.40 189.50 130.12 AMERICAN EXPRESS...... 124.92 0.24 126.40 89.05 AXA...... 23.12 -0.07 23.90 18.40 APPLE...... 199.46 1.59 233.47 142.00 BANCO SANTANDER...... 4.01 -0.05 4.82 3.80 AT&T...... 32.54 0.13 34.30 26.80 BASF N...... 62.64 0.46 85.91 57.26 BANK OF AMERICA...... 28.27 -0.05 31.91 22.66 BERKSHIRE HATH RG-B...... 208.04 1.29 224.07 184.75 BAYER N...... 55.64 0.97 99.61 52.00 The biggest stories BOEING CO...... 374.88 6.32 446.01 292.47 BBVA...... 4.94 -0.07 6.44 4.48 CATERPILLAR...... 133.63 3.02 159.37 112.06 BMW ...... 64.47 0.46 86.71 61.31 CHEVRON...... 124.28 1.39 128.55 100.22 BNP PARIBAS BR-A...... 41.42 -0.81 56.94 38.14 direct to your inbox CISCO SYSTEMS...... 57.41 1.28 57.56 40.25 CRH PLC...... 28.85 0.44 34.87 26.53 CITIGROUP...... 68.10 0.51 75.24 48.42 DAIMLER N ...... 49.43 0.31 61.36 44.54 COCA-COLA CO...... 51.66 0.54 52.19 42.96 DANONE ...... 74.88 0.58 75.00 59.72 COMCAST-A...... 43.68 0.54 43.96 32.08 DEUTSCHE POST N...... 28.34 0.41 32.20 23.43 DOW...... 48.93 0.43 0.00 0.00 DEUTSCHE TELEKOM N...... 15.48 -0.08 15.88 13.09 GET THE MORNING UPDATE, EXXON MOBIL...... 76.61 1.29 87.36 64.65 ENEL N...... 6.19 0.02 6.34 4.22 FACEBOOK-A...... 189.53 2.05 218.62 123.02 ENGIE ...... 13.45 -0.06 14.28 11.31 GOLDMAN SACHS GR...... 195.70 0.06 245.08 151.70 ENI N...... 14.36 0.14 16.71 13.39 CITY A.M.’S DAILY EMAIL HOME DEPOT...... 211.25 3.31 215.43 158.09 ESSILORLUXOTT...... 112.60 1.00 129.55 95.50 HONEYWELL INTL...... 176.29 0.88 177.36 123.48 FRESENIUS...... 48.86 0.89 71.00 38.50 IBM ...... 138.85 1.77 154.36 105.94 IBERDROLA...... 8.90 -0.01 9.13 5.81 INTEL...... 47.19 0.12 59.59 42.36 INDITEX ...... 24.93 -0.07 30.30 21.85 JOHNSON & JOHNSO ...... 142.21 1.76 148.99 120.11 ING GROUP...... 9.95 -0.29 13.28 9.09 CITYAM.COM/NEWSLETTER JPMORGAN CHASE...... 110.19 0.28 119.24 91.11 INTESA SANPAOLO N...... 1.89 -0.02 2.66 1.80 MASTERCARD RG-A ...... 266.79 6.92 269.85 171.89 KERING ...... 513.00 4.80 539.80 351.70 MCDONALD'S...... 205.12 0.57 206.39 153.13 KON AH DEL BR...... 20.89 0.17 24.01 18.60 MEDTRONIC...... 99.26 0.51 100.15 81.66 L'OREAL...... 255.60 1.40 257.10 182.00 COMMODITIES CREDIT & RATES MERCK...... 84.60 -0.76 86.50 59.80 LINDE ...... 179.15 0.90 0.00 0.00 MICROSOFT...... 136.95 1.26 137.66 93.96 LVMH...... 370.00 4.00 372.30 242.30 NETFLIX...... 365.21 1.69 423.21 231.23 Gold...... 1344.05 2.70 Copper Cash Official...... 5848.00 47.00 BoE IR Overnight...... 0.750 0.00 Euro Base Rate ...... 0.000 0.00 NIKE -B-...... 85.24 1.69 90.00 66.53 MUENCHENER RUECKV N...... 224.00 1.20 225.30 175.00 Silver...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 14.94 0.05 Aluminium Cash Official...... 1719.50 4.00 ORACLE...... 56.99 4.31 57.47 42.40 NOKIA...... 4.54 0.08 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 1.91 0.00 Brent Crude...... 61.82 -0.32 Nickel Cash Official...... 11700.00 0.00 PAYPAL HOLDINGS...... 118.79 1.65 119.95 74.66 ORANGE...... 13.98 -0.03 15.25 13.15 Krugerrand...... 1355.05 -13.65 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.53 -0.01 Aluminium Alloy Cash Official...... 1220.00 -60.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.398 0.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ROY.PHILIPS...... 38.28 0.43 40.01 29.05 Palladium...... 1495.00 12.00 LIBOR Euro - overnight...... -0.469 0.00 The vix index...... 14.75 0.42 PEPSICO...... 134.16 1.31 134.71 104.53 SAFRAN...... 132.45 0.75 133.95 97.08 Cocoa Futures...... 2535.00 15.00 Platinum...... 800.00 2.00 LIBOR Euro - 12 months...... -0.284 0.00 The baltic dry index...... 1179.00 44.00 PFIZER...... 43.60 0.10 46.47 36.00 SANOFI ...... 78.33 0.45 80.44 67.67 Coffee 'C' Futures ...... 101.73 3.78 Tin Cash Official...... 19300.00 -300.00 LIBOR USD - overnight...... 2.341 -0.01 Markit iBoxx EUR ...... 242.46 0.60 PROCTER&GAMBLE...... 111.74 1.32 112.02 75.53 Feed Wheat Futures ...... 152.00 6.00 SAP I...... 118.48 1.72 119.36 84.02 Lead Cash Official...... 1886.00 9.00 LIBOR USD - 12 months...... 2.298 0.03 Markit iBoxx GBP...... 344.36 1.67 TRAVELERS COS...... 152.19 0.59 152.50 111.08 SCHNEIDER EL ...... 78.30 1.04 79.32 57.54 Zinc Cash Official...... 2589.00 18.50 Soybeans Futures Continuation Contract ...914.20 11.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 254.51 0.82 TWITTER...... 35.44 -0.85 46.92 26.19 SIEMENS N...... 106.50 0.32 121.40 90.90 UNITEDHEALTH GRO ...... 247.76 -2.43 287.94 208.07 SOCIETE GENERALE...... 21.73 -0.33 35.06 20.81 WORLD INDICES UTD TECHS...... 130.03 3.27 144.40 100.48 TELEFONICA ...... 7.32 -0.04 8.06 6.59                 VERIZON COMM...... 57.34 -0.29 61.58 47.81 TOTAL...... 48.69 0.38 55.39 44.23 VISA RG-A...... 173.74 3.05 173.94 121.60 UNILEVER CERT...... 54.32 -0.28 55.33 45.12 FTSE 100 ...... 7424.44 20.90 0.28 S&P 500 ...... 2954.18 27.72 0.95 CAC 40...... 5535.57 17.12 0.31 Hang Seng...... 28550.43 348.29 1.23 WALGREENS BOOTS...... 52.88 -0.02 86.31 49.31 VINCI...... 92.68 0.00 93.26 69.98 FTSE 250...... 19384.13 138.67 0.72 Dow Jones I.A...... 26753.17 249.17 0.94 Swiss Market Index ...... 9978.52 16.87 0.17 Shanghai Composite ...... 2987.12 69.32 2.38 WALMART ...... 110.32 0.70 110.49 82.90 VIVENDI...... 24.87 0.32 26.69 20.40 FTSE All-Share...... 4054.83 13.90 0.34 Nasdaq Composite ...... 8051.34 64.02 0.80 ISEQ Overall Index...... 6202.70 38.11 0.62 STI Index ...... 3315.27 29.72 0.90 WALT DISNEY...... 142.02 1.10 143.51 100.35 VOLKSWAGEN VZ I ...... 146.76 1.56 163.70 131.02 FTSE AIM All-Share ...... 933.39 1.33 0.14 Xetra DAX ...... 12355.39 46.86 0.38 FTSEurofirst 300...... 1522.02 6.69 0.44 ASX All Ordinaries ...... 6767.90 39.40 0.59 WELLS FARGO...... 45.86 0.21 59.53 43.02 CITYAM.COM FRIDAY 21 JUNE 2019 FEATURE 13 OFFICE POLITICS Love Island lessons for couple-preneurs

the business succeeds, but the rela- Mixing business and pleasure can be a tionship fails. In some respects, however, entering recipe for success – or a complete disaster into a business venture with a partner makes complete sense. After all, who OVE Island is back on our Emma better to start a business with than screens. And while much of the someone you trust implicitly, under- population might be obsessed Long stand more than anyone else, and with watching swimwear-clad THE PEOPLE whose strengths and weaknesses you individuals find love, the reality HAVE SPOKEN acknowledge completely? Lshow really revolves around the finan- Your innate knowledge of your busi- cial rewards of coupling up. Twitter ness partner, and your ability to be On top of the cash prize, last year’s Free honest with one another, might help winners, Dani Dyer and Jack Fin- to avoid problems that many startups cham, are estimated to have made a Sometimes the often face. total of £1m in the six months after While you may enjoy someone’s com- best part about With more and more people looking the show ended. But their split last pany outside the office, consider watching a to work flexibly while they raise chil- December saw the end of a lucrative whether you really know what they popular TV show dren or pursue a better work-life bal- relationship, with experts predicting would be like in a working environ- is going on ance, working with a partner can offer that the breakup would spell the loss ment. You love your partner – but Twitter to see ultimate flexibility. of £1m in couple deals. would you like them as a colleague? what people are So with some boundaries in place in And it is not only on ITV2 that, for Also consider the consequences if saying about it. terms of ensuring that work does not better or for worse, couples are putting things do not go to plan. Join in very take over family life, or vice versa, run- relationships at the heart of their As any Love Island fan knows, the Last year’s approaches might prove enlightening, important ning a business with a spouse can be working life. key to success is not to put all your winners are and help to iron out disagreements be- debates, like an attractive lifestyle choice. Across our business centres up and eggs in one basket: with both of you estimated to fore they arise. which Tory As well as being an opportunity for down the UK, swathes of husband-and- financially reliant on the business, have made a Try to step back from your relation- candidate you 20-somethings to shamelessly self-pro- wife teams are setting up new busi- and each other, feelings of blame and total of £1m in ship and ask whether you and your think should be mote, Love Island claims to put rela- nesses in pursuit of a better lifestyle. A resentment can easily grow during the six months partner truly work well together and Prime Minister, tionships to the test to ensure that study by accounting software provider hard times, with little room to es- after the are genuinely the right people for the or which Love they have what it takes to make it in FreeAgent estimated that 1.4m couple- cape. If the business fails, will your show ended roles you plan to take on. Island couple the outside world. Just make sure that run firms exist in the UK. relationship survive? An inability to cook a meal together should win (hey, your relationship is robust enough to For many of these couple-preneurs, Consider what your aims are from without considering using the bread- at least you survive the even greater challenge of working with a partner is the fulfil- the business and try to take an honest knife as a weapon should be a warning have a say going into business together. ment of a dream to spend more time look at your relationship. sign. The course of true love – and busi- in the latter). together. But going into business with Formally interviewing your partner ness – never did run smooth. £ Emma Long is commercial director of a loved one is not something to be un- may be a step too far, but having a con- It’s also important to have clear roles BizSpace, the UK’s largest provider of dertaken lightly. versation about motivations, goals and and a succession plan in place in case flexible workspace. 14 OPINION FRIDAY 21 JUNE 2019 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS If Hong Kong can face down the TO THE EDITOR Bringing crypto Chinese bullies, there is hope to the masses

