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BUSINESS WITH PERSONALITY CAM’S LEGACY NOTHING TO WINE ABOUT THE GOOD, THE BAD THE SOMMELIER’S GUIDE TO AND THE EU THE BEST VINO-TECH P23 REFERENDUM P19 WEDNESDAY 18 SEPTEMBER 2019 ISSUE 3,459 CITYAM.COM FREE French bank chief: EU to NOW WEWORK’S grow closer HARRY ROBERTSON @henrygrobertson THE Bank of France governor suggested yesterday that the European Union will move towards closer integration in FLOATJAMES WARRINGTON PUT ON ICE reports that the New York-based com- vealed in a filing last month, despite ongoing commitment,” the company the wake of Brexit. AND SEB MCCARTHY pany was considering dramatically its revenue climbing to $1.54bn. said in a statement. Francois Villeroy de Galhau, slashing the valuation it will seek “The We Company is looking for- Neil Wilson, chief market analyst at who is also a European @j_a_warrington and @sebmccarthy when it sells shares on the stock ward to our upcoming [initial public Markets.com, said: “Wework is said to Central Bank (ECB) board WEWORK has pushed back plans for market. offering], which we expect to be com- be delaying its planned IPO. Investors member, told business its highly-anticipated initial public of- We Company is reportedly looking pleted by the end of the year. We want have given it the cold shoulder. It’s delegates in London that the fering (IPO) amid cooling investor ap- at a valuation of just over $20bn to thank all of our employees, mem- been something of a lemon so far bloc’s collective response to petite. (£16.12bn), less than half the bers and partners for their with valuations drastically cut.” Britain’s departure might FRIDAY 6 SEPTEMBER 2019 SSURE GROWS S TO THE BIG SS ISSUE 3,451 P3, P16 GOING OUT P Following a number of setbacks over $47bn price tag it received in CITYAM.COM He added: “It’s amazing how the become a further shift its ambitions to go public, the fast-ris- private fundraising in January. cold light of an IPO can show up a towards deeper unification ing parent owner of real estate group The possible lower valuation PENCE IN THE under the “promising trade deal straig business for all its stark neglect. The Wework has postponed its listing reflects nerves among poten- WEWORK’S IPO market is not exactly simmering Commission of Ursula von der until the end of the year. tial investors that the office- with interested buyers.” Leyen”. The firm, which has rebranded sharing start-up could never REWORKED Fears of overvaluation have been ex- The governor’s comments as the We Company, saw its turn a profit, despite rapid ex- acerbated by a string of underwhelm- came as Moody’s warned that junk bond price fall to 95 cents yester- pansion. ing US IPOs this year. a lack of structural reform day, but recovered somewhat by the The firm lost more than In addition to the well-known tra- was leading to weak growth HARRYVALUATION ROBERTSON close. $900m in the first half, it re- @henrygrobertson “There is an awful lot of blue sky in vails of Uber, rival lift-sharing app Lyft potential across the Wework’s valuation that it will need WEWORK’s parent firm is consider- to fill in the coming years with real The We Company came under fire ing a dramatic cut to the valuation it on Wednesday for last-ditch attempts returns such as profit and cash flow,” will seek when it makes its market to improve its image. The firm said it The move is likely to spark fresh said Fraser Thorne, chief executive of and to a lesser extent messaging Continent. debut on Wall Street. would add a woman to its all-male investment research group Edison. The New York-based We Company is board of directors once public, and weighing up a valuation of just over The We Company is understood to unwound a $5.9m payment to Neu- want to raise between $2bn and $4bn speculation over the firm’s future How City A.M. reported that $20bn (£16.2bn) for the business, less mann for use of his “We” trademark. service Slack have both failed to shine in a listing before the end of the year. than half the $47bn price tag it It has strong backing from Japanese Separately, underwhelming flota- received in private fundraising in tions this year from other loss-mak- mega investor Softbank, which has £ CONTINUED ON P4 January this year. ing tech starlets such as Uber and Lyft strategy, coming just weeks after investors were going cold on IPO put in over $10bn since 2017. since going public. The lower valuation reflects nerves are hanging over the co-working among potential investors that the