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20 HOT PROPERTY FRIDAY 13 SEPTEMBER 2019

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HARRY ROBERTSON “a two-tier system” will be launched forever”, said Janus Henderson’s An- TO ACTIONin which part of banks’ excess liquid- drew Mullner. “The parallels to Japan @henrygrobertson ity will be exempt from the charge. are clear,” he said, referencing the THE EUROPEAN Central Bank (ECB) Under the restarted bond-buying country’s decade-long struggle with yesterday unveiled a major stimulus programme, known as quantitative anaemic growth and inflation. package as it seeks to revive an ailing easing (QE), the ECB will buy €20bn In a press conference, Draghi Eurozone economy, cutting interest (£17.9bn) of mainly government blamed the slowdown in growth and rates for the first time in three years bonds each month from November inflation on the “weakness of interna- and restarting its giant bond-buying and will continue to do so until infla- tional trade in an environment of programme. tion rises to two per cent. prolonged global uncertainties”. However, Mario Draghi used his Draghi’s gambit was not unani- The euro fell as much as 0.7 per cent penultimate rate-setting meeting as mously supported, with Bloomberg against the dollar following the ALEXANDRA ROGERS £14bn, but its biggest customer, ECB president to say in his strongest reporting that several members of the announcement yesterday, but has International Airlines Group (IAG), has terms yet that the onus is now on ECB governing council opposed the since rebounded. @city_amrogers questioned that figure. governments to boost stubbornly stimulus package. US President Donald Trump A HEATHROW director has likened Speaking at the London low growth and inflation. The new bond-buying scheme responded furiously, tweeting: “They the airport’s £14bn expansion plan to Infrastructure summit yesterday, At the governing council comes as the Eurozone economy are trying, and succeeding, in depre- Tottenham Hotspur’s new football which was held in Tottenham’s new meeting in Frankfurt, the begins to falter. Draghi down- ciating the Euro against the VERY stadium, which ran massively over £850m stadium, Gilthorpe said: Eurozone’s central bank cut its graded the ECB’s growth predic- strong Dollar, hurting US exports.” budget. “We’re sitting in this fantastic piece of deposit rate –the interest which tions and said inflation is slated Draghi used his press conference to Emma Gilthorpe, Heathrow’s infrastructure today that took many banks receive on excess cash to drop to one per cent in 2020, make clear that ECB actions on their executive director for expansion, said years to deliver, and I think I’m right kept at the ECB – by 0.1 half the ECB’s target. own were not enough to breathe life major infrastructure projects were in saying it wasn’t quite on time and percentage points to The inflation- into the Eurozone economy. “very challenging to deliver” and that on budget. minus 0.5 per cent. linked promise “is “Fiscal policy should become the details were “pinned down” far too “And that’s no criticism to Spurs or To mitigate the as good as QE main instrument” to boost inflation early in the process. to the people that delivered it.” effects of negative and growth, he said, and encouraged Heathrow has insisted it is able to rates, which mean European Central the surplus-running Dutch govern- deliver an expanded airport for £ CONTINUES ON P3 banks pay the ECB Bank president ment to activate its €50bn investment to hold their cash, Mario Draghi programme.

FTSE 100 ▲ 7,344.67 +6.64 FTSE 250 ▼ 19,962.57 -19.59 DOW ▲ 27,182.45 +45.41 NASDAQ ▲ 8,194.47 +24.79 £/$ 1.233 unc. £/€ ▼ 1.115 -0.005 €/$ ▲ 1.106 +0.005 02 NEWS FRIDAY 13 SEPTEMBER 2019 CITYAM.COM

MORE EXPENSIVE THAN BITCOIN Rare Islamic gold dinar expected to fetch around £1.4m at Sotheby’s auction next month THE CITY VIEW High street headwinds hit John Lewis hard

OHN Lewis Partnership reported its first ever half-year loss yesterday, blaming falling sales and rising costs for a Jgloomy six months. It’s bad news for incoming chair – and retail rookie – Sharon White, who has a challenge on her hands to turn around the department store’s fortunes. The issues facing the retail giant aren’t new – profit margins fell 90 per cent in the first half of last year – but they appear to be deepening as the high street struggles to adapt to the internet economy and high property costs. While some turn to mass discounting to boost sales, few retail-watchers believe White would be wise to pursue that tactic at the beloved brand. Instead, investing in transforming stores and capturing market share could secure John Lewis’ future. It’s hardly a surprise that some are questioning the “never knowingly undersold” strategy STAFF at Morton and Eden are expecting to fetch a staggering £1.4m when they sell an extremely rare gold coin at auction in London. The sale at Sotheby’s in October will feature a series of Islamic coins, including this 20 millimetre gold dinar, which is when profits are plummeting. But a reputation for quality is just smaller than a £1 coin. It is one of the most treasured gold coins from the Umayyad dynasty, and dates from 723 AD. worth keeping hold of. Analysts agree. As Richard Being an outsider Hyman notes: “If you’re might help Sharon offering a superior White turn round experience and superior product range, consumers the partnership aren’t stupid, they know they Hong Kong offer for LSE are likely to have to pay a bit extra for that.” It is well documented that the retail industry is struggling with issues, including consumer uncertainty, high operating costs and changing customer behaviour. So, rather than playing with prices, first on White’s to-do list should be a under fierce City scrutiny review of John Lewis’s costly store portfolio. Waitrose, owned by SEBASTIAN MCCARTHY the partnership, has closed seven stores this year. However, the The second concern was whether and Deutsche Boerse in 2017 told City @SebMcCarthy the takeover would impact the gover- A.M. that he would “not be surprised department store chain has been less trigger-happy. Indeed, it nance of the exchange, Rolet added. if the US regulators take a long hard closed its first store in 12 years in January, hardly the sign of a SPECULATION over the London Stock The comments echo a number of look at this”. tight hold on costs at a time when the high street is under Exchange’s (LSE) future reached fever doubts raised by analysts and LSE also owns the Milan exchange pitch yesterday as a £32bn bid from its investors in the Square Mile in the and has a significant US presence pressure. Despite the challenges facing White on her arrival, Hong Kong rival came under fierce past 24 hours over whether the pro- through its FTSE Russell index being an outsider could play in her favour. White has a civil scrutiny over regulatory concerns and posed tie-up would be given the green subsidiary and LCH, its derivatives service background, was a senior economist at the World Bank the impact on LSE’s own mega-deal light by regulators. clearing house. and sits on the board of Barratt Developments, but is notably with Refinitiv. Deutsche Bank analysts said yester- This means the deal could attract More than $1bn (£810m) was wiped day that they saw several major hur- the attention of regulators in Italy lacking in retail sector experience. On announcing her appoint- from the value of Hong Kong dles to a LSE/HKEX deal and “do not and the US, which is engaged in a ment, current chairman Charlie Mayfield admitted she is “not Exchanges and Clearing (HKEX) yester- expect LSE’s share price to trade close fierce trade battle with China. the conventional retail choice”. However, these are “not day as investors reacted to its bid to to the bid price anytime soon”. LSE’s board is set to meet in the buy LSE and “redefine global capital Doubts have also been raised over coming days to make a decision on conventional retail times,” he said. Sir Charlie isn’t wrong. A markets for decades to come”. whether LSE directors would accept HKEX’s bid, a source close to LSE told fresh pair of eyes might be exactly what John Lewis needs. Xavier Rolet, the former head of LSE, the deal. UBS said it would be “sur- Reuters yesterday. raised questions over the difficulties prised to see LSE’s management and The Asian bourse’s approach is not in getting an HKEX-LSE merger over board prefer a takeover bid from expected to succeed given a prefer- the finishing line. HKEX” rather than its own deal to buy ence among LSE investors for the “The first concern is ensuring any data firm Refinitiv, which would have exchange to complete its $27bn change of ownership does not impact to be scrapped in a deal with HKEX. takeover of Refinitiv, the source said. the stability of its systemic functions,” One City figure involved in the LSE shares closed up 0.64 per cent at Follow us on Twitter @cityam he told the BBC. botched merger talks between LSE 7,252p yesterday.

FINANCIAL TIMES THE TIMES THE DAILY TELEGRAPH THE WALL STREET JOURNAL WEWORK LOOKS AT CURBS WHAT THE DUP AGREES BELFAST COULD LABOUR PLANS £1.6BN TAX DEFICIT TOPS $1 TRILLION ON CO-FOUNDER’S POWER OTHER TAKE SOME EU RULES RAID ON PRIVATE SCHOOLS FOR FIRST TIME SINCE 2012 Wework’s executives, investors and Boris Johnson was handed a lifeline by Jeremy Corbyn is planning a £1.6bn tax The US budget gap widened to more advisers are discussing curbing the PAPERS SAY the DUP last night when it agreed to raid on private schools if Labour seizes than $1 trillion (£809bn) in the first 11 voting power of co-founder Adam shift its lines in a move that could help power, the Telegraph can disclose. A months of the fiscal year, the US Neumann and removing his wife THIS to unlock a Brexit deal. The party has leaked shadow treasury document Treasury Department said yesterday, Rebekah from a role in succession indicated that it will be willing to accept shows Labour is discussing scrapping the first time year-to-date deficits have planning, in an attempt to save the MORNING some EU laws after Brexit as part of a discounted business rates for private topped that amount in seven years. company’s initial public offering. deal to replace the backstop. schools and plans to impose VAT. GE CHIEF SAYS ASSETS SALES DEUTSCHE BANK SETTLES US ALLERGY TEEN ‘DIED AFTER FIVE ARRESTED AHEAD OF WILL REAP $38BN MORTGAGE BOND CASE EATING BYRON BURGER’ AIRPORT DRONE PROTEST General Electric chief executive Larry Deutsche Bank has become the first A teenager who died from an allergic Five people, including the founder of Culp said he expects asset sales to bring lender to settle civil claims of allegedly reaction after eating grilled chicken at a environmental group Extinction in about $38bn (£30.8bn) in cash for the rigging US mortgage bond markets, using their dominant position to inflate Byron burger restaurant not knowing it Rebellion, have been arrested ahead of company as it begins paring down its resolving one of the lender’s many legal prices and overcharge investors for had been coated in buttermilk, an in- planned protests that threatened to large debt load, and there are signs the headaches for $15m (£12.1m). Deutsche mortgage bonds issued by the quest has been told. Owen Carey, who bring disruption to Heathrow today. long-struggling power division is was one of 16 financial institutions sued government-sponsored Fannie Mae and had an allergy to dairy products, died Three men and two women who gaining strength. Culp took over a year for breaking antitrust laws by allegedly Freddie Mac. after a visit to one of its restaurants. were held. ago. CITYAM.COM FRIDAY 13 SEPTEMBER 2019 NEWS 03 Bottom falls out Heathrow to deliver third runway for £14bn at ‘today’s prices’, says exec CONTINUED FROM FRONT PAGE A.M. why IAG doubted the accuracy candour, but this is a clear of Philip Green’s of the £14bn figure, Gilthorpe admission that Heathrow has no She added: “It’s very hard to get these replied: “IAG quite rightly want to idea how much expansion will cost. things right when you’re asked to pin hold us to account on our cost base We have no confidence in the them down seven years before you’ve because they will have to pay on airport’s ability to deliver cost- even put a spade in the ground.” behalf of passengers for that, but I effective infrastructure.” IAG estimates that the total cost of think the prize of that competition Earlier this month it was revealed Topshop profits an expanded Heathrow – when and choice to passengers is huge. that another of Britain’s largest taking into account not just the “I believe we can deliver a runway infrastructure projects – HS2 – had AUGUST GRAHAM Fraser was taken out of administra- third runway, but a new terminal for £14bn on today’s prices.” also seen its costs go up from tion by Mike Ashley’s Sports Direct. and aircraft stand capacity – is A spokesperson for IAG said: “We £56bn in 2015 to £88bn based @AugustGraham This week he survived as head of the actually £32bn. When asked by City appreciate the openness and on today’s prices. TOPSHOP and Topman sprung a leak firm, despite shareholder anger. in Sir Philip Green’s pocket last year, The costs of sales at Topshop and as its parent company said it had Topman rose to £872m up 5.6 per cent faced a year of stiff competition. on the year before, even as turnover Loss before tax at the clothes retailer dropped over nine per cent to £847m. grew to £505m in the financial year “It was not possible to reduce store ending 1 September last year. costs at the same rate as the decline It was a strong rise from 2017’s in retail sales,” Taveta said. much less damaging £3.8m loss. It Auditor PwC said in Taveta’s came days after the holding company accounts that a series of issues, in- behind Philip Green’s empire, said the cluding external market conditions, industry had faced a tough year. could be impacted by Britain’s exit “The retail landscape has changed from the European Union. These dramatically over recent years and the could cast “significant doubt” on increased competition from other Taveta’s ability to continue as a going high street and online retailers in concern. particular has had a significant Late last month, the Sunday Times impact on our performance,” Taveta reported that Green is looking to Investments said. break up parent firm Arcadia Group Turnover at Taveta fell 4.5 per cent and sell the businesses over time. due to the challenging global market. Alongside Topshop and Topman, the It is a similar story to what has company also includes Dorothy happened to several other retailers, Perkins, Burton, Wallis, Evans, Miss many of whom have been forced to Selfridge and Outfit. close their doors. It narrowly avoided administration Last year, department store House of in June.

MYANMAR ANGER City U-turns on taking away Aung San Suu Kyi’s freedom award

THE CITY of London Corporation has changed an earlier decision to strip Aung San Suu Kyi of her honorary freedom award over her failure to condemn the violence against the Rohingya people in Myanmar. It has been suspended rather than revoked. IN BRIEF GOOGLE TO PAY ALMOST BRITISH AIRWAYS CANCELS €1BN TO FRENCH TAXMAN FLIGHTS AMID NEW STRIKES Google is set to stump up almost €1bn British Airways said yesterday it will (£889m) as part of a major tax cancel several flights at the end of this settlement following a four-year long month as pilots prepare to go out on fraud investigation into the tech giant. strike. The airline did not say how many The Silicon Valley firm, which is part of flights would be affected, but promised Alphabet, yesterday announced it had to let customers know. “We are now resolved a dispute with French contacting all those affected to offer authorities in a probe of its tax them a full refund or a rebooking on an payments, agreeing to pay a €500m alternative date, destination or airline,” settlement and €450m in additional the airline said. Earlier this week the taxes. With its European headquarters company was forced to cancel 1,700 situated in Dublin, the company failed flights to and from Heathrow and to declare parts of its activities in the Gatwick as its pilots walked out over country. The settlement comes amid pay. They are scheduled to strike again growing pressure on big US tech giants on 27 September. Pilots union the such as Google and Apple, which report British Airline Pilots’ Association said most of their sales in Ireland. “We have BA was being “irresponsible and now settled tax and related disputes in inconsiderate” to its customers by France that have persisted for many pulling the flights for the end of the years,” a Google spokesperson month. It accused the airline of wanting confirmed. to “just save money on compensation”. 6$/((1'6 30.09.19 0 675$9(/021(< &/,&. &2//(&7

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THOMAS SHOOK Travel company asks for £1bn rescue package as troubles drag First-ever loss Labour voices for John Lewis in no-deal fear support for tax SEBASTIAN MCCARTHY @SebMcCarthy TROUBLED high street chain John Lewis reported its first-ever half-year loss yesterday, striking raid on trading a gloomy tone amid fears of a no-deal Brexit. AUGUST GRAHAM that global movement of reform,” he The retail giant, which owns said, adding that the proposals are both John Lewis department stores @augustgraham “unchallengeable”. and Waitrose, warned that leaving THE LABOUR party last night However, the move attracted criti- TRAVEL group Thomas Cook is talking to its lenders as it tries to increase a rescue the European Union without a deal endorsed a proposal which would cism from City groups. package to £1bn. The company launched fresh talks with its stakeholders after it would have a “significant” impact levy a £2.1bn a year tax on currency Miles Celic, the chief executive of decided a £900m package proposed last month did not suffice, Sky News reported. on the group. and commodity trading, with City TheCityUK, said the financial services Swinging to a £25.9m loss in the bodies taking aim at the plan. industry accounts for 14 per cent of first six months of the year Shadow chancellor John McDonnell UK tax revenue, countering that compared to a profit of £800,000 said the party will adopt a plan pro- foreign financial centres are already a year earlier, the firm blamed posed by the Progressive Economy trying to attract business and jobs falling sales and higher costs for Forum think tank. away from London. Defence industry cheers £1.25bn a challenging six months. It would expand the 0.5 per cent “A tax on financial transactions Sir Charlie Mayfield, who is stamp duty on buying and selling would be bad for business, bad for making way for Sharon White to shares to any transactions in foreign investors, bad for savers, and bad for Babcock warship contract win succeed him as chairman next year, exchanges and commodities. the economy,” he said. said: “We have historically made “This is the way that in future we UK Finance said the tax would also ALEX DANIEL in decline for the past 40 years, with the majority of our profits in the can ensure that we have a finance sec- hit savers, homeowners and small historic shipyards in Sunderland second half of the year… However, tor which is vibrant, meaningful and businesses. @alexmdaniel and Portsmouth being shuttered. should the UK leave the EU without contributes constructively, not just to “We would encourage policymakers BRITAIN’s sinking shipbuilding But trade bodies have welcomed a a deal, we expect the effect to be our own economy, but to the global to focus on proposals that would sup- industry was cheered yesterday as it decision to trust Babcock with significant and it will not be economy as well,” McDonnell said. port the growth and competitiveness emerged it has been thrown a lifeline building the five Type 31e frigates possible to mitigate that impact.” McDonnell called for a wider debate of the UK’s financial sector, helping by industry giant Babcock being for £1.25bn – a move set to support He said the retailer had taken on introducing financial transaction the industry to grow and employ tasked with building the Royal Navy’s more than 2,500 jobs across the UK. steps to increase foreign currency taxes around the world. more people right across the UK,” said latest fleet of warships. Defence industry group ADS said hedging and stockpiling, and to “We have the opportunity to lead its chief executive Stephen Jones. The once-thriving sector has been it was “welcome news”. improve customs readiness. Our new shop in High Wycombe is now open Choose from over 60 exclusive designs & 1000s of fabrics, each handcrafted to order in the UK. Call free on 0800 2300 048 or discover our full range and your nearest shop at sofaworkshop.com

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POWER-FACE-LIFT Battersea Power Station secures £600m funding for regeneration project

BATTERSEA Power Station has secured a £600m debt facility from its existing lenders to help finance the third phase of its redevelopment plan. The developer behind the project said yesterday it had agreed the funding with a consortium of financial institutions, led by Standard Chartered. The third phase of the mammoth revamp involves the construction of a pedestrianised high street known as Electric Boulevard, as well as mixed-use buildings designed by Gehry Partners and Foster and Partners. The £9bn power station development, which is set to be completed in 2021, will boast 3.5m square feet of mixed commercial space, as well as 4,239 new homes.

Uber sued under US gig The ‘Boris Bridge’: PM economy law as it gets puts £15bn price tag ready for $750m raise on a ‘very good’ idea

ANNA MENIN CATHERINE NEILAN @annafmenin @CatNeilan A DRIVER for Uber yesterday sued the company for allegedly BORIS Johnson has told a group of schoolchildren about his “very misclassifying its drivers as independent contractors, hours after good” idea for a bridge between Northern Ireland and Scotland. California legislators voted to help thousands of those workers Speaking to children during a visit to the NLV Pharos on the become, and enjoy the benefits of being, employees. Thames, the Prime Minister said he had recently discussed the The proposed US class action, filed on Wednesday night by possibility of constructing a bridge over the Irish Sea. Uber driver Angela McRay, faulted the company for having “[I was talking yesterday] about building a bridge from “publicly stated that it intends to defy this statute”, by Stranraer in Scotland to Larne in Northern Ireland – that would continuing to treat drivers as independent contractors. be very good. It would only cost about £15bn,” he said. Uber chief legal officer Tony West said the law did not auto- Johnson first put forward the idea last year, when he was matically reclassify drivers as employees, but made it harder to foreign secretary. Since becoming Prime Minister, he has asked call them independent workers. “We can pass the harder test to the Treasury and the Department for Transport for advice on the satisfaction of arbitrators and courts,” he said. costs and risks related to the project, Channel 4 revealed earlier Meanwhile, Uber announced yesterday it will raise $750m this week. (£608m) of debt to help finance the purchase of rival ride-hailing Noting that it was a good way to “demonstrate they’re not company Careem. abandoning Northern Ireland”, one government insider told City It announced the $3.1bn acquisition of Emirati-based Careem A.M.: “If Boris is going to be the shortest-ever [serving] Prime in March, saying it expected the deal to close in early 2020. Minister he needs something named after him.”