[Re: Is Facebook’s libra proof that VERY child is taught that in 2003 over a controversial secu- cessfully repelled its attempt. cryptocurrency is going mainstream?] the best way to deal with rity bill, the Hong Kong streets Alan When a tearful Carrie Lam, Hong Regardless of whether or not the project bullies is to stand up to erupted in protest, forcing a Beijing Mendoza Kong’s Chief Executive, announced proves a success, as one of the most Ethem, rather than to allow climbdown. But by 2014, China was that the extradition law was being known brands on earth, Facebook’s foray them to indulge in their de- more secure in its ability to with- iced for the time being on account into crypto brings to the fore the big issues structive behaviour. stand popular pressure. As a conse- of overwhelming opposition that and will accelerate conversations with While there is of course a risk of a quence, the so-called “Umbrella had seen some two million Hong regulators, governments, and the world of punishment beating, more often it Movement” failed to secure its goal Kongers take to the streets, it traditional finance. This will help support turns out that the bully has adopted of direct elections for the Hong showed that even in the most un- mainstream adoption and increase global aggressive tactics to mask their own Kong Chief Executive position. likely of circumstances and when awareness of the potential (and insecurities. Once these are called Growing ever bolder in its at- all hope appeared to be lost, people challenges) offered by crypto-assets. out, the situation improves. tempts to impose its will, China has It shows that power could prove decisive. This is just the beginning. We expect The case of Hong Kong’s mooted in recent years simply ignored China’s government balked in the other tech giants to follow suit, helping extradition law, and the mass Hong Kong’s special status. “Unde- China remains face of public dissent because it realise the potential for blockchain to protests that have forced a change sirables” like booksellers – whose susceptible to the feared the consequences that its bul- disrupt traditional financial services. in policy, has much to do with this only offence has been stocking un- lying behaviour could have wrought. In the short term, expect the likes of unwritten law of the playground. flattering tomes of Chinese leaders power of opinion That should give all those con- PayPal and Spotify to build libra- When Hong Kong was returned to – have been extraordinarily ren- cerned about China’s aggression – compatible wallets. Their goal is to make Chinese sovereignty by the British in dered over the Hong Kong border. whether at home in the context of payments as easy as sending a Facebook 1997, China explicitly accepted the Understandably, this has riled the curtailment of freedom and message. This is what takes crypto principle of “one country, two sys- pro-democracy and civil liberties system, and suspects would have democracy, in its near abroad mainstream. Facebook has the potential to tems”, whereby Hong Kong would campaigners, who are fearful for a disappeared within it. through the seizure of territory in create one of the largest financial platforms possess its own judicial independ- future where the territory’s Basic Had the principle of extradition to the South China Sea, or further in the world, bringing crypto to the masses. ence, legislature and economic sys- Law protecting their freedoms an illegitimate justice system been afield where it uses its economic Iqbal V. Gandham, UK managing tem for a period of at least 50 years. lapses in 2047. It is against this conceded, it would surely only have might to demand financial and po- director, eToro Unique to China, Hong Kong resi- drumbeat of greater Chinese inter- been a matter of time before Chi- litical concessions – some hope. dents enjoy civil liberties of the ference in Hong Kong’s affairs that nese pressure would have extended For Hong Kong’s people have Facebook’s announcement of the libra kind familiar in the west, and par- the latest crisis has played out. its writ to human rights and democ- shown that China remains suscep- cryptocurrency, due to launch in 2020, ticipate in direct elections, al- Superficially, the flashpoint oc- racy defenders. tible to the power of domestic and makes it impossible to deny that digital though half the seats in Hong curred over whether a legal process Hong Kong remains the only place international opinion, and that a assets have gone mainstream. Facebook Kong’s Legislative Council are indi- should be set up for extradition re- in China where, for example (and concerted campaign of resistance boasts 2.3bn monthly users, and together rectly elected in order to preserve a quests from authorities in main- much to Beijing’s annoyance), the together with a united front of crit- with its partners in the libra project – pro-Beijing majority. land China, Taiwan and Macau for regime’s crimes of Tiananmen icism can yield results even in an including Visa, Mastercard, Spotify, and Hong Kong could have been Bei- Hong Kong suspects accused of Square in 1989 can be commemo- authoritarian dictatorship accus- Uber – it looks poised to accelerate the jing’s democratic sandpit, where its criminal wrongdoings. These rated or even mentioned. tomed to getting its own way. disruption that bitcoin began a decade leaders experimented with demo- would have been decided on a case- Hong Kong’s free speech will al- China is a great power which will ago. Though many have heard of cratic solutions that might suit the by-case basis, with the authorities ways remain a tempting target in play a major role on the world stage cryptocurrency, relatively few people use it needs of a rapidly changing China. claiming that so-called “political any Chinese crackdown on dissent, for many years. As Hong Kong has today. In one fell swoop, Facebook has But instead, right from the start, crimes” would not be covered. which is all the more reason why shown, whether that is construc- shattered traditional payments, giving China attempted to subvert Hong But nobody in Hong Kong was Beijing should not be allowed any tive or destructive will depend on everyone a world currency built for the Kong’s treaty-backed freedoms and fooled by the rhetoric. There is no legal loophole to exploit it. our response to Chinese actions, as internet age. Libra’s announcement marks force its citizens into complying rule of law in China, only the rule What is remarkable about this much as those actions themselves. a new era for the entire global economy. with a more restrictive, “Chinese” of the Communist Party. whole episode, though, is not that David Wachsman, chief executive, view of democracy. Arbitrary detention, show trials, China once again tried to overstep £ Alan Mendoza is executive director of Wachsman The first time that this occurred, and torture are rampant within the the mark, but that Hong Kong suc- the Henry Jackson Society. BEST OF TWITTER Kind of wanted Saj to win, just cos Protect privacy, scrap the porn laws, and when he went to see the Queen the introduction could have consisted of “Maj, Saj; Saj, Maj” and these are the keep the government out of our sex lives little crumbs we have to live off nowadays. @mePadraigReidy HEY say once is a coinci- having a fun, safe, and consensual sites (as foreign providers, not want- dence, twice is an acci- time. But that doesn’t make us any Kate ing to deal with the restrictions, Jeremy Wright tells Commons dent, three times is a less coy about sharing those details Andrews consider leaving the market alto- European Commission should have Tpattern. Now that the in- with others. gether), teenagers who are looking been notified about new age troduction of the new The spike in online sales of con- for this content are more likely to verification measure for porn sites – porn laws has been delayed for a doms would suggest that we’re not be pushed into more dangerous but someone forgot. This means a third time, I think it’s safe to say even comfortable with shopkeep- parts of the internet, which host far delay of six months that we have a clear pattern here ers knowing that we’re practising more problematic material, with @ruskin147 from the government – of turning safe sex, let alone far more per- next to no oversight from govern- a blind eye to a terrible policy. sonal information about our inti- ment, regulators, or companies. This is one of the least likely excuses The new policy around adult web- mate preferences. ried and single people to engage in But fundamentally, the argu- for a probably impossible project not sites will in practice amount to a Worse than public embarrass- affairs – found vast amounts of their ments you can make against the being completed I’ve ever heard. block on all content. ment in front of a cashier and a data released and widely publicised. specifics of the porn laws come sec- @IanDouglas In order to access the material, a few customers, however, would be While many might find such a ondary to the fact that the princi- person will either have to submit if the details you submit to the website fairly disgraceful, it is the ple behind them is at total odds “The dog ate our porn block law” their passport, credit card or porn site were dumped into the mark of a free society that, if some- with our liberty – our freedom to @StevePeers driver’s licence details into the web- public domain. thing is legal, people are free to en- live as we please, as long as we don’t site, or they will have to purchase a Indeed, the government’s most gage in it. It was not right for users harm others in the process. 2020 candidate Marianne Williamson “Portes pass” in a shop. recent climbdown from the imple- to have their lifestyles exposed to Let’s hope that this recent climb- called mandatory vaccines Imagine walking into your local mentation of the porn laws is re- the world. down leads to the rollback of the “Orwellian” at an event in New shop to buy milk, eggs, and your portedly linked to security The porn laws would extend the policy all together. Hampshire late Wednesday porn pass. Why should any adult concerns that personal identities risk of such data breaches to anyone In a free society, there must be @thedailybeast have to make their intimate bed- and intimate browsing behaviour daring to look at adult content on limits to the government’s inter- room habits known to the local could be hacked or leaked, and ex- the internet. vention in our lives. And our sex George Orwell died from tuberculosis, shopkeeper, or anyone else who isn’t posed for public consumption. There are a host of technical issues lives are far past that red line. a disease since made preventable by a consenting to be part of the activity? This isn’t scaremongering. A few around the proposed laws, includ- vaccine. Our sex lives are nothing to be years ago, users of Ashley Madison ing their effectiveness. While they £ Kate Andrews is associate director at @sivavaid ashamed of, as long as everyone is – an adult website to connect mar- may reduce adults’ access to porn the Institute of Economic Affairs. CITYAM.COM FRIDAY 21 JUNE 2019 OPINION 15