Investors have voiced concerns over behemoth’s plans to pursue a listing. Wework’s business model, in which it CATHERINE NEILAN office-sharing tech giant rents out it Shares in the two ride haili AND ALEXAN l hi Th Trade your way Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Lady Hale and the Supremes keep Boris hanging on in prorogation legal struggle CATHERINE NEILAN Yesterday saw opposing QCs Lord the “exceptional” length of “really need to consult the issue of only seven sitting days were Pannick and Lord Keen set out prorogation was “important” as it what would happen if another affected. @CatNeilan opening arguments in front of offers “strong evidence that the prime minister decides they want The prime minister, with Lord A SUPREME Court battle between Court president Lady Hale as the Prime Minister’s motive was to to prorogue parliament for six Keen, argued in a written the government and remain government seeks to overturn a silence parliament for that period, months or a year”. submission said it would be campaigners began yesterday as ruling in a Scottish court that the because he sees parliament as an For the government, Lord Keen “constitutionally inappropriate” judges decide whether the prime PM had acted illegally. obstacle to furtherance of his tackled the length of prorogation, for the courts to intervene. minister’s suspension of Speaking on behalf of Remain political aims”. insisting it was necessary because A judgment is not expected until parliament was illegal. activist Gina Miller, Pannick argued The QC told the 11 judges they of the conference recess and that Friday at the earliest. FTSE 100 ▼ 7,320.40 -1.01 FTSE 250 ▼ 20,040.54 -19.76 DOW ▲ 27,110.80 +33.98 NASDAQ ▲ 8,186.02 +32.47 £/$ ▲ 1.250 +0.002 £/€ 1.129 unc €/$ ▼ 1.107 -0.002 02 NEWS WEDNESDAY 18 SEPTEMBER 2019 CITYAM.COM REACHING FOR THE SKY City airport splashes the cash on community projects THE CITY VIEW Jury delivers verdict on green belt HE LATEST report card is generally to be welcomed, independent jury of London issued on the controversial there are plenty of horror stories citizens to take evidence from Thelp to buy scheme offers about substandard buildings and experts for and against a something for everyone. poor quality. One of the main selective relaxation of the Parliament’s Public Accounts conclusions of the MPs’ report is current green belt restrictions. Committee has scrutinised the that despite the vast injection of After hearing from, among state of the policy and while cash little has been achieved others, the Campaign to Protect supporters will note that MPs when it comes to addressing Rural England and Labour MP acknowledge an increase in the failures and weaknesses in the Siobhain McDonagh the jury supply of new homes, critics wider planning system. When it voted 11-1 in favour of have been offered plenty to sink comes to London and the south reclassifying low-quality land their teeth into. The committee east, where house prices are currently deemed green-belt – notes that more than half of the particularly high and supply is such as the disused petrol scheme’s beneficiaries did not constrained, the thorny issue of stations and waste yards of need the financial assistance in the green belt has dogged and McDonagh’s south London order to get on the housing been dodged by successive constituency. The panel decided ladder. Considering the £22bn ministers in successive that such land should be cost of help to buy, giving a leg- governments, but more and prioritised for affordable up to those quite capable of more voices are calling for a housing but the principle using their arms seems sensible, dispassionate review. around which they coalesced is somewhat perverse. MPs also An intriguing exercise was that flexibility, creativity and LONDON City airport announced the winners of £40,000-worth of community grants note that the real winners of the undertaken by the business pragmatism must come to the yesterday including funding for the Kings Cross Steelers, an inclusive rugby club in policy are housebuilders – and group London First, which fore if we’re to solve London’s Newham, who enjoyed an impromptu training session on the east London runway. while spurring on development convened a vetted and housing crisis. City also donated to projects in and around the airport, including The Magpie Project, which supports young mums struggling with homelessness. Trade on the go Whenever and wherever you like to trade, we’ve created a trading experience to suit you.