Goldman Sachs nabs France prepares to block Amazon executive to Facebook Libra in Europe be its new tech boss JESS CLARK The social media giant described it as a ANNA MENIN @jclarkjourno so-called stablecoin, which means it is tied @annafmenin to a fixed asset in order to reduce the kind FRANCE is preparing to block the of volatility seen with bitcoin’s huge GOLDMAN Sachs has hired a senior development of Facebook’s Libra fluctuations in value. Amazon Web Services (AWS) executive to be cryptocurrency project in Europe. However, the project has faced backlash its new co-chief information officer. French finance minister Bruno Le Maire from regulators and politicians across the Marco Argenti, AWS vice-president of said the social media giant’s currency globe over concerns that the currency technology, will replace departing cannot operate in Europe due to financial could be used for money laundering and Goldman technology boss Elisha Wiesel, risks, risks for sovereignty and the financial terrorism. an internal memo said. It had been rep- potential abuse of market dominance. The European Central Bank has warned orted last week that Wiesel was in talks to “All these concerns about Libra are that Libra could undermine its ability to leave the bank. Goldman also announced serious,” Le Maire said yesterday. set monetary policy, while Financial the appointment of senior Verizon exec- “I therefore want to say with plenty of Conduct Authority (FCA) chief executive utive Atte Lahtiranta as its new chief clarity. In these conditions we cannot Andrew Bailey said Facebook “will not technology officer. authorise the development of Libra on walk through” authorisation for the “Technology will only continue to shape European soil.” currency. markets, and digital platforms that Facebook announced the Libra project Bank of England governor Mark Carney seamlessly integrate execution, analytics in June this year, saying it will be a “global has said he will keep an “open mind” over and content will increasingly define how currency and financial infrastructure” the digital currency, but warned that it our clients choose to transact,” said Gold- powered by a version of blockchain – the would face strict regulation if it goes man head David Solomon, in a note technology that underpins bitcoin. ahead. co-authored with two other executives. 08 NEWS FRIDAY 13 SEPTEMBER 2019 CITYAM.COM

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

The ‘disaster capitalism’ £ Every single City figure I speak to about Brexit has just one wish: get it done. This Brexit conspiracy that isn’t a perspective confined to the Square Mile, either. A

goes right to the very top… RICHARD METCALFE former Credit Suisse banker who now chairs a company in ONFIRMATION bias: the the PM’s Brexit policy, when in fact the north east told me that he Ctendency to interpret new short positions are taken against asked directors at a recent evidence as confirmation of specific listed stocks (such as board meeting how many of one’s existing beliefs or theories. Metro Bank or Kier Group) and are them backed Remain. All We’re probably all guilty of it in our often hedged (the clue is in the hands went up. And how private thoughts, but the sin is name) with long positions. The many now want to leave, he magnified when it results in an authors go on to ask: “Does this asked? All hands remained in “exclusive” piece of journalism £8bn bet explain why the Prime the air. We should be making outrageous claims about Minister has said that he would thankful, though not in the corruption and market rather ‘die in a ditch’ before asking least bit surprised, that the manipulation at the very top of the EU for an extension? Is it the CITYSCAPE state of chaos in Westminster government. But that’s exactly reason why Johnson is willing to City A.M. reader Richard Metcalfe captured this image yesterday outside Bank station, as an artist is not reflected in the wider what emerged from the team at defy the Benn Act that stops a ‘no paints one of our distributors handing out copies. If anyone knows the artist, do please get in touch. business community – and Byline – a niche online news deal’ Brexit? Is the £8bn any kind especially in the City. As website feeding the imaginations of motivation to prorogue Citibank’s new Europe chief of people who think Brexit is the parliament?” The answer to all of £ We’ve heard a lot about the rule Foreign Office officials about the CAN I QUOTE YOU ON THAT? made clear last week: “We are biggest political conspiracy since the above is: No. Plenty of people of law and the importance of difficulty of being an independent already operating on a post- Watergate. The website screamed who actually understand hedge democracy this week. Valuable journalist in Cuba – and though he Brexit basis.” He added: “EXCLUSIVE” and promised to funds pointed out a range of errors pillars, both of them. But does the can no longer keep his “London is and remains our reveal the “Brexit disaster in Byline’s workings, and we’re Labour party’s commitment to engagement, his point has been regional hub.” In the same capitalism” conspiracy unfolding promised a new piece where such principles survive contact made for him by the Cuban spirit, Japan’s ambassador to before our eyes. The allegation is “these questions will be with some of their older ideals? government. Will the Labour front Genuinely the UK told a City gathering explosive: “£8.3bn of aggregate answered”. In the meantime, Gary The Adam Smith Institute was due bench champion this persecuted this week that investment in short positions has been taken out Lineker, anti-Brexit activists and a to host Cuban journalist Boris journalist? Don’t hold your breath. eye-watering Britain is set to soar. I’m told by hedge funds connected to the host of Labour MPs have been Gonzalez Arenas in Westminster, Jeremy Corbyn is a longstanding he was so bullish that “Vince PM and his Vote Leave campaign.” busy pumping out the original but Havana’s communist ally of the sinister Cuba Solidarity Cable nearly fell off his chair”. The article claims that the pro- story to an online audience. These authorities slapped a last-minute Campaign, as is that intellectual Mike Ashley on the prices at his The truth is that the City is Brexit donors are positioning their are the same people, by the way, travel ban on him, preventing him powerhouse Richard Burgon, new up-market store, Flannels ready, willing and eager to get funds to benefit from a general who bang on about the perils of from leaving the country. Arenas currently (somehow) shadow on with life. If only MPs sang market collapse, to be triggered by fake news. was also going to talk to MPs and secretary of state for justice. the same tune. CITYAM.COM FRIDAY 13 SEPTEMBER 2019 NEWS 09 Tobacco giant to Wine industry warns of grapes of wrath over post-Brexit red tape CATHERINE NEILAN Trade Association (WSTA), officials scenario will add a massive burden axe 2,500 jobs to @CatNeilan “agreed the sensible solution was to on exporters and importers alike.” suspend paperwork on wine imports However, a spokesperson for the A NO-DEAL Brexit could push up the for nine months, should Britain crash Department for Environment, Food price of wine after the government out of the EU without a deal”, it said. and Rural Affairs told City A.M.: “This rowed back on promises to suspend However, the government now government recognises the crucial paperwork, the industry has warned. plans to row back on that agreement, role our thriving wine industry plays focus on vaping Additional red tape will have to be which the WSTA warns will force up in our national economy, which is introduced after Brexit, which is prices by around 10p per bottle. why we are working closely with the expected to cost the country’s wine Miles Beale, WSTA chief executive, sector to minimise any disruption to JOE CURTIS ways of working and business businesses £70m. Following a said: “The additional form filling and the flow of wine in and out of the UK @joe_r_curtis processes, whilst delivering long-term meeting with the Wine and Spirit laboratory tests required for a no-deal after we have left the EU.” sustainable returns for our sharehold- BRITISH American Tobacco (BAT) is ers. This is a vital first move to help slashing 2,300 jobs across the achieve these goals.” company as it seeks to simplify its BAT said the axe-swinging will business and re-invest in vaping reduce management layers, create under its new chief executive. fewer but larger business units and More than 20 per cent of senior roles simplify key business processes. RUGBY WORLD CUP will disappear in the cull, said boss The firm also believes it will be able Jack Bowles, who added that the to put its Global Business Services swathe of redundancies was “vital” to activities to better use. The company boost sales of vapour, e-cigarette and hopes to have mostly concluded the LIVE IN THE CITY oral tobacco. process by January and has started a BAT is targeting £5bn in revenue consultation process with all staff from these new category products by expected to be made redundant. 2023-24. “A programme of this significance “Since taking on the role of chief involves decisions that will be diffi- executive five months ago, I have been cult for our people, but ultimately it clear that I wanted to make BAT a is the right thing for our business,” stronger, simpler and faster organisa- Bowles added. tion and ensure a future fit culture,” He became chief last November, Bowles said. “My goal is to oversee a tasked with modernising the firm as step change in new category growth smoking declines and new formats and significantly simplify our current such as vaping grow in popularity.

NEW MAN IN Pearson boss is appointed London Chamber of Commerce president

ENGLAND V USA Thursday 26th September 11.00am - 3.00pm Boisdale of Canary Wharf, Cabot Square Canary Wharf, London, E14 4QT

Join the City AM Club for an exclusive screening of IN ASSOCIATION WITH England’s opening 2019 RWC fixture with our THE LONDON Chamber of Commerce and Industry has elected John Fallon, the chief betting partner – Sporting Index. executive of Pearson, as its new president, it said yesterday. Fallon said he was focused on employability and giving people the skills needed for the future of work. Pre-match, our expert host will educate guests through the core principles of spread betting on Rugby followed by half-time analysis.

Peter Winterbottom Craig Chalmers Belfast’s High Court rules PM’s Former England, Former Scotland and British & Irish Lions British & Irish Lions player parliament prorogation lawful and Harlequins Player and Grand Slam Winner

CATHERINE NEILAN suspension should be overturned. Open a Sporting Index account pre-event to benefit from exclusive promotions @CatNeilan Earlier, the English High Court found that prorogation was legal. both on the match and for the remainder of the tournament. THE HIGH Court in Belfast has ruled The Belfast case, involving three the Prime Minister’s decision to pro- cases, related to partially different rogue parliament was lawful, and legal issues to the cases heard in Free event | Limited spaces available would not damage the peace process London and Edinburgh, namely that Registration before the event strongly encouraged. in Northern Ireland. a no-deal Brexit on 31 October would The case, which was dismissed on undermine peace process all grounds, was one of a series agreements. To register please go to cityam.com/event/rwc-event challenging Boris Johnson’s Brexit In his written judgement, Lord strategy, and follows a landmark Justice Bernard McCloskey said the ruling by Scottish judges on matter was “inherently and Wednesday, which claimed the PM unmistakably political to be beyond acted “unlawfully”, and that the plausible dispute”. 10 NEWS FRIDAY 13 SEPTEMBER 2019 CITYAM.COM

GREEN FINGERS M&S launches in-store Leaving Euston station off the HS2 farming units to sell fresh herbs in capital map would add ‘insult to injury’ ALEXANDRA ROGERS terminate in the south of England. “It would add insult to injury if you HS2 is subject to an independent said to people in London we will not @city_amrogers review by former chair Douglas bring HS2 into Euston, even if it stops IT WOULD add “insult to injury” if Oakervee and critic Lord Berkeley. just temporarily at Old Oak Common. High Speed Two (HS2) did not stop at Speaking at the London infrastruc - “There are big questions that need Euston, London’s deputy mayor for ture summit yesterday, Alexander to be asked about capacity and the transport has said. said: “The truth of the matter is that transport system there to absorb Former shadow cabinet minister if you speak to communities in passengers getting off those trains or Heidi Alexander said communities in Euston they have already experienced wanting to get on them.” London had already experienced considerable disruption, and a She added: “We have to take into “considerable disruption” around significant amount of money has account how London has already Euston, where HS2 is due to been spent buying homes. suffered quite a lot of disruption.”

MARKS & Spencer announced yesterday that it is launching an “urban farming” scheme in its London stores. The struggling retailer has partnered with Infarm to grow fresh herbs for customers, including basil, mint, parsley and coriander.

45 CONFIRMED DEAD. Morrisons beefs 100S STILL MISSING. 70,000 IN NEED OF up Amazon deal FOOD AND SHELTER. RIGHT NOW. as sales fall flat

JAMES WARRINGTON The supermarket also announced that it has expanded its wholesale @j_a_warrington supply initiative, extending its tie-up MORRISONS yesterday posted flat with Amazon to offer groceries sales for the first half as it unveiled a through the e-commerce giant’s new multi-year partnership with Prime Now service. Amazon Prime, amid challenging The service, which is already live in conditions in the grocery sector. Leeds, Manchester, Birmingham and The supermarket chain’s like-for-like parts of London, will be extended to sales excluding fuel and VAT ticked five further UK cities this year. up 0.2 per cent, while pre-tax profit “The supermarket sector is a com- rose 5.3 per cent to £198m. petitive space to be in, and that makes Morrisons was forced to contend Morrisons’ wholesale business an with strong comparatives last year, important extra string to its bow,” when the World Cup and royal wed- said Sophie Lund-Yates, equity analyst ding provided a fillip to sales. at Hargreaves Lansdown. In contrast, the grocery sector was “News the group has tightened its lumped with largely unfavourable relationship with Amazon will be Storm Dorian has devastated the weather this summer, and felt the welcome – there are few partners that impact of weak consumer confidence carry as much weight and potential Bahamas. We’ve deployed our highly- as Brexit uncertainty rumbles on. as the online giant.” The chain is also facing increased In a welcome move for investors, competition from German discount Morrisons also announced a special skilled, predominantly ex-military giants Lidl and Aldi, which have been dividend of 2p. growing their market share. “We stayed focused on our fix, Team Rubicon volunteers to provide But Morrisons heralded a “robust” rebuild and grow strategy, and were performance in the face of these pleased to maintain the momentum challenges, and said it expected like- of the turnaround against strong disaster relief to those in need. for-like sales to improve in the comparatives last year,” said chief second half. executive David Potts. But we can’t do it on our own. Sainsbury’s commits to cutting TEXT ‘DORIAN’ PLUS THE AMOUNT plastic packaging in half by 2025 JESS CLARK materials, use lighter-weight plastics YOU WANT TO GIVE TO 70085 and introduce refillable packaging. @jclarkjourno Customers will need to adapt their Default donation is £10, but you can to donate SAINSBURY’s has pledged to slash the behaviour in order to meet the goal, amount of plastic packaging it uses the supermarket warned. anything up to £20 per text. So, to donate £5, by 50 per cent by 2025, as it admitted For example, Sainsbury’s said it is text ‘DORIAN5’. Each text is charged as a standard it currently uses almost 120,000 reviewing options such as the tonnes a year. introduction of refillable bottles, rate message. If you’d like to donate more than The supermarket giant said it introducing a returnable milk bottle £20, or ﬁ nd out more about Team Rubicon, visit: would cut plastic use across all scheme or offering a reusable jug branded food packaging – including with milk in a lightweight plastic its own-brand products – and all of pouch. teamrubiconuk.org its operations. In 2018, the company said it had In order to meet its new target, reduced plastic packaging use by Sainsbury’s will switch to alternative just one per cent. CITYAM.COM FRIDAY 13 SEPTEMBER 2019 NEWS 11 Marketers set Washington and to ramp up digital spend Beijing prepare JAMES WARRINGTON @j_a_warrington GLOBAL marketers are set to ramp up their investment in digital advertising next year, despite ongoing concerns about effective ground for deal measurement of campaigns. About 84 per cent of marketers STELLA QIU Mnuchin sought to temper over-opti- plan to increase their investment mism, however, telling CNBC that in online video ads, while 70 per WASHINGTON yesterday welcomed Trump was prepared to keep or even cent will ramp up spend on social China’s promise to buy agricultural raise tariffs on Chinese imports. media networks, according to a goods while maintaining the threat The Wall Street Journal reported Iconic says its expertise will enable the Tab to boost advertising revenue study published yesterday by of US tariff hikes as the world’s two that China was seeking to narrow the Kantar. largest economies sought to prepare scope of negotiations to trade matters In addition, almost two-thirds the ground for upcoming talks. by excluding national security issues said they will pump more money Lower-level US and Chinese officials in order to jumpstart the talks. Iconic Labs purchases a stake in into podcasts amid surging are expected to meet within days in In Washington, Trump’s aides are popularity of the on-demand audio Washington ahead of talks between considering an interim trade deal format. top trade negotiators in early October that would delay or even roll back student news website the Tab The continued confidence in aimed at easing a trade war that has some tariffs in exchange for commit- digital advertising comes despite rattled financial markets and fuelled ments on intellectual property and ongoing concerns about how to fears of a looming global recession. agricultural purchases, Bloomberg JAMES WARRINGTON agreement to acquire The Tab. measure the impact of online Beijing said yesterday that Chinese News reported. Iconic will provide management campaigns, particularly due to companies have started to inquire Chinese Commerce Ministry spokes - @j_a_warrington and consult ancy services to MCM, as control of so-called walled gardens about prices for US agricultural goods man Gao Feng said China welcomed ICONIC Labs has bought an indirect well as a loan of £150,000. MCM has such as Google and Facebook. purchases. US farmers have been the delay to the scheduled tariff hike. stake in student publishing company also agreed to pay a monthly retainer The survey also revealed the among the hardest hit by the tit-for- “Chinese firms have started to in- the Tab, marking the latest move in to Iconic of at least £25,000. ongoing shift to digital formats will tat tariff battle. quire about prices for US agricultural the media firm’s aggressive Run by three former Unilad take its toll on print media next “It is expected that China will be goods,” he noted. “[China] hopes both acquisition spree. executives, Iconic said its expertise year. Around 70 per cent of buying large amounts of our agricul- sides would continue to meet each It has secured a 24 per cent stake in would enable the Tab to boost marketers said they will decrease tural products!” US President Donald other half way and adopt concrete media investment vehicle Medium programmatic advertising revenue spend in magazines, while 66 per Trump tweeted. actions to create favourable condi- Channel Media (MCM), which in turn and build up its commercial cent plan to cut investment in US treasury secretary Steven tions for negotiations.” Reuters has entered into a conditional presence. newspaper advertising. African telecoms firm Helios Towers Sex death was workplace eyes second attempt at London listing accident, French court says AUGUST GRAHAM extramarital relationship with a per- ANNA MENIN would sell some of their shares. Democratic Republic of Congo (DRC); fect stranger”. He had met the woman Helios said it is planning a free the Republic of Congo; Ghana; and @AugustGraham just before going to her hotel room. @annafmenin float of at least 25 per cent of the South Africa. THE FAMILY of a French worker who A health insurer classified the event AFRICAN mobile network operator company, adding that it expects that It dropped previous plans for a died after having sex on a business as a workplace accident, and argued Helios Towers yesterday announced the listed firm “would be eligible for London listing in March last year, trip will be given compensation as a that sexual activity while on a busi- plans to launch an initial public off- inclusion in FTSE UK indices”. amid concerns about political risk in judge found his employer liable for ness trip is normal “like taking a ering (IPO) in London, after ditch ing a The company plans to use the DRC and Tanzania, one banker told the death. shower or a meal”. planned listing last year that had proceeds to expand its services, Reuters at the time. Xavier, whose last name was not TSO had tried to argue that he was been expected to value the company including potential expansions into Chair Sir Samuel Jonah said Helios revealed by the court, was an engi- not on duty while engaged in the sex. at £2bn. other countries. was “well placed to capitalise on neer with TSO, a railway services firm Under French law, the family will The operator said it plans to raise The telecoms firm operates phone infrastructure opportunities in some near Paris, the BBC reported. now be given a portion of Xavier’s $125m (£101m) via the issue of new masts across five Sub-Saharan of the fastest growing markets in the The man died in 2013 after a heart salary until his retirement age, and shares, and that existing investors African countries: Tanzania; the world”. attack linked to what TSO called “an part of his pension. 12 NEWS FRIDAY 13 SEPTEMBER 2019 CITYAM.COM Asset manager Co-op warns on posts strong full-year results no-deal risks as ANNA MENIN @annafmenin WEALTH management firm Brooks Macdonald has reported full-year growth exceeding expectations, in profit weakens a rare glimmer of light for a sector that has been struggling to stem JOE CURTIS Co-op supermarkets enjoyed 1.7 per the flow of client outflows. cent like-for-like growth while legal The company reported a profit @joe_r_curtis services saw probate revenue rise before tax of £21m for the year THE CO-OPERATIVE Group saw profits 37 per cent year on year and estate ending 30 June, an 11.8 per cent drop dramatically in the six months planning revenue jump 20 per cent. The new entrance will create direct access to the Northern Line from Cannon Street increase on the previous year. to July as the firm’s funeral business Chief executive Steve Murrells said: Assets under management grew took a hit from an unexpected drop in “We’ve enjoyed another good six 6.8 per cent to a record £13.2bn, the number of deaths. months where the strength of our while Brooks’ revenue increased Profit before tax sank to £25m, from business has led to a further £35m of Raise the roof: Upgrade to Bank 7.3 per cent to £107.3m. £44m the year before owing to the fu- value being generated for our mem- Brooks completed the first neral division’s poor performance. bers and their communities. round of a cost-cutting drive Revenue, however, rose 12 per cent “Our food business continues to per- station reaches major milestone during the year, which chief to £5.4bn thanks to strong food sales form strongly in a highly competitive executive Caroline Connellan and Co-op’s recently acquired Nisa market and has now recorded 22 con- described as “reinforcing the convenience store chain. secutive quarters of like-for-like sales JAMES WARRINGTON The new entrance will create direct foundations of the business and But the business warned on the risk growth… It is providing the fuel for access to the Northern Line, as well as focusing on our core offer as a of a no-deal Brexit amid an uncertain our growth in terms of member value @j_a_warrington connecting a new moving walkway to wealth manager”. outlook. and community impact. THE UPGRADE project at Bank Tube the Central Line. “The short term challenges are “In the event of a no-deal Brexit “In funerals, we are actively re-posi- station reached a major milestone TfL said the upgrade, due to be all about the political uncertainty there is an increased risk of some dis- tioning the business to meet the this week as work was completed on completed in 2022, will boost we face,” she told City A.M.. “We’re ruption to our supply chain, however changing needs of our members.” the roof of the new entrance on capacity by 40 per cent at the London just focused on the things we can we will do all we can to protect our Murrells added: “We are the market Cannon Street. Underground network’s third busiest control”. Connellan added that customers and members from this leader but we will also lead the mar- Transport for London (TfL) said interchange. innovations in sustainable impact,” the firm said. ket in providing better choices and workers had “topped out” the new Work will now continue to fit out investment were crucial, and “a big Meanwhile, group net debt rose options for our customers in the years roof, hailing it as a landmark the new entrance, which will be part of how we compete in these from £714m in January to £784m. ahead.” moment in the project. spread across 11 storeys. uncertain times”. UK mergers and acquisitions activity Audio company Focusrite falls over concerns of a disorderly exit dials up revenue forecast ANNA MENIN from Mergermarket. the lowest figures since 2010. JAMES WARRINGTON The increase was driven by a Sterling’s weakness has also “The uncertainty surrounding a 10 per cent rise in revenue from @annafmenin dampened investment abroad, with no-deal scenario has caused a @j_a_warrington its existing business, as well as MERGERS and acquisitions (M&A) just £8.4bn spent by UK companies considerable slowdown in deal- SHARES in audio equipment roughly six weeks’ revenue from activity targeting the UK has fallen out side the UK during the second making by UK-based firms,” said manufacturer Focusrite rose Adam Audio, the German studio almost 40 per cent on the same quarter –also the lowest figure since Mergermarket research editor almost 6.5 per cent yesterday after monitor company it acquired in period last year, with investors the referendum. Jonathan Kolanowski. it forecast full-year revenue ahead July for £16.2m. slowing down decision making amid Mergermarket warned that retail “Many businesses continue to of expectations. “We have held steadfast to our ongoing political turmoil. was likely to be among the sectors withhold investment given the lack Focusrite, which makes studio core growth strategy and executed Corporate M&A also tumbled to hit hardest by a no-deal Brexit, and of clarity over the future trading equipment such as microphones as planned despite so many macro- £15.1bn in the second quarter of had already begun to falter. There arrangements and the probable and equalisers, said it expected economic factors at play across the 2019, its lowest value since the 2016 have been a total of 86 deals in the downturn the economy will suffer,” revenue of roughly £84m, up from world,” said chief executive Tim EU referendum according to data UK consumer sector so far this year, Kolanowski said. £75.1m last year. Carroll. CITYAM.COM FRIDAY 13 SEPTEMBER 2019 NEWS 13 Drinks giant AB Inbev revives plans to list Budweiser Asia in Hong Kong JESS CLARK around $5bn (£4bn) through the for a $9.8bn initial public offering in @jclarkjourno listing, and it is seeking to price the July as trade tensions between the deal on 23 September and list the US and China dented investor BUDWEISER owner Anheuser-Busch unit on 30 September. confidence. Inbev is reconsidering listing its Asia “The market conditions in recent The world’s largest brewer said business on the Hong Kong Stock days have improved and provided a “several factors, including the Exchange after it shelved an initial good window, in which we should prevailing market conditions” led to public offering plan earlier this year. seize the opportunity to go ahead,” a it pulling the plug on the float, AB Inbev confirmed yesterday that source told Reuters. which had been billed as the biggest it has resumed its application for the However, the company warned of the year. listing of a minority stake of its that the “decision to proceed will The company had reportedly been shares on the Hong Kong Stock depend on a number of factors and planning to use much of the funds Exchange. prevailing market conditions”. raised from the listing to reduce its The company is aiming to raise The drinks giant scrapped plans debt pile. The brewery firm shelved plans for a Hong Kong listing earlier this year Mitie in Lloyds Brexit jitters hit Bank facilities contract win hopes of a rise ALEX DANIEL @alexmdaniel OUTSOURCER Mitie has been tasked with managing Lloyds Banking Group branches across the in house sales country for the next five years, in a contract estimated to be worth SEBASTIAN MCCARTHY the last three months increased to about £850m. @SebMcCarthy minus 4 in August, rising from minus The so-called integrated facilities 9 in July and staying above the con- management contract means Mitie SALES activity in London’s subdued sensus minus 10. workers will provide engineering, housing market is expected to slip Over 33 per cent of agents in London security, cleaning, catering and deeper into negative territory over the reported a fall in house prices last data centre services across Lloyds’ coming months, according to a month, with 23 per cent expecting a Haynes Publishing Group is best known for its iconic car manuals network of bank branches, and in closely-followed industry survey continued fall over the next year. its UK offices. released yesterday. Capital Economics said: “Having Mitie has already been doing Brexit uncertainty has caused grow- seen a small improvement across June these jobs for the high street bank ing hesitation among buyers and sell- and July, housing demand lost all Digital shift helps drive up profit for the past nine years. ers, the Royal Institute of Chartered upward momentum in August. Look- Lloyds will pay Mitie depending Surveyors (Rics) warned, with the out- ing ahead, given the high level of on how well it does the job, but the look for property sales weakening in house prices and ongoing political at car manual publisher Haynes outsourcer said the work should be almost all parts of the UK over the uncertainty, a recovery in house price worth about £170m a year in past two months. Near-term sales ex- growth or transactions is unlikely revenue. pectations in London have fallen from until at least next year.” JAMES WARRINGTON The company’s Haynespro division Shares closed up 1.17 per cent a net balance of minus 15 per cent to Jeremy Leaf, north London estate @j_a_warrington is now the key driver of growth, with yesterday. minus 41 per cent, marking the steep- agent and a former Rics residential revenue rising 20 per cent over the The announcement follows est drop since November last year. chairman, added: “These figures are HAYNES Publishing Group has posted year, while demand for its consumer Tuesday’s news that Mitie’s finance “Uncertainty is a theme that respon- disappointing bearing in mind their a sharp rise in revenue and profit for manuals continued to wane. boss Paul Woolf has resigned to dents continue to highlight as a neg- historic accuracy but they are not a the full year as the car manual spec- Haynes also continued its move to join intellectual property ative influence on sentiment in lot different from what one would ialist’s digital shift helped to drive digital products, which now account management and technology survey after survey,” said Simon expect in August, particularly in view business in its corporate division. for 56 per cent of total revenue. company CPA Global. He will leave Rubinsohn, Rics’ chief economist. of continuing political uncertainty. Haynes reported a seven per cent Despite the shifting reader habits, Mitie early next year. “That said, the key Rics activity indi- “On the ground, we have seen increase in revenue to £36.2m in the the Somerset-based firm said it was Chief executive Phil Bentley has cators have remained relatively plenty of caution and many buyers year to the end of May, while pre-tax committed to its traditional manuals. revived the firm’s fortunes in resilient until now, pointing to only a and sellers sitting on their hands. profit jumped 24 per cent to £3.6m. “As long as there are individuals recent years, dragging it back into modest dip in sales transactions However, longer-term buyers of The figures, which mark the that want to work on their own the black after a string of profit rather than anything more severe.” smaller houses have been looking publisher’s third successive year of vehicles, we will be the premium warnings in 2016 and making The net balance of surveyors report- beyond Brexit and taking on view on revenue and profit growth, reflect its provider,” chief executive John a £52.8m dent in its net debt via ing that house prices have risen over likely price movements.” efforts to refocus on corporate clients. Haynes Jr told City AM. a turnaround plan. N Brown shares drop after it reveals £20m to £30m extra PPI provision