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam See you in court: What the law DEBATE can do in reaction to deepfakes Slack has gone public with a direct listing, but is this type of ARK Zuckerberg recently Rory sion). If the photos used have been became the latest high-pro- hacked or are intimate, this could ‘non-IPO’ just a fad? file subject of a “deepfake” Lynch constitute theft and misuse of private Mhoax. A manipulated video information. circulating on Instagram Another legal option could be Direct listings can work, and you may appears to show him boasting about defamation, if members of society well get superior price discovery, but having “billions of people’s stolen think less of a person because of the they’re suitable only for a relatively data” and thanking a Sheffield art in- deepfake (for example, if they think small number of firms and will never YES replace the traditional IPO, complete stallation for his success. that it is real or officially sanctioned). NEIL WILSON Squint, and you could mistake the Harassment and malicious online with its roadshow and bell-ringing fake video produced using artificial in- Deepfake headlines first began cir- communication laws may also come razzmatazz. telligence software for the real deal. culating in 2017. Even in its infancy, into play, and these can lead to crimi- Direct listings work if you don’t need for example, a direct listing is simply out Zuckerberg took the decision not to the technology caused controversy as nal prosecution. The impact could be to raise money and simply want to let of the question. Without the remove the video from his platform, internet users realised that the tech widespread if the deepfake goes viral, employees cash out. Slack has $800m in underwriting process, they’d be taking having recently faced criticism for his could be abused to create revenge and damages for defamation in the cash in the bank – it didn’t need to raise an unacceptable risk. refusal to remove a manipulated porn, malicious hoaxes, or fake news. US can be substantial – sometimes a penny. But if you really want to attract And if you want to attract the big video of speaker for the US House of As always with new technologies, millions of dollars. fresh capital to expand and grow the institutional funds, those that have the Representatives, Nancy Pelosi. there has been confusion over how the For those who are considering creat- business, there is no option but an IPO. deep pockets and experience to stick But while the Zuckerberg deepfake law covers this emerging area, and ing a deepfake, especially of a promi- Most firms are not famous tech with you for the long haul, then you’re was part of an art installation and not whether an updated legal framework nent person, note that this comes unicorns that have spent years in better off with an IPO. designed to deceive, the same cannot is required to regulate it. But existing with high risks, and exercise extreme private hands and gone through be said of the Pelosi video. In it, her laws mean that creating deepfakes per- caution. If you are a victim, you multiple rounds of fundraising. For £ Neil Wilson is chief market analyst at speech was slowed down to sound in- ceived to be damaging to a person or should contact your lawyer as soon as most of the unknown Aim-listed stocks, Markets.com. coherent and shared online as evi- brand’s reputation already comes with possible in order to stem the damage. dence of a “neurological condition”. consequences, while victims poten- For everyone else, keep an eye on the The attack echoed the “brain dam- tially have a number of legal options. future. The current batch of deepfake age” reputational attack faced by First and most simply, in regard to in- videos may be just an interesting Call it Silicon Valley driven hype if you Hillary Clinton, and more broadly the tellectual property rights, there could demo of what technology can do, a like, but direct listings are here to stay. dissemination of “fake news” in the be a claim if the victim owns (or can ac- mishmash of poor voice-overs on top Before Slack used the hitherto little- 2016 US presidential election. quire) the copyright of the image used. of grainy unconvincing video. Few will known method to go public, Swedish NO The episode has fuelled fears that Equally, if the image was used to sell be fooled into thinking that this is re- music streamer Spotify executed its ELISABETH COWELL deepfakes are providing ever more so- a product, this could constitute “pass- ally Zuckerberg waxing lyrical about own direct listing. Its desire to deliver a phisticated means for nefarious polit- ing off” (which Rihanna successfully an art exhibition. However, as they be- liquidity event which would reward ical ends. Barack Obama recently argued when Topshop featured her come more advanced, it will become existing shareholders sat front and appropriate for everyone, and the spoke out about his concern for the photo on T-shirts without her permis- harder to discern what is real. centre of its mission to enter the equity fantastic access to capital that the rapidly developing technology. The law is notoriously slow at tack- markets last year. equity markets provide means that the Deepfakes, so-called because of the ling cutting-edge tech, but in this case Unlike a “traditional” IPO, a direct IPO, with its book-building and investor use of deep learning AI, are made with The tech could be the legislative will need to catch up listing does not involve lock-ins and roadshows, will never become machine learning techniques which abused to create quickly in order to quell what could restrictions for existing shareholders. It obsolete. combine and superimpose images and become an insidious phenomenon. was therefore a great fit for Slack and But this isn’t an either-or scenario. It’s videos to create a convincing fake. Any- revenge porn, hoaxes, Current legal remedies, although rel- its goals. time we dropped the false “non-IPO” one can create a deepfake for just $10. or fake news evant, may not quite hit the spot. Of course, for those companies more versus IPO narrative. Already we have seen political leaders, focused on growth capital, IPOs are not celebrities, and chief executives be- £ Rory Lynch is a reputation and privacy going anywhere. Private equity and £ Elisabeth Cowell is a partner at come victims of deepfake fraud. lawyer at Vardags. venture capital funding is not Newgate Communications.

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Mount Anvil has launched a new one-bedroom show Berkeley Homes is launching a collection of eight two- Fairview New Homes is launching a new 76-apartment The last two remaining Shared Ownership properties apartment at Hampstead Manor, in London’s prized bedroom apartments at its Trent Park development in development in Camden Town tomorrow, comprising are now available to purchase at The Elmington, a NW3 enclave. Occupying 507 sqft, the apartment is on North London tomorrow. Woburn Cottage is located a mixture of one, two and three-bedroom homes Peabody development in Camberwell. The two- the second floor of the development’s Maynard Wing, on the grounds of a former dairy storeroom, where across four blocks. Built on the site of six former bedroom apartment is priced at £149,250 for a 30 per originally built in 1889 as a wing of Kidderpore Hall, butter was once churned, but there’s nothing cheesy warehouses off Centric Close, the development is cent share, while the three-bedroom apartment is and still retaining the building’s original red brick about the ground floor private gardens and first floor situated a five minute walk from Camden Town tube priced at £164,250 for a 30 per cent share. The South facade. The rest of the collection at Maynard private balcony or terrace. Residents benefit from the station, with Camden Road overground half a mile London development is a mile from Oval and comprises 16 one, two and three-bed period adjacent private tennis courts and the nearby gym, away. Potential buyers will have the opportunity to Kennington tube stations, and surrounded by several conversion apartments and duplexes, restored and pool and million-bulb daffodil lawn commissioned by visit a two-bedroom show apartment, which is being green spaces including Burgess Park and Brunswick designed by interior design studio Abode. none other than former resident Sir Phillip Sassoon. opened alongside the launch. Park. Viewings are taking place tomorrow from 10am. £ Visit mountanvil.com £ Call 020 3811 0527 or visit trent-park.co.uk £ Visit fairview.co.uk £ Call 020 7021 4842 or visit peabodysales.co.uk

FOCUS ON INTERIORS FEATURE Pimlico is The astonishing The amazing still turning comeback of new Serpentine buyers’ heads pastel pink pavilion P18 P22 unveiled P26 LONDON HELP TO BUY† NOW AVAILABLE AT BIRCH HOUSE SHOWHOME NOW LAUNCHED Call 020 3553 7863 to arrange a viewing

Move now for your chance to live at the award-winning Kidbrooke Village This is a fantastic opportunity to buy your own home at Birch House, the most iconic building at Kidbrooke Village. With its striking architecture and individually designed homes, it really is EXAMPLE HOME VALUE £590,000 your chance to live somewhere unique. Reservation fee £500 2 & 3 bedroom apartments from £590,000 Buyers 5% deposit £29,500 Government 40% loan £236,000 55% mortgage £324,000 KIDBROOKE BLACKHEATH LONDON BRIDGE WATERLOO EAST CANARY WHARF STATION 3 MINUTES* 16 MINUTES* 19 MINUTES* 22 MINUTES*

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Computer generated image of Birch House is indicative only. Photography depicts Showhome and is indicative only. Prices and information correct at time of sending to press. *Timing is approximate only. Source: www.tfl.gov.uk. †London Help to Buy is subject to the Homes and Communities Agency’s (HCA) terms and conditions and is available on new build homes up to £600,000 to customers where the property represents their only residence. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CHECK THAT THIS SCHEME WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT FINANCIAL ADVICE. 18 HOT PROPERTY FRIDAY 21 JUNE 2019 CITYAM.COM FOCUS ON PRIVATE VIEW PRIME PIMLICO IS STILL ON THE MARKET IN HIDING SOME BARGAINS PIMLICO THIS WEEK Chelsea’s more affordable neighbour has an identity all its own ST GEORGE’S SQUARE £2,500,000

FOCUS ON A four bedroom, two bathroom triplex apartment, with two reception rooms, a roof PIMLICO terrace, and access to a garden square. Call Foxtons Shoreditch on 020 7033 1414.

In the 1949 Ealing comedy Passport to Pimlico, the discovery of a medieval charter reveals that part of the area was never formally incorporated into Britain, and is therefore technically an independent nation. While resi- dents of this affluent part of Central London are unlikely to form a revolu- tionary vanguard and secede anytime soon, there is something different about SW1, a friendliness and liveabil- ity that separates it from its snootier neighbours. Sandwiched between the wealthier Belgravia and Chelsea, Pim- ST GEORGE’S HOUSE lico has managed to maintain a sense of self, distinguished by its charity £425,000 shops, car boot sales and neighbour- hood bars and restaurants. A spacious first floor studio apartment in a Pimlico has long been a sought- quiet location, featuring a contemporary after place to live: bursting with blue- fitted kitchen. plaques, the area’s endless Georgian Call Simon McKie on +44 (0) 203 430 6860. and Victorian properties have been tains a large amount of stunning ar- high-profile roads in the Pimlico grid years, with 13.7 per cent recorded home to a variety of prominent fig- chitecture. It thrums with grand Re- where prices can rise above £5 mil- across the same time period in the ures over the years, including Win- gency properties, over 350 of which lion. Properties close to the Belgravia rest of Prime Central London. ston Churchill, Laurence Olivier, and are listed. border, and those with access to pri- Location is an obvious draw; Pim- Jomo Kenyatta, the first post-inde- “Today, property in Pimlico is pri- vate residents’ gardens, are often lico is just a relaxed saunter from pendence leader of Kenya. It is marily Victorian white stucco- cited as high net worth addresses, Hyde Park or the West End, or a also home to Dolphin fronted houses and among the most desirable in the area. twenty minute tube journey from the Square, a vast redbrick conversions; a style of ar- In general, however, Pimlico earns City. “For those who need to travel apartment block over- chitecture that is iconic its reputation as the more reasonable abroad then Pimlico is the place to be, looking the Thames, in upmarket Prime of the Thames-hugging Prime Central with the Gatwick Express offering and perhaps Britain’s Central London areas,” London locations. A terraced four-bed- scheduled travel times of less than 30 most infamous ad- says James Robinson, room is likely to set you back around minutes to the airport,” says Robin- dress. It was in his manager at Dexter’s £1,500,000; closer in price to places son. Dolphin Square flat Westminster. “Closer like Hampstead or Highgate than it is But the array of amenities on offer that fascist leader Os- to the river there are an to Belgravia or Westminster. means that you may never want to WINCHESTER STREET wald Mosley was ar- increasing number of More discerning bargain-hunters leave. As well as the numerous bars, rested in 1940, and it was new developments, often will be able to find a semi-detached eateries, and bookshops, this is a par- £1,700,000 here that Soviet spy John with spectacular views for under a million, and a one-bed- ticuarly good area for clothes shop- Vassal was arrested for trea- across the Thames towards room flat can be picked up for ping, containing both high-end, This two bedroom, two bathroom house has son. Nine Elms and Battersea Power Sta- £450,000. Price growth here is also boutique branches, and a slew of a patio garden and private parking. As you’d expect of a wealthy area with tion.” slowing more than in similar areas – much-loved charity shops around the Call Alice Pearson-Wright on such a storied history, Pimlico con- As a result, there are a number of down 22.7 per cent over the past three Vauxhall Bridge Road. +44 (0) 203 430 6860.

AREA GUIDE Area highlights HOUSE PRICES Source: Zoopla DETACHED SEMI TERRACED FLATS Pimlico backs on to the West End, so the Victoria Apollo Victoria theatre £1,787,796 £820,055 £2,914,652 £1,022,846 presence of a world class theatre like TRANSPORT Source: TfL the Apollo Victoria is no surprise. There Time to Canary Wharf 21 mins isn’t much variety, however; Wicked has Time to Liverpool Street 23 mins been on at the Apollo for the past 12 Nearest trail station Pimlico Station years. If you fancy something a bit more Lorne active, head to the Westminster BEST ROADS Source: Zoopla Boating Base, a riverside sports centre Most Expensive Eaton Terrace £5,917,098 with facilities for kayaking, dinghy Gerald Road £5,762,879 sailing and powerboating. No doubt Cacio e Pepe AVERAGE ASKING RENT exhausted after all that watery Pimlico Farmers Market Cask Pub and Kitchen £3,899 pcm exuberance, you’ll want to saunter up to the Cask Pub & Kitchen, which does gourmet burgers as well as a range of Pimlico craft beers. The Capital Carboot sale is a local institution; depending upon which day you turn up, you could leave Capital Carboot sale with anything from a vintage Tuxedo to a knock-off Rolex. For a slightly more upmarket shopping experience, stop by the Pimlico Road Farmers Market, which has a roster of around 25 stalls Westminster Boating Base serving artisanal produce. Hungry visitors should drop in on Cacio e Pepe, a hearty Italian with a neighbourhood vibe, or Lorne, which serves modern British fare in soothing surrounds. Computer generated image of Grand Union, indicative only.

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22 HOT PROPERTY FRIDAY 21 JUNE 2019 CITYAM.COM INTERIORS HOW TO USE PASTEL PINK

It’s mid-summer’s day, so why not celebrate with the season’s warmest shade, asks Laura Ivill

t’s mid-summer – or, at least, it’s the longest day: summer feels like it’s yet to start. So this week I’m Ilooking at gorgeous heat-infused mid-summer colour and how to use it. The past few summers have been all about tropical motifs, with lots of pink flamingos, palm-tree-prints and parrots (vintage preferred over plastic, obviously). We Brits have shown our sunnier, playful sides and our reward was the long hot summer of 2018. This year the look is once again strong, but much more serene. Colour is still king, but it’s a soft backdrop in sun-baked plaster pink, layered with fabrics in burnt ochre, terracotta and salmon and comple- mented with zests of lime, mint, pis- tachio and deep forest green. A pop of lemon wouldn’t go amiss, but think colour-blocking rather than busy prints. And the good news is it works for both indoors and out. Main: the Chee Collection by Tom Fereday for Full marks to Australian brand SP01 SP01; Left: The John Lewis outdoor collection; (see sp01design.com for London stock- Above: Pieces from the H&M Home collection; ists) for the styling of its Chee Collec- Below from right: A vase and cushion from Heals tion by Tom Fereday. Simple pale-pink painted backdrops are the perfect foil for Fereday’s wiry outdoor chairs and stools in white, black, green, blue and “Scorched, earthy tones of pink and how surrounding ourselves with dar- salmon. Habitat brings this contem- saffron are key colour trends this ing colour schemes can bring joy. porary look to the high street, with its summer,” says Vicky Angell, out- “Colour is emotion,” they say in a styling for the Jambi outdoor lounger, door living buyer at John Lewis. book filled with drama, artistry and bench and chair, from £120 “We have redesigned our Salsa col- wit. (habitat.co.uk). lection in a bold red ombre pat- For the interior designer India Mah- Elsewhere on the high street, the tern to make a real style statement davi, “Colour is a tool for telling a look veers into Moroccan, adding for your outdoor space. Pops of story or transmitting a feeling. Berber-style rugs, tassels and lanterns blue and yellow are a welcome Colours are characters.” (H&M Home) or into “Bohemian” at clash to the colour scheme. Adding She explains how she came up with John Lewis with burnt-orange out- cushions, lanterns and even a pat- a tone that’s perfect for our summer door cushions and rugs. But the pure terned pouffe brings a Palm palette: “Recently I made a new colour incarnation is simpler and more de- Springs-style fun yet relaxed feel to that I call Mandarine au Lait, the fined, inspired by the Californian your garden.” milky orange you see at sunset,” she desert of Palm Springs, where sun- And for an inspiring trip into a writes. It’s a contemplative colour – light bounces off the soaring pink- kaleidoscopic world, pick up a copy of for Mahdavi it’s “the sun setting hued rocky Santa Rosa mountains, Who’s Afraid of Pink, Orange and slowly on humanity”; but we might and the city’s mid-century vibe is au- Green (Lannoo, £35). The authors, Iris prefer to imagine a Palm Springs’ sun- thentically glamorous. de Feijter and Irene Schampaert, show set by the pool with friends. Lyle Building

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26 HOT PROPERTY FRIDAY 21 JUNE 2019 CITYAM.COM OPINION ARCHITECTURE The Rise of Gazumping Gillian Shubotham Co-Founder of INHOUS

WHAT IS GAZUMPING? Gazumping occurs when a buyer has had an offer to purchase a property accepted by the seller, but before the sale is exchanged the seller accepts another offer from another buyer. This is something that our team at INHOUS has experienced first-hand and on numerous occasions in the past few months, particularly across the Prime Central London market. As unjust as it may feel when you are on the receiving end, the truth is that gazumping is a perfectly legal aspect of the property-buying process in England and Wales. The reason for this is that an agreement to buy or sell a property does not become legally binding until writ- ten contracts are exchanged, which can come several weeks after an offer has been accepted. Strictly speaking, a buyer can be gazumped if the seller decides to re- ject their offer in favour of another buyer’s for any reason, such as de- lays in conveyancing or financial arrangements, not simply for a higher bid. THE SERPENTINE WHY IS GAZUMPING ON THE RISE? Instances of gazumping have been few and far between for the past five years. However, a shortage of hous- ing stock in the Prime Central Lon- PAVILION UNVEILED don market and the emergence of more competitive prices has ignited a very real trend in gazumping. light it could blow away in the Other key factors fuelling this rise This year’s entry breeze, the cluster of scattered rock include the readjustment of hous- levitates, like a billowing piece of ing prices and a desire to purchase shows work by fabric. The interior of the Pavilion is property again. For example, fewer an enclosed cave-like space, a refuge transactions are taking place in Japanese for contemplation. Super Prime Central London but at “For me, the Pavilion articulates a more realistic prices, which means architect Junya ‘free space’ philosophy that creates people are starting to seriously con- harmony between man-made struc- sider property again – particularly Ishigami, says tures and those that already exist in before the UK leaves the EU later nature.” this year. Steve Irish Ishigami is the 19th architect to Simultaneously however, agents take on the commission since Zaha are currently under incredible pres- he opening of the Serpen- Hadid’s striking, angular white sure because there are still so few tine Pavilion is one of the canopy was erected in 2000. properties on the market and this highlights of the architec- Highlights have included Frank leads to the overvaluing of property Ttural calendar, and this Gehry’s 2008 entry, a vast mish- by 15 to 20 per cent. This makes it year’s entry does not disap- mash of timber and glass panels in- hard for a vendor to accept an offer point. spired by the work of Leonardo Da when it comes in at market value be- This year the covered structure has Vinci. The first design by the leg- cause they are frequently misled by been designed by Japanese architect endary architect in the UK, it looked their agent. Junya Ishigami, who is renowned for like a cross between an amphithe- creations that merge elements of atre and a windmill, dwarfing the HOW TO AVOID traditional architecture with flow- neighbouring Serpentine BEING GAZUMPED ing, natural shapes. Gallery. Our advice to buyers is to compile a His design features a dramatic In 2012 Chinese dissident substantially written argument curve made up of thousands of artist Ai Weiwei partnered ing a reflective surface The Serpentine Pavilion commis- when submitting an offer on a prop- shards of grey slate, creating a cave- with Herzog & de Meuron – that became a tempo- sions are open to any architect or erty, instead of a verbal offer. The like space for Londoners to enjoy a the firm responsible for the rary home to the group so long as they have not com- written offer should include proof of picnic. spectacular Tate Modern ex- park’s population of pleted a building in England at the funds and be drafted by solicitors or “My design for the Pavilion plays tension – to create something ducks. time of the Gallery’s invitation. The with a financial broker's details to with our perspectives of the built en- entirely different: a sunken Two years later Croatian- architects have six months to create verify that the offer is reliable. vironment against the backdrop of structure that rose just Chilean architect Smiljan the structure, which will be dis- Building a trustworthy case makes a natural landscape,” says Ishigami. 1.5m above ground level, Radic dreamt up a played for just three months before it very hard for vendors not to take “It emphasises a natural and organic burrowing below semi-translucent being disassembled in preparation an offer seriously so we recommend feel, as though it had grown out of the lawn and play- tube that was for the next commission. buyers to prepare comparable evi- the lawn, resembling a hill made of ing with the idea part sea-shell, If you’re planning a visit this week- dence for their agent to share in full. rocks. of historic pavil- part pebble and end, you can combine it with a trip We also strongly suggest offering a “This is an attempt to supplement ion ruins exist- part UFO, pro- to the Serpentine Gallery, which is quick exchange period, preferably traditional architecture with mod- ing below. The viding picture currently hosting an exhibition ded- five working days. A speedy transac- ern methodologies and concepts, to roof of the windows for icated to painter and quilt-maker tion is exactly what a vendor is look- create an expanse of scenery like structure was viewing areas Faith Ringgold – her first European ing for in this current climate so never seen before. an almost-flat of the park show. In the Serpentine Sackler having all the facts in one place is ex- “Possessing the weighty presence dish filled with from inside Gallery you can find an exhibition tremely attractive and much harder of slate roofs seen around the world, a shallow pool its circular of works by Luchita Hurtado, also a to turn down. and simultaneously appearing so of water, creat- corridor. UK debut retrospective. Last few remaining

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*Source: TfL. Times correct at time of press. **Available from July 2019. † Based on a 5% deposit for a two bedroom apartment, full market value of £325,000, 25% share value of £81,250. Affordability is based on your individual circumstances. Affordability and eligibility criteria applies. 28 LIFE&STYLE FRIDAY 21 JUNE 2019 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen MOVIES OUT NOW