HARRY ROBERTSON used credit to pay for their and complaints [PIRs] in the final @henrygrobertson purchases. days leading up to, and including, The deadline for PPI claims was the 29 August 2019 deadline”. SHARES in British retailer N Brown 29 August. It was intended to bring It added: “The group now believes fell yesterday after it said it would down the curtain on the major it will be necessary to make an have to set aside £20m to £30m more financial scandal that saw banks and additional provision in the range of to cover claims about mis-sold firms mis-sell policies to people who £20m to £30m” in half-year results. payment protection insurance (PPI). did not need them between 1990 Its shares fell as much as seven per The plus-size clothes retailer, and 2010. cent following the announcement. which has cricketer Freddie Flintoff N Brown said yesterday in a They subsequently regained as an ambassador for its Jacamo statement that it saw “a significant ground and closed 2.26 per cent Freddie Flintoff is the face of N Brown’s clothing company Jacamo brand, sold PPI to customers that increase in PPI information requests lower at 108p. 14 NEWS FRIDAY 13 SEPTEMBER 2019 CITYAM.COM Opec faces ‘daunting’ world surplus with prices set to nosedive in 2020 ALEX DANIEL surge later this year, dwarfing management remains a daunting one @alexmdaniel demand for Opec’s crude by around well into 2020.” 1.4m barrels a day by early 2020 if it The report will come as a partic- THE INTERNATIONAL Energy Agency maintains current production levels. ular challenge to Saudi Arabia, which (IEA) yesterday put more press ure on “While the relentless stock builds has a new oil minister, Prince oil-rich countries to cut production, we have seen since early 2018 have Abdulaziz bin Salman. after it warned cartel Organisation of halted, this is temporary,” the IEA Saudi Arabia is regarded as Opec’s Petroleum Exporting Countries said. “Soon, the Opec-plus producers de facto leader, but Prince Abdulaziz (Opec) will have to tussle with a will once again see surging non-Opec has said there will not be any drastic growing surplus that will cut prices. oil production, with the implied policy shift. The IEA’s projections In its monthly report, the IEA said market balance returning to a could prove to be a thorn in his side, the challenge of managing global oil significant surplus and placing given his likely tasks of boosting oil markets will be “daunting” in the pressure on prices. prices to support the stock market coming months. Supplies are set to “The challenge of market listing of state-owned Saudi Aramco. Non-Opec members might fill the market, causing a glut and a price drop Santander has Trainline raises digitised bond on blockchain growth forecast ANNA MENIN @annafmenin SANTANDER said yesterday it has become the first financial institut- ion to digitise the process of on soaring sales issuing bonds on a public blockchain. JESS CLARK delivered in the first half of the year. The Spanish banking giant used @jclarkjourno “Our performance is underpinned the public ethereum blockchain to by the long-term shift of customers tokenise the bond securely and TRAINLINE announced soaring sales from offline to online, the successful register it on the blockchain – a in the first half of the financial year, rollout of e-ticketing and our contin- Rovio’s Angry Birds are celebrating their 10th anniversary this year sort of digital public ledger that prompting the ticket-selling platform ued focus of making rail and coach can record transactions in close to to raise its full-year revenue growth travel easier for customers worldwide. real time. expectations. “As most rail and coach tickets con- The cash used to complete the The company said revenue growth tinue to be sold offline, and as cus- Shares in Angry Birds developer investment and the bond’s coupons for the year is on track to be in the tomers and governments commit to have also been tokenised. low- to mid-20 per cent range as it championing more environmental The one-year maturity bond reported yesterday that revenue was modes of travel, we see significant Rovio crash as it lowers outlook carries a quarterly coupon of 1.98 up 29 per cent to £129m in the six growth opportunities for Trainline per cent, the bank said. months to 31 August. over the long term.” Santander issued the $20m The increase was driven by strong The tech giant made its £1.7bn stock JAMES WARRINGTON The shock announcement comes (£16.2m) bond to itself, meaning UK consumer revenue growth of market debut in June. @j_a_warrington just a month after Rovio reiterated its that no outside investors were 34 per cent and a 99 per cent surge in Shares closed up 7.59 per cent yester- outlook for the full year. involved in the process. international revenue as the company day at 482p. SHARES in the company behind hit The company said its series of A £56m blockchain bond issued continued to target new income mobile game Angry Birds plunged Angry Bird games were still by the World Bank last year used a streams. almost 25 per cent yesterday after it performing well, and blamed the private version of ethereum. Total group ticket sales were up TRAINLINE lowered its revenue forecast for the revised figures on increased Santander’s chief financial 19 per cent to £1.84bn, driven by a full year. investment. officer, Jose Garcia Cantera, said: P 52 per cent increase in the interna- 490 Rovio said it now expected to post “We see a window of opportunity “Santander is at the forefront of tional business. revenue of between €295m (£264m) in the market to scale up our top the profound digital 480 482 Trainline said it expects to spend on 12 Sep and €310m, down from previous games and we are seizing this transformation of the financial additional marketing investment to 470 forecasts of €300m to €330m. opportunity,” said chief executive sector and this transaction is one support the growth of its interna- 460 The Finnish video game developer Kati Levoranta. example. We want to take tional business through the final also warned its adjusted operating Rovio released two new games in advantage of any technology that phase of re-platforming. 450 profit margin would be between five the first three quarters of the year, can accelerate that process, so that Trainline chief executive Clare 440 and eight per cent, compared to its and is hoping for a revenue boost our customers thrive and be faster Gilmartin said: “We are pleased with previous outlook of nine to 11 per following the release of the Angry and more efficient, and blockchain the strong levels of growth we have 6 Sep9 Sep 10 Sep 11 Sep 12 Sep cent. Bird movie sequel. is one of those technologies.” Ricardo’s ‘pretty awful year’ put down to global auto industry slump

ALEX DANIEL industry was hit by a “pretty awful automotive slowdown, which has hit @alexmdaniel year” in the wider automotive car makers’ sales in recent months. 7.69% market, according to chief executive Ricardo’s performance products ENGINEERING consultancy Dave Shemmans. business enjoyed 24 per cent revenue Ricardo’s shares fell 7.7 per Pre-tax profit declined 1.9 per cent growth, driven by more demand for cent yesterday after it reported that to £26.5m over the year, amid the McLaren engines and an ABS brake its automotive business struggled last automotive struggles. Turnover kits’ contract with the US Army. year. grew two per cent to £384.4m. Shemmans told City A.M.: The London-listed firm enjoyed a The firm, which manufactures the “Everybody can acknowledge that rise in revenue and growing order engines for all McLaren’s road cars, the automotive industry has had a books in the year ending 30 June, heralded a “resilient” performance pretty awful year, and that had an Engineering firm Ricardo makes the engines for McLaren’s road cars but its division which serves the car against the backdrop of a global impact on us.” CITYAM.COM FRIDAY 13 SEPTEMBER 2019 MARKETS 15

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

ASCENTIAL P Trade hopes Tariff delay and 400 12 Sep 390 377.60 and stimulus 380 Morrisons pull 370 buoy Wall St 360 ALL Street advanced yester- Wday, and the S&P 500 hovered 6 Sep 9 Sep 10 Sep 11 Sep 12 Sep a hair’s breadth below its all- time high, buoyed by positive Acsential offers exposure to online marketplaces, which are rapidly expanding. The developments on the US-China trade FTSE 100 higher company is well-positioned to benefit from increasing competition in online market- front and a promise of continued places. Total online sales have grown at a compound annual rate of 22.4 per cent stimulus from the European Central from 2015 to 2018 and is only showing slight signs of softening, according to Liberum Bank (ECB). HE BLUE-CHIP index ended after Saudi Arabia’s new energy min- analysts. E-commerce’s share of global retail sales has grown from less than eight The Dow Jones Industrial Average in the black yesterday as ister said deeper supply cuts would per cent in 2015 to 12 per cent in 2018. Liberum initiated coverage of the company rose 130.34 points, or 0.48 per cent, to trade concerns were soothed not be discussed before a meeting of with a “Hold” recommendation and a 380p target price. 27,267.38, the S&P 500 gained 15.4 Tby a two-week US tariff the Organization of the Petroleum Ex- points, or 0.51 per cent, to 3,016.33 reprieve on Chinese imports porting Countries planned for early and the Nasdaq Composite added and Morrisons jumped on upbeat December. GALLIFORD TRY 44.43 points, or 0.54 per cent, to profit and forecast. Crude prices also came under 8,214.11. The FTSE 100 index was in and out further pressure after the European 800 P Gains in technology shares helped of negative territory through the ses- Central Bank cut its deposit rate to a 750 push all three major stock indices into sion but ended 0.1 per cent higher, at record low. The ECB promised an the black. 7,344.67 points, boosted by a one indefinite supply of fresh asset 700 The Dow was on track for its seventh per cent rise in tobacco giant purchases and cut interest 650 straight session of gains, its longest BAT after layoff plans that rates deeper into negative 12 Sep winning streak since May. offset losses in oil majors territory. 600 690.50 “Markets are still on the trade war BP Shell seesaw today,” said David Carter, chief and . “This feels like more of 550 The mid-cap FTSE 250, investment officer at Lenox Wealth meanwhile, dipped 0.1 Morrisons’ shares rose Advisors in New York. “We had some per cent, to 19,962.57 4.7 per cent after it beat 6 Sep 9 Sep 10 Sep 11 Sep 12 Sep good news on trade which is why points, after scaling its profit expectations markets are up, but the seesaw may highest level in nearly a This week Galliford Try announced it is in talks to sell its housebuilding division to drop on any signs of failure.” year. a symbolic gesture than Bovis Homes, in an attempt to focus on its core construction business. Canaccord Investor confidence received an The main index earlier effective stimulus that’s Genuity said the potential deal is a “neat solution” for the group to crystalise the early boost from the ECB, which touched a more than one- highly dependent on looser value of its housing arm and put the standalone construction business in a stronger promised continued stimulus to the month high, helped by gains in fiscal policy to succeed,” Oanda position to achieve better performance. Assuming the deal goes through, Galliford ailing Eurozone economy through global miners such as BHP and Anglo analyst Craig Erlam said. Try could become a £1.3bn to £1.5bn contractor. Canaccord Genuity reiterated its asset purchases. American after US President Donald Brokerage actions also drove some “Hold” recommendation and increased its price target from 710p to 730p. Carter, however, expressed Trump agreed to delay increasing tar- moves, with rating downgrades in scepticism about the potential iffs on $250bn (£202.4bn) worth of Premier Inn owner Whitbread, Inter- benefits of additional stimulus. Chinese imports. continental Hotel and Lloyds taking SAFESTORE “At this stage of the cycle we’re not Britain’s fourth-largest grocer their shares between 1.3 and 2.5 per sure if further ECB or Fed easing will Morrisons climbed 4.7 per cent after cent lower. 670 P have a meaningful fundamental beating expectations for first-half Inkjet tech company XAAR jumped impact given that rates have been so 654 profit and forecasting improved sales 21 per cent after it agreed to sell 20 660 low for so long,” Carter said. in its second half. per cent of its holding in Xaar 3D to 12 Sep Industrial bellwethers Deere and Heavyweight blue-chip oil stocks fell US company Stratasys. Caterpillar were down 1.3 per cent 650 and 1.1 per cent, respectively, after Wells Fargo downgraded their shares TOP RISERS FTSE 640 to “market perform”. P Google parent Alphabet shares rose 1. Morrisons Up 4.69 per cent 7,400 1.5 per cent after Google reached a 2. Fresnillo Up 2.77 per cent 6 Sep 9 Sep 10 Sep 11 Sep 12 Sep $1.1bn (£890m) settlement with 3. AB Foods Up 2.72 per cent 7,350 7,344.67 French authorities to resolve a fiscal 12 Sep Self-storage provider Safestore reported like-for-like revenue growth of 4.2 per cent 7,300 fraud probe, and following a legal TOP FALLERS in the third quarter, continuing the good momentum it secured in the first half of the victory over German publishers over 7,250 year and setting it on track to meet its full-year forecasts. Recent London openings in fee demands. 1. ITV Down 4.34 per cent Paddington, Marble Arch and Mitcham, and one opening in Paris, are performing Shares of Tocagen plunged 78.9 per 2. NMC Health Down 3.50 per cent 7,200 better than or in line with expectations. In August, the firm announced a joint cent after the drugmaker’s 3. Bunzl Down 3.01 per cent venture with Carlyle to acquire M3 Self Storage. Liberum made a “Buy” experimental brain cancer treatment 6 Sep9 Sep 10 Sep 11 Sep 12 Sep recommendation and set a target price of 710p, up from 650p. failed in a late-stage study. CITY MOVES WHO’S SWITCHING JOBS

RIVERSTONE he led the growth of a number of key business BIBBY FINANCIAL SERVICES CASHFLOWS EUROPE Developer and operator of platforms. Riverstone is majority owned by Goldman Global small and medium-sized enterprise partner, Cashflows Europe, the payments and technology high-quality retirement living Sachs and aims to become the UK’s pre-eminent Bibby Financial Services (BFS), has announced the group, has announced the appointment of Amanda in prime London locations retirement living operator. It has an aspiration to appointment of Theo Chatha as chief financial officer. Mesler as its new chief executive. Amanda will lead Riverstone has appointed create a portfolio upwards of 10 sites in prime London Prior to joining BFS, Theo spent 11 years with Close Cashflows in its mission to become Europe’s most Jason Leek as chief executive locations over the coming three to four years and a Brothers, holding a variety of executive roles across its innovative and high growth payments business. She is officer (CEO). Jason joins best-in-class team assembled to deliver on this banking, property finance, and asset finance and an experienced and highly regarded business leader Riverstone from London strategy. Riverstone is currently developing two major leasing divisions. Most recently, he held the role of whose extensive professional career has encompassed Executive Offices, a provider of sites in London, in Fulham and Kensington, which are bank finance director, overseeing the finance function roles at GE, Microsoft and Logica. She joins Cashflows central London luxury office due for completion in late 2021 and early 2022 reporting to the banking division managing director from Earthport, the UK payments company, where she and event space, where he respectively. Jason’s follows the arrival of Simon and group finance director. Reporting to global chief was chief executive and led the recent successful sale was CEO. He previously spent Loveridge as chief financial officer in July. Prior to executive, David Postings, Theo will join the BFS global of the business to Visa. Amanda will join Cashflows 13 years at Compass Group, the global food and joining Riverstone, Simon was CFO and MD Asia Pacific executive committee and board. He will oversee with immediate effect. Cashflows developed a cloud- support services firm, as managing director and head of Global Student Accommodation Group where he operational finance, financial control, and financial based, omni-channel, payments platform for the of global strategy and mergers and acquisitions, where funded and managed over £2bn worth of assets. planning and analysis. processing and acquiring of payment providers.

To appear in CITYMOVES please email your career updates and pictures to [email protected] 16 MARKETS FRIDAY 13 SEPTEMBER 2019 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1152 0.0043 €/$ 1.1063 0.0055 7344.67 19962.57 4035.21 27182.45 8194.47 3009.57 /$ 1.2336 0.0012 €/£ 0.8966 0.0037 6.64 19.59 2.77 45.41 24.79 8.64 /¥ 133.32 0.4317 €/¥ 119.58 0.8872