Story, and you’ll see what I mean. RECOMMENDED Visually, it lays out its stall in a pre- TOY STORY 4 title flashback set during a storm. DIR. JOSH COOLEY The rain, which almost washes away BY STEPHEN APPLEBAUM a toy car left out in Andy’s drive, is so photorealistic you’d swear it was actual water. We learn more about he question on my lips the circumstances of a character’s when Toy Story 4 was an- disappearance between parts two nounced was: why? Toy and three, and Woody’s refusal to ac- TStory 3 seemed like the per- cept a hard reality that comes with fect finish to a trilogy that being a toy. never made a misstep. As the film Nine years later, Woody is the least ended, the sight of Woody, Buzz played with of all the toys. He waxes Lightyear et al with their new nostalgic about his relationship with owner, Bonnie, as their original one, Andy but Bonnie just isn’t into him. Andy, drove off to college, felt beau- When she goes to kindergarten for tifully definitive. What could an- the first time, Woody hitches a ride other instalment add? Why mess in her backpack and watches as she with perfection? crafts a figure out of a spork. “Forky” Now Toy Story 4 has arrived, I’m springs to life, but thinks he’s trash, glad to report there’s nothing to giving Woody a way to be useful to fear. While it doesn’t offer anything Bonnie by making him see that he is particularly fresh story-wise, or a toy, too. boast the emotional heft of its im- The film is all about growing up, mediate predecessor, it’s a breezy, adapting to new situations, and find- gag-stuffed ride, bursting with ing new paths. It’s clever, and very colour, boasting eye-popping mar- funny in parts, largely thanks to new vels at every turn. characters such as Ducky and Bunny, In fact the Toy Story movies have and Keanu Reeves’ Canadian stunt never looked better. Thanks to ad- rider Duke Caboom. And yet, for all vances in computer technology, this its many virtues, I couldn’t shift the latest episode makes the ground- feeling that its makers were often breaking first film of the series, from just reworking old characters and sit- 1995, look like cave art. Compare the uations. Toy Story 4 is a joy, but new film’s cat with Spike’s dog in Toy maybe this really should be the end.

problems such as school bullies and THE CAPTOR take hostages, including pretty bank RECOMMENDED unrequited crushes. There’s also a DIR. ROBERT BUDREAU clerk Bianca (Noomi Rapace), and from BRIGHTBURN smattering of dark humour, as Tori BY DOUGIE GERRARD there the equation is pretty much set. DIR. DAVID YAROVESKY and Kyle initially mistake these shifts The remaining hour forty is a frenzy of BY JAMES LUXFORD to be part of puberty. cacophonous tedium, with Hawke As the film progresses, it moves away The Gambler, The Driver, The Boss: as a screeching his way through a police from the core idea and becomes more general rule of thumb, you should be stand-off, messing every key decision he latest from producer James of a standard horror film. Grizzly wary of films with character descrip- up, until the whole thing fizzles flac- Gunn is an interesting take on deaths and creepy drawings are a main- tors as titles. If a studio sanctions such cidly out. the Superman origin story. stay of supernatural horror films, and a generic title, they’re unlikely to put The film is a recreation of a 1973 po- TWhile not officially linked to it’s a shame not an awful lot is done to much effort into the film itself. lice raid on Stockholm’s Central Bank, the DC character, the film subvert the superhero genre in the way The descriptor principle proves its best known for being the origin of the takes place in a small town in Kansas, the trailers promised. worth again with The Captor, a lazy term Stockholm Syndrome. In real life, where a child crashes from the sky into However, there’s a lot to like here. heist flick that flounders around a robber-hostage relations were merely the farm of Tori and Kyle (Elizabeth Aside from a mad final ten minutes, desultory, one-dimensional script. cordial, a historical detail director Banks and David Denman). However, director David Yarovesky avoids need- Doing his shoutiest Nicholas Cage im- Robert Budreau injudiciously ignores when Brandon (Jackson A Dunne) starts less spectacle, never bombarding us pression, Ethan Hawke plays Lars Nys- by having Bianca fall for Lars. The re- to exhibit strange powers around his with jump scares or too much gore. trom, a volatile bank robber whose lentless lack of chemistry between twelfth birthday, it starts to look like Banks also stands out, playing Tori as initial ferocity belies a roguish outlaw them makes their romance less than this super-boy may not grow into the a mother torn between love for her charm. Wearing a handlebar ‘stache credible – and besides, why would any- saviour of mankind. child and fear over the threat he poses. and a Texas biker jacket, Nystrom holds one fall for this insufferable dumbass, It’s such a smart, simple premise Brightburn never explores the ‘Clark up the biggest bank in Sweden, though who repeatedly endangers everyone by that it’s a surprise no one has thought goes dark’ idea to its fullest potential, he isn’t after their money. Instead, he being too thick to rob a bank? of it before. The first act builds with but from a neat premise comes a well- demands the release of his old accom- Hawke gives an exhausting perform- unbearable tension, as Brandon slowly crafted horror that raises some inter- Clockwise from top left: Ethan Hawke plice Gunnar (Mark Strong, barely even ance, though he isn’t helped by the learns of his new powers and uses esting questions on its way to its in The Captor; The all-new Chucky trying), in jail for a previous robbery. script, which presents Nystrom as a dev- them to create violent solutions to bonkers finale. doll; The Brightburn antihero Gunnar is brought to the bank, the pair ilish Butch Cassidy type, making his CITYAM.COM FRIDAY 21 JUNE 2019 LIFE&STYLE 29

RECOMMENDED

EXPERIENCE JEFF WAYNE’S WAR OF THE WORLDS 56 LEADENHALL ST BY STEVE DINNEEN

ver wondered what it would be like to live through the tortuous hu- E miliation of mankind by aliens with minds immea- surably superior to ours? Ever wanted to watch your peers get tossed around like flaccid ragdolls by the snaking tendrils of Martian Machinery? Of course you have! Well, my friend, you are in luck. Jeff Wayne’s War of the Worlds is the rock opera that just won’t die. I smoke the colour of your wrist-band, coming from Mars being a million to recreations of London streets; the attended its “last ever tour” in 2007 you’re up. one – hosting a star-gazing workshop simulation is accomplished enough and there have been at least two The experience is set six years after at the Horsell Common Observatory. to pick up on the movements of your more since. Released in 1978, the the rise and fall of the Martians, by When you spot an ominous green individual fingers, although it’s also concept album – based on HG Wells which time alien technology has plume of smoke through your tele- glitchy enough that some of my 1897 novel – is the 32nd best selling been incorporated into Victorian so- scope, you know the fan will soon re- peers appeared to be sliding hori- album of all time in the UK, spend- ciety. One implementation of this is quire a thorough sponging down. zontally across the filthy streets. ing 209 weeks in the charts. Now an all-singing, all-dancing show al- Famous scenes are brilliantly recre- The experience is held together by it’s been rebooted once again as an lowing revelers to relive the alien in- ated – the Martian cylinder unscrew- a string of spirited performances “immersive experience” in the vasion. It’s a fun, kitschy way of ing on the common is wonderfully from a cast who really sell the sense heart of the City, incorporating live immersing you in HG Wells’ world, creepy, while a front-row seat for the of desperation and impotent dread. action, recorded video and virtual and helps to explain the slightly sinking of HMS Thunder Child – re- And, of course, there’s the music, reality. janky CGI that makes up a good alised through a virtual reality head- remixed and tweaked to fit the sce- Spanning two floors of commer- chunk of the production. set and some other technical narios, but still gloriously melodra- cial space, it’s a vast operation, in- Those familiar with the source ma- wizardry – is genuinely thrilling. matic, full of otherworldly sounds volving at least a dozen actors and terial will immediately pick up on Elsewhere virtual reality is used to that instantly transported me back lasting almost two hours. You meet the multitude of references. An early transplant you to Victorian Eng- to my childhood. It’s a strange way in a pub called The Spirit of Man, scene, for instance, sees the as- land – at one point you and your fel- to spend an evening, a little rough which is populated by a giant Mar- tronomer Ogilvy – the douche who low survivors become top-hatted around the edges, but hugely fun tian tripod – when it breathes predicted the chances of anything avatars traipsing through detailed nonetheless.

sporadic incursions into violence im- Hitler’s Nazi party. After the execu- ing knowledge of the material is fairy lights, and even the birds sang plausible. The lasting impression is of a tion of the family patriarch, a power pretty much essential. There are sur- along to Engelbert Humperdinck’s film trapped between genres: it isn’t struggle ensues between two of his titles above the stage, but with your much-loved late 19th century opera. nearly fast-paced enough for a heist sons and his widow’s oily lover. Each eye already drawn in several direc- This production of Hansel and Gre- movie – and if it were a comedy, I’d one believes they hold some Machi- tions at once, you have to perform tel, performed in English, is a contin- have laughed. avellian influence, although it soon some real mental gymnastics to uation of the collaboration between becomes clear that the true power keep up. the Open Air Theatre and the English lies far beyond their control, their The Damned is the work of one of National Opera, which began in 2018 RECOMMENDED scheming and squabbling overshad- contemporary theatre’s most excit- with The Turn of the Screw. For those owed by the terrible events unfold- ing talents. Even accounting for the familiar with Humperdinck’s opera, CHILD’S PLAY ing around them. recycling of techniques, this is pow- the story softens the edges of the LARS KLEVBERG The play doesn’t have a great deal erful stuff, with scene after scene somewhat more – if you’ll permit me BY STEVE HOGARTY to say about the rise of fascism be- constructed with such maximalist – Grimm tale of yore. yond the fact it’s, you know, bad. In- beauty that it will take your breath It has its darker moments – forest- It is hard to overstate just how big a stead it focuses on the family drama, away. dwelling figures emerging from the moral panic the original Child’s Play using politics as a backdrop to trees, sinisterly sucking on lollipops, caused when it debuted in British cine- what’s essentially a modern-day to lay sweet traps to tempt unsus- mas in 1988. According to its critics, a Greek or Jacobean tragedy. pecting children, for instance – but generation of innocent children – many The play hinges on a series of dy- for the most part, this is a light af- of whom grew up to become today’s namic set pieces; a messy evening of fair. The score is delivered buoyantly, doctors, firefighters and Conservative naked beer drinking that ends in a both joyful and ominous, with the MPs – had their young minds irre- bloody massacre; characters being more mature voices of Duncan Rock versibly scrambled by the story of a RECOMMENDED led into their graves, only to be as Father, Rosie Aldridge as Mother murderous doll possessed by an exe- filmed by night vision cameras and Alasdair Elliott as the Witch cuted serial killer. THEATRE screaming and clawing at the closed bringing the most vigour. The move- With our progressive, millennial THE DAMNED coffin lid; key players being stripped ment on stage, meanwhile, is ener- synapses now utterly numb to obscen- THE BARBICAN (there’s a lot of flesh on display) and getic, with Rachel Kelly’s Hansel and ity, this remake of the horror classic slathered with viscous substances. Susanna Hurrell’s Gretel even will be about as controversial as a fart BY STEVE DINNEEN Throw into the mix some docu- throwing in some animated ‘floss- in a hot tub, but it still manages to be mentary footage, a bit of German ing’ for good measure. great fun. The new Child’s Play revels in ‘Why change a winning formula?’ death metal and some brain-pierc- The production has a light- gut-turning mega-violence and deliber- appears to be the ethos behind ing strobe effects and you have an hearted, humorous feel, falling ately schlocky special effects, but still Dutch theatre director Ivo van audio-visual barrage, a play that somewhere between Lewis Carroll, finds time to stick the boot in to the Hove’s latest play, which occasion- washes over you with the force of a Dr Seuss and Tim Burton. The very society that once recoiled from it. ally veers close to a ‘greatest hits’ tidal wave. It’s powerful stuff, al- dandy-like Sandman, along with The reinvented Chucky is now a killer compilation constructed from parts though it occasionally threatens to tutu-clad ballerinas and 1950s-style doll powered by a rogue AI, a kind of of his recent works. eclipse the drama. air-stewards form a bizarre pastiche. vengeful Alexa who can weaponise the The Damned continues the direc- Those familiar with van Hove’s The production reaches a connected smart home and turn self- tor’s obsession with adaptations of back-catalogue will recognise many RECOMMENDED crescendo in the second half, as the driving cars on their owners. In be- movies, with his oeuvre now includ- of the technical conceits: the on- sun begins to set over the park, with tween all the murders, the film ing four Bergman adaptations, ver- stage camera projecting images be- THEATRE the children’s discovery of the confidently skewers consumerism, sions of Oscar-winning films hind the action; the open-plan stage; HANSEL & GRETEL Witch’s kitsch house: an edible Bat- phone addiction, monopolistic tech Network and All About Eve, and now the covert swapping of the live video tenberg exterior, complete with REGENT’S PARK OPEN AIR THEATRE companies and, in one particularly four screenplays adapted from Ital- with pre-recorded footage; the ac- candy cane chimney and sur- meta scene, the effects of violent ian filmmaker Luchino Visconti. tors leaving the theatre space and BY LAUREN CRISP rounded by an eerie army of ginger- movies on an impressionable mind. This French-language play is excel- roaming around outside. bread men. The Witch is Child’s Play is more than anyone ex- lently performed by Comédie- It can all be a bit disorientating, Visiting Regent’s Park Open Air The- marvellously outré and fabulously pected of a rebooted video nasty, a hor- Française, the state theatre company with the live video often working in atre is always a treat, and on this oc- funny, but does take the production ror movie that’s self-aware enough for founded in 1680, performing in the opposition to the action, the images casion, a particularly sweet one. On into pantomime territory, with the your giant, sophisticated adult brain, UK for the first time in 20 years. projected behind the stage at odds Monday evening, the rain finally character even receiving a few boos. while still sincere enough to thrill and It follows a family of German in- with the speaking characters. If ceased, the audience enjoyed sun- But then, who says we can’t enjoy terrify your inner eight year old. dustrialists through the rise of you’re not a French speaker, a work- shine amongst trees and twinkling pantomime all year round? 30 PUNTER FRIDAY 21 JUNE 2019 CITYAM.COM