Marshalls ...... 671.5 4.5 696.0 412.2 Future ...... 1268.0 8.0 1320.0 410.0 Great Portland Es . . . . .698.4 -13.6 773.6 649.4 Mitchells & Butle ...... 365.0 4.0 367.0 238.0 GILTS FINANCIAL SERVICES GAS, WATER & MULTIUTILITIES Reckitt Benckiser . . . . .6417.0 19.0 7155.0 5593.0 National Express . . . . .421.8 -12.4 440.6 361.4 Polypipe Group ...... 397.0 -2.4 453.8 307.8 Redrow ...... 613.0 5.0 674.6 460.8 Goco Group ...... 74.6 -0.7 104.0 64.6 Hammerson ...... 259.8 -12.3 470.0 203.9 Haynes Publishing . . . .242.0 22.0 243.4 160.0 PPHE Hotel Group . . .1770.0 20.0 1990.0 1520.0 Tsy 2.000 20 ...... 101.16 -0.02 102.2 101.1 ELECTRICITY 3i Group ...... 1100.5 -25.5 1164.5 756.2 Centrica ...... 74.8 1.9 155.6 64.6 Taylor Wimpey ...... 157.1 -0.6 192.3 129.3 Intu Properties ...... 43.3 -2.5 201.5 32.2 Tsy 3.750 20 ...... 103.07 -0.03 105.8 103.1 3i Infrastructure ...... 305.5 0.5 306.0 240.3 National Grid ...... 831.9 5.8 889.2 748.7 Huntsworth ...... 93.0 2.0 123.5 81.0 Rank Group ...... 182.4 10.0 183.6 135.0 Land Securities G . . . . .806.4 -17.0 936.0 735.4 .139.4 -1.4 221.9 111.9 Tsy 4.750 20 ...... 102.01 -0.03 105.9 102.0 Contour Global ...... 188.0 -6.0 218.0 150.1 AJ Bell ...... 409.0 -0.5 477.0 220.0 Pennon Group ...... 756.8 12.0 792.8 684.2 INDUSTRIAL ENGINEERING Informa ...... 836.4 9.8 892.0 605.8 LondonMetric Prop . . . .210.8 -0.6 215.2 172.7 Restaurant Group . . . . Tsy 2.500 20 ...... 354.86 -0.01 361.4 354.6 Allied Minds ...... 58.2 1.0 84.2 37.3 ITE Group ...... 80.8 0.4 81.0 56.3 Stagecoach Group . . . . .132.0 3.2 177.0 115.5 Drax Group ...... 297.4 4.6 427.2 260.2 Severn Trent ...... 2041.0 17.0 2153.0 1770.0 Bodycote ...... 750.0 -12.0 925.5 654.0 Primary Health Pr . . . . .135.8 -0.2 139.0 106.4 TUI AG Reg Shs (D . . . .865.6 -7.2 1474.0 698.0 Tsy 8.000 21 ...... 112.91 -0.04 119.4 112.5 ...... 1166.0 6.0 1232.5 1008.0 Amigo Holdings ...... 73.0 -0.2 297.5 70.7 United Utilities ...... 784.6 5.0 873.6 682.4 ITV ...... 120.2 -5.5 162.3 103.6 . . . .779.6 1.8 793.0 585.2 SSE . . . Hill & Smith Hold . . . . .1177.0 20.0 1306.0 902.5 SEGRO ...... Wetherspoon (J.D. . . .1550.0 -5.0 1624.0 1066.0 Tsy 4.000 22 ...... 108.72 -0.05 110.7 108.7 Arrow Global Grou . . . .216.6 2.2 273.0 167.2 IMI ...... 1028.5 -3.5 1155.0 870.0 Moneysupermarket. . . .371.9 1.9 417.7 264.0 Shaftesbury ...... 889.5 11.0 928.5 739.5 Tsy 1.875 22 ...... 116.33 -0.16 118.3 115.5 ELECTRONIC & ELECTRICAL EQ. ASA International . . . . .370.0 -8.0 496.0 320.0 GENERAL INDUSTRIALS Pearson ...... 863.8 -3.0 1027.5 769.2 Whitbread ...... 4429.0 -115.0 5114.0 4086.0 Melrose Industrie . . . . .205.0 -3.0 222.6 146.3 Tritax Big Box Re ...... 142.4 -0.5 159.7 129.0 William Hill ...... 187.7 -1.1 265.5 132.3 Tsy 0.500 22 ...... 100.11 -0.05 100.7 97.7 Halma ...... 2011.0 10.0 2094.0 1237.0 Ashmore Group ...... 469.0 3.8 542.5 341.2 Smith (DS) ...... 360.2 -0.2 491.4 292.2 Reach ...... 91.0 2.9 94.9 54.6 RHI Magnesita N.V . . .4268.0 -50.0 5000.0 3318.0 Unite Group ...... 1040.0 2.0 1076.0 797.5 Wizz Air Holdings . . . .3517.0 -41.0 3769.0 2329.0 Tsy 2.250 23 ...... 107.02 -0.08 107.9 104.7 Morgan Advanced M . . .261.6 -6.2 338.8 237.0 Brewin Dolphin Ho . . . .316.0 -1.6 358.0 287.6 Smiths Group ...... 1685.0 1.5 1699.5 1279.5 Rotork ...... 317.8 -1.6 340.8 235.7 Relx plc ...... 1894.5 23.0 2011.0 1491.5 Workspace Group . . . .934.0 1.5 1050.0 789.5 Tsy 2.500 24 ...... 373.19 -0.22 377.9 358.7 Oxford Instrument . . .1264.0 4.0 1424.0 842.0 Charter Court Fin . . . . .305.5 3.0 375.0 228.8 Smurfit Kappa Gro . . .2638.0 -12.0 3160.0 1934.0 Spirax-Sarco Engi . . . .8180.0 80.0 9400.0 5900.0 Rightmove ...... 533.9 6.2 585.1 420.9 AIM 50 Tsy 0.125 24 ...... 114.36 -0.20 115.8 110.9 City of London In ...... 415.0 3.0 440.0 360.0 STV Group ...... 355.5 10.5 405.5 318.0 SOFTWARE & COMPUTER SERV. Renishaw ...... 4000.0 58.0 5000.0 3368.0 Vesuvius ...... 490.8 -11.7 662.0 448.8 Weir Group ...... 1559.5 -5.0 1814.0 1240.0 Abcam ...... 1165.0 1.0 1500.0 1017.0 Tsy 5.000 25 ...... 124.50 -0.10 126.1 122.1 CMC Markets ...... 100.0 -0.6 167.6 77.4 WPP ...... 1024.0 -12.5 1156.0 800.4 Avast ...... 369.6 2.2 393.4 259.6 Spectris ...... 2470.0 -5.0 2898.0 1966.5 GENERAL RETAILERS INDUSTRIAL METALS & MINING Advanced Medical . . . .225.0 -5.0 354.5 221.5 Tsy 4.250 27 ...... 130.37 -0.05 132.8 122.6 EQUITY INVESTMENT INSTRUM. Coats Group ...... 76.8 0.8 91.3 69.8 MINING Aveva Group ...... 3592.0 64.0 4170.0 2284.0 Tsy 1.250 27 ...... 138.19 -0.14 141.1 128.4 Georgia Capital ...... 1036.0 10.0 1260.0 941.0 Auto Trader Group . . . .519.6 4.8 606.0 388.5 Computacenter ...... 1315.0 -18.0 1525.0 952.0 Alliance Pharma ...... 65.8 -1.3 94.6 60.0 Evraz ...... 530.0 6.6 709.4 442.1 ASOS ...... 2674.0 24.0 6050.0 2107.0 Tsy 6.000 28 ...... 149.16 -0.04 152.2 140.5 Aberforth Smaller . . . .1212.0 8.0 1356.0 1114.0 Hargreaves Lansdo . .2025.0 0.0 2433.0 1633.0 B&M European Valu . . .381.7 -5.3 426.3 278.6 Ferrexpo ...... 200.9 2.2 301.3 148.1 Acacia Mining ...... 242.0 1.0 272.8 96.1 FDM Group (Holdin . . . .777.0 7.0 1000.0 734.0 Tsy 0.125 29 ...... 131.62 -0.08 134.7 118.8 IG Group Holdings . . . . .591.6 5.8 876.5 474.8 Card Factory ...... 161.7 -2.8 209.0 151.2 Anglo American . . . . .1932.8 49.8 2266.0 1486.0 Blue Prism Group . . . . .907.0 9.0 2570.0 862.0 Alliance Trust ...... 817.0 10.0 838.0 672.0 Funding Circle Ho . . . . .106.6 0.2 440.0 99.0 500.0 -50.0 11750.0 9100.0 Tsy 4.125 30 ...... 394.34 -0.11 404.2 355.2 Apax Global Alpha . . . .155.0 -0.5 159.0 127.0 IntegraFin Holdin . . . . .391.5 -1.5 406.1 269.0 Dixons Carphone . . . . .120.4 1.9 178.6 104.9 INDUSTRIAL TRANSPORTATION Antofagasta ...... 903.0 9.8 1022.5 727.2 Kainos Group ...... 435.0 2.0 676.0 366.0 Camellia ...... 9 Tsy 4.750 30 ...... 144.38 -0.03 147.9 132.1 Intermediate Capi . . . .1431.0 7.0 1435.0 899.0 Dunelm Group ...... 854.0 -2.0 981.0 482.8 BHP Group ...... 1803.8 26.8 2049.0 1490.6 s Inter . . . . .1122.0 3.8 2491.6 1051.4 CareTech Holding . . . . .364.0 2.0 406.0 325.0 AVI Global Trust ...... 761.0 0.0 781.0 660.0 BBA Aviation ...... 306.8 -3.0 324.8 207.0 Micro Focu Central Asia Meta . . . . .187.0 -2.0 266.5 180.0 Tsy 1.250 32 ...... 162.55 0.26 167.7 144.1 .823.0 13.0 866.0 663.0 International Per . . . . .106.8 4.6 233.6 87.0 Inchcape ...... 638.5 2.5 695.5 486.6 Centamin (DI) ...... 130.0 -4.8 152.4 79.8 Baillie Gifford J ...... Clarkson ...... 2290.0 5.0 2860.0 1878.0 Playtech ...... 423.9 1.1 508.4 360.5 Clinigen Group ...... 890.0 -4.0 1069.0 721.0 Tsy 4.250 32 ...... 142.51 -0.02 146.4 128.5 Bankers Inv Trust . . . . .955.0 0.0 970.0 766.0 Investec ...... 477.1 7.6 561.0 400.7 JD Sports Fashion . . . . .710.0 -1.8 722.6 318.5 Fresnillo ...... 749.4 20.2 1027.5 601.0 ...... 670.6 1.6 820.4 525.6 Fisher (James) & . . . .2020.0 15.0 2260.0 1600.0 Sage Group . . CVS Group ...... 883.0 1.0 1023.0 395.0 Tsy 0.125 36 ...... 156.20 0.81 162.5 133.4 BBGI SICAV S.A. ( ...... 156.5 0.0 168.0 142.5 IP Group ...... 63.6 -2.6 131.2 55.7 Just Eat ...... 706.0 -7.8 812.0 533.8 Royal Mail ...... 225.6 -3.4 489.0 188.4 Glencore ...... 252.6 0.6 341.5 222.2 Softcat ...... 981.0 2.5 1044.0 565.0 Tsy 4.250 36 ...... 151.04 0.02 155.7 133.1 John Laing Group . . . . .356.6 -0.8 402.0 296.2 r ...... 201.9 -2.2 266.2 188.0 Hochschild Mining . . . .209.2 4.2 227.0 149.1 Sophos Group ...... 399.5 7.5 517.5 298.2 Dart Group ...... 800.0 -11.0 983.5 709.5 BlackRock Smaller . . . .1412.0 4.0 1482.0 1160.0 Kingfishe Diversified Gas & ...... 111.5 -0.5 134.0 97.0 Tsy 4.750 38 ...... 166.23 0.05 171.8 144.9 BMO Global Smalle . . .1374.0 10.0 1485.0 1220.0 JTC ...... 402.0 8.0 440.0 287.0 Marks & Spencer G . . . . .198.1 -5.0 299.1 180.4 Kaz Minerals ...... 437.0 3.9 738.4 380.3 Tsy 0.625 40 ...... 178.02 0.96 185.7 152.8 Caledonia Investm . . .3015.0 5.0 3110.0 2650.0 Jupiter Fund Mana . . . .360.9 -2.1 432.0 287.6 Polymetal Interna . . . .1172.5 22.0 1208.5 598.8 SUPPORT SERVICES Draper Esprit ...... 464.0 0.0 625.0 445.0 Tsy 4.500 42 ...... 170.41 0.09 176.7 145.9 City of London In ...... 417.0 1.0 431.5 376.0 Liontrust Asset M . . . . .778.0 18.0 816.0 532.0 Rio Tinto ...... 4332.0 43.5 4976.5 3513.5 Aggreko ...... 832.0 11.4 876.6 691.8 Eland Oil & Gas ...... 131.0 2.0 134.0 97.0 EMIS Group ...... 1102.0 -24.0 1242.0 864.0 Tsy 3.500 45 ...... 152.85 0.11 159.0 128.0 Edinburgh Inv Tru . . . . .574.0 2.0 684.0 535.0 LMS Capital ...... 54.5 -0.3 57.8 44.0 MOBILE TELECOMS Ashtead Group ...... 2344.0 20.0 2438.0 1586.5 Tsy 4.250 46 ...... 173.88 0.12 181.0 145.7 London Finance & . . . . .38.5 0.0 42.5 37.5 Fevertree Drinks . . . . .2261.0 -81.0 3863.0 2070.0 F&C Investment Tr . . . . .717.0 -1.0 731.0 616.0 BCA Marketplace . . . . .242.0 0.0 247.0 178.5 rst Derivatives . . . . .2300.0 20.0 4200.0 2050.0 Tsy 4.025 49 ...... 180.68 0.14 188.9 150.0 Fidelity China Sp ...... 224.0 1.5 250.0 182.4 London Stock Exch . . .7252.0 46.0 7322.0 3867.0 Inmarsat ...... 591.2 4.8 608.2 362.8 Bunzl ...... 2097.0 -65.0 2551.0 1978.5 Fi Tsy 0.500 50 ...... 210.09 1.41 222.9 173.7 Man Group ...... 167.3 -2.8 183.0 126.8 MAIN CHANGES UK 350 Vodafone Group ...... 161.0 2.0 170.9 123.3 Frontier Developm . . .1040.0 -14.0 1385.0 740.0 Fidelity European . . . . .250.5 -0.5 257.5 202.0 Capita ...... 144.9 4.2 146.8 99.9 Gamma Communicati .1190.0 -5.0 1200.0 688.0 Tsy 0.250 52 ...... 207.41 1.47 221.1 168.8 Fidelity Special ...... 263.5 0.0 275.0 220.0 OneSavings Bank . . . . .368.6 2.4 447.4 313.6 OIL & GAS PRODUCERS DCC ...... 7068.0 34.0 7390.0 5555.0 Finsbury Growth & . . . .943.0 6.0 958.0 740.0 Paragon Banking G . . .463.4 -1.2 478.8 379.2 Diploma ...... 1618.0 8.0 1662.0 1150.0 GB Group ...... 538.0 -4.0 631.0 410.5 Plus500 Ltd (DI) ...... 750.0 14.0 1647.0 495.0 BP ...... 504.0 -8.1 598.3 485.9 Gooch & Housego . . . .1180.0 27.5 1880.0 954.0 GCP Infrastructur ...... 126.2 0.0 130.8 122.4 Electrocomponents . . .632.0 3.0 749.4 480.0 Hurricane Energy ...... 47.6 2.3 60.8 38.9 AEROSPACE & DEFENCE Genesis Emerging . . . .775.0 -1.0 783.0 615.0 Provident Financi . . . . .415.0 4.4 658.6 356.0 Rank Group ...... 182.4 5.8 Intu Properties ...... 43.3 -5.5 Cairn Energy ...... 185.9 -6.3 233.6 140.0 Equiniti Group ...... 209.0 -2.0 266.0 186.2 Quilter ...... 134.7 0.7 156.6 110.6 Morrison (Wm) Supe ...... 203.1 4.7 Premier Oil ...... 84.1 -4.9 Energean Oil & Ga . . . . .951.0 -45.0 1082.0 548.0 Impax Asset Manag . . .247.0 7.0 295.0 184.0 BAE Systems ...... 571.4 -3.2 636.2 443.9 Greencoat UK Wind . . .139.6 -0.2 143.2 124.4 Essentra ...... 417.8 0.2 442.0 325.4 HarbourVest Globa . . .1718.0 -4.0 1726.0 1326.0 Rathbone Brothers . .2400.0 15.0 2566.0 2085.0 Sirius Minerals ...... 11.0 3.8 Tullow Oil ...... 217.7 -4.7 Premier Oil ...... 84.1 -4.3 143.6 55.6 Experian ...... 2525.0 44.0 2631.0 1728.5 Iomart Group ...... 340.0 0.5 475.0 308.0 Cobham ...... 156.3 -2.2 168.3 96.8 98.0 47.6 Herald Investment . . . .1318.0 4.0 1364.0 1055.0 Real Estate Credi ...... 166.5 0.0 175.5 163.0 Royal Dutch Shell . . . .2290.0 -15.5 2666.0 2213.0 . .6216.0 -58.0 6556.0 4749.0 IQE ...... 54.5 -0.1 Meggitt ...... 625.0 0.0 643.0 458.0 TI Fluid Systems ...... 189.4 3.7 Energean Oil & Gas ...... 951.0 -4.5 Ferguson ...... James Halstead ...... 502.0 -0.5 532.0 367.0 0 175.0 Record ...... 31.2 0.0 41.5 27.3 Royal Dutch Shell . . . .2283.0 -15.5 2705.5 2227.0 G4S ...... 192.8 3.4 245.8 168.3 QinetiQ Group ...... 297.6 1.8 312.4 267.0 HGCapital Trust ...... 228.0 -1.0 237. Vivo Energy ...... 130.6 3.2 Hammerson ...... 259.8 -4.5 Johnson Service G . . . . .175.0 0.0 177.6 113.6 HICL Infrastructu ...... 162.2 -1.2 170.1 149.9 River and Mercant . . . .260.0 2.0 330.0 212.0 4Imprint Group ...... 2950.0 3.2 ITV ...... 120.2 -4.3 Tullow Oil ...... 217.7 -10.7 266.3 165.2 Grafton Group Uni . . . .750.0 -23.0 937.0 630.0 Rolls-Royce Holdi . . . . .829.2 -2.8 997.4 730.0 S&U ...... 2140.0 -10.0 2605.0 1767.5 Hays ...... 148.3 -3.5 212.0 135.7 Keywords Studios . . . .1315.0 65.0 1954.0 900.0 Senior ...... 204.6 -3.4 323.0 185.4 International Pub . . . . .162.0 -1.6 165.4 146.8 Capita ...... 144.9 3.0 Wood Group (John) ...... 411.4 -4.2 OIL EQUIPMENT & SERVICES PMorgan American . . .479.5 3.0 494.5 386.5 Sanne Group ...... 540.0 10.0 752.0 450.0 . . . .1153.0 7.0 1263.0 849.0 Learning Technolo . . . .120.4 -0.4 166.5 62.2 Ultra Electronics ...... 2114.0 -50.0 2252.0 1232.0 J Homeserve ...... M&C Saatchi ...... 198.0 3.0 394.0 190.0 JPMorgan Emerging . .1010.0 6.0 1066.0 759.0 Schroders ...... 3080.0 35.0 3210.0 2334.0 Fresnillo ...... 749.4 2.8 IP Group ...... 63.6 -3.9 Hunting ...... 476.6 -9.8 838.5 414.2 Howden Joinery Gr . . .544.2 -5.0 573.4 416.4 BANKS JPMorgan Indian I . . . . .711.0 5.0 790.0 566.0 Standard Life Abe . . . .268.4 0.0 370.3 224.9 NewRiver REIT ...... 186.8 2.8 Centamin (DI) ...... 130.0 -3.6 Petrofac Ltd...... 432.7 -8.3 663.4 381.5 Intertek Group ...... 5440.0 42.0 5962.0 4387.0 M. P. Evans Group . . . . .674.0 -4.0 800.0 637.0 TP ICAP ...... 328.4 0.2 332.1 267.2 Associated British ...... 2300.0 2.7 NMC Health ...... 2816.0 -3.5 Wood Group (John) . . . .411.4 -17.9 796.4 357.5 Midwich Group ...... 474.5 -3.5 685.0 470.0 Bank of Georgia G . . . .1334.0 16.0 1878.8 1310.0 JPMorgan Japanese . . .450.0 0.0 463.0 367.0 Network Internati . . . .550.0 5.0 628.0 500.0 Mortgage Advice B . . . .558.0 -2.0 720.0 490.0 Jupiter European . . . . .845.0 1.0 875.0 666.0 Walker Crips Grou ...... 24.5 0.0 38.0 23.1 Pagegroup ...... 433.0 -0.6 583.5 407.2 Barclays ...... 148.7 0.0 178.9 131.0 XPS Pensions Grou . . . . .115.5 2.5 171.0 95.0 PERSONAL GOODS Naked Wines ...... 265.5 4.5 420.5 219.0 Law Debenture Cor . . .584.0 2.0 620.0 534.0 PayPoint ...... 910.0 3.0 1118.0 748.0 Close Brothers Gr . . . .1362.0 -14.0 1660.0 1227.0 Mercantile Invest . . . . .208.0 -1.0 215.7 168.0 Burberry Group ...... 2170.0 -16.0 2345.0 1623.5 Rentokil Initial ...... 442.9 5.6 465.3 284.8 Next Fifteen Comm . . .554.0 -11.0 658.0 469.0 CYBG ...... 123.1 -1.0 336.0 110.0 FIXED LINE TELECOMS PZ Cussons ...... 212.5 2.5 244.0 178.6 Nichols ...... 1637.5 -60.0 1880.0 1240.0 HSBC Holdings ...... 626.2 0.7 682.0 580.9 Monks Inv Trust ...... 928.0 4.0 964.0 710.0 Next ...... 5998.0 -80.0 6144.0 3991.0 Robert Walters ...... 534.0 8.0 475.0 814.0 Numis Corporation . . . .234.5 -0.5 422.0 221.5 056.0 BT Group ...... 170.8 -2.2 264.7 158.9 NON LIFE INSURANCE ng Gr ...... 51.9 -0.7 66.6 48.6 Murray Internatio . . . .1204.0 12.0 1208.0 1 Pets at Home Grou . . . .239.4 2.0 240.8 110.0 PHARMACEUTICALS & BIOTECH Serco Group ...... 151.9 3.0 151.9 84.1 Polar Capital Hol ...... 514.0 2.0 626.0 448.0 Lloyds Banki NB Global Floatin ...... 89.2 0.3 93.0 87.6 TalkTalk Telecom . . . . .109.7 0.0 137.0 96.6 SIG ...... 127.7 2.8 153.0 102.2 Metro Bank ...... 280.0 -9.4 3050.0 260.4 Sports Direct Int ...... 270.8 6.0 352.7 214.0 Admiral Group ...... 2113.0 14.0 2300.0 1932.5 Purplebricks Grou . . . . .122.6 -6.0 268.0 90.0 NextEnergy Solar . . . . .120.0 -1.0 124.5 109.0 Telecom Plus ...... 1160.0 14.0 1528.0 1022.0 Ted Baker ...... 1051.0 -19.0 2378.0 800.0 Beazley ...... 602.5 5.0 602.5 492.6 AstraZeneca ...... 6904.0 -13.0 7533.0 5325.0 Travis Perkins ...... 1336.5 -10.5 1465.0 970.0 Royal Bank of Sco . . . . .197.9 -1.9 270.4 177.7 Dechra Pharmaceut . .2880.0 74.0 3036.0 2014.0 Redde ...... 120.0 5.2 196.0 90.0 Standard Chartere . . . .681.8 -0.6 736.8 519.8 Pantheon Internat . . .2285.0 10.0 2330.0 1955.0 FOOD & DRUG RETAILERS Vivo Energy ...... 130.6 4.0 139.5 96.0 Direct Line Insur ...... 297.1 0.2 366.5 279.9 TOBACCO Renew Holdings ...... 391.0 4.0 436.5 333.0 . . .301.0 2.0 358.0 284.5 Genus ...... 2880.0 -10.0 2910.0 2098.0 TBC Bank Group . . . . .1250.0 2.0 1728.0 1220.0 Perpetual Income . WH Smith ...... 1993.0 -9.0 2186.0 1697.0 Hastings Group Ho . . . .203.8 2.2 269.4 174.0 RWS Holdings ...... 556.0 -24.0 652.0 415.5 Pershing Square H . . .1560.0 20.0 1568.0 990.0 Greggs ...... 2012.0 -14.0 2476.0 1006.0 Hiscox Limited (D . . . .1616.0 21.0 1777.0 1418.0 GlaxoSmithKline . . . . .1662.0 12.0 1745.2 1418.0 British American . . . .3073.0 30.0 3763.0 2375.0 Morrison (Wm) Sup . . .203.1 9.1 265.8 176.9 HEALTH CARE EQUIPMETN & S. Hikma Pharmaceuti . .1941.5 -13.0 2064.0 1510.5 Scapa Group ...... 242.5 -6.5 473.4 157.0 BEVERAGES Personal Assets T . . .42650.0200.0 43150.038900.0 Lancashire Holdin . . . . .719.0 -7.5 729.0 530.0 Imperial Brands . . . . .2201.5 -11.5 2750.0 1846.8 Secure Income Rei . . . .446.0 2.0 448.0 371.0 Polar Capital Tec . . . . .1442.0 14.0 1500.0 1066.0 Ocado Group ...... 1338.5 -30.5 1435.0 749.8 Assura ...... 70.0 0.8 71.7 52.4 RSA Insurance Gro . . . .534.0 -1.8 634.0 496.6 PureTech Health ...... 278.0 6.0 292.0 160.0 Barr (A.G.) ...... 583.0 8.0 975.0 562.0 Sainsbury (J) ...... 215.4 2.4 324.0 177.1 TRAVEL & LEISURE Serica Energy ...... 116.0 -1.0 142.0 77.0 Britvic ...... 899.5 6.5 956.0 745.0 RIT Capital Partn . . . . .2165.0 5.0 2170.0 1892.0 Convatec Group ...... 173.6 -0.1 239.0 118.6 Sabre Insurance G . . . . .281.0 6.5 294.0 249.0 REAL ESTATE INVEST. & SERV. SSP Group ...... 678.0 -9.0 744.4 615.1 . . . .3747.0 -55.0 5000.0 3366.0 Smart Metering Sy . . . .469.6 -0.4 665.0 448.8 Coca-Cola HBC AG . . .2708.0 -10.0 3074.0 2244.0 Riverstone Energy . . . . .711.0 -18.0 1282.0 635.0 Mediclinic Intern ...... 364.2 4.4 477.0 293.4 Carnival ...... Telford Homes ...... 349.0 -0.5 430.0 267.0 79.0 Tesco ...... 235.9 1.6 253.0 189.6 LIFE INSURANCE BMO Commercial Pr . . . .113.6 1.0 146.6 106.0 Diageo ...... 3381.5 19.0 3625.5 2523.5 Schroder Asia Pac . . . .446.0 1.0 469.5 3 NMC Health ...... 2816.0-102.0 3704.0 1801.5 Cineworld Group ...... 233.3 -3.5 323.6 212.0 Thorpe (F.W.) ...... 301.0 0.0 340.0 248.0 Scottish Inv Trus ...... 834.0 6.0 875.0 748.0 UDG Healthcare Pu . . . .748.0 -9.5 821.0 551.0 Capital & Countie . . . . .223.7 0.0 279.5 184.9 2010.0 0.0 2138.0 1483.0 Smith & Nephew . . . .1905.0 6.5 1990.0 1258.0 Aviva ...... 390.6 -2.1 497.0 352.3 Compass Group . . . . . Watkin Jones ...... 221.0 -5.5 232.5 192.2 CHEMICALS Scottish Mortgage . . . . .527.5 3.5 568.5 441.4 FOOD PRODUCERS Legal & General G . . . . .247.2 -0.3 291.2 216.7 CLS Holdings ...... 243.5 1.0 255.0 195.4 Domino's Pizza Gr . . . .250.5 0.2 297.2 221.2 ia Economic . . . .114.0 -1.4 117.6 106.0 HHOLD GDS & HOME CONSTR. Daejan Holdings . . . . .5150.0 60.0 6160.0 4715.0 .0 -0.4 285.0 161.2 Young & Co's Brew . . . .1615.0 -5.0 1885.0 1322.5 Croda Internation . . .4948.0 38.0 5447.7 4564.0 Sequo Phoenix Group Hol . . . .681.3 2.3 724.8 544.0 EI Group ...... 281 Young & Co's Brew . . .1140.0 0.0 1235.0 1030.0 Smithson Investme . .1262.0 4.0 1280.0 1000.2 Associated Britis . . . .2300.0 61.0 2638.0 2041.0 Barratt Developme . . .624.0 -0.4 663.0 434.0 Prudential ...... 1497.0 5.0 1814.5 1326.0 Grainger ...... 247.6 -4.8 277.1 205.8 FirstGroup ...... 129.4 -1.0 131.6 79.3 Elementis ...... 157.3 -0.3 245.8 129.8 Syncona Limited N . . . .242.0 -0.5 302.5 213.5 Bakkavor Group ...... 113.4 -3.6 172.4 93.3 NewRiver REIT ...... 186.8 5.0 264.0 147.6 3169.0 -45.0 3673.0 2620.0 Bellway ...... 3156.0 -13.0 3234.0 2419.0 St James's Place ...... 997.8 6.4 1154.5 914.0 Flutter Entertain . . . . .7386.0 -26.0 7476.0 5525.0 Johnson Matthey . . . . Temple Bar Inv Tr . . . .1228.0 -12.0 1366.0 1116.0 Cranswick ...... 2970.0 56.0 3454.0 2472.0 Safestore Holding . . . .654.0 8.5 681.0 499.4 Go-Ahead Group . . . .2034.0 -30.0 2208.0 1480.0 Sirius Minerals ...... 11.0 0.4 30.6 8.1 Berkeley Group Ho . . .4078.0 55.0 4092.0 3226.0 MEDIA CONSTRUCTION & MATERIALS Templeton Emergin . . .807.0 13.0 829.0 649.0 Greencore Group ...... 227.4 1.5 230.0 162.9 Bovis Homes Group . .1050.0 15.0 1177.0 828.0 Savills ...... 882.5 -1.5 957.0 678.5 Greene King ...... 843.0 2.0 850.0 480.0 Synthomer ...... 335.0 -5.0 520.4 279.8 Hilton Food Group . . . .976.0 -12.0 1088.0 884.0 St. Modwen Proper . . . .415.5 -6.0 441.5 365.0 Victrex plc ...... 2236.0 10.0 3408.0 1845.0 The Renewables In . . . .129.4 -0.6 133.2 109.3 Countryside Prope . . . .319.2 1.4 353.2 270.0 4Imprint Group . . . . .2950.0 90.0 2950.0 1800.0 GVC Holdings ...... 713.2 1.8 1062.0 507.5 TR Property Inv T . . . . .426.0 -0.5 430.0 353.5 Tate & Lyle ...... 751.2 3.8 800.4 633.4 Crest Nicholson H . . . . .375.6 -8.2 404.8 296.4 Ascential ...... 377.6 -7.0 427.2 337.2 UK Commercial Pro . . . .82.6 1.0 92.7 79.9 InterContinental . . . . .5037.0-130.0 5738.0 3958.4 CONSTRUCTION & MATERIALS Vietnam Enterpris . . . .493.0 -1.0 495.0 421.5 Unilever ...... 5003.0 40.5 5324.0 3931.0 McCarthy & Stone . . . . .146.7 0.1 148.5 121.3 Bloomsbury Publis . . . .232.0 2.0 243.0 190.5 REAL ESTATE INVEST. TRUSTS International Con . . . . .456.2 4.5 694.8 413.5 . . . . .126.4 -0.6 129.4 90.6 Balfour Beatty ...... 232.0 -3.4 295.0 194.2 VinaCapital Vietn . . . . .349.0 -1.0 357.5 318.0 FORESTRY & PAPER Persimmon ...... 2029.0 -1.0 2471.0 1836.0 Centaur Media ...... 36.0 -2.0 56.5 34.7 Marston's ...... Witan Inv Trust ...... 218.0 0.5 225.5 189.6 Big Yellow Group . . . .1044.0 6.0 1074.0 852.5 CRH ...... 2820.0 54.0 2824.0 1971.5 Entertainment One . . .578.0 0.0 589.0 336.4 Merlin Entertainm . . . .452.0 -0.6 453.8 307.1 Woodford Patient . . . . .45.3 0.2 91.0 40.1 Mondi ...... 1658.5 8.5 2157.0 1510.5 Euromoney Institu . . . .1412.0 -38.0 1470.0 1132.0 British Land Comp . . . .542.8 -10.8 625.6 468.3 Millennium & Copt . . . .680.0 0.0 685.0 436.0 Galliford Try ...... 690.5 10.5 1104.0 512.0 Derwent London . . . . .3102.0 -68.0 3328.0 2761.0 Ibstock ...... 222.4 0.4 262.0 193.1 Worldwide Healthc . . .2710.0 0.0 2915.0 2325.0