THE PUNTER Bill Esdaile previews today’s Royal Ascot card RACING TRADER

Hermosa (left, blue and orange silks) will be hard to beat in tommorow’s Coronation Stakes

BALLYDOYLE SET FOR RED LETTER DAY BUT WATCH ME WORTH A LOOK IN CORONATION

AYS like today scare the living This daughter of Olympic Glory won a market, although a wiser move would third in the Investec Derby a few weeks it’s so difficult to weigh up the form, daylights out of bookmakers. Group Three at Maisons-Laffitte on her be to back her each-way without Her- ago. while the majority of his Royal Ascot It is normally Willie Mullins seasonal debut and then suffered a mosa at around 8/1. The only worry is if this comes too winners have been over the minimum Dat Cheltenham that gives rough passage in the French 1000 JAPAN is a hot favourite for the King soon for him, but a gap of 20 days trip. them the willies, but a short- Guineas at Longchamp. Edward VII Stakes (3.05pm) and he can shouldn’t be a major worry. Roger Varian’s Daahyeh is greatly price Aidan O’Brien-Ryan Moore treble Nothing went right for her and Olivier get the Ballydoyle bandwagon off to a The rest of the field are miles behind feared but, with Mark Johnston’s two- at Royal Ascot is enough to get the fin- Peslier that day, but she was still beaten flying start. on form. Private Secretary is on a four- year-olds running so well this week, I’m ger nail biting started. less than three lengths by the winner O’Brien always seems to boss these timer, but taking on a completely differ- going to take a chance on his JM JACK- The Coronation Stakes (4.20pm) is po- and today’s rival Castle Lady. races with Galileo offspring and Japan’s ent calibre of horse, as is Pondus. SON at 12/1 with Coral who are paying tentially the last leg of the treble and in She was unlucky and I don’t think she respectable fourth in the Dante Stakes Pablo Escobarr chased home Derby five places. all honesty it’s very hard to see Hermosa should be as big as 16/1 in the outright was quickly followed by an excellent winner Anthony Van Dyck at Lingfield, She has been second on both her starts being beaten. although his rival that day was reap- over five furlongs, but the form is solid Like Winter two years ago, she comes pearing and notably weak in the bet- and I’m convinced she will enjoy this here having landed the English and Irish JE:7OÊI
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7I9EJ ting. step up to six. 1000 Guineas double. Going: SOFT (Good to Soft in places) Bangkok was desperately disappoint- My final bet today is NONCHALANCE at Winter then took this in fine style and 6 153-71 MAIN EDITION (26) (C,D) ing at Epsom, but if he were to bounce 8/1 with Ladbrokes in the Sandringham you’d expect Hermosa to do the same CORONATION STAKES ITV (7) M Johnston 3 9-0 O Murphy ...... 121 back he could give the favourite some- Handicap (5.00pm). 4.20 (GROUP 1) (BCS) (FILLIES) Runs: 9 Wins: 5 GF,SFT,GS,GD Places: 1 Prize Money: £170,667 today after scooting four lengths clear of (1) 1m 3yo only £283,550 10 dec. thing to think about. John Gosden landed a big gamble in 7 411-20 MOT JUSTE (47) Pretty Pollyanna at the Curragh last (2) R Varian 3 9-0 Japan is the one, though, and looks this race three years ago with Persuasive month. NON RUNNER ... 118 the most solid of the Ballydoyle three to and this filly might be able to repeat the 1 111 CASTLE LADY (40) (D) Runs: 6 Wins: 2 GD,GF Places: 1 Prize Money: £51,402 I think she probably will win, but I’d (8) H Pantall (FR) 3 9-0 me. Take the 5/4 with Ladbrokes. trick following decent wins at Haydock M Barzalona ....126 8 1143-2 PRETTY POLLYANNA (26) rather look for a bit of value each-way. Runs: 3 Wins: 3 STD,GD,HY Places: 0 Prize Money: £304,684 (3) Michael Bell 3 9-0 S De Sousa ...... 129 Ten Sovereigns is the second leg in the and Newmarket. Runs: 7 Wins: 3 GF,GD Places: 2 Prize Money: £367,373 Jubiloso is the obvious main danger 2 841-21 HAPPEN (46) (T) Commonwealth Cup (3.40pm), which (4) A P O’Brien (IRE) 3 9-0 POINTERS TODAY and she really could be anything, but D O’Brien .....116 9 3-212 TWIST ‘N’ SHAKE (35) (BF) has surprisingly only seen nine horses this is a major step up and she is light on Runs: 5 Wins: 2 GD,GD/Y Places: 1 Prize Money: £63,823 (1) J Gosden 3 9-0 L Dettori ...... 120 declared. (26) (D) Runs: 4 Wins: 1 SFT Places: 3 Prize Money: £17,326 experience. 3 122-11 BHERMOSA Again, he should win but Jash and Jm Jackson e/w (10) A P O’Brien (IRE) 3 9-0 (40) (D) Pretty Pollyanna is another threat after R L Moore :131 10 31-16 WATCH ME Hello Youmzain aren’t all that far be- 2.30pm Royal Ascot Runs: 9 Wins: 4 SFT,GD,GF Places: 3 Prize Money: £724,928 (9) F-H Graffard 3 9-0 P Boudot ...... 121 her highly promising reappearance in Runs: 4 Wins: 2 HY,GS Places: 1 Prize Money: £66,168 hind him so I’ll leave this race alone. Japan (35) the Irish Guineas. 4 11 JUBILOSO Today’s action kicks off with the Al- 3.05pm Royal Ascot (5) Sir M Stoute 3 9-0 J McDonald ...... 119 2018: Alpha Centauri (IRE) 3 9 0, C O’Donoghue 11/4F e/w (without Hermosa) However, I’m going to take a chance on Runs: 2 Wins: 2 STD,GD Places: 0 Prize Money: £14,814 (Mrs J Harrington), 12 ran. bany Stakes (2.30pm) over six furlongs Watch Me the French fillies and am particularly in- where Wesley Ward looks to hold a pow- 4.20pm Royal Ascot 5 714-67 JUST WONDERFUL (26) (D) BETTING: 5-2 Hermosa, 4 Pretty Pollyanna, 7 Castle Lady, terested in Francis-Henri Graffard’s (6) A P O’Brien 3 9-0 J A Heffernan ...... 124 15-2 Twist ‘N’ Shake, 9 Happen, Main Edition, 10 Jubiloso, erful hand with Nayibeth and Chili Nonchalance e/w WATCH ME, especially if there is still Runs: 9 Wins: 3 GF,GD/Y Places: 0 Prize Money: £156,983 14 Just Wonderful, Watch Me Petin. 5.00pm Royal Ascot some cut in the ground. I generally try to take on his horses as CITYAM.COM FRIDAY 21 JUNE 2019 PUNTER 31