EU SHARES US SHARES AB INBEV...... 87.90 2.49 92.71 56.32 3M...... 170.58 2.50 219.75 154.00 ADIDAS N...... 275.45 4.80 297.95 178.30 ABBOTT LABORATOR...... 85.21 0.69 88.76 65.44 AIR LIQUIDE ...... 128.05 2.45 128.70 101.85 ADOBE...... 278.02 0.24 313.11 204.95 AIRBUS BR...... 124.82 1.32 133.86 77.50 ALPHAB RG-C-NV...... 1234.25 14.08 1289.27 970.11 ALLIANZ...... 209.85 1.15 218.70 170.50 NEWSLETTERS ALPHABET-A ...... 1234.97 14.97 1296.98 977.66 AMADEUS IT GRP BR-A...... 67.50 0.16 82.20 58.06 AMAZON.COM ...... 1843.55 20.56 2035.80 1307.00 ASML HLDG ...... 223.80 2.80 224.90 130.12 AMERICAN EXPRESS...... 119.02 1.02 129.34 89.05 AXA ...... 22.43 -0.03 23.99 18.40 APPLE ...... 223.09 -0.51 233.47 142.00 BANCO SANTANDER...... 3.73 0.02 4.68 3.39 AT&T...... 38.38 -0.36 38.75 26.80 BASF N...... 64.40 -0.30 81.73 55.72 BANK OF AMERICA...... 29.67 0.21 31.37 22.66 BERKSHIRE HATH RG-B...... 211.37 0.46 224.07 186.10 BAYER N ...... 68.01 -0.99 79.69 52.00 The biggest stories BOEING CO...... 375.63 -7.31 446.01 292.47 BBVA ...... 4.73 0.05 5.79 4.19 CATERPILLAR ...... 131.75 -1.34 159.37 111.75 BMW...... 64.58 0.83 86.71 58.10 CHEVRON...... 121.42 0.14 127.60 100.22 BNP PARIBAS A...... 44.24 -0.07 55.34 38.14 direct to your inbox CISCO SYSTEMS...... 49.93 -0.10 58.26 40.25 CRH PLC...... 31.37 0.36 34.87 26.53 CITIGROUP...... 69.30 0.40 75.24 48.42 DAIMLER N...... 47.63 0.41 59.90 40.35 COCA-COLA CO...... 55.11 0.34 55.92 44.25 DANONE...... 80.84 0.58 82.38 59.72 COMCAST-A...... 46.97 0.57 47.27 32.61 DEUTSCHE POST N...... 30.93 0.05 32.01 23.43 COSTCO WHSL...... 289.89 -0.80 307.34 189.51 DEUTSCHE TELEKOM N...... 15.20 0.11 15.88 13.47 DOW...... 46.97 0.09 0.00 0.00 ENEL N...... 6.61 0.17 6.76 4.26 GET THE MORNING UPDATE, EXXON MOBIL...... 71.98 0.05 87.36 64.65 ENGIE...... 13.94 0.35 14.39 11.31 FACEBOOK-A ...... 187.47 -1.02 208.66 123.02 ENI N...... 13.90 -0.17 16.67 12.92 GOLDMAN SACHS GR...... 218.74 1.94 238.52 151.70 ESSILORLUXOTT...... 129.40 -0.55 136.70 95.50 CITY A.M.’S DAILY EMAIL HOME DEPOT...... 233.80 1.14 235.49 158.09 FRESENIUS...... 45.26 -0.11 69.76 38.50 IBM...... 143.62 0.02 154.36 105.94 IBERDROLA...... 9.31 0.11 9.57 5.68 INTEL...... 53.01 0.22 59.59 42.36 INDITEX...... 27.18 -0.32 29.00 21.85 JOHNSON&JOHNSON...... 130.43 -0.74 148.99 121.00 ING GROUP...... 9.57 -0.06 12.14 8.20 JPMORGAN CHASE...... 117.91 0.72 119.24 91.11 INTESA SANPAOLO N...... 2.12 0.01 2.47 1.80 CITYAM.COM/NEWSLETTER MASTERCARD RG-A ...... 276.40 6.45 293.69 171.89 KERING...... 472.15 4.65 539.80 351.70 MCDONALD'S...... 212.15 1.95 221.93 156.56 KON AH DEL BR...... 22.63 0.03 24.01 18.60 MEDTRONIC...... 110.38 1.75 111.24 81.66 L'OREAL...... 249.80 2.00 257.80 182.00 COMMODITIES CREDIT & RATES MERCK...... 83.31 0.39 87.35 66.10 LINDE ...... 173.30 3.65 0.00 0.00 MICROSOFT...... 137.52 1.40 141.68 93.96 NETFLIX...... 288.86 0.59 386.80 231.23 LVMH...... 379.70 1.55 392.65 242.30 Copper Cash Official...... 5738.00 0.00 Euro Base Rate ...... Gold...... 1490.65 -7.60 BoE IR Overnight...... 0.750 0.00 ...... 0.000 0.00 NIKE -B-...... 87.67 0.92 90.00 66.53 MUENCHENER RUECKV N...... 229.10 0.80 229.90 181.20 Silver ...... BoE IR 7 days...... 0.750 0.00 Finance house base rate...... 1.000 0.00 ...... 18.17 0.18 Aluminium Cash Official...... 1776.00 16.00 ORACLE ...... 53.89 -2.40 60.50 42.40 NOKIA...... 4.68 0.08 5.76 4.17 BoE IR 1 month...... 0.750 0.00 US Fed funds...... 2.25 0.00 Brent Crude ...... 62.38 -0.21 Nickel Cash Official...... 18060.00 260.00 PEPSICO ...... 118.61 0.56 119.74 101.06 ORANGE ...... 13.87 0.24 15.25 13.08 Krugerrand...... 1510.15 -13.75 BoE IR 3 months...... 0.750 0.00 US long bond yield...... 2.22 0.00 Aluminium Alloy Cash Official...... 1195.00 -15.00 BoE IR 6 months...... 0.750 0.00 Euro Euribor...... -0.412 -0.01 PEPSICO...... 137.29 0.93 139.18 104.53 ROY.PHILIPS...... 43.05 0.47 43.67 29.05 Palladium...... 1562.00 18.00 LIBOR Euro - overnight...... -0.462 0.00 The vix index...... 14.22 -0.39 PFIZER...... 37.28 -0.13 46.47 33.97 SAFRAN...... 142.00 2.75 144.00 99.98 Cocoa Futures ...... 2304.00 17.00 Platinum...... 939.00 1.00 LIBOR Euro - 12 months...... -0.385 0.01 The baltic dry index...... 2366.00 -27.00 PROCTER&GAMBLE ...... 122.77 1.50 123.43 78.49 SANOFI ...... 79.77 0.61 82.11 71.74 Coffee 'C' Futures ...... 103.48 0.08 Tin Cash Official...... 17325.00 75.00 LIBOR USD - overnight...... 2.095 0.00 Markit iBoxx EUR ...... 248.91 0.16 SALESFORCE.COM...... 154.75 0.66 167.56 113.60 Feed Wheat Futures...... 134.00 -0.75 SAP I...... 109.50 0.30 125.00 84.02 Lead Cash Official...... 2103.00 -3.00 LIBOR USD - 12 months...... 2.008 0.04 Markit iBoxx GBP...... 356.27 0.52 TRAVELERS COS...... 148.30 2.07 155.09 111.08 SCHNEIDER EL...... 80.50 0.62 81.36 57.54 Zinc Cash Official...... 2297.00 67.50 Soybeans Futures Continuation Contract...854.00 -5.00 Halifax mortgage rate...... 3.990 0.00 Markit iBoxx USD...... 260.85 -0.42 TWITTER ...... 43.20 -0.05 45.86 26.19 SIEMENS N...... 96.50 -0.93 112.12 84.72 UNITEDHEALTH GRO ...... 230.10 -4.11 287.94 208.07 SOCIETE GENERALE...... 25.56 -0.11 35.01 20.81 WORLD INDICES UTD TECHS...... 137.46 1.51 144.40 100.48 TELEFONICA...... 6.72 0.03 8.06 5.86 VERIZON COMM...... 60.43 0.30 61.58 52.28 TOTAL...... 46.58 -0.57 55.39 42.65 VISA RG-A...... 177.98 3.00 187.05 121.60 UNILEVER...... 55.00 0.31 57.77 45.30 FTSE 100...... 7344.67 6.64 0.09 S&P 500...... 3009.57 8.64 0.29 CAC 40 ...... 5642.86 24.80 0.44 Hang Seng ...... 27087.63 -71.43 -0.26 WALGREENS BOOTS...... 55.56 -2.50 86.31 49.03 VINCI...... 98.92 1.36 101.70 69.98 FTSE 250 ...... 19962.57 -19.59 -0.10 Dow Jones I.A...... 27182.45 45.41 0.17 Swiss Market Index...... 10094.09 -4.50 -0.04 Shanghai Composite ...... 3031.24 22.42 0.75 WALMART ...... 116.92 0.90 117.96 85.78 VIVENDI...... 25.14 0.19 26.69 20.80 FTSE All-Share ...... 4035.21 2.77 0.07 Nasdaq Composite...... 8194.47 24.79 0.30 ISEQ Overall Index...... 6182.12 -49.49 -0.79 STI Index...... 3193.58 -4.06 -0.13 WALT DISNEY ...... 137.50 1.31 147.15 100.35 VOLKSWAGEN VZ I...... 156.56 1.22 163.70 131.02 FTSE AIM All-Share ...... 880.50 0.23 0.03 Xetra DAX ...... 12410.25 51.18 0.41 FTSEuroﬁrst 300 ...... 1534.27 2.57 0.17 ASX All Ordinaries ...... 6765.70 13.50 0.20 WELLS FARGO...... 48.65 -0.20 57.39 43.02 CITYAM.COM FRIDAY 13 SEPTEMBER 2019 FEATURE 17 OFFICE POLITICS

Inevitably you will have trouble cre- ating a work account and be forced to Five common call tech support more than you would like. This is all part and parcel of your first day at work, so just em- brace it. Making light of the situation will go down far better with your col- mistakes leagues than complaining about it. SERIAL QUITTER AL-DESKO DINING Of course, bringing your lunch to work to avoid on Jora is very cost-efficient, but avoid it on Free your first day of work. Leave yourself open to accepting You’re good at lunch with your new colleagues – it’s your first day this job thing. a great way to make contacts and get Well actually, to know your local lunch spots. you excel at quitting. In fact, PRETENDING TO KNOW IT ALL you’ve been A sure-fire way to get on the wrong Starting a new job can feel overwhelming, dubbed a “serial side of your colleagues is acting like so here are some tips to help you out quitter” by your you know everything. colleagues. You Even if you have previous experience wait for the clock in this sector, you can’t possibly know TARTING a new job is like the Your ego might everyone’s favourite conversation to strike six all the intricate details of the new first day of school. You’ve got Lou take a knock, but starter: what a shambles Brexit is. months and company that you’ve joined. no idea where anything is, you Goodman you need to you’re out of Your ego might take a knock, but can’t remember anyone’s accept that there CLOCK-WATCHING there, quicker you need to accept that there will be name, and you generally feel a will be occasions Your first day of work will usually be than you can say occasions when you should ask for Sbit a clueless about it all. when you should made up of introductory meetings “can I have a help. And you might be surprised at Concerns about making a good im- ask for help and some simple tasks. This will not pay rise?” But the number of people who are willing pression build up in your head from keep you busy for the whole day, but because of all to give you some useful pointers. the moment that you accept the job the worst thing you can do is stare at of this, you’ve Let’s face it, your first day at work offer, and the last thing you want is to the office clock. become a pro at is never easy and it will take time to be noticed for the wrong reasons on stop, especially about yourself, is an Make yourself useful during these making a good settle in properly. But while things your first day. immediate way to turn people off. periods, even if that means doing a first impression, will feel overwhelming for the initial So to help you successfully navigate This could be one of the most excit- tea round. At least then it will keep and you make weeks, the one thing you can control your first day at work, we’ve identified ing moments in your career, but re- you busy, and make sure your eyes excellent use is making a good first impression. common mistakes to avoid at all costs. member that it is a normal day in the don’t start veering towards the clock. of job searching By avoiding these common pitfalls, office for everyone else. apps, such it will go some way to ensuring that ALL GUNS BLAZING When you have a chance to chat to TOUCHY ABOUT TECH as Jora. you feel part of the team. The pressure to make a good first im- your colleagues, ask questions about If you’re confident that you won’t pression is overwhelming, but going them, listen to the answers, and try to have an issue with IT on your first day, £ Lou Goodman is marketing director UK, in all guns blazing and talking non- find a common interest. Why not try think again. Ireland and Benelux at Monster.co.uk. 18 OPINION FRIDAY 13 SEPTEMBER 2019 CITYAM.COM