Return to his @BillEsdaile beloved Ascot can see Sands Of Mali strike

is seeking a hat-trick. Bill Esdaile Although a winner over course and distance at the start of last season, he Sands Of Mali won the previews disappointed in the Commonwealth QIPCO British Champions Cup and then again in the Hackwood Sprint over course and tomorrow’s final Stakes at Newbury later in the year. distance back in October He looks like he’s improved but I’m day at Royal Ascot not prepared to back him at such a short price in a race like this. whole week and always a fiendishly dif- too big. since he last tasted victory and at the HOISIR made history in 2003 SANDS OF MALI was narrowly denied ficult puzzle to unravel. My other selection is SPRING LOADED age of nine, I am prepared to take him when becoming the first horse in the aforementioned Commonwealth There doesn’t look to be a standout who always runs well at Ascot and was- on with Andrew Balding’s CLEONTE at to win the King’s Stand-Dia- Cup, finishing just half a length behind contender this year and all of those at n’t beaten far in ninth 12 months ago 6/1. Cmond Jubilee double in the Eqtidaar. the head of the market have questions when not getting a clear run. He got bogged down in the mud in same year. Things went downhill after that but to answer. He is a bit higher in the weights now, the Chester Cup last time but has run It was a remarkable achievement, but he bounced back with a vengeance For that reason I’m going to throw a but Paul D’Arcy is legging up promis- well at Ascot in the past and looks like 16 years on Blue Point will attempt to when comfortably landing the QIPCO few quid on a couple of big-priced out- ing 5lb apprentice Dylan Hogan and a stayer that’s improving with age. repeat the feat in tomorrow’s Diamond British Champions Sprint in October siders. 22/1 with Coral is a decent each-way Jubilee Stakes (4.20pm). at odds of 28/1. First up is INTISAAB for David price. POINTERS TOMORROW Charlie Appleby’s five-year-old out- He ran respectably to be sixth behind O’Meara who won the Queen Anne The curtain comes down on the meet- stayed Battaash to win the King’s Stand Blue Point in the Al Quoz Sprint at Mey- Stakes with Lord Glitters on Tuesday. ing as always with the Queen Alexan- Sands Of Mali e/w for a second year running on Tuesday. dan on his reappearance and was then This eight-year-old has been well dra Stakes (5.35pm) run over the 4.20pm Royal Ascot He is the best horse in the race, but a little disappointing at Hamilton a beaten in this race for the past two marathon distance of 2m 5½f. Intisaab e/w you’d have to be slightly worried about couple of weeks ago. years but has now dropped to a mark Ryan Moore has teamed up with Irish 5.00pm Royal Ascot the four-day gap. I’m sure that was purely a trial for of 103 which he can definitely win off. champion jumps trainer Willie Mullins Spring Loaded e/w He also isn’t guaranteed to get home this, though, and he looks worthy of He ran well behind Soldier’s Minute twice in the last seven years to win this 5.00pm Royal Ascot over such a stiff six furlongs. each-way support at 14/1 with Coral. at York last time and O’Meara has and the pair join forces again with Cleonte e/w At just 11/4, I’m going to oppose him, The Wokingham Handicap (5.00pm) is booked Ascot straight course specialist favourite Max Dynamite. 5.35pm Royal Ascot as well as 9/2 shot Invincible Army who one of the biggest betting races of the Jamie Spencer. The 33/1 available looks However, it’s been nearly two years Boys in Blue expected to make flying start on final day RAINER Aidan O’Brien is enjoy- Only time will tell how strong need every yard of the six furlongs over 10 furlongs at Newbury. threat likely to come from Aidan Ting another fantastic week at that race was, but, with the third in the Woodcote Stakes at Epsom However, he failed to shine over O’Brien again who saddles the filly, Ascot and will have high hopes being beaten since, he could well be before eventually wearing down the those middle distances and the So Perfect. of landing tomorrow’s Chesham worth taking on with main market trailblazers, so this trip looks ideal. return to seven furlongs at York last Stakes (2.30pm) with the highly re- rival PINATUBO. Charlie Appleby, already among month sparked a return to form. garded Lope Y Fernandez. He created a really nice impression the winners this week, might land a He improved on that to land the POINTERS TOMORROW The son of Lope De Vega made a on his debut when easily accounting quickfire double as his SPACE BLUES Listed Surrey Stakes at Epsom and sparkling debut at the Curragh for Platinum Star on the all-weather could take plenty of stopping in the the return to a flat track over a Pinatubo earlier in the month when he at Wolverhampton and that horse Jersey Stakes (3.05pm). straight seven furlongs should see 2.30pm Royal Ascot quickened up in tremendous style almost won Wednesday’s Windsor The son of Dubawi was originally him step up again. Space Blues to readily beat fellow newcomer and Castle Stakes. considered a potential Derby horse I can see him swooping late at 3.05pm Royal Ascot stablemate Kipling. Last time out, Pinatubo seemed to in the spring when reappearing 11/4 with Coral, with his biggest 32 PUNTER FRIDAY 21 JUNE 2019 CITYAM.COM THE PUNTER CRICKET TRADER

off-field politics. Charlie Robertson previews They’ve only beaten Afghanistan so far, but haven’t been helped by the today’s Cricket World Cup match English weather which has seen their games with Pakistan and Bangladesh between England and Sri Lanka abandoned without a ball being bowled. Though he’s no spring chicken at 35 years of age, Lasith Malinga continues to pick up wickets and despite being re- Powerful top placed as captain last September, they have one of the game’s better all- rounders in Angelo Mathews. As seems customary these days, Eng- land are the heavy favourites for this and and are as short as 1/12. Clearly there’s little value in getting order can leave involved at those sorts of prices, so I’m going to advise getting involved in one of Sporting Index’s match specials. Even though Roy sits this one out again through injury, he, alongside Root, Morgan and Bairstow, fill four of Sri Lanka toiling the top-10 in the leading run scorers so far and against a poor Sri Lankan at- Eoin Morgan scored a brilliant hundred against Afghanistan tack (only one bowler in the top-40 of the ICC rankings), they can be ex- F ONLY following every national last time showed the gulf in quality be- It also showed the difference in men- were almost guaranteed to go deep in pected to pile up the runs again. team was as straightforward as this! tween the sides, though in truth Mor- tality that this England side have, with international tournaments. James Vince looked pretty good for England are four from five in the gan’s frankly ridiculous innings was the 25 sixes in that innings comfort- Having won the World Cup in 1996, his 26 before getting out versus Cricket World Cup and bar a defeat the real talking point. ably more than the total of 18 the hosts they reached the semi-finals in 2003 Afghanistan, so I’m expecting Eng- to Pakistan, where they didn’t do The England skipper, often overshad- hit in the entirety of the 2015 tourna- before finishing runners-up in the fol- land’s batsmen to surpass the buy fig- Ian awful lot wrong, they have been owed by the brilliance of Jason Roy, ment. lowing two renewals. ure of 76 on 50-ups. pretty much note perfect. Jonny Bairstow and Joe Root, smashed They head into their match with Sri However, with only Afghanistan The critics will say they’ve played the the Afghan bowlers to all parts with 17 Lanka at Headingley today having starting below them in the pre-tourna- weakest sides in the competition, but humongous sixes – a world record in amassed their highest World Cup score ment betting, the scale of their down- @crobertson95 you can only beat what is put in front an ODI innings. and given that this attack has gone for turn is clear for all to see. of you and Eoin Morgan’s side have What was perhaps most incredible over 300 in two of their four completed Since winning a below-par series in- POINTERS TODAY shown no signs of choking under the about the innings was the fact that matches, their opponents must be volving Bangladesh and Zimbabwe, pressure of being pre-tournament Morgan had been struggling with a fearful of another 50 overs of leather they have won just four of their 21 Buy England Team 50-Ups favourites. back injury prior to the match and chasing. ODIs, with their on-field struggles 76 (Sporting Index) A 150-run win against Afghanistan wasn’t expected to play. For almost two decades, Sri Lanka clearly not helped by their damaging Captain fantastic Morgan to continue fine World Cup form n a blistering display of power hit- Morgan already stands well clear as well as devastating innings. spread of 40-45 on Morgan’s Sporting Index’s quote of 8-8.5 for ting, England captain Eoin Mor- as England’s leading boundary- It’s little wonder his team speak performance against Sri Lanka. total England match sixes looks a Igan left both spectators and clearer in ODI cricket and his form so highly of him, Joe Root yesterday Given his recent fabulous form, bit on the short side, so with that record-keepers astounded at Old over the last 18 months is arguably hailing the example he sets in all I’m keen on buying at 45. in mind, buying at 8.5 looks the Trafford on Tuesday. the strongest of his international departments for his side. As well as his in-form batting, way I’d go. The last 100 of his 148 came off career. A consistent performer as well as Morgan is an active part of the just 36 balls as Afghanistan’s Indeed, aside from years in which a calming dressing-room figure, he England fielding unit having taken POINTERS TODAY bowlers were hit all over the he played only once, Morgan’s 2019 has revolutionised England’s ODI two catches in the tournament ground. average of 66.9 is the highest of his game irreversibly. already, so the 45 looks worth Buy Eoin Morgan Performance It was the left-hander at his career, as is his strike rate of 120.98. Sporting Index’s player taking. 45 (Sporting Index) unrelenting, brilliant best. He has two hundreds and five performance markets offer 1 point After hitting 25 maximums in Buy England Total Team Sixes Tuesday’s innings was no flash in fifties in the last 12 months, leading per run, 10 points per catch and 20 their last innings and 14 when 8.5 (Sporting Index) the pan either. the way for his side with responsible points per wicket and they have a batting first against Bangladesh, CITYAM.COM FRIDAY 21 JUNE 2019 SPORT 33

Tournament will NAMES ON SHOW IN EGYPT affect pre-season EGYPT: Mo Salah, Mohamed Elneny SENEGAL: Sadio Mane, Idrissa Gueye, plans of Premier Cheikhou Kouyate GHANA: Christian Atsu, Jeffrey Schlupp, League’s best. By Jordan Ayew Michael Searles IVORY COAST: Serge Aurier, Eric Bailly, Jean Michael Seri, Wilfried Zaha NIGERIA: Alex Iwobi, Wilfred Ndidi OGETHER they have con- OTHERS: Riyad Mahrez (Algeria), Victor quered all of Europe. Now Wanyama (Kenya), Naby Keita (Guinea) it’s time to take on Africa. Liverpool’s Mohamed Salah and Sadio Mane will both go returning to their clubs, it means inT search of a maiden Africa Cup of Salah (pictured) and Mane could both Nations title over the coming weeks, miss the start of the season. but this time only one of them can If both Egypt and Senegal win their come out on top. respective groups, two of Liverpool’s Salah’s Egypt, the hosts, kick off the deadly front three could face each tournament tonight against Zim- other in a semi-final on 14 July. babwe, while Mane’s Senegal face Tan- And if they both finish runner-up in zania on Sunday. their group they would meet immedi- This is the first Africa Cup of Nations ately in the last 16, such is the nature in history to be played during the of the tournament’s new structure, summer after a number of players with six groups and four of those who from European clubs boycotted the finish third progressing. last bi-annual event, held during Jan- While Mane may or may not come uary and February 2017. up against Salah, he will definitely Another Liverpool player, Joel Matip, face Manchester City’s Riyad Mahrez, was one of the most prominent to opt after Senegal were drawn in the same against representing Cameroon that group as Algeria. year, and he has elected not to play for But there is little doubt that Liver- them since after their football associ- pool’s absentees will be most strongly ation sought to have him banned felt. from playing for his club for the tour- Arsenal face being without Alex nament’s duration. Iwobi and Mohamed Elneny for some Subsequently, a decision was made of their pre-season, while Tottenham’s to move the tournament to June and Serge Aurier, of the Ivory Coast, and July, as well as extend it from 16 to 24 Victor Wanyama, of Kenya, will also teams, in a bid to smooth out the lo- be at the tournament. gistical wrinkles. None will be missed in the way that But while this year’s tournament Salah and Mane will be, although will no longer have an impact on Pre- Crystal Palace are perhaps most able mier League clubs during the middle to relate, with talisman Wilfried Zaha of a campaign it instead threatens to set to feature for Ivory Coast and affect pre-season preparations. Cheikhou Kouyate joining Mane in Champions League winners Liver- the Senegal camp. pool are one of the teams set to suffer Adding to Liverpool’s pre-season most, despite Matip not being in- headache is the fact that the other volved, with Salah and Mane joined in member of their attacking trio, Egypt by midfielder Naby Keita, of Roberto Firmino, is also away on inter- Guinea. national duty this summer. Firmino is part of hosts Brazil’s SIGNIFICANT ABSENTEES squad for the current Copa America, The Reds finished one point behind where he is joined by the Reds’ goal- Manchester City in the Premier AFCON’S keeper Allison. League last month and any hopes of The Copa America final is on 10 July, overhauling that gap next season meaning they will have an extra week have already been hindered by the to prepare for the new season than Cup of Nations timetable. Salah or Mane, should their teams go The final is not until 19 July, three all the way. weeks before the new Premier League However some of their biggest season begins, and Egypt and Senegal names fare, Liverpool’s squad looks are two of the tournament’s heavy IMPACT likely to be running a little light when favourites. they raise the curtain on the new Pre- With players typically afforded a mier League season against Norwich three or four-week block of rest before on 9 August. 34 SPORT FRIDAY 21 JUNE 2019 CITYAM.COM SPORT QATAR’S