FORUM WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum EDITED BY RACHEL CUNLIFFE LETTERS Good riddance to May’s unjust TO THE EDITOR treatment of foreign graduates Disney heroes [Re: Disney rents Pinewood studios as original content war cranks up] Disney has just made an exciting 10-year T IS easy to poke fun at wonks graduated, May closed the work visa story is the worst immigration tale commitment to Pinewood Studios, who love public policy. Digging route which had allowed overseas Kate you’ll here, but rather that it is one meaning that now all three subscription down into the specific details of graduates to work for any employer Andrews of the best. goliaths – Netflix, Amazon and Disney – Ithe Common Agricultural Pol- for up to two years. There was no The privileged among us struggle, have a presence in the UK. The domino icy, stamp duty land tax, or the grandfather clause for those of us sometimes daily, to secure our life effect should be overwhelmingly positive Swiss healthcare system doesn’t also close to the finish line. here. Those who aren’t as privileged in terms of jobs. Disney, Netflix and ways make for sexy headlines or According to May, the system was – minority groups, refugees, eco- Amazon have shown little restraint when it punchy commentary. “too generous” to foreign graduates nomic migrants from developing comes to budgets, and their spending But what the wonks know, which – a strange defence, as those who countries – face home raids, deten- power dwarfs UK mainstream distributors. is so often overlooked, is that even had stayed in the UK to work could- tion, threats from aggressive state When the pie expands, there’s more slices if a public policy decision doesn’t n’t access public funds and were actors, and deportation to countries to go around, and small production make the headlines, it can still have net contributors to the economy. that have never been their home. companies here will now have direct a dramatic impact on people’s lives. The unhealthy obsession with net Wednesday’s policy announce- access to Subscription Video On Demand Wednesday’s immigration an- migration figures led to the deci- I was graduating ment is a big step in the right direc- decision-makers for the first time. The nouncement that the government sion to kick out young, skilled, UK- in 2012, right when tion, and those in government challenge for the UK production industry is would allow foreign students to stay trained migrants who were behind this decision should be supply keeping up with demand – the only in the UK for two years past their desperate to become future British the home secretary widely applauded for making such thing threatening to hold this industry graduation date does just that. taxpayers. It was economically non- good and meaningful change in back is the limited studio space available, These students’ lives have been sensical: foreign students are worth changed the rules such a short period of time. so Disney’s move shouldn’t negatively changed, infinitely for the better. billions to the UK economy, but and kicked me out But there is one more change that impact other studios. Instead, filming I should know. I was graduating many international applicants have the government can – and should – hotspots will crop up in Scotland and from the University of St Andrews in been turning away because of re- easily make. Wales, and Media City in Manchester will Scotland in 2012, right when then strictive post-work policies. According to the BBC, the reversal continue to grow its expertise. home secretary Theresa May But the real damage took place on of the policy will apply to students Gavin Smith, Barclays Business Banking changed the rules, and kicked me a personal level. fected me every day since 6 April “who start courses at undergradu- and my fellow foreign graduates out. I’ve watched some of my bright- 2012. Having been forced to leave ate level or above from next year on- I had been in the UK studying est, most creative friends jump for a significant period of time, the wards”, ignoring all the young since 2008. I wanted to stay here. I through impossible hoops, taking clock reset on my continuous resi- people who are currently at univer- BEST OF wobbled for the first few weeks of financial and personal hits just to dency. Despite having spent a sity, or have just graduated this TWITTER my first year, wondering if I had be able to stay. Friends who secured decade in the UK now (essentially summer from their courses. made the wrong choice to move so great jobs, who fell just below the my whole adult life), I am still not There is no reason that these grad- Labour could promise four-day week far from home. But two weeks in, Tier 2 visa salary threshold, were eligible for leave to remain, let uates should need to leave right despite its own report saying it would drunkenly eating maltesers and lis- kicked out of the country. alone citizenship. away, when their peers just a few lead to low wages and fewer jobs tening to my new British friends try As for me, I left, spent a year in For many of us, our lives have be- years younger will have the oppor- @AlanMcpartlands to mimic my accent, I started to get the US, and eventually made it come immersed and grounded in tunity to stay. a sense that this new country might back. I will forever be grateful to my British politics and way of life, but May’s change to policy affected Millions work long hours, while others be a place I could call home too. employers (unsurprisingly libertar- we don’t fully own them. We are to- those at the finish line, and this don’t get the regular hours they need. Four years later, like many students ian outlets) that went the extra tally dependent on our jobs and visa fantastic reversal should too. Call it Something must change. I’d like to approaching graduation day, I had mile to secure me a visa, under- status, without which we have no sensible policy, call it humane, or thank Lord Skidelsky for his report absolutely no idea what I wanted to standing that increased interven- rights in the UK. call it tinkering at the edges – it has which we will study & draw on when do. I did know, however, that what- tion by the state often leads to And the kicker is that I am one of the ability to transform thousands looking at how to reduce the typical ever life I started building for myself, worse outcomes for individuals, the most privileged non-EU immi- of lives overnight. working week without loss of pay. I wanted to start in the UK. leaving the private and charity sec- grants in the UK: I’m from the US, I @johnmcdonnellMP But that wasn’t an option. On 6 tors to pick up the slack. studied here, I speak English flu- £ Kate Andrews is associate director at April 2012, two months before I But May’s policy change has af- ently. The problem isn’t that my the Institute of Economic Affairs. The best thing to do is for the government to divvy up all the hours equally. @ChristianJMay Don’t let the socialists win the argument – Fountain House, 3rd Floor, 130 Fenchurch Street, London, EC3M 5DJ capitalists have solutions to inequality too Tel: 020 3201 8900 Email: [email protected] NEQUALITY is a hot topic, yet fers a host of solutions. being built and sold, lowering prices those of us who support free For example, a person’s life Ben and bringing down inequality. Editorial Editor Christian May markets are often dismissive of chances in the UK are still largely Ramanauskas These are just two examples of Deputy Editor Julian Harris Ithe issue. We (rightly) point out determined by where they grew up many. We could slash regressive News Editor Josh Martin that the most important thing and the type of school they went to. taxes which hit the poorest the hard- Comment & Features Editor is economic growth – the key driv- A low quality education increases est; or reduce occupational licenc- Rachel Cunliffe ing force behind increasing pros- the likelihood of poor children re- ing which creates hefty time and Lifestyle Editor Steve Dinneen perity for everyone. maining trapped in poverty and financial barriers for many jobs; or Sports Editor Frank Dalleres However, free-marketeers are not realising their full potential. focus on reforming childcare regu- Creative Director Billy Breton wrong to see concerns over inequal- The left-wing solution is to close lations, which are so onerous (espe- Commercial Sales Director Jeremy Slattery ity as the preserve of those on the down private schools, thereby drag- not afford to own their own home, cially regarding staff-to-child ratios Head of Distribution Gianni Cavalli left. Socialism is a failed idea, and ging everyone down to the same ed- with millions struggling to pay that are stricter than most other de- Karl Marx’s theories for how to run ucation level. The free market has their rent. veloped countries) that they make it an economy have been proven to be a more effective answer: education Meanwhile, wealthy people have too expensive for many parents to af- Certified Distribution disastrously wrong, with over 100 vouchers, as suggested by Milton got even richer as the value of their ford, preventing them from return- from 29/07/2019 till million dead. And yet, support for Friedman himself. property has increased. This has fo- ing to work. 25/08/2019 is 76,030 his ideology persists. Giving parents more choice over mented feelings of anger and re- All these ideas make sound eco- Given that concerns over inequal- their children’s education has suc- sentment, not just from the less nomic sense in their own right, but Distribution helpline ity drive people to socialism, the cessfully increased standards across well-off towards the wealthy, but they would also address poverty If you have any comments about right needs to take it seriously too. the board and helped to reduce in- also from the young towards older and inequality far more effectively the distribution of City A.M. What is more, ignoring the issue equality in countries that have tried people who are more likely to own. than just raising taxes. please ring 0203 201 8955, or suggests that free-market capital- it, such as one of the socialists’ The left sees wealth taxes and The stakes are too high to leave the email [email protected] ism does not have solutions to in- favourite nations, Sweden. forced sales of property as the an- inequality debate to the left. Free- equality. As a result, the narrative is Then there is housing. The restric- swer. In fact, we should be looking market capitalism has the answers. Our terms and conditions for external shaped by those on the left who call tive planning system in the UK has to the market for solutions: scrap Now we just need to share them. contributors can be viewed at for higher taxes and more govern- led to sky-high prices in and many of the unnecessary planning cityam.com/terms-conditions ment intervention. around urban areas. As a result, the regulations, and abolish stamp duty. £ Ben Ramanauskas is a research Printed by West Ferry Printers Ltd, But in reality, the free market of- vast majority of young people can- This will lead to more houses economist at Oxford University. Kimpton Rd, Luton LU2 0SX CITYAM.COM FRIDAY 13 SEPTEMBER 2019 OPINION 19 Could MPs please stop acting like unruly school kids?

HE END of the school term therein lies the fly in the ointment. concerned about this at the moment, order to play up the narrative that an goes hand-in-hand with dis- Rachel Cunliffe Lee may oppose Brexit, but he’s a it may be because their energy is English court has overridden a Scot- cipline being somewhat Comment and features lifelong Conservative whose record on being spent instead on suggesting tish judgement, and left Scotland un- Trelaxed. Lessons focus on editor at City AM LGBT rights and social issues is pretty that the Prime Minister resign for represented at such a crucial time. The pointless activities, farcical right-wing. It is unclear how such a misleading the Queen. SNP won’t miss an opportunity to excuses for lack of homework are progressive party will accommodate Yes, that’s where we are right now. hammer home a grievance. proffered, and boisterous singing will his diverse views. Berger’s decision to Bizarre as it may have been, every- And some MPs just could not con- probably break out at some point. Jeremy Corbyn said this week that leave Labour, meanwhile, was driven thing that has happened since parlia- tain their enthusiasm, promptly So it has proved too with the end of the manifesto would include a com- primarily by the antisemitism scan- ment was prorogued has been utterly heading back to the empty House of the parliamentary term. mitment to a second referendum, of- dal and Corbyn’s failure to address it. overshadowed by the ruling by Scot- Commons as though staging a sit-in. On Monday, having lamented that fering a choice between Remain and a How will she react if her new party tish judges on Wednesday that the Such antics do nothing to reassure the prorogation of parliament meant new Labour-negotiated deal. But that joins forces with Corbyn to form a Re- suspension was unlawful anyway. people that Britain’s representatives there was no time to discuss crucial doesn’t go far enough for some – main Alliance in the next election? The judgement is being appealed are tackling the challenge of Brexit issues, MPs spent 90 minutes offering shadow chancellor John McDonnell And while the Lib Dems have suc- next week in the Supreme Court, but with the maturity and solemnity that gushing tributes to outgoing Com- and shadow foreign secretary Emily ceeded in making theirs the party of for now, chaos reigns. One Tory minis- it requires. Whatever side of the mons speaker John Bercow. Thornberry have both said that not Remain, they have essentially become ter embarrassed himself by implying Brexit chasm you’re on, we can only Then followed a brutal debate in leaving the EU at all is the best option. a single-issue group – a high-risk move that the judges were not impartial, hope that when school resumes in Oc- which opposition MPs tried to argue That suggests that Labour policy when most people are sick of Brexit. while the SNP is no doubt waiting to tober, our politicians have made the that they really did want an election, would be to negotiate a new deal, then But if the Lib Dems don’t seem too pounce if the ruling is overturned, in collective decision to grow up. just not yet, and a disheveled Boris campaign against it in a referendum. Johnson lost control of the class and What a catchy slogan for an election. was defeated in the sixth of the six If Labour’s policy is clear as mud, the votes he has held as Prime Minister. Liberal Democrats’ is crystal. Jo Swin- Rebels also won a motion demand- son has seen Corbyn’s tortured lurch ing that the PM and his team hand in towards Remain, and raised the stakes, their phones at the end of the lesson. promising to cancel Brexit entirely. To top it off, as the ceremony for sus- This bold move was probably encour- pending parliament progressed, some aged by the Lib Dem ranks swelling to irate MPs held up signs reading “si- number 17 MPs last week – including lenced” (more reminiscent of the stu- former Tory Phillip Lee who crossed dent union than the cradle of British the floor live on air, and Luciana democracy), while others remained Berger who has joined them after quit- behind to sing songs of protest. ting the Labour party in February. And School is now decidedly out until 14 October. And yet, the absurdity that Rebels won a motion EVENTS characterised the last term continues. Labour, after taking a break to argue demanding that the with the Conservatives, is back to ar- guing with itself. Having mandated PM hand in his phone that Boris seeks an extension to Article at the end of the class AUTUMN 2019 50 before allowing an election, it must now work out what its own Brexit stance in that election will actually be.

DEBATE Netwealth, Pension Navigation City A.M. Awards 2019 cityam.com/event/netwealth cityam.com/awards Should the tapered annual 24 SEPTEMBER 07 OCTOBER allowance for tax on pensions City A.M. Decodes be abolished? Diversity & Inclusion cityam.com/event/city-am-decodes 01 OCTOBER To understand why this issues matters, just look at doctors. Most senior doctors are well-paid and are in a good pension scheme. But when doctors who work YES harder can end up out-of-pocket, something has to change. STEVE WEBB To register for City A.M. Club events, visit cityamclub.com The problem is the “tapered” annual allowance, which limits the amount of tax- NHS pension scheme. But this issue relieved pension contributions that higher doesn’t only affect doctors, and what is Watchfinder & Co. Victorinox, Adventure earners can make. needed is a simpler system for all, not a Watches & Wisdom Tales with Kenton Cool The taper has many flaws. It switches on more complex system for some. 19 SEPTEMBER 10 OCTOBER very abruptly, causing “cliff-edge” losses The taper has to go. There are simpler for those who do more work. It is ways to cap the total amount of tax relief hideously complex. And it is unsuited to which higher earners can enjoy, and the those workers, including doctors, who promised Treasury review must recognise M Threadneedle, An Virgin Active, Ultimate cannot be sure what they will earn in the this as a matter of urgency. Evening of Gin & Croquet Fitness Club Crawl coming year. 24 SEPTEMBER 10 OCTOBER The government’s proposed “solution” £ Steve Webb is director of policy at involves adding new complexity to the Royal London. Sporting Index, Rugby World Turnbull & Asser, Style Calls to scrap the pensions allowance Cup Live in The City with Confidence taper are hopelessly naive and completely 26 SEPTEMBER 16 OCTOBER out of touch. There is considerable bleating about the NO Mark's Bar, Hixter, An complexity of the taper, but it is essentially pretty simple. For the very rich, tax relief LUKE HILDYARD Evening with Bulleit Whiskey on pension contributions diminishes as 02 OCTOBER they earn more, but by less than the investment with knife crime on the rise. increase in earnings so that there is still an Scrapping the taper and the millions of incentive to work. Anyone affected is pounds of tax it brings in would make comfortably inside the richest one per cent these crises even more acute, while of UK earners. benefiting only the very rich. We are Much of the focus has been on how this already among the countries with the system might affect high-paid doctors. But worst inequality and lowest spending on back in the real world, the NHS struggles public services in Europe. Worsening these to meet the needs of an ageing unenviable records is a terrible idea. population; schools and social services For all event enquiries, contact us at [email protected] count the cost of repeated funding cuts; £ Luke Hildyard is director of the High youth services and policing cry out for Pay Centre. 20 HOT PROPERTY FRIDAY 13 SEPTEMBER 2019 CITYAM.COM HOTPROPERTY ALL YOU NEED TO KNOW ABOUT THE LONDON PROPERTY MARKET Edited by Helen Crane

NEW BUILDS NEW DEVELOPMENTS ON THE MARKET THIS WEEK BATTALION COURT, WOOLWICH

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From £3.99m for a three-bed From £899,000 for a two-bed From £725,000 for a three-bed From £6.95m for a four-bed

Two three-bedroom penthouse apartments have just On Thursday, developer London Square launched two A collection of five new homes has just come to market The final six homes are now available for purchase at been launched at Barratt London’s Nine Elms Point street-level apartments at London Square Spitalfields at Telford Homes’ New Garden Quarter development The Dumont, St James’ apartment building on Albert near Vauxhall. The Archer penthouse has two living on Wentworth Street. Aimed at young families, the in Stratford. The dual-level ‘Garden Villa’ apartments Embankment. Known as The Alta Collection, the areas, two balconies and a study, while the star feature two-bedroom apartments have their own front door, each have three bedrooms, a stand-alone, eat-in homes are situated on the 18th to 29th floors and each of the Wilberforce penthouse is a 38ft wide private full-height windows and access to a private winter kitchen featuring Smeg appliances and a large private have four bedrooms, kitchens and living areas with terrace for outdoor entertaining. Both homes will garden. London Square Spitalfields is within walking terrace space, and range in size from 1,238 sq ft to river views, and open plan layouts with sliding glass benefit from the arrival of Nine Elms underground distance of the City and is located next to the historic 1,419 sq ft. Buyers will also have access to a 24-hour doors. Located close to the Tate Modern and Damien station when it opens in 2021. Studios, one-beds and Toynbee Hall. There is under-floor heating throughout, concierge and gym, and will have the opportunity to Hirst’s Newport Street Gallery, they are ideal for art two-beds are also still available at the scheme, with parking is available and the apartments are ready to have their home furnished by online interior design enthusiasts. British interior design house Spinocchia prices starting from £639,995. move into. service Homewings at no extra cost. Freund has fitted out the apartments.

£Call 0372 291 2880 or visit barrattlondon.com £Call 0333 666 0110 or visit londonsquare.co.uk £Call 020 3930 2469 or visit newgardenquarter.co.uk £Call 020 3504 8532 or visit stjames.co.uk

FOCUS ON INTERIORS Find your ideal home by the Laura Ivill on the ‘gender Thames, from prime neutral’ shade that has got penthouses to bankside interior designers hot under bargains P24 the collar P26 Available now: contemporary two bedroom apartments with underground parking space from £755,000 overlooking the Thames. With Thames Clippers attached, our riverside oasis is well-connected by boat, car and train.

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Book an appointment to visit our marketing suite and show apartment Monday, Tuesday and Thursday – 11:00 to 18:30 Late night Wednesday – 10:00 to 20:00 Friday, Saturday, Sunday – 10:00 to 17:00

Prices correct at time of going to press. Rental prices vary and can both increase and decrease depending on situation and location, information based on HomeLet Rental Index. LANDSCAPED ELEVATED GARDENS

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Discover spacious contemporary apartments from Buy a 1 bedroom apartment with 1 bedrooms with outdoor space to spacious a deposit as low as £16,750 penthouses with beautiful tree-lined reservoir views. † All available to purchase with Help to Buy , just a HELP TO BUY† 5% DEPOSIT £16,750 6 minute walk from the station and River Thames*. EXAMPLE APARTMENT 20% EQUITY LOAN £67,000 D24 – £335,000 75% MORTGAGE £251,250

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Photography depicts the exterior at London Square Staines upon Thames and is indicative only. *Source: google maps. †Help to buy is subject to availability and eligibility. September 2019. 24 HOT PROPERTY FRIDAY 13 SEPTEMBER 2019 CITYAM.COM FOCUSGO ON WITH THE THAMES’ FLOW

From top: The view FOCUS ON from Southbank Place; Wood Wharf; RIVERSIDE LIVING Barking Riverside

very September, the River Thames plays host to the To- tally Thames festival; a Emonth-long event which sees it taken over by art installa- tions, history tours and performances. It’s a chance for Londoners to recon- nect with the body of water that provides the backdrop to our daily lives, and make the most of some of the lesser-known waterside spots that help make the city great. But the river gets plenty of attention all year round from those looking to buy a home, as properties flanking the Thames remain some of the capital’s most sought-after. “We know buyers are looking for an escape from the stresses of modern life, and the prospect of relaxing living riverside always proves popular,” says Soren Ravaux, director of riverside property agent, Waterview. And their popularity is growing. Ac- cording to property consultant Clut- tons, one in every 15 properties sold in London during 2018 was situated within 100 metres of a body of water. Buyers paid a premium of £270,000 or 50 per cent of the average property price to live near a river, canal or lake – an increase on the 37 per cent premium they would have paid in 2017. But there are still pockets of afford- ability to be found, as developers look to create new neighbourhoods in pre- “Your money will go further on the more recent, the premium is 15.6 per viously unloved locations on the fur- river – £4m will buy you a stand-out cent,” she says. Canary Wharf Group property with spectacular views, con- is currently marketing the final figured over a minimum of 2,500 sq ft homes at 10 Park Drive, the first build- with plenty of outdoor space,” he says. ing in its new residential and retail “The same sum doesn't go so far in district, Wood Wharf, just to the east Prime Central London.” of the main office cluster. One-bed- In a downturn, If you’re looking for a riverside room apartments start from £880,000. home in the City, Barratt London’s Look a bit further east and there is properties with Landmark Place near Tower Bridge is plenty of former industrial land being currently the only new-build option – primed for regeneration. Housing as- water frontage but homes are going fast and it is now sociation Peabody has just launched more than 90 per cent sold. Those re- The Reach in Thamesmead, a 66-unit are the most maining start at £2.49m for a two-bed, shared ownership development with resilient which will also buy you use of a swim- prices starting at £68,750 for a 25 per- ming pool, cinema, boardroom and cent share of a one-bed. Peabody owns ther reaches of the Thames. concierge service. 65 per cent of land in Thamesmead So where are the prime riverside Another benefit of buying by the and is planning a major overhaul of hotspots, and where should you be Thames is that it offers a relatively the area, which is best known for its looking for a bankside bargain? safe investment, as the appeal of the 1970s tower blocks which formed the The prime stretch is usually consid- river doesn’t tend to fade. “In any backdrop for Stanley Kubrick’s 1971 ered to run from Putney to Waterloo downturn, properties with water film A Clockwork Orange. Bridge. One of the new developments frontage are the most resilient,” In addition, one of the capital’s making waves here is Qatari Diar and Hyman adds. “They are a true asset, largest regeneration projects is taking Canary Wharf Group’s Southbank and the majority of blocks deliver a place at Barking Riverside, on the site Place, on the site where the Festival of strong rental yield with capital of the old Barking Power Station. The Britain took place in 1951. Set to com- growth potential.” Mayor of London and L&Q are devel- plete in 2020, it comprises more than oping a whopping 10,800 homes there 650 apartments across five blocks, WHERE TO BAG A BARGAIN over the next decade, and properties starting from £2.15m for a two-bed. According to Frances Clacy, research are currently on sale for as little as Few people would call that a bar- analyst at Savills, buyers seeking more £242,000. gain, but James Hyman, head of resi- affordable riverside homes should be With a range of options for different dential at Cluttons, says that looking east. “To the east, where aver- budgets, the security of a solid invest- compared to other luxury property age values tend to be lower as the de- ment and relaxing vibes to boot, de- hotspots like Mayfair and Chelsea, velopment of prime markets such as mand for riverside living isn’t going riverside living represents good value. Canary Wharf and Wapping has been away any time soon. PRIVATE VIEW Waterside homes on the market this week BLENHEIM HOUSE CHOLMONDELEY WALK BOW RIVER VILLAGE £6.8M £3.75M £512,000

This rare four-bedroom apartment This three-bed home sits on one of Southern Housing Group’s Bow River occupies a prime position in Berkeley the most picturesque stretches of the Village is located on the River Lea in Homes’ One Tower Bridge scheme in Thames in Richmond. The grade II- Bromley-by-Bow. A handful of the 73 Shad Thames. It boasts views of the listed, Georgian property benefits homes are still available following its river, City and Tower of London. from a garage and two gardens. off-plan launch earlier this year.

£ Call Savills on 020 8877 4823 £ Call Savills on 020 8614 9136 £ Visit bowrivervillage.co.uk

26 HOT PROPERTY FRIDAY 13 SEPTEMBER 2019 CITYAM.COM INTERIORS

PEPPER YOUR HOME WITH ‘NEO MINT’

and deep green make for perfect bed- ture wall, upcycling an old piece of The wallpaper of fellows, bringing to mind a vibrant furniture, or choosing neo mint tiles English garden. to create a fresh and calming kitchen the year shows For the Bloomsbury set of four wall- or bathroom.” paper colourways, the artist’s hand It’s easy to use with base colours, off this on-trend has woven together chrysanthe- too. “When teamed with neutrals, mums, primulas and roses with fo- such as taupe and grey, neo mint shade, writes liage and insects in a vertical pattern adds a pop of colour without being known as a totem, which is adorning too dominating,” Roberts says. “For a Laura Ivill all the best-dressed walls right now.

hen Dulux launched its ‘GENDER NEUTRAL APPEAL’ colour of the year 2019 – Sixteen months ago the trend fore- spiced honey – a sense of caster WGSN said that neo mint’s as- Wweirdness descended. I cendency for the next decade would have yet to see walls be down to its gender-neutral appeal, The enduring painted in this cloying bronzy-tan. optimism, cleanness, purity, and Yet with the launches for colour of being “a shade that succinctly aligns popularity of floral the year 2020 upon us (from the likes futuristic development with nature.” of Dulux, Farrow & Ball, Graham & And Dulux, playing it safe after last wallpapers shows Brown and Pantone) there already year's head-scratcher, agrees that no signs of seems to be a front-runner emerging. mint is in, having announced as this The British heritage brand Graham article went to press that its colour waning & Brown’s paint colour and wallpa- of the year for 2020 is a hazy pale per of the year is always eagerly green called Tranquil Dawn. awaited. The brand has a vast archive Over at Vesta Interior Design, they fresh look, pair with white, or with of wallpapers, and a creative team have been using neo mint in a vari- blue to echo colours of the sea. that lives and breathes pattern, From left: Bloomsbury in neo mint and emerald; Adeline paint; a neo mint bathroom ety of cleverly elegant ways: as uphol- Teamed with deeper shades of forest artistry and colour. Each year it in- stery for headboards and chairs, for green it evokes nature, and with vents five collections that reflect the well as paint in Adeline, a deep, flat, ist. “As we continue to migrate to- bedlinens, as metro tiles and as dusty pink it provides a contrasting zeitgeist, and from these it unveils its matt bottle green. The combination wards busy urbanised spaces, it is be- painted woodwork. Vesta’s senior in- yet muted palette.” star wallpaper and paint pairing. is both uplifting and comforting. coming more and more important to terior designer Gemma Roberts loves For 2020, the studio has merged an “The enduring popularity of floral bring the outside in and channel the neo mint for being “oxygenating, £ Graham & Brown Bloomsbury archival design and a contemporary wallpaper designs shows no sign of healing properties of nature.” calming, balancing and youthful, a wallpaper in Neo Mint (£60 per roll) and colour palette to create the Blooms- waning,” says Paula Taylor, Graham Pink has been a huge colour story cool green that’s a breath of fresh Adeline resistance ultra matt emulsion (£44 bury Neo Mint floral wallpaper, as & Brown’s colour and trends special- for a while now, and both neo mint air”. She suggests using it on a fea- per 2.5 litres) grahamandbrown.com

28 LIFE&STYLE FRIDAY 13 SEPTEMBER 2019 CITYAM.COM GOING OUT EDITED BY STEVE DINNEEN @steve_dinneen

UNMISSABLE Vinci’s Vitruvian Man. The character plays a central role in the Blake’s ART imagined mythology, within which are encoded his moral, political and WILLIAM BLAKE spiritual ideas. TATE BRITAIN But after this rainbow-hued intro- BY STEVE DINNEEN duction, things take a turn for the greyer, with rooms dedicated to William Blake isn’t just an artist, he’s Blake’s works as a student, including a figure as mythical as any he com- sketches made from the Royal Acad- mitted to paper, a part of the pop cul- emy’s sculptures that the artist ture lexicon whose influence claimed to loathe. Then there are sev- extends far beyond the works he left eral rooms of his etchings, the distinc- behind. tive, highly detailed works from He was famously plagued by phan- which he made a living. tasms: strange, demonic creatures Later curatorial flourishes include a that inspired his most iconic works. stylised recreation of the sad Soho They appeared to him throughout his gallery in which Blake housed the life, from childhood right through to solo show he hoped would launch his his final days, when his eccentric pa- career; the single review dismissed trons would listen voyeuristically as him as a lunatic. It’s a strange little he described them. box, the muddied paintings all but in- The romantic painter and poet has visible in the darkness until projec- been variously branded a visionary, a tions are beamed over them, showing mystic and a madman, with his er- what they would have looked like be- ratic behaviour and troublesome per- fore time took its toll. Elsewhere pro- sonality leading to him being jections show the vast scale Blake had dismissed in his own lifetime, despite hoped to render his works. He was his reputation as a first-class en- nothing if not ambitions. graver. He died uncelebrated and im- The reality was very different. One of poverished, singing hymns as he the things that strikes you is how tiny drifted away. most of these pieces are. His famous Il- But this isn’t the story told by the luminated books, wonderfully illus- Tate Britain in the biggest exhibition trated mythologies and poems, are of the artist’s works in 20 years. It goes filled with row upon row of text so back to his origins as a student, frus- small you have to squint to read them. trated by the narrow constraints of It’s only in the exhibition’s later the Royal Academy. It charts his rise rooms that you find the works we as an engraver, his innovations in that most readily associate with Blake – field, and his methodology in creat- the muscular demons that inspired a ing the famous works that still dazzle Thomas Harris villain, the swirling, to this day. This isn’t a show about the psychedelic renderings of Dante’s Di- legend; it’s the story of the man. vine Comedy that preceded the inven- The exhibition is held in reverential tion of LSD by two centuries. gloom, the lighting kept deliberately Tate Britain wisely avoids psycho- low to preserve the already fading analysing Blake, although it’s hard colour of the works. The first piece to not to do so yourself. This is the work explode from the shade is Albion of a special, troubled mind – an ab- Rose, Blake’s technicolour take on da solute must-see.

UNMISSABLE world as an oligarch’s paradise. Beres- zovsky is content to live the high life, THEATRE but Litvenenko, a man of humble means, sets about exposing the Russ- A VERY EXPENSIVE POISON ian state’s links to organised crime. THE OLD VIC There’s an endearing optimism to BY STEVE DINNEEN the character, who never suspects the terrible lengths his homeland will go Part love story, part police procedural, to silence him, and part of the part political satire, A Very Expensive tragedy is Litvenenko’s continued Poison gleefully defies categorisation. faith that Russia remains a place Recounting the final days of Russian worth fighting for. dissident Alexander Litvenenko, it The action hops from Muscovite sub- takes a dark and complex subject and urb to Mayfair restaurant to the realm turns it into an utterly engrossing, for- of pure fancy. The stage, initially mally experimental romp that wears housed in a cinematic 16:9 frame, units close to three hour run-time with furls like a Chinese puzzle box, ex- surprising alacrity. panding as the action escalates from a Loosely based on Guardian journalist tawdry local tale to an international Luke Harding’s 2018 book, the writing scandal. is every bit as sharp as we’ve come to Peter Polycarpou is excellent as “orig- expect from Lucy Prebble, the award- inal oligarch” Bereszovsky, and more winning playwright behind Enron and comic relief is provided by Michael The Effect, this being her first new play Shaeffer’s bumbling hitman Andrei in seven years. Lugovoi. But the stand-out perform- It tells the story of a man’s unimag- ance comes from Reece Shearsmith as inably painful death, but also encom- Vladimir Putin, with the League of passes topics as diverse as the siege of Gentlemen actor playing the Russian Stalingrad and the provenance of polo- leader as a sneering, manipulative nium-210, the latter in the form of folk- Svengali figure. His addresses straight THEATRE loric shadow-puppetry. to audience, sometimes delivered from FALSETTO Our memory of Litvenenko is indeli- the wings, are laugh-out-loud mo- bly linked to that famous, candid pho- ments, whether he’s laying into the THE OTHER PALACE THEATRE tograph of a hairless, emaciated man British government or the Old Vic’s toi- BY STEVE HOGARTY lying in a hospital bed. But Tom Brooke let facilities. brings him to life in an altogether un- A Very Expensive Poison takes a story Written and set in the 1980s, Falsettos expected manner, playing him as a of unbearable suffering and trans- charts the unconventional love lives of geeky, eccentric detective, wholly un- forms it into an astonishing visual a neuroses-addled Jewish family living suited to his role at the thoroughly cor- spectacle, deftly avoiding making light in New York. The energetic comedy- rupt FSB. of the crushing injustice at its heart. musical was first performed on Broad- When he’s told to murder his boss, And as recent events in Salisbury at- way in 1992, but almost three decades the flashy billionaire Boris Beres- test, this is a story that’s still searingly of societal change have left this Lon- zovsky, the pair end up fleeing to Lon- relevant. It’s a rare breed of play, one don debut feeling like something of a don, a city famous throughout the of the highlights of the year so far. relic. The focus is on Marvin, who CITYAM.COM FRIDAY 13 SEPTEMBER 2019 LIFE&STYLE 29

FILM off ever been particularly urgent? a friendly audience who just want a DOWNTON ABBEY (PG) Did we learn a great deal from put- greatest hits compilation of light hu- ting a dome over Springfield in The mour and the mildest of tensions. DIR: MICHAEL ENGLER Simpsons Movie; or sending The In- This means writer Julian Fellowes’ BY JAMES LUXFORD betweeners on holiday to Crete? And plot devices can be a little blunt, let’s not mention those Sex and the with ‘because it’s royalty’ covering Four years on from the final episode, City movies. These films tend to be for a multitude of writerly sins. Still, Downton Abbey returns for more reunions rather than continuations, if you’re even vaguely familiar with nostalgia and vicarious luxury. It’s getting the much loved characters the show, seeing these characters’ 1927, and the reason for our return back together one last time. wishes fulfilled will be rewarding is the arrival of King George V and In this sense, the film is a great suc- enough to overlook those flaws, par- Queen Mary to the big house. This cess. We get to see characters such as ticularly given the visual spectacle. If impending brush with royalty causes The Countess Dowager (Maggie you’re a fan of period costume and no end of chaos among the Downton Smith) in all witty glory as she re- design, this will be your Avengers. residents, with the upstairs nobility news hostilities with a distant cousin Downton Abbey is cinematic con- worrying about cost, and the down- (Imelda Staunton, perfectly cast for fectionery: sweet and satisfying in stairs staff being pushed out by the this prim and proper world); or re- the moment but with no long-term Monarch’s own servants. turning footman Molesly (Kevin benefit. Made not for awards but for Let’s be frank: there’s no need for a Doyle) getting in his own way, the sentiment, the millions who tuned Downton Abbey movie, with the var- staunch Royalist’s enthusiasm over- in on Sunday nights for a bit of inter- ious subplots existing merely to give whelming him. It’s cosy and unde- war glamour will leave satisfied, and the actors something to do for a cou- manding, gliding along in the probably open to an even more gra- ple of hours. But when has a TV spin- knowledge that it will be playing to tuitous sequel.

FILM FILM HUSTLERS (15) NIGHT HUNTER (15) DIR: LORENE SCAFARIA DIR: DAVID RAYMOND BY HELEN CRANE BY JAMES LUXFORD When Ocean’s Eight came out last Police dramas are a hard sell on the year, it set a bar for the female hustle big screen, given the abundance of movie with its celeb-stuffed cast, them spread out across TV channels deadpan humour and healthy dose on a nightly basis. Director David of girl power. Raymond’s solution is to turn the It’s an act that Hustlers is clearly darkness up to eleven, copying the trying to follow, with a cast includ- playbook of films like Se7en by seeing Jennifer Lopez, Constance Wu, ing how many unpleasant images Julia Stiles, Cardi B, Lizzo and Lili the viewer can stand in 100 minutes. Reinhart. It’s based on the true story Former superhero Henry Cavill of a crew of New York strippers who leads the procedural thriller as a no- see their income take a nosedive nonsense detective who must team after Lehman Brothers collapses and up with a vigilante (Sir Ben Kingsley) their Wall Street clients stop spend- to stop a kidnapper who’s been tar- ing. In response, they come up with geting police. Night Hunters runs a plan which sees them turn up at from one incident to the next, barely upscale bars, drug unwitting punters tying anything together and throw- and then drag them (often literally) ing up surprises that stretch logic. to the private room of the strip club The enormously talented cast try to where they proceed to get hold of make sense of it all, but everyone their credit cards and rinse them for from Stanley Tucci’s police chief to tens of thousands. Alexandra Daddario’s criminal pro- Their shenanigans are fun to filer are wasted on this flimsy script. watch. But as heartwarming as their Cavill is at a crossroads in his ca- on-screen relationship is, J-Lo and reer. With his time as Superman cut Wu don’t quite make you care short, the dashing lead is looking to leaves his wife for his boyfriend, while catchy, while the day-glo staging, enough about the two protagonists establish himself away from the she subsequently falls for her psychia- washed out background screens and that you’re really rooting for them to cape, but does himself no favours trist. Their son’s impending bar mitz- white IKEA furniture look like they’ve pull it off. Cardi B – a former stripper here. Cast in a role that would have vah is the catalyst for a convoluted been swiped from an amateur produc- herself – is brilliant, but the cameo better suited an older man, he deliv- series of tuneful plotlines, encompass- tion next door. from Lizzo is largely wasted, which is ers lines gruffly, giving little indica- ing infidelity, sexuality, jealousy, man- There’s plenty of melodrama to be a shame considering that Rihanna’s tion of what’s going on beneath the hood, womanhood, religion and enjoyed in the sharp turn towards un- stoned hacker character in Ocean’s hard stares. This is especially evident eventually the AIDS crisis. expected pathos in the second half, Eight was so on point. when sharing the screen with shouty What might have been subversive to but this all feels like incredibly well- Do go and see it, though, if you veteran Kingsley, who’s far better audiences of another generation is no trodden ground, especially in light of want to marvel at the wonder that is than this film deserves, giving pro- spectacle today, and so the tangled recent and better theatre. This loving Jennifer Lopez’ abs: the pop star dons ceedings a modicum of intrigue. family soap opera struggles to pick up profile of a queer family might have a skimpy bodysuit and throws down This is flabby and insipid filmmak- any real momentum. The relentlessly thrilled Broadway back in the day, but some serious stripper moves, despite ing, twice the length of your average upbeat musical numbers serve the this stale reproduction of a cult musi- having recently entered her sixth Scandi crime drama, and nowhere narrative well but stop short of being cal feels anchored to another era. decade. near as gripping. 30 PUNTER FRIDAY 13 SEPTEMBER 2019 CITYAM.COM 1 LOGICIAN BILL ESDAILE’S 2 DASHING WILLOUGHBY THE PUNTER WILLIAM HILL ST LEGER 1-2-3 3 IL PARADISO RACING TRADER

Bill Esdaile Logician was an impressive previews winner of the Sky Bet Great tomorrow’s Voltigeur Stakes William Hill St last time out Leger Stakes at Doncaster

ACING folklore states, “the fastest horse wins the Guineas; the luckiest the Derby – and the best horse wins the St Leger.” RThere’s absolutely no chance LOGI- CIAN, the leading fancy for tomorrow afternoon’s William Hill St Leger (3.35pm), would have had the speed to land a Guineas over a mile, while the John Gosden-trained son of Frankel was just a once-raced maiden winner at the time of the Investec Derby. Gosden, who has won the St Leger four times, knows when he has the right horse for this race and everything this grey has done over the summer suggests he’s the ideal type. Big and powerful, scopey in stature and plenty between the ears, Logi- cian looks a stout, athletic stayer with that all-important touch of class, probably inherited from his su- perstar sire, Frankel. He still has to step up on what he’s done so far, but we’re seeing improvement with every stride this horse takes and it’s hard not to be in his GOSDEN’S DASHING GREY camp. His victory in the Sky Bet Great Voltigeur Stakes last time out confirmed that he’s progressing at a rate of knots and, though only even- money with the bookies, he’ll take all the beating. WILL LIGHT UP LEGER DAY While the old adage asserts that “the best horse wins the St Leger”, happy to forgive any horse a run at sticking his neck out all the way to stamina test too, with Franny Norton third to Stradivarius in the Lonsdale you’ll also find a few that have sim- that unique track. the line. likely to set a good gallop out in front Cup last time out. ply out-stayed their rivals to land the He’s a certain stayer that will be This race has the makings of a true on Sir Ron Priestley. As a winner over 1m4f and 2m, he’s oldest Classic on the planet. That partnership has already pro- interesting on his first attempt over Harbour Law, the shock 22/1 winner JECEHHEMÊI8?=H79;7J:ED97IJ;H duced four wins this season, but this today’s in-between trip. of this race in 2016, didn’t arrive at represents a major step up in class, O’Brien’s trio of runners is com- Town Moor with a sparkling CV but Going: GOOD TO FIRM and they’re likely to be mowed down pleted by Western Australia, the 50/1

he was able to see out the testing 1m WILLIAM HILL ST LEGER STKS ITV 5 1154 SIR DRAGONET (29) (BF) (YS,GS) by better horses up Doncaster’s long rank outsider and lowest rated run- 6½f well and that counts for a lot. 3.35 (GR1) (BCS) (COLTS & FILLIES) (7) A P O’Brien (IRE) 3 9-1 ...... D O’Brien 130 home straight. ner in the field. Runs: 4 Wins: 2 Places: 0 £9,792 While Sir Dragonet, the general 3/1 (1) £396,970 1m61/2f One of those may be IL PARADISO. He’s yet to blossom this season and second favourite for tomorrow’s race, 6 110111 SIR RON PRIESTLEY (21) (G,GF) Unlike much of Aidan O’Brien’s yard, has finished down the field in all of

isn’t a guaranteed stayer, others at 1 -23145 DASHING WILLOUGHBY(46)(D)(A,S) (6) M Johnston 3 9-1 ...... F Norton 123 and particularly the Classic genera- his last three starts. Runs: 8 Wins: 5 Places: 1 £182,908 bigger prices certainly will get the (5) A Balding 3 9-1 ...... W Buick 126 tion, Il Paradiso has somewhat crept Though all eyes will be firmly fixed Runs: 8 Wins: 2 Places: 2 £169,957 (28) (G,S) 7 125161 TECHNICIAN trip. 2 2-1713 IL PARADISO (22) (P) (GY,GF) (8) M Meade 3 9-1 ...... R Hornby 126 under the radar. on Logician, there is another grey in DASHING WILLOUGHBY has a stam- (2) A P O’Brien (IRE) 3 9-1 ...... P Beggy 129 Runs: 7 Wins: 3 Places: 2 £89,183 Like Logician, he was only the win- the race.

ina-laden pedigree and is already a Runs: 7 Wins: 2 Places: 3 £27,411 1 ner of a maiden at the time of the In- Technician has three wins and a 8 251078 WESTERN AUSTRALIA(62)(P )(GF) winner over the distance. 3 1111 LOGICIAN (24) (G,GS,GF) (1) A P O’Brien (IRE) 3 9-1 ....M C Hussey 125 vestec Derby and is a horse that’s second to his name this season, in- (4) J Gosden 3 9-1 ...... L Dettori 132 Runs: 12 Wins: 2 Places: 2 £74,664 Andrew Balding’s son of Nathaniel : been campaigned towards the back- cluding winning the Geoffrey Freer Runs: 4 Wins: 4 Places: 0 £117,043 stayed on stoutly to edge out Barba- 2018: Kew Gardens 3 9 1, R L Moore 3/1 (A P O’Brien), 12 ran. end of the summer. Stakes over 1m5½f on soft ground at

dos in the Queen’s Vase at Royal 4 653215 NAYEF ROAD (24) (GF,G) :BETTING: Evens Logician, 3 Sir Dragonet, 11/2 Il Paradiso, The son of Galileo showed he stays Newbury last time.