HERE is something odd about the Copa America this summer. In among the usual Tsuspects – hosts Brazil, hold- ers Chile, 15-time winners LONG Uruguay – sits a jarringly incongru- ous name: Qatar. The surprise winners of this year’s Asian Cup have travelled 12,000km to play in Group B alongside Colombia, Paraguay and Lionel Messi’s Ar- gentina, who they meet on Sunday ROAD night in Porto Alegre. But what, you might ask, are Qatar doing at a tournament designed to de- cide the best footballing nation in South America? The answer – like much that surrounds the tiny Gulf state – is complicated. TO 2022 At its most basic level, Qatar are there because they were invited by the regional governing body, Con- mebol, to take up one of the two guest places in the 12-team tournament. These invites traditionally go to Mex- ico and the United States but a sched- ule clash with the Concacaf Gold Cup effectively ruled out any nations from World Cup hosts’ quest for North and Central America or the Caribbean. improvement has taken them Instead Japan, who took part as guests in 1999, and Qatar were con- 12,000km to South America, firmed as invitees over a year ago – Frank Dalleres long before they would both reach the writes final of the Asian Cup in February. Qatar’s presence is the latest sign of closer ties between the country – cur- rently the subject of a blockade by the grown sports stars. QATAR’S RECENT HISTORY group levels and pulled off a huge Asian Cup semi-final defeat to Qatar. United Arab Emirates and some of its That project paid off handsomely in shock by winning the Asian Cup in It was dismissed by Asian Football allies – and South America. the UAE four months ago, when Qatar 1993: Qatar reach their highest ever Fifa the back yard of their current politi- Confederation. In October, Qatar Airways an- lifted their first Asian Cup. They won ranking of 51 after a solid patch of form. cal foes the UAE. Sanchez, 43, favours a fluid attack- nounced a four-and-a-half-year deal to all seven games, claiming the notable Almoez Ali proved the star of that ing style that relies on the pace of his sponsor Conmebol and its club com- scalps of Japan and South Korea, and 2004: Aspire Academy is founded to tournament, topping the goalscoring youthful line-up. petitions, the Copa Libertadores and conceding just once. “provide sports training and education to charts with a new Asian Cup record While it has proven a success against Copa Sudamericana. Qatar’s breakthrough has come students with sporting potential”. tally of nine and scoring an audacious other Asian sides, it is relatively under the stewardship of their Span- overhead kick in the final. untested against the greater physical- BECOMING COMPETITIVE ish head coach Felix Sanchez, who 2004-6: Bosnian manager Dzemaludin Winger Akram Afif set up 10 of ity of European and South American For Qatar’s footballing ambitions, spent a decade at Barcelona’s famed Musovic guides the side to the 2004 Gulf Qatar’s 19 goals. He, Ali and another opponents. playing in the Copa America is the lat- La Masia academy before being re- Cup and gold at the 2006 Asian Games. of the team’s star men, tenacious mid- In their opening match at the Copa est staging post on their journey to be- cruited to Aspire in 2006. fielder Assim Madibo, are all 22 and America last weekend they came from coming competitive in time for their In 2013 he was placed in charge of 2014: Victory at the Gulf Cup, sealed by a came through Aspire and the U19s. two down to draw 2-2 with Paraguay, staging of the 2022 World Cup. Qatar’s Under-19s and the following 2-1 win over Saudi Arabia in the final, Despite the new focus on developing and on Wednesday they impressed It is a target that seemed laughable year led a team with a spine of Aspire gives Qatar a third title. talent, questions about naturalisation but conceded an 86th-minute goal to when the country was controversially graduates to their first Asian Champi- have not disappeared entirely. lose 1-0 to Colombia. Depending on named hosts in 2010. Qatar had never onship. 2019: Qatar win their first Asian Cup title, Four overseas-born players started how they get on against Argentina, qualified for the tournament and Four years later he was handed the beating Japan 3-1 in the final. for Qatar in the Asian Cup final: they could yet still reach the quarter- only once made it out of the Asian keys to a senior team which, until Sudan-born Ali, defenders Bassam Al- finals as a best third-placed team. Cup group stage. then, had relied very heavily on over- 2022: Having overcome allegations of Rawi and Ro-Ro, originally from Iraq Even if they are eliminated the expe- But seeds had already been sewn in seas-born players who had become corruption, questions over its suitability and Portugal respectively, and Algeria- rience has already been invaluable. the form of the high-spec Aspire Acad- naturalised Qataris. to host and its treatment of migrant born forward Boulalem Khouki. That is why Qatar’s presence at the emy, founded in 2004 with a view to Sanchez again drew on the players workers, Qatar will hold the World Cup in The UAE lodged a protest at the eli- Copa America makes perfect sense – identifying and cultivating home- he had nurtured through the age- November and December. gibility of Ali and Al-Rawi after their for them, at least. H

CITYAM.COM FRIDAY 21 JUNE 2019 SPORT 35 Struggling Sri Lanka at last chance saloon in Leeds

They began the competition with a West Indies, it’s possible they might of a whole country” after ex-captain Once you look past the opening part- England face side 10-wicket thrashing by New Zealand not even have made it. Malinga’s wife accused him of only nership of Karunaratne and Kusal Per- before beating Afghanistan, sitting While sides like England have been being in the team because of the era, who have scored well at the top, divided by issues out two rained off fixtures with Pak- settling on personnel and a playing sports minister’s influence. it’s a line-up screaming of under- istan and Bangladesh, and returning style, Sri Lanka have been indiscrimi- It’s hardly surprising amid performance. on and off the for a 87-run loss to Australia. nately trying 52 different players this context of selection It’s all the more galling Lasith Malinga may still be there, since 2017’s Champions Trophy. The roulette and turmoil considering many of these pitch at World Cup lumbering in to bowl his distinctive captain, Dimuth Karunaratne, is the that the performances players featured in two of slingy yorkers to provide a connection eighth man to be given the job in one- Sri Lanka’s finest mo- writes Felix Keith to past exploits, but the glory days of day internationals since the 2015 Lasith Malinga and Sri ments: five of the cur- Kumar Sangakkara and Mahela World Cup – which is coincidentally Lanka have both seen rent squad played in the HE World Cup hasn’t quite Jayawardene feel long gone. the last time he played the format be- better days Twenty20 World Cup gone to plan for Sri Lanka. A Instead the current crop, if they fore being selected. final win over the West 34-run win over Afghanistan don’t drastically improve their re- Their chairman of selectors, Sanath have been uniformly Indies in 2012 and six fea- aside, the last three weeks sults, are set to be defined by a revolv- Jayasuriya, was banned in February sub-standard. Another tured in the historic Test se- have been an unhappy pe- ing selection policy, political for two years for breaching anti-cor- former skipper, Angelo ries victory in South Africa riodT for 1996 tournament winners, infighting, anti-corruption bans, ap- ruption code. In January, all-rounder Mathews, has been a shadow of back in February. Yet if they lose who meet England at Headingley parent disinterest and dysfunction. Thisara Perera wrote a letter to Sri his former self, making a grand total to in-form England today their final today needing a victory to revive faint Had they been forced to qualify for Lankan cricket’s chief executive de- of nine runs in three innings – but three matches could be when the hopes of a semi-final place. the tournament, like Afghanistan and scribing the side as a “laughing stock he’s far from the only one. wheels well and truly come off.

CHILE MISS LATE PENALTY STILL GOT IT Murray makes winning doubles comeback at Queen’s TO EXIT WORLD CUP SPORT DIGEST £ Francisca Lara missed a late penalty as Chile beat Thailand 2-0 but missed win. “He is a horse for the big occasion out on a last-16 place at their first ever and I love him dearly,” he said. Women’s World Cup last night. Chile needed a 3-0 win to progress and an COMMONWEALTH GAMES TO own goal from Waraporn Boonsing VOTE ON WOMEN’S CRICKET and Maria Urrutia’s header put them £ Women’s Twenty20 cricket is set to ahead, but Lara struck the bar with her be included in the 2022 86th-minute spot-kick as Nigeria went Commonwealth Games after being through in their place. Earlier, nominated for inclusion yesterday. Cameroon scored a dramatic injury- The format has been proposed time winner to beat New Zealand 2-1 alongside volleyball and Para-table and set up a last-16 tie with England. tennis as three additions to the event in Birmingham, with shooting and AUSTRALIA GO TOP AFTER archery the sports to miss out. WARNER’S IMPRESSIVE 166 £ David Warner lead the way with 166 JONES CUTS BIG NAMES – the highest score of the World Cup so FROM WORLD CUP SQUAD far – as Australia beat Bangladesh by £ Eddie Jones has named four 48 runs at Trent Bridge to go top of the uncapped players in his preliminary table yesterday. Warner started 29-man training squad for the World steadily but accelerated well after Cup. Ruaridh McConnochie, Alex reaching his second century of the Dombrandt, Lewis Ludlam and Val tournament and Usman Khawaja’s 89 Rapava Ruskin were included, but and 32 off 10 balls from Glenn Maxwell Danny Care, Chris Robshaw, Nathan saw Australia reach 381-5. Mushfiqur Hughes and Dylan Hartley miss out. Rahim made 102 not out in reply but Players involved in the Premiership Bangladesh fell short on 333-8 as their final will join at a later date. semi-final hopes took a dent. SARRI: JUVENTUS A STEP DOMINANT DETTORI RIDES FORWARD FROM CHELSEA STRADIVARIUS TO VICTORY £ Maurizio Sarri has described his £ Frankie Dettori rode Stradivarius to move from Chelesa to Juventus as “a a second successive Gold Cup win at further step forward” after being Royal Ascot yesterday. Dettori enjoyed presented as the Italian club’s new a dominant day, winning the first four manager. “This is a further step Andy Murray enjoyed the perfect comeback to tennis following his hip operation with an impressive victory in the doubles at Queen’s last races, as the favourite held off Dee Ex forward after the experience at night. Five months on from the career-saving surgery, Murray and partner Feliciano Lopez beat top seeds Robert Farah and Juan Sebastian Bee and Master of Reality to give the Chelsea,” the 60-year-old said. “Juve Cabal 7-6, 6-3 at the Fever-Tree Championships. “It was brilliant. I enjoyed it a lot,” the 30-year-old said. “I’m fortunate to be back playing.” Italian jockey his seventh Gold Cup are the best Italian club right now.” HAPPY HUNCH DAY HAPPY HUNCH DAY HAPPY HUNCH DAY HAPPY HUNCH DAY HAPPY HUNCH DAY Money Back as a Free Bet if you lose. On the FIRST race every day* ROYAL ASCOT

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