Ascot, and despite disappointing a lit- (3) M Johnston 3 9-1 ...... A Atzeni 124 12 Sir Ron Priestley, 14 Technician, 16 Dashing Willoughby, well when winning a valuable 2m The nature of that win confirmed Runs: 13 Wins: 4 Places: 3 £204,337 25 Nayef Road, 50 Western Australia tle when fourth over two miles in the handicap at the Curragh by 12 his stamina, but he still looks up Goodwood Cup last time out, I’m lengths, before running a credible against it in this company. CITYAM.COM FRIDAY 13 SEPTEMBER 2019 PUNTER 31

Bill Esdaile previews the rest of today and tomorrow’s action at Doncaster @BillEsdaile

Angel’s Hideaway (red silks, blue cap) was a good fourth Farzeen may in the 1000 Guineas be favourite but I’m loving Angel’s instead

PART from the 14 runners in of two effortless wins at Redcar and the opening Japan Racing then at Kempton last month. Association Sceptre Stakes She unquestionably looks a very A(2.10pm) at Doncaster this smart filly, but this represents a big afternoon, the unseason- step up in class on a far quicker sur- ably fast ground means small field face than she has encountered so far sizes. in her short career. trappy with only the six runners. to Earthlight when stepped up in two, but he is lightning fast and is In four of the remaining seven Angel’s Hideaway brings better Saroog is the obvious one, but at both class and trip in the Group One having his first run for Aidan Fogarty races there are only six runners, form to the table having finished just 11/10 he is no certainty and a Prix Morny, so will find life much having left Matthieu Palissiere in while the Listed Flying Scotsman fourth in the Group One 1000 watching brief is advised. easier back down in calmer waters. France. Stakes (4.20pm) is set to be contested Guineas back in May. All eyes will be on Stradivarius in However, this will be the fastest He showed plenty of speed in the by just five. Things haven’t gone to plan in two the Magners Rose Doncaster Cup ground he has encountered, and he Windsor Castle Stakes at Ascot and Anyway, kicking off with the recent runs at Goodwood, but I’m (3.10pm) and he should land the may just be worth taking on at such was actually one of the last off the opener and I’m keen to give fast not sure that unique course suits her spoils at around 1/3 with Dee Ex Bee a short price. bridle in the Molecomb Stakes at ground-loving ANGEL’S HIDEAWAY an- and she’ll be more at home on this chasing him home for a fourth con- His main market rival, Alligator Goodwood. other chance back against her own flat track. secutive start. Alley, gave his supporters a heart at- If he handles the quick surface, he sex. As much as I respect the older fil- Arguably the best race of the after- tack when appearing to be outpaced may just take some pegging back. The three-year-olds have held sway lies like Di Fede, Pretty Baby and Fox- noon looks to be the match-up beat York last time before rattling in this contest since the distance was trot Lady, it will be no easy task tween A’Ali and Alligator Alley in the home to deny Dr Simpson. reduced from a mile to seven fur- giving lumps of weight away to Wainwright Flying Childers Stakes The pair are likely to fill the first POINTERS TODAY longs, winning 19 of the 26 renewals, Angel’s Hideaway who looks the (3.45pm). two spots, but there may just be a bit and the younger generation look to each-way call at 8/1 with Coral. The former followed his success in of each-way value in taking a chance Angel’s Hideaway e/w 2.10pm hold all the aces here. The William Hill Mallard Handicap the Norfolk Stakes at Royal Ascot on the speedy WHEELS ON FIRE at Doncaster Roger Varian’s Farzeen is likely to (2.40pm) is usually a terrific betting with victory in the Prix Robert Papin. 10/1 with Ladbrokes. Wheels On Fire e/w 3.45pm be sent off a warm order on the back heat but this year’s renewal looks On his latest start he finished fifth His form is a long way off the big Doncaster Punters ready for A Momentofmadness in the Portland INCE its establishment in 1885, that tomorrow. He’s now running off a mark of 95, the card for Buick as I fancy his I’m a big fan of Sir Dancealot, but a Sthe William Hill Portland Handi- Since his win 12 months ago, 4lbs lower than the mark he won off mount SHINE SO BRIGHT in the penalty makes his life tough, so I’ll be cap (1.50pm) has only seen four Charlie Hills’ six-year-old hasn’t last year, and he looks the each-way Group Two Park Stakes (2.25pm). backing Shine So Bright at 11/8, with back-to-back winners, with Halma- shown an awful lot to suggest he’s up bet in the race at 12/1. Andrew Balding’s inmate has conditions sure to be in his favour. hera incredibly winning the race to taking such a competitive The Frankie Dettori factor will always been well-regarded and was three years on the bounce from 2002 handicap, however he shaped much surely make Justanotherbottle far from disgraced when sixth in the POINTERS TOMORROW to 2004. better at York last time. popular, but he’s got to shoulder a 4lb 2000 Guineas. Such a paucity of multiple winners Equilateral’s win on Wednesday rise for his win at Sandown while, A setback kept him off the track for A Momentofmadness e/w 1.50pm of the 5½f contest shows just how showed Hills’ ability to get sprinters although clearly talented, likely over four months but he showed no Doncaster hard it is to win it again, but I’m back to their best and I’m hoping the favourite Bielsa faces a big task taking ill effects when making all to win the Shine So Bright 2.25pm hoping A MOMENTOFMADNESS, same will happen with A on seasoned handicappers here. Group Two Sky Bet City Of York Doncaster ridden by William Buick, can do just Momentofmadness. I’m hoping it will be a double on Stakes last time. BarclaysFootball @BarclaysFooty

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32 SPORT FRIDAY 13 SEPTEMBER 2019 CITYAM.COM FORD FORCING THE ISSUE

RUGBY Tonga next weekend. though. Typically in a World Cup Owen Farrell started the match at squad there would be three scrum- COMMENT fly-half and the back line looked halfs, an out-and-out No8 and a back- uninspiring throughout the first up who also plays No6. OLLIE half. He has to start at the World England are spread a bit thin. Billy Cup because of his quality and the Vunipola is irreplaceable and his PHILLIPS fact he’s captain, but it could be at back-up, Mark Wilson, is a natural inside-centre following Ford’s No6. performances. I suspect that will be the case, MAJOR CONCERNS WASN’T convinced to start with with Manu Tuilagi at No13 and Joe Meanwhile, Ben Youngs has been but it seems Eddie Jones has been Cokanasiga and Jonny May on the disappointing so far. He won man of pretty crafty by selecting his 31- wings. the match against Italy, but it was a man squad as early as he did. It pretty average performance from I DALY CAN DELIVER has given those going to the England. World Cup an extra four weeks to At full-back, Anthony Watson is Eng- On the face of it Willi Heinz has prepare for the tournament, rather land’s best option. However, he’s still played better, but Youngs is world than wasting emotional energy on playing his way in following that hor- class and when he plays well he fighting to make it. rendous achilles tear against Ireland creates so many options for the There are some risks to this in the Six Nations last year. team. strategy because it can leave players Elliot Daly is more of a natural If I was an international side with feeling relieved to be going, rather No13 than full-back, but he’s so any guile, I would be looking to get than revved up as they should be. talented that he has the versatility to one of them off the pitch. I have And despite them having a good, play just about anywhere across the some major concerns with Ford as well balanced and settled squad, back line. the third choice. there were signs of the players being It’s 50-50 between those two, Among the forwards, I expect to too relaxed in England’s slow and though I think Daly will get the nod see Sam Underhill and Tom Curry sluggish performance against Italy due to his ability to kick from 60 join Vunipola in the back row, while last weekend. Although they ran out metres. Saracens duo Maro Itoje and George 37-0 winners it was a pretty ordinary Having that option on the field is Kruis will make up the second row. display. a big advantage as the opposition They will need the whole squad if George Ford came on in the will have to be wary about giving the are to go the distance. second half and changed England’s away penalties and being too attack. He’s played extremely well aggressive at the breakdown even in Ollie Phillips is a former England Sevens during these warm-up matches and their own half. captain and now a director within the real given Jones a selection conundrum The lack of options at scrum-half estate and construction team at PwC. ahead of their opening game against and No8 is still a concern for me, Ford has impressed during World Cup warm-ups to put pressure on Farrell at fly-half Follow him on Twitter @OlliePhillips11 CITYAM.COM FRIDAY 13 SEPTEMBER 2019 SPORT 33

There are advantages. Unlike a completely fresh appointment, Sanchez Flores and three of his backroom staff know their surroundings and exactly Sanchez Flores’ how the club operates. And yet, behind the scenes, away from the pitch, the differences between manager and the executive level – a tight-knit unit comprised of owner Gino Pozzo, chairman Scott Duxbury and technical director Fil- Watford return ippo Giraldi – which caused a rift three years ago could have left scar tis- sue which may never heal. Personal relationships are key to success. Sanchez Flores is far from the first manager to return to a club – Jose is complicated Mourinho with Chelsea, Zinedine Zi- dane with Real Madrid and Harry Red- ise was not a hollow one. knapp at Portsmouth are just three Spanish manager After moving with characteristic other prominent examples – but the swiftness in sacking Javi Gracia on risks of such a move are different in clashed with Saturday, the Premier League club an- every case. nounced Sanchez Flores as his succes- There are no guarantees the Hornets hierarchy sor just 30 minutes later. Spaniard can pick up where he left off Following just a week of reacquaint- Sanchez Flores guided Watford to 13th in 2015-16 but fell out with club’s hierarchy in the first half of the 2015-16 season, in last spell at club ing himself with his former players when a 3-0 win over Liverpool left his and staff at Watford’s London Colney season table can be viewed as harsh, the 54-year-old Spaniard said upon an- side within a point of the Champions writes Felix Keith training ground and introducing considering he helped them reach the nouncing the parting of ways. That League places at the end of December, himself to new faces, Sanchez Flores FA Cup final and finish 11th last sea- was his public explanation. rather than the second half, which in- HEN Watford wrote in will kick off his second spell by facing son. But it is also unsurprising, given Privately, despite saying he was cluded just four league wins from 20 their parting statement Arsenal at Vicarage Road on Sunday. the club’s unsentimental, results-first “completely happy” with his year in games. with manager Quique It has been clear for some time now ethos and the fact their only league charge and had he “enjoyed the expe- Since leaving Watford, Sanchez Flo- Sanchez Flores in May that Watford don’t follow normal win since 2 April came against rele- rience,” Sanchez Flores’ relationship res has achieved a creditable eighth- 2016 that he “leaves football conventions. Stability doesn’t gated Huddersfield. with the club’s hierarchy was said to place finish in La Liga with Espanyol withW all our best wishes for the appear to be a state that is necessarily That they’ve reappointed a former have broken down beyond repair. and undergone a less successful stint future and the knowledge he is being strived towards. Sanchez Flores, boss for only the fourth time in the in China with Shanghai Shenhua, always welcome at Vicarage Road” it who guided the Hornets to 13th in club’s long history and have become WATER UNDER THE BRIDGE who he left one point above the rele- appeared a generic gesture of good 2015-16 in their first campaign back just the sixth Premier League side to Clearly, then, enough water has now gation zone in July. will. in the Premier League, has become do so is more noteworthy, especially passed under the bridge in the inter- He will be hoping that, after return- But three years and three months – the club’s 10th head coach since 2012. given the way Sanchez Flores and vening years for both parties to renew ing to Hertfordshire, he can provide and three managers – on from pub- That Watford pulled the trigger on Watford split back in 2016. their working relationships, but it re- the results to make it a happy home- lishing that line on their club website, Gracia after a run of three defeats and “The club and me don’t have the mains an interesting dynamic on coming, instead of an ill-advised back- Watford have shown that their prom- a draw left them bottom of the early- same point of view about the season,” which to try and build. tracking to an old flame.

BarclaysFootball @BarclaysFooty

Crystal Palace can very point, and it is away to the so- called Big Six, or teams such as Ever- continue rampant ton who are deemed superior to the chasing pack, that they do their best run on the road at work. Tottenham, writes MORE POINTS AWAY Palace were the only side to collect Michael Searles more points on their travels than at home last season and have finished higher in the away form table than VERY season the first interna- the home one for five successive sea- tional break interrupts the sons – keeping them up in three, in- flow of the new Premier cluding the last one. ELeague season, putting it on They go into Saturday’s fixture away hold after just four matches. to Tottenham as the last side to have It tends to leave the league table in won away at United, Arsenal, Man- peculiar shape, this time with Leices- chester City and Liverpool in the Pre- ter City and Crystal Palace in the top mier League. four, Chelsea, Tottenham and Man- Palace’s ability to defend resolutely chester United languishing in mid- is the foundation of their success in table, and Watford plum last. these games, while players like Zaha, For Palace in particular, the break Andros Townsend, Jeffrey Schlupp will have frustrated, with the poten- and Jordan Ayew allow the team to tial to halt the progress they have quickly transition into attack. There made. appears to be no more room for Chris- Roy Hodgson’s side are seemingly tian Benteke or any other target man. over-achieving so far, with seven The likes of Patrick van Aanholt, points, including a win at Old Traf- Martin Kelly and James Ward – part of ford. They also picked up a win and a back four that now includes the ex- draw at home to Aston Villa and away perienced Gary Cahill – may not be to Everton respectively, both of whom considered among the league’s elite were reduced to 10 men. defenders. Big question marks loomed over the They may not be the most creative Their 3-2 victory at the Etihad Sta- ended Arsenal’s top-four hopes with club heading into the season, with DEFENSIVE SHAPE midfielders, but they are capable of dium in December last year bore the another 3-2 triumph. minimal transfer activity and a stub- Yet it is the way the Eagles set up tac- distributing the ball effectively to one same hallmarks, with 21 per cent pos- As with City, rarely do opponents born refusal to let talisman Wilfried tically away and against better oppo- of the more creative attacking players session, 213 passes completed and keep a clean sheet at Arsenal, but Zaha leave at any price south of sition where they derive an before dropping back into shape. three shots on target. Palace were able to take a 3-1 lead on £100m. advantage; sitting deep and inviting In Palace’s 2-1 victory over United both occasions before holding out for But a respectable point at Goodison pressure until the final third, where last month, they ceded 72 per cent of BEATING THE BEST the win. Park on the opening weekend set the they mop up almost everything possession, completed just 231 passes The game will be remembered by The Eagles’ win at Anfield came tone and acted as a reminder of this thrown at them. – less than half of United’s – and most for Townsend’s thunderous goal back in April 2017 – the last time Liv- side’s ability to grind out results when In these games, the role of midfield scored twice from only three shots on of the season, yet for Palace it was con- erpool lost at home in the Premier their backs are against the wall. In trio Luka Milivojevic, Cheikhou Kouy- target. firmation they could deliver against League. Sam Allardyce was in charge fact, it’s how they prefer it. ate and James McArthur is crucial. It took United until the 89th minute the very best by using their ability of Palace at that point, but under A defeat to newly-promoted The three have an unrelenting desire to equalise and it was a similar per- from counter-attacks and set pieces. Hodgson they have developed into a Sheffield United followed by a 2-1 vic- to win the ball back and insatiable ap- formance at Old Trafford the season It was a similar story at the Emirates side capable of upsetting the best reg- tory away at United underlined that petite for hard work. before that saw Palace draw 0-0. Stadium in April when Palace all but ularly, despite the opposition know- CITYAM.COM FRIDAY 13 SEPTEMBER 2019 SPORT 35

Crystal Palace beat Manchester United 2-1 at Old Trafford last month Georgia hoping to ruffle feathers and prove a point at World Cup Underdogs want to show they can compete against the world’s best, says Harry Jones

EORGIA have spent the better part of a decade stuck in European Rugby’s no man’s land, wedged under the glass ceiling Gthat separates them from the conti- nent’s elite. Currently, their primary competition is the Rugby Europe Champi- onship, the second tier beneath the far more prestigious Six Nations. Georgia have won nine of the last 11 editions – in their eyes, it is a competition that they have far outgrown. Head coach Milton Haig has made no secret of his desire to join the Six Nations. They feel they have earned it: they are ranked two places higher than Six Nations minnows Italy. However, the ring-fenced competition does not seem to want them. No one expects Georgia to cause any major ripples at the upcoming World Cup, but they have as much to Georgia, No12 in the prove as any team in the tourna- world rankings, are ment. It is an opportunity that sur- known for their faces once every four years to powerful forwards demonstrate they deserve a seat at rugby’s top table. the second most popular sport to They are a victim of their location. ANCIENT ORIGINS 2019 RUGBY play in the country and is thought to Their only geographically close rivals Georgia’s nickname, the Lelos, draws be the most popular to watch – the are Russia, who, despite Georgia’s attention to rugby’s remarkable sim- WORLD CUP Lelos frequently draw crowds over animosity towards them, are far infe- ilarities with the ancient Georgian 50,000 to their home games. rior. The World Cup, therefore, pro- game of Lelo Burti, a full-contact DAYS TO GO vides them with a rare opportunity sport in which men from opposing ROME OR TBILISI? to play back-to-back games against ing their game-plan. villages would try to carry a ball to 7 Despite calls for a promotion-relega- Tier One nations, a valuable opportu- Tottenham will be comforted by the enemy’s side of a river creek. World Cup, qualifying automatically tion system in the Six Nations that nity considering they usually do so their 2-0 win against Palace in their Although the fundamentals of for the upcoming tournament for would give Georgia hope of partici- only once a year. inaugural match at the new stadium rugby are therefore rooted in Geor- the first time in their history. pating, Six Nations chief executive They have been placed in Group D in April. gian folklore, they did not establish Whereas established nations tend Ben Morel has been insistent that no with Australia, Wales, Fiji, and They did, however, knock Spurs out a national team until after declaring to focus on flashy, technical backs, major changes will be made in the Uruguay. Grand Slam champions of the FA Cup last season, and travel independence from the Soviet Union the Georgians are famed for produc- near future. The common perception Wales offer little hope of an upset, to north London tomorrow to face a in 1991, and gained World Rugby ing brawny, scrum-specialist for- is that it would make little commer- but the Georgians may find more en- side who have struggled to get going membership in 1992. wards. Such is the strength of their cial sense to replace Rome as a host couragement from an Australian so far this season, winning just one of The story goes that in the mid- pack that Eddie Jones has had them city with Georgian capital Tbilisi. side considered weaker than usual. four matches. 1990s the team owned only two train with his England squad during It would also bring logistical diffi- If they catch the Aussies on a bad There is no doubt that, despite cur- rugby balls and practised with home- Six Nations fallow weeks for the last culties in that Tbilisi is a six-hour day, the Lelos pack can do some dam- rent form, Hodgson’s side will be un- made tackle bags. But a rapid rise two years. journey from most Six Nations mem- age, spurred on by the strong mes- derdogs going into this fixture – but over the last decade saw them finish Their improvement has not gone bers, with direct flights only going sage they want to send to the that’s exactly how they prefer it. third in their group at the 2015 unnoticed at home. Rugby is now from London three times a week. established order of the rugby world. 36 SPORT FRIDAY 13 SEPTEMBER 2019 CITYAM.COM OLLIE PHILLIPS Lacklustre Italy display leaves Jones with SPORT World Cup dilemnas PAGE 32 England follow the script of a scary film to throw away fifth Test opportunity, HORROR writes Felix Keith

ANY horror films begin with an opening period of calm serenity. A group of fresh-faced innocence SHOW teenagers go to a cabin by aM lake. A family check into a remote, eerie, cobweb-filled mansion. A group of friends head off on a road trip across the barren countryside. Initially the characters go about their lives with a degree of certainty, and yet, despite their attempts, AT THE there’s no lulling the audience into a false sense of security because they are fully aware of what is to come. After all, they bought a ticket to watch a film with a foreboding title and a scary image on the poster. On day one of the fifth Ashes Test CREASE against Australia at The Oval yesterday England may have reached 169-3 at tea, underneath blue skies and on the truest batting wicket in the country, but no-one was kidding them- selves. We knew what was coming. Like someone walking into the cinema to see a horror film we knew what we had signed up for. England fans take nothing for granted. After winning the toss, Australia captain Tim Paine may have made, at best, a bold decision to bowl first. With the Ashes already retained he may have offered an olive branch to England, handing them the best opportunity to recover from the decisive defeat at Old Trafford and level the series at 2-2. But when England bat there’s always danger lurking just around the corner. There’s always a possessed doll in the mirror’s reflection, a murder- ous axe man in the bathroom, or a ghost looming outside the window. And so, with grim predictability, after fans returned to their seats, 169-3 turned into 199-6 and then 226- Peter Siddle dropped a simple catch to fall lbw for 22, Sam Curran slashed while the deft flick was aimed over 8 as the hosts contrived to throw away at long leg on 24. Paine dived in front a full, wide one to Smith at second the wicket-keeper’s head to no avail. the present offered to them by the op- of David Warner at first slip to shell slip and Chris Woakes copied Undeterred, Buttler went to 50 with a position captain and revert to type. another chance on 25. Steve Smith Bairstow’s mode of dismissal to leave powerfully-struck pull into the crowd It was only Jos Buttler using his failed to cling onto a tough opportu- the innings in tatters at 205-7. and he continued to farm the strike freakish white-ball strengths to put nity at full stretch from second slip on Flat pitch? Perfect batting condi- with Leach to perfection. on rearguard action with batsman- 30. But just when it looked like it tions? Opposition dropping catches? A reverse-sweep for four of Marnus tailender partnership specialist Jack might by Root’s day, like he might fi- Bowling attack operating with just Labuschagne followed and by the Leach who ensured England reached nally convert a half-century into a full three days rest since the efforts of Old time the light faded he had made 64 271-8 at the close. one, he was castled by the irrepress- Trafford? Buoyant home crowd? No from 84 deliveries, putting on 45 from ible Cummins to trigger the collapse. problem for this England side. 11.2 overs for the ninth wicket with FIRST BLOOD First blood had been spilled and now Leach (10 not out). We can’t say we weren’t warned. Joe When England bat it was Mitchell Marsh’s turn. FIGHT BACK Thanks to him England are still alive Root made 57 before he was bowled there’s always a The younger Marsh brother has the The reason the slaughter didn’t turn and kicking in their first innings. But by Pat Cummins shortly after the tea appearance of a friendly, gentle into a full-blown massacre was But- if they are to improve they really break, but, like the first blood in a possessed doll in fourth seamer, but to fit into the cast- tler’s change of gear. With only ought to stop ushering chaos in horror film, it had been coming. ing of the scene he was transformed, bowlers for company at the other end through the front door. Reminiscent of a shoddy script the mirror, an axe for a six-over spell, into a pumped-up, the One-Day specialist flicked a After all, if England’s top order can writer adding in an ominous atmos- blood-thirsty fast bowler intent on switch, aiming huge shots at Aus- look relatively at ease for large parts phere, moving objects and scary man waiting or a gutting England’s middle order. tralia’s best deliveries. of the day, just think how many runs noises, the England captain had fore- ghost looming As he so often has in this series Josh Hazlewood was launched for invincible cyborg Smith will pile up shadowed his own demise. Jonny Bairstow missed a straight one back-to-back sixes down the ground, on his relentless pursuit of victory.

JOSHUA TRAINER MCCRACKEN SOMERSET BEAT YORKSHIRE ENGLISH PLAYERS BEGIN THE BURNLEY’S DRINKWATER OUT CLARIFIES CONCUSSION CLAIM SPORT DIGEST TO SOLIDIFY TOP POSITION SOLHEIM CUP AT GLENEAGLES FOLLOWING NIGHTCLUB FIGHT £ Trainer Rob McCracken has backtracked £ Somerset moved a step closer to £ Europe begin their bid to end the United £ Burnley midfielder Danny Drinkwater after saying he knew Anthony Joshua had FOUR-TIME MAJOR WINNER winning the County Championship after States’ dominant run in the Solheim Cup will be out for two weeks after sustaining been concussed during his defeat against CLIJSTERS TO RETURN IN 2020 wrapping up a 298-run win over Yorkshire today at Gleneagles. Team USA are aiming ankle ligament damage in a nightclub Andy Ruiz Jr in June. McCracken had been £ Kim Clijsters has announced she is to yesterday. Somerset were dismissed for for a third straight win and have claimed fight. The 29-year-old, who is on loan from criticised for admitting he was “trying to make a tennis comeback at the age of 36 329 before Josh Davey took 5-21 as the 10 of the 15 contests. The competition, Chelsea, suffered facial injuries after get him through a few more rounds,” with a return to the WTA Tour next year. hosts bowled out Yorkshire for 127 in which takes the same format as the men’s reportedly being attacked in Manchester. despite knowing Joshua was concussed The Belgian former world No1 retired in pursuit of a target of 426. The victory Ryder Cup, opens with foursomes in today. “They are human beings and people do from the third round. “I’m not a doctor and 2007 to start a family before returning in means that, barring an unlikely Essex Bronte Law and Spain’s Carlota Ciganda get in scrapes,” said Burnley manager Sean it may be that concussed is not the right 2009 to win three more Grand Slams and victory over Warwickshire, Tom Abell’s side play US duo Morgan Pressel and Marina Dyche. “We have to work with him and term to have used,” McCracken said. “The retire again in 2012. “Mothers are trying to will go into the final two matches of the Alex in the opening match, while England’s help him get realigned to where he was health of all the boxers I work with is of compete at the highest level – that is the season top of Division One. Essex ended Georgia Hall, Charley Hull and Jodi Ewart and where he wants to be. We have talked paramount importance to me.” inspiration,” Clijsters said. day three on 278-6, still trailing by 239. Shadoff also feature in Scotland. to him and the rest will remain private.”